Segment Information (Tables)

6 Months Ended

Jun. 30, 2012

Financial data by segment for the three and six months ended June 30, 2012 and 2011 were as follows:


	Three Months Ended June 30, 2012
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate⁽¹⁾			Total
Gross written premiums	$	214,064		$	108,923		$	—		$	322,987
Net written premiums		134,065			56,187			—			190,252

Net earned premiums		141,577			54,440			—			196,017
Net losses and loss adjustment expenses		(100,003	)		(23,404	)		—			(123,407	)
Commission expenses		(21,117	)		(8,938	)		552			(29,503	)
Other operating expenses		(28,914	)		(10,905	)		—			(39,819	)
Other income (expense)		879			60			(552	)		387

Underwriting profit (loss)	$	(7,578	)	$	11,253		$	—		$	3,675

Net investment income		13,286			2,454			37			15,777
Net realized gains (losses)		2,325			1,396			—			3,721
Interest expense		—			—			(2,049	)		(2,049	)

Income (loss) before income taxes	$	8,033		$	15,103		$	(2,012	)	$	21,124

Income tax expense (benefit)		2,101			5,207			(1,083	)		6,225

Net income (loss)	$	5,932		$	9,896		$	(929	)	$	14,899

Identifiable assets	$	2,933,334		$	967,862		$	37,870		$	3,939,066

Losses and loss adjustment expenses ratio		70.6	%		43.0	%					63.0	%
Commission expense ratio		14.9	%		16.4	%					15.1	%
Other operating expense ratio ⁽²⁾		19.9	%		19.9	%					20.0	%

Combined ratio		105.4	%		79.3	%					98.1	%

(1)	— Includes Corporate segment intercompany eliminations.

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


	Three Months Ended June 30, 2011
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate⁽¹⁾			Total
Gross written premiums	$	186,767		$	91,947		$	—		$	278,714
Net written premiums		123,204			60,159			—			183,363

Net earned premiums		114,987			58,790			—			173,777
Net losses and loss adjustment expenses		(77,330	)		(36,533	)		—			(113,863	)
Commission expenses		(16,402	)		(12,042	)		414			(28,030	)
Other operating expenses		(26,516	)		(9,261	)		—			(35,777	)
Other income (expense)		626			361			(414	)		573

Underwriting profit (loss)	$	(4,635	)	$	1,315		$	—		$	(3,320	)

Net investment income		14,989			2,320			120			17,429
Net realized gains (losses)		3,100			(798	)		172			2,474
Interest expense		—			—			(2,047	)		(2,047	)

Income (loss) before income taxes	$	13,454		$	2,837		$	(1,755	)	$	14,536

Income tax expense (benefit)		4,617			1,029			(614	)		5,032

Net income (loss)	$	8,837		$	1,808		$	(1,141	)	$	9,504

Identifiable assets	$	2,716,634		$	898,895		$	40,380		$	3,655,909

Losses and loss adjustment expenses ratio		67.3	%		62.1	%					65.5	%
Commission expense ratio		14.3	%		20.5	%					16.1	%
Other operating expense ratio ⁽²⁾		22.4	%		15.2	%					20.3	%

Combined ratio		104.0	%		97.8	%					101.9	%

(1)	— Includes Corporate segment intercompany eliminations.

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


	Six Months Ended June 30, 2012
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate⁽¹⁾			Total
Gross written premiums	$	462,402		$	203,734		$	—		$	666,136
Net written premiums		315,315			117,982			—			433,297

Net earned premiums		273,125			106,011			—			379,136
Net losses and loss adjustment expenses		(191,180	)		(50,212	)		—			(241,392	)
Commission expenses		(40,418	)		(19,824	)		1,289			(58,953	)
Other operating expenses		(54,259	)		(21,867	)		—			(76,126	)
Other income (expense)		2,521			66			(1,289	)		1,298

Underwriting profit (loss)	$	(10,211	)	$	14,174		$	—		$	3,963

Net investment income		22,221			4,737			77			27,035
Net realized gains (losses)		4,200			1,209			—			5,409
Interest expense		—			—			(4,098	)		(4,098	)

Income (loss) before income taxes	$	16,210		$	20,120		$	(4,021	)	$	32,309

Income tax expense (benefit)		3,980			6,933			(1,407	)		9,506

Net income (loss)	$	12,230		$	13,187		$	(2,614	)	$	22,803

Identifiable assets	$	2,933,334		$	967,862		$	37,870		$	3,939,066

Losses and loss adjustment expenses ratio		70.0	%		47.4	%					63.7	%
Commission expense ratio		14.8	%		18.7	%					15.5	%
Other operating expense ratio ⁽²⁾		18.9	%		20.5	%					19.8	%

Combined ratio		103.7	%		86.6	%					99.0	%

(1)	— Includes Corporate segment intercompany eliminations.

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


	Six Months Ended June 30, 2011
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate⁽¹⁾			Total
Gross written premiums	$	393,543		$	181,454		$	—		$	574,997
Net written premiums		253,944			122,495			—			376,439

Net earned premiums		213,807			112,448			—			326,255
Net losses and loss adjustment expenses		(152,127	)		(78,524	)		—			(230,651	)
Commission expenses		(28,742	)		(26,449	)		961			(54,230	)
Other operating expenses		(53,315	)		(19,037	)		—			(72,352	)
Other income (expense)		2,317			208			(961	)		1,564

Underwriting profit (loss)	$	(18,060	)	$	(11,354	)	$	—		$	(29,414	)

Net investment income		29,972			4,575			266			34,813
Net realized gains (losses)		2,855			(2,183	)		172			844
Interest expense		—			—			(4,093	)		(4,093	)

Income (loss) before income taxes	$	14,767		$	(8,962	)	$	(3,655	)	$	2,150

Income tax expense (benefit)		4,845			(3,027	)		(1,279	)		539

Net income (loss)	$	9,922		$	(5,935	)	$	(2,376	)	$	1,611

Identifiable assets	$	2,716,634		$	898,895		$	40,380		$	3,655,909

Losses and loss adjustment expenses ratio		71.2	%		69.8	%					70.7	%
Commission expense ratio		13.4	%		23.5	%					16.6	%
Other operating expense ratio ⁽²⁾		23.8	%		16.8	%					21.7	%

Combined ratio		108.4	%		110.1	%					109.0	%

(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 and six months ended June 30, 2012 and 2011:


	Three Months Ended June 30, 2012
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	49,896	$	46,482	$	96,378
Property casualty		130,627		49,533		180,160
Professional liability		33,541		12,908		46,449

Total	$	214,064	$	108,923	$	322,987

Net written premiums :
Marine	$	31,786	$	33,025	$	64,811
Property casualty		76,842		16,172		93,014
Professional liability		25,437		6,990		32,427

Total	$	134,065	$	56,187	$	190,252

Net earned premiums:
Marine	$	35,535	$	32,927	$	68,462
Property casualty		82,175		16,617		98,792
Professional liability		23,867		4,896		28,763

Total	$	141,577	$	54,440	$	196,017


	Three Months Ended June 30, 2011
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	58,323	$	39,451	$	97,774
Property casualty		100,131		42,122		142,253
Professional liability		28,313		10,374		38,687

Total	$	186,767	$	91,947	$	278,714

Net written premiums :
Marine	$	41,802	$	32,042	$	73,844
Property casualty		62,015		22,682		84,697
Professional liability		19,387		5,435		24,822

Total	$	123,204	$	60,159	$	183,363

Net earned premiums:
Marine	$	41,877	$	37,734	$	79,611
Property casualty		55,351		16,259		71,610
Professional liability		17,759		4,797		22,556

Total	$	114,987	$	58,790	$	173,777


	Six Months Ended June 30, 2012
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	111,761	$	108,812	$	220,573
Property casualty		286,546		73,274		359,820
Professional liability		64,095		21,648		85,743

Total	$	462,402	$	203,734	$	666,136

Net written premiums :
Marine	$	74,651	$	81,550	$	156,201
Property casualty		191,374		25,060		216,434
Professional liability		49,290		11,372		60,662

Total	$	315,315	$	117,982	$	433,297

Net earned premiums:
Marine	$	70,810	$	67,536	$	138,346
Property casualty		156,543		29,774		186,317
Professional liability		45,772		8,701		54,473

Total	$	273,125	$	106,011	$	379,136


	Six Months Ended June 30, 2011
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	128,671	$	100,606	$	229,277
Property casualty		213,019		61,424		274,443
Professional liability		51,853		19,424		71,277

Total	$	393,543	$	181,454	$	574,997

Net written premiums :
Marine	$	96,020	$	81,713	$	177,733
Property casualty		124,922		31,068		155,990
Professional liability		33,002		9,714		42,716

Total	$	253,944	$	122,495	$	376,439

Net earned premiums:
Marine	$	82,436	$	74,712	$	157,148
Property casualty		98,286		28,153		126,439
Professional liability		33,085		9,583		42,668

Total	$	213,807	$	112,448	$	326,255

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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