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Reserves for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Insurance [Abstract]

Reconciliation of Beginning and Ending Consolidated Loss and Loss Adjustment Expenses ("LAE") Reserves

The following table represents a reconciliation of beginning and ending consolidated loss and loss adjustment expenses (“LAE”) reserves for the three months ended March 31, 2017 and 2016 and the twelve months ended December 31, 2016:

	Three Months Ended March 31, 2017				Three Months Ended March 31, 2016				Twelve Months Ended December 31, 2016
	($ in millions)
Provision for losses and LAE at the start of the year	$	5,319.9			$	4,938.2			$	4,938.2
Less reinsurance recoverable	(560.7		)		(354.8		)		(354.8		)
Net loss and LAE at the start of the year	4,759.2				4,583.4				4,583.4
Net loss and LAE expenses assumed	—				5.7				(80.1		)
Provision for losses and LAE for claims incurred:
Current year	354.4				379.0				1,705.4
Prior years	(26.2		)		(21.6		)		(129.3		)
Total incurred	328.2				357.4				1,576.1
Losses and LAE payments for claims incurred:
Current year	(14.8		)		(8.5		)		(241.0		)
Prior years	(383.6		)		(286.1		)		(981.8		)
Total paid	(398.4		)		(294.6		)		(1,222.8		)
Foreign exchange losses/(gains)	41.1				(6.4		)		(97.4		)
Net losses and LAE reserves at period end	4,730.1				4,645.5				4,759.2
Plus reinsurance recoverable on unpaid losses at period end	635.8				366.0				560.7
Provision for losses and LAE at the end of the relevant period	$	5,365.9			$	5,011.5			$	5,319.9

Short-duration Insurance Contracts, Claims Development

The following tables show an analysis of incurred claims and allocated loss adjustment expenses, net of reinsurance and cumulative paid claims and allocated claim adjustment expenses, net of reinsurance as at March 31, 2017, December 31, 2016, 2015, 2014, 2013 and 2012. The loss development triangles are derived from all business written by the Company as although a limited number of contracts are written which have durations of greater than one year the contracts do not meet the definition of a long duration contract.

		Insurance
		Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																			As at March 31, 2017
																					Total of IBNR Plus Expected Development on Reported Claims			Cumulative Number of Reported Claims
		For the Years Ended December 31,
		Unaudited Prior Years
Accident  Year		2012			2013			2014			2015			2016			Q1 2017
		$ (in millions)
2012		599.2			621.6			650.5			664.1			649.0			644.7				58.1			15,513
2013					683.5			662.2			673.4			654.6			659.7				98.5			14,415
2014								749.2			723.9			696.4			701.5				153.5			18,459
2015											906.1			895.3			879.5				261.7			20,271
2016														899.0			919.1				417.6			18,879
2017																	193.7				165.0			2,561
											Total						$	3,998.2

		Insurance
		Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2012			2013			2014			2015			2016			Q1 2017
		($ in millions)
2012		115.7			305.1			374.9			448.4			497.9			505.1
2013					89.5			252.0			361.7			451.0			459.6
2014								98.9			245.5			386.8			400.7
2015											118.0			322.9			386.9
2016														116.0			197.3
2017																	3.2
														Total			$	1,952.8
		All outstanding liabilities for 2012 and subsequent years, net of reinsurance															$	2,045.4
					All outstanding liabilities before 2012, net of reinsurance												211.2
					Liabilities for claims and claim adjustment expenses, net of reinsurance												$	2,256.6

		Reinsurance
		Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																			As at March 31, 2017
																					Total of IBNR Plus Expected Development on Reported Claims			Cumulative Number of Reported Claims
		For the Years Ended December 31,
		Unaudited Prior Years
Accident  Year		2012			2013			2014			2015			2016			Q1 2017
		$ (in millions)
2012		686.3			730.9			714.3			684.8			683.6			681.0				103.3			3,566
2013					569.6			561.8			540.7			515.2			510.9				108.2			3,356
2014								543.4			522.5			506.9			499.4				142.1			3,183
2015											573.5			556.2			539.9				197.0			3,088
2016														741.1			768.0				406.4			2,415
2017																	176.4				141.6			849
											Total						$	3,175.6

		Reinsurance
		Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
Accident Year		2012			2013			2014			2015			2016			Q1 2017
		($ in millions)
2012		62.7			245.3			357.4			410.9			454.6			471.2
2013					62.1			181.9			272.3			313.5			321.6
2014								56.3			169.8			244.9			255.7
2015											56.7			168.8			210.6
2016														124.9			177.1
2017																	11.6
														Total			$	1,447.8
		All outstanding liabilities for 2012 and subsequent years, net of reinsurance															1,727.8
					All outstanding liabilities before 2012, net of reinsurance												710.2
					Liabilities for claims and claim adjustment expenses, net of reinsurance												$	2,438.0

Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability

	Three Months Ended March 31, 2017
	($ in millions)
Net outstanding liabilities:
Insurance lines	$	2,256.6
Reinsurance lines	2,438.0
Net loss and LAE	4,694.6
Reinsurance recoverable on unpaid losses:
Insurance lines	548.4
Reinsurance lines	87.4
Total reinsurance recoverable on unpaid losses	635.8
Insurance lines other than short-duration	—
Unallocated claims incurred	40.0
Other	(4.5		)
	$	35.5
Provision for losses and LAE at the end of the period	$	5,365.9

Short-duration Insurance Contracts, Schedule of Historical Claims Duration

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance

Years		1			2			3			4			5
Insurance		14.4	%		24.5	%		15.9	%		12.5	%		7.6	%
Reinsurance		11.9	%		23.1	%		16.3	%		7.9	%		6.4	%

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Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437

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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=65670685&loc=SL65671311-158438

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Tabular disclosure for the reconciliation of claims development to the liability for unpaid claims and claim adjustment expense for short-duration insurance contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=65670685&loc=SL65671315-158438

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 50
-Paragraph 4G
-URI http://asc.fasb.org/extlink&oid=65670685&loc=SL65671329-158438

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