Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Revenue and Income (Loss) Before Income Taxes for Each Segment

Revenue and segment operating income (loss) for each segment were as follows:


	Successor
	For the Year Ended December 31, 2024
(in millions)	Casualty Lines		Specialty Lines		Run-off Lines		Total
Net earned premiums	$	546.1	$	257.8	$	285.9	$	1,089.8
Net investment income	112.4		17.5		119.9		249.8
Total segment revenues	658.5		275.3		405.8		1,339.6
Reconciliation of revenue
Net investment and other gains (losses)							20.0
Total consolidated revenues							1,359.6
Less:
Losses and loss adjustment expenses	432.2		165.7		420.4
Underwriting, acquisition and general expenses	145.5		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 expenses							17.6
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 Lines		Specialty Lines		Run-off Lines		Total
Net earned premiums	$	66.5	$	33.2	$	62.6	$	162.3
Net investment income	10.1		5.2		13.3		28.6
Total segment revenues	76.6		38.4		75.9		190.9
Reconciliation of revenue
Net investment and other gains (losses)							(0.3)
Total consolidated revenues							190.6
Less:
Losses and loss adjustment expenses	42.1		19.5		32.6
Underwriting, acquisition and general expenses	15.2		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 expenses							13.1
Foreign currency exchange (gains) losses							0.6
Net investment and other (gains) losses							0.3
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, 2023		December 31, 2022
Revenue:
Net earned premiums
U.S. Operations	$	1,101.6	$	1,209.0
International Operations	124.0		530.5
Run-off Lines	0.3		0.9
Total net earned premiums	1,225.9		1,740.4
Net investment income
U.S. Operations	99.9		88.4
International Operations	18.7		39.1
Run-off Lines	2.7		2.3

Total net investment income	121.3		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, 2023		December 31, 2022
Income (loss) before income taxes
U.S. Operations	$	(127.5)	$	(22.9)
International Operations	6.7		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)

Schedule of Earned Premiums by Geographic Location

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 Ended		Period from		Period from		For the Year Ended
(in millions)	December 31, 2024		November 16, 2023 through December 31, 2023		January 1, 2023 through November 15, 2023		December 31, 2022
United States	$	989.0	$	147.4	$	1,101.9	$	1,209.9
United Kingdom	—		—		48.3		480.2
Bermuda	100.8		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

Long-Lived Assets by Geographic Areas

The following table represents identifiable assets by geographic location:


	As of
(in millions)	December 31, 2024		December 31, 2023
U.S. Operations	$	7,429.3	$	6,813.1
International Operations	1,450.3		1,690.0
Total assets	$	8,879.6	$	8,503.1