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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
($ in thousands) |  |  |  |  |  |  |
Three Months Ended September 30, 2024 | International |  | Bermuda |  | Corporate |  | Total
Gross premiums written | $ | 325,525 |  |  | $ | 227,876 |  |  | $ | — |  |  | $ | 553,401 |
Net premiums written | $ | 268,106 |  |  | $ | 209,790 |  |  | $ | — |  |  | $ | 477,896 |
Net premiums earned | $ | 225,244 |  |  | $ | 223,551 |  |  | $ | — |  |  | $ | 448,795 |
Third party fee income | 4,170 |  |  | 294 |  |  | — |  |  | 4,464 |
Losses and loss adjustment expenses | 130,135 |  |  | 143,497 |  |  | — |  |  | 273,632 |
Acquisition costs | 59,713 |  |  | 42,488 |  |  | — |  |  | 102,201 |
Other underwriting expenses | 34,143 |  |  | 14,189 |  |  | — |  |  | 48,332 |
Underwriting income (loss) | $ | 5,423 |  |  | $ | 23,671 |  |  | $ | — |  |  | $ | 29,094 |
Net realized and unrealized gains (losses) on investments |  |  |  |  | 48,228 |  |  | 48,228 |
Net investment income (loss) |  |  |  |  | 17,330 |  |  | 17,330 |
Net foreign exchange gains (losses) |  |  |  |  | (5,973) |  |  | (5,973) |
Corporate expenses |  |  |  |  | (14,060) |  |  | (14,060) |
Amortization of intangible assets |  |  |  |  | (5,204) |  |  | (5,204) |
Interest expense |  |  |  |  | (5,351) |  |  | (5,351) |
Income (loss) before income tax |  |  |  |  |  |  | 64,064 |
Income tax (expense) benefit |  |  |  |  | (3,029) |  |  | (3,029) |
Net income (loss) |  |  |  |  |  |  | 61,035 |
Net income (loss) attributable to non-controlling interest |  |  |  |  | (17,215) |  |  | (17,215) |
Net income (loss) attributable to common shareholders |  |  |  |  |  |  | $ | 78,250 |
Key Ratios |  |  |  |  |  |  |
Attritional loss ratio - current year | 55.3 | % |  | 51.0 | % |  |  |  | 53.2 | %
Attritional loss ratio - prior year development | (1.5) | % |  | 0.0 | % |  |  |  | (0.7) | %
Catastrophe loss ratio - current year | 6.4 | % |  | 16.7 | % |  |  |  | 11.5 | %
Catastrophe loss ratio - prior year development | (2.4) | % |  | (3.5) | % |  |  |  | (3.0) | %
Loss and loss adjustment expense ratio | 57.8 | % |  | 64.2 | % |  |  |  | 61.0 | %
Acquisition cost ratio | 26.5 | % |  | 19.0 | % |  |  |  | 22.8 | %
Other underwriting expense ratio | 13.3 | % |  | 6.2 | % |  |  |  | 9.8 | %
Combined ratio | 97.6 | % |  | 89.4 | % |  |  |  | 93.6 | %
($ in thousands) |  |  |  |  |  |  |
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) |
Income (loss) before income tax |  |  |  |  |  |  | 55,035 |
Income tax (expense) benefit |  |  |  |  | (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 | %
($ in thousands) |  |  |  |  |  |  |
Nine Months Ended September 30, 2024 | International |  | Bermuda |  | Corporate |  | Total
Gross premiums written | $ | 957,981 |  |  | $ | 920,664 |  |  | $ | — |  |  | $ | 1,878,645 |
Net premiums written | $ | 687,444 |  |  | $ | 780,399 |  |  | $ | — |  |  | $ | 1,467,843 |
Net premiums earned | $ | 637,700 |  |  | $ | 615,162 |  |  | $ | — |  |  | $ | 1,252,862 |
Third party fee income | 11,557 |  |  | 6,377 |  |  | — |  |  | 17,934 |
Losses and loss adjustment expenses | 359,181 |  |  | 361,297 |  |  | — |  |  | 720,478 |
Acquisition costs | 160,589 |  |  | 122,470 |  |  | — |  |  | 283,059 |
Other underwriting expenses | 99,317 |  |  | 41,022 |  |  | — |  |  | 140,339 |
Underwriting income (loss) | $ | 30,170 |  |  | $ | 96,750 |  |  | $ | — |  |  | $ | 126,920 |
Net realized and unrealized gains (losses) on investments |  |  |  |  | 454,851 |  |  | 454,851 |
Net investment income (loss) |  |  |  |  | 43,667 |  |  | 43,667 |
Net foreign exchange gains (losses) |  |  |  |  | (9,883) |  |  | (9,883) |
Corporate expenses |  |  |  |  | (41,825) |  |  | (41,825) |
Amortization of intangible assets |  |  |  |  | (11,773) |  |  | (11,773) |
Interest expense |  |  |  |  | (17,090) |  |  | (17,090) |
Income (loss) before income tax |  |  |  |  |  |  | 544,867 |
Income tax (expense) benefit |  |  |  |  | (6,118) |  |  | (6,118) |
Net income (loss) |  |  |  |  |  |  | 538,749 |
Net income (loss) attributable to non-controlling interest |  |  |  |  | 172,240 |  |  | 172,240 |
Net income (loss) attributable to common shareholders |  |  |  |  |  |  | $ | 366,509 |
Key Ratios |  |  |  |  |  |  |
Attritional loss ratio - current year | 54.6 | % |  | 53.1 | % |  |  |  | 53.9 | %
Attritional loss ratio - prior year development | 0.3 | % |  | 0.8 | % |  |  |  | 0.6 | %
Catastrophe loss ratio - current year | 2.2 | % |  | 6.1 | % |  |  |  | 4.1 | %
Catastrophe loss ratio - prior year development | (0.8) | % |  | (1.3) | % |  |  |  | (1.1) | %
Loss and loss adjustment expense ratio | 56.3 | % |  | 58.7 | % |  |  |  | 57.5 | %
Acquisition cost ratio | 25.2 | % |  | 19.9 | % |  |  |  | 22.6 | %
Other underwriting expense ratio | 13.8 | % |  | 5.6 | % |  |  |  | 9.8 | %
Combined ratio | 95.3 | % |  | 84.2 | % |  |  |  | 89.9 | %
($ in thousands) |  |  |  |  |  |  |
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) |
Income (loss) before income tax |  |  |  |  |  |  | 153,846 |
Income tax (expense) benefit |  |  |  |  | (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 | %
Schedule of Revenue from External Customers by Geographic Areas | The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
($ in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
International |  |  |  |  |  |  |
Lloyd's of London | $ | 192,380 |  |  | $ | 189,155 |  |  | $ | 590,339 |  |  | $ | 507,326 |
Ireland | 99,650 |  |  | 96,272 |  |  | 283,776 |  |  | 271,002 |
U.S. | 33,495 |  |  | 21,713 |  |  | 83,866 |  |  | 53,721 |
Total International | 325,525 |  |  | 307,140 |  |  | 957,981 |  |  | 832,049 |
Bermuda | 227,876 |  |  | 166,983 |  |  | 920,664 |  |  | 685,198 |
Total | $ | 553,401 |  |  | $ | 474,123 |  |  | $ | 1,878,645 |  |  | $ | 1,517,247 |

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