Segment Information

We are primarily engaged in underwriting property and casualty insurance and reinsurance. We have two ongoing reporting segments: U.S. Operations and International Operations. Additionally, we have a Run-off Lines segment for certain products that we no longer underwrite.

We consider many factors, including the nature of each segment’s insurance and reinsurance products, production sources, distribution strategies and the regulatory environment, in determining how to aggregate reporting segments. Transactions between segments are reported in the segment that initiated the transaction.

In evaluating the operating performance of our segments, we focus on core underwriting and investing results before the consideration of realized gains or losses from investments. Realized investment gains are reported as a component of the Corporate and Other segment, as decisions regarding the acquisition and disposal of securities reside with the corporate investment function and are not under the control of the individual business segments. Identifiable assets by segment are those assets used in the operation of each segment.

Revenue and income (loss) before income taxes for each segment were as follows:



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in millions)	2018		2017		2018			2017
Revenue:
Earned premiums
U.S. Operations	$	267.0	$	229.1	$	529.3		$	450.3
International Operations	150.5		169.9		302.9			328.1
Run-off Lines	0.2		0.1		0.2			0.1
Total earned premiums	417.7		399.1		832.4			778.5
Net investment income
U.S. Operations	20.7		27.3		43.3			47.2
International Operations	8.4		10.1		17.2			16.7
Run-off Lines	2.0		2.9		4.2			5.0
Corporate and Other	2.1		3.3		4.5			5.2
Total net investment income	33.2		43.6		69.2			74.1
Fee and other income	1.9		3.8		3.9			7.4
Net realized investment gains (losses)	10.5		4.5		(5.2		)	19.1
Total revenue	$	463.3	$	451.0	$	900.3		$	879.1



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in millions)	2018			2017			2018			2017
Income (loss) before income taxes
U.S. Operations	$	42.5		$	53.0		$	76.5		$	90.2
International Operations	13.2			9.1			36.1			17.4
Run-off Lines	(0.3		)	(1.2		)	(1.0		)	(3.7		)
Total segment income before taxes	55.4			60.9			111.6			103.9
Corporate and Other	(8.8		)	(14.6		)	(24.3		)	(29.5		)
Net realized investment gains (losses)	10.5			4.5			(5.2		)	19.1
Total income before income taxes	$	57.1		$	50.8		$	82.1		$	93.5

The table below presents earned premiums by geographic location for the three and six months ended June 30, 2018 and 2017. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in millions)	2018		2017		2018		2017
Bermuda	$	20.9	$	23.1	$	41.4	$	48.7
Brazil	10.5		12.3		23.5		25.1
Italy	2.8		—		2.8		—
Malta	15.7		1.3		21.4		2.3
United Kingdom	102.0		133.3		216.1		252.1
United States	265.8		229.1		527.2		450.3
Total earned premiums	$	417.7	$	399.1	$	832.4	$	778.5

The following table represents identifiable assets:



(in millions)	June 30, 2018		December 31, 2017
U.S. Operations	$	4,490.6	$	4,298.4
International Operations	3,762.7		3,553.8
Run-off Lines	453.8		449.6
Corporate and Other	398.6		462.2
Total	$	9,105.7	$	8,764.0

Included in total assets at June 30, 2018 and December 31, 2017 are $765.7 million and $731.8 million, respectively, in assets associated with trade capital providers.