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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Net premiums earned $ 1,123,607 $ 1,185,548 $ 2,257,819 $ 2,352,950
Net investment income 137,949 109,960 245,254 210,961
Other insurance related income 2,925 3,730 9,852 10,335
Net investment gains (losses):        
Other-than-temporary impairment (OTTI) losses (834) (1,674) (4,870) (2,088)
Other realized and unrealized investment gains (losses) 22,059 (43,419) 38,866 (57,835)
Total net investment gains (losses) 21,225 (45,093) 33,996 (59,923)
Total revenues 1,285,706 1,254,145 2,546,921 2,514,323
Expenses        
Net losses and loss expenses 672,463 706,641 1,336,491 1,367,986
Acquisition costs 242,363 231,952 502,781 461,212
General and administrative expenses 165,395 165,213 340,486 335,049
Foreign exchange gains (12,381) (44,099) (5,325) (6,239)
Interest expense and financing costs 15,607 17,098 31,502 33,861
Transaction and reorganization expenses 3,276 18,772 18,096 31,825
Amortization of value of business acquired 7,194 53,407 20,298 110,517
Amortization of intangible assets 2,912 4,029 5,914 6,811
Total expenses 1,096,829 1,153,013 2,250,243 2,341,022
Income before income taxes and interest in income of equity method investments 188,877 101,132 296,678 173,301
Income tax (expense) benefit (14,469) (996) (15,703) 40
Interest in income of equity method investments 2,635 3,378 4,853 3,378
Net income 177,043 103,514 285,828 176,719
Preferred share dividends 10,656 10,656 21,313 21,313
Net income available to common shareholders $ 166,387 $ 92,858 $ 264,515 $ 155,406
Earnings per common share:        
Earnings per common share (in usd per share) $ 1.98 $ 1.11 $ 3.16 $ 1.86
Earnings per diluted common share (in usd per share) $ 1.97 $ 1.11 $ 3.14 $ 1.85
Weighted average number of common shares outstanding - basic (in shares) 83,941 83,539 83,834 83,431
Weighted average number of common shares outstanding - diluted (in shares) 84,401 83,984 84,338 83,853