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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Data [Abstract] |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table presents summarized quarterly financial data for 2019 and 2018:
|  | Quarter Ended
|  | March 31 |  | June 30 |  | September 30 |  | December 31
|  | (Amounts in thousands, except per share data)
2019 |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 870,245 |  |  | $ | 888,776 |  |  | $ | 915,012 |  |  | $ | 925,384 |
Change in fair value of financial instruments pursuant to the fair value option |  | 104,227 |  |  | 50,281 |  |  | 24,021 |  |  | 18,173 |
Income before income taxes |  | 167,169 |  |  | 101,595 |  |  | 80,840 |  |  | 28,465 |
Net income |  | 135,867 |  |  | 83,250 |  |  | 69,282 |  |  | 31,688 |
Basic earnings per share |  | 2.46 |  |  | 1.50 |  |  | 1.25 |  |  | 0.57 |
Diluted earnings per share |  | 2.45 |  |  | 1.50 |  |  | 1.25 |  |  | 0.57 |
Dividends paid per share |  | 0.6275 |  |  | 0.6275 |  |  | 0.6275 |  |  | 0.6300 |
2018 |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 808,084 |  |  | $ | 833,959 |  |  | $ | 858,135 |  |  | $ | 868,233 |
Change in fair value of financial instruments pursuant to the fair value option |  | (58,532 | ) |  | 8,793 |  |  | (12,907 | ) |  | (70,020 | )
(Loss) income before income taxes |  | (59,699 | ) |  | 73,246 |  |  | 70,286 |  |  | (114,448 | )
Net (loss) income |  | (42,607 | ) |  | 60,180 |  |  | 58,578 |  |  | (81,879 | )
Basic (loss) earnings per share |  | (0.77 | ) |  | 1.09 |  |  | 1.06 |  |  | (1.48 | )
Diluted (loss) earnings per share |  | (0.77 | ) |  | 1.09 |  |  | 1.06 |  |  | (1.48 | )
Dividends paid per share |  | 0.6250 |  |  | 0.6250 |  |  | 0.6250 |  |  | 0.6275 |
Net income for 2019 was primarily attributable to net premiums earned, 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 2019 were the increases in the fair values of the Company’s fixed maturity and equity securities due to decreases in market interest rates and the overall improvement in equity markets. Net income for 2018 was primarily attributable to net premiums earned, net investment income and income tax benefit on pre-tax loss, 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 causes of the net loss for the fourth quarter of 2018 were the decreases in the fair values of the Company’s fixed maturity and equity securities due to the rising market interest rates and the overall decline in equity markets.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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