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UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
UNAUDITED SUMMARY OF QUARTERLY FINANCIAL RESULTS | An unaudited summary of quarterly financial results is shown in the following table:
| Quarters ended | Mar 31 |  | Jun 30 |  | Sep 30 |  | Dec 31 |
| 2019 |  |  |  |  |  |  |  |
| Net premiums earned | $ | 1,134,212 |  |  | $ | 1,123,607 |  |  | $ | 1,157,307 |  |  | $ | 1,172,051 |  |
| Net investment income | 107,303 |  |  | 137,949 |  |  | 115,763 |  |  | 117,557 |  |
| Net investment gains | 12,767 |  |  | 21,225 |  |  | 14,527 |  |  | 42,712 |  |
| Underwriting income (loss) (1) (2) | 77,822 |  |  | 78,659 |  |  | (78,718 | ) |  | (49,254 | ) |
| Net income (loss) available (attributable) to common shareholders | 98,125 |  |  | 166,387 |  |  | 27,745 |  |  | (9,897 | ) |
| Earnings (loss) per common share | $ | 1.17 |  |  | $ | 1.98 |  |  | $ | 0.33 |  |  | $ | (0.12 | ) |
| Earnings (loss) per diluted common share | $ | 1.16 |  |  | $ | 1.97 |  |  | $ | 0.33 |  |  | $ | (0.12 | ) |
| 2018 |  |  |  |  |  |  |  |
| Net premiums earned | $ | 1,167,402 |  |  | $ | 1,185,548 |  |  | $ | 1,224,075 |  |  | $ | 1,214,469 |  |
| Net investment income | 100,999 |  |  | 109,960 |  |  | 114,421 |  |  | 113,128 |  |
| Net investment losses | (14,830 | ) |  | (45,093 | ) |  | (17,628 | ) |  | (72,667 | ) |
| Underwriting income (loss) | 143,737 |  |  | 115,726 |  |  | 59,026 |  |  | (194,664 | ) |
| Net income (loss) available (attributable) to common shareholders | 62,546 |  |  | 92,858 |  |  | 43,439 |  |  | (198,448 | ) |
| Earnings (loss) per common share | $ | 0.75 |  |  | $ | 1.11 |  |  | $ | 0.52 |  |  | $ | (2.37 | ) |
| Earnings (loss) per diluted common share | $ | 0.75 |  |  | $ | 1.11 |  |  | $ | 0.52 |  |  | $ | (2.37 | ) |
(1) | Consolidated underwriting income is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is provided in Note 3 'Segment Information'.
(2) | Underwriting-related general and administrative expenses includes those general and administrative expenses that are incremental and/or directly attributable to the Company's underwriting operations. Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $129 million, $108 million and $130 million for the years ended December 31, 2019, 2018 and 2017, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses.
(3) | During the quarters ended March 31, June 30, September 30 and December 31, 2019, the Company recognized reorganization expenses of $15 million, $3 million, $11 million and $8 million, respectively, related to its transformation program which was launched in 2017. This program encompasses the integration of Novae which commenced in the fourth quarter of 2017, the realignment of the accident and health business, together with other initiatives designed to increase the Company's efficiency and enhance the Company's profitability while delivering a customer-centric operating model. During the quarters ended March 31, June 30, September 30 and December 31, 2018, the Company recognized reorganization expenses of $13 million, $19 million, $16 million and $19 million, respectively (refer to Note 18 'Transaction and Reorganization Expense').
(4) During the quarters ended March 31, June 30, September 30 and December 31, 2019, the Company recognized amortization of VOBA of $13 million, $7 million, $4 million, $2 million, respectively, related to the acquisition of Novae. During the quarters ended March 31, June 30, September 30 and December 31, 2018, the Company recognized amortization of VOBA of $57 million, $53 million, $39 million and $23 million (refer to Note 4 'Goodwill and Intangible Assets').

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
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