2016 Q2 Form 10-Q Financial Statement

#000162828016017801 Filed on July 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $483.3M $397.6M
YoY Change 21.56% 20.05%
Cost Of Revenue $167.8M $169.3M
YoY Change -0.94% 108.07%
Gross Profit $315.5M $228.2M
YoY Change 38.26% -8.63%
Gross Profit Margin 65.29% 57.4%
Selling, General & Admin $56.80M $67.50M
YoY Change -15.85% 35.54%
% of Gross Profit 18.0% 29.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $69.01M $61.67M
YoY Change 11.9% 84.2%
% of Gross Profit 21.87% 27.02%
Operating Expenses $51.07M $54.67M
YoY Change -6.58% 19.27%
Operating Profit $264.5M $173.6M
YoY Change 52.38% -14.9%
Interest Expense $10.54M $9.862M
YoY Change 6.83% 129.78%
% of Operating Profit 3.98% 5.68%
Other Income/Expense, Net
YoY Change
Pretax Income $179.2M $89.15M
YoY Change 100.96% -45.04%
Income Tax $6.612M -$1.842M
% Of Pretax Income 3.69% -2.07%
Net Earnings $141.9M $78.83M
YoY Change 80.04% -37.61%
Net Earnings / Revenue 29.37% 19.83%
Basic Earnings Per Share $3.23 $1.60
Diluted Earnings Per Share $3.22 $1.59
COMMON SHARES
Basic Shares Outstanding 41.69M shares 45.30M shares
Diluted Shares Outstanding 41.89M shares 45.66M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $455.5M $398.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $203.0M $149.0M
YoY Change 36.24% 156.9%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $133.4M $126.1M
YoY Change 5.79% 14.3%
Other Assets
YoY Change
Total Long-Term Assets $12.34B $11.90B
YoY Change 3.68% 40.75%
TOTAL ASSETS
Total Short-Term Assets $203.0M $149.0M
Total Long-Term Assets $12.34B $11.90B
Total Assets $12.54B $12.05B
YoY Change 4.08% 41.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $433.0M $511.0M
YoY Change -15.26% 154.23%
LONG-TERM LIABILITIES
Long-Term Debt $955.0M $972.0M
YoY Change -1.75% 290.36%
Other Long-Term Liabilities $216.0M $229.0M
YoY Change -5.68% 38.79%
Total Long-Term Liabilities $1.171B $1.201B
YoY Change -2.5% 190.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $433.0M $511.0M
Total Long-Term Liabilities $1.171B $1.201B
Total Liabilities $6.719B $6.227B
YoY Change 7.9% 70.34%
SHAREHOLDERS EQUITY
Retained Earnings $4.017B $3.637B
YoY Change 10.43% 7.25%
Common Stock $41.50M $46.01M
YoY Change -9.82% 13.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.703B $4.837B
YoY Change
Total Liabilities & Shareholders Equity $12.54B $12.05B
YoY Change 4.08% 41.54%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $141.9M $78.83M
YoY Change 80.04% -37.61%
Depreciation, Depletion And Amortization $69.01M $61.67M
YoY Change 11.9% 84.2%
Cash From Operating Activities $118.8M $89.20M
YoY Change 33.18% -29.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $74.50M -$372.4M
YoY Change -120.01% 304.34%
Cash From Investing Activities $74.50M -$372.4M
YoY Change -120.01% 304.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -183.8M 121.3M
YoY Change -251.53% -286.04%
NET CHANGE
Cash From Operating Activities 118.8M 89.20M
Cash From Investing Activities 74.50M -372.4M
Cash From Financing Activities -183.8M 121.3M
Net Change In Cash 9.500M -161.9M
YoY Change -105.87% 430.82%
FREE CASH FLOW
Cash From Operating Activities $118.8M $89.20M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2015Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
0 USD
CY2016Q2 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
0 USD
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.60
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.61
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.23
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.20
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.59
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.56
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.22
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-6830000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2208000 USD
CY2015Q4 us-gaap Equity Method Investments
EquityMethodInvestments
132351000 USD
CY2016Q2 us-gaap Equity Method Investments
EquityMethodInvestments
133448000 USD
CY2016Q2 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments
241246000 USD
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
1544000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
81965000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
-48000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
-573000 USD
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
7500000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
7500000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
7500000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
7500000 USD
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
6726000 USD
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
88443000 USD
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
83347000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
1719000 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2776000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
-2680000 USD
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1740000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-4870000 USD
CY2016Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-690000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2382000 USD
CY2015Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
-26712000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
15037000 USD
CY2016Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
69772000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
131425000 USD
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12868000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
58401000 USD
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5752000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13977000 USD
CY2015Q2 us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
42227000 USD
us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
85036000 USD
CY2016Q2 us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
57783000 USD
us-gaap Gross Investment Income Operating
GrossInvestmentIncomeOperating
90532000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
89154000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
254350000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
179168000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
360093000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
89154000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
254350000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
179168000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
360093000 USD
CY2015Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6160000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
11455000 USD
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6022000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7633000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
6822000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
2308000 USD
CY2015Q2 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
CY2016Q2 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1842000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-49746000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6612000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9356000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
63269000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
131772000 USD
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
0 USD
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
0 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
122536000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-9176000 USD
us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
396091000 USD
us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
554658000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
173970000 USD
us-gaap Increase Decrease In Prepaid Reinsurance Premiums
IncreaseDecreaseInPrepaidReinsurancePremiums
302421000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
52969000 USD
us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
229725000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
66042000 USD
us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
87480000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
410534000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
629004000 USD
CY2015Q2 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-128849000 USD
us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-236124000 USD
CY2016Q2 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-168514000 USD
us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-326583000 USD
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
354000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
372000 shares
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
192000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
263000 shares
CY2015Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
265154000 USD
CY2016Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
258170000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
9862000 USD
us-gaap Interest Expense
InterestExpense
15178000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
10536000 USD
us-gaap Interest Expense
InterestExpense
21074000 USD
CY2015Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
3623000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
6725000 USD
CY2016Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
3659000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
7545000 USD
CY2015Q4 us-gaap Investments
Investments
8999068000 USD
CY2016Q2 us-gaap Investments
Investments
9010217000 USD
CY2015Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
0 USD
CY2016Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
0 USD
CY2015Q4 us-gaap Liabilities
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5777139000 USD
CY2016Q2 us-gaap Liabilities
Liabilities
6719143000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
11555287000 USD
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
12544763000 USD
CY2015Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2767045000 USD
CY2016Q2 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2844243000 USD
CY2015Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
169344000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
246197000 USD
CY2016Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
167750000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
294355000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Period Increase Decrease
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpensePeriodIncreaseDecrease
-37293000 USD
us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Period Increase Decrease
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpensePeriodIncreaseDecrease
-77198000 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
960495000 USD
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
954577000 USD
CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
973300000 USD
CY2016Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1008500000 USD
CY2015Q2 us-gaap Loss Ratio
LossRatio
0.446
us-gaap Loss Ratio
LossRatio
0.364
CY2016Q2 us-gaap Loss Ratio
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0.477
us-gaap Loss Ratio
LossRatio
0.418
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
219119000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-346301000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-310413000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
175557000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-29370000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
117172000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
78829000 USD
us-gaap Net Income Loss
NetIncomeLoss
252267000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
141921000 USD
us-gaap Net Income Loss
NetIncomeLoss
275511000 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
12167000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
51829000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
30635000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
75226000 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
12167000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
51829000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
30635000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
75226000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
73233000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
241076000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
136325000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
264320000 USD
CY2015Q2 us-gaap Net Investment Income
NetInvestmentIncome
38604000 USD
us-gaap Net Investment Income
NetInvestmentIncome
78311000 USD
CY2016Q2 us-gaap Net Investment Income
NetInvestmentIncome
54124000 USD
us-gaap Net Investment Income
NetInvestmentIncome
82987000 USD
CY2015Q2 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
12167000 USD
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
51829000 USD
CY2016Q2 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
30635000 USD
us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
75226000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
54673000 USD
us-gaap Operating Expenses
OperatingExpenses
100294000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
51073000 USD
us-gaap Operating Expenses
OperatingExpenses
107308000 USD
CY2015Q4 us-gaap Other Assets
OtherAssets
181011000 USD
CY2016Q2 us-gaap Other Assets
OtherAssets
160873000 USD
CY2015Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
3463000 USD
CY2016Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
980000 USD
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
349000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
423000 USD
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-672000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-229000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-349000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-423000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
672000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
229000 USD
CY2015Q4 us-gaap Other Investments
OtherInvestments
481621000 USD
CY2016Q2 us-gaap Other Investments
OtherInvestments
489702000 USD
CY2015Q4 us-gaap Other Liabilities
OtherLiabilities
245145000 USD
CY2016Q2 us-gaap Other Liabilities
OtherLiabilities
215592000 USD
CY2015Q4 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
9362000 USD
CY2016Q2 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
3660000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1427000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2966000 USD
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2654000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
6733000 USD
CY2015Q4 us-gaap Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
391378000 USD
CY2016Q2 us-gaap Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
432926000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4500000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
736000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
265003000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
187064000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
43909000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
27479000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
26198000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
11191000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
11191000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
678152000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
45000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
4596118000 USD
us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
4984820000 USD
CY2015Q2 us-gaap Policyholder Benefits And Claims Incurred Gross
PolicyholderBenefitsAndClaimsIncurredGross
222819000 USD
us-gaap Policyholder Benefits And Claims Incurred Gross
PolicyholderBenefitsAndClaimsIncurredGross
311814000 USD
CY2016Q2 us-gaap Policyholder Benefits And Claims Incurred Gross
PolicyholderBenefitsAndClaimsIncurredGross
224852000 USD
us-gaap Policyholder Benefits And Claims Incurred Gross
PolicyholderBenefitsAndClaimsIncurredGross
386850000 USD
CY2015Q2 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
169344000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
246197000 USD
CY2016Q2 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
167750000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
294355000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
16000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
16000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
16000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
16000000 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
400000000 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
400000000 USD
CY2015Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
379828000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
676588000 USD
CY2016Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
351402000 USD
us-gaap Premiums Earned Net
PremiumsEarnedNet
705008000 USD
CY2015Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
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CY2016Q2 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
1332667000 USD
CY2015Q2 us-gaap Premiums Written Gross
PremiumsWrittenGross
661997000 USD
us-gaap Premiums Written Gross
PremiumsWrittenGross
1305575000 USD
CY2016Q2 us-gaap Premiums Written Gross
PremiumsWrittenGross
759128000 USD
us-gaap Premiums Written Gross
PremiumsWrittenGross
1621261000 USD
CY2015Q2 us-gaap Premiums Written Net
PremiumsWrittenNet
508677000 USD
us-gaap Premiums Written Net
PremiumsWrittenNet
912712000 USD
CY2016Q2 us-gaap Premiums Written Net
PremiumsWrittenNet
519916000 USD
us-gaap Premiums Written Net
PremiumsWrittenNet
1031591000 USD
CY2015Q4 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
230671000 USD
CY2016Q2 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
533092000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
445589000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
-166485000 USD
us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
181634000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
5000000 USD
us-gaap Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment
ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment
4761975000 USD
us-gaap Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment
ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment
4780406000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
90996000 USD
us-gaap Profit Loss
ProfitLoss
304096000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
172556000 USD
us-gaap Profit Loss
ProfitLoss
350737000 USD
CY2015Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
220834000 USD
CY2016Q2 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
203165000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1045964000 USD
CY2016Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1122403000 USD
CY2015Q2 us-gaap Reinsurance Costs And Recoveries Net
ReinsuranceCostsAndRecoveriesNet
53475000 USD
us-gaap Reinsurance Costs And Recoveries Net
ReinsuranceCostsAndRecoveriesNet
65617000 USD
CY2016Q2 us-gaap Reinsurance Costs And Recoveries Net
ReinsuranceCostsAndRecoveriesNet
57102000 USD
us-gaap Reinsurance Costs And Recoveries Net
ReinsuranceCostsAndRecoveriesNet
92495000 USD
CY2015Q4 us-gaap Reinsurance Payable
ReinsurancePayable
523974000 USD
CY2016Q2 us-gaap Reinsurance Payable
ReinsurancePayable
753699000 USD
CY2015Q4 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
134526000 USD
CY2016Q2 us-gaap Reinsurance Recoverables
ReinsuranceRecoverables
222006000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3778701000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4016823000 USD
CY2015Q2 us-gaap Revenues
Revenues
397567000 USD
us-gaap Revenues
Revenues
779487000 USD
CY2016Q2 us-gaap Revenues
Revenues
483284000 USD
us-gaap Revenues
Revenues
931404000 USD
CY2015Q4 us-gaap Securities For Reverse Repurchase Agreements
SecuritiesForReverseRepurchaseAgreements
26200000 USD
CY2016Q2 us-gaap Securities For Reverse Repurchase Agreements
SecuritiesForReverseRepurchaseAgreements
69900000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
1208401000 USD
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
1000206000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
4732184000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
4703217000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4836944000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4703217000 USD
CY2015Q2 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
202420000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
301418000 USD
CY2016Q2 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
197005000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
325214000 USD
CY2015Q2 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-33076000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-55221000 USD
CY2016Q2 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-29255000 USD
us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-30859000 USD
CY2016Q2 us-gaap Trading Securities
TradingSecurities
7073129000 USD
CY2015Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
6825877000 USD
CY2016Q2 us-gaap Trading Securities Cost
TradingSecuritiesCost
7007201000 USD
CY2015Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
6765005000 USD
CY2016Q2 us-gaap Trading Securities Debt
TradingSecuritiesDebt
7073129000 USD
CY2016Q2 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
7007201000 USD
CY2015Q4 us-gaap Trading Securities Equity
TradingSecuritiesEquity
393877000 USD
CY2016Q2 us-gaap Trading Securities Equity
TradingSecuritiesEquity
301298000 USD
CY2015Q2 us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.306
us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.303
CY2016Q2 us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.342
us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.343
CY2015Q2 us-gaap Undistributed Earnings
UndistributedEarnings
72414000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
238295000 USD
CY2016Q2 us-gaap Undistributed Earnings
UndistributedEarnings
134764000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
261154000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
819000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2781000 USD
CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1561000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3166000 USD
CY2015Q4 us-gaap Unearned Premiums
UnearnedPremiums
889102000 USD
CY2016Q2 us-gaap Unearned Premiums
UnearnedPremiums
1518106000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
3238000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-20360000 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-348000 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
0 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45657000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42839000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41885000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42398000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45303000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42467000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41693000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42135000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">USE OF ESTIMATES IN FINANCIAL STATEMENTS</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company&#8217;s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges and the Company&#8217;s deferred tax valuation allowance.</font></div></div>

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