Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

We are primarily engaged in underwriting property and casualty insurance. We have two ongoing reporting segments: U.S. Operations and International Operations. Additionally, we have Run-off Lines 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.

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 March 31,
(in millions)	2022		2021
Revenue:
Earned premiums
U.S. Operations	$	336.4	$	314.4
International Operations	144.2		151.5
Run-off Lines	—		0.2
Total earned premiums	480.6		466.1
Net investment income
U.S. Operations	25.6		28.8
International Operations	11.4		12.0
Run-off Lines	0.7		0.8
Corporate and Other	—		2.8
Total net investment income	37.7		44.4
Net realized investment and other gains (losses)	(34.5)		13.1
Total revenue	$	483.8	$	523.6

	For the Three Months Ended March 31,
(in millions)	2022		2021
Income (loss) before income taxes
U.S. Operations	$	43.9	$	36.6
International Operations	22.7		(11.8)
Run-off Lines	(1.0)		0.6
Total segment income (loss) before income taxes	65.6		25.4
Corporate and Other	(16.2)		(6.0)
Net realized investment and other gains (losses)	(34.5)		13.1
Foreign currency exchange losses	(2.9)		(1.3)
Total income (loss) before income taxes	$	12.0	$	31.2

The table below presents earned premiums by geographic location for the three months ended March 31, 2022 and 2021. 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 March 31,
(in millions)	2022		2021
United States	$	336.4	$	312.8
United Kingdom	127.1		99.0
Bermuda	6.4		25.1
Malta	2.3		14.0
All other jurisdictions	8.4		15.2
Total earned premiums	$	480.6	$	466.1

The following table represents identifiable assets:

(in millions)	March 31, 2022		December 31, 2021
U.S. Operations	$	5,716.2	$	5,800.1
International Operations	3,780.9		3,932.3
Run-off Lines	305.3		314.7
Corporate and Other	178.6		270.7
Total	$	9,981.0	$	10,317.8

Included in total assets at March 31, 2022 and December 31, 2021 are $247.0 million and $825.9 million, respectively, in assets associated with trade capital providers.