(U.S. $ in Millions)Year Ended

December 31, 2017

Year Ended

December 31, 2016

U.S. GAAP Basis:
Total Assets$ 11,207.6$ 10,182.5
Shareholders’ Equity4,012.53,833.2
Gross Premiums Written2,783.12,380.7
Net Income325.3160.9
Combined Ratio97.6%88.9%
Annualized Change in Equity17.5%2.0%
Debt to Total Capital2.2%2.3%
U.S. Statutory Basis
Statutory Surplus$  3,248.8$  3,193.9
Net Premiums Written to Statutory Surplus0.8:10.7:1
1 Excludes the impact on equity of dividends and capital items.

Gross Premiums Written

$2,783.1 Million for the Year Ended December 31, 2017

  • REINSURANCE
  • INSURANCE

Gross Premiums Written by Major Class

$2,783.1 Million for the Year Ended December 31, 2017

  • PROPERTY
  • CASUALTY
  • SPECIALTY

Gross Premiums Written by US/Non-US

$2,783.1 Million for the Year Ended December 31, 2017

  • US
  • NON-US

Gross Premiums Written by Operating Division

$2,783.1 Million for the Year Ended December 31, 2017

  • NORTH AMERICA
  • LATIN AMERICA
  • EUROASIA
  • LONDON MARKET
  • U.S. INSURANCE

Investment Portfolio

Total Investments & Cash of $8.7 Billion at December 31, 2017

  • High-quality portfolio with ample liquidity
  • 69% of fixed income securities rated investment grade
  • CASH & SHORT TERM
  • MUNICIPAL BONDS
  • EQUITIES
  • OTHER
  • GOVERNMENT BONDS
  • CORPORATE BONDS