Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

The following tables set forth the financial data by segment for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	674,665		$	333,792		$	177,963		$	—		$	1,186,420
Net Losses and LAE		(443,353	)		(229,601	)		(133,311	)		—			(806,265	)
Commission Expenses		(77,729	)		(68,824	)		(39,136	)		958			(184,731	)
Other Operating Expenses		(128,905	)		(83,464	)		(20,861	)		—			(233,230	)
Other Underwriting Income (Expense)		461			—			565			(958	)		68
Underwriting Profit (Loss)	$	25,139		$	(48,097	)	$	(14,780	)	$	—		$	(37,738	)
Net Investment Income											89,293			89,293
Net Realized Gains											43,009			43,009
Interest Expense											(15,447	)		(15,447	)
Other Loss											(4,311	)		(4,311	)
Income (Loss) Before Income Taxes	$	25,139		$	(48,097	)	$	(14,780	)	$	112,544		$	74,806
Income Tax Expense											(34,312	)		(34,312	)
Net Income													$	40,494
Losses and LAE ratio		65.7	%		68.8	%		74.9	%					68.0	%
Commission Expense Ratio		11.5	%		20.6	%		22.0	%					15.6	%
Other Operating Expense Ratio ⁽²⁾		19.1	%		25.0	%		11.4	%					19.6	%
Combined Ratio		96.3	%		114.4	%		108.3	%					103.2	%

(1) - Includes Corporate segment intercompany eliminations.

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

	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											9,036			9,036
Interest Expense											(15,435	)		(15,435	)
Other Income											8,565			8,565
Income (Loss) Before Income Taxes	$	33,620		$	(18,966	)	$	21,238		$	81,617		$	117,509
Income Tax Expense											(34,783	)		(34,783	)
Net Income													$	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	$	26,303		$	5,715		$	26,100		$	—		$	58,118
Net Investment Income											68,718			68,718
Net Realized Gains											6,675			6,675
Interest Expense											(15,424	)		(15,424	)
Other Loss											(613	)		(613	)
Income Before Income Taxes	$	26,303		$	5,715		$	26,100		$	59,356		$	117,474
Income Tax Expense											(36,417	)		(36,417	)
Net Income													$	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).

The following tables provide additional financial data by operating segment for the years ended December 31, 2017, 2016 and 2015:

The following is a summary of our Company's Gross Written Premiums allocated based on the location of the insured's head office:

	Years Ended December 31,
amounts in thousands	2017		2016		2015
United States	$	1,203,695	$	1,101,337	$	1,057,895
Worldwide (Excluding the United States)		509,570		467,574		395,607
Total	$	1,713,265	$	1,568,911	$	1,453,502