XML 45 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Information - Statement of earnings by segment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Segment Reporting Information [Line Items]        
Gross premiums written $ 2,198,239 $ 2,025,472 $ 4,711,175 $ 4,503,358
Net premiums written 1,491,844 1,533,868 3,487,695 3,641,522
Net premiums earned 1,496,594 1,562,393 2,985,433 3,092,084
Net losses and loss expenses 913,179 1,054,373 1,858,271 2,008,410
Acquisition costs 184,619 231,886 384,033 452,145
Operating expenses 263,722 236,342 510,824 463,355
Underwriting profit (loss) 135,074 39,792 232,305 168,174
Net investment income   214,410   443,137
Net results from structured products 34,885 6,053 42,838 11,229
Net fee income and other (2,858) (791) (3,352) (1,055)
Loss on sale of life reinsurance subsidiary 666,423 0 666,423 0
Net realized gains (losses) on investments 72,697 40,968 91,926 77,477
Net realized and unrealized gains (losses) on derivative instruments 11,599 (5,105) 13,409 2,780
Net income (loss) from investment fund affiliates and operating affiliates 45,421 79,368 125,009 142,587
Exchange (gains) losses 21,141 (11,331) 31,582 (44,766)
Corporate operating expenses 56,495 55,155 107,833 102,077
Contribution from P&C and Corporate and Other (248,949) 330,871 109,008 787,018
Interest expense 32,284 26,121 64,444 52,257
Non-controlling interests 3,682 3,180 39,441 38,922
Income tax (5,654) 28,872 28,667 72,351
Net income (loss) attributable to ordinary shareholders (279,261) 272,698 (23,544) 623,488
Corporate and Other [Member]
       
Segment Reporting Information [Line Items]        
Gross premiums written 86,710 [1] 81,302 [1] 171,007 [1] 154,272 [1]
Net premiums written 58,518 [1] 73,896 [1] 134,829 [1] 139,341 [1]
Net premiums earned 58,518 [1] 73,896 [1] 134,829 [1] 139,341 [1]
Net losses and loss expenses 85,299 [1] 116,767 [1] 198,886 [1] 227,720 [1]
Acquisition costs 3,882 [1] 7,255 [1] 11,061 [1] 11,358 [1]
Operating expenses 2,209 [1],[2] 2,206 [1],[2] 5,397 [1],[2] 4,801 [1],[2]
Underwriting profit (loss) (32,872) [1] (52,332) [1] (80,515) [1] (104,538) [1]
Net investment income   70,592 [1]   142,280 [1]
Net results from structured products 0 [1],[3] 0 [1],[4] 0 [1],[5] 0 [1],[6]
Net fee income and other 45 [1],[7] 44 [1],[7] 90 [1],[7] 1,087 [1],[7]
Loss on sale of life reinsurance subsidiary 666,423 [1]   666,423 [1]  
Net realized and unrealized gains (losses) on derivative instruments 11,599 [1] (5,105) [1] 13,409 [1] 2,780 [1]
Net income (loss) from investment fund affiliates and operating affiliates 45,421 [1],[8] 79,368 [1] 125,009 [1] 142,587 [1]
Exchange (gains) losses 21,141 [1] (11,331) [1] 31,582 [1] (44,766) [1]
Corporate operating expenses 56,495 [1] 55,155 [1] 107,833 [1] 102,077 [1]
Contribution from P&C and Corporate and Other (671,937) [1] 60,342 [1] (627,461) [1] 129,415 [1]
Interest expense 32,284 [1],[9] 26,121 [1] 64,444 [1] 52,257 [1]
Non-controlling interests 3,682 [1] 3,180 [1] 39,441 [1] 38,922 [1]
Income tax (5,654) [1] 28,872 [1] 28,667 [1] 72,351 [1]
Total P&C
       
Segment Reporting Information [Line Items]        
Gross premiums written 2,111,529 1,944,170 4,540,168 4,349,086
Net premiums written 1,433,326 1,459,972 3,352,866 3,502,181
Net premiums earned 1,438,076 1,488,497 2,850,604 2,952,743
Net losses and loss expenses 827,880 937,606 1,659,385 1,780,690
Acquisition costs 180,737 224,631 372,972 440,787
Operating expenses 261,513 [2] 234,136 [2] 505,427 [2] 458,554 [2]
Underwriting profit (loss) 167,946 92,124 312,820 272,712
Net investment income   143,818   300,857
Net results from structured products 34,885 [3] 6,053 [4] 42,838 [5] 11,229 [6]
Net fee income and other (2,903) [7] (835) [7] (3,442) [7] (2,142) [7]
Contribution from P&C and Corporate and Other 422,988 270,529 736,469 657,603
Ratios - P&C operations        
Loss and loss expense ratio 57.60% [10] 63.00% [10] 58.20% [10] 60.30% [10]
Underwriting expense ratio 30.70% [10] 30.80% [10] 30.80% [10] 30.50% [10]
Combined ratio 88.30% [10] 93.80% [10] 89.00% [10] 90.80% [10]
Insurance Segment
       
Segment Reporting Information [Line Items]        
Gross premiums written 1,618,405 1,472,388 3,189,331 2,970,175
Net premiums written 996,880 1,049,163 2,124,247 2,238,351
Net premiums earned 1,003,990 1,058,542 1,996,430 2,097,634
Net losses and loss expenses 627,627 721,323 1,266,820 1,371,840
Acquisition costs 99,863 138,032 204,863 268,654
Operating expenses 213,931 [2] 194,514 [2] 416,984 [2] 378,511 [2]
Underwriting profit (loss) 62,569 4,673 107,763 78,629
Net results from structured products 31,645 [3] 3,532 [4] 36,535 [5] 7,717 [6]
Net fee income and other (3,567) [7] (1,355) [7] (4,779) [7] (3,294) [7]
Ratios - P&C operations        
Loss and loss expense ratio 62.50% [10] 68.10% [10] 63.50% [10] 65.40% [10]
Underwriting expense ratio 31.30% [10] 31.50% [10] 31.10% [10] 30.90% [10]
Combined ratio 93.80% [10] 99.60% [10] 94.60% [10] 96.30% [10]
Reinsurance Segment
       
Segment Reporting Information [Line Items]        
Gross premiums written 493,124 471,782 1,350,837 1,378,911
Net premiums written 436,446 410,809 1,228,619 1,263,830
Net premiums earned 434,086 429,955 854,174 855,109
Net losses and loss expenses 200,253 216,283 392,565 408,850
Acquisition costs 80,874 86,599 168,109 172,133
Operating expenses 47,582 [2] 39,622 [2] 88,443 [2] 80,043 [2]
Underwriting profit (loss) 105,377 87,451 205,057 194,083
Net results from structured products 3,240 [3] 2,521 [4] 6,303 [5] 3,512 [6]
Net fee income and other 664 [7] 520 [7] 1,337 [7] 1,152 [7]
Ratios - P&C operations        
Loss and loss expense ratio 46.10% [10] 50.30% [10] 46.00% [10] 47.80% [10]
Underwriting expense ratio 29.60% [10] 29.40% [10] 30.00% [10] 29.50% [10]
Combined ratio 75.70% [10] 79.70% [10] 76.00% [10] 77.30% [10]
Excluding Life Funds Withheld Assets
       
Segment Reporting Information [Line Items]        
Net investment income 196,673   411,092  
Net realized gains (losses) on investments 80,844 40,968 100,073 77,477
Excluding Life Funds Withheld Assets | Corporate and Other [Member]
       
Segment Reporting Information [Line Items]        
Net investment income 52,118 [1]   123,010 [1]  
Net realized gains (losses) on investments 2,339 [1] 11,599 [1] 3,902 [1] 2,530 [1]
Excluding Life Funds Withheld Assets | Total P&C
       
Segment Reporting Information [Line Items]        
Net investment income 144,555   288,082  
Net realized gains (losses) on investments 78,505 29,369 96,171 74,947
Life Funds Withheld Assets
       
Segment Reporting Information [Line Items]        
Net investment income 19,165   19,165  
Net realized gains (losses) on investments (8,147) 0 (8,147) 0
Net realized and unrealized gains (losses) on derivative instruments (17,546) 0 (17,546) 0
Life Funds Withheld Assets | Corporate and Other [Member]
       
Segment Reporting Information [Line Items]        
Net investment income 19,165 [1]   19,165 [1]  
Net realized gains (losses) on investments (8,147) [1] 0 [1] (8,147) [1] 0 [1]
Net realized and unrealized gains (losses) on derivative instruments $ (17,546) [1]   $ (17,546) [1]  
[1] Corporate and Other includes the Company's run-off life operations.
[2] Operating expenses exclude Corporate operating expenses, shown separately.
[3] The net results from structured products include net investment income and interest expense (credit) of $16.9 million and $(18.2) million, respectively. Net results from structured products includes a benefit of $28.7 million from a negotiated termination of one of the Company's larger structured indemnity contracts during the second quarter of 2014, producing a net interest expense credit.
[4] The net results from structured products include net investment income and interest expense of $18.1 million and $12.1 million, respectively.
[5] The net results from structured products include net investment income and net interest expense (credit) of $35.7 million and $(7.4) million, respectively. Net results from structured products includes a benefit of $28.7 million from a negotiated termination of one of the Company's larger structured indemnity contracts during the second quarter of 2014, producing a net interest expense credit.
[6] The net results from structured products include net investment income and interest expense of $35.9 million and $24.6 million, respectively.
[7] Net fee income and other includes operating expenses from the Company's loss prevention consulting services business.
[8] The Company records the income related to the alternative funds and to the private investment and operating fund affiliates on a one-month and three-month lag, respectively.
[9] Interest expense excludes interest expense related to deposit liabilities recorded in the Insurance and Reinsurance segments
[10] Ratios are based on net premiums earned from P&C operations.