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v3.24.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Summary of gross and net written and earned premiums, underwriting results, ratios and reserves for each of Company's business segments |
| 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. 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 three months ended September 30, 2024 and 2023:
| Three Months Ended September 30, 2024
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 416.2 |  |  | $ | 700.6 |  |  | $ | 1,116.8 |
Net written premiums | 263.7 |  |  | 409.9 |  |  | 673.6 |
Gross earned premiums | 449.7 |  |  | 652.5 |  |  | 1,102.2 |
Net earned premiums | 293.5 |  |  | 404.8 |  |  | 698.3 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 208.6 |  |  | 265.6 |  |  | 474.2 |
Acquisition costs | 43.9 |  |  | 47.8 |  |  | 91.7 |
General and administrative expenses | 41.2 |  |  | 58.2 |  |  | 99.4 |
Underwriting (loss)/income | (0.2) |  |  | 33.2 |  |  | 33.0 |
Corporate and other expenses |  |  |  |  | (18.6) |
Non-operating expenses |  |  |  |  | (7.6) |
Net investment income |  |  |  |  | 79.6 |
Realized and unrealized investment gains |  |  |  |  | 22.0 |
Realized and unrealized investment losses |  |  |  |  | (15.9) |
Change in fair value of derivatives |  |  |  |  | 37.8 |
Interest expense |  |  |  |  | (20.9) |
Net realized and unrealized foreign exchange losses |  |  |  |  | (46.3) |
Income before income taxes |  |  |  |  | 63.1 |
Income tax expense |  |  |  |  | (6.4) |
Net income |  |  |  |  | $ | 56.7 |
Net reserves for losses and loss adjustment expenses | $ | 1,655.0 |  |  | $ | 2,115.0 |  |  | $ | 3,770.0 |
Ratios |  |  |  |  |
Loss ratio | 71.1 | % |  | 65.6 | % |  | 67.9 | %
Acquisition cost ratio | 15.0 |  |  | 11.8 |  |  | 13.1 |
General and administrative expense ratio | 14.0 |  |  | 14.4 |  |  | 14.2 |
Expense ratio | 29.0 |  |  | 26.2 |  |  | 27.3 |
Combined ratio | 100.1 | % |  | 91.8 | % |  | 95.2 | %
| Three Months Ended September 30, 2023
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 367.5 |  |  | $ | 615.2 |  |  | $ | 982.7 |
Net written premiums | 261.2 |  |  | 367.4 |  |  | 628.6 |
Gross earned premiums | 403.1 |  |  | 618.1 |  |  | 1,021.2 |
Net earned premiums | 291.8 |  |  | 368.2 |  |  | 660.0 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 154.7 |  |  | 275.8 |  |  | 430.5 |
Acquisition costs | 54.9 |  |  | 39.4 |  |  | 94.3 |
General and administrative expenses | 29.7 |  |  | 57.6 |  |  | 87.3 |
Underwriting income/(loss) | 52.5 |  |  | (4.6) |  |  | 47.9 |
Corporate and other expenses |  |  |  |  | (32.6) |
Non-operating expenses |  |  |  |  | (0.2) |
Net investment income |  |  |  |  | 77.9 |
Realized and unrealized investment gains |  |  |  |  | 11.3 |
Realized and unrealized investment losses |  |  |  |  | (13.1) |
Change in fair value of derivatives |  |  |  |  | (35.6) |
Interest income |  |  |  |  | 1.8 |
Net realized and unrealized foreign exchange gains |  |  |  |  | 34.1 |
Income before income taxes |  |  |  |  | 91.5 |
Income tax expense |  |  |  |  | (5.2) |
Net income |  |  |  |  | $ | 86.3 |
Net reserves for losses and loss adjustment expenses | $ | 1,404.8 |  |  | $ | 1,769.3 |  |  | $ | 3,174.1 |
Ratios |  |  |  |  |
Loss ratio | 53.0 | % |  | 74.9 | % |  | 65.2 | %
Acquisition cost ratio | 18.8 |  |  | 10.7 |  |  | 14.3 |
General and administrative expense ratio | 10.2 |  |  | 15.6 |  |  | 13.2 |
Expense ratio | 29.0 |  |  | 26.3 |  |  | 27.5 |
Combined ratio | 82.0 | % |  | 101.2 | % |  | 92.7 | %
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 nine months ended September 30, 2024 and 2023:
| Nine Months Ended September 30, 2024
| Reinsurance |  | Insurance |  | Total
| ($ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 1,596.8 |  |  | $ | 2,001.8 |  |  | $ | 3,598.6 |
Net written premiums | 1,052.0 |  |  | 1,173.6 |  |  | 2,225.6 |
Gross earned premiums | 1,298.2 |  |  | 1,876.2 |  |  | 3,174.4 |
Net earned premiums | 925.3 |  |  | 1,144.1 |  |  | 2,069.4 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 553.0 |  |  | 725.9 |  |  | 1,278.9 |
Acquisition costs | 158.5 |  |  | 131.7 |  |  | 290.2 |
General and administrative expenses | 113.7 |  |  | 183.8 |  |  | 297.5 |
Underwriting income | 100.1 |  |  | 102.7 |  |  | 202.8 |
Corporate and other expenses |  |  |  |  | (83.3) |
Non-operating expenses |  |  |  |  | (19.3) |
Net investment income |  |  |  |  | 238.9 |
Realized and unrealized investment gains |  |  |  |  | 48.8 |
Realized and unrealized investment losses |  |  |  |  | (69.8) |
Change in fair value of derivatives |  |  |  |  | 22.2 |
Interest expense |  |  |  |  | (51.0) |
Net realized and unrealized foreign exchange losses |  |  |  |  | (19.7) |
Income before income taxes |  |  |  |  | 269.6 |
Income tax expense |  |  |  |  | (32.1) |
Net income |  |  |  |  | $ | 237.5 |
Net reserves for losses and loss adjustment expenses | $ | 1,655.0 |  |  | $ | 2,115.0 |  |  | $ | 3,770.0 |
Ratios |  |  |  |  |
Loss ratio | 59.8 | % |  | 63.4 | % |  | 61.8 | %
Acquisition cost ratio | 17.1 |  |  | 11.5 |  |  | 14.0 |
General and administrative expense ratio | 12.3 |  |  | 16.1 |  |  | 14.4 |
Expense ratio | 29.4 |  |  | 27.6 |  |  | 28.4 |
Combined ratio | 89.2 | % |  | 91.0 | % |  | 90.2 | %
| Nine Months Ended September 30, 2023
| Reinsurance |  | Insurance |  | Total
| ( $ in millions)
Underwriting Revenues |  |  |  |  |
Gross written premiums | $ | 1,243.2 |  |  | $ | 1,864.7 |  |  | $ | 3,107.9 |
Net written premiums | 866.2 |  |  | 1,112.9 |  |  | 1,979.1 |
Gross earned premiums | 1,158.8 |  |  | 1,821.7 |  |  | 2,980.5 |
Net earned premiums | 863.8 |  |  | 1,083.6 |  |  | 1,947.4 |
Underwriting Expenses |  |  |  |  |
Losses and loss adjustment expenses | 451.9 |  |  | 695.7 |  |  | 1,147.6 |
Acquisition costs | 160.6 |  |  | 126.6 |  |  | 287.2 |
General and administrative expenses | 88.1 |  |  | 168.2 |  |  | 256.3 |
Underwriting income | 163.2 |  |  | 93.1 |  |  | 256.3 |
Corporate and other expenses |  |  |  |  | (85.7) |
Non-operating expenses |  |  |  |  | (10.8) |
Net investment income |  |  |  |  | 207.3 |
Realized and unrealized investment gains |  |  |  |  | 47.4 |
Realized and unrealized investment losses |  |  |  |  | (31.2) |
Change in fair value of derivatives |  |  |  |  | (16.0) |
Interest expense |  |  |  |  | (41.1) |
Net realized and unrealized foreign exchange gains |  |  |  |  | 20.4 |
Income before income taxes |  |  |  |  | 346.6 |
Income tax expense |  |  |  |  | (41.4) |
Net income |  |  |  |  | $ | 305.2 |
Net reserves for losses and loss adjustment expenses | $ | 1,404.8 |  |  | $ | 1,769.3 |  |  | $ | 3,174.1 |
Ratios |  |  |  |  |
Loss ratio | 52.3 | % |  | 64.2 | % |  | 58.9 | %
Acquisition cost ratio | 18.6 |  |  | 11.7 |  |  | 14.7 |
General and administrative expense ratio | 10.2 |  |  | 15.5 |  |  | 13.2 |
Expense ratio | 28.8 |  |  | 27.2 |  |  | 27.9 |
Combined ratio | 81.1 | % |  | 91.4 | % |  | 86.8 | %

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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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- References No definition available. + Details
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