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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has determined its reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations and has identified two reportable business segments - International and Bermuda. Each of the Company's identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker: the Chief Executive Officer of the consolidated group.

The Company evaluates the performance of reportable segments based on their respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As the Company does not manage its assets by reportable segment, investment income and assets are not allocated to reportable segments.

The Company's core business is underwriting and its underwriting results are reflected in its reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. The Company considers many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.

Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), other income (loss) not incurred by the reportable segments, net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense (benefit).
($ in thousands)
Three Months Ended March 31, 2024InternationalBermudaCorporateTotal
Gross premiums written$320,841 $401,100 $— $721,941 
Net premiums written$185,033 $329,847 $— $514,880 
Net premiums earned$196,814 $188,489 $— $385,303 
Third party fee income3,586 3,892 — 7,478 
Losses and loss adjustment expenses116,162 116,190 — 232,352 
Acquisition costs47,720 36,834 — 84,554 
Other underwriting expenses31,203 12,150 — 43,353 
Underwriting income (loss)$5,315 $27,207 $— $32,522 
Net realized and unrealized gains (losses) on investments255,371 255,371 
Net investment income (loss)12,618 12,618 
Net foreign exchange gains (losses)(2,125)(2,125)
Corporate expenses(11,502)(11,502)
Amortization of intangible assets(3,252)(3,252)
Interest expense(5,708)(5,708)
Income (loss) before income tax277,924 
Income tax (expense) benefit(592)(592)
Net income (loss)277,332 
Net income (loss) attributable to non-controlling interest120,158 120,158 
Net income (loss) attributable to common shareholders$157,174 
Key Ratios
Attritional loss ratio - current year56.0 %58.4 %57.2 %
Attritional loss ratio - prior year development2.9 %3.2 %3.1 %
Catastrophe loss ratio - current year0.0 %0.0 %0.0 %
Catastrophe loss ratio - prior year development0.1 %0.0 %0.0 %
Loss and loss adjustment expense ratio59.0 %61.6 %60.3 %
Acquisition cost ratio24.2 %19.5 %21.9 %
Other underwriting expense ratio14.0 %4.4 %9.3 %
Combined ratio97.2 %85.5 %91.5 %
($ in thousands)
Three Months Ended March 31, 2023InternationalBermudaCorporateTotal
Gross premiums written$247,114 $291,050 $— $538,164 
Net premiums written$122,019 $226,479 $— $348,498 
Net premiums earned$149,515 $134,387 $— $283,902 
Third party fee income2,902 102 — 3,004 
Losses and loss adjustment expenses70,393 78,168 — 148,561 
Acquisition costs37,193 27,947 — 65,140 
Other underwriting expenses28,461 10,681 — 39,142 
Underwriting income (loss)$16,370 $17,693 $— $34,063 
Net realized and unrealized gains (losses) on investments35,133 35,133 
Net investment income (loss)2,359 2,359 
Other income (loss), excluding third party fee income29 29 
Net foreign exchange gains (losses)(2,046)(2,046)
Corporate expenses(6,664)(6,664)
Amortization of intangible assets(2,770)(2,770)
Interest expense(5,529)(5,529)
Income (loss) before income tax54,575 
Income tax (expense) benefit(1,573)(1,573)
Net income (loss)53,002 
Net income (loss) attributable to non-controlling interest1,510 1,510 
Net income (loss) attributable to common shareholders$51,492 
Key Ratios
Attritional loss ratio - current year49.9 %48.1 %49.1 %
Attritional loss ratio - prior year development(4.2)%6.1 %0.6 %
Catastrophe loss ratio - current year0.0 %3.9 %1.8 %
Catastrophe loss ratio - prior year development1.4 %0.1 %0.8 %
Loss and loss adjustment expense ratio47.1 %58.2 %52.3 %
Acquisition cost ratio24.9 %20.8 %22.9 %
Other underwriting expense ratio17.1 %7.9 %12.7 %
Combined ratio89.1 %86.9 %87.9 %
The following table presents gross premiums written by the geographical location of the Company's subsidiaries for the three months ended March 31, 2024 and 2023:

($ in thousands)20242023
International
Lloyd's of London$198,581 $148,709 
Ireland99,073 83,764 
U.S.23,187 14,641 
Total International320,841 247,114 
Bermuda401,100 291,050 
Total$721,941 $538,164