Segments (Tables)

12 Months Ended

Dec. 31, 2023

The following tables summarize the Group's segment disclosures:


	2023
	Specialty			Bespoke			Reinsurance			Other		Total
Gross premiums written	$	2,241.3		$	720.4		$	617.3		$	—	$	3,579.0
Net premiums written	1,465.5			416.0			255.1			—		2,136.6
Net premiums earned	1,203.3			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 income	331.1			143.2			161.0			(308.0)		327.3
Net realized and unrealized investment gains												4.9
Net investment income												119.5
Other income												0.1
Net gain on distribution of Fidelis MGU												1,639.1
Corporate and other expenses												(4.1)
Net foreign exchange losses												(4.1)
Financing costs												(35.5)
Income before income taxes												2,047.2
Income tax benefit												85.3
Net income												2,132.5
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 year	45.2		%	33.7		%	36.3		%			41.5		%
Loss ratio - prior accident years	3.3		%	(9.2		%)	(27.0		%)			(3.4		%)
Loss ratio - total	48.5		%	24.5		%	9.3		%			38.1		%
Policy acquisition expense ratio	24.0		%	37.4		%	27.2		%			27.2		%
Underwriting ratio	72.5		%	61.9		%	36.5		%			65.3		%
Fidelis MGU commissions ratio												12.3		%
General & administrative expense ratio												4.5		%
Combined ratio												82.1		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.


	2022
	Specialty			Bespoke			Reinsurance			Other		Total
Gross premiums written	$	1,616.2		$	795.7		$	606.2		$	—	$	3,018.1
Net premiums written	1,057.4			566.6			234.4			—		1,858.4
Net premiums earned	849.4			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 income	151.3			130.2			4.4			(165.5)		120.4
Net realized and unrealized investment losses												(33.7)
Net investment income												40.7
Other income												1.9

Corporate and other expenses												(20.5)
Net foreign exchange gains												6.8
Financing costs												(35.5)
Income before income taxes												80.1
Income tax expense												(17.8)
Net income												62.3
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 years	11.0			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 year	61.2		%	38.4		%	69.3		%			56.8		%
Loss ratio - prior accident years	(1.3		%)	(7.5		%)	6.7		%			(1.5		%)
Loss ratio - total	59.9		%	30.9		%	76.0		%			55.3		%
Policy acquisition expense ratio	22.3		%	35.2		%	22.4		%			25.6		%
Underwriting ratio	82.2		%	66.1		%	98.4		%			80.9		%

General & administrative expense ratio												11.0		%
Combined ratio												91.9		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.


	2021
	Specialty			Bespoke			Reinsurance			Other		Total
Gross premiums written	$	1,121.0		$	595.3		$	1,084.5		$	—	$	2,800.8
Net premiums written	757.6			439.1			409.9			—		1,606.6
Net premiums earned	534.5			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 gains												13.5
Net investment income												20.6
Other income												1.0

Corporate and other expenses												(2.7)
Net foreign exchange losses												(0.4)
Financing costs												(35.4)

Income before income taxes												78.7
Income tax expense												(0.4)
Net income												78.3
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 years	18.0			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 year	42.0		%	36.1		%	105.7		%			60.9		%
Loss ratio - prior accident years	(3.4		%)	(8.3		%)	8.0		%			(0.8		%)
Loss ratio - total	38.6		%	27.8		%	113.7		%			60.1		%
Policy acquisition expense ratio	20.4		%	32.7		%	15.5		%			21.6		%
Underwriting ratio	59.0		%	60.5		%	129.2		%			81.7		%

General & administrative expense ratio												11.3		%
Combined ratio												93.0		%

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(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

The following table summarizes gross premiums written by line of business within each underwriting segment.

The following table presents gross premiums written by the geographical location of the Group’s subsidiaries: