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Reserves for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017 and the twelve months ended December 31, 2017:

	Three Months Ended March 31, 2018				Three Months Ended March 31, 2017				Twelve Months Ended December 31, 2017
	($ in millions)
Provision for losses and LAE at the start of the year	$	6,749.5			$	5,319.9			$	5,319.9
Less reinsurance recoverable	(1,515.2		)		(560.7		)		(560.7		)
Net loss and LAE at the start of the year	5,234.3				4,759.2				4,759.2
Net loss and LAE expenses (disposed)	—				—				(125.5		)
Provision for losses and LAE for claims incurred:
Current year	347.9				354.4				2,100.1
Prior years	(37.7		)		(26.2		)		(105.4		)
Total incurred	310.2				328.2				1,994.7
Losses and LAE payments for claims incurred:
Current year	(7.4		)		(14.8		)		(397.5		)
Prior years	(483.7		)		(383.6		)		(1,157.6		)
Total paid	(491.1		)		(398.4		)		(1,555.1		)
Foreign exchange losses/(gains)	14.7				41.1				161.0
Net losses and LAE reserves at period end	5,068.1				4,730.1				5,234.3
Plus reinsurance recoverable on unpaid losses at period end	1,611.3				635.8				1,515.2
Provision for losses and LAE at the end of the relevant period	$	6,679.4			$	5,365.9			$	6,749.5

Short-duration Insurance Contracts, Claims Development

		Insurance
		Incurred Claims, IBNR and Allocated Loss Adjustment Expenses, Net of Reinsurance																						As at March 31, 2018
																								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			2017			Q1 2018
		$ (in millions)
2012		611.2			632.4			661.7			676.3			661.1			644.4			644.3				29.3			15,648
2013					696.7			674.4			685.3			667.0			657.0			654.1				45.1			14,597
2014								763.0			737.6			709.6			702.6			705.4				70.8			18,855
2015											927.6			918.0			867.2			871.2				162.7			21,321
2016														920.4			892.3			887.7				300.0			21,042
2017																	907.0			870.6				232.7			19,494
2018																				159.8				113.8			2,636
																	Total			$	4,793.1

		Insurance
		Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
		Unaudited Prior Years
Accident Year		2012			2013			2014			2015			2016			2017			Q1 2018
		($ in millions)
2012		118.5			310.6			382.2			457.5			508.0			530.2			532.0
2013					92.1			257.3			368.5			459.4			507.9			524.1
2014								100.2			249.8			393.1			470.4			479.1
2015											120.4			331.4			478.2			508.4
2016														118.7			349.9			399.9
2017																	169.4			261.6
2018																				5.0
														Total						$	2,710.1
		All outstanding liabilities for 2012 and subsequent years, net of reinsurance																		$	2,083.0
					All outstanding liabilities before 2012, net of reinsurance															131.1
					Liabilities for claims and claim adjustment expenses, net of reinsurance															$	2,214.1

		Reinsurance
		Incurred Claims, IBNR and Allocated Loss Adjustment Expenses, Net of Reinsurance																						As at March 31, 2018
																								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			2017			Q1 2018
		$ (in millions)
2012		699.0			743.7			727.2			698.0			696.9			695.1			692.2				79.7			3,791
2013					588.2			581.4			560.5			533.9			514.3			513.2				72.6			3,641
2014								557.6			539.1			523.1			495.7			486.4				94.9			3,614
2015											590.3			574.7			568.1			562.4				142.0			3,770
2016														761.4			775.5			775.0				234.8			3,492
2017																	1,204.4			1,213.1				483.7			3,240
2018																				176.5				148.0			1,010
											Total									$	4,418.8

		Reinsurance
		Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
		For the Years Ended December 31,
		Unaudited Prior Years
Accident Year		2012			2013			2014			2015			2016			2017			Q1 2018
		($ in millions)
2012		64.0			251.4			364.8			419.2			463.4			501.5			508.0
2013					64.2			190.9			284.0			326.3			366.6			373.3
2014								57.8			175.5			252.3			293.7			302.1
2015											58.1			174.6			276.9			297.9
2016														126.9			355.5			372.4
2017																	229.3			415.8
2018																				2.4
														Total						$	2,271.9
		All outstanding liabilities for 2012 and subsequent years, net of reinsurance																		2,146.9
					All outstanding liabilities before 2012, net of reinsurance															660.0
					Liabilities for claims and claim adjustment expenses, net of reinsurance															$	2,806.9

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

	Three Months Ended March 31, 2018
	($ in millions)
Net outstanding liabilities:
Insurance lines	2,214.1
Reinsurance lines	2,806.9
Net loss and LAE	5,021.0
Reinsurance recoverable on unpaid losses:
Insurance lines	1,304.3
Reinsurance lines	307.0
Total reinsurance recoverable on unpaid losses	1,611.3
Insurance lines other than short-duration	—
Unallocated claims incurred	48.8
Other	(1.7	)
	47.1
Provision for losses and LAE at the end of the period	6,679.4

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- Definition

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.

+ References

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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- Definition

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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