| Company's Segment Disclosures |
The following tables summarize the Company's segment disclosures.
| | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, 2015 | (dollars in thousands) | U.S. Insurance | | International Insurance | | Reinsurance | | Other Insurance (Discontinued Lines) | | Investing | | Consolidated | Gross premium volume | $ | 668,853 |
| | $ | 338,159 |
| | $ | 258,745 |
| | $ | 29 |
| | $ | — |
| | $ | 1,265,786 |
| Net written premiums | 554,638 |
| | 264,129 |
| | 215,520 |
| | 57 |
| | — |
| | 1,034,344 |
| | | | | | | | | | | | | Earned premiums | 520,446 |
| | 223,941 |
| | 213,140 |
| | 30 |
| | — |
| | 957,557 |
| Losses and loss adjustment expenses: | | | | | | | | | | | | Current accident year | (341,335 | ) | | (168,896 | ) | | (154,623 | ) | | — |
| | — |
| | (664,854 | ) | Prior accident years | 68,620 |
| | 43,373 |
| | 15,118 |
| | 1,549 |
| | — |
| | 128,660 |
| Underwriting, acquisition and insurance expenses | (211,856 | ) | | (94,617 | ) | | (73,170 | ) | | (9 | ) | | — |
| | (379,652 | ) | Underwriting profit | 35,875 |
| | 3,801 |
| | 465 |
| | 1,570 |
| | — |
| | 41,711 |
| Net investment income | — |
| | — |
| | — |
| | — |
| | 90,586 |
| | 90,586 |
| Net realized investment gains | — |
| | — |
| | — |
| | — |
| | 6,105 |
| | 6,105 |
| Other revenues (insurance) | 2,203 |
| | 915 |
| | 469 |
| | 350 |
| | — |
| | 3,937 |
| Other expenses (insurance) | (1,284 | ) | | (1,318 | ) | | — |
| | (3,348 | ) | | — |
| | (5,950 | ) | Segment profit (loss) | $ | 36,794 |
| | $ | 3,398 |
| | $ | 934 |
| | $ | (1,428 | ) | | $ | 96,691 |
| | $ | 136,389 |
| Other revenues (non-insurance) | | | | | | | | | | | 246,420 |
| Other expenses (non-insurance) | | | | | | | | | | | (236,286 | ) | Amortization of intangible assets | | | | | | | | | | | (16,949 | ) | Interest expense | | | | | | | | | | | (29,288 | ) | Income before income taxes | | | | | | | | | | | $ | 100,286 |
| U.S. GAAP combined ratio (1) | 93 | % | | 98 | % | | 100 | % | | NM |
| (2) | | | 96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, 2014 | (dollars in thousands) | U.S. Insurance | | International Insurance | | Reinsurance | | Other Insurance (Discontinued Lines) | | Investing | | Consolidated | Gross premium volume | $ | 681,371 |
| | $ | 359,120 |
| | $ | 302,950 |
| | $ | (63 | ) | | $ | — |
| | $ | 1,343,378 |
| Net written premiums | 560,282 |
| | 270,552 |
| | 253,085 |
| | 412 |
| | — |
| | 1,084,331 |
| | | | | | | | | | | | | Earned premiums | 499,083 |
| | 239,861 |
| | 226,289 |
| | 366 |
| | — |
| | 965,599 |
| Losses and loss adjustment expenses: | | | | | | | | | | | | Current accident year | (336,514 | ) | | (171,930 | ) | | (161,466 | ) | | — |
| | — |
| | (669,910 | ) | Prior accident years | 37,883 |
| | 29,570 |
| | 13,353 |
| | (21,302 | ) | | — |
| | 59,504 |
| Underwriting, acquisition and insurance expenses | (198,914 | ) | | (88,442 | ) | | (78,263 | ) | | (368 | ) | | — |
| | (365,987 | ) | Underwriting profit (loss) | 1,538 |
| | 9,059 |
| | (87 | ) | | (21,304 | ) | | — |
| | (10,794 | ) | Net investment income | — |
| | — |
| | — |
| | — |
| | 92,169 |
| | 92,169 |
| Net realized investment gains | — |
| | — |
| | — |
| | — |
| | 7,120 |
| | 7,120 |
| Other revenues (insurance) | 660 |
| | 4,357 |
| | 1,032 |
| | 143 |
| | — |
| | 6,192 |
| Other expenses (insurance) | (1,464 | ) | | (4,113 | ) | | (1,097 | ) | | (8,670 | ) | | — |
| | (15,344 | ) | Segment profit (loss) | $ | 734 |
| | $ | 9,303 |
| | $ | (152 | ) | | $ | (29,831 | ) | | $ | 99,289 |
| | $ | 79,343 |
| Other revenues (non-insurance) | | | | | | | | | | | 187,891 |
| Other expenses (non-insurance) | | | | | | | | | | | (169,598 | ) | Amortization of intangible assets | | | | | | | | | | | (13,488 | ) | Interest expense | | | | | | | | | | | (29,789 | ) | Income before income taxes | | | | | | | | | | | $ | 54,359 |
| U.S. GAAP combined ratio (1) | 100 | % | | 96 | % | | 100 | % | | NM |
| (2) | | | 101 | % |
| | (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. |
| | (2) | NM – Ratio is not meaningful. |
| | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2015 | (dollars in thousands) | U.S. Insurance | | International Insurance | | Reinsurance | | Other Insurance (Discontinued Lines) | | Investing | | Consolidated | Gross premium volume | $ | 1,254,218 |
| | $ | 627,386 |
| | $ | 636,582 |
| | $ | 73 |
| | $ | — |
| | $ | 2,518,259 |
| Net written premiums | 1,050,807 |
| | 486,837 |
| | 531,732 |
| | 398 |
| | — |
| | 2,069,774 |
| | | | | | | | | | | | | Earned premiums | 1,035,000 |
| | 429,902 |
| | 435,894 |
| | 411 |
| | — |
| | 1,901,207 |
| Losses and loss adjustment expenses: | | | | | | | | | | | | Current accident year | (658,092 | ) | | (317,740 | ) | | (303,363 | ) | | — |
| | — |
| | (1,279,195 | ) | Prior accident years | 136,201 |
| | 120,023 |
| | 41,505 |
| | (1,723 | ) | | — |
| | 296,006 |
| Underwriting, acquisition and insurance expenses | (397,116 | ) | | (173,411 | ) | | (149,723 | ) | | (87 | ) | | — |
| | (720,337 | ) | Underwriting profit (loss) | 115,993 |
| | 58,774 |
| | 24,313 |
| | (1,399 | ) | | — |
| | 197,681 |
| Net investment income | — |
| | — |
| | — |
| | — |
| | 183,461 |
| | 183,461 |
| Net realized investment gains | — |
| | — |
| | — |
| | — |
| | 11,676 |
| | 11,676 |
| Other revenues (insurance) | 3,605 |
| | 6,302 |
| | 892 |
| | 327 |
| | — |
| | 11,126 |
| Other expenses (insurance) | (2,189 | ) | | (2,722 | ) | | — |
| | (10,697 | ) | | — |
| | (15,608 | ) | Segment profit (loss) | $ | 117,409 |
| | $ | 62,354 |
| | $ | 25,205 |
| | $ | (11,769 | ) | | $ | 195,137 |
| | $ | 388,336 |
| Other revenues (non-insurance) | | | | | | | | | | | 499,289 |
| Other expenses (non-insurance) | | | | | | | | | | | (457,629 | ) | Amortization of intangible assets | | | | | | | | | | | (31,589 | ) | Interest expense | | | | | | | | | | | (58,600 | ) | Income before income taxes | | | | | | | | | | | $ | 339,807 |
| U.S. GAAP combined ratio (1) | 89 | % | | 86 | % | | 94 | % | | NM |
| (2) | | | 90 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2014 | (dollars in thousands) | U.S. Insurance | | International Insurance | | Reinsurance | | Other Insurance (Discontinued Lines) | | Investing | | Consolidated | Gross premium volume | $ | 1,256,604 |
| | $ | 653,356 |
| | $ | 792,911 |
| | $ | 264 |
| | $ | — |
| | $ | 2,703,135 |
| Net written premiums | 1,034,336 |
| | 499,672 |
| | 689,082 |
| | 552 |
| | — |
| | 2,223,642 |
| | | | | | | | | | | | | Earned premiums | 982,818 |
| | 462,008 |
| | 469,604 |
| | 544 |
| | — |
| | 1,914,974 |
| Losses and loss adjustment expenses: | | | | | | | | | | | | Current accident year | (648,927 | ) | | (335,309 | ) | | (335,366 | ) | | — |
| | — |
| | (1,319,602 | ) | Prior accident years | 81,437 |
| | 71,867 |
| | 41,553 |
| | (27,964 | ) | | — |
| | 166,893 |
| Underwriting, acquisition and insurance expenses | (392,443 | ) | | (168,451 | ) | | (160,235 | ) | | (363 | ) | | — |
| | (721,492 | ) | Underwriting profit (loss) | 22,885 |
| | 30,115 |
| | 15,556 |
| | (27,783 | ) | | — |
| | 40,773 |
| Net investment income | — |
| | — |
| | — |
| | — |
| | 178,884 |
| | 178,884 |
| Net realized investment gains | — |
| | — |
| | — |
| | — |
| | 24,514 |
| | 24,514 |
| Other revenues (insurance) | 2,770 |
| | 11,705 |
| | 3,168 |
| | 186 |
| | — |
| | 17,829 |
| Other expenses (insurance) | (3,111 | ) | | (7,708 | ) | | (1,097 | ) | | (17,285 | ) | | — |
| | (29,201 | ) | Segment profit (loss) | $ | 22,544 |
| | $ | 34,112 |
| | $ | 17,627 |
| | $ | (44,882 | ) | | $ | 203,398 |
| | $ | 232,799 |
| Other revenues (non-insurance) | | | | | | | | | | | 362,425 |
| Other expenses (non-insurance) | | | | | | | | | | | (337,909 | ) | Amortization of intangible assets | | | | | | | | | | | (27,487 | ) | Interest expense | | | | | | | | | | | (59,488 | ) | Income before income taxes | | | | | | | | | | | $ | 170,340 |
| U.S. GAAP combined ratio (1) | 98 | % | | 93 | % | | 97 | % | | NM |
| (2) | | | 98 | % |
| | (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. |
| | (2) | NM – Ratio is not meaningful. |
|