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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Net premiums earned $ 1,156,941 $ 1,104,003 $ 2,260,663 $ 2,192,628
Net investment income 104,672 45,040 218,836 138,140
Other insurance related income (loss) 5,817 1,996 8,598 (6,710)
Net investment gains (losses):        
Allowance for expected credit losses 150 13,761 239 (6,257)
Impairment losses 0 (112) 0 (1,302)
Other realized and unrealized investment gains (losses) 73,143 39,394 102,697 (2,272)
Total net investment gains (losses) 73,293 53,043 102,936 (9,831)
Total revenues 1,340,723 1,204,082 2,591,033 2,314,227
Expenses        
Net losses and loss expenses 666,473 676,261 1,381,190 1,584,335
Acquisition costs 219,070 228,502 437,941 467,152
General and administrative expenses 162,452 140,652 320,860 297,712
Foreign exchange losses (gains) 19,602 9,709 23,716 (51,974)
Interest expense and financing costs 15,235 20,595 30,806 44,067
Reorganization expenses 0 392 0 (591)
Amortization of value of business acquired 1,028 1,285 2,056 3,083
Amortization of intangible assets 3,324 2,855 6,013 5,725
Total expenses 1,087,184 1,080,251 2,202,582 2,349,509
Income (loss) before income taxes and interest in income (loss) of equity method investments 253,539 123,831 388,451 (35,282)
Income tax expense (27,865) (10,893) (48,641) (6,026)
Interest in income (loss) of equity method investments 9,799 7,102 18,960 (16,475)
Net income (loss) 235,473 120,040 358,770 (57,783)
Preferred share dividends 7,563 7,563 15,125 15,125
Net income (loss) available (attributable) to common shareholders $ 227,910 $ 112,477 $ 343,645 $ (72,908)
Earnings (loss) per common share:        
Earnings (loss) per common share (in usd per share) $ 2.69 $ 1.33 $ 4.06 $ (0.87)
Earnings (loss) per diluted common share (in usd per share) $ 2.67 $ 1.33 $ 4.04 $ (0.87)
Weighted average common shares outstanding (in shares) 84,764 84,303 84,640 84,198
Weighted average diluted common shares outstanding (in shares) 85,267 84,600 85,117 84,198