Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Financial data by segment for the three months ended March 31, 2018 and 2017 was as follows:

	Three Months Ended March 31, 2018
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Net Earned Premiums	$	172,913		$	93,210		$	56,504		$	—		$	322,627
Net Losses and LAE		(110,422	)		(45,843	)		(29,880	)		—			(186,145	)
Commission Expenses		(20,861	)		(19,756	)		(13,768	)		233			(54,152	)
Other Operating Expenses		(36,991	)		(20,530	)		(5,405	)		—			(62,926	)
Other Underwriting Income (Expense)		98			—			138			(233	)		3
Underwriting Profit	$	4,737		$	7,081		$	7,589		$	—		$	19,407
Net Investment Income											23,702			23,702
Total Net Realized and Unrealized Losses											(2,012	)		(2,012	)
Interest Expense											(3,864	)		(3,864	)
Other Loss											(120	)		(120	)

Income Before Income Taxes	$	4,737		$	7,081		$	7,589		$	17,706		$	37,113
Income Tax Expense											(6,235	)		(6,235	)
Net Income													$	30,878

Losses and LAE Ratio		63.9	%		49.2	%		52.9	%					57.7	%
Commission Expense Ratio		12.1	%		21.2	%		24.4	%					16.8	%
Other Operating Expense Ratio ⁽²⁾		21.3	%		22.0	%		9.3	%					19.5	%
Combined Ratio		97.3	%		92.4	%		86.6	%					94.0	%

(1) - Includes Corporate segment intercompany eliminations.

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

	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
Total Net Realized and Unrealized 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	%

(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, 2018 and 2017 was as follows: