XML 31 R5.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Net premiums earned $ 5,306,235 $ 5,083,781 $ 5,160,326
Net investment income 759,229 611,742 418,829
Other insurance related income 30,721 22,495 13,073
Net investment gains (losses):      
Increase in allowance for expected credit losses (10,338) (5,246) (11,421)
Impairment losses (408) (12,757) (12,568)
Other realized and unrealized investment gains (losses) (127,788) (56,627) (432,800)
Total net investment gains (losses) (138,534) (74,630) (456,789)
Total revenues 5,957,651 5,643,388 5,135,439
Expenses      
Net losses and loss expenses 3,158,487 3,393,102 3,242,410
Acquisition costs 1,070,551 1,000,945 1,022,017
General and administrative expenses 666,202 684,446 680,343
Foreign exchange losses (gains) (50,822) 58,115 (157,945)
Interest expense and financing costs 67,766 68,421 63,146
Reorganization expenses 26,312 28,997 31,426
Amortization of intangible assets 10,917 10,917 10,917
Total expenses 4,949,413 5,244,943 4,892,314
Income before income taxes and interest in income of equity method investments 1,008,238 398,445 243,125
Income tax (expense) benefit 55,595 (26,316) (22,037)
Interest in income of equity method investments 17,953 4,163 1,995
Net income 1,081,786 376,292 223,083
Preferred share dividends 30,250 30,250 30,250
Net income available to common shareholders $ 1,051,536 $ 346,042 $ 192,833
Earnings per common share:      
Earnings per common share (in dollars per share) $ 12.49 $ 4.06 $ 2.27
Earnings per diluted common share (in dollars per share) $ 12.35 $ 4.02 $ 2.25
Weighted average common shares outstanding (in shares) 84,165 85,142 84,864
Weighted average diluted common shares outstanding (in shares) 85,176 86,012 85,669