XML 44 R34.htm IDEA: XBRL DOCUMENT v3.22.2.2
SEGMENT INFORMATION (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
segment
Sep. 30, 2021
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment     2  
Segment Information [Line Items]        
Net premiums earned $ 1,284,866 $ 1,211,427 $ 3,820,163 $ 3,472,090
Other insurance related income 1,092 7,665 9,998 16,262
Net losses and loss expenses 941,911 911,369 2,444,196 2,292,559
Acquisition costs (240,511) (231,712) (746,443) (669,654)
Underwriting-related general and administrative expenses and corporate expenses (158,245) (157,960) (492,872) (478,820)
Net investment income 88,177 107,339 271,744 326,174
Foreign exchange gains 135,660 28,032 236,934 4,316
Interest expense and financing costs (15,915) (15,954) (46,720) (46,759)
Reorganization expenses (6,213) 0 (21,941) 0
Amortization of value of business acquired 0 (1,028) 0 (3,083)
Amortization of intangible assets (2,729) (3,149) (8,188) (9,163)
Income (loss) before income taxes and interest in income (loss) of equity method investments (2,187) 44,223 164,248 432,672
Income tax (expense) benefit 363 (1,186) 5,304 (49,827)
Interest in income (loss) of equity method investments (7,560) 11,911 5,040 30,871
Net income (loss) (9,384) 54,948 174,592 413,716
Preferred share dividends 7,563 7,563 22,688 22,688
Net income (loss) available (attributable) to common shareholders (16,947) 47,385 151,904 391,028
Operating Segments        
Segment Information [Line Items]        
Gross premiums written 1,707,808 1,646,489 6,455,899 6,123,156
Net premiums written 1,036,784 996,471 4,166,502 3,979,215
Net premiums earned 1,284,866 1,211,427 3,820,163 3,472,090
Other insurance related income 1,092 7,665 9,998 16,262
Net losses and loss expenses 941,911 911,369 2,444,196 2,292,559
Acquisition costs (240,511) (231,712) (746,443) (669,654)
Underwriting-related general and administrative expenses and corporate expenses (132,570) (134,826) (413,069) (396,455)
Underwriting income (loss) $ (29,034) $ (58,815) $ 226,453 $ 129,684
Net losses and loss expenses ratio (as a percent) 73.30% 75.20% 64.00% 66.00%
Acquisition cost ratio (as a percent) 18.70% 19.10% 19.50% 19.30%
General and administrative expense ratio (as a percent) 12.30% 13.10% 12.90% 13.80%
Combined ratio (as a percent) 104.30% 107.40% 96.40% 99.10%
Goodwill and intangible assets $ 301,330 $ 312,358 $ 301,330 $ 312,358
Operating Segments | Insurance        
Segment Information [Line Items]        
Gross premiums written 1,317,890 1,176,500 4,114,776 3,548,169
Net premiums written 777,789 707,492 2,491,120 2,128,190
Net premiums earned 782,101 681,008 2,303,640 1,928,970
Other insurance related income 151 468 470 1,435
Net losses and loss expenses 519,006 442,681 1,346,585 1,131,753
Acquisition costs (139,436) (123,529) (422,979) (348,172)
Underwriting-related general and administrative expenses and corporate expenses (108,072) (104,905) (330,598) (307,777)
Underwriting income (loss) $ 15,738 $ 10,361 $ 203,948 $ 142,703
Net losses and loss expenses ratio (as a percent) 66.40% 65.00% 58.50% 58.70%
Acquisition cost ratio (as a percent) 17.80% 18.10% 18.40% 18.00%
General and administrative expense ratio (as a percent) 13.80% 15.40% 14.30% 16.00%
Combined ratio (as a percent) 98.00% 98.50% 91.20% 92.70%
Goodwill and intangible assets $ 301,330 $ 312,358 $ 301,330 $ 312,358
Operating Segments | Reinsurance        
Segment Information [Line Items]        
Gross premiums written 389,918 469,989 2,341,123 2,574,987
Net premiums written 258,995 288,979 1,675,382 1,851,025
Net premiums earned 502,765 530,419 1,516,523 1,543,120
Other insurance related income 941 7,197 9,528 14,827
Net losses and loss expenses 422,905 468,688 1,097,611 1,160,806
Acquisition costs (101,075) (108,183) (323,464) (321,482)
Underwriting-related general and administrative expenses and corporate expenses (24,498) (29,921) (82,471) (88,678)
Underwriting income (loss) $ (44,772) $ (69,176) $ 22,505 $ (13,019)
Net losses and loss expenses ratio (as a percent) 84.10% 88.40% 72.40% 75.20%
Acquisition cost ratio (as a percent) 20.10% 20.40% 21.30% 20.80%
General and administrative expense ratio (as a percent) 4.90% 5.60% 5.40% 5.80%
Combined ratio (as a percent) 109.10% 114.40% 99.10% 101.80%
Goodwill and intangible assets $ 0 $ 0 $ 0 $ 0
Segment Reconciling Items        
Segment Information [Line Items]        
Net investment income 88,177 107,339 271,744 326,174
Net investment gains (losses) (146,458) 10,932 (414,231) 113,868
Foreign exchange gains 135,660 28,032 236,934 4,316
Interest expense and financing costs (15,915) (15,954) (46,720) (46,759)
Reorganization expenses (6,213) 0 (21,941) 0
Amortization of value of business acquired 0 (1,028) 0 (3,083)
Amortization of intangible assets (2,729) (3,149) (8,188) (9,163)
Corporate Expenses        
Segment Information [Line Items]        
Underwriting-related general and administrative expenses and corporate expenses $ (25,675) $ (23,134) $ (79,803) $ (82,365)