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Segment reporting (Tables) | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Schedule of operating segments | The following is a summary of the Company’s operating segments results for the three and six months ended June 30, 2014 and 2013:
| Three months ended June 30, 2014
| Property and Casualty Reinsurance |  | Catastrophe Risk Management |  | Corporate |  | Total
Revenues | ($ in thousands)
Gross premiums written | $ | 140,422 |  |  | $ | 5,086 |  |  | $ | — |  |  | $ | 145,508 |
Gross premiums ceded | — |  |  | — |  |  | — |  |  | — |
Net premiums written | 140,422 |  |  | 5,086 |  |  | — |  |  | 145,508 |
Change in net unearned premium reserves | (62,934 | ) |  | (3,824 | ) |  | — |  |  | (66,758 | )
Net premiums earned | 77,488 |  |  | 1,262 |  |  | — |  |  | 78,750 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | 44,409 |  |  | — |  |  | — |  |  | 44,409 |
Acquisition costs, net | 29,507 |  |  | 76 |  |  | — |  |  | 29,583 |
General and administrative expenses | 5,655 |  |  | 678 |  |  | 3,216 |  |  | 9,549 |
Total expenses | 79,571 |  |  | 754 |  |  | 3,216 |  |  | 83,541 |
Net underwriting loss | (2,083 | ) |  | n/a |  | n/a |  | n/a
Net investment income | 6,282 |  |  | 33 |  |  | 34,170 |  |  | 40,485 |
Other expenses | (1,020 | ) |  | — |  |  | — |  |  | (1,020 | )
Income tax expense | — |  |  | — |  |  | (2,375 | ) |  | (2,375 | )
Segment income including non-controlling interests | 3,179 |  |  | 541 |  |  | 28,579 |  |  | 32,299 |
Segment income attributable to non-controlling interests | — |  |  | (338 | ) |  | (669 | ) |  | (1,007 | )
Segment income | $ | 3,179 |  |  | $ | 203 |  |  | $ | 27,910 |  |  | $ | 31,292 |
Property and Casualty Reinsurance - Underwriting Ratios: |  |  |  |  |  |
Loss ratio (1) | 57.3 | % |  |  |  |  |  |
Acquisition cost ratio (2) | 38.1 | % |  |  |  |  |  |
Composite ratio (3) | 95.4 | % |  |  |  |  |  |
General and administrative expense ratio (4) | 7.3 | % |  |  |  |  |  |
Combined ratio (5) | 102.7 | % |  |  |  |  |  |
(1) | Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2) | Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3) | Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4) | General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5) | Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
| Three Months Ended June 30, 2013
| Property and Casualty Reinsurance |  | Catastrophe Risk Management |  | Corporate |  | Total
Revenues | ($ in thousands)
Gross premiums written | $ | 94,644 |  |  | $ | 3,571 |  |  | $ | — |  |  | $ | 98,215 |
Gross premiums ceded | — |  |  | — |  |  | — |  |  | — |
Net premiums written | 94,644 |  |  | 3,571 |  |  | — |  |  | 98,215 |
Change in net unearned premium reserves | (33,206 | ) |  | (2,722 | ) |  | — |  |  | (35,928 | )
Net premiums earned | 61,438 |  |  | 849 |  |  | — |  |  | 62,287 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | 45,304 |  |  | 388 |  |  | — |  |  | 45,692 |
Acquisition costs, net | 14,821 |  |  | 100 |  |  | — |  |  | 14,921 |
General and administrative expenses | 4,710 |  |  | 987 |  |  | 1,520 |  |  | 7,217 |
Total expenses | 64,835 |  |  | 1,475 |  |  | 1,520 |  |  | 67,830 |
Net underwriting loss | (3,397 | ) |  | n/a |  | n/a |  | n/a
Net investment income | 2,530 |  |  | 359 |  |  | 29,937 |  |  | 32,826 |
Other expenses | (759 | ) |  | — |  |  | — |  |  | (759 | )
Segment income (loss) including non-controlling interests | (1,626 | ) |  | (267 | ) |  | 28,417 |  |  | 26,524 |
Segment income attributable to non-controlling interests | — |  |  | (80 | ) |  | (221 | ) |  | (301 | )
Segment (loss) income | $ | (1,626 | ) |  | $ | (347 | ) |  | $ | 28,196 |  |  | $ | 26,223 |
Property and Casualty Reinsurance - Underwriting Ratios: |  |  |  |  |  |
Loss ratio (1) | 73.7 | % |  |  |  |  |  |
Acquisition cost ratio (2) | 24.1 | % |  |  |  |  |  |
Composite ratio (3) | 97.8 | % |  |  |  |  |  |
General and administrative expense ratio (4) | 7.7 | % |  |  |  |  |  |
Combined ratio (5) | 105.5 | % |  |  |  |  |  |
(1) | Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2) | Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3) | Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4) | General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5) | Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
| Six months ended June 30, 2014
| Property and Casualty Reinsurance |  | Catastrophe Risk Management |  | Corporate |  | Total
Revenues | ($ in thousands)
Gross premiums written | $ | 222,564 |  |  | $ | 10,531 |  |  | $ | — |  |  | $ | 233,095 |
Gross premiums ceded | — |  |  | — |  |  | — |  |  | — |
Net premiums written | 222,564 |  |  | 10,531 |  |  | — |  |  | 233,095 |
Change in net unearned premium reserves | (72,775 | ) |  | (8,308 | ) |  | — |  |  | (81,083 | )
Net premiums earned | 149,789 |  |  | 2,223 |  |  | — |  |  | 152,012 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | 90,668 |  |  | — |  |  | — |  |  | 90,668 |
Acquisition costs, net | 54,906 |  |  | 108 |  |  | — |  |  | 55,014 |
General and administrative expenses | 11,464 |  |  | 1,512 |  |  | 6,598 |  |  | 19,574 |
Total expenses | 157,038 |  |  | 1,620 |  |  | 6,598 |  |  | 165,256 |
Net underwriting loss | (7,249 | ) |  | n/a |  | n/a |  | n/a
Net investment income | 13,595 |  |  | 62 |  |  | 76,863 |  |  | 90,520 |
Other expenses | (1,807 | ) |  | — |  |  | — |  |  | (1,807 | )
Income tax expense | — |  |  | — |  |  | (2,375 | ) |  | (2,375 | )
Segment income including non-controlling interests | 4,539 |  |  | 665 |  |  | 67,890 |  |  | 73,094 |
Segment income attributable to non-controlling interests | — |  |  | (529 | ) |  | (1,494 | ) |  | (2,023 | )
Segment income | $ | 4,539 |  |  | $ | 136 |  |  | $ | 66,396 |  |  | $ | 71,071 |
Property and Casualty Reinsurance - Underwriting Ratios: |  |  |  |  |  |
Loss ratio (1) | 60.5 | % |  |  |  |  |  |
Acquisition cost ratio (2) | 36.7 | % |  |  |  |  |  |
Composite ratio (3) | 97.2 | % |  |  |  |  |  |
General and administrative expense ratio (4) | 7.7 | % |  |  |  |  |  |
Combined ratio (5) | 104.9 | % |  |  |  |  |  |
(1) | Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2) | Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3) | Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4) | General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5) | Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
| Six months ended June 30, 2013
| Property and Casualty Reinsurance |  | Catastrophe Risk Management |  | Corporate |  | Total
Revenues | ($ in thousands)
Gross premiums written | $ | 187,515 |  |  | $ | 6,720 |  |  | $ | — |  |  | $ | 194,235 |
Gross premiums ceded | (9,975 | ) |  | — |  |  | — |  |  | (9,975 | )
Net premiums written | 177,540 |  |  | 6,720 |  |  | — |  |  | 184,260 |
Change in net unearned premium reserves | (83,459 | ) |  | (4,973 | ) |  | — |  |  | (88,432 | )
Net premiums earned | 94,081 |  |  | 1,747 |  |  | — |  |  | 95,828 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net | 63,942 |  |  | 388 |  |  | — |  |  | 64,330 |
Acquisition costs, net | 27,811 |  |  | 183 |  |  | — |  |  | 27,994 |
General and administrative expenses | 9,526 |  |  | 1,772 |  |  | 2,927 |  |  | 14,225 |
Total expenses | 101,279 |  |  | 2,343 |  |  | 2,927 |  |  | 106,549 |
Net underwriting loss | (7,198 | ) |  | n/a |  | n/a |  | n/a
Net investment income | 8,056 |  |  | 1,122 |  |  | 105,009 |  |  | 114,187 |
Other expenses | (1,429 | ) |  | — |  |  | — |  |  | (1,429 | )
Segment income (loss) including non-controlling interests | (571 | ) |  | 526 |  |  | 102,082 |  |  | 102,037 |
Segment income attributable to non-controlling interests | — |  |  | (595 | ) |  | (789 | ) |  | (1,384 | )
Segment (loss) income | $ | (571 | ) |  | $ | (69 | ) |  | $ | 101,293 |  |  | $ | 100,653 |
Property and Casualty Reinsurance - Underwriting Ratios: |  |  |  |  |  |
Loss ratio (1) | 68.0 | % |  |  |  |  |  |
Acquisition cost ratio (2) | 29.6 | % |  |  |  |  |  |
Composite ratio (3) | 97.6 | % |  |  |  |  |  |
General and administrative expense ratio (4) | 10.1 | % |  |  |  |  |  |
Combined ratio (5) | 107.7 | % |  |  |  |  |  |
(1) | Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net by net premiums earned.
(2) | Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums earned.
(3) | Composite ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net and acquisition costs, net by net premiums earned.
(4) | General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned.
(5) | Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition costs, net and general and administrative expenses related to underwriting activities by net premiums earned.
Schedule of breakdown of the Company’s gross premiums written by line of business | The following table provides a breakdown of the Company’s gross premiums written by line of business for the three and six months ended June 30, 2014 and 2013:
| For the three months ended
| June 30, 2014 |  | June 30, 2013
| ($ in thousands)
Property | $ | 74,505 |  |  | 51.2 | % |  | $ | 27,888 |  |  | 28.4 | %
Casualty | 65,343 |  |  | 44.9 | % |  | 49,388 |  |  | 50.3 | %
Specialty | 574 |  |  | 0.4 | % |  | 17,368 |  |  | 17.7 | %
Total property and casualty reinsurance | 140,422 |  |  | 96.5 | % |  | 94,644 |  |  | 96.4 | %
Catastrophe risk management | 5,086 |  |  | 3.5 | % |  | 3,571 |  |  | 3.6 | %
| $ | 145,508 |  |  | 100.0 | % |  | $ | 98,215 |  |  | 100.0 | %
| For the six months ended
| June 30, 2014 |  | June 30, 2013
| ($ in thousands)
Property | $ | 81,386 |  |  | 34.9 | % |  | $ | 28,238 |  |  | 14.5 | %
Casualty | 115,766 |  |  | 49.7 | % |  | 101,595 |  |  | 52.3 | %
Specialty | 25,412 |  |  | 10.9 | % |  | 57,682 |  |  | 29.7 | %
Total property and casualty reinsurance | 222,564 |  |  | 95.5 | % |  | 187,515 |  |  | 96.5 | %
Catastrophe risk management | 10,531 |  |  | 4.5 | % |  | 6,720 |  |  | 3.5 | %
| $ | 233,095 |  |  | 100.0 | % |  | $ | 194,235 |  |  | 100.0 | %
The following table provides a breakdown of the Company’s gross premiums written by prospective and retroactive reinsurance contracts for the three and six months ended June 30, 2014 and 2013:
| For the three months ended |  | For the six months ended
| June 30, 2014 |  | June 30, 2013 |  | June 30, 2014 |  | June 30, 2013
| ($ in thousands)
Prospective | $ | 144,934 |  |  | 99.6 | % |  | $ | 75,915 |  |  | 77.3 | % |  | $ | 230,419 |  |  | 98.9 | % |  | $ | 171,935 |  |  | 88.5 | %
Retroactive | 574 |  |  | 0.4 | % |  | 22,300 |  |  | 22.7 | % |  | 2,676 |  |  | 1.1 | % |  | 22,300 |  |  | 11.5 | %
| $ | 145,508 |  |  | 100.0 | % |  | $ | 98,215 |  |  | 100.0 | % |  | $ | 233,095 |  |  | 100.0 | % |  | $ | 194,235 |  |  | 100.0 | %
Schedule of breakdown of the Company’s gross premiums written from brokers | Substantially all of the Company's business is sourced through reinsurance brokers. The following table provides a breakdown of the Company's gross premiums written from brokers for the six months ended June 30, 2014 and 2013:
| 2014 |  | 2013
| ($ in thousands)
Willis Re | $ | 57,047 |  |  | 24.5 | % |  | $ | 13,421 |  |  | 6.9 | %
Advocate Reinsurance Partners, LLC | 53,004 |  |  | 22.7 | % |  | 27,647 |  |  | 14.2 | %
Stonehill Reinsurance Partners, LLC | 46,659 |  |  | 20.0 | % |  | — |  |  | — | %
Aon Benfield - a division of Aon plc | 16,793 |  |  | 7.2 | % |  | 81,357 |  |  | 41.9 | %
Guy Carpenter & Company, LLC | 15,074 |  |  | 6.5 | % |  | (11,057 | ) |  | (5.7 | )%
TigerRisk Partners LLC | 14,496 |  |  | 6.2 | % |  | 9,531 |  |  | 4.9 | %
BMS Intermediaries | — |  |  | — | % |  | 10,019 |  |  | 5.2 | %
Other brokers | 2,984 |  |  | 1.3 | % |  | 7,097 |  |  | 3.7 | %
Total broker placed | 206,057 |  |  | 88.4 | % |  | 138,015 |  |  | 71.1 | %
Direct placements | 27,038 |  |  | 11.6 | % |  | 56,220 |  |  | 28.9 | %
| $ | 233,095 |  |  | 100.0 | % |  | $ | 194,235 |  |  | 100.0 | %
Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies | The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the three and six months June 30, 2014 and 2013:
| For the three months ended |  | For the six months ended
| June 30, 2014 |  | June 30, 2013 |  | June 30, 2014 |  | June 30, 2013
| ($ in thousands)
United States | $ | 144,657 |  |  | 99.4 | % |  | $ | 93,992 |  |  | 95.7 | % |  | $ | 202,734 |  |  | 87.0 | % |  | $ | 143,650 |  |  | 74.0 | %
United Kingdom | 575 |  |  | 0.4 | % |  | — |  |  | — | % |  | 25,413 |  |  | 10.9 | % |  | — |  |  | — | %
Bermuda | 276 |  |  | 0.2 | % |  | 4,223 |  |  | 4.3 | % |  | 4,948 |  |  | 2.1 | % |  | 49,185 |  |  | 25.3 | %
Other | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 1,400 |  |  | 0.7 | %
| $ | 145,508 |  |  | 100.0 | % |  | $ | 98,215 |  |  | 100.0 | % |  | $ | 233,095 |  |  | 100.0 | % |  | $ | 194,235 |  |  | 100.0 | %

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