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Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has determined its reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations and has identified two reportable business segments - International and Bermuda. Each of the Company's identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker: the Chief Executive Officer of the consolidated group.

The Company evaluates the performance of reportable segments based on their respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As the Company does not manage its assets by reportable segment, investment income and assets are not allocated to reportable segments.

The Company's core business is underwriting and its underwriting results are reflected in its reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. The Company considers many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.

Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), other income (loss) not incurred by the reportable segments, net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense (benefit).
($ in thousands)
Three Months Ended September 30, 2024InternationalBermudaCorporateTotal
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 income4,170 294 — 4,464 
Losses and loss adjustment expenses130,135 143,497 — 273,632 
Acquisition costs59,713 42,488 — 102,201 
Other underwriting expenses34,143 14,189 — 48,332 
Underwriting income (loss)$5,423 $23,671 $— $29,094 
Net realized and unrealized gains (losses) on investments48,228 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 tax64,064 
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$78,250 
Key Ratios
Attritional loss ratio - current year55.3 %51.0 %53.2 %
Attritional loss ratio - prior year development(1.5)%0.0 %(0.7)%
Catastrophe loss ratio - current year6.4 %16.7 %11.5 %
Catastrophe loss ratio - prior year development(2.4)%(3.5)%(3.0)%
Loss and loss adjustment expense ratio57.8 %64.2 %61.0 %
Acquisition cost ratio26.5 %19.0 %22.8 %
Other underwriting expense ratio13.3 %6.2 %9.8 %
Combined ratio97.6 %89.4 %93.6 %
($ in thousands)
Three Months Ended September 30, 2023InternationalBermudaCorporateTotal
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 income2,115 186 — 2,301 
Losses and loss adjustment expenses97,820 93,757 — 191,577 
Acquisition costs47,236 31,301 — 78,537 
Other underwriting expenses31,634 12,723 — 44,357 
Underwriting income (loss)$4,057 $20,809 $— $24,866 
Net realized and unrealized gains (losses) on investments47,343 47,343 
Net investment income (loss)8,069 8,069 
Other income (loss), excluding third party fee income85 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 tax55,035 
Income tax (expense) benefit(2,387)(2,387)
Net income (loss)52,648 
Net income (loss) attributable to non-controlling interest9,065 9,065 
Net income (loss) attributable to common shareholders$43,583 
Key Ratios
Attritional loss ratio - current year54.6 %55.1 %54.8 %
Attritional loss ratio - prior year development(5.3)%5.7 %(0.1)%
Catastrophe loss ratio - current year5.1 %2.6 %3.9 %
Catastrophe loss ratio - prior year development0.4 %(4.2)%(1.8)%
Loss and loss adjustment expense ratio54.8 %59.2 %56.8 %
Acquisition cost ratio26.4 %19.8 %23.3 %
Other underwriting expense ratio16.5 %7.9 %12.5 %
Combined ratio97.7 %86.9 %92.6 %
($ in thousands)
Nine Months Ended September 30, 2024InternationalBermudaCorporateTotal
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 income11,557 6,377 — 17,934 
Losses and loss adjustment expenses359,181 361,297 — 720,478 
Acquisition costs160,589 122,470 — 283,059 
Other underwriting expenses99,317 41,022 — 140,339 
Underwriting income (loss)$30,170 $96,750 $— $126,920 
Net realized and unrealized gains (losses) on investments454,851 454,851 
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 tax544,867 
Income tax (expense) benefit(6,118)(6,118)
Net income (loss)538,749 
Net income (loss) attributable to non-controlling interest172,240 172,240 
Net income (loss) attributable to common shareholders$366,509 
Key Ratios
Attritional loss ratio - current year54.6 %53.1 %53.9 %
Attritional loss ratio - prior year development0.3 %0.8 %0.6 %
Catastrophe loss ratio - current year2.2 %6.1 %4.1 %
Catastrophe loss ratio - prior year development(0.8)%(1.3)%(1.1)%
Loss and loss adjustment expense ratio56.3 %58.7 %57.5 %
Acquisition cost ratio25.2 %19.9 %22.6 %
Other underwriting expense ratio13.8 %5.6 %9.8 %
Combined ratio95.3 %84.2 %89.9 %
($ in thousands)
Nine Months Ended September 30, 2023InternationalBermudaCorporateTotal
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 income7,417 336 — 7,753 
Losses and loss adjustment expenses255,787 263,767 — 519,554 
Acquisition costs131,688 88,844 — 220,532 
Other underwriting expenses89,635 36,607 — 126,242 
Underwriting income (loss)$35,091 $58,732 $— $93,823 
Net realized and unrealized gains (losses) on investments101,881 101,881 
Net investment income (loss)17,719 17,719 
Other income (loss), excluding third party fee income85 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 tax153,846 
Income tax (expense) benefit(6,908)(6,908)
Net income (loss)146,938 
Net income (loss) attributable to non-controlling interest15,076 15,076 
Net income (loss) attributable to common shareholders$131,862 
Key Ratios
Attritional loss ratio - current year52.6 %50.8 %51.8 %
Attritional loss ratio - prior year development(4.3)%4.0 %(0.4)%
Catastrophe loss ratio - current year2.2 %5.4 %3.7 %
Catastrophe loss ratio - prior year development0.2 %(1.3)%(0.5)%
Loss and loss adjustment expense ratio50.7 %58.9 %54.6 %
Acquisition cost ratio26.1 %19.8 %23.2 %
Other underwriting expense ratio16.3 %8.1 %12.4 %
Combined ratio93.1 %86.8 %90.2 %
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:

Three Months EndedNine Months Ended
September 30,September 30,
($ in thousands)2024202320242023
International
Lloyd's of London$192,380 $189,155 $590,339 $507,326 
Ireland99,650 96,272 283,776 271,002 
U.S.33,495 21,713 83,866 53,721 
Total International325,525 307,140 957,981 832,049 
Bermuda227,876 166,983 920,664 685,198 
Total$553,401 $474,123 $1,878,645 $1,517,247