☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
Bermuda | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Shares, $0.10 par value | SPNT | New York Stock Exchange | ||||||
8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share | SPNT PB | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ||||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||
Emerging growth company |
Page | |||||
PART I. FINANCIAL INFORMATION | |||||
Item 1. Financial Statements | |||||
Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022 | |||||
Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2023 and 2022 (unaudited) | |||||
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022 (unaudited) | |||||
Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2023 and 2022 (unaudited) | |||||
Consolidated Statements of Cash Flows for the three and six months ended June 30, 2023 and 2022 (unaudited) | |||||
Note 1. Organization | |||||
Note 2. Significant accounting policies | |||||
Note 3. Significant transactions | |||||
Note 4. Segment reporting | |||||
Note 5. Cash, cash equivalents, restricted cash and restricted investments | |||||
Note 6. Fair value measurements | |||||
Note 7. Investments | |||||
Note 8. Total realized and unrealized investment gains (losses) and net investment income | |||||
Note 9. Derivatives | |||||
Note 10. Variable and voting interest entities | |||||
Note 11. Loss and loss adjustment expense reserves | |||||
Note 12. Allowance for expected credit losses | |||||
Note 13. Debt and letter of credit facilities | |||||
Note 14. Income taxes | |||||
Note 15. Shareholders' equity | |||||
Note 16. Earnings (loss) per share available to SiriusPoint common shareholders | |||||
Note 17. Related party transactions | |||||
Note 18. Commitments and contingencies | |||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 4. Controls and Procedures | |||||
PART II. OTHER INFORMATION | |||||
Item | |||||
Item | |||||
Item 3. Defaults Upon Senior Securities | |||||
Item 4. Mine Safety Disclosures | |||||
Item 5. Other Information | |||||
Item 6. Exhibits |
September 30, 2017 | December 31, 2016 | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Assets | Assets | ||||||||||||||||||
Equity securities, trading, at fair value (cost - $1,676,001; 2016 - $1,385,866) | $ | 2,017,463 | $ | 1,506,854 | |||||||||||||||
Debt securities, trading, at fair value (cost - $676,972; 2016 - $1,036,716) | 656,118 | 1,057,957 | |||||||||||||||||
Other investments, at fair value | 30,932 | 82,701 | |||||||||||||||||
Total investments in securities | 2,704,513 | 2,647,512 | |||||||||||||||||
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $4,241.3; 2022 - $2,678.1) | Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $4,241.3; 2022 - $2,678.1) | $ | 4,172.1 | $ | 2,635.5 | ||||||||||||||
Debt securities, trading, at fair value (cost - $802.3; 2022 - $1,630.1) | Debt securities, trading, at fair value (cost - $802.3; 2022 - $1,630.1) | 753.2 | 1,526.0 | ||||||||||||||||
Short-term investments, at fair value (cost - $555.1; 2022 - $984.5) | Short-term investments, at fair value (cost - $555.1; 2022 - $984.5) | 559.2 | 984.6 | ||||||||||||||||
Investments in related party investment funds, at fair value | Investments in related party investment funds, at fair value | 111.3 | 128.8 | ||||||||||||||||
Other long-term investments, at fair value (cost - $377.6; 2022 - $392.0) (includes related party investments at fair value of $199.4 (2022 - $201.2)) | Other long-term investments, at fair value (cost - $377.6; 2022 - $392.0) (includes related party investments at fair value of $199.4 (2022 - $201.2)) | 355.4 | 377.2 | ||||||||||||||||
Equity securities, trading, at fair value (cost - $1.8; 2022 - $1.8) | Equity securities, trading, at fair value (cost - $1.8; 2022 - $1.8) | 1.6 | 1.6 | ||||||||||||||||
Total investments | Total investments | 5,952.8 | 5,653.7 | ||||||||||||||||
Cash and cash equivalents | 6,434 | 9,951 | Cash and cash equivalents | 676.2 | 705.3 | ||||||||||||||
Restricted cash and cash equivalents | 477,362 | 298,940 | Restricted cash and cash equivalents | 95.2 | 208.4 | ||||||||||||||
Redemption receivable from related party investment fund | Redemption receivable from related party investment fund | 5.0 | 18.5 | ||||||||||||||||
Due from brokers | 387,786 | 284,591 | Due from brokers | 18.2 | 4.9 | ||||||||||||||
Derivative assets, at fair value | 75,781 | 27,432 | |||||||||||||||||
Interest and dividends receivable | 4,210 | 6,505 | Interest and dividends receivable | 36.8 | 26.7 | ||||||||||||||
Reinsurance balances receivable | 478,206 | 381,951 | |||||||||||||||||
Insurance and reinsurance balances receivable, net | Insurance and reinsurance balances receivable, net | 2,252.1 | 1,876.9 | ||||||||||||||||
Deferred acquisition costs, net | 223,091 | 221,618 | Deferred acquisition costs, net | 340.3 | 294.9 | ||||||||||||||
Unearned premiums ceded | Unearned premiums ceded | 481.3 | 348.8 | ||||||||||||||||
Loss and loss adjustment expenses recoverable, net | Loss and loss adjustment expenses recoverable, net | 2,276.7 | 1,376.2 | ||||||||||||||||
Deferred tax asset | Deferred tax asset | 164.3 | 200.3 | ||||||||||||||||
Intangible assets | Intangible assets | 158.5 | 163.8 | ||||||||||||||||
Other assets | 11,464 | 17,144 | Other assets | 165.4 | 157.9 | ||||||||||||||
Total assets | $ | 4,368,847 | $ | 3,895,644 | Total assets | $ | 12,622.8 | $ | 11,036.3 | ||||||||||
Liabilities | Liabilities | ||||||||||||||||||
Accounts payable and accrued expenses | $ | 24,580 | $ | 10,321 | |||||||||||||||
Loss and loss adjustment expense reserves | Loss and loss adjustment expense reserves | $ | 5,338.8 | $ | 5,268.7 | ||||||||||||||
Unearned premium reserves | Unearned premium reserves | 1,819.2 | 1,521.1 | ||||||||||||||||
Reinsurance balances payable | 54,654 | 43,171 | Reinsurance balances payable | 1,845.4 | 813.6 | ||||||||||||||
Deposit liabilities | 126,491 | 104,905 | Deposit liabilities | 137.8 | 140.5 | ||||||||||||||
Unearned premium reserves | 615,375 | 557,076 | |||||||||||||||||
Loss and loss adjustment expense reserves | 699,369 | 605,129 | |||||||||||||||||
Deferred gain on retroactive reinsurance | Deferred gain on retroactive reinsurance | 21.2 | — | ||||||||||||||||
Debt | Debt | 765.9 | 778.0 | ||||||||||||||||
Securities sold, not yet purchased, at fair value | 405,845 | 92,668 | Securities sold, not yet purchased, at fair value | — | 27.0 | ||||||||||||||
Securities sold under an agreement to repurchase | Securities sold under an agreement to repurchase | 11.0 | 18.0 | ||||||||||||||||
Due to brokers | 602,230 | 899,601 | Due to brokers | 28.1 | — | ||||||||||||||
Derivative liabilities, at fair value | 17,280 | 16,050 | |||||||||||||||||
Performance fee payable to related party | 73,210 | — | |||||||||||||||||
Interest and dividends payable | 1,917 | 3,443 | |||||||||||||||||
Senior notes payable, net of deferred costs | 113,688 | 113,555 | |||||||||||||||||
Deferred tax liability | Deferred tax liability | 61.0 | 59.8 | ||||||||||||||||
Liability-classified capital instruments | Liability-classified capital instruments | 65.4 | 60.4 | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | 261.3 | 266.6 | ||||||||||||||||
Total liabilities | 2,734,639 | 2,445,919 | Total liabilities | 10,355.1 | 8,953.7 | ||||||||||||||
Commitments and contingent liabilities | Commitments and contingent liabilities | ||||||||||||||||||
Redeemable noncontrolling interests in related party | 16,813 | — | |||||||||||||||||
Shareholders’ equity | Shareholders’ equity | ||||||||||||||||||
Preference shares (par value $0.10; authorized, 30,000,000; none issued) | — | — | |||||||||||||||||
Common shares (par value $0.10; authorized, 300,000,000; issued and outstanding, 107,383,405 (2016 - 106,501,299)) | 10,738 | 10,650 | |||||||||||||||||
Treasury shares (3,944,920 shares (2016 - 644,768 shares)) | (48,253 | ) | (7,389 | ) | |||||||||||||||
Series B preference shares (par value $0.10; authorized and issued: 8,000,000) | Series B preference shares (par value $0.10; authorized and issued: 8,000,000) | 200.0 | 200.0 | ||||||||||||||||
Common shares (issued and outstanding: 163,200,630; 2022 - 162,177,653) | Common shares (issued and outstanding: 163,200,630; 2022 - 162,177,653) | 16.3 | 16.2 | ||||||||||||||||
Additional paid-in capital | 1,099,998 | 1,094,568 | Additional paid-in capital | 1,645.6 | 1,641.3 | ||||||||||||||
Retained earnings | 549,671 | 316,222 | Retained earnings | 467.1 | 262.2 | ||||||||||||||
Shareholders’ equity attributable to Third Point Re common shareholders | 1,612,154 | 1,414,051 | |||||||||||||||||
Noncontrolling interests in related party | 5,241 | 35,674 | |||||||||||||||||
Accumulated other comprehensive loss, net of tax | Accumulated other comprehensive loss, net of tax | (74.2) | (45.0) | ||||||||||||||||
Shareholders’ equity attributable to SiriusPoint shareholders | Shareholders’ equity attributable to SiriusPoint shareholders | 2,254.8 | 2,074.7 | ||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 12.9 | 7.9 | ||||||||||||||||
Total shareholders’ equity | 1,617,395 | 1,449,725 | Total shareholders’ equity | 2,267.7 | 2,082.6 | ||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 4,368,847 | $ | 3,895,644 | |||||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | Total liabilities, noncontrolling interests and shareholders’ equity | $ | 12,622.8 | $ | 11,036.3 | ||||||||||||||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. | |||||||||||||||||||
The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. | The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Net premiums earned | $ | 703.8 | $ | 568.8 | $ | 1,299.3 | $ | 1,098.1 | |||||||||||||||
Net realized and unrealized investment gains (losses) | (1.8) | (98.4) | 9.5 | (180.3) | |||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (0.9) | (60.5) | (0.1) | (191.5) | |||||||||||||||||||
Net investment income | 68.5 | 17.4 | 130.2 | 25.2 | |||||||||||||||||||
Net realized and unrealized investment gains (losses) and net investment income | 65.8 | (141.5) | 139.6 | (346.6) | |||||||||||||||||||
Other revenues | (1.7) | 45.8 | 14.1 | 83.0 | |||||||||||||||||||
Total revenues | 767.9 | 473.1 | 1,453.0 | 834.5 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 407.0 | 360.3 | 674.1 | 700.4 | |||||||||||||||||||
Acquisition costs, net | 126.2 | 123.6 | 245.9 | 232.1 | |||||||||||||||||||
Other underwriting expenses | 43.3 | 46.1 | 95.5 | 93.3 | |||||||||||||||||||
Net corporate and other expenses | 70.3 | 72.0 | 130.3 | 149.4 | |||||||||||||||||||
Intangible asset amortization | 2.9 | 2.0 | 5.3 | 3.9 | |||||||||||||||||||
Interest expense | 11.7 | 9.4 | 24.5 | 18.7 | |||||||||||||||||||
Foreign exchange (gains) losses | 17.4 | (56.5) | 17.5 | (75.9) | |||||||||||||||||||
Total expenses | 678.8 | 556.9 | 1,193.1 | 1,121.9 | |||||||||||||||||||
Income (loss) before income tax (expense) benefit | 89.1 | (83.8) | 259.9 | (287.4) | |||||||||||||||||||
Income tax (expense) benefit | (16.8) | 27.7 | (42.6) | 18.0 | |||||||||||||||||||
Net income (loss) | 72.3 | (56.1) | 217.3 | (269.4) | |||||||||||||||||||
Net income attributable to noncontrolling interests | (2.0) | (0.7) | (4.4) | (0.4) | |||||||||||||||||||
Net income (loss) available to SiriusPoint | 70.3 | (56.8) | 212.9 | (269.8) | |||||||||||||||||||
Dividends on Series B preference shares | (4.0) | (4.0) | (8.0) | (8.0) | |||||||||||||||||||
Net income (loss) available to SiriusPoint common shareholders | $ | 66.3 | $ | (60.8) | $ | 204.9 | $ | (277.8) | |||||||||||||||
Earnings (loss) per share available to SiriusPoint common shareholders | |||||||||||||||||||||||
Basic earnings (loss) per share available to SiriusPoint common shareholders | $ | 0.38 | $ | (0.38) | $ | 1.18 | $ | (1.74) | |||||||||||||||
Diluted earnings (loss) per share available to SiriusPoint common shareholders | $ | 0.37 | $ | (0.38) | $ | 1.14 | $ | (1.74) | |||||||||||||||
Weighted average number of common shares used in the determination of earnings (loss) per share | |||||||||||||||||||||||
Basic | 162,027,831 | 160,258,883 | 161,473,011 | 160,064,319 | |||||||||||||||||||
Diluted | 166,708,932 | 160,258,883 | 165,997,198 | 160,064,319 | |||||||||||||||||||
The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Revenues | |||||||||||||||
Gross premiums written | $ | 174,539 | $ | 142,573 | $ | 477,457 | $ | 536,595 | |||||||
Gross premiums ceded | — | (927 | ) | (2,550 | ) | (2,352 | ) | ||||||||
Net premiums written | 174,539 | 141,646 | 474,907 | 534,243 | |||||||||||
Change in net unearned premium reserves | (68,564 | ) | (13,463 | ) | (57,365 | ) | (136,136 | ) | |||||||
Net premiums earned | 105,975 | 128,183 | 417,542 | 398,107 | |||||||||||
Net investment income before management and performance fees to related parties | 119,516 | 121,208 | 427,982 | 191,084 | |||||||||||
Management and performance fees to related parties | (30,548 | ) | (32,852 | ) | (103,179 | ) | (56,492 | ) | |||||||
Net investment income | 88,968 | 88,356 | 324,803 | 134,592 | |||||||||||
Total revenues | 194,943 | 216,539 | 742,345 | 532,699 | |||||||||||
Expenses | |||||||||||||||
Loss and loss adjustment expenses incurred, net | 77,275 | 85,015 | 270,549 | 273,822 | |||||||||||
Acquisition costs, net | 33,974 | 45,127 | 157,067 | 145,296 | |||||||||||
General and administrative expenses | 13,218 | 12,354 | 38,804 | 33,885 | |||||||||||
Other expenses | 3,846 | 347 | 8,852 | 6,226 | |||||||||||
Interest expense | 2,074 | 2,069 | 6,151 | 6,163 | |||||||||||
Foreign exchange (gains) losses | 5,437 | (3,905 | ) | 10,233 | (14,359 | ) | |||||||||
Total expenses | 135,824 | 141,007 | 491,656 | 451,033 | |||||||||||
Income before income tax expense | 59,119 | 75,532 | 250,689 | 81,666 | |||||||||||
Income tax expense | (3,475 | ) | (2,484 | ) | (14,080 | ) | (5,865 | ) | |||||||
Net income | 55,644 | 73,048 | 236,609 | 75,801 | |||||||||||
Net income attributable to noncontrolling interests in related party | (959 | ) | (967 | ) | (3,160 | ) | (1,473 | ) | |||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | $ | 72,081 | $ | 233,449 | $ | 74,328 | |||||||
Earnings per share available to Third Point Re common shareholders | |||||||||||||||
Basic earnings per share available to Third Point Re common shareholders | $ | 0.54 | $ | 0.69 | $ | 2.27 | $ | 0.71 | |||||||
Diluted earnings per share available to Third Point Re common shareholders | $ | 0.52 | $ | 0.68 | $ | 2.22 | $ | 0.70 | |||||||
Weighted average number of common shares used in the determination of earnings per common share | |||||||||||||||
Basic | 101,391,145 | 103,780,196 | 102,553,346 | 104,055,946 | |||||||||||
Diluted | 104,679,574 | 105,795,313 | 105,040,251 | 105,590,668 | |||||||||||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income (loss) | $ | 72.3 | $ | (56.1) | $ | 217.3 | $ | (269.4) | |||||||||||||||
Other comprehensive loss, net of tax | |||||||||||||||||||||||
Change in foreign currency translation | 1.5 | (1.2) | 1.2 | (0.4) | |||||||||||||||||||
Unrealized losses from debt securities held as available for sale investments | (54.9) | (9.8) | (32.0) | (9.8) | |||||||||||||||||||
Reclassifications from accumulated other comprehensive income | 2.2 | — | 1.6 | — | |||||||||||||||||||
Total other comprehensive loss | (51.2) | (11.0) | (29.2) | (10.2) | |||||||||||||||||||
Comprehensive income (loss) | 21.1 | (67.1) | 188.1 | (279.6) | |||||||||||||||||||
Net income attributable to noncontrolling interests | (2.0) | (0.7) | (4.4) | (0.4) | |||||||||||||||||||
Comprehensive income (loss) available to SiriusPoint | $ | 19.1 | $ | (67.8) | $ | 183.7 | $ | (280.0) | |||||||||||||||
The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Series B preference shares | |||||||||||||||||||||||
Balance, beginning of period | $ | 200.0 | $ | 200.0 | $ | 200.0 | $ | 200.0 | |||||||||||||||
Issuance of preference shares, net | — | — | — | — | |||||||||||||||||||
Balance, end of period | 200.0 | 200.0 | 200.0 | 200.0 | |||||||||||||||||||
Common shares | |||||||||||||||||||||||
Balance, beginning of period | 16.2 | 16.2 | 16.2 | 16.2 | |||||||||||||||||||
Issuance of common shares, net | 0.1 | — | 0.1 | 0.1 | |||||||||||||||||||
Common shares repurchased and retired | — | — | — | (0.1) | |||||||||||||||||||
Balance, end of period | 16.3 | 16.2 | 16.3 | 16.2 | |||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Balance, beginning of period | 1,642.6 | 1,623.4 | 1,641.3 | 1,622.7 | |||||||||||||||||||
Issuance of common shares, net | 0.1 | — | 0.1 | — | |||||||||||||||||||
Share compensation | 0.9 | 7.2 | 3.4 | 12.5 | |||||||||||||||||||
Common shares repurchased and retired | — | (0.3) | — | (4.9) | |||||||||||||||||||
Exercise of Warrants | 2.0 | — | 2.0 | — | |||||||||||||||||||
Change in ownership interest in subsidiary | — | — | (1.2) | — | |||||||||||||||||||
Balance, end of period | 1,645.6 | 1,630.3 | 1,645.6 | 1,630.3 | |||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Balance, beginning of period | 400.8 | 448.0 | 262.2 | 665.0 | |||||||||||||||||||
Net income (loss) | 72.3 | (56.1) | 217.3 | (269.4) | |||||||||||||||||||
Net income attributable to noncontrolling interests | (2.0) | (0.7) | (4.4) | (0.4) | |||||||||||||||||||
Dividends on preference shares | (4.0) | (4.0) | (8.0) | (8.0) | |||||||||||||||||||
Balance, end of period | 467.1 | 387.2 | 467.1 | 387.2 | |||||||||||||||||||
Accumulated other comprehensive loss, net of tax | |||||||||||||||||||||||
Balance, beginning of period | (23.0) | 0.6 | (45.0) | (0.2) | |||||||||||||||||||
Net change in foreign currency translation adjustment | |||||||||||||||||||||||
Balance, beginning of period | (5.5) | 0.6 | (5.2) | (0.2) | |||||||||||||||||||
Net change in foreign currency translation adjustment | 1.5 | (1.2) | 1.2 | (0.4) | |||||||||||||||||||
Balance, end of period | (4.0) | (0.6) | (4.0) | (0.6) | |||||||||||||||||||
Unrealized losses from debt securities held as available for sale investments | |||||||||||||||||||||||
Balance, beginning of period | (17.5) | — | (39.8) | — | |||||||||||||||||||
Unrealized losses from debt securities held as available for sale investments | (54.9) | (9.8) | (32.0) | (9.8) | |||||||||||||||||||
Reclassifications from accumulated other comprehensive income | 2.2 | — | 1.6 | — | |||||||||||||||||||
Balance, end of period | (70.2) | (9.8) | (70.2) | (9.8) | |||||||||||||||||||
Balance, end of period | (74.2) | (10.4) | (74.2) | (10.4) | |||||||||||||||||||
Shareholders’ equity attributable to SiriusPoint shareholders | 2,254.8 | 2,223.3 | 2,254.8 | 2,223.3 | |||||||||||||||||||
Noncontrolling interests | 12.9 | 0.8 | 12.9 | 0.8 | |||||||||||||||||||
Total shareholders’ equity | $ | 2,267.7 | $ | 2,224.1 | $ | 2,267.7 | $ | 2,224.1 | |||||||||||||||
The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. |
2017 | 2016 | ||||||
Common shares | |||||||
Balance, beginning of period | $ | 10,650 | $ | 10,548 | |||
Issuance of common shares | 88 | 90 | |||||
Balance, end of period | 10,738 | 10,638 | |||||
Treasury shares | |||||||
Balance, beginning of period | (7,389 | ) | — | ||||
Repurchase of common shares | (40,864 | ) | (7,389 | ) | |||
Balance, end of period | (48,253 | ) | (7,389 | ) | |||
Additional paid-in capital | |||||||
Balance, beginning of period | 1,094,568 | 1,080,591 | |||||
Issuance of common shares, net | 1,416 | 3,788 | |||||
Share compensation expense | 4,014 | 6,596 | |||||
Balance, end of period | 1,099,998 | 1,090,975 | |||||
Retained earnings | |||||||
Balance, beginning of period | 316,222 | 288,587 | |||||
Net income | 236,609 | 75,801 | |||||
Net income attributable to noncontrolling interests in related party | (3,160 | ) | (1,473 | ) | |||
Balance, end of period | 549,671 | 362,915 | |||||
Shareholders’ equity attributable to Third Point Re common shareholders | 1,612,154 | 1,457,139 | |||||
Noncontrolling interests in related party | 5,241 | 18,630 | |||||
Total shareholders’ equity | $ | 1,617,395 | $ | 1,475,769 | |||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. |
2017 | 2016 | ||||||
Operating activities | |||||||
Net income | $ | 236,609 | $ | 75,801 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Share compensation expense | 4,014 | 6,596 | |||||
Net interest (income) expense on deposit liabilities | 1,472 | (507 | ) | ||||
Net unrealized gain on investments and derivatives | (203,299 | ) | (90,675 | ) | |||
Net realized gain on investments and derivatives | (180,382 | ) | (62,316 | ) | |||
Net foreign exchange (gains) losses | 10,233 | (14,359 | ) | ||||
Amortization of premium and accretion of discount, net | (452 | ) | 4,954 | ||||
Changes in assets and liabilities: | |||||||
Reinsurance balances receivable | (77,444 | ) | (145,593 | ) | |||
Deferred acquisition costs, net | (1,473 | ) | (58,286 | ) | |||
Other assets | 5,698 | (4,960 | ) | ||||
Interest and dividends receivable, net | 769 | (3,697 | ) | ||||
Unearned premium reserves | 58,299 | 137,270 | |||||
Loss and loss adjustment expense reserves | 78,931 | 111,014 | |||||
Accounts payable and accrued expenses | 14,173 | 1,518 | |||||
Reinsurance balances payable | 11,462 | 24,013 | |||||
Performance fee payable to related party | 73,210 | 24,846 | |||||
Net cash provided by operating activities | 31,820 | 5,619 | |||||
Investing activities | |||||||
Purchases of investments | (2,238,167 | ) | (2,803,862 | ) | |||
Proceeds from sales of investments | 2,536,688 | 2,533,656 | |||||
Purchases of investments to cover short sales | (440,242 | ) | (978,039 | ) | |||
Proceeds from short sales of investments | 735,132 | 854,689 | |||||
Change in due to/from brokers, net | (400,566 | ) | 362,695 | ||||
Increase in securities sold under an agreement to repurchase | — | 46,936 | |||||
Change in restricted cash and cash equivalents | (178,422 | ) | (34,536 | ) | |||
Net cash provided by (used in) investing activities | 14,423 | (18,461 | ) | ||||
Financing activities | |||||||
Proceeds from issuance of Third Point Re common shares, net of costs | 1,504 | 3,878 | |||||
Purchases of Third Point Re common shares under share repurchase program | (40,864 | ) | (7,389 | ) | |||
Increase in deposit liabilities, net | 6,380 | 15,928 | |||||
Change in total noncontrolling interests in related party, net | (16,780 | ) | 1,000 | ||||
Net cash provided by (used in) financing activities | (49,760 | ) | 13,417 | ||||
Net increase (decrease) in cash and cash equivalents | (3,517 | ) | 575 | ||||
Cash and cash equivalents at beginning of period | 9,951 | 20,407 | |||||
Cash and cash equivalents at end of period | $ | 6,434 | $ | 20,982 | |||
Supplementary information | |||||||
Interest paid in cash | $ | 17,551 | $ | 19,605 | |||
Income taxes paid in cash | $ | 5,996 | $ | 3,775 | |||
The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of the Condensed Consolidated Financial Statements. |
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | 217.3 | $ | (269.4) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Share compensation | 10.8 | 18.9 | |||||||||
Net realized and unrealized (gain) loss on investments and derivatives | (12.6) | 163.2 | |||||||||
Net realized and unrealized loss on investment in related party investment funds | 0.1 | 191.5 | |||||||||
Other revenues | 44.1 | (37.2) | |||||||||
Amortization of premium and accretion of discount, net | (36.3) | 8.6 | |||||||||
Amortization of intangible assets | 5.3 | 3.9 | |||||||||
Other items, net | (4.2) | (42.3) | |||||||||
Changes in assets and liabilities: | |||||||||||
Insurance and reinsurance balances receivable, net | (370.4) | (224.5) | |||||||||
Deferred acquisition costs, net | (45.4) | (52.5) | |||||||||
Unearned premiums ceded | (132.5) | (132.8) | |||||||||
Loss and loss adjustment expenses recoverable, net | (900.5) | (42.2) | |||||||||
Deferred tax asset/liability | 37.2 | (34.3) | |||||||||
Other assets | (12.4) | (5.0) | |||||||||
Interest and dividends receivable | (10.1) | (6.3) | |||||||||
Loss and loss adjustment expense reserves | 70.1 | 99.4 | |||||||||
Unearned premium reserves | 298.1 | 358.8 | |||||||||
Deferred gain on retroactive reinsurance | 21.2 | — | |||||||||
Reinsurance balances payable | 1,031.8 | 70.7 | |||||||||
Accounts payable, accrued expenses and other liabilities | (5.3) | (23.3) | |||||||||
Net cash provided by operating activities | 206.3 | 45.2 | |||||||||
Investing activities | |||||||||||
Proceeds from redemptions from related party investment funds | 30.9 | 654.0 | |||||||||
Contributions to related party investment funds | — | (4.0) | |||||||||
Purchases of investments | (3,092.3) | (2,915.7) | |||||||||
Proceeds from sales and maturities of investments | 2,749.1 | 1,705.7 | |||||||||
Change in due to/from brokers, net | 14.8 | (45.4) | |||||||||
Net cash used in investing activities | (297.5) | (605.4) | |||||||||
Financing activities | |||||||||||
Taxes paid on withholding shares | (7.5) | (6.5) | |||||||||
Purchases of SiriusPoint common shares under share repurchase program | — | (5.0) | |||||||||
Proceeds from loans under an agreement to repurchase | 9.3 | 17.5 | |||||||||
Cash dividends paid to preference shareholders | (8.0) | (8.0) | |||||||||
Settlement of Contingent Value Rights | (38.5) | — | |||||||||
Net proceeds from exercise of Warrants | 1.5 | — | |||||||||
Net payments on deposit liability contracts | (7.3) | (9.8) | |||||||||
Change in total noncontrolling interests, net | (0.6) | 0.8 | |||||||||
Net cash used in financing activities | (51.1) | (11.0) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (142.3) | (571.2) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 913.7 | 1,948.4 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 771.4 | $ | 1,377.2 | |||||||
The accompanying Notes to the Consolidated Financial Statements are an integral part of the Consolidated Financial Statements. |
September 30, 2017 | December 31, 2016 | ||||||
($ in thousands) | |||||||
Restricted cash securing letter of credit facilities (1) | $ | 209,494 | $ | 231,822 | |||
Restricted cash securing other reinsurance contracts (2) | 267,868 | 67,118 | |||||
Total restricted cash and cash equivalents | 477,362 | 298,940 | |||||
Restricted investments securing other reinsurance contracts (2) | 328,033 | 427,308 | |||||
Total restricted cash and cash equivalents and restricted investments | $ | 805,395 | $ | 726,248 |
Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 387.1 | $ | 462.7 | $ | 849.8 | $ | — | $ | 37.3 | $ | — | $ | 887.1 | |||||||||||||||||||||||||||
Net premiums written | 341.3 | 291.6 | 632.9 | — | 37.3 | — | 670.2 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 320.7 | 339.6 | 660.3 | — | 43.5 | — | 703.8 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 167.0 | 227.7 | 394.7 | (1.5) | 13.8 | — | 407.0 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 62.4 | 84.0 | 146.4 | (35.9) | 15.7 | — | 126.2 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 12.0 | 25.5 | 37.5 | — | 5.8 | — | 43.3 | ||||||||||||||||||||||||||||||||||
Underwriting income | 79.3 | 2.4 | 81.7 | 37.4 | 8.2 | — | 127.3 | ||||||||||||||||||||||||||||||||||
Services revenues | (2.8) | 62.2 | 59.4 | (37.0) | — | (22.4) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 50.0 | 50.0 | — | — | (50.0) | — | ||||||||||||||||||||||||||||||||||
Net services fee income (loss) | (2.8) | 12.2 | 9.4 | (37.0) | — | 27.6 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling income | — | (1.7) | (1.7) | — | — | 1.7 | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (4.1) | (4.1) | — | — | 4.1 | — | ||||||||||||||||||||||||||||||||||
Net services income (loss) | (2.8) | 6.4 | 3.6 | (37.0) | — | 33.4 | — | ||||||||||||||||||||||||||||||||||
Segment income | 76.5 | 8.8 | 85.3 | 0.4 | 8.2 | 33.4 | 127.3 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains (losses) | 2.3 | (4.1) | (1.8) | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (0.9) | — | (0.9) | ||||||||||||||||||||||||||||||||||||||
Net investment income | 68.5 | — | 68.5 | ||||||||||||||||||||||||||||||||||||||
Other revenues | (24.1) | 22.4 | (1.7) | ||||||||||||||||||||||||||||||||||||||
Net corporate and other expenses | (20.3) | (50.0) | (70.3) | ||||||||||||||||||||||||||||||||||||||
Intangible asset amortization | (2.9) | — | (2.9) | ||||||||||||||||||||||||||||||||||||||
Interest expense | (11.7) | — | (11.7) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange losses | (17.4) | — | (17.4) | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 76.5 | $ | 8.8 | 85.3 | 0.4 | 1.7 | 1.7 | 89.1 | ||||||||||||||||||||||||||||||||
Income tax expense | — | — | (16.8) | — | (16.8) | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 85.3 | 0.4 | (15.1) | 1.7 | 72.3 | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | — | (0.3) | (1.7) | (2.0) | ||||||||||||||||||||||||||||||||||||
Net income (loss) available to SiriusPoint | $ | 85.3 | $ | 0.4 | $ | (15.4) | $ | — | $ | 70.3 | |||||||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 52.1 | % | 67.0 | % | 59.8 | % | 57.8 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 19.5 | % | 24.7 | % | 22.2 | % | 17.9 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 3.7 | % | 7.5 | % | 5.7 | % | 6.2 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 75.3 | % | 99.2 | % | 87.7 | % | 81.9 | % |
September 30, 2017 | December 31, 2016 | ||||||
Assets | ($ in thousands) | ||||||
Total investments in securities | $ | 2,703,605 | $ | 2,619,839 | |||
Cash and cash equivalents | 449 | 5 | |||||
Restricted cash and cash equivalents | 477,362 | 298,940 | |||||
Due from brokers | 387,786 | 284,591 | |||||
Derivative assets | 75,781 | 27,432 | |||||
Interest and dividends receivable | 4,210 | 6,505 | |||||
Total assets | 3,649,193 | 3,237,312 | |||||
Liabilities and noncontrolling interests in related party | |||||||
Accounts payable and accrued expenses | 2,674 | 1,374 | |||||
Securities sold, not yet purchased | 405,845 | 92,668 | |||||
Due to brokers | 602,230 | 899,601 | |||||
Derivative liabilities | 17,280 | 16,050 | |||||
Performance fee payable to related party | 73,210 | — | |||||
Interest and dividends payable | 891 | 386 | |||||
Total noncontrolling interests in related party (1) | 22,054 | 35,674 | |||||
Total liabilities and noncontrolling interests in related party | 1,124,184 | 1,045,753 | |||||
Total net investments managed by Third Point LLC | $ | 2,525,009 | $ | 2,191,559 |
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 378.3 | $ | 433.9 | $ | 812.2 | $ | — | $ | 0.4 | $ | — | $ | 812.6 | |||||||||||||||||||||||||||
Net premiums written | 321.5 | 301.4 | 622.9 | — | 0.1 | — | 623.0 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 319.5 | 244.3 | 563.8 | — | 5.0 | — | 568.8 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 204.7 | 154.8 | 359.5 | (1.1) | 1.9 | — | 360.3 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 86.3 | 63.9 | 150.2 | (26.8) | 0.2 | — | 123.6 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 28.7 | 15.8 | 44.5 | — | 1.6 | — | 46.1 | ||||||||||||||||||||||||||||||||||
Underwriting income (loss) | (0.2) | 9.8 | 9.6 | 27.9 | 1.3 | — | 38.8 | ||||||||||||||||||||||||||||||||||
Services revenues | — | 56.6 | 56.6 | (36.7) | — | (19.9) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 44.8 | 44.8 | — | — | (44.8) | — | ||||||||||||||||||||||||||||||||||
Net services fee income | — | 11.8 | 11.8 | (36.7) | — | 24.9 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling income | — | (0.7) | (0.7) | — | — | 0.7 | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (0.5) | (0.5) | — | — | 0.5 | — | ||||||||||||||||||||||||||||||||||
Net services income | — | 10.6 | 10.6 | (36.7) | — | 26.1 | — | ||||||||||||||||||||||||||||||||||
Segment income (loss) | (0.2) | 20.4 | 20.2 | (8.8) | 1.3 | 26.1 | 38.8 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (97.9) | (0.5) | (98.4) | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (60.5) | — | (60.5) | ||||||||||||||||||||||||||||||||||||||
Net investment income | 17.4 | — | 17.4 | ||||||||||||||||||||||||||||||||||||||
Other revenues | 25.9 | 19.9 | 45.8 | ||||||||||||||||||||||||||||||||||||||
Net corporate and other expenses | (27.2) | (44.8) | (72.0) | ||||||||||||||||||||||||||||||||||||||
Intangible asset amortization | (2.0) | — | (2.0) | ||||||||||||||||||||||||||||||||||||||
Interest expense | (9.4) | — | (9.4) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange gains | 56.5 | — | 56.5 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit | $ | (0.2) | $ | 20.4 | 20.2 | (8.8) | (95.9) | 0.7 | (83.8) | ||||||||||||||||||||||||||||||||
Income tax benefit | — | — | 27.7 | — | 27.7 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 20.2 | (8.8) | (68.2) | 0.7 | (56.1) | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | (0.7) | (0.7) | ||||||||||||||||||||||||||||||||||||
Net income (loss) available to SiriusPoint | $ | 20.2 | $ | (8.8) | $ | (68.2) | $ | — | $ | (56.8) | |||||||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 64.1 | % | 63.4 | % | 63.8 | % | 63.3 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 27.0 | % | 26.2 | % | 26.6 | % | 21.7 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 9.0 | % | 6.5 | % | 7.9 | % | 8.1 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 100.1 | % | 96.1 | % | 98.3 | % | 93.1 | % |
Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 783.3 | $ | 1,126.7 | $ | 1,910.0 | $ | — | $ | 87.6 | $ | — | $ | 1,997.6 | |||||||||||||||||||||||||||
Net premiums written | 652.3 | 744.2 | 1,396.5 | — | 65.4 | — | 1,461.9 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 580.2 | 630.8 | 1,211.0 | — | 88.3 | — | 1,299.3 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 252.6 | 400.2 | 652.8 | (2.8) | 24.1 | — | 674.1 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 128.4 | 155.7 | 284.1 | (68.4) | 30.2 | — | 245.9 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 40.2 | 44.8 | 85.0 | — | 10.5 | — | 95.5 | ||||||||||||||||||||||||||||||||||
Underwriting income | 159.0 | 30.1 | 189.1 | 71.2 | 23.5 | — | 283.8 | ||||||||||||||||||||||||||||||||||
Services revenues | (2.6) | 125.8 | 123.2 | (71.3) | — | (51.9) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 95.5 | 95.5 | — | — | (95.5) | — | ||||||||||||||||||||||||||||||||||
Net services fee income (loss) | (2.6) | 30.3 | 27.7 | (71.3) | — | 43.6 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling income | — | (3.3) | (3.3) | — | — | 3.3 | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (8.0) | (8.0) | — | — | 8.0 | — | ||||||||||||||||||||||||||||||||||
Net services income (loss) | (2.6) | 19.0 | 16.4 | (71.3) | — | 54.9 | — | ||||||||||||||||||||||||||||||||||
Segment income | 156.4 | 49.1 | 205.5 | (0.1) | 23.5 | 54.9 | 283.8 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains (losses) | 17.5 | (8.0) | 9.5 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (0.1) | — | (0.1) | ||||||||||||||||||||||||||||||||||||||
Net investment income | 130.2 | — | 130.2 | ||||||||||||||||||||||||||||||||||||||
Other revenues | (37.8) | 51.9 | 14.1 | ||||||||||||||||||||||||||||||||||||||
Net corporate and other expenses | (34.8) | (95.5) | (130.3) | ||||||||||||||||||||||||||||||||||||||
Intangible asset amortization | (5.3) | — | (5.3) | ||||||||||||||||||||||||||||||||||||||
Interest expense | (24.5) | — | (24.5) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange losses | (17.5) | — | (17.5) | ||||||||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 156.4 | $ | 49.1 | 205.5 | (0.1) | 51.2 | 3.3 | 259.9 | ||||||||||||||||||||||||||||||||
Income tax expense | — | — | (42.6) | — | (42.6) | ||||||||||||||||||||||||||||||||||||
Net income | 205.5 | (0.1) | 8.6 | 3.3 | 217.3 | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | (1.1) | (3.3) | (4.4) | ||||||||||||||||||||||||||||||||||||
Net income available to SiriusPoint | $ | 205.5 | $ | (0.1) | $ | 7.5 | $ | — | $ | 212.9 | |||||||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 43.5 | % | 63.4 | % | 53.9 | % | 51.9 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 22.1 | % | 24.7 | % | 23.5 | % | 18.9 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 6.9 | % | 7.1 | % | 7.0 | % | 7.4 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 72.5 | % | 95.2 | % | 84.4 | % | 78.2 | % | |||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 902.5 | $ | 917.4 | $ | 1,819.9 | $ | — | $ | 2.4 | $ | — | $ | 1,822.3 | |||||||||||||||||||||||||||
Net premiums written | 696.4 | 638.9 | 1,335.3 | — | 1.6 | — | 1,336.9 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 627.1 | 457.1 | 1,084.2 | — | 13.9 | — | 1,098.1 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 399.2 | 288.8 | 688.0 | (2.3) | 14.7 | — | 700.4 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 166.2 | 117.4 | 283.6 | (52.4) | 0.9 | — | 232.1 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 58.8 | 31.5 | 90.3 | — | 3.0 | — | 93.3 | ||||||||||||||||||||||||||||||||||
Underwriting income (loss) | 2.9 | 19.4 | 22.3 | 54.7 | (4.7) | — | 72.3 | ||||||||||||||||||||||||||||||||||
Services revenues | — | 113.4 | 113.4 | (67.5) | — | (45.9) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 88.1 | 88.1 | — | — | (88.1) | — | ||||||||||||||||||||||||||||||||||
Net services fee income | — | 25.3 | 25.3 | (67.5) | — | 42.2 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling loss | — | 0.1 | 0.1 | — | — | (0.1) | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (0.8) | (0.8) | — | — | 0.8 | — | ||||||||||||||||||||||||||||||||||
Net services income | — | 24.6 | 24.6 | (67.5) | — | 42.9 | — | ||||||||||||||||||||||||||||||||||
Segment income (loss) | 2.9 | 44.0 | 46.9 | (12.8) | (4.7) | 42.9 | 72.3 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (179.5) | (0.8) | (180.3) | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (191.5) | — | (191.5) | ||||||||||||||||||||||||||||||||||||||
Net investment income | 25.2 | — | 25.2 | ||||||||||||||||||||||||||||||||||||||
Other revenues | 37.1 | 45.9 | 83.0 | ||||||||||||||||||||||||||||||||||||||
Net corporate and other expenses | (61.3) | (88.1) | (149.4) | ||||||||||||||||||||||||||||||||||||||
Intangible asset amortization | (3.9) | — | (3.9) | ||||||||||||||||||||||||||||||||||||||
Interest expense | (18.7) | — | (18.7) | ||||||||||||||||||||||||||||||||||||||
Foreign exchange gains | 75.9 | — | 75.9 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax expense | $ | 2.9 | $ | 44.0 | 46.9 | (12.8) | (321.4) | (0.1) | (287.4) | ||||||||||||||||||||||||||||||||
Income tax expense | — | — | 18.0 | — | 18.0 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 46.9 | (12.8) | (303.4) | (0.1) | (269.4) | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | (0.5) | 0.1 | (0.4) | ||||||||||||||||||||||||||||||||||||
Net income (loss) available to SiriusPoint | $ | 46.9 | $ | (12.8) | $ | (303.9) | $ | — | $ | (269.8) | |||||||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 63.7 | % | 63.2 | % | 63.5 | % | 63.8 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 26.5 | % | 25.7 | % | 26.2 | % | 21.1 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 9.4 | % | 6.9 | % | 8.3 | % | 8.5 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 99.6 | % | 95.8 | % | 98.0 | % | 93.4 | % | |||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | 676.2 | $ | 705.3 | |||||||
Restricted cash securing letter of credit facilities (1) | 31.9 | 34.3 | |||||||||
Restricted cash securing reinsurance contracts (2) | 38.1 | 148.9 | |||||||||
Restricted cash held by managing general underwriters | 25.2 | 25.2 | |||||||||
Total cash, cash equivalents and restricted cash (3) | 771.4 | 913.7 | |||||||||
Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4) | 2,517.5 | 2,202.2 | |||||||||
Total cash, cash equivalents, restricted cash and restricted investments | $ | 3,288.9 | $ | 3,115.9 |
September 30, 2017 | December 31, 2016 | ||||||||||||
($ in thousands) | |||||||||||||
Reperforming loans | $ | 123,813 | 63.0 | % | $ | 44,359 | 17.4 | % | |||||
Subprime RMBS | — | — | % | 117,152 | 46.0 | % | |||||||
Market place loans | 54,403 | 27.7 | % | 44,143 | 17.3 | % | |||||||
Other (1) | 18,189 | 9.3 | % | 49,198 | 19.3 | % | |||||||
$ | 196,405 | 100.0 | % | $ | 254,852 | 100.0 | % |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | — | $ | 704.8 | $ | — | $ | 704.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 684.4 | — | 684.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 133.7 | — | 133.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 1,483.5 | — | 1,483.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and government agency | 1,079.3 | 4.2 | — | 1,083.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government and government agency | 3.2 | 79.0 | — | 82.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities, available for sale | 1,082.5 | 3,089.6 | — | 4,172.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 358.8 | — | 358.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 80.5 | — | 80.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 72.7 | — | 72.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | 101.4 | — | 101.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and government agency | 108.9 | — | — | 108.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government and government agency | 1.7 | 29.2 | — | 30.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities, trading | 110.6 | 642.6 | — | 753.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 1.6 | — | — | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments | 540.4 | 18.8 | — | 559.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term investments | — | — | 235.0 | 235.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | — | 4.1 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,735.1 | $ | 3,751.0 | $ | 239.1 | 5,725.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost and equity method investments | 88.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in funds valued at NAV | 143.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,956.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under an agreement to repurchase | $ | — | $ | 11.0 | $ | — | $ | 11.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability-classified capital instruments | — | — | 65.4 | 65.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | — | — | 26.6 | 26.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 11.0 | $ | 92.0 | $ | 103.0 |
September 30, 2017 | |||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Total | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets | ($ in thousands) | ||||||||||||||
Equity securities | $ | 1,942,935 | $ | 17,068 | $ | — | $ | 1,960,003 | |||||||
Private common equity securities | — | — | 4,774 | 4,774 | |||||||||||
Private preferred equity securities | — | — | 52,686 | 52,686 | |||||||||||
Total equities | 1,942,935 | 17,068 | 57,460 | 2,017,463 | |||||||||||
Asset-backed securities | — | 174,613 | 21,792 | 196,405 | |||||||||||
Bank debt | — | 9,558 | 10,721 | 20,279 | |||||||||||
Corporate bonds | — | 42,163 | 9,685 | 51,848 | |||||||||||
U.S. Treasury securities | — | 251,861 | — | 251,861 | |||||||||||
Sovereign debt | — | 123,843 | — | 123,843 | |||||||||||
Other debt securities | — | 4,614 | 7,268 | 11,882 | |||||||||||
Total debt securities | — | 606,652 | 49,466 | 656,118 | |||||||||||
Options | 997 | 2,975 | — | 3,972 | |||||||||||
Rights and warrants | — | 20 | 2 | 22 | |||||||||||
Real estate | — | — | 2,755 | 2,755 | |||||||||||
Trade claims | — | 7,246 | — | 7,246 | |||||||||||
Total other investments | 997 | 10,241 | 2,757 | 13,995 | |||||||||||
Derivative assets (free standing) | 1,295 | 74,486 | — | 75,781 | |||||||||||
$ | 1,945,227 | $ | 708,447 | $ | 109,683 | 2,763,357 | |||||||||
Investments in funds valued at NAV | 16,937 | ||||||||||||||
Total assets | $ | 2,780,294 | |||||||||||||
Liabilities | |||||||||||||||
Equity securities | $ | 386,102 | $ | — | $ | — | $ | 386,102 | |||||||
Corporate bonds | — | 11,269 | — | 11,269 | |||||||||||
Options | 1,894 | 6,580 | — | 8,474 | |||||||||||
Total securities sold, not yet purchased | 387,996 | 17,849 | — | 405,845 | |||||||||||
Derivative liabilities (free standing) | — | 15,115 | 2,165 | 17,280 | |||||||||||
Derivative liabilities (embedded) | — | — | 180 | 180 | |||||||||||
Total liabilities | $ | 387,996 | $ | 32,964 | $ | 2,345 | $ | 423,305 |
December 31, 2016 | |||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Total | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets | ($ in thousands) | ||||||||||||||
Equity securities | $ | 1,450,966 | $ | 2,255 | $ | — | $ | 1,453,221 | |||||||
Private common equity securities | — | — | 4,799 | 4,799 | |||||||||||
Private preferred equity securities | — | — | 48,834 | 48,834 | |||||||||||
Total equities | 1,450,966 | 2,255 | 53,633 | 1,506,854 | |||||||||||
Asset-backed securities | — | 237,224 | 17,628 | 254,852 | |||||||||||
Bank debt | — | 48,546 | 8,350 | 56,896 | |||||||||||
Corporate bonds | — | 209,025 | 9,255 | 218,280 | |||||||||||
U.S. Treasury securities | — | 327,016 | — | 327,016 | |||||||||||
Sovereign debt | — | 200,913 | — | 200,913 | |||||||||||
Total debt securities | — | 1,022,724 | 35,233 | 1,057,957 | |||||||||||
Options | 343 | 681 | — | 1,024 | |||||||||||
Trade claims | — | 9,022 | — | 9,022 | |||||||||||
Total other investments | 343 | 9,703 | — | 10,046 | |||||||||||
Derivative assets (free standing) | 961 | 26,471 | — | 27,432 | |||||||||||
$ | 1,452,270 | $ | 1,061,153 | $ | 88,866 | 2,602,289 | |||||||||
Investments in funds valued at NAV | 72,655 | ||||||||||||||
Total assets | $ | 2,674,944 | |||||||||||||
Liabilities | |||||||||||||||
Equity securities | $ | 71,457 | $ | — | $ | — | $ | 71,457 | |||||||
Corporate bonds | — | 17,683 | — | 17,683 | |||||||||||
Options | — | 3,528 | — | 3,528 | |||||||||||
Total securities sold, not yet purchased | 71,457 | 21,211 | — | 92,668 | |||||||||||
Derivative liabilities (free standing) | 1,608 | 13,116 | 1,326 | 16,050 | |||||||||||
Derivative liabilities (embedded) | — | — | 92 | 92 | |||||||||||
Total liabilities | $ | 73,065 | $ | 34,327 | $ | 1,418 | $ | 108,810 |
December 31, 2022 | |||||||||||||||||||||||
Quoted prices in active markets | Significant other observable inputs | Significant unobservable inputs | Total | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Assets | |||||||||||||||||||||||
Asset-backed securities | $ | — | $ | 230.7 | $ | — | $ | 230.7 | |||||||||||||||
Residential mortgage-backed securities | — | 340.7 | — | 340.7 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 61.2 | — | 61.2 | |||||||||||||||||||
Corporate debt securities | — | 415.7 | — | 415.7 | |||||||||||||||||||
U.S. government and government agency | 1,546.2 | 4.4 | — | 1,550.6 | |||||||||||||||||||
Non-U.S. government and government agency | 5.0 | 31.6 | — | 36.6 | |||||||||||||||||||
Total debt securities, available for sale | 1,551.2 | 1,084.3 | — | 2,635.5 | |||||||||||||||||||
Asset-backed securities | — | 553.7 | — | 553.7 | |||||||||||||||||||
Residential mortgage-backed securities | — | 133.6 | — | 133.6 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 113.4 | — | 113.4 | |||||||||||||||||||
Corporate debt securities | — | 363.5 | — | 363.5 | |||||||||||||||||||
U.S. Government and government agency | 264.1 | 6.3 | — | 270.4 | |||||||||||||||||||
Non-U.S. government and government agency | 8.7 | 79.5 | — | 88.2 | |||||||||||||||||||
Preferred stocks | — | — | 3.2 | 3.2 | |||||||||||||||||||
Total debt securities, trading | 272.8 | 1,250.0 | 3.2 | 1,526.0 | |||||||||||||||||||
Total equity securities | 1.6 | — | — | 1.6 | |||||||||||||||||||
Short-term investments | 972.8 | 11.8 | — | 984.6 | |||||||||||||||||||
Other long-term investments | — | — | 227.3 | 227.3 | |||||||||||||||||||
Derivative assets | — | — | 9.5 | 9.5 | |||||||||||||||||||
$ | 2,798.4 | $ | 2,346.1 | $ | 240.0 | 5,384.5 | |||||||||||||||||
Cost and equity method investments | 104.8 | ||||||||||||||||||||||
Investments in funds valued at NAV | 173.9 | ||||||||||||||||||||||
Total assets | $ | 5,663.2 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Total securities sold, not yet purchased | $ | 27.0 | $ | — | $ | — | $ | 27.0 | |||||||||||||||
Securities sold under an agreement to repurchase | — | 18.0 | — | 18.0 | |||||||||||||||||||
Liability-classified capital instruments | — | 39.0 | 21.4 | 60.4 | |||||||||||||||||||
Derivative liabilities | — | — | 8.6 | 8.6 | |||||||||||||||||||
Total liabilities | $ | 27.0 | $ | 57.0 | $ | 30.0 | $ | 114.0 |
July 1, 2017 | Transfers in to (out of) Level 3 | Purchases | Sales | Realized and Unrealized Gains (Losses) (1) | September 30, 2017 | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Private common equity securities | $ | 4,775 | $ | — | $ | — | $ | — | $ | (1 | ) | $ | 4,774 | ||||||||||
Private preferred equity securities | 50,759 | — | 2,095 | (1,607 | ) | 1,439 | 52,686 | ||||||||||||||||
Asset-backed securities | 35,711 | (8,759 | ) | 23,320 | (24,581 | ) | (3,899 | ) | 21,792 | ||||||||||||||
Bank debt | 10,246 | — | — | — | 475 | 10,721 | |||||||||||||||||
Corporate bonds | 9,095 | (236 | ) | 1,183 | (198 | ) | (159 | ) | 9,685 | ||||||||||||||
Other debt securities | 3,312 | — | 5,120 | (3,307 | ) | 2,143 | 7,268 | ||||||||||||||||
Rights and warrants | — | 2 | — | — | — | 2 | |||||||||||||||||
Real estate | — | — | 2,357 | — | 398 | 2,755 | |||||||||||||||||
Total assets | $ | 113,898 | $ | (8,993 | ) | $ | 34,075 | $ | (29,693 | ) | $ | 396 | $ | 109,683 | |||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities (free standing) | $ | (1,367 | ) | $ | — | $ | — | $ | — | $ | (798 | ) | $ | (2,165 | ) | ||||||||
Derivative liabilities (embedded) | (180 | ) | — | — | — | — | (180 | ) | |||||||||||||||
Total liabilities | $ | (1,547 | ) | $ | — | $ | — | $ | — | $ | (798 | ) | $ | (2,345 | ) | ||||||||
January 1, 2017 | Transfers in to (out of) Level 3 | Purchases | Sales | Realized and Unrealized Gains (Losses) (1) | September 30, 2017 | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Private common equity securities | $ | 4,799 | $ | — | $ | — | $ | — | $ | (25 | ) | $ | 4,774 | ||||||||||
Private preferred equity securities | 48,834 | — | 3,034 | (2,102 | ) | 2,920 | 52,686 | ||||||||||||||||
Asset-backed securities | 17,628 | 16,437 | 57,346 | (56,947 | ) | (12,672 | ) | 21,792 | |||||||||||||||
Bank debt | 8,350 | — | 4 | (310 | ) | 2,677 | 10,721 | ||||||||||||||||
Corporate bonds | 9,255 | (262 | ) | 1,211 | (719 | ) | 200 | 9,685 | |||||||||||||||
Other debt securities | — | — | 5,120 | — | 2,148 | 7,268 | |||||||||||||||||
Rights and warrants | — | 2 | — | — | — | 2 | |||||||||||||||||
Real estate | — | — | 2,357 | — | 398 | 2,755 | |||||||||||||||||
Total assets | $ | 88,866 | $ | 16,177 | $ | 69,072 | $ | (60,078 | ) | $ | (4,354 | ) | $ | 109,683 | |||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities (free standing) | $ | (1,326 | ) | $ | — | $ | — | $ | (38 | ) | $ | (801 | ) | $ | (2,165 | ) | |||||||
Derivative liabilities (embedded) | (92 | ) | — | — | — | (88 | ) | (180 | ) | ||||||||||||||
Total liabilities | $ | (1,418 | ) | $ | — | $ | — | $ | (38 | ) | $ | (889 | ) | $ | (2,345 | ) | |||||||
April 1, 2023 | Transfers in to (out of) Level 3 | Purchases | Sales & Settlements | Realized and Unrealized Gains (Losses) (1) | June 30, 2023 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Preferred stocks | $ | 3.2 | $ | — | $ | — | $ | (2.3) | $ | (0.9) | $ | — | |||||||||||||||||||||||||||||
Other long-term investments | 227.4 | — | 6.3 | (0.3) | 1.6 | 235.0 | |||||||||||||||||||||||||||||||||||
Derivative assets | 11.3 | — | 0.3 | (10.5) | 3.0 | 4.1 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 241.9 | $ | — | $ | 6.6 | $ | (13.1) | $ | 3.7 | $ | 239.1 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Liability-classified capital instruments | $ | (47.0) | $ | — | $ | 0.6 | $ | — | $ | (19.0) | $ | (65.4) | |||||||||||||||||||||||||||||
Derivative liabilities | (8.4) | — | 16.8 | (7.6) | (27.4) | (26.6) | |||||||||||||||||||||||||||||||||||
Total liabilities | $ | (55.4) | $ | — | $ | 17.4 | $ | (7.6) | $ | (46.4) | $ | (92.0) | |||||||||||||||||||||||||||||
January 1, 2023 | Transfers in to (out of) Level 3 | Purchases | Sales & Settlements | Realized and Unrealized Gains (Losses) (1) | June 30, 2023 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Preferred stocks | $ | 3.2 | $ | — | $ | — | $ | (2.3) | $ | (0.9) | $ | — | |||||||||||||||||||||||||||||
Other long-term investments | 227.3 | — | 6.6 | (0.3) | 1.4 | 235.0 | |||||||||||||||||||||||||||||||||||
Derivative assets | 9.5 | — | 2.8 | (12.6) | 4.4 | 4.1 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 240.0 | $ | — | $ | 9.4 | $ | (15.2) | $ | 4.9 | $ | 239.1 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Liability-classified capital instruments | $ | (21.4) | $ | — | $ | 0.6 | $ | — | $ | (44.6) | $ | (65.4) | |||||||||||||||||||||||||||||
Derivative liabilities | (8.6) | — | 13.5 | (6.2) | (25.3) | (26.6) | |||||||||||||||||||||||||||||||||||
Total liabilities | $ | (30.0) | $ | — | $ | 14.1 | $ | (6.2) | $ | (69.9) | $ | (92.0) |
July 1, 2016 | Transfers in to (out of) Level 3 | Purchases | Sales | Realized and Unrealized Gains (Losses) (1) | September 30, 2016 | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Private common equity securities | $ | 3,170 | $ | — | $ | 60 | $ | — | $ | 203 | $ | 3,433 | |||||||||||
Private preferred equity securities | 31,079 | — | 2,646 | (60 | ) | 2,951 | 36,616 | ||||||||||||||||
Asset-backed securities | 2,814 | (213 | ) | 225 | (334 | ) | 303 | 2,795 | |||||||||||||||
Corporate bonds | 3,110 | — | 4,967 | — | 256 | 8,333 | |||||||||||||||||
Sovereign debt | 2 | — | — | (2 | ) | — | — | ||||||||||||||||
Total assets | $ | 40,175 | $ | (213 | ) | $ | 7,898 | $ | (396 | ) | $ | 3,713 | $ | 51,177 | |||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities (free standing) | $ | (1,220 | ) | $ | — | $ | — | $ | (106 | ) | $ | — | $ | (1,326 | ) | ||||||||
Derivative liabilities (embedded) | (6,335 | ) | — | — | — | 39 | (6,296 | ) | |||||||||||||||
Total liabilities | $ | (7,555 | ) | $ | — | $ | — | $ | (106 | ) | $ | 39 | $ | (7,622 | ) | ||||||||
January 1, 2016 | Transfers in to (out of) Level 3 | Purchases | Sales | Realized and Unrealized Gains (Losses) (1) | September 30, 2016 | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Private common equity securities | $ | 4,357 | $ | — | $ | 60 | $ | — | $ | (984 | ) | $ | 3,433 | ||||||||||
Private preferred equity securities | 24,178 | — | 14,900 | (60 | ) | (2,402 | ) | 36,616 | |||||||||||||||
Asset-backed securities | 2,617 | 1,967 | 1,001 | (1,941 | ) | (849 | ) | 2,795 | |||||||||||||||
Bank debt | 7,660 | (7,660 | ) | — | — | — | — | ||||||||||||||||
Corporate bonds | 3,252 | — | 5,166 | (80 | ) | (5 | ) | 8,333 | |||||||||||||||
Sovereign debt | 21 | — | — | (20 | ) | (1 | ) | — | |||||||||||||||
Total assets | $ | 42,085 | $ | (5,693 | ) | $ | 21,127 | $ | (2,101 | ) | $ | (4,241 | ) | $ | 51,177 | ||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities (free standing) | $ | (1,020 | ) | $ | — | $ | — | $ | (306 | ) | $ | — | $ | (1,326 | ) | ||||||||
Derivative liabilities (embedded) | (5,563 | ) | — | — | (861 | ) | 128 | (6,296 | ) | ||||||||||||||
Total liabilities | $ | (6,583 | ) | $ | — | $ | — | $ | (1,167 | ) | $ | 128 | $ | (7,622 | ) |
April 1, 2022 | Transfers in to (out of) Level 3 | Purchases | Sales & Settlements | Realized and Unrealized Gains (Losses) (1) | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stocks | $ | 3.3 | $ | — | $ | — | $ | — | $ | (0.1) | $ | 3.2 | |||||||||||||||||||||||||||||||||||
Other long-term investments | 242.4 | — | — | (0.7) | — | 241.7 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | (2.4) | — | 0.6 | (0.9) | 0.3 | (2.4) | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 243.3 | $ | — | $ | 0.6 | $ | (1.6) | $ | 0.2 | $ | 242.5 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Liability-classified capital instruments | $ | (42.1) | $ | — | $ | — | $ | — | $ | 31.4 | $ | (10.7) | |||||||||||||||||||||||||||||||||||
Derivative liabilities | (4.8) | — | 5.0 | — | (5.2) | (5.0) | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | (46.9) | $ | — | $ | 5.0 | $ | — | $ | 26.2 | $ | (15.7) | |||||||||||||||||||||||||||||||||||
January 1, 2022 | Transfers in to (out of) Level 3 | Purchases | Sales | Realized and Unrealized Gains (Losses) (1) | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stocks | $ | 2.8 | $ | — | $ | — | $ | — | $ | 0.4 | $ | 3.2 | |||||||||||||||||||||||||||||||||||
Other long-term investments | 262.1 | — | 1.6 | (19.6) | (2.4) | 241.7 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | 0.4 | — | 0.6 | (2.6) | (0.8) | (2.4) | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 265.3 | $ | — | $ | 2.2 | $ | (22.2) | $ | (2.8) | $ | 242.5 | |||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Liability-classified capital instruments | $ | (57.2) | $ | — | $ | — | $ | — | $ | 46.5 | $ | (10.7) | |||||||||||||||||||||||||||||||||||
Derivative liabilities | (3.2) | — | 3.1 | — | (4.9) | (5.0) | |||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | (60.4) | $ | — | $ | 3.1 | $ | — | $ | 41.6 | $ | (15.7) |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||||||
2017 SEK Subordinated Notes | $ | 250.0 | $ | 247.1 | $ | 259.0 | $ | 258.6 | ||||||||||||||||||
2016 Senior Notes | 332.3 | 404.2 | 343.7 | 404.8 | ||||||||||||||||||||||
2015 Senior Notes | 107.1 | 114.6 | 112.6 | 114.6 | ||||||||||||||||||||||
Series B preference shares | $ | 202.4 | $ | 200.0 | $ | 186.0 | $ | 200.0 |
September 30, 2017 | |||||||||||
Assets | Fair value ($ in thousands) | Valuation technique | Unobservable input | Range | |||||||
Private equity investments | $ | 45,991 | Market approach | Volatility | 29.0% - 55.0% | ||||||
Time to exit | 0.8 - 3.0 years | ||||||||||
Bank debt | 10,284 | Discounted cash flow | Credit spread | 1024 - 1144 bps | |||||||
Duration | 1.0 - 4.0 years | ||||||||||
Other debt securities | 7,268 | Discounted cash flow | Discount rate | 9.5 | % | ||||||
Capitalization rate | 6.5% - 10.0% | ||||||||||
Real estate | 2,755 | Discounted cash flow | Discount rate | 8.5 | % | ||||||
Capitalization rate | 7.0 | % | |||||||||
December 31, 2016 | |||||||||||
Assets | Fair value ($ in thousands) | Valuation technique | Unobservable input | Range | |||||||
Private equity investments | $ | 47,608 | Market approach | Discount | 5.0% - 25.0% | ||||||
Volatility | 40.0% - 60.0% | ||||||||||
Time to exit | 0.4 - 2.8 years | ||||||||||
Multiple | 2.0 - 3.8x |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Cost or amortized cost | Gross unrealized gains | Gross unrealized losses (2) | Net foreign currency gains (losses) | Fair value | |||||||||||||||||||||||||||||||
Debt securities, available for sale | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 712.0 | $ | 2.7 | $ | (9.9) | $ | — | $ | 704.8 | |||||||||||||||||||||||||
Residential mortgage-backed securities | 700.8 | 2.0 | (18.4) | — | 684.4 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 136.5 | 0.1 | (2.9) | — | 133.7 | ||||||||||||||||||||||||||||||
Corporate debt securities | 1,507.8 | 1.0 | (25.6) | 0.4 | 1,483.6 | ||||||||||||||||||||||||||||||
U.S. government and government agency(1) | 1,101.3 | 0.2 | (18.0) | — | 1,083.5 | ||||||||||||||||||||||||||||||
Non-U.S. government and government agency | 82.9 | — | (1.4) | 0.6 | 82.1 | ||||||||||||||||||||||||||||||
Total debt securities, available for sale (2) | $ | 4,241.3 | $ | 6.0 | $ | (76.2) | $ | 1.0 | $ | 4,172.1 | |||||||||||||||||||||||||
Debt securities, trading | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 371.1 | $ | 0.1 | $ | (12.5) | $ | — | $ | 358.7 | |||||||||||||||||||||||||
Residential mortgage-backed securities | 93.8 | — | (13.2) | — | 80.6 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 82.4 | — | (9.7) | — | 72.7 | ||||||||||||||||||||||||||||||
Corporate debt securities | 110.0 | — | (8.4) | (0.3) | 101.3 | ||||||||||||||||||||||||||||||
U.S. government and government agency (1) | 112.5 | — | (3.5) | — | 109.0 | ||||||||||||||||||||||||||||||
Non-U.S. government and government agency | 32.5 | — | (1.6) | — | 30.9 | ||||||||||||||||||||||||||||||
Total debt securities, trading | $ | 802.3 | $ | 0.1 | $ | (48.9) | $ | (0.3) | $ | 753.2 |
December 31, 2022 | |||||||||||||||||||||||||||||
Cost or amortized cost | Gross unrealized gains | Gross unrealized losses | Net foreign currency losses | Fair value | |||||||||||||||||||||||||
Debt securities, available for sale | |||||||||||||||||||||||||||||
Asset-backed securities | $ | 234.1 | $ | 0.9 | $ | (4.3) | $ | — | $ | 230.7 | |||||||||||||||||||
Residential mortgage-backed securities | 354.3 | 0.3 | (13.9) | — | 340.7 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 62.1 | — | (0.9) | — | 61.2 | ||||||||||||||||||||||||
Corporate debt securities | 428.5 | 0.5 | (13.1) | (0.2) | 415.7 | ||||||||||||||||||||||||
U.S. government and government agency (1) | 1,561.9 | 3.2 | (14.5) | — | 1,550.6 | ||||||||||||||||||||||||
Non-U.S. government and government agency | 37.2 | — | (0.7) | 0.1 | 36.6 | ||||||||||||||||||||||||
Total debt securities, available for sale (2) | $ | 2,678.1 | $ | 4.9 | $ | (47.4) | $ | (0.1) | $ | 2,635.5 | |||||||||||||||||||
Debt securities, trading | |||||||||||||||||||||||||||||
Asset-backed securities | $ | 575.5 | $ | 0.1 | $ | (21.9) | $ | — | $ | 553.7 | |||||||||||||||||||
Residential mortgage-backed securities | 155.9 | — | (22.3) | — | 133.6 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 130.5 | — | (17.1) | — | 113.4 | ||||||||||||||||||||||||
Corporate debt securities | 391.4 | — | (27.2) | (0.7) | 363.5 | ||||||||||||||||||||||||
U.S. government and government agency (1) | 278.6 | — | (8.2) | — | 270.4 | ||||||||||||||||||||||||
Non-U.S. government and government agency | 95.8 | — | (4.0) | (3.6) | 88.2 | ||||||||||||||||||||||||
Preferred stocks | 2.4 | 0.8 | — | — | 3.2 | ||||||||||||||||||||||||
Total debt securities, trading | $ | 1,630.1 | $ | 0.9 | $ | (100.7) | $ | (4.3) | $ | 1,526.0 |
Debt securities, trading | Debt securities, AFS | ||||||||||||||||||||||
Cost or amortized cost | Fair value | Cost or amortized cost | Fair value | ||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Due in one year or less | $ | 141.6 | $ | 141.2 | $ | 205.5 | $ | 204.1 | |||||||||||||||
Due after one year through five years | 57.9 | 52.9 | 2,313.3 | 2,275.7 | |||||||||||||||||||
Due after five years through ten years | 20.6 | 18.4 | 170.5 | 167.0 | |||||||||||||||||||
Due after ten years | 34.9 | 28.7 | 2.7 | 2.4 | |||||||||||||||||||
Mortgage-backed and asset-backed securities | 547.3 | 512.0 | 1,549.3 | 1,522.9 | |||||||||||||||||||
Total debt securities | $ | 802.3 | $ | 753.2 | $ | 4,241.3 | $ | 4,172.1 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Due in one year or less | $ | 240.4 | $ | 230.9 | $ | 104.2 | $ | 104.0 | |||||||||||||||
Due after one year through five years | 426.5 | 407.0 | 1,822.7 | 1,802.0 | |||||||||||||||||||
Due after five years through ten years | 63.4 | 55.7 | 95.8 | 92.3 | |||||||||||||||||||
Due after ten years | 35.5 | 28.5 | 4.9 | 4.6 | |||||||||||||||||||
Mortgage-backed and asset-backed securities | 861.9 | 800.7 | 650.5 | 632.6 | |||||||||||||||||||
Preferred stocks | 2.4 | 3.2 | — | — | |||||||||||||||||||
Total debt securities | $ | 1,630.1 | $ | 1,526.0 | $ | 2,678.1 | $ | 2,635.5 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Debt securities, trading | Debt securities, AFS | Debt securities, trading | Debt securities, AFS | ||||||||||||||||||||
AAA | $ | 351.0 | $ | 618.1 | $ | 564.4 | $ | 172.8 | |||||||||||||||
AA | 238.4 | 1,945.2 | 523.2 | 1,907.6 | |||||||||||||||||||
A | 47.6 | 911.9 | 181.1 | 188.9 | |||||||||||||||||||
BBB | 54.0 | 380.4 | 158.1 | 149.9 | |||||||||||||||||||
Other | 62.2 | 316.5 | 99.2 | 216.3 | |||||||||||||||||||
Total debt securities | $ | 753.2 | $ | 4,172.1 | $ | 1,526.0 | $ | 2,635.5 |
Cost or amortized cost | Gross unrealized gains | Gross unrealized losses | Net foreign currency gains (losses) | Fair value | ||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 1.8 | $ | — | $ | (0.4) | $ | 0.2 | $ | 1.6 | ||||||||||||||||||||||
Other long-term investments | $ | 377.6 | $ | 28.8 | $ | (50.8) | $ | (0.2) | $ | 355.4 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 1.8 | $ | — | $ | (0.2) | $ | — | $ | 1.6 | ||||||||||||||||||||||
Other long-term investments | $ | 392.0 | $ | 27.5 | $ | (41.8) | $ | (0.5) | $ | 377.2 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Hedge funds and private equity funds (1) | $ | 73.1 | $ | 84.9 | ||||||||||
Strategic Investments (2) | 252.1 | 262.0 | ||||||||||||
Other investments (2) | 30.2 | 30.3 | ||||||||||||
Total other long-term investments | $ | 355.4 | $ | 377.2 |
June 30, 2023 | December 31, 2022 | ||||||||||
Equity method eligible unconsolidated entities, using the fair value option | $ | 153.5 | $ | 147.9 | |||||||
Equity method investments | 41.5 | 41.8 | |||||||||
Other unconsolidated investments, at fair value (1) | 113.7 | 124.5 | |||||||||
Other unconsolidated investments, at cost (2) | 46.7 | 63.0 | |||||||||
Total other long-term investments | $ | 355.4 | $ | 377.2 |
June 30, 2023 | December 31, 2022 | |||||||||||||
Third Point Enhanced LP | $ | 83.9 | $ | 100.3 | ||||||||||
Third Point Venture Offshore Fund I LP | 25.1 | 26.0 | ||||||||||||
Third Point Venture Offshore Fund II LP | 2.3 | 2.5 | ||||||||||||
Investments in related party investment funds, at fair value | $ | 111.3 | $ | 128.8 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Debt securities, available for sale | $ | 48.5 | $ | 2.9 | $ | 83.6 | $ | 2.9 | |||||||||||||||
Debt securities, trading | 10.5 | (60.9) | $ | 39.6 | $ | (120.2) | |||||||||||||||||
Short-term investments | 5.9 | (0.9) | 14.3 | (2.6) | |||||||||||||||||||
Other long-term investments | (3.8) | (0.6) | 0.6 | (1.6) | |||||||||||||||||||
Derivative instruments | 3.5 | — | 3.5 | — | |||||||||||||||||||
Equity securities | — | (0.3) | — | (0.4) | |||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (0.9) | (60.5) | (0.1) | (191.5) | |||||||||||||||||||
Realized and unrealized investment gains (losses) and net investment income before other investment expenses and investment loss on cash and cash equivalents | 63.7 | (120.3) | 141.5 | (313.4) | |||||||||||||||||||
Investment expenses | (5.1) | (3.4) | (10.5) | (7.4) | |||||||||||||||||||
Net investment income (loss) on cash and cash equivalents | 7.2 | (17.8) | 8.6 | (25.8) | |||||||||||||||||||
Total realized and unrealized investment gains (losses) and net investment income | $ | 65.8 | $ | (141.5) | $ | 139.6 | $ | (346.6) |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Gross realized gains | $ | 19.1 | $ | 12.2 | $ | 24.9 | $ | 23.5 | |||||||||||||||
Gross realized losses | (45.7) | (47.4) | (61.3) | (61.2) | |||||||||||||||||||
Net realized (losses) on investments | (26.6) | (35.2) | (36.4) | (37.7) | |||||||||||||||||||
Net unrealized gains (losses) on investments | 24.8 | (63.2) | 45.9 | (142.6) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments (1)(2) | $ | (1.8) | $ | (98.4) | $ | 9.5 | $ | (180.3) |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Debt securities, available for sale | $ | 2.2 | $ | 0.2 | $ | 1.6 | $ | 0.2 | |||||||||||||||
Debt securities, trading | (32.5) | (18.0) | (39.9) | (22.2) | |||||||||||||||||||
Short-term investments | (1.2) | 0.1 | (1.4) | (0.1) | |||||||||||||||||||
Equity securities | — | — | — | (2.3) | |||||||||||||||||||
Other long-term investments | (0.7) | (2.1) | (1.1) | (1.8) | |||||||||||||||||||
Net investment income (loss) on cash and cash equivalents | 5.6 | (15.4) | 4.4 | (11.5) | |||||||||||||||||||
Net realized investment (losses) | $ | (26.6) | $ | (35.2) | $ | (36.4) | $ | (37.7) |
September 30, 2017 | December 31, 2016 | ||||||
($ in thousands) | |||||||
Due from brokers | |||||||
Cash held at brokers | $ | 373,476 | $ | 240,205 | |||
Receivable from unsettled trades (1) | 14,310 | 44,386 | |||||
$ | 387,786 | $ | 284,591 | ||||
Due to brokers | |||||||
Borrowing from prime brokers (2) | $ | 580,081 | $ | 855,576 | |||
Payable from unsettled trades | 22,149 | 44,025 | |||||
$ | 602,230 | $ | 899,601 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Debt securities, trading | $ | 28.9 | $ | (57.0) | $ | 51.9 | $ | (121.1) | |||||||||||||||
Short-term investments | 1.1 | (2.6) | 0.7 | (4.6) | |||||||||||||||||||
Derivative instruments | 3.5 | — | 3.5 | — | |||||||||||||||||||
Equity securities | — | (0.3) | — | 1.8 | |||||||||||||||||||
Other long-term investments | (4.8) | 0.4 | (7.8) | (2.8) | |||||||||||||||||||
Net investment loss on cash and cash equivalents | (3.9) | (3.7) | (2.4) | (15.9) | |||||||||||||||||||
Net unrealized investment gains (losses) | $ | 24.8 | $ | (63.2) | $ | 45.9 | $ | (142.6) |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Debt securities, trading | $ | (0.9) | $ | — | $ | (0.8) | $ | 0.5 | |||||||||||||||
Other long-term investments | 2.0 | 1.6 | (2.8) | (2.3) | |||||||||||||||||||
Total unrealized investment gains (losses) – Level 3 investments | $ | 1.1 | $ | 1.6 | $ | (3.6) | $ | (1.8) |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivative assets at fair value(1) | Derivative liabilities at fair value(2) | Notional Value | Derivative assets at fair value(1) | Derivative liabilities at fair value(2) | Notional Value | ||||||||||||||||||||||||||||||||
Foreign currency forwards | $ | — | $ | 6.4 | $ | 311.8 | $ | 9.0 | $ | — | $ | 425.1 | ||||||||||||||||||||||||||
Foreign currency swaps | — | 10.6 | 254.9 | — | 1.5 | 264.6 | ||||||||||||||||||||||||||||||||
Weather derivatives | — | 5.4 | 30.6 | — | 4.9 | 30.6 | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4.1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Classification of gains (losses) recognized in earnings | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||
Foreign currency forwards | Foreign exchange gains | $ | (13.3) | $ | (5.8) | $ | (14.9) | $ | (6.8) | ||||||||||||||||||||||||||
Foreign currency futures contracts | Foreign exchange gains | — | (24.9) | — | (30.8) | ||||||||||||||||||||||||||||||
Weather derivatives | Other revenues | (0.3) | 0.2 | 3.2 | (0.4) | ||||||||||||||||||||||||||||||
Equity warrants | Net realized and unrealized investment gains (losses) | — | — | — | (0.1) | ||||||||||||||||||||||||||||||
Foreign currency swaps | Foreign exchange gains | (12.0) | — | (13.6) | — | ||||||||||||||||||||||||||||||
Interest rate swaps | Net realized and unrealized investment gains (losses) | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||||||||||||||||||||
As of September 30, 2017 | |||||||||
Listing currency (1) | Fair Value | Notional Amounts (2) | |||||||
Derivative Assets by Primary Underlying Risk | ($ in thousands) | ||||||||
Credit | |||||||||
Credit Default Swaps - Protection Purchased | USD | $ | 9,336 | $ | 51,827 | ||||
Total Return Swaps - Long Contracts | EGP | 24,714 | 24,714 | ||||||
Equity Price | |||||||||
Contracts for Differences - Long Contracts | BRL/CHF/DKK/EUR/GBP/USD | 23,257 | 178,049 | ||||||
Contracts for Differences - Short Contracts | DKK/EUR/SEK/USD | 1,252 | 29,555 | ||||||
Total Return Swaps - Long Contracts | BRL/USD | 13,503 | 148,591 | ||||||
Interest Rates | |||||||||
Interest Rate Swaptions | JPY/USD | 1,420 | 93,834 | ||||||
Sovereign Debt Futures - Short Contracts | EUR | 1,295 | 155,191 | ||||||
Foreign Currency Exchange Rates | |||||||||
Foreign Currency Forward Contracts | EUR/HKD | 1,004 | 194,851 | ||||||
Total Derivative Assets | $ | 75,781 | $ | 876,612 | |||||
Listing currency (1) | Fair Value | Notional Amounts (2) | |||||||
Derivative Liabilities by Primary Underlying Risk | ($ in thousands) | ||||||||
Credit | |||||||||
Credit Default Swaps - Protection Purchased | EUR/USD | $ | 3,196 | $ | 57,512 | ||||
Credit Default Swaps - Protection Sold | JPY/USD | 2,828 | 7,031 | ||||||
Equity Price | |||||||||
Contracts for Differences - Long Contracts | BRL/EUR/GBP/USD | 857 | 27,511 | ||||||
Contracts for Differences - Short Contracts | EUR/NOK/SEK | 632 | 16,022 | ||||||
Total Return Swaps - Long Contracts | BRL/USD | 559 | 27,433 | ||||||
Total Return Swaps - Short Contracts | USD | 4,852 | 72,645 | ||||||
Interest Rates | |||||||||
Interest Rate Swaptions | JPY | 120 | 64,600 | ||||||
Foreign Currency Exchange Rates | |||||||||
Foreign Currency Forward Contracts | CHF/CNH/HKD/SAR | 4,236 | 503,808 | ||||||
Total Derivative Liabilities (free standing) | $ | 17,280 | $ | 776,562 | |||||
Embedded derivative liabilities in reinsurance contracts (3) | USD | $ | 180 | $ | 20,000 | ||||
Total Derivative Liabilities (embedded) | $ | 180 | $ | 20,000 |
As of December 31, 2016 | |||||||||
Listing currency (1) | Fair Value | Notional Amounts (2) | |||||||
Derivative Assets by Primary Underlying Risk | ($ in thousands) | ||||||||
Credit | |||||||||
Credit Default Swaps - Protection Purchased | EUR/ USD | $ | 10,905 | $ | 84,327 | ||||
Equity Price | |||||||||
Contracts for Differences - Long Contracts | EUR/ GBP | 1,765 | 36,879 | ||||||
Total Return Swaps - Long Contracts | BRL/ USD | 617 | 19,140 | ||||||
Total Return Swaps - Short Contracts | JPY | 183 | 8,696 | ||||||
Interest Rates | |||||||||
Interest Rate Swaps | GBP/USD | 2,462 | 195,571 | ||||||
Interest Rate Swaptions | JPY / USD | 5,354 | 424,816 | ||||||
Sovereign Debt Futures - Short Contracts | USD | 961 | 107,591 | ||||||
Foreign Currency Exchange Rates | |||||||||
Foreign Currency Forward Contracts | CAD/ CNH/ GBP/ MXN | 653 | 47,754 | ||||||
Foreign Currency Options - Purchased | CNH/EUR/HKD/JPY/SAR | 4,532 | 501,465 | ||||||
Total Derivative Assets | $ | 27,432 | $ | 1,426,239 | |||||
Listing currency (1) | Fair Value | Notional Amounts (2) | |||||||
Derivative Liabilities by Primary Underlying Risk | ($ in thousands) | ||||||||
Credit | |||||||||
Credit Default Swaps - Protection Purchased | USD | $ | 3,286 | $ | 43,184 | ||||
Credit Default Swaps - Protection Sold | USD | 1,952 | 3,943 | ||||||
Equity Price | |||||||||
Contracts for Differences - Long Contracts | GBP | — | 67 | ||||||
Contracts for Differences - Short Contracts | EUR / ZAR | 1,106 | 11,424 | ||||||
Total Return Swaps - Long Contracts | USD | 1,675 | 26,800 | ||||||
Total Return Swaps - Short Contracts | JPY / USD | 1,302 | 10,095 | ||||||
Interest Rates | |||||||||
Interest Rate Swaps | GBP | 722 | 59,115 | ||||||
Interest Rate Swaptions | JPY/USD | 1,056 | 417,052 | ||||||
Sovereign Debt Futures - Short Contracts | EUR / GBP | 1,608 | 159,923 | ||||||
Foreign Currency Exchange Rates | |||||||||
Foreign Currency Forward Contracts | EUR /JPY /SAR | 2,009 | 214,854 | ||||||
Foreign Currency Options - Sold | CNH/JPY | 1,334 | 363,840 | ||||||
Total Derivative Liabilities (free standing) | $ | 16,050 | $ | 1,310,297 | |||||
Embedded derivative liabilities in reinsurance contracts (3) | USD | $ | 92 | $ | 20,000 | ||||
Total Derivative Liabilities (embedded) | $ | 92 | $ | 20,000 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 11.4 | $ | (0.7) | $ | 7.9 | $ | (0.4) | |||||||||||||||||||||
Business combinations | — | 0.8 | — | 0.8 | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 2.0 | 0.7 | 4.4 | 0.4 | |||||||||||||||||||||||||
Contributions (Redemptions) | (0.5) | — | 0.6 | — | |||||||||||||||||||||||||
Balance, end of period | $ | 12.9 | $ | 0.8 | $ | 12.9 | $ | 0.8 |
Maximum Exposure to Loss | |||||||||||||||||||||||
Total VIE Assets | On-Balance Sheet | Off-Balance Sheet | Total | ||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Other long-term investments (1) | $ | 215.1 | $ | 144.0 | $ | 2.0 | $ | 146.0 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Other long-term investments (1) | $ | 211.5 | $ | 144.0 | $ | 2.0 | $ | 146.0 | |||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
TP Enhanced Fund summarized income statement | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||
Total investment income (loss) | $ | — | $ | (57.9) | $ | 2.1 | $ | (195.6) | ||||||||||||||||||
Total expenses | 0.5 | 4.6 | 1.4 | 10.0 | ||||||||||||||||||||||
Net income (loss) | $ | (0.5) | $ | (62.5) | $ | 0.7 | $ | (205.6) |
TP Enhanced Fund summarized balance sheet | June 30, 2023 | December 31, 2022 | |||||||||
Total assets | $ | 100.5 | $ | 260.6 | |||||||
Total liabilities | 6.3 | 148.6 | |||||||||
Total partners' capital | $ | 94.2 | $ | 112.0 |
Three months ended | |||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||
Free standing Derivatives - Primary Underlying Risk | Realized Gain (Loss) | Unrealized Gain (Loss)* | Realized Gain (Loss) | Unrealized Gain (Loss)* | |||||||||||
Credit | ($ in thousands) | ||||||||||||||
Commodity Future Options - Purchased | $ | — | $ | — | $ | (475 | ) | $ | (1,310 | ) | |||||
Credit | |||||||||||||||
Credit Default Swaps - Protection Purchased | 2,824 | (4,059 | ) | (887 | ) | (433 | ) | ||||||||
Credit Default Swaps - Protection Sold | (26 | ) | (288 | ) | 38 | (7 | ) | ||||||||
Total Return Swaps - Long Contracts | — | 1,506 | — | — | |||||||||||
Equity Price | |||||||||||||||
Contracts for Differences - Long Contracts | 5,021 | 13,949 | 1,666 | 791 | |||||||||||
Contracts for Differences - Short Contracts | (511 | ) | (1,219 | ) | (3,767 | ) | (2,166 | ) | |||||||
Total Return Swaps - Long Contracts | 4,655 | 5,455 | 2,172 | 3,174 | |||||||||||
Total Return Swaps - Short Contracts | (2,732 | ) | (4,519 | ) | (4,392 | ) | 831 | ||||||||
Interest Rates | |||||||||||||||
Commodity Futures - Short Contracts | — | — | 870 | — | |||||||||||
Interest Rate Swaps | (7 | ) | — | — | — | ||||||||||
Interest Rate Swaptions | — | (512 | ) | (244 | ) | 216 | |||||||||
Sovereign Debt Futures - Short Contracts | (139 | ) | 1,284 | — | — | ||||||||||
Total Return Swaps - Long Contracts | — | — | 268 | (261 | ) | ||||||||||
Total Return Swaps - Short Contracts | — | — | (100 | ) | 65 | ||||||||||
Treasury Futures - Short Contracts | — | — | 14 | 1,191 | |||||||||||
Foreign Currency Exchange Rates | |||||||||||||||
Foreign Currency Forward Contracts | (1,863 | ) | (609 | ) | (4,110 | ) | 2,838 | ||||||||
Foreign Currency Options - Purchased | (529 | ) | 3 | — | (384 | ) | |||||||||
Foreign Currency Options - Sold | 1 | (2 | ) | — | (1 | ) | |||||||||
$ | 6,694 | $ | 10,989 | $ | (8,947 | ) | $ | 4,544 | |||||||
Embedded Derivatives | |||||||||||||||
Embedded derivatives in reinsurance contracts | $ | — | $ | — | $ | — | $ | 39 | |||||||
Total Derivative Liabilities (embedded) | $ | — | $ | — | $ | — | $ | 39 | |||||||
Nine months ended | |||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||
Free standing Derivatives - Primary Underlying Risk | Realized Gain (Loss) | Unrealized Gain (Loss)* | Realized Gain (Loss) | Unrealized Gain (Loss)* | |||||||||||
Commodity Price | ($ in thousands) | ||||||||||||||
Commodity Future Options - Purchased | $ | — | $ | — | $ | 106 | $ | 490 | |||||||
Credit | |||||||||||||||
Credit Default Swaps - Protection Purchased | 359 | (4,029 | ) | 5,520 | (5,420 | ) | |||||||||
Credit Default Swaps - Protection Sold | 11 | (347 | ) | (4,129 | ) | 4,245 | |||||||||
Total Return Swaps - Long Contracts | (29 | ) | 1,469 | — | — | ||||||||||
Equity Price | |||||||||||||||
Contracts for Differences - Long Contracts | 51,946 | 20,636 | (756 | ) | 412 | ||||||||||
Contracts for Differences - Short Contracts | (4,716 | ) | 1,726 | 803 | (1,888 | ) | |||||||||
Total Return Swaps - Long Contracts | 8,517 | 14,002 | (2,654 | ) | 3,974 | ||||||||||
Total Return Swaps - Short Contracts | (6,475 | ) | (3,731 | ) | (3,701 | ) | (931 | ) | |||||||
Interest Rates | |||||||||||||||
Commodities Futures - Short Contracts | — | — | (281 | ) | (52 | ) | |||||||||
Fixed Income Swap - Short Contracts | — | — | (94 | ) | — | ||||||||||
Interest Rate Swaps | (3,104 | ) | (1,740 | ) | — | — | |||||||||
Interest Rate Swaptions | 522 | (2,854 | ) | (356 | ) | 171 | |||||||||
Sovereign Debt Futures - Short Contracts | (8,795 | ) | 1,942 | — | — | ||||||||||
Treasury Futures - Short Contracts | — | — | 14 | 1,191 | |||||||||||
Foreign Currency Exchange Rates | |||||||||||||||
Foreign Currency Forward Contracts | (11,898 | ) | (1,877 | ) | (13,014 | ) | (1,913 | ) | |||||||
Foreign Currency Options - Purchased | (6,716 | ) | 1,165 | (2,040 | ) | (2,001 | ) | ||||||||
Foreign Currency Options - Sold | 2,185 | (82 | ) | 617 | (183 | ) | |||||||||
$ | 21,807 | $ | 26,280 | $ | (19,965 | ) | $ | (1,905 | ) | ||||||
Embedded Derivatives | |||||||||||||||
Embedded derivatives in reinsurance contracts | $ | — | $ | (88 | ) | $ | — | $ | 128 | ||||||
Total Derivative Liabilities (embedded) | $ | — | $ | (88 | ) | $ | — | $ | 128 |
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||
September 30, 2017 Derivative Contracts | Gross Amount (1) | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||
Financial assets, derivative assets and collateral received | ($ in thousands) | ||||||||||||||
Counterparty 1 | $ | 1,174 | $ | 1,174 | $ | — | $ | — | |||||||
Counterparty 2 | 3,279 | 300 | — | 2,979 | |||||||||||
Counterparty 3 | 38,429 | 5,408 | — | 33,021 | |||||||||||
Counterparty 4 | 5,041 | 4,290 | — | 751 | |||||||||||
Counterparty 5 | 12,275 | 3,515 | — | 8,760 | |||||||||||
Counterparty 6 | 3,625 | 8 | 2,806 | 811 | |||||||||||
Counterparty 8 | 13,969 | 3,889 | — | 10,080 | |||||||||||
Counterparty 9 | 965 | 965 | — | — | |||||||||||
$ | 78,757 | $ | 19,549 | $ | 2,806 | $ | 56,402 | ||||||||
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||
September 30, 2017 Derivative Contracts | Gross Amount (2) | Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||
Financial liabilities, derivative liabilities and collateral pledged | ($ in thousands) | ||||||||||||||
Counterparty 1 | $ | 3,825 | $ | 1,174 | $ | 2,651 | $ | — | |||||||
Counterparty 2 | 300 | 300 | — | — | |||||||||||
Counterparty 3 | 5,408 | 5,408 | — | — | |||||||||||
Counterparty 4 | 4,290 | 4,290 | — | — | |||||||||||
Counterparty 5 | 3,515 | 3,515 | — | — | |||||||||||
Counterparty 6 | 8 | 8 | — | — | |||||||||||
Counterparty 8 | 3,889 | 3,889 | — | — | |||||||||||
Counterparty 9 | 2,215 | 965 | 1,250 | — | |||||||||||
Counterparty 15 | 410 | — | 359 | 51 | |||||||||||
$ | 23,860 | $ | 19,549 | $ | 4,260 | $ | 51 |
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||
December 31, 2016 Derivative Contracts | Gross Amount (1) | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||
Financial assets, derivative assets and collateral received | ($ in thousands) | ||||||||||||||
Counterparty 1 | $ | 535 | $ | 535 | $ | — | $ | — | |||||||
Counterparty 2 | 3,147 | 607 | — | 2,540 | |||||||||||
Counterparty 3 | 8,652 | 4,760 | — | 3,892 | |||||||||||
Counterparty 4 | 1,639 | 1,639 | — | — | |||||||||||
Counterparty 5 | 7,336 | 3,027 | — | 4,309 | |||||||||||
Counterparty 6 | 6,262 | 2,599 | 3,383 | 280 | |||||||||||
Counterparty 7 | 227 | — | 197 | 30 | |||||||||||
Counterparty 8 | 277 | 277 | — | — | |||||||||||
Counterparty 9 | 37 | 37 | — | — | |||||||||||
$ | 28,112 | $ | 13,481 | $ | 3,580 | $ | 11,051 | ||||||||
Gross Amounts not Offset in the Condensed Consolidated Balance Sheet | |||||||||||||||
December 31, 2016 Derivative Contracts | Gross Amount (2) | Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||
Financial liabilities, derivative liabilities and collateral pledged | ($ in thousands) | ||||||||||||||
Counterparty 1 | $ | 2,959 | $ | 535 | $ | 2,424 | $ | — | |||||||
Counterparty 2 | 607 | 607 | — | — | |||||||||||
Counterparty 3 | 4,760 | 4,760 | — | — | |||||||||||
Counterparty 4 | 3,827 | 1,639 | 2,188 | — | |||||||||||
Counterparty 5 | 3,027 | 3,027 | — | — | |||||||||||
Counterparty 6 | 2,599 | 2,599 | — | — | |||||||||||
Counterparty 8 | 977 | 277 | — | 700 | |||||||||||
Counterparty 9 | 822 | 37 | 785 | — | |||||||||||
$ | 19,578 | $ | 13,481 | $ | 5,397 | $ | 700 | ||||||||
Securities lending transactions | |||||||||||||||
Counterparty 3 | $ | 302 | $ | 302 | $ | — | $ | — | |||||||
$ | 302 | $ | 302 | $ | — | $ | — |
September 30, 2017 | December 31, 2016 | ||||||
($ in thousands) | |||||||
Case loss and loss adjustment expense reserves | $ | 118,444 | $ | 80,370 | |||
Incurred but not reported loss and loss adjustment expense reserves | 580,151 | 522,818 | |||||
Deferred gains on retroactive reinsurance contracts | 774 | 1,941 | |||||
$ | 699,369 | $ | 605,129 |
June 30, 2023 | June 30, 2022 | ||||||||||
Gross reserves for loss and loss adjustment expenses, beginning of period | $ | 5,268.7 | $ | 4,841.4 | |||||||
Less: loss and loss adjustment expenses recoverable, beginning of period | (1,376.2) | (1,215.3) | |||||||||
Less: deferred charges on retroactive reinsurance contracts | (1.0) | (1.4) | |||||||||
Net reserves for loss and loss adjustment expenses, beginning of period | 3,891.5 | 3,624.7 | |||||||||
Net reserves for loss and loss adjustment expenses disposed (1) | (884.4) | — | |||||||||
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | |||||||||||
Current year | 812.5 | 712.3 | |||||||||
Prior years | (138.4) | (11.9) | |||||||||
Total incurred loss and loss adjustment expenses | 674.1 | 700.4 | |||||||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | |||||||||||
Current year | (121.2) | (92.1) | |||||||||
Prior years | (479.5) | (474.3) | |||||||||
Total net paid losses | (600.7) | (566.4) | |||||||||
Foreign currency translation | 2.1 | (76.6) | |||||||||
Net reserves for loss and loss adjustment expenses, end of period | 3,082.6 | 3,682.1 | |||||||||
Plus: loss and loss adjustment expenses recoverable, end of period | 2,276.7 | 1,257.5 | |||||||||
Plus: deferred (gains) charges on retroactive reinsurance (2) | (20.5) | 1.2 | |||||||||
Gross reserves for loss and loss adjustment expenses, end of period | $ | 5,338.8 | $ | 4,940.8 |
September 30, 2017 | September 30, 2016 | ||||||
($ in thousands) | |||||||
Gross reserves for loss and loss adjustment expenses, beginning of period | $ | 605,129 | $ | 466,047 | |||
Less: loss and loss adjustment expenses recoverable, beginning of period | (1 | ) | (125 | ) | |||
Net reserves for loss and loss adjustment expenses, beginning of period | 605,128 | 465,922 | |||||
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | |||||||
Current year | 295,379 | 249,212 | |||||
Prior years | (23,433 | ) | 25,495 | ||||
Amortization of deferred gains on retroactive reinsurance contracts | (1,397 | ) | (885 | ) | |||
Total incurred loss and loss adjustment expenses | 270,549 | 273,822 | |||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | |||||||
Current year | (47,655 | ) | (58,523 | ) | |||
Prior years | (145,550 | ) | (104,161 | ) | |||
Total net paid losses | (193,205 | ) | (162,684 | ) | |||
Foreign currency translation | 15,310 | (11,379 | ) | ||||
Net reserve for loss and loss adjustment expenses, end of period | 697,782 | 565,681 | |||||
Plus: loss and loss adjustment expenses recoverable, end of period | 1,587 | 1 | |||||
Gross reserve for loss and loss adjustment expenses, end of period | $ | 699,369 | $ | 565,682 |
June 30, 2023 | December 31, 2022 | ||||||||||
Insurance and reinsurance balances receivable, net | $ | 2,252.1 | $ | 1,876.9 | |||||||
Loss and loss adjustment expenses recoverable, net | 2,276.7 | 1,376.2 | |||||||||
Other assets (1) | 76.3 | 52.4 | |||||||||
Total assets in scope | $ | 4,605.1 | $ | 3,305.5 | |||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Management fees - Third Point LLC | $ | 9,507 | $ | 1,638 | $ | 26,751 | $ | 4,741 | |||||||
Management fees - Founders (1) | — | 9,322 | — | 26,905 | |||||||||||
Performance fees - Third Point Advisors LLC | 21,041 | 21,892 | 76,428 | 24,846 | |||||||||||
$ | 30,548 | $ | 32,852 | $ | 103,179 | $ | 56,492 |
September 30, 2017 | December 31, 2016 | ||||||
($ in thousands) | |||||||
Balance, beginning of period | $ | 104,905 | $ | 83,955 | |||
Consideration received | 9,143 | 22,463 | |||||
Consideration receivable | 13,520 | — | |||||
Net investment expense (income) allocation and change in fair value of embedded derivatives | 1,472 | (164 | ) | ||||
Payments | (2,763 | ) | (915 | ) | |||
Foreign currency translation | 214 | (434 | ) | ||||
Balance, end of period | $ | 126,491 | $ | 104,905 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amount | Effective rate (1) | Amount | Effective rate (1) | |||||||||||||||||||||||
2017 SEK Subordinated Notes, at face value | $ | 254.9 | 7.8 | % | $ | 264.3 | 6.0 | % | ||||||||||||||||||
Unamortized discount | (7.8) | (5.7) | ||||||||||||||||||||||||
2017 SEK Subordinated Notes, carrying value | 247.1 | 258.6 | ||||||||||||||||||||||||
2016 Senior Notes, at face value | 400.0 | 4.5 | % | 400.0 | 4.5 | % | ||||||||||||||||||||
Unamortized premium | 4.2 | 4.8 | ||||||||||||||||||||||||
2016 Senior Notes, carrying value | 404.2 | 404.8 | ||||||||||||||||||||||||
2015 Senior Notes, at face value | 115.0 | 7.0 | % | 115.0 | 7.0 | % | ||||||||||||||||||||
Unamortized issuance costs | (0.4) | (0.4) | ||||||||||||||||||||||||
2015 Senior Notes, carrying value | 114.6 | 114.6 | ||||||||||||||||||||||||
Total debt | $ | 765.9 | $ | 778.0 |
June 30, 2023 | |||||||||||||||||||||||
Letters of Credit | Collateral | ||||||||||||||||||||||
Committed Capacity | Issued | Cash and Cash Equivalents | Debt securities | ||||||||||||||||||||
Committed - Secured letters of credit facilities | $ | 395.0 | $ | 310.0 | $ | 17.6 | $ | 214.7 | |||||||||||||||
Uncommitted - Secured letters of credit facilities | n/a | 987.0 | 14.3 | 1,164.3 | |||||||||||||||||||
$ | 1,297.0 | $ | 31.9 | $ | 1,379.0 |
Facility (1) | Utilized | Collateral | |||||||||
September 30, 2017 | ($ in thousands) | ||||||||||
Citibank | $ | 300,000 | $ | 139,020 | $ | 139,020 | |||||
Lloyds Bank | 125,000 | 70,474 | 70,474 | ||||||||
$ | 425,000 | $ | 209,494 | $ | 209,494 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Net investment income by type | ($ in thousands) | ||||||||||||||
Net realized gains on investments and investment derivatives | $ | 25,877 | $ | 20,688 | $ | 180,382 | $ | 62,642 | |||||||
Net unrealized gains on investments and investment derivatives | 75,666 | 90,709 | 203,461 | 89,470 | |||||||||||
Net gains (losses) on foreign currencies | 7,572 | (1,191 | ) | 5,419 | (2,158 | ) | |||||||||
Dividend and interest income | 17,355 | 15,238 | 57,062 | 56,262 | |||||||||||
Dividends paid on securities sold, not yet purchased | (1,537 | ) | (324 | ) | (3,205 | ) | (1,284 | ) | |||||||
Other expenses | (4,883 | ) | (4,508 | ) | (15,063 | ) | (14,926 | ) | |||||||
Net gain (loss) on investment in Kiskadee Fund | (534 | ) | 596 | (74 | ) | 1,078 | |||||||||
Net investment income before management and performance fees to related parties | 119,516 | 121,208 | 427,982 | 191,084 | |||||||||||
Management and performance fees to related parties | (30,548 | ) | (32,852 | ) | (103,179 | ) | (56,492 | ) | |||||||
$ | 88,968 | $ | 88,356 | $ | 324,803 | $ | 134,592 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Net investment income (loss) by asset type | ($ in thousands) | ||||||||||||||
Equity securities | $ | 81,778 | $ | 89,979 | $ | 343,605 | $ | 111,485 | |||||||
Private common equity securities | (65 | ) | 203 | (26 | ) | (1,034 | ) | ||||||||
Private preferred equity securities | 1,439 | 2,949 | 3,066 | (2,398 | ) | ||||||||||
Total equities | 83,152 | 93,131 | 346,645 | 108,053 | |||||||||||
Asset-backed securities | 6,532 | 11,431 | 11,665 | 3,367 | |||||||||||
Bank debt | 1,277 | 3,582 | 7,491 | 3,933 | |||||||||||
Corporate bonds | 999 | 33,160 | 6,707 | 96,375 | |||||||||||
U.S. Treasury securities | 806 | (447 | ) | 3,171 | 6,759 | ||||||||||
Sovereign debt | 9,835 | 11,181 | 21,683 | 33,329 | |||||||||||
Other debt securities | 2,417 | — | 2,417 | — | |||||||||||
Total debt securities | 21,866 | 58,907 | 53,134 | 143,763 | |||||||||||
Options | (9,343 | ) | (12,440 | ) | (26,409 | ) | (26,934 | ) | |||||||
Rights and warrants | (16 | ) | (15 | ) | 22 | (298 | ) | ||||||||
Real estate | 398 | — | 398 | — | |||||||||||
Trade claims | (716 | ) | (295 | ) | (497 | ) | 140 | ||||||||
Total other investments | (9,677 | ) | (12,750 | ) | (26,486 | ) | (27,092 | ) | |||||||
Net investment income in funds valued at NAV | 2,216 | 1,117 | 8,939 | 1,895 | |||||||||||
Total net investment income from invested assets | 97,557 | 140,405 | 382,232 | 226,619 | |||||||||||
Net investment income (loss) by liability type | |||||||||||||||
Equity securities | (6,144 | ) | (15,503 | ) | (13,611 | ) | (8,228 | ) | |||||||
Sovereign debt | — | (1 | ) | 2 | (383 | ) | |||||||||
Corporate bonds | 350 | 333 | (1,819 | ) | (4,720 | ) | |||||||||
Options | 4,593 | 4,488 | 8,175 | 8,818 | |||||||||||
Total net investment loss from securities sold, not yet purchased | (1,201 | ) | (10,683 | ) | (7,253 | ) | (4,513 | ) | |||||||
Other investment income (losses) and other expenses not presented above | |||||||||||||||
Other investment expenses | (1,477 | ) | (1,436 | ) | (400 | ) | (4,231 | ) | |||||||
Net investment income (loss) on derivative contracts | 17,683 | (4,403 | ) | 48,087 | (21,870 | ) | |||||||||
Net investment income (loss) on cash, including foreign exchange gain (loss) | 5,738 | (3,279 | ) | (255 | ) | (7,638 | ) | ||||||||
Net investment losses on securities purchased under an agreement to sell and securities sold under and agreement to repurchase | — | (370 | ) | (39 | ) | (1,937 | ) | ||||||||
Withholding taxes reclassified to income tax expense | 1,216 | 974 | 5,610 | 4,654 | |||||||||||
Total other investment income (losses) and other expenses | 23,160 | (8,514 | ) | 53,003 | (31,022 | ) | |||||||||
Net investment income before management and performance fees to related parties | 119,516 | 121,208 | 427,982 | 191,084 | |||||||||||
Management and performance fees to related parties | (30,548 | ) | (32,852 | ) | (103,179 | ) | (56,492 | ) | |||||||
Net investment income | $ | 88,968 | $ | 88,356 | $ | 324,803 | $ | 134,592 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Deposit liabilities investment expense (income) | $ | 1,160 | $ | (1,838 | ) | $ | 1,472 | $ | (507 | ) | |||||
Reinsurance contracts investment expense | 2,686 | 2,224 | 7,292 | 6,861 | |||||||||||
Change in fair value of embedded derivatives in deposit and reinsurance contracts | — | (39 | ) | 88 | (128 | ) | |||||||||
$ | 3,846 | $ | 347 | $ | 8,852 | $ | 6,226 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Income tax expense related to U.S. and U.K. subsidiaries (1) | $ | 2,219 | $ | 1,372 | $ | 8,246 | $ | 1,053 | |||||||
Change in uncertain tax positions | 40 | 138 | 224 | 158 | |||||||||||
Withholding taxes on certain investment transactions | 1,216 | 974 | 5,610 | 4,654 | |||||||||||
$ | 3,475 | $ | 2,484 | $ | 14,080 | $ | 5,865 |
2023 | 2022 | ||||||||||
Common shares issued and outstanding, beginning of period | 162,177,653 | 161,929,777 | |||||||||
Issuance of common shares, net of forfeitures and shares withheld | 1,022,977 | 1,094,101 | |||||||||
Shares repurchased | — | (695,047) | |||||||||
Common shares issued and outstanding, end of period | 163,200,630 | 162,328,831 |
Common shares | 2017 | 2016 | |||
Balance, beginning of period | 106,501,299 | 105,479,341 | |||
Options exercised | 150,802 | 388,152 | |||
Restricted shares granted, net of forfeitures | 36,418 | 47,712 | |||
Performance restricted shares granted, net of forfeitures | 694,886 | 468,723 | |||
Balance, end of period | 107,383,405 | 106,383,928 |
Treasury shares | 2017 | 2016 | |||
Balance, beginning of period | 644,768 | — | |||
Repurchase of common shares | 3,300,152 | 644,768 | |||
Balance, end of period | 3,944,920 | 644,768 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Management and director options | $ | 94 | $ | 1,660 | $ | 553 | $ | 4,769 | |||||||
Restricted shares with service condition | 196 | 387 | 474 | 979 | |||||||||||
Restricted shares with service and performance condition | 350 | (153 | ) | 2,987 | 848 | ||||||||||
$ | 640 | $ | 1,894 | $ | 4,014 | $ | 6,596 |
Number of options | Weighted average exercise price | |||||
Balances as of January 1, 2016 | 10,250,586 | $ | 13.52 | |||
Forfeited | (139,534 | ) | 18.00 | |||
Exercised | (514,059 | ) | 10.00 | |||
Balances as of January 1, 2017 | 9,596,993 | 13.64 | ||||
Forfeited | (558,138 | ) | 18.00 | |||
Exercised | (150,802 | ) | 10.00 | |||
Balances as of September 30, 2017 | 8,888,053 | $ | 13.43 |
Options outstanding | Options exercisable | ||||||||||||||
Range of exercise prices | Number of options | Weighted average exercise price | Remaining contractual life | Number of options | Weighted average exercise price | ||||||||||
$10.00 - $10.89 | 5,123,532 | $ | 10.04 | 4.3 years | 5,081,671 | $ | 10.03 | ||||||||
$15.05 - $16.89 | 1,917,145 | 15.93 | 4.5 years | 1,819,471 | 15.96 | ||||||||||
$20.00 - $25.05 | 1,847,376 | 20.26 | 4.5 years | 1,777,610 | 20.17 | ||||||||||
8,888,053 | $ | 13.43 | 4.4 years | 8,678,752 | $ | 13.35 |
Number of non- vested restricted shares | Weighted average grant date fair value | |||||
Balance as of January 1, 2016 | 301,043 | $ | 11.12 | |||
Granted | 47,712 | 11.37 | ||||
Vested | (47,712 | ) | 11.37 | |||
Balance as of January 1, 2017 | 301,043 | 11.12 | ||||
Granted | 36,418 | 12.15 | ||||
Vested | (238,719 | ) | 10.30 | |||
Balance as of September 30, 2017 | 98,742 | $ | 11.25 |
Number of non- vested restricted shares | Number of non- vested restricted shares probable of vesting | Weighted average grant date fair value of shares probable of vesting | |||||||
Balance as of January 1, 2016 | 921,553 | 536,234 | $ | 14.24 | |||||
Granted | 653,958 | 435,974 | 11.40 | ||||||
Forfeited | (193,771 | ) | (119,009 | ) | 13.16 | ||||
Change in estimated restricted shares considered probable of vesting | n/a | (275,713 | ) | 13.06 | |||||
Balance as of January 1, 2017 | 1,381,740 | 577,486 | 12.91 | ||||||
Granted | 935,825 | 623,882 | 12.17 | ||||||
Forfeited | (240,939 | ) | — | 14.60 | |||||
Vested | (136,618 | ) | (136,618 | ) | 14.60 | ||||
Change in estimated restricted shares considered probable of vesting | n/a | (102,080 | ) | 12.31 | |||||
Balance as of September 30, 2017 | 1,940,008 | 962,670 | $ | 12.25 |
Redeemable noncontrolling interests in related party | Noncontrolling interests in related party | Total noncontrolling interests in related party | |||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Balance, beginning of period | $ | — | $ | — | $ | 35,674 | $ | 16,157 | $ | 35,674 | $ | 16,157 | |||||||||||
Changes in capital account allocation | 16,813 | — | (30,433 | ) | 2,473 | (13,620 | ) | 2,473 | |||||||||||||||
Balance, end of period | $ | 16,813 | $ | — | $ | 5,241 | $ | 18,630 | $ | 22,054 | $ | 18,630 |
Third Point Re BDA | Third Point Re USA | Total | |||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Balance, beginning of period | $ | 30,358 | $ | 14,152 | $ | 5,316 | $ | 2,005 | $ | 35,674 | $ | 16,157 | |||||||||||
Net income attributable to total noncontrolling interests in related party | 2,503 | 1,263 | 657 | 210 | 3,160 | 1,473 | |||||||||||||||||
Contributions (1) | 2,865 | — | 354 | 1,000 | 3,219 | 1,000 | |||||||||||||||||
Redemptions | (17,999 | ) | — | (2,000 | ) | — | (19,999 | ) | — | ||||||||||||||
Balance, end of period | $ | 17,727 | $ | 15,415 | $ | 4,327 | $ | 3,215 | $ | 22,054 | $ | 18,630 |
Three months ended | Six months ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||||||||||||
Basic number of common shares outstanding | 162,027,831 | 160,258,883 | 161,473,011 | 160,064,319 | ||||||||||||||||||||||
Dilutive effect of options | 494,422 | — | 307,705 | — | ||||||||||||||||||||||
Dilutive effect of warrants | 1,304,823 | — | 951,655 | — | ||||||||||||||||||||||
Dilutive effect of restricted share awards and units | 2,881,856 | — | 3,264,827 | — | ||||||||||||||||||||||
Dilutive effect of Series A preference shares | — | — | — | — | ||||||||||||||||||||||
Diluted number of common shares outstanding | 166,708,932 | 160,258,883 | 165,997,198 | 160,064,319 | ||||||||||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||||||||
Net income (loss) available to SiriusPoint common shareholders | $ | 66.3 | $ | (60.8) | $ | 204.9 | $ | (277.8) | ||||||||||||||||||
Net income allocated to SiriusPoint participating shareholders | (4.8) | — | (15.1) | — | ||||||||||||||||||||||
Net income (loss) allocated to SiriusPoint common shareholders | $ | 61.5 | $ | (60.8) | $ | 189.7 | $ | (277.8) | ||||||||||||||||||
Basic earnings (loss) per share available to SiriusPoint common shareholders | $ | 0.38 | $ | (0.38) | $ | 1.18 | $ | (1.74) | ||||||||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||||||||
Net income (loss) available to SiriusPoint common shareholders | $ | 66.3 | $ | (60.8) | $ | 204.9 | $ | (277.8) | ||||||||||||||||||
Net income allocated to SiriusPoint participating shareholders | (4.8) | — | (15.1) | — | ||||||||||||||||||||||
Net income (loss) allocated to SiriusPoint common shareholders | $ | 61.5 | $ | (60.8) | $ | 189.7 | $ | (277.8) | ||||||||||||||||||
Diluted earnings (loss) per share available to SiriusPoint common shareholders | $ | 0.37 | $ | (0.38) | $ | 1.14 | $ | (1.74) |
Three months ended | Nine months ended | |||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||||
Weighted-average number of common shares outstanding: | ($ in thousands, except share and per share amounts) | |||||||||||||||
Basic number of common shares outstanding, net of treasury shares | 101,391,145 | 103,780,196 | 102,553,346 | 104,055,946 | ||||||||||||
Dilutive effect of options | 1,536,419 | 940,627 | 1,162,851 | 570,580 | ||||||||||||
Dilutive effect of warrants | 1,416,696 | 912,286 | 1,067,832 | 682,594 | ||||||||||||
Dilutive effect of restricted shares with service and performance condition | 335,314 | 162,204 | 256,222 | 281,548 | ||||||||||||
Diluted number of common shares outstanding | 104,679,574 | 105,795,313 | 105,040,251 | 105,590,668 | ||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | $ | 72,081 | $ | 233,449 | $ | 74,328 | ||||||||
Net income allocated to Third Point Re participating common shareholders | (55 | ) | (241 | ) | (256 | ) | (233 | ) | ||||||||
Net income allocated to Third Point Re common shareholders | $ | 54,630 | $ | 71,840 | $ | 233,193 | $ | 74,095 | ||||||||
Basic earnings per share available to Third Point Re common shareholders | $ | 0.54 | $ | 0.69 | $ | 2.27 | $ | 0.71 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | $ | 72,081 | $ | 233,449 | $ | 74,328 | ||||||||
Net income allocated to Third Point Re participating common shareholders | (53 | ) | (237 | ) | (250 | ) | (229 | ) | ||||||||
Net income allocated to Third Point Re common shareholders | $ | 54,632 | $ | 71,844 | $ | 233,199 | $ | 74,099 | ||||||||
Diluted earnings per share available to Third Point Re common shareholders | $ | 0.52 | $ | 0.68 | $ | 2.22 | $ | 0.70 |
June 30, 2023 | December 31, 2022 | ||||||||||
Third Point Enhanced LP | $ | 83.9 | $ | 100.3 | |||||||
Third Point Venture Offshore Fund I LP | 25.1 | 26.0 | |||||||||
Third Point Venture Offshore Fund II LP | 2.3 | 2.5 | |||||||||
Investments in related party investment funds, at fair value | 111.3 | 128.8 | |||||||||
Third Point Optimized Credit Portfolio (1) | 558.9 | 530.7 | |||||||||
Total investments managed by related parties | $ | 670.2 | $ | 659.5 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Management and advisory fees | $ | 2.5 | $ | 2.5 | $ | 4.2 | $ | 5.2 | |||||||||||||||
Performance fees | — | (1.5) | — | (1.3) | |||||||||||||||||||
Total management, advisory and performance fees to related parties (1) | $ | 2.5 | $ | 1.0 | $ | 4.2 | $ | 3.9 |
September 30, 2017 | Maximum Payout/ Notional Amount (by period of expiration) | Fair Value of Written Credit Derivatives (2) | |||||||||||||||||||||
Credit Spreads on underlying (basis points) | 0-5 years | 5 years or Greater Expiring Through 2047 | Total Written Credit Default Swaps (1) | Asset | Liability | Net Asset/(Liability) | |||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Single name (0 - 250) | $ | 3,320 | $ | 2,393 | $ | 5,713 | $ | — | $ | 2,760 | $ | (2,760 | ) | ||||||||||
Single name (251 - 500) | 1,318 | — | 1,318 | — | 68 | (68 | ) | ||||||||||||||||
$ | 4,638 | $ | 2,393 | $ | 7,031 | $ | — | $ | 2,828 | $ | (2,828 | ) | |||||||||||
December 31, 2016 | Maximum Payout/ Notional Amount (by period of expiration) | Fair Value of Written Credit Derivatives (2) | |||||||||||||||||||||
Credit Spreads on underlying (basis points) | 0-5 years | 5 years or Greater Expiring Through 2047 | Total Written Credit Default Swaps (1) | Asset | Liability | Net Asset/(Liability) | |||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Single name (0 - 250) | $ | — | $ | 3,943 | $ | 3,943 | $ | — | $ | 1,952 | $ | (1,952 | ) |
Three months ended September 30, 2017 | |||||||||||
Property and Casualty Reinsurance | Corporate | Total | |||||||||
Revenues | ($ in thousands) | ||||||||||
Gross premiums written | $ | 174,539 | $ | — | $ | 174,539 | |||||
Gross premiums ceded | — | — | — | ||||||||
Net premiums written | 174,539 | — | 174,539 | ||||||||
Change in net unearned premium reserves | (68,564 | ) | — | (68,564 | ) | ||||||
Net premiums earned | 105,975 | — | 105,975 | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 77,275 | — | 77,275 | ||||||||
Acquisition costs, net | 33,974 | — | 33,974 | ||||||||
General and administrative expenses | 7,291 | 5,927 | 13,218 | ||||||||
Total expenses | 118,540 | 5,927 | 124,467 | ||||||||
Net underwriting loss | (12,565 | ) | n/a | n/a | |||||||
Net investment income | 26,531 | 62,437 | 88,968 | ||||||||
Other expenses | (3,846 | ) | — | (3,846 | ) | ||||||
Interest expense | — | (2,074 | ) | (2,074 | ) | ||||||
Foreign exchange losses | — | (5,437 | ) | (5,437 | ) | ||||||
Income tax expense | — | (3,475 | ) | (3,475 | ) | ||||||
Net income attributable to noncontrolling interests in related party | — | (959 | ) | (959 | ) | ||||||
Segment income | $ | 10,120 | $ | 44,565 | |||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | |||||||||
Property and Casualty Reinsurance - Underwriting Ratios (1): | |||||||||||
Loss ratio | 72.9 | % | |||||||||
Acquisition cost ratio | 32.1 | % | |||||||||
Composite ratio | 105.0 | % | |||||||||
General and administrative expense ratio | 6.9 | % | |||||||||
Combined ratio | 111.9 | % | |||||||||
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
Nine months ended September 30, 2017 | |||||||||||
Property and Casualty Reinsurance | Corporate | Total | |||||||||
Revenues | ($ in thousands) | ||||||||||
Gross premiums written | $ | 477,457 | $ | — | $ | 477,457 | |||||
Gross premiums ceded | (2,550 | ) | — | (2,550 | ) | ||||||
Net premiums written | 474,907 | — | 474,907 | ||||||||
Change in net unearned premium reserves | (57,365 | ) | — | (57,365 | ) | ||||||
Net premiums earned | 417,542 | — | 417,542 | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 270,549 | — | 270,549 | ||||||||
Acquisition costs, net | 157,067 | — | 157,067 | ||||||||
General and administrative expenses | 23,252 | 15,552 | 38,804 | ||||||||
Total expenses | 450,868 | 15,552 | 466,420 | ||||||||
Net underwriting loss | (33,326 | ) | n/a | n/a | |||||||
Net investment income | 93,857 | 230,946 | 324,803 | ||||||||
Other expenses | (8,852 | ) | — | (8,852 | ) | ||||||
Interest expense | — | (6,151 | ) | (6,151 | ) | ||||||
Foreign exchange losses | — | (10,233 | ) | (10,233 | ) | ||||||
Income tax expense | — | (14,080 | ) | (14,080 | ) | ||||||
Net income attributable to noncontrolling interests in related party | — | (3,160 | ) | (3,160 | ) | ||||||
Segment income | $ | 51,679 | $ | 181,770 | |||||||
Net income available to Third Point Re common shareholders | $ | 233,449 | |||||||||
Property and Casualty Reinsurance - Underwriting Ratios (1): | |||||||||||
Loss ratio | 64.8 | % | |||||||||
Acquisition cost ratio | 37.6 | % | |||||||||
Composite ratio | 102.4 | % | |||||||||
General and administrative expense ratio | 5.6 | % | |||||||||
Combined ratio | 108.0 | % | |||||||||
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
Three months ended September 30, 2016 | |||||||||||
Property and Casualty Reinsurance | Corporate | Total | |||||||||
Revenues | ($ in thousands) | ||||||||||
Gross premiums written | $ | 142,573 | $ | — | $ | 142,573 | |||||
Gross premiums ceded | (927 | ) | — | (927 | ) | ||||||
Net premiums written | 141,646 | — | 141,646 | ||||||||
Change in net unearned premium reserves | (13,463 | ) | — | (13,463 | ) | ||||||
Net premiums earned | 128,183 | — | 128,183 | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 85,015 | — | 85,015 | ||||||||
Acquisition costs, net | 45,127 | — | 45,127 | ||||||||
General and administrative expenses | 6,380 | 5,974 | 12,354 | ||||||||
Total expenses | 136,522 | 5,974 | 142,496 | ||||||||
Net underwriting loss | (8,339 | ) | n/a | n/a | |||||||
Net investment income | 22,031 | 66,325 | 88,356 | ||||||||
Other expenses | (347 | ) | — | (347 | ) | ||||||
Interest expense | — | (2,069 | ) | (2,069 | ) | ||||||
Foreign exchange gains | — | 3,905 | 3,905 | ||||||||
Income tax expense | — | (2,484 | ) | (2,484 | ) | ||||||
Net income attributable to noncontrolling interests in related party | — | (967 | ) | (967 | ) | ||||||
Segment income | $ | 13,345 | $ | 58,736 | |||||||
Net income available to Third Point Re common shareholders | $ | 72,081 | |||||||||
Property and Casualty Reinsurance - Underwriting Ratios (1): | |||||||||||
Loss ratio | 66.3 | % | |||||||||
Acquisition cost ratio | 35.2 | % | |||||||||
Composite ratio | 101.5 | % | |||||||||
General and administrative expense ratio | 5.0 | % | |||||||||
Combined ratio | 106.5 | % | |||||||||
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
Nine months ended September 30, 2016 | |||||||||||
Property and Casualty Reinsurance | Corporate | Total | |||||||||
Revenues | ($ in thousands) | ||||||||||
Gross premiums written | $ | 536,595 | $ | — | $ | 536,595 | |||||
Gross premiums ceded | (2,352 | ) | — | (2,352 | ) | ||||||
Net premiums written | 534,243 | — | 534,243 | ||||||||
Change in net unearned premium reserves | (136,136 | ) | — | (136,136 | ) | ||||||
Net premiums earned | 398,107 | — | 398,107 | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 273,822 | — | 273,822 | ||||||||
Acquisition costs, net | 145,296 | — | 145,296 | ||||||||
General and administrative expenses | 19,527 | 14,358 | 33,885 | ||||||||
Total expenses | 438,645 | 14,358 | 453,003 | ||||||||
Net underwriting loss | (40,538 | ) | n/a | n/a | |||||||
Net investment income | 32,868 | 101,724 | 134,592 | ||||||||
Other expenses | (6,226 | ) | — | (6,226 | ) | ||||||
Interest expense | — | (6,163 | ) | (6,163 | ) | ||||||
Foreign exchange gains | — | 14,359 | 14,359 | ||||||||
Income tax expense | — | (5,865 | ) | (5,865 | ) | ||||||
Net income attributable to noncontrolling interests in related party | — | (1,473 | ) | (1,473 | ) | ||||||
Segment income (loss) | $ | (13,896 | ) | $ | 88,224 | ||||||
Net income available to Third Point Re common shareholders | $ | 74,328 | |||||||||
Property and Casualty Reinsurance - Underwriting Ratios (1): | |||||||||||
Loss ratio | 68.8 | % | |||||||||
Acquisition cost ratio | 36.5 | % | |||||||||
Composite ratio | 105.3 | % | |||||||||
General and administrative expense ratio | 4.9 | % | |||||||||
Combined ratio | 110.2 | % | |||||||||
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
Three months ended | Nine months ended | ||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||
Largest contract | 51.1 | % | 42.4 | % | 21.6 | % | 20.9 | % | |||
Second largest contract | 14.9 | % | 26.8 | % | 18.7 | % | 11.3 | % | |||
Third largest contract | n/a | 10.1 | % | 12.2 | % | n/a | |||||
Total for contracts contributing greater than 10% each | 66.0 | % | 79.3 | % | 52.5 | % | 32.2 | % | |||
Total for contracts contributing less than 10% each | 34.0 | % | 20.7 | % | 47.5 | % | 67.8 | % | |||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Property | $ | (3 | ) | — | % | $ | 56,632 | 39.7 | % | $ | (8,818 | ) | (1.9 | )% | $ | 63,714 | 11.9 | % | |||||||||
Casualty | 161,110 | 92.3 | % | 26,640 | 18.7 | % | 366,455 | 76.8 | % | 187,146 | 34.9 | % | |||||||||||||||
Specialty | 13,432 | 7.7 | % | 59,301 | 41.6 | % | 119,820 | 25.1 | % | 285,735 | 53.2 | % | |||||||||||||||
$ | 174,539 | 100.0 | % | $ | 142,573 | 100.0 | % | $ | 477,457 | 100.0 | % | $ | 536,595 | 100.0 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Prospective | $ | 172,856 | 99.0 | % | $ | 142,573 | 100.0 | % | $ | 391,897 | 82.1 | % | $ | 536,595 | 100.0 | % | |||||||||||
Retroactive (1) | 1,683 | 1.0 | % | — | — | % | 85,560 | 17.9 | % | — | — | % | |||||||||||||||
$ | 174,539 | 100.0 | % | $ | 142,573 | 100.0 | % | $ | 477,457 | 100.0 | % | $ | 536,595 | 100.0 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Largest broker | $ | 90,341 | 51.8 | % | $ | 95,073 | 66.7 | % | $ | 134,324 | 28.1 | % | $ | 186,737 | 34.8 | % | |||||||||||
Second largest broker | 44,676 | 25.6 | % | 27,461 | 19.3 | % | 118,618 | 24.9 | % | 180,631 | 33.7 | % | |||||||||||||||
Third largest broker | n/a | n/a | n/a | n/a | 107,612 | 22.5 | % | 89,756 | 16.7 | % | |||||||||||||||||
Other | 39,522 | 22.6 | % | 20,039 | 14.0 | % | 116,903 | 24.5 | % | 79,471 | 14.8 | % | |||||||||||||||
$ | 174,539 | 100.0 | % | $ | 142,573 | 100.0 | % | $ | 477,457 | 100.0 | % | $ | 536,595 | 100.0 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
United States | $ | 145,313 | 83.3 | % | $ | 123,233 | 86.4 | % | $ | 189,082 | 39.6 | % | $ | 290,971 | 54.2 | % | |||||||||||
Bermuda | 8,278 | 4.7 | % | 18,538 | 13.0 | % | 62,353 | 13.1 | % | 65,078 | 12.1 | % | |||||||||||||||
United Kingdom | 948 | 0.5 | % | 802 | 0.6 | % | 201,542 | 42.2 | % | 180,546 | 33.7 | % | |||||||||||||||
Other | 20,000 | 11.5 | % | — | — | % | 24,480 | 5.1 | % | — | — | % | |||||||||||||||
$ | 174,539 | 100.0 | % | $ | 142,573 | 100.0 | % | $ | 477,457 | 100.0 | % | $ | 536,595 | 100.0 | % |
June 30, 2023 | December 31, 2022 | ||||||||||
Operating lease right-of-use assets(1) | $ | 22.5 | $ | 25.9 | |||||||
Operating lease liabilities(2) | $ | 25.7 | $ | 30.3 | |||||||
Weighted average lease term (years) | 5.4 | 5.5 | |||||||||
Weighted average discount rate | 3.1 | % | 3.1 | % |
Future Payments | |||||
Remainder of 2023 | $ | 4.1 | |||
2024 | 5.8 | ||||
2025 | 4.5 | ||||
2026 | 3.7 | ||||
2027 and thereafter | 9.6 | ||||
Total future annual minimum rental payments | 27.7 | ||||
Less: present value discount | (2.0) | ||||
Total lease liability as of June 30, 2023 | $ | 25.7 |
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||
(expressed in thousands of U.S. dollars) | |||||||||||||||||||
Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Equity securities | $ | — | $ | — | $ | 2,017,463 | $ | — | $ | 2,017,463 | |||||||||
Debt securities | — | — | 656,118 | — | 656,118 | ||||||||||||||
Other investments | — | — | 30,932 | — | 30,932 | ||||||||||||||
Total investments in securities | — | — | 2,704,513 | — | 2,704,513 | ||||||||||||||
Cash and cash equivalents | — | 200 | 6,234 | — | 6,434 | ||||||||||||||
Restricted cash and cash equivalents | — | — | 477,362 | — | 477,362 | ||||||||||||||
Investment in subsidiaries | 1,613,968 | 276,251 | 165,913 | (2,056,132 | ) | — | |||||||||||||
Due from brokers | — | — | 387,786 | — | 387,786 | ||||||||||||||
Derivative assets, at fair value | — | — | 75,781 | — | 75,781 | ||||||||||||||
Interest and dividends receivable | — | — | 4,210 | — | 4,210 | ||||||||||||||
Reinsurance balances receivable | — | — | 478,206 | — | 478,206 | ||||||||||||||
Deferred acquisition costs, net | — | — | 223,091 | — | 223,091 | ||||||||||||||
Amounts due from (to) affiliates | (1,493 | ) | (3,588 | ) | 5,081 | — | — | ||||||||||||
Other assets | 734 | — | 10,730 | — | 11,464 | ||||||||||||||
Total assets | $ | 1,613,209 | $ | 272,863 | $ | 4,538,907 | $ | (2,056,132 | ) | $ | 4,368,847 | ||||||||
Liabilities | |||||||||||||||||||
Accounts payable and accrued expenses (1) | $ | 1,055 | $ | (7,920 | ) | $ | 31,445 | $ | — | $ | 24,580 | ||||||||
Reinsurance balances payable | — | — | 54,654 | — | 54,654 | ||||||||||||||
Deposit liabilities | — | — | 126,491 | — | 126,491 | ||||||||||||||
Unearned premium reserves | — | — | 615,375 | — | 615,375 | ||||||||||||||
Loss and loss adjustment expense reserves | — | — | 699,369 | — | 699,369 | ||||||||||||||
Securities sold, not yet purchased, at fair value | — | — | 405,845 | — | 405,845 | ||||||||||||||
Due to brokers | — | — | 602,230 | — | 602,230 | ||||||||||||||
Derivative liabilities, at fair value | — | — | 17,280 | — | 17,280 | ||||||||||||||
Performance fee payable to related party | — | — | 73,210 | — | 73,210 | ||||||||||||||
Interest and dividends payable | — | 1,026 | 891 | — | 1,917 | ||||||||||||||
Senior notes payable, net of deferred costs | — | 113,688 | — | — | 113,688 | ||||||||||||||
Total liabilities | 1,055 | 106,794 | 2,626,790 | — | 2,734,639 | ||||||||||||||
Redeemable noncontrolling interests in related party | — | — | 16,813 | — | 16,813 | ||||||||||||||
Shareholders’ equity | |||||||||||||||||||
Common shares | 10,738 | — | 1,250 | (1,250 | ) | 10,738 | |||||||||||||
Treasury shares | (48,253 | ) | — | — | — | (48,253 | ) | ||||||||||||
Additional paid-in capital | 1,099,998 | 166,080 | 1,533,281 | (1,699,361 | ) | 1,099,998 | |||||||||||||
Retained earnings (deficit) | 549,671 | (11 | ) | 355,532 | (355,521 | ) | 549,671 | ||||||||||||
Shareholders’ equity attributable to Third Point Re common shareholders | 1,612,154 | 166,069 | 1,890,063 | (2,056,132 | ) | 1,612,154 | |||||||||||||
Noncontrolling interests in related party | — | — | 5,241 | — | 5,241 | ||||||||||||||
Total shareholders’ equity | 1,612,154 | 166,069 | 1,895,304 | (2,056,132 | ) | 1,617,395 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 1,613,209 | $ | 272,863 | $ | 4,538,907 | $ | (2,056,132 | ) | $ | 4,368,847 |
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
As of December 31, 2016 | |||||||||||||||||||
(expressed in thousands of U.S. dollars) | |||||||||||||||||||
Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Equity securities | $ | — | $ | — | $ | 1,506,854 | $ | — | $ | 1,506,854 | |||||||||
Debt securities | — | — | 1,057,957 | — | 1,057,957 | ||||||||||||||
Other investments | — | — | 82,701 | — | 82,701 | ||||||||||||||
Total investments in securities | — | — | 2,647,512 | — | 2,647,512 | ||||||||||||||
Cash and cash equivalents | 1,629 | 79 | 8,243 | — | 9,951 | ||||||||||||||
Restricted cash and cash equivalents | — | — | 298,940 | — | 298,940 | ||||||||||||||
Investment in subsidiaries | 1,413,078 | 269,622 | 165,324 | (1,848,024 | ) | — | |||||||||||||
Due from brokers | — | — | 284,591 | — | 284,591 | ||||||||||||||
Derivative assets, at fair value | — | — | 27,432 | — | 27,432 | ||||||||||||||
Interest and dividends receivable | — | — | 6,505 | — | 6,505 | ||||||||||||||
Reinsurance balances receivable | — | — | 381,951 | — | 381,951 | ||||||||||||||
Deferred acquisition costs, net | — | — | 221,618 | — | 221,618 | ||||||||||||||
Amounts due from (to) affiliates | (142 | ) | (8,394 | ) | 8,536 | — | — | ||||||||||||
Other assets | 637 | 5,507 | 11,000 | — | 17,144 | ||||||||||||||
Total assets | $ | 1,415,202 | $ | 266,814 | $ | 4,061,652 | $ | (1,848,024 | ) | $ | 3,895,644 | ||||||||
Liabilities | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 1,151 | $ | 40 | $ | 9,130 | $ | — | $ | 10,321 | |||||||||
Reinsurance balances payable | — | — | 43,171 | — | 43,171 | ||||||||||||||
Deposit liabilities | — | — | 104,905 | — | 104,905 | ||||||||||||||
Unearned premium reserves | — | — | 557,076 | — | 557,076 | ||||||||||||||
Loss and loss adjustment expense reserves | — | — | 605,129 | — | 605,129 | ||||||||||||||
Securities sold, not yet purchased, at fair value | — | — | 92,668 | — | 92,668 | ||||||||||||||
Due to brokers | — | — | 899,601 | — | 899,601 | ||||||||||||||
Derivative liabilities, at fair value | — | — | 16,050 | — | 16,050 | ||||||||||||||
Interest and dividends payable | — | 3,057 | 386 | — | 3,443 | ||||||||||||||
Senior notes payable, net of deferred costs | — | 113,555 | — | — | 113,555 | ||||||||||||||
Total liabilities | 1,151 | 116,652 | 2,328,116 | — | 2,445,919 | ||||||||||||||
Shareholders’ equity | |||||||||||||||||||
Common shares | 10,650 | — | 1,250 | (1,250 | ) | 10,650 | |||||||||||||
Treasury shares | (7,389 | ) | — | — | — | (7,389 | ) | ||||||||||||
Additional paid-in capital | 1,094,568 | 165,456 | 1,528,827 | (1,694,283 | ) | 1,094,568 | |||||||||||||
Retained earnings (deficit) | 316,222 | (15,294 | ) | 167,785 | (152,491 | ) | 316,222 | ||||||||||||
Shareholders' equity attributable to Third Point Re common shareholders | 1,414,051 | 150,162 | 1,697,862 | (1,848,024 | ) | 1,414,051 | |||||||||||||
Noncontrolling interests in related party | — | — | 35,674 | — | 35,674 | ||||||||||||||
Total shareholders' equity | 1,414,051 | 150,162 | 1,733,536 | (1,848,024 | ) | 1,449,725 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 1,415,202 | $ | 266,814 | $ | 4,061,652 | $ | (1,848,024 | ) | $ | 3,895,644 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
(expressed in thousands of U.S. dollars) | ||||||||||||||||||||
Three months ended September 30, 2017 | Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | ||||||||||||||||||||
Gross premiums written | $ | — | $ | — | $ | 174,539 | $ | — | $ | 174,539 | ||||||||||
Gross premiums ceded | — | — | — | — | — | |||||||||||||||
Net premiums written | — | — | 174,539 | — | 174,539 | |||||||||||||||
Change in net unearned premium reserves | — | — | (68,564 | ) | — | (68,564 | ) | |||||||||||||
Net premiums earned | — | — | 105,975 | — | 105,975 | |||||||||||||||
Net investment income | — | — | 88,968 | — | 88,968 | |||||||||||||||
Equity in earnings (losses) of subsidiaries | 55,847 | 5,473 | (30 | ) | (61,290 | ) | — | |||||||||||||
Total revenues | 55,847 | 5,473 | 194,913 | (61,290 | ) | 194,943 | ||||||||||||||
Expenses | ||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | — | — | 77,275 | — | 77,275 | |||||||||||||||
Acquisition costs, net | — | — | 33,974 | — | 33,974 | |||||||||||||||
General and administrative expenses | 1,162 | 17 | 12,039 | — | 13,218 | |||||||||||||||
Other expenses | — | — | 3,846 | — | 3,846 | |||||||||||||||
Interest expense | — | 2,074 | — | — | 2,074 | |||||||||||||||
Foreign exchange losses | — | — | 5,437 | — | 5,437 | |||||||||||||||
Total expenses | 1,162 | 2,091 | 132,571 | — | 135,824 | |||||||||||||||
Income before income tax expense | 54,685 | 3,382 | 62,342 | (61,290 | ) | 59,119 | ||||||||||||||
Income tax (expense) benefit | — | 732 | (4,207 | ) | — | (3,475 | ) | |||||||||||||
Net income | 54,685 | 4,114 | 58,135 | (61,290 | ) | 55,644 | ||||||||||||||
Net income attributable to noncontrolling interests in related party | — | — | (959 | ) | — | (959 | ) | |||||||||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | $ | 4,114 | $ | 57,176 | $ | (61,290 | ) | $ | 54,685 | |||||||||
Nine months ended September 30, 2017 | Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | ||||||||||||||||||||
Gross premiums written | $ | — | $ | — | $ | 477,457 | $ | — | $ | 477,457 | ||||||||||
Gross premiums ceded | — | — | (2,550 | ) | — | (2,550 | ) | |||||||||||||
Net premiums written | — | — | 474,907 | — | 474,907 | |||||||||||||||
Change in net unearned premium reserves | — | — | (57,365 | ) | — | (57,365 | ) | |||||||||||||
Net premiums earned | — | — | 417,542 | — | 417,542 | |||||||||||||||
Net investment income | — | — | 324,803 | — | 324,803 | |||||||||||||||
Equity in earnings (losses) of subsidiaries | 237,060 | 19,305 | (35 | ) | (256,330 | ) | — | |||||||||||||
Total revenues | 237,060 | 19,305 | 742,310 | (256,330 | ) | 742,345 | ||||||||||||||
Expenses | ||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | — | — | 270,549 | — | 270,549 | |||||||||||||||
Acquisition costs, net | — | — | 157,067 | — | 157,067 | |||||||||||||||
General and administrative expenses | 3,611 | 37 | 35,156 | — | 38,804 | |||||||||||||||
Other expenses | — | — | 8,852 | — | 8,852 | |||||||||||||||
Interest expense | — | 6,151 | — | — | 6,151 | |||||||||||||||
Foreign exchange losses | — | — | 10,233 | — | 10,233 | |||||||||||||||
Total expenses | 3,611 | 6,188 | 481,857 | — | 491,656 | |||||||||||||||
Income before income tax expense | 233,449 | 13,117 | 260,453 | (256,330 | ) | 250,689 | ||||||||||||||
Income tax (expense) benefit | — | 2,166 | (16,246 | ) | — | (14,080 | ) | |||||||||||||
Net income | 233,449 | 15,283 | 244,207 | (256,330 | ) | 236,609 | ||||||||||||||
Net income attributable to noncontrolling interests in related party | — | — | (3,160 | ) | — | (3,160 | ) | |||||||||||||
Net income available to Third Point Re common shareholders | $ | 233,449 | $ | 15,283 | $ | 241,047 | $ | (256,330 | ) | $ | 233,449 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||
(expressed in thousands of U.S. dollars) | ||||||||||||||||||||
Three months ended September 30, 2016 | Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | ||||||||||||||||||||
Gross premiums written | $ | — | $ | — | $ | 142,573 | $ | — | $ | 142,573 | ||||||||||
Gross premiums ceded | — | — | (927 | ) | — | (927 | ) | |||||||||||||
Net premiums written | — | — | 141,646 | — | 141,646 | |||||||||||||||
Change in net unearned premium reserves | — | — | (13,463 | ) | — | (13,463 | ) | |||||||||||||
Net premiums earned | — | — | 128,183 | — | 128,183 | |||||||||||||||
Net investment income | — | — | 88,356 | — | 88,356 | |||||||||||||||
Equity in earnings (losses) of subsidiaries | 73,268 | 3,916 | (35 | ) | (77,149 | ) | — | |||||||||||||
Total revenues | 73,268 | 3,916 | 216,504 | (77,149 | ) | 216,539 | ||||||||||||||
Expenses | ||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | — | — | 85,015 | — | 85,015 | |||||||||||||||
Acquisition costs, net | — | — | 45,127 | — | 45,127 | |||||||||||||||
General and administrative expenses | 1,187 | 11 | 11,156 | — | 12,354 | |||||||||||||||
Other expenses | — | — | 347 | — | 347 | |||||||||||||||
Interest expense | — | 2,069 | — | — | 2,069 | |||||||||||||||
Foreign exchange gains | — | — | (3,905 | ) | — | (3,905 | ) | |||||||||||||
Total expenses | 1,187 | 2,080 | 137,740 | — | 141,007 | |||||||||||||||
Income before income tax expense | 72,081 | 1,836 | 78,764 | (77,149 | ) | 75,532 | ||||||||||||||
Income tax (expense) benefit | — | 728 | (3,212 | ) | — | (2,484 | ) | |||||||||||||
Net income | 72,081 | 2,564 | 75,552 | (77,149 | ) | 73,048 | ||||||||||||||
Net income attributable to noncontrolling interests in related party | — | — | (967 | ) | — | (967 | ) | |||||||||||||
Net income available to Third Point Re common shareholders | $ | 72,081 | $ | 2,564 | $ | 74,585 | $ | (77,149 | ) | $ | 72,081 | |||||||||
Nine months ended September 30, 2016 | Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | ||||||||||||||||||||
Gross premiums written | $ | — | $ | — | $ | 536,595 | $ | — | $ | 536,595 | ||||||||||
Gross premiums ceded | — | — | (2,352 | ) | — | (2,352 | ) | |||||||||||||
Net premiums written | — | — | 534,243 | — | 534,243 | |||||||||||||||
Change in net unearned premium reserves | — | — | (136,136 | ) | — | (136,136 | ) | |||||||||||||
Net premiums earned | — | — | 398,107 | — | 398,107 | |||||||||||||||
Net investment income | — | — | 134,592 | — | 134,592 | |||||||||||||||
Equity in earnings (losses) of subsidiaries | 77,829 | 6,015 | (78 | ) | (83,766 | ) | — | |||||||||||||
Total revenues | 77,829 | 6,015 | 532,621 | (83,766 | ) | 532,699 | ||||||||||||||
Expenses | ||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | — | — | 273,822 | — | 273,822 | |||||||||||||||
Acquisition costs, net | — | — | 145,296 | — | 145,296 | |||||||||||||||
General and administrative expenses | 3,501 | 41 | 30,343 | — | 33,885 | |||||||||||||||
Other expenses | — | — | 6,226 | — | 6,226 | |||||||||||||||
Interest expense | — | 6,163 | — | — | 6,163 | |||||||||||||||
Foreign exchange gains | — | — | (14,359 | ) | — | (14,359 | ) | |||||||||||||
Total expenses | 3,501 | 6,204 | 441,328 | — | 451,033 | |||||||||||||||
Income (loss) before income tax (expense) benefit | 74,328 | (189 | ) | 91,293 | (83,766 | ) | 81,666 | |||||||||||||
Income tax (expense) benefit | — | 2,171 | (8,036 | ) | — | (5,865 | ) | |||||||||||||
Net income | 74,328 | 1,982 | 83,257 | (83,766 | ) | 75,801 | ||||||||||||||
Net income attributable to noncontrolling interests in related party | — | — | (1,473 | ) | — | (1,473 | ) | |||||||||||||
Net income available to Third Point Re common shareholders | $ | 74,328 | $ | 1,982 | $ | 81,784 | $ | (83,766 | ) | $ | 74,328 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
Nine months ended September 30, 2017 | |||||||||||||||||||
(expressed in thousands of U.S. dollars) | |||||||||||||||||||
Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating activities | |||||||||||||||||||
Net income | $ | 233,449 | $ | 15,283 | $ | 244,207 | $ | (256,330 | ) | $ | 236,609 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||
Equity in (earnings) losses of subsidiaries | (237,060 | ) | (19,305 | ) | 35 | 256,330 | — | ||||||||||||
Share compensation expense | 184 | — | 3,830 | — | 4,014 | ||||||||||||||
Net interest expense on deposit liabilities | — | — | 1,472 | — | 1,472 | ||||||||||||||
Net unrealized gain on investments and derivatives | — | — | (203,299 | ) | — | (203,299 | ) | ||||||||||||
Net realized gain on investments and derivatives | — | — | (180,382 | ) | — | (180,382 | ) | ||||||||||||
Net foreign exchange losses | — | — | 10,233 | — | 10,233 | ||||||||||||||
Amortization of premium and accretion of discount, net | — | 133 | (585 | ) | — | (452 | ) | ||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||
Reinsurance balances receivable | — | — | (77,444 | ) | — | (77,444 | ) | ||||||||||||
Deferred acquisition costs, net | — | — | (1,473 | ) | — | (1,473 | ) | ||||||||||||
Other assets | (97 | ) | 5,507 | 288 | — | 5,698 | |||||||||||||
Interest and dividends receivable, net | — | (2,031 | ) | 2,800 | — | 769 | |||||||||||||
Unearned premium reserves | — | — | 58,299 | — | 58,299 | ||||||||||||||
Loss and loss adjustment expense reserves | — | — | 78,931 | — | 78,931 | ||||||||||||||
Accounts payable and accrued expenses | (96 | ) | (7,960 | ) | 22,229 | — | 14,173 | ||||||||||||
Reinsurance balances payable | — | — | 11,462 | — | 11,462 | ||||||||||||||
Performance fees payable to related party | — | — | 73,210 | — | 73,210 | ||||||||||||||
Amounts due from (to) affiliates | 1,351 | (4,806 | ) | 3,455 | — | — | |||||||||||||
Net cash provided by (used in) operating activities | (2,269 | ) | (13,179 | ) | 47,268 | — | 31,820 | ||||||||||||
Investing activities | |||||||||||||||||||
Purchases of investments | — | — | (2,238,167 | ) | — | (2,238,167 | ) | ||||||||||||
Proceeds from sales of investments | — | — | 2,536,688 | — | 2,536,688 | ||||||||||||||
Purchases of investments to cover short sales | — | — | (440,242 | ) | — | (440,242 | ) | ||||||||||||
Proceeds from short sales of investments | — | — | 735,132 | — | 735,132 | ||||||||||||||
Change in due to/from brokers, net | — | — | (400,566 | ) | — | (400,566 | ) | ||||||||||||
Change in restricted cash and cash equivalents | — | — | (178,422 | ) | — | (178,422 | ) | ||||||||||||
Net cash provided by investing activities | — | — | 14,423 | — | 14,423 | ||||||||||||||
Financing activities | |||||||||||||||||||
Proceeds from issuance of Third Point Re common shares, net of costs | 1,504 | — | — | — | 1,504 | ||||||||||||||
Purchases of Third Point Re common shares under share repurchase program | (40,864 | ) | — | — | — | (40,864 | ) | ||||||||||||
Decrease in deposit liabilities, net | — | — | 6,380 | — | 6,380 | ||||||||||||||
Change in total noncontrolling interests in related party, net | — | — | (16,780 | ) | — | (16,780 | ) | ||||||||||||
Dividend received by (paid to) parent | 40,000 | 13,300 | (53,300 | ) | — | — | |||||||||||||
Net cash provided by (used in) financing activities | 640 | 13,300 | (63,700 | ) | — | (49,760 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,629 | ) | 121 | (2,009 | ) | — | (3,517 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 1,629 | 79 | 8,243 | — | 9,951 | ||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 200 | $ | 6,234 | $ | — | $ | 6,434 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
Nine months ended September 30, 2016 | |||||||||||||||||||
(expressed in thousands of U.S. dollars) | |||||||||||||||||||
Third Point Re | TPRUSA | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Operating activities | |||||||||||||||||||
Net income | $ | 74,328 | $ | 1,982 | $ | 83,257 | $ | (83,766 | ) | $ | 75,801 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||||
Equity in (earnings) losses of subsidiaries | (77,829 | ) | (6,015 | ) | 78 | 83,766 | — | ||||||||||||
Share compensation expense | 362 | — | 6,234 | — | 6,596 | ||||||||||||||
Net interest income on deposit liabilities | — | — | (507 | ) | — | (507 | ) | ||||||||||||
Net unrealized loss on investments and derivatives | — | — | (90,675 | ) | — | (90,675 | ) | ||||||||||||
Net realized gain on investments and derivatives | — | — | (62,316 | ) | — | (62,316 | ) | ||||||||||||
Net foreign exchange gains | — | — | (14,359 | ) | — | (14,359 | ) | ||||||||||||
Amortization of premium and accretion of discount, net | — | 133 | 4,821 | — | 4,954 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||
Reinsurance balances receivable | — | — | (145,593 | ) | — | (145,593 | ) | ||||||||||||
Deferred acquisition costs, net | — | — | (58,286 | ) | — | (58,286 | ) | ||||||||||||
Other assets | (187 | ) | (2,171 | ) | (2,602 | ) | — | (4,960 | ) | ||||||||||
Interest and dividends receivable, net | — | (2,021 | ) | (1,676 | ) | — | (3,697 | ) | |||||||||||
Unearned premium reserves | — | — | 137,270 | — | 137,270 | ||||||||||||||
Loss and loss adjustment expense reserves | — | — | 111,014 | — | 111,014 | ||||||||||||||
Accounts payable and accrued expenses | (1,561 | ) | 20 | 3,059 | — | 1,518 | |||||||||||||
Reinsurance balances payable | — | — | 24,013 | — | 24,013 | ||||||||||||||
Performance fees payable to related party | — | — | 24,846 | — | 24,846 | ||||||||||||||
Amounts due from (to) affiliates | (345 | ) | 8,067 | (7,722 | ) | — | — | ||||||||||||
Net cash provided by (used in) operating activities | (5,232 | ) | (5 | ) | 10,856 | — | 5,619 | ||||||||||||
Investing activities | |||||||||||||||||||
Purchases of investments | — | — | (2,803,862 | ) | — | (2,803,862 | ) | ||||||||||||
Proceeds from sales of investments | — | — | 2,533,656 | — | 2,533,656 | ||||||||||||||
Purchases of investments to cover short sales | — | — | (978,039 | ) | — | (978,039 | ) | ||||||||||||
Proceeds from short sales of investments | — | — | 854,689 | — | 854,689 | ||||||||||||||
Change in due to/from brokers, net | — | — | 362,695 | — | 362,695 | ||||||||||||||
Increase in securities sold under an agreement to repurchase | — | — | 46,936 | — | 46,936 | ||||||||||||||
Change in restricted cash and cash equivalents | — | — | (34,536 | ) | — | (34,536 | ) | ||||||||||||
Contributed capital to subsidiaries | (5,000 | ) | 5,000 | — | — | — | |||||||||||||
Contributed capital from parent and/or subsidiaries | — | (5,000 | ) | 5,000 | — | — | |||||||||||||
Net cash used in investing activities | (5,000 | ) | — | (13,461 | ) | — | (18,461 | ) | |||||||||||
Financing activities | |||||||||||||||||||
Proceeds from issuance of Third Point Re common shares, net of costs | 3,878 | — | — | — | 3,878 | ||||||||||||||
Purchases of Third Point Re common shares under share repurchase program | (7,389 | ) | — | — | — | (7,389 | ) | ||||||||||||
Increase in deposit liabilities, net | — | — | 15,928 | — | 15,928 | ||||||||||||||
Change in total noncontrolling interests in related party, net | — | — | 1,000 | — | 1,000 | ||||||||||||||
Dividend received by (paid to) parent | 15,000 | — | (15,000 | ) | — | — | |||||||||||||
Net cash provided by financing activities | 11,489 | — | 1,928 | — | 13,417 | ||||||||||||||
Net decrease in cash and cash equivalents | 1,257 | (5 | ) | (677 | ) | — | 575 | ||||||||||||
Cash and cash equivalents at beginning of period | 308 | 5 | 20,094 | — | 20,407 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 1,565 | $ | — | $ | 19,417 | $ | — | $ | 20,982 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
($ in millions, except for per share data and ratios) | |||||||||||||||||||||||
Combined ratio | 81.9 | % | 93.1 | % | 78.2 | % | 93.4 | % | |||||||||||||||
Core underwriting income (1) | $ | 81.7 | $ | 9.6 | $ | 189.1 | $ | 22.3 | |||||||||||||||
Core net services income (1) | $ | 3.6 | $ | 10.6 | $ | 16.4 | $ | 24.6 | |||||||||||||||
Core income (1) | $ | 85.3 | $ | 20.2 | $ | 205.5 | $ | 46.9 | |||||||||||||||
Core combined ratio (1) | 87.7 | % | 98.3 | % | 84.4 | % | 98.0 | % | |||||||||||||||
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 13.0 | % | (11.8) | % | 20.9 | % | (25.7) | % | |||||||||||||||
Book value per common share (2) | $ | 12.59 | $ | 11.56 | $ | 12.59 | $ | 11.56 | |||||||||||||||
Book value per diluted common share (2) | $ | 12.29 | $ | 11.32 | $ | 12.29 | $ | 11.32 | |||||||||||||||
Tangible book value per diluted common share (1) (2) | $ | 11.39 | $ | 10.43 | $ | 11.39 | $ | 10.43 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Key underwriting metrics for Property and Casualty Reinsurance segment: | ($ in thousands, except for per share data and ratios) | ||||||||||||||
Net underwriting loss (1) | $ | (12,565 | ) | $ | (8,339 | ) | $ | (33,326 | ) | $ | (40,538 | ) | |||
Combined ratio (1) | 111.9 | % | 106.5 | % | 108.0 | % | 110.2 | % | |||||||
Key investment return metrics: | |||||||||||||||
Net investment income | $ | 88,968 | $ | 88,356 | $ | 324,803 | $ | 134,592 | |||||||
Net investment return on investments managed by Third Point LLC | 3.6 | % | 4.0 | % | 14.6 | % | 6.0 | % | |||||||
Key shareholders’ value creation metrics: | |||||||||||||||
Book value per share (2) (3) | $ | 15.90 | $ | 13.57 | $ | 15.90 | $ | 13.57 | |||||||
Diluted book value per share (2) (3) | $ | 15.24 | $ | 13.16 | $ | 15.24 | $ | 13.16 | |||||||
Change in diluted book value per share (2) | 3.4 | % | 5.2 | % | 15.8 | % | 5.4 | % | |||||||
Return on beginning shareholders’ equity (2) | 3.5 | % | 5.2 | % | 16.8 | % | 5.4 | % | |||||||
Invested asset leverage (3) | 1.57 | 1.55 | 1.57 | 1.55 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||
Net income (loss) available to SiriusPoint common shareholders | $ | 66.3 | $ | (60.8) | $ | 204.9 | $ | (277.8) | |||||||||||||||
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period | 2,036.6 | 2,088.2 | 1,874.7 | 2,303.7 | |||||||||||||||||||
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period | 2,054.8 | 2,023.3 | 2,054.8 | 2,023.3 | |||||||||||||||||||
Average common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,045.7 | $ | 2,055.8 | $ | 1,964.8 | $ | 2,163.5 | |||||||||||||||
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 13.0 | % | (11.8) | % | 20.9 | % | (25.7) | % | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Net investment income on float | $ | 26,531 | $ | 22,031 | $ | 93,857 | $ | 32,868 | |||||||
Net investment income on capital | 62,971 | 65,729 | 231,020 | 100,646 | |||||||||||
Net investment income on investments managed by Third Point LLC | 89,502 | 87,760 | 324,877 | 133,514 | |||||||||||
Net gain (loss) on investment in Kiskadee Fund | (534 | ) | 596 | (74 | ) | 1,078 | |||||||||
Net investment income | $ | 88,968 | $ | 88,356 | $ | 324,803 | $ | 134,592 |
September 30, 2017 | December 31, 2016 | ||||||
Basic and diluted book value per share numerator: | ($ in thousands, except share and per share amounts) | ||||||
Shareholders' equity attributable to Third Point Re common shareholders | $ | 1,612,154 | $ | 1,414,051 | |||
Effect of dilutive warrants issued to founders and an advisor | 46,512 | 46,512 | |||||
Effect of dilutive stock options issued to directors and employees | 54,572 | 52,930 | |||||
Diluted book value per share numerator: | $ | 1,713,238 | $ | 1,513,493 | |||
Basic and diluted book value per share denominator: | |||||||
Issued and outstanding shares, net of treasury shares | 101,399,735 | 104,173,748 | |||||
Effect of dilutive warrants issued to founders and an advisor | 4,651,163 | 4,651,163 | |||||
Effect of dilutive stock options issued to directors and employees | 5,332,833 | 5,274,333 | |||||
Effect of dilutive restricted shares issued to directors and employees (1) | 1,061,412 | 878,529 | |||||
Diluted book value per share denominator: | 112,445,143 | 114,977,773 | |||||
Basic book value per share | $ | 15.90 | $ | 13.57 | |||
Diluted book value per share | $ | 15.24 | $ | 13.16 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
($ in thousands) | |||||||||||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | $ | 72,081 | $ | 233,449 | $ | 74,328 | |||||||
Shareholders’ equity attributable to Third Point Re common shareholders - beginning of period | 1,556,323 | 1,380,332 | 1,414,051 | 1,379,726 | |||||||||||
Impact of weighting related to shareholders’ equity from shares repurchased | — | — | (25,023 | ) | (3,348 | ) | |||||||||
Adjusted shareholders’ equity attributable to Third Point Re common shareholders - beginning of period | $ | 1,556,323 | $ | 1,380,332 | $ | 1,389,028 | $ | 1,376,378 | |||||||
Return on beginning shareholders’ equity attributable to Third Point Re common shareholders | 3.5 | % | 5.2 | % | 16.8 | % | 5.4 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | June 30, 2023 | June 30, 2022 | Change | ||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Total underwriting income | $ | 127.3 | $ | 38.8 | $ | 88.5 | $ | 283.8 | $ | 72.3 | $ | 211.5 | |||||||||||||||||||||||||||||
Net realized and unrealized investment gains (losses) and net investment income | 65.8 | (141.5) | 207.3 | 139.6 | (346.6) | 486.2 | |||||||||||||||||||||||||||||||||||
Other revenues | (1.7) | 45.8 | (47.5) | 14.1 | 83.0 | (68.9) | |||||||||||||||||||||||||||||||||||
Net corporate and other expenses | (70.3) | (72.0) | 1.7 | (130.3) | (149.4) | 19.1 | |||||||||||||||||||||||||||||||||||
Intangible asset amortization | (2.9) | (2.0) | (0.9) | (5.3) | (3.9) | (1.4) | |||||||||||||||||||||||||||||||||||
Interest expense | (11.7) | (9.4) | (2.3) | (24.5) | (18.7) | (5.8) | |||||||||||||||||||||||||||||||||||
Foreign exchange gains (losses) | (17.4) | 56.5 | (73.9) | (17.5) | 75.9 | (93.4) | |||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (16.8) | 27.7 | (44.5) | (42.6) | 18.0 | (60.6) | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 72.3 | $ | (56.1) | $ | 128.4 | $ | 217.3 | $ | (269.4) | $ | 486.7 | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | Change | September 30, 2017 | September 30, 2016 | Change | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net underwriting income (loss) | $ | (12,565 | ) | $ | (8,339 | ) | $ | (4,226 | ) | $ | (33,326 | ) | $ | (40,538 | ) | $ | 7,212 | ||||||
Net investment income | 88,968 | 88,356 | 612 | 324,803 | 134,592 | 190,211 | |||||||||||||||||
Net investment return on investments managed by Third Point LLC | 3.6 | % | 4.0 | % | (0.4 | )% | 14.6 | % | 6.0 | % | 8.6 | % | |||||||||||
General and administrative expenses (1) | (5,927 | ) | (5,974 | ) | 47 | (15,552 | ) | (14,358 | ) | (1,194 | ) | ||||||||||||
Other expenses | (3,846 | ) | (347 | ) | (3,499 | ) | (8,852 | ) | (6,226 | ) | (2,626 | ) | |||||||||||
Foreign exchange gains (losses) | (5,437 | ) | 3,905 | (9,342 | ) | (10,233 | ) | 14,359 | (24,592 | ) | |||||||||||||
Income tax expense | (3,475 | ) | (2,484 | ) | (991 | ) | (14,080 | ) | (5,865 | ) | (8,215 | ) | |||||||||||
Net income available to Third Point Re common shareholders | $ | 54,685 | $ | 72,081 | $ | (17,396 | ) | $ | 233,449 | $ | 74,328 | $ | 159,121 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
($ in millions) | |||||||||||||||||
Debt securities, available for sale | $ | 4,172.1 | $ | 2,635.5 | |||||||||||||
Debt securities, trading | 753.2 | 1,526.0 | |||||||||||||||
Total debt securities (1) | 4,925.3 | 4,161.5 | |||||||||||||||
Short-term investments | 559.2 | 984.6 | |||||||||||||||
Investments in Related Party Investment Funds | 111.3 | 128.8 | |||||||||||||||
Other long-term investments | 355.4 | 377.2 | |||||||||||||||
Equity securities | 1.6 | 1.6 | |||||||||||||||
Total investments | 5,952.8 | 5,653.7 | |||||||||||||||
Cash and cash equivalents | 676.2 | 705.3 | |||||||||||||||
Restricted cash and cash equivalents (2) | 95.2 | 208.4 | |||||||||||||||
Total invested assets and cash(1) | $ | 6,724.2 | $ | 6,567.4 | |||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 73.6 | $ | 20.8 | $ | 140.7 | $ | 32.6 | |||||||||||||||||||||||||||
Change in fair value of trading portfolio (1) | 24.8 | (63.2) | 45.9 | (142.6) | |||||||||||||||||||||||||||||||
Net realized investment losses | (26.6) | (35.2) | (36.4) | (37.7) | |||||||||||||||||||||||||||||||
Net realized and unrealized investment losses from related party investment funds | (0.9) | (60.5) | (0.1) | (191.5) | |||||||||||||||||||||||||||||||
Investment results | 70.9 | (138.1) | 150.1 | (339.2) | |||||||||||||||||||||||||||||||
Investment expenses | (5.1) | (3.4) | (10.5) | (7.4) | |||||||||||||||||||||||||||||||
Total realized and unrealized investment gains (losses) and net investment income | $ | 65.8 | $ | (141.5) | $ | 139.6 | $ | (346.6) |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | Change | September 30, 2017 | September 30, 2016 | Change | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Gross premiums written | $ | 174,539 | $ | 142,573 | $ | 31,966 | $ | 477,457 | $ | 536,595 | $ | (59,138 | ) | ||||||||||
Net premiums earned | 105,975 | 128,183 | (22,208 | ) | 417,542 | 398,107 | 19,435 | ||||||||||||||||
Loss and loss adjustment expenses incurred, net | 77,275 | 85,015 | (7,740 | ) | 270,549 | 273,822 | (3,273 | ) | |||||||||||||||
Acquisition costs, net | 33,974 | 45,127 | (11,153 | ) | 157,067 | 145,296 | 11,771 | ||||||||||||||||
General and administrative expenses | 7,291 | 6,380 | 911 | 23,252 | 19,527 | 3,725 | |||||||||||||||||
Net underwriting income (loss ) | (12,565 | ) | (8,339 | ) | (4,226 | ) | (33,326 | ) | (40,538 | ) | 7,212 | ||||||||||||
Net investment income on float | 26,531 | 22,031 | 4,500 | 93,857 | 32,868 | 60,989 | |||||||||||||||||
Other expenses | (3,846 | ) | (347 | ) | (3,499 | ) | (8,852 | ) | (6,226 | ) | (2,626 | ) | |||||||||||
Segment income (loss) | $ | 10,120 | $ | 13,345 | $ | (3,225 | ) | $ | 51,679 | $ | (13,896 | ) | $ | 65,575 | |||||||||
Underwriting ratios (1): | |||||||||||||||||||||||
Loss ratio | 72.9 | % | 66.3 | % | 6.6 | % | 64.8 | % | 68.8 | % | (4.0 | )% | |||||||||||
Acquisition cost ratio | 32.1 | % | 35.2 | % | (3.1 | )% | 37.6 | % | 36.5 | % | 1.1 | % | |||||||||||
Composite ratio | 105.0 | % | 101.5 | % | 3.5 | % | 102.4 | % | 105.3 | % | (2.9 | )% | |||||||||||
General and administrative expense ratio | 6.9 | % | 5.0 | % | 1.9 | % | 5.6 | % | 4.9 | % | 0.7 | % | |||||||||||
Combined ratio | 111.9 | % | 106.5 | % | 5.4 | % | 108.0 | % | 110.2 | % | (2.2 | )% |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Debt securities, available for sale | $ | 48.5 | $ | 2.9 | $ | 83.6 | $ | 2.9 | |||||||||||||||||||||||||||
Debt securities, trading | 10.5 | (60.9) | 39.6 | (120.2) | |||||||||||||||||||||||||||||||
Short-term investments | 5.9 | (0.9) | 14.3 | (2.6) | |||||||||||||||||||||||||||||||
Other long-term investments | (3.8) | (0.6) | 0.6 | (1.6) | |||||||||||||||||||||||||||||||
Derivative instruments | 3.5 | — | 3.5 | — | |||||||||||||||||||||||||||||||
Equity securities | — | (0.3) | — | (0.4) | |||||||||||||||||||||||||||||||
Net realized and unrealized investment losses from Related Party Investment Funds | (0.9) | (60.5) | (0.1) | (191.5) | |||||||||||||||||||||||||||||||
Realized and unrealized investment gains (losses) and net investment income before other investment expenses and investment loss on cash and cash equivalents | 63.7 | (120.3) | 141.5 | (313.4) | |||||||||||||||||||||||||||||||
Investment expenses | (5.1) | (3.4) | (10.5) | (7.4) | |||||||||||||||||||||||||||||||
Net investment income (loss) on cash and cash equivalents | 7.2 | (17.8) | 8.6 | (25.8) | |||||||||||||||||||||||||||||||
Total realized and unrealized investment gains (losses) and net investment income | $ | 65.8 | $ | (141.5) | $ | 139.6 | $ | (346.6) |
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Property | $ | (3 | ) | — | % | $ | 56,632 | 39.7 | % | $ | (8,818 | ) | (1.9 | )% | $ | 63,714 | 11.9 | % | |||||||||
Casualty | 161,110 | 92.3 | % | 26,640 | 18.7 | % | 366,455 | 76.8 | % | 187,146 | 34.9 | % | |||||||||||||||
Specialty | 13,432 | 7.7 | % | 59,301 | 41.6 | % | 119,820 | 25.1 | % | 285,735 | 53.2 | % | |||||||||||||||
$ | 174,539 | 100.0 | % | $ | 142,573 | 100.0 | % | $ | 477,457 | 100.0 | % | $ | 536,595 | 100.0 | % |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
TP Enhanced Fund | (0.5) | % | (12.5) | % | 0.6 | % | (25.9) | % | |||||||||||||||
TP Venture Fund | 0.1 | % | (9.8) | % | 0.3 | % | (17.3) | % | |||||||||||||||
TP Venture Fund II (1) | (2.7) | % | n/a | (8.2) | % | n/a | |||||||||||||||||
SiriusPoint total fixed income investments (2)(3) | |||||||||||||||||||||||
In U.S. dollars | 0.1 | % | (1.8) | % | 1.9 | % | (3.6) | % | |||||||||||||||
In local currencies | 0.1 | % | (1.3) | % | 1.9 | % | (3.0) | % | |||||||||||||||
SiriusPoint total equity securities and other long-term investments | |||||||||||||||||||||||
In U.S. dollars | (0.7) | % | (0.5) | % | 2.1 | % | (0.6) | % | |||||||||||||||
In local currencies | (0.9) | % | (0.3) | % | 2.0 | % | (0.5) | % |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2017 | September 30, 2016 | Change | September 30, 2017 | September 30, 2016 | Change | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net investment income on capital | $ | 62,437 | $ | 66,325 | $ | (3,888 | ) | $ | 230,946 | $ | 101,724 | $ | 129,222 | ||||||||||
General and administrative expenses | (5,927 | ) | (5,974 | ) | 47 | (15,552 | ) | (14,358 | ) | (1,194 | ) | ||||||||||||
Interest expense | (2,074 | ) | (2,069 | ) | (5 | ) | (6,151 | ) | (6,163 | ) | 12 | ||||||||||||
Foreign exchange gains (losses) | (5,437 | ) | 3,905 | (9,342 | ) | (10,233 | ) | 14,359 | (24,592 | ) | |||||||||||||
Income tax expense | (3,475 | ) | (2,484 | ) | (991 | ) | (14,080 | ) | (5,865 | ) | (8,215 | ) | |||||||||||
Segment loss attributable to noncontrolling interests | (959 | ) | (967 | ) | 8 | (3,160 | ) | (1,473 | ) | (1,687 | ) | ||||||||||||
Segment income | $ | 44,565 | $ | 58,736 | $ | (14,171 | ) | $ | 181,770 | $ | 88,224 | $ | 93,546 |
Three months ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||
Long | Short | Net | Long | Short | Net | ||||||||||||
Equity | 3.5 | % | (0.9 | )% | 2.6 | % | 4.1 | % | (2.2 | )% | 1.9 | % | |||||
Credit | 0.5 | % | (0.1 | )% | 0.4 | % | 2.1 | % | (0.1 | )% | 2.0 | % | |||||
Other | 0.9 | % | (0.3 | )% | 0.6 | % | 0.2 | % | (0.1 | )% | 0.1 | % | |||||
Net investment return on investments managed by Third Point LLC | 4.9 | % | (1.3 | )% | 3.6 | % | 6.4 | % | (2.4 | )% | 4.0 | % | |||||
S&P 500 Total Return Index | 4.5 | % | 3.9 | % | |||||||||||||
Nine months ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||
Long | Short | Net | Long | Short | Net | ||||||||||||
Long/short equities | 16.8 | % | (3.0 | )% | 13.8 | % | 3.8 | % | (2.5 | )% | 1.3 | % | |||||
Credit | 0.6 | % | (0.5 | )% | 0.1 | % | 6.5 | % | (0.7 | )% | 5.8 | % | |||||
Other | 1.9 | % | (1.2 | )% | 0.7 | % | 0.1 | % | (1.2 | )% | (1.1 | )% | |||||
Net investment return on investments managed by Third Point LLC | 19.3 | % | (4.7 | )% | 14.6 | % | 10.4 | % | (4.4 | )% | 6.0 | % | |||||
S&P 500 Total Return Index | 14.2 | % | 7.8 | % |
Three months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 387.1 | $ | 462.7 | $ | 849.8 | $ | — | $ | 37.3 | $ | — | $ | 887.1 | |||||||||||||||||||||||||||
Net premiums written | 341.3 | 291.6 | 632.9 | — | 37.3 | — | 670.2 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 320.7 | 339.6 | 660.3 | — | 43.5 | — | 703.8 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 167.0 | 227.7 | 394.7 | (1.5) | 13.8 | — | 407.0 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 62.4 | 84.0 | 146.4 | (35.9) | 15.7 | — | 126.2 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 12.0 | 25.5 | 37.5 | — | 5.8 | — | 43.3 | ||||||||||||||||||||||||||||||||||
Underwriting income | 79.3 | 2.4 | 81.7 | 37.4 | 8.2 | — | 127.3 | ||||||||||||||||||||||||||||||||||
Services revenues | (2.8) | 62.2 | 59.4 | (37.0) | — | (22.4) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 50.0 | 50.0 | — | — | (50.0) | — | ||||||||||||||||||||||||||||||||||
Net services fee income (loss) | (2.8) | 12.2 | 9.4 | (37.0) | — | 27.6 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling income | — | (1.7) | (1.7) | — | — | 1.7 | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (4.1) | (4.1) | — | — | 4.1 | — | ||||||||||||||||||||||||||||||||||
Net services income (loss) | (2.8) | 6.4 | 3.6 | (37.0) | — | 33.4 | — | ||||||||||||||||||||||||||||||||||
Segment income | $ | 76.5 | $ | 8.8 | $ | 85.3 | $ | 0.4 | $ | 8.2 | $ | 33.4 | $ | 127.3 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 52.1 | % | 67.0 | % | 59.8 | % | 57.8 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 19.5 | % | 24.7 | % | 22.2 | % | 17.9 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 3.7 | % | 7.5 | % | 5.7 | % | 6.2 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 75.3 | % | 99.2 | % | 87.7 | % | 81.9 | % | |||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 378.3 | $ | 433.9 | $ | 812.2 | $ | — | $ | 0.4 | $ | — | $ | 812.6 | |||||||||||||||||||||||||||
Net premiums written | 321.5 | 301.4 | 622.9 | — | 0.1 | — | 623.0 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 319.5 | 244.3 | 563.8 | — | 5.0 | — | 568.8 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 204.7 | 154.8 | 359.5 | (1.1) | 1.9 | — | 360.3 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 86.3 | 63.9 | 150.2 | (26.8) | 0.2 | — | 123.6 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 28.7 | 15.8 | 44.5 | — | 1.6 | — | 46.1 | ||||||||||||||||||||||||||||||||||
Underwriting income (loss) | (0.2) | 9.8 | 9.6 | 27.9 | 1.3 | — | 38.8 | ||||||||||||||||||||||||||||||||||
Services revenues | — | 56.6 | 56.6 | (36.7) | — | (19.9) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 44.8 | 44.8 | — | — | (44.8) | — | ||||||||||||||||||||||||||||||||||
Net services fee income | — | 11.8 | 11.8 | (36.7) | — | 24.9 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling income | — | (0.7) | (0.7) | — | — | 0.7 | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (0.5) | (0.5) | — | — | 0.5 | — | ||||||||||||||||||||||||||||||||||
Net services income | — | 10.6 | 10.6 | (36.7) | — | 26.1 | — | ||||||||||||||||||||||||||||||||||
Segment income (loss) | $ | (0.2) | $ | 20.4 | $ | 20.2 | $ | (8.8) | $ | 1.3 | $ | 26.1 | $ | 38.8 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 64.1 | % | 63.4 | % | 63.8 | % | 63.3 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 27.0 | % | 26.2 | % | 26.6 | % | 21.7 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 9.0 | % | 6.5 | % | 7.9 | % | 8.1 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 100.1 | % | 96.1 | % | 98.3 | % | 93.1 | % | |||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 783.3 | $ | 1,126.7 | $ | 1,910.0 | $ | — | $ | 87.6 | $ | — | $ | 1,997.6 | |||||||||||||||||||||||||||
Net premiums written | 652.3 | 744.2 | 1,396.5 | — | 65.4 | — | 1,461.9 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 580.2 | 630.8 | 1,211.0 | — | 88.3 | — | 1,299.3 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 252.6 | 400.2 | 652.8 | (2.8) | 24.1 | — | 674.1 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 128.4 | 155.7 | 284.1 | (68.4) | 30.2 | — | 245.9 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 40.2 | 44.8 | 85.0 | — | 10.5 | — | 95.5 | ||||||||||||||||||||||||||||||||||
Underwriting income | 159.0 | 30.1 | 189.1 | 71.2 | 23.5 | — | 283.8 | ||||||||||||||||||||||||||||||||||
Services revenues | (2.6) | 125.8 | 123.2 | (71.3) | — | (51.9) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 95.5 | 95.5 | — | — | (95.5) | — | ||||||||||||||||||||||||||||||||||
Net services income (loss) | (2.6) | 30.3 | 27.7 | (71.3) | — | 43.6 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling income | — | (3.3) | (3.3) | — | — | 3.3 | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (8.0) | (8.0) | — | — | 8.0 | — | ||||||||||||||||||||||||||||||||||
Net services income (loss) | (2.6) | 19.0 | 16.4 | (71.3) | — | 54.9 | — | ||||||||||||||||||||||||||||||||||
Segment income | $ | 156.4 | $ | 49.1 | $ | 205.5 | $ | (0.1) | $ | 23.5 | $ | 54.9 | $ | 283.8 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 43.5 | % | 63.4 | % | 53.9 | % | 51.9 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 22.1 | % | 24.7 | % | 23.5 | % | 18.9 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 6.9 | % | 7.1 | % | 7.0 | % | 7.4 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 72.5 | % | 95.2 | % | 84.4 | % | 78.2 | % | |||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 902.5 | $ | 917.4 | $ | 1,819.9 | $ | — | $ | 2.4 | $ | — | $ | 1,822.3 | |||||||||||||||||||||||||||
Net premiums written | 696.4 | 638.9 | 1,335.3 | — | 1.6 | — | 1,336.9 | ||||||||||||||||||||||||||||||||||
Net premiums earned | 627.1 | 457.1 | 1,084.2 | — | 13.9 | — | 1,098.1 | ||||||||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 399.2 | 288.8 | 688.0 | (2.3) | 14.7 | — | 700.4 | ||||||||||||||||||||||||||||||||||
Acquisition costs, net | 166.2 | 117.4 | 283.6 | (52.4) | 0.9 | — | 232.1 | ||||||||||||||||||||||||||||||||||
Other underwriting expenses | 58.8 | 31.5 | 90.3 | — | 3.0 | — | 93.3 | ||||||||||||||||||||||||||||||||||
Underwriting income (loss) | 2.9 | 19.4 | 22.3 | 54.7 | (4.7) | — | 72.3 | ||||||||||||||||||||||||||||||||||
Services revenues | — | 113.4 | 113.4 | (67.5) | — | (45.9) | — | ||||||||||||||||||||||||||||||||||
Services expenses | — | 88.1 | 88.1 | — | — | (88.1) | — | ||||||||||||||||||||||||||||||||||
Net services fee income | — | 25.3 | 25.3 | (67.5) | — | 42.2 | — | ||||||||||||||||||||||||||||||||||
Services noncontrolling loss | — | 0.1 | 0.1 | — | — | (0.1) | — | ||||||||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | — | (0.8) | (0.8) | — | — | 0.8 | — | ||||||||||||||||||||||||||||||||||
Net services income | — | 24.6 | 24.6 | (67.5) | — | 42.9 | — | ||||||||||||||||||||||||||||||||||
Segment income (loss) | $ | 2.9 | $ | 44.0 | $ | 46.9 | $ | (12.8) | $ | (4.7) | $ | 42.9 | $ | 72.3 | |||||||||||||||||||||||||||
Underwriting Ratios: (1) | |||||||||||||||||||||||||||||||||||||||||
Loss ratio | 63.7 | % | 63.2 | % | 63.5 | % | 63.8 | % | |||||||||||||||||||||||||||||||||
Acquisition cost ratio | 26.5 | % | 25.7 | % | 26.2 | % | 21.1 | % | |||||||||||||||||||||||||||||||||
Other underwriting expenses ratio | 9.4 | % | 6.9 | % | 8.3 | % | 8.5 | % | |||||||||||||||||||||||||||||||||
Combined ratio | 99.6 | % | 95.8 | % | 98.0 | % | 93.4 | % | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | June 30, 2023 | June 30, 2022 | Change | ||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 387.1 | $ | 378.3 | $ | 8.8 | $ | 783.3 | $ | 902.5 | $ | (119.2) | |||||||||||||||||||||||
Net premiums written | 341.3 | 321.5 | 19.8 | 652.3 | 696.4 | (44.1) | |||||||||||||||||||||||||||||
Net premiums earned | 320.7 | 319.5 | 1.2 | 580.2 | 627.1 | (46.9) | |||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 167.0 | 204.7 | (37.7) | 252.6 | 399.2 | (146.6) | |||||||||||||||||||||||||||||
Acquisition costs, net | 62.4 | 86.3 | (23.9) | 128.4 | 166.2 | (37.8) | |||||||||||||||||||||||||||||
Other underwriting expenses | 12.0 | 28.7 | (16.7) | 40.2 | 58.8 | (18.6) | |||||||||||||||||||||||||||||
Underwriting income (loss) | 79.3 | (0.2) | 79.5 | 159.0 | 2.9 | 156.1 | |||||||||||||||||||||||||||||
Services revenues | (2.8) | — | (2.8) | (2.6) | — | (2.6) | |||||||||||||||||||||||||||||
Net services loss | (2.8) | — | (2.8) | (2.6) | — | (2.6) | |||||||||||||||||||||||||||||
Segment income (loss) | $ | 76.5 | $ | (0.2) | $ | 76.7 | $ | 156.4 | $ | 2.9 | $ | 153.5 | |||||||||||||||||||||||
Underwriting ratios: (1) | |||||||||||||||||||||||||||||||||||
Loss ratio | 52.1 | % | 64.1 | % | (12.0) | % | 43.5 | % | 63.7 | % | (20.2) | % | |||||||||||||||||||||||
Acquisition cost ratio | 19.5 | % | 27.0 | % | (7.5) | % | 22.1 | % | 26.5 | % | (4.4) | % | |||||||||||||||||||||||
Other underwriting expense ratio | 3.7 | % | 9.0 | % | (5.3) | % | 6.9 | % | 9.4 | % | (2.5) | % | |||||||||||||||||||||||
Combined ratio | 75.3 | % | 100.1 | % | (24.8) | % | 72.5 | % | 99.6 | % | (27.1) | % | |||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | June 30, 2023 | June 30, 2022 | Change | ||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 462.7 | $ | 433.9 | $ | 28.8 | $ | 1,126.7 | $ | 917.4 | $ | 209.3 | |||||||||||||||||||||||
Net premiums written | 291.6 | 301.4 | (9.8) | 744.2 | 638.9 | 105.3 | |||||||||||||||||||||||||||||
Net premiums earned | 339.6 | 244.3 | 95.3 | 630.8 | 457.1 | 173.7 | |||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 227.7 | 154.8 | 72.9 | 400.2 | 288.8 | 111.4 | |||||||||||||||||||||||||||||
Acquisition costs, net | 84.0 | 63.9 | 20.1 | 155.7 | 117.4 | 38.3 | |||||||||||||||||||||||||||||
Other underwriting expenses | 25.5 | 15.8 | 9.7 | 44.8 | 31.5 | 13.3 | |||||||||||||||||||||||||||||
Underwriting income | 2.4 | 9.8 | (7.4) | 30.1 | 19.4 | 10.7 | |||||||||||||||||||||||||||||
Services revenues | 62.2 | 56.6 | 5.6 | 125.8 | 113.4 | 12.4 | |||||||||||||||||||||||||||||
Services expenses | 50.0 | 44.8 | 5.2 | 95.5 | 88.1 | 7.4 | |||||||||||||||||||||||||||||
Net services fee income | 12.2 | 11.8 | 0.4 | 30.3 | 25.3 | 5.0 | |||||||||||||||||||||||||||||
Services noncontrolling (income) loss | (1.7) | (0.7) | (1.0) | (3.3) | 0.1 | (3.4) | |||||||||||||||||||||||||||||
Net investment losses from Strategic Investments | (4.1) | (0.5) | (3.6) | (8.0) | (0.8) | (7.2) | |||||||||||||||||||||||||||||
Net services income | 6.4 | 10.6 | (4.2) | 19.0 | 24.6 | (5.6) | |||||||||||||||||||||||||||||
Segment income | $ | 8.8 | $ | 20.4 | $ | (11.6) | $ | 49.1 | $ | 44.0 | $ | 5.1 | |||||||||||||||||||||||
Underwriting ratios: (1) | |||||||||||||||||||||||||||||||||||
Loss ratio | 67.0 | % | 63.4 | % | 3.6 | % | 63.4 | % | 63.2 | % | 0.2 | % | |||||||||||||||||||||||
Acquisition cost ratio | 24.7 | % | 26.2 | % | (1.5) | % | 24.7 | % | 25.7 | % | (1.0) | % | |||||||||||||||||||||||
Other underwriting expense ratio | 7.5 | % | 6.5 | % | 1.0 | % | 7.1 | % | 6.9 | % | 0.2 | % | |||||||||||||||||||||||
Combined ratio | 99.2 | % | 96.1 | % | 3.1 | % | 95.2 | % | 95.8 | % | (0.6) | % | |||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | Change | June 30, 2023 | June 30, 2022 | Change | ||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 37.3 | $ | 0.4 | $ | 36.9 | $ | 87.6 | $ | 2.4 | $ | 85.2 | |||||||||||||||||||||||
Net premiums written | 37.3 | 0.1 | 37.2 | 65.4 | 1.6 | 63.8 | |||||||||||||||||||||||||||||
Net premiums earned | 43.5 | 5.0 | 38.5 | 88.3 | 13.9 | 74.4 | |||||||||||||||||||||||||||||
Loss and loss adjustment expenses incurred, net | 13.8 | 1.9 | 11.9 | 24.1 | 14.7 | 9.4 | |||||||||||||||||||||||||||||
Acquisition costs, net | 15.7 | 0.2 | 15.5 | 30.2 | 0.9 | 29.3 | |||||||||||||||||||||||||||||
Other underwriting expenses | 5.8 | 1.6 | 4.2 | 10.5 | 3.0 | 7.5 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 8.2 | $ | 1.3 | $ | 6.9 | $ | 23.5 | $ | (4.7) | $ | 28.2 | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
($ in millions, except share and per share amounts) | |||||||||||
Common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,054.8 | $ | 1,874.7 | |||||||
Intangible assets | (158.5) | (163.8) | |||||||||
Tangible diluted common shareholders' equity attributable to SiriusPoint common shareholders | $ | 1,896.3 | $ | 1,710.9 | |||||||
Common shares outstanding | 163,200,630 | 162,177,653 | |||||||||
Effect of dilutive stock options, restricted share units, warrants and Series A preference shares | 3,964,586 | 3,492,795 | |||||||||
Book value per diluted common share denominator | 167,165,216 | 165,670,448 | |||||||||
Unvested restricted shares | (649,528) | (1,708,608) | |||||||||
Tangible book value per diluted common share denominator | 166,515,688 | 163,961,840 | |||||||||
Book value per common share | $ | 12.59 | $ | 11.56 | |||||||
Book value per diluted common share | $ | 12.29 | $ | 11.32 | |||||||
Tangible book value per diluted common share | $ | 11.39 | $ | 10.43 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amount | Effective rate (1) | Amount | Effective rate (1) | |||||||||||||||||||||||
2017 SEK Subordinated Notes, at face value | $ | 254.9 | 7.8 | % | $ | 264.3 | 6.0 | % | ||||||||||||||||||
Unamortized discount | (7.8) | (5.7) | ||||||||||||||||||||||||
2017 SEK Subordinated Notes, carrying value | 247.1 | 258.6 | ||||||||||||||||||||||||
2016 Senior Notes, at face value | 400.0 | 4.5 | % | 400.0 | 4.5 | % | ||||||||||||||||||||
Unamortized premium | 4.2 | 4.8 | ||||||||||||||||||||||||
2016 Senior Notes, carrying value | 404.2 | 404.8 | ||||||||||||||||||||||||
2015 Senior Notes, at face value | 115.0 | 7.0 | % | 115.0 | 7.0 | % | ||||||||||||||||||||
Unamortized issuance costs | (0.4) | (0.4) | ||||||||||||||||||||||||
2015 Senior Notes, carrying value | 114.6 | 114.6 | ||||||||||||||||||||||||
Total debt | $ | 765.9 | $ | 778.0 |
2017 | 2016 | ||||||
($ in thousands) | |||||||
Net cash provided by operating activities | $ | 31,820 | $ | 5,619 | |||
Net cash provided by (used in) investing activities | 14,423 | (18,461 | ) | ||||
Net cash provided by (used in) financing activities | (49,760 | ) | 13,417 | ||||
Net increase (decrease) in cash and cash equivalents | (3,517 | ) | 575 | ||||
Cash and cash equivalents at beginning of period | 9,951 | 20,407 | |||||
Cash and cash equivalents at end of period | $ | 6,434 | $ | 20,982 |
2023 | 2022 | ||||||||||
($ in millions) | |||||||||||
Net cash provided by operating activities | $ | 206.3 | $ | 45.2 | |||||||
Net cash used in investing activities | (297.5) | (605.4) | |||||||||
Net cash used in financing activities | (51.1) | (11.0) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (142.3) | (571.2) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 913.7 | 1,948.4 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 771.4 | $ | 1,377.2 |
Fair value | Assumed change in interest rate | Estimated fair value after change in interest rate | Pre-tax increase (decrease) in carrying value | ||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||
Debt securities | $ | 4,925.3 | 300 bp decrease | $ | 5,308.9 | $ | 383.6 | ||||||||||||||||
200 bp decrease | 5,180.6 | 255.3 | |||||||||||||||||||||
100 bp decrease | 5,052.3 | 127.0 | |||||||||||||||||||||
50 bp decrease | 4,988.1 | 62.8 | |||||||||||||||||||||
50 bp increase | 4,857.3 | (68.0) | |||||||||||||||||||||
100 bp increase | 4,790.6 | (134.7) | |||||||||||||||||||||
200 bp increase | 4,657.3 | (268.0) | |||||||||||||||||||||
300 bp increase | $ | 4,524.0 | $ | (401.3) |
10% increase | 10% decrease | ||||||||||
($ in millions) | |||||||||||
Euro to U.S. dollar | $ | (1.1) | $ | 1.1 | |||||||
Swedish Krona to U.S. dollar | 7.1 | (7.1) | |||||||||
British Pound to U.S. dollar | (2.1) | 2.1 | |||||||||
South African Rand to U.S. Dollar | (0.4) | 0.4 | |||||||||
Canadian Dollar to U.S. dollar | $ | (3.8) | $ | 3.8 |
10% increase in U.S. dollar | 10% decrease in U.S. dollar | ||||||||||||
Change in fair value | Change in fair value as % of investment portfolio | Change in fair value | Change in fair value as % of investment portfolio | ||||||||||
($ in thousands) | |||||||||||||
Hong Kong Dollar | $ | 13,512 | 0.5 | % | $ | (13,512 | ) | (0.5 | )% | ||||
Saudi Arabian Riyal | 11,556 | 0.4 | % | (11,556 | ) | (0.4 | )% | ||||||
Egyptian Pound | (2,933 | ) | (0.1 | )% | 2,933 | 0.1 | % | ||||||
Brazilian Real | (4,618 | ) | (0.2 | )% | 4,618 | 0.2 | % | ||||||
Other | (1,726 | ) | (0.1 | )% | 1,726 | 0.1 | % | ||||||
Total | $ | 15,791 | 0.5 | % | $ | (15,791 | ) | (0.5 | )% |
100 basis point increase in interest rates | 100 basis point decrease in interest rates | ||||||||||||
Change in fair value | Change in fair value as % of investment portfolio | Change in fair value | Change in fair value as % of investment portfolio | ||||||||||
($ in thousands) | |||||||||||||
Corporate bonds, U.S. treasuries and sovereign debt instruments(1) | $ | 4,704 | 0.2 | % | $ | (4,323 | ) | (0.2 | )% | ||||
Asset-backed securities(2) | (2,666 | ) | (0.1 | )% | 2,742 | 0.1 | % | ||||||
Interest rate swaps and derivatives | 3,980 | 0.2 | % | (3,980 | ) | (0.2 | )% | ||||||
Net exposure to interest rate risk | $ | 6,018 | 0.3 | % | $ | (5,561 | ) | (0.3 | )% |
September 30, 2017 | December 31, 2016 | ||||||
($ in thousands) | |||||||
Assets: | |||||||
Asset backed securities | $ | 196,405 | $ | 254,852 | |||
Bank debt | 20,279 | 56,896 | |||||
Corporate bonds | 51,713 | 189,059 | |||||
Other debt securities | 11,882 | — | |||||
Sovereign debt | 47,671 | 100,620 | |||||
Trade claims | 7,246 | 9,022 | |||||
$ | 335,196 | $ | 610,449 | ||||
Liabilities: | |||||||
Corporate bonds | $ | 6,335 | $ | 17,683 | |||
$ | 6,335 | $ | 17,683 |
September 30, 2017 | December 31, 2016 | ||||||||||||
($ in thousands) | |||||||||||||
Reperforming loans | $ | 123,813 | 63.0 | % | $ | 44,359 | 17.4 | % | |||||
Subprime RMBS | — | — | % | 117,152 | 46.0 | % | |||||||
Market place loans | 54,403 | 27.7 | % | 44,143 | 17.3 | % | |||||||
Other (1) | 18,189 | 9.3 | % | 49,198 | 19.3 | % | |||||||
$ | 196,405 | 100.0 | % | $ | 254,852 | 100.0 | % |
10.2* | ||||||||
10.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
SiriusPoint Ltd. | |||||
Date: August 2, 2023 | |||||
/s/ Scott Egan | |||||
Scott Egan | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
Stephen Yendall | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
/s/ Anthony L. LeHan | |||||
Anthony L. LeHan | |||||
Chief Accounting Officer | |||||
(Principal Accounting Officer) | |||||