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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Net premiums earned $ 1,104,003 $ 1,123,607 $ 2,192,628 $ 2,257,819
Net investment income 45,040 137,949 138,140 245,254
Other insurance related income (loss) 1,996 2,925 (6,710) 9,852
Net investment gains (losses):        
Allowance for expected credit losses 13,761 0 (6,257) 0
Impairment losses (112) 0 (1,302) 0
Other-than-temporary impairment ("OTTI") losses 0 (834) 0 (4,870)
Other realized and unrealized investment gains (losses) 39,394 22,059 (2,272) 38,866
Total net investment gains (losses) 53,043 21,225 (9,831) 33,996
Total revenues 1,204,082 1,285,706 2,314,227 2,546,921
Expenses        
Net losses and loss expenses 676,261 672,463 1,584,335 1,336,491
Acquisition costs 228,502 242,363 467,152 502,781
General and administrative expenses 140,652 165,395 297,712 340,486
Foreign exchange losses (gains) 9,709 (12,381) (51,974) (5,325)
Interest expense and financing costs 20,595 15,607 44,067 31,502
Reorganization expenses 392 3,276 (591) 18,096
Amortization of value of business acquired 1,285 7,194 3,083 20,298
Amortization of intangible assets 2,855 2,912 5,725 5,914
Total expenses 1,080,251 1,096,829 2,349,509 2,250,243
Income (loss) before income taxes and interest in income (loss) of equity method investments 123,831 188,877 (35,282) 296,678
Income tax expense (10,893) (14,469) (6,026) (15,703)
Interest in income (loss) of equity method investments 7,102 2,635 (16,475) 4,853
Net income (loss) 120,040 177,043 (57,783) 285,828
Preferred share dividends 7,563 10,656 15,125 21,313
Net income (loss) available (attributable) to common shareholders $ 112,477 $ 166,387 $ (72,908) $ 264,515
Earnings (loss) per common share:        
Earnings (loss) per common share (in usd per share) $ 1.33 $ 1.98 $ (0.87) $ 3.16
Earnings (loss) per diluted common share (in usd per share) $ 1.33 $ 1.97 $ (0.87) $ 3.14
Weighted average common shares outstanding (in shares) 84,303 83,941 84,198 83,834
Weighted average diluted common shares outstanding (in shares) 84,600 84,401 84,198 84,338