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Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues        
Gross premiums written $ 1,082,205 $ 1,140,175 $ 2,639,766 $ 3,049,501
Net premiums written 1,056,467 1,112,735 2,526,887 2,896,899
Decrease (increase) in unearned premiums 50,978 (8,104) (354,853) (638,489)
Net premiums earned 1,107,445 1,104,631 2,172,034 2,258,410
Net investment income 158,328 174,454 309,962 347,576
Net realized and unrealized investment gains (losses) 78,199 46,046 (34,000) 191,519
Other income 1,596 753 3,408 2,028
Total revenues 1,345,568 1,325,884 2,451,404 2,799,533
Expenses        
Losses and loss expenses and life policy benefits 814,523 704,631 2,421,740 1,716,967
Acquisition costs 229,251 244,144 437,100 464,251
Other operating expenses 113,694 160,151 217,991 288,286
Interest expense 12,214 12,803 24,514 19,935
Amortization of intangible assets 9,165 7,833 17,992 12,636
Net foreign exchange gains (8,737) (11,021) (9,433) (14,648)
Total expenses 1,170,110 1,118,541 3,109,904 2,487,427
Income (loss) before taxes and interest in (losses) earnings of equity investments 175,458 207,343 (658,500) 312,106
Income tax expense 50,085 17,762 23,828 45,316
Interest in (losses) earnings of equity investments (1,188) 1,346 (443) 3,791
Net income (loss) 124,185 190,927 (682,771) 270,581
Preferred dividends 8,631 8,631 17,263 17,263
Net income (loss) available to common shareholders 115,554 182,296 (700,034) 253,318
Comprehensive income (loss)        
Net income (loss) 124,185 190,927 (682,771) 270,581
Change in currency translation adjustment 6,303 (105,335) 44,084 (174,078)
Change in other accumulated comprehensive loss, net of tax (1,920) (1,321) (2,155) (5,254)
Comprehensive income (loss) $ 128,568 $ 84,271 $ (640,842) $ 91,249
Per share data        
Basic net income (loss) $ 1.71 $ 2.36 $ (10.32) $ 3.19
Diluted net income (loss) $ 1.69 $ 2.31 $ (10.32) $ 3.13
Weighted average number of common shares outstanding 67,628,052 77,365,445 67,811,366 79,519,198
Weighted average number of common shares and common share equivalents outstanding 68,442,300 78,796,431 67,811,366 81,050,662
Dividends declared per common share $ 0.60 $ 0.50 $ 1.15 $ 1.00