Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

18. Segment Information

We are primarily engaged in underwriting property and casualty insurance and reinsurance. We have four ongoing reporting segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Additionally, we have a Run-off Lines segment for certain products that we no longer underwrite.

We consider many factors, including the nature of each segment’s insurance and reinsurance products, production sources, distribution strategies and the regulatory environment, in determining how to aggregate reporting segments.  Transactions between segments are reported in the segment that initiated the transaction.

In evaluating the operating performance of our segments, we focus on core underwriting and investing results before the consideration of realized gains or losses from the sales of investments. Realized investment gains are reported as a component of the Corporate and Other segment, as decisions regarding the acquisition and disposal of securities reside with the corporate investment function and are not under the control of the individual business segments. Identifiable assets by segment are those assets used in the operation of each segment.

Revenue and income (loss) before income taxes for each segment were as follows:

	For the Years Ended December 31,
(in millions)	2015		2014		2013
Revenue:
Earned premiums
Excess and Surplus Lines	$	525.3	$	485.2	$	460.2
Commercial Specialty		290.1		291.9		299.0
International Specialty		148.7		148.3		142.4
Syndicate 1200		407.4		411.1		401.7
Run-off Lines		0.4		1.6		0.5
Total earned premiums		1,371.9		1,338.1		1,303.8
Net investment income
Excess and Surplus Lines		35.2		36.7		42.2
Commercial Specialty		18.5		18.7		22.8
International Specialty		11.8		8.2		8.4
Syndicate 1200		9.2		10.2		11.0
Run-off Lines		8.3		9.7		10.8
Corporate and Other		2.6		3.1		4.8
Total net investment income		85.6		86.6		100.0
Net realized investment and other gains		27.1		94.0		71.3
Total revenue	$	1,484.6	$	1,518.7	$	1,475.1

	For the Years Ended December 31,
(in millions)	2015			2014			2013
Income (loss) before income taxes
Excess and Surplus Lines	$	96.0		$	106.0		$	89.4
Commercial Specialty		29.9			8.9			21.4
International Specialty		31.3			21.1			11.3
Syndicate 1200		33.8			44.1			37.3
Run-off Lines		(7.2	)		(23.0	)		(10.6	)
Total segment income before taxes		183.8			157.1			148.8
Corporate and Other		(33.4	)		(35.1	)		(40.4	)
Net realized investment and other gains		27.1			94.0			71.3
Total income (loss) before income taxes	$	177.5		$	216.0		$	179.7

The table below presents earned premiums by geographic location. For this disclosure, we determine geographic location by the country of domicile of our subsidiaries that underwrite the business and not by the location of insureds or reinsureds from whom the business was generated.

	For the Years Ended December 31,
(in millions)	2015		2014		2013
Bermuda	$	103.4	$	101.5	$	101.7
Brazil		43.1		44.3		38.7
Malta		1.9		2.1		1.8
United Kingdom		407.4		411.7		401.7
United States		816.1		778.5		759.9
Total earned premiums	$	1,371.9	$	1,338.1	$	1,303.8

The following table represents identifiable assets:

	December 31,
(in millions)	2015		2014
Excess and Surplus Lines	$	2,439.9	$	2,344.0
Commercial Specialty		1,360.7		1,307.0
International Specialty		793.6		776.8
Syndicate 1200		1,371.2		1,258.5
Run-off Lines		527.2		550.5
Corporate and Other		137.5		119.5
Total	$	6,630.1	$	6,356.3

Included in total assets at December 31, 2015 and 2014 are $377.1 million and $315.4 million, respectively, in assets associated with trade capital providers.

The following table represents goodwill and intangible assets, net of accumulated amortization as of December 31:

	Goodwill				Intangible Assets, Net of Accumulated Amortization
(in millions)	2015		2014		2015		2014
Excess and Surplus Lines	$	76.4	$	76.4	$	2.2	$	2.8
Commercial Specialty		47.1		47.1		4.1		5.5
Syndicate 1200		28.7		28.7		67.0		70.3
Total	$	152.2	$	152.2	$	73.3	$	78.6