Segments

9 Months Ended

Sep. 30, 2013

Segments [Abstract]

Segments

In addition to our segments, we include a Corporate & Other category to reconcile segment results to consolidated totals. The Corporate & Other category includes corporate operating expenses not allocable to the segments, interest expense on long-term debt, foreign currency expense/benefit, and underwriting results of our Exited Lines. Our Exited Lines include product lines that we no longer write and do not expect to write in the future.

The following tables present information by business segment.

			U.S. Property & Casualty		Professional Liability		Accident & Health		U.S. Surety & Credit		International		Investing		Corporate & Other		Consolidated
Nine months ended September 30, 2013
Net earned premium			$	276,647	$	277,662	$	657,995	$	144,673	$	311,261	$	0	$	10,972	$	1,679,210
Other revenue				16,198		304		3,736		1,027		2,790		196,756		253		221,064
	Segment revenue			292,845		277,966		661,731		145,700		314,051		196,756		11,225		1,900,274
Loss and LAE				121,060		141,921		483,709		32,287		204,137		0		9,433		992,547
Other expense				84,801		46,781		97,414		80,182		114,534		0		67,688		491,400
	Segment expense			205,861		188,702		581,123		112,469		318,671		-		77,121		1,483,947
		Segment pretax earnings (loss)	$	86,984	$	89,264	$	80,608	$	33,231	$	(4,620)	$	196,756	$	(65,896)	$	416,327

Nine months ended September 30, 2012
Net earned premium			$	265,593	$	298,454	$	624,077	$	154,232	$	302,303	$	0	$	31,463	$	1,676,122
Other revenue				15,300		799		3,589		659		2,766		174,133		116		197,362
	Segment revenue			280,893		299,253		627,666		154,891		305,069		174,133		31,579		1,873,484
Loss and LAE				154,156		170,506		447,262		42,444		126,547		0		28,852		969,767
Other expense				89,348		49,621		93,127		83,402		108,018		0		75,303		498,819
	Segment expense			243,504		220,127		540,389		125,846		234,565		-		104,155		1,468,586
		Segment pretax earnings (loss)	$	37,389	$	79,126	$	87,277	$	29,045	$	70,504	$	174,133	$	(72,576)	$	404,898

			U.S. Property & Casualty		Professional Liability		Accident & Health		U.S. Surety & Credit		International		Investing		Corporate & Other		Consolidated
Three months ended September 30, 2013
Net earned premium			$	91,684	$	92,439	$	223,048	$	47,442	$	100,849	$	0	$	1,206	$	556,668
Other revenue				4,769		(21)		1,406		406		888		72,130		231		79,809
	Segment revenue			96,453		92,418		224,454		47,848		101,737		72,130		1,437		636,477
Loss and LAE				13,666		30,100		163,143		13,436		99,221		0		810		320,376
Other expense				32,044		10,909		33,705		26,501		42,613		0		30,229		176,001
	Segment expense			45,710		41,009		196,848		39,937		141,834		0		31,039		496,377
		Segment pretax earnings (loss)	$	50,743	$	51,409	$	27,606	$	7,911	$	(40,097)	$	72,130	$	(29,602)	$	140,100

Three months ended September 30, 2012
Net earned premium			$	87,741	$	97,549	$	209,049	$	53,388	$	105,831	$	0	$	10,092	$	563,650
Other revenue				8,415		532		1,095		244		631		57,183		(77)		68,023
	Segment revenue			96,156		98,081		210,144		53,632		106,462		57,183		10,015		631,673
Loss and LAE				53,229		36,183		140,344		15,721		46,924		0		11,613		304,014
Other expense				29,581		13,414		32,025		27,879		39,253		0		31,888		174,040
	Segment expense			82,810		49,597		172,369		43,600		86,177		-		43,501		478,054
		Segment pretax earnings (loss)	$	13,346	$	48,484	$	37,775	$	10,032	$	20,285	$	57,183	$	(33,486)	$	153,619

In the first nine months and third quarter of 2013, the U.S. Property & Casualty segment pretax earnings included net favorable loss development of $40.8million and the International segment pretax loss included reserve strengthening of $70.3million related to Spanish surety bonds.