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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Net premiums earned $ 268,849 $ 262,314
Investment income, net of investment expenses 2,363 16,512
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of ($121) in 2020 and $90 in 2019; previously included in accumulated other comprehensive income) (93,407) 26,713
Total revenues 177,805 305,539
Benefits, Losses and Expenses    
Losses and loss settlement expenses 186,503 164,240
Amortization of deferred policy acquisition costs 54,452 52,219
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 in 2020 and $1,124 in 2019; previously included in accumulated other comprehensive income) 41,849 34,403
Total benefits, losses and expenses 282,804 250,862
Income (loss) before income taxes (104,999) 54,677
Federal income tax expense (benefit) (includes reclassifications of $250 in 2020 and $217 in 2019; previously included in accumulated other comprehensive income) (32,465) 10,156
Net Income (loss) (72,534) 44,521
Other comprehensive income (loss)    
Change in net unrealized appreciation on investments 7,168 33,354
Change in net unrealized appreciation on investments for which an allowance for a credit loss has been recorded (1,593) 0
Change in liability for underfunded employee benefit plans 0 0
Other comprehensive income, before tax and reclassification adjustments 5,575 33,354
Income tax effect (1,171) (7,005)
Other comprehensive income, after tax, before reclassification adjustments 4,404 26,349
Reclassification adjustment for net realized investment (gains) losses included in income 121 (90)
Reclassification adjustment for employee benefit costs included in expense 1,072 1,124
Total reclassification adjustments, before tax 1,193 1,034
Income tax effect (250) (217)
Total reclassification adjustments, after tax 943 817
Comprehensive income (loss) $ (67,187) $ 71,687
Diluted weighted average common shares outstanding (in shares) 25,014,027 25,604,268
Earnings (loss) per common share:    
Basic (in dollars per share) $ (2.90) $ 1.77
Diluted (in dollars per share) $ (2.90) $ 1.74