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Segment Reporting | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting | 17. SEGMENT REPORTING The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the United Kingdom and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, surplus lines brokers and general agents within the U.S., Bermuda, Canada, Europe and South America through its offices in the U.S., Canada, Chile, United Kingdom, Ireland and a branch in the Netherlands. These segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and loss adjustment expenses (“LAE”) incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. The Company does not maintain separate balance sheet data for its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. The following tables present the underwriting results for the operating segments for the periods indicated:
| Year Ended December 31, 2021
(Dollars in thousands) | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 9,067,292 |  | $ | 3,982,464 |  | $ | 13,049,756
Net written premiums |  | 8,535,618 |  |  | 2,909,886 |  |  | 11,445,505
Premiums earned | $ | 7,757,483 |  | $ | 2,648,957 |  | $ | 10,406,441
Incurred losses and LAE |  | 5,556,444 |  |  | 1,834,809 |  |  | 7,391,253
Commission and brokerage |  | 1,854,466 |  |  | 354,300 |  |  | 2,208,766
Other underwriting expenses |  | 199,148 |  |  | 383,499 |  |  | 582,647
Underwriting gain (loss) | $ | 147,426 |  | $ | 76,349 |  | $ | 223,775
Net investment income |  |  |  |  |  |  |  | 1,164,892
Net realized capital gains (losses) |  |  |  |  |  |  |  | 257,943
Corporate expenses |  |  |  |  |  |  |  | (67,827)
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  |  | (70,149)
Other income (expense) |  |  |  |  |  |  |  | 36,987
Income (loss) before taxes |  |  |  |  |  |  | $ | 1,545,621
| Year Ended December 31, 2020
(Dollars in thousands) | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 7,281,716 |  | $ | 3,200,645 |  | $ | 10,482,361
Net written premiums |  | 6,767,579 |  |  | 2,349,404 |  |  | 9,116,983
Premiums earned | $ | 6,466,106 |  | $ | 2,215,407 |  | $ | 8,681,513
Incurred losses and LAE |  | 4,933,411 |  |  | 1,617,426 |  |  | 6,550,837
Commission and brokerage |  | 1,552,371 |  |  | 320,879 |  |  | 1,873,250
Other underwriting expenses |  | 175,734 |  |  | 335,503 |  |  | 511,237
Underwriting gain (loss) | $ | (195,410) |  | $ | (58,401) |  | $ | (253,811)
Net investment income |  |  |  |  |  |  |  | 642,465
Net realized capital gains (losses) |  |  |  |  |  |  |  | 267,649
Corporate expenses |  |  |  |  |  |  |  | (41,118)
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  |  | (36,323)
Other income (expense) |  |  |  |  |  |  |  | 6,487
Income (loss) before taxes |  |  |  |  |  |  | $ | 585,349
| Year Ended December 31, 2019
(Dollars in thousands) | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 6,355,889 |  | $ | 2,777,475 |  | $ | 9,133,364
Net written premiums |  | 5,732,272 |  |  | 2,092,152 |  |  | 7,824,424
Premiums earned | $ | 5,491,296 |  | $ | 1,912,390 |  | $ | 7,403,686
Incurred losses and LAE |  | 3,675,178 |  |  | 1,247,720 |  |  | 4,922,898
Commission and brokerage |  | 1,400,247 |  |  | 303,479 |  |  | 1,703,726
Other underwriting expenses |  | 160,834 |  |  | 280,065 |  |  | 440,899
Underwriting gain (loss) | $ | 255,037 |  | $ | 81,126 |  | $ | 336,163
Net investment income |  |  |  |  |  |  |  | 647,139
Net realized capital gains (losses) |  |  |  |  |  |  |  | 185,004
Corporate expenses |  |  |  |  |  |  |  | (32,966)
Interest, fee and bond issue cost amortization expense |  |  |  |  |  |  |  | (31,693)
Other income (expense) |  |  |  |  |  |  |  | (4,660)
Income (loss) before taxes |  |  |  |  |  |  | $ | 1,098,987
The Company produces business in the U.S., Bermuda and internationally. The net income deriving from and assets residing in the individual foreign countries in which the Company writes business are not identifiable in the Company’s financial records. Based on gross written premium, the table below presents the largest country, other than the U.S., in which the Company writes business, for the periods indicated:
| Year Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
United Kingdom gross written premium | $ | 1,245,909 |  | $ | 1,116,363 |  | $ | 964,358
Approximately 20.5%, 20.1% and 23.1% of the Company’s gross written premiums in 2021, 2020 and 2019, respectively, were sourced through the Company’s largest intermediary.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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