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 June 30, 2017 and 2016:



	Three Months Ended June 30, 2017
	Reinsurance			Insurance			Total
	($ in millions)
Underwriting Revenues
Gross written premiums	$	335.6		$	486.5		$	822.1
Net written premiums	285.5			293.2			578.7
Gross earned premiums	320.6			429.1			749.7
Net earned premiums	272.7			289.3			562.0
Underwriting Expenses
Losses and loss adjustment expenses	152.6			193.5			346.1
Amortization of deferred policy acquisition costs	53.4			42.9			96.3
General and administrative expenses	40.7			65.7			106.4
Underwriting income	$	26.0		$	(12.8	)	13.2
Corporate expenses							(11.4		)
Non-operating expenses							(2.1		)
Net investment income							47.4
Realized and unrealized investment gains							49.0
Realized and unrealized investment losses							(7.0		)
Change in fair value of loan notes issued by variable interest entities							(3.3		)
Change in fair value of derivatives							17.6
Interest expense on long term debt							(7.4		)
Net realized and unrealized foreign exchange losses							(20.6		)
Other income							3.6
Other expenses							(2.0		)
Income before tax							$	77.0

Net reserves for loss and loss adjustment expenses	$	2,445.0		$	2,347.0		$	4,792.0
Ratios
Loss ratio	56.0		%	66.9		%	61.6		%
Policy acquisition expense ratio	19.6			14.8			17.1
General and administrative expense ratio	14.9			22.7			21.3			⁽¹⁾
Expense ratio	34.5			37.5			38.4
Combined ratio	90.5		%	104.4		%	100.0		%


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



	Three Months Ended June 30, 2016
	Reinsurance			Insurance			Total
	( $ in millions)
Underwriting Revenues
Gross written premiums	$	332.6		$	469.1		$	801.7
Net written premiums	306.8			418.0			724.8
Gross earned premiums	329.8			454.7			784.5
Net earned premiums	299.4			381.4			680.8
Underwriting Expenses
Losses and loss adjustment expenses	181.1			261.1			442.2
Amortization of deferred policy acquisition costs	50.7			76.0			126.7
General and administrative expenses	39.1			57.2			96.3
Underwriting income/(loss)	$	28.5		$	(12.9	)	15.6
Corporate expenses							(20.1		)
Net investment income							48.0
Realized and unrealized investment gains							45.1
Realized and unrealized investment losses							(8.3		)
Change in fair value of loan notes issued by variable interest entities							0.5
Change in fair value of derivatives							(0.4		)
Interest expense on long term debt							(7.4		)
Net realized and unrealized foreign exchange losses							(5.3		)
Other income							(0.5		)
Other expenses							(1.0		)
Income before tax							$	66.2

Net reserves for loss and loss adjustment expenses	$	2,474.6		$	2,296.5		$	4,771.1
Ratios
Loss ratio	60.5		%	68.5		%	65.0		%
Policy acquisition expense ratio	16.9			19.9			18.6
General and administrative expense ratio	13.1			15.0			17.1			⁽¹⁾
Expense ratio	30.0			34.9			35.7
Combined ratio	90.5		%	103.4		%	100.7		%


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



	Six Months Ended June 30, 2017
	Reinsurance			Insurance			Total
	($ in millions)
Underwriting Revenues
Gross written premiums	$	900.9		$	919.2		$	1,820.1
Net written premiums	733.7			531.2			1,264.9
Gross earned premiums	648.2			852.8			1,501.0
Net earned premiums	550.2			592.9			1,143.1
Underwriting Expenses
Losses and loss adjustment expenses	295.7			378.6			674.3
Amortization of deferred policy acquisition costs	112.9			97.1			210.0
General and administrative expenses	84.6			127.5			212.1
Underwriting income	$	57.0		$	(10.3	)	46.7
Corporate expenses							(24.8		)
Non-operating expenses							(4.3		)
Net investment income							95.1
Realized and unrealized investment gains							100.2
Realized and unrealized investment losses							(12.0		)
Change in fair value of loan notes issued by variable interest entities							(6.2		)
Change in fair value of derivatives							20.7
Interest expense on long term debt							(14.8		)
Net realized and unrealized foreign exchange losses							(29.5		)
Other income							7.2
Other expense							(2.0		)
Income before tax							$	176.3

Net reserves for loss and loss adjustment expenses	$	2,445.0		$	2,347.0		$	4,792.0
Ratios
Loss ratio	53.7		%	63.9		%	59.0		%
Policy acquisition expense ratio	20.5			16.4			18.4
General and administrative expense ratio	15.4			21.5			21.1			⁽¹⁾
Expense ratio	35.9			37.9			39.5
Combined ratio	89.6		%	101.8		%	98.5		%


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



	Six Months Ended June 30, 2016
	Reinsurance			Insurance			Total
	( $ in millions)
Underwriting Revenues
Gross written premiums	$	850.2		$	927.2		$	1,777.4
Net written premiums	756.3			768.2			1,524.5
Gross earned premiums	636.6			900.3			1,536.9
Net earned premiums	579.7			764.2			1,343.9
Underwriting Expenses
Losses and loss adjustment expenses	315.6			484.0			799.6
Amortization of deferred policy acquisition costs	110.1			146.8			256.9
General and administrative expenses	83.2			115.8			199.0
Underwriting income	$	70.8		$	17.6		88.4
Corporate expenses							(37.2		)
Net investment income							97.5
Realized and unrealized investment gains							110.7
Realized and unrealized investment losses							(28.9		)
Change in fair value of loan notes issued by variable interest entities							(3.9		)
Change in fair value of derivatives							(7.6		)
Interest expense on long term debt							(14.8		)
Net realized and unrealized foreign exchange losses							(21.0		)
Other income							0.9
Other expenses							(1.0		)
Income before tax							$	183.1

Net reserves for loss and loss adjustment expenses	$	2,474.6		$	2,296.5		$	4,771.1
Ratios
Loss ratio	54.4		%	63.3		%	59.5		%
Policy acquisition expense ratio	19.0			19.2			19.1
General and administrative expense ratio	14.4			15.2			17.6			⁽¹⁾
Expense ratio	33.4			34.4			36.7
Combined ratio	87.8		%	97.7		%	96.2		%


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