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Consolidated Statements Of Operations And Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
REVENUES:                      
Gross premiums written $ 497,052 $ 504,420 $ 646,870 $ 680,929 $ 416,537 $ 442,698 $ 519,598 $ 560,688 $ 2,329,271 $ 1,939,521 $ 1,758,397
Premiums ceded (134,429) (112,883) (152,160) (91,976) (109,705) (92,438) (123,795) (79,817) (491,448) (405,755) (365,942)
Net premiums written 362,623 391,537 494,710 588,953 306,832 350,260 395,803 480,871 1,837,823 1,533,766 1,392,455
Change in unearned premiums 113,621 49,480 (64,963) (187,063) 88,637 21,080 (40,496) (145,995) (88,925) (76,774) (32,907)
Net premiums earned 476,244 441,017 429,747 401,890 395,469 371,340 355,307 334,876 1,748,898 1,456,992 1,359,548
Net investment income 38,360 39,121 42,451 47,209 45,489 47,883 52,368 50,208 167,141 195,948 244,143
Net realized investment gains 14,379 149,813 8,663 133,581 31,632 (130,809) 58,878 50,376 306,436 10,077 285,612
Net impairment charges recognized in earnings                 0 0 (168)
Other income                 0 101,744 913
Total revenues 528,983 629,951 480,861 582,680 539,334 323,414 466,553 435,460 2,222,475 1,764,761 1,890,048
EXPENSES:                      
Net losses and loss expenses 414,734 258,948 240,380 225,202 213,345 205,546 235,813 304,452 1,139,264 959,156 707,883
Acquisition costs 55,910 51,086 51,588 47,138 46,562 39,680 42,971 38,082 205,722 167,295 159,489
General and administrative expenses 84,404 78,572 73,979 70,366 70,492 66,007 67,201 67,956 307,321 271,656 286,557
Amortization of intangible assets 633 633 634 633 678 767 766 767 2,533 2,978 3,483
Interest expense 13,826 13,822 14,001 13,756 13,754 13,748 13,745 13,742 55,405 54,989 40,242
Foreign exchange loss 860 1,023 (1,019) (81) (549) 2,966 1,184 (442) 783 3,159 444
Total expenses 570,367 404,084 379,563 357,014 344,282 328,714 361,680 424,557 1,711,028 1,459,233 1,198,098
Income before income taxes (41,384) 225,867 101,298 225,666 195,052 (5,300) 104,873 10,903 511,447 305,528 691,950
Income tax expense (237) 6,220 4,947 7,510 11,952 5,672 11,073 2,283 18,440 30,980 26,945
NET INCOME (41,147) 219,647 96,351 218,156 183,100 (10,972) 93,800 8,620 493,007 274,548 665,005
Other comprehensive loss:                      
Unrealized (losses) gains on investments arising during the year net of applicable deferred income tax (benefit) expense 2012: $(265); 2011: $3,035; 2010: $10,209                 (493) 5,243 162,653
Reclassification adjustment for net realized investment gains included in net income, net of applicable income tax                 (13,991) (47,894) (213,478)
Other comprehensive loss                 (14,484) (42,651) (50,825)
COMPREHENSIVE INCOME                 $ 478,523 $ 231,897 $ 614,180
PER SHARE DATA                      
Basic earnings per share $ (1.17) $ 6.16 $ 2.66 $ 5.86 $ 4.80 $ (0.29) $ 2.45 $ 0.23 $ 13.67 $ 7.21 $ 14.30
Diluted earnings per share $ (1.17) $ 6.00 $ 2.59 $ 5.70 $ 4.63 $ (0.29) $ 2.36 $ 0.21 $ 13.30 $ 6.92 $ 13.32
Weighted average common shares outstanding 35,097,043 35,652,768 36,288,596 37,205,166 38,138,558 38,110,368 38,346,489 38,199,867 36,057,145 38,093,351 46,491,279
Weighted average common shares and common share equivalents outstanding 35,097,043 36,616,734 37,189,722 38,284,635 39,524,273 38,110,368 39,800,753 40,383,523 37,069,885 39,667,905 49,913,317
Dividends paid per share                 $ 1.875 $ 0.750 $ 1.050