v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages its underwriting operations as two business segments: Insurance and Reinsurance. The Company has determined its reportable segments by taking into account the manner in which the Company’s chief operating decision maker (“CODM”) makes operating and management decisions and assesses operating performance. As at December 31, 2025 and prior to the Merger, the Company’s CODM is the Group Executive Committee, which comprises global heads of key functions and other key business leads.
Income or loss for each of the Company’s business segments is measured by underwriting income or loss. Underwriting income is the excess of net earned premiums over the sum of losses and loss expenses, acquisition costs and general and administrative expenses. Underwriting income or loss provides a basis for the CODM to evaluate the segment’s underwriting performance.
Insurance Segment.  The Insurance segment consists of first party insurance, specialty insurance, casualty and liability insurance, financial and professional lines insurance and other insurance. The other insurance business line includes Aspen Underwriting Limited’s participation as a corporate member in Carbon Syndicate 4747 and the Company’s digital follow capacity offered through the Ki Lloyd’s platform.
Reinsurance Segment. The Reinsurance segment consists of property catastrophe reinsurance, other property reinsurance, casualty reinsurance and specialty reinsurance.
Non-underwriting Disclosures. The Company provides additional disclosures for corporate and other (non-operating) income and expenses. Corporate and other income and expenses include: corporate expenses, non-operating expenses, net investment income, net realized and unrealized investment gains or losses, changes in fair value of derivatives, interest expenses, net realized and unrealized foreign exchange gains or losses, and income taxes. These income and expense items are not allocated to the Company’s business segments as they are not directly related to the Company’s business segment operations and this approach is consistent with how the CODM measures the performance of the business segments. The Company does not allocate its assets by business segment as we evaluate underwriting results of each segment separately from the results of our investment portfolio.
The Company uses underwriting ratios as measures of performance. The loss ratio is the ratio of losses and loss adjustment expenses to net earned premiums. The acquisition cost ratio is the ratio of acquisition costs to net earned premiums. The general and administrative expense ratio is the ratio of general and administrative expenses to net earned premiums. The combined ratio is the sum of the loss ratio, the acquisition cost ratio and the general and administrative expense ratio.
The following tables provide a summary of gross and net written and earned premiums, underwriting income or loss, ratios and reserves for each of the Company’s business segments for the twelve months ended December 31, 2025, 2024 and 2023:
 Twelve Months Ended December 31, 2025
 InsuranceReinsuranceTotal
 ($ in millions)
Underwriting Revenues
Gross written premiums$2,768.1 $1,905.1 $4,673.2 
Net written premiums1,604.9 1,231.1 2,836.0 
Gross earned premiums2,752.2 1,850.0 4,602.2 
Net earned premiums1,623.8 1,208.1 2,831.9 
Underwriting Expenses
Losses and loss adjustment expenses(864.4)(682.3)(1,546.7)
Acquisition costs(243.4)(179.0)(422.4)
General and administrative expenses(303.3)(188.7)(492.0)
Underwriting income212.7 158.1 370.8 
Corporate and other expenses(102.6)
Non-operating expenses (1)
(76.8)
Net investment income326.3 
Realized and unrealized investment gains61.4 
Realized and unrealized investment losses(72.3)
Change in fair value of derivatives47.5 
Interest expense(31.7)
Net realized and unrealized foreign exchange losses(78.5)
Income before income taxes
444.1 
Income tax expense(103.9)
Net income$340.2 
Net reserve for losses and loss adjustment expenses
$2,509.0 $1,934.1 $4,443.1 
Ratios
Loss ratio53.2 %56.5 %54.6 %
Acquisition cost ratio15.0 14.8 14.9 
General and administrative expense ratio18.7 15.6 17.4 
Expense ratio33.7 30.4 32.3 
Combined ratio86.9 %86.9 %86.9 %
 _______________
(1)    Non-operating expenses for the twelve months ended December 31, 2025 includes expenses in relation to replacement awards granted on the successful completion of the IPO, certain consulting fees, non-recurring transformation activities, and other non-recurring costs.
 Twelve Months Ended December 31, 2024
 InsuranceReinsuranceTotal
 
($ in millions)
Underwriting Revenues
Gross written premiums$2,723.5 $1,885.8 $4,609.3 
Net written premiums1,666.9 1,275.7 2,942.6 
Gross earned premiums2,565.7 1,822.1 4,387.8 
Net earned premiums1,584.0 1,305.7 2,889.7 
Underwriting Expenses
Losses and loss adjustment expenses(976.5)(741.3)(1,717.8)
Acquisition costs(193.2)(227.0)(420.2)
General and administrative expenses(264.2)(141.7)(405.9)
Underwriting income150.1 195.7 345.8 
Corporate and other expenses
(97.3)
Non-operating expenses (1)
(29.9)
Net investment income318.0 
Realized and unrealized investment gains52.6 
Realized and unrealized investment losses(102.1)
Change in fair value of derivatives(21.1)
Interest expense(62.1)
Net realized and unrealized foreign exchange gains60.2 
Income before income taxes464.1 
Income tax benefit22.0 
Net income$486.1 
Net reserve for losses and loss adjustment expenses$2,259.1 $1,691.5 $3,950.6 
Ratios
Loss ratio61.6 %56.8 %59.4 %
Acquisition cost ratio12.2 17.4 14.5 
General and administrative expense ratio 16.7 10.9 14.0 
Expense ratio28.9 28.3 28.5 
Combined ratio90.5 %85.1 %87.9 %
 ________________
(1)    Non-operating expenses for the twelve months ended December 31, 2024 includes expenses in relation to consulting fees, non-recurring transformation program costs, and other non-recurring costs.
 Twelve Months Ended December 31, 2023
 InsuranceReinsuranceTotal
 ($ in millions)
Underwriting Revenues
Gross written premiums$2,446.6 $1,521.0 $3,967.6 
Net written premiums1,483.9 1,098.0 2,581.9 
Gross earned premiums2,444.8 1,562.0 4,006.8 
Net earned premiums1,460.0 1,154.5 2,614.5 
Underwriting Expenses
Losses and loss adjustment expenses(941.9)(611.1)(1,553.0)
Acquisition costs(171.6)(208.6)(380.2)
General and administrative expenses(233.9)(120.6)(354.5)
Underwriting income112.6 214.2 326.8 
Corporate and other expenses(114.0)
Non-operating expenses (1)
(35.1)
Net investment income275.7 
Realized and unrealized investment gains75.9 
Realized and unrealized investment losses(61.4)
Change in fair value of derivatives26.1 
Interest expense(55.2)
Net realized and unrealized foreign exchange (losses)(36.2)
Income before income taxes 402.6 
Income tax benefit132.1 
Net income
534.7 
Net reserve for losses and loss adjustment expenses
$1,859.7 $1,373.1 $3,232.8 
Ratios
Loss ratio64.5 %52.9 %59.4 %
Acquisition cost ratio11.8 18.1 14.5 
General and administrative expense ratio 16.0 10.4 13.6 
Expense ratio27.8 28.5 28.1 
Combined ratio92.3 %81.4 %87.5 %
_______________
(1)    Non-operating expenses for the twelve months ended December 31, 2023 includes expenses in relation to consulting fees, non-recurring transformation activities, and other non-recurring costs.
Geographical Areas. The following summary presents the Company’s gross written premiums based on the location of the insured risk for the twelve months ended December 31, 2025, 2024 and 2023.
Twelve Months Ended
 December 31, 2025December 31, 2024December 31, 2023
 ($ in millions)
Australia/Asia$164.5 $177.8 $177.8 
Europe218.3 208.1 179.4 
United Kingdom & Ireland
601.0 614.8 532.5 
United States & Canada (1)
3,150.1 2,947.0 2,472.0 
Worldwide excluding the United States (2)
39.0 33.4 28.8 
Worldwide including the United States (3)
328.2 435.0 417.2 
Other (4)
172.1 193.2 159.9 
Total
$4,673.2 $4,609.3 $3,967.6 
 ______________
(1)    “United States & Canada” comprises individual policies that insure risks specifically in the United States and/or Canada, but not elsewhere.
(2)    “Worldwide excluding the United States” consists of individual policies that insure global risks with the specific exclusion of the United States.
(3)    “Worldwide including the United States” consists of individual policies that insure global risks with the specific inclusion of the United States.
(4)    “Other” comprises individual policies that insure risks in other countries including, but not limited to, countries in the Caribbean, South America and the Middle East.