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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
PREMIUMS EARNED AND OTHER REVENUES        
Direct premiums written $ 213,479 $ 208,020 $ 386,654 $ 368,119
Ceded premiums written (145,798) (121,304) (269,689) (248,872)
Net premiums written 67,681 86,716 116,965 119,247
(Increase) decrease in net unearned premium (18,157) (45,356) (19,437) (44,573)
Premiums earned, net 49,524 41,360 97,528 74,674
Net investment (loss) income (21) 118 236 311
Net realized gains on investments 2,960 4,457 6,612 8,152
Net unrealized losses on investments (9,640)   (7,052)  
Net foreign currency gains on investments   125 71 809
Other-than-temporary impairment of investments       (2,408)
Commission revenue 4,941 4,244 9,121 9,046
Policy fees 4,402 4,540 8,575 8,476
Other revenue 1,506 1,016 2,914 2,020
Total premiums earned and other revenues 53,672 55,860 118,005 101,080
OPERATING COSTS AND EXPENSES        
Losses and loss adjustment expenses 25,852 24,835 52,037 48,487
General and administrative expenses 14,699 13,389 29,771 23,578
Total operating costs and expenses 40,551 38,224 81,808 72,065
INCOME BEFORE INCOME TAXES 13,121 17,636 36,197 29,015
Income taxes, current 9,622 8,172 18,359 11,656
Income taxes, deferred (4,050) (1,303) (3,609) (352)
Income taxes, net 5,572 6,869 14,750 11,304
NET INCOME 7,549 10,767 21,447 17,711
Basic net income per common share $ 0.19 $ 0.27 $ 0.55 $ 0.45
Weighted average of common shares outstanding - Basic 39,187 39,167 39,187 39,029
Fully diluted net income per share $ 0.19 $ 0.27 $ 0.53 $ 0.44
Weighted average of common shares outstanding - Diluted 40,645 40,446 40,657 40,441
Cash dividend declared per common share   $ 0.10 $ 0.10 $ 0.22
Comprehensive Income:        
Net income 7,549 10,767 21,447 17,711
Change in net unrealized gains (losses) on investments, net of tax   791   (967)
Comprehensive Income $ 7,549 $ 11,558 $ 21,447 $ 16,744