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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Net premiums earned $ 1,157,307 $ 1,224,075 $ 3,415,126 $ 3,577,026
Net investment income 115,763 114,421 361,014 325,380
Other insurance related income 1,533 8,475 11,385 18,811
Net investment gains (losses):        
Other-than-temporary impairment (OTTI) losses (1,458) (5,546) (6,328) (7,634)
Other realized and unrealized investment gains (losses) 15,985 (12,082) 54,850 (69,917)
Total net investment gains (losses) 14,527 (17,628) 48,522 (77,551)
Total revenues 1,289,130 1,329,343 3,836,047 3,843,666
Expenses        
Net losses and loss expenses 850,913 794,959 2,187,403 2,162,945
Acquisition costs 260,026 248,314 762,807 709,527
General and administrative expenses 155,522 154,894 496,008 489,944
Foreign exchange losses (gains) (59,543) 8,305 (64,868) 2,066
Interest expense and financing costs 18,042 16,897 49,545 50,758
Transaction and reorganization expenses 11,215 16,300 29,310 48,125
Amortization of value of business acquired 4,368 39,018 24,666 149,535
Amortization of intangible assets 2,831 1,753 8,744 8,564
Total expenses 1,243,374 1,280,440 3,493,615 3,621,464
Income before income taxes and interest in income of equity method investments 45,756 48,903 342,432 222,202
Income tax (expense) benefit (8,147) 3,525 (23,850) 3,565
Interest in income of equity method investments 792 1,667 5,645 5,045
Net income 38,401 54,095 324,227 230,812
Preferred share dividends 10,656 10,656 31,969 31,969
Net income available to common shareholders $ 27,745 $ 43,439 $ 292,258 $ 198,843
Earnings per common share:        
Earnings per common share (in usd per share) $ 0.33 $ 0.52 $ 3.48 $ 2.38
Earnings per diluted common share (in usd per share) $ 0.33 $ 0.52 $ 3.46 $ 2.37
Weighted average common shares outstanding (in shares) 83,947 83,558 83,872 83,474
Weighted average diluted common shares outstanding (in shares) 84,582 84,107 84,420 83,939