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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Premiums written:        
Direct $ 247,254 $ 271,360 $ 749,282 $ 782,094
Assumed 509 597 1,591 1,852
Ceded (13,485) (8,452) (31,473) (26,850)
Net premiums written 234,278 263,505 719,400 757,096
(Increase) decrease in unearned premiums, net (2,421) 2,927 (2,707) 14,369
Net premiums earned 231,857 266,432 716,693 771,465
Investment income, net of expenses 20,250 30,394 59,461 99,980
Realized investment gains, net 189 6,184 3,933 110,356
Total other-than-temporary impairment losses (328) 0 (328) (339)
Portion of losses recognized in other comprehensive income, before taxes 0 0 0 0
Net impairment losses recognized in earnings (328) 0 (328) (339)
Other revenue 2,481 3,209 7,735 25,530
Total revenues 254,449 306,219 787,494 1,006,992
Losses and expenses:        
Losses incurred, net (note 12) 180,189 490,121 642,671 1,378,617
Change in premium deficiency reserve (note 13) (3,813) (9,144) (16,746) (50,685)
Amortization of deferred policy acquisition costs 2,209 1,939 5,861 5,544
Other underwriting and operating expenses, net 45,761 48,739 139,683 144,387
Interest expense 17,653 24,478 62,001 74,017
Total losses and expenses 241,999 556,133 833,470 1,551,880
Income (loss) before tax 12,450 (249,914) (45,976) (544,888)
Provision for (benefit from) income taxes (note 11) 336 (2,972) 2,465 (4,500)
Net income (loss) $ 12,114 $ (246,942) $ (48,441) $ (540,388)
Income (loss) per share (note 6):        
Basic (in dollars per share) $ 0.04 $ (1.22) $ (0.16) $ (2.68)
Diluted (in dollars per share) $ 0.04 $ (1.22) $ (0.16) $ (2.68)
Weighted average common shares outstanding - diluted (note 6) (in shares) 339,426 202,014 302,996 201,851