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Unaudited Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Net premiums written $ 810,535 $ 820,233 $ 1,763,311 $ 1,683,844
Change in unearned premiums (51,719) (93,577) (251,725) (276,876)
Net premiums earned 758,816 726,656 1,511,586 1,406,968
Net investment income 68,369 73,608 134,041 147,905
Net realized gains 12,652 34,867 70,992 78,988
Other-than-temporary impairment losses (724) (2,454) (2,972) (3,485)
Less investment impairments recognized in other comprehensive income, before taxes 0 503 2 511
Net impairment losses recognized in earnings (724) (1,951) (2,970) (2,974)
Fee income 902 806 1,440 1,349
Equity in net income of investment funds accounted for using the equity method 10,941 7,787 24,764 32,613
Other income (loss) 834 695 2,078 (7,373)
Total revenues 851,790 842,468 1,741,931 1,657,476
Expenses        
Losses and loss adjustment expenses 418,653 399,693 818,056 794,900
Acquisition expenses 131,677 128,289 259,269 247,251
Other operating expenses 127,408 117,701 247,591 224,173
Interest expense 5,852 7,439 11,750 14,960
Net foreign exchange gains (13,811) (31,689) (38,075) (11,001)
Total expenses 669,779 621,433 1,298,591 1,270,283
Income before income taxes 182,011 221,035 443,340 387,193
Income tax expense 5,071 767 9,924 2,669
Net income 176,940 220,268 433,416 384,524
Preferred dividends 5,485 7,649 10,969 14,110
Loss on repurchase of preferred shares 0 10,612 0 10,612
Net income available to common shareholders $ 171,455 $ 202,007 $ 422,447 $ 359,802
Net income per common share        
Basic (per share) $ 1.31 $ 1.50 $ 3.22 $ 2.68
Diluted (per share) $ 1.26 $ 1.46 $ 3.11 $ 2.61
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 131,377,274 134,529,129 131,143,885 134,241,876
Diluted (shares) 135,849,050 138,211,736 135,624,226 138,017,490