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Reserves for Losses and Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table represents a reconciliation of beginning and ending consolidated loss and LAE reserves for the twelve months ended December 31, 2020, 2019 and 2018:

						As at December 31,
						2020						2019						2018
						($ in millions)
Provision for losses and LAE at the start of the year						$	6,951.8					$	7,074.2					$	6,749.5
Less reinsurance recoverable						(2,319.8)						(2,077.6)						(1,515.2)
Net loss and LAE at the start of the year						4,632.0						4,996.6						5,234.3
Net loss and LAE expenses (disposed) (1)						(818.5)						—						—
Movement in net provision for losses and LAE for claims incurred:
Current year						1,841.7						1,620.2						1,684.1
Prior years						(0.9)						59.5						(111.1)
Total incurred						1,840.8						1,679.7						1,573.0
Losses and LAE payments for claims incurred:
Current year						(404.9)						(428.5)						(285.7)
Prior years						(1,359.7)						(1,694.1)						(1,441.0)
Total paid						(1,764.6)						(2,122.6)						(1,726.7)
Foreign exchange losses/(gains)						80.4						78.3						(84.0)
Net losses and LAE reserves at the end of the year						3,970.1						4,632.0						4,996.6
Plus reinsurance recoverable on unpaid losses at the end of the year						3,195.2						2,319.8						2,077.6
Provision for losses and LAE at the end of the year						$	7,165.3					$	6,951.8					$	7,074.2

Short-duration Insurance Contracts, Claims Development

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 December 31, 2020, 2019, 2018, 2017 2016, 2015, 2014, 2013 and 2012. The loss development triangles are derived from all business written by the Company as 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. All amounts included in the following tables related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2020.

						Property Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												Total of IBNR Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
						For the Years Ended December 31,
Accident  Year						Unaudited Prior Years
						2012						2013						2014						2015						2016						2017						2018						2019						2020
						$ (in millions)
2012						171.1						168.9						167.7						166.7						161.1						155.2						154.1						154.2						154.8						—						6,080
2013												131.2						118.2						117.9						113.6						114.6						112.6						112.9						113.1						0.7						5,742
2014																		166.5						158.2						135.0						135.6						134.9						133.3						132.7						0.6						9,969
2015																								242.7						208.1						202.5						204.9						205.3						202.1						2.9						11,583
2016																														240.5						251.2						246.1						247.4						248.9						3.5						10,765
2017																																				298.4						261.2						254.4						255.7						(6.5)						9,639
2018																																										207.2						210.0						193.5						(13.3)						8,106
2019																																																129.2						132.7						11.7						6,592
2020																																																						207.5						64.7						5,706
																																										Total												$	1,641.0

						Property Insurance Lines
						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						2018						2019						2020
						($ in millions)
2012						41.6						129.8						139.6						153.9						158.0						155.4						154.8						154.7						154.7
2013												39.4						76.7						90.0						102.1						106.7						109.4						111.2						111.5
2014																		40.6						87.1						114.7						124.5						128.6						130.1						131.3
2015																								57.6						144.6						172.7						181.9						198.6						197.0
2016																														67.5						170.1						202.9						225.3						234.2
2017																																				97.4						190.5						224.0						244.9
2018																																										63.1						164.5						186.6
2019																																																49.8						93.0
2020																																																						62.1
																																										Total												$	1,415.3
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										$	225.7
																		All outstanding liabilities before 2012, net of reinsurance (unaudited)																																				1.1
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	226.8

						Casualty Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												Total of IBNR Plus Expected Development on Reported Claims						Cumulative Number of Reported Claims
						For the Years Ended December 31,
Accident  Year						Unaudited Prior Years
						2012						2013						2014						2015						2016						2017						2018						2019						2020
						$ (in millions)
2012						78.8						63.7						70.8						62.0						69.9						67.5						69.4						71.4						67.6						1.9						3,016
2013												134.6						117.9						116.3						121.9						104.8						106.1						106.2						100.5						3.6						3,311
2014																		147.0						129.2						141.1						131.5						138.7						142.8						131.1						5.9						3,807
2015																								206.2						226.2						188.8						207.0						240.0						223.5						17.9						4,682
2016																														220.2						191.4						186.8						193.6						194.1						34.7						4,697
2017																																				184.0						177.4						181.6						188.3						27.8						5,297
2018																																										124.9						127.7						127.3						43.0						5,440
2019																																																127.4						132.3						70.1						4,958
2020																																																						135.7						120.2						2,964
																																				Total																		1,300.4

						Casualty Insurance Lines
						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						2018						2019						2020
						($ in millions)
2012						1.4						6.8						14.4						30.1						41.5						49.9						50.8						55.5						60.2
2013												2.3						26.0						40.0						53.7						69.3						82.0						86.3						88.4
2014																		2.8						13.6						33.2						60.7						74.5						99.1						112.2
2015																								3.2						17.3						57.2						94.0						140.5						170.1
2016																														4.3						23.2						41.0						84.3						111.9
2017																																				3.7						23.3						53.7						99.1
2018																																										3.3						28.3						44.5
2019																																																6.5						18.8
2020																																																						—
																																				Total																		$	705.2
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										$	595.2
												All outstanding liabilities before 2012, net of reinsurance (unaudited)																																										23.5
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	618.7

						Marine, Aviation and Energy Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												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						2018						2019						2020
						$ (in millions)
2012						270.4						307.7						327.2						348.0						333.6						329.6						318.0						312.7						303.1						0.6						3,812
2013												321.8						334.7						343.3						326.7						333.7						347.2						346.0						340.7						—						4,175
2014																		310.5						315.0						299.8						311.4						306.9						313.8						301.6						—						4,049
2015																								298.4						301.8						284.1						287.9						311.5						313.5						—						4,053
2016																														262.7						232.2						231.7						231.8						218.5						—						4,416
2017																																				211.7						201.7						208.1						201.5						7.8						6,001
2018																																										172.4						209.5						202.6						13.7						5,133
2019																																																147.3						148.4						27.5						3,466
2020																																																						111.5						56.8						2,321
																																										Total												2,141.4

						Marine, Aviation and Energy Insurance Lines
						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						2018						2019						2020
						($ in millions)
2012						52.4						133.6						176.2						212.5						241.4						252.3						275.2						276.1						278.2
2013												41.7						131.9						205.5						236.0						265.3						285.0						301.2						311.0
2014																		53.7						117.2						189.9						210.7						233.4						251.6						263.9
2015																								45.2						124.0						175.3						195.4						223.4						258.6
2016																														30.9						83.5						144.6						166.2						193.4
2017																																				40.5						98.2						141.0						169.3
2018																																										27.0						105.6						133.9
2019																																																33.8						73.1
2020																																																						28.6
																																										Total												$	1,710.0
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										$	431.4
																		All outstanding liabilities before 2012, net of reinsurance (unaudited)																																				—
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	431.4

						Financial and Professional Insurance Lines
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												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						2018						2019						2020
						$ (in millions)
2012						88.9						90.2						94.1						97.7						94.6						90.1						102.5						97.3						103.3						10.5						575
2013												106.7						101.4						105.6						102.5						101.7						92.5						91.5						97.7						9.2						567
2014																		136.5						132.8						131.5						121.7						133.1						122.1						120.0						9.1						791
2015																								176.1						177.4						187.4						191.8						193.2						182.2						16.8						1,085
2016																														193.3						213.9						218.7						204.3						182.1						26.2						1,249
2017																																				208.8						185.3						190.0						181.7						21.2						1,720
2018																																										159.8						175.8						151.7						27.2						4,644
2019																																																252.0						245.5						102.6						23,761
2020																																																						352.9						261.7						69,692
																																										Total												$	1,617.1

						Financial and Professional Insurance Lines
						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						2018						2019						2020
						($ in millions)
2012						22.8						39.7						50.9						59.6						65.5						70.8						80.6						85.8						91.5
2013												8.2						21.6						31.7						66.1						64.6						73.5						75.5						78.8
2014																		3.0						31.0						54.3						73.1						80.6						86.7						93.3
2015																								13.9						43.8						70.5						90.0						110.9						140.1
2016																														15.5						71.8						103.2						131.2						127.3
2017																																				27.3						51.5						83.9						118.3
2018																																										21.3						76.2						102.7
2019																																																27.6						87.6
2020																																																						48.2
																																										Total												$	887.8
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										$	729.3
																		All outstanding liabilities before 2012, net of reinsurance (unaudited)																																				9.2
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	738.5

						Property Catastrophe and Other Property Reinsurance
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												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						2018						2019						2020
						$ (in millions)
2012						282.2						305.5						288.2						281.0						284.4						281.4						273.8						263.7						267.0						6.8						674
2013												221.9						204.5						194.4						183.0						181.5						178.0						175.1						172.3						3.5						829
2014																		193.5						181.4						165.1						153.7						154.1						149.1						149.0						2.0						902
2015																								218.7						191.1						181.0						160.0						175.2						175.3						5.9						1,044
2016																														277.9						277.5						275.4						253.4						249.5						2.3						1,296
2017																																				563.9						539.8						520.6						509.3						7.5						1,952
2018																																										360.5						422.6						420.0						8.9						1,813
2019																																																286.4						293.8						4.2						1,335
2020																																																						328.0						161.7						876
																																																						$	2,564.2

						Property Catastrophe and Other Property 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						2018						2019						2020
						($ in millions)
2012						35.9						137.1						190.5						210.8						218.4						229.6						234.0						244.1						249.9
2013												35.0						101.0						150.3						162.8						167.7						169.2						170.8						165.2
2014																		38.0						103.0						130.2						140.6						144.7						143.5						145.2
2015																								36.1						96.8						129.6						142.0						159.1						161.5
2016																														57.6						167.4						209.2						220.7						234.4
2017																																				123.8						359.9						419.9						444.5
2018																																										123.7						331.5						352.3
2019																																																28.4						161.7
2020																																																						43.0
																																										Total												$	1,957.7
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										606.5
																		All outstanding liabilities before 2012, net of reinsurance (unaudited)																																				24.5
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	631.0

						Casualty Reinsurance
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												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						2018						2019						2020
						$ (in millions)
2012						237.0						235.3						246.7						238.3						235.3						236.2						244.9						247.2						221.6						—						1,804
2013												217.7						233.0						228.8						226.1						208.8						203.7						206.5						176.5						3.7						1,679
2014																		209.0						212.4						221.1						214.5						207.7						210.2						173.4						0.3						1,775
2015																								198.0						205.4						214.6						216.9						214.5						171.4						4.9						1,906
2016																														237.7						250.6						250.4						260.3						220.9						18.7						1,937
2017																																				249.9						247.3						258.2						201.5						25.0						1,771
2018																																										233.0						262.9						209.2						70.5						1,488
2019																																																239.0						189.4						102.6						963
2020																																																						259.3						235.2						342
																																				Total																		$	1,823.2

						Casualty 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						2018						2019						2020
						($ in millions)
2012						2.2						17.9						42.3						65.9						97.1						118.6						135.7						145.4						163.3
2013												3.5						16.0						43.2						65.5						93.8						115.9						128.7						140.9
2014																		2.6						14.1						38.2						60.9						87.4						108.7						127.1
2015																								3.6						18.4						39.1						66.3						90.4						109.9
2016																														9.5						34.2						65.4						97.7						128.2
2017																																				9.1						31.1						59.8						98.7
2018																																										7.3						34.0						74.2
2019																																																9.4						36.9
2020																																																						9.4
																																										Total												$	888.6
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										934.6
																		All outstanding liabilities before 2012, net of reinsurance (unaudited)																																				149.6
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	1,084.2

						Specialty Reinsurance
						Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance																																																						As at December 31, 2020
																																																												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						2018						2019						2020
						$ (in millions)
2012						179.5						202.9						192.2						176.9						175.4						175.9						172.7						170.1						166.6						0.1						636
2013												148.4						143.4						135.0						123.0						122.2						118.4						117.9						114.2						0.5						575
2014																		155.3						143.0						135.1						125.8						128.8						127.1						120.3						—						624
2015																								168.9						173.8						168.4						162.7						160.9						152.9						5.2						765
2016																														242.1						243.3						241.0						233.1						222.8						9.7						923
2017																																				384.2						396.7						380.2						359.3						11.3						1,311
2018																																										401.7						401.0						391.7						23.0						1,372
2019																																																480.0						495.0						62.4						1,433
2020																																																						418.1						173.4						1,096
																																										Total												$	2,440.9

						Specialty 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						2018						2019						2020
						($ in millions)
2012						25.3						95.6						131.1						141.2						146.6						152.0						153.3						156.1						156.6
2013												25.7						73.5						89.7						97.1						104.2						104.2						105.2						104.9
2014																		17.1						58.1						83.3						91.4						102.0						104.9						106.6
2015																								18.1						57.9						106.1						124.8						134.0						137.0
2016																														59.1						152.6						167.7						185.9						196.2
2017																																				95.3						240.8						273.4						309.3
2018																																										27.9						282.8						317.4
2019																																																275.4						384.8
2020																																																						213.6
																																										Total												$	1,926.4
												All outstanding liabilities for 2012 and subsequent years, net of reinsurance																																										514.5
																		All outstanding liabilities before 2012, net of reinsurance (unaudited)																																				20.9
												Liabilities for claims and claim adjustment expenses, net of reinsurance																																										$	535.4

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

Reconciliation of Incurred and Paid Claims Development to total Provision for Losses and LAE

			Twelve Months Ended December 31, 2020						Twelve Months Ended December 31, 2019
			($ in millions)
Net outstanding liabilities:
Insurance lines
- Property insurance lines			226.8						190.7
- Casualty insurance lines			618.7						669.2
- Marine, aviation and energy insurance lines			431.4						591.5
- Financial and professional insurance lines			738.5						657.4
Total insurance lines			2,015.4						2,108.8
Reinsurance lines
- Property catastrophe and other property reinsurance			631.0						528.6
- Casualty reinsurance			1,084.2						1,602.2
- Specialty reinsurance			535.4						575.9
Total reinsurance lines			2,250.6						2,706.7
Net loss and LAE			4,266.0						4,815.5
Reinsurance recoverable on unpaid losses:
Insurance lines			2,140.3						1,772.8
Reinsurance lines			1,054.9						547.0
Total reinsurance recoverable on unpaid losses			3,195.2						2,319.8
Unallocated claims incurred			50.3						44.0
Other reinsurance balances recoverable (1)			(346.7)						(227.4)
Other			0.5						(0.1)
			(295.9)						(183.5)
Provision for losses and LAE at the end of the year			7,165.3						6,951.8

____________________

(1)     Other reinsurance balances recoverable primarily include amounts that have been billed but not yet received.

Short-duration Insurance Contracts, Schedule of Historical Claims Duration

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance

Years						1						2						3						4						5						6						7						8						9
Insurance						16.3		%				26.7		%				16.1		%				12.6		%				8.4		%				6.9		%				4.6		%				2.0		%				2.0		%
Reinsurance						18.0		%				31.6		%				15.6		%				9.5		%				8.6		%				5.3		%				4.0		%				2.5		%				3.8		%

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Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts.

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Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts.

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