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 September 30, 2017 and 2016:



	Three Months Ended September 30, 2017
	Reinsurance			Insurance			Total
	($ in millions)
Underwriting Revenues
Gross written premiums	$	431.5		$	421.0		$	852.5
Net written premiums	363.6			243.8			607.4
Gross earned premiums	464.0			449.3			913.3
Net earned premiums	382.0			270.5			652.5
Underwriting Expenses
Losses and loss adjustment expenses	502.2			274.0			776.2
Amortization of deferred policy acquisition costs	61.5			43.9			105.4
General and administrative expenses	32.8			59.4			92.2
Underwriting loss	$	(214.5	)	$	(106.8	)	(321.3		)
Corporate expenses							(13.5		)
Non-operating expenses							(5.2		)
Net investment income							46.4
Realized and unrealized investment gains							29.9
Realized and unrealized investment losses							(12.4		)
Change in fair value of loan notes issued by variable interest entities							9.8
Change in fair value of derivatives							4.5
Interest expense on long term debt							(7.4		)
Net realized and unrealized foreign exchange gains							8.4
Net other expense							(2.2		)
Loss before tax							$	(263.0	)

Net reserves for loss and loss adjustment expenses	$	2,865.8		$	2,255.3		$	5,121.1
Ratios
Loss ratio	131.5		%	101.3		%	119.0		%
Policy acquisition expense ratio	16.1			16.2			16.2
General and administrative expense ratio	8.6			22.0			17.0			⁽¹⁾
Expense ratio	24.7			38.2			33.2
Combined ratio	156.2		%	139.5		%	152.2		%


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



	Three Months Ended September 30, 2016
	Reinsurance			Insurance			Total
	( $ in millions)
Underwriting Revenues
Gross written premiums	$	365.9		$	397.6		$	763.5
Net written premiums	314.5			323.9			638.4
Gross earned premiums	364.3			445.5			809.8
Net earned premiums	316.3			364.7			681.0
Underwriting Expenses
Losses and loss adjustment expenses	178.7			210.5			389.2
Amortization of deferred policy acquisition costs	53.0			77.9			130.9
General and administrative expenses	47.4			57.9			105.3
Underwriting income	$	37.2		$	18.4		55.6
Corporate expenses							(13.4		)
Non-operating expenses							(6.3		)
Net investment income							46.4
Realized and unrealized investment gains							26.7
Realized and unrealized investment losses							(5.2		)
Change in fair value of loan notes issued by variable interest entities							(9.8		)
Change in fair value of derivatives							0.6
Interest expense on long term debt							(7.3		)
Net realized and unrealized foreign exchange gains							10.8
Net other income							2.4
Income before tax							$	100.5

Net reserves for loss and loss adjustment expenses	$	2,495.4		$	2,331.4		$	4,826.8
Ratios
Loss ratio	56.5		%	57.7		%	57.2		%
Policy acquisition expense ratio	16.8			21.4			19.2
General and administrative expense ratio	15.0			15.9			18.4			⁽¹⁾
Expense ratio	31.8			37.3			37.6
Combined ratio	88.3		%	95.0		%	94.8		%


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



	Nine Months Ended September 30, 2017
	Reinsurance			Insurance			Total
	($ in millions)
Underwriting Revenues
Gross written premiums	$	1,332.4		$	1,340.2		$	2,672.6
Net written premiums	1,097.3			775.0			1,872.3
Gross earned premiums	1,112.2			1,302.1			2,414.3
Net earned premiums	932.2			863.4			1,795.6
Underwriting Expenses
Losses and loss adjustment expenses	797.9			652.6			1,450.5
Amortization of deferred policy acquisition costs	174.4			141.0			315.4
General and administrative expenses	117.4			186.9			304.3
Underwriting loss	$	(157.5	)	$	(117.1	)	(274.6		)
Corporate expenses							(38.3		)
Non-operating expenses							(9.5		)
Net investment income							141.5
Realized and unrealized investment gains							130.1
Realized and unrealized investment losses							(24.4		)
Change in fair value of loan notes issued by variable interest entities							3.6
Change in fair value of derivatives							25.2
Interest expense on long term debt							(22.2		)
Net realized and unrealized foreign exchange losses							(21.1		)
Other income							5.0
Other expense							(2.0		)
Loss before tax							$	(86.7	)

Net reserves for loss and loss adjustment expenses	$	2,865.8		$	2,255.3		$	5,121.1
Ratios
Loss ratio	85.6		%	75.6		%	80.8		%
Policy acquisition expense ratio	18.7			16.3			17.6
General and administrative expense ratio	12.6			21.6			19.6			⁽¹⁾
Expense ratio	31.3			37.9			37.2
Combined ratio	116.9		%	113.5		%	118.0		%


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



	Nine Months Ended September 30, 2016
	Reinsurance			Insurance			Total
	( $ in millions)
Underwriting Revenues
Gross written premiums	$	1,216.1		$	1,324.8		$	2,540.9
Net written premiums	1,070.8			1,092.1			2,162.9
Gross earned premiums	1,000.9			1,345.8			2,346.7
Net earned premiums	896.0			1,128.9			2,024.9
Underwriting Expenses
Losses and loss adjustment expenses	494.3			694.5			1,188.8
Amortization of deferred policy acquisition costs	163.1			224.7			387.8
General and administrative expenses	130.6			173.7			304.3
Underwriting income	$	108.0		$	36.0		144.0
Corporate expenses							(50.6		)
Non-operating expenses							(6.3		)
Net investment income							143.9
Realized and unrealized investment gains							137.4
Realized and unrealized investment losses							(34.1		)
Change in fair value of loan notes issued by variable interest entities							(13.7		)
Change in fair value of derivatives							(7.0		)
Interest expense on long term debt							(22.1		)
Net realized and unrealized foreign exchange losses							(10.2		)
Other income							2.4
Other expenses							(0.1		)
Income before tax							$	283.6

Net reserves for loss and loss adjustment expenses	$	2,495.4		$	2,331.4		$	4,826.8
Ratios
Loss ratio	55.2		%	61.5		%	58.7		%
Policy acquisition expense ratio	18.2			19.9			19.2
General and administrative expense ratio	14.6			15.4			17.8			⁽¹⁾
Expense ratio	32.8			35.3			37.0
Combined ratio	88.0		%	96.8		%	95.7		%


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