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Segment Information
9 Months Ended
Sep. 30, 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
September 30,
For the Nine Months Ended
September 30,
(in millions)2022202120222021
Revenue:
Earned premiums
U.S. Operations$329.3 $323.5 $998.5 $952.4 
International Operations125.2 163.9 390.7 471.1 
Run-off Lines0.5 0.1 0.7 0.4 
Total earned premiums455.0 487.5 1,389.9 1,423.9 
Net investment income
U.S. Operations23.1 29.2 68.7 91.7 
International Operations10.3 12.3 30.4 38.2 
Run-off Lines0.6 0.9 1.8 2.8 
Corporate and Other— 3.7 — 10.5 
Total net investment income34.0 46.1 100.9 143.2 
Net investment and other gains (losses)(44.7)(5.3)(119.6)32.5 
Total revenue$444.3 $528.3 $1,371.2 $1,599.6 

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in millions)2022202120222021
Income (loss) before income taxes
U.S. Operations$26.6 $39.9 $113.5 $130.1 
International Operations3.3 6.9 28.6 14.6 
Run-off Lines0.7 (3.6)(1.9)(4.5)
Total segment income before income taxes30.6 43.2 140.2 140.2 
Corporate and Other(19.3)(11.0)(53.5)(30.2)
Net investment and other gains (losses) (44.7)(5.3)(119.6)32.5 
Foreign currency exchange gains (losses)9.1 1.3 16.5 (4.4)
Impairment of goodwill(28.5)— (28.5)— 
Total income (loss) before income taxes$(52.8)$28.2 $(44.9)$138.1 
The table below presents earned premiums by geographic location for the three and nine months ended September 30, 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
September 30,
For the Nine Months Ended
September 30,
(in millions)2022202120222021
United States$329.8 $322.7 $999.2 $949.7 
United Kingdom113.8 129.1 349.8 344.9 
Bermuda11.4 10.3 28.8 46.1 
Malta— 7.7 3.7 32.7 
All other jurisdictions— 17.7 8.4 50.5 
Total earned premiums$455.0 $487.5 $1,389.9 $1,423.9 
The following table represents identifiable assets:
(in millions)September 30, 2022December 31, 2021
U.S. Operations$5,597.1 $5,800.1 
International Operations3,864.4 3,932.3 
Run-off Lines266.1 314.7 
Corporate and Other131.1 270.7 
Total$9,858.7 $10,317.8 
Included in total assets at September 30, 2022 and December 31, 2021 are $302.5 million and $554.2 million, respectively, in assets associated with trade capital providers.