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Investments | 3 Months Ended
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Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Income Statement Investment Income. The following table summarizes investment income for the three months ended March 31, 2017 and 2016:
| For the Three Months Ended
| March 31, 2017 |  | March 31, 2016
| ($ in millions)
Fixed income securities — Available for sale | $ | 33.9 |  |  | $ | 36.6 |
Fixed income securities — Trading | 10.1 |  |  | 7.4 |
Short-term investments — Available for sale | 0.1 |  |  | 0.1 |
Short-term investments — Trading | 0.2 |  |  | — |
Cash and cash equivalents | 0.7 |  |  | 0.5 |
Equity securities — Trading | 5.2 |  |  | 6.9 |
Catastrophe bonds — Trading | 0.4 |  |  | 0.6 |
Total | $ | 50.6 |  |  | $ | 52.1 |
Investment expenses | (2.9 | ) |  | (2.6 | )
Net investment income | $ | 47.7 |  |  | $ | 49.5 |
The following table summarizes the net realized and unrealized investment gains and losses recorded in the statement of operations and the change in unrealized gains and losses on investments recorded in other comprehensive income for the three months ended March 31, 2017 and 2016:
| For the Three Months Ended
| March 31, 2017 |  | March 31, 2016
| ($ in millions)
Available for sale: |  |  |
Fixed income securities — gross realized gains | $ | 2.2 |  |  | $ | 7.1 |
Fixed income securities — gross realized (losses) | (1.3 | ) |  | (2.4 | )
Short-term investments — gross realized gains | 0.1 |  |  | — |
Cash and cash equivalents — gross realized (losses) | — |  |  | (0.7 | )
Other-than-temporary impairments | (0.3 | ) |  | — |
Trading: |  |  |
Fixed income securities — gross realized gains | 1.8 |  |  | 1.2 |
Fixed income securities — gross realized (losses) | (2.0 | ) |  | (5.8 | )
Equity securities — gross realized gains | 4.5 |  |  | 5.9 |
Equity securities — gross realized (losses) | (1.4 | ) |  | (11.5 | )
Catastrophe bonds | — |  |  | (0.2 | )
Net change in gross unrealized gains | 40.9 |  |  | 51.4 |
Other investments: |  |  |
Gross unrealized gain in Chaspark | 1.7 |  |  | — |
Total net realized and unrealized investment gains recorded in the statement of operations | $ | 46.2 |  |  | $ | 45.0 |
Change in available for sale net unrealized gains: |  |  |
Fixed income securities | 2.0 |  |  | 85.0 |
Total change in pre-tax available for sale unrealized gains | 2.0 |  |  | 85.0 |
Change in taxes | 0.1 |  |  | (8.1 | )
Total change in net unrealized gains, net of taxes, recorded in other comprehensive income | $ | 2.1 |  |  | $ | 76.9 |
Other-Than-Temporary Impairments. A security is potentially impaired when its fair value is below its amortized cost. The Company reviews its available for sale fixed income portfolios on an individual security basis for potential other-than-temporary impairment (“OTTI”) each quarter based on criteria including issuer-specific circumstances, credit ratings actions and general macro-economic conditions. The total OTTI charge for the three months ended March 31, 2017 was $0.3 million (2016 — $Nil). For a more detailed description of accounting policies for OTTI, please refer to Note 2(c) of the “Notes to the Audited Consolidated Financial Statements” in the Company’s 2016 Annual Report on Form 10-K filed with the SEC. Balance Sheet Fixed Income Securities and Short-Term Investments — Available For Sale. The following tables present the cost or amortized cost, gross unrealized gains and losses and estimated fair market value of available for sale investments in fixed income securities and short-term investments as at March 31, 2017 and December 31, 2016:
| As at March 31, 2017
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 1,267.1 |  |  | $ | 9.3 |  |  | $ | (9.3 | ) |  | $ | 1,267.1 |
U.S. agency | 106.1 |  |  | 1.3 |  |  | — |  |  | 107.4 |
Municipal | 22.9 |  |  | 1.7 |  |  | (0.2 | ) |  | 24.4 |
Corporate | 2,564.5 |  |  | 40.0 |  |  | (16.8 | ) |  | 2,587.7 |
Non-U.S. government-backed corporate | 84.0 |  |  | 0.6 |  |  | (0.1 | ) |  | 84.5 |
Non-U.S. government | 483.2 |  |  | 11.4 |  |  | (0.4 | ) |  | 494.2 |
Asset-backed | 54.5 |  |  | 0.3 |  |  | — |  |  | 54.8 |
Non-agency commercial mortgage-backed | 11.3 |  |  | 0.2 |  |  | — |  |  | 11.5 |
Agency mortgage-backed | 1,024.2 |  |  | 17.5 |  |  | (8.9 | ) |  | 1,032.8 |
Total fixed income securities — Available for sale | 5,617.8 |  |  | 82.3 |  |  | (35.7 | ) |  | 5,664.4 |
Total short-term investments — Available for sale | 163.5 |  |  | — |  |  | — |  |  | 163.5 |
Total | $ | 5,781.3 |  |  | $ | 82.3 |  |  | $ | (35.7 | ) |  | $ | 5,827.9 |
All equities are held in the trading portfolio. There were no non-cash transfers of securities from available for sale to trading during the three months ended March 31, 2017.
| As at December 31, 2016
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 1,207.9 |  |  | $ | 9.4 |  |  | $ | (11.2 | ) |  | $ | 1,206.1 |
U.S. agency | 117.7 |  |  | 1.9 |  |  | — |  |  | 119.6 |
Municipal | 23.2 |  |  | 1.6 |  |  | (0.4 | ) |  | 24.4 |
Corporate | 2,566.9 |  |  | 39.6 |  |  | (20.0 | ) |  | 2,586.5 |
Non-U.S. government-backed corporate | 89.2 |  |  | 0.7 |  |  | (0.1 | ) |  | 89.8 |
Non-U.S. government | 477.7 |  |  | 11.8 |  |  | (0.8 | ) |  | 488.7 |
Asset-backed | 62.6 |  |  | 0.4 |  |  | — |  |  | 63.0 |
Non-agency commercial mortgage-backed | 12.3 |  |  | 0.3 |  |  | — |  |  | 12.6 |
Agency mortgage-backed | 1,062.6 |  |  | 19.6 |  |  | (8.3 | ) |  | 1,073.9 |
Total fixed income securities — Available for sale | 5,620.1 |  |  | 85.3 |  |  | (40.8 | ) |  | 5,664.6 |
Total short-term investments — Available for sale | 145.3 |  |  | — |  |  | — |  |  | 145.3 |
Total | $ | 5,765.4 |  |  | $ | 85.3 |  |  | $ | (40.8 | ) |  | $ | 5,809.9 |
Fixed Income Securities, Short-Term Investments, Equities and Catastrophe Bonds — Trading. The following tables present the cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of trading investments in fixed income securities, short-term investments, equity securities and catastrophe bonds as at March 31, 2017 and December 31, 2016:
| As at March 31, 2017
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 94.8 |  |  | $ | 0.7 |  |  | $ | (0.1 | ) |  | $ | 95.4 |
Municipal | 15.7 |  |  | — |  |  | (0.1 | ) |  | 15.6 |
Corporate | 858.6 |  |  | 12.4 |  |  | (4.8 | ) |  | 866.2 |
Non-U.S. government | 187.2 |  |  | 5.7 |  |  | (1.2 | ) |  | 191.7 |
Asset-backed | 13.4 |  |  | — |  |  | — |  |  | 13.4 |
Agency mortgage-backed | 132.0 |  |  | 0.1 |  |  | (1.2 | ) |  | 130.9 |
Total fixed income securities — Trading | 1,301.7 |  |  | 18.9 |  |  | (7.4 | ) |  | 1,313.2 |
Total short-term investments — Trading | 184.7 |  |  | — |  |  | (0.1 | ) |  | 184.6 |
Total equity securities — Trading | 563.2 |  |  | 78.3 |  |  | (17.9 | ) |  | 623.6 |
Total catastrophe bonds — Trading | 41.8 |  |  | — |  |  | — |  |  | 41.8 |
Total | $ | 2,091.4 |  |  | $ | 97.2 |  |  | $ | (25.4 | ) |  | $ | 2,163.2 |
| As at December 31, 2016
| Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
| ($ in millions)
U.S. government | $ | 82.8 |  |  | $ | 0.4 |  |  | $ | (0.8 | ) |  | $ | 82.4 |
Municipal | 15.7 |  |  | — |  |  | (0.2 | ) |  | 15.5 |
Corporate | 817.8 |  |  | 9.9 |  |  | (7.1 | ) |  | 820.6 |
Non-U.S. government | 203.4 |  |  | 3.5 |  |  | (4.1 | ) |  | 202.8 |
Asset-backed | 14.5 |  |  | — |  |  | — |  |  | 14.5 |
Agency mortgage-backed | 130.6 |  |  | 0.2 |  |  | (0.9 | ) |  | 129.9 |
Total fixed income securities — Trading | 1,264.8 |  |  | 14.0 |  |  | (13.1 | ) |  | 1,265.7 |
Total short-term investments — Trading | 185.4 |  |  | — |  |  | — |  |  | 185.4 |
Total equity securities — Trading | 554.3 |  |  | 55.4 |  |  | (25.0 | ) |  | 584.7 |
Total catastrophe bonds — Trading | 42.5 |  |  | — |  |  | — |  |  | 42.5 |
Total | $ | 2,047.0 |  |  | $ | 69.4 |  |  | $ | (38.1 | ) |  | $ | 2,078.3 |
The Company classifies the financial instruments presented in the tables above as held for trading as this most closely reflects the facts and circumstances of the investments held. Catastrophe Bonds. The Company has invested in catastrophe bonds with a total value of $41.8 million as at March 31, 2017. The bonds receive quarterly interest payments based on variable interest rates with scheduled maturities ranging from 2017 to 2021. The redemption value of the bonds will adjust based on the occurrence of a covered event, such as windstorms and earthquakes in the United States, Canada, the North Atlantic, Japan or Australia. Other Investments. In January 2015, the Company established, along with seven other insurance companies, a micro-insurance venture consortium and micro-insurance incubator (“MVI”) domiciled in Bermuda. The MVI is a social impact organization that provides micro-insurance products to assist global emerging consumers. The Company’s initial investment in the MVI was $0.8 million. On October 2, 2012, the Company established a subsidiary, Aspen Recoveries Limited, to take ownership of a 58.5% shareholding in Chaspark Maritime Holdings Ltd., a Singaporean registered company (“Chaspark”), with the remaining shareholding owned by other insurers. The shareholding in Chaspark was received as a settlement for subrogation rights associated with a contract frustration claim settlement. The Company determined that Chaspark has the characteristics of a variable interest entity as addressed by the guidance in ASC 810-10, Consolidation. However, the Company’s investment in Chaspark does not permit the Company to direct the activities which most significantly impact Chaspark’s economic performance and the Company is not acting as principal or agent for a related party group of investors. Under these circumstances and in accordance with the provisions of ASC 810-10, the Company is not required to consolidate Chaspark. As a result, the Company's investment in Chaspark is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses, which is provided in the quarterly management accounts. Changes in the value are recognized in realized and unrealized investment gains and losses in the unaudited condensed consolidated statement of operations. The adjusted carrying value approximates fair value. In the three months ended March 31, 2017, the change in the value of the Company’s investment in Chaspark was an unrealized gain of $1.7 million (March 31, 2016 — $Nil). On March 10, 2017, Aspen Recoveries Limited received cash of $9.3 million as partial settlement of its share of subrogation assets held by Chaspark. On July 26, 2016, the Company purchased through its wholly-owned subsidiary, Acorn Limited, a 20% share of Bene Assicurazioni (“Bene”), an Italian-based motor insurer for a total consideration of $3.3 million. The investment is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses. On January 1, 2017, the Company purchased through its wholly-owned subsidiary, Acorn Limited, a 49% share of Digital Risk Resources, LLP (“Digital Re”), a U.S.-based insurance intermediary engaged in the business of procuring and placing information security and privacy liability reinsurance products for a total consideration of $2.3 million. The investment is accounted for under the equity method and adjustments to the carrying value of this investment are made based on the Company’s share of capital, including share of income and expenses. The tables below show the Company’s investments in the MVI, Chaspark, Bene and Digital Re for the three months ended March 31, 2017 and March 31, 2016:
| For the Three Months Ended March 31, 2017
| MVI |  | Chaspark |  | Bene |  | Digital Re |  | Total
| ($ in millions)
Opening undistributed value of investment | $ | 0.5 |  |  | $ | 8.4 |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 12.1 |
Initial investment | — |  |  | — |  |  | — |  |  | 2.3 |  |  | 2.3 |
Goodwill | — |  |  | — |  |  | — |  |  | (1.8 | ) |  | (1.8 | )
Distribution received | — |  |  | (9.3 | ) |  | — |  |  | — |  |  | (9.3 | )
Realized/unrealized gain for the three months to March 31, 2017 | — |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Closing undistributed value of investment | $ | 0.5 |  |  | $ | 0.8 |  |  | $ | 3.2 |  |  | $ | 0.5 |  |  | $ | 5.0 |
| For the Three Months Ended March 31, 2016
| MVI |  | Chaspark |  | Total
| ($ in millions)
Opening and closing undistributed value of investment | $ | 0.8 |  |  | $ | 8.7 |  |  | $ | 9.5 |
Fixed Income Securities. The scheduled maturity distribution of available for sale fixed income securities as at March 31, 2017 and December 31, 2016 is set forth in the tables below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
| As at March 31, 2017
| Amortized Cost or Cost |  | Fair Market Value |  | Average S&P Ratings by Maturity
| ($ in millions)
Due one year or less | $ | 569.6 |  |  | $ | 572.1 |  |  | AA
Due after one year through five years | 2,693.0 |  |  | 2,721.6 |  |  | AA-
Due after five years through ten years | 1,174.0 |  |  | 1,173.7 |  |  | AA-
Due after ten years | 91.2 |  |  | 97.9 |  |  | A+
Subtotal | 4,527.8 |  |  | 4,565.3 |  |  |
Non-agency commercial mortgage-backed | 11.3 |  |  | 11.5 |  |  | AAA
Agency mortgage-backed | 1,024.2 |  |  | 1,032.8 |  |  | AA+
Asset-backed | 54.5 |  |  | 54.8 |  |  | AAA
Total fixed income securities — Available for sale | $ | 5,617.8 |  |  | $ | 5,664.4 |  |  |
| As at December 31, 2016
| Amortized Cost or Cost |  | Fair Market Value |  | Average S&P Ratings by Maturity
| ($ in millions)
Due one year or less | $ | 567.2 |  |  | $ | 570.0 |  |  | AA
Due after one year through five years | 2,643.7 |  |  | 2,671.9 |  |  | AA-
Due after five years through ten years | 1,172.3 |  |  | 1,168.1 |  |  | A+
Due after ten years | 99.4 |  |  | 105.1 |  |  | A+
Subtotal | 4,482.6 |  |  | 4,515.1 |  |  |
Non-agency commercial mortgage-backed | 12.3 |  |  | 12.6 |  |  | AAA
Agency mortgage-backed | 1,062.6 |  |  | 1,073.9 |  |  | AA+
Asset-backed | 62.6 |  |  | 63.0 |  |  | AAA
Total fixed income securities — Available for sale | $ | 5,620.1 |  |  | $ | 5,664.6 |  |  |
Guaranteed Investments. As at March 31, 2017, the Company held no investments which are guaranteed by mono-line insurers, excluding those with explicit government guarantees. The Company has one municipal security with fair value less than $0.1 million rated CC or higher (December 31, 2016 — one municipal security rated CC or higher). The standalone rating (rating without guarantee) is determined as the senior unsecured debt rating of the issuer. Where the credit ratings were split between the two main rating agencies, Standard & Poor’s Financial Services LLC (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), the lowest rating was used. The Company’s exposure to other third-party guaranteed debt is primarily to investments backed by non-U.S. government guaranteed issuers. Gross Unrealized Loss. The following tables summarize as at March 31, 2017 and December 31, 2016 by type of security, the aggregate fair value and gross unrealized loss by length of time the security has been in an unrealized loss position in the Company’s available for sale portfolio:
| As at March 31, 2017
| 0-12 months |  | Over 12 months |  | Total
| Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Number of Securities
| ($ in millions)
U.S. government | $ | 683.2 |  |  | $ | (9.3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 683.2 |  |  | $ | (9.3 | ) |  | 77 |
U.S. agency | 14.8 |  |  | — |  |  | — |  |  | — |  |  | 14.8 |  |  | — |  |  | 6 |
Municipal | 6.5 |  |  | (0.2 | ) |  | — |  |  | — |  |  | 6.5 |  |  | (0.2 | ) |  | 3 |
Corporate | 895.0 |  |  | (16.6 | ) |  | 3.4 |  |  | (0.2 | ) |  | 898.4 |  |  | (16.8 | ) |  | 339 |
Non-U.S. government-backed corporate | 32.0 |  |  | (0.1 | ) |  | — |  |  | — |  |  | 32.0 |  |  | (0.1 | ) |  | 10 |
Non-U.S. government | 87.7 |  |  | (0.3 | ) |  | 40.7 |  |  | (0.1 | ) |  | 128.4 |  |  | (0.4 | ) |  | 28 |
Asset-backed | 23.9 |  |  | — |  |  | 0.7 |  |  | — |  |  | 24.6 |  |  | — |  |  | 16 |
Agency mortgage-backed | 553.2 |  |  | (8.2 | ) |  | 28.5 |  |  | (0.7 | ) |  | 581.7 |  |  | (8.9 | ) |  | 156 |
Total fixed income securities — Available for sale | 2,296.3 |  |  | (34.7 | ) |  | 73.3 |  |  | (1.0 | ) |  | 2,369.6 |  |  | (35.7 | ) |  | 635 |
Total short-term investments — Available for sale | 34.1 |  |  | — |  |  | — |  |  | — |  |  | 34.1 |  |  | — |  |  | 13 |
Total | $ | 2,330.4 |  |  | $ | (34.7 | ) |  | $ | 73.3 |  |  | $ | (1.0 | ) |  | $ | 2,403.7 |  |  | $ | (35.7 | ) |  | 648 |
| As at December 31, 2016
| 0-12 months |  | Over 12 months |  | Total
| Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Fair Market Value |  | Gross Unrealized Loss |  | Number of Securities
| ($ in millions)
U.S. government | $ | 724.4 |  |  | $ | (11.2 | ) |  | $ | — |  |  | $ | — |  |  | $ | 724.4 |  |  | $ | (11.2 | ) |  | 78
U.S. agency | 14.1 |  |  | — |  |  | — |  |  | — |  |  | 14.1 |  |  | — |  |  | 4
Municipal | 7.7 |  |  | (0.2 | ) |  | 0.8 |  |  | (0.2 | ) |  | 8.5 |  |  | (0.4 | ) |  | 6
Corporate | 1,044.4 |  |  | (19.4 | ) |  | 6.6 |  |  | (0.6 | ) |  | 1,051.0 |  |  | (20.0 | ) |  | 386
Non-U.S. government-backed corporate | 29.6 |  |  | (0.1 | ) |  | — |  |  | — |  |  | 29.6 |  |  | (0.1 | ) |  | 11
Non-U.S. government | 143.5 |  |  | (0.8 | ) |  | 1.0 |  |  | — |  |  | 144.5 |  |  | (0.8 | ) |  | 29
Asset-backed | 25.8 |  |  | — |  |  | 1.4 |  |  | — |  |  | 27.2 |  |  | — |  |  | 15
Agency mortgage-backed | 527.6 |  |  | (7.6 | ) |  | 27.2 |  |  | (0.7 | ) |  | 554.8 |  |  | (8.3 | ) |  | 148
Total fixed income securities — Available for sale | 2,517.1 |  |  | (39.3 | ) |  | 37.0 |  |  | (1.5 | ) |  | 2,554.1 |  |  | (40.8 | ) |  | 677
Total short-term investments — Available for sale | 1.1 |  |  | — |  |  | — |  |  | — |  |  | 1.1 |  |  | — |  |  | 2
Total | $ | 2,518.2 |  |  | $ | (39.3 | ) |  | $ | 37.0 |  |  | $ | (1.5 | ) |  | $ | 2,555.2 |  |  | $ | (40.8 | ) |  | 679

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