| 2022 | Specialty | Bespoke | Reinsurance | Other | Total | Gross premiums written | $ | 1,616.2 | $ | 795.7 | $ | 606.2 | $ | — | $ | 3,018.1 | Net premiums written | 1,057.4 | 566.6 | 234.4 | — | 1,858.4 | Net premiums earned | 849.4 | 384.4 | 266.7 | — | 1,500.5 | Losses and loss adjustment expenses | (508.7) | (118.9) | (202.6) | — | (830.2) | Policy acquisition expenses | (189.4) | (135.3) | (59.7) | — | (384.4) | General and administrative expenses | — | — | — | (165.5) | (165.5) | Underwriting income | 151.3 | 130.2 | 4.4 | (165.5) | 120.4 | Net realized and unrealized investment losses | (33.7) | Net investment income | 40.7 | Other income | 1.9 | Corporate and other expenses | (20.5) | Net foreign exchange gains | 6.8 | Financing costs | (35.5) | Income before income taxes | 80.1 | Income tax expense | (17.8) | Net income | 62.3 | Net income attributable to non-controlling interests | (9.7) | Net income available to common shareholders | $ | 52.6 | Losses and loss adjustment expenses incurred - current year | (519.7) | (147.8) | (184.8) | $ | (852.3) | Losses and loss adjustment expenses incurred - prior accident years | 11.0 | 28.9 | (17.8) | 22.1 | Losses and loss adjustment expenses incurred - total | $ | (508.7) | $ | (118.9) | $ | (202.6) | $ | (830.2) | Underwriting Ratios(1) | Loss ratio - current year | 61.2 | % | 38.4 | % | 69.3 | % | 56.8 | % | Loss ratio - prior accident years | (1.3 | %) | (7.5 | %) | 6.7 | % | (1.5 | %) | Loss ratio - total | 59.9 | % | 30.9 | % | 76.0 | % | 55.3 | % | Policy acquisition expense ratio | 22.3 | % | 35.2 | % | 22.4 | % | 25.6 | % | Underwriting ratio | 82.2 | % | 66.1 | % | 98.4 | % | 80.9 | % | General & administrative expense ratio | 11.0 | % | Combined ratio | 91.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Gross premiums written | $ | 3,579.0 | $ | 3,018.1 | $ | 2,800.8 | Reinsurance premiums ceded | (1,442.4) | (1,159.7) | (1,194.2) | Net premiums written | 2,136.6 | 1,858.4 | 1,606.6 | Change in net unearned premiums | (304.0) | (357.9) | (446.9) | Net premiums earned | 1,832.6 | 1,500.5 | 1,159.7 | Net realized and unrealized investment gains/(losses) | 4.9 | (33.7) | 13.5 | Net investment income | 119.5 | 40.7 | 20.6 | Other income | 0.1 | 1.9 | 1.0 | Total revenues before net gain on distribution of Fidelis MGU | 1,957.1 | 1,509.4 | 1,194.8 | Net gain on distribution of Fidelis MGU | 1,639.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | 3,596.2 | 1,509.4 | 1,194.8 | Expenses | Losses and loss adjustment expenses | 698.8 | 830.2 | 696.8 | Policy acquisition expenses (includes Fidelis MGU commissions of $225.3 (2022: $nil and 2021: $nil)) | 723.8 | 384.4 | 250.1 | General and administrative expenses | 82.7 | 165.5 | 130.7 | Corporate and other expenses | 4.1 | 20.5 | 2.7 | Net foreign exchange (gains)/losses | 4.1 | (6.8) | 0.4 | Financing costs | 35.5 | 35.5 | 35.4 | Total expenses | 1,549.0 | 1,429.3 | 1,116.1 | Income before income taxes | 2,047.2 | 80.1 | 78.7 | Income tax (expense)/benefit | 85.3 | (17.8) | (0.4) | Net income | 2,132.5 | 62.3 | 78.3 | Net income attributable to non-controlling interests | — | (9.7) | (10.0) | Net income available to common shareholders | $ | 2,132.5 | $ | 52.6 | $ | 68.3 | Other comprehensive income/(loss) | Unrealized gains/(losses) on available-for-sale investments | $ | 82.4 | $ | (96.5) | $ | (36.1) | Income tax (expense)/benefit, all of which relates to unrealized gains/(losses) on available-for-sale investments | (9.7) | 8.1 | 2.4 | Currency translation adjustments | — | (1.1) | (0.2) | Total other comprehensive income/(loss) | 72.7 | (89.5) | (33.9) | Comprehensive income/(loss) attributable to common shareholders | $ | 2,205.2 | $ | (36.9) | $ | 34.4 | Per share data | Earnings per common share | Earnings per common share | $ | 18.65 | $ | 0.27 | $ | 0.35 | Earnings per diluted common share | $ | 18.65 | $ | 0.26 | $ | 0.34 | Weighted average common shares outstanding | 114,313,971 | 194,290,180 | 195,491,804 | Weighted average diluted common shares outstanding | 114,324,683 | 199,323,854 | 200,380,241 | ||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common shares | Balance - beginning of year | $ | 1.9 | $ | 1.9 | $ | 1.9 | Common stock repurchased | — | — | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issue of common shares | 0.2 | — | 0.2 | Shares cancelled upon distribution of Fidelis MGU | (0.9) | — | — | Balance - end of year | 1.2 | 1.9 | 1.9 | Additional paid-in capital | Balance - beginning of year | 2,075.2 | 2,075.4 | 2,072.1 | Share compensation expense | 27.6 | 10.8 | 9.8 | Shares withheld for employee taxes on restricted stock vesting | (50.6) | — | — | Issue of common shares, net of issuance costs | 89.3 | — | 318.0 | Cumulative dividends on warrants | (34.1) | — | — | Distribution of Fidelis MGU net assets to shareholders | (68.4) | — | — | Purchase of non-controlling interest | — | (11.0) | (3.8) | Repurchase of shares | — | — | (320.7) | Balance - end of year | 2,039.0 | 2,075.2 | 2,075.4 | Accumulated other comprehensive loss, net of tax | Unrealized losses on available-for-sale securities, net of tax | Balance - beginning of year | (99.7) | (11.3) | 22.4 | Unrealized gains/(losses) arising during the year | 72.7 | (88.4) | (33.7) | Balance – end of year | (27.0) | (99.7) | (11.3) | Currency translation reserve | Balance - beginning of year | (1.1) | — | 0.2 | Movement during the year | 1.1 | (1.1) | (0.2) | Balance - end of year | — | (1.1) | — | Balance - end of year | (27.0) | (100.8) | (11.3) | Retained earnings/(accumulated deficit) | Balance – beginning of year | 0.5 | (52.1) | (120.4) | Net income available to common shareholders | 2,132.5 | 52.6 | 68.3 | Net fair value of Fidelis MGU distributed to shareholders | (1,696.4) | — | — | Balance - end of year | 436.6 | 0.5 | (52.1) | Total shareholders' equity attributable to common shareholders | 2,449.8 | 1,976.8 | 2,013.9 | Non-controlling interests | Balance – beginning of the year | 10.3 | 5.2 | — | Distribution of Fidelis MGU | (10.3) | — | — | Net profit attributable to non-controlling interests | — | 9.7 | 10.0 | Dividends paid to non-controlling interest | — | (3.9) | (2.6) | Non-controlling interest arising from acquisition of a subsidiary | — | (0.7) | — | Non-controlling interest arising from sale of a subsidiary | — | — | (2.2) | Balance – end of year | — | 10.3 | 5.2 | Total shareholders' equity including non-controlling interests | $ | 2,449.8 | $ | 1,987.1 | $ | 2,019.1 | ||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Specialty | Bespoke | Reinsurance | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 2,241.3 | $ | 720.4 | $ | 617.3 | $ | — | $ | 3,579.0 | Net premiums written | 1,465.5 | 416.0 | 255.1 | — | 2,136.6 | Net premiums earned | 1,203.3 | 375.6 | 253.7 | — | 1,832.6 | Losses and loss adjustment expenses | (583.1) | (92.0) | (23.7) | — | (698.8) | Policy acquisition expenses | (289.1) | (140.4) | (69.0) | (225.3) | (723.8) | General and administrative expenses | — | — | — | (82.7) | (82.7) | Underwriting income | 331.1 | 143.2 | 161.0 | (308.0) | 327.3 | Net realized and unrealized investment gains | 4.9 | Net investment income | 119.5 | Other income | 0.1 | Net gain on distribution of Fidelis MGU | 1,639.1 | Corporate and other expenses | (4.1) | Net foreign exchange losses | (4.1) | Financing costs | (35.5) | Income before income taxes | 2,047.2 | Income tax benefit | 85.3 | Net income | 2,132.5 | Net income attributable to non-controlling interests | — | Net income available to common shareholders | $ | 2,132.5 | Losses and loss adjustment expenses incurred - current year | (542.8) | (126.7) | (92.2) | $ | (761.7) | Losses and loss adjustment expenses incurred - prior accident years | (40.3) | 34.7 | 68.5 | 62.9 | Losses and loss adjustment expenses incurred - total | $ | (583.1) | $ | (92.0) | $ | (23.7) | $ | (698.8) | Underwriting Ratios(1) | Loss ratio - current year | 45.2 | % | 33.7 | % | 36.3 | % | 41.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| Loss ratio - prior accident years | 3.3 | % | (9.2 | %) | (27.0 | %) | (3.4 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss ratio - total | 48.5 | % | 24.5 | % | 9.3 | % | 38.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Policy acquisition expense ratio | 24.0 | % | 37.4 | % | 27.2 | % | 27.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriting ratio | 72.5 | % | 61.9 | % | 36.5 | % | 65.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelis MGU commissions ratio | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General & administrative expense ratio | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined ratio | 82.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
| Underwriting income | $ | 120.4 | $ | 82.1 | $ | 38.3 | Net realized and unrealized investment gains/(losses) | (33.7) | 13.5 | (47.2) | Net investment income | 40.7 | 20.6 | 20.1 | Other income | 1.9 | 1.0 | 0.9 | Corporate and other expenses | (20.5) | (2.7) | (17.8) | Net foreign exchange gains/(losses) | 6.8 | (0.4) | 7.2 | Financing costs | (35.5) | (35.4) | (0.1) | Income tax expense | (17.8) | (0.4) | (17.4) | Net income | $ | 62.3 | $ | 78.3 | $ | (16.0) | ||||||||||
