XML 44 R33.htm IDEA: XBRL DOCUMENT v3.22.2
SEGMENT INFORMATION (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
segment
Jun. 30, 2021
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment     2  
Segment Information [Line Items]        
Net premiums earned $ 1,277,052 $ 1,156,941 $ 2,535,297 $ 2,260,663
Other insurance related income 2,213 5,817 8,906 8,598
Net losses and loss expenses (769,587) (666,473) (1,502,285) (1,381,190)
Acquisition costs (257,582) (219,070) (505,932) (437,941)
Underwriting-related general and administrative expenses and corporate expenses (165,586) (162,452) (334,627) (320,860)
Net investment income 92,214 104,672 183,569 218,836
Net investment gains (losses) (173,263) 73,293 (267,771) 102,936
Foreign exchange (losses) gains 57,000 (19,602) 101,274 (23,716)
Interest expense and financing costs (15,241) (15,235) (30,805) (30,806)
Reorganization expenses (15,728) 0 (15,728) 0
Amortization of value of business acquired 0 (1,028) 0 (2,056)
Amortization of intangible assets (2,729) (3,324) (5,458) (6,013)
Income before income taxes and interest in income of equity method investments 28,763 253,539 166,440 388,451
Income tax (expense) benefit 4,965 (27,865) 4,942 (48,641)
Interest in income of equity method investments 1,050 9,799 12,600 18,960
Net income 34,778 235,473 183,982 358,770
Preferred share dividends 7,563 7,563 15,125 15,125
Net income available to common shareholders 27,215 227,910 168,857 343,645
Operating Segments        
Segment Information [Line Items]        
Gross premiums written 2,113,483 1,941,186 4,748,091 4,476,667
Net premiums written 1,316,847 1,203,858 3,129,719 2,982,744
Net premiums earned 1,277,052 1,156,941 2,535,297 2,260,663
Other insurance related income 2,213 5,817 8,906 8,598
Net losses and loss expenses (769,587) (666,473) (1,502,285) (1,381,190)
Acquisition costs (257,582) (219,070) (505,932) (437,941)
Underwriting-related general and administrative expenses and corporate expenses (135,403) (128,961) (280,499) (261,629)
Underwriting income $ 116,693 $ 148,254 $ 255,487 $ 188,501
Net losses and loss expenses ratio (as a percent) 60.30% 57.60% 59.30% 61.10%
Acquisition cost ratio (as a percent) 20.20% 18.90% 20.00% 19.40%
General and administrative expense ratio (as a percent) 12.90% 14.10% 13.10% 14.20%
Combined ratio (as a percent) 93.40% 90.60% 92.40% 94.70%
Goodwill and intangible assets $ 304,060 $ 315,087 $ 304,060 $ 315,087
Operating Segments | Insurance        
Segment Information [Line Items]        
Gross premiums written 1,469,622 1,268,472 2,796,886 2,371,670
Net premiums written 869,419 712,885 1,713,332 1,420,699
Net premiums earned 768,724 631,675 1,521,539 1,247,962
Other insurance related income 237 552 319 967
Net losses and loss expenses (421,836) (332,175) (827,579) (689,072)
Acquisition costs (144,732) (106,963) (283,543) (224,642)
Underwriting-related general and administrative expenses and corporate expenses (108,577) (99,569) (222,527) (202,872)
Underwriting income $ 93,816 $ 93,520 $ 188,209 $ 132,343
Net losses and loss expenses ratio (as a percent) 54.90% 52.60% 54.40% 55.20%
Acquisition cost ratio (as a percent) 18.80% 16.90% 18.60% 18.00%
General and administrative expense ratio (as a percent) 14.10% 15.80% 14.70% 16.30%
Combined ratio (as a percent) 87.80% 85.30% 87.70% 89.50%
Goodwill and intangible assets $ 304,060 $ 315,087 $ 304,060 $ 315,087
Operating Segments | Reinsurance        
Segment Information [Line Items]        
Gross premiums written 643,861 672,714 1,951,205 2,104,997
Net premiums written 447,428 490,973 1,416,387 1,562,045
Net premiums earned 508,328 525,266 1,013,758 1,012,701
Other insurance related income 1,976 5,265 8,587 7,631
Net losses and loss expenses (347,751) (334,298) (674,706) (692,118)
Acquisition costs (112,850) (112,107) (222,389) (213,299)
Underwriting-related general and administrative expenses and corporate expenses (26,826) (29,392) (57,972) (58,757)
Underwriting income $ 22,877 $ 54,734 $ 67,278 $ 56,158
Net losses and loss expenses ratio (as a percent) 68.40% 63.60% 66.60% 68.30%
Acquisition cost ratio (as a percent) 22.20% 21.30% 21.90% 21.10%
General and administrative expense ratio (as a percent) 5.30% 5.70% 5.70% 5.80%
Combined ratio (as a percent) 95.90% 90.60% 94.20% 95.20%
Goodwill and intangible assets $ 0 $ 0 $ 0 $ 0
Segment Reconciling Items        
Segment Information [Line Items]        
Net investment income 92,214 104,672 183,569 218,836
Net investment gains (losses) (173,263) 73,293 (267,771) 102,936
Foreign exchange (losses) gains 57,000 (19,602) 101,274 (23,716)
Interest expense and financing costs (15,241) (15,235) (30,805) (30,806)
Reorganization expenses     (15,728) 0
Amortization of value of business acquired 0 (1,028) 0 (2,056)
Amortization of intangible assets (2,729) (3,324) (5,458) (6,013)
Corporate Expenses        
Segment Information [Line Items]        
Underwriting-related general and administrative expenses and corporate expenses $ (30,183) $ (33,491) $ (54,128) $ (59,231)