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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.