2024 Q2 Form 10-Q Financial Statement

#000159327524000060 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $587.9M $658.6M $251.6M
YoY Change 59.42% 161.78% -13.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $64.92M $54.86M $45.80M
YoY Change 31.95% 19.77% 6.26%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $96.30M $84.55M $3.100M
YoY Change 3466.67% 2627.55% -26.19%
% of Gross Profit
Operating Expenses $64.92M $54.86M $262.3M
YoY Change -78.91% -79.09% -18.03%
Operating Profit
YoY Change
Interest Expense $6.000M $5.700M $65.20M
YoY Change -135.93% -91.26% -242.36%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $202.9M $277.9M $54.60M
YoY Change 359.0% 409.02% -173.09%
Income Tax $2.496M $592.0K $1.600M
% Of Pretax Income 1.23% 0.21% 2.93%
Net Earnings $200.4M $277.3M $51.50M
YoY Change 444.52% 438.51% -168.3%
Net Earnings / Revenue 34.08% 42.11% 20.47%
Basic Earnings Per Share $1.24 $1.42 $0.50
Diluted Earnings Per Share $1.20 $1.38 $0.47
COMMON SHARES
Basic Shares Outstanding 56.81M shares 56.69M shares 103.7M shares
Diluted Shares Outstanding 109.6M shares 114.2M shares 104.6M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.000B $1.100B $945.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.31M $17.78M $33.60M
YoY Change -47.09%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $94.41M $92.65M
YoY Change
Long-Term Investments $3.456B $3.183B $2.422B
YoY Change 30.11% 31.39%
Other Assets $98.28M $95.57M $139.2M
YoY Change -7.89% -31.35%
Total Long-Term Assets $7.611B $7.331B $6.081B
YoY Change 20.57%
TOTAL ASSETS
Total Short-Term Assets $12.31M $17.78M $33.60M
Total Long-Term Assets $7.611B $7.331B $6.081B
Total Assets $7.623B $7.349B $6.114B
YoY Change 21.38% 20.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $158.2M $155.7M $113.8M
YoY Change 5.6% 36.8%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $312.5M $286.6M $171.8M
YoY Change 80.63% 66.79%
LONG-TERM LIABILITIES
Long-Term Debt $149.9M $149.9M $149.7M
YoY Change 0.06% 0.11%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $149.9M $149.9M $149.7M
YoY Change 0.06% 0.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $312.5M $286.6M $171.8M
Total Long-Term Liabilities $149.9M $149.9M $149.7M
Total Liabilities $5.307B $5.085B $4.398B
YoY Change 17.2% 15.62%
SHAREHOLDERS EQUITY
Retained Earnings $1.070B $957.8M
YoY Change
Common Stock $1.019M $1.109M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.239B $2.210B $1.716B
YoY Change
Total Liabilities & Shareholders Equity $7.623B $7.349B $6.114B
YoY Change 21.38% 20.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $200.4M $277.3M $51.50M
YoY Change 444.52% 438.51% -168.3%
Depreciation, Depletion And Amortization $96.30M $84.55M $3.100M
YoY Change 3466.67% 2627.55% -26.19%
Cash From Operating Activities $156.4M $158.2M $12.10M
YoY Change 145.2% 1207.44% -169.94%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$64.22M $4.980M -$132.1M
YoY Change -70.78% -103.77% -207.92%
Cash From Investing Activities -$64.22M $194.1M -$132.1M
YoY Change -70.78% -246.95% -209.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.600M
YoY Change 14.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -156.9M -$68.38M -3.100M
YoY Change 2976.96% 2105.68% 121.43%
NET CHANGE
Cash From Operating Activities 156.4M $158.2M 12.10M
Cash From Investing Activities -64.22M $194.1M -132.1M
Cash From Financing Activities -156.9M -$68.38M -3.100M
Net Change In Cash -64.70M $279.7M -123.1M
YoY Change -59.84% -327.25% -221.04%
FREE CASH FLOW
Cash From Operating Activities $156.4M $158.2M $12.10M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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Organization<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hamilton Insurance Group, Ltd. ("Hamilton Group", the "Group" or the "Company"), the ultimate group holding company, was incorporated on September 4, 2013, under the laws of Bermuda. On November 14, 2023, the Company consummated an initial public offering ("IPO") of its Class B common shares, which are listed on the NYSE. The Company's net proceeds from the IPO were $80.6 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the IPO.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Bermuda operations are led by Hamilton Re, Ltd. ("Hamilton Re"), a registered Class 4 insurer incorporated in Bermuda. Hamilton Re writes property, casualty, and specialty insurance and reinsurance on a global basis. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hamilton Re US is a tax partnership that was formed pursuant to an arrangement between Hamilton Re and its Bermuda-incorporated affiliate, Hamilton ILS Holdings Limited. The tax partnership is treated as a U.S. corporation for U.S. tax purposes and is registered with the U.S. Internal Revenue Service, such that capital and profits allocated to Hamilton Re US are subject to applicable U.S. taxation. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ada Capital Management Limited ("ACML"), a wholly owned insurance agent incorporated and regulated in Bermuda, is authorized to underwrite on behalf of Ada Re, Ltd. ("Ada Re"). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our London operations are comprised of Hamilton Managing Agency Limited ("HMA"), a Lloyd’s managing agency, which manages our wholly aligned Syndicate 4000 and a third-party funded Lloyd’s Syndicate. Syndicate 4000 operates in the Lloyd’s market and underwrites property, casualty, and specialty insurance and reinsurance business on a subscription basis. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Dublin operations are comprised of Hamilton Insurance Designated Activity Company ("HIDAC"), a Dublin-based insurer with a U.K. branch and extensive licensing in the United States, including excess and surplus lines and reinsurance in all 50 states.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hamilton Managing General Agency Americas LLC ("HMGA Americas") is licensed throughout the United States and underwrites on behalf of the Group's London, Dublin and Bermuda operations solely in respect of Hamilton Re US, providing access from the U.S. to the Lloyd's market, the Group's rated Irish carrier and the Group's Bermuda balance sheet, respectively. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hamilton Select Insurance Inc. ("Hamilton Select") is a U.S. domestic excess and surplus lines carrier incorporated in Delaware and authorized to write excess and surplus business in all 50 states.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund"), is a Delaware limited liability company. In 2013, Hamilton Re entered into a limited liability company agreement with TS Hamilton Fund and Two Sigma Principals, LLC (the "Managing Member") as the managing member of TS Hamilton Fund. Effective July 1, 2023, Hamilton Re has committed to an investment in TS Hamilton Fund in an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Group’s net tangible assets (previously equal to a minimum of 95% of the consolidated net tangible assets of Hamilton Group). TS Hamilton Fund has engaged Two Sigma Investments, LP ("Two Sigma"), a related party Delaware limited partnership, to serve as its investment manager. Two Sigma is a United States Securities and Exchange Commission registered investment adviser specializing in quantitative analysis (see Note 3, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Investments</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further details).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Unconsolidated Related Parties</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ada Re is a special purpose insurer funded by third party investors and formed to provide fully collateralized reinsurance and retrocession to both Hamilton Group and third-party cedants.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Easton Re is an industry loss index-triggered catastrophe bond that provides the Company's operating platforms with multi-year risk transfer capacity to protect against named storm risk in the United States and earthquake risk in the United States and Canada. See Note 6, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reinsurance</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for further details.</span></div>
CY2023Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
80600000 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:27.94pt">Use of Estimates</span><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates recorded in the Company’s financial statements include, but are not limited to, premiums written, provisions for estimated future credit losses, the reserve for losses and loss adjustment expenses and the fair value of investments.</span></div>
CY2024Q1 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
2277364000 usd
CY2024Q1 hg Debt Securities Trading Accumulated Gross Unrealized Gain Before Tax
DebtSecuritiesTradingAccumulatedGrossUnrealizedGainBeforeTax
7573000 usd
CY2024Q1 hg Debt Securities Trading Accumulated Gross Unrealized Loss Before Tax
DebtSecuritiesTradingAccumulatedGrossUnrealizedLossBeforeTax
55739000 usd
CY2024Q1 us-gaap Trading Securities Debt
TradingSecuritiesDebt
2229198000 usd
CY2023Q4 us-gaap Trading Securities Debt Amortized Cost
TradingSecuritiesDebtAmortizedCost
2294936000 usd
CY2023Q4 hg Debt Securities Trading Accumulated Gross Unrealized Gain Before Tax
DebtSecuritiesTradingAccumulatedGrossUnrealizedGainBeforeTax
17667000 usd
CY2023Q4 hg Debt Securities Trading Accumulated Gross Unrealized Loss Before Tax
DebtSecuritiesTradingAccumulatedGrossUnrealizedLossBeforeTax
52457000 usd
CY2023Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
2260146000 usd
CY2024Q1 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
753967000 usd
CY2023Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
770191000 usd
CY2024Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
149445000 usd
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-37651000 usd
CY2024Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
105926000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
72784000 usd
CY2024Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
255371000 usd
CY2023Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
35133000 usd
CY2024Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
24831000 usd
CY2023Q1 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
14928000 usd
CY2024Q1 us-gaap Management Fee Expense
ManagementFeeExpense
11950000 usd
CY2023Q1 us-gaap Management Fee Expense
ManagementFeeExpense
12333000 usd
CY2024Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
263000 usd
CY2023Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
236000 usd
CY2024Q1 us-gaap Investment Income Net
InvestmentIncomeNet
12618000 usd
CY2023Q1 us-gaap Investment Income Net
InvestmentIncomeNet
2359000 usd
CY2024Q1 hg Gain Loss On Investments And Net Investment Income
GainLossOnInvestmentsAndNetInvestmentIncome
267989000 usd
CY2023Q1 hg Gain Loss On Investments And Net Investment Income
GainLossOnInvestmentsAndNetInvestmentIncome
37492000 usd
CY2024Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
149445000 usd
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-37651000 usd
CY2023Q4 us-gaap Reinsurance Recoverables Allowance
ReinsuranceRecoverablesAllowance
687000 usd
CY2022Q4 us-gaap Reinsurance Recoverables Allowance
ReinsuranceRecoverablesAllowance
777000 usd
CY2024Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
105926000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
72784000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1200000000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1100000000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
95600000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
900900000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
794500000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
106400000 usd
CY2024Q1 us-gaap Trading Securities Debt
TradingSecuritiesDebt
2229198000 usd
CY2023Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
2260146000 usd
CY2024Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
2200000 usd
CY2024Q1 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
856100000 usd
CY2023Q4 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
3000000 usd
CY2023Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
658400000 usd
CY2023Q4 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
3000000 usd
CY2022Q4 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
2856000 usd
CY2024Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Period Increase Decrease
PremiumsReceivableAllowanceForDoubtfulAccountsPeriodIncreaseDecrease
-847000 usd
CY2023Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts Period Increase Decrease
PremiumsReceivableAllowanceForDoubtfulAccountsPeriodIncreaseDecrease
280000 usd
CY2024Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
2153000 usd
CY2023Q1 us-gaap Premiums Receivable Allowance For Doubtful Accounts
PremiumsReceivableAllowanceForDoubtfulAccounts
3136000 usd
CY2024Q1 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
169500000 usd
CY2024Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1200000000 usd
CY2024Q1 us-gaap Reinsurance Recoverables Allowance
ReinsuranceRecoverablesAllowance
700000 usd
CY2023Q4 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
145200000 usd
CY2023Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1200000000 usd
CY2023Q4 us-gaap Reinsurance Recoverables Allowance
ReinsuranceRecoverablesAllowance
700000 usd
CY2024Q1 us-gaap Reinsurance Recoverable Allowance For Credit Loss Period Increase Decrease
ReinsuranceRecoverableAllowanceForCreditLossPeriodIncreaseDecrease
22000 usd
CY2023Q1 us-gaap Reinsurance Recoverable Allowance For Credit Loss Period Increase Decrease
ReinsuranceRecoverableAllowanceForCreditLossPeriodIncreaseDecrease
15000 usd
CY2024Q1 us-gaap Reinsurance Recoverables Allowance
ReinsuranceRecoverablesAllowance
709000 usd
CY2023Q1 us-gaap Reinsurance Recoverables Allowance
ReinsuranceRecoverablesAllowance
792000 usd
CY2020Q1 us-gaap Ceded Premiums Written
CededPremiumsWritten
72100000 usd
CY2024Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
47300000 usd
CY2023Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
49800000 usd
CY2024Q1 hg Liability For Claims And Claims Adjustment Expense Amortization Of Deferred Gain
LiabilityForClaimsAndClaimsAdjustmentExpenseAmortizationOfDeferredGain
900000 usd
CY2023Q1 hg Liability For Claims And Claims Adjustment Expense Amortization Of Deferred Gain
LiabilityForClaimsAndClaimsAdjustmentExpenseAmortizationOfDeferredGain
200000 usd
CY2024Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE") for the three months ended March 31, 2024 and 2023:</span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.619%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:32pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">($ in thousands)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross unpaid losses and loss adjustment expenses, beginning of period</span></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,030,037 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,856,275 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reinsurance recoverable on unpaid losses</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,161,077 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,177,863 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net unpaid losses and loss adjustment expenses, beginning of period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,868,960 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,678,412 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net losses and loss adjustment expenses incurred in respect of losses occurring in:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">220,295 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">144,556 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,057 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,005 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total incurred</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">232,352 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">148,561 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net losses and loss adjustment expenses paid in respect of losses occurring in:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current year</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,336 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,936 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prior years</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">113,015 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">129,702 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total paid</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">116,351 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">137,638 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign currency revaluation and other</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,683)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,894 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net unpaid losses and loss adjustment expenses, end of period</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,981,278 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,699,229 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reinsurance recoverable on unpaid losses </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,167,504 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,192,283 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross unpaid losses and loss adjustment expenses, end of period</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,148,782 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,891,512 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div>
CY2023Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
3030037000 usd
CY2022Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2856275000 usd
CY2023Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1161077000 usd
CY2022Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1177863000 usd
CY2023Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1868960000 usd
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1678412000 usd
CY2024Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
220295000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
144556000 usd
CY2024Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
12057000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
4005000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
232352000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
148561000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
3336000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
7936000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
113015000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
129702000 usd
CY2024Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
116351000 usd
CY2023Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
137638000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseForeignCurrencyTranslationGainLoss
-3683000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Translation Gain Loss
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseForeignCurrencyTranslationGainLoss
9894000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1981278000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
1699229000 usd
CY2024Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1167504000 usd
CY2023Q1 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
1192283000 usd
CY2024Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
3148782000 usd
CY2023Q1 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
2891512000 usd
CY2024Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
12100000 usd
CY2023Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
4000000 usd
CY2024Q1 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
84600000 usd
CY2023Q1 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
65100000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Premiums Written Gross
PremiumsWrittenGross
721941000 usd
CY2024Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
514880000 usd
CY2024Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
385303000 usd
CY2024Q1 us-gaap Insurance Agency Management Fee
InsuranceAgencyManagementFee
7478000 usd
CY2024Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
232352000 usd
CY2024Q1 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
84554000 usd
CY2024Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
43353000 usd
CY2024Q1 hg Underwriting Income Loss Net
UnderwritingIncomeLossNet
32522000 usd
CY2024Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
255371000 usd
CY2024Q1 us-gaap Investment Income Net
InvestmentIncomeNet
12618000 usd
CY2024Q1 us-gaap Premiums Written Gross
PremiumsWrittenGross
721941000 usd
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2125000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11502000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3252000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
5708000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
277924000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
592000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
277332000 usd
CY2024Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
120158000 usd
CY2024Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
157174000 usd
CY2024Q1 hg Attritional Loss Ratio Current Year
AttritionalLossRatioCurrentYear
0.572
CY2024Q1 hg Attritional Loss Ratio Prior Year Development
AttritionalLossRatioPriorYearDevelopment
0.031
CY2024Q1 hg Catastrophe Loss Ratio Current Year
CatastropheLossRatioCurrentYear
0.000
CY2024Q1 hg Catastrophe Loss Ratio Prior Year Development
CatastropheLossRatioPriorYearDevelopment
0.000
CY2024Q1 us-gaap Loss Ratio
LossRatio
0.603
CY2024Q1 us-gaap Acquisition Cost Ratio
AcquisitionCostRatio
0.219
CY2024Q1 us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.093
CY2024Q1 us-gaap Combined Ratio
CombinedRatio
0.915
CY2023Q1 us-gaap Premiums Written Gross
PremiumsWrittenGross
538164000 usd
CY2023Q1 us-gaap Premiums Written Net
PremiumsWrittenNet
348498000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
283902000 usd
CY2023Q1 us-gaap Insurance Agency Management Fee
InsuranceAgencyManagementFee
3004000 usd
CY2023Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1
148561000 usd
CY2023Q1 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
65140000 usd
CY2023Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
39142000 usd
CY2023Q1 hg Underwriting Income Loss Net
UnderwritingIncomeLossNet
34063000 usd
CY2023Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
35133000 usd
CY2023Q1 us-gaap Investment Income Net
InvestmentIncomeNet
2359000 usd
CY2023Q1 hg Other Income Loss Excluding Third Party Fee Income
OtherIncomeLossExcludingThirdPartyFeeIncome
29000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2046000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6664000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2770000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
5529000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
54575000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1573000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
53002000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1510000 usd
CY2023Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
51492000 usd
CY2023Q1 hg Attritional Loss Ratio Current Year
AttritionalLossRatioCurrentYear
0.491
CY2023Q1 hg Attritional Loss Ratio Prior Year Development
AttritionalLossRatioPriorYearDevelopment
0.006
CY2023Q1 hg Catastrophe Loss Ratio Current Year
CatastropheLossRatioCurrentYear
0.018
CY2023Q1 hg Catastrophe Loss Ratio Prior Year Development
CatastropheLossRatioPriorYearDevelopment
0.008
CY2023Q1 us-gaap Loss Ratio
LossRatio
0.523
CY2023Q1 us-gaap Acquisition Cost Ratio
AcquisitionCostRatio
0.229
CY2023Q1 us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.127
CY2023Q1 us-gaap Combined Ratio
CombinedRatio
0.879
CY2024Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
995000000 usd
CY2024Q1 us-gaap Line Of Credit
LineOfCredit
745958000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
5700000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
5500000 usd
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2024Q1 us-gaap Common Stock Value
CommonStockValue
1109000 usd
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
1101000 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
135000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
135000000 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
110225103 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
110225103 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
761261 shares
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
201292 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
20383 shares
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
205026 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
111003013 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
111003013 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
103087859 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
103087859 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
735013 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
24780 shares
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
117210 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
103730442 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
103730442 shares
CY2024Q1 hg Common Stock Voting Rights Class A And Class B Limitation As A Percent
CommonStockVotingRightsClassAAndClassBLimitationAsAPercent
0.095
CY2024Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
157174000 usd
CY2023Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
51492000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110921000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103732000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3325000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
893000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114246000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104625000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.38
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares

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hg-20240331_cal.xml Edgar Link unprocessable