Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

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 the sales of 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 before income taxes for each segment were as follows:

	For the Years Ended December 31,
(in millions)	2021		2020		2019
Revenue:
Earned premiums
U.S. Operations	$	1,283.7	$	1,207.6	$	1,119.9
International Operations	625.8		572.5		609.6
Run-off Lines	0.6		0.4		0.2
Total earned premiums	1,910.1		1,780.5		1,729.7
Net investment income
U.S. Operations	119.4		80.3		100.0
International Operations	50.6		26.7		44.2
Run-off Lines	3.6		4.0		5.7
Corporate and Other	14.0		1.7		1.2
Total net investment income	187.6		112.7		151.1
Net realized investment gains (losses)	32.6		(3.6)		80.1
Total revenue	$	2,130.3	$	1,889.6	$	1,960.9

	For the Years Ended December 31,
(in millions)	2021		2020		2019
Income (loss) before income taxes
U.S. Operations	$	61.1	$	113.1	$	139.3
International Operations	64.1		(75.3)		(121.4)
Run-off Lines	(41.5)		(9.6)		(9.8)
Total segment income before taxes	83.7		28.2		8.1
Corporate and Other	(22.5)		(34.5)		(44.8)
Net realized investment and other gains (losses)	32.6		(3.6)		80.1
Foreign currency exchange losses	(1.6)		(15.4)		9.8
Impairment of intangibles	(43.2)		—		(15.6)
Non-operating expense	(43.7)		(21.1)		(37.6)
Total income (loss) before income taxes	$	5.3	$	(46.4)	$	—

The table below presents earned premiums by geographic location for the years ended December 31, 2021, 2020 and 2019. 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 Years Ended December 31,
(in millions)	2021		2020		2019
United States	$	1,277.0	$	1,205.0	$	1,115.8
United Kingdom	475.3		361.1		391.5
Bermuda	54.8		96.5		80.7
Malta	35.4		59.5		85.0
All other jurisdictions	67.6		58.4		56.7
Total earned premiums	$	1,910.1	$	1,780.5	$	1,729.7

The following table represents identifiable assets:

	December 31,
(in millions)	2021		2020
U.S. Operations	$	5,800.1	$	5,915.5
International Operations	3,932.3		3,911.9
Run-off Lines	314.7		337.3
Corporate and Other	270.7		301.1
Total	$	10,317.8	$	10,465.8

Included in total assets at December 31, 2021 and 2020 are $554.2 million and $825.9 million, respectively, in assets associated with trade capital providers.

The following table represents goodwill and intangible assets, net of accumulated amortization, as of December 31, 2021 and 2020:

	Goodwill				Intangible Assets, Net of Accumulated Amortization
(in millions)	2021		2020		2021		2020
U.S. Operations	$	118.6	$	118.6	$	—	$	—
International Operations	28.7		28.7		17.3		60.5
Total	$	147.3	$	147.3	$	17.3	$	60.5

During the year ended December 31, 2021, we recorded a $43.2 million impairment charge on the intangibles related to Syndicate 1200. Management’s fourth quarter of 2021 analysis of Syndicate 1200, reflected an implied fair value which was below the reporting unit’s carrying value. As such, the intangibles impairment charge was recorded during the fourth quarter of 2021.