XML 42 R32.htm IDEA: XBRL DOCUMENT v3.23.1
SEGMENT INFORMATION (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
segment
Mar. 31, 2022
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 2  
Segment Information [Line Items]    
Net premiums earned $ 1,230,199 $ 1,258,246
Other insurance related income 577 6,693
Net losses and loss expenses (720,642) (732,699)
Acquisition costs (230,373) (248,352)
Underwriting-related general and administrative expenses and corporate expenses (166,811) (169,041)
Net investment income 133,771 91,355
Foreign exchange (losses) gains (8,710) 44,273
Interest expense and financing costs (16,894) (15,564)
Amortization of intangible assets (2,729) (2,729)
Income before income taxes and interest in income (loss) of equity method investments 198,198 137,674
Income tax expense (15,896) (24)
Interest in income (loss) of equity method investments (2,205) 11,550
Net income 180,097 149,200
Preferred share dividends 7,563 7,563
Net income available to common shareholders 172,534 141,637
Operating Segments    
Segment Information [Line Items]    
Gross premiums written 2,381,976 2,634,608
Net premiums written 1,608,356 1,812,872
Net premiums earned 1,230,199 1,258,246
Other insurance related income 577 6,693
Net losses and loss expenses (720,642) (732,699)
Acquisition costs (230,373) (248,352)
Underwriting-related general and administrative expenses and corporate expenses (140,395) (145,096)
Underwriting income $ 139,366 $ 138,792
Net losses and loss expenses ratio (as a percent) 58.60% 58.20%
Acquisition cost ratio (as a percent) 18.70% 19.70%
General and administrative expense ratio (as a percent) 13.60% 13.50%
Combined ratio (as a percent) 90.90% 91.40%
Goodwill and intangible assets $ 295,872 $ 306,789
Operating Segments | Insurance    
Segment Information [Line Items]    
Gross premiums written 1,415,612 1,327,264
Net premiums written 882,576 843,912
Net premiums earned 816,456 752,816
Other insurance related income 54 82
Net losses and loss expenses (449,467) (405,745)
Acquisition costs (147,058) (138,812)
Underwriting-related general and administrative expenses and corporate expenses (116,630) (113,950)
Underwriting income $ 103,355 $ 94,391
Net losses and loss expenses ratio (as a percent) 55.10% 53.90%
Acquisition cost ratio (as a percent) 18.00% 18.40%
General and administrative expense ratio (as a percent) 14.20% 15.20%
Combined ratio (as a percent) 87.30% 87.50%
Goodwill and intangible assets $ 295,872 $ 306,789
Operating Segments | Reinsurance    
Segment Information [Line Items]    
Gross premiums written 966,364 1,307,344
Net premiums written 725,780 968,960
Net premiums earned 413,743 505,430
Other insurance related income 523 6,611
Net losses and loss expenses (271,175) (326,954)
Acquisition costs (83,315) (109,540)
Underwriting-related general and administrative expenses and corporate expenses (23,765) (31,146)
Underwriting income $ 36,011 $ 44,401
Net losses and loss expenses ratio (as a percent) 65.50% 64.70%
Acquisition cost ratio (as a percent) 20.10% 21.70%
General and administrative expense ratio (as a percent) 5.80% 6.10%
Combined ratio (as a percent) 91.40% 92.50%
Goodwill and intangible assets $ 0 $ 0
Segment Reconciling Items    
Segment Information [Line Items]    
Net investment income 133,771 91,355
Net investment losses (20,190) (94,508)
Foreign exchange (losses) gains (8,710) 44,273
Interest expense and financing costs (16,894) (15,564)
Amortization of intangible assets (2,729) (2,729)
Corporate Expenses    
Segment Information [Line Items]    
Underwriting-related general and administrative expenses and corporate expenses $ (26,416) $ (23,945)