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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

UNDERWRITING RESULTS OF REPORTABLE SEGMENTS

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:

	At and year ended December 31, 2019	Insurance				Reinsurance				Total
	Gross premiums written	$	3,675,931			$	3,222,927			$	6,898,858
	Net premiums written	2,209,155				2,280,460				4,489,615
	Net premiums earned	2,190,084				2,397,094				4,587,178
	Other insurance related income	2,858				13,586				16,444
	Net losses and loss expenses	(1,278,679		)		(1,766,119		)		(3,044,798		)
	Acquisition costs	(468,281		)		(556,301		)		(1,024,582		)
	General and administrative expenses	(401,963		)		(103,772		)		(505,735		)
	Underwriting income (loss)	$	44,019			$	(15,512	)		$	28,507
	Net investment income									478,572
	Net investment gains									91,233
	Corporate expenses									(129,096		)
	Foreign exchange gains									12,041
	Interest expense and financing costs									(68,107		)
	Reorganization expenses									(37,384		)
	Amortization of value of business acquired									(26,722		)
	Amortization of intangible assets									(11,597		)
	Income before income taxes and interest in income (loss) of equity method investments									$	337,447
	Net losses and loss expenses ratio	58.4		%		73.7		%		66.4		%
	Acquisition cost ratio	21.4		%		23.2		%		22.3		%
	General and administrative expense ratio	18.3		%		4.3		%		13.9		%
	Combined ratio	98.1		%		101.2		%		102.6		%
	Goodwill and intangible assets	$	332,553			$	—			$	332,553

	At and year ended December 31, 2018	Insurance				Reinsurance				Total
	Gross premiums written	$	3,797,592			$	3,112,473			$	6,910,065
	Net premiums written	2,324,747				2,334,215				4,658,962
	Net premiums earned	2,362,606				2,428,889				4,791,495
	Other insurance related income	3,460				7,162				10,622
	Net losses and loss expenses	(1,494,323		)		(1,695,964		)		(3,190,287		)
	Acquisition costs	(399,193		)		(569,642		)		(968,835		)
	General and administrative expenses	(395,252		)		(123,916		)		(519,168		)
	Underwriting income	$	77,298			$	46,529			$	123,827
	Net investment income									438,507
	Net investment losses									(150,218		)
	Corporate expenses									(108,221		)
	Foreign exchange gains									29,165
	Interest expense and financing costs									(67,432		)
	Reorganization expenses									(66,940		)
	Amortization of value of business acquired									(172,332		)
	Amortization of intangible assets									(13,814		)
	Income before income taxes and interest in income (loss) of equity method investments									$	12,542
	Net losses and loss expenses ratio	63.2		%		69.8		%		66.6		%
	Acquisition cost ratio	16.9		%		23.5		%		20.2		%
	General and administrative expense ratio	16.8		%		5.1		%		13.1		%
	Combined ratio	96.9		%		98.4		%		99.9		%
	Goodwill and intangible assets	$	343,571			$	—			$	343,571

	At and year ended December 31, 2017	Insurance				Reinsurance				Total
	Gross premiums written	$	2,814,918			$	2,741,355			$	5,556,273
	Net premiums written	1,775,825				2,251,318				4,027,143
	Net premiums earned	1,816,438				2,332,322				4,148,760
	Other insurance related income (losses)	2,944				(4,184		)		(1,240		)
	Net losses and loss expenses	(1,465,427		)		(1,822,345		)		(3,287,772		)
	Acquisition costs	(270,229		)		(553,362		)		(823,591		)
	General and administrative expenses	(325,368		)		(124,115		)		(449,483		)
	Underwriting loss	$	(241,642	)		$	(171,684	)		$	(413,326	)
	Net investment income									400,805
	Net investment gains									28,226
	Corporate expenses									(129,945		)
	Foreign exchange losses									(134,737		)
	Interest expense and financing costs									(54,811		)
	Bargain purchase gain									15,044
	Transaction and reorganization expenses									(26,718		)
	Amortization of value of business acquired									(50,104		)
	Amortization of intangible assets									(2,543		)
	Loss before income taxes and interest in income (loss) of equity method investments									$	(368,109	)
	Net losses and loss expenses ratio	80.7		%		78.1		%		79.2		%
	Acquisition cost ratio	14.9		%		23.7		%		19.9		%
	General and administrative expense ratio	17.9		%		5.3		%		14.0		%
	Combined ratio	113.5		%		107.1		%		113.1		%
	Goodwill and intangible assets	$	359,990			$	—			$	359,990

 

GROSS PREMIUMS WRITTEN BY GEOGRAPHICAL LOCATION OF SUBSIDIARIES

The following table presents gross premiums written by the geographical location of the Company's subsidiaries:

	Years ended December 31,	2019				2018				2017
	Bermuda	$	738,258			$	606,452			$	529,425
	Ireland	1,679,646				1,805,882				1,569,956
	U.S.	3,090,547				2,811,537				2,814,933
	Lloyd's of London	1,390,407				1,686,194				641,959
	Gross premiums written	$	6,898,858			$	6,910,065			$	5,556,273

NET PREMIUMS EARNED BY SEGMENT AND LINE OF BUSINESS

The following table presents net premiums earned by segment and line of business:    

	Years ended December 31,	2019				2018				2017
	Insurance
	Property	$	633,550			$	796,945			$	543,342
	Marine	281,764				300,944				181,533
	Terrorism	47,345				49,150				36,084
	Aviation	55,028				74,203				75,107
	Credit and political risk	91,698				102,825				56,432
	Professional lines	661,250				570,241				519,759
	Liability	264,667				229,373				188,770
	Accident and health	144,499				207,777				199,121
	Discontinued lines - Novae	10,283				31,148				16,290
	Total Insurance	2,190,084				2,362,606				1,816,438
	Reinsurance
	Catastrophe	267,591				250,016				209,470
	Property	311,625				317,038				304,376
	Professional lines	206,328				220,687				226,622
	Credit and surety	208,717				250,276				244,186
	Motor	398,565				438,693				371,501
	Liability	373,664				363,292				351,940
	Agriculture	188,925				176,435				195,391
	Engineering	63,899				67,932				66,291
	Marine and other	59,209				35,570				64,449
	Accident and health	319,619				299,813				289,925
	Discontinued lines - Novae	(1,048		)		9,137				8,171
	Total Reinsurance	2,397,094				2,428,889				2,332,322
	Total	$	4,587,178			$	4,791,495			$	4,148,760

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