Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Quarterly Financial Data

The following is a summary of quarterly financial data for the periods indicated:

	March 31,			June 30,			September 30,			December 31,
In thousands, except per share amounts	2013			2013			2013			2013
Gross written premiums	$	393,222		$	332,128		$	312,076		$	333,091
Revenues:
Net written premiums	$	269,452		$	198,469		$	196,556		$	223,445
Change in unearned premiums		(67,124	)		7,345			17,339			(3,543	)
Net earned premiums		202,328			205,814			213,895			219,902
Net investment income		13,657			14,246			14,094			14,254
Total other-than-temporary impairment losses		(42	)		—			(1,821	)		(530	)
Portion of loss recognized in other comprehensive income (before tax)		—			—			—			—
Net other-than-temporary impairment losses recognized in earnings		(42	)		—			(1,821	)		(530	)
Net realized gains (losses)		4,814			3,345			(988	)		15,768
Other income (expense)		618			(915	)		(210	)		(665	)
Total revenues	$	221,375		$	222,490		$	224,970		$	248,729
Expenses:
Net losses and loss adjustment expenses	$	131,342		$	131,148		$	125,086		$	131,385
Commission expenses		26,555			28,391			27,685			30,863
Other operating expenses		40,874			40,678			39,056			43,826
Call premium on Senior Notes		—			—			—			17,895
Interest expense		2,051			2,052			2,053			4,351
Total expenses	$	200,822		$	202,269		$	193,880		$	228,320
Income before income taxes		20,553			20,221			31,090			20,409
Income tax expense	$	6,643		$	6,284		$	9,804		$	6,076
Net income	$	13,910		$	13,937		$	21,286		$	14,333
Comprehensive income (loss)	$	14,785		$	(24,829	)	$	25,462		$	1,200
Combined ratio		97.9	%		97.7	%		89.8	%		94.0	%
Net income (loss) per share:
Basic	$	0.99		$	0.99		$	1.50		$	1.01
Diluted	$	0.97		$	0.97		$	1.48		$	1.00

	March 31,			June 30,			September 30,			December 31,
In thousands, except per share amounts	2012			2012			2012			2012
Gross written premiums	$	343,149		$	322,987		$	298,742		$	321,587
Revenues:
Net written premiums	$	243,045		$	190,252		$	188,046		$	212,312
Change in unearned premiums		(59,926	)		5,765			13,216			(10,746	)
Net earned premiums		183,119			196,017			201,262			201,566
Net investment income		11,258			15,777			13,597			13,616
Total other-than-temporary impairment losses		(198	)		(496	)		—			(208	)
Portion of loss recognized in other comprehensive income (before tax)		44			—			—			—
Net other-than-temporary impairment losses recognized in earnings		(154	)		(496	)		—			(208	)
Net realized gains		1,842			4,217			4,761			30,254
Other income (expense)		911			387			789			(599	)
Total revenues	$	196,976		$	215,902		$	220,409		$	244,629
Expenses:
Net losses and loss adjustment expenses	$	117,985		$	123,407		$	128,850		$	127,191
Commission expenses		29,450			29,503			31,258			31,259
Other operating expenses		36,307			39,819			40,112			42,841
Interest expense		2,049			2,049			2,049			2,051
Total expenses	$	185,791		$	194,778		$	202,269		$	203,342
Income before income taxes		11,185			21,124			18,140			41,287
Income tax expense	$	3,281		$	6,225		$	5,225		$	13,243
Net income	$	7,904		$	14,899		$	12,915		$	28,044
Comprehensive income	$	13,881		$	21,663		$	30,760		$	2,418
Combined ratio		99.8	%		98.1	%		99.1	%		100.2	%
Net income per share:
Basic	$	0.57		$	1.06		$	0.92		$	2.00
Diluted	$	0.56		$	1.05		$	0.90		$	1.96