XML 63 R31.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Quarterly Financial Results | 12 Months Ended
--- | ---
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract] |
Quarterly financial results | Quarterly financial results (UNAUDITED)
|  | 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.

X
- Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: 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 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration