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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues      
Net premiums earned $ 4,709,850 $ 4,371,309 $ 4,587,178
Net investment income 454,301 349,601 478,572
Other insurance related income 23,295 (8,089) 16,444
Net investment gains:      
Allowance for expected credit losses 11 (323) 0
Impairment losses (22) (1,486) 0
Other-than-temporary impairment ("OTTI") losses 0 0 (6,984)
Other realized and unrealized investment gains 134,290 130,942 98,217
Total net investment gains 134,279 129,133 91,233
Total revenues 5,321,725 4,841,954 5,173,427
Expenses      
Net losses and loss expenses 3,008,783 3,281,252 3,044,798
Acquisition costs 921,834 929,517 1,024,582
General and administrative expenses 663,304 579,790 634,831
Foreign exchange losses (gains) 315 81,069 (12,041)
Interest expense and financing costs 62,302 75,049 68,107
Reorganization expenses 0 7,881 37,384
Amortization of value of business acquired 3,854 5,139 26,722
Amortization of intangible assets 12,424 11,390 11,597
Total expenses 4,672,816 4,971,087 4,835,980
Income before income taxes and interest in income of equity method investments 648,909 (129,133) 337,447
Income tax (expense) benefit (62,384) 12,321 (23,692)
Interest in income (loss) of equity method investments 32,084 (3,612) 9,718
Net income (loss) 618,609 (120,424) 323,473
Preferred share dividends 30,250 30,250 41,112
Net income (loss) available (attributable) to common shareholders $ 588,359 $ (150,674) $ 282,361
Earnings (loss) per common share:      
Earnings (loss) per common share (in dollars per share) $ 6.95 $ (1.79) $ 3.37
Earnings (loss) per diluted common share (in dollars per share) $ 6.90 $ (1.79) $ 3.34
Weighted average common shares outstanding (in shares) 84,707 84,262 83,894
Weighted average diluted common shares outstanding (in shares) 85,291 84,262 84,473