Calculated by adding together the net loss and LAE ratio, commission and other acquisition expense ratio and general and administrative expense ratio.
Total capital resources is the sum of the Company's debt and Maiden shareholders' equity. See "Key Financial Measures" for additional information.
In addition to the recurring exclusions above, we also exclude certain non-recurring items that are material to understanding our results of operations. For the year ended December 31, 2014, we excluded: (1) the interest expense incurred on our 2013 Senior Notes prior to the redemption of the outstanding junior subordinated debt given the one time nature of the additional funding cost; and (2) the accelerated amortization of the junior subordinated debt discount and the write-off of the associated issuance costs while for the year ended December 31, 2013, we excluded the interest incurred on the 2013 Senior Notes given the one time nature of the additional funding cost.
Operating earnings attributable to Maiden common shareholders decreased by $10.6 million, or 8.9% for the year ended December 31, 2015 compared to December 31, 2014. This decrease is mainly due to a reduction in underwriting income, offset by improvements in net investment income.
General and administrative expenses include personnel expenses (including share-based compensation expense), rent expense, professional fees, information technology costs and other general operating expenses.
The Company’s estimates of reserve for loss and LAE can also change over time because of changes in internal company operations, such as:
Net premiums written increased by $56.0 million, or 2.3%, for the year ended December 31, 2015 compared to the same period in 2014. The increase in net premiums written for the year ended December 31, 2015, compared to the same period in 2014, was due to the continuing strong growth in business written in our AmTrust Reinsurance segment partially offset by the loss of business in the Diversified Reinsurance segment.
Net Realized Gains on Investment - Net realized gains on investment were $1.2 million for the year ended December 31, 2014, compared to $3.6 million for the same period in 2013.
Net loss and LAE increased by $148.7 million, or 11.0%, for the year ended December 31, 2014 compared to 2013. The net loss and LAE ratios were 66.1% and 67.0% for the years ended December 31, 2014 and 2013, respectively. The increase in net loss and LAE reflects the strong growth of the business in our reportable segments. The improvement in the net loss and LAE ratio for the year ended December 31, 2014 compared to 2013 reflects the change in segment mix and also the continued improvement in pricing that AmTrust is experiencing in certain lines of business, particularly U.S. workers' compensation. The Company amortized gains as a reduction of losses assumed from the GMAC Acquisition and the IIS Acquisition of $8.1 million for the year ended December 31, 2014 compared to $13.7 million for 2013.
Total general and administrative expenses increased by $2.4 million, or 3.7%, for the year ended December 31, 2015 compared to 2014. The increase in total general and administrative expenses is primarily due to an increase in employee compensation and professional fees offset by a decrease in legal fees. The general and administrative expense ratio slightly decreased to 2.7% for the year ended December 31, 2015 from 2.8% for the year ended December 31, 2014.
General and Administrative Expenses - Consistent with the Company's growth, general and administrative expenses decreased by $1.2 million, or 3.4%, for the year ended December 31, 2015 compared to 2014. The general and administrative expense ratio was 5.0% and 4.6% for the years ended December 31, 2015 and 2014, respectively. The overall expense ratio (including commission and other acquisition expenses) was 31.0% and 31.5% for the years ended December 31, 2015 and 2014, respectively.
The table below shows net premiums written by this segment for the years ended December 31, 2015 and 2014: