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SEGMENT INFORMATION
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<div> <div>
<div
style="font-family: 'Times New Roman',Times,serif;">
<div
style="margin-top: 12pt; font-size: 10pt;" align="left"><b>13. SEGMENT INFORMATION</b> </div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> The determination of reportable segments is based on how senior management monitors the Company's underwriting operations. Management monitors the performance of its direct underwriting operations based on the geographic location of the Company's offices, the markets and customers served and the type of accounts written. The Company is currently organized into three operating segments: U.S. insurance, international insurance and reinsurance. All product lines fall within these classifications. </div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> The U.S. insurance segment includes the Company's direct specialty insurance operations in the United States. This segment provides both direct property and specialty casualty insurance primarily to non-Fortune 1000 North American domiciled accounts. The international insurance segment includes the Company's direct insurance operations in Bermuda, Europe and Hong Kong. This segment provides both direct property and casualty insurance primarily to Fortune 1000 North American domiciled accounts and mid-sized to large non-North American domiciled accounts. The reinsurance segment includes the reinsurance of property, general casualty, professional liability, specialty lines and property catastrophe coverages written by insurance companies. We presently write reinsurance on both a treaty and a facultative basis, targeting several niche reinsurance markets. </div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> Responsibility and accountability for the results of underwriting operations are assigned by major line of business within each segment. Because the Company does not manage its assets by segment, investment income, interest expense and total assets are not allocated to individual reportable segments. General and administrative expenses are allocated to segments based on various factors, including staff count and each segment's proportional share of gross premiums written. </div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> Management measures results for each segment on the basis of the "loss and loss expense ratio," "acquisition cost ratio," "general and administrative expense ratio" and the "combined ratio." The "loss and loss expense ratio" is derived by dividing net losses and loss expenses by net premiums earned. The "acquisition cost ratio" is derived by dividing acquisition costs by net premiums earned. The "general and administrative expense ratio" is derived by dividing general and administrative expenses by net premiums earned. </div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> The "combined ratio" is the sum of the "loss and loss expense ratio," the "acquisition cost ratio" and the "general and administrative expense ratio." </div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> The following table provides a summary of the segment results for the three months ended March 31, 2010 and 2009. </div></div>
<div
style="font-family: 'Times New Roman',Times,serif;">
<div>
<table
style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>International</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="left"><b>Three Months Ended March 31, 2010</b></td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>U.S. Insurance</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Insurance</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Reinsurance</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Total</b></td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Gross premiums written</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">162,085</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">121,422</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">220,656</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">504,163</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net premiums written</div></td>
<td> </td>
<td> </td>
<td align="right">131,555</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,081</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">220,656</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">433,292</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net premiums earned</div></td>
<td> </td>
<td> </td>
<td align="right">129,205</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87,043</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">122,076</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">338,324</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Other income</div></td>
<td> </td>
<td> </td>
<td align="right">297</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">297</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net losses and loss expenses</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(98,425</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(57,449</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(76,280</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(232,154</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Acquisition costs</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,960</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(66</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23,758</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(40,784</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">General and administrative expenses</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(27,114</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(21,845</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14,504</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(63,463</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Underwriting (loss) income</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(12,997</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7,683</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,534</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,220</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net investment income</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">68,902</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net realized investment gains</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,487</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net impairment charges recognized in earnings</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(168</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Amortization and impairment of intangible assets</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(892</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Interest expense</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,528</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Foreign exchange loss</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,076</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Income before income taxes</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">136,945</td>
<td> </td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Loss and loss expense ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">76.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">66.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">62.5</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">68.6</td>
<td nowrap="nowrap">%</td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Acquisition cost ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">13.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">0.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">19.5</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">12.1</td>
<td nowrap="nowrap">%</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">General and administrative expense ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">21.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">25.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">11.9</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">18.8</td>
<td nowrap="nowrap">%</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Combined ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">110.3</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">91.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">93.9</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">99.5</td>
<td nowrap="nowrap">%</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>International</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="left"><b>Three Months Ended March 31, 2009</b></td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>U.S. Insurance</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Insurance</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Reinsurance</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Total</b></td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Gross premiums written</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">153,369</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">125,919</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">200,309</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">479,597</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net premiums written</div></td>
<td> </td>
<td> </td>
<td align="right">115,844</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">88,957</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">200,237</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">405,038</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net premiums earned</div></td>
<td> </td>
<td> </td>
<td align="right">105,267</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">111,194</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">107,511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">323,972</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Other income</div></td>
<td> </td>
<td> </td>
<td align="right">466</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">466</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net losses and loss expenses</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(54,177</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(39,193</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(55,127</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(148,497</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Acquisition costs</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14,411</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,060</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(21,658</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(37,129</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">General and administrative expenses</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(27,399</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18,819</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11,147</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(57,365</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Underwriting income</div></td>
<td> </td>
<td> </td>
<td align="right">9,746</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52,122</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19,579</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,447</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net investment income</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,854</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net realized investment gains</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">36,602</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Net impairment charges recognized in earnings</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(41,963</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Amortization and impairment of intangible assets</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,065</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Interest expense</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10,447</td>
<td nowrap="nowrap">)</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Foreign exchange loss</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(835</td>
<td nowrap="nowrap">)</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Income before income taxes</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">141,593</td>
<td> </td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Loss and loss expense ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">51.5</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">35.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">51.3</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">45.8</td>
<td nowrap="nowrap">%</td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Acquisition cost ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">13.7</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">20.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">11.5</td>
<td nowrap="nowrap">%</td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">General and administrative expense ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">26.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">16.9</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">10.4</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">17.7</td>
<td nowrap="nowrap">%</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Combined ratio</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">91.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">53.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">81.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">75.0</td>
<td nowrap="nowrap">%</td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr></table></div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> The following table shows an analysis of the Company's net premiums written by geographic location of the Company's subsidiaries for the three months ended March 31, 2010 and 2009. All inter-company premiums have been eliminated.</div></div>
<div
style="font-family: 'Times New Roman',Times,serif;">
<div>
<table
style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td>
<td> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="6"><b>March 31,</b></td>
<td> </td></tr>
<tr
style="font-size: 8pt;" valign="bottom">
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>2010</b></td>
<td> </td>
<td> </td>
<td
style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>2009</b></td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">United States</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">245,280</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">244,573</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Bermuda</div></td>
<td> </td>
<td> </td>
<td align="right">127,782</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">119,013</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Europe</div></td>
<td> </td>
<td> </td>
<td align="right">52,160</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41,452</td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Hong Kong</div></td>
<td> </td>
<td> </td>
<td align="right">4,379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td></tr>
<tr
style="background: #cceeff;" valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Singapore</div></td>
<td> </td>
<td> </td>
<td align="right">3,691</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom">
<td>
<div
style="margin-left: 15px; text-indent: -15px;">Total net premiums written</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">433,292</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">405,038</td>
<td> </td></tr>
<tr
style="font-size: 1px;">
<td>
<div
style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td
style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td
style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr></table></div>
<div
style="margin-top: 6pt; font-size: 10pt;" align="left"> The increase in net premiums written for Bermuda and Europe was due to higher net premiums written within the reinsurance operations of the respective geographic locations. </div></div></div> </div>
13. SEGMENT INFORMATION
The determination of reportable segments is based on how senior management monitors the Company's
false
false
false
|
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
false
false
1
1
false
UnKnown
UnKnown
UnKnown
false
true