v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues      
Net premiums earned $ 3,707,065 $ 3,415,463 $ 3,314,961
Net investment income 409,312 380,957 362,430
Other insurance related income 4,424 2,676 2,396
Net realized investment gains:      
Other-than-temporary impairment (OTTI) losses (9,362) (24,234) (16,446)
Non-credit portion of OTTI losses recognized in other comprehensive income 0 0 585
Other net realized investment gains 84,926 151,703 137,300
Total net realized investment gains 75,564 127,469 121,439
Total revenues 4,196,365 3,926,565 3,801,226
Expenses      
Net losses and loss expenses 2,134,195 2,096,028 2,675,052
Acquisition costs 664,191 627,653 587,469
General and administrative expenses 575,390 560,981 459,151
Foreign exchange losses (gains) 26,143 29,512 (44,582)
Interest expense and financing costs 61,979 61,863 62,598
Total expenses 3,461,898 3,376,037 3,739,688
Income before income taxes 734,467 550,528 61,538
Income tax expense 7,002 3,287 15,233
Net income 727,465 547,241 46,305
Preferred share dividends 40,474 38,228 36,875
Loss on repurchase of preferred shares 3,081 14,009 0
Net income available to common shareholders $ 683,910 $ 495,004 $ 9,430
Net income per common share:      
Basic net income $ 6.02 $ 4.05 $ 0.08
Diluted net income $ 5.93 $ 4.00 $ 0.07
Weighted average number of common shares outstanding - basic 113,636 122,148 122,499
Weighted average number of common shares outstanding - diluted 115,328 123,654 128,122