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Segment Reporting (Tables)

9 Months Ended

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		%

X

- 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

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X

- References

No definition available.

+ Details

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