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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
PREMIUMS EARNED AND OTHER REVENUES    
Direct premiums written$ 171,370$ 152,662$ 558,024$ 520,782
Ceded premiums written(123,984)(108,539)(393,673)(357,411)
Net premiums written47,38644,123164,351163,371
Decrease (increase) in net unearned premium2,2484,708(17,189)(39,865)
Premiums earned, net49,63448,831147,162123,506
Net investment income12266358377
Net realized gains on investments5,8846,14912,49611,893
Net unrealized (losses) gains on investments(15,985)6,281(23,037)6,281
Net foreign currency (losses) gains on investments(455)(8)(384)801
Commission revenue5,1924,42314,31313,469
Policy fees3,5353,52512,11012,000
Other revenue1,4861,4684,4003,489
Total premiums earned and other revenues49,41370,735167,418171,816
OPERATING COSTS AND EXPENSES    
Losses and loss adjustment expenses29,34329,37081,38077,857
General and administrative expenses18,82720,05348,59843,631
Total operating costs and expenses48,17049,423129,978121,488
INCOME BEFORE INCOME TAXES1,24321,31237,44050,328
Income taxes, current7,3317,35925,69019,016
Income taxes, deferred(7,063)876(10,672)524
Income taxes, net2688,23515,01819,540
NET INCOME97513,07722,42230,788
Basic earnings per common share$ 0.02$ 0.33$ 0.57$ 0.78
Weighted average of common shares outstanding - Basic39,19039,16739,17739,076
Fully diluted earnings per common share$ 0.02$ 0.32$ 0.55$ 0.76
Weighted average of common shares outstanding - Diluted40,33040,27640,53640,386
Cash dividend declared per common share$ 0.08 $ 0.18$ 0.22
Comprehensive Income:    
Net income97513,07722,42230,788
Change in net unrealized gains (losses) on investments, net of tax 409 (558)
Comprehensive Income$ 975$ 13,486$ 22,422$ 30,230