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Quarterly Financial Information (Unaudited)
 12 Months Ended
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.