Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses

The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE"):

	Years Ended				Month Ended		Year Ended
	December 31,				December 31,		November 30,
($ in thousands)	2023		2022		2021		2021
Gross unpaid losses and loss adjustment expenses,    beginning of period	$	2,856,275	$	2,415,491	$	2,379,027	$	2,054,628
Reinsurance recoverable on unpaid losses	1,177,863		1,112,543		1,118,273		1,076,063
Net unpaid losses and loss adjustment expenses,    beginning of period	1,678,412		1,302,948		1,260,754		978,565
Net losses and loss adjustment expenses incurred in respect    of losses occurring in:
Current year	730,220		778,936		56,650		628,781
Prior years	(15,617)		(20,603)		—		11,779
Total incurred	714,603		758,333		56,650		640,560
Net losses and loss adjustment expenses paid in respect of   losses occurring in:
Current year	62,811		61,649		3,767		55,979
Prior years	501,987		315,537		11,082		255,543
Total paid	564,798		377,186		14,849		311,522
Foreign currency revaluation and other	40,743		(5,683)		393		(46,849)
Net unpaid losses and loss adjustment expenses,    end of period	1,868,960		1,678,412		1,302,948		1,260,754
Reinsurance recoverable on unpaid losses	1,161,077		1,177,863		1,112,543		1,118,273
Gross unpaid losses and loss adjustment expenses,    end of period	$	3,030,037	$	2,856,275	$	2,415,491	$	2,379,027

Schedule of Short-Duration Insurance Contracts, Claims Development

The following tables show the paid and incurred loss development by broad classification based on groupings of contracts that are similar in coverage and duration:

International Property

($ in thousands, except claim count)

	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended																	As of December 31, 2023
	November 30,														December 31,			IBNR (1)	Cumulative Number of Reported Claims
Accident year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2015	$1		$1		$1		$—		$—		$—		$—		$—		$—	$—	2
2016			7,527		6,551		6,212		6,351		6,011		7,155		7,261		7,349	$31	903
2017					38,379		42,986		44,911		41,819		41,260		41,224		41,230	230	1,164
2018							24,037		26,191		24,873		24,537		24,542		24,466	1,655	1,120
2019									32,695		33,895		36,609		36,672		36,687	1,746	1,421
2020											134,743		144,201		143,676		143,418	10,630	2,201
2021													113,813		124,917		121,907	14,221	1,529
2022															81,324		74,560	20,374	1,031
2023																	53,085	36,154	492
															Total		$502,702	$85,041	9,863
(1)	Total of incurred but not reported liabilities plus expected development on reported claims
	Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended
	November 30,														December 31,
Accident year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2015	$—		$—		$—		$—		$—		$—		$—		$—		$—
2016			171		3,428		4,567		6,668		7,049		6,891		7,003		7,277
2017					9,249		29,283		34,363		40,193		39,984		40,832		40,900
2018							1,322		12,036		17,340		20,053		20,905		21,964
2019									8,307		21,106		20,940		25,818		32,942
2020											24,365		90,859		115,587		132,191
2021													23,564		63,784		101,064
2022															9,996		46,856
2023																	5,502
															Total		$388,696
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																	$114,006
	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance(1)
Years	1 (unaudited)		2 (unaudited)		3 (unaudited)		4 (unaudited)		5 (unaudited)		6 (unaudited)		7 (unaudited)		8 (unaudited)
	16	%	42	%	20	%	13	%	7	%	2	%	—	%	4	%
(1)	Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle.

International Casualty

($ in thousands, except claim count)

The following table discloses losses incurred, losses paid and claims data excluding the impact of the loss portfolio transfer discussed in further detail in Note 8, Reinsurance.

	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended																	As of December 31, 2023
	November 30,														December 31,			IBNR (1)	Cumulative Number of Reported Claims
Accident year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2015	$—		$—		$—		$—		$—		$—		$—		$—		$—	$—	—
2016			171		278		243		342		342		342		388		367	222	32
2017					648		5,187		7,354		6,332		5,857		5,121		5,079	413	73
2018							697		5,890		5,686		4,941		4,351		4,453	374	543
2019									19,882		19,199		18,867		18,112		16,817	1,638	2,645
2020											28,692		24,123		17,870		19,426	2,543	3,546
2021													101,549		109,013		107,024	85,506	3,370
2022															144,543		145,030	109,483	3,382
2023																	145,783	121,965	3,238
															Total		$443,979	$322,144	16,829
(1)	Total of incurred but not reported liabilities plus expected development on reported claims
	Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended
	November 30,														December 31,
Accident year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2015	$—		$—		$—		$—		$—		$—		$—		$—		$—
2016			—		—		82		—		—		—		—		—
2017					—		22		629		2,285		2,406		3,964		4,043
2018							35		439		2,266		3,167		3,800		4,011
2019									177		2,719		6,813		13,332		14,992
2020											3,363		8,420		12,480		16,706
2021													795		11,243		20,080
2022															3,240		9,452
2023																	5,240
															Total		$74,524
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																	$369,455
	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance(1)
Years	1 (unaudited)		2 (unaudited)		3 (unaudited)		4 (unaudited)		5 (unaudited)		6 (unaudited)		7 (unaudited)		8 (unaudited)
	3	%	8	%	13	%	29	%	9	%	18	%	1	%	—	%
(1)	Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle.

International Specialty

($ in thousands, except claim count)

	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended																	As of December 31, 2023
	November 30,														December 31,			IBNR (1)	Cumulative Number of Reported Claims
Accident year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2015	$—		$93		$138		$218		$212		$144		$149		$94		$100	$—	65
2016			2,534		4,771		5,383		5,232		5,370		3,668		3,367		3,325	31	766
2017					22,378		17,430		16,943		15,256		22,030		25,397		27,714	730	1,300
2018							31,724		30,606		29,176		33,129		37,834		42,995	704	1,587
2019									108,035		109,971		104,017		97,777		95,702	6,521	2,728
2020											119,790		116,242		106,774		105,314	10,628	2,864
2021													124,844		136,998		138,471	43,598	2,939
2022															129,423		119,581	51,235	2,478
2023																	178,429	132,862	1,289
															Total		$711,631	$246,309	16,016
(1)	Total of incurred but not reported liabilities plus expected development on reported claims
	Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended
	November 30,														December 31,
Accident year	2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2015	$—		$16		$62		$119		$147		$150		$150		$94		$94
2016			248		2,141		4,000		3,098		3,446		3,600		3,265		3,265
2017					2,427		8,992		16,986		21,763		21,256		23,043		25,858
2018							2,054		17,155		30,652		30,839		35,614		40,792
2019									14,076		59,152		77,532		78,807		86,733
2020											12,218		53,425		84,864		94,657
2021													9,743		45,838		67,950
2022															9,001		41,596
2023																	17,943
															Total		$378,888
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																	$332,743
	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance(1)
Years	1 (unaudited)		2 (unaudited)		3 (unaudited)		4 (unaudited)		5 (unaudited)		6 (unaudited)		7 (unaudited)		8 (unaudited)
	10	%	33	%	23	%	6	%	7	%	10	%	8	%	(2)	%
(1)	Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle.

Bermuda Property

($ in thousands, except claim count)

	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended																			As of December 31, 2023
	November 30,																December 31,			IBNR (1)	Cumulative Number of Reported Claims
Accident year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2014	$19,416		$20,563		$19,374		$17,894		$17,723		$17,727		$17,662		$17,424		$17,440		$17,437	$—	49
2015			29,519		17,011		12,664		12,195		7,828		6,494		6,468		6,439		5,668	—	41
2016					56,248		39,028		37,689		36,081		35,212		36,424		35,698		35,155	4	107
2017							100,840		98,208		93,419		81,078		79,511		83,438		83,626	615	272
2018									69,118		83,023		79,102		79,015		74,200		70,863	429	233
2019											23,664		48,629		58,264		59,009		57,180	2,033	140
2020													113,895		122,350		127,424		125,957	7,839	280
2021															147,349		163,291		158,148	16,755	205
2022																	183,258		209,851	49,850	229
2023																			103,207	53,581	68
																	Total		$867,092	$131,106	1,624
(1)	Total of incurred but not reported liabilities plus expected development on reported claims
	Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended
	November 30,																December 31,
Accident year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2014	$8,047		$14,310		$15,920		$16,592		$17,005		$17,240		$17,313		$17,377		$17,419		$17,419
2015			1,775		4,664		5,163		5,297		5,417		5,608		5,630		5,646		5,647
2016					12,840		25,596		29,623		31,685		32,882		33,985		34,609		34,741
2017							24,533		90,864		71,190		82,940		71,795		75,524		78,356
2018									12,631		71,557		85,660		67,547		65,583		67,410
2019											2,401		32,433		38,002		46,504		49,705
2020													13,253		48,246		75,445		104,870
2021															16,080		71,293		106,089
2022																	35,261		109,215
2023																			26,199
																	Total		$599,651
					Outstanding liabilities for accident year 2013 and prior, net of reinsurance														$40
					Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance														$267,481
	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance(1)
Years	1 (unaudited)		2 (unaudited)		3 (unaudited)		4 (unaudited)		5 (unaudited)		6 (unaudited)		7 (unaudited)		8 (unaudited)		9 (unaudited)
	18	%	45	%	12	%	9	%	(3)	%	3	%	3	%	—	%	—	%
(1)	Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle.

Bermuda Casualty

($ in thousands, except claim count)

	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended																			As of December 31, 2023
	November 30,																December 31,			IBNR (1)	Cumulative Number of Reported Claims
Accident year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2014	$13,350		$13,408		$18,549		$12,871		$18,254		$19,966		$16,478		$16,552		$16,631		$24,475	$1,569	7
2015			19,729		18,378		31,722		30,525		38,780		39,509		50,742		49,692		41,835	9,062	35
2016					44,749		50,174		54,551		54,883		57,099		56,571		60,536		55,193	6,917	7
2017							85,123		96,716		101,802		105,869		113,845		126,429		138,131	12,038	37
2018									101,827		116,054		123,517		122,003		132,004		133,735	23,448	29
2019											85,787		96,535		101,905		101,020		105,609	36,330	18
2020													82,179		84,742		88,638		88,825	37,197	21
2021															69,924		79,272		80,188	48,917	7
2022																	110,673		110,424	93,694	3
2023																			170,569	153,732	25
																	Total		$948,984	$422,904	189
(1)	Total of incurred but not reported liabilities plus expected development on reported claims
	Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended
	November 30,																December 31,
Accident year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2014	$776		$2,026		$3,330		$4,687		$6,223		$10,512		$12,847		$13,336		$13,846		$23,812
2015			708		2,111		3,569		11,246		16,953		18,828		25,671		34,198		30,726
2016					1,541		5,169		12,678		20,504		27,103		35,482		39,381		41,115
2017							3,792		10,961		22,829		50,471		70,548		91,855		106,013
2018									3,782		22,800		50,903		66,889		70,939		87,677
2019											3,965		11,094		23,445		36,161		53,528
2020													5,417		14,495		19,713		35,047
2021															1,934		4,523		11,255
2022																	696		4,744
2023																			2,025
																	Total		$395,942
			Outstanding liabilities for accident year 2013 and prior, net of reinsurance																$47
			Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance																$553,089
	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance(1)
Years	1 (unaudited)		2 (unaudited)		3 (unaudited)		4 (unaudited)		5 (unaudited)		6 (unaudited)		7 (unaudited)		8 (unaudited)		9 (unaudited)
	3	%	7	%	11	%	15	%	11	%	13	%	10	%	9	%	(4)	%
(1)	Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle.

Bermuda Specialty

($ in thousands, except claim count)

	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended																			As of December 31, 2023
	November 30,																December 31,			IBNR (1)	Cumulative Number of Reported Claims
Accident year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2014	$11,857		$12,478		$10,293		$8,377		$9,123		$8,865		$8,730		$8,612		$8,540		$8,594	$—	19
2015			27,712		26,686		19,347		19,240		17,467		16,820		15,383		15,672		15,289	31	39
2016					38,154		34,919		28,984		23,211		19,854		16,865		15,849		15,853	650	58
2017							57,663		44,254		36,329		29,628		24,489		26,829		27,340	961	74
2018									58,959		52,742		48,477		45,178		38,695		39,937	1,494	88
2019											62,474		56,425		48,991		49,175		48,529	3,908	101
2020													63,432		56,970		52,262		54,681	5,184	111
2021															53,898		46,105		35,653	12,686	31
2022																	117,717		114,398	85,491	57
2023																			62,287	52,847	20
																	Total		$422,561	$163,252	598
(1)	Total of incurred but not reported liabilities plus expected development on reported claims
	Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the years ended
	November 30,																December 31,
Accident year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019 (unaudited)		2020 (unaudited)		2021 (unaudited)		2022 (unaudited)		2023
2014	$2,218		$7,196		$6,767		$6,362		$7,454		$7,503		$7,519		$8,208		$8,313		$8,418
2015			3,330		8,638		13,136		13,115		14,192		14,397		14,432		14,767		14,832
2016					2,938		8,661		5,632		10,814		13,116		13,589		13,810		14,413
2017							2,217		10,194		14,114		16,417		17,726		22,638		24,384
2018									7,607		19,326		25,826		28,223		27,789		33,653
2019											6,373		20,505		29,083		36,472		45,062
2020													9,160		25,585		32,653		43,226
2021															3,862		7,248		15,938
2022																	3,465		17,086
2023																			5,028
																	Total		$222,040
									Outstanding liabilities for accident year 2013 and prior, net of reinsurance										$624
									Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance										$201,145
	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance(1)
Years	1 (unaudited)		2 (unaudited)		3 (unaudited)		4 (unaudited)		5 (unaudited)		6 (unaudited)		7 (unaudited)		8 (unaudited)		9 (unaudited)
	11	%	23	%	15	%	13	%	9	%	11	%	3	%	4	%	1	%
(1)	Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle.

Schedule of Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability

Reconciliation

		December 31,
($ in thousands)		2023
Net outstanding liabilities
	International - Property	$	114,006
	International - Casualty	369,455
	International - Specialty	332,743
	Bermuda - Property	267,481
	Bermuda - Casualty	553,089
	Bermuda - Specialty	201,145
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance		1,837,919
Reinsurance recoverable on unpaid claims
	International - Property	57,200
	International - Casualty	642,090
	International - Specialty	181,977
	Bermuda - Property	45,112
	Bermuda - Casualty	169,672
	Bermuda - Specialty	65,026
Total reinsurance recoverable on unpaid claims		1,161,077
Other insurance lines		4,619
Unallocated loss adjustment expenses		26,422
		31,041
Total gross liability for unpaid losses and loss adjustment expenses		$	3,030,037