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UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
UNAUDITED SUMMARY OF QUARTERLY FINANCIAL RESULTS
An unaudited summary of quarterly financial results is shown in the following table:
 
 
 
 
 
 
 
 
 
 
 
Quarters ended
Mar 31
 
Jun 30
 
Sep 30
 
Dec 31
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
Net premiums earned
$
938,703

 
$
981,431

 
$
1,017,131

 
$
1,211,495

 
 
Net investment income
98,664

 
106,063

 
95,169

 
100,908

 
 
Net realized investment gains (losses)
(25,050
)
 
(4,392
)
 
14,632

 
43,038

 
 
Underwriting income (loss)
16,385

 
57,012

 
(512,853
)
 
26,130

 
 
Net income (loss) available to common shareholders
5,014

 
85,030

 
(467,740
)
 
(38,081
)
 
 
Earnings (loss) per common share - basic
$
0.06

 
$
1.01

 
$
(5.61
)
 
$
(0.46
)
 
 
Earnings (loss) per common share - diluted
$
0.06

 
$
1.01

 
$
(5.61
)
 
$
(0.46
)
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
 
 
Net premiums earned
$
902,340

 
$
946,990

 
$
934,415

 
$
921,879

 
 
Net investment income
49,164

 
91,730

 
116,923

 
95,517

 
 
Net realized investment gains (losses)
(66,508
)
 
21,010

 
5,205

 
(20,229
)
 
 
Underwriting income
98,951

 
9,860

 
103,998

 
66,265

 
 
Net income available to common shareholders
38,417

 
119,491

 
176,644

 
130,912

 
 
Earnings per common share - basic
$
0.41

 
$
1.30

 
$
1.97

 
$
1.50

 
 
Earnings per common share - diluted
$
0.41

 
$
1.29

 
$
1.96

 
$
1.48

 
 
 
 
 
 
 
 
 
 
 

(1)
During the three months ended September 30, and December 31, 2017, the Company recognized transaction and reorganization expenses of $6 million and $21 million, respectively, related to the acquisition and integration of Novae. Refer to Item 8, Note 18 of the Consolidated Financial Statements 'Transaction and Reorganization Expenses' for further details.
(2)
During the three months ended December 31, 2017, the Company recognized a tax expense of $42 million due to the revaluation of net deferred tax assets pursuant to the U.S. Tax Reform. Refer to Item 8, Note 19 of the Consolidated Financial Statements 'Income Taxes' for further details.
(3)
During the three months ended December 31, 2017, the Company recognized amortization of value of business acquired of $50 million related to the acquisition of Novae. Refer to Item 8, Note 3 and Note 5 of the Consolidated Financial Statements 'Business Combinations' and 'Goodwill and Intangible Assets' for further details.