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Segment Reporting (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

+ References

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-Topic 280
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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

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