v2.3.0.15

Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information [Abstract]

Segment Information

14. Segment Information

The Company manages its business through two business segments: Insurance Operations, which includes the operations of the U.S. Insurance Companies, and Reinsurance Operations, which includes the operations of Wind River Reinsurance.

The Insurance Operations segment and the Reinsurance Operations segment follow the same accounting policies used for the Company's consolidated financial statements. For further disclosure regarding the Company's accounting policies, please see Note 4 of the notes to the consolidated financial statements in Item 8 of Part II of the Company's 2010 Annual Report on Form 10-K.

The following are tabulations of business segment information for the quarters and nine months ended September 30, 2011 and 2010.

Quarter Ended September 30, 2011: (Dollars in thousands)		Insurance Operations  (1)				Reinsurance Operations (2)				Total
Revenues:
Gross premiums written		$	55,260			$	17,832			$	73,092
Net premiums written		$	47,102			$	17,832			$	64,934
Net premiums earned		$	54,063			$	23,027			$	77,090
Other income			167				—				167
Total revenues			54,230				23,027				77,257
Losses and Expenses:
Net losses and loss adjustment expenses			58,174				28,060				86,234
Acquisition costs and other underwriting expenses			24,998	(3)			9,599				34,597
Loss from segments		$	(28,942	)		$	(14,632	)			(43.574	)
Unallocated Items:
Net investment income											12,880
Net realized investment gains											1,288
Corporate and other operating expenses											(2,862	)
Interest expense											(1,525	)
Loss before income taxes											(33,793	)
Income tax expense											454
Net loss										$	(34,247	)
Total assets		$	1,474,174			$	658,715	(4)		$	2,132,889

(1) Includes business ceded to Reinsurance Operations.

(2) External business only, excluding business assumed from Insurance Operations.

(3) Includes federal excise tax of $281 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Wind River Reinsurance's total assets less its investment in subsidiaries.

Quarter Ended September 30, 2010: (Dollars in thousands)		Insurance Operations  (1)				Reinsurance Operations (2)				Total
Revenues:
Gross premiums written		$	66,213			$	20,022			$	86,235
Net premiums written		$	53,185			$	20,021			$	73,206
Net premiums earned		$	47,932			$	22,157			$	70,089
Other income			173				—				173
Total revenues			48,105				22,157				70,262
Losses and Expenses:
Net losses and loss adjustment expenses			13,584				16,205				29,789
Acquisition costs and other underwriting expenses			22,556	(3)			5,985				28,541
Income (loss) from segments		$	11,965			$	(33	)			11,932
Unallocated Items:
Net investment income											14,089
Net realized investment gains											1,818
Corporate and other operating expenses											(5,106	)
Interest expense											(1,825	)
Income before income taxes											20,908
Income tax expense											1,146
Net income										$	19,762
Total assets		$	1,698,557			$	654,472	(4)		$	2,353,029

(1) Includes business ceded to Reinsurance Operations.

(2) External business only, excluding business assumed from Insurance Operations.

(3) Includes federal excise tax of $251 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Wind River Reinsurance's total assets less its investment in subsidiaries.

Nine Months Ended September 30, 2011: (Dollars in thousands)		Insurance Operations  (1)				Reinsurance Operations (2)				Total
Revenues:
Gross premiums written		$	182,102			$	73,618			$	255,720
Net premiums written		$	161,333			$	73,116			$	234,449
Net premiums earned		$	165,354			$	65,760			$	231,114
Other income			11,999				—				11,999
Total revenues			177,353				65,760				243,113
Losses and Expenses:
Net losses and loss adjustment expenses			135,217				71,112				206,329
Acquisition costs and other underwriting expenses			73,581	(3)			21,065				94,646
Loss from segments		$	(31,445	)		$	(26,417	)			(57,862	)
Unallocated Items:
Net investment income											41,224
Net realized investment gains											21,671
Corporate and other operating expenses											(10,329	)
Interest expense											(5,020	)
Loss before income taxes											(10,316	)
Income tax expense											5,758
Loss before equity in net income of partnership											(16,074	)
Equity in net income of partnership, net of tax											53
Net loss										$	(16,021	)
Total assets		$	1,474,174			$	658,715	(4)		$	2,132,889

(1) Includes business ceded to Reinsurance Operations.

(2) External business only, excluding business assumed from Insurance Operations.

(3) Includes federal excise tax of $858 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Wind River Reinsurance's total assets less its investment in subsidiaries.

Nine Months Ended September 30, 2010: (Dollars in thousands)		Insurance Operations  (1)				Reinsurance Operations (2)				Total
Revenues:
Gross premiums written		$	181,815			$	89,323			$	271,138
Net premiums written		$	145,674			$	88,536			$	234,210
Net premiums earned		$	146,412			$	69,167			$	215,579
Other income			515				—				515
Total revenues			146,927				69,167				216,094
Losses and Expenses:
Net losses and loss adjustment expenses			59,582				44,671				104,253
Acquisition costs and other underwriting expenses			67,666	(3)			20,031				87,697
Income from segments		$	19,679			$	4,465				24,144
Unallocated Items:
Net investment income											42,609
Net realized investment gains											21,619
Corporate and other operating expenses											(15,065	)
Interest expense											(5,397	)
Income before income taxes											67,910
Income tax expense											4,706
Income before equity in net loss of partnership											63,204
Equity in net loss of partnership, net of tax											(29	)
Net income										$	63,175
Total assets		$	1,698,557			$	654,472	(4)		$	2,353,029

(1) Includes business ceded to Reinsurance Operations.

(2) External business only, excluding business assumed from Insurance Operations.

(3) Includes federal excise tax of $766 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Wind River Reinsurance's total assets less its investment in subsidiaries.

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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