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Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segments
4.           Segments
The chief operating decision maker (“CODM”) reviews the Group's ongoing underwriting operations across three operating segments: Specialty, Bespoke and Reinsurance. In determining how to allocate resources and assess the performance of the Group's underwriting results, management considers many factors including the nature of the insurance product offered, the risks that are covered and the nature of the client.
The Specialty segment is comprised of a specialized portfolio of niche risks that includes Aviation and Aerospace, Energy, Marine, Property, Property Direct & Facultative (“D&F”) business and other specialty risks.
The Bespoke segment is highly specialized in nature providing customized risk solutions for clients which includes Credit & Political Risk and other specific risk transfer opportunities.
The Reinsurance segment is comprised of a property catastrophe book, which includes Property Reinsurance, Retrocession and Whole Account reinsurance.
Assets are not allocated to segments, nor are general and administrative expenses allocated between segments as employees, including underwriters, may work across different segments. Fidelis MGU commissions (see Note 15 (Related Party Transactions)) are not allocated to segments as they are not included in the measure of segment profit reviewed by the CODM, nor is a segment analysis of such expenses provided in other information reviewed by the CODM.
a) The following tables summarize the Group's segment disclosures:
2023
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$2,241.3 $720.4 $617.3 $— $3,579.0 
Net premiums written1,465.5 416.0 255.1 — 2,136.6 
Net premiums earned1,203.3 375.6 253.7 — 1,832.6 
Losses and loss adjustment expenses(583.1)(92.0)(23.7)— (698.8)
Policy acquisition expenses(289.1)(140.4)(69.0)(225.3)(723.8)
General and administrative expenses— — — (82.7)(82.7)
Underwriting income331.1 143.2 161.0 (308.0)327.3 
Net realized and unrealized investment gains4.9 
Net investment income119.5 
Other income0.1 
Net gain on distribution of Fidelis MGU1,639.1 
Corporate and other expenses(4.1)
Net foreign exchange losses(4.1)
Financing costs(35.5)
Income before income taxes2,047.2 
Income tax benefit85.3 
Net income2,132.5 
Net income attributable to non-controlling interests— 
Net income available to common shareholders$2,132.5 
Losses and loss adjustment expenses incurred - current year(542.8)(126.7)(92.2)$(761.7)
Losses and loss adjustment expenses incurred - prior accident years(40.3)34.7 68.5 62.9 
Losses and loss adjustment expenses incurred - total$(583.1)$(92.0)$(23.7)$(698.8)
Underwriting Ratios(1)
Loss ratio - current year45.2 %33.7 %36.3 %41.5 %
Loss ratio - prior accident years3.3 %(9.2 %)(27.0 %)(3.4 %)
Loss ratio - total48.5 %24.5 %9.3 %38.1 %
Policy acquisition expense ratio24.0 %37.4 %27.2 %27.2 %
Underwriting ratio72.5 %61.9 %36.5 %65.3 %
Fidelis MGU commissions ratio12.3 %
General & administrative expense ratio4.5 %
Combined ratio82.1 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
2022
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$1,616.2 $795.7 $606.2 $— $3,018.1 
Net premiums written1,057.4 566.6 234.4 — 1,858.4 
Net premiums earned849.4 384.4 266.7 — 1,500.5 
Losses and loss adjustment expenses(508.7)(118.9)(202.6)— (830.2)
Policy acquisition expenses(189.4)(135.3)(59.7)— (384.4)
General and administrative expenses— — — (165.5)(165.5)
Underwriting income151.3 130.2 4.4 (165.5)120.4 
Net realized and unrealized investment losses(33.7)
Net investment income40.7 
Other income1.9 
Corporate and other expenses(20.5)
Net foreign exchange gains6.8 
Financing costs(35.5)
Income before income taxes80.1 
Income tax expense(17.8)
Net income62.3 
Net income attributable to non-controlling interests(9.7)
Net income available to common shareholders$52.6 
Losses and loss adjustment expenses incurred - current year(519.7)(147.8)(184.8)$(852.3)
Losses and loss adjustment expenses incurred - prior accident years11.0 28.9 (17.8)22.1 
Losses and loss adjustment expenses incurred - total$(508.7)$(118.9)$(202.6)$(830.2)
Underwriting Ratios(1)
Loss ratio - current year61.2 %38.4 %69.3 %56.8 %
Loss ratio - prior accident years(1.3 %)(7.5 %)6.7 %(1.5 %)
Loss ratio - total59.9 %30.9 %76.0 %55.3 %
Policy acquisition expense ratio22.3 %35.2 %22.4 %25.6 %
Underwriting ratio82.2 %66.1 %98.4 %80.9 %
General & administrative expense ratio11.0 %
Combined ratio91.9 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
2021
SpecialtyBespokeReinsuranceOtherTotal
Gross premiums written$1,121.0 $595.3 $1,084.5 $— $2,800.8 
Net premiums written757.6 439.1 409.9 — 1,606.6 
Net premiums earned534.5 256.5 368.7 — 1,159.7 
Losses and loss adjustment expenses(206.2)(71.4)(419.2)— (696.8)
Policy acquisition expenses(109.0)(83.9)(57.2)— (250.1)
General and administrative expenses— — — (130.7)(130.7)
Underwriting income/(loss)219.3 101.2 (107.7)(130.7)82.1 
Net realized and unrealized investment gains13.5 
Net investment income20.6 
Other income1.0 
Corporate and other expenses(2.7)
Net foreign exchange losses(0.4)
Financing costs(35.4)
Income before income taxes78.7 
Income tax expense(0.4)
Net income78.3 
Net income attributable to non-controlling interests(10.0)
Net income available to common shareholders$68.3 
Losses and loss adjustment expenses incurred - current year(224.2)(92.6)(389.6)$(706.4)
Losses and loss adjustment expenses incurred - prior accident years18.0 21.2 (29.6)9.6 
Losses and loss adjustment expenses incurred - total$(206.2)$(71.4)$(419.2)$(696.8)
Underwriting Ratios(1)
Loss ratio - current year42.0 %36.1 %105.7 %60.9 %
Loss ratio - prior accident years(3.4 %)(8.3 %)8.0 %(0.8 %)
Loss ratio - total38.6 %27.8 %113.7 %60.1 %
Policy acquisition expense ratio20.4 %32.7 %15.5 %21.6 %
Underwriting ratio59.0 %60.5 %129.2 %81.7 %
General & administrative expense ratio11.3 %
Combined ratio93.0 %
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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
b) The following table summarizes gross premiums written by line of business within each underwriting segment.
202320222021
Specialty
  Aviation & Aerospace$371.8 $297.3 $174.3 
  Energy172.1 119.5 93.6 
  Marine673.8 542.2 252.1 
  Property79.8 21.6 30.5 
  Property D&F908.3 611.5 543.7 
  Specialty Other35.5 24.1 26.8 
Total Specialty2,241.3 1,616.2 1,121.0 
Bespoke
  Credit & Political Risk516.4 330.9 258.2 
  Other Bespoke204.0 464.8 337.1 
Total Bespoke720.4 795.7 595.3 
Reinsurance
  Property Reinsurance595.5 557.0 1,004.5 
  Retrocession18.5 32.4 59.5 
  Whole Account3.3 16.8 20.5 
Total Reinsurance$617.3 $606.2 $1,084.5 
c) The following table presents gross premiums written by the geographical location of the Group’s subsidiaries:
202320222021
United Kingdom$1,977.0 $1,755.7 $1,297.9 
Bermuda1,047.5 707.6 1,147.4 
Republic of Ireland554.5 554.8 355.5 
Total$3,579.0 $3,018.1 $2,800.8 
The information presented above is after allocation of consolidation adjustments. Amounts relating to intergroup reinsurance are not included in the above table.