Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Summary of segment results

The following tables provide a summary of the segment results:

Three Months Ended March 31, 2016	North American Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	379.2		$	115.5		$	368.8		$	863.5
Net premiums written	266.2			87.6			350.2			704.0
Net premiums earned	316.3			94.2			169.6			580.1
Net losses and loss expenses	(216.3		)	(67.8		)	(88.3		)	(372.4		)
Acquisition costs	(33.9		)	(17.9		)	(36.5		)	(88.3		)
General and administrative expenses	(52.2		)	(29.0		)	(15.2		)	(96.4		)
Underwriting income	13.9			(20.5		)	29.6			23.0
Other insurance-related income	0.6			—			—			0.6
Other insurance-related expenses	(0.7		)	—			(0.4		)	(1.1		)
Segment income	13.8			(20.5		)	29.2			22.5
Net investment income										53.3
Net realized investment gains										18.9
Amortization of intangible assets										(2.5		)
Interest expense										(20.0		)
Foreign exchange gain										3.0
Income before income taxes										$	75.2
Loss and loss expense ratio	68.4		%	72.0		%	52.1		%	64.2		%
Acquisition cost ratio	10.7		%	19.0		%	21.5		%	15.2		%
General and administrative expense ratio	16.5		%	30.8		%	8.9		%	16.6		%
Expense ratio	27.2		%	49.8		%	30.4		%	31.8		%
Combined ratio	95.6		%	121.8		%	82.5		%	96.0		%

Three Months Ended March 31, 2015	North American Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	380.8		$	60.6		$	439.2		$	880.6
Net premiums written	296.9			42.9			432.7			772.5
Net premiums earned	313.0			50.0			205.5			568.5
Net losses and loss expenses	(195.5		)	(20.5		)	(109.2		)	(325.2		)
Acquisition costs	(31.0		)	(7.0		)	(40.7		)	(78.7		)
General and administrative expenses	(59.3		)	(18.0		)	(19.8		)	(97.1		)
Underwriting income	27.2			4.5			35.8			67.5
Other insurance-related income	0.9			—			—			0.9
Other insurance-related expenses	(0.8		)	(1.0		)	—			(1.8		)
Segment income	27.3			3.5			35.8			66.6
Net investment income										44.6
Net realized investment gains										45.0
Amortization of intangible assets										(0.6		)
Interest expense										(14.4		)
Foreign exchange loss										(9.9		)
Income before income taxes										$	131.3
Loss and loss expense ratio	62.5		%	41.0		%	53.1		%	57.2		%
Acquisition cost ratio	9.9		%	14.0		%	19.8		%	13.8		%
General and administrative expense ratio	18.9		%	36.0		%	9.6		%	17.1		%
Expense ratio	28.8		%	50.0		%	29.4		%	30.9		%
Combined ratio	91.3		%	91.0		%	82.5		%	88.1		%

Analysis of gross written premium by geographic location

The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries and branches. All intercompany premiums have been eliminated. 

	Three Months Ended   March 31,
	2016		2015
United States	$	524.0	$	536.6
Bermuda	144.2		196.6
Asia Pacific	102.2		40.1
Europe	88.9		104.0
Canada	4.2		3.3
Total gross premiums written	$	863.5	$	880.6

Premiums earned by segment and line of business

The following table shows the Company’s net premiums earned by line of business for each segment for the three months ended March 31, 2016 and 2015, respectively.

	Three Months Ended   March 31,
	2016		2015
North American Insurance:
Professional liability	$	101.5	$	88.9
Casualty	96.7		104.9
Programs	39.6		34.1
Property	33.8		41.4
Other specialty	25.2		15.6
Healthcare	19.5		28.1
Total	316.3		313.0
Global Markets Insurance:
Other specialty	30.8		12.8
Casualty	23.6		5.9
Professional liability	23.5		23.1
Property	16.3		8.2
Total	94.2		50.0
Reinsurance:
Property	84.4		104.3
Casualty	46.2		56.9
Specialty	39.0		44.3
Total	169.6		205.5
Total net premiums earned	$	580.1	$	568.5