Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

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

	Three Months Ended September 30, 2015
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	142,409		$	68,533		$	43,140		$	—		$	254,082
Net losses and LAE		(85,140	)		(39,182	)		(22,224	)		—			(146,546	)
Commission expenses		(15,157	)		(12,780	)		(7,705	)		1,389			(34,253	)
Other operating expenses		(32,948	)		(19,937	)		(3,714	)		—			(56,599	)
Other underwriting income (expense)		1,013			—			395			(1,389	)		19
Underwriting profit (loss)	$	10,177		$	(3,366	)	$	9,892		$	—		$	16,703
Net investment income											17,371			17,371
Net realized gains (losses)											(757	)		(757	)
Interest expense											(3,856	)		(3,856	)
Other income (loss)											(2,537	)		(2,537	)
Income before income taxes	$	10,177		$	(3,366	)	$	9,892		$	10,221		$	26,924
Income tax (expense) benefit											(8,723	)		(8,723	)
Net income (loss)													$	18,201
Losses and LAE ratio		59.8	%		57.2	%		51.5	%					57.7	%
Commission expense ratio		10.6	%		18.6	%		17.9	%					13.5	%
Other operating expense ratio ⁽²⁾		22.5	%		29.1	%		7.7	%					22.2	%
Combined ratio		92.9	%		104.9	%		77.1	%					93.4	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Three Months Ended September 30, 2014
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	130,420		$	66,278		$	48,669		$	—		$	245,367
Net losses and LAE		(80,722	)		(24,910	)		(29,652	)		—			(135,284	)
Commission expenses		(12,870	)		(12,792	)		(8,831	)		550			(33,943	)
Other operating expenses		(29,160	)		(17,288	)		(3,940	)		—			(50,388	)
Other underwriting income (expense)		534			1			122			(550	)		107
Underwriting profit (loss)	$	8,202		$	11,289		$	6,368		$	—		$	25,859
Net investment income											15,839			15,839
Net realized gains (losses)											6,718			6,718
Interest expense											(3,388	)		(3,388	)
Other income (loss)											1,229			1,229
Income before income taxes	$	8,202		$	11,289		$	6,368		$	20,398		$	46,257
Income tax (expense) benefit											(15,032	)		(15,032	)
Net income (loss)													$	31,225
Losses and LAE ratio		61.9	%		37.6	%		60.9	%					55.1	%
Commission expense ratio		9.9	%		19.3	%		18.1	%					13.8	%
Other operating expense ratio ⁽²⁾		21.9	%		26.1	%		7.9	%					20.6	%
Combined ratio		93.7	%		83.0	%		86.9	%					89.5	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Nine Months Ended September 30, 2015
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	410,804		$	197,244		$	124,494		$	—		$	732,542
Net losses and LAE		(247,094	)		(101,236	)		(70,387	)		—			(418,717	)
Commission expenses		(41,777	)		(35,491	)		(23,042	)		1,672			(98,638	)
Other operating expenses		(98,010	)		(54,312	)		(11,975	)		—			(164,297	)
Other underwriting income (expense)		1,330			—			441			(1,672	)		99
Underwriting profit (loss)	$	25,253		$	6,205		$	19,531		$	—		$	50,989
Net investment income											50,219			50,219
Net realized gains (losses)											8,755			8,755
Interest expense											(11,567	)		(11,567	)
Other income (loss)											(4,737	)		(4,737	)
Income (loss) before income taxes	$	25,253		$	6,205		$	19,531		$	42,670		$	93,659
Income tax (expense) benefit											(30,345	)		(30,345	)
Net income (loss)													$	63,314
Losses and LAE ratio		60.1	%		51.3	%		56.5	%					57.2	%
Commission expense ratio		10.2	%		18.0	%		18.5	%					13.5	%
Other operating expense ratio ⁽²⁾		23.6	%		27.6	%		9.3	%					22.3	%
Combined ratio		93.9	%		96.9	%		84.3	%					93.0	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Nine Months Ended September 30, 2014
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	370,864		$	187,993		$	142,866		$	—		$	701,723
Net losses and LAE		(226,817	)		(91,423	)		(92,331	)		—			(410,571	)
Commission expenses		(35,598	)		(32,656	)		(25,171	)		1,605			(91,820	)
Other operating expenses		(85,993	)		(47,783	)		(11,750	)		—			(145,526	)
Other underwriting income (expense)		1,783			18			301			(1,605	)		497
Underwriting profit (loss)	$	24,239		$	16,149		$	13,915		$	—		$	54,303
Net investment income											48,097			48,097
Net realized gains (losses)											12,024			12,024
Interest expense											(11,559	)		(11,559	)
Other income (loss)											9,573			9,573
Income (loss) before income taxes	$	24,239		$	16,149		$	13,915		$	58,135		$	112,438
Income tax (expense) benefit											(36,384	)		(36,384	)
Net income (loss)													$	76,054
Losses and LAE ratio		61.2	%		48.6	%		64.6	%					58.5	%
Commission expense ratio		9.6	%		17.4	%		17.6	%					13.1	%
Other operating expense ratio ⁽²⁾		22.7	%		25.4	%		8.1	%					20.7	%
Combined ratio		93.5	%		91.4	%		90.3	%					92.3	%

(1) - Includes Corporate segment intercompany eliminations.

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

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

	Three months ended September 30, 2015									Three months ended September 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	$	35,529	$	(13,865	)	$	21,664	$	24,292	$	34,576	$	(13,338	)	$	21,238	$	27,207		2.8	%		4.0	%		2.0	%		(10.7	%)
P&C		154,009		(34,902	)		119,107		104,473		138,181		(41,180	)		97,001		82,635		11.5	%		(15.2	%)		22.8	%		26.4	%
Professional Liability		29,245		(14,986	)		14,259		13,644		26,966		(7,136	)		19,830		20,578		8.5	%		110.0	%		(28.1	%)		(33.7	%)
Total	$	218,783	$	(63,753	)	$	155,030	$	142,409	$	199,723	$	(61,654	)	$	138,069	$	130,420		9.5	%		3.4	%		12.3	%		9.2	%

Int'l Insurance
Marine	$	41,002	$	(10,985	)	$	30,017	$	36,792	$	41,593	$	(6,924	)	$	34,669	$	40,207		(1.4	%)		58.7	%		(13.4	%)		(8.5	%)
P&C		37,449		(20,034	)		17,415		16,879		35,399		(24,267	)		11,132		14,300		5.8	%		(17.4	%)		56.4	%		18.0	%
Professional Liability		20,337		(6,785	)		13,552		14,862		17,169		(5,416	)		11,753		11,771		18.5	%		25.3	%		15.3	%		26.3	%
Total	$	98,788	$	(37,804	)	$	60,984	$	68,533	$	94,161	$	(36,607	)	$	57,554	$	66,278		4.9	%		3.3	%		6.0	%		3.4	%

GlobalRe	$	36,491	$	(566	)	$	35,925	$	43,140	$	33,585	$	(791	)	$	32,794	$	48,669		8.7	%		(28.4	%)		9.5	%		(11.4	%)

Total	$	354,062	$	(102,123	)	$	251,939	$	254,082	$	327,469	$	(99,052	)	$	228,417	$	245,367		8.1	%		3.1	%		10.3	%		3.6	%