Segment Information (Tables)

6 Months Ended

Jun. 30, 2017

Financial data by segment for the three and six months ended June 30, 2017 and 2016 was as follows:

	Three Months Ended June 30, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	167,087		$	82,100		$	44,648		$	—		$	293,835
Net Losses and LAE		(105,270	)		(44,095	)		(27,745	)		—			(177,110	)
Commission Expenses		(20,460	)		(19,001	)		(8,970	)		258			(48,173	)
Other Operating Expenses		(33,140	)		(22,506	)		(5,120	)		—			(60,766	)
Other Underwriting Income (Expense)		100			—			169			(258	)		11
Underwriting Profit (Loss)	$	8,317		$	(3,502	)	$	2,982		$	—		$	7,797
Net Investment Income											22,265			22,265
Net Realized Gains											1,694			1,694
Interest Expense											(3,861	)		(3,861	)
Other Loss											(422	)		(422	)

Income (Loss) Before Income Taxes	$	8,317		$	(3,502	)	$	2,982		$	19,676		$	27,473
Income Tax Expense											(6,971	)		(6,971	)
Net Income													$	20,502

Losses and LAE Ratio		63.0	%		53.7	%		62.1	%					60.3	%
Commission Expense Ratio		12.2	%		23.1	%		20.1	%					16.4	%
Other Operating Expense Ratio ⁽²⁾		19.8	%		27.5	%		11.1	%					20.6	%
Combined Ratio		95.0	%		104.3	%		93.3	%					97.3	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other Operating Expenses and Other Underwriting Income (Expense).

	Three Months Ended June 30, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	152,384		$	77,833		$	37,775		$	—		$	267,992
Net Losses and LAE		(93,428	)		(48,066	)		(25,712	)		—			(167,206	)
Commission Expenses		(16,894	)		(16,821	)		(7,492	)		481			(40,726	)
Other Operating Expenses		(31,570	)		(23,043	)		(4,461	)		—			(59,074	)
Other Underwriting Income (Expense)		342			—			203			(481	)		64
Underwriting Profit (Loss)	$	10,834		$	(10,097	)	$	313		$	—		$	1,050
Net Investment Income											19,875			19,875
Net Realized Gains											1,810			1,810
Interest Expense											(3,858	)		(3,858	)
Other Income											4,366			4,366

Income (Loss) Before Income Taxes	$	10,834		$	(10,097	)	$	313		$	22,193		$	23,243
Income Tax Expense											(7,053	)		(7,053	)
Net Income													$	16,190

Losses and LAE Ratio		61.3	%		61.8	%		68.1	%					62.4	%
Commission Expense Ratio		11.1	%		21.6	%		19.8	%					15.2	%
Other Operating Expense Ratio ⁽²⁾		20.5	%		29.6	%		11.3	%					22.0	%
Combined Ratio		92.9	%		113.0	%		99.2	%					99.6	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other Operating Expenses and Other Underwriting Income (Expense).

	Six Months Ended June 30, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	331,091		$	166,186		$	82,689		$	—		$	579,966
Net Losses and LAE		(204,096	)		(94,800	)		(47,814	)		—			(346,710	)
Commission Expenses		(40,844	)		(38,234	)		(17,462	)		523			(96,017	)
Other Operating Expenses		(66,612	)		(42,299	)		(10,393	)		—			(119,304	)
Other Underwriting Income (Expense)		210			—			345			(523	)		32
Underwriting Profit (Loss)	$	19,749		$	(9,147	)	$	7,365		$	—		$	17,967
Net Investment Income											43,713			43,713
Net Realized Gains											1,650			1,650
Interest Expense											(7,722	)		(7,722	)
Other Income											625			625

Income (Loss) Before Income Taxes	$	19,749		$	(9,147	)	$	7,365		$	38,266		$	56,233
Income Tax Expense											(14,621	)		(14,621	)
Net Income													$	41,612

Losses and LAE Ratio		61.6	%		57.0	%		57.8	%					59.8	%
Commission Expense Ratio		12.3	%		23.0	%		21.1	%					16.6	%
Other Operating Expense Ratio ⁽²⁾		20.1	%		25.5	%		12.2	%					20.5	%
Combined Ratio		94.0	%		105.5	%		91.1	%					96.9	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other Operating Expenses and Other Underwriting Income (Expense).

	Six Months Ended June 30, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	300,724		$	155,841		$	75,785		$	—		$	532,350
Net Losses and LAE		(184,940	)		(88,476	)		(46,746	)		—			(320,162	)
Commission Expenses		(31,749	)		(32,176	)		(15,237	)		882			(78,280	)
Other Operating Expenses		(65,331	)		(44,814	)		(9,738	)		—			(119,883	)
Other Underwriting Income (Expense)		703			—			252			(882	)		73
Underwriting Profit (Loss)	$	19,407		$	(9,625	)	$	4,316		$	—		$	14,098
Net Investment Income											39,469			39,469
Net Realized Gains											3,407			3,407
Interest Expense											(7,716	)		(7,716	)
Other Income											6,906			6,906

Income (Loss) Before Income Taxes	$	19,407		$	(9,625	)	$	4,316		$	42,066		$	56,164
Income Tax Expense											(17,042	)		(17,042	)
Net Income													$	39,122

Losses and LAE Ratio		61.5	%		56.8	%		61.7	%					60.1	%
Commission Expense Ratio		10.6	%		20.6	%		20.1	%					14.7	%
Other Operating Expense Ratio ⁽²⁾		21.4	%		28.8	%		12.5	%					22.6	%
Combined Ratio		93.5	%		106.2	%		94.3	%					97.4	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other Operating Expenses and Other Underwriting Income (Expense).

Revenue by operating segment for the three and six months ended June 30, 2017 and 2016 was as follows: