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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We are primarily engaged in underwriting property and casualty insurance and reinsurance. As a result of the Company’s merger with Brookfield Wealth Solutions Ltd, and overall strategic assessment of the business, the Company changed its internal segments in a manner that caused the composition of its reporting segments to change in the fourth quarter of 2024. The Company’s reporting segments were realigned to three reportable segments—Casualty Lines, Specialty Lines, and Run-off Lines. The Run-off Lines segment is for certain products that we no longer underwrite. The Company has recast all applicable periods for comparability.
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 operating segments. Transactions between segments are reported in the segment that initiated the transaction.
Our reporting segments consist primarily of the following products:
•Casualty Lines: Argo Construction, Argo Environmental, Argo Casualty, Rockwood, Bermuda Casualty, and Bermuda Insurance and Europe
•Specialty Lines: Specialty Programs and Fronting, Colony Specialty Garage, Argo Inland Marine, and Bermuda Property
•Run-off Lines: Liability and surety policies
We have identified our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as our Chief Operating Decision Maker (“CODM”).
In evaluating the operating performance of our segments, the CODM assesses the segments’ performance by using each segments’ segment operating income (loss) consistent with GAAP measures.
The CODM uses segment operating income (loss) for each segment predominantly in the quarterly/annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for the profit measure when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment operating income (loss) for each segment for evaluating pricing strategy and to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
Realized investment and other gains (losses) are reported as a component of Corporate and Other, 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.
Revenue and segment operating income (loss) for each segment were as follows:
Three Months Ended March 31, 2025
(in millions)Casualty LinesSpecialty LinesRun-off LinesTotal
Net earned premiums$144.1 $61.0 $4.9 $210.0 
Net investment income30.6 4.6 23.9 59.1 
Total segment revenues174.7 65.6 28.8 269.1 
Reconciliation of revenue
Net investment and other gains (losses)9.7 
Total consolidated revenues278.8 
Less:
Losses and loss adjustment expenses90.8 46.3 11.0   
Underwriting, acquisition and general expenses44.9 17.6 2.0 
Other segment items (1)
4.4 0.7 3.5 
Segment operating income (loss)34.6 1.0 12.3 47.9 
Reconciliation of profit or loss
Unallocated amounts:
Non-operating expenses5.6 
Foreign currency exchange (gains) losses(2.6)
Net investment and other (gains) losses(9.7)
Total other expenses (2)
16.1 
Income (loss) before income taxes$38.5 
(1) Includes interest expense and fee and other expense (income), net.
(2) Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $9.9 million.
Three Months Ended March 31, 2024
(in millions)Casualty LinesSpecialty LinesRun-off LinesTotal
Net earned premiums$136.5 $66.7 $110.5 $313.7 
Net investment income26.9 7.1 24.8 58.8 
Total segment revenues163.4 73.8 135.3 372.5 
Reconciliation of revenue
Net investment and other gains (losses)6.2 
Total consolidated revenues378.7 
Less:
Losses and loss adjustment expenses85.9 42.3 91.8   
Underwriting, acquisition and general expenses30.2 11.9 30.2 
Other segment items (1)
4.0 1.0 3.7 
Segment operating income (loss)43.3 18.6 9.6 71.5 
Reconciliation of profit or loss
Unallocated amounts:
Non-operating expenses7.7 
Foreign currency exchange (gains) losses(2.0)
Net investment and other (gains) losses(6.2)
Total other expenses (2)
44.8 
Income (loss) before income taxes$27.2 
(1) Includes interest expense and fee and other expense (income), net.
(2) Includes amortization of value of business acquired and other intangible assets related to purchase accounting of $42.9 million.
The following table represents identifiable assets by geographic location:
(in millions)March 31, 2025December 31, 2024
U.S. operations$7,313.1 $7,429.3 
International operations1,421.3 1,450.3 
Total assets$8,734.4 $8,879.6