CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Net premiums earned	$ 1,277,052	$ 1,156,941	$ 2,535,297	$ 2,260,663
Net investment income	92,214	104,672	183,569	218,836
Other insurance related income	2,213	5,817	8,906	8,598
Net investment gains (losses):
Change in allowance for expected credit losses	(6,911)	150	(6,981)	239
Impairment losses	(473)	0	(582)	0
Other realized and unrealized investment gains (losses)	(165,879)	73,143	(260,208)	102,697
Total net investment gains (losses)	(173,263)	73,293	(267,771)	102,936
Total revenues	1,198,216	1,340,723	2,460,001	2,591,033
Expenses
Net losses and loss expenses	769,587	666,473	1,502,285	1,381,190
Acquisition costs	257,582	219,070	505,932	437,941
General and administrative expenses	165,586	162,452	334,627	320,860
Foreign exchange losses (gains)	(57,000)	19,602	(101,274)	23,716
Interest expense and financing costs	15,241	15,235	30,805	30,806
Reorganization expenses	15,728	0	15,728	0
Amortization of value of business acquired	0	1,028	0	2,056
Amortization of intangible assets	2,729	3,324	5,458	6,013
Total expenses	1,169,453	1,087,184	2,293,561	2,202,582
Income before income taxes and interest in income of equity method investments	28,763	253,539	166,440	388,451
Income tax (expense) benefit	4,965	(27,865)	4,942	(48,641)
Interest in income of equity method investments	1,050	9,799	12,600	18,960
Net income	34,778	235,473	183,982	358,770
Preferred share dividends	7,563	7,563	15,125	15,125
Net income available to common shareholders	$ 27,215	$ 227,910	$ 168,857	$ 343,645
Earnings per common share:
Earnings per common share (in usd per share)	$ 0.32	$ 2.69	$ 1.98	$ 4.06
Earnings per diluted common share (in usd per share)	$ 0.32	$ 2.67	$ 1.97	$ 4.04
Weighted average common shares outstanding (in shares)	85,173	84,764	85,068	84,640
Weighted average diluted common shares outstanding (in shares)	85,843	85,267	85,826	85,117

This item represents the difference between the gross realized gains and losses realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities. Additionally, this item would include any losses recognized for other than temporary impairments (OTTI) of the subject investments in debt and equity securities, the change in fair value of investment-related derivatives not designated as hedges and any hedge ineffectiveness recognized in earnings in relation to investment portfolio-related fair value hedges.

No definition available.