2014 Form 10-K Financial Statement

#000157601815000018 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013 Q3
Revenue $530.1M $147.8M $120.9M
YoY Change 10.72% 39.47% 47.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $38.90M $8.700M $9.600M
YoY Change 20.43% 20.83% 50.0%
% of Gross Profit
Research & Development $1.621M $320.0K
YoY Change 25.66% -51.88%
% of Gross Profit
Depreciation & Amortization $137.2M $18.83M $21.12M
YoY Change 101.94% 72.81% 94.52%
% of Gross Profit
Operating Expenses $1.621M $66.00M $70.31M
YoY Change 25.66% 47.65% 10473.23%
Operating Profit
YoY Change
Interest Expense $0.00 -$200.0K -$100.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.395M $2.247M $1.246M
YoY Change 50.24%
Pretax Income $62.36M $81.70M $49.39M
YoY Change -73.25% 33.28% 23.47%
Income Tax $5.648M $0.00 $0.00
% Of Pretax Income 9.06% 0.0% 0.0%
Net Earnings $50.40M $80.09M $46.57M
YoY Change -77.83% 31.92% 17.67%
Net Earnings / Revenue 9.51% 54.18% 38.5%
Basic Earnings Per Share $0.48 $0.77 $0.52
Diluted Earnings Per Share $0.47 $0.75 $0.51
COMMON SHARES
Basic Shares Outstanding 103.3M shares 103.3M shares 89.62M shares
Diluted Shares Outstanding 106.4M shares 106.4M shares 90.92M shares

Balance Sheet

Concept 2014 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $28.70M $31.63M $18.66M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.000M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.861B $1.499B $1.134B
YoY Change 24.13% 59.64%
Other Assets $417.3M $194.0M $159.0M
YoY Change 115.55% 148.72%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.853B $2.160B $2.000B
YoY Change 32.07% 54.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.10M $9.000M $5.000M
YoY Change 6.32% 80.0%
Accrued Expenses $5.000M $3.000M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $323.4M $60.00M $91.00M
YoY Change 436.32% -16.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $238.9M $181.0M $228.0M
YoY Change 32.28% -24.58%
Total Long-Term Liabilities $238.9M $181.0M $228.0M
YoY Change 32.28% -24.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $323.4M $60.00M $91.00M
Total Long-Term Liabilities $238.9M $181.0M $228.0M
Total Liabilities $1.401B $649.5M $635.1M
YoY Change 82.34% 37.11%
SHAREHOLDERS EQUITY
Retained Earnings $325.6M $245.5M
YoY Change 231.31%
Common Stock $10.39M $10.39M
YoY Change 32.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.452B $1.510B $1.309B
YoY Change
Total Liabilities & Shareholders Equity $2.853B $2.160B $2.000B
YoY Change 32.07% 54.06%

Cashflow Statement

Concept 2014 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $50.40M $80.09M $46.57M
YoY Change -77.83% 31.92% 17.67%
Depreciation, Depletion And Amortization $137.2M $18.83M $21.12M
YoY Change 101.94% 72.81% 94.52%
Cash From Operating Activities $122.4M -$38.50M $50.00M
YoY Change 521.19% 11.59% 431.91%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$119.1M $3.300M -$368.5M
YoY Change 302.53% -127.97% 10136.11%
Cash From Investing Activities -$119.1M $3.300M -$368.5M
YoY Change -72.13% -127.97% 10136.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $599.0K
YoY Change -99.79%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.268M 48.30M 304.5M
YoY Change -101.55% -31.1% -304600.0%
NET CHANGE
Cash From Operating Activities $122.4M -38.50M 50.00M
Cash From Investing Activities -$119.1M 3.300M -368.5M
Cash From Financing Activities -$6.268M 48.30M 304.5M
Net Change In Cash -$2.891M 13.10M -14.00M
YoY Change 21.47% -44.96% -345.61%
FREE CASH FLOW
Cash From Operating Activities $122.4M -$38.50M $50.00M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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0 USD
CY2013Q1 us-gaap Ceded Premiums Written
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0 USD
CY2013Q3 us-gaap Ceded Premiums Written
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0 USD
CY2013Q4 us-gaap Ceded Premiums Written
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0 USD
CY2013 us-gaap Ceded Premiums Written
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9975000 USD
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0 USD
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0 USD
CY2014Q3 us-gaap Ceded Premiums Written
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150000 USD
CY2014Q4 us-gaap Ceded Premiums Written
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0 USD
CY2014 us-gaap Ceded Premiums Written
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150000 USD
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10.00
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CY2013Q4 us-gaap Commitments And Contingencies
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CY2014Q4 us-gaap Commitments And Contingencies
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1290000 USD
CY2014 us-gaap Communications And Information Technology
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CY2013Q2 us-gaap Deferred Policy Acquisition Cost Amortization Expense
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21117000 USD
CY2013Q4 us-gaap Deferred Policy Acquisition Cost Amortization Expense
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91193000 USD
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CY2012Q4 us-gaap Deposit Contracts Liabilities
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2420000 USD
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0 USD
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0 USD
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0.51
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4430000 USD
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23800000 USD
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20000000 USD
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P2Y
CY2014 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y7M6D
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0 USD
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0 USD
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1514000 USD
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CY2014 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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CY2014 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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3094000 USD
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37592000 USD
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29350000 USD
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21106000 USD
CY2014 us-gaap Foreign Currency Transaction Gain Loss Realized
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2581000 USD
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27376000 USD
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7217000 USD
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CY2013Q4 us-gaap General And Administrative Expense
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8965000 USD
CY2013 us-gaap General And Administrative Expense
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33036000 USD
CY2014Q1 us-gaap General And Administrative Expense
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10025000 USD
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9549000 USD
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10124000 USD
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10310000 USD
CY2014 us-gaap General And Administrative Expense
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40008000 USD
CY2012 us-gaap General Insurance Expense
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365000 USD
CY2013 us-gaap General Insurance Expense
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744000 USD
CY2014 us-gaap General Insurance Expense
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1123000 USD
CY2012 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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1216000 USD
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5767000 USD
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6315000 USD
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100617000 USD
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233078000 USD
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40795000 USD
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34674000 USD
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62358000 USD
CY2012 us-gaap Income Tax Expense Benefit
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CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
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2375000 USD
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1542000 USD
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1731000 USD
CY2014 us-gaap Income Tax Expense Benefit
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5648000 USD
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0 USD
CY2013 us-gaap Income Taxes Paid
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0 USD
CY2014 us-gaap Income Taxes Paid
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3056000 USD
CY2012 us-gaap Increase Decrease Due From Affiliates
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0 USD
CY2013 us-gaap Increase Decrease Due From Affiliates
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0 USD
CY2014 us-gaap Increase Decrease Due From Affiliates
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0 USD
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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4157000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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4089000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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629000 USD
CY2012 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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45383000 USD
CY2013 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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45810000 USD
CY2014 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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64708000 USD
CY2012 us-gaap Increase Decrease In Due To Affiliates
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0 USD
CY2013 us-gaap Increase Decrease In Due To Affiliates
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0 USD
CY2014 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
0 USD
CY2012 us-gaap Increase Decrease In Interest And Dividends Receivable
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833000 USD
CY2013 us-gaap Increase Decrease In Interest And Dividends Receivable
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1034000 USD
CY2014 us-gaap Increase Decrease In Interest And Dividends Receivable
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38000 USD
CY2012 us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
-67271000 USD
CY2013 us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
-67060000 USD
CY2014 us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
-143031000 USD
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1701000 USD
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
275000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
114000 USD
CY2012 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
-65678000 USD
CY2013 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
12162000 USD
CY2014 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
307884000 USD
CY2012 us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
84280000 USD
CY2013 us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
107483000 USD
CY2014 us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
111886000 USD
CY2012 us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
0 USD
CY2013 us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
9081000 USD
CY2014 us-gaap Increase Decrease In Reinsurance Payables
IncreaseDecreaseInReinsurancePayables
18061000 USD
CY2012 us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
0 USD
CY2013 us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
9277000 USD
CY2014 us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
-8463000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
77627000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
115950000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
223730000 USD
CY2012 us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
93893000 USD
CY2013 us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
171294000 USD
CY2014 us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
168622000 USD
CY2012 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-93893000 USD
CY2013Q1 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-52504000 USD
CY2013Q2 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-35928000 USD
CY2013Q3 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
20904000 USD
CY2013Q4 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-103767000 USD
CY2013 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-171295000 USD
CY2014Q1 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-14325000 USD
CY2014Q2 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-66758000 USD
CY2014Q3 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-17305000 USD
CY2014Q4 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-70230000 USD
CY2014 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-168618000 USD
CY2012 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
166104 shares
CY2013 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1064842 shares
CY2014 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1634845 shares
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400149 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1468521 shares
CY2012 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
80306000 USD
CY2013Q1 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
18638000 USD
CY2013Q2 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
45692000 USD
CY2013Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
39349000 USD
CY2013Q4 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
36133000 USD
CY2013 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
139812000 USD
CY2014Q1 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
46259000 USD
CY2014Q2 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
44409000 USD
CY2014Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
60115000 USD
CY2014Q4 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
132364000 USD
CY2014 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
283147000 USD
CY2013Q4 us-gaap Interest And Dividends Payable Current And Noncurrent
InterestAndDividendsPayableCurrentAndNoncurrent
748000 USD
CY2014Q4 us-gaap Interest And Dividends Payable Current And Noncurrent
InterestAndDividendsPayableCurrentAndNoncurrent
697000 USD
CY2012 us-gaap Interest Expense Domestic Deposit Liabilities
InterestExpenseDomesticDepositLiabilities
296000 USD
CY2013 us-gaap Interest Expense Domestic Deposit Liabilities
InterestExpenseDomesticDepositLiabilities
4271000 USD
CY2014 us-gaap Interest Expense Domestic Deposit Liabilities
InterestExpenseDomesticDepositLiabilities
4346000 USD
CY2012 us-gaap Interest Paid
InterestPaid
1823000 USD
CY2013 us-gaap Interest Paid
InterestPaid
4221000 USD
CY2014 us-gaap Interest Paid
InterestPaid
3237000 USD
CY2013Q4 us-gaap Investments
Investments
1460864000 USD
CY2014Q4 us-gaap Investments
Investments
1830838000 USD
CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
34578000 USD
CY2014Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
62110000 USD
CY2012 us-gaap Labor And Related Expense
LaborAndRelatedExpense
13780000 USD
CY2013 us-gaap Labor And Related Expense
LaborAndRelatedExpense
13490000 USD
CY2014 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16047000 USD
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000 USD
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000 USD
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000 USD
CY2013Q4 us-gaap Liabilities
Liabilities
649494000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
1300532000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2159890000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2852580000 USD
CY2013Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
69305000 USD
CY2014Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
102789000 USD
CY2013Q4 us-gaap Liability For Claims And Claims Adjustment Expense Property Casualty Liability
LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability
134331000 USD
CY2014Q4 us-gaap Liability For Claims And Claims Adjustment Expense Property Casualty Liability
LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability
277362000 USD
CY2014Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
2600000 USD
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
13035000 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
82029000 USD
CY2014 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
131653000 USD
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
13035000 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
27528000 USD
CY2014 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
70562000 USD
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
0 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
54501000 USD
CY2014 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
61091000 USD
CY2011Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
0 USD
CY2012Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
67271000 USD
CY2013Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
134331000 USD
CY2014Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Gross
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseGross
277362000 USD
CY2013Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount
100024000 USD
CY2014Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount
213019000 USD
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
80306000 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
139812000 USD
CY2014 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
283147000 USD
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
80306000 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
144509000 USD
CY2014 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
286706000 USD
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
0 USD
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
-4697000 USD
CY2014 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
-3559000 USD
CY2011Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
0 USD
CY2012Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
67271000 USD
CY2013Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
125054000 USD
CY2014Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
276548000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
80088000 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
227311000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
39779000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
31292000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-5997000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-14679000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
50395000 USD
CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1216000 USD
CY2013Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1083000 USD
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
301000 USD
CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2818000 USD
CY2013Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
34307000 USD
CY2014Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
64343000 USD
CY2012 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
677000 USD
CY2013 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
605000 USD
CY2014 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
1023000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
118735000 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
100135000 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
267154000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
405055000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6268000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-806098000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-427144000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-119053000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-30892000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
19709000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
122430000 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
99401000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
74430000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
26223000 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
46570000 USD
CY2013Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1565000 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5767000 USD
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1016000 USD
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1007000 USD
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3417000 USD
CY2014Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
875000 USD
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6315000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
98667000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
225693000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50067000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
98664000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
225719000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
50076000 USD
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2012 us-gaap Occupancy Net
OccupancyNet
595000 USD
CY2013 us-gaap Occupancy Net
OccupancyNet
420000 USD
CY2014 us-gaap Occupancy Net
OccupancyNet
532000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
411000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
411000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
0 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
0 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
0 USD
CY2013Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
65329000 USD
CY2014Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
83394000 USD
CY2012 us-gaap Other Expenses
OtherExpenses
446000 USD
CY2013Q1 us-gaap Other Expenses
OtherExpenses
670000 USD
CY2013Q2 us-gaap Other Expenses
OtherExpenses
759000 USD
CY2013Q3 us-gaap Other Expenses
OtherExpenses
1246000 USD
CY2013Q4 us-gaap Other Expenses
OtherExpenses
2247000 USD
CY2013 us-gaap Other Expenses
OtherExpenses
4922000 USD
CY2014Q1 us-gaap Other Expenses
OtherExpenses
787000 USD
CY2014Q2 us-gaap Other Expenses
OtherExpenses
1020000 USD
CY2014Q3 us-gaap Other Expenses
OtherExpenses
2982000 USD
CY2014Q4 us-gaap Other Expenses
OtherExpenses
2606000 USD
CY2014 us-gaap Other Expenses
OtherExpenses
7395000 USD
CY2012 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
575000 USD
CY2013 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
689000 USD
CY2014 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1443000 USD
CY2013Q4 us-gaap Other Investments
OtherInvestments
65329000 USD
CY2014Q4 us-gaap Other Investments
OtherInvestments
83394000 USD
CY2013Q4 us-gaap Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
44870000 USD
CY2014Q4 us-gaap Payables To Broker Dealers And Clearing Organizations
PayablesToBrokerDealersAndClearingOrganizations
312609000 USD
CY2012 us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
535443000 USD
CY2013 us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
407965000 USD
CY2014 us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
232568000 USD
CY2012 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
2317234000 USD
CY2013 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
2172077000 USD
CY2014 us-gaap Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
3114906000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Premiums And Other Receivables Net
PremiumsAndOtherReceivablesNet
191763000 USD
CY2013 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
25324000 USD
CY2014 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
6151000 USD
CY2012 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell
-60408000 USD
CY2013 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell
22261000 USD
CY2014Q4 us-gaap Premiums And Other Receivables Net
PremiumsAndOtherReceivablesNet
303649000 USD
CY2012 us-gaap Premiums Earned Net
PremiumsEarnedNet
96481000 USD
CY2013Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
33541000 USD
CY2013Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
62287000 USD
CY2013Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
66329000 USD
CY2013Q4 us-gaap Premiums Earned Net
PremiumsEarnedNet
58510000 USD
CY2013 us-gaap Premiums Earned Net
PremiumsEarnedNet
220667000 USD
CY2014Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
73262000 USD
CY2014Q2 us-gaap Premiums Earned Net
PremiumsEarnedNet
78750000 USD
CY2014Q3 us-gaap Premiums Earned Net
PremiumsEarnedNet
108948000 USD
CY2014Q4 us-gaap Premiums Earned Net
PremiumsEarnedNet
183572000 USD
CY2014 us-gaap Premiums Earned Net
PremiumsEarnedNet
444532000 USD
CY2012 us-gaap Premiums Written Net
PremiumsWrittenNet
190374000 USD
CY2013Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
86045000 USD
CY2013Q2 us-gaap Premiums Written Net
PremiumsWrittenNet
98215000 USD
CY2013Q3 us-gaap Premiums Written Net
PremiumsWrittenNet
45425000 USD
CY2013Q4 us-gaap Premiums Written Net
PremiumsWrittenNet
162277000 USD
CY2013 us-gaap Premiums Written Net
PremiumsWrittenNet
391962000 USD
CY2014Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
87587000 USD
CY2014Q2 us-gaap Premiums Written Net
PremiumsWrittenNet
145508000 USD
CY2014Q3 us-gaap Premiums Written Net
PremiumsWrittenNet
126253000 USD
CY2014Q4 us-gaap Premiums Written Net
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CY2014 us-gaap Premiums Written Net
PremiumsWrittenNet
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CY2013 us-gaap Proceeds From Derivative Instrument Investing Activities
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CY2014 us-gaap Proceeds From Derivative Instrument Investing Activities
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158593000 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
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286095000 USD
CY2014 us-gaap Proceeds From Issuance Of Common Stock
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599000 USD
CY2012 us-gaap Proceeds From Minority Shareholders
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19646000 USD
CY2014 us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
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8294000 USD
CY2012 us-gaap Proceeds From Payments For Trading Securities
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1521110000 USD
CY2013 us-gaap Proceeds From Payments For Trading Securities
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1943655000 USD
CY2014 us-gaap Proceeds From Payments For Trading Securities
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2857404000 USD
CY2012 us-gaap Proceeds From Payments To Minority Shareholders
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38913000 USD
CY2013 us-gaap Proceeds From Payments To Minority Shareholders
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CY2014 us-gaap Proceeds From Payments To Minority Shareholders
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CY2014 us-gaap Professional Fees
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CY2013 us-gaap Revenues
Revenues
478792000 USD
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CY2014 us-gaap Profit Loss
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CY2013 us-gaap Reinsurance Costs And Recoveries Net
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9300000 USD
CY2014 us-gaap Reinsurance Costs And Recoveries Net
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CY2012 us-gaap Revenues
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1830838000 USD
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CY2013 us-gaap Share Based Compensation
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CY2014 us-gaap Share Based Compensation
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0 shares
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0.00
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.20
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.23
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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13.41
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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10.00
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.20
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.20
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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17600000 USD
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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14000000 USD
CY2012 us-gaap Statutory Accounting Practices Statutory Net Income Amount
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101300000 USD
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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60000 shares
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928321000 USD
CY2013Q4 us-gaap Stockholders Equity
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1510396000 USD
CY2014Q4 us-gaap Stockholders Equity
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1552048000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1451913000 USD
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80306000 USD
CY2013 us-gaap Supplementary Insurance Information Amortization Of Deferred Policy Acquisition Costs
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139812000 USD
CY2014 us-gaap Supplementary Insurance Information Amortization Of Deferred Policy Acquisition Costs
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283147000 USD
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24604000 USD
CY2013 us-gaap Supplementary Insurance Information Benefits Claims Losses And Settlement Expense
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67944000 USD
CY2014 us-gaap Supplementary Insurance Information Benefits Claims Losses And Settlement Expense
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137206000 USD
CY2012Q4 us-gaap Supplementary Insurance Information Deferred Policy Acquisition Costs
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45383000 USD
CY2013Q4 us-gaap Supplementary Insurance Information Deferred Policy Acquisition Costs
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91193000 USD
CY2014Q4 us-gaap Supplementary Insurance Information Deferred Policy Acquisition Costs
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155901000 USD
CY2012Q4 us-gaap Supplementary Insurance Information Liability For Future Policy Benefits Losses Claims And Loss Expense Reserves
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67271000 USD
CY2013Q4 us-gaap Supplementary Insurance Information Liability For Future Policy Benefits Losses Claims And Loss Expense Reserves
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134331000 USD
CY2014Q4 us-gaap Supplementary Insurance Information Liability For Future Policy Benefits Losses Claims And Loss Expense Reserves
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277362000 USD
CY2012 us-gaap Supplementary Insurance Information Net Investment Income
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136422000 USD
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433809000 USD
CY2013 us-gaap Supplementary Insurance Information Net Investment Income
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258125000 USD
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85582000 USD
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27376000 USD
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33036000 USD
CY2014 us-gaap Supplementary Insurance Information Other Operating Expense
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40008000 USD
CY2012 us-gaap Supplementary Insurance Information Premium Revenue
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96481000 USD
CY2013 us-gaap Supplementary Insurance Information Premium Revenue
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220667000 USD
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444532000 USD
CY2012 us-gaap Supplementary Insurance Information Premiums Written
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CY2013 us-gaap Supplementary Insurance Information Premiums Written
SupplementaryInsuranceInformationPremiumsWritten
391962000 USD
CY2014 us-gaap Supplementary Insurance Information Premiums Written
SupplementaryInsuranceInformationPremiumsWritten
613150000 USD
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SupplementaryInsuranceInformationUnearnedPremiums
93893000 USD
CY2013Q4 us-gaap Supplementary Insurance Information Unearned Premiums
SupplementaryInsuranceInformationUnearnedPremiums
265187000 USD
CY2014Q4 us-gaap Supplementary Insurance Information Unearned Premiums
SupplementaryInsuranceInformationUnearnedPremiums
433809000 USD
CY2013Q4 us-gaap Trading Securities Debt
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CY2014Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
569648000 USD
CY2013Q4 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
408754000 USD
CY2014Q4 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
546933000 USD
CY2013Q4 us-gaap Trading Securities Equity
TradingSecuritiesEquity
954111000 USD
CY2014Q4 us-gaap Trading Securities Equity
TradingSecuritiesEquity
1177796000 USD
CY2013Q4 us-gaap Trading Securities Equity Cost
TradingSecuritiesEquityCost
824723000 USD
CY2014Q4 us-gaap Trading Securities Equity Cost
TradingSecuritiesEquityCost
1078859000 USD
CY2012 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
1887000 USD
CY2013 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
2473000 USD
CY2014 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
3065000 USD
CY2012 us-gaap Undistributed Earnings
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734000 USD
CY2013 us-gaap Undistributed Earnings
UndistributedEarnings
1618000 USD
CY2014 us-gaap Undistributed Earnings
UndistributedEarnings
328000 USD
CY2012 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
-737000 USD
CY2013 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
-1592000 USD
CY2014 us-gaap Undistributed Earnings Diluted
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-319000 USD
CY2013Q4 us-gaap Unearned Premiums
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265187000 USD
CY2012 us-gaap Unrealized Gain Loss On Derivatives
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6529000 USD
CY2013 us-gaap Unrealized Gain Loss On Derivatives
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9926000 USD
CY2014 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-8127000 USD
CY2012 us-gaap Unrealized Gain Loss On Investments
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113271000 USD
CY2013 us-gaap Unrealized Gain Loss On Investments
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78490000 USD
CY2014 us-gaap Unrealized Gain Loss On Investments
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-85057000 USD
CY2014Q4 us-gaap Warrants And Rights Outstanding
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17374000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78598236 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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79083675 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79254268 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90915805 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106390339 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88970531 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103413580 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106433881 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103295920 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103324616 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106391059 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78432132 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78432132 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78432132 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89620394 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103264616 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87505540 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103264616 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103264616 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103295920 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103324616 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103287693 shares
CY2014 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Prior year changes in the presentation of consolidated statements of cash flows</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company had previously excluded income attributable to non-controlling interests&#160;from cash flows provided by operating activities and included these amounts in cash flows used in investing activities and provided by financing activities. For the year ended December 31, 2014, the Company began including income from non-controlling interests in cash flows provided by operating activities. In addition, cash flows related to the non-controlling interest in investment affiliate were previously included in net cash used in investing activities and is now being included in net cash provided by financing activities. Lastly, we are now including the interest expense on deposit liabilities and change in fair value of embedded derivatives in deposit liability contracts as non-cash adjustments in operating activities.&#160; These changes did not impact the consolidated balance sheet or consolidated income statement for the prior periods.&#160; The Company has corrected the presentation of its consolidated statements of cash flows for the prior year periods.</font></div></div>
CY2014 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivatives</font></div><div style="line-height:138%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Underwriting </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Catastrophe Reinsurer enters into certain contracts under which the potential loss payments are triggered exclusively by reference to a specified index, such as an industry loss. These contracts are considered derivatives. The Company records the fair value of these contracts in derivative liabilities, at fair value, in the consolidated balance sheet. Changes in the fair value of these contracts are recorded in net investment income in the consolidated statement of income.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investments</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative instruments within our investment assets managed by our investment manager Third Point LLC, are recorded in the consolidated balance sheets at fair value, with changes in fair values and realized gains and losses recognised in net investment income in the consolidated statements of income. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives serve as a key component of the Company&#8217;s investment strategy and are utilized primarily to structure the portfolio, or individual investments, and to economically match the investment objectives of the Company. </font><font style="font-family:inherit;font-size:10pt;color:#221e1f;">The Company&#8217;s derivatives do not qualify as hedges for financial reporting purposes and are recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association (&#8220;ISDA&#8221;) master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non defaulting party.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company enters into derivative contracts to manage credit risk, interest rate risk, currency exchange risk, and other exposure risks. The Company uses derivatives in connection with its risk-management activities to economically hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allows for an efficient means by which to trade certain asset classes. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair values of derivatives are determined by using quoted market prices, industry recognized pricing vendors, and counterparty quotes when available; otherwise fair values are based on pricing models that consider the time value of money, volatility, and the current market and contractual prices of underlying financial instruments.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Embedded derivatives</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of the Company&#8217;s deposit and reinsurance contracts contain interest crediting features that vary based on the net investment return on investments managed by Third Point LLC. These contractual features are considered embedded derivatives in accordance with U.S. GAAP. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. Prior to 2014, the changes in estimated fair value of these embedded derivatives were recorded in net investment income. As these embedded derivatives have become more prominent, the presentation has been modified and changes in the estimated fair value of embedded derivatives are now recorded in other expenses in the consolidated statements of income. In addition, fixed interest crediting features on these contracts that were recorded in net investment income are now classified in other expenses in the consolidated statements of income. As a result, investment expense of </font><font style="font-family:inherit;font-size:10pt;">$4.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> that was previously reported in net investment income for the years ended December 31, 2013 and 2012, respectively, is now being reported in other expenses to conform to the current year presentation.</font></div></div>
CY2014 us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company holds substantially all of its investments through its prime brokers pursuant to agreements between the Company and each prime broker. The brokerage arrangements differ from broker to broker, but generally cash and investments in securities and commodities balances are available as collateral against investments in securities sold, not yet purchased and derivative positions, if required. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due from/to brokers include cash balances maintained with the Company&#8217;s prime brokers, margin debt balances, receivables and payables from unsettled trades and proceeds from securities sold, not yet purchased. In addition, due from and to brokers includes cash collateral received and posted from OTC and repurchase agreement counterparties. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s due from/to brokers includes a total non-U.S. currency balance of $</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.1</font><font style="font-family:inherit;font-size:10pt;"> million (</font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> - payable of </font><font style="font-family:inherit;font-size:10pt;">$268.5 million</font><font style="font-family:inherit;font-size:10pt;">). </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses prime brokerage arrangements to provide cash collateral for its letter of credit facilities and to fund trust accounts securing certain reinsurance contracts.&#160; As of December 31, 2014, the Company had </font><font style="font-family:inherit;font-size:10pt;">$308.8 million</font><font style="font-family:inherit;font-size:10pt;"> of restricted cash securing letter of credit facilities and certain reinsurance contracts. Margin debt at the brokers primarily relates to borrowings to fund collateral arrangements. These amounts are callable upon demand by the prime broker, are secured by assets of the Company held by the prime broker and incur interest based on the Company&#8217;s negotiated rates. The interest expense incurred is reflected in net investment income in the consolidated statements of income.</font></div></div>
CY2014 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:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table represents the activity in the reserve for losses and loss adjustment expenses for the years ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2012</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;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;margin-left:auto;margin-right:auto;width:96.36752136752136%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td width="62%" 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><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 colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2014</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:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2013</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:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2012</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="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">($ 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:9pt;"><font style="font-family:inherit;font-size:9pt;">Gross reserves for loss and loss adjustment expenses, beginning of year</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:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">134,331</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</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:9pt;"><font style="font-family:inherit;font-size:9pt;">67,271</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:9pt;"><font style="font-family:inherit;font-size:9pt;">$</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:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</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:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: loss and loss adjustment expenses recoverable, beginning of year</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,277</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom: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 colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom: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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">Net reserves for loss and loss adjustment expenses, beginning of year</font></div></td><td colspan="2" style="vertical-align:bottom;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:9pt;"><font style="font-family:inherit;font-size:9pt;">125,054</font></div></td><td style="vertical-align:bottom;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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">67,271</font></div></td><td style="vertical-align:bottom;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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;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:9pt;"><font style="font-family:inherit;font-size:9pt;">Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="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="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="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="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</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:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Current year</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:9pt;"><font style="font-family:inherit;font-size:9pt;">286,706</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:9pt;"><font style="font-family:inherit;font-size:9pt;">144,509</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:9pt;"><font style="font-family:inherit;font-size:9pt;">80,306</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:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Prior years'</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,559</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,697</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom: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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">Total incurred loss and loss adjustment expenses</font></div></td><td colspan="2" style="vertical-align:bottom;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:9pt;"><font style="font-family:inherit;font-size:9pt;">283,147</font></div></td><td style="vertical-align:bottom;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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">139,812</font></div></td><td style="vertical-align:bottom;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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">80,306</font></div></td><td style="vertical-align:bottom;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:9pt;"><font style="font-family:inherit;font-size:9pt;">Net loss and loss adjustment expenses paid in respect of losses occurring in:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="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="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="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="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</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:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Current year</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:9pt;"><font style="font-family:inherit;font-size:9pt;">(70,562</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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:9pt;"><font style="font-family:inherit;font-size:9pt;">(27,528</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,035</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Prior years'</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(61,091</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(54,501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom: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;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:9pt;"><font style="font-family:inherit;font-size:9pt;">Total net paid losses</font></div></td><td colspan="2" style="vertical-align:bottom;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:9pt;"><font style="font-family:inherit;font-size:9pt;">(131,653</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(82,029</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,035</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</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:9pt;"><font style="font-family:inherit;font-size:9pt;">Net reserve for loss and loss adjustment expenses, end of year</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:9pt;"><font style="font-family:inherit;font-size:9pt;">276,548</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:9pt;"><font style="font-family:inherit;font-size:9pt;">125,054</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:9pt;"><font style="font-family:inherit;font-size:9pt;">67,271</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:9pt;"><font style="font-family:inherit;font-size:9pt;">Plus: loss and loss adjustment expenses recoverable, end of year</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;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">814</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,277</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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:9pt;"><font style="font-family:inherit;font-size:9pt;">Gross reserve for loss and loss adjustment expenses, end of year</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:9pt;"><font style="font-family:inherit;font-size:9pt;">$</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:9pt;"><font style="font-family:inherit;font-size:9pt;">277,362</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:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">134,331</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</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:9pt;"><font style="font-family:inherit;font-size:9pt;">67,271</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>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of estimates </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the 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 from those estimates. The major estimates reflected in the Company&#8217;s consolidated financial statements include, but are not limited to, the loss and loss adjustment expense reserves, estimates of written and earned premiums and fair value of financial instruments.</font></div></div>

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