Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Financial data by segment for the years ended December 31, 2013, 2012, and 2011 were as follows:


	Year Ended December 31, 2013
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate⁽¹⁾			Total
Gross written premiums	$	1,002,275		$	368,242		$	—		$	1,370,517
Net written premiums		680,008			207,914			—			887,922
Net earned premiums		639,338			202,601			—			841,939
Net losses and loss adjustment expenses		(415,413	)		(103,548	)		—			(518,961	)
Commission expenses		(81,132	)		(34,710	)		2,348			(113,494	)
Other operating expenses		(119,920	)		(44,514	)		—			(164,434	)
Other income (expense)		2,764			(1,588	)		(2,348	)		(1,172	)

Underwriting profit (loss)	$	25,637		$	18,241		$	—		$	43,878
Net investment income		49,083			7,160			8			56,251
Net realized gains (losses)		20,600			(58	)		4			20,546
Call premium on Senior Notes		—			—			(17,895	)		(17,895	)
Interest expense		—			—			(10,507	)		(10,507	)

Income (loss) before income taxes	$	95,320		$	25,343		$	(28,390	)	$	92,273
Income tax expense (benefit)		29,965			8,728			(9,886	)		28,807

Net income (loss)	$	65,355		$	16,615		$	(18,504	)	$	63,466

Identifiable assets	$	3,077,437		$	930,567		$	161,448		$	4,169,452

Losses and loss adjustment expenses ratio		65.0	%		51.1	%					61.6	%
Commission expense ratio		12.7	%		17.1	%					13.5	%
Other operating expense ratio ⁽²⁾		18.3	%		22.8	%					19.7	%

Combined ratio		96.0	%		91.0	%					94.8	%

(1)	- Includes Corporate segment intercompany eliminations.

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


	Year Ended December 31, 2012
	Insurance			Lloyd’s
In thousands	Companies			Operations			Corporate⁽¹⁾			Total
Gross written premiums	$	921,325		$	365,140		$	—		$	1,286,465
Net written premiums		622,956			210,699			—			833,655
Net earned premiums		571,439			210,525			—			781,964
Net losses and loss adjustment expenses		(417,082	)		(80,351	)		—			(497,433	)
Commission expenses		(81,370	)		(42,449	)		2,349			(121,470	)
Other operating expenses		(113,625	)		(45,454	)		—			(159,079	)
Other income (expense)		3,790			47			(2,349	)		1,488

Underwriting profit (loss)	$	(36,848	)	$	42,318		$	—		$	5,470
Net investment income		46,549			7,551			148			54,248
Net realized gains (losses)		36,468			3,555			193			40,216
Interest expense		—			—			(8,198	)		(8,198	)

Income (loss) before income taxes	$	46,169		$	53,424		$	(7,857	)	$	91,736
Income tax expense (benefit)		12,686			18,620			(3,332	)		27,974

Net income (loss)	$	33,483		$	34,804		$	(4,525	)	$	63,762

Identifiable assets	$	3,036,489		$	928,448		$	42,733		$	4,007,670

Losses and loss adjustment expenses ratio		73.0	%		38.2	%					63.6	%
Commission expense ratio		14.2	%		20.2	%					15.5	%
Other operating expense ratio ⁽²⁾		19.2	%		21.5	%					20.2	%

Combined ratio		106.4	%		79.9	%					99.3	%

(1)	- Includes Corporate segment intercompany eliminations.

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


	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.

Additional Financial Data by Segment

The following tables provide additional financial data by segment for the years ended December 31, 2013, 2012 and 2011:


	Year Ended December 31, 2013
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	171,822	$	181,046	$	352,868
Property casualty		700,087		129,522		829,609
Professional liability		130,366		57,674		188,040

Total	$	1,002,275	$	368,242	$	1,370,517

Net written premiums:
Marine	$	119,837	$	134,627	$	254,464
Property casualty		462,942		42,334		505,276
Professional liability		97,229		30,953		128,182

Total	$	680,008	$	207,914	$	887,922

Net earned premiums:
Marine	$	129,276	$	138,690	$	267,966
Property casualty		409,480		37,722		447,202
Professional liability		100,582		26,189		126,771

Total	$	639,338	$	202,601	$	841,939


	Year Ended December 31, 2012
	Insurance		Lloyd’s
In thousands	Companies		Operations		Total
Gross written premiums:
Marine	$	200,095	$	194,423	$	394,518
Property casualty		590,741		127,028		717,769
Professional liability		130,489		43,689		174,178

Total	$	921,325	$	365,140	$	1,286,465

Net written premiums:
Marine	$	133,210	$	143,600	$	276,810
Property casualty		390,168		43,824		433,992
Professional liability		99,578		23,275		122,853

Total	$	622,956	$	210,699	$	833,655

Net earned premiums:
Marine	$	142,181	$	136,898	$	279,079
Property casualty		332,782		52,951		385,733
Professional liability		96,476		20,676		117,152

Total	$	571,439	$	210,525	$	781,964


	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

- 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.

+ References+ Details