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Unaudited Quarterly Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Financial Data | The following is a summary of the quarterly financial data for the twelve months ended December 31, 2017, 2016 and 2015.
|  | 2017
|  | Quarter Ended March 31 |  | Quarter Ended June 30 |  | Quarter Ended September 30 |  | Quarter Ended December 31 |  | Year Ended December 31
Revenues |  | ($ in millions)
Net earned premium |  | $ | 581.1 |  |  | $ | 562.0 |  |  | $ | 652.5 |  |  | $ | 511.0 |  |  | $ | 2,306.6 |
Net investment income |  | 47.7 |  |  | 47.4 |  |  | 46.4 |  |  | 47.5 |  |  | 189.0 |
Realized and unrealized investment gains |  | 51.2 |  |  | 49.0 |  |  | 29.9 |  |  | 18.8 |  |  | 148.9 |
Other income |  | 3.6 |  |  | 3.6 |  |  | (2.2 | ) |  | 3.9 |  |  | 8.9 |
Total revenues |  | 683.6 |  |  | 662.0 |  |  | 726.6 |  |  | 581.2 |  |  | 2,653.4 |
Expenses |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 328.2 |  |  | 346.1 |  |  | 776.2 |  |  | 544.2 |  |  | 1,994.7 |
Amortization of deferred policy acquisition costs |  | 113.7 |  |  | 96.3 |  |  | 105.4 |  |  | 85.1 |  |  | 400.5 |
General, administrative and corporate expenses |  | 121.3 |  |  | 119.9 |  |  | 110.9 |  |  | 150.1 |  |  | 502.2 |
Interest on long-term debt |  | 7.4 |  |  | 7.4 |  |  | 7.4 |  |  | 7.3 |  |  | 29.5 |
Change in fair value of derivatives |  | (3.1 | ) |  | (17.6 | ) |  | (4.5 | ) |  | (2.5 | ) |  | (27.7 | )
Change in fair value of loan notes issued by variable interest entities |  | 2.9 |  |  | 3.3 |  |  | (9.8 | ) |  | (17.6 | ) |  | (21.2 | )
Realized and unrealized investment losses/(gains) |  | 5.0 |  |  | 7.0 |  |  | 12.4 |  |  | 4.0 |  |  | 28.4 |
Net realized and unrealized foreign exchange losses/(gains) |  | 8.9 |  |  | 20.6 |  |  | (8.4 | ) |  | 2.8 |  |  | 23.9 |
Other expenses |  | — |  |  | 2.0 |  |  | — |  |  | 2.9 |  |  | 4.9 |
Total expenses |  | 584.3 |  |  | 585.0 |  |  | 989.6 |  |  | 776.3 |  |  | 2,935.2 |
Income from operations before income tax |  | 99.3 |  |  | 77.0 |  |  | (263.0 | ) |  | (195.1 | ) |  | (281.8 | )
Income tax (expense) |  | (2.8 | ) |  | (1.2 | ) |  | 9.2 |  |  | 10.2 |  |  | 15.4 |
Net income |  | $ | 96.5 |  |  | $ | 75.8 |  |  | $ | (253.8 | ) |  | $ | (184.9 | ) |  | $ | (266.4 | )
Per Share Data |  |  |  |  |  |  |  |  |  |
Weighted average number of ordinary share and share equivalents (1) |  |  |  |  |  |  |  |  |  |
Basic |  | 59,862,662 |  |  | 59,966,358 |  |  | 59,759,730 |  |  | 59,431,469 |  |  | 59,753,886 |
Diluted |  | 61,196,772 |  |  | 61,022,981 |  |  | 59,795,730 |  |  | 59,431,469 |  |  | 59,753,886 |
Basic earnings per ordinary share adjusted for preference share dividends |  | $ | 1.39 |  |  | $ | 1.09 |  |  | $ | (4.48 | ) |  | $ | (3.25 | ) |  | $ | (5.22 | )
Diluted earnings per ordinary share adjusted for preference share dividends |  | $ | 1.36 |  |  | $ | 1.07 |  |  | $ | (4.48 | ) |  | $ | (3.25 | ) |  | $ | (5.22 | )
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(1) | The basic and diluted number of ordinary shares for the three months ended September 30, 2017 and the three and twelve months ended December 31, 2017 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.
|  | 2016
|  | Quarter Ended March 31 |  | Quarter Ended June 30 |  | Quarter Ended September 30 |  | Quarter Ended December 31 |  | Year Ended December 31
Revenues |  | ($ in millions)
Net earned premium |  | $ | 663.1 |  |  | $ | 680.8 |  |  | $ | 681.0 |  |  | $ | 612.4 |  |  | $ | 2,637.3 |
Net investment income |  | 49.5 |  |  | 48.0 |  |  | 46.4 |  |  | 43.2 |  |  | 187.1 |
Realized and unrealized investment gains |  | 65.6 |  |  | 45.1 |  |  | 26.7 |  |  | (29.0 | ) |  | 108.4 |
Other income |  | 1.4 |  |  | (0.5 | ) |  | 1.5 |  |  | 3.3 |  |  | 5.7 |
Total revenues |  | 779.6 |  |  | 773.4 |  |  | 755.6 |  |  | 629.9 |  |  | 2,938.5 |
Expenses |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 357.4 |  |  | 442.2 |  |  | 389.2 |  |  | 387.3 |  |  | 1,576.1 |
Amortization of deferred policy acquisition costs |  | 130.2 |  |  | 126.7 |  |  | 130.9 |  |  | 141.1 |  |  | 528.9 |
General, administrative and corporate expenses |  | 119.8 |  |  | 116.4 |  |  | 125.0 |  |  | 128.9 |  |  | 490.1 |
Interest on long-term debt |  | 7.4 |  |  | 7.4 |  |  | 7.3 |  |  | 7.4 |  |  | 29.5 |
Change in fair value of derivatives |  | 7.2 |  |  | 0.4 |  |  | (0.6 | ) |  | 17.6 |  |  | 24.6 |
Change in fair value of loan notes issued by variable interest entities |  | 4.4 |  |  | (0.5 | ) |  | 9.8 |  |  | 3.4 |  |  | 17.1 |
Realized and unrealized investment losses/(gains) |  | 20.6 |  |  | 8.3 |  |  | 5.2 |  |  | 29.1 |  |  | 63.2 |
Net realized and unrealized foreign exchange losses/(gains) |  | 15.7 |  |  | 5.3 |  |  | (10.8 | ) |  | (12.0 | ) |  | (1.8 | )
Other expenses |  | — |  |  | 1.0 |  |  | (0.9 | ) |  | 1.2 |  |  | 1.3 |
Total expenses |  | 662.7 |  |  | 707.2 |  |  | 655.1 |  |  | 704.0 |  |  | 2,729.0 |
Income from operations before income tax |  | 116.9 |  |  | 66.2 |  |  | 100.5 |  |  | (74.1 | ) |  | 209.5 |
Income tax (expense) |  | (2.5 | ) |  | (1.3 | ) |  | (4.9 | ) |  | 2.6 |  |  | (6.1 | )
Net income |  | $ | 114.4 |  |  | $ | 64.9 |  |  | $ | 95.6 |  |  | $ | (71.5 | ) |  | $ | 203.4 |
Per Share Data |  |  |  |  |  |  |  |  |  |
Weighted average number of ordinary share and share equivalents |  |  |  |  |  |  |  |  |  |
Basic |  | 60,867,815 |  |  | 60,705,028 |  |  | 60,225,705 |  |  | 60,152,420 |  |  | 60,478,740 |
Diluted |  | 62,483,938 |  |  | 62,192,142 |  |  | 61,577,018 |  |  | 61,198,041 |  |  | 61,860,689 |
Basic earnings per ordinary share adjusted for preference share dividends |  | $ | 1.73 |  |  | $ | 0.91 |  |  | $ | 1.43 |  |  | $ | (1.41 | ) |  | $ | 2.67 |
Diluted earnings per ordinary share adjusted for preference share dividends |  | $ | 1.68 |  |  | $ | 0.89 |  |  | $ | 1.40 |  |  | $ | (1.41 | ) |  | $ | 2.61 |
|  | 2015
|  | Quarter Ended March 31 |  | Quarter Ended June 30 |  | Quarter Ended September 30 |  | Quarter Ended December 31 |  | Year Ended December 31
Revenues |  | ($ in millions)
Net earned premium |  | $ | 593.6 |  |  | $ | 609.4 |  |  | $ | 640.6 |  |  | $ | 629.7 |  |  | $ | 2,473.3 |
Net investment income |  | 47.4 |  |  | 46.7 |  |  | 45.0 |  |  | 46.4 |  |  | 185.5 |
Realized and unrealized investment gains/(losses) (1) |  | 57.4 |  |  | 13.5 |  |  | 10.7 |  |  | 12.9 |  |  | 94.5 |
Other income |  | 3.9 |  |  | (1.2 | ) |  | (2.3 | ) |  | (0.3 | ) |  | 0.1 |
Total revenues |  | 702.3 |  |  | 668.4 |  |  | 694.0 |  |  | 688.7 |  |  | 2,753.4 |
Expenses |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  | 306.1 |  |  | 360.5 |  |  | 365.6 |  |  | 334.0 |  |  | 1,366.2 |
Amortization of deferred policy acquisition costs |  | 119.3 |  |  | 114.1 |  |  | 132.0 |  |  | 118.2 |  |  | 483.6 |
General, administrative and corporate expenses |  | 102.2 |  |  | 95.4 |  |  | 100.5 |  |  | 125.9 |  |  | 424.0 |
Interest on long-term debt |  | 7.4 |  |  | 7.3 |  |  | 7.4 |  |  | 7.4 |  |  | 29.5 |
Change in fair value of derivatives |  | 7.8 |  |  | (2.0 | ) |  | (10.1 | ) |  | (2.5 | ) |  | (6.8 | )
Change in fair value of loan notes issued by variable interest entities |  | 2.9 |  |  | 3.3 |  |  | 8.3 |  |  | 5.3 |  |  | 19.8 |
Realized and unrealized investment losses/(gains)(1) |  | 14.5 |  |  | 28.8 |  |  | 51.9 |  |  | (17.7 | ) |  | 77.5 |
Net realized and unrealized foreign exchange (gains)/losses(1) |  | 6.4 |  |  | 11.6 |  |  | 8.4 |  |  | (5.0 | ) |  | 21.4 |
Other expenses |  | 2.6 |  |  | (1.8 | ) |  | — |  |  | (0.1 | ) |  | 0.7 |
Total expenses |  | 569.2 |  |  | 617.2 |  |  | 664.0 |  |  | 565.5 |  |  | 2,415.9 |
Income from operations before income tax |  | 133.1 |  |  | 51.2 |  |  | 30.0 |  |  | 123.2 |  |  | 337.5 |
Income tax (expense) |  | (5.1 | ) |  | (2.2 | ) |  | (1.8 | ) |  | (5.3 | ) |  | (14.4 | )
Net income |  | $ | 128.0 |  |  | $ | 49.0 |  |  | $ | 28.2 |  |  | $ | 117.9 |  |  | $ | 323.1 |
Per Share Data |  |  |  |  |  |  |  |  |  |
Weighted average number of ordinary share and share equivalents |  |  |  |  |  |  |  |  |  |
Basic |  | 62,159,303 |  |  | 61,408,633 |  |  | 60,779,295 |  |  | 60,784,832 |  |  | 61,287,884 |
Diluted |  | 63,532,662 |  |  | 62,896,907 |  |  | 62,155,125 |  |  | 62,176,505 |  |  | 62,687,503 |
Basic earnings per ordinary share adjusted for preference share dividends |  | $ | 1.91 |  |  | $ | 0.64 |  |  | $ | 0.30 |  |  | $ | 1.78 |  |  | $ | 4.64 |
Diluted earnings per ordinary share adjusted for preference share dividends |  | $ | 1.87 |  |  | $ | 0.62 |  |  | $ | 0.30 |  |  | $ | 1.75 |  |  | $ | 4.54 |
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(1) | Adjusted for a representation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=84173487&loc=d3e1280-108306 + Details
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