Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

The following tables provide a summary of the segment results:



Three Months Ended June 30, 2014	U.S. Insurance			International Insurance			Reinsurance			Total
Gross premiums written	$	341,426		$	204,478		$	214,501		$	760,405
Net premiums written	221,950			122,171			209,803			553,924
Net premiums earned	214,593			89,205			233,449			537,247
Net losses and loss expenses	(145,485		)	(35,920		)	(133,450		)	(314,855		)
Acquisition costs	(29,677		)	(575		)	(44,027		)	(74,279		)
General and administrative expenses	(46,593		)	(29,411		)	(20,184		)	(96,188		)
Underwriting (loss) income	(7,162		)	23,299			35,788			51,925
Net investment income										36,793
Net realized investment gains										85,217
Amortization of intangible assets										(634		)
Interest expense										(14,592		)
Foreign exchange loss										(651		)
Income before income taxes										$	158,058

Loss and loss expense ratio	67.8		%	40.3		%	57.2		%	58.6		%
Acquisition cost ratio	13.8		%	0.6		%	18.9		%	13.8		%
General and administrative expense ratio	21.7		%	33.0		%	8.6		%	17.9		%
Expense ratio	35.5		%	33.6		%	27.5		%	31.7		%
Combined ratio	103.3		%	73.9		%	84.7		%	90.3		%



Three Months Ended June 30, 2013	U.S. Insurance			International Insurance			Reinsurance			Total
Gross premiums written	$	307,297		$	192,593		$	265,310		$	765,200
Net premiums written	221,419			106,394			253,409			581,222
Net premiums earned	197,436			87,041			222,794			507,271
Net losses and loss expenses	(124,364		)	(30,968		)	(119,796		)	(275,128		)
Acquisition costs	(27,270		)	358			(37,705		)	(64,617		)
General and administrative expenses	(38,302		)	(24,135		)	(18,148		)	(80,585		)
Underwriting income	7,500			32,296			47,145			86,941
Net investment income										37,635
Net realized investment losses										(115,198		)
Amortization of intangible assets										(634		)
Interest expense										(14,188		)
Foreign exchange loss										(490		)
Loss before income taxes										$	(5,934	)

Loss and loss expense ratio	63.0		%	35.6		%	53.8		%	54.2		%
Acquisition cost ratio	13.8		%	(0.4		)%	16.9		%	12.7		%
General and administrative expense ratio	19.4		%	27.7		%	8.1		%	15.9		%
Expense ratio	33.2		%	27.3		%	25.0		%	28.6		%
Combined ratio	96.2		%	62.9		%	78.8		%	82.8		%



Six Months Ended June 30, 2014	U.S. Insurance			International Insurance			Reinsurance			Total
Gross premiums written	$	611,371		$	338,842		$	711,585		$	1,661,798
Net premiums written	424,690			197,630			703,218			1,325,538
Net premiums earned	426,716			177,544			463,272			1,067,532
Net losses and loss expenses	(287,480		)	(59,486		)	(243,175		)	(590,141		)
Acquisition costs	(57,180		)	374			(85,195		)	(142,001		)
General and administrative expenses	(84,030		)	(54,171		)	(38,327		)	(176,528		)
Underwriting (loss) income	(1,974		)	64,261			96,575			158,862
Net investment income										84,412
Net realized investment gains										139,422
Amortization of intangible assets										(1,267		)
Interest expense										(29,126		)
Foreign exchange loss										(700		)
Income before income taxes										$	351,603

Loss and loss expense ratio	67.4		%	33.5		%	52.5		%	55.3		%
Acquisition cost ratio	13.4		%	(0.2		)%	18.4		%	13.3		%
General and administrative expense ratio	19.7		%	30.5		%	8.3		%	16.5		%
Expense ratio	33.1		%	30.3		%	26.7		%	29.8		%
Combined ratio	100.5		%	63.8		%	79.2		%	85.1		%



Six Months Ended June 30, 2013	U.S. Insurance			International Insurance			Reinsurance			Total
Gross premiums written	$	563,315		$	321,109		$	717,857		$	1,602,281
Net premiums written	413,672			184,139			678,463			1,276,274
Net premiums earned	385,875			171,255			413,369			970,499
Net losses and loss expenses	(257,688		)	(59,903		)	(212,715		)	(530,306		)
Acquisition costs	(50,398		)	1,207			(72,111		)	(121,302		)
General and administrative expenses	(77,898		)	(48,924		)	(36,443		)	(163,265		)
Underwriting (loss) income	(109		)	63,635			92,100			155,626
Net investment income										71,023
Net realized investment losses										(35,561		)
Amortization of intangible assets										(1,267		)
Interest expense										(28,322		)
Foreign exchange loss										(3,008		)
Income before income taxes										$	158,491

Loss and loss expense ratio	66.8		%	35.0		%	51.5		%	54.6		%
Acquisition cost ratio	13.1		%	(0.7		)%	17.4		%	12.5		%
General and administrative expense ratio	20.2		%	28.6		%	8.8		%	16.8		%
Expense ratio	33.3		%	27.9		%	26.2		%	29.3		%
Combined ratio	100.1		%	62.9		%	77.7		%	83.9		%

Analysis of gross written premium by geographic location

The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated.



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
United States	$	442,549	$	440,151	$	963,321	$	918,594
Bermuda	185,872		211,040		415,503		439,712
Europe	77,985		60,234		181,321		146,743
Singapore	45,375		48,918		87,316		87,031
Hong Kong	3,756		4,857		8,639		10,201
Canada	3,094		—		3,924		—
Australia	1,774		—		1,774		—
Total gross premiums written	$	760,405	$	765,200	$	1,661,798	$	1,602,281

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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