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Reserves for Losses and Loss Adjustment Expenses | 9 Months Ended
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Sep. 30, 2017
Insurance [Abstract] |
Reserves For Loss And Adjustment Expenses [Text Block] | Reserves for Losses and Loss Adjustment Expenses The following table represents a reconciliation of beginning and ending consolidated loss and loss adjustment expenses (“LAE”) reserves for the nine months ended September 30, 2017 and 2016 and the twelve months ended December 31, 2016:
| Nine Months Ended September 30, 2017 |  | Nine Months Ended September 30, 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 | (125.7 | ) |  | 5.7 |  |  | (80.1 | )
Provision for losses and LAE for claims incurred: |  |  |  |  |
Current year | 1,543.3 |  |  | 1,267.0 |  |  | 1,705.4 |
Prior years | (92.8 | ) |  | (78.2 | ) |  | (129.3 | )
Total incurred | 1,450.5 |  |  | 1,188.8 |  |  | 1,576.1 |
Losses and LAE payments for claims incurred: |  |  |  |  |
Current year | (150.4 | ) |  | (62.1 | ) |  | (241.0 | )
Prior years | (947.7 | ) |  | (853.1 | ) |  | (981.8 | )
Total paid | (1,098.1 | ) |  | (915.2 | ) |  | (1,222.8 | )
Foreign exchange losses/(gains) | 135.2 |  |  | (35.9 | ) |  | (97.4 | )
Net losses and LAE reserves at period end | 5,121.1 |  |  | 4,826.8 |  |  | 4,759.2 |
Plus reinsurance recoverable on unpaid losses at period end | 1,369.5 |  |  | 419.8 |  |  | 560.7 |
Provision for losses and LAE at the end of the relevant period | $ | 6,490.6 |  |  | $ | 5,246.6 |  |  | $ | 5,319.9 |
For the nine months ended September 30, 2017, there was a reduction of $92.8 million in the Company’s estimate of the ultimate claims to be paid in respect of prior accident years compared to a reduction of $78.2 million for the nine months ended September 30, 2016. The Company ceded $125.7 million of reserves as part of an adverse development cover purchased in the third quarter of 2017. In the nine months ended September 30, 2016, the Company assumed $5.7 million of additional loss reserves as a result of its acquisition of AG Logic Holdings, LLC and its subsidiaries (“AgriLogic”), a wholly owned specialist U.S. admitted crop intermediary with an integrated agricultural consultancy. The Company ceded $85.8 million of reserves as part of an adverse development cover purchased during the twelve months ended December 31, 2016. For additional information on the reserve releases, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reserves for Losses and Loss Adjustment Expenses” below. 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 September 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012. The loss development triangles are derived from all business written by the Company. 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 Allocated Loss Adjustment Expenses, Net of Reinsurance |  | As at September 30, 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 |  | Q3 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 606.9 |  |  | 628.4 |  |  | 657.6 |  |  | 671.8 |  |  | 656.7 |  |  | 637.0 |  |  | 47.2 |  |  | 15,825 |
2013 |  |  |  | 691.9 |  |  | 669.9 |  |  | 681.0 |  |  | 662.4 |  |  | 668.9 |  |  | 74.6 |  |  | 14,728 |
2014 |  |  |  |  |  | 758.1 |  |  | 732.7 |  |  | 704.8 |  |  | 686.2 |  |  | 109.7 |  |  | 18,848 |
2015 |  |  |  |  |  |  |  | 919.5 |  |  | 909.4 |  |  | 859.6 |  |  | 206.4 |  |  | 21,142 |
2016 |  |  |  |  |  |  |  |  |  | 912.7 |  |  | 876.3 |  |  | 316.0 |  |  | 20,538 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 675.8 |  |  | 426.5 |  |  | 10,694 |
|  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  | $ | 4,403.8 |  |  |  |  |
|  | 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 |  | Q3 2017
|  | ($ in millions) |  |
2012 |  | 117.6 |  |  | 308.6 |  |  | 379.5 |  |  | 454.1 |  |  | 504.3 |  |  | 519.2 |
2013 |  |  |  | 91.1 |  |  | 255.3 |  |  | 365.9 |  |  | 456.2 |  |  | 503.1 |
2014 |  |  |  |  |  | 99.8 |  |  | 248.2 |  |  | 390.7 |  |  | 448.9 |
2015 |  |  |  |  |  |  |  | 119.5 |  |  | 328.0 |  |  | 459.5 |
2016 |  |  |  |  |  |  |  |  |  | 117.7 |  |  | 332.1 |
2017 |  |  |  |  |  |  |  |  |  |  |  | 59.9 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 2,322.7 |
|  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | $ | 2,081.1 |
|  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 140.3 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 2,221.4 |
|  | Reinsurance |  |  |  |
|  | Incurred Claims, IBNR and Allocated Loss Adjustment Expenses, Net of Reinsurance |  | As at September 30, 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 |  | Q3 2017 |  |
|  | $ (in millions) |  |  |  |
2012 |  | 695.5 |  |  | 740.0 |  |  | 723.7 |  |  | 694.2 |  |  | 692.8 |  |  | 683.8 |  |  | 93.4 |  |  | 3,660 |
2013 |  |  |  | 583.2 |  |  | 575.9 |  |  | 554.8 |  |  | 528.6 |  |  | 519.5 |  |  | 92.9 |  |  | 3,524 |
2014 |  |  |  |  |  | 553.5 |  |  | 533.8 |  |  | 517.9 |  |  | 496.7 |  |  | 116.8 |  |  | 3,440 |
2015 |  |  |  |  |  |  |  | 584.8 |  |  | 568.6 |  |  | 553.5 |  |  | 166.5 |  |  | 3,450 |
2016 |  |  |  |  |  |  |  |  |  | 756.5 |  |  | 763.8 |  |  | 290.4 |  |  | 3,032 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 887.4 |  |  | 636.9 |  |  | 1,704 |
|  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  | $ | 3,904.7 |  |  |  |  |
|  | 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 |  | Q3 2017
|  | ($ in millions) |  |
2012 |  | 63.6 |  |  | 249.3 |  |  | 362.2 |  |  | 416.3 |  |  | 460.6 |  |  | 491.0 |
2013 |  |  |  | 63.6 |  |  | 188.2 |  |  | 280.7 |  |  | 322.6 |  |  | 354.7 |
2014 |  |  |  |  |  | 57.2 |  |  | 173.5 |  |  | 249.6 |  |  | 281.8 |
2015 |  |  |  |  |  |  |  | 57.7 |  |  | 172.8 |  |  | 254.1 |
2016 |  |  |  |  |  |  |  |  |  | 127.0 |  |  | 297.4 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90.5 |
|  |  |  |  |  |  |  |  |  |  |  |  | Total |  |  | $ | 1,769.5 |
|  | All outstanding liabilities for 2012 and subsequent years, net of reinsurance |  |  | 2,135.2 |
|  |  |  | All outstanding liabilities before 2012, net of reinsurance |  |  | 718.9 |
|  |  |  | Liabilities for claims and claim adjustment expenses, net of reinsurance |  |  | $ | 2,854.1 |
| Nine Months Ended September 30, 2017
| ($ in millions)
Net outstanding liabilities: |
Insurance lines | $ | 2,221.4 |
Reinsurance lines | 2,854.1 |
Net loss and LAE | 5,075.5 |
Reinsurance recoverable on unpaid losses: |
Insurance lines | 1,115.3 |
Reinsurance lines | 254.2 |
Total reinsurance recoverable on unpaid losses | 1,369.5 |
Insurance lines other than short-duration | — |
Unallocated claims incurred | 49.4 |
Other | (3.8 | )
| $ | 45.6 |
Provision for losses and LAE at the end of the period | $ | 6,490.6 |
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 |  | 11.8 | % |  | 23.3 | % |  | 16.2 | % |  | 7.9 | % |  | 6.4 | %

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