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v3.20.1

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Summary of gross and net written and earned premiums, underwriting results, ratios and reserves for each of Company's business segments | 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 twelve months ended December 31, 2019, 2018 and 2017:
| Twelve Months Ended December 31, 2019 |
| Reinsurance |  | Insurance |  | Total |
| ($ in millions) |
Underwriting Revenues |  |  |  |  |  |
Gross written premiums | $ | 1,485.5 |  |  | $ | 1,956.9 |  |  | $ | 3,442.4 |  |
Net written premiums | 1,251.1 |  |  | 1,176.8 |  |  | 2,427.9 |  |
Gross earned premiums | 1,494.9 |  |  | 1,927.5 |  |  | 3,422.4 |  |
Net earned premiums | 1,255.2 |  |  | 1,038.1 |  |  | 2,293.3 |  |
Underwriting Expenses |  |  |  |  |  |
Losses and loss adjustment expenses | 917.9 |  |  | 761.8 |  |  | 1,679.7 |  |
Amortization of deferred policy acquisition costs | 264.9 |  |  | 147.8 |  |  | 412.7 |  |
General and administrative expenses | 111.7 |  |  | 229.8 |  |  | 341.5 |  |
Underwriting (loss) | (39.3 | ) |  | (101.3 | ) |  | (140.6 | ) |
Corporate expenses |  |  |  |  | (54.5 | ) |
Non-operating expenses |  |  |  |  | (125.6 | ) | (1)
Net investment income |  |  |  |  | 197.3 |  |
Realized and unrealized investment gains |  |  |  |  | 97.1 |  |
Realized and unrealized investment losses |  |  |  |  | (10.9 | ) |
Realized loss on debt extinguishment |  |  |  |  | (5.5 | ) |
Change in fair value of loan notes issued by variable interest entities |  |  |  |  | (3.1 | ) |
Change in fair value of derivatives |  |  |  |  | (144.2 | ) |
Interest expense on long term debt |  |  |  |  | (20.2 | ) |
Net realized and unrealized foreign exchange (losses) |  |  |  |  | (11.8 | ) |
Other income |  |  |  |  | 4.9 |  |
Other expenses |  |  |  |  | (1.7 | ) |
(Loss) before tax |  |  |  |  | (218.8 | ) |
Income tax (expense) |  |  |  |  | (22.9 | ) |
Net (loss) |  |  |  |  | $ | (241.7 | ) |
Net reserves for loss and loss adjustment expenses | $ | 2,605.9 |  |  | $ | 2,026.1 |  |  | $ | 4,632.0 |  |
Ratios |  |  |  |  |  |
Loss ratio | 73.1 | % |  | 73.4 | % |  | 73.2 | % |
Policy acquisition expense ratio | 21.1 |  |  | 14.2 |  |  | 18.0 |  |
General and administrative expense ratio | 8.9 |  |  | 22.1 |  |  | 22.7 |  | (2)
Expense ratio | 30.0 |  |  | 36.3 |  |  | 40.7 |  |
Combined ratio | 103.1 | % |  | 109.7 | % |  | 113.9 | % |
_______________
(1) | Non-operating expenses includes $103.4 million of costs related to the Merger, severance, retention and other costs, and $22.2 million of expenses related to the Company’s operating effectiveness and efficiency program, which includes $12.3 million of impairment charges related to lease assets as a result of sub-leasing certain office space.
(2) | The general and administrative expense ratio in the total column includes corporate and non-operating expenses.
| Twelve Months Ended December 31, 2018 |
| Reinsurance |  | Insurance |  | Total |
| ( $ in millions) |
Underwriting Revenues |  |  |  |  |  |
Gross written premiums | $ | 1,495.7 |  |  | $ | 1,951.2 |  |  | $ | 3,446.9 |  |
Net written premiums | 1,182.9 |  |  | 899.1 |  |  | 2,082.0 |  |
Gross earned premiums | 1,593.9 |  |  | 1,940.5 |  |  | 3,534.4 |  |
Net earned premiums | 1,256.4 |  |  | 958.3 |  |  | 2,214.7 |  |
Underwriting Expenses |  |  |  |  |  |
Losses and loss adjustment expenses | 927.0 |  |  | 646.0 |  |  | 1,573.0 |  |
Amortization of deferred policy acquisition costs | 260.9 |  |  | 110.7 |  |  | 371.6 |  |
General and administrative expenses | 118.5 |  |  | 239.2 |  |  | 357.7 |  |
Underwriting (loss) | (50.0 | ) |  | (37.6 | ) |  | (87.6 | ) |
Corporate expenses |  |  |  |  | (56.8 | ) |
Non-operating expenses |  |  |  |  | (77.2 | ) | (1)
Net investment income |  |  |  |  | 198.2 |  |
Realized and unrealized investment gains |  |  |  |  | 110.0 |  |
Realized and unrealized investment losses |  |  |  |  | (174.7 | ) |
Realized loss on debt extinguishment |  |  |  |  | (8.6 | ) |
Change in fair value of loan notes issued by variable interest entities |  |  |  |  | (4.4 | ) |
Change in fair value of derivatives |  |  |  |  | (31.8 | ) |
Interest expense on long term debt |  |  |  |  | (25.9 | ) |
Net realized and unrealized foreign exchange (losses) |  |  |  |  | (3.5 | ) |
Other income |  |  |  |  | 9.0 |  |
Other expenses |  |  |  |  | (2.7 | ) |
(Loss) before tax |  |  |  |  | (156.0 | ) |
Income tax benefit |  |  |  |  | 10.2 |  |
Net (loss) |  |  |  |  | $ | (145.8 | ) |
Net reserves for loss and loss adjustment expenses | $ | 2,843.6 |  |  | $ | 2,153.0 |  |  | $ | 4,996.6 |  |
Ratios |  |  |  |  |  |
Loss ratio | 73.8 | % |  | 67.4 | % |  | 71.0 | % |
Policy acquisition expense ratio | 20.8 |  |  | 11.6 |  |  | 16.8 |  |
General and administrative expense ratio | 9.4 |  |  | 25.0 |  |  | 22.2 |  | (2)
Expense ratio | 30.2 |  |  | 36.6 |  |  | 39.0 |  |
Combined ratio | 104.0 | % |  | 104.0 | % |  | 110.0 | % |
________________
(1) | Non-operating expenses includes $37.5 million of expenses related to Company’s operating effectiveness and efficiency program, $39.0 million of advisor fees related to the Merger and $11.3 million of retention costs, partially offset by the write back of a $14.1 million buy-out provision.
(2) | The general and administrative expense ratio in the total column includes corporate and non-operating expenses.
| Twelve Months Ended December 31, 2017 |
| Reinsurance |  | Insurance |  | Total |
| ($ in millions) |
Underwriting Revenues |  |  |  |  |  |
Gross written premiums | $ | 1,548.5 |  |  | $ | 1,812.4 |  |  | $ | 3,360.9 |  |
Net written premiums | 1,250.0 |  |  | 962.5 |  |  | 2,212.5 |  |
Gross earned premiums | 1,451.8 |  |  | 1,757.4 |  |  | 3,209.2 |  |
Net earned premiums | 1,206.1 |  |  | 1,100.5 |  |  | 2,306.6 |  |
Underwriting Expenses |  |  |  |  |  |
Losses and loss adjustment expenses | 1,116.4 |  |  | 878.3 |  |  | 1,994.7 |  |
Amortization of deferred policy acquisition costs | 235.5 |  |  | 165.0 |  |  | 400.5 |  |
General and administrative expenses | 157.3 |  |  | 253.9 |  |  | 411.2 |  |
Underwriting (loss) | (303.1 | ) |  | (196.7 | ) |  | (499.8 | ) |
Corporate expenses |  |  |  |  | (58.3 | ) |
Non-operating expenses |  |  |  |  | (32.7 | ) | (1)
Net investment income |  |  |  |  | 189.0 |  |
Realized and unrealized investment gains |  |  |  |  | 148.9 |  |
Realized and unrealized investment losses |  |  |  |  | (28.4 | ) |
Change in fair value of loan notes issued by variable interest entities |  |  |  |  | 21.2 |  |
Change in fair value of derivatives |  |  |  |  | 27.7 |  |
Interest expense on long term debt |  |  |  |  | (29.5 | ) |
Net realized and unrealized foreign exchange (losses) |  |  |  |  | (23.9 | ) |
Other income |  |  |  |  | 8.9 |  |
Other expenses |  |  |  |  | (4.9 | ) |
(Loss) before tax |  |  |  |  | (281.8 | ) |
Income tax benefit |  |  |  |  | 15.4 |  |
Net (loss) |  |  |  |  | $ | (266.4 | ) |
Net reserves for loss and loss adjustment expenses | $ | 2,917.1 |  |  | $ | 2,317.2 |  |  | $ | 5,234.3 |  |
Ratios |  |  |  |  |  |
Loss ratio | 92.6 | % |  | 79.8 | % |  | 86.5 | % |
Policy acquisition expense ratio | 19.5 |  |  | 15.0 |  |  | 17.4 |  |
General and administrative expense ratio | 13.0 |  |  | 23.1 |  |  | 21.8 |  | (2)
Expense ratio | 32.5 |  |  | 38.1 |  |  | 39.2 |  |
Combined ratio | 125.1 | % |  | 117.9 | % |  | 125.7 | % |
_______________
(1) | Non-operating expenses includes $15.2 million of expenses related to the Company’s operating effectiveness and efficiency program.
(2) | The general and administrative expense ratio in the total column includes corporate and non-operating expenses.
Schedule of gross written premiums based on geographical areas | Geographical Areas. The following summary presents the Company’s gross written premiums based on the location of the insured risk for the twelve months ended December 31, 2019, 2018 and 2017.
|  | For the Twelve Months Ended
|  | December 31, 2019 |  | December 31, 2018 |  | December 31, 2017
|  | ($ in millions)
Australia/Asia |  | $ | 215.9 |  |  | $ | 175.9 |  |  | $ | 167.3 |
Caribbean |  | 9.3 |  |  | 7.7 |  |  | 17.6 |
Europe |  | 82.8 |  |  | 92.6 |  |  | 94.5 |
United Kingdom |  | 295.7 |  |  | 290.1 |  |  | 258.3 |
United States & Canada(1) |  | 2,003.9 |  |  | 1,875.9 |  |  | 1,729.3 |
Worldwide excluding United States (2) |  | 63.0 |  |  | 70.1 |  |  | 88.1 |
Worldwide including United States(3) |  | 614.9 |  |  | 775.8 |  |  | 868.6 |
Others |  | 156.9 |  |  | 158.8 |  |  | 137.2 |
Total |  | $ | 3,442.4 |  |  | $ | 3,446.9 |  |  | $ | 3,360.9 |
______________
(1) | “United States and Canada” comprises individual policies that insure risks specifically in the United States and/or Canada, but not elsewhere.
(2) | “Worldwide excluding the United States” comprises individual policies that insure risks wherever they may be across the world but specifically excludes the United States.
(3) | “Worldwide including the United States” comprises individual policies that insure risks wherever they may be across the world but specifically includes the United States.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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