Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Financial information for OneBeacon's segments

Financial information for OneBeacon's reportable segments is as follows:



	Insurance Operations						Investing, Financing and Corporate
	Specialty Products			Specialty Industries			Investing, Financing and Corporate			Consolidated
	($ in millions)
Three months ended March 31, 2014
Earned premiums	$	135.4		$	141.1		$	—		$	276.5
Loss and loss adjustment expense	(78.0		)	(71.4		)	—			(149.4		)
Policy acquisition expenses	(21.4		)	(25.3		)	—			(46.7		)
Other underwriting expenses	(22.2		)	(27.2		)	—			(49.4		)
Total underwriting income	13.8			17.2			—			31.0
Net investment income	—			—			10.0			10.0
Net realized and change in unrealized investment gains	—			—			18.9			18.9
Net other revenues	0.1			0.1			0.8			1.0
General and administrative expenses	0.1			(0.5		)	(2.9		)	(3.3		)
Interest expense	—			—			(3.2		)	(3.2		)
Pre-tax income from continuing operations	$	14.0		$	16.8		$	23.6		$	54.4

Three months ended March 31, 2013
Earned premiums	$	153.7		$	132.8		$	—		$	286.5
Loss and loss adjustment expense	(78.6		)	(70.3		)	—			(148.9		)
Policy acquisition expenses	(30.4		)	(24.4		)	—			(54.8		)
Other underwriting expenses	(24.3		)	(25.0		)	—			(49.3		)
Total underwriting income	20.4			13.1			—			33.5
Net investment income	—			—			9.4			9.4
Net realized and change in unrealized investment gains	—			—			28.4			28.4
Net other revenues	0.3			0.2			23.5			24.0
General and administrative expenses	—			(0.6		)	(3.4		)	(4.0		)
Interest expense	—			—			(3.2		)	(3.2		)
Pre-tax income from continuing operations	$	20.7		$	12.7		$	54.7		$	88.1

Schedule of selected balance sheet of the segments



	Insurance Operations				Investing, Financing and Corporate⁽¹⁾
	Specialty Products		Specialty Industries		Investing, Financing and Corporate⁽¹⁾		Consolidated
	($ in millions)
March 31, 2014
Total investment securities	$	—	$	—	$	2,415.7	$	2,415.7
Reinsurance recoverables	56.2		26.9		—		83.1
Deferred acquisition costs	55.4		50.5		—		105.9
Unpaid loss and loss adjustment expense reserves	617.6		452.2		—		1,069.8
Unearned premiums	303.8		278.4		—		582.2
Debt	—		—		274.7		274.7

December 31, 2013
Total investment securities	$	—	$	—	$	2,364.9	$	2,364.9
Reinsurance recoverables	60.2		29.7		—		89.9
Deferred acquisition costs	53.6		50.1		—		103.7
Unpaid loss and loss adjustment expense reserves	607.8		446.5		—		1,054.3
Unearned premiums	275.4		269.5		—		544.9
Debt	—		—		274.7		274.7

_______________________________________________________________________________

⁽¹⁾As described in Note 2, balances related to the the Runoff Business are presented as held for sale. Total investment securities excludes $222.2 million and $236.3 million of fixed maturity investments reclassified to assets held for sale as of March 31, 2014 and December 31, 2013, respectively.

Schedule of net written premiums, earned premiums and ratios for OneBeacon's insurance operations by segment and in total, as well as for the three major underwriting units within Specialty Insurance Operations

The following tables provide net written premiums, earned premiums and underwriting ratios for OneBeacon's insurance operations by reportable segment and in total, for the three months ended March 31, 2014, and 2013:



	Insurance Operations
($ in millions)	Specialty Products			Specialty Industries			Consolidated
Three months ended March 31, 2014
Net written premiums	$	160.8		$	150.3		$	311.1
Earned premiums	135.4			141.1			276.5
Underwriting ratios:⁽¹⁾
Loss and LAE	57.6		%	50.6		%	54.0		%
Expense	32.2			37.2			34.8
Total combined ratio	89.8		%	87.8		%	88.8		%

Three months ended March 31, 2013
Net written premiums	$	123.9		$	141.2		$	265.1
Earned premiums	153.7			132.8			286.5
Underwriting ratios:⁽¹⁾
Loss and LAE	51.2		%	52.9		%	52.0		%
Expense	35.5			37.2			36.3
Total combined ratio	86.7		%	90.1		%	88.3		%

_______________________________________________________________________________


⁽¹⁾	Underwriting ratios are used to measure the components of underwriting profitability and include: The loss and LAE ratio, calculated by dividing loss and LAE by earned premiums; the expense ratio, calculated by dividing policy acquisition and other underwriting expenses by earned premiums; and the combined ratio, the sum of the loss and LAE ratio and the expense ratio.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details