Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Results

Financial data by segment for 2011, 2010, and 2009 was as follows:

		September 30,			September 30,			September 30,			September 30,
	Year Ended December 31, 2011
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate(1)			Total
Gross written premiums	$	788,419		$	319,797		$	—		$	1,108,216
Net written premiums		542,391			211,407			—			753,798
Net earned premiums		472,463			219,182			—			691,645
Net losses and loss adjustment expenses		(341,625	)		(135,372	)		—			(476,997	)
Commission expenses		(64,165	)		(48,341	)		2,069			(110,437	)
Other operating expenses		(101,517	)		(36,512	)		—			(138,029	)
Other income (expense)		3,955			(657	)		(2,069	)		1,229
Underwriting profit (loss)	$	(30,889	)	$	(1,700	)	$	—		$	(32,589	)
Net investment income		54,164			8,955			381			63,500
Net realized gains (losses)		12,151			(2,354	)		214			10,011
Interest expense		—			—			(8,188	)		(8,188	)
Income (loss) before income taxes	$	35,426		$	4,901		$	(7,593	)	$	32,734
Income tax expense (benefit)		8,271			1,523			(2,657	)		7,137
Net income (loss)	$	27,155		$	3,378		$	(4,936	)	$	25,597
Identifiable assets	$	2,768,930		$	865,230		$	35,847		$	3,670,007
Losses and loss adjustment expenses ratio		72.3	%		61.8	%					69.0	%
Commission expense ratio		13.6	%		22.1	%					16.0	%
Other operating expense ratio (2)		20.6	%		16.9	%					19.7	%
Combined ratio		106.5	%		100.8	%					104.7	%

(1) — Includes Corporate segment intercompany eliminations.

(2) — Includes Other operating expenses and Other income.

		September 30,			September 30,			September 30,			September 30,
	Year Ended December 31, 2010
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate(1)			Total
Gross written premiums	$	665,505		$	321,696		$	—		$	987,201
Net written premiums		429,355			224,583			—			653,938
Net earned premiums		438,851			221,080			—			659,931
Net losses and loss adjustment expenses		(280,120	)		(141,035	)		—			(421,155	)
Commission expenses		(59,122	)		(49,991	)		—			(109,113	)
Other operating expenses		(106,631	)		(33,112	)		—			(139,743	)
Other income (expense)		1,698			3,488			—			5,186
Underwriting profit (loss)	$	(5,324	)	$	430		$	—		$	(4,894	)
Net investment income		62,792			8,286			584			71,662
Net realized gains (losses)		36,057			3,323			859			40,239
Interest expense		—			—			(8,178	)		(8,178	)
Income (loss) before income taxes	$	93,525		$	12,039		$	(6,735	)	$	98,829
Income tax expense (benefit)		27,219			4,389			(2,357	)		29,251
Net income (loss)	$	66,306		$	7,650		$	(4,378	)	$	69,578
Identifiable assets	$	2,623,871		$	838,047		$	69,541		$	3,531,459
Losses and loss adjustment expenses ratio		63.8	%		63.8	%					63.8	%
Commission expense ratio		13.5	%		22.6	%					16.5	%
Other operating expense ratio (2)		23.9	%		13.4	%					20.4	%
Combined ratio		101.2	%		99.8	%					100.7	%

(1) — Includes Corporate segment intercompany eliminations.

(2) — Includes Other operating expenses and Other income.

		September 30,			September 30,			September 30,			September 30,
	Year Ended December 31, 2009
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate(1)			Total
Gross written premiums	$	730,776		$	314,142		$	—		$	1,044,918
Net written premiums		477,673			223,582			—			701,255
Net earned premiums		479,121			204,242			—			683,363
Net losses and loss adjustment expenses		(304,672	)		(131,326	)		—			(435,998	)
Commission expenses		(61,949	)		(37,727	)		768			(98,908	)
Other operating expenses		(104,801	)		(27,896	)		—			(132,697	)
Other income (expense)		3,498			961			(768	)		3,691
Underwriting profit (loss)	$	11,197		$	8,254		$	—		$	19,451
Net investment income		65,717			9,229			566			75,512
Net realized gains (losses)		533			(3,193	)		—			(2,660	)
Gain on debt repurchase								3,000			3,000
Interest expense		—			—			(8,455	)		(8,455	)
Income (loss) before income taxes	$	77,447		$	14,290		$	(4,889	)	$	86,848
Income tax expense (benefit)		19,819			5,582			(1,711	)		23,690
Net income (loss)	$	57,628		$	8,708		$	(3,178	)	$	63,158
Identifiable assets	$	2,576,643		$	791,143		$	86,208		$	3,453,994
Losses and loss adjustment expenses ratio		63.6	%		64.3	%					63.8	%
Commission expense ratio		12.9	%		18.5	%					14.5	%
Other operating expense ratio (2)		21.1	%		13.2	%					18.9	%
Combined ratio		97.6	%		96.0	%					97.2	%

(1) — Includes Corporate segment intercompany eliminations.

(2) — Includes Other operating expenses and Other income.

Financial Data by Segment

The following tables provide additional financial data by segment for the years ended December 31, 2011, 2010 and 2009:

		September 30,		September 30,		September 30,
	Year Ended December 31, 2011
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	228,500	$	167,562	$	396,062
Property casualty		445,287		115,138		560,425
Professional liability		114,632		37,097		151,729
Total	$	788,419	$	319,797	$	1,108,216
Net written premiums :
Marine	$	170,642	$	137,206	$	307,848
Property casualty		293,758		56,249		350,007
Professional liability		77,991		17,952		95,943
Total	$	542,391	$	211,407	$	753,798
Net earned premiums:
Marine	$	169,018	$	145,659	$	314,677
Property casualty		231,297		55,903		287,200
Professional liability		72,148		17,620		89,768
Total	$	472,463	$	219,182	$	691,645
	Year Ended December 31, 2010
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	223,061	$	182,723	$	405,784
Property casualty		312,651		94,799		407,450
Professional liability		129,793		44,174		173,967
Total	$	665,505	$	321,696	$	987,201
Net written premiums :
Marine	$	151,059	$	149,340	$	300,399
Property casualty		197,845		54,049		251,894
Professional liability		80,451		21,194		101,645
Total	$	429,355	$	224,583	$	653,938
Net earned premiums:
Marine	$	155,846	$	149,225	$	305,071
Property casualty		200,741		49,852		250,593
Professional liability		82,264		22,003		104,267
Total	$	438,851	$	221,080	$	659,931

		September 30,		September 30,		September 30,
	Year Ended December 31, 2009
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	241,438	$	191,959	$	433,397
Property casualty		352,285		78,151		430,436
Professional liability		137,053		44,032		181,085
Total	$	730,776	$	314,142	$	1,044,918
Net written premiums :
Marine	$	171,289	$	156,153	$	327,442
Property casualty		227,234		45,097		272,331
Professional liability		79,150		22,332		101,482
Total	$	477,673	$	223,582	$	701,255
Net earned premiums:
Marine	$	157,534	$	142,958	$	300,492
Property casualty		246,143		39,330		285,473
Professional liability		75,444		21,954		97,398
Total	$	479,121	$	204,242	$	683,363

The Insurance Companies net earned premiums include $88.3 million, $86.1 million and $85.4 million of net earned premiums from the U.K. Branch for 2011, 2010 and 2009, respectively.