XML 23 R4.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Net premiums earned $ 4,371,309 $ 4,587,178 $ 4,791,495
Net investment income 349,601 478,572 438,507
Other insurance related income (loss) (8,089) 16,444 10,622
Net investment gains (losses):      
Allowance for expected credit losses (323) 0 0
Impairment losses (1,486) 0 0
Other-than-temporary impairment ("OTTI") losses 0 (6,984) (9,733)
Other realized and unrealized investment gains (losses) 130,942 98,217 (140,485)
Total net investment gains (losses) 129,133 91,233 (150,218)
Total revenues 4,841,954 5,173,427 5,090,406
Expenses      
Net losses and loss expenses 3,281,252 3,044,798 3,190,287
Acquisition costs 929,517 1,024,582 968,835
General and administrative expenses 579,790 634,831 627,389
Foreign exchange losses (gains) 81,069 (12,041) (29,165)
Interest expense and financing costs 75,049 68,107 67,432
Reorganization expenses 7,881 37,384 66,940
Amortization of value of business acquired 5,139 26,722 172,332
Amortization of intangible assets 11,390 11,597 13,814
Total expenses 4,971,087 4,835,980 5,077,864
Income (loss) before income taxes and interest in income (loss) of equity method investments (129,133) 337,447 12,542
Income tax (expense) benefit 12,321 (23,692) 29,486
Interest in income (loss) of equity method investments (3,612) 9,718 993
Net income (loss) (120,424) 323,473 43,021
Preferred share dividends 30,250 41,112 42,625
Net income (loss) available (attributable) to common shareholders $ (150,674) $ 282,361 $ 396
Earnings (loss) per common share:      
Earnings (loss) per common share (in dollars per share) $ (1.79) $ 3.37 $ 0
Earnings (loss) per diluted common share (in dollars per share) $ (1.79) $ 3.34 $ 0
Weighted average common shares outstanding (in shares) 84,262 83,894 83,501
Weighted average diluted common shares outstanding (in shares) 84,262 84,473 84,007