SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Summary of 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:


	2025									2024
Three months ended and at March 31,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	1,655,903		$	1,138,749		$	2,794,652		$	1,574,505		$	1,079,922		$	2,654,427
Net premiums written	1,044,580			705,459			1,750,039			1,022,354			699,719			1,722,073
Net premiums earned	1,010,086			330,734			1,340,820			917,946			340,095			1,258,041
Other insurance related income	156			3,422			3,578			21			8,319			8,340
Current accident year net losses and loss expenses	(576,066)			(227,796)			(803,862)			(496,864)			(231,807)			(728,671)
Net favorable prior year reserve development	13,978			3,959			17,937			—			—			—
Acquisition costs	(194,021)			(70,560)			(264,581)			(176,029)			(78,225)			(254,254)
Underwriting-related general and administrative expenses	(119,592)			(10,846)			(130,438)			(122,087)			(15,706)			(137,793)
Underwriting income	$	134,541		$	28,913		163,454			$	122,987		$	22,676		145,663

Net investment income							207,713									167,383
Net investment gains (losses)							(30,005)									(9,207)
Corporate expenses							(28,725)									(25,580)
Foreign exchange (losses) gains							(57,034)									23,552
Interest expense and financing costs							(16,572)									(17,147)
Reorganization expenses							—									(12,299)

Amortization of intangible assets							(2,729)									(2,729)
Income before income taxes and interest in income of equity method investments							236,102									269,636
Income tax (expense) benefit							(44,322)									124,654
Interest in income of equity method investments							2,291									1,169
Net income							194,071									395,459
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	186,508								$	387,896

Current accident year loss ratio	57.0		%	68.9		%	60.0		%	54.1		%	68.2		%	57.9		%
Prior year reserve development ratio	(1.4		%)	(1.2		%)	(1.4		%)	—		%	—		%	—		%
Net losses and loss expenses ratio	55.6		%	67.7		%	58.6		%	54.1		%	68.2		%	57.9		%
Acquisition cost ratio	19.2		%	21.3		%	19.7		%	19.2		%	23.0		%	20.2		%
General and administrative expense ratio	11.9		%	3.3		%	11.9		%	13.3		%	4.6		%	13.0		%
Combined ratio	86.7		%	92.3		%	90.2		%	86.6		%	95.8		%	91.1		%

Goodwill and intangible assets	$	239,736		$	—		$	239,736		$	284,956		$	—		$	284,956