Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Financial data by segment for the three months ended March 31, 2019 and 2018 was as follows:

	Three Months Ended March 31, 2019
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross Written Premiums	$	291,967		$	156,129		$	132,880		$	—		$	580,976
Ceded Written Premiums		(73,795	)		(37,731	)		(7,783	)		—			(119,309	)
Net Written Premiums	$	218,172		$	118,398		$	125,097		$	—		$	461,667
Retention Ratio		74.7	%		75.8	%		94.1	%		—			79.5	%
Net Earned Premiums	$	202,037		$	108,913		$	66,239		$	—		$	377,189
Net Losses and LAE		(151,125	)		(75,458	)		(43,769	)		—			(270,352	)
Commission Expenses		(24,786	)		(26,447	)		(16,433	)		(50	)		(67,716	)
Other Operating Expenses		(43,210	)		(32,422	)		(8,124	)		—			(83,756	)
Other Underwriting Income (Expense)		95			1,034			(56	)		50			1,123
Underwriting Loss	$	(16,989	)	$	(24,380	)	$	(2,143	)	$	—		$	(43,512	)
Net Investment Income											28,219			28,219
Total Net Realized and Unrealized Gains											27,162			27,162
Interest Expense											(3,867	)		(3,867	)
Other Loss											(5,395	)		(5,395	)
Merger Transaction Costs											(850	)		(850	)
Income (Loss) Before Income Taxes	$	(16,989	)	$	(24,380	)	$	(2,143	)	$	45,269		$	1,757
Income Tax Expense											(3,495	)		(3,495	)
Net Loss													$	(1,738	)
Losses and LAE Ratio		74.8	%		69.3	%		66.1	%					71.7	%
Commission Expense Ratio		12.3	%		24.3	%		24.8	%					18.0	%
Other Operating Expense Ratio ⁽²⁾		21.3	%		28.8	%		12.3	%					21.8	%
Combined Ratio		108.4	%		122.4	%		103.2	%					111.5	%

(1) -

Includes Corporate segment intercompany eliminations.

(2) -

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

	Three Months Ended March 31, 2018
	U.S.			Int'l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate ⁽¹⁾			Total
Gross Written Premiums	$	239,928		$	127,872		$	127,424		$	—		$	495,224
Ceded Written Premiums		(66,581	)		(28,888	)		(6,493	)		—			(101,962	)
Net Written Premiums	$	173,347		$	98,984		$	120,931		$	—		$	393,262
Retention Ratio		72.2	%		77.4	%		94.9	%		—			79.4	%
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).

Revenue by operating segment for the three months ended March 31, 2019 and 2018 was as follows: