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Consolidated Statements of Earnings and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues        
Net premiums earned $ 1,095,932 $ 183,878 $ 1,530,139 $ 364,858
Net investment income 90,860 28,545 144,054 60,124
Net realized capital gains 39,452 6,490 107,441 41,182
Other than temporary impairment losses (1,129)   (2,907)  
Gain on bargain purchase     494,940  
Other income 9,276 248 9,591 1,133
Total revenues 1,234,391 219,161 2,283,258 467,297
Costs and Expenses        
Net loss and loss adjustment expenses 680,885 122,619 914,831 193,641
Commissions, brokerage and other underwriting expenses 239,193 64,132 339,053 130,660
Other operating expenses 34,826 7,834 50,478 17,241
Corporate administration 11,094 5,002 58,387 11,381
Amortization of intangible assets 108,098 839 140,037 1,678
Interest expense 15,743 4,268 24,820 8,720
Total costs and expenses 1,089,839 204,694 1,527,606 363,321
Earnings before income taxes 144,552 14,467 755,652 103,976
Income taxes 35,243 (615) 86,240 17,554
Net earnings 109,309 15,082 669,412 86,422
Other comprehensive income:        
Change in unrealized gains (losses), net of deferred taxes of $14,257 and $(13,154) for 3 months and $34,402 and $40,295 for 6 months ended June 30, 2012 and 2011 respectively 26,477 (24,428) 63,889 74,834
Less: reclassification for net realized capital gains and other than temporary impairment losses, net of taxes of $(13,413) and $(2,271) for 3 months and $(35,587) and $(14,414) for 6 months ended June 30, 2012 and 2011 respectively (24,910) (4,218) (67,947) (26,768)
Change in unrealized currency translation adjustment, net of deferred taxes of $(8,012) and $0 for 3 months and $(6,282) and $0 for 6 months ended June 30, 2012 and 2011 respectively (14,880)   (11,667)  
Retirement plans (14) (50) (774) (179)
Comprehensive income $ 95,982 $ (13,614) $ 652,913 $ 134,309
Basic earnings per share $ 6.46 [1] $ 1.69 [1] $ 48.03 [1] $ 9.69 [1]
Diluted earnings per share $ 6.45 [1] $ 1.68 [1] $ 47.96 [1] $ 9.66 [1]
[1] 2011 amounts reflect subsequent common stock dividends.