Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Financial data by segment for the three months ended March 31, 2015 and 2014 were as follows:


	Three Months Ended March 31, 2015
amounts in thousands	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross written premiums	$	199,327		$	122,427		$	74,706		$	—		$	396,460
Ceded written premiums		(68,730	)		(34,256	)		(4,516	)		—			(107,502	)

Net written premiums		130,597			88,171			70,190			—			288,958
Net earned premiums		131,091			65,525			39,516			—			236,132
Net losses and LAE		(77,799	)		(29,691	)		(22,708	)		—			(130,198	)
Commission expenses		(14,345	)		(11,413	)		(7,298	)		151			(32,905	)
Other operating expenses		(33,688	)		(17,009	)		(4,212	)		—			(54,909	)
Other underwriting income (expense)		196			—			10			(151	)		55


Underwriting profit (loss)	$	5,455		$	7,412		$	5,308		$	—		$	18,175

Net investment income											16,253			16,253
Net realized gains (losses)											5,596			5,596
Interest expense											(3,855	)		(3,855	)
Other income											2,187			2,187

Income before income taxes	$	5,455		$	7,412		$	5,308		$	20,181		$	38,356
Income tax (expense) benefit											(12,427	)		(12,427	)

Net income (loss)													$	25,929


Losses and LAE ratio		59.3	%		45.3	%		57.5	%					55.1	%
Commission expense ratio		10.9	%		17.4	%		18.5	%					13.9	%
Other operating expense ratio ⁽²⁾		25.6	%		26.0	%		10.6	%					23.3	%

Combined ratio		95.8	%		88.7	%		86.6	%					92.3	%

(1) - Includes Corporate segment intercompany eliminations.

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


	Three Months Ended March 31, 2014
amounts in thousands	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross written premiums	$	198,348		$	119,192		$	105,250		$	—		$	422,790
Ceded written premiums		(65,066	)		(42,582	)		(3,292	)		—			(110,940	)
Net written premiums		133,282			76,610			101,958			—			311,850

Net earned premiums		115,190			62,054			48,028			—			225,272
Net losses and LAE		(72,964	)		(31,220	)		(30,883	)		—			(135,067	)
Commission expenses		(9,509	)		(8,855	)		(7,872	)		509			(25,727	)
Other operating expenses		(27,993	)		(15,059	)		(4,094	)		—			(47,146	)
Other underwriting income (expense)		513			6			145			(509	)		155


Underwriting profit (loss)	$	5,237		$	6,926		$	5,324		$	—		$	17,487

Net investment income											16,610			16,610
Net realized gains (losses)											833			833
Interest expense											(3,852	)		(3,852	)
Other income											10,244			10,244

Income before income taxes	$	5,237		$	6,926		$	5,324		$	23,835		$	41,322
Income tax (expense) benefit											(13,354	)		(13,354	)

Net income (loss)													$	27,968


Losses and LAE ratio		63.3	%		50.3	%		64.3	%					60.0	%
Commission expense ratio		8.3	%		14.3	%		16.4	%					11.4	%
Other operating expense ratio ⁽²⁾		23.9	%		24.2	%		8.2	%					20.8	%

Combined ratio		95.5	%		88.8	%		88.9	%					92.2	%

(1) - Includes Corporate segment intercompany eliminations.

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

Additional Financial Data by Segment

Revenue by operating segment for the three months ended March 31, 2015 and 2014 was as follows:


	Q1 2015									Q1 2014									% Change
amounts in thousands	Gross written premiums		Ceded written premiums			Net written premiums		Net earned premiums		Gross written premiums		Ceded written premiums			Net written premiums		Net earned premiums		Gross written premiums			Ceded written premiums			Net written premiums			Net earned premiums
U.S. Insurance
Marine	$	40,835	$	(16,286	)	$	24,549	$	23,924	$	43,025	$	(9,170	)	$	33,855	$	27,986		-5.1	%		77.6	%		-27.5	%		-14.5	%
P&C		134,146		(39,558	)		94,588		90,735		125,119		(46,156	)		78,963		64,931		7.2	%		-14.3	%		19.8	%		39.7	%
Professional Liability		24,346		(12,886	)		11,460		16,432		30,204		(9,740	)		20,464		22,273		-19.4	%		32.3	%		-44.0	%		-26.2	%

Total		199,327		(68,730	)		130,597		131,091		198,348		(65,066	)		133,282		115,190		0.5	%		5.6	%		-2.0	%		13.8	%

Int’l Insurance
Marine	$	67,410	$	(10,822	)	$	56,588	$	37,792	$	61,982	$	(12,394	)	$	49,588	$	38,044		8.8	%		-12.7	%		14.1	%		-0.7	%
P&C		32,950		(16,129	)		16,821		16,034		42,250		(24,464	)		17,786		16,441		-22.0	%		-34.1	%		-5.4	%		-2.5	%
Professional Liability		22,067		(7,305	)		14,762		11,699		14,960		(5,724	)		9,236		7,569		47.5	%		27.6	%		59.8	%		54.6	%

Total		122,427		(34,256	)		88,171		65,525		119,192		(42,582	)		76,610		62,054		2.7	%		-19.6	%		15.1	%		5.6	%

GlobalRe	$	74,706	$	(4,516	)	$	70,190	$	39,516	$	105,250	$	(3,292	)	$	101,958	$	48,028		-29.0	%		37.2	%		-31.2	%		-17.7	%

Total	$	396,460	$	(107,502	)	$	288,958	$	236,132	$	422,790	$	(110,940	)	$	311,850	$	225,272		-6.2	%		-3.1	%		-7.3	%		4.8	%

- 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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