XML 17 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Unaudited Condensed Consolidated Statements Of Operations And Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
REVENUES:        
Gross premiums written $ 765,200 $ 646,870 $ 1,602,281 $ 1,327,799
Premiums ceded (183,978) (152,160) (326,007) (244,136)
Net premiums written 581,222 494,710 1,276,274 1,083,663
Change in unearned premiums (73,951) (64,963) (305,775) (252,026)
Net premiums earned 507,271 429,747 970,499 831,637
Net investment income 37,635 42,451 71,023 89,660
Net realized investment (losses) gains (115,198) 8,663 (35,561) 142,244
Total revenues 429,708 480,861 1,005,961 1,063,541
EXPENSES:        
Net losses and loss expenses 275,128 240,380 530,306 465,582
Acquisition costs 64,617 51,588 121,302 98,726
General and administrative expenses 80,585 73,979 163,265 144,345
Amortization of intangible assets 634 634 1,267 1,267
Interest expense 14,188 14,001 28,322 27,757
Foreign exchange loss (gain) 490 (1,019) 3,008 (1,100)
Total expenses 435,642 379,563 847,470 736,577
Loss (income) before income taxes (5,934) 101,298 158,491 326,964
Income tax (benefit) expense (4,072) 4,947 1,361 12,457
NET (LOSS) INCOME (1,862) 96,351 157,130 314,507
Other comprehensive loss:        
Unrealized gains on investments arising during the period net of applicable deferred income tax benefit for three and six months ended June 30, 2012: $68 and $96, respectively 0 231 0 179
Reclassification adjustment for net realized investment gains included in net (loss) income, net of applicable income tax 0 (1,142) 0 (13,249)
Other comprehensive loss 0 (911) 0 (13,070)
COMPREHENSIVE (LOSS) INCOME $ (1,862) $ 95,440 $ 157,130 $ 301,437
PER SHARE DATA        
Basic (loss) earnings per share $ (0.05) $ 2.66 $ 4.55 $ 8.56
Diluted (loss) earnings per share $ (0.05) $ 2.59 $ 4.45 $ 8.41
Weighted average common shares outstanding 34,422,553 36,288,596 34,517,552 36,746,881
Weighted average common shares and common share equivalents outstanding 34,422,553 37,189,722 35,316,595 37,395,559
Dividends paid per share $ 0.000 $ 0.375 $ 0.375 $ 0.750