Unaudited quarterly financial data (Tables)

12 Months Ended

Dec. 31, 2011

Unaudited quarterly financial data [Abstract]

21.	Unaudited quarterly financial data

	Quarter												2011
2011:	First			Second			Third			Fourth			Year
	(In thousands, except share data)

Net premiums written	$	274,463		$	270,399		$	255,745		$	263,773		$	1,064,380
Net premiums earned		288,546			284,454			275,094			275,741			1,123,835
Investment income, net of expenses		56,543			55,490			48,898			40,339			201,270
Loss incurred, net		310,431			459,552			462,654			482,070			1,714,707
Change in premium deficiency reserves		(9,018	)		(11,035	)		(12,388	)		(11,709	)		(44,150	)
Underwriting and other operating expenses		57,550			54,043			52,477			50,680			214,750
Interest expense		26,042			26,326			25,761			25,142			103,271
Net income (loss)		(33,661	)		(151,732	)		(165,205	)		(135,294	)		(485,892	)
Income (loss) per share (a):
Basic		(0.17	)		(0.75	)		(0.82	)		(0.67	)		(2.42	)
Diluted		(0.17	)		(0.75	)		(0.82	)		(0.67	)		(2.42	)

	Quarter												2010
2010:	First			Second			Third			Fourth (b)			Year
	(In thousands, except share data)

Net premiums written	$	256,058		$	295,346		$	278,982		$	271,409		$	1,101,795
Net premiums earned		271,952			309,174			296,496			291,125			1,168,747
Investment income, net of expenses		68,859			62,868			58,465			57,061			247,253
Loss incurred, net		454,511			320,077			384,578			448,375			1,607,541
Change in premium deficiency reserves		(13,566	)		(10,619	)		(8,887	)		(18,275	)		(51,347	)
Underwriting and other operating expenses		59,945			54,050			57,606			53,541			225,142
Interest expense		21,018			25,099			26,702			25,770			98,589
Net income (loss)		(150,091	)		24,551			(51,528	)		(186,667	)		(363,735	)
Income (loss) per share (a):
Basic		(1.20	)		0.14			(0.26	)		(0.93	)		(2.06	)
Diluted		(1.20	)		0.13			(0.26	)		(0.93	)		(2.06	)

(a)

Due to the use of weighted average shares outstanding when calculating earnings per share, the sum of the quarterly per share data may not equal the per share data for the year.

(b)

In prior periods, the liability associated with premium to be returned on claim payments is included in loss reserves and changes to this estimate affect losses incurred. See Note 3 – “Summary of significant accounting policies – Revenue recognition.”