v2.4.0.6

Segments (Tables)

6 Months Ended

Jun. 30, 2012

Results of Operations of Business Segments

The following tables summarize the results of operations of the business segments for the three and six months ended June 30, 2012 and 2011:

(Amounts in Thousands)		Small Commercial Business				Specialty Risk and Extended Warranty				Specialty Program				Personal Lines Reinsurance				Corporate and Other				Total
Three months ended June 30, 2012:
Gross written premium		$	214,127			$	272,610			$	121,878			$	28,823			$	—			$	637,438
Net written premium			104,270				172,259				86,237				28,823				—				391,589
Change in unearned premium			(10,702	)			(30,652	)			(15,369	)			(872	)			—				(57,595	)
Net earned premium			93,568				141,607				70,868				27,951				—				333,994
Ceding commission - primarily related party			15,458				16,174				12,918				—				—				44,550
Loss and loss adjustment expense			(60,305	)			(85,628	)			(47,826	)			(18,028	)			—				(211,787	)
Acquisition costs and other underwriting expenses			(42,165	)			(44,038	)			(34,985	)			(8,525	)			—				(129,713	)
			(102,470	)			(129,666	)			(82,811	)			(26,553	)			—				(341,500	)
Underwriting income			6,556				28,115				975				1,398				—				37,044
Service and fee income			10,545				15,429				10				—				7,027				33,011
Investment income and realized gain (loss)			6,759				8,123				3,475				690				—				19,047
Other expenses			(10,742	)			(14,078	)			(6,062	)			(1,438	)			—				(32,320	)
Interest expense			(2,343	)			(3,035	)			(1,307	)			(309	)			—				(6,994	)
Foreign currency loss			—				(2,455	)			—				—				—				(2,455	)
Gain on life settlement contracts			714				813				352				82				—				1,961
Provision for income taxes			(2,576	)			(7,379	)			575				(95	)			(2,267	)			(11,742	)
Equity in earnings of unconsolidated subsidiary  – related party			—				—				—				—				3,088				3,088
Non-controlling interest			(100	)			(119	)			(51	)			(12	)			—				(282	)
Net income attributable to AmTrust Financial Services, Inc.		$	8,813			$	25,414			$	(2,033	)		$	316			$	7,848			$	40,358

(Amounts in Thousands)		Small Commercial Business				Specialty Risk and Extended Warranty				Specialty Program				Personal Lines Reinsurance				Corporate and Other				Total
Three months ended June 30, 2011:
Gross written premium		$	174,607			$	265,502			$	93,354			$	24,999			$	—			$	558,462
Net written premium			113,221				185,178				52,283				24,999				—				375,681
Change in unearned premium			(39,187	)			(75,547	)			(12,145	)			(520	)			—				(127,399	)
Net earned premium			74,034				109,631				40,138				24,479				—				248,282
Ceding commission - primarily related party			13,570				13,787				8,057				—				—				35,414
Loss and loss adjustment expense			(49,927	)			(70,053	)			(28,362	)			(15,666	)			—				(170,008	)
Acquisition costs and other underwriting expenses			(31,653	)			(31,658	)			(18,314	)			(7,955	)			—				(89,580	)
			(81,580	)			(107,711	)			(46,676	)			(23,621	)			—				(259,588	)
Underwriting income			6,024				15,707				1,519				858								24,108
Service and fee income			5,177				14,904				1				—				4,460				24,542
Investment income and realized gain (loss)			7,059				4,491				1,902				331				—				13,783
Other expenses			(4,713	)			(10,488	)			(2,732	)			(631	)			—				(18,564	)
Interest expense			(1,150	)			(2,394	)			(625	)			(165	)			—				(4,334	)
Foreign currency gain			—				2,520				—				—				—				2,520
Gain on life settlement contracts			6,045				12,464				3,259				870				—				22,638
Provision for income taxes			(2,066	)			(4,228	)			(335	)			(143	)			(517	)			(7,289	)
Equity in earnings of unconsolidated subsidiary – related party			—				—				—				—				2,514				2,514
Non-controlling interest			(2,604	)			(5,372	)			(1,404	)			(376	)			—				(9,756	)
Net income attributable to AmTrust Financial Services, Inc.		$	13,772			$	27,604			$	1,585			$	744			$	6,457			$	50,162

(Amounts in Thousands)		Small Commercial Business				Specialty Risk and Extended Warranty				Specialty Program				Personal Lines Reinsurance				Corporate and Other				Total
Six months ended June 30, 2012:
Gross written premium		$	446,478			$	506,699			$	226,516			$	59,432			$	—			$	1,239,125
Net written premium			223,160				313,420				155,354				59,432				—				751,366
Change in unearned premium			(37,264	)			(36,240	)			(24,825	)			(5,019	)			—				(103,348	)
Net earned premium			185,896				277,180				130,529				54,413				—				648,018
Ceding commission - primarily related party			32,590				33,368				24,866				—				—				90,824
Loss and loss adjustment expense			(119,529	)			(169,071	)			(88,020	)			(35,096	)			—				(411,716	)
Acquisition costs and other underwriting expenses			(85,095	)			(87,123	)			(64,924	)			(16,596	)			—				(253,738	)
			(204,624	)			(256,194	)			(152,944	)			(51,692	)			—				(665,454	)
Underwriting income			13,862				54,354				2,451				2,721				—				73,388
Service and fee income			25,980				33,647				19				—				13,903				73,549
Investment income and realized gain (loss)			12,252				13,164				5,808				1,193				—				32,417
Other expenses			(24,865	)			(28,113	)			(12,167	)			(2,814	)			—				(67,959	)
Interest expense			(5,153	)			(5,827	)			(2,522	)			(583	)			—				(14,085	)
Foreign currency loss			—				(2,034	)			—				—				—				(2,034	)
Gain on life settlement contracts			751				848				367				85				—				2,051
Provision for income taxes			(5,090	)			(14,726	)			1,348				(135	)			(4,316	)			(22,919	)
Equity in earnings of unconsolidated subsidiary  – related party			—				—				—				—				5,452				5,452
Non-controlling interest			(153	)			(172	)			(74	)			(17	)			—				(416	)
Net income attributable to AmTrust Financial Services, Inc.		$	17,584			$	51,141			$	(4,770	)		$	450			$	15,039			$	79,444

(Amounts in Thousands)		Small Commercial Business				Specialty Risk and Extended Warranty				Specialty Program				Personal Lines Reinsurance				Corporate and Other				Total
Six months ended June 30, 2011:
Gross written premium		$	315,323			$	493,250			$	143,330			$	50,586			$	—			$	1,002,489
Net written premium			190,872				289,725				78,517				50,586				—				609,700
Change in unearned premium			(54,977	)			(95,517	)			(7,609	)			(2,977	)			—				(161,080	)
Net earned premium			135,895				194,208				70,908				47,609				—				448,620
Ceding commission - primarily related party			31,895				26,686				12,517				—				—				71,098
Loss and loss adjustment expense			(86,690	)			(133,477	)			(48,067	)			(30,470	)			—				(298,704	)
Acquisition costs and other underwriting expenses			(66,409	)			(58,306	)			(30,626	)			(15,473	)			—				(170,814	)
			(153,099	)			(191,783	)			(78,693	)			(45,943	)			—				(469,518	)
Underwriting income			14,691				29,111				4,732				1,666				—				50,200
Service and fee income			10,418				31,410				5				—				7,898				49,731
Investment income and realized gain (loss)			12,809				10,006				4,505				1,070				—				28,390
Other expenses			(12,025	)			(19,509	)			(5,163	)			(2,063	)			—				(38,760	)
Interest expense			(2,509	)			(4,071	)			(1,077	)			(431	)			—				(8,088	)
Foreign currency gain			—				2,236				—				—				—				2,236
Gain on life settlement contracts			12,882				20,900				5,532				2,210				—				41,524
Provision for income taxes			(4,727	)			(9,136	)			(1,113	)			(320	)			(1,030	)			(16,326	)
Equity in earnings of unconsolidated subsidiary – related party			—				—				—				—				4,333				4,333
Non-controlling interest			(5,551	)			(9,007	)			(2,384	)			(953	)			—				(17,895	)
Net income		$	25,988			$	51,940			$	5,037			$	1,179			$	11,201			$	95,345

Long Lived Assets and Total Assets of Business Segments

The following tables summarize long lived assets and total assets of the business segments as of June 30, 2012 and December 31, 2011:

(Amounts in Thousands)		Small Commercial Business				Specialty Risk and Extended Warranty				Specialty Program				Personal Lines Reinsurance				Corporate and other				Total
As of June 30, 2012:
Property and equipment, net		$	25,725			$	29,084			$	12,588			$	2,911			$	—			$	70,308
Goodwill and intangible assets			182,165				161,453				22,591				—				—				366,209
Total assets			2,497,782				2,398,983				1,212,625				159,549				—				6,268,939
As of December 31, 2011:
Property and equipment, net		$	17,767			$	30,811			$	10,762			$	2,213			$	—			$	61,553
Goodwill and intangible assets			123,976				167,782				22,858				—				—				314,616
Total assets			2,150,824				2,482,018				912,476				133,429				—				5,678,747

X

- Definition

Schedule of Total Assets, Property, Plant and Equipment and Additions, by Segment

+ References

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X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 22

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-Paragraph 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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-Publisher FASB

-Name Accounting Standards Codification

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