Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Summary of segment results

The following tables provide a summary of the segment results:

Three Months Ended March 31, 2017	North American Insurance			Global Markets Insurance			Reinsurance			Total
Gross premiums written	$	396.8		$	115.8		$	348.3		$	860.9
Net premiums written	253.9			89.6			332.6			676.1
Net premiums earned	295.0			92.7			157.2			544.9
Net losses and loss expenses	(218.2		)	(55.2		)	(85.6		)	(359.0		)
Acquisition costs	(25.4		)	(16.2		)	(35.5		)	(77.1		)
General and administrative expenses	(59.0		)	(28.2		)	(16.9		)	(104.1		)
Underwriting (loss) income	(7.6		)	(6.9		)	19.2			4.7
Other insurance-related income	0.5			0.8			—			1.3
Other insurance-related expenses	(1.4		)	(0.4		)	(0.5		)	(2.3		)
Segment (loss) income	(8.5		)	(6.5		)	18.7			3.7
Net investment income										52.3
Net realized investment gains										40.7
Amortization of intangible assets										(2.3		)
Other expenses										(4.8		)
Interest expense										(10.4		)
Foreign exchange loss										(1.4		)
Income before income taxes										$	77.8
Loss and loss expense ratio	74.0		%	59.5		%	54.5		%	65.9		%
Acquisition cost ratio	8.6		%	17.5		%	22.6		%	14.1		%
General and administrative expense ratio	20.0		%	30.4		%	10.7		%	19.1		%
Expense ratio	28.6		%	47.9		%	33.3		%	33.2		%
Combined ratio	102.6		%	107.4		%	87.8		%	99.1		%

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 (loss)	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 (loss)	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		%

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,
	2017		2016
United States	$	537.2	$	524.0
Bermuda	142.6		144.2
Europe	94.0		88.9
Asia Pacific	82.5		102.2
Canada	4.6		4.2
Total gross premiums written	$	860.9	$	863.5

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, 2017 and 2016, respectively.

	Three Months Ended   March 31,
	2017		2016
North American Insurance:
Casualty	$	92.1	$	96.7
Professional liability	81.6		101.5
Programs	47.6		39.6
Other specialty	32.6		25.2
Property	27.3		33.8
Healthcare	13.8		19.5
Total	295.0		316.3
Global Markets Insurance:
Other specialty	30.9		30.8
Professional liability	23.0		23.5
Casualty	21.3		23.6
Property	17.5		16.3
Total	92.7		94.2
Reinsurance:
Property	76.6		84.4
Casualty	44.2		46.2
Specialty	36.4		39.0
Total	157.2		169.6
Total net premiums earned	$	544.9	$	580.1