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v3.24.1

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 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, 2023, 2022 and 2021:
| Twelve Months Ended December 31, 2023
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 1,521.0 |  |  | $ | 2,446.6 |  |  | $ | 3,967.6 |
Net written premiums | 1,098.0 |  |  | 1,483.9 |  |  | 2,581.9 |
Gross earned premiums | 1,562.0 |  |  | 2,444.8 |  |  | 4,006.8 |
Net earned premiums | 1,154.5 |  |  | 1,460.0 |  |  | 2,614.5 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 611.1 |  |  | 941.9 |  |  | 1,553.0 |
Acquisition costs | 208.6 |  |  | 171.6 |  |  | 380.2 |
General and administrative expenses | 120.6 |  |  | 233.9 |  |  | 354.5 |
Underwriting income | 214.2 |  |  | 112.6 |  |  | 326.8 |
Corporate and other expenses (1) |  |  |  |  | (114.0) |
Non-operating expenses (2) |  |  |  |  | (35.1) |
Net investment income |  |  |  |  | 275.7 |
Realized and unrealized investment gains |  |  |  |  | 75.9 |
Realized and unrealized investment losses |  |  |  |  | (61.4) |
Change in fair value of derivatives |  |  |  |  | 26.1 |
Interest expense |  |  |  |  | (55.2) |
Net realized and unrealized foreign exchange (losses) |  |  |  |  | (36.2) |
Income before income taxes |  |  |  |  | 402.6 |
Income tax benefit |  |  |  |  | 132.1 |
Net income |  |  |  |  | $ | 534.7 |
Net reserves for loss and loss adjustment expenses | $ | 1,373.1 |  |  | $ | 1,859.7 |  |  | $ | 3,232.8 |
Ratios |  |  |  |  |
Loss ratio | 52.9 | % |  | 64.5 | % |  | 59.4 | %
Acquisition cost ratio | 18.1 |  |  | 11.8 |  |  | 14.5 |
General and administrative expense ratio | 10.4 |  |  | 16.0 |  |  | 13.6 |
Expense ratio | 28.5 |  |  | 27.8 |  |  | 28.1 |
Combined ratio | 81.4 | % |  | 92.3 | % |  | 87.5 | %
_______________ (1)Corporate and other expenses includes other income/(expenses), which were previously presented separately. (2)Non-operating expenses in the twelve months ended December 31, 2023 includes expenses in relation to consulting fees, non-recurring transformation program costs, and other non-recurring costs.
| 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 in the twelve months ended December 31, 2022 includes expenses in relation to consulting fees, non-recurring transformation activities, and other non-recurring costs.
| 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 in the twelve months ended December 31, 2021 includes expenses in relation to consulting fees, non-recurring transformation activities, and other non-recurring costs.
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, 2023, 2022 and 2021.
|  | For the Twelve Months Ended
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
|  | ($ in millions)
Australia/Asia |  | $ | 177.8 |  |  | $ | 257.5 |  |  | $ | 275.8 |
Europe |  | 179.4 |  |  | 194.5 |  |  | 140.6 |
United Kingdom & Ireland |  | 532.5 |  |  | 485.8 |  |  | 393.2 |
United States & Canada (1) |  | 2,472.0 |  |  | 2,715.7 |  |  | 2,301.8 |
Worldwide excluding United States (2) |  | 28.8 |  |  | 24.2 |  |  | 31.5 |
Worldwide including United States (3) |  | 417.2 |  |  | 541.7 |  |  | 592.2 |
Other (4) |  | 159.9 |  |  | 119.3 |  |  | 203.3 |
Total |  | $ | 3,967.6 |  |  | $ | 4,338.7 |  |  | $ | 3,938.4 |
______________ (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.

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- 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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