2012 Q1 Form 10-Q Financial Statement

#000137904112000009 Filed on May 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $130.1M $103.3M
YoY Change 26.02% 2.16%
Cost Of Revenue $80.52M $59.42M
YoY Change 35.5% 47.49%
Gross Profit $49.63M $43.85M
YoY Change 13.16% -27.87%
Gross Profit Margin 38.13% 42.46%
Selling, General & Admin $1.000M
YoY Change -33.33%
% of Gross Profit 2.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.414M $1.841M
YoY Change -23.19% -7.11%
% of Gross Profit 2.85% 4.2%
Operating Expenses $128.2M $97.31M
YoY Change 31.77% 13.79%
Operating Profit -$78.60M -$53.46M
YoY Change 47.03% 116.24%
Interest Expense $902.0K $917.0K
YoY Change -1.64% -157.31%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.919M $5.965M
YoY Change -67.83% -61.68%
Income Tax -$4.421M -$2.380M
% Of Pretax Income -230.38% -39.9%
Net Earnings $6.340M $8.345M
YoY Change -24.03% -48.16%
Net Earnings / Revenue 4.87% 8.08%
Basic Earnings Per Share $0.19 $0.22
Diluted Earnings Per Share $0.19 $0.21
COMMON SHARES
Basic Shares Outstanding 32.65M shares 38.67M shares
Diluted Shares Outstanding 32.83M shares 38.88M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $201.6M $167.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.000M $5.000M
YoY Change -80.0% -51.92%
LONG-TERM ASSETS
Property, Plant & Equipment $12.00M $11.09M
YoY Change 8.19% -19.05%
Goodwill $36.19M $36.19M
YoY Change 0.0%
Intangibles $11.43M $12.88M
YoY Change -11.28%
Long-Term Investments $2.007B $2.026B
YoY Change -0.95% -0.08%
Other Assets $35.30M $52.40M
YoY Change -32.63% 43.96%
Total Long-Term Assets $3.505B $3.474B
YoY Change 0.89% -4.58%
TOTAL ASSETS
Total Short-Term Assets $1.000M $5.000M
Total Long-Term Assets $3.505B $3.474B
Total Assets $3.506B $3.479B
YoY Change 0.77% -4.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.40M $18.20M
YoY Change -4.4% -3.19%
Accrued Expenses $31.30M $20.10M
YoY Change 55.72% -4.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.40M $43.30M
YoY Change 21.02% -10.35%
LONG-TERM LIABILITIES
Long-Term Debt $122.0M $132.0M
YoY Change -7.58% 0.0%
Other Long-Term Liabilities $368.9M $383.0M
YoY Change -3.68% -6.4%
Total Long-Term Liabilities $490.9M $515.0M
YoY Change -4.68% -4.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.40M $43.30M
Total Long-Term Liabilities $490.9M $515.0M
Total Liabilities $3.040B $2.994B
YoY Change 1.56% -4.74%
SHAREHOLDERS EQUITY
Retained Earnings $363.0M $325.4M
YoY Change 11.56%
Common Stock $320.6M $315.9M
YoY Change 1.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $339.5M $236.7M
YoY Change 43.42%
Treasury Stock Shares 22.03M shares 15.31M shares
Shareholders Equity $465.7M $485.8M
YoY Change
Total Liabilities & Shareholders Equity $3.506B $3.479B
YoY Change 0.77% -4.71%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $6.340M $8.345M
YoY Change -24.03% -48.16%
Depreciation, Depletion And Amortization $1.414M $1.841M
YoY Change -23.19% -7.11%
Cash From Operating Activities $24.43M $5.315M
YoY Change 359.55% 151.06%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M -$900.0K
YoY Change 133.33% 12.5%
Acquisitions
YoY Change
Other Investing Activities -$52.20M $53.30M
YoY Change -197.94% 925.0%
Cash From Investing Activities -$54.35M $52.44M
YoY Change -203.65% 1089.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.73M $8.591M
YoY Change 118.02% 96.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$20.82M -$10.35M
YoY Change 101.19% 32.53%
NET CHANGE
Cash From Operating Activities $24.43M $5.315M
Cash From Investing Activities -$54.35M $52.44M
Cash From Financing Activities -$20.82M -$10.35M
Net Change In Cash -$50.75M $47.41M
YoY Change -207.04% -3803.59%
FREE CASH FLOW
Cash From Operating Activities $24.43M $5.315M
Capital Expenditures -$2.100M -$900.0K
Free Cash Flow $26.53M $6.215M
YoY Change 326.79% 113.06%

Facts In Submission

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CY2012Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Included In Net Income Before Tax
OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeBeforeTax
1156000 USD
CY2011Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Included In Net Income Before Tax
OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeBeforeTax
152000 USD
CY2011Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Included In Net Income Tax
OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeTax
82000 USD
CY2012Q1 us-gaap Other Comprehensive Income Reclassification Adjustment For Sale Of Securities Included In Net Income Tax
OtherComprehensiveIncomeReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeTax
622000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
6044000 USD
CY2011Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-2844000 USD
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3481744000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
66508000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
74529000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
4521000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
3690000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
62818000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
70008000 USD
CY2010Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
2279729000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
2271422000 USD
CY2011Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
2272363000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
2267739000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
63940000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
85079000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
84554000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
63110000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
525000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
830000 USD
CY2010Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1323686000 USD
CY2012Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1342073000 USD
CY2011Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1321118000 USD
CY2011Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1331523000 USD
CY2012Q1 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
MarketableSecuritiesRealizedGainLossOtherThanTemporaryImpairmentsAmount
500000 USD
CY2011Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10347000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20817000 USD
CY2011Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
52438000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-54368000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24440000 USD
CY2011Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5315000 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
6222000 USD
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
8345000 USD
CY2012Q1 us-gaap Net Investment Income
NetInvestmentIncome
18385000 USD
CY2011Q1 us-gaap Net Investment Income
NetInvestmentIncome
20493000 USD
CY2012Q1 us-gaap Notes Payable
NotesPayable
122000000 USD
CY2011Q4 us-gaap Notes Payable
NotesPayable
122000000 USD
CY2011Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
130447000 USD
CY2012Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
125877000 USD
CY2011Q1 us-gaap Operating Expenses
OperatingExpenses
97309000 USD
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
128343000 USD
CY2011Q4 us-gaap Other Assets
OtherAssets
18812000 USD
CY2012Q1 us-gaap Other Assets
OtherAssets
17621000 USD
CY2011Q1 us-gaap Other Comprehensive Income Loss Before Tax Period Increase Decrease
OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecrease
-2996000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Before Tax Period Increase Decrease
OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecrease
4888000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
3255000 USD
CY2011Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-1530000 USD
CY2011Q1 us-gaap Other Income
OtherIncome
120000 USD
CY2012Q1 us-gaap Other Income
OtherIncome
81000 USD
CY2011Q4 us-gaap Other Liabilities
OtherLiabilities
15879000 USD
CY2012Q1 us-gaap Other Liabilities
OtherLiabilities
19855000 USD
CY2011Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Heldtomaturity Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentHeldtomaturitySecurities
0 USD
CY2012Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Heldtomaturity Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentHeldtomaturitySecurities
0 USD
CY2012Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
-468000 USD
CY2011Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0 USD
CY2011Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
25678000 USD
CY2012Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
32142000 USD
CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
18730000 USD
CY2011Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
8591000 USD
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1939000 USD
CY2011Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2310000 USD
CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
108315000 USD
CY2011Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
23925000 USD
CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
18520000 USD
CY2011Q1 us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
1054000 USD
CY2012Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
2138000 USD
CY2011Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
863000 USD
CY2011Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
59421000 USD
CY2012Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
80923000 USD
CY2011Q1 us-gaap Policyholder Dividends
PolicyholderDividends
1012000 USD
CY2012Q1 us-gaap Policyholder Dividends
PolicyholderDividends
847000 USD
CY2012Q1 us-gaap Policyholder Dividends Payable
PolicyholderDividendsPayable
3734000 USD
CY2011Q4 us-gaap Policyholder Dividends Payable
PolicyholderDividendsPayable
3838000 USD
CY2012Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2012Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2011Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2011Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
82427000 USD
CY2012Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
109900000 USD
CY2012Q1 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
186361000 USD
CY2011Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
160443000 USD
CY2011Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
49457000 USD
CY2012Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
46721000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
22099000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
28657000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
3497000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
1096000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
42000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11998000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11360000 USD
CY2012Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
215000 USD
CY2011Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-599000 USD
CY2011Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
234000 USD
CY2012Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
1778000 USD
CY2011Q4 us-gaap Reserve For Losses And Loss Adjustment Expenses
ReserveForLossesAndLossAdjustmentExpenses
2272363000 USD
CY2012Q1 us-gaap Reserve For Losses And Loss Adjustment Expenses
ReserveForLossesAndLossAdjustmentExpenses
2271422000 USD
CY2012Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10611000 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6299000 USD
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
362972000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
358693000 USD
CY2011Q1 us-gaap Revenues
Revenues
103274000 USD
CY2012Q1 us-gaap Revenues
Revenues
130144000 USD
CY2012Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table represents a reconciliation of changes in the liability for unpaid losses and LAE.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td width="74%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">March&#160;31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2012</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2011</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unpaid losses and LAE, gross of reinsurance, at beginning of period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,272,363</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,279,729</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less reinsurance recoverables for unpaid losses and LAE</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">940,840</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">956,043</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net unpaid losses and LAE at beginning of period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,331,523</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,323,686</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Losses and LAE, net of reinsurance, incurred in:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">84,554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,110</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior periods</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">525</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">830</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net losses and LAE incurred during the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,079</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,940</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deduct payments for losses and LAE, net of reinsurance, related to:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,521</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,690</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior periods</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,008</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,818</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net payments for losses and LAE during the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">74,529</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">66,508</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ending unpaid losses and LAE, net of reinsurance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,342,073</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,321,118</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reinsurance recoverable for unpaid losses and LAE</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">929,349</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">946,621</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unpaid losses and LAE, gross of reinsurance, at end of period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,271,422</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,267,739</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1241000 USD
CY2011Q1 us-gaap Share Based Compensation
ShareBasedCompensation
640000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Expiration Dating
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpirationDating
seven years
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod
four years
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
vest 25% on each of the subsequent four anniversaries
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
79450 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
242300 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.64
CY2011Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
92646 shares
CY2012Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
315 shares
CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
465720000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
474186000 USD
CY2012Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
22034429 shares
CY2011Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
20951633 shares
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
320755000 USD
CY2012Q1 us-gaap Treasury Stock Value
TreasuryStockValue
339485000 USD
CY2012Q1 us-gaap Unearned Premiums
UnearnedPremiums
225698000 USD
CY2011Q4 us-gaap Unearned Premiums
UnearnedPremiums
194933000 USD
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32826091 shares
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38877124 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32649205 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38674176 shares
CY2011Q4 eig Accumulated Other Comprehensive Income Deferred Tax On Net Unrealized Gains
AccumulatedOtherComprehensiveIncomeDeferredTaxOnNetUnrealizedGains
62848000 USD
CY2012Q1 eig Accumulated Other Comprehensive Income Deferred Tax On Net Unrealized Gains
AccumulatedOtherComprehensiveIncomeDeferredTaxOnNetUnrealizedGains
65481000 USD
CY2011Q4 eig Accumulated Other Comprehensive Income Loss Available For Sale Securities Before Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeTax
179567000 USD
CY2012Q1 eig Accumulated Other Comprehensive Income Loss Available For Sale Securities Before Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeTax
187088000 USD
CY2012Q1 eig Amortization Of Deferred Gain
AmortizationOfDeferredGain
4156000 USD
CY2011Q1 eig Amortization Of Deferred Gain
AmortizationOfDeferredGain
4519000 USD
CY2012Q1 eig Antidilutive Securites Excluded Under Treasury Method From Computation Of Earnings Per Share Amount
AntidilutiveSecuritesExcludedUnderTreasuryMethodFromComputationOfEarningsPerShareAmount
556055 shares
CY2011Q1 eig Antidilutive Securites Excluded Under Treasury Method From Computation Of Earnings Per Share Amount
AntidilutiveSecuritesExcludedUnderTreasuryMethodFromComputationOfEarningsPerShareAmount
456435 shares
CY2012Q1 eig Cash Transactions Related To Stock Based Compensation
CashTransactionsRelatedToStockBasedCompensation
148000 USD
CY2011Q1 eig Cash Transactions Related To Stock Based Compensation
CashTransactionsRelatedToStockBasedCompensation
-554000 USD
CY2011Q4 eig Commisions And Premium Taxes Payable
CommisionsAndPremiumTaxesPayable
28905000 USD
CY2012Q1 eig Commisions And Premium Taxes Payable
CommisionsAndPremiumTaxesPayable
31267000 USD
CY2012 eig Deferred Acquisition Cost Estimated Change To Financial Statements Due To Adoption Of Asu201026
DeferredAcquisitionCostEstimatedChangeToFinancialStatementsDueToAdoptionOfAsu201026
7000000 USD
CY2012Q1 eig Deferred Reinsurance Gain Lpt Agreement
DeferredReinsuranceGainLptAgreement
349038000 USD
CY2011Q4 eig Deferred Reinsurance Gain Lpt Agreement
DeferredReinsuranceGainLptAgreement
353194000 USD
CY2011Q1 eig Deferred Reinsurance Gain Lpt Agreement Cfs
DeferredReinsuranceGainLptAgreementCfs
4519000 USD
CY2012Q1 eig Deferred Reinsurance Gain Lpt Agreement Cfs
DeferredReinsuranceGainLptAgreementCfs
4156000 USD
CY2012Q1 eig Effective Income Tax Rate Reconciliation Lpt Agreement
EffectiveIncomeTaxRateReconciliationLptAgreement
-1.1590
CY2011Q1 eig Effective Income Tax Rate Reconciliation Lpt Agreement
EffectiveIncomeTaxRateReconciliationLptAgreement
-0.268
CY2012Q1 eig Effective Income Tax Rate Reconciliation Tax Exempt Income And Deductions Dividends
EffectiveIncomeTaxRateReconciliationTaxExemptIncomeAndDeductionsDividends
-1.656
CY2011Q1 eig Effective Income Tax Rate Reconciliation Tax Exempt Income And Deductions Dividends
EffectiveIncomeTaxRateReconciliationTaxExemptIncomeAndDeductionsDividends
-0.494
CY2011Q4 eig Estimated Remaining Liabilities Lpt Agreement
EstimatedRemainingLiabilitiesLptAgreement
807500000 USD
CY2012Q1 eig Estimated Remaining Liabilities Lpt Agreement
EstimatedRemainingLiabilitiesLptAgreement
798000000 USD
CY2011Q1 eig Increase Decrease In Restricted Cash Provided By Used In Investing Actiities
IncreaseDecreaseInRestrictedCashProvidedByUsedInInvestingActiities
-5628000 USD
CY2012Q1 eig Increase Decrease In Restricted Cash Provided By Used In Investing Actiities
IncreaseDecreaseInRestrictedCashProvidedByUsedInInvestingActiities
4312000 USD
CY2012Q1 eig Number Of Issues Available For Sale Securities Continous Unrealized Loss Position Less Than Twelve Months
NumberOfIssuesAvailableForSaleSecuritiesContinousUnrealizedLossPositionLessThanTwelveMonths
88 USD
CY2011Q4 eig Number Of Issues Available For Sale Securities Continous Unrealized Loss Position Less Than Twelve Months
NumberOfIssuesAvailableForSaleSecuritiesContinousUnrealizedLossPositionLessThanTwelveMonths
108 USD
CY2011Q4 eig Number Of Issues Available For Sale Securities Continuous Unrealized Loss Position Aggregate
NumberOfIssuesAvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregate
119 USD
CY2012Q1 eig Number Of Issues Available For Sale Securities Continuous Unrealized Loss Position Aggregate
NumberOfIssuesAvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregate
98 USD
CY2012Q1 eig Number Of Issues Available For Sale Securities Continuous Unrealized Loss Position Greater Than Twelve Months
NumberOfIssuesAvailableForSaleSecuritiesContinuousUnrealizedLossPositionGreaterThanTwelveMonths
10 USD
CY2011Q4 eig Number Of Issues Available For Sale Securities Continuous Unrealized Loss Position Greater Than Twelve Months
NumberOfIssuesAvailableForSaleSecuritiesContinuousUnrealizedLossPositionGreaterThanTwelveMonths
11 USD
CY2011Q4 eig Paid Losses And Lae Claims Related To Lpt
PaidLossesAndLaeClaimsRelatedToLpt
569900000 USD
CY2012Q1 eig Paid Losses And Lae Claims Related To Lpt
PaidLossesAndLaeClaimsRelatedToLpt
579400000 USD
CY2012Q1 eig Performance Share Awards Awarded
PerformanceShareAwardsAwarded
158900 shares
CY2012Q1 eig Performance Share Awards Fair Value On Grant Date
PerformanceShareAwardsFairValueOnGrantDate
17.02
CY2012Q1 eig Performance Share Awards Minimum Payout
PerformanceShareAwardsMinimumPayout
0
CY2012Q1 eig Performance Share Awards Performance Period
PerformanceShareAwardsPerformancePeriod
three years
CY2012Q1 eig Performance Share Awards Total Fair Value On Grant Date
PerformanceShareAwardsTotalFairValueOnGrantDate
2700000 USD
CY2012Q1 eig Performane Share Awards Maximum Payout
PerformaneShareAwardsMaximumPayout
2
CY2012Q1 eig Reinsurance Quota Share Percentage
ReinsuranceQuotaSharePercentage
1.00
CY2011Q4 eig Reinsurance Recoverable Paid Losses Less Allowance
ReinsuranceRecoverablePaidLossesLessAllowance
10729000 USD
CY2012Q1 eig Reinsurance Recoverable Paid Losses Less Allowance
ReinsuranceRecoverablePaidLossesLessAllowance
10719000 USD
CY2011Q4 eig Reinsurance Recoverable Unpaid Losses Less Allowance
ReinsuranceRecoverableUnpaidLossesLessAllowance
940840000 USD
CY2012Q1 eig Reinsurance Recoverable Unpaid Losses Less Allowance
ReinsuranceRecoverableUnpaidLossesLessAllowance
929349000 USD
CY2010Q4 eig Reinsurance Recoverable Unpaid Losses Less Allowance
ReinsuranceRecoverableUnpaidLossesLessAllowance
956043000 USD
CY2011Q1 eig Reinsurance Recoverable Unpaid Losses Less Allowance
ReinsuranceRecoverableUnpaidLossesLessAllowance
946621000 USD
CY2012Q1 eig Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants At Grant Date Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsAtGrantDateTotalFairValue
1400000 USD
CY2012Q1 eig Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue
17.02
CY2012Q1 eig Share Based Compensation Arrangement By Share Based Payment Award Options Grants At Grant Date Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsAtGrantDateTotalFairValue
1400000 USD
CY2012Q1 eig Total Claims And Policy Liabilities
TotalClaimsAndPolicyLiabilities
2500854000 USD
CY2011Q4 eig Total Claims And Policy Liabilities
TotalClaimsAndPolicyLiabilities
2471134000 USD
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001379041
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
31613958 shares
CY2012Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
Employers Holdings, Inc.
CY2012Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

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0001379041-12-000009-index-headers.html Edgar Link pending
0001379041-12-000009-index.html Edgar Link pending
0001379041-12-000009.txt Edgar Link pending
0001379041-12-000009-xbrl.zip Edgar Link pending
eig-20120331.xml Edgar Link completed
eig-20120331.xsd Edgar Link pending
eig-20120331_cal.xml Edgar Link unprocessable
eig-20120331_def.xml Edgar Link unprocessable
eig-20120331_lab.xml Edgar Link unprocessable
eig-20120331_pre.xml Edgar Link unprocessable
eig-3312012x10q.htm Edgar Link pending
eig-ex101_2012331.htm Edgar Link pending
eig-ex102_2012331.htm Edgar Link pending
eig-ex103_2012331.htm Edgar Link pending
eig-ex311_2012331.htm Edgar Link pending
eig-ex312_2012331.htm Edgar Link pending
eig-ex321_2012331.htm Edgar Link pending
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