XML 50 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:
At and year ended December 31, 2021InsuranceReinsuranceTotal
Gross premiums written$4,863,232 $2,822,752 $7,685,984 
Net premiums written2,894,885 2,031,739 4,926,624 
Net premiums earned2,651,339 2,058,511 4,709,850 
Other insurance related income1,662 21,633 23,295 
Net losses and loss expenses(1,514,998)(1,493,785)(3,008,783)
Acquisition costs(484,344)(437,490)(921,834)
Underwriting-related general and administrative expenses(429,282)(107,552)(536,834)
Underwriting income$224,377 $41,317 265,694 
Net investment income454,301 
Net investment gains134,279 
Corporate expenses(126,470)
Foreign exchange losses(315)
Interest expense and financing costs(62,302)
Reorganization expenses— 
Amortization of value of business acquired(3,854)
Amortization of intangible assets(12,424)
Income before income taxes and interest in income of equity method investments648,909 
Income tax expense(62,384)
Interest in income of equity method investments32,084 
Net income618,609 
Preferred share dividends30,250 
Net income available to common shareholders$588,359 
Net losses and loss expenses ratio57.1 %72.6 %63.9 %
Acquisition cost ratio18.3 %21.3 %19.6 %
General and administrative expense ratio 16.2 %5.1 %14.0 %
Combined ratio91.6 %99.0 %97.5 %
Goodwill and intangible assets$309,518 $— $309,518 
At and year ended December 31, 2020InsuranceReinsuranceTotal
Gross premiums written$4,018,399 $2,808,539 $6,826,938 
Net premiums written2,357,501 1,978,908 4,336,409 
Net premiums earned2,299,038 2,072,271 4,371,309 
Other insurance related income (loss)2,647 (10,736)(8,089)
Net losses and loss expenses(1,697,014)(1,584,238)(3,281,252)
Acquisition costs(461,533)(467,984)(929,517)
Underwriting-related general and administrative expenses(378,839)(99,129)(477,968)
Underwriting income (loss)$(235,701)$(89,816)(325,517)
Net investment income349,601 
Net investment gains129,133 
Corporate expenses(101,822)
Foreign exchange losses(81,069)
Interest expense and financing costs(75,049)
Reorganization expenses(7,881)
Amortization of value of business acquired(5,139)
Amortization of intangible assets(11,390)
Income (loss) before income taxes and interest in income (loss) of equity method investments(129,133)
Income tax benefit12,321 
Interest in income (loss) of equity method investments(3,612)
Net income (loss)(120,424)
Preferred share dividends30,250 
Net income (loss) available (attributable) to common shareholders$(150,674)
Net losses and loss expenses ratio73.8 %76.4 %75.1 %
Acquisition cost ratio20.1 %22.6 %21.3 %
General and administrative expense ratio16.5 %4.8 %13.2 %
Combined ratio110.4 %103.8 %109.6 %
Goodwill and intangible assets$320,434 $— $320,434 
At and year ended December 31, 2019InsuranceReinsuranceTotal
Gross premiums written$3,675,931 $3,222,927 $6,898,858 
Net premiums written2,209,155 2,280,460 4,489,615 
Net premiums earned2,190,084 2,397,094 4,587,178 
Other insurance related income2,858 13,586 16,444 
Net losses and loss expenses(1,278,679)(1,766,119)(3,044,798)
Acquisition costs(468,281)(556,301)(1,024,582)
Underwriting-related general and administrative expenses(401,963)(103,772)(505,735)
Underwriting income (loss)$44,019 $(15,512)28,507 
Net investment income478,572 
Net investment gains91,233 
Corporate expenses(129,096)
Foreign exchange gains12,041 
Interest expense and financing costs(68,107)
Reorganization expenses(37,384)
Amortization of value of business acquired(26,722)
Amortization of intangible assets(11,597)
Income before income taxes and interest in income of equity method investments337,447 
Income tax expense(23,692)
Interest in income of equity method investments9,718 
Net income323,473 
Preferred share dividends41,112 
Net income available to common shareholders$282,361 
Net losses and loss expenses ratio58.4 %73.7 %66.4 %
Acquisition cost ratio21.4 %23.2 %22.3 %
General and administrative expense ratio 18.3 %4.3 %13.9 %
Combined ratio98.1 %101.2 %102.6 %
Goodwill and intangible assets$332,553 $— $332,553 
GROSS PREMIUMS WRITTEN BY GEOGRAPHICAL LOCATION OF SUBSIDIARIES
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
Years ended December 31,202120202019
Bermuda$542,693 $602,432 $738,258 
Ireland1,667,496 1,516,596 1,679,646 
U.S.4,002,748 3,398,108 3,090,547 
Lloyd's of London1,473,047 1,309,802 1,390,407 
Gross premiums written$7,685,984 $6,826,938 $6,898,858 
NET PREMIUMS EARNED BY SEGMENT AND LINE OF BUSINESS The following table presents net premiums earned by segment and line of business:    
Years ended December 31,202120202019
Insurance
Property$662,977 $605,650 $633,550 
Marine354,193 293,746 281,764 
Terrorism47,995 47,378 47,345 
Aviation84,882 70,910 55,028 
Credit and political risk96,604 105,869 91,698 
Professional lines898,307 715,276 661,250 
Liability354,518 313,291 264,667 
Accident and health151,134 143,723 144,499 
Discontinued lines - Novae729 3,195 10,283 
Total Insurance2,651,339 2,299,038 2,190,084 
Reinsurance
Catastrophe238,775 244,934 267,591 
Property231,080 256,244 311,625 
Credit and surety158,549 187,721 208,717 
Professional lines220,448 207,605 206,328 
Motor247,092 255,916 398,565 
Liability431,012 396,906 373,664 
Engineering28,238 60,521 63,899 
Agriculture82,744 73,696 188,925 
Marine and aviation58,678 53,516 59,209 
Accident and health361,197 333,996 319,619 
Discontinued lines - Novae698 1,216 (1,048)
Total Reinsurance2,058,511 2,072,271 2,397,094 
Total$4,709,850 $4,371,309 $4,587,178