Business Segment Operating Results
(Amounts in thousands, except ratios)
| 2012 | |||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||||||
| Insurance-Domestic: | |||||||||||||||||||
| Gross premiums written | $ | 1,038,434 | $ | 1,051,138 | $ | 1,127,578 | $ | 1,044,015 | $ | 4,261,165 | |||||||||
| Net premiums written | 882,943 | 869,319 | 952,332 | 865,289 | 3,569,883 | ||||||||||||||
| Premiums earned | 810,069 | 846,734 | 873,835 | 886,384 | 3,417,022 | ||||||||||||||
| Pre-tax income | 147,735 | 144,640 | 132,498 | 153,627 | 578,500 | ||||||||||||||
| Loss ratio | 62.9 | % | 65.1 | % | 62.9 | % | 63.1 | % | 63.5 | % | |||||||||
| Expense ratio | 33.2 | % | 32.7 | % | 31.8 | % | 32.5 | % | 32.5 | % | |||||||||
| GAAP combined ratio | 96.1 | % | 97.8 | % | 94.7 | % | 95.6 | % | 96.0 | % | |||||||||
| Insurance-International: | |||||||||||||||||||
| Gross premiums written | $ | 200,504 | $ | 217,062 | $ | 170,037 | $ | 214,454 | $ | 802,057 | |||||||||
| Net premiums written | 167,994 | 174,976 | 140,444 | 181,045 | 664,459 | ||||||||||||||
| Premiums earned | 143,885 | 154,501 | 157,773 | 175,682 | 631,841 | ||||||||||||||
| Pre-tax income | 15,699 | 13,782 | 13,806 | 8,352 | 51,639 | ||||||||||||||
| Loss ratio | 57.3 | % | 58.3 | % | 57.8 | % | 64.7 | % | 59.7 | % | |||||||||
| Expense ratio | 40.3 | % | 40.5 | % | 41.3 | % | 38.7 | % | 40.2 | % | |||||||||
| GAAP combined ratio | 97.6 | % | 98.8 | % | 99.1 | % | 103.4 | % | 99.9 | % | |||||||||
| Reinsurance-Global: | |||||||||||||||||||
| Gross premiums written | $ | 162,588 | $ | 162,720 | $ | 197,109 | $ | 194,240 | $ | 716,657 | |||||||||
| Net premiums written | 152,589 | 146,696 | 183,111 | 181,801 | 664,197 | ||||||||||||||
| Premiums earned | 145,697 | 146,122 | 154,925 | 177,909 | 624,653 | ||||||||||||||
| Pre-tax income | 31,638 | 27,454 | 23,048 | 21,550 | 103,690 | ||||||||||||||
| Loss ratio | 60.2 | % | 61.6 | % | 61.9 | % | 72.1 | % | 64.3 | % | |||||||||
| Expense ratio | 37.6 | % | 38.6 | % | 36.4 | % | 33.2 | % | 36.3 | % | |||||||||
| GAAP combined ratio | 97.8 | % | 100.2 | % | 98.3 | % | 105.3 | % | 100.6 | % | |||||||||
| Consolidated: | �� | ||||||||||||||||||
| Gross premiums written | $ | 1,401,526 | $ | 1,430,920 | $ | 1,494,724 | $ | 1,452,709 | $ | 5,779,879 | |||||||||
| Net premiums written | 1,203,526 | 1,190,991 | 1,275,887 | 1,228,135 | 4,898,539 | ||||||||||||||
| Premiums earned | 1,099,651 | 1,147,357 | 1,186,533 | 1,239,975 | 4,673,516 | ||||||||||||||
| Loss ratio | 61.8 | % | 63.7 | % | 62.1 | % | 64.6 | % | 63.1 | % | |||||||||
| Expense ratio | 34.7 | % | 34.5 | % | 33.7 | % | 33.5 | % | 34.1 | % | |||||||||
| GAAP combined ratio | 96.5 | % | 98.2 | % | 95.8 | % | 98.1 | % | 97.2 | % | |||||||||
| Losses from catastrophes: | |||||||||||||||||||
| Insurance-Domestic | $ | 4,378 | $ | 25,713 | $ | 5,909 | $ | 7,217 | $ | 43,217 | |||||||||
| Insurance-International | — | 54 | 735 | 13,163 | 13,952 | ||||||||||||||
| Reinsurance-Global | 28 | 458 | 2,109 | 20,434 | 23,029 | ||||||||||||||
| Total | $ | 4,406 | $ | 26,225 | $ | 8,753 | $ | 40,814 | $ | 80,198 | |||||||||
Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.
Business Segment Operating Results
(Amounts in thousands, except ratios)
| 2011 | 2010 | 2009 | |||||||||||
| Insurance-Domestic: | |||||||||||||
| Gross premiums written | $ | 3,794,862 | $ | 3,388,709 | $ | 3,358,740 | |||||||
| Net premiums written | 3,238,120 | 2,938,223 | 2,931,188 | ||||||||||
| Premiums earned | 3,121,281 | 2,963,486 | 3,069,158 | ||||||||||
| Pre-tax income | 467,126 | 589,138 | 487,835 | ||||||||||
| Loss ratio | 64.9 | % | 61.1 | % | 62.0 | % | |||||||
| Expense ratio | 32.6 | % | 32.5 | % | 31.2 | % | |||||||
| GAAP combined ratio | 97.5 | % | 93.6 | % | 93.2 | % | |||||||
| Insurance-International: | |||||||||||||
| Gross premiums written | $ | 681,424 | $ | 508,350 | $ | 360,511 | |||||||
| Net premiums written | 551,910 | 430,252 | 302,594 | ||||||||||
| Premiums earned | 508,509 | 378,693 | 268,726 | ||||||||||
| Pre-tax income | 36,912 | 15,172 | 20,691 | ||||||||||
| Loss ratio | 57.4 | % | 59.2 | % | 56.8 | % | |||||||
| Expense ratio | 42.7 | % | 43.6 | % | 43.8 | % | |||||||
| GAAP combined ratio | 100.1 | % | 102.8 | % | 100.6 | % | |||||||
| Reinsurance-Global: | |||||||||||||
| Gross premiums written | $ | 601,027 | $ | 519,018 | $ | 534,188 | |||||||
| Net premiums written | 567,338 | 482,451 | 496,313 | ||||||||||
| Premiums earned | 531,077 | 493,403 | 467,965 | ||||||||||
| Pre-tax income | 85,271 | 134,996 | 88,058 | ||||||||||
| Loss ratio | 64.3 | % | 55.9 | % | 59.9 | % | |||||||
| Expense ratio | 38.0 | % | 38.6 | % | 37.3 | % | |||||||
| GAAP combined ratio | 102.3 | % | 94.5 | % | 97.2 | % | |||||||
| Consolidated: | |||||||||||||
| Gross premiums written | $ | 5,077,313 | $ | 4,416,077 | $ | 4,253,439 | |||||||
| Net premiums written | 4,357,368 | 3,850,926 | 3,730,095 | ||||||||||
| Premiums earned | 4,160,867 | 3,835,582 | 3,805,849 | ||||||||||
| Loss ratio | 63.9 | % | 60.2 | % | 61.4 | % | |||||||
| Expense ratio | 34.6 | % | 34.4 | % | 32.9 | % | |||||||
| GAAP combined ratio | 98.5 | % | 94.6 | % | 94.3 | % | |||||||
| Losses from catastrophes: | |||||||||||||
| Insurance-Domestic | $ | 104,306 | $ | 73,487 | $ | 62,815 | |||||||
| Insurance-International | 13,840 | 4,000 | — | ||||||||||
| Reinsurance-Global | 35,219 | 4,000 | — | ||||||||||
| Total | $ | 153,365 | $ | 81,487 | $ | 62,815 | |||||||
Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.