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SEGMENT INFORMATION (DETAILS) $ in Thousands | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
Jun. 30, 2015 USD ($) | Jun. 30, 2014 USD ($) | Jun. 30, 2015 USD ($) reportable_segment | Jun. 30, 2014 USD ($) | Dec. 31, 2014 USD ($)
Segment Information [Line Items] |  |  |  |  |
Number of reportable segments | reportable_segment |  |  | 2 |  |
Net premiums earned | $ 941,211 | $ 1,000,400 | $ 1,845,264 | $ 1,946,349 |
Other insurance related income | 3,486 | 1,683 | 11,162 | 4,766 |
Net losses and loss expenses | (580,153) | (565,829) | (1,092,481) | (1,110,036) |
Acquisition costs | (183,263) | (191,862) | (354,805) | (363,899) |
General and administrative expenses | (148,482) | (151,081) | (311,723) | (303,810) |
Net investment income | 88,544 | 114,867 | 180,651 | 197,610 |
Net realized investment gains (losses) | (11,110) | 33,261 | (53,662) | 43,882 |
Foreign exchange (losses) gains | (22,108) | (9,705) | 41,112 | (13,939) |
Interest expense and financing costs | (12,939) | (19,975) | (25,196) | (36,569) |
Income before income taxes | $ 75,186 | $ 211,759 | $ 240,322 | $ 364,354 |
Net loss and loss expense ratio | 61.60% | 56.60% | 59.20% | 57.00% |
Acquisition cost ratio | 19.50% | 19.20% | 19.20% | 18.70% |
General and administrative expense ratio | 15.80% | 15.00% | 16.90% | 15.60% |
Combined ratio | 96.90% | 90.80% | 95.30% | 91.30% |
Goodwill and intangible assets | $ 101,053 | $ 90,025 | $ 101,053 | $ 90,025 | $ 88,960
Operating Segments [Member] |  |  |  |  |
Segment Information [Line Items] |  |  |  |  |
Gross premiums written | 1,188,413 | 1,231,279 | 2,867,345 | 3,052,678 |
Net premiums written | 946,544 | 1,000,162 | 2,402,090 | 2,664,746 |
Net premiums earned | 941,211 | 1,000,400 | 1,845,264 | 1,946,349 |
Other insurance related income | 3,486 | 1,683 | 11,162 | 4,766 |
Net losses and loss expenses | (580,153) | (565,829) | (1,092,481) | (1,110,036) |
Acquisition costs | (183,263) | (191,862) | (354,805) | (363,899) |
General and administrative expenses | (124,433) | (117,811) | (251,502) | (241,834) |
Underwriting income (loss) | 56,848 | 126,581 | 157,638 | 235,346 |
Operating Segments [Member] | Insurance [Member] |  |  |  |  |
Segment Information [Line Items] |  |  |  |  |
Gross premiums written | 761,126 | 754,110 | 1,363,850 | 1,355,831 |
Net premiums written | 534,263 | 541,097 | 971,004 | 997,789 |
Net premiums earned | 452,322 | 457,670 | 899,789 | 906,884 |
Other insurance related income | 269 | 0 | 269 | 0 |
Net losses and loss expenses | (297,534) | (290,466) | (583,307) | (569,889) |
Acquisition costs | (66,920) | (71,039) | (131,375) | (136,096) |
General and administrative expenses | (88,420) | (83,512) | (176,109) | (171,459) |
Underwriting income (loss) | $ (283) | $ 12,653 | $ 9,267 | $ 29,440 |
Net loss and loss expense ratio | 65.80% | 63.50% | 64.80% | 62.80% |
Acquisition cost ratio | 14.80% | 15.50% | 14.60% | 15.00% |
General and administrative expense ratio | 19.50% | 18.20% | 19.60% | 19.00% |
Combined ratio | 100.10% | 97.20% | 99.00% | 96.80% |
Goodwill and intangible assets | $ 101,053 | $ 90,025 | $ 101,053 | $ 90,025 |
Operating Segments [Member] | Reinsurance [Member] |  |  |  |  |
Segment Information [Line Items] |  |  |  |  |
Gross premiums written | 427,287 | 477,169 | 1,503,495 | 1,696,847 |
Net premiums written | 412,281 | 459,065 | 1,431,086 | 1,666,957 |
Net premiums earned | 488,889 | 542,730 | 945,475 | 1,039,465 |
Other insurance related income | 3,217 | 1,683 | 10,893 | 4,766 |
Net losses and loss expenses | (282,619) | (275,363) | (509,174) | (540,147) |
Acquisition costs | (116,343) | (120,823) | (223,430) | (227,803) |
General and administrative expenses | (36,013) | (34,299) | (75,393) | (70,375) |
Underwriting income (loss) | $ 57,131 | $ 113,928 | $ 148,371 | $ 205,906 |
Net loss and loss expense ratio | 57.80% | 50.70% | 53.90% | 52.00% |
Acquisition cost ratio | 23.80% | 22.30% | 23.60% | 21.90% |
General and administrative expense ratio | 7.40% | 6.30% | 8.00% | 6.70% |
Combined ratio | 89.00% | 79.30% | 85.50% | 80.60% |
Goodwill and intangible assets | $ 0 | $ 0 | $ 0 | $ 0 |
Corporate, Non-Segment [Member] |  |  |  |  |
Segment Information [Line Items] |  |  |  |  |
General and administrative expenses | (24,049) | (33,270) | (60,221) | (61,976) |
Significant Reconciling Items [Member] |  |  |  |  |
Segment Information [Line Items] |  |  |  |  |
Net investment income | 88,544 | 114,867 | 180,651 | 197,610 |
Net realized investment gains (losses) | (11,110) | 33,261 | (53,662) | 43,882 |
Foreign exchange (losses) gains | (22,108) | (9,705) | 41,112 | (13,939) |
Interest expense and financing costs | $ (12,939) | $ (19,975) | $ (25,196) | $ (36,569) |

X
- Definition This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities, the change in fair value of investment-related derivatives not designated as hedges and any hedge ineffectiveness recognized in earnings in relation to investment portfolio-related fair value hedges. + References No definition available. + Details
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- Definition The net gain or loss (both realized and unrealized) related to investments in certain entities that calculate net asset value per share and the amount after accretion (amortization) of discount (premium) of interest income and dividend income on nonoperating securities, net of investment expense. + References No definition available. + Details
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