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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

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 income or loss, ratios and reserves for each of the Company’s business segments for six months ended June 30, 2023 and 2022:

			Six Months Ended June 30, 2023
			Reinsurance						Insurance						Total
			($ in millions)
Underwriting Revenues
Gross written premiums			$	875.7					$	1,249.5					$	2,125.2
Net written premiums			605.0						745.5						1,350.5
Net earned premiums			572.0						715.4						1,287.4
Underwriting Expenses
Losses and loss adjustment expenses			297.2						419.9						717.1
Acquisition costs			105.7						87.2						192.9
General and administrative expenses			58.4						110.6						169.0
Underwriting income			110.7						97.7						208.4
Corporate and other expenses (1)															(53.1)
Non-operating expenses															(10.6)
Net investment income															129.4
Realized and unrealized investment gains															36.1
Realized and unrealized investment losses															(18.1)
Change in fair value of derivatives															19.6
Interest expense															(42.9)
Net realized and unrealized foreign exchange losses															(13.7)
Income before income taxes															255.1
Income tax (expense)															(36.2)
Net income															$	218.9
Net reserves for loss and loss adjustment expenses			$	1,441.2					$	1,641.7					$	3,082.9
Ratios
Loss ratio			52.0		%				58.7		%				55.7		%
Acquisition cost ratio			18.5						12.2						15.0
General and administrative expense ratio			10.2						15.5						13.1
Expense ratio			28.7						27.7						28.1
Combined ratio			80.7		%				86.4		%				83.8		%

_____________

(1) Corporate and other operating expenses includes other income/expenses, which were previously presented separately.

			Six Months Ended June 30, 2022
			Reinsurance						Insurance						Total
			( $ in millions)
Underwriting Revenues
Gross written premiums			$	1,045.6					$	1,305.7					$	2,351.3
Net written premiums			783.7						722.4						1,506.1
Net earned premiums			600.8						726.4						1,327.2
Underwriting Expenses
Losses and loss adjustment expenses			369.0						398.7						767.7
Acquisition costs			124.1						92.4						216.5
General and administrative expenses			69.7						116.8						186.5
Underwriting income			38.0						118.5						156.5
Corporate and other expenses (1)															(43.3)
Non-operating expenses															(3.6)
Net investment income															88.7
Realized and unrealized investment gains															2.5
Realized and unrealized investment losses															(128.9)
Change in fair value of derivatives															(84.9)
Interest expense															(9.1)
Net realized and unrealized foreign exchange gains															75.2
Income before income taxes															53.1
Income tax (expense)															(4.7)
Net income															$	48.4
Net reserves for loss and loss adjustment expenses			$	1,190.4					$	1,314.9					$	2,505.3
Ratios
Loss ratio			61.4		%				54.9		%				57.8		%
Acquisition cost ratio			20.7						12.7						16.3
General and administrative expense ratio			11.6						16.1						14.1
Expense ratio			32.3						28.8						30.4
Combined ratio			93.7		%				83.7		%				88.2		%

_____________

(1) Corporate and other operating expenses includes other income/expenses, which were previously presented separately.

X

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=121556970&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 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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- References

No definition available.

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