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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Net premiums earned $ 1,322,564 $ 1,284,866 $ 3,818,508 $ 3,820,163
Net investment income 154,201 88,177 424,802 271,744
Other insurance related income 10,344 1,092 16,444 9,998
Net investment gains (losses):        
(Increase) decrease in allowance for expected credit losses 1,077 (3,210) (1,380) (10,191)
Impairment losses (41) (6,491) (9,124) (7,074)
Other realized and unrealized investment gains (losses) (54,150) (136,757) (87,167) (396,966)
Total net investment gains (losses) (53,114) (146,458) (97,671) (414,231)
Total revenues 1,433,995 1,227,677 4,162,083 3,687,674
Expenses        
Net losses and loss expenses 783,940 941,911 2,240,840 2,444,196
Acquisition costs 263,389 240,511 747,027 746,443
General and administrative expenses 179,283 158,245 514,596 492,872
Foreign exchange gains (50,570) (135,660) (11,755) (236,934)
Interest expense and financing costs 16,445 15,915 50,077 46,720
Reorganization expenses 28,997 6,213 28,997 21,941
Amortization of intangible assets 2,729 2,729 8,188 8,188
Total expenses 1,224,213 1,229,864 3,577,970 3,523,426
Income (loss) before income taxes and interest in income (loss) of equity method investments 209,782 (2,187) 584,113 164,248
Income tax (expense) benefit (24,624) 363 (68,078) 5,304
Interest in income (loss) of equity method investments 2,940 (7,560) 2,835 5,040
Net income (loss) 188,098 (9,384) 518,870 174,592
Preferred share dividends 7,563 7,563 22,688 22,688
Net income (loss) available (attributable) to common shareholders $ 180,535 $ (16,947) $ 496,182 $ 151,904
Earnings (loss) per common share:        
Earnings (loss) per common share (in usd per share) $ 2.12 $ (0.20) $ 5.83 $ 1.79
Earnings (loss) per common share (in usd per share) $ 2.10 $ (0.20) $ 5.77 $ 1.77
Weighted average common shares outstanding (in shares) 85,223 84,660 85,099 84,930
Weighted average diluted common shares outstanding (in shares) 86,108 84,660 85,927 85,674