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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 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.

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, 2022, 2021 and 2020.

			For the Twelve Months Ended
			December 31, 2022						December 31, 2021						December 31, 2020
			($ in millions)
Australia/Asia			$	257.5					$	275.8					$	259.7
Europe			194.5						140.6						92.5
United Kingdom			485.8						393.2						369.0
United States & Canada (1)			2,715.7						2,301.8						2,267.5
Worldwide excluding United States (2)			24.2						31.5						23.1
Worldwide including United States (3)			541.7						592.2						501.2
Other (4)			119.3						203.3						185.5
Total			$	4,338.7					$	3,938.4					$	3,698.5

________________

(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” consists of individual policies that insure global risks with the specific exclusion of the United States.

(3)“Worldwide including the United States” consists of individual policies that insure global risks with the specific inclusion of the United States.

(4)“Other” comprises individual policies that insure risk in other countries including, but not limited to, the Caribbean, South America and Middle East.

X

- 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
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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
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-Topic 280
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