Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) In Thousands, except Share data | 3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
| Revenues | ||||
| Gross premiums written | $ 1,095,326 | $ 1,008,464 | $ 3,735,091 | $ 4,057,965 |
| Net premiums written | 1,079,557 | 987,612 | 3,606,444 | 3,884,511 |
| Decrease (increase) in unearned premiums | 214,762 | 325,802 | (140,091) | (312,687) |
| Net premiums earned | 1,294,319 | 1,313,414 | 3,466,353 | 3,571,824 |
| Net investment income | 163,647 | 164,402 | 473,608 | 511,978 |
| Net realized and unrealized investment gains (losses) | 26,139 | 293,164 | (7,860) | 484,683 |
| Other income | 1,434 | 3,363 | 4,843 | 5,391 |
| Total revenues | 1,485,539 | 1,774,343 | 3,936,944 | 4,573,876 |
| Expenses | ||||
| Losses and loss expenses and life policy benefits | 881,626 | 748,879 | 3,303,366 | 2,465,847 |
| Acquisition costs | 262,489 | 261,668 | 699,589 | 725,919 |
| Other operating expenses | 103,822 | 118,221 | 321,813 | 406,506 |
| Interest expense | 12,216 | 12,297 | 36,730 | 32,232 |
| Amortization of intangible assets | 9,520 | 10,003 | 27,512 | 22,639 |
| Net foreign exchange (gains) losses | (10,587) | 27,074 | (20,020) | 12,426 |
| Total expenses | 1,259,086 | 1,178,142 | 4,368,990 | 3,665,569 |
| Income (loss) before taxes and interest in (losses) earnings of equity investments | 226,453 | 596,201 | (432,046) | 908,307 |
| Income tax expense | 41,803 | 72,576 | 65,632 | 117,892 |
| Interest in (losses) earnings of equity investments | (4,527) | 1,312 | (4,970) | 5,103 |
| Net income (loss) | 180,123 | 524,937 | (502,648) | 795,518 |
| Preferred dividends | 14,352 | 8,631 | 31,614 | 25,894 |
| Net income (loss) available to common shareholders | 165,771 | 516,306 | (534,262) | 769,624 |
| Comprehensive income (loss) | ||||
| Net income (loss) | 180,123 | 524,937 | (502,648) | 795,518 |
| Change in currency translation adjustment | (54,958) | 107,572 | (10,874) | (66,506) |
| Change in other accumulated comprehensive income (loss), net of tax | 1,106 | (1,260) | (1,049) | (6,514) |
| Comprehensive income (loss) | $ 126,271 | $ 631,249 | $ (514,571) | $ 722,498 |
| Per share data | ||||
| Basic net income (loss) | $ 2.45 | $ 6.86 | $ (7.88) | $ 9.86 |
| Diluted net income (loss) | $ 2.43 | $ 6.76 | $ (7.88) | $ 9.68 |
| Weighted average number of common shares outstanding | 67,743,296 | 75,238,329 | 67,788,427 | 78,076,561 |
| Weighted average number of common shares and common share equivalents outstanding | 68,181,982 | 76,428,460 | 67,788,427 | 79,494,247 |
| Dividends declared per common share | $ 0.60 | $ 0.50 | $ 1.75 | $ 1.50 |
| X | ||||||||||
- Definition This element represents the change in other comprehensive income (loss), net of tax, for the period attributable to the parent entity. Includes gains (losses) on qualifying hedges, minimum pension liability, other comprehensive income on equity investments but excludes currency translation adjustment.
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- Definition Change during the period in the unearned gross premiums written (direct and assumed) and ceded premiums written.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Premiums for all insurance assumed from other insurers, that is premiums ceded to the entity by other insurers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Amount of deferred policy acquisition costs charged to expense in the period, generally in proportion to related revenue earned, estimated gross profits, or over the customer relationship or some other period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized, and does not include investment income from real or personal property, such as rental income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents a sum total of expenses not separately reflected on the income statement for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Provision for benefits, claims and claims settlement expenses incurred during the period net of the effects of contracts assumed and ceded. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Premiums earned on the income statement for all insurance and reinsurance contracts after subtracting any amounts ceded to another insurer and adding premiums assumed from other insurers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Premiums written for all insurance and reinsurance contracts, after adding premiums assumed from other insurers and subtracting any amounts ceded to another insurer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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