Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Analysis of underwriting income by segment and reconciliation to net income available to common shareholders

The following table summarizes the Company’s underwriting income or loss by segment, together with a reconciliation of underwriting income or loss to net income available to common shareholders:

	Three Months Ended									Three Months Ended
	March 31, 2013									March 31, 2012
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross premiums written (1)	$	688,817		$	476,205		$	1,163,699		$	688,113		$	379,976		$	1,066,656
Net premiums written	504,550			448,226			952,776			490,680			372,931			863,611
Net premiums earned	$	444,965		$	307,805		$	752,770		$	441,740		$	238,572		$	680,312
Fee income	525			13			538			530			13			543
Losses and loss adjustment expenses	(283,467		)	(115,936		)	(399,403		)	(303,164		)	(92,043		)	(395,207		)
Acquisition expenses, net	(70,758		)	(56,834		)	(127,592		)	(73,870		)	(45,092		)	(118,962		)
Other operating expenses	(76,315		)	(33,600		)	(109,915		)	(73,370		)	(26,123		)	(99,493		)
Underwriting income (loss)	$	14,950		$	101,448		116,398			$	(8,134	)	$	75,327		67,193
Net investment income							65,672									74,297
Net realized gains							58,340									44,121
Net impairment losses recognized in earnings							(2,246		)							(1,023		)
Equity in net income of investment funds accounted for using the equity method							13,823									24,826
Other income (loss)							1,244									(8,068		)
Other expenses							(10,268		)							(6,979		)
Interest expense							(5,898		)							(7,521		)
Net foreign exchange gains (losses)							24,264									(20,688		)
Income before income taxes							261,329									166,158
Income tax expense							(4,853		)							(1,902		)
Net income							256,476									164,256
Preferred dividends							(5,484		)							(6,461		)
Net income available to common shareholders							$	250,992								$	157,795
Underwriting Ratios
Loss ratio	63.7		%	37.7		%	53.1		%	68.6		%	38.6		%	58.1		%
Acquisition expense ratio (2)	15.8		%	18.5		%	16.9		%	16.6		%	18.9		%	17.4		%
Other operating expense ratio	17.2		%	10.9		%	14.6		%	16.6		%	10.9		%	14.6		%
Combined ratio	96.7		%	67.1		%	84.6		%	101.8		%	68.4		%	90.1		%

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(1)     Certain amounts included in the gross premiums written of each segment are related to intersegment transactions. Accordingly, the sum of gross premiums written for each segment does not agree to the total gross premiums written as shown in the table above due to the elimination of intersegment transactions in the total.

(2)     The acquisition expense ratio is adjusted to include policy-related fee income.