Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Unaudited quarterly financial data

UNAUDITED QUARTERLY FINANCIAL DATA

The following are the unaudited consolidated statements of income by quarter for the years ended December 31, 2014 and 2013:

	Quarter Ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
REVENUES:
Gross premiums written	$	565,743		$	707,884		$	760,405		$	901,393
Premiums ceded	(137,948		)	(139,142		)	(206,481		)	(129,779		)
Net premiums written	427,795			568,742			553,924			771,614
Change in unearned premiums	145,694			(27,005		)	(16,677		)	(241,329		)
Net premiums earned	573,489			541,737			537,247			530,285
Net investment income	49,050			43,412			36,793			47,619
Net realized investment (losses) gains	(15,329		)	(35,136		)	85,217			54,205
Other income	1,032			1,032			—			—
	608,242			551,045			659,257			632,109
EXPENSES:
Net losses and loss expenses	272,959			336,090			314,855			275,286
Acquisition costs	80,718			72,403			74,279			67,722
General and administrative expenses	100,914			88,294			96,188			80,340
Other expense	2,003			6,575			—			—
Amortization of intangible assets	633			633			634			633
Interest expense	14,304			14,325			14,592			14,534
Foreign exchange (gain) loss	(21		)	278			651			49
	471,510			518,598			501,199			438,564
Income before income taxes	136,732			32,447			158,058			193,545
Income tax expense	6,223			1,532			6,195			16,573
NET INCOME	$	130,509		$	30,915		$	151,863		$	176,972
PER SHARE DATA
Basic earnings per share	$	1.35		$	0.32		$	1.55		$	1.78
Diluted earnings per share	$	1.33		$	0.31		$	1.52		$	1.74
Weighted average common shares outstanding	96,386,796			96,458,231			97,809,639			99,545,187
Weighted average common shares and common share equivalents outstanding	98,394,432			98,444,238			99,724,802			101,584,662

	Quarter Ended
	December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
REVENUES:
Gross premiums written	$	555,490		$	580,893		$	765,200		$	837,081
Premiums ceded	(164,360		)	(127,816		)	(183,978		)	(142,029		)
Net premiums written	391,130			453,077			581,222			695,052
Change in unearned premiums	133,431			57,696			(73,951		)	(231,824		)
Net premiums earned	524,561			510,773			507,271			463,228
Net investment income	47,270			39,271			37,635			33,388
Net realized investment gains (losses)	67,599			27,487			(115,198		)	79,637
	639,430			577,531			429,708			576,253
EXPENSES:
Net losses and loss expenses	315,966			276,970			275,128			255,178
Acquisition costs	66,257			65,114			64,617			56,685
General and administrative expenses	100,467			88,553			80,585			82,680
Amortization of intangible assets	633			633			634			633
Interest expense	14,094			14,094			14,188			14,134
Foreign exchange loss	658			4,353			490			2,518
	498,075			449,717			435,642			411,828
Income (loss) before income taxes	141,355			127,814			(5,934		)	164,425
Income tax expense (benefit)	3,448			4,971			(4,072		)	5,433
NET INCOME (LOSS)	$	137,907		$	122,843		$	(1,862	)	$	158,992
PER SHARE DATA
Basic earnings (loss) per share	1.37			1.20			(0.02		)	1.53
Diluted earnings (loss) per share	1.34			1.18			(0.02		)	1.50
Weighted average common shares outstanding	100,814,955			101,974,077			103,267,659			103,840,818
Weighted average common shares and common share equivalents outstanding	103,129,812			104,184,579			103,267,659			106,295,529