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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Summary of segment results
The following tables provide a summary of the segment results:
Three Months Ended September 30, 2016
 
North American
 Insurance
 
Global Markets
Insurance
 
Reinsurance
 
Total
Gross premiums written
 
$
466.5

 
$
126.7

 
$
137.0

 
$
730.2

Net premiums written
 
307.9

 
91.3

 
129.1

 
528.3

Net premiums earned
 
312.8

 
96.8

 
174.4

 
584.0

Net losses and loss expenses
 
(215.9
)
 
(74.5
)
 
(85.9
)
 
(376.3
)
Acquisition costs
 
(31.5
)
 
(16.4
)
 
(34.1
)
 
(82.0
)
General and administrative expenses
 
(55.1
)
 
(32.6
)
 
(16.5
)
 
(104.2
)
Underwriting income (loss)
 
10.3

 
(26.7
)
 
37.9

 
21.5

Other insurance-related income
 
1.1

 
0.7

 
—

 
1.8

Other insurance-related expenses
 
(0.6
)
 
(0.3
)
 
(1.3
)
 
(2.2
)
Segment income (loss)
 
$
10.8

 
$
(26.3
)
 
$
36.6

 
$
21.1

Net investment income
 
 
 
 
 
 
 
50.6

Net realized investment gains
 
 
 
 
 
 
 
10.7

Amortization of intangible assets
 
 
 
 
 
 
 
(2.5
)
Interest expense
 
 
 
 
 
 
 
(13.5
)
Foreign exchange loss
 
 
 
 
 
 
 
(1.0
)
Income before income taxes
 
 
 
 
 
 
 
$
65.4

 
 
 
 
 
 
 
 
 
Loss and loss expense ratio
 
69.0
%
 
77.0
%
 
49.3
%
 
64.4
%
Acquisition cost ratio
 
10.1
%
 
17.0
%
 
19.5
%
 
14.0
%
General and administrative expense ratio
 
17.6
%
 
33.7
%
 
9.5
%
 
17.8
%
Expense ratio
 
27.7
%
 
50.7
%
 
29.0
%
 
31.8
%
Combined ratio
 
96.7
%
 
127.7
%
 
78.3
%
 
96.2
%
Three Months Ended September 30, 2015
 
North American
 Insurance
 
Global Markets
Insurance
 
Reinsurance
 
Total
Gross premiums written
 
$
460.4

 
$
132.7

 
$
161.0

 
$
754.1

Net premiums written
 
350.8

 
104.1

 
152.1

 
607.0

Net premiums earned
 
332.8

 
110.3

 
207.6

 
650.7

Net losses and loss expenses
 
(222.3
)
 
(70.9
)
 
(123.7
)
 
(416.9
)
Acquisition costs
 
(35.6
)
 
(22.7
)
 
(41.8
)
 
(100.1
)
General and administrative expenses
 
(58.3
)
 
(29.3
)
 
(18.2
)
 
(105.8
)
Underwriting income (loss)
 
16.6

 
(12.6
)
 
23.9

 
27.9

Other insurance-related income
 
0.7

 
—

 
—

 
0.7

Other insurance-related expenses
 
(0.7
)
 
(0.6
)
 
—

 
(1.3
)
Segment income (loss)
 
$
16.6

 
$
(13.2
)
 
$
23.9

 
$
27.3

Net investment income
 
 
 
 
 
 
 
45.7

Net realized investment losses
 
 
 
 
 
 
 
(113.6
)
Amortization of intangible assets
 
 
 
 
 
 
 
(2.6
)
Interest expense
 
 
 
 
 
 
 
(14.5
)
Foreign exchange gain
 
 
 
 
 
 
 
0.8

Loss before income taxes
 
 
 
 
 
 
 
$
(56.9
)
 
 
 
 
 
 
 
 
 
Loss and loss expense ratio
 
66.8
%
 
64.3
%
 
59.6
%
 
64.1
%
Acquisition cost ratio
 
10.7
%
 
20.6
%
 
20.1
%
 
15.4
%
General and administrative expense ratio
 
17.5
%
 
26.6
%
 
8.7
%
 
16.3
%
Expense ratio
 
28.2
%
 
47.2
%
 
28.8
%
 
31.7
%
Combined ratio
 
95.0
%
 
111.5
%
 
88.4
%
 
95.8
%

Nine Months Ended September 30, 2016
 
North American
 Insurance
 
Global Markets
Insurance
 
Reinsurance
 
Total
Gross premiums written
 
$
1,354.1

 
$
367.6

 
$
672.4

 
$
2,394.1

Net premiums written
 
904.9

 
267.1

 
638.5

 
1,810.5

Net premiums earned
 
958.8

 
285.1

 
523.2

 
1,767.1

Net losses and loss expenses
 
(642.1
)
 
(203.4
)
 
(268.6
)
 
(1,114.1
)
Acquisition costs
 
(102.8
)
 
(50.6
)
 
(104.3
)
 
(257.7
)
General and administrative expenses
 
(164.1
)
 
(93.2
)
 
(48.0
)
 
(305.3
)
Underwriting income (loss)
 
49.8

 
(62.1
)
 
102.3

 
90.0

Other insurance-related income
 
2.6

 
0.7

 
4.3

 
7.6

Other insurance-related expenses
 
(1.9
)
 
(0.3
)
 
(2.8
)
 
(5.0
)
Segment income (loss)
 
$
50.5

 
$
(61.7
)
 
$
103.8

 
$
92.6

Net investment income
 
 
 
 
 
 
 
159.7

Net realized investment gains
 
 
 
 
 
 
 
104.0

Amortization of intangible assets
 
 
 
 
 
 
 
(7.5
)
Interest expense
 
 
 
 
 
 
 
(53.3
)
Foreign exchange gain
 
 
 
 
 
 
 
4.9

Income before income taxes
 
 
 
 
 
 
 
$
300.4

 
 
 
 
 
 
 
 
 
Loss and loss expense ratio
 
67.0
%
 
71.3
%
 
51.3
%
 
63.0
%
Acquisition cost ratio
 
10.7
%
 
17.7
%
 
19.9
%
 
14.6
%
General and administrative expense ratio
 
17.1
%
 
32.7
%
 
9.2
%
 
17.3
%
Expense ratio
 
27.8
%
 
50.4
%
 
29.1
%
 
31.9
%
Combined ratio
 
94.8
%
 
121.7
%
 
80.4
%
 
94.9
%

Nine Months Ended September 30, 2015
 
North American
 Insurance
 
Global Markets
Insurance
 
Reinsurance
 
Total
Gross premiums written
 
$
1,358.6

 
$
328.2

 
$
773.8

 
$
2,460.6

Net premiums written
 
1,019.9

 
216.2

 
747.1

 
1,983.2

Net premiums earned
 
974.2

 
263.0

 
628.4

 
1,865.6

Net losses and loss expenses
 
(655.5
)
 
(157.2
)
 
(360.9
)
 
(1,173.6
)
Acquisition costs
 
(100.8
)
 
(54.1
)
 
(124.5
)
 
(279.4
)
General and administrative expenses
 
(175.7
)
 
(78.1
)
 
(57.5
)
 
(311.3
)
Underwriting income (loss)

 
42.2

 
(26.4
)
 
85.5

 
101.3

Other insurance-related income
 
2.5

 
—

 
—

 
2.5

Other insurance-related expenses
 
(2.1
)
 
(2.2
)
 
—

 
(4.3
)
Segment income (loss)

 
$
42.6

 
$
(28.6
)
 
$
85.5

 
$
99.5

Net investment income
 
 
 
 
 
 
 
133.0

Net realized investment gains
 
 
 
 
 
 
 
(88.8
)
Amortization of intangible assets
 
 
 
 
 
 
 
(6.1
)
Interest expense
 
 
 
 
 
 
 
(43.2
)
Foreign exchange loss
 
 
 
 
 
 
 
(10.4
)
Income before income taxes
 
 
 
 
 
 
 
$
84.0

 
 
 
 
 
 
 
 
 
Loss and loss expense ratio
 
67.3
%
 
59.8
%
 
57.4
%
 
62.9
%
Acquisition cost ratio
 
10.3
%
 
20.6
%
 
19.8
%
 
15.0
%
General and administrative expense ratio
 
18.0
%
 
29.7
%
 
9.1
%
 
16.7
%
Expense ratio
 
28.3
%
 
50.3
%
 
28.9
%
 
31.7
%
Combined ratio
 
95.6
%
 
110.1
%
 
86.3
%
 
94.6
%
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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2016
 
2015
 
2016
 
2015
United States
$
497.5

 
$
489.6

 
$
1,517.5

 
$
1,509.3

Asia Pacific
87.4

 
106.0

 
281.1

 
239.3

Bermuda
75.1

 
84.5

 
360.1

 
449.0

Europe
67.2

 
70.8

 
220.8

 
251.0

Canada
3.0

 
3.2

 
14.6

 
12.0

Total gross premiums written
$
730.2

 
$
754.1

 
$
2,394.1

 
$
2,460.6
Net 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 each of the periods indicated.
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2016
 
2015
 
2016
 
2015
North American Insurance:
 
 
 
 
 
 
 
 
Casualty
 
$
100.7

 
$
112.2

 
$
301.8

 
$
326.2

Professional liability
 
93.9

 
98.4

 
298.5

 
281.9

Programs
 
42.4

 
38.3

 
125.3

 
109.2

Other specialty
 
30.9

 
20.0

 
84.2

 
52.9

Property
 
29.1

 
39.3

 
97.5

 
123.2

Healthcare
 
15.8

 
24.6

 
51.5

 
80.8

Total
 
312.8

 
332.8

 
958.8

 
974.2

 
 
 
 
 
 
 
 
 
Global Markets Insurance:
 
 
 
 
 
 
 
 
Other specialty
 
33.5

 
30.0

 
94.6

 
69.9

Professional liability
 
24.2

 
27.7

 
73.2

 
77.0

Casualty
 
22.3

 
32.0

 
68.0

 
68.9

Property
 
16.8

 
20.6

 
49.3

 
47.2

Total
 
96.8

 
110.3

 
285.1

 
263.0

 
 
 
 
 
 
 
 
 
Reinsurance:
 
 
 
 
 
 
 
 
Property
 
82.9

 
102.3

 
250.6

 
311.5

Casualty
 
48.1

 
58.2

 
141.0

 
174.0

Specialty
 
43.4

 
47.1

 
131.6

 
142.9

Total
 
174.4

 
207.6

 
523.2

 
628.4

Total net premiums earned
 
$
584.0

 
$
650.7

 
$
1,767.1

 
$
1,865.6