The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
(2)
NM – Ratio is not meaningful.
Nine Months Ended September 30, 2011
(dollars in thousands)
Excess and Surplus Lines
Specialty Admitted
London Insurance Market
Other Insurance (Discontinued Lines)
Investing
Consolidated
Gross premium volume
$
663,989
$
431,604
$
676,893
$
125
$
0
$
1,772,611
Net written premiums
570,243
410,700
593,440
(5
)
0
1,574,378
Earned premiums
557,958
390,623
513,947
(13
)
0
1,462,515
Losses and loss adjustment expenses:
Current accident year
(413,049
)
(285,401
)
(479,398
)
0
0
(1,177,848
)
Prior accident years
169,916
7,942
69,960
2,387
0
250,205
Underwriting, acquisition and insurance expenses
(250,415
)
(148,957
)
(202,291
)
152
0
(601,511
)
Underwriting profit (loss)
64,410
(35,793
)
(97,782
)
2,526
0
(66,639
)
Net investment income
0
0
0
0
196,551
196,551
Net realized investment gains
0
0
0
0
25,423
25,423
Other revenues (insurance)
0
31,622
0
0
0
31,622
Other expenses (insurance)
0
(27,374
)
0
0
0
(27,374
)
Segment profit (loss)
$
64,410
$
(31,545
)
$
(97,782
)
$
2,526
$
221,974
$
159,583
Other revenues (non-insurance)
228,739
Other expenses (non-insurance)
(190,896
)
Amortization of intangible assets
(17,586
)
Interest expense
(64,516
)
Income before income taxes
$
115,324
U.S. GAAP combined ratio(1)
88
%
109
%
119
%
NM
(2)
105
%
Nine Months Ended September 30, 2010
(dollars in thousands)
Excess and Surplus Lines
Specialty Admitted
London Insurance Market
Other Insurance (Discontinued Lines)
Investing
Consolidated
Gross premium volume
$
692,949
$
261,138
$
573,999
$
43
$
0
$
1,528,129
Net written premiums
618,835
242,199
506,594
258
0
1,367,886
Earned premiums
621,331
227,000
415,590
257
0
1,264,178
Losses and loss adjustment expenses:
Current accident year
(452,774
)
(143,097
)
(320,890
)
0
0
(916,761
)
Prior accident years
103,453
4,803
75,160
(2,900
)
0
180,516
Underwriting, acquisition and insurance expenses
(260,526
)
(90,088
)
(166,674
)
(126
)
0
(517,414
)
Underwriting profit (loss)
11,484
(1,382
)
3,186
(2,769
)
0
10,519
Net investment income
0
0
0
0
201,438
201,438
Net realized investment gains
0
0
0
0
22,096
22,096
Other revenues (insurance)
0
0
6,182
0
0
6,182
Other expenses (insurance)
0
0
(5,482
)
0
0
(5,482
)
Segment profit (loss)
$
11,484
$
(1,382
)
$
3,886
$
(2,769
)
$
223,534
$
234,753
Other revenues (non-insurance)
119,593
Other expenses (non-insurance)
(103,958
)
Amortization of intangible assets
(11,717
)
Interest expense
(54,891
)
Income before income taxes
$
183,780
U.S. GAAP combined ratio(1)
98
%
101
%
99
%
NM
(2)
99
%
(1)
The U.S. GAAP combined ratio is a measure of underwriting performance and represents the relationship of incurred losses, loss adjustment expenses and underwriting, acquisition and insurance expenses to earned premiums.
Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 32
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 32
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.