Segment Information (Tables)

9 Months Ended

Sep. 30, 2017

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

	Three Months Ended September 30, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	169,150		$	84,407		$	47,798		$	—		$	301,355
Net Losses and LAE		(135,340	)		(81,713	)		(59,118	)		—			(276,171	)
Commission Expenses		(18,286	)		(16,201	)		(11,233	)		211			(45,509	)
Other Operating Expenses		(25,375	)		(16,388	)		(4,010	)		—			(45,773	)
Other Underwriting Income (Expense)		125			—			94			(211	)		8
Underwriting Loss	$	(9,726	)	$	(29,895	)	$	(26,469	)	$	—		$	(66,090	)
Net Investment Income											22,598			22,598
Net Realized Gains											4,218			4,218
Interest Expense											(3,862	)		(3,862	)
Other Loss											(1,707	)		(1,707	)

Loss Before Income Taxes	$	(9,726	)	$	(29,895	)	$	(26,469	)	$	21,247		$	(44,843	)
Income Tax Benefit											16,864			16,864
Net Loss													$	(27,979	)

Losses and LAE Ratio		80.0	%		96.8	%		123.7	%					91.6	%
Commission Expense Ratio		10.8	%		19.2	%		23.5	%					15.1	%
Other Operating Expense Ratio ⁽²⁾		14.9	%		19.4	%		8.2	%					15.2	%
Combined Ratio		105.7	%		135.4	%		155.4	%					121.9	%

(1) - Includes Corporate segment intercompany eliminations.

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

	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											1,586			1,586
Interest Expense											(3,859	)		(3,859	)
Other Loss											(227	)		(227	)

Income (Loss) Before Income Taxes	$	5,495		$	(813	)	$	7,831		$	17,375		$	29,888
Income Tax Expense											(7,875	)		(7,875	)
Net Income													$	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).

	Nine Months Ended September 30, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	500,241		$	250,593		$	130,487		$	—		$	881,321
Net Losses and LAE		(339,436	)		(176,513	)		(106,932	)		—			(622,881	)
Commission Expenses		(59,130	)		(54,435	)		(28,695	)		734			(141,526	)
Other Operating Expenses		(91,987	)		(58,687	)		(14,403	)		—			(165,077	)
Other Underwriting Income (Expense)		335			—			439			(734	)		40
Underwriting Profit (Loss)	$	10,023		$	(39,042	)	$	(19,104	)	$	—		$	(48,123	)
Net Investment Income											66,311			66,311
Net Realized Gains											5,868			5,868
Interest Expense											(11,584	)		(11,584	)
Other Loss											(1,082	)		(1,082	)

Income (Loss) Before Income Taxes	$	10,023		$	(39,042	)	$	(19,104	)	$	59,513		$	11,390
Income Tax Benefit											2,243			2,243
Net Income													$	13,633

Losses and LAE Ratio		67.9	%		70.4	%		81.9	%					70.7	%
Commission Expense Ratio		11.8	%		21.7	%		22.0	%					16.1	%
Other Operating Expense Ratio ⁽²⁾		18.3	%		23.5	%		10.7	%					18.7	%
Combined Ratio		98.0	%		115.6	%		114.6	%					105.5	%

(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											4,993			4,993
Interest Expense											(11,575	)		(11,575	)
Other Income											6,679			6,679

Income (Loss) Before Income Taxes	$	24,902		$	(10,438	)	$	12,147		$	59,441		$	86,052
Income Tax Expense											(24,917	)		(24,917	)
Net Income													$	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).

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

	Three Months Ended September 30, 2017									Three Months Ended September 30, 2016									% 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	$	36,403	$	(18,859	)	$	17,544	$	20,129	$	40,271	$	(17,636	)	$	22,635	$	25,465		(9.6	%)		6.9	%		(22.5	%)		(21.0	%)
P&C		166,097		(39,952	)		126,145		125,931		161,600		(36,011	)		125,589		115,971		2.8	%		10.9	%		0.4	%		8.6	%
Professional Liability		32,552		(5,517	)		27,035		23,090		32,776		(7,712	)		25,064		20,286		(0.7	%)		(28.5	%)		7.9	%		13.8	%
Total	$	235,052	$	(64,328	)	$	170,724	$	169,150	$	234,647	$	(61,359	)	$	173,288	$	161,722		0.2	%		4.8	%		(1.5	%)		4.6	%

Int'l Insurance
Marine	$	41,689	$	(9,948	)	$	31,741	$	39,038	$	38,453	$	(12,631	)	$	25,822	$	34,794		8.4	%		(21.2	%)		22.9	%		12.2	%
P&C		37,415		(19,772	)		17,643		21,775		38,077		(15,331	)		22,746		25,584		(1.7	%)		29.0	%		(22.4	%)		(14.9	%)
Professional Liability		34,497		(9,246	)		25,251		23,594		27,954		(7,232	)		20,722		19,383		23.4	%		27.8	%		21.9	%		21.7	%
Total	$	113,601	$	(38,966	)	$	74,635	$	84,407	$	104,484	$	(35,194	)	$	69,290	$	79,761		8.7	%		10.7	%		7.7	%		5.8	%

GlobalRe	$	53,385	$	(2,728	)	$	50,657	$	47,798	$	35,799	$	(1,376	)	$	34,423	$	42,527		49.1	%		98.3	%		47.2	%		12.4	%

Total	$	402,038	$	(106,022	)	$	296,016	$	301,355	$	374,930	$	(97,929	)	$	277,001	$	284,010		7.2	%		8.3	%		6.9	%		6.1	%