XML 50 R38.htm IDEA: XBRL DOCUMENT v3.24.1.u1
SEGMENT INFORMATION (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 2  
Segment Information [Line Items]    
Net premiums earned $ 1,258,041 $ 1,230,199
Other insurance related income 8,340 577
Net losses and loss expenses (728,671) (720,642)
Acquisition costs (254,254) (230,373)
Underwriting-related general and administrative expenses and corporate expenses (163,373) (166,811)
Net investment income 167,383 133,771
Foreign exchange (losses) gains 23,552 (8,710)
Interest expense and financing costs (17,147) (16,894)
Reorganization expenses (12,299) 0
Amortization of intangible assets (2,729) (2,729)
Income before income taxes and interest in income (loss) of equity method investments 269,636 198,198
Income tax (expense) benefit 124,654 (15,896)
Interest in income (loss) of equity method investments 1,169 (2,205)
Net income 395,459 180,097
Preferred share dividends 7,563 7,563
Net income available to common shareholders 387,896 172,534
Operating Segments    
Segment Information [Line Items]    
Gross premiums written 2,654,427 2,381,976
Net premiums written 1,722,073 1,608,356
Net premiums earned 1,258,041 1,230,199
Other insurance related income 8,340 577
Net losses and loss expenses (728,671) (720,642)
Acquisition costs (254,254) (230,373)
Underwriting-related general and administrative expenses and corporate expenses (137,793) (140,395)
Underwriting income $ 145,663 $ 139,366
Net losses and loss expenses ratio (as a percent) 57.90% 58.60%
Acquisition cost ratio (as a percent) 20.20% 18.70%
General and administrative expense ratio (as a percent) 13.00% 13.60%
Combined ratio (as a percent) 91.10% 90.90%
Goodwill and intangible assets $ 284,956 $ 295,872
Operating Segments | Insurance    
Segment Information [Line Items]    
Gross premiums written 1,574,505 1,415,612
Net premiums written 1,022,354 882,576
Net premiums earned 917,946 816,456
Other insurance related income 21 54
Net losses and loss expenses (496,864) (449,467)
Acquisition costs (176,029) (147,058)
Underwriting-related general and administrative expenses and corporate expenses (122,087) (116,630)
Underwriting income $ 122,987 $ 103,355
Net losses and loss expenses ratio (as a percent) 54.10% 55.10%
Acquisition cost ratio (as a percent) 19.20% 18.00%
General and administrative expense ratio (as a percent) 13.30% 14.20%
Combined ratio (as a percent) 86.60% 87.30%
Goodwill and intangible assets $ 284,956 $ 295,872
Operating Segments | Reinsurance    
Segment Information [Line Items]    
Gross premiums written 1,079,922 966,364
Net premiums written 699,719 725,780
Net premiums earned 340,095 413,743
Other insurance related income 8,319 523
Net losses and loss expenses (231,807) (271,175)
Acquisition costs (78,225) (83,315)
Underwriting-related general and administrative expenses and corporate expenses (15,706) (23,765)
Underwriting income $ 22,676 $ 36,011
Net losses and loss expenses ratio (as a percent) 68.20% 65.50%
Acquisition cost ratio (as a percent) 23.00% 20.10%
General and administrative expense ratio (as a percent) 4.60% 5.80%
Combined ratio (as a percent) 95.80% 91.40%
Goodwill and intangible assets $ 0 $ 0
Segment Reconciling Items    
Segment Information [Line Items]    
Net investment income 167,383 133,771
Net investment gains (losses) (9,207) (20,190)
Foreign exchange (losses) gains 23,552 (8,710)
Interest expense and financing costs (17,147) (16,894)
Reorganization expenses (12,299) 0
Amortization of intangible assets (2,729) (2,729)
Corporate expenses    
Segment Information [Line Items]    
Underwriting-related general and administrative expenses and corporate expenses $ (25,580) $ (26,416)