Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Gross and Net Written and Earned Premiums, Underwriting Results, Ratios and Reserves for Each of Company's Business Segments

The following tables provide a summary of gross and net written and earned premiums, underwriting results, ratios and reserves for each of the Company’s business segments for the three months ended March 31, 2017 and 2016:



	Three Months Ended March 31, 2017
	Reinsurance			Insurance			Total
	($ in millions)
Underwriting Revenues
Gross written premiums	$	565.3		$	432.7		$	998.0
Net written premiums	448.2			238.0			686.2
Gross earned premiums	327.6			423.7			751.3
Net earned premiums	277.5			303.6			581.1
Underwriting Expenses
Losses and loss adjustment expenses	143.1			185.1			328.2
Amortization of deferred policy acquisition costs	59.5			54.2			113.7
General and administrative expenses	43.9			61.8			105.7
Underwriting income	$	31.0		$	2.5		33.5
Corporate expenses							(13.4		)
Non-operating expenses							(2.2		)
Net investment income							47.7
Realized and unrealized investment gains							51.2
Realized and unrealized investment losses							(5.0		)
Change in fair value of loan notes issued by variable interest entities							(2.9		)
Change in fair value of derivatives							3.1
Interest expense on long term debt							(7.4		)
Net realized and unrealized foreign exchange gains							(8.9		)
Net other income							3.6
Income before tax							$	99.3

Net reserves for loss and loss adjustment expenses	$	2,445.4		$	2,284.7		$	4,730.1
Ratios
Loss ratio	51.6		%	61.0		%	56.5		%
Policy acquisition expense ratio	21.4			17.9			19.6
General and administrative expense ratio	15.8			20.4			20.9			⁽¹⁾
Expense ratio	37.2			38.3			40.5
Combined ratio	88.8		%	99.3		%	97.0		%


⁽¹⁾	The general and administrative expense ratio in the total column includes corporate expenses and non-operating expenses.



	Three Months Ended March 31, 2016
	Reinsurance			Insurance			Total
	( $ in millions)
Underwriting Revenues
Gross written premiums	$	517.6		$	458.1		$	975.7
Net written premiums	449.5			350.2			799.7
Gross earned premiums	306.8			445.6			752.4
Net earned premiums	280.3			382.8			663.1
Underwriting Expenses
Losses and loss adjustment expenses	134.5			222.9			357.4
Amortization of deferred policy acquisition costs	59.4			70.8			130.2
General and administrative expenses	44.1			58.6			102.7
Underwriting income	$	42.3		$	30.5		72.8
Corporate expenses							(17.1		)
Net investment income							49.5
Realized and unrealized investment gains							65.6
Realized and unrealized investment losses							(20.6		)
Change in fair value of loan notes issued by variable interest entities							(4.4		)
Change in fair value of derivatives							(7.2		)
Interest expense on long term debt							(7.4		)
Net realized and unrealized foreign exchange (losses)							(15.7		)
Net other income							1.4
Income before tax							$	116.9

Net reserves for loss and loss adjustment expenses	$	2,433.0		$	2,212.5		$	4,645.5
Ratios
Loss ratio	48.0		%	58.2		%	53.9		%
Policy acquisition expense ratio	21.2			18.5			19.6
General and administrative expense ratio	15.7			15.3			18.1			⁽¹⁾
Expense ratio	36.9			33.8			37.7
Combined ratio	84.9		%	92.0		%	91.6		%


⁽¹⁾	The general and administrative expense ratio in the total column includes corporate expenses.