Reserves for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Reserves for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of reserves for losses and loss adjustment expenses (“LAE”):

	For the Years Ended December 31,
(in millions)	2022		2021		2020
Net reserves beginning of the year	$	3,123.2	$	2,906.1	$	2,722.7
Net Ariel Indemnity Limited reserves acquired	—		—		27.9
Add:
Losses and LAE incurred during current calendar year, net of reinsurance:
Current accident year	1,102.2		1,176.3		1,201.1
Prior accident years	64.7		138.3		7.7
Losses and LAE incurred during calendar year, net of reinsurance	1,166.9		1,314.6		1,208.8
Deduct:
Losses and LAE payments made during current calendar year, net of reinsurance:
Current accident year	171.5		180.8		253.4
Prior accident years	828.0		688.4		866.4
Losses and LAE payments made during current calendar year, net of reinsurance:	999.5		869.2		1,119.8
Less:
Divestitures (1)	35.2		—		—
Reclassified to liabilities held-for-sale (2)	313.0		—		—
Net reserves ceded to Syndicate 1200 (2)	129.6		—		—
Loss portfolio transfer:
U.S. (3)	472.6		—		—
Syndicate 1200 (for years of account 2019 and 2018) (4)	144.0		—		—
Reinsurance to close transaction (for years of account 2017 and prior) (5)	—		219.7		—
Total net reserve adjustments	1,094.4		219.7		—
Change in participation interest (6)	34.3		8.4		32.8
Foreign exchange adjustments	(17.4)		(17.0)		33.7
Net reserves - end of year	2,213.1		3,123.2		2,906.1
Add:
Reinsurance recoverables on unpaid losses and LAE, end of year	2,838.5		2,471.8		2,499.9
Gross reserves - end of year	$	5,051.6	$	5,595.0	$	5,406.0

(1)Refer to the sale of Argo Seguros and AGSE in Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information.

(2)Refer to the sale of Argo Underwriting Agency Limited in Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information. Additionally, the Company reduced net reserves in the amount of $129.6 million for reinsurance contracts with AUA subsidiaries, which were reclassified to held-for-sale.

(3)Loss portfolio transfer of the Company’s U.S. casualty insurance reserves for accident years 2011 to 2019. Refer to Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information.

(4)Loss portfolio transfer on Syndicate 1200's reserves for the 2018 and 2019 years of account. Refer to Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information.

(5)Amount represents reserves ceded under the reinsurance to close transaction with RiverStone for Lloyd’s years of account 2017 and prior, effective January 1, 2021.

(6)Amount represents the change in reserves due to changing our participation in Syndicates 1200 and 1910.

Impact from (Favorable) Unfavorable Development of Prior Accident Years’ Loss and LAE Reserves on Each Reporting Segment

The impact from the net unfavorable (favorable) development of prior accident years’ losses and LAE reserves on each reporting segment is presented below: 

	For the Years Ended December 31,
(in millions)	2022		2021		2020
U.S. Operations	$	64.5	$	120.9	$	2.4
International Operations	(2.7)		(26.9)		(6.2)
Run-off Lines	2.9		44.3		11.5
Total (favorable) unfavorable prior-year development	$	64.7	$	138.3	$	7.7

Summary of Information About Incurred and Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

The following tables provide information about incurred and cumulative paid losses and allocated loss adjustment expenses (“ALAE”), net of reinsurance. The following tables also include IBNR reserves plus expected development on reported claims and the cumulative number of reported claims as of December 31, 2022.

Reporting Segment: U.S. Operations Line of Business: Liability (in millions, except number of claims reported)
	Incurred Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	344.5	$	355.8	$	361.0	$	360.4	$	351.5	$	346.6	$	343.1	$	344.8	$	357.3	$	334.3
2014			328.6		337.1		330.0		326.3		323.9		321.9		327.4		341.3		310.7
2015					339.8		343.8		330.3		328.7		328.0		335.4		347.9		318.9
2016							342.6		350.5		342.4		353.0		355.3		379.0		349.1
2017									374.8		373.7		384.3		397.7		431.7		385.2
2018											426.1		430.4		414.5		420.4		366.5
2019													421.1		423.7		427.1		318.6
2020															404.2		386.7		371.1
2021																	416.4		419.1
2022																			439.5
																	Total		$	3,613.0
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	36.5	$	109.7	$	174.3	$	228.8	$	266.5	$	289.3	$	306.9	$	318.2	$	325.4	$	329.3
2014			32.4		91.0		154.6		206.9		240.6		266.3		283.2		291.4		304.4
2015					33.7		86.9		140.2		195.6		236.4		263.9		289.3		305.6
2016							28.5		84.5		144.1		217.1		255.6		293.8		327.1
2017									27.8		83.0		158.8		238.5		295.2		348.0
2018											34.3		98.9		175.8		245.5		315.9
2019													32.4		113.6		186.1		260.1
2020															25.6		85.9		149.0
2021																	27.5		83.1
2022																			27.2
																	Total		$	2,449.7
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2013, net of reinsurance																			56.5
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	1,219.8

	As of December 31, 2022
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2013	$	334.3	$	0.4	22,317
2014	310.7		—		22,254
2015	318.9		6.5		20,874
2016	349.1		11.5		17,947
2017	385.2		22.7		20,419
2018	366.5		21.8		22,925
2019	318.6		21.1		22,161
2020	371.1		136.0		17,452
2021	419.1		253.5		13,367
2022	439.5		354.3		11,011

(1)Information presented for calendar years prior to 2022 is required supplementary information and is unaudited.

(2)During 2021, the Company revised the manner in which it measures reported claims. The cumulative number of reported claims is measured by individual claimant at a coverage level. Reported occurrences that do not result in a liability are included as reported claims. During 2021, we implemented additional processes to consolidate multiple data sources for U.S. Operations reserving. As part of that process, the level of detail used to determine the number of reported claims for some of the business units in US Operations changed. As a result, the cumulative number of reported claims for each accident year presented above as of December 31, 2021 is not comparable to the cumulative number of reported claims disclosed in previously issued financial statements.

Reporting Segment: U.S. Operations Line of Business: Professional (in millions, except number of claims reported)
	Incurred Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	20.9	$	21.5	$	21.1	$	19.0	$	19.8	$	19.5	$	18.3	$	18.1	$	18.0	$	17.9
2014			22.4		22.4		26.0		33.7		36.2		35.4		35.1		34.4		32.7
2015					29.9		29.5		33.2		34.0		37.1		37.9		38.3		31.3
2016							44.2		44.8		45.1		42.9		35.5		43.0		43.5
2017									60.1		61.8		78.3		87.9		99.5		87.0
2018											70.8		73.2		79.2		94.8		88.5
2019													94.4		96.8		105.0		94.5
2020															152.6		142.6		127.8
2021																	177.8		159.5
2022																			185.4
																	Total		868.1
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	1.9	$	6.3	$	10.9	$	14.2	$	17.6	$	17.5	$	17.9	$	17.9	$	17.9	$	17.9
2014			2.3		5.4		15.1		24.1		25.5		32.3		33.3		33.6		33.5
2015					1.8		8.3		15.6		20.8		26.2		31.3		31.7		33.8
2016							2.4		11.9		24.6		28.9		30.8		34.4		38.3
2017									3.5		24.9		38.0		59.7		77.9		85.5
2018											4.5		16.7		43.8		62.6		78.8
2019													4.9		32.9		50.0		81.7
2020															13.3		36.4		70.5
2021																	12.2		39.6
2022																			14.3
																	Total		$	493.9
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2013, net of reinsurance																			(3.0)
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	371.2

	As of December 31, 2022
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2013	$	17.9	$	—	625
2014	32.7		(0.8)		1,044
2015	31.3		(2.5)		1,832
2016	43.5		2.4		3,263
2017	87.0		1.7		3,772
2018	88.5		8.8		4,328
2019	94.5		9.5		5,133
2020	127.8		29.6		5,476
2021	159.5		97.4		5,895
2022	185.4		163.2		4,864

(1)Information presented for calendar years prior to 2022 is required supplementary information and is unaudited.

(2)During 2021, the Company revised the manner in which it measures reported claims. The cumulative number of reported claims is measured by individual claimant at a coverage level. Reported occurrences that do not result in a liability are included as reported claims. During 2021, we implemented additional processes to consolidate multiple data sources for U.S. Operations reserving. As part of that process, the level of detail used to determine the number of reported claims for some of the business units in US Operations changed. As a result, the cumulative number of reported claims for each accident year presented above as of December 31, 2021 is not comparable to the cumulative number of reported claims disclosed in previously issued financial statements.

Reporting Segment: U.S. Operations Line of Business: Property (in millions, except number of claims reported)
	Incurred Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	74.5	$	79.9	$	78.7	$	78.2	$	77.8	$	78.2	$	78.4	$	78.2	$	77.2	$	76.9
2014			80.4		82.2		77.0		77.1		76.9		76.9		76.1		76.0		76.1
2015					74.0		73.4		69.9		68.9		69.1		69.2		69.2		68.4
2016							59.4		57.6		57.1		56.6		56.6		56.5		54.2
2017									75.2		79.6		86.9		94.9		94.5		97.4
2018											89.2		93.1		95.1		96.9		102.4
2019													91.4		88.8		98.4		97.9
2020															129.5		133.2		133.1
2021																	111.7		114.8
2022																			103.1
																	Total		$	924.3
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	52.5	$	73.2	$	75.5	$	77.4	$	77.1	$	75.9	$	78.1	$	78.2	$	77.2	$	76.9
2014			51.6		73.1		75.7		76.4		76.3		76.4		76.1		76.0		76.0
2015					44.6		67.6		68.6		67.9		68.3		68.5		69.0		68.6
2016							39.4		55.2		55.8		56.1		56.4		56.3		54.5
2017									54.4		95.3		113.9		100.8		88.4		95.1
2018											61.3		126.7		107.0		98.8		101.4
2019													55.8		82.4		90.9		94.0
2020															75.9		116.6		121.6
2021																	71.3		118.3
2022																			52.2
																	Total		858.6
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2013, net of reinsurance																			(5.5)
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	60.2

	As of December 31, 2022
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2013	$	76.9	$	—	9,707
2014	76.1		—		8,034
2015	68.4		(0.1)		7,341
2016	54.2		(0.2)		7,687
2017	97.4		(1.3)		9,913
2018	102.4		(2.4)		10,868
2019	97.9		1.9		11,481
2020	133.1		(7.3)		11,356
2021	114.8		(14.5)		10,255
2022	103.1		22.8		7,960

(1)Information presented for calendar years prior to 2022 is required supplementary information and is unaudited.

(2)During 2021, the Company revised the manner in which it measures reported claims. The cumulative number of reported claims is measured by individual claimant at a coverage level. Reported occurrences that do not result in a liability are included as reported claims. During 2021, we implemented additional processes to consolidate multiple data sources for U.S. Operations reserving. As part of that process, the level of detail used to determine the number of reported claims for some of the business units in US Operations changed. As a result, the cumulative number of reported claims for each accident year presented above as of December 31, 2021 is not comparable to the cumulative number of reported claims disclosed in previously issued financial statements.

Reporting Segment: U.S. Operations Line of Business: Specialty (in millions, except number of claims reported)
	Incurred Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	10.0	$	8.6	$	4.6	$	2.5	$	1.7	$	0.9	$	0.9	$	0.9	$	0.9	$	0.9
2014			13.1		13.1		8.9		6.0		4.8		4.6		4.6		4.1		4.1
2015					14.8		14.3		9.5		5.5		1.2		0.5		0.3		0.2
2016							15.0		15.0		11.2		6.2		4.7		3.3		3.2
2017									16.2		16.2		7.6		0.9		0.7		0.7
2018											20.9		17.4		3.3		3.5		3.5
2019													22.7		8.5		5.6		5.9
2020															25.4		10.3		15.9
2021																	27.9		5.2
2022																			33.0
																	Total		$	72.6
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	0.4	$	0.9	$	0.9	$	0.9	$	0.9	$	0.9	$	0.9	$	0.9	$	0.9	$	0.9
2014			1.1		3.3		4.0		4.0		4.1		4.1		4.0		4.1		4.1
2015					0.2		0.1		0.2		0.3		0.3		0.3		0.3		0.2
2016							1.3		1.6		2.2		2.2		2.2		2.8		2.8
2017									0.3		0.1		—		0.1		0.2		0.2
2018											—		0.7		1.7		1.2		2.4
2019													0.7		0.7		3.2		5.4
2020															0.3		7.6		10.6
2021																	0.2		1.4
2022																			0.1
																	Total		28.1
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2013, net of reinsurance																			0.8
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	45.3

	As of December 31, 2022
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2013	$	0.9	$	—	28
2014	4.1		—		20
2015	0.2		—		14
2016	3.2		0.4		46
2017	0.7		0.5		62
2018	3.5		0.1		82
2019	5.9		0.4		124
2020	15.9		0.7		273
2021	5.2		3.7		290
2022	33.0		25.7		236

(1)Information presented for calendar years prior to 2022 is required supplementary information and is unaudited.

(2)During 2021, the Company revised the manner in which it measures reported claims. The cumulative number of reported claims is measured by individual claimant at a coverage level. Reported occurrences that do not result in a liability are included as reported claims. During 2021, we implemented additional processes to consolidate multiple data sources for U.S. Operations reserving. As part of that process, the level of detail used to determine the number of reported claims for some of the business units in US Operations changed. As a result, the cumulative number of reported claims for each accident year presented above as of December 31, 2021 is not comparable to the cumulative number of reported claims disclosed in previously issued financial statements.

Reporting Segment: International Operations Operating Division: Argo Insurance Bermuda Line of Business: Liability (in millions, except number of claims reported)
	Incurred Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	8.5	$	8.5	$	8.5	$	8.5	$	4.9	$	2.2	$	5.3	$	5.3	$	6.0	$	5.8
2014			9.8		9.8		9.8		6.2		1.5		2.3		2.3		1.6		1.6
2015					11.3		14.3		24.8		35.4		45.4		45.1		51.3		50.3
2016							13.9		14.0		14.0		6.6		6.1		0.8		2.4
2017									17.1		17.3		26.9		30.3		37.3		44.3
2018											8.9		32.1		26.6		24.2		22.9
2019													13.3		13.6		13.8		13.3
2020															23.3		24.9		12.4
2021																	12.3		11.4
2022																			11.1
																	Total		$	175.5
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	—	$	—	$	—	$	—	$	2.3	$	2.3	$	2.3	$	2.4	$	2.4	$	3.7
2014			—		—		0.1		0.1		1.2		1.2		1.4		1.4		1.4
2015					—		—		16.1		20.3		26.6		34.8		38.9		50.2
2016							—		—		—		0.1		0.1		0.2		0.3
2017									—		3.3		3.4		18.0		19.7		22.0
2018											—		13.8		18.3		18.5		18.5
2019													—		0.1		0.7		0.6
2020															0.8		7.0		0.5
2021																	—		—
2022																			—
																	Total		$	97.2
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2013, net of reinsurance																			0.5
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	78.8

	As of December 31, 2022
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2013	$	5.8	$	0.2	1,210
2014	1.6		(0.4)		1,360
2015	50.3		—		1,623
2016	2.4		2.0		1,987
2017	44.3		7.8		2,114
2018	22.9		3.5		1,140
2019	13.3		12.1		1,179
2020	12.4		11.9		1,336
2021	11.4		10.2		1,252
2022	11.1		11.1		875

(1)Information presented for calendar years prior to 2022 is required supplementary information and is unaudited.

(2)The cumulative number of reported claims is measured by individual claimant at a coverage level. Reported occurrences that do not result in a liability are included as reported claims.

Reporting Segment: International Operations Operating Division: Argo Insurance Bermuda Line of Business: Professional (in millions, except number of claims reported)
	Incurred Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	3.8	$	3.8	$	3.8	$	3.1	$	1.8	$	—	$	—	$	—	$	1.0	$	3.5
2014			4.0		4.0		4.0		4.0		3.9		10.2		12.5		8.1		10.1
2015					4.9		4.9		4.9		2.7		5.0		5.2		7.3		7.9
2016							6.7		6.7		4.8		3.1		7.3		3.1		1.9
2017									7.6		7.6		9.7		9.5		12.4		10.5
2018											8.3		8.3		8.0		6.5		21.3
2019													9.6		8.7		16.4		18.3
2020															10.4		10.4		10.4
2021																	13.0		13.0
2022																			9.5
																	Total		$	106.4
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2013 (1)		2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)
2013	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2014			—		—		—		0.3		1.0		0.4		3.2		0.4		0.4
2015					—		—		—		—		—		—		2.9		2.9
2016							—		—		—		—		—		—		—
2017									0.1		0.1		4.9		9.8		9.8		9.8
2018											—		—		2.0		2.1		6.0
2019													2.0		0.6		0.6		0.7
2020															—		—		—
2021																	—		—
2022																			—
																	Total		19.8
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2013, net of reinsurance																			0.3
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	86.9

	As of December 31, 2022
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2013	$	3.5	$	3.4	1,081
2014	10.1		2.3		1,142
2015	7.9		3.5		1,197
2016	1.9		1.8		1,293
2017	10.5		0.7		1,357
2018	21.3		9.9		1,138
2019	18.3		7.6		843
2020	10.4		10.3		908
2021	13.0		13.0		822
2022	9.5		9.5		597

(1)Information presented for calendar years prior to 2022 is required supplementary information and is unaudited.

(2)The cumulative number of reported claims is measured by individual claimant at a coverage level. Reported occurrences that do not result in a liability are included as reported claims.

Summary of Reconciliation of Net Incurred and Paid Development to Liability for Unpaid Losses and LAE in Consolidated Balance Sheets

The reconciliation of the net incurred and paid development tables to the liability for unpaid losses and LAE in our Consolidated Balance Sheets is as follows:

(in millions)	As of December 31, 2022
Liabilities for unpaid losses and ALAE:
US Operations:
Liability	$	1,219.8
Professional	371.2
Property	60.2
Specialty	45.3
International Operations:
Argo Insurance Bermuda- Liability	78.8
Argo Insurance Bermuda- Professional	86.9
Run-off Lines	168.0
Other lines	132.8
Total liabilities for unpaid losses and ALAE, net of reinsurance	2,163.0
Reinsurance recoverables on unpaid losses and LAE:
US Operations:
Liability	1,389.0
Professional	356.9
Property	205.2
Specialty	18.3
International Operations:
Argo Insurance Bermuda- Liability	215.4
Argo Insurance Bermuda- Professional	137.0
Run-off Lines	69.8
Other lines	446.9
Total reinsurance recoverables on unpaid losses and LAE	2,838.5
Unallocated loss adjustment expenses	69.4
Unamortized reserve discount	(19.3)
Gross liability for unpaid losses and LAE	$	5,051.6

Schedule of Supplementary Unaudited Information About Annual Percentage Payout of Incurred Losses and ALAE, Net of Reinsurance

The following table provides supplementary unaudited information about the annual percentage payout of incurred losses and ALAE, net of reinsurance, as of December 31, 2022:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (1)
	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10	Remainder
U.S. Operations:
US Liability	7.8%	17.0%	18.5%	19.4%	12.4%	8.6%	6.1%	3.0%	2.1%	1.5%	3.6%
US Professional	5.4%	17.0%	19.4%	17.5%	12.2%	9.8%	6.7%	4.4%	2.8%	1.8%	2.8%
US Property	56.6%	33.1%	6.7%	2.5%	0.8%	0.2%	0.1%	—%	—%	—%	—%
US Specialty	27.9%	32.4%	23.5%	10.0%	4.0%	1.5%	0.5%	0.2%	0.1%	—%	—%
International Operations:
Bermuda Insurance Professional	2.7%	7.6%	11.8%	13.7%	13.5%	11.9%	9.8%	7.7%	5.9%	4.4%	11.1%
Bermuda Insurance Liability	0.5%	14.7%	19.6%	15.2%	10.7%	7.7%	5.6%	4.3%	3.4%	2.7%	15.6%

(1) The average annual percentage payout is calculated from a paid losses and ALAE development pattern based on an actuarial analysis of the paid losses and ALAE movements by accident year for each disaggregation category. The paid losses and ALAE development pattern provides the expected percentage of ultimate losses and ALAE to be paid in each year. The pattern considers all accident years included in the claim’s development tables.

Schedule of Information About Discounted Liabilities for Unpaid Losses and LAE

The following tables provide information about these discounted liabilities for unpaid losses and LAE:

	Carrying Amount of
	Reserves for Losses & LAE						Aggregate Amount of Discount
	As of December 31,						As of December 31,
(in millions, except discount percentages)	2022		2021		2020		2022		2021		2020
US Operations:
Commercial Specialty - Liability	$	168.0	$	163.1	$	150.4	$	14.7	$	14.1	$	12.9
Run-off Lines	93.0		114.3		128.4		4.6		4.7		4.9
Total	$	261.0	$	277.4	$	278.8	$	19.3	$	18.8	$	17.8

	Interest Accretion (1)						Discount Rate
	For the Years Ended December 31,						As of December 31,
	2022		2021		2020		2022	2021	2020
US Operations:
Commercial Specialty - Liability	$	1.7	$	0.9	$	1.9	2.25%	2.25%	2.25%
Run-off Lines	0.1		0.2		—		3.50%	3.50%	3.50%
Total	$	1.8	$	1.1	$	1.9

(1) Interest accretion is recorded in the line item Losses and loss adjustment expenses in our Consolidated Statements of Income (Loss).