Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Financial data by segment for the three months ended March 31, 2017 and 2016 was as follows:

	Three Months Ended March 31, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	164,004		$	84,086		$	38,041		$	—		$	286,131
Net losses and LAE		(98,826	)		(50,705	)		(20,069	)		—			(169,600	)
Commission expenses		(20,384	)		(19,233	)		(8,492	)		265			(47,844	)
Other operating expenses		(33,472	)		(19,793	)		(5,273	)		—			(58,538	)
Other underwriting income (expense)		110			—			176			(265	)		21
Underwriting profit (loss)	$	11,432		$	(5,645	)	$	4,383		$	—		$	10,170
Net investment income											21,448			21,448
Net realized losses											(44	)		(44	)
Interest expense											(3,861	)		(3,861	)
Other income											1,047			1,047

Income (loss) before income taxes	$	11,432		$	(5,645	)	$	4,383		$	18,590		$	28,760
Income tax expense											(7,650	)		(7,650	)
Net income													$	21,110

Losses and LAE ratio		60.3	%		60.3	%		52.8	%					59.3	%
Commission expense ratio		12.4	%		22.9	%		22.3	%					16.7	%
Other operating expense ratio ⁽²⁾		20.3	%		23.5	%		13.4	%					20.4	%
Combined ratio		93.0	%		106.7	%		88.5	%					96.4	%

Goodwill and other intangible assets	$	2,534		$	3,908		$	—					$	6,442

(1) - Includes Corporate segment intercompany eliminations.

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

	Three Months Ended March 31, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net earned premiums	$	148,340		$	78,008		$	38,010		$	—		$	264,358
Net losses and LAE		(91,512	)		(40,410	)		(21,034	)		—			(152,956	)
Commission expenses		(14,855	)		(15,355	)		(7,745	)		401			(37,554	)
Other operating expenses		(33,761	)		(21,771	)		(5,277	)		—			(60,809	)
Other underwriting income (expense)		361			—			49			(401	)		9
Underwriting profit	$	8,573		$	472		$	4,003		$	—		$	13,048
Net investment income											19,594			19,594
Net realized gains											1,597			1,597
Interest expense											(3,858	)		(3,858	)
Other income											2,540			2,540

Income before income taxes	$	8,573		$	472		$	4,003		$	19,873		$	32,921
Income tax expense											(9,989	)		(9,989	)
Net income													$	22,932

Losses and LAE ratio		61.7	%		51.8	%		55.3	%					57.9	%
Commission expense ratio		10.0	%		19.7	%		20.4	%					14.2	%
Other operating expense ratio ⁽²⁾		22.5	%		27.9	%		13.8	%					23.0	%
Combined ratio		94.2	%		99.4	%		89.5	%					95.1	%

Goodwill and other intangible assets	$	2,534		$	4,212		$	—					$	6,746

(1) - Includes Corporate segment intercompany eliminations.

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

Revenue by operating segment for the three months ended March 31, 2017 and 2016 was as follows: