Reserves for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Reserves for Losses and Loss Adjustment Expenses

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

	Successor		Predecessor
	Period from		Period from		For the Years Ended December 31,
(in millions)	November 16, 2023 through December 31, 2023		January 1, 2023 through November 15, 2023		2022		2021
Net reserves beginning of the period	$	2,734.6	$	2,213.1	$	3,123.2	$	2,906.1
Add:
Losses and LAE incurred during current calendar year, net of reinsurance:
Current accident year	94.2		775.3		1,102.2		1,176.3
Prior accident years	—		267.9		64.7		138.3
Losses and LAE incurred during calendar year, net of reinsurance	94.2		1,043.2		1,166.9		1,314.6
Deduct:
Losses and LAE payments made during current calendar year, net of reinsurance:
Current accident year	33.5		100.6		171.5		180.8
Prior accident years	51.8		427.3		828.0		688.4
Losses and LAE payments made during current calendar year, net of reinsurance:	85.3		527.9		999.5		869.2
Add/(Deduct):
Divestitures (1)	—		24.4		(35.2)		—
Reclassified to liabilities held-for-sale (2)	—		—		(313.0)		—
Net reserves ceded to Syndicate 1200 (2)	—		—		(129.6)		—
Deferred gain on U.S. loss portfolio transfer, net of amortization	—		(40.9)		—		—
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)
Retroactive reinsurance (6)	—		21.7		—		—
Change in participation interest (7)	—		—		34.3		8.4
Total net reserve adjustments	—		5.2		(1,060.1)		(211.3)
Foreign exchange adjustments	3.6		1.0		(17.4)		(17.0)
Net reserves - end of period	2,747.1		2,734.6		2,213.1		3,123.2
Add:
Reinsurance recoverables on unpaid losses and LAE, end of year	2,797.4		2,791.8		2,838.5		2,471.8
Gross reserves - end of period	$	5,544.5	$	5,526.4	$	5,051.6	$	5,595.0

(1)For the period ended November 15, 2023, the adjustment relates to the year-to-date activity of Syndicate 1200 and on reinsurance contracts with AUA subsidiaries. Refer to the sale of Argo Underwriting Agency Limited in Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information. For the period ended December 31, 2022, 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)In connection with the sale of AUA, the Company entered into two retroactive reinsurance agreements with AUA subsidiaries.

(7)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: 

	Predecessor
	Period from		For the Years Ended December 31,
(in millions)	January 1, 2023 through November 15, 2023		2022		2021
U.S. Operations	$	246.3	$	64.5	$	120.9
International Operations	21.4		(2.7)		(26.9)
Run-off Lines	0.2		2.9		44.3
Total (favorable) unfavorable prior-year development	$	267.9	$	64.7	$	138.3

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, 2023.

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,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	328.6	$	337.1	$	330.0	$	326.3	$	323.9	$	321.9	$	327.4	$	341.3	$	310.7	$	312.1
2015			339.8		343.8		330.3		328.7		328.0		335.4		347.9		318.9		321.5
2016					342.6		350.5		342.4		353.0		355.3		379.0		349.1		354.5
2017							374.8		373.7		384.3		397.7		431.7		385.2		391.2
2018									426.1		430.4		414.5		420.4		366.5		390.7
2019											421.1		423.7		427.1		318.6		353.1
2020													404.2		386.7		371.1		433.9
2021															416.4		419.1		461.2
2022																	439.5		466.9
2023																			435.8
																	Total		$	3,920.9
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	32.4	$	91.0	$	154.6	$	206.9	$	240.6	$	266.3	$	283.2	$	291.4	$	304.4	$	305.8
2015			33.7		86.9		140.2		195.6		236.4		263.9		289.3		305.6		307.2
2016					28.5		84.5		144.1		217.1		255.6		293.8		327.1		331.8
2017							27.8		83.0		158.8		238.5		295.2		348.0		354.2
2018									34.3		98.9		175.8		245.5		315.9		335.7
2019											32.4		113.6		186.1		260.1		290.6
2020													25.6		85.9		149.0		228.7
2021															27.5		83.1		164.8
2022																	27.2		92.0
2023																			22.4
																	Total		$	2,433.2
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2014, net of reinsurance																			58.7
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	1,546.4

	As of December 31, 2023
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2014	$	312.1	$	(7.0)	22,319
2015	321.5		(1.3)		20,936
2016	354.5		4.9		18,105
2017	391.2		0.1		20,982
2018	390.7		6.1		23,539
2019	353.1		(4.2)		22,976
2020	433.9		115.1		18,812
2021	461.2		211.7		15,248
2022	466.9		291.5		13,729
2023	435.8		361.0		10,514

(1)Information presented for calendar years prior to 2023 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,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	22.4	$	22.4	$	26.0	$	33.7	$	36.2	$	35.4	$	35.1	$	34.4	$	32.7	$	32.7
2015			29.9		29.5		33.2		34.0		37.1		37.9		38.3		31.3		31.3
2016					44.2		44.8		45.1		42.9		35.5		43.0		43.5		46.1
2017							60.1		61.8		78.3		87.9		99.5		87.0		87.3
2018									70.8		73.2		79.2		94.8		88.5		87.8
2019											94.4		96.8		105.0		94.5		117.7
2020													152.6		142.6		127.8		160.0
2021															177.8		159.5		159.6
2022																	185.4		169.1
2023																			164.0
																	Total		1,055.6
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	2.3	$	5.4	$	15.1	$	24.1	$	25.5	$	32.3	$	33.3	$	33.6	$	33.5	$	33.6
2015			1.8		8.3		15.6		20.8		26.2		31.3		31.7		33.8		33.8
2016					2.4		11.9		24.6		28.9		30.8		34.4		38.3		43.5
2017							3.5		24.9		38.0		59.7		77.9		85.5		85.5
2018									4.5		16.7		43.8		62.6		78.8		79.7
2019											4.9		32.9		50.0		81.7		92.9
2020													13.3		36.4		70.5		81.6
2021															12.2		39.6		54.7
2022																	14.3		25.7
2023																			4.1
																	Total		$	535.1
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2014, net of reinsurance																			11.5
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	532.0

	As of December 31, 2023
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2014	$	32.7	$	(0.8)	1,044
2015	31.3		(2.5)		1,832
2016	46.1		2.2		3,264
2017	87.3		(9.7)		3,774
2018	87.8		(3.7)		4,298
2019	117.7		15.4		4,901
2020	160.0		41.6		5,012
2021	159.6		68.4		5,153
2022	169.1		122.1		5,120
2023	164.0		141.8		4,396

(1)Information presented for calendar years prior to 2023 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,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	80.4	$	82.2	$	77.0	$	77.1	$	76.9	$	76.9	$	76.1	$	76.0	$	76.1	$	74.8
2015			74.0		73.4		69.9		68.9		69.1		69.2		69.2		68.4		67.8
2016					59.4		57.6		57.1		56.6		56.6		56.5		54.2		54.4
2017							75.2		79.6		86.9		94.9		94.5		97.4		91.3
2018									89.2		93.1		95.1		96.9		102.4		101.1
2019											91.4		88.8		98.4		97.9		90.3
2020													129.5		133.2		133.1		134.0
2021															111.7		114.8		116.7
2022																	103.1		104.4
2023																			94.7
																	Total		$	929.5
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	51.6	$	73.1	$	75.7	$	76.4	$	76.3	$	76.4	$	76.1	$	76.0	$	76.0	$	76.0
2015			44.6		67.6		68.6		67.9		68.3		68.5		69.0		68.6		68.6
2016					39.4		55.2		55.8		56.1		56.4		56.3		54.5		54.5
2017							54.4		95.3		113.9		100.8		88.4		95.1		90.5
2018									61.3		126.7		107.0		98.8		101.4		102.5
2019											55.8		82.4		90.9		94.0		96.0
2020													75.9		116.6		121.6		126.6
2021															71.3		118.3		118.2
2022																	52.2		94.7
2023																			59.1
																	Total		886.7
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2014, net of reinsurance																			0.5
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	43.3

	As of December 31, 2023
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2014	$	74.8	$	(1.2)	8,057
2015	67.8		(0.8)		7,362
2016	54.4		(0.1)		7,701
2017	91.3		(2.6)		9,930
2018	101.1		(4.3)		10,881
2019	90.3		(6.9)		11,496
2020	134.0		(6.4)		11,379
2021	116.7		(5.8)		10,312
2022	104.4		2.6		9,119
2023	94.7		16.2		7,707

(1)Information presented for calendar years prior to 2023 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,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	13.1	$	13.1	$	8.9	$	6.0	$	4.8	$	4.6	$	4.6	$	4.1	$	4.1	$	4.1
2015			14.8		14.3		9.5		5.5		1.2		0.5		0.3		0.2		0.2
2016					15.0		15.0		11.2		6.2		4.7		3.3		3.2		2.8
2017							16.2		16.2		7.6		0.9		0.7		0.7		0.6
2018									20.9		17.4		3.3		3.5		3.5		3.3
2019											22.7		8.5		5.6		5.9		5.8
2020													25.4		10.3		15.9		15.0
2021															27.9		5.2		2.0
2022																	33.0		28.9
2023																			34.6
																	Total		$	97.3
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	1.1	$	3.3	$	4.0	$	4.0	$	4.1	$	4.1	$	4.0	$	4.1	$	4.1	$	4.1
2015			0.2		0.1		0.2		0.3		0.3		0.3		0.3		0.2		0.2
2016					1.3		1.6		2.2		2.2		2.2		2.8		2.8		2.8
2017							0.3		0.1		—		0.1		0.2		0.2		0.2
2018									—		0.7		1.7		1.2		2.4		2.9
2019											0.7		0.7		3.2		5.4		5.2
2020													0.3		7.6		10.6		10.5
2021															0.2		1.4		1.6
2022																	0.1		13.4
2023																			1.1
																	Total		42.0
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2014, net of reinsurance																			0.6
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	55.9

	As of December 31, 2023
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2014	$	4.1	$	—	20
2015	0.2		—		14
2016	2.8		0.1		46
2017	0.6		0.4		62
2018	3.3		0.3		82
2019	5.8		0.1		124
2020	15.0		—		274
2021	2.0		0.3		291
2022	28.9		5.6		257
2023	34.6		33.1		175

(1)Information presented for calendar years prior to 2023 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,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	9.8	$	9.8	$	9.8	$	6.2	$	1.5	$	2.3	$	2.3	$	1.6	$	1.6	$	1.6
2015			11.3		14.3		24.8		35.4		45.4		45.1		51.3		50.3		50.3
2016					13.9		14.0		14.0		6.6		6.1		0.8		2.4		6.5
2017							17.1		17.3		26.9		30.3		37.3		44.3		46.2
2018									8.9		32.1		26.6		24.2		22.9		19.8
2019											13.3		13.6		13.8		13.3		13.3
2020													23.3		24.9		12.4		12.4
2021															12.3		11.4		12.4
2022																	11.1		11.1
2023																			12.7
																	Total		$	186.3
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	—	$	—	$	0.1	$	0.1	$	1.2	$	1.2	$	1.4	$	1.4	$	1.4	$	1.4
2015			—		—		16.1		20.3		26.6		34.8		38.9		50.2		50.3
2016					—		—		—		0.1		0.1		0.2		0.3		0.3
2017							—		3.3		3.4		18.0		19.7		22.0		27.6
2018									—		13.8		18.3		18.5		18.5		19.1
2019											—		0.1		0.7		0.6		0.9
2020													0.8		7.0		0.5		0.6
2021															—		—		0.3
2022																	—		—
2023																			—
																	Total		$	100.5
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2014, net of reinsurance																			2.5
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	88.3

	As of December 31, 2023
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2014	$	1.6	$	(0.4)	1,361
2015	50.3		—		1,629
2016	6.5		6.0		1,969
2017	46.2		7.8		2,176
2018	19.8		0.4		1,159
2019	13.3		12.4		1,254
2020	12.4		7.0		1,434
2021	12.4		6.2		1,436
2022	11.1		11.1		1,293
2023	12.7		12.5		1,519

(1)Information presented for calendar years prior to 2023 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,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	4.0	$	4.0	$	4.0	$	4.0	$	3.9	$	10.2	$	12.5	$	8.1	$	10.1	$	10.1
2015			4.9		4.9		4.9		2.7		5.0		5.2		7.3		7.9		5.2
2016					6.7		6.7		4.8		3.1		7.3		3.1		1.9		3.8
2017							7.6		7.6		9.7		9.5		12.4		10.5		15.3
2018									8.3		8.3		8.0		6.5		21.3		36.8
2019											9.6		8.7		16.4		18.3		18.1
2020													10.4		10.4		10.4		11.1
2021															13.0		13.0		12.3
2022																	9.5		9.4
2023																			15.9
																	Total		$	138.0
	Cumulative Paid Losses & ALAE, Net of Reinsurance
Accident Year	For the Years Ended December 31,
	2014 (1)		2015 (1)		2016 (1)		2017 (1)		2018 (1)		2019 (1)		2020 (1)		2021 (1)		2022 (1)		2023 (1)
2014	$	—	$	—	$	—	$	0.3	$	1.0	$	0.4	$	3.2	$	0.4	$	0.4	$	0.4
2015			—		—		—		—		—		—		2.9		2.9		4.0
2016					—		—		—		—		—		—		—		0.1
2017							0.1		0.1		4.9		9.8		9.8		9.8		9.9
2018									—		—		2.0		2.1		6.0		6.1
2019											2.0		0.6		0.6		0.7		0.7
2020													—		—		—		6.1
2021															—		—		—
2022																	—		—
2023																			—
																	Total		27.3
Other Property outstanding liabilities including unpaid loss and ALAE prior to 2014, net of reinsurance																			3.2
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	113.9

	As of December 31, 2023
Accident Year	Incurred Losses & ALAE, Net of Reinsurance		IBNR & Expected Development on Reported Claims		Cumulative Number of Reported Claims (2)
2014	$	10.1	$	2.3	1,130
2015	5.2		1.1		1,158
2016	3.8		3.7		1,280
2017	15.3		5.3		1,471
2018	36.8		23.0		1,101
2019	18.1		7.1		1,111
2020	11.1		5.0		965
2021	12.3		11.5		858
2022	9.4		9.4		844
2023	15.9		15.8		883

(1)Information presented for calendar years prior to 2023 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, 2023
Liabilities for unpaid losses and ALAE:
US Operations:
Liability	$	1,546.4
Professional	532.0
Property	43.3
Specialty	55.9
International Operations:
Argo Insurance Bermuda- Liability	88.3
Argo Insurance Bermuda- Professional	113.9
Run-off Lines	147.7
Other lines	169.7
Total liabilities for unpaid losses and ALAE, net of reinsurance	2,697.2
Reinsurance recoverables on unpaid losses and LAE:
US Operations:
Liability	1,382.6
Professional	424.4
Property	169.9
Specialty	25.5
International Operations:
Argo Insurance Bermuda- Liability	246.3
Argo Insurance Bermuda- Professional	181.7
Run-off Lines	53.2
Other lines	313.8
Total reinsurance recoverables on unpaid losses and LAE	2,797.4
Unallocated loss adjustment expenses	70.7
Unamortized reserve discount	(20.8)
Gross liability for unpaid losses and LAE	$	5,544.5

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, 2023:

	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:
U.S. Liability	8.6%	18.8%	20.8%	21.4%	11.8%	7.1%	4.2%	2.5%	1.6%	1.0%	2.2%
U.S. Professional	7.1%	17.5%	19.6%	17.3%	13.2%	9.2%	6.1%	3.9%	2.4%	1.5%	2.2%
U.S. Property	56.4%	35.8%	5.7%	1.6%	0.4%	0.1%	—%	—%	—%	—%	—%
U.S. Specialty	15.2%	47.8%	23.8%	8.6%	2.5%	1.1%	0.5%	0.2%	0.1%	0.1%	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%	13.5%	18.4%	14.7%	10.7%	7.8%	5.9%	4.5%	3.6%	2.9%	17.5%

(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)	2023		2022		2021		2023		2022		2021
US Operations:
Commercial Specialty - Liability	$	182.6	$	168.0	$	163.1	$	16.1	$	14.7	$	14.1
Run-off Lines	76.8		93.0		114.3		4.7		4.6		4.7
Total	$	259.4	$	261.0	$	277.4	$	20.8	$	19.3	$	18.8

	Interest Accretion (1)								Discount Rate
	Successor		Predecessor
	Period from		Period from		For the Years Ended December 31,				As of December 31,
	November 16, 2023 through December 31, 2023		January 1, 2023 through November 15, 2023		2022		2021		2023	2022	2021
US Operations:
Commercial Specialty - Liability	$	0.1	$	1.3	$	1.7	$	0.9	2.25%	2.25%	2.25%
Run-off Lines	—		0.1		0.1		0.2		3.50%	3.50%	3.50%
Total	$	0.1	$	1.4	$	1.8	$	1.1

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