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Reserves for Losses and Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019:
 
As at December 31,
202120202019
 ($ in millions)
Provision for losses and LAE at the start of the year$7,165.3 $6,951.8 $7,074.2 
Less reinsurance recoverable(3,195.2)(2,319.8)(2,077.6)
Net loss and LAE at the start of the year3,970.1 4,632.0 4,996.6 
Net loss and LAE expenses (disposed) (1)
— (818.5)— 
Movement in net provision for losses and LAE for claims incurred:
Current year1,648.2 1,841.7 1,620.2 
Prior years45.1 (0.9)59.5 
Total incurred1,693.3 1,840.8 1,679.7 
Losses and LAE payments for claims incurred:
Current year(729.1)(404.9)(428.5)
Prior years(580.7)(1,359.7)(1,694.1)
Total paid(1,309.8)(1,764.6)(2,122.6)
Foreign exchange (gains)/losses(39.9)80.4 78.3 
Net losses and LAE reserves at the end of the year4,313.7 3,970.1 4,632.0 
Plus reinsurance recoverable on unpaid losses at the end of the year3,298.1 3,195.2 2,319.8 
Provision for losses and LAE at the end of the year$7,611.8 $7,165.3 $6,951.8 
Reconciliation of Reinsurance Recoverables on Unpaid Losses
The following table provides a reconciliation of reinsurance recoverables on unpaid losses as at December 31, 2021, 2020 and 2019, including reserves associated with the adverse development cover reinsurance agreements.
As at December 31,
202120202019
(in millions)
Reinsurance recoverable excluding adverse development cover$2,518.3 $2,425.2 $2,319.8 
Adverse development cover reinsurance agreement cover770.0 770.0 — 
Movement in reinsurance recoverables excess of attachment point68.1 — — 
Less unamortized deferred gain on retroactive contracts(58.3)— — 
Reinsurance recoverable on unpaid losses$3,298.1 $3,195.2 $2,319.8 
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, 2021, 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, 2021.
The Company has chosen to disaggregate the business in its Insurance segment, for the purposes of these loss development triangles as: Property, Casualty, Marine, Aviation and Energy, and Financial and Professional insurance lines. The Company considers that this presentation of its Insurance lines loss development triangles more precisely reflects meaningful trending information. Certain accident years have negative IBNR due to the allocation of the adverse development cover, which has been allocated in line with with the agreement and premiums paid.

Property Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2021
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident
 Year
Unaudited Prior Years
2012201320142015201620172018201920202021
 $ (in millions)
2012170.6 168.6 167.3 166.2 160.6 154.8 153.7 153.8 154.4 155.6 — 6,083 
2013130.8 117.9 117.5 113.3 114.3 112.3 112.6 112.8 110.7 0.3 5,764 
2014166.1 157.9 134.7 135.3 134.6 133.0 132.4 133.4 — 9,973 
2015241.8 207.4 201.8 204.2 204.6 201.5 202.2 2.0 11,598 
2016239.9 250.7 245.5 246.9 248.4 249.2 1.6 10,785 
2017297.5 260.3 253.5 254.9 254.1 10.3 9,693 
2018205.5 208.2 191.9 190.4 0.4 8,171 
2019128.5 132.1 122.6 — 6,812 
2020206.7 211.2 36.2 7,295 
2021$210.9 88.8 4978
   Total$1,840.3 
Property Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
 Unaudited Prior Years
Accident Year
2012201320142015201620172018201920202021
 ($ in millions)
201241.5 129.6 139.2 153.4 157.6 155.1 154.3 154.3 154.3 155.6 
201339.2 76.4 89.7 101.7 106.4 109.1 110.9 111.2 110.0 
201440.5 86.9 114.5 124.2 128.3 129.8 131.0 132.3 
201557.5 144.1 172.1 181.3 198.0 196.4 197.8 
201667.3 169.7 202.5 224.8 233.8 239.0 
201797.0 189.9 223.2 244.1 248.4 
201862.6 162.9 185.0 181.8 
201949.6 92.6 103.4 
202061.9 125.5 
202159.2 
Total$1,553.0 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance$287.3 
All outstanding liabilities before 2012, net of reinsurance 2.0 
Liabilities for claims and claim adjustment expenses, net of reinsurance$289.3 
 Casualty Insurance LinesAs at December 31, 2021
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of Reinsurance
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident
 Year
Unaudited Prior Years
2012201320142015201620172018201920202021
 $ (in millions)
201278.6 63.4 70.6 61.7 69.6 67.2 69.2 71.1 71.5 69.3 3.4 3,130 
2013134.0 117.4 115.8 121.3 104.3 105.4 105.7 104.3 100.9 7.2 3,367 
2014146.2 128.4 140.3 130.5 137.7 141.8 138.8 130.4 5.7 3,865 
2015205.1 225.1 187.6 205.5 238.4 236.7 227.7 13.5 4,736 
2016218.9 190.0 185.3 192.0 203.1 233.8 54.1 4,753 
2017182.9 176.3 180.4 199.3 201.6 18.9 5,416 
2018124.0 126.8 137.9 135.5 22.7 5,419 
2019   126.5 148.8 127.9 4.7 5,104 
2020134.9 133.9 94.3 3,570 
2021176.5 150.5 2,707 
Total1,537.5 
  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
2012201320142015201620172018201920202021
 ($ in millions)
20121.3 6.7 14.3 30.0 41.3 49.7 50.6 55.2 59.9 65.0 
20132.3 26.0 39.8 53.4 69.0 81.5 85.8 87.8 88.0 
20142.7 13.5 33.1 60.4 74.0 98.4 111.4 110.1 
20153.2 17.2 57.0 93.5 139.7 169.2 181.4 
20164.2 23.1 40.7 83.5 111.0 134.8 
20173.6 23.2 53.4 98.4 116.8 
20183.2 28.2 44.1 69.7 
20196.4 18.6 70.4 
2020— 3.2 
20219.5 
   Total$848.9 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance$688.6 
All outstanding liabilities before 2012, net of reinsurance 37.0 
Liabilities for claims and claim adjustment expenses, net of reinsurance$725.6 
Marine, Aviation and Energy Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2021
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident
 Year
2012201320142015201620172018201920202021
 $ (in millions)
2012268.8 306.2 325.8 346.4 332.1 328.2 316.5 311.2 306.1 308.8 (6.1)3,823 
2013321.0 333.8 342.5 325.9 333.0 346.6 345.2 340.2 343.3 2.8 4,178 
2014309.8 314.0 298.9 310.5 306.0 313.0 302.2 312.5 (5.9)4,043 
2015297.1 300.2 282.6 286.8 310.4 313.0 321.4 (4.6)4,074 
2016260.8 230.8 229.4 229.6 219.4 221.7 0.2 4,429 
2017210.7 201.1 207.4 214.9 209.8 37.9 6,041 
2018171.4 208.5 209.4 219.9 (2.4)5,178 
2019   146.5 154.1 146.0 3.0 3,575 
2020111.0 111.8 12.0 4,128 
202194.0 44.7 2,108 
Total2,289.2 
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
2012201320142015201620172018201920202021
 ($ in millions)
201251.5 132.4 174.9 211.2 240.0 250.9 273.8 274.7 276.9 284.8 
201341.5 131.7 205.0 235.4 264.8 284.5 300.6 310.8 311.0 
201453.6 116.9 189.3 210.0 232.7 250.9 263.1 275.6 
201544.9 123.4 174.6 194.5 222.5 257.9 280.6 
201630.9 82.7 142.8 164.3 191.2 199.0 
201740.3 97.8 140.6 168.8 156.9 
201826.9 105.1 133.4 155.7 
201933.6 72.8 118.1 
202028.5 66.7 
202123.5 
   Total$1,871.9 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance$417.3 
All outstanding liabilities before 2012, net of reinsurance10.6 
Liabilities for claims and claim adjustment expenses, net of reinsurance$427.9 
 Financial and Professional Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2021
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident
 Year
2012201320142015201620172018201920202021
 $ (in millions)
201288.5 89.9 93.6 97.0 94.0 89.6 101.7 96.5 103.4 104.5 (4.4)579 
2013106.1 100.6 105.0 101.7 100.8 91.9 90.9 97.6 102.8 2.2 586 
2014135.7 131.6 130.2 120.6 131.9 120.9 121.7 123.7 (2.7)800 
2015175.0 176.3 186.4 190.6 191.9 186.7 185.9 (0.4)1,080 
2016191.9 212.6 217.4 203.1 186.3 185.7 13.5 1,255 
2017207.7 184.1 188.9 189.4 188.6 12.8 1,739 
2018158.5 174.6 156.9 152.7 6.0 4,617 
2019250.5 263.8 236.0 52.8 23,894 
2020351.0 352.0 181.7 105,317 
2021289.6 221.5 31,311 
   Total$1,921.5 
Financial and Professional Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
 Unaudited Prior Years
Accident Year
2012201320142015201620172018201920202021
 ($ in millions)
201222.8 39.6 50.8 59.4 65.4 70.6 80.3 85.3 91.3 92.8 
20138.1 21.2 31.3 65.6 64.1 72.8 75.0 78.3 81.8 
20143.0 30.9 53.8 72.5 80.0 85.9 92.6 104.2 
201513.8 43.6 70.3 89.7 110.4 139.6 146.2 
201615.2 71.4 102.5 130.6 126.6 136.0 
201727.2 51.4 83.6 117.5 137.2 
201821.0 75.7 101.6 117.1 
201927.4 87.3 138.4 
202048.0 121.9 
202143.7 
   Total$1,119.3 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance$802.2 
All outstanding liabilities before 2012, net of reinsurance 6.5 
Liabilities for claims and claim adjustment expenses, net of reinsurance$808.7 
Property Catastrophe and Other Property Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2021
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident
 Year
2012201320142015201620172018201920202021
 $ (in millions)
2012280.2 303.1 286.2 278.8 282.2 279.2 271.7 261.6 264.9 248.6 (3.1)679 
2013217.4 199.9 189.7 178.5 177.1 173.8 171.0 168.2 164.7 0.6 832 
2014189.9 176.8 160.9 149.5 149.8 144.9 144.9 143.9 0.8 900 
2015214.6 187.3 177.2 156.6 171.8 171.9 179.8 11.7 1,051 
2016272.6 272.7 271.0 249.2 244.9 230.4 (15.2)1,308 
2017557.7 534.5 516.2 505.0 481.2 (3.8)1,956 
2018343.1 394.2 389.5 403.5 22.2 1,808 
2019262.8 272.3 270.6 3.6 1,395 
2020322.9 366.9 20.1 1,333 
2021461.5 198.6 1,005 
   Total$2,951.1 
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
2012201320142015201620172018201920202021
 ($ in millions)
201235.6 135.7 188.8 208.9 216.4 227.6 232.1 242.2 247.9 248.6 
201334.5 98.8 146.9 159.0 163.7 165.2 166.8 161.2 161.2 
201437.4 100.7 127.1 137.0 140.9 139.6 141.3 141.5 
201535.8 95.0 127.1 139.2 156.2 158.6 162.2 
201657.2 164.7 206.0 217.1 230.4 236.7 
2017123.2 357.4 416.6 440.8 437.6 
2018122.8 311.6 325.7 345.4 
201928.2 153.0 205.6 
202042.4 169.2 
202175.6 
   Total$2,183.6 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance767.5 
All outstanding liabilities before 2012, net of reinsurance 17.4 
Liabilities for claims and claim adjustment expenses, net of reinsurance$784.9 
Casualty Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2021
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident
 Year
2012201320142015201620172018201920202021
 $ (in millions)
2012235.1 233.3 244.6 236.0 232.8 233.7 242.6 245.1 240.0 196.2 (27.1)1,813 
2013215.6 230.8 226.3 223.6 206.6 201.7 204.4 201.6 165.8 (6.8)1,691 
2014206.2 209.0 217.6 211.1 204.5 207.1 202.9 160.5 (14.8)1,805 
2015195.4 202.2 211.7 214.2 212.0 208.0 160.6 (13.6)1,964 
2016234.7 247.3 247.0 257.2 264.7 213.5 (2.1)2,056 
2017  246.6 244.0 254.9 254.1 194.2 3.4 2,005 
2018230.1 259.8 267.0 190.6 24.7 1,766 
2019236.2 256.6 179.2 52.3 1,300 
2020256.4 237.6 177.8 753 
2021209.0 177.0 355 
   Total$1,907.2 

Casualty Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident Year
2012201320142015201620172018201920202021
 ($ in millions)
20122.2 17.8 42.1 65.5 96.6 117.8 134.7 144.4 162.2 165.4 
20133.4 15.9 42.8 65.1 93.1 115.0 127.8 139.9 146.3 
20142.5 13.8 37.8 60.3 86.7 107.7 125.7 135.7 
20153.5 18.0 38.5 65.7 89.7 109.0 123.3 
20169.3 33.7 64.5 96.7 127.0 148.0 
20178.9 30.7 59.2 97.9 117.3 
20187.2 33.7 73.7 104.9 
20199.2 36.5 61.4 
20209.2 28.0 
20217.9 
   Total$1,038.2 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance869.0 
All outstanding liabilities before 2012, net of reinsurance106.3 
Liabilities for claims and claim adjustment expenses, net of reinsurance$975.3 
Specialty Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2021
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident
 Year
2012201320142015201620172018201920202021
 $ (in millions)
2012176.2 199.5 188.8 173.3 171.7 172.4 169.1 166.6 165.6 156.3 (3.9)641 
2013144.4 139.6 131.3 119.4 118.6 114.8 114.4 111.0 104.8 (0.5)577 
2014152.4 140.1 132.1 122.9 125.8 124.3 120.1 114.9 0.6 619 
2015165.9 170.0 164.5 159.0 157.3 152.8 149.0 4.7 777 
2016238.8 239.9 237.7 230.0 225.0 214.7 (5.4)937 
2017379.7 392.4 376.0 364.4 343.2 (6.1)1,328 
2018397.4 396.4 394.3 391.1 13.0 1,399 
2019476.1 498.9 495.4 49.2 1,519 
2020415.6 382.4 66.7 1,400 
2021155.8 106.1 1,020 
   Total$2,507.6 

Specialty Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
 
For the Years Ended December 31, 
Unaudited Prior Years
Accident Year
2012201320142015201620172018201920202021
 ($ in millions)
201224.6 93.0 128.1 138.2 143.5 148.8 150.1 152.9 153.4 156.1 
201325.0 70.9 86.9 94.0 101.0 101.0 101.9 101.7 100.7 
201416.6 56.5 81.3 89.3 99.7 102.6 104.2 106.2 
201517.7 56.4 104.1 122.0 130.9 134.0 134.0 
201658.7 150.9 165.5 183.6 193.8 203.8 
201794.6 238.8 271.0 306.3 317.1 
201827.2 280.8 314.6 331.1 
2019274.3 382.7 402.1 
2020213.1 270.4 
202128.4 
   Total$2,049.9 
All outstanding liabilities for 2012 and subsequent years, net of reinsurance457.7 
All outstanding liabilities before 2012, net of reinsurance 14.6 
Liabilities for claims and claim adjustment expenses, net of reinsurance$472.3 
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability
Reconciliation of Incurred and Paid Claims Development to total Provision for Losses and LAE
Twelve Months Ended December 31, 2021Twelve Months Ended December 31, 2020
 ($ in millions)
Net outstanding liabilities:
Insurance lines
 - Property insurance lines289.3 226.8 
 - Casualty insurance lines725.6 618.7 
 - Marine, aviation and energy insurance lines427.9 431.4 
 - Financial and professional insurance lines
808.7 738.5 
Total insurance lines
2,251.5 2,015.4 
Reinsurance lines
 - Property catastrophe and other property reinsurance
784.9 631.0 
 - Casualty reinsurance
975.3 1,084.2 
 - Specialty reinsurance
472.3 535.4 
Total reinsurance lines
2,232.5 2,250.6 
Net loss and LAE4,484.0 4,266.0 
Reinsurance recoverable on unpaid losses:
Insurance lines 2,117.4 2,140.3 
Reinsurance lines 1,180.7 1,054.9 
Total reinsurance recoverable on unpaid losses3,298.1 3,195.2 
Deferred gain on retroactive contracts
58.3 — 
Unallocated claims incurred56.6 50.3 
Other reinsurance balances recoverable (1)
(286.4)(346.7)
Carbon syndicate reserves1.0 — 
Other 0.2 0.5 
(170.3)(295.9)
Provision for losses and LAE at the end of the year7,611.8 7,165.3 
____________________
(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

Years12345678910
Insurance16.1 %25.7 %17.2 %11.9 %7.4 %6.7 %4.5 %2.5 %1.3 %2.5 %
Reinsurance18.1 %30.9 %15.3 %9.7 %8.3 %5.6 %4.0 %2.7 %2.6 %1.1 %