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Reserves for Losses and Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The following table represents a reconciliation of beginning and ending consolidated reserve for losses and loss adjustment expenses for the twelve months ended December 31, 2024, 2023 and 2022:
As at December 31,
202420232022
($ in millions)
Reserve for losses and LAE at the start of the year$7,810.6 $7,710.9 $7,611.8 
Less reinsurance recoverable(4,577.8)(4,897.7)(3,298.1)
Net reserve for losses and LAE at the start of the year3,232.8 2,813.2 4,313.7 
Net loss and LAE expenses disposed (1)
— — (1,840.1)
Movement in net reserve for losses and LAE for claims incurred:
Current year1,682.2 1,492.2 1,651.9 
Prior years 35.6 60.8 28.1 
Total incurred1,717.8 1,553.0 1,680.0 
Net Losses and LAE payments for claims incurred:
Current year(200.2)(161.1)(192.7)
Prior years(741.3)(1,011.9)(1,098.4)
Total paid(941.5)(1,173.0)(1,291.1)
Foreign exchange (gains)/losses(58.5)39.6 (49.3)
Net reserve for losses and LAE at the end of the year3,950.6 3,232.8 2,813.2 
Plus reinsurance recoverable on unpaid losses at the end of the year4,172.0 4,577.8 4,897.7 
Reserve for losses and LAE at the end of the year$8,122.6 $7,810.6 $7,710.9 
________________
(1)Net loss and LAE expenses disposed of $1,840.1 million represent the net loss reserves as at May 20, 2022 (“Closing Date”) for losses in relation to 2019 and prior accident years, in addition to the $770.0 million of ceded reserves under the previous ADC agreement, recognizing a total recoverable of $2,610.1 million. These reserves were rolled forward from the initial effective date of September 30, 2021, at which time the net losses reserves were $3,120.0 million.
Short-duration Insurance Contracts, Claims Development
The following tables show an analysis of incurred claims and allocated loss adjustment expenses, net of reinsurance and cumulative paid claims and allocated claim adjustment expenses, net of reinsurance for each of the years ended December 31, 2015 through 2024. Under the LPT agreement, the Company has reinsured net losses incurred on all accident years 2019 and prior. This has resulted in IBNR in the loss development triangles for 2019 and prior to be Nil. The loss development triangles are derived from all business written by the Company as although a limited number of contracts are written which have durations of greater than one year the contracts do not meet the definition of a long duration contract. All amounts included in the following tables related to transactions denominated in a foreign currency have been translated into U.S. Dollars using the exchange rates in effect at December 31, 2024.
The Company has chosen to disaggregate the business in its Insurance segment, for the purposes of these loss development triangles as: Property; Casualty; Marine, Aviation and Energy; and Financial and Professional insurance lines. The Company considers that this presentation of its Insurance lines loss development triangles more precisely reflects meaningful trending information. The Company presents its loss development triangles for the Reinsurance segment in line with the reportable reinsurance lines: Property Catastrophe and Other Property; Casualty; and Specialty.
Property Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported Claims
For the Years Ended December 31, 
Cumulative Number of Reported Claims
Accident
 Year		Unaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$236.0 $201.7 $196.5 $198.8 $199.4 $196.3 $192.3 $192.3 $192.3 $192.3 $— 11,558 
2016235.8 246.8 241.8 243.1 244.4 233.4 232.6 232.6 232.6 — 10,752 
2017292.5 255.6 248.8 250.1 272.1 180.4 180.4 180.4 — 9,711 
2018198.7 200.8 184.8 194.7 184.4 184.4 184.4 — 8,202 
2019124.3 128.3 102.2 189.0 189.0 189.0 — 6,863 
2020202.0 197.5 207.0 212.5 213.0 23.0 7,648 
2021206.3 201.0 194.6 191.1 9.2 6,770 
2022166.0 173.2 170.9 13.5 5,801 
2023150.8 130.1 44.3 4,056 
2024132.6 84.2 1,879 
Total$1,816.4 
Property Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$56.7 $140.2 $167.4 $176.4 $192.6 $191.3 $192.3 $192.3 $192.3 $192.3 
201666.3 167.3 199.5 221.0 230.3 233.4 232.6 232.6 232.6 
201795.5 186.4 219.0 239.7 233.6 180.4 180.4 180.4 
201860.9 156.1 178.4 172.1 184.4 184.4 184.4 
201948.5 89.9 97.7 189.0 189.0 189.0 
202060.7 123.7 151.2 169.0 178.2 
202158.4 119.2 150.6 162.9 
202241.0 113.2 143.4 
202329.8 65.2 
202419.1 
Total$1,547.5 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$268.9 
All outstanding liabilities before 2015, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$268.9 
Casualty Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
For the Years Ended December 31, 
Accident
 Year		Unaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$199.8 $219.8 $182.3 $199.4 $232.0 $230.3 $255.6 $178.9 $178.9 $178.9 $— 4,843 
2016213.3 184.3 179.4 185.8 196.9 241.3 122.9 122.9 122.9 — 4,850 
2017177.9 171.4 175.1 192.5 213.3 60.2 60.2 60.2 — 5,536 
2018120.4 123.3 133.3 162.6 42.6 42.6 42.6 — 5,500 
2019122.9 145.2 152.0 48.1 48.1 48.1 — 5,217 
2020131.8 140.4 139.4 145.5 151.8 38.1 3,888 
2021171.9 186.9 196.1 194.6 81.7 3,679 
2022202.4 212.9 208.7 119.4 3,594 
2023223.1 233.8 156.0 3,105 
2024235.6 203.2 1,782 
Total$1,477.2 
Casualty Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$3.1 $16.6 $55.7 $91.0 $136.2 $165.0 $178.9 $178.9 $178.9 $178.9 
20164.1 22.3 39.1 80.6 107.2 122.0 122.9 122.9 122.9 
20173.5 22.5 51.8 94.8 88.1 60.2 60.2 60.2 
20183.1 27.5 42.1 57.3 42.6 42.6 42.6 
20196.2 17.2 63.7 48.1 48.1 48.1 
2020— 9.3 36.0 61.1 91.5 
20213.1 23.3 53.5 91.3 
20228.9 26.6 46.4 
20235.5 3.3 
202436.0 
Total$721.2 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$756.0 
All outstanding liabilities before 2015, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$756.0 
Marine, Aviation and Energy Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
For the Years Ended December 31, 
Accident
 Year		Unaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$294.2 $296.0 $278.7 $283.6 $307.2 $309.9 $317.2 $266.0 $266.0 $266.0 $— 4,079 
2016257.8 228.1 226.4 227.0 216.8 218.6 196.2 196.2 196.2 — 4,437 
2017208.5 199.5 206.0 213.6 224.9 135.3 135.3 135.3 — 6,080 
2018169.3 206.4 207.5 234.5 149.9 149.9 149.9 — 5,201 
2019144.6 152.2 122.7 107.0 107.0 107.0 — 3,699 
2020109.6 110.7 125.0 126.1 150.9 33.5 3,866 
202192.2 95.1 94.7 96.5 11.9 4,787 
2022107.2 105.3 112.7 25.7 5,410 
2023116.6 110.3 20.8 3,997 
2024109.6 62.3 2,358 
Total$1,434.4 
Marine, Aviation and Energy Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$44.5 $122.2 $172.6 $192.2 $220.1 $255.8 $267.5 $266.0 $266.0 $266.0 
201630.9 81.7 140.6 162.3 188.7 191.7 196.2 196.2 196.2 
201740.0 97.1 139.7 167.7 149.3 135.3 135.3 135.3 
201826.6 104.2 132.5 150.5 149.9 149.9 149.9 
201933.3 72.1 89.3 107.0 107.0 107.0 
202028.5 66.4 88.5 100.9 109.2 
202123.5 52.2 64.4 70.4 
202224.9 57.5 73.5 
202327.8 73.2 
202432.4 
Total$1,213.1 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$221.3 
All outstanding liabilities before 2015, net of reinsurance— 
Liabilities for claims and claim adjustment expenses, net of reinsurance$221.3 
 Financial and Professional Insurance Lines
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
For the Years Ended December 31, 
Accident
 Year		Unaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$171.7 $173.0 $183.1 $187.0 $188.0 $183.0 $195.8 $144.4 $144.4 $144.4 $— 1,082 
2016188.1 209.1 213.5 199.6 182.8 184.3 133.0 133.0 133.0 — 1,244 
2017203.7 179.7 184.6 185.2 206.8 134.4 134.4 134.4 — 1,758 
2018153.6 169.3 150.7 159.7 109.7 109.7 109.7 — 4,645 
2019245.9 258.1 236.3 130.8 130.8 130.8 — 23,819 
2020345.2 345.5 336.2 349.8 352.2 73.7 106,042 
2021283.9 301.6 293.5 294.8 86.2 34,963 
2022314.1 299.8 268.6 121.3 3,356 
2023338.5 347.6 169.1 3,385 
2024423.2 292.3 3,756 
   Total$2,338.7 
Financial and Professional Insurance Lines
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$13.6 $43.2 $69.7 $88.7 $108.8 $137.7 $150.1 $144.4 $144.4 $144.4 
201614.8 70.6 100.7 128.7 124.6 129.2 133.0 133.0 133.0 
201727.0 50.9 82.7 115.8 133.5 134.4 134.4 134.4 
201818.3 72.3 97.6 109.8 109.7 109.7 109.7 
201926.8 86.2 120.4 130.8 130.8 130.8 
202047.3 120.8 173.7 225.0 240.0 
202143.1 90.0 131.1 161.9 
202217.7 75.1 113.4 
202321.3 100.6 
202489.2 
Total$1,357.4 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$981.3 
All outstanding liabilities before 2015, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$981.3 
Property Catastrophe and Other Property Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
For the Years Ended December 31, 
Accident
 Year		Unaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$206.7 $181.1 $171.5 $151.4 $166.8 $166.9 $173.0 $151.9 $151.9 $151.9 $— 1,045 
2016257.2 257.2 256.8 236.3 231.8 224.3 221.7 221.7 221.7 — 1,281 
2017544.8 524.9 508.1 496.9 568.9 431.8 431.8 431.8 — 1,940 
2018303.7 329.7 320.5 511.7 283.0 283.0 283.0 — 1,804 
2019209.9 225.0 316.3 157.5 157.5 157.5 — 1,399 
2020312.2 394.2 340.7 352.9 365.2 5.2 1,436 
2021637.7 461.2 479.8 472.5 4.9 1,518 
2022380.5 378.9 372.1 43.6 1,475 
2023223.6 215.0 40.4 1,104 
2024254.5 135.5 737 
Total$2,925.2 
Property Catastrophe and Other Property Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$35.6 $92.4 $122.0 $135.0 $151.9 $154.2 $155.6 $151.9 $151.9 $151.9 
201654.7 157.1 196.8 207.0 219.5 224.3 221.7 221.7 221.7 
2017122.6 353.3 410.7 434.1 407.3 431.8 431.8 431.8 
2018121.4 266.8 265.6 258.0 283.0 283.0 283.0 
201928.0 134.1 158.8 157.5 157.5 157.5 
202041.1 162.2 232.7 306.0 306.0 
202174.6 229.2 351.5 414.8 
202263.3 193.6 261.3 
202343.9 103.8 
202432.8 
Total$2,364.6 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$560.6 
All outstanding liabilities before 2015, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$560.6 
Casualty Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$188.9 $195.2 $204.9 $207.6 $205.5 $201.9 $192.2 $115.2 $115.2 $115.2 $— 2,090 
2016226.6 238.7 238.3 248.4 255.8 246.6 135.2 135.2 135.2 — 2,268 
2017238.4 236.4 246.9 246.3 257.7 109.6 109.6 109.6 — 2,346 
2018223.7 252.6 260.6 251.2 91.7 91.7 91.7 — 2,262 
2019230.1 250.8 241.5 52.2 52.2 52.2 — 1,939 
2020250.2 231.2 195.8 178.2 187.2 42.4 1,563 
2021203.5 213.8 203.6 199.4 63.2 1,594 
2022246.6 247.8 246.0 138.5 1,650 
2023268.3 267.7 187.6 1,565 
2024286.9 260.0 848 
Total$1,691.1 
Casualty Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
($ in millions)
2015$3.3 $17.4 $37.5 $64.4 $88.0 $106.8 $115.2 $115.2 $115.2 $115.2 
20168.7 32.6 62.4 94.2 123.8 135.4 135.2 135.2 135.2 
20178.7 29.9 58.1 96.0 109.5 109.6 109.6 109.6 
20187.0 33.0 72.6 91.8 91.7 91.7 91.7 
20199.1 36.0 52.0 52.2 52.2 52.2 
20208.9 27.3 43.5 70.7 100.9 
20217.7 36.8 63.3 96.4 
20229.1 30.7 59.6 
20238.2 35.0 
20249.4 
Total$805.2 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$885.9 
All outstanding liabilities before 2015, net of reinsurance— 
Liabilities for claims and claim adjustment expenses, net of reinsurance$885.9 
Specialty Reinsurance
Incurred Claims, IBNR and Loss Adjustment Expenses, Net of ReinsuranceAs at December 31, 2024
Total of IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
 
For the Years Ended December 31, 
Accident
 Year		Unaudited Prior Years
2015201620172018201920202021202220232024
 ($ in millions)
2015$161.6 $164.5 $159.3 $154.0 $152.5 $148.1 $147.9 $129.2 $129.2 $129.2 $— 775 
2016233.9 234.7 232.7 225.9 221.0 208.8 185.8 185.8 185.8 — 943 
2017372.6 385.9 370.0 359.1 352.6 303.3 303.3 303.3 — 1,337 
2018389.3 388.9 387.4 412.0 322.3 322.3 322.3 — 1,428 
2019468.6 491.7 396.9 398.6 398.6 398.6 — 1,557 
2020411.2 598.7 372.9 377.1 369.5 15.1 1,519 
2021155.2 150.3 140.0 136.4 24.3 1,385 
2022192.6 191.6 196.2 98.9 1,458 
2023140.7 144.3 73.0 1,188 
2024153.5 125.6 803 
Total$2,339.1 
Specialty Reinsurance
Cumulative Paid Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance
 
For the Years Ended December 31, 
Accident YearUnaudited Prior Years
2015201620172018201920202021202220232024
 ($ in millions)
2015$17.2 $54.6 $101.6 $118.6 $127.1 $130.1 $129.9 $129.2 $129.2 $129.2 
201657.9 148.8 162.7 180.5 190.6 192.0 185.8 185.8 185.8 
201793.8 236.6 267.8 302.4 303.3 303.3 303.3 303.3 
201826.5 277.9 310.6 322.1 322.3 322.3 322.3 
2019272.2 379.0 396.9 398.6 398.6 398.6 
2020212.5 269.2 289.6 310.1 333.0 
202128.0 52.8 75.2 87.9 
202225.3 52.6 74.3 
202322.3 48.1 
202414.0 
Total$1,896.5 
All outstanding liabilities for 2015 and subsequent years, net of reinsurance$442.6 
All outstanding liabilities before 2015, net of reinsurance — 
Liabilities for claims and claim adjustment expenses, net of reinsurance$442.6 
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability
Reconciliation of Incurred and Paid Claims Development to total Reserve for Losses and LAE
As at December 31, 2024As at December 31, 2023
($ in millions)($ in millions)
Net outstanding liabilities:
Insurance lines
 - Property insurance lines268.9 270.8 
 - Casualty insurance lines756.0 636.5 
 - Marine, aviation and energy insurance lines221.3 194.5 
 - Financial and professional insurance lines981.3 837.6 
Total insurance lines$2,227.5 $1,939.4 
Reinsurance lines
 - Property catastrophe and other property reinsurance560.6 562.3 
 - Casualty reinsurance885.9 733.6 
 - Specialty reinsurance442.6 394.3 
Total reinsurance lines$1,889.1 $1,690.2 
Net loss and LAE$4,116.6 $3,629.6 
Reinsurance recoverable on unpaid losses:
Insurance lines 2,698.0 2,821.6 
Reinsurance lines 1,474.0 1,756.2 
Total reinsurance recoverable on unpaid losses$4,172.0 $4,577.8 
Deferred gain on retroactive contracts61.2 27.3 
Unallocated claims incurred58.0 47.9 
Other reinsurance balances recoverable (1)
(311.7)(489.1)
Carbon syndicate reserves26.5 16.7 
Other — 0.4 
$(166.0)$(396.8)
Reserve for losses and LAE at the end of the year$8,122.6 $7,810.6 
Short-duration Insurance Contracts, Schedule of Historical Claims Duration
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (unaudited)
Years12345678910
Property insurance lines29.0 %38.0 %13.7 %12.2 %3.3 %(5.8)%— %— %— %— %
Casualty insurance lines4.1 %19.1 %32.2 %23.4 %3.5 %(3.6)%2.1 %— %— %— %
Marine, aviation and energy insurance lines23.1 %34.5 %19.6 %11.7 %2.6 %0.9 %1.7 %(0.2)%— %— %
Financial and professional insurance lines14.0 %28.4 %19.6 %14.7 %4.7 %4.8 %2.9 %(1.3)%— %— %
Property catastrophe and other property reinsurance21.5 %42.7 %16.2 %6.9 %3.2 %1.9 %(0.1)%(0.8)%— %— %
Casualty reinsurance6.1 %19.2 %21.6 %19.1 %11.8 %5.0 %1.8 %— %— %— %
Specialty reinsurance26.7 %32.8 %12.7 %7.6 %3.1 %0.6 %(0.9)%(0.2)%— %— %