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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues      
Net premiums earned $ 4,148,760 $ 3,705,625 $ 3,686,417
Net investment income 400,805 353,335 305,336
Other insurance related income (losses) (1,240) 7,222 (2,953)
Bargain purchase gain 15,044 0 0
Termination fee received 0 0 280,000
Net realized investment gains (losses):      
Other-than-temporary impairment (OTTI) losses (14,493) (26,210) (72,720)
Other realized investment gains (losses) 42,719 (34,315) (65,771)
Total net realized investment gains (losses) 28,226 (60,525) (138,491)
Total revenues 4,591,595 4,005,657 4,130,309
Expenses      
Net losses and loss expenses 3,287,772 2,204,197 2,176,199
Acquisition costs 823,591 746,876 718,112
General and administrative expenses 579,428 602,717 596,821
Foreign exchange losses (gains) 134,737 (121,295) (102,312)
Interest expense and financing costs 54,811 51,360 50,963
Transaction and reorganization expenses 26,718 0 45,867
Amortization of value of business acquired 50,104 0 0
Amortization of intangibles 2,543 0 0
Total expenses 4,959,704 3,483,855 3,485,650
Income (loss) before income taxes and interest in income (loss) of equity method investments (368,109) 521,802 644,659
Income tax benefit (expense) 7,542 (6,340) (3,028)
Interest in loss of equity method investments (8,402) (2,094) 0
Net income (loss) (368,969) 513,368 641,631
Preferred share dividends 46,810 46,597 40,069
Loss on repurchase of preferred shares 0 1,309 0
Net income (loss) available to common shareholders $ (415,779) $ 465,462 $ 601,562
Net income (loss) per common share:      
Basic net income (in dollars per share) $ (4.94) $ 5.13 $ 6.10
Diluted net income (in dollars per share) $ (4.94) $ 5.08 $ 6.04
Weighted average common shares outstanding - basic (in shares) 84,108 90,772 98,609
Weighted average common shares outstanding - diluted (in shares) 84,108 91,547 99,629