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Segment reporting (Tables)

12 Months Ended

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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