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Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues                      
Gross premiums written                 $ 4,718,235 $ 4,633,054 $ 4,885,266
Net premiums written 920,300 1,043,200 1,136,000 1,473,300 879,900 1,079,600 1,056,500 1,470,400 4,572,860 4,486,329 4,705,116
(Increase) decrease in unearned premiums                 (86,921) 161,425 71,355
Net premiums earned 1,168,100 1,237,100 1,090,900 989,800 1,181,400 1,294,300 1,107,500 1,064,600 4,485,939 4,647,754 4,776,471
Net investment income 135,700 135,300 153,500 146,900 155,500 163,700 158,300 151,600 571,338 629,148 672,782
Net realized and unrealized investment gains 5,100 257,400 38,100 192,700 74,600 26,100 78,200 (112,200) 493,409 66,692 401,482
Other income 3,800 2,700 2,600 2,800 3,100 1,400 1,600 1,800 11,920 7,915 10,470
Total revenues 1,312,700 1,632,500 1,285,100 1,332,200 1,414,600 1,485,500 1,345,600 1,105,800 5,562,606 5,351,509 5,861,205
Expenses                      
Losses and loss expenses and life policy benefits 800,900 721,100 706,100 576,500 1,069,200 881,700 814,500 1,607,200 2,804,610 4,372,570 3,283,618
Acquisition costs 245,500 247,100 232,700 211,600 238,800 262,500 229,200 207,900 936,909 938,361 972,537
Other operating expenses 112,300 94,700 106,200 98,200 113,000 103,800 113,700 104,300 411,374 434,846 539,751
Interest expense 12,200 12,200 12,200 12,200 12,300 12,200 12,200 12,300 48,895 48,949 44,413
Amortization of intangible assets 5,100 8,900 8,900 8,900 8,900 9,500 9,200 8,800 31,799 36,405 31,461
Net foreign exchange losses (gains) 3,400 2,000 (7,700) 2,600 (14,700) (10,600) (8,700) (700) 175 (34,675) 20,686
Total expenses 1,179,400 1,086,000 1,058,400 910,000 1,427,500 1,259,100 1,170,100 1,939,800 4,233,762 5,796,456 4,892,466
Income (loss) before taxes and interest in earnings (losses) of equity investments 133,300 546,500 226,700 422,200 (12,900) 226,400 175,500 (834,000) 1,328,844 (444,947) 968,739
Income tax expense 22,800 64,100 50,100 67,200 3,300 41,800 50,100 (26,300) 204,284 68,972 128,784
Interest in earnings (losses) of equity investments 1,000 4,300 (500) 5,100 (1,400) (4,500) (1,200) 700 9,954 (6,372) 12,597
Net income (loss) 111,500 486,700 176,100 360,100 (17,600) 180,100 124,200 (807,000) 1,134,514 (520,291) 852,552
Preferred dividends 15,400 15,400 15,400 15,400 15,400 14,400 8,600 8,600 61,622 47,020 34,525
Net income (loss) available to common shareholders 96,100 471,300 160,700 344,700 (33,000) 165,700 115,600 (815,600) 1,072,892 (567,311) 818,027
Comprehensive income (loss)                      
Net income (loss) 111,500 486,700 176,100 360,100 (17,600) 180,100 124,200 (807,000) 1,134,514 (520,291) 852,552
Change in currency translation adjustment                 28,488 (11,834) (66,742)
Change in pension obligation                 (4,294) (3,917) (9,221)
Change in unrealized lossess on investments                 (953) (949) (4,908)
Other Comprehensive Income Loss, total                 23,241 (16,700) (80,871)
Comprehensive income (loss)                 $ 1,157,755 $ (536,991) $ 771,681
Per share data                      
Basic net income (loss) $ 1.58 $ 7.62 $ 2.52 $ 5.27 $ (0.49) $ 2.45 $ 1.71 $ (11.99) $ 17.05 $ (8.40) $ 10.65
Diluted net income (loss) $ 1.56 $ 7.53 $ 2.50 $ 5.24 $ (0.49) $ 2.43 $ 1.69 $ (11.99) $ 16.87 [1] $ (8.40) [1] $ 10.46 [1]
Weighted average number of common shares outstanding                 62,915,992 67,558,732 76,839,519
Weighted average number of common shares and common share equivalents outstanding                 63,615,748 67,558,732 78,234,312
Dividends declared per common share $ 0.62 $ 0.62 $ 0.62 $ 0.62 $ 0.60 $ 0.60 $ 0.60 $ 0.55 $ 2.48 $ 2.35 $ 2.05
[1] At December 31, 2012, 2011 and 2010, share based awards to purchase 554.7 thousand, 2,854.4 thousand and 489.7 thousand common shares, respectively, were excluded from the calculation of diluted weighted average number of common shares and common share equivalents outstanding because their exercise prices were greater than the average market price of the common shares. In addition, dilutive securities, in the form of share options and other, of 687.3 thousand shares were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive for year ended December 31, 2011.