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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Net premiums written $ 996,648 $ 947,589 $ 2,040,472 $ 1,973,888
(Increase) decrease in net unearned premiums (41,719) 26,163 (128,714) (7,541)
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:        
Total other-than-temporary impairments (1,639)   (3,139) (13,045)
Less: other-than-temporary impairments recognized in other comprehensive income (loss)       6,713
Other-than-temporary impairments charged to earnings (1,639)   (3,139) (6,332)
Other realized net capital gains 873 8,277 57,785 12,720
Total realized net capital (losses) gains (766) 8,277 54,646 6,388
Loss on early extinguishment of debt     (1,179)  
Total revenues 1,073,671 1,097,803 2,191,573 2,201,119
Expenses:        
Net losses and loss adjustment expenses 681,126 651,543 1,850,178 1,437,867
Net commissions 240,201 238,829 481,202 473,341
(Increase) decrease in deferred policy acquisition costs (11,260) 8,115 (43,420) 2,615
Other underwriting expenses 40,601 44,699 77,326 88,828
Interest on senior notes 16,693 17,056 33,587 34,142
Other expenses, net 11,573 6,966 18,725 14,651
Total expenses 978,934 967,208 2,417,598 2,051,444
Income (loss) before income taxes 94,737 130,595 (226,025) 149,675
Income taxes (benefits) 13,855 20,085 (116,755) 23,290
Net income (loss) $ 80,882 $ 110,510 $ (109,270) $ 126,385
Net income (loss) per common share:        
Basic (in dollars per share) $ 1.29 $ 1.72 $ (1.75) $ 1.94
Diluted (in dollars per share) $ 1.28 $ 1.70 $ (1.75) $ 1.92
Cash dividends declared per common share (in dollars per share) $ 0.22 $ 0.21 $ 0.43 $ 0.41
Weighted average common shares outstanding:        
Basic (in shares) 62,496 64,098 62,430 65,085
Diluted (in shares) 63,340 64,825 62,430 65,785