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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We are primarily engaged in underwriting property and casualty insurance and reinsurance. As a result of the Company’s merger with Brookfield Wealth Solutions Ltd, and overall strategic assessment of the business, the Company changed its internal segments in a manner that caused the composition of its reporting segments to change in the fourth quarter of 2024. The Company’s reporting segments were realigned to three reportable segments—Casualty Lines, Specialty Lines, and Run-off Lines. For the period January 1, 2023 through November 15, 2023 (Predecessor) and for the year ended December 31, 2022 we had two ongoing reporting segments: U.S. Operations and International Operations. In addition, the Run-off Lines segment is for certain products that we no longer underwrite. The Company has recast all applicable Successor periods for comparability.
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 operating segments. Transactions between segments are reported in the segment that initiated the transaction.
Our reporting segments consist primarily of the following products:
•Casualty Lines: Argo Construction, Argo Environmental, Argo Casualty, Rockwood, Bermuda Casualty, and Bermuda Insurance and Europe
•Specialty Lines: Specialty Programs and Fronting, Colony Specialty Garage, Argo Inland Marine, and Bermuda Property
•Run-off Lines: Liability and surety policies
We have identified our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as our Chief Operating Decision Maker (“CODM”).
In evaluating the operating performance of our segments, the CODM assesses the segments’ performance by using each segments’ segment operating income (loss) consistent with GAAP measures.
The CODM uses segment operating income (loss) for each segment predominantly in the quarterly/annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for the profit measure when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment operating income (loss) for each segment for evaluating pricing strategy and to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
Realized investment and other gains (losses) are reported as a component of Corporate and Other, 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.
Revenue and segment operating income (loss) for each segment were as follows:
Successor
For the Year Ended December 31, 2024
(in millions)Casualty LinesSpecialty LinesRun-off LinesTotal
Net earned premiums$546.1 $257.8 $285.9 $1,089.8 
Net investment income112.4 17.5 119.9 249.8 
Total segment revenues658.5 275.3 405.8 1,339.6 
Reconciliation of revenue
Net investment and other gains (losses)20.0 
Total consolidated revenues1,359.6 
Less:
Losses and loss adjustment expenses432.2 165.7 420.4   
Underwriting, acquisition and general expenses145.5 66.2 91.0 
Other segment items (1)
17.2 2.7 18.1 
Segment operating income (loss)63.6 40.7 (123.7)(19.4)
Reconciliation of profit or loss
Unallocated amounts:
Non-operating expenses17.6 
Foreign currency exchange (gains) losses(1.0)
Net investment and other (gains) losses(20.0)
Total other expenses (2)
174.3 
Income (loss) before income taxes$(190.3)
(1) Includes interest expense and fee and other expense (income), net.
(2) Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $172.0 million.
Successor
The period from November 16, 2023 through December 31, 2023
(in millions)Casualty LinesSpecialty LinesRun-off LinesTotal
Net earned premiums$66.5 $33.2 $62.6 $162.3 
Net investment income10.1 5.2 13.3 28.6 
Total segment revenues76.6 38.4 75.9 190.9 
Reconciliation of revenue
Net investment and other gains (losses)(0.3)
Total consolidated revenues190.6 
Less:
Losses and loss adjustment expenses42.1 19.5 32.6   
Underwriting, acquisition and general expenses15.2 9.5 13.2 
Other segment items (1)
1.3 0.6 1.4 
Segment Operating Income (Loss)18.0 8.8 28.7 55.5 
Reconciliation of profit or loss
Unallocated amounts:
Non-operating expenses13.1 
Foreign currency exchange (gains) losses0.6 
Net investment and other (gains) losses0.3 
Total other expenses (2)
39.3 
Income (loss) before income taxes$2.2 
(1) Includes interest expense and fee and other expense (income), net.
(2) Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $37.9 million.
Predecessor
Period from For the Year Ended
(in millions)January 1, 2023 through November 15, 2023December 31, 2022
Revenue:  
Net earned premiums  
U.S. Operations$1,101.6 $1,209.0 
International Operations124.0 530.5 
Run-off Lines0.3 0.9 
Total net earned premiums1,225.9 1,740.4 
Net investment income  
U.S. Operations99.9 88.4 
International Operations18.7 39.1 
Run-off Lines2.7 2.3 
Total net investment income121.3 129.8 
Net investment and other gains (losses)(22.7)(115.3)
Total revenue$1,324.5 $1,754.9 

Predecessor
Period from For the Year Ended
(in millions)January 1, 2023 through November 15, 2023December 31, 2022
Income (loss) before income taxes  
U.S. Operations$(127.5)$(22.9)
International Operations6.7 63.8 
Run-off Lines(1.2)(1.8)
Total segment income before income taxes(122.0)39.1 
Corporate and Other(22.5)(32.0)
Net investment and other gains (losses) (22.7)(115.3)
Foreign currency exchange gains (losses)(1.8)5.0 
Impairment of goodwill and intangible assets— (28.5)
Non-operating expense(41.1)(51.5)
Total income (loss) before income taxes$(210.1)$(183.2)
The table below presents net earned premiums by geographic location for the periods November 16, 2023 through December 31, 2023 (Successor), and January 1, 2023 through November 15, 2023 (Predecessor), and for the years ended December 31, 2024 and 2022. 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.
 Successor
Predecessor
For the Year EndedPeriod from Period from For the Year Ended
(in millions)December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
United States$989.0 $147.4 $1,101.9 $1,209.9 
United Kingdom— — 48.3 480.2 
Bermuda100.8 14.9 75.7 38.0 
Malta— — — 3.9 
All other jurisdictions— — — 8.4 
Total net earned premiums$1,089.8 $162.3 $1,225.9 $1,740.4 

The following table represents identifiable assets by geographic location:
As of
(in millions)December 31, 2024December 31, 2023
U.S. Operations$7,429.3 $6,813.1 
International Operations1,450.3 1,690.0 
Total assets$8,879.6 $8,503.1