v2.4.0.6
Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Premium income:        
Net written premium $ 391,589 $ 375,681 $ 751,366 $ 609,700
Change in unearned premium (57,595) (127,399) (103,348) (161,080)
Net earned premium 333,994 248,282 648,018 448,620
Ceding commission - primarily related party 44,550 35,414 90,824 71,098
Service and fee income (related parties - three months $6,932; $4,459 and six months $13,024; $7,898) 33,011 24,542 73,549 49,731
Net investment income 16,344 13,167 30,862 27,359
Net realized gain (loss) on investments 2,703 616 1,555 1,031
Total revenues 430,602 322,021 844,808 597,839
Expenses:        
Loss and loss adjustment expense 211,787 170,008 411,716 298,704
Acquisition costs and other underwriting expenses 129,713 89,580 253,738 170,814
Other 32,320 18,564 67,959 38,760
Total expenses 373,820 278,152 733,413 508,278
Income before other income (expense), income taxes and equity in earnings of unconsolidated subsidiary 56,782 43,869 111,395 89,561
Other income (expense):        
Interest expense (6,994) (4,334) (14,085) (8,088)
Foreign currency gain (loss) (2,455) 2,520 (2,034) 2,236
Gain on investment in life settlement contracts net of profit commission 1,961 22,638 2,051 41,524
Total other income (expense) (7,488) 20,824 (14,068) 35,672
Income before income taxes and equity in earnings of unconsolidated subsidiary 49,294 64,693 97,327 125,233
Provision for income taxes 11,742 7,289 22,919 16,326
Income before equity in earnings of unconsolidated subsidiary 37,552 57,404 74,408 108,907
Equity in earnings of unconsolidated subsidiary - related party 3,088 2,514 5,452 4,333
Net income 40,640 59,918 79,860 113,240
Net income attributable to non-controlling interest of subsidiaries (282) (9,756) (416) (17,895)
Net income 40,358 50,162 79,444 95,345
Earnings per common share:        
Basic earnings per share $ 0.67 $ 0.84 $ 1.32 $ 1.60
Diluted earnings per share $ 0.64 $ 0.81 $ 1.27 $ 1.55
Dividends declared per common share $ 0.10 $ 0.08 $ 0.19 $ 0.16
Net realized gain (loss) on investments:        
Total other-than-temporary impairment loss (1,208) (345) (1,208) (345)
Portion of loss recognized in other comprehensive income            
Net impairment losses recognized in earnings (1,208) (345) (1,208) (345)
Other net realized gain (loss) on investments 3,911 961 2,763 1,376
Net realized investment gain (loss) $ 2,703 $ 616 $ 1,555 $ 1,031