XML 92 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Operations And Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
REVENUES:      
Gross premiums written $ 1,939,521 $ 1,758,397 $ 1,696,345
Premiums ceded (405,755) (365,942) (375,220)
Net premiums written 1,533,766 1,392,455 1,321,125
Change in unearned premiums (76,774) (32,907) (4,233)
Net premiums earned 1,456,992 1,359,548 1,316,892
Net investment income 195,948 244,143 300,675
Net realized investment gains (losses) 10,077 285,612 126,352
Net impairment charges recognized in earnings:      
Total other-than-temporary impairment charges    (168) (68,236)
Portion of loss recognized in other comprehensive income, before taxes       18,659
Net impairment charges recognized in earnings    (168) (49,577)
Other income 101,744 913 1,506
Total revenues 1,764,761 1,890,048 1,695,848
EXPENSES:      
Net losses and loss expenses 959,156 707,883 604,060
Acquisition costs 167,295 159,489 148,847
General and administrative expenses 271,656 286,557 248,592
Amortization and impairment of intangible assets 2,978 3,483 11,051
Interest expense 54,989 40,242 39,019
Foreign exchange loss 3,159 444 748
Total expenses 1,459,233 1,198,098 1,052,317
Income before income taxes 305,528 691,950 643,531
Income tax expense 30,980 26,945 36,644
NET INCOME 274,548 665,005 606,887
Other comprehensive (loss) income:      
Unrealized gains on investments arising during the year net of applicable deferred income tax expense 5,243 162,653 243,188
Portion of other-than-temporary impairment losses recognized in other comprehensive income       (18,659)
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax (47,894) (213,478) (43,464)
Other comprehensive (loss) income (42,651) (50,825) 181,065
COMPREHENSIVE INCOME $ 231,897 $ 614,180 $ 787,952
PER SHARE DATA      
Basic earnings per share $ 7.21 $ 14.30 $ 12.26
Diluted earnings per share $ 6.92 $ 13.32 $ 11.67
Weighted average common shares outstanding 38,093,351 46,491,279 49,503,438
Weighted average common shares and common share equivalents outstanding 39,667,905 49,913,317 51,992,674
Dividends paid per share $ 0.75 $ 1.05 $ 0.74