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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Net premiums earned $ 1,091,312 $ 1,157,307 $ 3,283,941 $ 3,415,126
Net investment income 101,956 115,763 240,098 361,014
Other insurance related income (loss) 1,440 1,533 (5,270) 11,385
Net investment gains:        
Allowance for expected credit losses 3,759 0 (2,498) 0
Impairment losses (184) 0 (1,486) 0
Other-than-temporary impairment ("OTTI") losses 0 (1,458) 0 (6,328)
Other realized and unrealized investment gains 52,034 15,985 49,761 54,850
Total net investment gains 55,609 14,527 45,777 48,522
Total revenues 1,250,317 1,289,130 3,564,546 3,836,047
Expenses        
Net losses and loss expenses 879,677 850,913 2,464,012 2,187,403
Acquisition costs 230,564 260,026 697,716 762,807
General and administrative expenses 138,823 155,522 436,538 496,008
Foreign exchange losses (gains) 60,734 (59,543) 8,760 (64,868)
Interest expense and financing costs 15,574 18,042 59,641 49,545
Reorganization expenses 1,413 11,215 822 29,310
Amortization of value of business acquired 1,028 4,368 4,111 24,666
Amortization of intangible assets 2,838 2,831 8,564 8,744
Total expenses 1,330,651 1,243,374 3,680,164 3,493,615
Income (loss) before income taxes and interest in income (loss) of equity method investments (80,334) 45,756 (115,618) 342,432
Income tax (expense) benefit 12,056 (8,147) 6,030 (23,850)
Interest in income (loss) of equity method investments 2,896 792 (13,579) 5,645
Net income (loss) (65,382) 38,401 (123,167) 324,227
Preferred share dividends 7,563 10,656 22,688 31,969
Net income (loss) available (attributable) to common shareholders $ (72,945) $ 27,745 $ (145,855) $ 292,258
Earnings (loss) per common share:        
Earnings (loss) per common share (in usd per share) $ (0.87) $ 0.33 $ (1.73) $ 3.48
Earnings (loss) per diluted common share (in usd per share) $ (0.87) $ 0.33 $ (1.73) $ 3.46
Weighted average common shares outstanding (in shares) 84,308 83,947 84,235 83,872
Weighted average diluted common shares outstanding (in shares) 84,308 84,582 84,235 84,420