Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Financial Data by Segment

Financial data by segment for the three months ended March 31, 2013 and 2012 were as follows:

	Three Month Ended March 31, 2013
In thousands	Insurance Companies			Lloyd’s Operations			Corporate(1)			Total
Gross written premiums	$	301,628		$	91,594		$	—		$	393,222
Net written premiums		216,319			53,133			—			269,452
Net earned premiums		154,331			47,997			—			202,328
Net losses and loss adjustment expenses		(106,985	)		(24,357	)		—			(131,342	)
Commission expenses		(18,517	)		(8,621	)		583			(26,555	)
Other operating expenses		(29,343	)		(11,531	)		—			(40,874	)
Other income (expense)		659			542			(583	)		618
Underwriting profit (loss)	$	145		$	4,030		$	—		$	4,175
Net investment income		11,951			1,702			4			13,657
Net realized gains (losses)		4,792			(20	)		—			4,772
Interest expense		—			—			(2,051	)		(2,051	)
Income (loss) before income taxes	$	16,888		$	5,712		$	(2,047	)	$	20,553
Income tax expense (benefit)		5,404			2,046			(807	)		6,643
Net income (loss)	$	11,484		$	3,666		$	(1,240	)	$	13,910
Identifiable assets	$	3,087,308		$	936,471		$	47,266		$	4,071,045
Losses and loss adjustment expenses ratio		69.3	%		50.7	%					64.9	%
Commission expense ratio		12.0	%		18.0	%					13.1	%
Other operating expense ratio (2)		18.6	%		22.9	%					19.9	%
Combined ratio		99.9	%		91.6	%					97.9	%

(1) — Includes Corporate segment intercompany eliminations.

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

	Three Month 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.

Additional Financial Data by Segment

The following tables provide additional financial data by segment for the three months ended March 31, 2013 and 2012:

	Three Months Ended March 31, 2013
In thousands	Insurance Companies		Lloyd’s Operations		Total
Gross written premiums:
Marine	$	50,847	$	53,644	$	104,491
Property casualty		218,964		25,058		244,022
Professional liability		31,817		12,892		44,709
Total	$	301,628	$	91,594	$	393,222
Net written premiums:
Marine	$	41,141	$	39,558	$	80,699
Property casualty		149,951		7,312		157,263
Professional liability		25,227		6,263		31,490
Total	$	216,319	$	53,133	$	269,452
Net earned premiums:
Marine	$	36,725	$	34,045	$	70,770
Property casualty		92,718		7,879		100,597
Professional liability		24,888		6,073		30,961
Total	$	154,331	$	47,997	$	202,328
	Three Months Ended March 31, 2012
In thousands	Insurance Companies		Lloyd’s Operations		Total
Gross written premiums:
Marine	$	61,865	$	61,775	$	123,640
Property casualty		155,919		24,296		180,215
Professional liability		30,554		8,740		39,294
Total	$	248,338	$	94,811	$	343,149
Net written premiums:
Marine	$	42,865	$	48,058	$	90,923
Property casualty		114,532		9,355		123,887
Professional liability		23,853		4,382		28,235
Total	$	181,250	$	61,795	$	243,045
Net earned premiums:
Marine	$	35,275	$	33,264	$	68,539
Property casualty		74,368		14,502		88,870
Professional liability		21,905		3,805		25,710
Total	$	131,548	$	51,571	$	183,119