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QUARTERLY FINANCIAL RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL RESULTS (UNAUDITED)
QUARTERLY FINANCIAL RESULTS (UNAUDITED)

The following table presents the quarterly financial results for each of the quarters ended during 2017:
 
 
2017
 
 
 Quarter ended
 
 
 
March 31
 
 
June 30
 
 
September 30
 
 
December 31
 
 
 ($ in thousands, except per share amounts)
Revenues
 
 
 
 
 
 
 
 
Gross premiums written
 
$
197,214

 
$
174,889

 
$
181,588

 
$
138,960

Gross premiums ceded
 
(3,426
)
 
(2,523
)
 
(7,931
)
 
(42,707
)
Net premiums written
 
193,788

 
172,366

 
173,657

 
96,253

Change in net unearned premium reserves
 
(41,886
)
 
(12,042
)
 
(964
)
 
44,832

Net premiums earned
 
151,902

 
160,324

 
172,693

 
141,085

Net investment income (loss)
 
11,618

 
(39,149
)
 
63,976

 
(16,214
)
Other income (expense), net
 
(7
)
 
303

 
(520
)
 
(336
)
Total revenues
 
163,513

 
121,478

 
236,149

 
124,535

Expenses
 
 
 
 
 
 
 
 
Loss and loss adjustment expenses incurred, net
 
104,812

 
106,016

 
168,918

 
122,658

Acquisition costs, net
 
43,211

 
45,429

 
38,011

 
35,089

General and administrative expenses
 
6,743

 
6,347

 
8,202

 
5,064

Total expenses
 
154,766

 
157,792

 
215,131

 
162,811

Income (loss) before income tax expense
 
8,747

 
(36,314
)
 
21,018

 
(38,276
)
Income tax (expense) benefit
 
(121
)
 
295

 
(65
)
 
342

Net income (loss) including non-controlling interest
 
8,626

 
(36,019
)
 
20,953

 
(37,934
)
Loss (income) attributable to non-controlling interest in related party joint venture
 
(252
)
 
550

 
(1,078
)
 
202

Net income (loss)
 
$
8,374

 
$
(35,469
)
 
$
19,875

 
$
(37,732
)
Earnings (loss) per share
 
 
 
 
 
 
 
 
Basic
 
$
0.22

 
$
(0.96
)
 
$
0.53

 
$
(1.02
)
Diluted
 
$
0.22

 
$
(0.96
)
 
$
0.53

 
$
(1.02
)
Weighted average number of ordinary shares used in the determination of earnings and loss per share
 
 
 
 
 
 
 
 
Basic
 
37,341,338

 
37,025,703

 
37,345,985

 
37,023,895

Diluted
 
37,376,649

 
37,042,506

 
37,375,273

 
37,023,895



The following table presents the quarterly financial results for each of the quarters ended during 2016:
 
 
2016
 
 
 Quarter ended
 
 
 
March 31
 
 
June 30
 
 
September 30
 
 
December 31
 
 
 ($ in thousands)
Revenues
 
 
 
 
 
 
 
 
Gross premiums written
 
$
166,792

 
$
92,237

 
$
128,205

 
$
148,838

Gross premiums ceded
 
(2,107
)
 
(3,522
)
 
(2,119
)
 
(2,267
)
Net premiums written
 
164,685

 
88,715

 
126,086

 
146,571

Change in net unearned premium reserves
 
(26,573
)
 
36,867

 
(13,294
)
 
(9,939
)
Net premiums earned
 
138,112

 
125,582

 
112,792

 
136,632

Net investment income (loss)
 
28,435

 
(38,054
)
 
32,945

 
52,857

Other income (expense), net
 
(271
)
 
282

 
(192
)
 
(754
)
Total revenues
 
166,276

 
87,810

 
145,545

 
188,735

Expenses
 
 
 
 
 
 
 
 
Loss and loss adjustment expenses incurred, net
 
90,668

 
111,376

 
81,467

 
97,304

Acquisition costs, net
 
38,963

 
35,484

 
25,844

 
34,243

General and administrative expenses
 
6,999

 
4,994

 
6,937

 
6,878

Total expenses
 
136,630

 
151,854

 
114,248

 
138,425

Income (loss) before income tax
 
29,646

 
(64,044
)
 
31,297

 
50,310

Income tax (expense) benefit
 
(204
)
 
258

 
(305
)
 
(258
)
Net income (loss) including non-controlling interest
 
29,442

 
(63,786
)
 
30,992

 
50,052

Loss (income) attributable to non-controlling interest in related party joint venture
 
(773
)
 
791

 
(981
)
 
(856
)
Net income (loss)
 
$
28,669

 
$
(62,995
)
 
$
30,011

 
$
49,196

Earnings (loss) per share
 
 
 
 
 
 
 
 
Basic
 
$
0.77

 
$
(1.69
)
 
$
0.80

 
$
1.32

Diluted
 
$
0.77

 
$
(1.69
)
 
$
0.80

 
$
1.31

Weighted average number of ordinary shares used in the determination of earnings and loss per share
 
 
 
 
 
 
 
 
Basic
 
37,107,039

 
37,281,392

 
37,323,575

 
37,381,714

Diluted
 
37,422,921

 
37,281,392

 
37,385,481

 
37,414,570