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Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
We are primarily engaged in underwriting property and casualty insurance and reinsurance. We have two ongoing reporting segments: U.S. Operations and International Operations. 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 before income taxes for each segment were as follows:
 For the Years Ended December 31,
(in millions)202220212020
Revenue:   
Net earned premiums   
U.S. Operations$1,209.0 $1,283.7 $1,207.6 
International Operations530.5 625.8 572.5 
Run-off Lines0.9 0.6 0.4 
Total net earned premiums1,740.4 1,910.1 1,780.5 
Net investment income   
U.S. Operations88.4 119.4 80.3 
International Operations39.1 50.6 26.7 
Run-off Lines2.3 3.6 4.0 
Corporate and Other— 14.0 1.7 
Total net investment income129.8 187.6 112.7 
Net investment and other gains (losses)(115.3)32.6 (3.6)
Total revenue$1,754.9 $2,130.3 $1,889.6 

 For the Years Ended December 31,
(in millions)202220212020
Income (loss) before income taxes   
U.S. Operations$(22.9)$61.1 $113.1 
International Operations63.8 64.1 (75.3)
Run-off Lines(1.8)(41.5)(9.6)
Total segment income before income taxes39.1 83.7 28.2 
Corporate and Other(32.0)(22.5)(34.5)
Net investment and other gains (losses) (115.3)32.6 (3.6)
Foreign currency exchange gains (losses)5.0 (1.6)(15.4)
Impairment of goodwill and intangible assets(28.5)(43.2)— 
Non-operating expense(51.5)(43.7)(21.1)
Total income (loss) before income taxes$(183.2)$5.3 $(46.4)
The table below presents net earned premiums by geographic location for the years ended December 31, 2022, 2021 and 2020. 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)202220212020
United States$1,209.9 $1,277.0 $1,205.0 
United Kingdom480.2 475.3 361.1 
Bermuda38.0 54.8 96.5 
Malta3.9 35.4 59.5 
All other jurisdictions8.4 67.6 58.4 
Total net earned premiums$1,740.4 $1,910.1 $1,780.5 
The following table represents identifiable assets:
 December 31,
(in millions)20222021
U.S. Operations$5,815.0 $5,800.1 
International Operations (1)
3,791.6 3,932.3 
Run-off Lines284.4 314.7 
Corporate and Other143.4 270.7 
Total$10,034.4 $10,317.8 
(1) $2,066.2 million of International assets were reclassified to assets held-for-sale in 2022. See Note 2, “Recent Acquisitions, Disposals & Other Transactions”.
Included in total assets at December 31, 2022 are $303.7 million in assets associated with trade capital providers that are classified as held-for-sale. Included in total assets at December 31, 2021 are $554.2 million in assets associated with trade capital providers.
The following table represents goodwill and intangible assets, net of accumulated amortization, as of December 31, 2022 and 2021:
GoodwillIntangible Assets, Net of
Accumulated Amortization
(in millions)2022202120222021
U.S. Operations$118.6 $118.6 $— $— 
International Operations (1)
— 28.7 — 17.3 
Total$118.6 $147.3 $— $17.3 
(1) $17.5 million of International goodwill was reclassified to assets held-for-sale in 2022. See Note 2, “Recent Acquisitions, Disposals & Other Transactions”.
During the year ended December 31, 2022, we recorded a $28.5 million impairment charge for the sale of Argo Underwriting Agency Limited, consisting of $17.3 million of indefinite lived intangible assets and $11.2 million of goodwill, representing the difference between the carrying value and implied fair value as determined by the consideration to be received. Refer to Note 2, “Recent Acquisitions, Disposals & Other Transactions” for additional information.
During the year ended December 31, 2021, we recorded a $43.2 million impairment charge on the intangibles related to Syndicate 1200. Management’s fourth quarter of 2021 analysis of Syndicate 1200, reflected an implied fair value which was below the reporting unit’s carrying value. As such, the intangibles impairment charge was recorded during the fourth quarter of 2021.