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Segment Reporting (Tables) | 6 Months Ended
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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 the twelve months ended December 31, 2022, 2021 and 2020:
| Twelve Months Ended December 31, 2022
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 1,807.0 |  |  | $ | 2,531.7 |  |  | $ | 4,338.7 |
Net written premiums | 1,426.4 |  |  | 1,469.6 |  |  | 2,896.0 |
Gross earned premiums | 1,617.2 |  |  | 2,370.8 |  |  | 3,988.0 |
Net earned premiums | 1,251.8 |  |  | 1,436.9 |  |  | 2,688.7 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 770.3 |  |  | 909.7 |  |  | 1,680.0 |
Acquisition costs | 252.4 |  |  | 179.4 |  |  | 431.8 |
General and administrative expenses | 142.5 |  |  | 244.0 |  |  | 386.5 |
Underwriting income | 86.6 |  |  | 103.8 |  |  | 190.4 |
Corporate expenses |  |  |  |  | (71.7) |
Non-operating expenses (1) |  |  |  |  | (36.0) |
Net investment income |  |  |  |  | 188.1 |
Realized and unrealized investment gains |  |  |  |  | 5.0 |
Realized and unrealized investment losses |  |  |  |  | (182.6) |
Change in fair value of derivatives |  |  |  |  | (80.5) |
Interest expense |  |  |  |  | (43.7) |
Net realized and unrealized foreign exchange gains |  |  |  |  | 15.9 |
Other income |  |  |  |  | 8.2 |
Other expenses |  |  |  |  | (20.1) |
(Loss) before income taxes |  |  |  |  | (27.0) |
Income tax benefit |  |  |  |  | 78.1 |
Net income |  |  |  |  | $ | 51.1 |
Net reserves for loss and loss adjustment expenses | $ | 1,360.7 |  |  | $ | 1,452.5 |  |  | $ | 2,813.2 |
Ratios |  |  |  |  |
Loss ratio | 61.5 | % |  | 63.3 | % |  | 62.5 | %
Acquisition cost ratio | 20.2 |  |  | 12.5 |  |  | 16.1 |
General and administrative expense ratio | 11.4 |  |  | 17.0 |  |  | 14.4 |
Expense ratio | 31.6 |  |  | 29.5 |  |  | 30.5 |
Combined ratio | 93.1 | % |  | 92.8 | % |  | 93.0 | %
________________ (1)Non-operating expenses includes $32.7 million in relation to fixed assets written off, $10.0 million of severance, consulting and professional services in relation to non-recurring projects and other costs, offset by $6.7 million of write backs related to leased office space.
| Twelve Months Ended December 31, 2021
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 1,597.0 |  |  | $ | 2,341.4 |  |  | $ | 3,938.4 |
Net written premiums | 1,199.0 |  |  | 1,388.7 |  |  | 2,587.7 |
Gross earned premiums | 1,479.2 |  |  | 2,139.1 |  |  | 3,618.3 |
Net earned premiums | 1,118.8 |  |  | 1,291.7 |  |  | 2,410.5 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 705.2 |  |  | 988.1 |  |  | 1,693.3 |
Acquisition costs | 221.6 |  |  | 192.5 |  |  | 414.1 |
General and administrative expenses | 121.3 |  |  | 211.8 |  |  | 333.1 |
Underwriting income/(loss) | 70.7 |  |  | (100.7) |  |  | (30.0) |
Corporate expenses |  |  |  |  | (64.3) |
Non-operating expenses (1) |  |  |  |  | (20.6) |
Net investment income |  |  |  |  | 147.5 |
Realized and unrealized investment gains |  |  |  |  | 56.2 |
Realized and unrealized investment losses |  |  |  |  | (47.4) |
Change in fair value of derivatives |  |  |  |  | (35.9) |
Interest expense |  |  |  |  | (14.3) |
Net realized and unrealized foreign exchange gains |  |  |  |  | 40.0 |
Other income |  |  |  |  | 14.7 |
Other expenses |  |  |  |  | (10.8) |
Income before income taxes |  |  |  |  | 35.1 |
Income tax (expense) |  |  |  |  | (5.3) |
Net income |  |  |  |  | $ | 29.8 |
Net reserves for loss and loss adjustment expenses | $ | 2,148.4 |  |  | $ | 2,165.3 |  |  | $ | 4,313.7 |
Ratios |  |  |  |  |
Loss ratio | 63.0 | % |  | 76.5 | % |  | 70.2 | %
Acquisition cost ratio | 19.8 |  |  | 14.9 |  |  | 17.2 |
General and administrative expense ratio | 10.8 |  |  | 16.4 |  |  | 13.8 |
Expense ratio | 30.6 |  |  | 31.3 |  |  | 31.0 |
Combined ratio | 93.6 | % |  | 107.8 | % |  | 101.2 | %
________________ (1)Non-operating expenses includes $19.3 million of costs related to consulting and professional services in relation to non-recurring projects and other costs, $0.4 million of impairment charges related to lease assets as a result of exiting certain office space and $0.9 million of amortization of intangible assets and other non-operating expenses.
| Twelve Months Ended December 31, 2020
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 1,656.4 |  |  | $ | 2,042.1 |  |  | $ | 3,698.5 |
Net written premiums | 1,297.7 |  |  | 1,280.1 |  |  | 2,577.8 |
Gross earned premiums | 1,612.0 |  |  | 2,026.4 |  |  | 3,638.4 |
Net earned premiums | 1,287.7 |  |  | 1,239.8 |  |  | 2,527.5 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 958.6 |  |  | 882.2 |  |  | 1,840.8 |
Acquisition costs | 246.0 |  |  | 219.7 |  |  | 465.7 |
General and administrative expenses | 110.8 |  |  | 197.2 |  |  | 308.0 |
Underwriting (loss) | (27.7) |  |  | (59.3) |  |  | (87.0) |
Corporate expenses |  |  |  |  | (70.2) |
Non-operating expenses (1) |  |  |  |  | (32.7) |
Net investment income |  |  |  |  | 154.6 |
Realized and unrealized investment gains |  |  |  |  | 98.5 |
Realized and unrealized investment losses |  |  |  |  | (27.4) |
Change in fair value of derivatives |  |  |  |  | (65.1) |
Interest expense |  |  |  |  | (33.9) |
Net realized and unrealized foreign exchange (losses) |  |  |  |  | (13.8) |
Other income |  |  |  |  | 49.8 |
Other expenses |  |  |  |  | (10.8) |
(Loss) before income taxes |  |  |  |  | (38.0) |
Income tax (expense) |  |  |  |  | (18.4) |
Net (loss) |  |  |  |  | $ | (56.4) |
Net reserves for loss and loss adjustment expenses | $ | 2,095.7 |  |  | $ | 1,874.4 |  |  | $ | 3,970.1 |
Ratios |  |  |  |  |
Loss ratio | 74.4 | % |  | 71.1 | % |  | 72.8 | %
Acquisition cost ratio | 19.1 |  |  | 17.7 |  |  | 18.4 |
General and administrative expense ratio | 8.6 |  |  | 15.9 |  |  | 12.2 |
Expense ratio | 27.7 |  |  | 33.6 |  |  | 30.6 |
Combined ratio | 102.1 | % |  | 104.7 | % |  | 103.4 | %
________________ (1)Non-operating expenses includes $18.2 million of expenses related to severance, retention and other costs, $12.9 million of impairment charges related to lease assets as a result of sub-leasing certain office space and $1.6 million of amortization of intangible assets and other non-operating expenses. The following tables provide a summary of gross and net written and earned premiums, underwriting income or loss, ratios and reserves for each of the Company’s business segments for six months ended June 30, 2023 and 2022:
| Six Months Ended June 30, 2023
Reinsurance |  | Insurance |  | Total
($ 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) |  |  |  |  | (37.5) |
Non-operating expenses |  |  |  |  | (3.6) |
Net investment income |  |  |  |  | 88.7 |
Realized and unrealized investment gains |  |  |  |  | 2.5 |
Realized and unrealized investment losses |  |  |  |  | (128.9) |
Realized loss on debt extinguishment |  |  |  |  | — |
Change in fair value of loan notes issued by variable interest entities |  |  |  |  | — |
Change in fair value of derivatives |  |  |  |  | (84.9) |
Interest expense |  |  |  |  | (9.1) |
Net realized and unrealized foreign exchange gains |  |  |  |  | 75.2 |
Other income |  |  |  |  | 2.9 |
Other expenses |  |  |  |  | (8.7) |
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.

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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 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 + Details
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