Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Summary of segment results

The following tables provide a summary of the segment results:

Three Months Ended March 31, 2014	U.S. Insurance			International Insurance			Reinsurance			Total
Gross premiums written	$	269,945		$	134,364		$	497,084		$	901,393
Net premiums written	202,740			75,459			493,415			771,614
Net premiums earned	212,123			88,339			229,823			530,285
Net losses and loss expenses	(141,995		)	(23,566		)	(109,725		)	(275,286		)
Acquisition costs	(27,501		)	947			(41,168		)	(67,722		)
General and administrative expenses	(37,436		)	(24,761		)	(18,143		)	(80,340		)
Underwriting income	5,191			40,959			60,787			106,937
Net investment income										47,619
Net realized investment gains										54,205
Amortization of intangible assets										(633		)
Interest expense										(14,534		)
Foreign exchange loss										(49		)
Income before income taxes										$	193,545
Loss and loss expense ratio	66.9		%	26.7		%	47.7		%	51.9		%
Acquisition cost ratio	13.0		%	(1.1		)%	17.9		%	12.8		%
General and administrative expense ratio	17.6		%	28.0		%	7.9		%	15.2		%
Combined ratio	97.5		%	53.6		%	73.5		%	79.9		%

Three Months Ended March 31, 2013	U.S. Insurance			International Insurance			Reinsurance			Total
Gross premiums written	$	256,018		$	128,516		$	452,547		$	837,081
Net premiums written	192,253			77,745			425,054			695,052
Net premiums earned	188,439			84,214			190,575			463,228
Net losses and loss expenses	(133,324		)	(28,935		)	(92,919		)	(255,178		)
Acquisition costs	(23,128		)	849			(34,406		)	(56,685		)
General and administrative expenses	(39,596		)	(24,789		)	(18,295		)	(82,680		)
Underwriting (loss) income	(7,609		)	31,339			44,955			68,685
Net investment income										33,388
Net realized investment gains										79,637
Amortization of intangible assets										(633		)
Interest expense										(14,134		)
Foreign exchange loss										(2,518		)
Income before income taxes										$	164,425
Loss and loss expense ratio	70.8		%	34.4		%	48.8		%	55.1		%
Acquisition cost ratio	12.3		%	(1.0		)%	18.1		%	12.2		%
General and administrative expense ratio	21.0		%	29.4		%	9.6		%	17.8		%
Combined ratio	104.1		%	62.8		%	76.5		%	85.1		%

Analysis of gross written premium by geographic location

The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated.

	Three Months Ended   March 31,
	2014		2013
United States	$	520,773	$	478,443
Bermuda	229,631		228,672
Europe	103,336		86,509
Singapore	41,940		38,113
Hong Kong	4,883		5,344
Canada	830		—
Total gross premiums written	$	901,393	$	837,081