Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Financial Data by Segment

Financial data by segment for the three months ended March 31, 2012 and 2011 was as follows:

	Three Months Ended March 31, 2012
In thousands	Insurance Companies			Lloyd’s Operations			Corporate  (1)			Total
Gross written premiums	$	248,338		$	94,811		$	—		$	343,149
Net written premiums		181,250			61,795			—			243,045
Net earned premiums		131,548			51,571			—			183,119
Net losses and loss adjustment expenses		(91,177	)		(26,808	)		—			(117,985	)
Commission expenses		(19,301	)		(10,886	)		737			(29,450	)
Other operating expenses		(25,345	)		(10,962	)		—			(36,307	)
Other income (expense)		1,642			6			(737	)		911
Underwriting profit (loss)	$	(2,633	)	$	2,921		$	—		$	288
Net investment income		8,935			2,283			40			11,258
Net realized gains (losses)		1,875			(187	)		—			1,688
Interest expense		—			—			(2,049	)		(2,049	)
Income (loss) before income taxes	$	8,177		$	5,017		$	(2,009	)	$	11,185
Income tax expense (benefit)		2,258			1,726			(703	)		3,281
Net income (loss)	$	5,919		$	3,291		$	(1,306	)	$	7,904
Identifiable assets	$	2,899,369		$	907,760		$	40,398		$	3,847,527
Losses and loss adjustment expenses ratio		69.3	%		52.0	%					64.4	%
Commission expense ratio		14.7	%		21.1	%					16.1	%
Other operating expense ratio (2)		18.0	%		21.2	%					19.3	%
Combined ratio		102.0	%		94.3	%					99.8	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Three Months Ended March 31, 2011
In thousands	Insurance Companies			Lloyd’s Operations			Corporate  (1)			Total
Gross written premiums	$	206,776		$	89,507		$	—		$	296,283
Net written premiums		130,740			62,336			—			193,076
Net earned premiums		98,820			53,658			—			152,478
Net losses and loss adjustment expenses		(74,797	)		(41,991	)		—			(116,788	)
Commission expenses		(12,340	)		(14,407	)		547			(26,200	)
Other operating expenses		(26,799	)		(9,776	)		—			(36,575	)
Other income (expense)		1,691			(153	)		(547	)		991
Underwriting profit (loss)	$	(13,425	)	$	(12,669	)	$	0		$	(26,094	)
Net investment income		14,983			2,255			146			17,384
Net realized gains (losses)		(245	)		(1,385	)		—			(1,630	)
Interest expense		—			—			(2,046	)		(2,046	)
Income (loss) before income taxes	$	1,313		$	(11,799	)	$	(1,900	)	$	(12,386	)
Income tax expense (benefit)		228			(4,056	)		(665	)		(4,493	)
Net income (loss)	$	1,085		$	(7,743	)	$	(1,235	)	$	(7,893	)
Identifiable assets	$	2,685,679		$	883,603		$	67,828		$	3,637,110
Losses and loss adjustment expenses ratio		75.7	%		78.3	%					76.6	%
Commission expense ratio		12.5	%		26.8	%					17.2	%
Other operating expense ratio (2)		25.4	%		18.5	%					23.3	%
Combined ratio		113.6	%		123.6	%					117.1	%

(1) - Includes Corporate segment intercompany eliminations.

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

Additional Financial Data by Segment

The following tables provide additional financial data by segment for the three months ended March 31, 2012 and 2011:

	Three Months Ended March 31, 2012
In thousands	Insurance Companies		Lloyd’s Operations		Total
Gross written premiums:
Marine	$	61,865	$	62,330	$	124,195
Property casualty		155,919		23,741		179,660
Professional liability		30,554		8,740		39,294
Total	$	248,338	$	94,811	$	343,149
Net written premiums:
Marine	$	42,865	$	48,525	$	91,390
Property casualty		114,532		8,888		123,420
Professional liability		23,853		4,382		28,235
Total	$	181,250	$	61,795	$	243,045
Net earned premiums:
Marine	$	35,275	$	34,609	$	69,884
Property casualty		74,368		13,157		87,525
Professional liability		21,905		3,805		25,710
Total	$	131,548	$	51,571	$	183,119

	Three Months Ended March 31, 2011
In thousands	Insurance Companies		Lloyd’s Operations		Total
Gross written premiums:
Marine	$	70,348	$	61,155	$	131,503
Property casualty		112,888		19,302		132,190
Professional liability		23,540		9,050		32,590
Total	$	206,776	$	89,507	$	296,283
Net written premiums:
Marine	$	54,218	$	49,671	$	103,889
Property casualty		62,907		8,386		71,293
Professional liability		13,615		4,279		17,894
Total	$	130,740	$	62,336	$	193,076
Net earned premiums:
Marine	$	40,559	$	36,978	$	77,537
Property casualty		42,935		11,894		54,829
Professional liability		15,326		4,786		20,112
Total	$	98,820	$	53,658	$	152,478