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Quarterly Financial Results (Tables) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Schedule of quarterly financial results |
|  | Quarters ended
|  | December 31, 2013 |  | September 30, 2013 |  | June 30, 2013 |  | March 31, 2013
|  | ($ in thousands)
Revenues |  |  |  |  |  |  |  |
Gross premiums written |  | $ | 162,277 |  |  | $ | 45,425 |  |  | $ | 98,215 |  |  | $ | 96,020 |
Gross premiums ceded |  | — |  |  | — |  |  | — |  |  | (9,975 | )
Net premiums written |  | 162,277 |  |  | 45,425 |  |  | 98,215 |  |  | 86,045 |
Change in net unearned premium reserves |  | (103,767 | ) |  | 20,904 |  |  | (35,928 | ) |  | (52,504 | )
Net premiums earned |  | 58,510 |  |  | 66,329 |  |  | 62,287 |  |  | 33,541 |
Net investment income |  | 87,074 |  |  | 53,371 |  |  | 32,067 |  |  | 80,691 |
Total revenues |  | 145,584 |  |  | 119,700 |  |  | 94,354 |  |  | 114,232 |
Expenses |  |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net |  | 36,133 |  |  | 39,349 |  |  | 45,692 |  |  | 18,638 |
Acquisition costs, net |  | 18,833 |  |  | 21,117 |  |  | 14,921 |  |  | 13,073 |
General and administrative expense |  | 8,965 |  |  | 9,846 |  |  | 7,217 |  |  | 7,008 |
Total expenses |  | 63,931 |  |  | 70,312 |  |  | 67,830 |  |  | 38,719 |
Income including non-controlling interests |  | 81,653 |  |  | 49,388 |  |  | 26,524 |  |  | 75,513 |
Income attributable to non-controlling interests |  | (1,565 | ) |  | (2,818 | ) |  | (301 | ) |  | (1,083 | )
Net income |  | $ | 80,088 |  |  | $ | 46,570 |  |  | $ | 26,223 |  |  | $ | 74,430 |
Earnings per share |  |  |  |  |  |  |  |
Basic |  | $ | 0.77 |  |  | $ | 0.52 |  |  | $ | 0.33 |  |  | $ | 0.94 |
Diluted (1) |  | $ | 0.75 |  |  | $ | 0.51 |  |  | $ | 0.33 |  |  | $ | 0.93 |
Weighted average number of common shares used in the determination of earnings per share |  |  |  |  |  |  |  |
Basic |  | 103,264,616 |  |  | 89,620,394 |  |  | 78,432,132 |  |  | 78,432,132 |
Diluted (1) |  | 106,390,339 |  |  | 90,915,805 |  |  | 79,254,268 |  |  | 79,083,675 |
(1) - During the quarter, it was determined that diluted earnings per share for the prior periods had been calculated incorrectly, which resulted in an understatement of diluted earnings per share. See Note 2 to the Consolidated Financial Statements.
|  | Quarters ended
|  | December 31, 2012 |  | September 30, 2012 |  | June 30, 2012 |  | March 31, 2012
|  | ($ in thousands)
Revenues |  |  |  |  |  |  |  |
Gross premiums written |  | $ | 27,895 |  |  | $ | 41,651 |  |  | $ | 28,178 |  |  | $ | 92,650 |
Gross premiums ceded |  | — |  |  | — |  |  | — |  |  | — |
Net premiums written |  | 27,895 |  |  | 41,651 |  |  | 28,178 |  |  | 92,650 |
Change in net unearned premium reserves |  | 5,590 |  |  | (7,333 | ) |  | (13,337 | ) |  | (78,813 | )
Net premiums earned |  | 33,485 |  |  | 34,318 |  |  | 14,841 |  |  | 13,837 |
Net investment income |  | 72,511 |  |  | 47,686 |  |  | (17,623 | ) |  | 33,848 |
Total revenues |  | 105,996 |  |  | 82,004 |  |  | (2,782 | ) |  | 47,685 |
Expenses |  |  |  |  |  |  |  |
Loss and loss adjustment expenses incurred, net |  | 26,626 |  |  | 24,709 |  |  | 16,686 |  |  | 12,285 |
Acquisition costs, net |  | 10,898 |  |  | 10,856 |  |  | 2,138 |  |  | 712 |
General and administrative expense |  | 7,155 |  |  | 6,440 |  |  | 9,621 |  |  | 4,160 |
Total expenses |  | 44,679 |  |  | 42,005 |  |  | 28,445 |  |  | 17,157 |
Income (loss) including non-controlling interests |  | 61,317 |  |  | 39,999 |  |  | (31,227 | ) |  | 30,528 |
(Income) loss attributable to non-controlling interests |  | (607 | ) |  | (423 | ) |  | 120 |  |  | (306 | )
Net income (loss) |  | $ | 60,710 |  |  | $ | 39,576 |  |  | $ | (31,107 | ) |  | $ | 30,222 |
Earnings (loss) per share |  |  |  |  |  |  |  |
Basic |  | $ | 0.77 |  |  | $ | 0.50 |  |  | $ | (0.40 | ) |  | $ | 0.38 |
Diluted (1) |  | $ | 0.76 |  |  | $ | 0.50 |  |  | $ | (0.40 | ) |  | $ | 0.38 |
Weighted average number of common shares used in the determination of earnings (loss) per share |  |  |  |  |  |  |  |
Basic |  | 78,432,132 |  |  | 78,432,132 |  |  | 78,432,132 |  |  | 78,432,132 |
Diluted (1) |  | 78,820,844 |  |  | 78,551,830 |  |  | 78,432,132 |  |  | 78,432,132 |
(1) - During the quarter, it was determined that diluted earnings per share for the prior periods had been calculated incorrectly, which resulted in an understatement of diluted earnings per share. See Note 2 to the Consolidated Financial Statements.

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 + Details
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