Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Summary of segment results

The following tables provide a summary of the segment results:

Three Months Ended September 30, 2015	North American  Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	460,386		$	132,664		$	161,012		$	754,062
Net premiums written	350,791			104,075			152,126			606,992
Net premiums earned	332,722			110,327			207,604			650,653
Net losses and loss expenses	(222,250		)	(70,935		)	(123,696		)	(416,881		)
Acquisition costs	(35,585		)	(22,731		)	(41,785		)	(100,101		)
General and administrative expenses	(58,301		)	(29,344		)	(18,153		)	(105,798		)
Underwriting income (loss)	16,586			(12,683		)	23,970			27,873
Other insurance-related income	735			—			—			735
Other insurance-related expenses	(631		)	(614		)	—			(1,245		)
Segment income (loss)	$	16,690		$	(13,297	)	$	23,970		$	27,363
Net investment income										45,667
Net realized investment losses										(113,626		)
Amortization of intangible assets										(2,639		)
Interest expense										(14,469		)
Foreign exchange gain										793
Loss before income taxes										$	(56,911	)
Loss and loss expense ratio	66.8		%	64.3		%	59.6		%	64.1		%
Acquisition cost ratio	10.7		%	20.6		%	20.1		%	15.4		%
General and administrative expense ratio	17.5		%	26.6		%	8.7		%	16.3		%
Expense ratio	28.2		%	47.2		%	28.8		%	31.7		%
Combined ratio	95.0		%	111.5		%	88.4		%	95.8		%

Three Months Ended September 30, 2014	North American  Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	466,792		$	64,125		$	176,967		$	707,884
Net premiums written	364,739			44,794			159,209			568,742
Net premiums earned	277,203			41,574			222,960			541,737
Net losses and loss expenses	(180,682		)	(28,142		)	(127,266		)	(336,090		)
Acquisition costs	(27,027		)	(5,313		)	(40,063		)	(72,403		)
General and administrative expenses	(52,921		)	(16,802		)	(18,571		)	(88,294		)
Underwriting income (loss)	16,573			(8,683		)	37,060			44,950
Other insurance-related income	1,032			—			—			1,032
Other insurance-related expenses	(1,270		)	(5,305		)	—			(6,575		)
Segment income (loss)	$	16,335		$	(13,988	)	$	37,060		$	39,407
Net investment income										43,412
Net realized investment losses										(35,136		)
Amortization of intangible assets										(633		)
Interest expense										(14,325		)
Foreign exchange loss										(278		)
Income before income taxes										$	32,447
Loss and loss expense ratio	65.2		%	67.7		%	57.1		%	62.0		%
Acquisition cost ratio	9.7		%	12.8		%	18.0		%	13.4		%
General and administrative expense ratio	19.1		%	40.4		%	8.3		%	16.3		%
Expense ratio	28.8		%	53.2		%	26.3		%	29.7		%
Combined ratio	94.0		%	120.9		%	83.4		%	91.7		%

Nine Months Ended September 30, 2015	North American  Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	1,358,636		$	328,223		$	773,787		$	2,460,646
Net premiums written	1,019,866			216,230			747,093			1,983,189
Net premiums earned	974,232			262,993			628,352			1,865,577
Net losses and loss expenses	(655,475		)	(157,200		)	(360,903		)	(1,173,578		)
Acquisition costs	(100,818		)	(54,076		)	(124,524		)	(279,418		)
General and administrative expenses	(175,732		)	(78,093		)	(57,474		)	(311,299		)
Underwriting income (loss)	42,207			(26,376		)	85,451			101,282
Other insurance-related income	2,513			—			—			2,513
Other insurance-related expenses	(2,076		)	(2,227		)	—			(4,303		)
Segment income (loss)	$	42,644		$	(28,603	)	$	85,451		$	99,492
Net investment income										132,978
Net realized investment losses										(88,783		)
Amortization of intangible assets										(6,091		)
Interest expense										(43,272		)
Foreign exchange loss										(10,369		)
Income before income taxes										$	83,955
Loss and loss expense ratio	67.3		%	59.8		%	57.4		%	62.9		%
Acquisition cost ratio	10.3		%	20.6		%	19.8		%	15.0		%
General and administrative expense ratio	18.0		%	29.7		%	9.1		%	16.7		%
Expense ratio	28.3		%	50.3		%	28.9		%	31.7		%
Combined ratio	95.6		%	110.1		%	86.3		%	94.6		%

Nine Months Ended September 30, 2014	North American  Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	1,285,044		$	196,086		$	888,552		$	2,369,682
Net premiums written	905,279			126,574			862,427			1,894,280
Net premiums earned	808,453			114,584			686,232			1,609,269
Net losses and loss expenses	(520,586		)	(35,204		)	(370,441		)	(926,231		)
Acquisition costs	(76,531		)	(12,615		)	(125,258		)	(214,404		)
General and administrative expenses	(159,063		)	(48,861		)	(56,898		)	(264,822		)
Underwriting income	52,273			17,904			133,635			203,812
Other insurance-related income	1,032			—			—			1,032
Other insurance-related expenses	(1,270		)	(5,305		)	—			(6,575		)
Segment income	$	52,035		$	12,599		$	133,635		$	198,269
Net investment income										127,824
Net realized investment gains										104,286
Amortization of intangible assets										(1,900		)
Interest expense										(43,451		)
Foreign exchange loss										(978		)
Income before income taxes										$	384,050
Loss and loss expense ratio	64.4		%	30.7		%	54.0		%	57.6		%
Acquisition cost ratio	9.5		%	11.0		%	18.3		%	13.3		%
General and administrative expense ratio	19.7		%	42.6		%	8.3		%	16.5		%
Expense ratio	29.2		%	53.6		%	26.6		%	29.8		%
Combined ratio	93.6		%	84.3		%	80.6		%	87.4		%

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   September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
United States	$	489,562	$	483,992	$	1,509,314	$	1,447,652
Asia Pacific	106,039		45,070		239,323		142,798
Bermuda	84,486		109,503		448,988		525,005
Europe	70,814		64,947		251,042		245,931
Canada	3,161		4,372		11,979		8,296
Total gross premiums written	$	754,062	$	707,884	$	2,460,646	$	2,369,682

Net premiums earned by segment and line of business

The following table shows the Company's net premiums earned by line of business for each segment for each of the periods indicated.

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
North American Insurance:
Casualty	$	112,093	$	86,114	$	326,236	$	240,981
Professional liability	87,678		68,512		251,005		197,042
Property	39,333		42,457		123,201		127,402
Programs	38,306		28,933		109,163		88,109
Healthcare	35,322		40,775		111,759		126,591
Specialty and other	19,990		10,412		52,868		28,328
Total	332,722		277,203		974,232		808,453
Global Markets Insurance:
Casualty	32,033		4,396		68,979		10,298
Specialty and other	29,952		11,915		69,886		31,935
Professional liability	27,719		17,001		76,976		47,091
Property	20,623		8,262		47,152		25,260
Total	110,327		41,574		262,993		114,584
Reinsurance:
Property	102,329		113,560		311,498		379,575
Casualty	58,170		65,915		173,953		163,591
Specialty	47,105		43,485		142,901		143,066
Total	207,604		222,960		628,352		686,232
Total net premiums earned	$	650,653	$	541,737	$	1,865,577	$	1,609,269