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Reserves for Losses and Loss Adjustment Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The following table presents a reconciliation of reserves for losses and loss adjustment expenses for the years ended December 31, 2023, 2022 and 2021:
202320222021
Reserves for losses and loss adjustment expenses, beginning of year$2,045.2 $1,386.5 $818.0 
Reinsurance recoverable on reserves for losses and loss adjustment expenses(976.1)(795.2)(382.2)
Net reserves for losses and loss adjustment expenses, beginning of year1,069.1 591.3 435.8 
Net losses and loss adjustment expenses incurred in respect of losses occurring in:
Current year761.7 852.3 706.4 
Prior years(62.9)(22.1)(9.6)
Total incurred698.8 830.2 696.8 
Net losses and loss adjustment expenses paid in respect of losses occurring in:
Current year(110.1)(82.5)(216.7)
Prior years(329.4)(242.2)(311.9)
Total paid(439.5)(324.7)(528.6)
Foreign exchange11.9 (27.7)(12.7)
Net reserves for losses and loss adjustment expenses, end of year1,340.3 1,069.1 591.3 
Reinsurance recoverable on reserves for losses and loss adjustment expenses1,108.6 976.1 795.2 
Reserves for losses and loss adjustment expenses, end of year
$2,448.9 $2,045.2 $1,386.5 
The table below reconciles the loss development information to the Group’s reserves for losses and loss adjustment expenses at December 31, 2023 and 2022:
20232022
Reserves for losses and loss adjustment expenses, net of reinsurance
Specialty$887.5 $582.8 
Bespoke184.0 90.8 
Reinsurance244.4 375.1 
Total reserves for losses and loss adjustment expenses, net of reinsurance1,315.9 1,048.7 
Reinsurance recoverable on reserves for losses and loss adjustment expenses
Specialty$469.0 278.5 
Bespoke106.5 65.3 
Reinsurance533.1 632.3 
Total reinsurance recoverable on reserves for losses and loss adjustment expenses1,108.6 976.1 
Unallocated loss adjustment expenses24.4 20.4 
Total gross reserves for losses and loss adjustment expenses$2,448.9 $2,045.2 
Short-Duration Insurance Contracts, Claims Development
Specialty
Incurred losses and loss adjustment expenses – net of reinsurance
Accident Year201520162017201820192020202120222023Total of IBNR
plus expected development on reported losses
<----------------------------------------------------------- Unaudited ----------------------------------------------------------->
20152.21.10.2———————
201610.14.23.53.42.22.41.91.90.2
20179.15.62.42.02.01.82.0—
201810.113.611.211.513.013.40.1
201928.724.129.941.150.08.1
202072.549.046.947.72.1
2021219.4196.9214.66.2
2022514.7527.0165.9
2023542.8280.0
Total1,399.4462.6
Cumulative paid losses and loss adjustment expenses, net of reinsurance
Accident Year201520162017201820192020202120222023
<-------------------------------------------------------- Unaudited ------------------------------------------------->
2015—————————
2016—0.11.61.71.81.81.71.7
2017—0.40.61.52.01.61.7
2018—3.09.610.010.311.2
20195.217.013.423.832.5
20207.629.432.837.2
202132.7102.0151.5
202254.4194.2
202373.4
Total503.4
Reserve FX(8.5)
ULAE13.6
Liabilities for losses and loss adjustment expenses, net of reinsurance901.1
Bespoke
Incurred losses and loss adjustment expenses – net of reinsurance
Accident Year201520162017201820192020202120222023
Total of IBNR
plus expected development on reported losses(1)
<----------------------------------------------------------- Unaudited ----------------------------------------------------------->
20150.40.40.2—0.1—————
20169.16.16.24.83.92.42.22.20.2
201717.810.811.310.99.47.97.50.6
201834.523.420.018.417.916.1(7.3)
201938.926.628.921.224.13.3
202086.171.879.074.1(69.4)
202183.957.847.318.1
2022152.7132.7103.0
2023126.7106.3
Total430.7154.8
Cumulative paid losses and loss adjustment expenses, net of reinsurance
Accident Year201520162017201820192020202120222023
<-------------------------------------------------------- Unaudited ------------------------------------------------->
2015—————————
2016—1.22.32.42.52.12.12.1
20171.62.13.64.75.75.75.5
20180.32.52.911.013.021.8
20191.96.211.112.816.9
202018.4179.6177.9125.1
202110.417.226.6
20224.122.4
202314.2
234.6
Reserve FX(12.1)
ULAE3.0
Liabilities for losses and loss adjustment expenses, net of reinsurance187.0
__________________
(1)The total of IBNR plus expected development on reported losses for the 2020 accident year in the Bespoke segment includes amounts for salvage totaling $76.7 million for which the Group has paid gross losses to the insured and expects to recover amounts paid via the sale of the repossessed property.
Reinsurance
Incurred losses and loss adjustment expenses – net of reinsurance
Accident Year201520162017201820192020202120222023Total of IBNR
plus expected development on reported losses
<----------------------------------------------------------- Unaudited ----------------------------------------------------------->
20158.97.26.42.82.82.82.82.82.9—
201673.560.653.548.244.740.740.432.410.0
201786.558.751.655.559.555.250.89.8
201884.795.587.386.089.173.41.8
201950.958.960.251.843.73.0
2020193.1226.4244.2240.726.5
2021364.7391.8389.536.3
2022175.6149.041.2
202392.258.2
Total1,074.6186.8
Cumulative paid losses and loss adjustment expenses, net of reinsurance
Accident Year201520162017201820192020202120222023
<-------------------------------------------------------- Unaudited ------------------------------------------------->
2015—0.42.72.82.82.82.82.82.8
20162.111.919.921.121.422.122.322.4
201726.445.047.152.352.734.738.0
201824.222.947.059.672.868.4
20193.038.640.639.738.2
202056.5140.3172.8194.7
2021164.2303.3365.9
202222.278.6
202322.5
831.5
Reserve FX1.3
ULAE7.8
Liabilities for losses and loss adjustment expenses, net of reinsurance252.2
Short-Duration Insurance Contracts, Schedule of Historical Claims Duration
The following table presents the Group’s historical average annual percentage payout of losses and loss adjustment expenses incurred, net of reinsurance by age at December 31, 2023:
Year 1Year 2Year 3Year 4
Year 5
<----------------------------------------- Unaudited ------------------------------------------>
Specialty12 %29 %17 %14 %14 %
Bespoke12 %28 %33 %21 %NM
Reinsurance30 %35 %16 %9 %6 %