Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2018

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred Policy Acquisition Costs

The following table presents the amounts of policy acquisition costs deferred and amortized.

	Years Ended December 31,
(dollars in thousands)	2018			2017			2016
Balance, beginning of year	$	465,569		$	392,410		$	352,756
Policy acquisition costs deferred	1,024,888			964,755			823,840
Amortization of policy acquisition costs	(1,009,303		)	(894,353		)	(782,221		)
Foreign currency movements	(6,641		)	2,757			(1,965		)
Deferred policy acquisition costs	$	474,513		$	465,569		$	392,410

The following table presents the components of underwriting, acquisition and insurance expenses.

	Years Ended December 31,
(dollars in thousands)	2018		2017		2016
Amortization of policy acquisition costs	$	1,009,303	$	894,353	$	782,221
Other operating expenses	768,208		695,111		714,904
Underwriting, acquisition and insurance expenses	$	1,777,511	$	1,589,464	$	1,497,125