UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2020

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	Dec 31		Sep 30		Jun 30		Mar 31

2020
Net premiums earned	$	1,087,368	$	1,091,312	$	1,104,003	$	1,088,625
Net investment income	109,503		101,956		45,040		93,101
Net investment gains (losses)	83,356		55,609		53,043		(62,877)
Underwriting income (loss) (1) (2)	(80,835)		(135,324)		87,412		(196,767)

Net income (loss) available (attributable) to common shareholders	(4,819)		(72,945)		112,477		(185,390)
Earnings (loss) per common share	$	(0.06)	$	(0.87)	$	1.33	$	(2.20)
Earnings (loss) per diluted common share	$	(0.06)	$	(0.87)	$	1.33	$	(2.20)

2019
Net premiums earned	$	1,172,051	$	1,157,307	$	1,123,607	$	1,134,212
Net investment income	117,557		115,763		137,949		107,303
Net investment gains	42,712		14,527		21,225		12,767
Underwriting income (loss)(1) (2)	(49,254)		(78,718)		78,659		77,822

Net income (loss) available (attributable) to common shareholders	(9,897)		27,745		166,387		98,125
Earnings (loss) per common share	$	(0.12)	$	0.33	$	1.98	$	1.17
Earnings (loss) per diluted common share	$	(0.12)	$	0.33	$	1.97	$	1.16

(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 include 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 $27 million, $21 million, $27 million and $27 million for the quarters ended December 31, September 30, June 30 and March 31, 2020, respectively. During the quarters ended December 31, September 30, June 30 and March 31, 2019, corporate expenses were $32 million, $29 million, $32 million and $36 million, respectively. Corporate expenses include holding company costs necessary to support the Company's 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 costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

(3)During the quarters ended December 31, September 30, June 30 and March 31, 2020, the Company recognized reorganization expenses of $7 million, $1 million, $0.4 million and $1 million, respectively, related to its transformation program. During the quarters ended December 31, September 30, June 30 and March 31, 2019, the Company recognized reorganization expenses of $8 million, $11 million, $3 million and $15 million, respectively (refer to Note 18 'Reorganization Expense').

(4)During the quarters ended December 31, September 30, June 30 and March 31, 2020, the Company recognized amortization of VOBA of $1 million, $1 million, $1 million and $2 million, respectively, related to the acquisition of Novae. During the quarters ended December 31, September 30, June 30 and March 31, 2019, the Company recognized amortization of VOBA of $2 million, $4 million, $7 million and $13 million, respectively (refer to Note 4 'Goodwill and Intangible Assets').