Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information (Unaudited)

The following table presents summarized quarterly financial data for 2020 and 2019:


	Quarter Ended
	March 31		June 30		September 30		December 31
	(Amounts in thousands, except per share data)
2020
Net premiums earned	$	922,574	$	811,897	$	899,304	$	921,860
Change in fair value of financial instruments pursuant to the fair value option	(240,990)		166,829		58,865		87,968
(Loss) income before income taxes	(180,705)		285,466		146,631		207,110
Net (loss) income	(139,204)		228,211		118,857		166,743
Basic (loss) earnings per share	(2.51)		4.12		2.15		3.01
Diluted (loss) earnings per share	(2.51)		4.12		2.15		3.01
Dividends paid per share	0.6300		0.6300		0.6300		0.6325

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

Net income for 2020 was primarily attributable to net premiums earned, net investment income, and net realized investment gains, partially offset by losses and loss adjustment expenses, including catastrophe losses and unfavorable development on prior accident years' loss and loss adjustment expense reserves, and operating expenses. Major factors contributing to net income for the fourth quarter of 2020 were underwriting profit and increases in the fair values of the Company’s fixed maturity and equity securities due to the overall improvement in fixed maturity and equity markets.

Net income for 2019 was primarily attributable to net premiums earned, net realized investment gains, and net investment income, 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. Main factors contributing to 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.