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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Data [Abstract] |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table presents summarized quarterly financial data for 2017 and 2016:
|  | Quarter Ended
|  | March 31 |  | June 30 |  | September 30 |  | December 31
|  | (Amounts in thousands, except per share data)
2017 |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 789,770 |  |  | $ | 797,666 |  |  | $ | 801,205 |  |  | $ | 806,796 |
Change in fair value of financial instruments pursuant to the fair value option |  | 21,857 |  |  | 20,275 |  |  | 17,608 |  |  | 28,065 |
Income before income taxes |  | 30,599 |  |  | 68,752 |  |  | 58,247 |  |  | 9,487 |
Net income (loss) |  | 26,980 |  |  | 51,633 |  |  | 46,485 |  |  | 19,779 |
Basic earnings per share (1) |  | 0.49 |  |  | 0.93 |  |  | 0.84 |  |  | 0.36 |
Diluted earnings per share (1) |  | 0.49 |  |  | 0.93 |  |  | 0.84 |  |  | 0.36 |
Dividends paid per share |  | 0.6225 |  |  | 0.6225 |  |  | 0.6225 |  |  | 0.6250 |
2016 |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 767,085 |  |  | $ | 779,321 |  |  | $ | 790,850 |  |  | $ | 794,517 |
Change in fair value of financial instruments pursuant to the fair value option |  | 18,531 |  |  | 37,127 |  |  | (21,132 | ) |  | (67,332 | )
Income before income taxes |  | 26,034 |  |  | 64,335 |  |  | 31,625 |  |  | (51,270 | )
Net income (loss) |  | 23,323 |  |  | 48,873 |  |  | 26,930 |  |  | (26,082 | )
Basic earnings per share (1) |  | 0.42 |  |  | 0.88 |  |  | 0.49 |  |  | (0.47 | )
Diluted earnings per share (1) |  | 0.42 |  |  | 0.88 |  |  | 0.49 |  |  | (0.47 | )
Dividends paid per share |  | 0.6200 |  |  | 0.6200 |  |  | 0.6200 |  |  | 0.6225 |
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(1) | The basic and diluted earnings per share do not sum due to rounding.
Net income for 2017 was primarily attributable to net premiums earned, net investment income and net realized investment gains, partially offset by operating expenses, and losses and loss adjustment expenses, including catastrophe losses and unfavorable development on prior accident years' loss and loss adjustment expense reserves. The primary causes of the net income for the fourth quarter of 2017 were the increases in the fair value of the Company’s fixed maturity and equity securities due to the overall market improvement, net investment income, and a net tax benefit of $7.4 million due to the effect of the Act. Net income for 2016 was primarily attributable to net premiums earned and net investment income, partially offset by net realized investment losses, operating expenses, and losses and loss adjustment expenses, including catastrophe losses and unfavorable development on prior accident years' loss and loss adjustment expense reserves. The primary cause of the net loss for the fourth quarter of 2016 was the declines in the fair value of the Company’s fixed maturity securities due to the rising market interest rates.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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