Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

The following tables set forth the financial data by segment for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31, 2015
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	555,836		$	259,960		$	168,291		$	—		$	984,087
Net losses and LAE		(343,497	)		(134,702	)		(94,399	)		—			(572,598	)
Commission expenses		(56,319	)		(43,676	)		(32,240	)		2,258			(129,977	)
Other operating expenses		(131,407	)		(75,867	)		(16,242	)		—			(223,516	)
Other underwriting income (expense)		1,690			—			690			(2,258	)		122
Underwriting profit (loss)	$	26,303		$	5,715		$	26,100		$	—		$	58,118
Net investment income											68,718			68,718
Net realized gains (losses)											6,675			6,675
Interest expense											(15,424	)		(15,424	)
Other income (loss)											(613	)		(613	)

Income before income taxes	$	26,303		$	5,715		$	26,100		$	59,356		$	117,474
Income tax (expense) benefit											(36,417	)		(36,417	)
Net income (loss)													$	81,057

Losses and LAE ratio		61.8	%		51.8	%		56.1	%					58.2	%
Commission expense ratio		10.1	%		16.8	%		19.2	%					13.2	%
Other operating expense ratio ⁽²⁾		23.4	%		29.2	%		9.2	%					22.7	%
Combined ratio		95.3	%		97.8	%		84.5	%					94.1	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Year Ended December 31, 2014
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	504,289		$	243,485		$	188,121		$	—		$	935,895
Net losses and LAE		(311,839	)		(115,079	)		(118,311	)		—			(545,229	)
Commission expenses		(49,840	)		(44,426	)		(33,429	)		2,167			(125,528	)
Other operating expenses		(115,817	)		(65,275	)		(15,733	)		—			(196,825	)
Other underwriting income (expense)		2,241			32			489			(2,167	)		595
Underwriting profit (loss)	$	29,034		$	18,737		$	21,137		$	—		$	68,908
Net investment income											64,168			64,168
Net realized gains (losses)											12,812			12,812
Interest expense											(15,413	)		(15,413	)
Other income (loss)											10,061			10,061

Income before income taxes	$	29,034		$	18,737		$	21,137		$	71,628		$	140,536
Income tax (expense) benefit											(45,207	)		(45,207	)
Net income (loss)													$	95,329

Losses and LAE ratio		61.8	%		47.3	%		62.9	%					58.3	%
Commission expense ratio		9.9	%		18.2	%		17.8	%					13.4	%
Other operating expense ratio ⁽²⁾		22.5	%		26.8	%		8.1	%					20.9	%
Combined ratio		94.2	%		92.3	%		88.8	%					92.6	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Year Ended December 31, 2013
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	437,737		$	232,962		$	171,240		$	—		$	841,939
Net losses and LAE		(283,694	)		(103,853	)		(131,414	)		—			(518,961	)
Commission expenses		(43,409	)		(42,977	)		(29,456	)		2,348			(113,494	)
Other operating expenses		(99,013	)		(54,062	)		(11,359	)		—			(164,434	)
Other underwriting income (expense)		2,924			(1,867	)		119			(2,348	)		(1,172	)
Underwriting profit (loss)	$	14,545		$	30,203		$	(870	)	$	—		$	43,878
Net investment income											56,251			56,251
Net realized gains (losses)											20,546			20,546
Interest expense											(10,507	)		(10,507	)
Call premium on Senior notes											(17,895	)		(17,895	)
Other income (loss)											—			—

Income (loss) before income taxes	$	14,545		$	30,203		$	(870	)	$	48,395		$	92,273
Income tax (expense) benefit											(28,807	)		(28,807	)
Net income (loss)													$	63,466

Losses and LAE ratio		64.8	%		44.6	%		76.7	%					61.6	%
Commission expense ratio		9.9	%		18.4	%		17.2	%					13.5	%
Other operating expense ratio ⁽²⁾		22.0	%		24.0	%		6.6	%					19.7	%
Combined ratio		96.7	%		87.0	%		100.5	%					94.8	%

(1) - Includes Corporate segment intercompany eliminations.

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

The following tables provide additional financial data by operating segment for the years ended December 31, 2015, 2014 and 2013:

The following table presents identifiable assets by legal entity as we do not allocate assets under the new reporting segments:

	Years ended December 31,
amounts in thousands	2015		2014
Identifiable assets:
NIC, NSIC and Navigators Management Company, Inc.	$	3,455,586	$	3,356,093
NHUK		996,242		957,795
Parent Company ⁽¹⁾		132,184		162,297
Total identifiable assets	$	4,584,012	$	4,476,185

(1) - Includes Corporate segment intercompany eliminations.