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Segment Information (Tables)
12 Months Ended
Dec. 31, 2011
Segment Information [Abstract]  
Summary Of Segment Results

2011

   U.S. Insurance     International
Insurance
    Reinsurance     Total  

Gross premiums written

   $ 838,567      $ 530,450      $ 570,504      $ 1,939,521   

Net premiums written

     639,196        325,094        569,476        1,533,766   

Net premiums earned

     584,303        317,006        555,683        1,456,992   

Net losses and loss expenses

     (387,099 )      (206,593 )      (365,464 )      (959,156 ) 

Acquisition costs

     (74,976 )      2,781        (95,100 )      (167,295 ) 

General and administrative expenses

     (124,434 )      (84,290 )      (62,932 )      (271,656 ) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Underwriting (loss) income

     (2,206 )      28,904        32,187        58,885   

Net investment income

           195,948   

Net realized investment gains

           10,077   

Other income - termination fee

           101,744   

Net impairment charges recognized in earnings

           —   

Amortization and impairment of intangible assets

           (2,978 ) 

Interest expense

           (54,989 ) 

Foreign exchange loss

           (3,159 ) 
        

 

 

 

Income before income taxes

         $ 305,528   
        

 

 

 

Loss and loss expense ratio

     66.2 %      65.2 %      65.8 %      65.8 % 

Acquisition cost ratio

     12.8 %      (0.9 )%      17.1 %      11.5 % 

General and administrative expense ratio

     21.3 %      26.6 %      11.3 %      18.6 % 
  

 

 

   

 

 

   

 

 

   

 

 

 

Combined ratio

     100.3 %      90.9 %      94.2 %      95.9 % 
  

 

 

   

 

 

   

 

 

   

 

 

 

2010

   U.S. Insurance     International
Insurance
    Reinsurance     Total  

Gross premiums written

   $ 729,267      $ 504,937      $ 524,193      $ 1,758,397   

Net premiums written

     551,063        319,083        522,309        1,392,455   

Net premiums earned

     518,444        338,791        502,313        1,359,548   

Other income

     913        —        —        913   

Net losses and loss expenses

     (297,517 )      (160,153 )      (250,213 )      (707,883 ) 

Acquisition costs

     (67,797 )      460        (92,152 )      (159,489 ) 

General and administrative expenses

     (128,556 )      (94,226 )      (63,775 )      (286,557 ) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Underwriting income

     25,487        84,872        96,173        206,532   

Net investment income

           244,143   

Net realized investment gains

           285,612   

Net impairment charges recognized in earnings

           (168 ) 

Amortization and impairment of intangible assets

           (3,483 ) 

Interest expense

           (40,242 ) 

Foreign exchange loss

           (444 ) 
        

 

 

 

Income before income taxes

         $ 691,950   
        

 

 

 

Loss and loss expense ratio

     57.4 %      47.3 %      49.8 %      52.1 % 

Acquisition cost ratio

     13.1 %      (0.1 )%      18.3 %      11.7 % 

General and administrative expense ratio

     24.8 %      27.8 %      12.7 %      21.1 % 
  

 

 

   

 

 

   

 

 

   

 

 

 

Combined ratio

     95.3 %      75.0 %      80.8 %      84.9 % 
  

 

 

   

 

 

   

 

 

   

 

 

 

 

2009

   U.S. Insurance     International
Insurance
    Reinsurance     Total  

Gross premiums written

   $ 674,826      $ 555,944      $ 465,575      $ 1,696,345   

Net premiums written

     493,067        362,893        465,165        1,321,125   

Net premiums earned

     447,491        413,170        456,231        1,316,892   

Other income

     1,506        —        —        1,506   

Net losses and loss expenses

     (211,363 )      (158,062 )      (234,635 )      (604,060 ) 

Acquisition costs

     (58,114 )      (2,742 )      (87,991 )      (148,847 ) 

General and administrative expenses

     (115,797 )      (84,390 )      (48,405 )      (248,592 ) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Underwriting income

     63,723        167,976        85,200        316,899   

Net investment income

           300,675   

Net realized investment gains

           126,352   

Net impairment charges recognized in earnings

           (49,577 ) 

Amortization and impairment of intangible assets

           (11,051 ) 

Interest expense

           (39,019 ) 

Foreign exchange loss

           (748 ) 
        

 

 

 

Income before income taxes

         $ 643,531   
        

 

 

 

Loss and loss expense ratio

     47.2 %      38.3 %      51.4 %      45.9 % 

Acquisition cost ratio

     13.0 %      0.7 %      19.3 %      11.3 % 

General and administrative expense ratio

     25.9 %      20.4 %      10.6 %      18.9 % 
  

 

 

   

 

 

   

 

 

   

 

 

 

Combined ratio

     86.1 %      59.4 %      81.3 %      76.1 % 
  

 

 

   

 

 

   

 

 

   

 

 

 
Net Premiums Written By Geographic Location
     2011      2010      2009  

United States

   $ 880,073       $ 815,284       $ 748,111   

Bermuda

     418,560         411,685         433,419   

Europe

     155,317         139,902         134,253   

Hong Kong

     11,696         8,553         5,342   

Singapore

     68,120         17,031         —   
  

 

 

    

 

 

    

 

 

 

Total net premiums written

   $ 1,533,766       $ 1,392,455       $ 1,321,125