Navigators (NAVG) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	NAVG
Entity Registrant Name	NAVIGATORS GROUP INC
Entity Central Index Key	793,547
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		14,397,354

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments and cash:
Fixed maturities, available-for-sale, at fair value (amortized cost: 2015: $2,291,137; 2014: $2,323,959)	$ 2,313,937	$ 2,365,934
Equity securities, available-for-sale, at fair value (cost: 2015: $179,917; 2014: $154,843)	195,078	184,295
Short-term investments, at fair value (amortized cost: 2015: $201,688; 2014: $179,527)	201,748	179,506
Cash	89,250	90,751
Total investments and cash	2,800,013	2,820,486
Premiums receivable	407,122	342,479
Prepaid reinsurance premiums	260,010	237,851
Reinsurance recoverable on paid losses	124,439	51,347
Reinsurance recoverable on unpaid losses and loss adjustment expenses	780,297	851,498
Deferred policy acquisition costs	84,905	79,452
Accrued investment income	14,573	14,791
Goodwill and other intangible assets	6,947	7,013
Current income tax receivable, net	16,109	14,549
Deferred income tax, net	7,658
Other assets	39,159	44,710
Total assets	4,541,232	4,464,176
Liabilities:
Reserves for losses and loss adjustment expenses	2,131,157	2,159,634
Unearned premiums	857,068	766,167
Reinsurance balances payable	155,423	152,774
Senior notes	263,509	263,440
Deferred income tax, net		1,467
Accounts payable and other liabilities	80,446	93,470
Total liabilities	$ 3,487,603	$ 3,436,952
Stockholders' equity:
Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued
Common stock, $.10 par value, authorized 50,000,000 shares, issued 17,908,734 shares for 2015 and 17,792,846 shares for 2014	$ 1,791	$ 1,778
Additional paid-in capital	350,151	347,022
Treasury stock, at cost (3,511,380 shares for 2015 and 2014)	(155,801)	(155,801)
Retained earnings	832,779	787,666
Accumulated other comprehensive income	24,709	46,559
Total stockholders' equity	1,053,629	1,027,224
Total liabilities and stockholders' equity	$ 4,541,232	$ 4,464,176

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fixed maturities, available-for-sale, amortized cost	$ 2,291,137	$ 2,323,959
Equity securities, available-for-sale, cost	179,917	154,843
Short-term investments, amortized cost	$ 201,688	$ 179,527
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, authorized shares	1,000,000	1,000,000
Preferred stock, issued shares	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, authorized shares	50,000,000	50,000,000
Common stock, issued shares	17,908,734	17,792,846
Treasury stock, shares	3,511,380	3,511,380

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gross written premiums	$ 379,471	$ 348,795	$ 775,931	$ 771,585
Revenues:
Net written premiums	258,244	231,864	547,202	543,714
Change in unearned premiums	(15,916)	(780)	(68,742)	(87,358)
Net earned premiums	242,328	231,084	478,460	456,356
Net investment income	16,595	15,648	32,848	32,258
Net realized gains (losses):
Total other-than-temporary impairment losses	(423)		(423)
Portion of loss recognized in other comprehensive income (before tax)	0	0	0	0
Net other-than-temporary impairment losses recognized in earnings	(423)		(423)
Other realized gains (losses)	4,339	4,473	9,935	5,306
Net realized gains (losses)	3,916	4,473	9,512	5,306
Other income (loss)	(4,362)	(1,665)	(2,120)	8,734
Total revenues	258,477	249,540	518,700	502,654
Expenses:
Net losses and loss adjustment expenses	141,973	140,220	272,171	275,287
Commission expenses	31,480	32,150	64,385	57,877
Other operating expenses	52,789	47,992	107,698	95,138
Interest expense	3,856	4,319	7,711	8,171
Total expenses	230,098	224,681	451,965	436,473
Income (loss) before income taxes	28,379	24,859	66,735	66,181
Income tax expense	9,195	7,998	21,622	21,352
Net income	$ 19,184	$ 16,861	$ 45,113	$ 44,829
Net income per common share:
Basic	$ 1.33	$ 1.18	$ 3.14	$ 3.15
Diluted	$ 1.30	$ 1.17	$ 3.06	$ 3.11
Average common shares outstanding:
Basic	14,396,048	14,259,753	14,370,123	14,246,701
Diluted	14,763,002	14,377,476	14,726,282	14,401,740

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 19,184	$ 16,861	$ 45,113	$ 44,829
Change in net unrealized gains (losses) on investments:
Unrealized gains (losses) on investments arising during the period, net of deferred tax of $11,023 and ($12,810) in 2015 and 2014, respectively	(23,884)	10,769	(20,929)	24,290
Reclassification adjustment for net realized (gains) losses included in net income net of deferred tax of $663 and ($879) in 2015 and 2014, respectively	(130)	2,520	(1,231)	1,633
Change in net unrealized gains (losses) on investments	(24,014)	13,289	(22,160)	25,923
Change in other-than-temporary impairments:
Non credit other-than-temporary impairments arising during the period, net of deferred tax of $10 and ($69) in 2015 and 2014, respectively	(32)	73	(17)	130
Reclassification adjustment for other-than-temporary impairment credit losses recognized in net income net of deferred tax of ($143) in 2015 and $0 in 2014	266		316
Change in other-than-temporary impairments	234	73	299	130
Change in foreign currency translation gains (losses), net of deferred tax of ($422) and ($785) in 2015 and 2014, respectively	807	2,742	11	(4,997)
Other comprehensive income (loss)	(22,973)	16,104	(21,850)	21,056
Comprehensive income (loss)	$ (3,789)	$ 32,965	$ 23,263	$ 65,885

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unrealized gains (losses) on investments arising during the period, deferred tax	$ 12,615	$ (5,686)	$ 11,023	$ (12,810)
Reclassification adjustment for net realized (gains) losses included in net income, deferred tax	70	(1,357)	663	(879)
Non credit other-than-temporary impairments arising during the period, deferred tax	17	(40)	10	(69)
Reclassification adjustment for non credit other-than-temporary impairment losses recognized in net income, deferred tax	(143)	0	(170)	0
Change in foreign currency translation gains (losses), deferred tax	$ (422)	$ (785)	$ (7)	$ 2,800

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2014		17,792,846		3,511,380
Beginning balance at Dec. 31, 2014	$ 1,027,224	$ 1,778	$ 347,022	$ (155,801)	$ 787,666	$ 46,559
Net income	45,113				45,113
Changes in other comprehensive income:
Change in net unrealized gain (loss) on investments	(21,844)					(21,844)
Change in net non-credit other- than-temporary impairment losses	(17)					(17)
Change in foreign currency translation gain (loss)	11					11
Other comprehensive income (loss)	(21,850)					(21,850)
Shares issued under stock plan (in shares)		115,888
Shares issued under stock plan	(3,744)	$ 13	(3,757)
Share-based compensation	6,886		6,886
Ending balance (in shares) at Jun. 30, 2015		17,908,734		3,511,380
Ending balance at Jun. 30, 2015	$ 1,053,629	$ 1,791	$ 350,151	$ (155,801)	$ 832,779	$ 24,709

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 45,113	$ 44,829
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation & amortization	2,424	2,482
Deferred income taxes	2,268	49
Net realized (gains) losses	(9,935)	(5,306)
Net other-than-temporary impairments recognized in earnings	423
Changes in assets and liabilities:
Reinsurance recoverable on paid and unpaid losses and loss adjustment expenses	(1,891)	(23,233)
Reserves for losses and loss adjustment expenses	(28,478)	92,731
Prepaid reinsurance premiums	(22,159)	1,518
Unearned premiums	90,901	87,547
Premiums receivable	(64,643)	(92,097)
Deferred policy acquisition costs	(5,453)	(9,968)
Accrued investment income	219	(713)
Reinsurance balances payable	2,888	(7,991)
Current income tax payable, net	(1,781)	2,437
Accounts payable	(21,145)	(6,594)
Other	13,935	(7,543)
Net cash provided by (used in) operating activities	2,686	78,148
Fixed maturities
Redemptions and maturities	78,127	103,838
Sales	252,250	200,325
Purchases	(303,725)	(445,533)
Equity securities
Sales	64,046	10,832
Purchases	(79,870)	(38,007)
Change in payable for securities	7,824	10,991
Net change in short-term investments	(22,214)	69,881
Purchase of property and equipment	(1,233)	(4,986)
Net cash provided by (used in) investing activities	(4,795)	(92,659)
Financing activities:
Proceeds of stock issued from employee stock purchase plan	608	453
Proceeds of stock issued from exercise of stock options		153
Net cash provided by (used in) financing activities	608	606
Change in cash	(1,501)	(13,905)
Cash at beginning of year	90,751	86,509
Cash at end of period	89,250	72,604
Supplemental cash information:
Income taxes paid, net	26,585	18,918
Interest paid	7,619	8,084
Issuance of stock to directors	$ 563	$ 438

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization and Summary of Significant Accounting Policies	Note 1. Organization and Summary of Significant Accounting Policies Unless the context requires otherwise, the terms “we,” “us,” “our,” or “our Company” are used to mean The Navigators Group, Inc., a Delaware holding company established in 1982, and its subsidiaries. The terms “Parent” or “Parent Company” are used to mean The Navigators Group, Inc. without its subsidiaries. Organization We are an international insurance company with a long-standing area of specialization in Marine insurance. Our Property and Casualty (“P&C”) insurance business primarily offers General Liability coverage and Umbrella & Excess Liability coverage to commercial enterprises through our Primary and Excess Casualty divisions. We have also developed niches in Professional Liability insurance, through our Management Liability and Errors & Omissions (“E&O”) divisions. Beginning in 2010, we added reinsurance products through our Assumed Reinsurance division. We operate through various wholly-owned subsidiaries, including Navigators Insurance Company, inclusive of its United Kingdom Branch (“U.K. Branch”), and Navigators Specialty Insurance Company, both of which are U.S. insurance companies, and Navigators Underwriting Agency Ltd., a Lloyd’s of London (“Lloyd’s”) underwriting agency that manages Lloyd’s Syndicate 1221 (“the Syndicate”) in the U.K. The Company controls 100% of the Syndicate’s stamp capacity. Basis of Presentation The accompanying Interim Consolidated Financial Statements are unaudited and reflect all adjustments, which, in the opinion of management, are necessary to fairly present the results of The Navigators Group, Inc. and its subsidiaries for the interim periods presented on the basis of United States generally accepted accounting principles (“GAAP” or “U.S. GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. The preparation of these Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Financial Statements and the reported revenues and expenses during the reporting periods. The results of operations for any interim period are not necessarily indicative of results for the full year. The Interim Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014. Certain amounts for the prior year have been reclassified to conform with the current period presentation. Foreign Exchange Remeasurement and Translation During the first quarter of 2014, the Syndicate revised its foreign exchange accounting methodology from reporting its financial position and results using three functional currencies (GBP, USD and CAD) to one functional currency (USD). The USD was chosen as the single functional currency as the majority of the Syndicate’s insurance business has been and continues to be transacted in USD. This cumulative change in remeasurement has resulted in an immaterial correction of $10.0 million ($6.6 million after-tax) in Accumulated other comprehensive income (“AOCI”), on the Consolidated Balance Sheets, offset by a gain in Other income (loss) in the Consolidated Statements of Income. Income Taxes The income tax provision has been computed based on our estimated annual effective tax rate. Our effective tax rate for the quarter differs from the federal tax rate of 35% principally because of tax-exempt investment income and dividends received deduction. Current and Pending Accounting Pronouncements As of January 1, 2015, we did not adopt any new accounting pronouncements. In 2015, the Financial Accounting Standards Board issued the following new pronouncements that may have an impact on our Company and we are assessing the future impact of these updates to our Consolidated Financial Statements: • Accounting Standards Update 2015-03 – Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs, which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to simplify presentation of debt issuance costs. • Accounting Standards Update 2015-05 – Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to provide guidance to customers about whether a cloud computing arrangement includes a software license. • Accounting Standards Update 2015-07 – Fair Value Measurement – (Topic 820) Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent) (a consensus of the Emerging Issues Task Force), which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. • Accounting Standards Update 2015-09 – Financial Services Insurance – (Topic 944) Disclosures about Short-Duration Contracts, effective for annual periods beginning after December 15, 2015. The new pronouncement was issued to (1) increase the usefulness of the information about a reporting entity’s insurance liabilities, including the nature, amount, timing, and uncertainty of cash flows related to those liabilities and the effect of those cash flows on the Statements of Comprehensive Income and (2) improve comparability between reporting entities, regardless of the type of entity issuing the contract. There were no additional pending accounting pronouncements that are expected to have a significant impact on the Consolidated Financial Statements upon adoption.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Information	Note 2. Segment Information During the first quarter of 2015, we realigned our reporting segments from Insurance Companies, Lloyd’s Operations and Corporate to U.S. Insurance, International Insurance (“Int’l Insurance”), Global Reinsurance (“GlobalRe”) and Corporate. The new segment presentation reflects an increase in the level of importance that the Chief Operating Decision Maker now places on the results of the underlying operating segments when aggregated and reported in alignment with the products and services offered to the marketplace versus when aggregated and reported in alignment with our legal entity structure. Over the past few years, we have been monitoring the growth and stability of our reinsurance business and in 2015 determined that reinsurance has become a stable and significant component of our Company. We are also increasing our focus on additional international insurance markets by establishing underwriting offices in Continental Europe. The offices were fully operational during our January renewal season. We considered these changes in conjunction with operating and reportable segments. Our previously reported segments were consistent with our legal entity structure; however, our new reporting segments are now primarily reflective of where our business is written. We reclassified our international business from our previously reported Lloyd’s Operations segment to the Int’l Insurance segment. We also reclassified our non-Lloyd’s business written internationally (primarily business written by the U.K. Branch) into this segment and have excluded Assumed Reinsurance. Our new GlobalRe segment was previously reported within our U.S. Insurance and Lloyd’s Operations segments as Assumed Reinsurance. Our U.S. Insurance segment now excludes the U.K. Branch and Assumed Reinsurance. Our Corporate segment now includes investment income (loss), Interest income (loss), Other income (loss) primarily consisting of foreign exchange gain (loss) and Income tax (expense) benefit, which are not allocated to the U.S. Insurance, Int’l Insurance and GlobalRe segments (together, “underwriting segments”). We do not allocate assets under the new reporting segments, as it is impracticable to do so. As noted above, we classify our business into three underwriting segments (U.S. Insurance, Int’l Insurance and GlobalRe) and a Corporate Segment. Both the U.S. Insurance and Int’l Insurance reporting segments are each comprised of three operating segments: Marine, P&C and Professional Liability. We evaluate the performance of each of the underwriting segments based on underwriting results. Underwriting results are measured based on underwriting profit or loss and the related Combined ratio, which are both non-GAAP measures of underwriting profitability. Underwriting profit or loss is calculated from Net earned premiums less the sum of Net losses and Loss Adjustment Expenses (“LAE”), Commission expenses, Other operating expenses and Other underwriting income (expense). The Combined ratio is derived by dividing the sum of Net losses and LAE, Commission expenses, Other operating expenses and Other underwriting income (expense) by Net earned premiums. A Combined ratio of less than 100% indicates an underwriting profit and greater than 100% indicates an underwriting loss. Our underwriting performance is evaluated separately from the rest of our operations. The performance of our investment portfolios, our liquidity and capital resource needs, our foreign currency exposure and our tax planning strategies are evaluated on a consolidated basis within our Corporate segment. The accounting policies used to prepare the segment reporting data for our reportable segments are the same as those described in Note 1 and Note 3 of our Annual Report on Form 10-K for the year ended December 31, 2014. In addition, 2014 data presented in this Quarterly Report has been recast to align with the new segment reporting described above. Financial data by segment for the three and six months ended June 30, 2015 and 2014 was as follows: Three Months Ended June 30, 2015 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 137,304 $ 63,186 $ 41,838 $ — $ 242,328 Net losses and LAE (84,155 ) (32,363 ) (25,455 ) — (141,973 ) Commission expenses (12,275 ) (11,298 ) (8,039 ) 132 (31,480 ) Other operating expenses (31,374 ) (17,366 ) (4,049 ) — (52,789 ) Other underwriting income (expense) 121 — 36 (132 ) 25 Underwriting profit (loss) $ 9,621 $ 2,159 $ 4,331 $ — $ 16,111 Net investment income 16,595 16,595 Net realized gains (losses) 3,916 3,916 Interest expense (3,856 ) (3,856 ) Other income (loss) (4,387 ) (4,387 ) Income before income taxes $ 9,621 $ 2,159 $ 4,331 $ 12,268 $ 28,379 Income tax (expense) benefit (9,195 ) (9,195 ) Net income (loss) $ 19,184 Losses and LAE ratio 61.3 % 51.2 % 60.8 % 58.6 % Commission expense ratio 8.9 % 17.9 % 19.2 % 13.0 % Other operating expense ratio (2) 22.8 % 27.5 % 9.6 % 21.8 % Combined ratio 93.0 % 96.6 % 89.6 % 93.4 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Three Months Ended June 30, 2014 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 125,254 $ 59,661 $ 46,169 $ — $ 231,084 Net losses and LAE (73,131 ) (35,293 ) (31,796 ) — (140,220 ) Commission expenses (13,219 ) (11,009 ) (8,468 ) 546 (32,150 ) Other operating expenses (28,840 ) (15,436 ) (3,716 ) — (47,992 ) Other underwriting income (expense) 736 11 34 (546 ) 235 Underwriting profit (loss) $ 10,800 $ (2,066 ) $ 2,223 $ — $ 10,957 Net investment income 15,648 15,648 Net realized gains (losses) 4,473 4,473 Interest expense (4,319 ) (4,319 ) Other income (loss) (1,900 ) (1,900 ) Income before income taxes $ 10,800 $ (2,066 ) $ 2,223 $ 13,902 $ 24,859 Income tax (expense) benefit (7,998 ) (7,998 ) Net income (loss) $ 16,861 Losses and LAE ratio 58.4 % 59.2 % 68.9 % 60.7 % Commission expense ratio 10.6 % 18.5 % 18.3 % 13.9 % Other operating expense ratio (2) 22.4 % 25.8 % 8.0 % 20.7 % Combined ratio 91.4 % 103.5 % 95.2 % 95.3 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Six Months Ended June 30, 2015 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 268,395 $ 128,711 $ 81,354 $ — $ 478,460 Net losses and LAE (161,954 ) (62,054 ) (48,163 ) — (272,171 ) Commission expenses (26,620 ) (22,711 ) (15,337 ) 283 (64,385 ) Other operating expenses (65,062 ) (34,375 ) (8,261 ) — (107,698 ) Other underwriting income (expense) 317 — 46 (283 ) 80 Underwriting profit (loss) $ 15,076 $ 9,571 $ 9,639 $ — $ 34,286 Net investment income 32,848 32,848 Net realized gains (losses) 9,512 9,512 Interest expense (7,711 ) (7,711 ) Other income (loss) (2,200 ) (2,200 ) Income (loss) before income taxes $ 15,076 $ 9,571 $ 9,639 $ 32,449 $ 66,735 Income tax (expense) benefit (21,622 ) (21,622 ) Net income (loss) $ 45,113 Losses and LAE ratio 60.3 % 48.2 % 59.2 % 56.9 % Commission expense ratio 9.9 % 17.6 % 18.9 % 13.5 % Other operating expense ratio (2) 24.2 % 26.8 % 10.1 % 22.4 % Combined ratio 94.4 % 92.6 % 88.2 % 92.8 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Six Months Ended June 30, 2014 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 240,444 $ 121,715 $ 94,197 $ — $ 456,356 Net losses and LAE (146,095 ) (66,513 ) (62,679 ) — (275,287 ) Commission expenses (22,728 ) (19,864 ) (16,340 ) 1,055 (57,877 ) Other operating expenses (56,833 ) (30,495 ) (7,810 ) — (95,138 ) Other underwriting income (expense) 1,249 17 179 (1,055 ) 390 Underwriting profit (loss) $ 16,037 $ 4,860 $ 7,547 $ — $ 28,444 Net investment income 32,258 32,258 Net realized gains (losses) 5,306 5,306 Interest expense (8,171 ) (8,171 ) Other income (loss) 8,344 8,344 Income (loss) before income taxes $ 16,037 $ 4,860 $ 7,547 $ 37,737 $ 66,181 Income tax (expense) benefit (21,352 ) (21,352 ) Net income (loss) $ 44,829 Losses and LAE ratio 60.8 % 54.6 % 66.5 % 60.3 % Commission expense ratio 9.5 % 16.3 % 17.3 % 12.7 % Other operating expense ratio (2) 23.0 % 25.1 % 8.2 % 20.8 % Combined ratio 93.3 % 96.0 % 92.0 % 93.8 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Revenue by operating segment for the three and six months ended June 30, 2015 and 2014 was as follows: Three months ended June 30, 2015 Three months ended June 30, 2014 % Change amounts in thousands Gross Ceded Net Net Gross Ceded Net Net Gross Ceded Net Net U.S. Insurance Marine $ 41,803 $ (15,026 ) $ 26,777 $ 25,977 $ 42,548 $ (11,587 ) $ 30,961 $ 26,727 -1.7 % 29.7 % -13.5 % -2.8 % P&C 170,216 (49,305 ) 120,911 96,440 137,137 (40,452 ) 96,685 76,585 24.1 % 21.9 % 25.1 % 25.9 % Professional Liability 27,968 (14,551 ) 13,417 14,887 27,018 (7,965 ) 19,053 21,942 3.5 % 82.7 % -29.6 % -32.2 % Total 239,987 (78,882 ) 161,105 137,304 206,703 (60,004 ) 146,699 125,254 16.1 % 31.5 % 9.8 % 9.6 % Int’l Insurance Marine $ 41,432 $ (9,126 ) $ 32,306 $ 40,132 $ 47,532 $ (17,033 ) $ 30,499 $ 34,177 -12.8 % -46.4 % 5.9 % 17.4 % P&C 41,615 (24,513 ) 17,102 10,199 51,305 (31,284 ) 20,021 16,466 -18.9 % -21.6 % -14.6 % -38.1 % Professional Liability 25,743 (7,982 ) 17,761 12,855 21,895 (8,028 ) 13,867 9,018 17.6 % -0.6 % 28.1 % 42.5 % Total 108,790 (41,621 ) 67,169 63,186 120,732 (56,345 ) 64,387 59,661 -9.9 % -26.1 % 4.3 % 5.9 % GlobalRe $ 30,694 $ (724 ) $ 29,970 $ 41,838 $ 21,360 $ (582 ) $ 20,778 $ 46,169 43.7 % 24.4 % 44.2 % -9.4 % Total $ 379,471 $ (121,227 ) $ 258,244 $ 242,328 $ 348,795 $ (116,931 ) $ 231,864 $ 231,084 8.8 % 3.7 % 11.4 % 4.9 % Six months ended June 30, 2015 Six months ended June 30, 2014 % Change amounts in thousands Gross Ceded Net Net Gross Ceded Net Net Gross Ceded Net Net U.S. Insurance Marine $ 82,638 $ (31,312 ) $ 51,326 $ 49,901 $ 85,573 $ (20,757 ) $ 64,816 $ 54,713 -3.4 % 50.8 % -20.8 % -8.8 % P&C 304,362 (88,863 ) 215,499 187,175 262,256 (86,608 ) 175,648 141,516 16.1 % 2.6 % 22.7 % 32.3 % Professional Liability 52,314 (27,437 ) 24,877 31,319 57,222 (17,705 ) 39,517 44,215 -8.6 % 55.0 % -37.0 % -29.2 % Total 439,314 (147,612 ) 291,702 268,395 405,051 (125,070 ) 279,981 240,444 8.5 % 18.0 % 4.2 % 11.6 % Int’l Insurance Marine $ 108,842 $ (19,948 ) $ 88,894 $ 77,924 $ 109,514 $ (29,427 ) $ 80,087 $ 72,221 -0.6 % -32.2 % 11.0 % 7.9 % P&C 74,565 (40,642 ) 33,923 26,233 93,555 (55,748 ) 37,807 32,907 -20.3 % -27.1 % -10.3 % -20.3 % Professional Liability 47,810 (15,287 ) 32,523 24,554 36,855 (13,752 ) 23,103 16,587 29.7 % 11.2 % 40.8 % 48.0 % Total 231,217 (75,877 ) 155,340 128,711 239,924 (98,927 ) 140,997 121,715 -3.6 % -23.3 % 10.2 % 5.7 % GlobalRe $ 105,400 $ (5,240 ) $ 100,160 $ 81,354 $ 126,610 $ (3,874 ) $ 122,736 $ 94,197 -16.8 % 35.3 % -18.4 % -13.6 % Total $ 775,931 $ (228,729 ) $ 547,202 $ 478,460 $ 771,585 $ (227,871 ) $ 543,714 $ 456,356 0.6 % 0.4 % 0.6 % 4.8 %

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments	Note 3. Investments The following tables set forth our Company’s investments as of June 30, 2015 and December 31, 2014 and include Other-than-temporary-impairment (“OTTI”) securities recognized within AOCI: As of June 30, 2015 amounts in thousands Fair Value Gross Gross Cost or Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 295,687 $ 3,407 $ (6,173 ) $ 298,453 States, municipalities and political subdivisions 565,188 12,511 (2,531 ) 555,208 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 343,916 6,501 (2,100 ) 339,515 Residential mortgage obligations 32,396 1,010 (102 ) 31,488 Asset-backed securities 195,512 433 (488 ) 195,567 Commercial mortgage-backed securities 216,185 4,814 (1,481 ) 212,852 Subtotal $ 788,009 $ 12,758 $ (4,171 ) $ 779,422 Corporate bonds 665,053 10,210 (3,211 ) 658,054 Total fixed maturities $ 2,313,937 $ 38,886 $ (16,086 ) $ 2,291,137 Equity securities 195,078 18,733 (3,572 ) 179,917 Short-term investments 201,748 60 — 201,688 Total Investments $ 2,710,763 $ 57,679 $ (19,658 ) $ 2,672,742 As of December 31, 2014 amounts in thousands Fair Value Gross Gross Cost or Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 397,923 $ 3,431 $ (5,965 ) $ 400,457 States, municipalities and political subdivisions 541,007 19,204 (558 ) 522,361 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 364,622 8,476 (998 ) 357,144 Residential mortgage obligations 34,087 1,153 (138 ) 33,072 Asset-backed securities 206,413 380 (964 ) 206,997 Commercial mortgage-backed securities 206,318 6,630 (98 ) 199,786 Subtotal $ 811,440 $ 16,639 $ (2,198 ) $ 796,999 Corporate bonds 615,564 13,048 (1,626 ) 604,142 Total fixed maturities $ 2,365,934 $ 52,322 $ (10,347 ) $ 2,323,959 Equity securities 184,295 30,756 (1,304 ) 154,843 Short-term investments 179,506 — (21 ) 179,527 Total Investments $ 2,729,735 $ 83,078 $ (11,672 ) $ 2,658,329 As of June 30, 2015 and December 31, 2014, our Company did not have a concentration of greater than 5% of invested assets in a single non-U.S. government-backed issuer. As of June 30, 2015 and December 31, 2014, fixed maturities for which non-credit OTTI was previously recognized and included in AOCI are now in an unrealized gains position of $0.6 million and $0.7 million, respectively. The fair value of our Company’s investment portfolio may fluctuate significantly in response to various factors such as changes in interest rates, investment quality ratings, equity prices, foreign exchange rates and credit spreads. Our Company does not have the intent to sell nor is it more likely than not that it will have to sell fixed maturities in unrealized loss positions that are not other-than-temporarily impaired before recovery. For structured securities, default probability and severity assumptions differ based on property type, vintage and the stress of the collateral. Our Company does not intend to sell, and it is more likely than not that our Company will not be required to sell, these securities before the recovery of the amortized cost basis. For equity securities, our Company also considers our intent to hold securities as part of the process of evaluating whether a decline in fair value represents an other-than-temporary decline in value. Our Company may realize investment losses to the extent our liquidity needs require the disposition of fixed maturity securities in unfavorable interest rate, liquidity or credit spread environments. Significant changes in the factors our Company considers when evaluating investments for impairment losses could result in a significant change in impairment losses reported in the Consolidated Financial Statements. The contractual maturity dates for fixed maturities categorized by the number of years until maturity as of June 30, 2015 are shown in the following table: As of June 30, 2015 amounts in thousands Fair Value Amortized Due in one year or less $ 64,435 $ 67,319 Due after one year through five years 721,735 713,956 Due after five years through ten years 350,030 345,148 Due after ten years 389,728 385,292 Mortgage- and asset-backed securities 788,009 779,422 Total $ 2,313,937 $ 2,291,137 Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Prepayment assumptions associated with the mortgage-backed and asset-backed securities are reviewed on a periodic basis. When changes in prepayment assumptions are deemed necessary as the result of actual prepayments differing from anticipated prepayments, securities are revalued based upon the new prepayment assumptions utilizing the retrospective accounting method. Due to the periodic repayment of principal, the mortgage-backed and asset-backed securities are estimated to have an effective maturity of approximately 4.7 years. The following tables summarize all securities in a gross unrealized loss position as of June 30, 2015 and December 31, 2014, showing the aggregate fair value and gross unrealized loss by the length of time those securities have continuously been in a gross unrealized loss position: As of June 30, 2015 Less than 12 months Greater than 12 months Total amounts in thousands Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 99,590 $ (2,204 ) $ 21,152 $ (3,969 ) $ 120,742 $ (6,173 ) States, municipalities and political subdivisions 168,021 (2,186 ) 4,726 (345 ) 172,747 (2,531 ) Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 117,372 (1,215 ) 21,434 (885 ) 138,806 (2,100 ) Residential mortgage obligations 5,361 (29 ) 2,110 (73 ) 7,471 (102 ) Asset-backed securities 69,998 (161 ) 46,500 (327 ) 116,498 (488 ) Commercial mortgage-backed securities 70,869 (1,459 ) 2,352 (22 ) 73,221 (1,481 ) Subtotal $ 263,600 $ (2,864 ) $ 72,396 $ (1,307 ) $ 335,996 $ (4,171 ) Corporate bonds 251,053 (2,783 ) 3,766 (428 ) 254,819 (3,211 ) Total fixed maturities $ 782,264 $ (10,037 ) $ 102,040 $ (6,049 ) $ 884,304 $ (16,086 ) Equity securities 72,857 (3,572 ) — — 72,857 (3,572 ) Total fixed maturities and equity securities $ 855,121 $ (13,609 ) $ 102,040 $ (6,049 ) $ 957,161 $ (19,658 ) As of December 31, 2014 Less than 12 months Greater than 12 months Total amounts in thousands Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 87,915 $ (1,061 ) $ 117,683 $ (4,904 ) $ 205,598 $ (5,965 ) States, municipalities and political subdivisions 16,349 (60 ) 37,340 (498 ) 53,689 (558 ) Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 18,881 (80 ) 58,301 (918 ) 77,182 (998 ) Residential mortgage obligations 5,625 (50 ) 1,728 (88 ) 7,353 (138 ) Asset-backed securities 110,275 (539 ) 34,530 (425 ) 144,805 (964 ) Commercial mortgage-backed securities 19,741 (71 ) 1,391 (27 ) 21,132 (98 ) Subtotal $ 154,522 $ (740 ) $ 95,950 $ (1,458 ) $ 250,472 $ (2,198 ) Corporate bonds 190,461 (871 ) 31,126 (755 ) 221,587 (1,626 ) Total fixed maturities $ 449,247 $ (2,732 ) $ 282,099 $ (7,615 ) $ 731,346 $ (10,347 ) Equity securities 19,690 (1,297 ) 238 (7 ) 19,928 (1,304 ) Total fixed maturities and equity securities $ 468,937 $ (4,029 ) $ 282,337 $ (7,622 ) $ 751,274 $ (11,651 ) As of June 30, 2015, there were 345 fixed maturities and 49 equity securities in an unrealized loss position. In the above table, the gross unrealized loss for the greater than 12 months category consists primarily of agency and foreign government bonds principally due to an unfavorable foreign exchange movement. As of December 31, 2014, there were 259 fixed maturities and 15 equity securities in an unrealized loss position. The gross unrealized loss for the greater than 12 months category consists primarily of Treasury and agency bonds, due to an increase in interest rates and unfavorable foreign exchange movement. As of June 30, 2015 and December 31, 2014, the largest unrealized loss by a non-government backed issuer in the investment portfolio was $0.9 million and $0.5 million, respectively. Our Company analyzes impaired securities quarterly to determine if any are other-than-temporary. The above securities with unrealized losses have been determined to be temporarily impaired based on our evaluation. For fixed maturities, when assessing whether the amortized cost basis of the security will be recovered, our Company compares the present value of cash flows expected to be collected in relation to the current book value. Any shortfalls of the present value of the cash flows expected to be collected to the amortized cost basis is considered the credit loss portion of OTTI losses and is recognized in earnings. All non-credit losses are recognized as changes in OTTI losses within AOCI. To determine whether the unrealized loss on structured securities is other-than-temporary, our Company analyzes the projections provided by our investment managers with respect to an expected principal loss under a range of scenarios and utilizes the most likely outcomes. The analysis relies on actual collateral performance measures such as default rate, prepayment rate and loss severity. These assumptions are applied throughout the remaining term of the deal, incorporating the transaction structure and priority of payments, to generate loss adjusted cash flows. Results of the analysis will indicate whether the security is expected ultimately to incur a loss or whether there is a material impact on yield due to either a projected loss or a change in cash flow timing. A break-even default rate is also calculated. A comparison of the break-even default rate to the actual default rate provides an indication of the level of cushion or coverage to the first dollar principal loss. The analysis applies the stated assumptions throughout the remaining term of the transaction to forecast cash flows, which are then applied through the transaction structure to determine whether there is a loss to the security. For securities in which a tranche loss is present and the net present value of loss adjusted cash flows is less than book value, impairment is recognized. The output data also includes a number of additional metrics such as average life remaining, original and current credit support, over 60 day delinquency and security rating. The significant inputs used to measure the amount of credit loss recognized in earnings were actual delinquency rates, default probability, severity and prepayment assumptions. Projected losses are a function of both loss severity and probability of default. Default probability and severity assumptions differ based on property type, vintage and the stress of the collateral. Our Company does not intend to sell, and it is more likely than not that it will not be required to sell, these securities before the recovery of the amortized cost basis. For equity securities, in general, our Company focuses our attention on those securities with a fair value less than 80% of their cost for six or more consecutive months. If warranted as the result of conditions relating to a particular security, our Company will focus on a significant decline in fair value regardless of the time period involved. Factors considered in evaluating potential impairment include, but are not limited to, the current fair value as compared to cost of the security, the length of time the investment has been below cost and by how much the investment is below cost. If an equity security is deemed to be other-than-temporarily impaired, the cost is written down to fair value with the loss recognized in earnings. Our Company’s ability to hold securities is supported by sufficient cash flow from our operations and from maturities within our investment portfolio in order to meet our claims payments and other disbursement obligations arising from our underwriting operations without selling such investments. With respect to securities where the decline in value is determined to be temporary and the security’s value is not written down, a subsequent decision may be made to sell that security and realize a loss. Subsequent decisions on security sales are made within the context of overall risk monitoring, changing information and market conditions. Our Company had one credit related OTTI loss of $0.4 million in the equity portfolio during the three and six months ended June 30, 2015. The Company did not have any credit related OTTI losses during the three and six months ended June 30, 2014. As of June 30, 2015 and 2014, the cumulative amounts related to our Company’s credit loss portion of the OTTI losses on fixed maturities were $2.4 million and $5.2 million, respectively. There was no activity for the three and six months ended June 30, 2015 and 2014 related to these amounts. Our Company does not intend to sell, and it is more likely than not that it will not be required to sell, the securities prior to recovery of the amortized cost basis and for which the non-credit loss portion is included in AOCI. Our Company’s Net investment income was derived from the following sources: Three Months Ended June 30, Six Months Ended June 30, amounts in thousands 2015 2014 2015 2014 Fixed maturities $ 15,259 $ 14,188 $ 30,308 $ 28,142 Equity securities 1,873 1,971 3,840 5,204 Short-term investments 146 242 330 459 Total investment income $ 17,278 $ 16,401 $ 34,478 $ 33,805 Investment expenses (683 ) (753 ) (1,630 ) (1,547 ) Net investment income $ 16,595 $ 15,648 $ 32,848 $ 32,258 Realized gains and losses, excluding net OTTI losses recognized in earnings, for the periods indicated, were as follows: Three Months Ended June 30, Six Months Ended June 30, amounts in thousands 2015 2014 2015 2014 Fixed maturities: Gains $ 1,231 $ 3,113 $ 2,405 $ 4,979 Losses (1,518 ) (56 ) (2,090 ) (2,106 ) Fixed maturities, net $ (287 ) $ 3,057 $ 315 $ 2,873 Short-term: Gains $ 112 $ — $ 26 $ — Losses (11 ) — (79 ) — Short-term, net $ 101 $ — $ (53 ) $ — Equity securities: Gains $ 4,753 $ 1,416 $ 11,078 $ 3,336 Losses (228 ) — (1,405 ) (903 ) Equity securities, net $ 4,525 $ 1,416 $ 9,673 $ 2,433 Net realized gains (losses) $ 4,339 $ 4,473 $ 9,935 $ 5,306

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2015
Fair Value Measurement	Note 4. Fair Value Measurement The fair value of our financial instruments is determined based on the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets. Examples are listed equity and fixed income securities traded on an exchange. U.S. Treasury securities are reported as Level 1 and are valued based on unadjusted quoted prices for identical assets in active markets that our Company can access. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Examples are asset-backed and mortgage-backed securities that are similar to other asset-backed or mortgage-backed securities observed in the market. U.S. government agency securities are reported as Level 2 and are valued using yields and spreads that are observable in active markets. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. An example would be a private placement with minimal liquidity. The following tables present, for each of the fair value hierarchy levels as defined by the accounting guidance for fair value measurements and described below, our Company’s fixed maturities and equity securities by asset class that are measured at fair value on a recurring basis, as well as the fair value of the 5.75% Senior notes due October 15, 2023 (the “Senior notes”) carried at amortized cost as of June 30, 2015 and December 31, 2014: As of June 30, 2015 amounts in thousands Level 1 Level 2 Level 3 Total Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 80,425 $ 215,262 $ — $ 295,687 States, municipalities and political subdivisions — 565,188 — 565,188 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities — 343,916 — 343,916 Residential mortgage obligations — 32,396 — 32,396 Asset-backed securities — 195,512 — 195,512 Commercial mortgage-backed securities — 216,185 — 216,185 Subtotal $ — $ 788,009 $ — $ 788,009 Corporate bonds — 665,053 — 665,053 Total fixed maturities $ 80,425 $ 2,233,512 $ — $ 2,313,937 Equity securities 122,650 72,428 — 195,078 Short-term investments 201,748 — — 201,748 Total assets measured at fair value $ 404,823 $ 2,305,940 $ — $ 2,710,763 Senior notes $ — $ 282,502 $ — $ 282,502 Total liabilities measured at fair value $ — $ 282,502 $ — $ 282,502 As of December 31, 2014 amounts in thousands Level 1 Level 2 Level 3 Total Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 146,904 $ 251,019 $ — $ 397,923 States, municipalities and political subdivisions — 541,007 — 541,007 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities — 364,622 — 364,622 Residential mortgage obligations — 34,087 — 34,087 Asset-backed securities — 206,413 — 206,413 Commercial mortgage-backed securities — 206,318 — 206,318 Subtotal $ — $ 811,440 $ — $ 811,440 Corporate bonds — 615,564 — 615,564 Total fixed maturities $ 146,904 $ 2,219,030 $ — $ 2,365,934 Equity securities 127,183 57,112 — 184,295 Short-term investments 179,506 — — 179,506 Total assets measured at fair value $ 453,593 $ 2,276,142 $ — $ 2,729,735 Senior notes $ — $ 285,710 $ — $ 285,710 Total liabilities measured at fair value $ — $ 285,710 $ — $ 285,710 All other financial assets and liabilities including Cash, Premium receivable, Reinsurance recoverable and Reinsurance balances payable are carried at cost, which approximates fair value. Our Company did not have any significant transfers between the Level 1 and Level 2 classifications for the three and six months ended June 30, 2015 and 2014. As of June 30, 2015, our Company did not have any Level 3 assets. During 2014, one security was transferred from Level 3 to Level 2 as our Company was able to obtain a valuation in which all significant inputs to the model are observable in active markets.

Ceded Reinsurance

Ceded Reinsurance	6 Months Ended
	Jun. 30, 2015
Ceded Reinsurance	Note 5. Ceded Reinsurance As of June 30, 2015, the credit quality distribution of our Company’s Reinsurance recoverable of $1.2 billion for ceded paid losses, ceded unpaid losses and LAE, and ceded unearned premiums based on insurer financial strength ratings from A.M. Best or S&P was not significantly different from the credit quality distribution as of December 31, 2014. Our allowance for uncollectible reinsurance was $8.2 million and $11.3 million as of June 30, 2015 and December 31, 2014, respectively. The reduction in our allowance for uncollectible reinsurance was the result of payments of outstanding balances from one of our large reinsurers. As of June 30, 2015, our 20 largest reinsurers measured by the amount of Reinsurance recoverable for ceded losses and LAE and ceded unearned premium, together with the reinsurance recoverable and collateral, were not significantly different from December 31, 2014.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies	Note 6. Commitments and Contingencies In 2013, the State of Connecticut (“the State”) awarded our Company up to $11.5 million ($8.0 million in loans and $3.5 million in grants) to move our corporate headquarters to Stamford, Connecticut. The loan is non-interest bearing, has a term of 10 years and is subject to forgiveness based on our compliance with certain conditions set forth in the agreement with the State. The amount of the loan to be received is dependent on our Company reaching certain milestones for creation of new jobs over a five-year period, and the funds are to be used to offset certain equipment purchases, facility costs, training of employees and other eligible project-related costs. Our Company completed the move to Stamford in September 2013 and received $7.5 million of the award, which is comprised of $6.0 million of the loan and $1.5 million of the grant for reaching the first job milestone. Earning of the grant and forgiveness of the loan is subject to certain conditions, including maintaining the required jobs for an extended period of time. As of June 30, 2015, the length of time commitment has not been met. However, our Company expects to meet all the conditions for the state to forgive the amount of the loan received to date, and accordingly, is recognizing the amount of loan and grants received over the period in which our Company recognizes the expenses for which the assistance is intended to compensate as a reduction of such expenses. Our Company recognized $0.3 million and $0.5 million of the incentive for the three and six months ended June 30, 2015, respectively. As of June 30, 2015 and December 31, 2014, our Company has deferred revenue of $5.6 million and $6.1 million, respectively, which is included in Other liabilities on the Consolidated Balance Sheets. In the ordinary course of conducting business, our Company’s subsidiaries are involved in various legal proceedings, either indirectly as insurers for parties or directly as defendants. Most of these proceedings consist of claims litigation involving the Company’s subsidiaries as either: (a) liability insurers defending or providing indemnity for third party claims brought against insureds or (b) insurers defending first party coverage claims brought against them. Our Company accounts for such activity through the establishment of unpaid losses and LAE reserves. Our Company’s management believes that the ultimate liability, if any, with respect to such ordinary-course claims litigation, after consideration of provisions made for potential losses and cost of defense, will not be material to our Company’s Consolidated Balance Sheets, Consolidated Statements of Income or Consolidated Statements of Cash Flows. Our Company’s subsidiaries are also from time to time involved with other legal actions, some of which assert claims for substantial amounts. These actions include claims asserting extra contractual obligations, such as claims involving allegations of bad faith in the handling of claims or the underwriting of policies. In general, our Company believes it has valid defenses to these cases. Our Company’s management expects that the ultimate liability, if any, with respect to future extra-contractual matters will not be material to our Consolidated Balance Sheets, Consolidated Statements of Income or Consolidated Statements of Cash Flows. Nonetheless, given the large or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of litigation, an adverse outcome in such matters could, from time to time, have a material adverse outcome on our Company’s Consolidated Statements of Income or Consolidated Statements of Cash Flows in a particular fiscal quarter or year.

Stock Options, Stock Grants, SA

Stock Options, Stock Grants, SARs and ESPP	6 Months Ended
	Jun. 30, 2015
Stock Options, Stock Grants, SARs and ESPP	Note 7. Stock Options, Stock Grants, SARs and ESPP Stock-based compensation granted under the Company’s stock plans is expensed in tranches over the vesting period. Options and non-performance based grants generally vest equally over a three or four-year period and the options have a maximum term of ten years. For the six months ended June 30, 2015 we granted 197,708 stock incentive units at a grant price between $73.62 and $78.86. Each performance unit and restricted stock unit represents a contingent right to receive one share of common stock as of the vesting date. Such common stock may be subject to forfeiture for the payment of any required tax withholding.

Organization and Summary of S16

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Organization	Organization We are an international insurance company with a long-standing area of specialization in Marine insurance. Our Property and Casualty (“P&C”) insurance business primarily offers General Liability coverage and Umbrella & Excess Liability coverage to commercial enterprises through our Primary and Excess Casualty divisions. We have also developed niches in Professional Liability insurance, through our Management Liability and Errors & Omissions (“E&O”) divisions. Beginning in 2010, we added reinsurance products through our Assumed Reinsurance division. We operate through various wholly-owned subsidiaries, including Navigators Insurance Company, inclusive of its United Kingdom Branch (“U.K. Branch”), and Navigators Specialty Insurance Company, both of which are U.S. insurance companies, and Navigators Underwriting Agency Ltd., a Lloyd’s of London (“Lloyd’s”) underwriting agency that manages Lloyd’s Syndicate 1221 (“the Syndicate”) in the U.K. The Company controls 100% of the Syndicate’s stamp capacity.
Basis of Presentation	Basis of Presentation The accompanying Interim Consolidated Financial Statements are unaudited and reflect all adjustments, which, in the opinion of management, are necessary to fairly present the results of The Navigators Group, Inc. and its subsidiaries for the interim periods presented on the basis of United States generally accepted accounting principles (“GAAP” or “U.S. GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. The preparation of these Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Financial Statements and the reported revenues and expenses during the reporting periods. The results of operations for any interim period are not necessarily indicative of results for the full year. The Interim Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014. Certain amounts for the prior year have been reclassified to conform with the current period presentation.
Foreign Exchange Remeasurement and Translation	Foreign Exchange Remeasurement and Translation During the first quarter of 2014, the Syndicate revised its foreign exchange accounting methodology from reporting its financial position and results using three functional currencies (GBP, USD and CAD) to one functional currency (USD). The USD was chosen as the single functional currency as the majority of the Syndicate’s insurance business has been and continues to be transacted in USD. This cumulative change in remeasurement has resulted in an immaterial correction of $10.0 million ($6.6 million after-tax) in Accumulated other comprehensive income (“AOCI”), on the Consolidated Balance Sheets, offset by a gain in Other income (loss) in the Consolidated Statements of Income.
Income Taxes	Income Taxes The income tax provision has been computed based on our estimated annual effective tax rate. Our effective tax rate for the quarter differs from the federal tax rate of 35% principally because of tax-exempt investment income and dividends received deduction.
Current and Pending Accounting Pronouncements	Current and Pending Accounting Pronouncements As of January 1, 2015, we did not adopt any new accounting pronouncements. In 2015, the Financial Accounting Standards Board issued the following new pronouncements that may have an impact on our Company and we are assessing the future impact of these updates to our Consolidated Financial Statements: • Accounting Standards Update 2015-03 – Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs, which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to simplify presentation of debt issuance costs. • Accounting Standards Update 2015-05 – Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to provide guidance to customers about whether a cloud computing arrangement includes a software license. • Accounting Standards Update 2015-07 – Fair Value Measurement – (Topic 820) Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its equivalent) (a consensus of the Emerging Issues Task Force), which will be effective for fiscal years beginning after December 15, 2015. The new pronouncement was issued to ensure that all investments categorized in the fair value hierarchy are classified using a consistent approach. • Accounting Standards Update 2015-09 – Financial Services Insurance – (Topic 944) Disclosures about Short-Duration Contracts, effective for annual periods beginning after December 15, 2015. The new pronouncement was issued to (1) increase the usefulness of the information about a reporting entity’s insurance liabilities, including the nature, amount, timing, and uncertainty of cash flows related to those liabilities and the effect of those cash flows on the Statements of Comprehensive Income and (2) improve comparability between reporting entities, regardless of the type of entity issuing the contract. There were no additional pending accounting pronouncements that are expected to have a significant impact on the Consolidated Financial Statements upon adoption.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Data by Segment	Financial data by segment for the three and six months ended June 30, 2015 and 2014 was as follows: Three Months Ended June 30, 2015 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 137,304 $ 63,186 $ 41,838 $ — $ 242,328 Net losses and LAE (84,155 ) (32,363 ) (25,455 ) — (141,973 ) Commission expenses (12,275 ) (11,298 ) (8,039 ) 132 (31,480 ) Other operating expenses (31,374 ) (17,366 ) (4,049 ) — (52,789 ) Other underwriting income (expense) 121 — 36 (132 ) 25 Underwriting profit (loss) $ 9,621 $ 2,159 $ 4,331 $ — $ 16,111 Net investment income 16,595 16,595 Net realized gains (losses) 3,916 3,916 Interest expense (3,856 ) (3,856 ) Other income (loss) (4,387 ) (4,387 ) Income before income taxes $ 9,621 $ 2,159 $ 4,331 $ 12,268 $ 28,379 Income tax (expense) benefit (9,195 ) (9,195 ) Net income (loss) $ 19,184 Losses and LAE ratio 61.3 % 51.2 % 60.8 % 58.6 % Commission expense ratio 8.9 % 17.9 % 19.2 % 13.0 % Other operating expense ratio (2) 22.8 % 27.5 % 9.6 % 21.8 % Combined ratio 93.0 % 96.6 % 89.6 % 93.4 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Three Months Ended June 30, 2014 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 125,254 $ 59,661 $ 46,169 $ — $ 231,084 Net losses and LAE (73,131 ) (35,293 ) (31,796 ) — (140,220 ) Commission expenses (13,219 ) (11,009 ) (8,468 ) 546 (32,150 ) Other operating expenses (28,840 ) (15,436 ) (3,716 ) — (47,992 ) Other underwriting income (expense) 736 11 34 (546 ) 235 Underwriting profit (loss) $ 10,800 $ (2,066 ) $ 2,223 $ — $ 10,957 Net investment income 15,648 15,648 Net realized gains (losses) 4,473 4,473 Interest expense (4,319 ) (4,319 ) Other income (loss) (1,900 ) (1,900 ) Income before income taxes $ 10,800 $ (2,066 ) $ 2,223 $ 13,902 $ 24,859 Income tax (expense) benefit (7,998 ) (7,998 ) Net income (loss) $ 16,861 Losses and LAE ratio 58.4 % 59.2 % 68.9 % 60.7 % Commission expense ratio 10.6 % 18.5 % 18.3 % 13.9 % Other operating expense ratio (2) 22.4 % 25.8 % 8.0 % 20.7 % Combined ratio 91.4 % 103.5 % 95.2 % 95.3 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Six Months Ended June 30, 2015 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 268,395 $ 128,711 $ 81,354 $ — $ 478,460 Net losses and LAE (161,954 ) (62,054 ) (48,163 ) — (272,171 ) Commission expenses (26,620 ) (22,711 ) (15,337 ) 283 (64,385 ) Other operating expenses (65,062 ) (34,375 ) (8,261 ) — (107,698 ) Other underwriting income (expense) 317 — 46 (283 ) 80 Underwriting profit (loss) $ 15,076 $ 9,571 $ 9,639 $ — $ 34,286 Net investment income 32,848 32,848 Net realized gains (losses) 9,512 9,512 Interest expense (7,711 ) (7,711 ) Other income (loss) (2,200 ) (2,200 ) Income (loss) before income taxes $ 15,076 $ 9,571 $ 9,639 $ 32,449 $ 66,735 Income tax (expense) benefit (21,622 ) (21,622 ) Net income (loss) $ 45,113 Losses and LAE ratio 60.3 % 48.2 % 59.2 % 56.9 % Commission expense ratio 9.9 % 17.6 % 18.9 % 13.5 % Other operating expense ratio (2) 24.2 % 26.8 % 10.1 % 22.4 % Combined ratio 94.4 % 92.6 % 88.2 % 92.8 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense). Six Months Ended June 30, 2014 amounts in thousands U.S. Int’l GlobalRe Corporate (1) Total Net earned premiums $ 240,444 $ 121,715 $ 94,197 $ — $ 456,356 Net losses and LAE (146,095 ) (66,513 ) (62,679 ) — (275,287 ) Commission expenses (22,728 ) (19,864 ) (16,340 ) 1,055 (57,877 ) Other operating expenses (56,833 ) (30,495 ) (7,810 ) — (95,138 ) Other underwriting income (expense) 1,249 17 179 (1,055 ) 390 Underwriting profit (loss) $ 16,037 $ 4,860 $ 7,547 $ — $ 28,444 Net investment income 32,258 32,258 Net realized gains (losses) 5,306 5,306 Interest expense (8,171 ) (8,171 ) Other income (loss) 8,344 8,344 Income (loss) before income taxes $ 16,037 $ 4,860 $ 7,547 $ 37,737 $ 66,181 Income tax (expense) benefit (21,352 ) (21,352 ) Net income (loss) $ 44,829 Losses and LAE ratio 60.8 % 54.6 % 66.5 % 60.3 % Commission expense ratio 9.5 % 16.3 % 17.3 % 12.7 % Other operating expense ratio (2) 23.0 % 25.1 % 8.2 % 20.8 % Combined ratio 93.3 % 96.0 % 92.0 % 93.8 % (1) - Includes Corporate segment intercompany eliminations. (2) - Includes Other operating expenses and Other underwriting income (expense).
Additional Financial Data by Segment	Revenue by operating segment for the three and six months ended June 30, 2015 and 2014 was as follows: Three months ended June 30, 2015 Three months ended June 30, 2014 % Change amounts in thousands Gross Ceded Net Net Gross Ceded Net Net Gross Ceded Net Net U.S. Insurance Marine $ 41,803 $ (15,026 ) $ 26,777 $ 25,977 $ 42,548 $ (11,587 ) $ 30,961 $ 26,727 -1.7 % 29.7 % -13.5 % -2.8 % P&C 170,216 (49,305 ) 120,911 96,440 137,137 (40,452 ) 96,685 76,585 24.1 % 21.9 % 25.1 % 25.9 % Professional Liability 27,968 (14,551 ) 13,417 14,887 27,018 (7,965 ) 19,053 21,942 3.5 % 82.7 % -29.6 % -32.2 % Total 239,987 (78,882 ) 161,105 137,304 206,703 (60,004 ) 146,699 125,254 16.1 % 31.5 % 9.8 % 9.6 % Int’l Insurance Marine $ 41,432 $ (9,126 ) $ 32,306 $ 40,132 $ 47,532 $ (17,033 ) $ 30,499 $ 34,177 -12.8 % -46.4 % 5.9 % 17.4 % P&C 41,615 (24,513 ) 17,102 10,199 51,305 (31,284 ) 20,021 16,466 -18.9 % -21.6 % -14.6 % -38.1 % Professional Liability 25,743 (7,982 ) 17,761 12,855 21,895 (8,028 ) 13,867 9,018 17.6 % -0.6 % 28.1 % 42.5 % Total 108,790 (41,621 ) 67,169 63,186 120,732 (56,345 ) 64,387 59,661 -9.9 % -26.1 % 4.3 % 5.9 % GlobalRe $ 30,694 $ (724 ) $ 29,970 $ 41,838 $ 21,360 $ (582 ) $ 20,778 $ 46,169 43.7 % 24.4 % 44.2 % -9.4 % Total $ 379,471 $ (121,227 ) $ 258,244 $ 242,328 $ 348,795 $ (116,931 ) $ 231,864 $ 231,084 8.8 % 3.7 % 11.4 % 4.9 % Six months ended June 30, 2015 Six months ended June 30, 2014 % Change amounts in thousands Gross Ceded Net Net Gross Ceded Net Net Gross Ceded Net Net U.S. Insurance Marine $ 82,638 $ (31,312 ) $ 51,326 $ 49,901 $ 85,573 $ (20,757 ) $ 64,816 $ 54,713 -3.4 % 50.8 % -20.8 % -8.8 % P&C 304,362 (88,863 ) 215,499 187,175 262,256 (86,608 ) 175,648 141,516 16.1 % 2.6 % 22.7 % 32.3 % Professional Liability 52,314 (27,437 ) 24,877 31,319 57,222 (17,705 ) 39,517 44,215 -8.6 % 55.0 % -37.0 % -29.2 % Total 439,314 (147,612 ) 291,702 268,395 405,051 (125,070 ) 279,981 240,444 8.5 % 18.0 % 4.2 % 11.6 % Int’l Insurance Marine $ 108,842 $ (19,948 ) $ 88,894 $ 77,924 $ 109,514 $ (29,427 ) $ 80,087 $ 72,221 -0.6 % -32.2 % 11.0 % 7.9 % P&C 74,565 (40,642 ) 33,923 26,233 93,555 (55,748 ) 37,807 32,907 -20.3 % -27.1 % -10.3 % -20.3 % Professional Liability 47,810 (15,287 ) 32,523 24,554 36,855 (13,752 ) 23,103 16,587 29.7 % 11.2 % 40.8 % 48.0 % Total 231,217 (75,877 ) 155,340 128,711 239,924 (98,927 ) 140,997 121,715 -3.6 % -23.3 % 10.2 % 5.7 % GlobalRe $ 105,400 $ (5,240 ) $ 100,160 $ 81,354 $ 126,610 $ (3,874 ) $ 122,736 $ 94,197 -16.8 % 35.3 % -18.4 % -13.6 % Total $ 775,931 $ (228,729 ) $ 547,202 $ 478,460 $ 771,585 $ (227,871 ) $ 543,714 $ 456,356 0.6 % 0.4 % 0.6 % 4.8 %

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments Including Other-Than-Temporarily Impaired Securities Recognized within Other Comprehensive Income	The following tables set forth our Company’s investments as of June 30, 2015 and December 31, 2014 and include Other-than-temporary-impairment (“OTTI”) securities recognized within AOCI: As of June 30, 2015 amounts in thousands Fair Value Gross Gross Cost or Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 295,687 $ 3,407 $ (6,173 ) $ 298,453 States, municipalities and political subdivisions 565,188 12,511 (2,531 ) 555,208 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 343,916 6,501 (2,100 ) 339,515 Residential mortgage obligations 32,396 1,010 (102 ) 31,488 Asset-backed securities 195,512 433 (488 ) 195,567 Commercial mortgage-backed securities 216,185 4,814 (1,481 ) 212,852 Subtotal $ 788,009 $ 12,758 $ (4,171 ) $ 779,422 Corporate bonds 665,053 10,210 (3,211 ) 658,054 Total fixed maturities $ 2,313,937 $ 38,886 $ (16,086 ) $ 2,291,137 Equity securities 195,078 18,733 (3,572 ) 179,917 Short-term investments 201,748 60 — 201,688 Total Investments $ 2,710,763 $ 57,679 $ (19,658 ) $ 2,672,742 As of December 31, 2014 amounts in thousands Fair Value Gross Gross Cost or Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 397,923 $ 3,431 $ (5,965 ) $ 400,457 States, municipalities and political subdivisions 541,007 19,204 (558 ) 522,361 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 364,622 8,476 (998 ) 357,144 Residential mortgage obligations 34,087 1,153 (138 ) 33,072 Asset-backed securities 206,413 380 (964 ) 206,997 Commercial mortgage-backed securities 206,318 6,630 (98 ) 199,786 Subtotal $ 811,440 $ 16,639 $ (2,198 ) $ 796,999 Corporate bonds 615,564 13,048 (1,626 ) 604,142 Total fixed maturities $ 2,365,934 $ 52,322 $ (10,347 ) $ 2,323,959 Equity securities 184,295 30,756 (1,304 ) 154,843 Short-term investments 179,506 — (21 ) 179,527 Total Investments $ 2,729,735 $ 83,078 $ (11,672 ) $ 2,658,329
Scheduled Maturity Dates for Fixed Maturity Securities by Number of Years Until Maturity	The contractual maturity dates for fixed maturities categorized by the number of years until maturity as of June 30, 2015 are shown in the following table: As of June 30, 2015 amounts in thousands Fair Value Amortized Due in one year or less $ 64,435 $ 67,319 Due after one year through five years 721,735 713,956 Due after five years through ten years 350,030 345,148 Due after ten years 389,728 385,292 Mortgage- and asset-backed securities 788,009 779,422 Total $ 2,313,937 $ 2,291,137
Summary of Aggregate Fair Value and Gross Unrealized Loss by Length of Time Securities had Continuously been in Gross Unrealized Loss Position	The following tables summarize all securities in a gross unrealized loss position as of June 30, 2015 and December 31, 2014, showing the aggregate fair value and gross unrealized loss by the length of time those securities have continuously been in a gross unrealized loss position: As of June 30, 2015 Less than 12 months Greater than 12 months Total amounts in thousands Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 99,590 $ (2,204 ) $ 21,152 $ (3,969 ) $ 120,742 $ (6,173 ) States, municipalities and political subdivisions 168,021 (2,186 ) 4,726 (345 ) 172,747 (2,531 ) Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 117,372 (1,215 ) 21,434 (885 ) 138,806 (2,100 ) Residential mortgage obligations 5,361 (29 ) 2,110 (73 ) 7,471 (102 ) Asset-backed securities 69,998 (161 ) 46,500 (327 ) 116,498 (488 ) Commercial mortgage-backed securities 70,869 (1,459 ) 2,352 (22 ) 73,221 (1,481 ) Subtotal $ 263,600 $ (2,864 ) $ 72,396 $ (1,307 ) $ 335,996 $ (4,171 ) Corporate bonds 251,053 (2,783 ) 3,766 (428 ) 254,819 (3,211 ) Total fixed maturities $ 782,264 $ (10,037 ) $ 102,040 $ (6,049 ) $ 884,304 $ (16,086 ) Equity securities 72,857 (3,572 ) — — 72,857 (3,572 ) Total fixed maturities and equity securities $ 855,121 $ (13,609 ) $ 102,040 $ (6,049 ) $ 957,161 $ (19,658 ) As of December 31, 2014 Less than 12 months Greater than 12 months Total amounts in thousands Fair Value Gross Fair Value Gross Fair Value Gross Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 87,915 $ (1,061 ) $ 117,683 $ (4,904 ) $ 205,598 $ (5,965 ) States, municipalities and political subdivisions 16,349 (60 ) 37,340 (498 ) 53,689 (558 ) Mortgage-backed and asset-backed securities: Agency mortgage-backed securities 18,881 (80 ) 58,301 (918 ) 77,182 (998 ) Residential mortgage obligations 5,625 (50 ) 1,728 (88 ) 7,353 (138 ) Asset-backed securities 110,275 (539 ) 34,530 (425 ) 144,805 (964 ) Commercial mortgage-backed securities 19,741 (71 ) 1,391 (27 ) 21,132 (98 ) Subtotal $ 154,522 $ (740 ) $ 95,950 $ (1,458 ) $ 250,472 $ (2,198 ) Corporate bonds 190,461 (871 ) 31,126 (755 ) 221,587 (1,626 ) Total fixed maturities $ 449,247 $ (2,732 ) $ 282,099 $ (7,615 ) $ 731,346 $ (10,347 ) Equity securities 19,690 (1,297 ) 238 (7 ) 19,928 (1,304 ) Total fixed maturities and equity securities $ 468,937 $ (4,029 ) $ 282,337 $ (7,622 ) $ 751,274 $ (11,651 )
Net Investment Income	Our Company’s Net investment income was derived from the following sources: Three Months Ended June 30, Six Months Ended June 30, amounts in thousands 2015 2014 2015 2014 Fixed maturities $ 15,259 $ 14,188 $ 30,308 $ 28,142 Equity securities 1,873 1,971 3,840 5,204 Short-term investments 146 242 330 459 Total investment income $ 17,278 $ 16,401 $ 34,478 $ 33,805 Investment expenses (683 ) (753 ) (1,630 ) (1,547 ) Net investment income $ 16,595 $ 15,648 $ 32,848 $ 32,258
Realized Gains and Losses, Excluding Net Other-Than-Temporary Impairment Losses Recognized in Earnings	Realized gains and losses, excluding net OTTI losses recognized in earnings, for the periods indicated, were as follows: Three Months Ended June 30, Six Months Ended June 30, amounts in thousands 2015 2014 2015 2014 Fixed maturities: Gains $ 1,231 $ 3,113 $ 2,405 $ 4,979 Losses (1,518 ) (56 ) (2,090 ) (2,106 ) Fixed maturities, net $ (287 ) $ 3,057 $ 315 $ 2,873 Short-term: Gains $ 112 $ — $ 26 $ — Losses (11 ) — (79 ) — Short-term, net $ 101 $ — $ (53 ) $ — Equity securities: Gains $ 4,753 $ 1,416 $ 11,078 $ 3,336 Losses (228 ) — (1,405 ) (903 ) Equity securities, net $ 4,525 $ 1,416 $ 9,673 $ 2,433 Net realized gains (losses) $ 4,339 $ 4,473 $ 9,935 $ 5,306

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2015
Fixed Maturities and Equity Securities by Asset Class that are Measured at Fair Value	The following tables present, for each of the fair value hierarchy levels as defined by the accounting guidance for fair value measurements and described below, our Company’s fixed maturities and equity securities by asset class that are measured at fair value on a recurring basis, as well as the fair value of the 5.75% Senior notes due October 15, 2023 (the “Senior notes”) carried at amortized cost as of June 30, 2015 and December 31, 2014: As of June 30, 2015 amounts in thousands Level 1 Level 2 Level 3 Total Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 80,425 $ 215,262 $ — $ 295,687 States, municipalities and political subdivisions — 565,188 — 565,188 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities — 343,916 — 343,916 Residential mortgage obligations — 32,396 — 32,396 Asset-backed securities — 195,512 — 195,512 Commercial mortgage-backed securities — 216,185 — 216,185 Subtotal $ — $ 788,009 $ — $ 788,009 Corporate bonds — 665,053 — 665,053 Total fixed maturities $ 80,425 $ 2,233,512 $ — $ 2,313,937 Equity securities 122,650 72,428 — 195,078 Short-term investments 201,748 — — 201,748 Total assets measured at fair value $ 404,823 $ 2,305,940 $ — $ 2,710,763 Senior notes $ — $ 282,502 $ — $ 282,502 Total liabilities measured at fair value $ — $ 282,502 $ — $ 282,502 As of December 31, 2014 amounts in thousands Level 1 Level 2 Level 3 Total Fixed maturities: U.S. Treasury bonds, agency bonds and foreign government bonds $ 146,904 $ 251,019 $ — $ 397,923 States, municipalities and political subdivisions — 541,007 — 541,007 Mortgage-backed and asset-backed securities: Agency mortgage-backed securities — 364,622 — 364,622 Residential mortgage obligations — 34,087 — 34,087 Asset-backed securities — 206,413 — 206,413 Commercial mortgage-backed securities — 206,318 — 206,318 Subtotal $ — $ 811,440 $ — $ 811,440 Corporate bonds — 615,564 — 615,564 Total fixed maturities $ 146,904 $ 2,219,030 $ — $ 2,365,934 Equity securities 127,183 57,112 — 184,295 Short-term investments 179,506 — — 179,506 Total assets measured at fair value $ 453,593 $ 2,276,142 $ — $ 2,729,735 Senior notes $ — $ 285,710 $ — $ 285,710 Total liabilities measured at fair value $ — $ 285,710 $ — $ 285,710

Organization and Summary of S20

Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Organization And Summary Of Significant Accounting Policies [Line Items]
Remeasurement of Foreign Currency	$ 10
Remeasurement of Foreign currency, After tax	$ 6.6
Effective Tax Rate	35.00%
Syndicate 1,221
Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage control of stamp capacity	100.00%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of underwriting Segments	3
Number of Operating Segments	3

Financial Data by Segment (Deta

Financial Data by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net earned premiums		$ 242,328	$ 231,084	$ 478,460	$ 456,356
Net losses and LAE		(141,973)	(140,220)	(272,171)	(275,287)
Commission expenses		(31,480)	(32,150)	(64,385)	(57,877)
Other operating expenses		(52,789)	(47,992)	(107,698)	(95,138)
Other underwriting income (expense)		25	235	80	390
Underwriting profit (loss)		16,111	10,957	34,286	28,444
Net investment income		16,595	15,648	32,848	32,258
Net realized gains (losses)		3,916	4,473	9,512	5,306
Interest expense		(3,856)	(4,319)	(7,711)	(8,171)
Other income (loss)		(4,387)	(1,900)	(2,200)	8,344
Income (loss) before income taxes		28,379	24,859	66,735	66,181
Income tax (expense) benefit		(9,195)	(7,998)	(21,622)	(21,352)
Net income (loss)		$ 19,184	$ 16,861	$ 45,113	$ 44,829
Losses and LAE ratio		58.60%	60.70%	56.90%	60.30%
Commission expense ratio		13.00%	13.90%	13.50%	12.70%
Other operating expense ratio	[1]	21.80%	20.70%	22.40%	20.80%
Combined ratio		93.40%	95.30%	92.80%	93.80%
U.S.Insurance
Segment Reporting Information [Line Items]
Net earned premiums		$ 137,304	$ 125,254	$ 268,395	$ 240,444
Net losses and LAE		(84,155)	(73,131)	(161,954)	(146,095)
Commission expenses		(12,275)	(13,219)	(26,620)	(22,728)
Other operating expenses		(31,374)	(28,840)	(65,062)	(56,833)
Other underwriting income (expense)		121	736	317	1,249
Underwriting profit (loss)		9,621	10,800	15,076	16,037
Income (loss) before income taxes		$ 9,621	$ 10,800	$ 15,076	$ 16,037
Losses and LAE ratio		61.30%	58.40%	60.30%	60.80%
Commission expense ratio		8.90%	10.60%	9.90%	9.50%
Other operating expense ratio	[1]	22.80%	22.40%	24.20%	23.00%
Combined ratio		93.00%	91.40%	94.40%	93.30%
International Insurance
Segment Reporting Information [Line Items]
Net earned premiums		$ 63,186	$ 59,661	$ 128,711	$ 121,715
Net losses and LAE		(32,363)	(35,293)	(62,054)	(66,513)
Commission expenses		(11,298)	(11,009)	(22,711)	(19,864)
Other operating expenses		(17,366)	(15,436)	(34,375)	(30,495)
Other underwriting income (expense)			11		17
Underwriting profit (loss)		2,159	(2,066)	9,571	4,860
Income (loss) before income taxes		$ 2,159	$ (2,066)	$ 9,571	$ 4,860
Losses and LAE ratio		51.20%	59.20%	48.20%	54.60%
Commission expense ratio		17.90%	18.50%	17.60%	16.30%
Other operating expense ratio	[1]	27.50%	25.80%	26.80%	25.10%
Combined ratio		96.60%	103.50%	92.60%	96.00%
Global Reinsurance
Segment Reporting Information [Line Items]
Net earned premiums		$ 41,838	$ 46,169	$ 81,354	$ 94,197
Net losses and LAE		(25,455)	(31,796)	(48,163)	(62,679)
Commission expenses		(8,039)	(8,468)	(15,337)	(16,340)
Other operating expenses		(4,049)	(3,716)	(8,261)	(7,810)
Other underwriting income (expense)		36	34	46	179
Underwriting profit (loss)		4,331	2,223	9,639	7,547
Income (loss) before income taxes		$ 4,331	$ 2,223	$ 9,639	$ 7,547
Losses and LAE ratio		60.80%	68.90%	59.20%	66.50%
Commission expense ratio		19.20%	18.30%	18.90%	17.30%
Other operating expense ratio	[1]	9.60%	8.00%	10.10%	8.20%
Combined ratio		89.60%	95.20%	88.20%	92.00%
Corporate
Segment Reporting Information [Line Items]
Commission expenses	[2]	$ 132	$ 546	$ 283	$ 1,055
Other underwriting income (expense)	[2]	(132)	(546)	(283)	(1,055)
Net investment income	[2]	16,595	15,648	32,848	32,258
Net realized gains (losses)	[2]	3,916	4,473	9,512	5,306
Interest expense	[2]	(3,856)	(4,319)	(7,711)	(8,171)
Other income (loss)	[2]	(4,387)	(1,900)	(2,200)	8,344
Income (loss) before income taxes	[2]	12,268	13,902	32,449	37,737
Income tax (expense) benefit	[2]	$ (9,195)	$ (7,998)	$ (21,622)	$ (21,352)
[1]	Includes Other operating expenses and Other underwriting income (expense).
[2]	Includes Corporate segment intercompany eliminations.

Additional Financial Data by Se

Additional Financial Data by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Gross written premiums	$ 379,471	$ 348,795	$ 775,931	$ 771,585
Ceded written premiums	(121,227)	(116,931)	(228,729)	(227,871)
Net written premiums	258,244	231,864	547,202	543,714
Net earned premiums	$ 242,328	231,084	$ 478,460	456,356
% Change Gross written premiums	8.80%		0.60%
% Change Ceded written premiums	3.70%		0.40%
% Change Net written premiums	11.40%		0.60%
% Change Net earned premiums	4.90%		4.80%
U.S.Insurance
Segment Reporting Information [Line Items]
Gross written premiums	$ 239,987	206,703	$ 439,314	405,051
Ceded written premiums	(78,882)	(60,004)	(147,612)	(125,070)
Net written premiums	161,105	146,699	291,702	279,981
Net earned premiums	$ 137,304	125,254	$ 268,395	240,444
% Change Gross written premiums	16.10%		8.50%
% Change Ceded written premiums	31.50%		18.00%
% Change Net written premiums	9.80%		4.20%
% Change Net earned premiums	9.60%		11.60%
U.S.Insurance | Marine
Segment Reporting Information [Line Items]
Gross written premiums	$ 41,803	42,548	$ 82,638	85,573
Ceded written premiums	(15,026)	(11,587)	(31,312)	(20,757)
Net written premiums	26,777	30,961	51,326	64,816
Net earned premiums	$ 25,977	26,727	$ 49,901	54,713
% Change Gross written premiums	(1.70%)		(3.40%)
% Change Ceded written premiums	29.70%		50.80%
% Change Net written premiums	(13.50%)		(20.80%)
% Change Net earned premiums	(2.80%)		(8.80%)
U.S.Insurance | Property Casualty
Segment Reporting Information [Line Items]
Gross written premiums	$ 170,216	137,137	$ 304,362	262,256
Ceded written premiums	(49,305)	(40,452)	(88,863)	(86,608)
Net written premiums	120,911	96,685	215,499	175,648
Net earned premiums	$ 96,440	76,585	$ 187,175	141,516
% Change Gross written premiums	24.10%		16.10%
% Change Ceded written premiums	21.90%		2.60%
% Change Net written premiums	25.10%		22.70%
% Change Net earned premiums	25.90%		32.30%
U.S.Insurance | Professional Liability
Segment Reporting Information [Line Items]
Gross written premiums	$ 27,968	27,018	$ 52,314	57,222
Ceded written premiums	(14,551)	(7,965)	(27,437)	(17,705)
Net written premiums	13,417	19,053	24,877	39,517
Net earned premiums	$ 14,887	21,942	$ 31,319	44,215
% Change Gross written premiums	3.50%		(8.60%)
% Change Ceded written premiums	82.70%		55.00%
% Change Net written premiums	(29.60%)		(37.00%)
% Change Net earned premiums	(32.20%)		(29.20%)
International Insurance
Segment Reporting Information [Line Items]
Gross written premiums	$ 108,790	120,732	$ 231,217	239,924
Ceded written premiums	(41,621)	(56,345)	(75,877)	(98,927)
Net written premiums	67,169	64,387	155,340	140,997
Net earned premiums	$ 63,186	59,661	$ 128,711	121,715
% Change Gross written premiums	(9.90%)		(3.60%)
% Change Ceded written premiums	(26.10%)		(23.30%)
% Change Net written premiums	4.30%		10.20%
% Change Net earned premiums	5.90%		5.70%
International Insurance | Marine
Segment Reporting Information [Line Items]
Gross written premiums	$ 41,432	47,532	$ 108,842	109,514
Ceded written premiums	(9,126)	(17,033)	(19,948)	(29,427)
Net written premiums	32,306	30,499	88,894	80,087
Net earned premiums	$ 40,132	34,177	$ 77,924	72,221
% Change Gross written premiums	(12.80%)		(0.60%)
% Change Ceded written premiums	(46.40%)		(32.20%)
% Change Net written premiums	5.90%		11.00%
% Change Net earned premiums	17.40%		7.90%
International Insurance | Property Casualty
Segment Reporting Information [Line Items]
Gross written premiums	$ 41,615	51,305	$ 74,565	93,555
Ceded written premiums	(24,513)	(31,284)	(40,642)	(55,748)
Net written premiums	17,102	20,021	33,923	37,807
Net earned premiums	$ 10,199	16,466	$ 26,233	32,907
% Change Gross written premiums	(18.90%)		(20.30%)
% Change Ceded written premiums	(21.60%)		(27.10%)
% Change Net written premiums	(14.60%)		(10.30%)
% Change Net earned premiums	(38.10%)		(20.30%)
International Insurance | Professional Liability
Segment Reporting Information [Line Items]
Gross written premiums	$ 25,743	21,895	$ 47,810	36,855
Ceded written premiums	(7,982)	(8,028)	(15,287)	(13,752)
Net written premiums	17,761	13,867	32,523	23,103
Net earned premiums	$ 12,855	9,018	$ 24,554	16,587
% Change Gross written premiums	17.60%		29.70%
% Change Ceded written premiums	(0.60%)		11.20%
% Change Net written premiums	28.10%		40.80%
% Change Net earned premiums	42.50%		48.00%
Global Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	$ 30,694	21,360	$ 105,400	126,610
Ceded written premiums	(724)	(582)	(5,240)	(3,874)
Net written premiums	29,970	20,778	100,160	122,736
Net earned premiums	$ 41,838	$ 46,169	$ 81,354	$ 94,197
% Change Gross written premiums	43.70%		(16.80%)
% Change Ceded written premiums	24.40%		35.30%
% Change Net written premiums	44.20%		(18.40%)
% Change Net earned premiums	(9.40%)		(13.60%)

Investments Including Other-Tha

Investments Including Other-Than-Temporarily Impaired Securities Recognized within Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Gain (Loss) on Investments [Line Items]
Total investments	$ 2,710,763	$ 2,729,735
Gross Unrealized Gains	57,679	83,078
Gross Unrealized Losses	(19,658)	(11,672)
Amortized Cost	2,672,742	2,658,329
Fixed maturities
Gain (Loss) on Investments [Line Items]
Total investments	2,313,937	2,365,934
Gross Unrealized Gains	38,886	52,322
Gross Unrealized Losses	(16,086)	(10,347)
Amortized Cost	2,291,137	2,323,959
Fixed maturities | U.S. Treasury bonds, agency bonds, and foreign
Gain (Loss) on Investments [Line Items]
Total investments	295,687	397,923
Gross Unrealized Gains	3,407	3,431
Gross Unrealized Losses	(6,173)	(5,965)
Amortized Cost	298,453	400,457
Fixed maturities | States, municipalities and political subdivisions
Gain (Loss) on Investments [Line Items]
Total investments	565,188	541,007
Gross Unrealized Gains	12,511	19,204
Gross Unrealized Losses	(2,531)	(558)
Amortized Cost	555,208	522,361
Fixed maturities | Agency mortgage-backed securities
Gain (Loss) on Investments [Line Items]
Total investments	343,916	364,622
Gross Unrealized Gains	6,501	8,476
Gross Unrealized Losses	(2,100)	(998)
Amortized Cost	339,515	357,144
Fixed maturities | Residential Mortgage Backed Securities
Gain (Loss) on Investments [Line Items]
Total investments	32,396	34,087
Gross Unrealized Gains	1,010	1,153
Gross Unrealized Losses	(102)	(138)
Amortized Cost	31,488	33,072
Fixed maturities | Asset-backed securities
Gain (Loss) on Investments [Line Items]
Total investments	195,512	206,413
Gross Unrealized Gains	433	380
Gross Unrealized Losses	(488)	(964)
Amortized Cost	195,567	206,997
Fixed maturities | Commercial mortgage-backed securities
Gain (Loss) on Investments [Line Items]
Total investments	216,185	206,318
Gross Unrealized Gains	4,814	6,630
Gross Unrealized Losses	(1,481)	(98)
Amortized Cost	212,852	199,786
Fixed maturities | Mortgage-backed and asset-backed securities
Gain (Loss) on Investments [Line Items]
Total investments	788,009	811,440
Gross Unrealized Gains	12,758	16,639
Gross Unrealized Losses	(4,171)	(2,198)
Amortized Cost	779,422	796,999
Fixed maturities | Corporate bonds
Gain (Loss) on Investments [Line Items]
Total investments	665,053	615,564
Gross Unrealized Gains	10,210	13,048
Gross Unrealized Losses	(3,211)	(1,626)
Amortized Cost	658,054	604,142
Equity Securities
Gain (Loss) on Investments [Line Items]
Total investments	195,078	184,295
Gross Unrealized Gains	18,733	30,756
Gross Unrealized Losses	(3,572)	(1,304)
Amortized Cost	179,917	154,843
Short-term investments
Gain (Loss) on Investments [Line Items]
Total investments	201,748	179,506
Gross Unrealized Gains	60
Gross Unrealized Losses		(21)
Amortized Cost	$ 201,688	$ 179,527

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)EquityPlanInvestment	Jun. 30, 2015USD ($)EquityPlanInvestment	Dec. 31, 2014USD ($)EquityPlanInvestment	Jun. 30, 2014USD ($)
Schedule of Investments [Line Items]
Non-credit OTTI on fixed maturities in an unrealized gain position		$ 600	$ 700
Gross Unrealized Loss	$ 19,658	19,658	$ 11,651
OTTI losses	423	423
Credit loss portion of the OTTI losses on fixed maturities	$ 2,400	$ 2,400		$ 5,200
Equity Securities
Schedule of Investments [Line Items]
Number of unrealized loss position | EquityPlan	49	49	15
Gross Unrealized Loss	$ 3,572	$ 3,572	$ 1,304
Equity Securities | Maximum
Schedule of Investments [Line Items]
Percentage of fair value under carrying value	80.00%	80.00%
Fixed maturities
Schedule of Investments [Line Items]
Number of unrealized loss position | Investment	345	345	259
Gross Unrealized Loss	$ 16,086	$ 16,086	$ 10,347
Mortgage-backed and asset-backed securities
Schedule of Investments [Line Items]
Securities, effective maturities		4 years 8 months 12 days
Mortgage-backed and asset-backed securities | Fixed maturities
Schedule of Investments [Line Items]
Gross Unrealized Loss	4,171	$ 4,171	2,198
Non-government-backed securities
Schedule of Investments [Line Items]
Gross Unrealized Loss	$ 900	$ 900	$ 500
Non-government-backed securities | Maximum
Schedule of Investments [Line Items]
Percentage of investment	5.00%	5.00%	5.00%

Scheduled Maturity Dates for Fi

Scheduled Maturity Dates for Fixed Maturity Securities by Number of Years Until Maturity (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value
Due in one year or less	$ 64,435
Due after one year through five years	721,735
Due after five years through ten years	350,030
Due after ten years	389,728
Mortgage- and asset-backed securities	788,009
Total	2,313,937	$ 2,365,934
Amortized Cost
Due in one year or less	67,319
Due after one year through five years	713,956
Due after five years through ten years	345,148
Due after ten years	385,292
Mortgage- and asset-backed securities	779,422
Total	$ 2,291,137	$ 2,323,959

Summary of Aggregate Fair Value

Summary of Aggregate Fair Value and Gross Unrealized Loss by Length of Time Securities had Continuously been in Gross Unrealized Loss Position as Well as Number of Securities (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	$ 855,121	$ 468,937
Less than 12 months Gross Unrealized Losses	(13,609)	(4,029)
Greater than 12 months Fair Value	102,040	282,337
Greater than 12 months Gross Unrealized Losses	(6,049)	(7,622)
Fair Value	957,161	751,274
Gross Unrealized Losses	(19,658)	(11,651)
Fixed maturities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	782,264	449,247
Less than 12 months Gross Unrealized Losses	(10,037)	(2,732)
Greater than 12 months Fair Value	102,040	282,099
Greater than 12 months Gross Unrealized Losses	(6,049)	(7,615)
Fair Value	884,304	731,346
Gross Unrealized Losses	(16,086)	(10,347)
Fixed maturities | U.S. Treasury bonds, agency bonds, and foreign
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	99,590	87,915
Less than 12 months Gross Unrealized Losses	(2,204)	(1,061)
Greater than 12 months Fair Value	21,152	117,683
Greater than 12 months Gross Unrealized Losses	(3,969)	(4,904)
Fair Value	120,742	205,598
Gross Unrealized Losses	(6,173)	(5,965)
Fixed maturities | States, municipalities and political subdivisions
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	168,021	16,349
Less than 12 months Gross Unrealized Losses	(2,186)	(60)
Greater than 12 months Fair Value	4,726	37,340
Greater than 12 months Gross Unrealized Losses	(345)	(498)
Fair Value	172,747	53,689
Gross Unrealized Losses	(2,531)	(558)
Fixed maturities | Agency mortgage-backed securities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	117,372	18,881
Less than 12 months Gross Unrealized Losses	(1,215)	(80)
Greater than 12 months Fair Value	21,434	58,301
Greater than 12 months Gross Unrealized Losses	(885)	(918)
Fair Value	138,806	77,182
Gross Unrealized Losses	(2,100)	(998)
Fixed maturities | Residential Mortgage Backed Securities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	5,361	5,625
Less than 12 months Gross Unrealized Losses	(29)	(50)
Greater than 12 months Fair Value	2,110	1,728
Greater than 12 months Gross Unrealized Losses	(73)	(88)
Fair Value	7,471	7,353
Gross Unrealized Losses	(102)	(138)
Fixed maturities | Asset-backed securities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	69,998	110,275
Less than 12 months Gross Unrealized Losses	(161)	(539)
Greater than 12 months Fair Value	46,500	34,530
Greater than 12 months Gross Unrealized Losses	(327)	(425)
Fair Value	116,498	144,805
Gross Unrealized Losses	(488)	(964)
Fixed maturities | Commercial mortgage-backed securities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	70,869	19,741
Less than 12 months Gross Unrealized Losses	(1,459)	(71)
Greater than 12 months Fair Value	2,352	1,391
Greater than 12 months Gross Unrealized Losses	(22)	(27)
Fair Value	73,221	21,132
Gross Unrealized Losses	(1,481)	(98)
Fixed maturities | Corporate bonds
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	251,053	190,461
Less than 12 months Gross Unrealized Losses	(2,783)	(871)
Greater than 12 months Fair Value	3,766	31,126
Greater than 12 months Gross Unrealized Losses	(428)	(755)
Fair Value	254,819	221,587
Gross Unrealized Losses	(3,211)	(1,626)
Fixed maturities | Mortgage-backed and asset-backed securities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	263,600	154,522
Less than 12 months Gross Unrealized Losses	(2,864)	(740)
Greater than 12 months Fair Value	72,396	95,950
Greater than 12 months Gross Unrealized Losses	(1,307)	(1,458)
Fair Value	335,996	250,472
Gross Unrealized Losses	(4,171)	(2,198)
Equity Securities
Gain (Loss) on Investments [Line Items]
Less than 12 months Fair Value	72,857	19,690
Less than 12 months Gross Unrealized Losses	(3,572)	(1,297)
Greater than 12 months Fair Value		238
Greater than 12 months Gross Unrealized Losses		(7)
Fair Value	72,857	19,928
Gross Unrealized Losses	$ (3,572)	$ (1,304)

Net Investment Income (Detail)

Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Investment Income [Line Items]
Investment Income	$ 17,278	$ 16,401	$ 34,478	$ 33,805
Investment expenses	(683)	(753)	(1,630)	(1,547)
Net investment income	16,595	15,648	32,848	32,258
Fixed maturities
Net Investment Income [Line Items]
Investment Income	15,259	14,188	30,308	28,142
Equity Securities
Net Investment Income [Line Items]
Investment Income	1,873	1,971	3,840	5,204
Short-term investments
Net Investment Income [Line Items]
Investment Income	$ 146	$ 242	$ 330	$ 459

Realized Gains and Losses, Excl

Realized Gains and Losses, Excluding Net Other-Than-Temporary Impairment Losses Recognized in Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (Loss) on Investments [Line Items]
Net realized gains (losses)	$ 4,339	$ 4,473	$ 9,935	$ 5,306
Fixed maturities
Gain (Loss) on Investments [Line Items]
Gains	1,231	3,113	2,405	4,979
Losses	(1,518)	(56)	(2,090)	(2,106)
Net realized gains (losses)	(287)	3,057	315	2,873
Short-term investments
Gain (Loss) on Investments [Line Items]
Gains	112		26
Losses	(11)		(79)
Net realized gains (losses)	101		(53)
Equity Securities
Gain (Loss) on Investments [Line Items]
Gains	4,753	1,416	11,078	3,336
Losses	(228)		(1,405)	(903)
Net realized gains (losses)	$ 4,525	$ 1,416	$ 9,673	$ 2,433

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
5.75% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate stated on senior notes		5.75%
Senior notes due date	Oct. 15, 2023
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level 3 assets		$ 0

Fixed Maturities and Equity Sec

Fixed Maturities and Equity Securities by Asset Class that are Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	$ 2,710,763	$ 2,729,735
Liabilities, at fair Value	282,502	285,710
Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	2,313,937	2,365,934
Fixed maturities | U.S. Treasury bonds, agency bonds, and foreign
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	295,687	397,923
Fixed maturities | States, municipalities and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	565,188	541,007
Fixed maturities | Agency mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	343,916	364,622
Fixed maturities | Residential Mortgage Backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	32,396	34,087
Fixed maturities | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	195,512	206,413
Fixed maturities | Commercial mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	216,185	206,318
Fixed maturities | Mortgage-backed and asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	788,009	811,440
Fixed maturities | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	665,053	615,564
Equity Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	195,078	184,295
Short-term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	201,748	179,506
Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, at fair Value	282,502	285,710
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	404,823	453,593
Level 1 | Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	80,425	146,904
Level 1 | Fixed maturities | U.S. Treasury bonds, agency bonds, and foreign
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	80,425	146,904
Level 1 | Equity Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	122,650	127,183
Level 1 | Short-term investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	201,748	179,506
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	2,305,940	2,276,142
Liabilities, at fair Value	282,502	285,710
Level 2 | Fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	2,233,512	2,219,030
Level 2 | Fixed maturities | U.S. Treasury bonds, agency bonds, and foreign
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	215,262	251,019
Level 2 | Fixed maturities | States, municipalities and political subdivisions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	565,188	541,007
Level 2 | Fixed maturities | Agency mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	343,916	364,622
Level 2 | Fixed maturities | Residential Mortgage Backed Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	32,396	34,087
Level 2 | Fixed maturities | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	195,512	206,413
Level 2 | Fixed maturities | Commercial mortgage-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	216,185	206,318
Level 2 | Fixed maturities | Mortgage-backed and asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	788,009	811,440
Level 2 | Fixed maturities | Corporate bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	665,053	615,564
Level 2 | Equity Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities and equity securities, at fair Value	72,428	57,112
Level 2 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities, at fair Value	$ 282,502	$ 285,710

Ceded Reinsurance - Additional

Ceded Reinsurance - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Effects of Reinsurance [Line Items]
Reinsurance recoverables	$ 1,200
Reserve for uncollectible reinsurance amount	$ 8.2	$ 11.3

Commitments, Contingencies & Gu

Commitments, Contingencies & Guarantees - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Incentive awarded to the company by the State of Connecticut, total			$ 11.5
Incentive awarded to the company by the State of Connecticut, non-interest bearing loans	$ 6		8
Incentive awarded to the company by the State of Connecticut, grants	1.5		$ 3.5
Non-interest bearing incentive loan term			10 years
Incentive awarded to the company by the State of Connecticut, revenue recognized		$ 0.3	$ 0.5
Incentive awarded to the company by the State of Connecticut, deferred revenue	$ 7.5	$ 5.6	$ 5.6	$ 6.1

Stock Options, Stock Grants, 34

Stock Options, Stock Grants, SARs and ESPP - Additional Information (Detail) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Options and Non Performance Based Grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting period	3 years
Options and Non Performance Based Grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, award vesting period	4 years
Options expiration term (in years)	10 years
Stock incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive units granted	197,708
Stock incentive Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive unit, grant price	$ 73.62
Stock incentive Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive unit, grant price	$ 78.86