Overview Financials News + Filings Key Docs Charts Ownership Insiders
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Casualty | 711.8 | 633.6 | 569.5 | 558.5 | 523.5 | 478.6 | 454.8 | 412.2 |
| Property | 307.9 | 231.8 | 183.7 | 164.0 | 149.3 | 138.3 | 152.2 | 170.9 |
| Surety | 124.7 | 115.4 | 112.5 | 116.6 | 118.6 | 121.0 | 121.6 | 117.0 |
| Net investment income | 86.1 | 68.9 | 67.9 | 68.9 | 62.1 | 54.9 | 53.1 | 54.6 |
| Other | 467.5 | 129.5 | 50.0 | 95.6 | | 4.4 | 34.6 | 39.8 |
| Total revenues | 1,698.0 | 1,179.2 | 983.6 | 1,003.6 | 818.1 | 797.2 | 816.3 | 794.6 |
| Revenue growth | 44.0% | 19.9% | -2.0% | 22.7% | 2.6% | -2.3% | 2.7% | 2.5% |
| Loss and loss adjustment expenses | 514.4 | 456.6 | 442.9 | 413.4 | 428.2 | 401.6 | 349.8 | 299.0 |
| Policy acquisition costs | 369.6 | 317.5 | 286.4 | 288.7 | 267.7 | 252.5 | 249.6 | 241.1 |
| Other underwriting costs | | | | | | | | |
| Investment expenses | 5.5 | 6.2 | 5.0 | 5.1 | 4.5 | 4.9 | 4.8 | 4.8 |
| Other operating expenses | 87.5 | 54.3 | 59.2 | 63.3 | 49.9 | 53.5 | 54.9 | 45.6 |
| Equity in earnings | 9.9 | 37.1 | 20.2 | 21.0 | 16.1 | 17.2 | 10.8 | 10.9 |
| EBITDA | 721.0 | 344.4 | 190.0 | 233.6 | 67.3 | 84.2 | 156.2 | 209.5 |
| EBITDA margin | 42.5% | 29.2% | 19.3% | 23.3% | 8.2% | 10.6% | 19.1% | 26.4% |
| Depreciation | 8.0 | 7.4 | 7.4 | 8.2 | 7.0 | 6.9 | 6.4 | 5.4 |
| EBIT | 713.0 | 337.0 | 182.5 | 225.4 | 60.3 | 77.3 | 149.8 | 204.1 |
| EBIT margin | 42.0% | 28.6% | 18.6% | 22.5% | 7.4% | 9.7% | 18.3% | 25.7% |
| Interest income, net [+] | 570.6 | -0.4 | -0.5 | -0.3 | -0.1 | -0.1 | -0.1 | 7.4 |
| Interest expense | 0.3 | 0.4 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 7.4 |
| Interest income | 571.0 | -0.1 | -0.2 | | | | | 14.9 |
| Pre-tax income | 720.7 | 344.3 | 189.8 | 232.7 | 67.6 | 84.6 | 157.1 | 196.7 |
| Income taxes | 137.3 | 65.0 | 32.8 | 41.1 | 3.4 | -20.4 | 42.2 | 59.1 |
| Tax rate | 19.0% | 18.9% | 17.3% | 17.7% | 5.0% | | 26.8% | 30.1% |
| Net income | 583.4 | 279.4 | 157.1 | 191.6 | 64.2 | 105.0 | 114.9 | 137.5 |
| Net margin | 34.4% | 23.7% | 16.0% | 19.1% | 7.8% | 13.2% | 14.1% | 17.3% |
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| Basic EPS | $12.86 | $6.18 | $3.49 | $4.28 | $1.45 | $2.39 | $2.63 | $3.18 |
| Diluted EPS | $12.74 | $6.11 | $3.46 | $4.23 | $1.43 | $2.36 | $2.59 | $3.12 |
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| Shares outstanding (basic) | 45.4 | 45.2 | 45.0 | 44.7 | 44.4 | 44.0 | 43.8 | 43.3 |
| Shares outstanding (diluted) | 45.8 | 45.7 | 45.4 | 45.3 | 44.8 | 44.5 | 44.4 | 44.1 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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