v2.4.0.6

Segments (Tables) | 9 Months Ended
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Sep. 30, 2012
Results of Operations of Business Segments | The following tables summarize the results of operations of the business segments for the three and nine months ended September 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 September 30, 2012: |  |  |  |  |  |  |  |  |  |  |
Gross written premium | $ | 243,603 |  |  | $ | 260,415 |  |  | $ | 202,280 |  |  | $ | 30,258 |  |  | $ | — |  |  | $ | 736,556 |
Net written premium | 133,492 |  |  | 137,106 |  |  | 182,803 |  |  | 30,258 |  |  | — |  |  | 483,659 |
Change in unearned premium | (9,686 | ) |  | (21,371 | ) |  | (63,560 | ) |  | (1,595 | ) |  | — |  |  | (96,212 | )
Net earned premium | 123,806 |  |  | 115,735 |  |  | 119,243 |  |  | 28,663 |  |  | — |  |  | 387,447 |
Ceding commission - primarily related party | 17,845 |  |  | 13,226 |  |  | 18,789 |  |  | — |  |  | — |  |  | 49,860 |
Loss and loss adjustment expense | (81,727 | ) |  | (72,812 | ) |  | (82,619 | ) |  | (18,488 | ) |  | — |  |  | (255,646 | )
Acquisition costs and other underwriting expenses | (48,317 | ) |  | (36,126 | ) |  | (50,551 | ) |  | (8,742 | ) |  | — |  |  | (143,736 | )
| (130,044 | ) |  | (108,938 | ) |  | (133,170 | ) |  | (27,230 | ) |  | — |  |  | (399,382 | )
Underwriting income | 11,607 |  |  | 20,023 |  |  | 4,862 |  |  | 1,433 |  |  | — |  |  | 37,925 |
Service and fee income | 12,403 |  |  | 23,605 |  |  | 1,294 |  |  | — |  |  | 7,259 |  |  | 44,561 |
Investment income and realized gain (loss) | 6,803 |  |  | 7,519 |  |  | 5,624 |  |  | 696 |  |  | — |  |  | 20,642 |
Other expenses | (13,660 | ) |  | (14,713 | ) |  | (11,771 | ) |  | (2,193 | ) |  | — |  |  | (42,337 | )
Interest expense | (2,288 | ) |  | (2,444 | ) |  | (2,102 | ) |  | (384 | ) |  | — |  |  | (7,218 | )
Foreign currency loss | — |  |  | (951 | ) |  | — |  |  | — |  |  | — |  |  | (951 | )
Gain on life settlement contracts | 1,100 |  |  | 1,211 |  |  | 784 |  |  | 156 |  |  | — |  |  | 3,251 |
Provision for income taxes | (3,563 | ) |  | (7,646 | ) |  | 292 |  |  | 66 |  |  | (2,336 | ) |  | (13,187 | )
Equity in earnings of unconsolidated subsidiary – related party | — |  |  | — |  |  | — |  |  | — |  |  | 3,207 |  |  | 3,207 |
Non-controlling interest | (922 | ) |  | (1,024 | ) |  | (594 | ) |  | (123 | ) |  | — |  |  | (2,663 | )
Net income attributable to AmTrust Financial Services, Inc. | $ | 11,480 |  |  | $ | 25,580 |  |  | $ | (1,611 | ) |  | $ | (349 | ) |  | $ | 8,130 |  |  | $ | 43,230 |
(Amounts in Thousands) | Small Commercial Business |  | Specialty Risk and Extended Warranty |  | Specialty Program |  | Personal Lines Reinsurance |  | Corporate and Other |  | Total
Three Months Ended September 30, 2011: |  |  |  |  |  |  |  |  |  |  |
Gross written premium | $ | 145,418 |  |  | $ | 256,493 |  |  | $ | 132,621 |  |  | $ | 26,690 |  |  | $ | — |  |  | $ | 561,222 |
Net written premium | 79,070 |  |  | 149,238 |  |  | 66,905 |  |  | 26,690 |  |  | — |  |  | 321,903 |
Change in unearned premium | 10,807 |  |  | (22,454 | ) |  | (19,958 | ) |  | (1,450 | ) |  | — |  |  | (33,055 | )
Net earned premium | 89,877 |  |  | 126,784 |  |  | 46,947 |  |  | 25,240 |  |  | — |  |  | 288,848 |
Ceding commission - primarily related party | 16,312 |  |  | 14,928 |  |  | 9,492 |  |  | — |  |  | — |  |  | 40,732 |
Loss and loss adjustment expense | (55,721 | ) |  | (83,102 | ) |  | (30,376 | ) |  | (16,153 | ) |  | — |  |  | (185,352 | )
Acquisition costs and other underwriting expenses | (42,074 | ) |  | (39,187 | ) |  | (23,806 | ) |  | (8,203 | ) |  | — |  |  | (113,270 | )
| (97,795 | ) |  | (122,289 | ) |  | (54,182 | ) |  | (24,356 | ) |  | — |  |  | (298,622 | )
Underwriting income | 8,394 |  |  | 19,423 |  |  | 2,257 |  |  | 884 |  |  | — |  |  | 30,958 |
Service and fee income | 6,347 |  |  | 18,413 |  |  | 5 |  |  | — |  |  | 4,050 |  |  | 28,815 |
Investment income and realized gain (loss) | 6,590 |  |  | 4,956 |  |  | 2,997 |  |  | 463 |  |  | — |  |  | 15,006 |
Other expenses | (7,432 | ) |  | (9,857 | ) |  | (6,386 | ) |  | (370 | ) |  | — |  |  | (24,045 | )
Interest expense | (1,219 | ) |  | (1,556 | ) |  | (1,136 | ) |  | (35 | ) |  | — |  |  | (3,946 | )
Foreign currency loss | — |  |  | (4,063 | ) |  | — |  |  | — |  |  | — |  |  | (4,063 | )
Gain on life settlement contracts | 2,096 |  |  | 1,705 |  |  | 3,358 |  |  | (337 | ) |  | — |  |  | 6,822 |
Bargain purchase on Majestic transaction | 5,850 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,850 |
Provision for income taxes | (4,918 | ) |  | (7,666 | ) |  | (519 | ) |  | (198 | ) |  | (996 | ) |  | (14,297 | )
Equity in earnings of unconsolidated subsidiary – related party | — |  |  | — |  |  | — |  |  | — |  |  | (918 | ) |  | (918 | )
Non-controlling interest | (928 | ) |  | (770 | ) |  | (1,461 | ) |  | 143 |  |  | — |  |  | (3,016 | )
Net income attributable to AmTrust Financial Services, Inc. | $ | 14,780 |  |  | $ | 20,585 |  |  | $ | (885 | ) |  | $ | 550 |  |  | $ | 2,136 |  |  | $ | 37,166 |
(Amounts in Thousands) | Small Commercial Business |  | Specialty Risk and Extended Warranty |  | Specialty Program |  | Personal Lines Reinsurance |  | Corporate and Other |  | Total
Nine months ended September 30, 2012: |  |  |  |  |  |  |  |  |  |  |
Gross written premium | $ | 690,081 |  |  | $ | 767,114 |  |  | $ | 428,796 |  |  | $ | 89,690 |  |  | $ | — |  |  | $ | 1,975,681 |
Net written premium | 356,652 |  |  | 450,526 |  |  | 338,157 |  |  | 89,690 |  |  | — |  |  | 1,235,025 |
Change in unearned premium | (46,950 | ) |  | (57,611 | ) |  | (88,385 | ) |  | (6,614 | ) |  | — |  |  | (199,560 | )
Net earned premium | 309,702 |  |  | 392,915 |  |  | 249,772 |  |  | 83,076 |  |  | — |  |  | 1,035,465 |
Ceding commission - primarily related party | 50,435 |  |  | 46,594 |  |  | 43,655 |  |  | — |  |  | — |  |  | 140,684 |
Loss and loss adjustment expense | (201,256 | ) |  | (241,883 | ) |  | (170,639 | ) |  | (53,584 | ) |  | — |  |  | (667,362 | )
Acquisition costs and other underwriting expenses | (133,412 | ) |  | (123,249 | ) |  | (115,475 | ) |  | (25,338 | ) |  | — |  |  | (397,474 | )
| (334,668 | ) |  | (365,132 | ) |  | (286,114 | ) |  | (78,922 | ) |  | — |  |  | (1,064,836 | )
Underwriting income | 25,469 |  |  | 74,377 |  |  | 7,313 |  |  | 4,154 |  |  | — |  |  | 111,313 |
Service and fee income | 38,383 |  |  | 57,252 |  |  | 1,313 |  |  | — |  |  | 21,162 |  |  | 118,110 |
Investment income and realized gain (loss) | 19,055 |  |  | 20,683 |  |  | 11,432 |  |  | 1,889 |  |  | — |  |  | 53,059 |
Other expenses | (38,525 | ) |  | (42,826 | ) |  | (23,938 | ) |  | (5,007 | ) |  | — |  |  | (110,296 | )
Interest expense | (7,441 | ) |  | (8,271 | ) |  | (4,624 | ) |  | (967 | ) |  | — |  |  | (21,303 | )
Foreign currency loss | — |  |  | (2,985 | ) |  | — |  |  | — |  |  | — |  |  | (2,985 | )
Gain on life settlement contracts | 1,851 |  |  | 2,059 |  |  | 1,151 |  |  | 241 |  |  | — |  |  | 5,302 |
Provision for income taxes | (8,653 | ) |  | (22,372 | ) |  | 1,640 |  |  | (69 | ) |  | (6,652 | ) |  | (36,106 | )
Equity in earnings of unconsolidated subsidiary – related party | — |  |  | — |  |  | — |  |  | — |  |  | 8,659 |  |  | 8,659 |
Non-controlling interest | (1,075 | ) |  | (1,196 | ) |  | (668 | ) |  | (140 | ) |  | — |  |  | (3,079 | )
Net income attributable to AmTrust Financial Services, Inc. | $ | 29,064 |  |  | $ | 76,721 |  |  | $ | (6,381 | ) |  | $ | 101 |  |  | $ | 23,169 |  |  | $ | 122,674 |
(Amounts in Thousands) | Small Commercial Business |  | Specialty Risk and Extended Warranty |  | Specialty Program |  | Personal Lines Reinsurance |  | Corporate and Other |  | Total
Nine months ended September 30, 2011: |  |  |  |  |  |  |  |  |  |  |
Gross written premium | $ | 460,741 |  |  | $ | 749,743 |  |  | $ | 275,951 |  |  | $ | 77,276 |  |  | $ | — |  |  | $ | 1,563,711 |
Net written premium | 269,942 |  |  | 438,963 |  |  | 145,422 |  |  | 77,276 |  |  | — |  |  | 931,603 |
Change in unearned premium | (44,170 | ) |  | (117,971 | ) |  | (27,567 | ) |  | (4,427 | ) |  | — |  |  | (194,135 | )
Net earned premium | 225,772 |  |  | 320,992 |  |  | 117,855 |  |  | 72,849 |  |  | — |  |  | 737,468 |
Ceding commission - primarily related party | 48,207 |  |  | 41,614 |  |  | 22,009 |  |  | — |  |  | — |  |  | 111,830 |
Loss and loss adjustment expense | (142,411 | ) |  | (216,579 | ) |  | (78,443 | ) |  | (46,623 | ) |  | — |  |  | (484,056 | )
Acquisition costs and other underwriting expenses | (108,483 | ) |  | (97,493 | ) |  | (54,432 | ) |  | (23,676 | ) |  | — |  |  | (284,084 | )
| (250,894 | ) |  | (314,072 | ) |  | (132,875 | ) |  | (70,299 | ) |  | — |  |  | (768,140 | )
Underwriting income | 23,085 |  |  | 48,534 |  |  | 6,989 |  |  | 2,550 |  |  | — |  |  | 81,158 |
Service and fee income | 16,765 |  |  | 49,823 |  |  | 10 |  |  | — |  |  | 11,948 |  |  | 78,546 |
Investment income and realized gain (loss) | 19,399 |  |  | 14,962 |  |  | 7,502 |  |  | 1,533 |  |  | — |  |  | 43,396 |
Other expenses | (19,457 | ) |  | (29,366 | ) |  | (11,549 | ) |  | (2,433 | ) |  | — |  |  | (62,805 | )
Interest expense | (3,728 | ) |  | (5,627 | ) |  | (2,213 | ) |  | (466 | ) |  | — |  |  | (12,034 | )
Foreign currency loss | — |  |  | (1,827 | ) |  | — |  |  | — |  |  | — |  |  | (1,827 | )
Gain on life settlement contracts | 14,978 |  |  | 22,605 |  |  | 8,890 |  |  | 1,873 |  |  | — |  |  | 48,346 |
Bargain purchase on Majestic transaction | 5,850 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,850 |
Provision for income taxes | (9,645 | ) |  | (16,802 | ) |  | (1,632 | ) |  | (518 | ) |  | (2,026 | ) |  | (30,623 | )
Equity in earnings of unconsolidated subsidiary – related party | — |  |  | — |  |  | — |  |  | — |  |  | 3,415 |  |  | 3,415 |
Non-controlling interest | (6,479 | ) |  | (9,777 | ) |  | (3,845 | ) |  | (810 | ) |  | — |  |  | (20,911 | )
Net income | $ | 40,768 |  |  | $ | 72,525 |  |  | $ | 4,152 |  |  | $ | 1,729 |  |  | $ | 13,337 |  |  | $ | 132,511 |
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 September 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 September 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net | $ | 25,397 |  |  | $ | 28,232 |  |  | $ | 15,781 |  |  | $ | 3,301 |  |  | $ | — |  |  | $ | 72,711 |
Goodwill and intangible assets | 179,775 |  |  | 214,886 |  |  | 22,452 |  |  | — |  |  | — |  |  | 417,113 |
Total assets | 2,577,354 |  |  | 2,778,836 |  |  | 1,234,582 |  |  | 175,262 |  |  | — |  |  | 6,766,034 |
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 |

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- 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 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 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 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 + Details
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