Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

The following tables set forth the financial data by segment for the years ended December 31, 2016, 2015 and 2014:

	Year Ended December 31, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	629,308		$	307,416		$	163,621		$	—		$	1,100,345
Net losses and LAE		(397,860	)		(178,284	)		(89,304	)		—			(665,448	)
Commission expenses		(70,812	)		(61,703	)		(34,008	)		1,478			(165,045	)
Other operating expenses		(128,108	)		(86,395	)		(19,593	)		—			(234,096	)
Other underwriting income (expense)		1,092			—			522			(1,478	)		136

Underwriting profit (loss)	$	33,620		$	(18,966	)	$	21,238		$	—		$	35,892

Net investment income											79,451			79,451
Net realized gains (losses)											9,036			9,036
Interest expense											(15,435	)		(15,435	)
Other income (loss)											8,565			8,565

Income before income taxes	$	33,620		$	(18,966	)	$	21,238		$	81,617		$	117,509
Income tax (expense) benefit											(34,783	)		(34,783	)
Net income (loss)													$	82,726

Losses and LAE ratio		63.2	%		58.0	%		54.6	%					60.5	%
Commission expense ratio		11.3	%		20.1	%		20.8	%					15.0	%
Other operating expense ratio ⁽²⁾		20.2	%		28.1	%		11.6	%					21.2	%
Combined ratio		94.7	%		106.2	%		87.0	%					96.7	%

(1) - Includes Corporate segment intercompany eliminations.

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

	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 (loss) 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).

The following tables provide additional financial data by operating segment for the years ended December 31, 2016, 2015 and 2014: