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Segment reporting (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Schedule of operating segment results | The following is a summary of the Company’s operating segment results for the years ended December 31, 2020, 2019 and 2018:
| 2020
| A&H |  | Specialty |  | Property |  | Runoff & Other |  | Total
| ($ in thousands)
Gross premiums written | $ | 3,392 |  |  | $ | 368,722 |  |  | $ | 187,480 |  |  | $ | 28,946 |  |  | $ | 588,540 |
Net premiums written | 3,392 |  |  | 349,783 |  |  | 160,075 |  |  | 28,946 |  |  | 542,196 |
Net premiums earned | 3,207 |  |  | 407,951 |  |  | 171,556 |  |  | 28,138 |  |  | 610,852 |
Loss and loss adjustment expenses incurred, net | 3,319 |  |  | 342,596 |  |  | 119,455 |  |  | (72) |  |  | 465,298 |
Acquisition costs, net | 313 |  |  | 112,464 |  |  | 48,744 |  |  | 25,541 |  |  | 187,062 |
Other underwriting expenses | 114 |  |  | 18,744 |  |  | 6,036 |  |  | 5,906 |  |  | 30,800 |
Net underwriting loss | $ | (539) |  |  | $ | (65,853) |  |  | $ | (2,679) |  |  | $ | (3,237) |  |  | (72,308) |
Net investment income |  |  |  |  |  |  |  |  | 278,938 |
Net corporate and other expenses |  |  |  |  |  |  |  |  | (41,215) |
Interest expense |  |  |  |  |  |  |  |  | (8,230) |
Foreign exchange losses |  |  |  |  |  |  |  |  | (5,219) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 151,966 |
Underwriting ratios (1): |  |  |  |  |  |  |  |  |
Loss ratio | 103.5 | % |  | 84.0 | % |  | 69.6 | % |  | NM |  | 76.2 | %
Acquisition cost ratio | 9.8 | % |  | 27.6 | % |  | 28.4 | % |  | NM |  | 30.6 | %
Other underwriting expense ratio | 3.6 | % |  | 4.6 | % |  | 3.5 | % |  | NM |  | 5.0 | %
Combined ratio (2) | 116.9 | % |  | 116.2 | % |  | 101.5 | % |  | NM |  | 111.8 | %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2)Ratios considered not meaningful ("NM") to Runoff & Other.
| 2019
| A&H |  | Specialty |  | Property |  | Runoff & Other |  | Total
| ($ in thousands)
Gross premiums written | $ | 4,587 |  |  | $ | 420,982 |  |  | $ | 155,208 |  |  | $ | 87,637 |  |  | $ | 668,414 |
Net premiums written | 4,587 |  |  | 412,085 |  |  | 152,729 |  |  | 87,637 |  |  | 657,038 |
Net premiums earned | 4,665 |  |  | 465,426 |  |  | 141,477 |  |  | 88,574 |  |  | 700,142 |
Loss and loss adjustment expenses incurred, net | 3,907 |  |  | 313,750 |  |  | 90,577 |  |  | (4,735) |  |  | 403,499 |
Acquisition costs, net | 365 |  |  | 149,497 |  |  | 54,769 |  |  | 90,995 |  |  | 295,626 |
Other underwriting expenses | 156 |  |  | 20,144 |  |  | 4,722 |  |  | 9,075 |  |  | 34,097 |
Net underwriting income (loss) | $ | 237 |  |  | $ | (17,965) |  |  | $ | (8,591) |  |  | $ | (6,761) |  |  | (33,080) |
Net investment income |  |  |  |  |  |  |  |  | 282,560 |
Net corporate and other expenses |  |  |  |  |  |  |  |  | (36,285) |
Interest expense |  |  |  |  |  |  |  |  | (8,228) |
Foreign exchange losses |  |  |  |  |  |  |  |  | (3,635) |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 201,332 |
Underwriting ratios (1): |  |  |  |  |  |  |  |  |
Loss ratio | 83.8 | % |  | 67.4 | % |  | 64.0 | % |  | NM |  | 57.6 | %
Acquisition cost ratio | 7.8 | % |  | 32.1 | % |  | 38.7 | % |  | NM |  | 42.2 | %
Other underwriting expense ratio | 3.3 | % |  | 4.3 | % |  | 3.3 | % |  | NM |  | 4.9 | %
Combined ratio (2) | 94.9 | % |  | 103.8 | % |  | 106.0 | % |  | NM |  | 104.7 | %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2)Ratios considered not meaningful ("NM") to Runoff & Other.
| 2018
| A&H |  | Specialty |  | Property |  | Runoff & Other |  | Total
| ($ in thousands)
Gross premiums written | $ | 3,225 |  |  | $ | 489,691 |  |  | $ | 83,051 |  |  | $ | 74,220 |  |  | $ | 650,187 |
Net premiums written | 3,225 |  |  | 485,522 |  |  | 83,051 |  |  | 74,220 |  |  | 646,018 |
Net premiums earned | 3,098 |  |  | 466,524 |  |  | 77,208 |  |  | 74,612 |  |  | 621,442 |
Loss and loss adjustment expenses incurred, net | 2,624 |  |  | 315,632 |  |  | 59,411 |  |  | 60,747 |  |  | 438,414 |
Acquisition costs, net | 540 |  |  | 156,533 |  |  | 37,235 |  |  | 12,190 |  |  | 206,498 |
Other underwriting expenses | 93 |  |  | 18,314 |  |  | 2,315 |  |  | 8,945 |  |  | 29,667 |
Net underwriting loss | $ | (159) |  |  | $ | (23,955) |  |  | $ | (21,753) |  |  | $ | (7,270) |  |  | (53,137) |
Net investment loss |  |  |  |  |  |  |  |  | (251,433) |
Net corporate and other expenses |  |  |  |  |  |  |  |  | (16,184) |
Interest expense |  |  |  |  |  |  |  |  | (8,228) |
Foreign exchange gains |  |  |  |  |  |  |  |  | 7,503 |
Loss before income tax benefit |  |  |  |  |  |  |  |  | $ | (321,479) |
Underwriting ratios (1): |  |  |  |  |  |  |  |  |
Loss ratio | 84.7 | % |  | 67.7 | % |  | 76.9 | % |  | NM |  | 70.5 | %
Acquisition cost ratio | 17.4 | % |  | 33.6 | % |  | 48.2 | % |  | NM |  | 33.2 | %
Other underwriting expense ratio | 3.0 | % |  | 3.9 | % |  | 3.0 | % |  | NM |  | 4.8 | %
Combined ratio (2) | 105.1 | % |  | 105.2 | % |  | 128.1 | % |  | NM |  | 108.5 | %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2)Ratios considered not meaningful ("NM") to Runoff & Other.
Schedules of number of contracts that individually contributed more than 10% of total gross premiums written | The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2020, 2019 and 2018 as a percentage of total gross premiums written in the relevant year:
| 2020 |  | 2019 |  | 2018
Largest contract (1) | n/a |  | 14.4 | % |  | 15.5 | %
Second largest contract (2) | n/a |  | n/a |  | 10.7 | %
Total for contracts contributing greater than 10% each | — | % |  | 14.4 | % |  | 26.2 | %
Total for contracts contributing less than 10% each | 100.0 | % |  | 85.6 | % |  | 73.8 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
(1)The largest contract in the years ended December 31, 2019 and 2018 relate to the Specialty segment. (2)The second largest contract in the year ended December 31, 2018 relates to the Runoff & Other segment. The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2020 and 2019:
| December 31, 2020 |  | December 31, 2019
Counterparty 1 | $ | 94,131 |  |  | 21.3 | % |  | $ | 113,718 |  |  | 23.8 | %
Counterparty 2 | 75,336 |  |  | 17.0 | % |  | 105,732 |  |  | 22.0 | %
Counterparty 3 | 46,447 |  |  | 10.5 | % |  | 88,825 |  |  | 18.6 | %
| 215,914 |  |  | 48.8 | % |  | 308,275 |  |  | 64.4 | %
Other counterparties representing less than 10% each | 226,021 |  |  | 51.2 | % |  | 170,177 |  |  | 35.6 | %
Reinsurance balances receivable | $ | 441,935 |  |  | 100.0 | % |  | $ | 478,452 |  |  | 100.0 | %
Schedule of breakdown of the Company’s gross premiums written from brokers | The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2020, 2019 and 2018:
| 2020 |  | 2019 |  | 2018
Largest broker | $ | 189,097 |  |  | 32.1 | % |  | $ | 197,100 |  |  | 29.5 | % |  | $ | 224,198 |  |  | 34.5 | %
Second largest broker | 164,569 |  |  | 28.0 | % |  | 144,611 |  |  | 21.6 | % |  | 163,336 |  |  | 25.1 | %
Third largest broker | 67,550 |  |  | 11.5 | % |  | 140,197 |  |  | 21.0 | % |  | 120,381 |  |  | 18.5 | %
Fourth largest broker | n/a |  | n/a |  | n/a |  | n/a |  | 70,523 |  |  | 10.8 | %
Other | 167,324 |  |  | 28.4 | % |  | 186,506 |  |  | 27.9 | % |  | 71,749 |  |  | 11.1 | %
| $ | 588,540 |  |  | 100.0 | % |  | $ | 668,414 |  |  | 100.0 | % |  | $ | 650,187 |  |  | 100.0 | %
Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies | The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2020, 2019 and 2018:
| 2020 |  | 2019 |  | 2018
United States | $ | 358,582 |  |  | 60.9 | % |  | $ | 361,511 |  |  | 54.1 | % |  | $ | 409,584 |  |  | 63.0 | %
United Kingdom | 110,576 |  |  | 18.8 | % |  | 161,638 |  |  | 24.2 | % |  | 60,623 |  |  | 9.3 | %
Bermuda | 108,598 |  |  | 18.5 | % |  | 137,278 |  |  | 20.5 | % |  | 86,236 |  |  | 13.3 | %
Other | 10,784 |  |  | 1.8 | % |  | 7,987 |  |  | 1.2 | % |  | 93,744 |  |  | 14.4 | %
| $ | 588,540 |  |  | 100.0 | % |  | $ | 668,414 |  |  | 100.0 | % |  | $ | 650,187 |  |  | 100.0 | %
Schedule of breakdown of the Company’s premiums written from direct business, reinsurance assumed and reinsurance ceded | The following tables provide a breakdown of the Company’s premiums written from direct business, reinsurance assumed and reinsurance ceded, on both a written and earned basis for the years ended December 31, 2020, 2019 and 2018:
| 2020 |  | 2019 |  | 2018
Written premiums: |  |  |  |  |
Direct | $ | 19,039 |  |  | $ | — |  |  | $ | — |
Assumed | 569,501 |  |  | 668,414 |  |  | 650,187 |
Gross premiums written | 588,540 |  |  | 668,414 |  |  | 650,187 |
Ceded | (46,344) |  |  | (11,376) |  |  | (4,169) |
Net premiums written | $ | 542,196 |  |  | $ | 657,038 |  |  | $ | 646,018 |
| 2020 |  | 2019 |  | 2018
Premiums earned: |  |  |  |  |
Direct | $ | 1,038 |  |  | $ | — |  |  | $ | — |
Assumed | 638,817 |  |  | 710,014 |  |  | 624,834 |
Gross premiums earned | 639,855 |  |  | 710,014 |  |  | 624,834 |
Ceded | (29,003) |  |  | (9,872) |  |  | (3,392) |
Net premiums earned | $ | 610,852 |  |  | $ | 700,142 |  |  | $ | 621,442 |

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