Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Financial Data by Segment

Financial data by segment for the three and six months ended June 30, 2015 and 2014 was as follows:

	Three Months Ended June 30, 2015
amounts in thousands	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Net earned premiums	$	137,304		$	63,186		$	41,838		$	—		$	242,328
Net losses and LAE		(84,155	)		(32,363	)		(25,455	)		—			(141,973	)
Commission expenses		(12,275	)		(11,298	)		(8,039	)		132			(31,480	)
Other operating expenses		(31,374	)		(17,366	)		(4,049	)		—			(52,789	)
Other underwriting income (expense)		121			—			36			(132	)		25
Underwriting profit (loss)	$	9,621		$	2,159		$	4,331		$	—		$	16,111
Net investment income											16,595			16,595
Net realized gains (losses)											3,916			3,916
Interest expense											(3,856	)		(3,856	)
Other income (loss)											(4,387	)		(4,387	)
Income before income taxes	$	9,621		$	2,159		$	4,331		$	12,268		$	28,379
Income tax (expense) benefit											(9,195	)		(9,195	)
Net income (loss)													$	19,184
Losses and LAE ratio		61.3	%		51.2	%		60.8	%					58.6	%
Commission expense ratio		8.9	%		17.9	%		19.2	%					13.0	%
Other operating expense ratio (2)		22.8	%		27.5	%		9.6	%					21.8	%
Combined ratio		93.0	%		96.6	%		89.6	%					93.4	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Three Months Ended June 30, 2014
amounts in thousands	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Net earned premiums	$	125,254		$	59,661		$	46,169		$	—		$	231,084
Net losses and LAE		(73,131	)		(35,293	)		(31,796	)		—			(140,220	)
Commission expenses		(13,219	)		(11,009	)		(8,468	)		546			(32,150	)
Other operating expenses		(28,840	)		(15,436	)		(3,716	)		—			(47,992	)
Other underwriting income (expense)		736			11			34			(546	)		235
Underwriting profit (loss)	$	10,800		$	(2,066	)	$	2,223		$	—		$	10,957
Net investment income											15,648			15,648
Net realized gains (losses)											4,473			4,473
Interest expense											(4,319	)		(4,319	)
Other income (loss)											(1,900	)		(1,900	)
Income before income taxes	$	10,800		$	(2,066	)	$	2,223		$	13,902		$	24,859
Income tax (expense) benefit											(7,998	)		(7,998	)
Net income (loss)													$	16,861
Losses and LAE ratio		58.4	%		59.2	%		68.9	%					60.7	%
Commission expense ratio		10.6	%		18.5	%		18.3	%					13.9	%
Other operating expense ratio (2)		22.4	%		25.8	%		8.0	%					20.7	%
Combined ratio		91.4	%		103.5	%		95.2	%					95.3	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Six Months Ended June 30, 2015
amounts in thousands	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Net earned premiums	$	268,395		$	128,711		$	81,354		$	—		$	478,460
Net losses and LAE		(161,954	)		(62,054	)		(48,163	)		—			(272,171	)
Commission expenses		(26,620	)		(22,711	)		(15,337	)		283			(64,385	)
Other operating expenses		(65,062	)		(34,375	)		(8,261	)		—			(107,698	)
Other underwriting income (expense)		317			—			46			(283	)		80
Underwriting profit (loss)	$	15,076		$	9,571		$	9,639		$	—		$	34,286
Net investment income											32,848			32,848
Net realized gains (losses)											9,512			9,512
Interest expense											(7,711	)		(7,711	)
Other income (loss)											(2,200	)		(2,200	)
Income (loss) before income taxes	$	15,076		$	9,571		$	9,639		$	32,449		$	66,735
Income tax (expense) benefit											(21,622	)		(21,622	)
Net income (loss)													$	45,113
Losses and LAE ratio		60.3	%		48.2	%		59.2	%					56.9	%
Commission expense ratio		9.9	%		17.6	%		18.9	%					13.5	%
Other operating expense ratio (2)		24.2	%		26.8	%		10.1	%					22.4	%
Combined ratio		94.4	%		92.6	%		88.2	%					92.8	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Six Months Ended June 30, 2014
amounts in thousands	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Net earned premiums	$	240,444		$	121,715		$	94,197		$	—		$	456,356
Net losses and LAE		(146,095	)		(66,513	)		(62,679	)		—			(275,287	)
Commission expenses		(22,728	)		(19,864	)		(16,340	)		1,055			(57,877	)
Other operating expenses		(56,833	)		(30,495	)		(7,810	)		—			(95,138	)
Other underwriting income (expense)		1,249			17			179			(1,055	)		390
Underwriting profit (loss)	$	16,037		$	4,860		$	7,547		$	—		$	28,444
Net investment income											32,258			32,258
Net realized gains (losses)											5,306			5,306
Interest expense											(8,171	)		(8,171	)
Other income (loss)											8,344			8,344
Income (loss) before income taxes	$	16,037		$	4,860		$	7,547		$	37,737		$	66,181
Income tax (expense) benefit											(21,352	)		(21,352	)
Net income (loss)													$	44,829
Losses and LAE ratio		60.8	%		54.6	%		66.5	%					60.3	%
Commission expense ratio		9.5	%		16.3	%		17.3	%					12.7	%
Other operating expense ratio (2)		23.0	%		25.1	%		8.2	%					20.8	%
Combined ratio		93.3	%		96.0	%		92.0	%					93.8	%

(1) - Includes Corporate segment intercompany eliminations.

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

Additional Financial Data by Segment

Revenue by operating segment for the three and six months ended June 30, 2015 and 2014 was as follows:

	Three months ended June 30, 2015									Three months ended June 30, 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	$	41,803	$	(15,026	)	$	26,777	$	25,977	$	42,548	$	(11,587	)	$	30,961	$	26,727		-1.7	%		29.7	%		-13.5	%		-2.8	%
P&C		170,216		(49,305	)		120,911		96,440		137,137		(40,452	)		96,685		76,585		24.1	%		21.9	%		25.1	%		25.9	%
Professional Liability		27,968		(14,551	)		13,417		14,887		27,018		(7,965	)		19,053		21,942		3.5	%		82.7	%		-29.6	%		-32.2	%
Total		239,987		(78,882	)		161,105		137,304		206,703		(60,004	)		146,699		125,254		16.1	%		31.5	%		9.8	%		9.6	%
Int’l Insurance
Marine	$	41,432	$	(9,126	)	$	32,306	$	40,132	$	47,532	$	(17,033	)	$	30,499	$	34,177		-12.8	%		-46.4	%		5.9	%		17.4	%
P&C		41,615		(24,513	)		17,102		10,199		51,305		(31,284	)		20,021		16,466		-18.9	%		-21.6	%		-14.6	%		-38.1	%
Professional Liability		25,743		(7,982	)		17,761		12,855		21,895		(8,028	)		13,867		9,018		17.6	%		-0.6	%		28.1	%		42.5	%
Total		108,790		(41,621	)		67,169		63,186		120,732		(56,345	)		64,387		59,661		-9.9	%		-26.1	%		4.3	%		5.9	%
GlobalRe	$	30,694	$	(724	)	$	29,970	$	41,838	$	21,360	$	(582	)	$	20,778	$	46,169		43.7	%		24.4	%		44.2	%		-9.4	%
Total	$	379,471	$	(121,227	)	$	258,244	$	242,328	$	348,795	$	(116,931	)	$	231,864	$	231,084		8.8	%		3.7	%		11.4	%		4.9	%

	Six months ended June 30, 2015									Six months ended June 30, 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	$	82,638	$	(31,312	)	$	51,326	$	49,901	$	85,573	$	(20,757	)	$	64,816	$	54,713		-3.4	%		50.8	%		-20.8	%		-8.8	%
P&C		304,362		(88,863	)		215,499		187,175		262,256		(86,608	)		175,648		141,516		16.1	%		2.6	%		22.7	%		32.3	%
Professional Liability		52,314		(27,437	)		24,877		31,319		57,222		(17,705	)		39,517		44,215		-8.6	%		55.0	%		-37.0	%		-29.2	%
Total		439,314		(147,612	)		291,702		268,395		405,051		(125,070	)		279,981		240,444		8.5	%		18.0	%		4.2	%		11.6	%
Int’l Insurance
Marine	$	108,842	$	(19,948	)	$	88,894	$	77,924	$	109,514	$	(29,427	)	$	80,087	$	72,221		-0.6	%		-32.2	%		11.0	%		7.9	%
P&C		74,565		(40,642	)		33,923		26,233		93,555		(55,748	)		37,807		32,907		-20.3	%		-27.1	%		-10.3	%		-20.3	%
Professional Liability		47,810		(15,287	)		32,523		24,554		36,855		(13,752	)		23,103		16,587		29.7	%		11.2	%		40.8	%		48.0	%
Total		231,217		(75,877	)		155,340		128,711		239,924		(98,927	)		140,997		121,715		-3.6	%		-23.3	%		10.2	%		5.7	%
GlobalRe	$	105,400	$	(5,240	)	$	100,160	$	81,354	$	126,610	$	(3,874	)	$	122,736	$	94,197		-16.8	%		35.3	%		-18.4	%		-13.6	%
Total	$	775,931	$	(228,729	)	$	547,202	$	478,460	$	771,585	$	(227,871	)	$	543,714	$	456,356		0.6	%		0.4	%		0.6	%		4.8	%