XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Net premiums earned $ 946,990 $ 941,211 $ 1,849,331 $ 1,845,264
Net investment income 91,730 88,544 140,896 180,651
Other insurance related income (loss) (892)   (1,094)  
Other insurance related income (loss)   3,486   11,162
Net realized investment gains (losses):        
Other-than-temporary impairment (OTTI) losses (6,369) (12,893) (16,099) (30,461)
Other realized investment gains (losses) 27,379 1,783 (29,401) (23,201)
Total net realized investment gains (losses) 21,010 (11,110) (45,500) (53,662)
Total revenues 1,058,838 1,022,131 1,943,633 1,983,415
Expenses        
Net losses and loss expenses 632,294 580,153 1,131,256 1,092,481
Acquisition costs 189,125 183,263 369,761 354,805
General and administrative expenses 146,746 148,482 296,648 311,723
Foreign exchange losses (gains) (56,602) 22,108 (55,986) (41,112)
Interest expense and financing costs 12,914 12,939 25,747 25,196
Total expenses 924,477 946,945 1,767,426 1,743,093
Income before income taxes 134,361 75,186 176,207 240,322
Income tax expense (benefit) 4,901 1,815 (1,639) 1,125
Net income 129,460 73,371 177,846 239,197
Preferred share dividends 9,969 10,022 19,938 20,044
Net income available to common shareholders $ 119,491 $ 63,349 $ 157,908 $ 219,153
Net income per common share:        
Basic net income (in usd per share) $ 1.30 $ 0.63 $ 1.70 $ 2.19
Diluted net income (in usd per share) $ 1.29 $ 0.63 $ 1.69 $ 2.17
Weighted average number of common shares outstanding - basic (in shares) 91,926 100,274 92,980 100,093
Weighted average number of common shares outstanding - diluted (in shares) 92,558 101,160 93,705 101,151
Cash dividends declared per common share (in usd per share) $ 0.35 $ 0.29 $ 0.70 $ 0.58