Quarterly Financial Results (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial results

	Three months ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
	($ in thousands, except per share and share amounts)
Revenues
Gross premiums written	$	80,779		$	142,573		$	196,866		$	197,156
Gross premiums ceded	27			(927		)	(1,425		)	—
Net premiums written	80,806			141,646			195,441			197,156
Change in net unearned premium reserves	111,277			(13,463		)	(62,319		)	(60,354		)
Net premiums earned	192,083			128,183			133,122			136,802
Net investment income (loss)	(35,767		)	88,356			86,346			(40,110		)
Total revenues	156,316			216,539			219,468			96,692
Expenses
Loss and loss adjustment expenses incurred, net	122,110			85,015			104,131			84,676
Acquisition costs, net	76,854			45,127			48,482			51,687
General and administrative expenses	5,482			12,354			10,243			11,288
Other expenses	2,161			347			3,173			2,706
Interest expense	2,068			2,069			2,046			2,048
Foreign exchange gains	(5,162		)	(3,905		)	(8,068		)	(2,386		)
Total expenses	203,513			141,007			160,007			150,019
Income (loss) before income tax (expense) benefit	(47,197		)	75,532			59,461			(53,327		)
Income tax (expense) benefit	272			(2,484		)	(5,310		)	1,929
Income (loss) including non-controlling interests	(46,925		)	73,048			54,151			(51,398		)
(Income) loss attributable to non-controlling interests	232			(967		)	(775		)	269
Net income (loss)	$	(46,693	)	$	72,081		$	53,376		$	(51,129	)
Earnings (loss) per share
Basic	$	(0.45	)	$	0.69		$	0.51		$	(0.49	)
Diluted	$	(0.45	)	$	0.68		$	0.51		$	(0.49	)
Weighted average number of ordinary shares used in the determination of earnings (loss) per share
Basic	104,072,283			103,780,196			104,132,797			104,257,874
Diluted	104,072,283			105,795,313			105,233,921			104,257,874

	Three months ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
	($ in thousands, except per share and share amounts)
Revenues
Gross premiums written	$	99,155		$	205,583		$	184,342		$	213,334
Gross premiums ceded	(24		)	(375		)	(1,425		)	(52		)
Net premiums written	99,131			205,208			182,917			213,282
Change in net unearned premium reserves	35,235			3,597			(62,339		)	(74,207		)
Net premiums earned	134,366			208,805			120,578			139,075
Net investment income (loss)	61,553			(193,156		)	38,611			64,918
Total revenues	195,919			15,649			159,189			203,993
Expenses
Loss and loss adjustment expenses incurred, net	98,855			158,537			76,053			81,746
Acquisition costs, net	38,552			50,509			47,498			54,657
General and administrative expenses	10,236			9,822			14,267			11,708
Other expenses	2,928			670			2,315			2,701
Interest expense	2,074			2,074			2,052			1,036
Foreign exchange (gains) losses	(2,396		)	(746		)	139			(193		)
Total expenses	150,249			220,866			142,324			151,655
Income (loss) before income tax (expense) benefit	45,670			(205,217		)	16,865			52,338
Income tax (expense) benefit	(2,863		)	7,781			(708		)	(1,305		)
Income (loss) including non-controlling interests	42,807			(197,436		)	16,157			51,033
(Income) loss attributable to non-controlling interests	(614		)	1,721			(495		)	(563		)
Net income (loss)	$	42,193		$	(195,715	)	$	15,662		$	50,470
Earnings (loss) per share
Basic	$	0.40		$	(1.88	)	$	0.15		$	0.48
Diluted	$	0.39		$	(1.88	)	$	0.15		$	0.47
Weighted average number of ordinary shares used in the determination of earnings (loss) per share
Basic	104,217,321			104,117,448			103,927,761			103,753,065
Diluted	106,635,451			104,117,448			106,696,874			106,144,183