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Unaudited Quarterly Financial Data (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
REVENUES:                      
Gross premiums written $ 555,490 $ 580,893 $ 765,200 $ 837,081 $ 497,052 $ 504,420 $ 646,870 $ 680,929 $ 2,738,664 $ 2,329,271 $ 1,939,521
Premiums ceded (164,360) (127,816) (183,978) (142,029) (134,429) (112,883) (152,160) (91,976) (618,183) (491,448) (405,755) [1]
Net premiums written 391,130 453,077 581,222 695,052 362,623 391,537 494,710 588,953 2,120,481 1,837,823 1,533,766
Change in unearned premiums 133,431 57,696 (73,951) (231,824) 113,621 49,480 (64,963) (187,063) (114,648) (88,925) (76,774)
Net premiums earned 524,561 510,773 507,271 463,228 476,244 441,017 429,747 401,890 2,005,833 1,748,898 1,456,992
Net investment income 47,270 39,271 37,635 33,388 38,360 39,121 42,451 47,209 157,564 167,141 195,948
Net realized investment gains 67,599 27,487 (115,198) 79,637 14,379 149,813 8,663 133,581 59,525 306,436 10,077
Total revenues 639,430 577,531 429,708 576,253 528,983 629,951 480,861 582,680 2,222,922 2,222,475 1,764,761
EXPENSES:                      
Net losses and loss expenses 315,966 276,970 275,128 255,178 414,734 258,948 240,380 225,202 1,123,242 1,139,264 959,156
Acquisition costs 66,257 65,114 64,617 56,685 55,910 51,086 51,588 47,138 252,673 205,722 167,295
General and administrative expenses 100,467 88,553 80,585 82,680 84,404 78,572 73,979 70,366 352,285 307,321 271,656
Amortization of intangible assets 633 633 634 633 633 633 634 633 2,533 2,533 2,978
Interest expense 14,094 14,094 14,188 14,134 13,826 13,822 14,001 13,756 56,510 55,405 54,989
Foreign exchange loss 658 4,353 490 2,518 860 1,023 (1,019) (81) 8,019 783 3,159
Total expenses 498,075 449,717 435,642 411,828 570,367 404,084 379,563 357,014 1,795,262 1,711,028 1,459,233
Income before income taxes 141,355 127,814 (5,934) 164,425 (41,384) 225,867 101,298 225,666 427,660 511,447 305,528
Income tax expense 3,448 4,971 (4,072) 5,433 (237) 6,220 4,947 7,510 9,780 18,440 30,980
Net income $ 137,907 $ 122,843 $ (1,862) $ 158,992 $ (41,147) $ 219,647 $ 96,351 $ 218,156 $ 417,880 $ 493,007 $ 274,548
PER SHARE DATA                      
Basic earnings (loss) per share $ 4.10 $ 3.61 $ (0.05) $ 4.59 $ (1.17) $ 6.16 $ 2.66 $ 5.86 $ 12.23 $ 13.67 $ 7.21
Diluted earnings (loss) per share $ 4.01 $ 3.54 $ (0.05) $ 4.49 $ (1.17) $ 6.00 $ 2.59 $ 5.70 $ 11.95 $ 13.30 $ 6.92
Weighted average common shares outstanding 33,604,985 33,991,359 34,422,553 34,613,606 35,097,043 35,652,768 36,288,596 37,205,166 34,154,905 36,057,145 38,093,351
Weighted average common shares and common share equivalents outstanding 34,376,604 34,728,193 34,422,553 35,431,843 35,097,043 36,616,734 37,189,722 38,284,635 34,955,278 37,069,885 39,667,905
[1] Includes the impact of the commutation of prior year variable-rated excess-of-loss reinsurance contracts, which decreased ceded premiums written and earned by $12,393 and increased prior year ceded losses and loss expenses by $11,529.