Form: 8-K

Current report filing

December 6, 2016

Documents

Supplemental Financial Data - Gross Premiums Written and Managed Catastrophe Premiums
EXHIBIT 99.2

Comments on Regulation G
In addition to the GAAP financial measures set forth in this Form 8-K, the Company refers to certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company's management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.
The Company includes “managed catastrophe premiums” which is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from total catastrophe gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Reinsurance Ltd. ("Top Layer Re"), which is accounted for under the equity method of accounting. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. A reconciliation of “managed catastrophe premiums” to catastrophe gross premiums written is included below.
 
Three months ended
 
Nine months ended
 
March 31,
2016
 
June 30,
2016
 
September 30,
2016
 
September 30,
2016
Property Segment
 
 
 
 
 
 
 
Catastrophe
$
373,017

 
$
432,033

 
$
71,606

 
$
876,656

Other property
71,942

 
61,920

 
48,298

 
182,160

Total Property segment gross premiums written
$
444,959

 
$
493,953

 
$
119,904

 
$
1,058,816

 
 
 
 
 
 
 
 
Casualty and Specialty Segment
 
 
 
 
 
 
 
Casualty
$
218,729

 
$
150,099

 
$
173,218

 
$
542,046

Credit
142,834

 
74,255

 
110,771

 
327,860

Other
55,611

 
40,821

 
26,331

 
122,763

Total Casualty and Specialty segment gross premiums written
$
417,174

 
$
265,175

 
$
310,320

 
$
992,669

 
 
 
 
 
 
 
 
Managed Catastrophe Premiums
 
 
 
 
 
 
 
Total catastrophe gross premiums written
$
373,017

 
$
432,033

 
$
71,606

 
$
876,656

Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re (1)
11,096

 
25,689

 
1,493

 
38,278

Catastrophe premiums written by the Company and ceded to Top Layer Re
(8,367
)
 
(896
)
 
—

 
(9,263
)
Total managed catastrophe premiums
$
375,746

 
$
456,826

 
$
73,099

 
$
905,671

(1)
Top Layer Re is accounted for under the equity method of accounting.


Supplemental Financial Data - Gross Premiums Written and Managed Catastrophe Premiums
EXHIBIT 99.2

 
Three months ended
 
Year ended
 
March 31,
2015
 
June 30,
2015
 
September 30,
2015
 
December 31,
2015
 
December 31,
2015
Property Segment
 
 
 
 
 
 
 
 
 
Catastrophe
$
410,325

 
$
416,716

 
$
88,273

 
$
15,264

 
$
930,578

Other property
33,545

 
49,374

 
30,006

 
28,656

 
141,581

Total Property segment gross premiums written
$
443,870

 
$
466,090

 
$
118,279

 
$
43,920

 
$
1,072,159

 
 
 
 
 
 
 
 
 
 
Casualty and Specialty Segment
 
 
 
 
 
 
 
 
 
Casualty
$
124,076

 
$
133,379

 
$
158,203

 
$
130,165

 
$
545,823

Credit
31,296

 
21,445

 
70,216

 
142,213

 
265,170

Other
44,426

 
41,083

 
22,944

 
19,795

 
128,248

Total Casualty and Specialty segment gross premiums written
$
199,798

 
$
195,907

 
$
251,363

 
$
292,173

 
$
939,241

 
 
 
 
 
 
 
 
 
 
Managed Catastrophe Premiums
 
 
 
 
 
 
 
 
 
Total catastrophe gross premiums written
$
410,325

 
$
416,716

 
$
88,273

 
$
15,264

 
$
930,578

Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re (1)
14,164

 
21,411

 
1,089

 
1,923

 
38,587

Catastrophe premiums written by the Company and ceded to Top Layer Re
(5,950
)
 
(835
)
 
—

 
—

 
(6,785
)
Total managed catastrophe premiums
$
418,539

 
$
437,292

 
$
89,362

 
$
17,187

 
$
962,380

(1)
Top Layer Re is accounted for under the equity method of accounting.

 
Three months ended
 
Year ended
 
March 31,
2014
 
June 30,
2014
 
September 30,
2014
 
December 31,
2014
 
December 31,
2014
Property Segment
 
 
 
 
 
 
 
 
 
Catastrophe
$
489,266

 
$
414,748

 
$
73,413

 
$
11,908

 
$
989,335

Other property
18,065

 
16,249

 
26,410

 
24,831

 
85,555

Total Property segment gross premiums written
$
507,331

 
$
430,997

 
$
99,823

 
$
36,739

 
$
1,074,890

 
 
 
 
 
 
 
 
 
 
Casualty and Specialty Segment
 
 
 
 
 
 
 
 
 
Casualty
$
61,933

 
$
54,551

 
$
77,311

 
$
70,712

 
$
264,507

Credit
97,789

 
14,945

 
16,445

 
19,282

 
148,461

Other
38,207

 
11,047

 
7,413

 
5,738

 
62,405

Total Casualty and Specialty segment gross premiums written
$
197,929

 
$
80,543

 
$
101,169

 
$
95,732

 
$
475,373

 
 
 
 
 
 
 
 
 
 
Managed Catastrophe Premiums
 
 
 
 
 
 
 
 
 
Total catastrophe gross premiums written
$
489,266

 
$
414,748

 
$
73,413

 
$
11,908

 
$
989,335

Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re (1)
14,115

 
23,110

 
2,169

 
3,162

 
42,556

Catastrophe premiums written by the Company and ceded to Top Layer Re
(7,355
)
 
—

 
—

 
—

 
(7,355
)
Total managed catastrophe premiums
$
496,026

 
$
437,858

 
$
75,582

 
$
15,070

 
$
1,024,536

(1)
Top Layer Re is accounted for under the equity method of accounting.