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Segment Reporting (Tables)

12 Months Ended

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.

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
-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

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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

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