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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues        
Net premiums earned $ 2,120,909 $ 1,665,354 $ 4,069,331 $ 3,409,798
Net investment income 111,613 131,485 210,469 276,638
Net realized gains (losses) 202,907 556,588 345,368 189,628
Other underwriting income 5,529 6,667 11,639 13,519
Equity in net income (loss) of investment funds accounted for using the equity method 122,186 (65,119) 193,872 (69,328)
Other income (loss) 6,852 33 5,111 65
Total revenues 2,569,996 2,295,008 4,835,790 3,820,320
Expenses        
Losses and loss adjustment expenses 1,159,831 1,230,522 2,362,931 2,345,941
Acquisition expenses 335,143 254,789 639,624 502,072
Other operating expenses 244,943 209,249 505,976 443,793
Corporate expenses 15,951 17,920 41,335 38,716
Amortization of intangible assets 15,286 16,489 29,688 33,120
Interest expense 35,700 31,139 74,046 63,694
Net foreign exchange (gains) losses 17,775 39,211 (2,288) (33,460)
Total expenses 1,824,629 1,799,319 3,651,312 3,393,876
Income (loss) before income taxes and income (loss) from operating affiliates 745,367 495,689 1,184,478 426,444
Income tax expense (51,179) (26,127) (90,039) (54,072)
Income (loss) from operating affiliates 24,476 (3,173) 99,933 5,343
Net income (loss) 718,664 466,389 1,194,372 377,715
Net (income) loss attributable to noncontrolling interests (43,178) (167,568) (80,730) 65,223
Net income (loss) available to Arch 675,486 298,821 1,113,642 442,938
Preferred dividends (11,666) (10,403) (22,069) (20,806)
Net income (loss) available to Arch common shareholders $ 663,820 $ 288,418 $ 1,091,573 $ 422,132
Net income per common share and common share equivalent        
Basic (per share) $ 1.67 $ 0.72 $ 2.73 $ 1.05
Diluted (per share) $ 1.63 $ 0.71 $ 2.68 $ 1.03
Weighted average common shares and common share equivalents outstanding        
Basic (shares) 397,743,402 402,503,687 399,267,183 403,197,924
Diluted (shares) 406,485,994 408,119,681 407,687,680 411,005,591