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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Net premiums earned $ 1,393,431 $ 1,304,478 $ 2,734,251 $ 2,562,519
Net investment income 187,297 190,975 395,009 358,358
Other insurance related income 8,662 8,526 12,240 16,867
Net investment gains (losses):        
Increase in allowance for expected credit losses (2,332) (12,963) (5,062) (8,300)
Impairment losses (400) (156) (2,326) (164)
Other realized and unrealized investment gains (losses) 46,200 (40,360) 20,850 (54,223)
Total net investment gains (losses) 43,468 (53,479) 13,462 (62,687)
Total revenues 1,632,858 1,450,500 3,154,962 2,875,057
Expenses        
Net losses and loss expenses 801,754 765,988 1,587,679 1,494,659
Acquisition costs 275,897 265,091 540,477 519,345
General and administrative expenses 161,078 148,441 320,241 311,813
Foreign exchange losses (gains) 94,885 (7,384) 151,920 (30,936)
Interest expense and financing costs 16,586 17,010 33,158 34,157
Reorganization expenses 0 14,014 0 26,312
Amortization of intangible assets 2,396 2,729 5,125 5,458
Total expenses 1,352,596 1,205,889 2,638,600 2,360,808
Income before income taxes and interest in income (loss) of equity method investments 280,262 244,611 516,362 514,249
Income tax (expense) benefit (56,199) (40,547) (100,521) 84,107
Interest in income (loss) of equity method investments (705) 7,900 1,586 9,069
Net income 223,358 211,964 417,427 607,425
Preferred share dividends 7,563 7,563 15,125 15,125
Net income available to common shareholders $ 215,795 $ 204,401 $ 402,302 $ 592,300
Earnings per common share:        
Earnings per common share (in usd per share) $ 2.75 $ 2.42 $ 5.04 $ 6.99
Earnings per diluted common share (in usd per share) $ 2.72 $ 2.40 $ 4.98 $ 6.93
Weighted average common shares outstanding (in shares) 78,378 84,475 79,757 84,677
Weighted average diluted common shares outstanding (in shares) 79,329 85,326 80,845 85,509