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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Net premiums earned $ 1,017,131 $ 934,415 $ 2,937,265 $ 2,783,746
Net investment income 95,169 116,923 299,899 257,818
Other insurance related income (losses) (3,197) 5,944 (4,420) 4,850
Bargain purchase gain 0 0 15,044 0
Net realized investment gains (losses):        
Other-than-temporary impairment (OTTI) losses (5,412) (4,247) (13,493) (20,346)
Other realized investment gains (losses) 20,044 9,452 (1,318) (19,949)
Total net realized investment gains (losses) 14,632 5,205 (14,811) (40,295)
Total revenues 1,123,735 1,062,487 3,232,977 3,006,119
Expenses        
Net losses and loss expenses 1,235,367 532,328 2,447,640 1,663,584
Acquisition costs 194,724 189,810 588,879 559,570
General and administrative expenses 124,629 142,906 433,704 439,554
Foreign exchange losses (gains) 32,510 (13,795) 90,093 (69,781)
Interest expense and financing costs 12,835 12,839 38,377 38,586
Transaction related expenses 5,970 0 5,970 0
Total expenses 1,606,035 864,088 3,604,663 2,631,513
Income (loss) before income taxes and interest in income (loss) of equity method investments (482,300) 198,399 (371,686) 374,606
Income tax (expense) benefit 25,877 (9,352) 38,547 (7,712)
Interest in loss of equity method investments (661) (2,434) (8,402) (2,434)
Net income (loss) (457,084) 186,613 (341,541) 364,460
Preferred share dividends 10,656 9,969 36,154 29,906
Net income (loss) available to common shareholders $ (467,740) $ 176,644 $ (377,695) $ 334,554
Net income (loss) per common share:        
Basic net income (loss) (in usd per share) $ (5.61) $ 1.97 $ (4.47) $ 3.64
Diluted net income (loss) (in usd per share) $ (5.61) $ 1.96 $ (4.47) $ 3.61
Weighted average number of common shares outstanding - basic (in shares) 83,305 89,621 84,479 91,852
Weighted average number of common shares outstanding - diluted (in shares) 83,305 90,351 84,479 92,579
Cash dividends declared per common share (in usd per share) $ 0.38 $ 0.35 $ 1.14 $ 1.05