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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
(Expressed in thousands of U.S. Dollars) |  |  |  |  |  |  |
Three Months Ended September 30, 2023 | International |  | Bermuda |  | Corporate |  | Total
Gross premiums written | $ | 307,140 |  |  | $ | 166,983 |  |  | $ | — |  |  | $ | 474,123 |
Net premiums written | $ | 234,621 |  |  | $ | 148,945 |  |  | $ | — |  |  | $ | 383,566 |
Net premiums earned | $ | 178,632 |  |  | $ | 158,404 |  |  | $ | — |  |  | $ | 337,036 |
Third party fee income | 2,115 |  |  | 186 |  |  | — |  |  | 2,301 |
Losses and loss adjustment expenses | 97,820 |  |  | 93,757 |  |  | — |  |  | 191,577 |
Acquisition costs | 47,236 |  |  | 31,301 |  |  | — |  |  | 78,537 |
Other underwriting expenses | 31,634 |  |  | 12,723 |  |  | — |  |  | 44,357 |
Underwriting income (loss) | $ | 4,057 |  |  | $ | 20,809 |  |  | $ | — |  |  | $ | 24,866 |
Net realized and unrealized gains (losses) on investments |  |  |  |  | 47,343 |  |  | 47,343 |
Net investment income (loss) |  |  |  |  | 8,069 |  |  | 8,069 |
Other income (loss), excluding third party fee income |  |  |  |  | 85 |  |  | 85 |
Net foreign exchange gains (losses) |  |  |  |  | 1,432 |  |  | 1,432 |
Corporate expenses |  |  |  |  | (18,678) |  |  | (18,678) |
Amortization of intangible assets |  |  |  |  | (2,794) |  |  | (2,794) |
Interest expense |  |  |  |  | (5,288) |  |  | (5,288) |
Net income (loss) before tax |  |  |  |  |  |  | 55,035 |
Income tax expense |  |  |  |  | (2,387) |  |  | (2,387) |
Net income (loss) |  |  |  |  |  |  | 52,648 |
Net income (loss) attributable to non-controlling interest |  |  |  |  | 9,065 |  |  | 9,065 |
Net income (loss) attributable to common shareholders |  |  |  |  |  |  | $ | 43,583 |
Key Ratios |  |  |  |  |  |  |
Attritional loss ratio - current year | 54.6 | % |  | 55.1 | % |  |  |  | 54.8 | %
Attritional loss ratio - prior year development | (5.3) | % |  | 5.7 | % |  |  |  | (0.1) | %
Catastrophe loss ratio - current year | 5.1 | % |  | 2.6 | % |  |  |  | 3.9 | %
Catastrophe loss ratio - prior year development | 0.4 | % |  | (4.2) | % |  |  |  | (1.8) | %
Loss and loss adjustment expense ratio | 54.8 | % |  | 59.2 | % |  |  |  | 56.8 | %
Acquisition cost ratio | 26.4 | % |  | 19.8 | % |  |  |  | 23.3 | %
Other underwriting expense ratio | 16.5 | % |  | 7.9 | % |  |  |  | 12.5 | %
Combined ratio | 97.7 | % |  | 86.9 | % |  |  |  | 92.6 | %
(Expressed in thousands of U.S. Dollars) |  |  |  |  |  |  |
Three Months Ended September 30, 2022 | International |  | Bermuda |  | Corporate |  | Total
Gross premiums written | $ | 269,228 |  |  | $ | 131,583 |  |  | $ | — |  |  | $ | 400,811 |
Net premiums written | $ | 184,319 |  |  | $ | 116,492 |  |  | $ | — |  |  | $ | 300,811 |
Net premiums earned | $ | 156,307 |  |  | $ | 138,636 |  |  | $ | — |  |  | $ | 294,943 |
Third party fee income | 3,138 |  |  | 106 |  |  | — |  |  | 3,244 |
Losses and loss adjustment expenses | 92,061 |  |  | 165,902 |  |  | — |  |  | 257,963 |
Acquisition costs | 41,936 |  |  | 23,799 |  |  | — |  |  | 65,735 |
Other underwriting expenses | 26,811 |  |  | 13,753 |  |  | — |  |  | 40,564 |
Underwriting income (loss) | $ | (1,363) |  |  | $ | (64,712) |  |  | $ | — |  |  | $ | (66,075) |
Net realized and unrealized gains (losses) on investments |  |  |  |  | (67,380) |  |  | (67,380) |
Net investment income (loss) |  |  |  |  | (5,255) |  |  | (5,255) |
Other income (loss), excluding third party fee income |  |  |  |  | (517) |  |  | (517) |
Net foreign exchange gains (losses) |  |  |  |  | 1,906 |  |  | 1,906 |
Corporate expenses |  |  |  |  | (5,780) |  |  | (5,780) |
Amortization of intangible assets |  |  |  |  | (3,178) |  |  | (3,178) |
Interest expense |  |  |  |  | (4,102) |  |  | (4,102) |
Net income (loss) before tax |  |  |  |  |  |  | (150,381) |
Income tax expense |  |  |  |  | (1,054) |  |  | (1,054) |
Net income (loss) |  |  |  |  |  |  | (151,435) |
Net income (loss) attributable to non-controlling interest |  |  |  |  | (15,318) |  |  | (15,318) |
Net income (loss) attributable to common shareholders |  |  |  |  |  |  | $ | (136,117) |
Key Ratios |  |  |  |  |  |  |
Attritional loss ratio - current year | 46.7 | % |  | 53.0 | % |  |  |  | 49.6 | %
Attritional loss ratio - prior year development | (0.1) | % |  | 21.7 | % |  |  |  | 10.2 | %
Catastrophe loss ratio - current year | 11.9 | % |  | 46.8 | % |  |  |  | 28.3 | %
Catastrophe loss ratio - prior year development | 0.4 | % |  | (1.8) | % |  |  |  | (0.6) | %
Loss and loss adjustment expense ratio | 58.9 | % |  | 119.7 | % |  |  |  | 87.5 | %
Acquisition cost ratio | 26.8 | % |  | 17.2 | % |  |  |  | 22.3 | %
Other underwriting expense ratio | 15.2 | % |  | 9.8 | % |  |  |  | 12.7 | %
Combined ratio | 100.9 | % |  | 146.7 | % |  |  |  | 122.5 | %
(Expressed in thousands of U.S. Dollars) |  |  |  |  |  |  |
Nine Months Ended September 30, 2023 | International |  | Bermuda |  | Corporate |  | Total
Gross premiums written | $ | 832,049 |  |  | $ | 685,198 |  |  | $ | — |  |  | $ | 1,517,247 |
Net premiums written | $ | 553,687 |  |  | $ | 563,085 |  |  | $ | — |  |  | $ | 1,116,772 |
Net premiums earned | $ | 504,784 |  |  | $ | 447,614 |  |  | $ | — |  |  | $ | 952,398 |
Third party fee income | 7,417 |  |  | 336 |  |  | — |  |  | 7,753 |
Losses and loss adjustment expenses | 255,787 |  |  | 263,767 |  |  | — |  |  | 519,554 |
Acquisition costs | 131,688 |  |  | 88,844 |  |  | — |  |  | 220,532 |
Other underwriting expenses | 89,635 |  |  | 36,607 |  |  | — |  |  | 126,242 |
Underwriting income (loss) | $ | 35,091 |  |  | $ | 58,732 |  |  | $ | — |  |  | $ | 93,823 |
Net realized and unrealized gains (losses) on investments |  |  |  |  | 101,881 |  |  | 101,881 |
Net investment income (loss) |  |  |  |  | 17,719 |  |  | 17,719 |
Other income (loss), excluding third party fee income |  |  |  |  | 85 |  |  | 85 |
Net foreign exchange gains (losses) |  |  |  |  | (3,953) |  |  | (3,953) |
Corporate expenses |  |  |  |  | (31,833) |  |  | (31,833) |
Amortization of intangible assets |  |  |  |  | (7,869) |  |  | (7,869) |
Interest expense |  |  |  |  | (16,007) |  |  | (16,007) |
Net income (loss) before tax |  |  |  |  |  |  | 153,846 |
Income tax expense |  |  |  |  | (6,908) |  |  | (6,908) |
Net income (loss) |  |  |  |  |  |  | 146,938 |
Net income (loss) attributable to non-controlling interest |  |  |  |  | 15,076 |  |  | 15,076 |
Net income (loss) attributable to common shareholders |  |  |  |  |  |  | $ | 131,862 |
Key Ratios |  |  |  |  |  |  |
Attritional loss ratio - current year | 52.6 | % |  | 50.8 | % |  |  |  | 51.8 | %
Attritional loss ratio - prior year development | (4.3) | % |  | 4.0 | % |  |  |  | (0.4) | %
Catastrophe loss ratio - current year | 2.2 | % |  | 5.4 | % |  |  |  | 3.7 | %
Catastrophe loss ratio - prior year development | 0.2 | % |  | (1.3) | % |  |  |  | (0.5) | %
Loss and loss adjustment expense ratio | 50.7 | % |  | 58.9 | % |  |  |  | 54.6 | %
Acquisition cost ratio | 26.1 | % |  | 19.8 | % |  |  |  | 23.2 | %
Other underwriting expense ratio | 16.3 | % |  | 8.1 | % |  |  |  | 12.4 | %
Combined ratio | 93.1 | % |  | 86.8 | % |  |  |  | 90.2 | %
(Expressed in thousands of U.S. Dollars) |  |  |  |  |  |  |
Nine Months Ended September 30, 2022 | International |  | Bermuda |  | Corporate |  | Total
Gross premiums written | $ | 698,968 |  |  | $ | 606,453 |  |  | $ | — |  |  | $ | 1,305,421 |
Net premiums written | $ | 446,577 |  |  | $ | 491,911 |  |  | $ | — |  |  | $ | 938,488 |
Net premiums earned | $ | 450,202 |  |  | $ | 381,265 |  |  | $ | — |  |  | $ | 831,467 |
Third party fee income | 9,022 |  |  | 355 |  |  | — |  |  | 9,377 |
Losses and loss adjustment expenses | 249,840 |  |  | 347,174 |  |  | — |  |  | 597,014 |
Acquisition costs | 122,593 |  |  | 72,202 |  |  | — |  |  | 194,795 |
Other underwriting expenses | 82,256 |  |  | 37,100 |  |  | — |  |  | 119,356 |
Underwriting income (loss) | $ | 4,535 |  |  | $ | (74,856) |  |  | $ | — |  |  | $ | (70,321) |
Net realized and unrealized gains (losses) on investments |  |  |  |  | 146,640 |  |  | 146,640 |
Net investment income (loss) |  |  |  |  | (22,185) |  |  | (22,185) |
Other income (loss), excluding third party fee income |  |  |  |  | (260) |  |  | (260) |
Net foreign exchange gains (losses) |  |  |  |  | 15,382 |  |  | 15,382 |
Corporate expenses |  |  |  |  | (15,934) |  |  | (15,934) |
Amortization of intangible assets |  |  |  |  | (9,874) |  |  | (9,874) |
Interest expense |  |  |  |  | (11,255) |  |  | (11,255) |
Net income (loss) before tax |  |  |  |  |  |  | 32,193 |
Income tax expense |  |  |  |  | (3,103) |  |  | (3,103) |
Net income (loss) |  |  |  |  |  |  | 29,090 |
Net income (loss) attributable to non-controlling interest |  |  |  |  | 68,069 |  |  | 68,069 |
Net income (loss) attributable to common shareholders |  |  |  |  |  |  | $ | (38,979) |
Key Ratios |  |  |  |  |  |  |
Attritional loss ratio - current year | 47.4 | % |  | 52.1 | % |  |  |  | 49.5 | %
Attritional loss ratio - prior year development | (3.5) | % |  | 7.2 | % |  |  |  | 1.4 | %
Catastrophe loss ratio - current year | 10.5 | % |  | 37.0 | % |  |  |  | 22.7 | %
Catastrophe loss ratio - prior year development | 1.1 | % |  | (5.2) | % |  |  |  | (1.8) | %
Loss and loss adjustment expense ratio | 55.5 | % |  | 91.1 | % |  |  |  | 71.8 | %
Acquisition cost ratio | 27.2 | % |  | 18.9 | % |  |  |  | 23.4 | %
Other underwriting expense ratio | 16.3 | % |  | 9.6 | % |  |  |  | 13.3 | %
Combined ratio | 99.0 | % |  | 119.6 | % |  |  |  | 108.5 | %
Summary of Revenue from External Customers by Geographic Areas | The following table presents gross premiums written by the geographical location of the Company's subsidiaries for the three and nine months ended September 30, 2023 and 2022:
| Three Months Ended |  | Nine Months Ended |  |  |  |  |  |
| September 30, |  | September 30, |  |  |  |  |  |
(Expressed in thousands of U.S. Dollars) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |
International |  |  |  |  |  |  |  |  |  |  |  |  |
Lloyd's of London | $ | 189,155 |  |  | $ | 145,940 |  |  | $ | 507,326 |  |  | $ | 417,286 |  |  |  |  |  |  |
Ireland | 96,272 |  |  | 110,263 |  |  | 271,002 |  |  | 255,539 |  |  |  |  |  |  |
U.S. | 21,713 |  |  | 13,025 |  |  | 53,721 |  |  | 26,143 |  |  |  |  |  |  |
Total International | 307,140 |  |  | 269,228 |  |  | 832,049 |  |  | 698,968 |  |  |  |  |  |  |
Bermuda | 166,983 |  |  | 131,583 |  |  | 685,198 |  |  | 606,453 |  |  |  |  |  |  |
Total | $ | 474,123 |  |  | $ | 400,811 |  |  | $ | 1,517,247 |  |  | $ | 1,305,421 |  |  |  |  |  |  |

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