XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.22.2.2

SEGMENT INFORMATION (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
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:
|  | 2022 |  | 2021 |
| Three months ended and at September 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 1,317,890 |  | $ | 389,918 |  | $ | 1,707,808 |  | $ | 1,176,500 |  | $ | 469,989 |  | $ | 1,646,489 |
| Net premiums written | 777,789 |  | 258,995 |  | 1,036,784 |  | 707,492 |  | 288,979 |  | 996,471 |
| Net premiums earned | 782,101 |  | 502,765 |  | 1,284,866 |  | 681,008 |  | 530,419 |  | 1,211,427 |
| Other insurance related income | 151 |  | 941 |  | 1,092 |  | 468 |  | 7,197 |  | 7,665 |
| Net losses and loss expenses | (519,006) |  | (422,905) |  | (941,911) |  | (442,681) |  | (468,688) |  | (911,369) |
| Acquisition costs | (139,436) |  | (101,075) |  | (240,511) |  | (123,529) |  | (108,183) |  | (231,712) |
| Underwriting-related general and administrative expenses | (108,072) |  | (24,498) |  | (132,570) |  | (104,905) |  | (29,921) |  | (134,826) |
| Underwriting income (loss) | $ | 15,738 |  | $ | (44,772) |  | (29,034) |  | $ | 10,361 |  | $ | (69,176) |  | (58,815) |
| Net investment income |  |  |  |  | 88,177 |  |  |  |  |  | 107,339 |
| Net investment gains (losses) |  |  |  |  | (146,458) |  |  |  |  |  | 10,932 |
| Corporate expenses |  |  |  |  | (25,675) |  |  |  |  |  | (23,134) |
| Foreign exchange gains |  |  |  |  | 135,660 |  |  |  |  |  | 28,032 |
| Interest expense and financing costs |  |  |  |  | (15,915) |  |  |  |  |  | (15,954) |
| Reorganization expenses |  |  |  |  | (6,213) |  |  |  |  |  | — |
| Amortization of value of business acquired |  |  |  |  | — |  |  |  |  |  | (1,028) |
| Amortization of intangible assets |  |  |  |  | (2,729) |  |  |  |  |  | (3,149) |
| Income (loss) before income taxes and interest in income (loss) of equity method investments |  |  |  |  | (2,187) |  |  |  |  |  | 44,223 |
| Income tax (expense) benefit |  |  |  |  | 363 |  |  |  |  |  | (1,186) |
| Interest in income (loss) of equity method investments |  |  |  |  | (7,560) |  |  |  |  |  | 11,911 |
| Net income (loss) |  |  |  |  | (9,384) |  |  |  |  |  | 54,948 |
| Preferred share dividends |  |  |  |  | 7,563 |  |  |  |  |  | 7,563 |
| Net income (loss) available (attributable) to common shareholders |  |  |  |  | $ | (16,947) |  |  |  |  |  | $ | 47,385 |
| Net losses and loss expenses ratio | 66.4 | % |  | 84.1 | % |  | 73.3 | % |  | 65.0 | % |  | 88.4 | % |  | 75.2 | % |
| Acquisition cost ratio | 17.8 | % |  | 20.1 | % |  | 18.7 | % |  | 18.1 | % |  | 20.4 | % |  | 19.1 | % |
| General and administrative expense ratio | 13.8 | % |  | 4.9 | % |  | 12.3 | % |  | 15.4 | % |  | 5.6 | % |  | 13.1 | % |
| Combined ratio | 98.0 | % |  | 109.1 | % |  | 104.3 | % |  | 98.5 | % |  | 114.4 | % |  | 107.4 | % |
| Goodwill and intangible assets | $ | 301,330 |  | $ | — |  | $ | 301,330 |  | $ | 312,358 |  | $ | — |  | $ | 312,358 |
|  | 2022 |  | 2021 |
| Nine months ended and at September 30, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 4,114,776 |  | $ | 2,341,123 |  | $ | 6,455,899 |  | $ | 3,548,169 |  | $ | 2,574,987 |  | $ | 6,123,156 |
| Net premiums written | 2,491,120 |  | 1,675,382 |  | 4,166,502 |  | 2,128,190 |  | 1,851,025 |  | 3,979,215 |
| Net premiums earned | 2,303,640 |  | 1,516,523 |  | 3,820,163 |  | 1,928,970 |  | 1,543,120 |  | 3,472,090 |
| Other insurance related income | 470 |  | 9,528 |  | 9,998 |  | 1,435 |  | 14,827 |  | 16,262 |
| Net losses and loss expenses | (1,346,585) |  | (1,097,611) |  | (2,444,196) |  | (1,131,753) |  | (1,160,806) |  | (2,292,559) |
| Acquisition costs | (422,979) |  | (323,464) |  | (746,443) |  | (348,172) |  | (321,482) |  | (669,654) |
| Underwriting-related general and administrative expenses | (330,598) |  | (82,471) |  | (413,069) |  | (307,777) |  | (88,678) |  | (396,455) |
| Underwriting income (loss) | $ | 203,948 |  | $ | 22,505 |  | 226,453 |  | $ | 142,703 |  | $ | (13,019) |  | 129,684 |
| Net investment income |  |  |  |  | 271,744 |  |  |  |  |  | 326,174 |
| Net investment gains (losses) |  |  |  |  | (414,231) |  |  |  |  |  | 113,868 |
| Corporate expenses |  |  |  |  | (79,803) |  |  |  |  |  | (82,365) |
| Foreign exchange gains |  |  |  |  | 236,934 |  |  |  |  |  | 4,316 |
| Interest expense and financing costs |  |  |  |  | (46,720) |  |  |  |  |  | (46,759) |
| Reorganization expenses |  |  |  |  | (21,941) |  |  |  |  |  | — |
| Amortization of value of business acquired |  |  |  |  | — |  |  |  |  |  | (3,083) |
| Amortization of intangible assets |  |  |  |  | (8,188) |  |  |  |  |  | (9,163) |
| Income before income taxes and interest in income of equity method investments |  |  |  |  | 164,248 |  |  |  |  |  | 432,672 |
| Income tax (expense) benefit |  |  |  |  | 5,304 |  |  |  |  |  | (49,827) |
| Interest in income of equity method investments |  |  |  |  | 5,040 |  |  |  |  |  | 30,871 |
| Net income |  |  |  |  | 174,592 |  |  |  |  |  | 413,716 |
| Preferred share dividends |  |  |  |  | 22,688 |  |  |  |  |  | 22,688 |
| Net income available to common shareholders |  |  |  |  | $ | 151,904 |  |  |  |  |  | $ | 391,028 |
| Net losses and loss expenses ratio | 58.5 | % |  | 72.4 | % |  | 64.0 | % |  | 58.7 | % |  | 75.2 | % |  | 66.0 | % |
| Acquisition cost ratio | 18.4 | % |  | 21.3 | % |  | 19.5 | % |  | 18.0 | % |  | 20.8 | % |  | 19.3 | % |
| General and administrative expense ratio | 14.3 | % |  | 5.4 | % |  | 12.9 | % |  | 16.0 | % |  | 5.8 | % |  | 13.8 | % |
| Combined ratio | 91.2 | % |  | 99.1 | % |  | 96.4 | % |  | 92.7 | % |  | 101.8 | % |  | 99.1 | % |
| Goodwill and intangible assets | $ | 301,330 |  | $ | — |  | $ | 301,330 |  | $ | 312,358 |  | $ | — |  | $ | 312,358 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration