Segment Information (Tables)

6 Months Ended

Jun. 30, 2011

Segment Information

Schedule of financial data by segment

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(in thousands)
Domestic:
Net premiums written	$	482,774		$	486,071		$	1,011,912		$	1,023,277
Net premiums earned	458,874			478,920			948,274			1,002,604
Net investment income	76,639			80,360			143,747			154,667
Realized net capital gains	3,242			7,735			59,562			21,803
Revenues	538,755			567,015			1,150,404			1,179,074
Net losses and LAE	340,244			307,157			697,845			674,157
Underwriting expenses(1)	127,712			141,555			251,285			288,818
Underwriting (loss) profit(2)(3)	(9,082		)	30,208			(856		)	39,629
Income before income taxes	42,072			94,385			148,359			167,311
International-Europe:
Net premiums written	$	366,015		$	324,602		$	744,640		$	673,336
Net premiums earned	335,167			351,448			661,699			681,417
Net investment income	31,132			26,147			61,041			54,106
Realized net capital (losses) gains	(99		)	2,960			1,231			(9,653		)
Revenues	366,200			380,555			723,971			725,870
Net losses and LAE	239,581			273,035			580,185			555,827
Underwriting expenses(1)	88,784			90,043			164,728			167,534
Underwriting gain (loss)(2)(3)	6,802			(11,630		)	(83,214		)	(41,944		)
Income (loss) before income taxes	38,242			17,356			(20,518		)	2,535
International-Other(4):
Net premiums written	$	147,859		$	136,916		$	283,920		$	277,275
Net premiums earned	160,888			143,384			301,785			282,326
Net investment income	11,737			9,267			21,560			19,611
Realized net capital losses	(3,909		)	(2,418		)	(6,147		)	(5,762		)
Revenues	168,716			150,233			317,198			296,175
Net losses and LAE	101,301			71,351			572,148			207,883
Underwriting expenses(1)	53,046			60,045			99,095			108,432
Underwriting income (loss)(2)(3)	6,541			11,988			(369,458		)	(33,989		)
Income (loss) before income taxes	14,423			18,854			(353,866		)	(20,171		)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011			2010		2011			2010
	(in thousands)
Consolidated:
Net premiums written	$	996,648		$	947,589	$	2,040,472		$	1,973,888
Net premiums earned	954,929			973,752		1,911,758			1,966,347
Net investment income	119,508			115,774		226,348			228,384
Realized net capital (losses) gains	(766		)	8,277		54,646			6,388
Revenues	1,073,671			1,097,803		2,191,573			2,201,119
Net losses and LAE	681,126			651,543		1,850,178			1,437,867
Underwriting expenses(1)	269,542			291,643		515,108			564,784
Underwriting gain (loss)(2)(3)	4,261			30,566		(453,528		)	(36,304		)
Income (loss) before income taxes	94,737			130,595		(226,025		)	149,675

(1)	Underwriting expenses represent the sum of net commissions, decrease (increase) in deferred policy acquisition costs and other underwriting expenses.
(2)	Underwriting profit (loss) represents net premiums earned less net losses and LAE and underwriting expenses.
(3)	See Note 9 for net catastrophe costs by segment.
(4)	The Miami, Tokyo and Sydney branch segment data were considered significant for at least one of the periods presented. Certain key Miami, Tokyo and Sydney data elements, which are included in International-Other, in the 2011 and 2010 periods are as follows:
		Three Months Ended June 30,					Six Months Ended June 30,
		2011			2010		2011			2010
		(in thousands)
	Miami (serving Latin America and the Caribbean):
	Revenues	$	68,019		$	72,936	$	126,054		$	136,516
	Income (loss) before income taxes	12,883			2,536		26,187			(58,234		)
	Tokyo:
	Revenues	$	27,010		$	18,416	$	55,308		$	36,565
	Income (loss) before income taxes	18,279			4,529		(243,725		)	11,631
	Sydney:
	Revenues	$	12,052		$	8,718	$	22,796		$	18,917
	(Loss) income before income taxes	(30,074		)	1,543		(150,787		)	4,484