Segment Information (Tables)

9 Months Ended

Sep. 30, 2016

Financial data by segment for the three and nine months ended September 30, 2016 and 2015 was as follows:

	Three Months Ended September 30, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	161,722		$	79,761		$	42,527		$	—		$	284,010
Net losses and LAE		(106,320	)		(45,043	)		(21,430	)		—			(172,793	)
Commission expenses		(18,630	)		(15,348	)		(8,951	)		318			(42,611	)
Other operating expenses		(31,517	)		(20,183	)		(4,437	)		—			(56,137	)
Other underwriting income (expense)		240			—			122			(318	)		44
Underwriting profit (loss)	$	5,495		$	(813	)	$	7,831		$	—		$	12,513
Net investment income											19,875			19,875
Net realized gains (losses)											1,586			1,586
Interest expense											(3,859	)		(3,859	)
Other income (loss)											(227	)		(227	)

Income before income taxes	$	5,495		$	(813	)	$	7,831		$	17,375		$	29,888
Income tax (expense) benefit											(7,875	)		(7,875	)
Net income (loss)													$	22,013

Losses and LAE ratio		65.7	%		56.5	%		50.4	%					60.8	%
Commission expense ratio		11.5	%		19.2	%		21.0	%					15.0	%
Other operating expense ratio ⁽²⁾		19.4	%		25.3	%		10.2	%					19.8	%
Combined ratio		96.6	%		101.0	%		81.6	%					95.6	%

(1) - Includes Corporate segment intercompany eliminations.

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

	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).

	Nine Months Ended September 30, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	462,446		$	235,602		$	118,312		$	—		$	816,360
Net losses and LAE		(291,260	)		(133,519	)		(68,176	)		—			(492,955	)
Commission expenses		(50,379	)		(47,524	)		(24,188	)		1,200			(120,891	)
Other operating expenses		(96,848	)		(64,997	)		(14,175	)		—			(176,020	)
Other underwriting income (expense)		943			—			374			(1,200	)		117
Underwriting profit (loss)	$	24,902		$	(10,438	)	$	12,147		$	—		$	26,611
Net investment income											59,344			59,344
Net realized gains (losses)											4,993			4,993
Interest expense											(11,575	)		(11,575	)
Other income (loss)											6,679			6,679

Income (loss) before income taxes	$	24,902		$	(10,438	)	$	12,147		$	59,441		$	86,052
Income tax (expense) benefit											(24,917	)		(24,917	)
Net income (loss)													$	61,135

Losses and LAE ratio		63.0	%		56.7	%		57.6	%					60.4	%
Commission expense ratio		10.9	%		20.2	%		20.4	%					14.8	%
Other operating expense ratio ⁽²⁾		20.7	%		27.5	%		11.7	%					21.5	%
Combined ratio		94.6	%		104.4	%		89.7	%					96.7	%

(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).

Revenue by operating segment for the three and nine months ended September 30, 2016 and 2015 was as follows:

	Three Months Ended September 30, 2016									Three Months Ended September 30, 2015									% 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	$	40,271	$	(17,636	)	$	22,635	$	25,465	$	35,529	$	(13,865	)	$	21,664	$	24,292		13.3	%		27.2	%		4.5	%		4.8	%
P&C		161,600		(36,011	)		125,589		115,971		154,009		(34,902	)		119,107		104,473		4.9	%		3.2	%		5.4	%		11.0	%
Professional Liability		32,776		(7,712	)		25,064		20,286		29,245		(14,986	)		14,259		13,644		12.1	%		(48.5	%)		75.8	%		48.7	%
Total	$	234,647	$	(61,359	)	$	173,288	$	161,722	$	218,783	$	(63,753	)	$	155,030	$	142,409		7.3	%		(3.8	%)		11.8	%		13.6	%

Int'l Insurance
Marine	$	38,453	$	(12,631	)	$	25,822	$	34,794	$	41,002	$	(10,985	)	$	30,017	$	36,792		(6.2	%)		15.0	%		(14.0	%)		(5.4	%)
P&C		38,077		(15,331	)		22,746		25,584		37,449		(20,034	)		17,415		16,879		1.7	%		(23.5	%)		30.6	%		51.6	%
Professional Liability		27,954		(7,232	)		20,722		19,383		20,337		(6,785	)		13,552		14,862		37.5	%		6.6	%		52.9	%		30.4	%
Total	$	104,484	$	(35,194	)	$	69,290	$	79,761	$	98,788	$	(37,804	)	$	60,984	$	68,533		5.8	%		(6.9	%)		13.6	%		16.4	%

GlobalRe	$	35,799	$	(1,376	)	$	34,423	$	42,527	$	36,491	$	(566	)	$	35,925	$	43,140		(1.9	%)		143.2	%		(4.2	%)		(1.4	%)

Total	$	374,930	$	(97,929	)	$	277,001	$	284,010	$	354,062	$	(102,123	)	$	251,939	$	254,082		5.9	%		(4.1	%)		9.9	%		11.8	%