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Segment Reporting | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Reporting | 13. 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, Singapore and South America through its offices in the U.S., Canada, Chile, Singapore, 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: Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,201,210 $ 1,245,829 $ 3,447,038 $ 4,386,822 $ 2,246,567 $ 6,633,389 Net written premiums 2,122,221 899,242 3,021,464 4,203,670 1,629,806 5,833,477 Premiums earned $ 2,139,559 $ 776,678 $ 2,916,237 $ 4,205,813 $ 1,502,189 $ 5,708,003 Incurred losses and LAE 1,382,104 494,143 1,876,247 2,706,820 959,290 3,666,110 Commission and brokerage 530,859 99,435 630,294 1,045,101 190,422 1,235,523 Other underwriting expenses 52,063 117,470 169,533 102,516 228,310 330,826 Underwriting gain (loss) $ 174,534 $ 65,630 $ 240,165 $ 351,376 $ 124,168 $ 475,544 Net investment income 225,978 468,808 Net gains (losses) on investments (236,265) (389,892) Corporate expenses (15,018) (29,038) Interest, fee and bond issue cost amortization expense (24,398) (48,476) Other income (expense) (71,337) (55,977) Income (loss) before taxes $ 119,123 $ 420,969 (Some amounts may not reconcile due to rounding.) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (Dollars in thousands) Reinsurance Insurance Total Reinsurance Insurance Total Gross written premiums $ 2,148,235 $ 1,041,905 $ 3,190,140 $ 4,207,250 $ 1,914,323 $ 6,121,573 Net written premiums 2,059,919 749,492 2,809,411 3,972,868 1,390,479 5,363,347 Premiums earned $ 1,920,801 $ 637,571 $ 2,558,372 $ 3,698,253 $ 1,247,984 $ 4,946,237 Incurred losses and LAE 1,168,139 418,002 1,586,141 2,440,045 857,515 3,297,560 Commission and brokerage 473,258 84,490 557,749 881,982 164,777 1,046,760 Other underwriting expenses 47,065 93,779 140,844 99,061 184,014 283,075 Underwriting gain (loss) $ 232,339 $ 41,300 $ 273,639 $ 277,165 $ 41,678 $ 318,843 Net investment income 407,095 667,508 Net gains (losses) on investments 104,109 143,011 Corporate expenses (16,168) (28,546) Interest, fee and bond issue cost amortization expense (15,607) (31,246) Other income (expense) 7,114 63,707 Income (loss) before taxes $ 760,181 $ 1,133,276 (Some amounts may not reconcile due to rounding.) 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: Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 United Kingdom gross written premium $ 312,343 $ 249,314 $ 623,924 $ 615,462

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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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