Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

The following tables set forth the financial data by segment for the years ended December 31, 2018, 2017 and 2016:

	Year Ended December 31, 2018
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross written premiums	$	1,083,116		$	530,710		$	299,135		$	—		$	1,912,961
Ceded written premiums		(283,025	)		(147,402	)		(11,449	)		—			(441,876	)
Net written premiums		800,091			383,308			287,686			—			1,471,085
Retention Ratio		73.9	%		72.2	%		96.2	%		—			76.9	%

Net Earned Premiums	$	737,646		$	380,503		$	245,074		$	—		$	1,363,223
Net Losses and LAE		(485,960	)		(252,268	)		(155,551	)		—			(893,779	)
Commission Expenses		(85,127	)		(80,526	)		(55,056	)		565			(220,144	)
Other Operating Expenses		(142,333	)		(93,882	)		(25,009	)		—			(261,224	)
Other Underwriting Income (Expense)		354			2,206			316			(565	)		2,311
Underwriting Profit (Loss)	$	24,580		$	(43,967	)	$	9,774		$	—		$	(9,613	)
Net Investment Income											103,113			103,113
Total Net Realized and Unrealized Losses											(30,348	)		(30,348	)
Interest Expense											(15,485	)		(15,485	)
Other Income											4,858			4,858
Merger Transaction Costs											(3,950	)		(3,950	)
Income (Loss) Before Income Taxes	$	24,580		$	(43,967	)	$	9,774		$	58,188		$	48,575
Income Tax Expense											(14,336	)		(14,336	)
Net Income													$	34,239
Losses and LAE ratio		65.9	%		66.3	%		63.5	%					65.6	%
Commission Expense Ratio		11.5	%		21.2	%		22.5	%					16.1	%
Other Operating Expense Ratio ⁽²⁾		19.3	%		24.1	%		10.0	%					19.0	%
Combined Ratio		96.7	%		111.6	%		96.0	%					100.7	%

(1) - Includes Corporate segment intercompany eliminations.

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

	Year Ended December 31, 2017
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross written premiums	$	988,293		$	501,130		$	223,842		$	—		$	1,713,265
Ceded written premiums		(266,993	)		(165,278	)		(9,664	)		—			(441,935	)
Net written premiums		721,300			335,852			214,178			—			1,271,330
Retention Ratio		73.0	%		67.0	%		95.7	%		—			74.2	%

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
Total Net Realized and Unrealized 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.

	Year Ended December 31, 2016
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross written premiums	$	919,395		$	484,471		$	165,045		$	—		$	1,568,911
Ceded written premiums		(235,827	)		(138,504	)		(8,356	)		—			(382,687	)
Net written premiums		683,568			345,967			156,689			—			1,186,224
Retention Ratio		74.3	%		71.4	%		94.9	%		—			75.6	%

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
Total Net Realized and Unrealized 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.

The following tables provide additional financial data by operating segment for the years ended December 31, 2018, 2017 and 2016:

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	2018		2017		2016
United States	$	1,373,346	$	1,203,695	$	1,101,337
Worldwide (Excluding the United States)		539,615		509,570		467,574
Total	$	1,912,961	$	1,713,265	$	1,568,911