XML 58 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Summary of segment results
The following tables provide a summary of the segment results:
Year Ended December 31, 2016
North American  Insurance

Global Markets
Insurance

Reinsurance

Total
Gross premiums written
$
1,856.3

 
$
503.3

 
$
706.2

 
$
3,065.8

Net premiums written
1,223.4

 
367.5

 
664.9

 
2,255.8

Net premiums earned
1,266.9

 
377.8

 
699.4

 
2,344.1

Net losses and loss expenses
(862.2
)
 
(269.5
)
 
(370.1
)
 
(1,501.8
)
Acquisition costs
(132.0
)
 
(66.5
)
 
(141.3
)
 
(339.8
)
General and administrative expenses
(223.3
)
 
(123.7
)
 
(64.5
)
 
(411.5
)
Underwriting income (loss)
49.4


(81.9
)

123.5


91.0

Other insurance-related revenue
6.7

 
1.4

 
4.3

 
12.4

Other insurance-related expenses
(2.3
)
 
(1.1
)
 
(3.4
)
 
(6.8
)
Segment income (loss)
53.8

 
(81.6
)
 
124.4

 
96.6

Net investment income






217.8

Net realized investment gains






2.1

Amortization and impairment of intangible assets






(10.7
)
Interest expense






(63.7
)
Foreign exchange gain






4.1

Income before income taxes






$
246.2

Loss and loss expense ratio
68.1
%
 
71.3
%
 
52.9
%
 
64.1
%
Acquisition cost ratio
10.4
%
 
17.6
%
 
20.2
%
 
14.5
%
General and administrative expense ratio
17.6
%
 
32.7
%
 
9.2
%
 
17.6
%
Expense ratio
28.0
%
 
50.3
%
 
29.4
%
 
32.1
%
Combined ratio
96.1
%
 
121.6
%
 
82.3
%
 
96.2
%
Year Ended December 31, 2015
North American  Insurance
 
Global Markets
Insurance
 
Reinsurance
 
Total
Gross premiums written
$
1,815.3

 
$
476.3

 
$
801.4

 
$
3,093.0

Net premiums written
1,358.1

 
324.1

 
765.8

 
2,448.0

Net premiums earned
1,301.4

 
366.8

 
820.2

 
2,488.4

Net losses and loss expenses
(910.2
)
 
(240.3
)
 
(435.8
)
 
(1,586.3
)
Acquisition costs
(139.6
)
 
(70.9
)
 
(164.9
)
 
(375.4
)
General and administrative expenses
(224.6
)
 
(108.4
)
 
(73.3
)
 
(406.3
)
Underwriting income (loss)
27.0

 
(52.8
)
 
146.2

 
120.4

Other insurance-related revenue
3.5

 
—

 
—

 
3.5

Other insurance-related expenses
(2.7
)
 
(2.5
)
 
(1.0
)
 
(6.2
)
Segment income (loss)
27.8

 
(55.3
)
 
145.2

 
117.7

Net investment income
 
 
 
 
 
 
182.1

Net realized investment losses
 
 
 
 
 
 
(127.6
)
Amortization and impairment of intangible assets
 
 
 
 
 
 
(9.8
)
Interest expense
 
 
 
 
 
 
(61.4
)
Foreign exchange loss
 
 
 
 
 
 
(11.3
)
Income before income taxes
 
 
 
 
 
 
$
89.7

Loss and loss expense ratio
69.9
%
 
65.5
%
 
53.1
%
 
63.7
%
Acquisition cost ratio
10.7
%
 
19.3
%
 
20.1
%
 
15.1
%
General and administrative expense ratio
17.3
%
 
29.5
%
 
8.9
%
 
16.3
%
Expense ratio
28.0
%
 
48.8
%
 
29.0
%
 
31.4
%
Combined ratio
97.9
%
 
114.3
%
 
82.1
%
 
95.1
%
Year Ended December 31, 2014
North American  Insurance
 
Global Markets
Insurance

Reinsurance

Total
Gross premiums written
$
1,716.3

 
$
280.5

 
$
938.6

 
$
2,935.4

Net premiums written
1,230.8

 
188.0

 
903.2

 
2,322.0

Net premiums earned
1,111.1

 
162.6

 
909.0

 
2,182.7

Net losses and loss expenses
(683.8
)
 
(61.1
)
 
(454.3
)
 
(1,199.2
)
Acquisition costs
(105.9
)
 
(18.2
)
 
(171.0
)
 
(295.1
)
General and administrative expenses
(219.6
)
 
(68.1
)
 
(78.0
)
 
(365.7
)
Underwriting income
101.8

 
15.2

 
205.7

 
322.7

Other insurance-related revenue
2.1

 
—

 
—

 
2.1

Other insurance-related expenses
(1.9
)
 
(6.7
)
 
—

 
(8.6
)
Segment income
102.0

 
8.5

 
205.7

 
316.2

Net investment income
 
 
 
 
 
 
176.9

Net realized investment gains
 
 
 
 
 
 
89.0

Amortization of intangible assets
 
 
 
 
 
 
(2.5
)
Interest expense
 
 
 
 
 
 
(57.8
)
Foreign exchange loss
 
 
 
 
 
 
(1.0
)
Income before income taxes
 
 
 
 
 
 
$
520.8

Loss and loss expense ratio
61.5
%
 
37.6
%
 
50.0
%
 
54.9
%
Acquisition cost ratio
9.5
%
 
11.2
%
 
18.8
%
 
13.5
%
General and administrative expense ratio
19.8
%
 
41.9
%
 
8.6
%
 
16.8
%
Expense ratio
29.3
%
 
53.1
%
 
27.4
%
 
30.3
%
Combined ratio
90.8
%
 
90.7
%
 
77.4
%
 
85.2
%
Analysis of gross premiums written by geographic location
The following table shows an analysis of the Company’s gross premiums written by geographic location of the Company’s subsidiaries. All intercompany premiums have been eliminated. 
 
Year Ended December 31,
 
2016

2015

2014
United States
$
1,903.4

 
$
1,893.4

 
$
1,795.6

Bermuda
495.4

 
543.6

 
640.9

Asia Pacific
352.2

 
313.1

 
167.3

Europe
296.3

 
326.9

 
318.6

Canada
18.5

 
16.0

 
13.0

Total gross premiums written
$
3,065.8


$
3,093.0


$
2,935.4
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 years ended December 31, 2016, 2015 and 2014.
 
Year Ended December 31,
 
2016
 
2015
 
2014
North American Insurance:
 
 
 
 
 
Casualty
$
396.7

 
$
424.0

 
$
334.6

Professional liability
388.5

 
385.3

 
276.1

Property
127.6

 
162.8

 
170.3

Healthcare
66.5

 
102.9

 
168.5

Programs
170.4

 
150.7

 
119.8

Specialty and other
117.2

 
75.6

 
41.9

Total
1,266.9

 
1,301.4

 
1,111.1

 
 
 
 
 
 
Global Markets Insurance:
 
 
 
 
 
Property
67.9

 
106.7

 
34.0

Professional liability
96.2

 
102.5

 
69.1

Specialty and other
125.9

 
99.8

 
44.2

Casualty
87.8

 
57.8

 
15.3

Total
377.8

 
366.8

 
162.6

 
 
 
 
 
 
Reinsurance:
 
 
 
 
 
Property
337.2

 
403.5

 
412.0

Casualty
183.7

 
224.4

 
175.5

Specialty
178.5

 
192.3

 
321.5

Total
699.4

 
820.2

 
909.0

Total net premiums earned
$
2,344.1

 
$
2,488.4

 
$
2,182.7