Cover page
Cover page | Jun. 11, 2021 |
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Jun. 11, 2021 |
Entity Registrant Name | Enstar Group LTD |
Entity Incorporation, State or Country Code | D0 |
Entity File Number | 001-33289 |
Entity Address, Address Line One | P.O. Box HM 2267 |
Entity Address, Address Line Two | Windsor Place 3rd Floor |
Entity Address, Address Line Three | 22 Queen Street |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM JX |
Entity Address, Country | BM |
City Area Code | 441 |
Local Phone Number | 292-3645 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001363829 |
Amendment Flag | false |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary shares, par value $1.00 per share |
Trading Symbol | ESGR |
Security Exchange Name | NASDAQ |
Series D Preferred Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00% Fixed-to-Floating Rate |
Trading Symbol | ESGRP |
Security Exchange Name | NASDAQ |
Series E Preferred Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, Each Representing a 1/1,000th Interest |
Trading Symbol | ESGRO |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Available-for-sale, at fair value | $ 3,658,895 | $ 1,666,387 |
Funds held - directly managed | 1,074,890 | 1,187,552 |
Equities, at fair value | 846,795 | 726,721 |
Other investments, at fair value | 4,244,034 | 2,518,031 |
Equity method investments | 832,295 | 326,277 |
Total investments (Note 6 and Note 12) | 15,256,930 | 12,619,793 |
Cash and cash equivalents | 901,152 | 624,472 |
Restricted cash and cash equivalents | 471,964 | 346,877 |
Premiums receivable | 405,793 | 491,511 |
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2020 — $137,122) (Note 8) | 1,568,333 | 1,485,616 |
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 8 and Note 12) | 520,830 | 695,518 |
Insurance balances recoverable (net of allowance: 2020 — $4,824) (Note 11) | 249,652 | 448,855 |
Funds held by reinsured companies | 635,819 | 475,732 |
Other assets | 925,533 | 1,162,955 |
Assets held-for-sale (Note 5) | 711,278 | 1,474,770 |
TOTAL ASSETS | 21,647,284 | 19,826,099 |
LIABILITIES | ||
Loss and loss adjustment expenses | 8,140,362 | 7,247,282 |
Losses and loss adjustment expenses, fair value (Note 10 and Note 12) | 2,452,920 | 2,621,122 |
Defendant asbestos and environmental liabilities (Note 11) | 706,329 | 847,685 |
Insurance and reinsurance balances payable | 494,412 | 420,546 |
Debt obligations (Note 15) | 1,373,259 | 1,191,207 |
Other liabilities | 942,905 | 994,584 |
Liabilities held-for-sale (Note 5) | 483,657 | 1,208,531 |
TOTAL LIABILITIES | 14,593,844 | 14,530,957 |
COMMITMENTS AND CONTINGENCIES (Note 23) | ||
REDEEMABLE NONCONTROLLING INTEREST (Note 16) | 365,436 | 438,791 |
Preferred Shares: | ||
Treasury shares, at cost (Series C Preferred Shares 2020 and 2019: 388,571) | (421,559) | (421,559) |
Joint Share Ownership Plan (voting ordinary shares, held in trust 2020: 565,630; 2019: 0) | (566) | 0 |
Additional paid-in capital | 1,836,074 | 1,836,778 |
Accumulated other comprehensive income | 80,659 | 7,171 |
Retained earnings | 4,647,312 | 2,887,892 |
Total Enstar Shareholders’ Equity | 6,674,395 | 4,842,183 |
Noncontrolling interest | 13,609 | 14,168 |
TOTAL SHAREHOLDERS’ EQUITY | 6,688,004 | 4,856,351 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | 21,647,284 | 19,826,099 |
Voting ordinary shares | ||
Ordinary shares (par value $1 each, issued and outstanding 2020: 22,085,232; 2019: 21,511,505): | ||
Ordinary shares | 18,576 | 18,002 |
Series C non-voting convertible ordinary shares | ||
Ordinary shares (par value $1 each, issued and outstanding 2020: 22,085,232; 2019: 21,511,505): | ||
Ordinary shares | 2,600 | 2,600 |
Series E non-voting convertible ordinary shares | ||
Ordinary shares (par value $1 each, issued and outstanding 2020: 22,085,232; 2019: 21,511,505): | ||
Ordinary shares | 910 | 910 |
Series C Preferred Shares | ||
Preferred Shares: | ||
Preferred shares | 389 | 389 |
Series D Preferred Shares | ||
Preferred Shares: | ||
Preferred shares | 400,000 | 400,000 |
Series E Preferred Shares | ||
Preferred Shares: | ||
Preferred shares | 110,000 | 110,000 |
Short-term Investments | ||
ASSETS | ||
Fixed maturity investments, trading | 5,129 | 51,490 |
Available-for-sale, at fair value | 263,795 | 128,335 |
Fixed maturity investments, trading | ||
ASSETS | ||
Fixed maturity investments, trading | 4,594,892 | 6,143,335 |
Available-for-sale, at fair value | $ 3,395,100 | $ 1,538,052 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, available-for-sale, at fair value, amortized cost | $ 3,576,641 | $ 1,666,126 |
Investments, allowance for credit losses | 322 | 0 |
Allowance for estimated uncollectible reinsurance | 137,122 | 147,639 |
Insurance balance recoverable, allowance for credit loss | $ 4,824 | $ 3,818 |
Ordinary shares, par value (dollars per share) | $ 1 | $ 1 |
Ordinary shares, issued (shares) | 22,085,232 | 21,511,505 |
Ordinary shares, outstanding (shares) | 22,085,232 | 21,511,505 |
Treasury stock, preferred shares (shares) | 388,571 | 388,571 |
Treasury stock, ordinary shares (shares) | 565,630 | 0 |
Voting ordinary shares | ||
Ordinary shares, par value (dollars per share) | $ 1 | $ 1 |
Ordinary shares, issued (shares) | 18,575,550 | 18,001,823 |
Ordinary shares, outstanding (shares) | 18,575,550 | 18,001,823 |
Series C non-voting convertible ordinary shares | ||
Ordinary shares, issued (shares) | 2,599,672 | 2,599,672 |
Ordinary shares, outstanding (shares) | 2,599,672 | 2,599,672 |
Series E non-voting convertible ordinary shares | ||
Ordinary shares, issued (shares) | 910,010 | 910,010 |
Ordinary shares, outstanding (shares) | 910,010 | 910,010 |
Series C Preferred Shares | ||
Preferred shares, issued (shares) | 388,571 | 388,571 |
Treasury stock, preferred shares (shares) | 388,571 | 388,571 |
Series D Preferred Shares | ||
Preferred shares, issued (shares) | 16,000 | 16,000 |
Preferred shares, outstanding (shares) | 16,000 | 16,000 |
Series E Preferred Shares | ||
Preferred shares, issued (shares) | 4,400 | 4,400 |
Preferred shares, outstanding (shares) | 4,400 | 4,400 |
Short-term Investments | ||
Investments, available-for-sale, at fair value, amortized cost | $ 263,750 | $ 128,311 |
Investments, allowance for credit losses | 0 | |
Fixed maturity investments, trading | ||
Investments, available-for-sale, at fair value, amortized cost | 3,312,891 | $ 1,537,815 |
Investments, allowance for credit losses | $ 322 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME | |||
Net premiums earned | $ 572,092 | $ 804,047 | $ 695,779 |
Revenue from Contract with Customer, Product and Service [Extensible List] | esgr:FeesAndCommisssions | esgr:FeesAndCommisssions | esgr:FeesAndCommisssions |
Fees and commission income | $ 42,446 | $ 28,453 | $ 35,088 |
Net investment income | 302,817 | 308,271 | 261,698 |
Net realized and unrealized gains (losses) | 1,642,019 | 1,011,966 | (407,532) |
Other income | 101,132 | 37,070 | 34,073 |
Total income | 2,660,506 | 2,189,807 | 619,106 |
EXPENSES | |||
Net incurred losses and loss adjustment expenses | 415,926 | 614,179 | 323,722 |
Acquisition costs | 171,020 | 240,609 | 177,855 |
General and administrative expenses | 501,479 | 413,084 | 348,786 |
Interest expense | 59,308 | 52,541 | 25,696 |
Net foreign exchange (gains) losses | 16,393 | (7,912) | 2,644 |
Total expenses | 1,164,126 | 1,312,501 | 878,703 |
EARNINGS (LOSS) BEFORE INCOME TAXES | 1,496,380 | 877,306 | (259,597) |
Income tax benefit (expense) | (23,827) | (12,372) | 3,689 |
Earnings from equity method investments | 238,569 | 55,910 | 42,147 |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 1,711,122 | 920,844 | (213,761) |
Net earnings from discontinued operations, net of income taxes | 16,251 | 7,375 | 1,489 |
NET EARNINGS (LOSS) | 1,727,373 | 928,219 | (212,272) |
Net earnings (loss) attributable to noncontrolling interest | 27,671 | 9,870 | 62,051 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR | 1,755,044 | 938,089 | (150,221) |
Dividends on preferred shares | (35,700) | (35,914) | (12,133) |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 1,719,344 | $ 902,175 | $ (162,354) |
Basic: | |||
Net earnings (loss) from continuing operations (dollars per share) | $ 79.43 | $ 41.80 | $ (7.89) |
Net earnings from discontinued operations (dollars per share) | 0.35 | 0.20 | 0.05 |
Net earnings (loss) per ordinary share (dollars per share) | 79.78 | 42 | (7.84) |
Diluted: | |||
Net earnings (loss) from continuing operations (dollars per share) | 78.45 | 41.23 | (7.89) |
Net earnings from discontinued operations (dollars per share) | 0.35 | 0.20 | 0.05 |
Net earnings (loss) per ordinary share (dollars per share) | $ 78.80 | $ 41.43 | $ (7.84) |
Weighted average ordinary shares outstanding: | |||
Basic (shares) | 21,551,408 | 21,482,617 | 20,698,310 |
Diluted (shares) | 21,818,294 | 21,775,066 | 20,904,176 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
NET EARNINGS (LOSS) | $ 1,727,373 | $ 928,219 | $ (212,272) |
Other comprehensive income (loss), net of income taxes: | |||
Unrealized gains (losses) on fixed income available-for-sale investments arising during the year | 104,924 | 2,896 | (2,284) |
Reclassification adjustment for change in allowance for credit losses recognized in net earnings | (509) | 0 | 0 |
Reclassification adjustment for net realized (gains) losses included in net earnings | (18,033) | (3,894) | 63 |
Reclassification to earnings on disposal of subsidiary | (11,856) | 0 | 0 |
Unrealized gains (losses) arising during the year, net of reclassification adjustments | 74,526 | (998) | (2,221) |
Change in currency translation adjustment | (2,103) | (2,428) | (202) |
Reclassification to earnings on disposal of subsidiary | 34 | 0 | 0 |
Cumulative currency translation adjustment, net of reclassification adjustments | (2,069) | (2,428) | (202) |
Decrease in defined benefit pension liability | 1,152 | 42 | 2,156 |
Total other comprehensive income (loss) | 73,609 | (3,384) | (267) |
Comprehensive income (loss) | 1,800,982 | 924,835 | (212,539) |
Comprehensive loss attributable to noncontrolling interest | 27,550 | 9,985 | 62,291 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR | $ 1,828,532 | $ 934,820 | $ (150,248) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Treasury Shares (Series C Preferred Shares) | Joint Share Ownership Plan — Voting Ordinary Shares, Held in Trust | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Cumulative Currency Translation Adjustment | Defined benefit pension liability | Unrealized gains (losses) on available-for-sale investments | Retained Earnings | Retained EarningsCumulative effect of change in accounting principle | Noncontrolling Interest (excludes redeemable noncontrolling interests) | Voting ordinary sharesOrdinary Shares | Voting ordinary sharesAdditional Paid-in Capital | Series C non-voting convertible ordinary sharesOrdinary Shares | Series E non-voting convertible ordinary sharesOrdinary Shares | Series C non-voting preferred sharesPreferred Stock | Series D Preferred SharesPreferred Stock | Series E preferred perpetual sharesPreferred Stock |
Balance, beginning of year at Dec. 31, 2017 | $ (421,559) | $ 0 | $ 1,395,067 | $ 10,468 | $ 11,171 | $ (3,143) | $ 2,440 | $ 2,132,912 | $ (1,573) | $ 9,264 | $ 16,402 | $ 2,600 | $ 405 | $ 389 | $ 0 | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Issue of shares | 0 | 1,548 | $ 413,141 | 505 | 400,000 | 110,000 | ||||||||||||
Shares repurchased | 0 | 0 | ||||||||||||||||
Issuance costs of preferred shares | (14,643) | |||||||||||||||||
Amortization of share-based compensation | 11,099 | |||||||||||||||||
Other comprehensive income (loss) | $ (267) | (185) | (1,999) | |||||||||||||||
Change in defined benefit pension liability | 2,156 | 2,156 | ||||||||||||||||
Net earnings (loss) | (162,354) | (212,272) | ||||||||||||||||
Net earnings (loss) attributable to noncontrolling interest | 62,051 | 62,051 | 2,743 | |||||||||||||||
Dividends on preferred shares | (12,133) | |||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | 7,554 | |||||||||||||||||
Contribution (distribution) of noncontrolling interest | 49 | |||||||||||||||||
Balance, end of year at Dec. 31, 2018 | (421,559) | 0 | 1,804,664 | 10,440 | 10,986 | (987) | 441 | 1,976,539 | 0 | 12,056 | 17,950 | 2,600 | 910 | 389 | 400,000 | 110,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Issue of shares | 0 | 52 | 583 | 0 | 0 | 0 | ||||||||||||
Shares repurchased | 0 | 0 | ||||||||||||||||
Issuance costs of preferred shares | 0 | |||||||||||||||||
Amortization of share-based compensation | 31,531 | |||||||||||||||||
Other comprehensive income (loss) | (3,384) | (2,438) | (873) | |||||||||||||||
Change in defined benefit pension liability | 42 | 42 | ||||||||||||||||
Net earnings (loss) | 902,175 | 928,219 | ||||||||||||||||
Net earnings (loss) attributable to noncontrolling interest | $ 9,870 | 9,870 | 2,159 | |||||||||||||||
Dividends on preferred shares | (35,914) | |||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | 9,178 | |||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||
Contribution (distribution) of noncontrolling interest | (47) | |||||||||||||||||
Balance, end of year at Dec. 31, 2019 | $ 4,856,351 | (421,559) | 0 | 1,836,778 | 7,171 | 8,548 | (945) | (432) | 2,887,892 | $ (6,148) | 14,168 | 18,002 | 2,600 | 910 | 389 | 400,000 | 110,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Issue of shares | (566) | 752 | 0 | 0 | 0 | |||||||||||||
Shares repurchased | (25,828) | (178) | $ 815 | |||||||||||||||
Issuance costs of preferred shares | 0 | |||||||||||||||||
Amortization of share-based compensation | 25,939 | |||||||||||||||||
Other comprehensive income (loss) | 73,609 | (672) | 73,008 | |||||||||||||||
Change in defined benefit pension liability | 1,152 | 1,152 | ||||||||||||||||
Net earnings (loss) | 1,719,344 | 1,727,373 | ||||||||||||||||
Net earnings (loss) attributable to noncontrolling interest | 27,671 | 27,671 | (159) | |||||||||||||||
Dividends on preferred shares | (35,700) | |||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | 46,224 | |||||||||||||||||
Contribution (distribution) of noncontrolling interest | (400) | |||||||||||||||||
Balance, end of year at Dec. 31, 2020 | $ 6,688,004 | $ (421,559) | $ (566) | $ 1,836,074 | $ 80,659 | $ 7,876 | $ 207 | $ 72,576 | $ 4,647,312 | $ 13,609 | $ 18,576 | $ 2,600 | $ 910 | $ 389 | $ 400,000 | $ 110,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net earnings (loss) | $ 1,727,373 | $ 928,219 | $ (212,272) |
Net earnings from discontinued operations, net of income taxes | (16,251) | (7,375) | (1,489) |
Adjustments to reconcile net earnings to cash flows provided by (used in) operating activities: | |||
Realized losses (gains) on sale of investments | (178,851) | (86,071) | 27,395 |
Unrealized losses (gains) on investments | (1,463,168) | (925,895) | 380,137 |
Depreciation and other amortization | 59,570 | 34,695 | 32,242 |
Earnings from equity method investments | (238,569) | (55,910) | (42,147) |
Sales and maturities of trading securities | 3,792,083 | 5,361,936 | 4,706,318 |
Purchases of trading securities | (2,139,399) | (4,405,433) | (5,343,965) |
Other non-cash items | 23,242 | 33,857 | 11,857 |
Changes in: | |||
Reinsurance balances recoverable on paid and unpaid losses | 52,027 | (316,440) | (289,295) |
Funds held by reinsured companies | (192,313) | (67,636) | (215,041) |
Losses and loss adjustment expenses | 1,002,520 | 821,049 | 897,091 |
Defendant asbestos and environmental liabilities | (141,356) | (18,142) | (15,844) |
Insurance and reinsurance balances payable | 86,645 | 50,859 | 133,676 |
Premiums receivable | 23,326 | 204,358 | (165,357) |
Other operating assets and liabilities | 389,487 | (127,622) | (44,915) |
Net cash flows provided by (used in) operating activities | 2,786,366 | 1,424,449 | (141,609) |
INVESTING ACTIVITIES: | |||
Acquisitions, net of cash acquired | 0 | 172,482 | (245,151) |
Sales of subsidiaries, net of cash sold | (13,847) | 0 | 0 |
Sales and maturities of available-for-sale securities | 2,259,546 | 335,670 | 58,219 |
Purchase of available-for-sale securities | (4,180,893) | (1,826,724) | (10,385) |
Purchase of other investments | (975,024) | (794,613) | (900,262) |
Proceeds from other investments | 594,676 | 581,639 | 434,255 |
Purchase of equity method investments | (33,000) | (69,213) | (155,440) |
Sale of equity method investment | 12,200 | 0 | 0 |
Other investing activities | 906 | (2,551) | (8,321) |
Net cash flows used in investing activities | (2,335,436) | (1,603,310) | (827,085) |
FINANCING ACTIVITIES: | |||
Net proceeds from the issuance of preferred shares | 0 | 0 | 495,357 |
Dividends on preferred shares | (35,700) | (35,914) | (12,133) |
(Purchase) contribution by noncontrolling interest | 0 | 49 | |
(Purchase) contribution by noncontrolling interest | (47) | ||
Contribution by redeemable noncontrolling interest | 0 | 13,127 | 55,377 |
Contribution of capital to discontinued operations | 0 | (45,000) | (51,000) |
Dividends paid to noncontrolling interest | (400) | (11,556) | (3,852) |
Repurchase of shares | (26,006) | 0 | 0 |
Receipt of loans | 858,512 | 1,070,502 | 1,132,507 |
Repayment of loans | (679,000) | (742,574) | (914,319) |
Net cash flows provided by financing activities | 117,406 | 248,538 | 701,986 |
DISCONTINUED OPERATIONS CASH FLOWS: | |||
Net cash flows provided by (used in) operating activities | 107,644 | 339,067 | (18,463) |
Net cash flows (used in) provided by investing activities | (129,640) | (380,227) | 1,331 |
Net cash flows provided by financing activities | 0 | 45,000 | 51,000 |
Net cash flows from discontinued operations | (21,996) | 3,840 | 33,868 |
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (5,800) | (324) | 2,588 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 540,540 | 73,193 | (230,252) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 971,349 | 901,996 | 1,166,116 |
NET CHANGE IN CASH OF BUSINESSES HELD-FOR-SALE | (138,773) | (3,840) | (33,868) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | 1,373,116 | 971,349 | 901,996 |
Supplemental Cash Flow Information: | |||
Income taxes paid, net of refunds | 25,029 | 4,941 | 12,355 |
Interest paid | 50,775 | 49,457 | 25,240 |
Reconciliation to Consolidated Balance Sheets: | |||
Cash, cash equivalents and restricted cash | $ 1,373,116 | $ 901,996 | $ 1,166,116 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - Discontinued operations, disposed of by sale - StarStone US - USD ($) $ in Thousands | Dec. 31, 2020 | Nov. 30, 2020 |
Consideration as value of shares | $ 235,000 | |
Consideration received | $ 281,989 | $ 282,000 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Enstar Group Limited ("Enstar") is a Bermuda-based holding company, formed in 2001. Enstar is a leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Our ordinary shares are listed on the NASDAQ Global Select Market under the ticker symbol "ESGR". Unless the context indicates otherwise, the terms "Enstar," "we," "us" or "our" mean Enstar Group Limited and its consolidated subsidiaries and the term "Parent Company" means Enstar Group Limited and not any of its consolidated subsidiaries. During the first quarter of 2021, we revised our segment structure to align with how our chief operating decision maker, who was determined to be our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Effective January 1, 2021, our business is organized into three reportable segments: (i) Run-off: consists of our acquired property and casualty and other (re)insurance business and StarStone's non-U.S. operations ("StarStone International") (from January 1, 2021) following our decision to place it into an orderly run-off (the "StarStone International Run-off"). This segment also includes our consulting and management business, which manages the run-off portfolios of third parties through our service companies. Management’s primary objective with respect to the Run-off segment is to generate reserve/claims savings over time by settling claims in a timely, cost efficient manner using our claims management expertise including settling claims for lower than outstanding ultimate loss estimates, implementation of reinsurance and commutation strategies; (ii) Investments: consists of our investment activities and the performance of our investment portfolio, excluding those investable assets attributable to our Legacy Underwriting segment. Management’s primary objective of the Investments segment is to obtain the highest possible risk and capital adjusted returns while maintaining prudent diversification of assets and operating with the constraints of a global regulated (re)insurance company. We additionally consider the liquidity requirements and duration of our claims and contract liabilities; and (iii) Legacy Underwriting: consists of businesses that we have either, in the case of Atrium Underwriting Group Limited and its subsidiaries ("Atrium"), exited via the sale of the majority of our interest in or, in the case of StarStone International (included in the Legacy Underwriting segment through December 31, 2020), placed into run-off. Prior to January 1, 2021, this segment comprised SGL No. 1 Limited's ("SGL No. 1's") 25% net share of Atrium's Syndicate 609 business at Lloyd's and StarStone International (through December 31, 2020). From January 1, 2021, this segment comprises SGL No.1's 25% gross share of the 2020 and prior underwriting years of Atrium's Syndicate 609 at Lloyd's, offset by the contractual transfer of the results of that business to the Atrium entities that were divested in the Exchange Transaction. There is no net risk retention for Enstar on Atrium's 2020 and prior underwriting years. For further information on the Exchange Transaction and the StarStone International Run-off, refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations." In addition, our corporate and other activities, which do not qualify as an operating segment, includes income and expense items that are not directly attributable to our reportable segments. These include, (a) holding company income and expenses, (b) the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts, (c) the amortization of fair value adjustments associated with the acquisition of companies, (d) changes in the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option, (e) corporate expenses not allocated to our reportable segments, (f) debt servicing costs, (g) net foreign exchange (gains) losses, (h) gains (losses) arising on the sale of subsidiaries (if any), (i) income tax benefit (expense), (j) net earnings (losses) from discontinued operations, net of income tax (if any), (k) net (earnings) loss attributable to noncontrolling interest, and (l) preferred share dividends. Items (b), (c) and (d) highlighted above are included within corporate and other activities since they are not subject to any specific action or judgement by management. Refer to "(p) Acquisitions, Goodwill and Intangible Assets" and "(q) Retroactive Reinsurance" within Note 2 - "Significant Accounting Policies" for further information. Following the re-organization of our reportable segments during the first quarter of 2021 as described above, we restated the prior period comparatives to conform to the current period presentation. The following notes and financial statement schedules to the consolidated financial statements were updated to reflect the revised segment structure: • Note 1 - Description of the Business; • Note 8 - Reinsurance Balances Recoverable on Paid and Unpaid Losses; • Note 10 - Losses and Loss Adjustment Expenses; • Note 13 - Premiums Written and Earned; • Note 14 - Goodwill and Intangible Assets; • Note 24 - Segment Information; and • Schedule III - Supplementary Insurance Information. In addition, references to reportable segments were also updated throughout the consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The consolidated financial statements include our assets, liabilities and results of operations as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. Results of operations for acquired subsidiaries are included from the date of acquisition. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our actual results may differ materially from these estimates. The impact of changes in estimates are reflected in earnings in the period during which the estimate is changed. Accounting policies that we believe are most dependent on assumptions and estimates are considered to be our critical accounting estimates and are related to the determination of: • liability for losses and loss adjustment expenses ("LAE"); • reinsurance balances recoverable on paid and unpaid losses; • defendant asbestos and environmental liabilities and related insurance balances recoverable; • valuation allowances on reinsurance balances recoverable and deferred tax assets; • impairment charges, including credit allowances on investment securities classified as available-for-sale ("AFS"), and impairments on deferred charge assets; • gross and net premiums written and net premiums earned; • fair value measurements of investments; • fair value estimates associated with accounting for acquisitions; • fair value estimates associated with loss portfolio transfer reinsurance agreements for which we have elected the fair value option; and • redeemable noncontrolling interests. We expect that uncertainty and volatility in financial markets relating to the COVID-19 pandemic will continue to impact the value of our investments. The scope, duration and magnitude of the direct and indirect effects of the COVID-19 pandemic are changing rapidly and are difficult to anticipate. As with others in our industry, we are subject to economic factors such as interest rates, foreign exchange rates, underwriting events, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results. Significant Accounting Policies (a) Premiums Non-Life Non-life premiums written are earned on a pro-rata basis over the period the coverage is provided. Reinsurance premiums are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates are expected and may result in adjustments in future periods. Any subsequent differences arising on such estimates are recorded as premiums written in the period in which they are determined. Certain non-life contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. Additional premiums are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premium balances receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. However, the credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium. (b) Acquisition Costs Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses exceed unearned premiums, deferred acquisition costs and anticipated investment income. A premium deficiency is initially recognized by charging any deferred acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the deferred acquisition costs then a liability is accrued for the excess deficiency. (c) Losses and LAE Run-off The liability for losses and LAE in the Run-off segment includes an amount determined from reported claims and an amount, based on historical loss experience and industry statistics, for losses incurred but not reported ("IBNR") determined using a variety of actuarial methods. These estimates are continually reviewed and are necessarily subject to the impact of future changes in factors such as claim severity and frequency, changes in economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. While we believe that our liability for losses and LAE is adequate, the ultimate amount may be in excess of, or less than, the amounts recorded on our financial statements. Adjustments will be reflected as part of the net increase or reduction in losses and LAE liabilities in the periods in which they become known. Premium and commission adjustments may be triggered by changes in incurred losses, and any changes in such amounts are recorded in the same period that the related change in incurred loss is recognized. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses. Commutations and policy buybacks can be beneficial to us as they legally extinguish liabilities in full, reduce the potential for future adverse loss development, and reduce future claims handling costs. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of fair value adjustments and deferred charge assets and gain liabilities in that period. Commutations are only executed directly with insureds or reinsureds and any gains realized or losses incurred on the settlement of losses and LAE liabilities through commutations or policy buybacks are recognized upon the execution of a commutation or policy buyback with the insured or reinsured. Our (re)insurance subsidiaries also establish provisions for LAE relating to run-off costs for the estimated duration of the run-off, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings. Legacy Underwriting The reserves for losses and LAE in the Legacy Underwriting segment includes reserves for unpaid reported losses and for IBNR loss reserves. The reserves for unpaid reported losses and loss expenses are established by management based on reports from brokers, ceding companies and insureds and represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserve for IBNR losses is established by us based on actuarially determined estimates of ultimate losses and loss expenses. Inherent in the estimate of ultimate losses and loss expenses are expected trends in claim severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss expenses may differ from the amounts recorded in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, will be recorded in earnings in the period in which they become known. Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. Components of Net Incurred Losses and LAE Included within the total net incurred losses and LAE on our consolidated statement of earnings are the following items: • Net losses paid: paid losses and LAE, net of related reinsurance recoveries. • Net change in case and LAE reserves: the change in case reserves and associated LAE, net of related reinsurance recoveries. • Net change in IBNR reserves: the change in IBNR reserves, net of related reinsurance recoveries. • Increase (reduction) in estimates of net ultimate losses: the total of net losses paid, net change in case and LAE reserves and the net change in IBNR. This includes the net impact of commutations and policy buybacks on the liability for losses and LAE reserves and reinsurance recoveries. • Increase (reduction) in provisions for unallocated LAE: the net change in our provision for unallocated LAE. • Amortization of deferred charge assets and deferred gain liabilities: relates to retroactive reinsurance contracts where, if at the inception of the contract, the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we don't record any gain or loss at the inception of these retroactive reinsurance contracts. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record the excess as a deferred gain liability which is amortized to earnings over the estimated period during which the losses paid on the assumed retroceded liabilities are recovered from the retrocessionaire. • Amortization of fair value adjustments: the amortization of the fair value adjustments associated with acquired companies, where the assumed losses and LAE reserves and the acquired reinsurance recoveries are fair valued on acquisition. • Changes in fair value - fair value option: the changes in the fair value for reinsurance agreements where we have elected the fair value option. The change in fair value component includes the changes in the discounted cash flows and risk margin. The underlying ("nominal") net losses paid, net change in case and LAE reserves and the net change in IBNR reserves relating to these reinsurance agreements for which we have elected the fair value option are included within the appropriate line items described above. • Net incurred losses and LAE: the total of the increase (reduction) in estimates of net ultimate losses, increase (reduction) in provisions for unallocated LAE, amortization of deferred charge assets and deferred gain liabilities, amortization of fair value adjustments and changes in fair value - fair value option. (d) Defendant Asbestos and Environmental Liabilities We acquired DCo LLC ("DCo") on December 30, 2016, and Morse TEC LLC ("Morse TEC") on October 30, 2019, as described in Note 3 - "Business Acquisitions." DCo and Morse TEC hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. DCo and Morse TEC continue to process asbestos personal injury claims. Defendant asbestos and environmental liabilities on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future claims, determined using standard actuarial techniques for asbestos-related exposures. Defendant asbestos and environmental liabilities also include amounts for environmental liabilities associated with DCo's and Morse TEC's properties. (e) Reinsurance Balances Recoverable on Paid and Unpaid Losses Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and loss adjustment expenses. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. The allowance is based upon our ongoing review of the outstanding balances and reflects factors such as the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. A probability-of-default methodology that reflects current and forecasted economic conditions is used to estimate the allowance for uncollectible reinsurance due to credit-related factors. See "New Accounting Standards Adopted in 2020" below for the discussion on our adoption of the credit losses standard. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and loss adjustment expenses in our consolidated statements of earnings. On an ongoing basis, we also evaluate and monitor the financial condition of our reinsurers under voluntary schemes of arrangement to minimize our exposure to significant losses from potential insolvencies. (f) Insurance Balances Recoverable Amounts billed to and due from insurers providing coverage for our defendant asbestos liabilities are calculated in accordance with the terms of the individual insurance contracts. The insurance balances recoverable related to our defendant asbestos liabilities are presented net of a provision for uncollectible amounts, reflecting the amount deemed not collectible primarily due to credit quality and contractual disputes with insurers over coverage issues. (g) Investments, Cash and Cash Equivalents Short-term investments and fixed maturity investments Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized gains and losses included in net earnings and reported as net realized and unrealized gains and losses. Short-term and fixed maturity investments classified as AFS are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of earnings. The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. Allowance for Credit Losses We perform a detailed analysis every reporting period to identify any credit losses on our investment portfolios not measured at fair value through net earnings. Some of the factors that we consider when assessing whether an allowance for credit losses is required on our debt securities include: (1) the extent to which the fair value has been less than the amortized cost; (2) the financial condition, near-term and long-term prospects of the issuer, including the relevant industry conditions and trends, and implications of rating agency actions and offering prices; (3) the likelihood of the recoverability of principal and interest; and (4) whether it is more likely than not that we will be required to sell the security prior to an anticipated recovery in value. With effect from January 1, 2020, credit losses on our AFS debt securities are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the AFS debt security, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the AFS debt security, effectively creating a “fair value floor”. See "New Accounting Standards Adopted in 2020" below for the discussion on our adoption of the credit losses standard. For our AFS debt securities that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and report the credit loss component in net realized investment gains (losses) in our consolidated statements of earnings. The unrealized losses related to non-credit factors is reported in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in earnings. For our AFS debt securities where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our AFS debt securities where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our AFS debt securities that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized investment gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized investment gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. We report the investment income accrued on our AFS debt securities within other assets and therefore separately from the underlying AFS debt securities. In addition, due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less, since the coupon on our AFS debt securities is paid semi-annually or more frequently, we have elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized investment gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible debt securities are written off when we determine that no additional payments of principal or interest will be received. Other-Than-Temporary Impairments ("OTTI") As discussed above and below, with effect from January 1, 2020, we adopted the new credit losses standard which replaced the OTTI model that was previously applicable to our AFS debt securities. The new approach now requires the recognition of impairment charges relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. A description of our historical OTTI process which was in place prior to our adoption of the new credit losses standard and which applied to our comparative financial statements is provided below. Fixed maturity investments classified as AFS were reviewed quarterly to determine if they had sustained an impairment of value that was, based on our judgment, considered to be other than temporary. The process included reviewing each fixed maturity investment whose fair value was below amortized cost and: (1) determining if we had the intent to sell the fixed maturity investment; (2) determining if it was more likely than not that we would be required to sell the fixed maturity investment before its anticipated recovery; and (3) assessing whether a credit loss existed, that is, whether we anticipated if the present value of the cash flows expected to be collected from the fixed maturity investment would be less than the amortized cost basis of the investment. In assessing whether it was more likely than not that we would be required to sell a fixed maturity investment before its anticipated recovery, we considered various factors including our future cash flow requirements, legal and regulatory requirements, the level of our cash, cash equivalents, short-term investments and fixed maturity investments available-for-sale in an unrealized gain position, and other relevant factors. In evaluating credit losses, we considered a variety of factors in the assessment of a fixed maturity investment including: (1) the time period during which there had been a significant decline below cost; (2) the extent of the decline below cost and par; (3) the potential for the investment to recover in value; (4) an analysis of the financial condition of the issuer; (5) the rating of the issuer; and (6) failure of the issuer of the investment to make scheduled interest or principal payments. If we concluded that an investment was other-than-temporarily impaired, then the difference between the fair value and the amortized cost of the investment was presented as an OTTI charge in the consolidated statements of earnings, with an offset for any non-credit related loss component of the OTTI charge recognized in other comprehensive income. Accordingly, only the credit loss component of the OTTI amount would have an impact on our earnings. Equities We hold investments in publicly traded equities and exchange-traded funds as well as in privately held equities. Our equity investments are carried at fair value with realized and unrealized gains and losses included in net earnings and reported as net realized and unrealized gains and losses. Other investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equities") and fixed income funds, hedge funds, equity funds, private credit funds and collateralized loan obligation ("CLO") equity funds that carry their investments at fair value, as well as direct investments in CLO equities. These other investments are stated at fair value, which ordinarily will be the most recently reported net asset value as advised by the fund manager or administrator. Many of our fund investments publish net asset values on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. The change in fair value is included in net realized and unrealized gains and losses on investments and recognized in net earnings. Equity method investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company's proportionate share of net income or loss of the investee, net of any distributions received from the investee. We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees. Changes in the carrying value of such investments are recorded in our consolidated statements of earnings as earnings (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of earnings in the period in which it is determined. Cash and cash equivalents Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less. (h) Variable interest entities We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported net asset value (“NAV”). Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment. (i) Funds Held Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. The funds balance is credited with investment income and losses payable are deducted. Funds held are shown under two categories on the consolidated balance sheets, funds held where we receive the underlying portfolio economics are shown as "Funds held - directly managed", and funds held where we receive a fixed crediting rate are shown as "Funds held by reinsured companies". Funds held by reinsured companies are carried at cost. Funds held - directly managed, are carried at fair value and represents the aggregate of funds held at cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio economics. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses). The revaluation of the embedded derivative is included in net unrealized gains (losses). (j) Fees and Commission Income Fees and commission income primarily includes profit commissions earned from managed Lloyd's syndicates as well as fees earned under fronting and consulting arrangements with third-party clients, which are recorded on an accrual basis. (k) Foreign Exchange Our reporting currency is the U.S. dollar. Assets and liabilities of certain of our subsidiaries and equity method investees whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in accumulated other comprehensive income (loss). Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net earnings. (l) Share-based Compensation We primarily use four types of share-based compensation arrangements: (i) restricted shares, restricted share units and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), (iii) cash-settled stock appreciation rights ("SARs") and (iv) shares issued under our employee share purchase plans. With the exception of SARs and the incentive plan awards issued to certain employees of Atrium and StarStone, our share-based compensation awards qualify for equity classification. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of earnings except for PSUs where the expense also varies depending on the performance multiplier on the award. The SARs, the Atrium and StarStone incentive plan awards are classified as liability awards. Liability classified awards are recorded at fair value within other liabilities in the consolidated balance sheet with changes in fair value relating to the vested portion of the award recorded within general and administrative expenses in the consolidated statements of earnings. (m) Derivative Instruments We utilize derivative instruments in our foreign currency, investments and interest rate risk management strategies and recognize all derivatives as either assets or liabilities in the consolidated balance sheets and carry them at the fair value of the specific instrument utilized. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Acquisitions | 3. BUSINESS ACQUISITIONS2019 Morse TEC Overvie w On October 30, 2019, we completed the acquisition of Morse TEC LLC ("Morse TEC") through our subsidiary, Enstar Holdings (US) LLC for $0 purchase price. Morse TEC held $0.7 billion in liabilities associated with personal injury asbestos claims and environmental claims arising from BorgWarner's legacy manufacturing operations. We applied the acquisition method to account for the Morse TEC transaction as required by ASC 805 - Business Combinations , with no goodwill or gain from bargain purchase being recorded on the acquisition. In addition, no intangible assets were identified for recognition on the acquisition. Fair Value of Net Assets Acquired and Liabilities Assumed The following table summarizes the fair values of the assets acquired and liabilities assumed in the Morse TEC transaction at the acquisition date. ASSETS Cash and cash equivalents $ 171,412 Deferred tax assets 140,000 Other assets - insurance balances receivable 371,116 TOTAL ASSETS 682,528 LIABILITIES Defendant asbestos and environmental liabilities 662,507 Other liabilities 20,021 TOTAL LIABILITIES $ 682,528 NET ASSETS ACQUIRED AT FAIR VALUE — Morse TEC's Results Included in the Consolidated Statement of Earnings The table below summarizes the results of the Morse TEC operations, which were included in our consolidated statement of earnings from the acquisition date to December 31, 2019: Net investment income $ 488 General and administrative expenses (1,459) Other expenses (1,512) Net loss $ (2,483) Maiden Re North America Overvie w On December 27, 2018, we completed the acquisition of Maiden Reinsurance North America, Inc. (“Maiden Re North America”) from a subsidiary of Maiden Holdings, Ltd. ("Maiden Holdings"). Maiden Re North America is an insurance company domiciled in Missouri that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident and health treaty reinsurance. As part of the transaction, we also novated and assumed certain reinsurance agreements from Maiden Holdings' Bermuda reinsurer, including certain reinsurance agreements with Maiden Re North America. Refer to Note 4 - "Significant New Business" for additional information relating to these reinsurance agreements. We have operated the business in run-off since we acquired it. Purchase Price The total cash paid in the transaction was $286.4 million, subject to certain post-closing adjustments. The components of the consideration paid to acquire all of the outstanding shares of Maiden Re North America were as follows: Cash paid $ 286,375 Adjustment for the fair value of preexisting relationships 10,273 Total purchase price $ 296,648 Net assets acquired at fair value (including preexisting relationships) $ 296,648 Excess of purchase price over fair value of net assets acquired $ — The purchase price was allocated to the acquired assets and liabilities of Maiden Re North America based on their estimated fair values at the acquisition date. Adjustment for the Fair Value of Preexisting Relationships Enstar had contractual preexisting relationships with Maiden Re North America, which were deemed to be effectively settled at fair value on the acquisition date. The differences between the carrying value and the fair value of the preexisting relationships was included as part of the purchase price in accordance with ASC 805 - Business Combinations . The fair value of the balances relating to preexisting reinsurance relationships with Maiden Re North America were deemed to equal their carrying values given their short-term nature and the expectation that they would all be settled within twelve months following acquisition. Fair Value of Net Assets Acquired and Liabilities Assumed The following table summarizes the fair values of the assets acquired and liabilities assumed (excluding preexisting relationships and net of the intercompany cession assumed as part of the transaction) in the Maiden Re North America transaction at the acquisition date. ASSETS Fixed maturities, trading, at fair value $ 1,098,593 Short-term investments, trading, at fair value 3,508 Total investments 1,102,101 Cash and cash equivalents 12,035 Restricted cash and cash equivalents 26,871 Premiums receivable 138,378 Prepaid reinsurance premiums 3,257 Reinsurance balances recoverable 87,018 Other assets 96,669 TOTAL ASSETS $ 1,466,329 LIABILITIES Losses and LAE $ 1,027,367 Unearned premiums 85,696 Other liabilities 56,618 TOTAL LIABILITIES 1,169,681 NET ASSETS ACQUIRED AT FAIR VALUE $ 296,648 Maiden Re North America's Results Included in the Consolidated Statement of Earnings The table below summarizes the results of the Maiden Re North America operations, which were included in our consolidated statement of earnings from the acquisition date to December 31, 2018: Net investment income $ 675 Net unrealized gains 3,749 General and administrative expenses (435) Net earnings $ 3,989 KaylaRe Overvie w On May 14, 2018, the Company acquired all of the outstanding shares and warrants of KaylaRe Holdings, Ltd. ("KaylaRe"). In consideration for the acquired shares and warrants of KaylaRe, the Company issued an aggregate of 2,007,017 ordinary shares to the shareholders of KaylaRe, comprising 1,501,778 voting ordinary shares and 505,239 Series E non-voting ordinary shares. Effective May 14, 2018, we consolidated KaylaRe into our consolidated financial statements, and any balances between KaylaRe and Enstar are now eliminated upon consolidation. Effective September 30, 2019, KaylaRe and KaylaRe Ltd. merged with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of the Company, with Cavello Bay Reinsurance Limited as the surviving company. Refer to Note 21 - "Related Party Transactions" for additional information relating to KaylaRe. Purchase Price The components of the consideration paid to acquire all of the outstanding shares and warrants of KaylaRe were as follows: Fair value of Enstar ordinary shares issued $ 414,750 Fair value of previously held equity method investment 336,137 Adjustment for the fair value of preexisting relationships 37,169 Total purchase price $ 788,056 Net assets acquired at fair value (excluding preexisting relationships) $ 746,320 Excess of purchase price over fair value of net assets acquired $ 41,736 The purchase price was allocated to the acquired assets and liabilities of KaylaRe based on their estimated fair values at the acquisition date. We recognized goodwill of $41.7 million on the transaction, primarily attributable to (i) the capital synergies from integrating KaylaRe into our group capital structure, (ii) investment management capabilities on a total return basis, and (iii) the incremental acquired capital to be utilized for future Run-off transactions. Fair Value of Enstar Ordinary Shares Issued The fair value of the Enstar ordinary shares issued was based on the closing price of Enstar's voting ordinary shares of $206.65 as of May 14, 2018, the date the transaction closed. Enstar's non-voting ordinary shares are economically equivalent to Enstar's voting ordinary shares. Number of Enstar ordinary shares issued 2,007,017 Closing price of Enstar voting ordinary shares as of May 14, 2018 $ 206.65 Fair value of Enstar ordinary shares issued to shareholders of KaylaRe $ 414,750 Fair Value of Previously Held Equity Method Investment Prior to the close of the transaction, Enstar held a 48.2% interest in KaylaRe, which was accounted for as an equity method investment in accordance with ASC 323 - Investments - Equity Method and Joint Ventures . The acquisition of the remaining 51.8% equity interest in KaylaRe was considered a step acquisition, whereby the Company remeasured the previously held equity method investment to fair value. The Company considered multiple factors in determining the fair value of the previously held equity method investment, including (i) the price negotiated with the selling shareholders for the 51.8% equity interest in KaylaRe, (ii) recent market transactions for similar companies, and (iii) current trading multiples for comparable companies. Based on this analysis, a valuation multiple of 1.05 to KaylaRe's carrying book value was determined to be appropriate to remeasure the previously held equity method investment at fair value. This resulted in the recognition of a gain of $16.0 million on completion of the step acquisition of KaylaRe, which was recorded in earnings (losses) from equity method investments for the three and six months ended June 30, 2018. Carrying value of previously held equity method investment prior to the close of the transaction $ 320,130 Price-to-book multiple 1.05 Fair value of previously held equity method investment prior to the close of the transaction $ 336,137 Gain recognized on remeasurement of previously held equity method investment to fair value $ 16,007 Adjustment for the Fair Value of Preexisting Relationships Enstar had contractual preexisting relationships with KaylaRe, which were deemed to be effectively settled at fair value on the acquisition date. The differences between the carrying value and the fair value of the preexisting relationships was included as part of the purchase price in accordance with ASC 805 - Business Combinations . The fair value of the balances relating to preexisting reinsurance relationships with KaylaRe was determined using a discounted cash flow approach and, where applicable, consideration was given to stated contractual settlement provisions, when determining the loss to be recorded on the deemed settlement of these preexisting relationships. The fair values of the balances arising from the non-reinsurance preexisting relationships with KaylaRe were deemed to equal their carrying values given their short-term nature and the expectation that they would all be settled within the next twelve months. As a result of effectively settling all the contractual preexisting relationships with KaylaRe, the Company recognized a loss of $15.6 million, which was recorded in other income (loss) in the three and six months ended June 30, 2018, as summarized below: ASSETS Carrying value Fair value Loss on deemed settlement Funds held by reinsured companies $ 386,793 $ 386,793 $ — Deferred acquisition costs/Value of business acquired 33,549 40,268 6,719 TOTAL ASSETS 420,342 427,061 6,719 LIABILITIES Losses and LAE 339,747 333,205 (6,542) Unearned premiums 105,602 105,602 — Insurance and reinsurance balances payable 25,897 23,559 (2,338) Other liabilities 1,864 1,864 — TOTAL LIABILITIES 473,110 464,230 (8,880) NET ASSETS (LIABILITIES) $ (52,768) $ (37,169) $ 15,599 Fair Value of Net Assets Acquired and Liabilities Assumed The following table summarizes the fair values of the assets acquired and liabilities assumed (excluding preexisting relationships) in the KaylaRe transaction at the acquisition date. ASSETS Fixed maturities, trading, at fair value $ 126,393 Other investments, at fair value 626,476 Total investments 752,869 Cash and cash equivalents 5,657 Premiums receivable 10,965 Deferred acquisition costs 275 Other assets 614 TOTAL ASSETS $ 770,380 LIABILITIES Losses and LAE $ 4,059 Unearned premiums 10,984 Insurance and reinsurance balances payable 13 Other liabilities 9,004 TOTAL LIABILITIES 24,060 NET ASSETS ACQUIRED AT FAIR VALUE $ 746,320 KaylaRe's Results Included in the Consolidated Statement of Earnings The table below summarizes the results of the KaylaRe operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2018: Premiums earned $ 13,627 Incurred losses and LAE (12,364) Acquisition costs (341) Underwriting income 922 Net investment income 3,096 Net unrealized gains (47,769) General and administrative expenses (2,164) Net loss $ (45,915) |
Significant New Business
Significant New Business | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Significant New Business | 4. SIGNIFICANT NEW BUSINESS We define significant new business as material transactions other than business acquisitions which are included in Note 3 - "Business Acquisitions." Generally, our significant new business takes the form of reinsurance or direct business transfers. The table below sets forth a summary of significant new business that we have completed between January 1, 2018 and December 31, 2020: Transaction Date Completed Total Assets Assumed Deferred Charge Asset (1) Total Liabilities Assumed Net Fair Value Adjustment (2) Primary Nature of Business Hannover Re August 6, 2020 $ 182,498 N/A $ 209,713 $ (27,215) U.S. asbestos, environmental and workers' compensation liabilities Munich Re July 1, 2020 $ 100,956 N/A $ 100,956 N/A Australian public liability, professional liability and builders' warranty liabilities AXA Group (3) June 1, 2020 $ 179,681 N/A $ 179,681 N/A U.S. construction general liability Aspen June 1, 2020 $ 770,000 $ 11,746 $ 781,746 N/A Diversified mix of property, liability and specialty lines of business across the U.S., U.K. and Europe Lyft March 31, 2020 $ 465,000 N/A $ 465,000 N/A U.S. motor Zurich (3) October 1, 2019 $ 507,061 $ 115,815 $ 622,876 N/A U.S. asbestos and environmental liability Maiden Re Bermuda August 5, 2019 $ 445,000 $ 85,183 $ 530,183 N/A U.S. workers' compensation and General Casualty Amerisure April 11, 2019 $ 45,463 $ 2,873 $ 48,336 N/A U.S. construction defect AmTrust February 14, 2019 $ 1,143,949 $ 20,633 $ 1,164,582 N/A Lloyd's property, professional, marine, non-marine, affinity annual, extended warranty and political Allianz SE December 31, 2018 $ 70,000 N/A $ 70,000 N/A Asbestos and environmental Maiden Re Bermuda December 27, 2018 $ 70,425 $ 1,704 $ 72,129 N/A U.S. workers' compensation and motor Coca-Cola August 1, 2018 $ 103,617 $ 17,208 $ 120,825 N/A U.S. workers' compensation, auto liability, general and product liability Zurich Australia February 23, 2018 $ 268,657 N/A $ 280,764 $ (12,107) Australian motor Neon February 16, 2018 $ 525,673 N/A $ 546,298 $ (20,625) Medical malpractice, general liability, professional indemnity and marine Novae January 29, 2018 $ 1,095,730 N/A $ 1,163,198 $ (67,468) Financial, casualty, marine and energy, professional indemnity, aviation, motor and property The table below sets forth a summary of significant new business that we have signed or completed between January 1, 2021 and March 1, 2021: Transaction Date Completed Initial Estimate of Liabilities Assumed Primary Nature of Business AXA Group (4) N/A - Announced February 25, 2021 $ 1,395,000 Diversified mix of global casualty and professional lines ProSight (4) N/A - Announced January 15, 2021 $ 500,000 U.S. discontinued workers' compensation and excess workers' compensation lines of business and adverse development cover on a diversified mix of general liability classes of business CNA (4) February 5, 2021 $ 690,000 U.S. excess workers' compensation Liberty Mutual (4) January 8, 2021 $ 420,000 U.S. energy liability, construction liability and homebuilders liability (1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded. (2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement. (3) Effective October 1, 2020 and 2019, we ceded 10% of the AXA Group and Zurich transactions, respectively, to Enhanzed Reinsurance Ltd. ("Enhanzed Re"), in which we have an investment, on the same terms and conditions as those received by us. (4) The retroactive reinsurance agreements with AXA Group, ProSight, CNA and Liberty Mutual either closed or are expected to close in 2021 and therefore the related balances are not included in our consolidated financial statements as of December 31, 2020. |
Divestitures, Held-For-Sale Bus
Divestitures, Held-For-Sale Businesses and Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures, Held-For-Sale Business and Discontinued Operations | 5. DIVESTITURES, HELD-FOR-SALE BUSINESSES AND DISCONTINUED OPERATIONS Atrium Exchange Transaction On August 13, 2020, we announced an exchange transaction with Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P. (collectively, the "Trident V Funds") managed by Stone Point Capital LLC ("Stone Point"). As part of the exchange, we entered into a recapitalization agreement with the Trident V Funds, Dowling Capital Partners I, L.P. and Capital City Partners LLC (collectively, the "Dowling Funds"), North Bay Holdings Limited ("North Bay"), and StarStone Specialty Holdings Limited ("SSHL"). On January 1, 2021, this transaction was completed. As of December 31, 2020, Enstar owned an indirect 59.0% interest in North Bay and the Trident V Funds and the Dowling Funds owned 39.3% and 1.7%, respectively. North Bay owns 100.0% of SSHL, the holding company for the StarStone group, which previously included StarStone U.S. and still includes StarStone International. North Bay also owned 92.1% of Northshore Holdings Limited ("Northshore"), the holding company that owns Atrium Underwriting Group Limited and its subsidiaries (collectively, "Atrium") and Arden Reinsurance Company Ltd. ("Arden"). The remaining share ownership of Northshore is held on behalf of certain Atrium employees. Pursuant to the terms of the recapitalization agreement, we exchanged a portion of our indirect interest in Northshore for all of the Trident V Funds’ indirect interest in StarStone U.S., which was owned through an interest in Core Specialty (the “Exchange Transaction”). Effective January 1, 2021, we own 25.23% of Core Specialty on a fully diluted basis, which in turn owns StarStone U.S., and 13.8% of Northshore, which continues to own Atrium and Arden. Furthermore, the Trident V Funds no longer own any interest in Core Specialty but own 76.3% of Northshore, while the Dowling Funds own 0.4% of Core Specialty and 1.6% of Northshore. The Exchange Transaction had no impact on the ultimate ownership of SSHL, which continues to own StarStone International, with us, the Trident V Funds and the Dowling Funds retaining our and their current ownership interests in SSHL of 59.0%, 39.3% and 1.7%, respectively. Effective January 1, 2021, Northshore was deconsolidated and our remaining investment will be accounted for as a privately held equity investment and carried at its fair value. Through our wholly-owned subsidiary SGL No.1, a Lloyd’s corporate member included within our Run-off segment, we provided 25% of the underwriting capacity on the 2017 to 2020 underwriting years of Atrium's Syndicate 609 at Lloyd’s. Effective January 1, 2021, and in conjunction with the completion of the Atrium Exchange Transaction, SGL No.1 ceased its provision of underwriting capacity on Syndicate 609. Accordingly, the 2020 underwriting year was the last underwriting year that SGL No. 1 participated in with respect to the Atrium business. We will continue to report SGL No. 1's 25% gross-up share of the 2020 and prior underwriting years of Syndicate 609 until the 2020 underwriting year completes an RITC into a successor year, which will be no earlier than December 31, 2022. There is no net retention for Enstar on Atrium's 2020 and prior underwriting years as the business was contractually transferred to the Atrium entities that were divested in the Exchange Transaction. This business is reflected within our Legacy Underwriting segment. Effective January 1, 2021, certain balances that SGL No. 1 has with Atrium and Arden will no longer be eliminated on consolidation. As of December 31, 2020, we have classified the assets and liabilities of Northshore as held-for-sale but it did not qualify as a discontinued operation since the pending disposal did not represent a strategic shift that would have a major effect on our operations and financial results. The following table summarizes the components of Northshore's assets and liabilities held-for-sale on our consolidated balance sheet as of December 31, 2020: December 31, 2020 ASSETS Short-term investments, AFS, at fair value $ 1,720 Fixed maturities, trading, at fair value 154,026 Fixed maturities, AFS, at fair value 7,483 Other investments, at fair value 9,897 Total investments 173,126 Cash and cash equivalents 71,156 Restricted cash and cash equivalents 152,044 Premiums receivable 62,392 Reinsurance balances recoverable on paid and unpaid losses 37,341 Funds held by reinsured companies 32,226 Other assets 182,993 TOTAL ASSETS HELD-FOR-SALE $ 711,278 LIABILITIES Losses and loss adjustment expenses $ 254,149 Insurance and reinsurance balances payable 12,393 Debt obligations 39,850 Other liabilities 177,265 TOTAL LIABILITIES HELD-FOR-SALE $ 483,657 NET ASSETS HELD-FOR-SALE $ 227,621 As of December 31, 2020, included in the table above were restricted investments of $94.4 million. Recapitalization of StarStone U.S. and Discontinued Operations On November 30, 2020, we completed the sale and recapitalization of StarStone U.S. through the sale of StarStone U.S. to Core Specialty, a newly formed entity with equity backing from funds managed by SkyKnight Capital, L.P., Dragoneer Investment Group and Aquiline Capital Partners LLC. We received consideration of $282.0 million inclusive of $235.0 million of common shares of Core Specialty and cash of $47.0 million. The $235.0 million of common shares of Core Specialty represents a 25.23% interest in Core Specialty on a fully diluted basis. Our investment in Core Specialty is accounted for as an equity method investment and we record our proportionate share of the net earnings on a one quarter lag. We classified the assets and liabilities of StarStone U.S. as held-for-sale. The following table summarizes the components of StarStone U.S.'s assets and liabilities held-for-sale on our consolidated balance sheet as of December 31, 2019: December 31, 2019 (1) ASSETS Fixed maturities, trading, at fair value $ 202,994 Fixed maturities, AFS, at fair value 375,337 Equities, at fair value 3,000 Other investments, at fair value 6,389 Total investments 587,720 Cash and cash equivalents 78,613 Restricted cash and cash equivalents 5,815 Premiums receivable 99,367 Deferred tax assets 15,191 Reinsurance balances recoverable on paid and unpaid losses 530,604 Funds held by reinsured companies 35,861 Deferred acquisition costs 36,992 Goodwill and intangible assets 24,900 Other assets 59,707 TOTAL ASSETS HELD-FOR-SALE $ 1,474,770 LIABILITIES Losses and loss adjustment expenses $ 836,761 Unearned premiums 218,166 Insurance and reinsurance balances payable 22,453 Other liabilities 131,151 TOTAL LIABILITIES HELD-FOR-SALE $ 1,208,531 NET ASSETS HELD-FOR-SALE $ 266,239 (1) Following our decision to sell StarStone U.S. to Core Specialty which was completed on November 30, 2020, the assets and liabilities of StarStone U.S. as of December 31, 2019 were reclassified to held-for-sale on our consolidated balance sheets, in addition to the comparatives being restated since StarStone U.S. qualified as a discontinued operation. As of December 31, 2019, included in the table above were restricted investments of $131.0 million. The StarStone U.S. business qualified as a discontinued operation. The following table summarizes the components of net earnings (loss) from discontinued operations, net of income taxes, related to StarStone U.S., on the consolidated statements of earnings for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 INCOME Net premiums earned $ 291,326 $ 350,814 $ 199,796 Net investment income 12,849 15,606 10,572 Net realized and unrealized gains 5,431 19,385 (5,352) Other income 49 9 10 309,655 385,814 205,026 EXPENSES Net incurred losses and loss adjustment expenses 191,844 258,396 130,303 Acquisition costs 57,640 65,342 14,935 General and administrative expenses 60,236 60,003 58,590 Interest expense 2,066 2,600 2,120 Net foreign exchange (gains) losses (13) 33 24 311,773 386,374 205,972 EARNINGS (LOSS) BEFORE INCOME TAXES (2,118) (560) (946) Income tax benefit 2,255 7,935 2,435 NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE $ 137 $ 7,375 $ 1,489 DISPOSAL Consideration received $ 281,989 $ — $ — Less: Carrying value of subsidiary (277,697) — — Add: Net realized gains on AFS securities and cumulative currency translation adjustments previously recognized in AOCI 11,822 — — Gain on sale of subsidiary $ 16,114 $ — $ — NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES $ 16,251 $ 7,375 $ 1,489 Net loss (earnings) from discontinued operations attributable to noncontrolling interest (8,717) (3,025) (611) NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ 7,534 $ 4,350 $ 878 Continuing Involvement Disclosures Following the completion of the sale of StarStone U.S. to Core Specialty on November 30, 2020, our continuing involvement with StarStone U.S comprised of the following transactions: LPT and ADC reinsurance agreement In connection with the sale of StarStone U.S. to Core Specialty, one of our Run-off subsidiaries entered into an LPT and ADC reinsurance agreement with StarStone U.S. pursuant to which we reinsured all of the net loss reserves of StarStone U.S. in respect of premium earned prior to October 31, 2020. Under the terms of the LPT and ADC reinsurance agreement, we assumed total net loss reserves of $462.4 million from StarStone U.S. in exchange for a total reinsurance premium consideration of $478.2 million, subject to an aggregate limit of $130.0 million above the assumed total net loss reserves. Our Run-off subsidiary's obligations to StarStone U.S. under the LPT and ADC reinsurance agreement are guaranteed by us. The LPT and ADC reinsurance agreement between us and StarStone U.S. shall continue in force until such time as our liability with respect to the assumed total net loss reserves terminates. Concurrent with the closing of the LPT and ADC reinsurance agreement, one of our wholly-owned subsidiaries entered into an Administrative Services Agreement ("ASA") with StarStone U.S., through which it was appointed as an independent contractor to provide certain administrative services covering the business we assumed from StarStone U.S. through the LPT and ADC reinsurance agreement. This ASA became effective on November 30, 2020 and shall continue until its termination. In addition, concurrent with the sale of StarStone U.S. to Core Specialty which was completed on November 30, 2020, one of our wholly-owned subsidiaries entered into a Transition Services Agreement ("TSA") with Core Specialty through which our subsidiary and Core Specialty agreed to provide certain transitional services to each other relating to the StarStone U.S. businesses, for a specified period of time. This TSA became effective on November 30, 2020 and unless otherwise agreed to in writing by both Core Specialty and us, shall terminate on the earliest to occur of (a) the 2-year anniversary of the agreement, (b) the date on which all the covered transitional services have been terminated, and (c) the termination of the agreement. Reinsurance transactions previously eliminated on consolidation The table below presents a summary of the total income and expenses which have been recognized within our continuing operations for the years ended December 31, 2020, 2019 and 2018, relating to intercompany transactions, primarily intra-group reinsurances, between StarStone U.S. and our subsidiaries: 2020 2019 2018 Total Income $ 11,911 $ 10,672 $ 98,402 Total Expenses (1) (16,397) 62,515 113,952 Net Earnings (Loss) $ 28,308 $ (51,843) $ (15,550) (1) For the year ended December 31, 2020, negative total expenses were driven by favorable loss development on the losses and LAE reserves ceded by StarStone U.S. to our subsidiaries. Cash flows The cash inflows (outflows) between our subsidiaries and StarStone U.S. for the years ended December 31, 2020, 2019 and 2018 were $99.2 million, $(53.9) million and $(64.6) million, respectively. Equity method investment We have applied the equity method of accounting to the common shares we acquired in Core Specialty as part-consideration for the sale of StarStone U.S. and which make up 25.23% of the total outstanding common shares in Core Specialty on a fully diluted basis. Since we account for our share of earnings attributable to our equity method investees on a quarter lag, the carrying value of our investment in the common shares of Core Specialty as at December 31, 2020 remained unchanged from our November 30, 2020 fair value of $235.0 million, when we completed the sale of StarStone U.S. to Core Specialty. Run-off of StarStone International (non-U.S.) On June 10, 2020, we announced that we placed StarStone International into an orderly run-off (the "StarStone International Run-Off"). The liabilities associated with the StarStone International Run-Off vary in duration, and the run-off is expected to occur over a number of years. Steps to reduce the size of StarStone International's operations have begun and will involve several phases that will occur over time. As a result, we cannot anticipate with certainty the expected completion date of the StarStone International Run-Off. We continue to evaluate additional strategic options for StarStone International's operations and business. Consequently, such options could have the effect of mitigating costs associated with placing the business into run-off. The remaining StarStone International operations will continue to serve the needs of policyholders and ensure that the companies continue to meet all regulatory requirements. The results of StarStone International are included within continuing operations in the Legacy Underwriting segment. Recent developments relating to StarStone International include: • On October 2, 2020, StarStone International sold the renewal rights for its financial lines portfolio for consideration of $0.5 million. • On October 14, 2020, we completed the sale of Vander Haeghen & Co. SA ("VdH"), a Belgium-based insurance agency majority owned by StarStone International entities, for consideration of €3.8 million ($4.5 million). We recognized a gain on the sale of $3.4 million in the fourth quarter of 2020. • On November 17, 2020, we announced an agreement to sell StarStone Underwriting Limited ("SUL"), the Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301, to Inigo Limited ("Inigo"). We currently have a 59.0% interest in SUL and the Trident V Funds and the Dowling Funds currently own 39.3% and 1.7%, respectively. Upon closing, Enstar, the Trident V Funds and the Dowling Funds will receive $30.0 million of consideration from the sale of SUL in the form of Inigo shares. In addition, Enstar and the Trident V Funds have committed to invest up to $27.0 million and $18.0 million, respectively, into Inigo. The sale is expected to close in the first half of 2021, subject to regulatory approvals and satisfaction of customary closing conditions. Upon closing, we expect to own 5.4% of Inigo. As of December 31, 2020, our investment in Inigo was $16.9 million and was accounted for as a privately held equity investment and carried at fair value. In conjunction with the transaction, Enstar, the Trident V Funds and the Dowling Funds will retain the economics of Syndicate 1301’s 2020 and prior years’ underwriting portfolios as this business runs off. • On February 11, 2021, we entered into an agreement to sell Arena N.V., a Belgium-based specialist accident and health managing general agent. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | 6. INVESTMENTS We hold: (i) trading portfolios of short-term and fixed maturity investments and equities, carried at fair value; (ii) AFS portfolios of short-term and fixed maturity investments, carried at fair value; (iii) other investments carried at fair value; (iv) equity method investments; and (v) funds held - directly managed. Asset Types The fair values of the underlying asset categories comprising our short-term and fixed maturity investments classified as trading and AFS and the fixed maturity investments included within our funds held - directly managed balance were as follows as of December 31, 2020 and 2019: 2020 Short-term investments, trading Short-term investments, AFS Fixed maturities, trading Fixed maturities, AFS Fixed maturities, funds held - directly managed Total U.S. government and agency $ — $ 243,556 $ 123,874 $ 474,442 $ 109,176 $ 951,048 U.K. government — — 37,508 13,574 — 51,082 Other government 3,424 3,213 327,437 146,914 21,165 502,153 Corporate 1,705 17,026 3,227,726 1,920,323 519,952 5,686,732 Municipal — — 79,959 30,032 52,678 162,669 Residential mortgage-backed — — 154,471 328,871 70,603 553,945 Commercial mortgage-backed — — 347,225 276,488 230,377 854,090 Asset-backed — — 296,692 204,456 56,312 557,460 Total fixed maturity and short-term investments $ 5,129 $ 263,795 $ 4,594,892 $ 3,395,100 $ 1,060,263 $ 9,319,179 2019 Short-term investments, trading Short-term investments, AFS Fixed maturities, trading Fixed maturities, AFS Fixed maturities, funds held - directly managed Total U.S. government and agency $ — $ 111,583 $ 208,296 $ 269,661 $ 106,537 $ 696,077 U.K. government 24,411 1,069 122,012 14,280 — 161,772 Other government 21,958 387 575,017 84,760 20,734 702,856 Corporate 5,121 13,915 3,959,288 866,557 603,389 5,448,270 Municipal — 1,381 87,451 2,399 49,456 140,687 Residential mortgage-backed — — 215,521 99,188 86,205 400,914 Commercial mortgage-backed — — 534,357 49,046 230,343 813,746 Asset-backed — — 441,393 152,161 76,681 670,235 Total fixed maturity and short-term investments $ 51,490 $ 128,335 $ 6,143,335 $ 1,538,052 $ 1,173,345 $ 9,034,557 Included within residential and commercial mortgage-backed securities as of December 31, 2020 were securities issued by U.S. governmental agencies with a fair value of $458.1 million (as of December 31, 2019: $333.3 million). There were no senior secured loans within corporate securities as of December 31, 2020, compared to $31.4 million as of December 31, 2019. Contractual Maturities The contractual maturities of our short-term and fixed maturity investments, classified as trading and AFS, and the fixed maturity investments included within our funds held - directly managed balance are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. As of December 31, 2020 Amortized Cost Fair Value % of Total Fair Value One year or less $ 489,559 $ 494,490 5.3 % More than one year through two years 710,621 726,331 7.8 % More than two years through five years 2,097,923 2,206,020 23.7 % More than five years through ten years 1,974,838 2,151,191 23.1 % More than ten years 1,544,533 1,775,652 19.0 % Residential mortgage-backed 545,628 553,945 5.9 % Commercial mortgage-backed 828,155 854,090 9.2 % Asset-backed 567,638 557,460 6.0 % $ 8,758,895 $ 9,319,179 100.0 % Credit Ratings The following table sets forth the credit ratings of our short-term and fixed maturity investments, classified as trading and AFS, and the fixed maturity investments included within our funds held - directly managed balance as of December 31, 2020: Amortized Fair Value % of Total AAA AA Rated A Rated BBB Non- Not Rated U.S. government and agency $ 935,014 $ 951,048 10.2 % $ 951,048 $ — $ — $ — $ — $ — U.K. government 46,988 51,082 0.6 % — 43,199 7,883 — — — Other government 463,765 502,153 5.4 % 244,041 159,095 42,337 51,413 5,267 — Corporate 5,226,238 5,686,732 61.0 % 172,718 607,796 2,646,602 1,960,971 287,363 11,282 Municipal 145,469 162,669 1.7 % 8,270 78,585 55,631 20,183 — — Residential mortgage-backed 545,628 553,945 5.9 % 544,545 — 2,195 2,615 2,472 2,118 Commercial mortgage-backed 828,155 854,090 9.2 % 591,396 115,114 74,615 61,730 3,961 7,274 Asset-backed 567,638 557,460 6.0 % 239,733 84,058 119,757 89,898 24,014 — Total $ 8,758,895 $ 9,319,179 100.0 % $ 2,751,751 $ 1,087,847 $ 2,949,020 $ 2,186,810 $ 323,077 $ 20,674 % of total fair value 29.5 % 11.7 % 31.6 % 23.5 % 3.5 % 0.2 % Unrealized Gains and Losses on AFS Short-Term and Fixed Maturity Investments The amortized cost, unrealized gains and losses, allowance for credit losses and fair values of our short-term and fixed maturity investments classified as AFS as of December 31, 2020 were as follows: Gross Unrealized Losses 2020 Amortized Cost Gross Unrealized Gains Non-Credit Related Losses Allowance for Credit Losses (1) Fair Value U.S. government and agency $ 715,527 $ 3,305 $ (834) $ — $ 717,998 U.K. government 12,494 1,080 — — 13,574 Other government 142,459 7,721 (53) — 150,127 Corporate 1,873,184 65,913 (1,567) (181) 1,937,349 Municipal 28,881 1,155 (4) — 30,032 Residential mortgage-backed 326,268 3,292 (689) — 328,871 Commercial mortgage-backed 273,516 5,202 (2,097) (133) 276,488 Asset-backed 204,312 846 (694) (8) 204,456 $ 3,576,641 $ 88,514 $ (5,938) $ (322) $ 3,658,895 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. The amortized cost, unrealized gains and losses and fair values of our short-term and fixed maturity investments classified as AFS as of December 31, 2019 were as follows: 2019 Amortized Gross Gross Fair U.S. government and agency $ 381,488 $ 78 $ (322) $ 381,244 U.K. government 15,067 282 — 15,349 Other government 84,116 1,119 (88) 85,147 Corporate 880,667 3,739 (3,934) 880,472 Municipal 3,770 12 (2) 3,780 Residential mortgage-backed 99,646 221 (679) 99,188 Commercial mortgage-backed 49,219 30 (203) 49,046 Asset-backed 152,153 127 (119) 152,161 $ 1,666,126 $ 5,608 $ (5,347) $ 1,666,387 Gross Unrealized Losses on AFS Short-term and Fixed Maturity Investments The following table summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position, for which an allowance for credit losses has not been recorded, as of December 31, 2020: 12 Months or Greater Less Than 12 Months Total 2020 Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized U.S. government and agency $ — $ — $ 55,839 $ (834) $ 55,839 $ (834) UK government — — — — — — Other government — — 7,971 (53) 7,971 (53) Corporate — — 199,048 (1,224) 199,048 (1,224) Municipal — — 1,690 (4) 1,690 (4) Residential mortgage-backed 4,626 (125) 79,149 (564) 83,775 (689) Commercial mortgage-backed 38 (38) 67,094 (1,562) 67,132 (1,600) Asset-backed — — 116,827 (564) 116,827 (564) Total short-term and fixed maturity investments $ 4,664 $ (163) $ 527,618 $ (4,805) $ 532,282 $ (4,968) The following table summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position as of December 31, 2019, aggregated by major security type and length of time in continuous unrealized loss position: 12 Months or Greater Less Than 12 Months Total 2019 Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized U.S. government and agency $ — $ — $ 193,574 $ (322) $ 193,574 $ (322) Other government 1,080 (23) 37,796 (65) 38,876 (88) Corporate 2,754 (306) 338,965 (3,628) 341,719 (3,934) Municipal 128 — 761 (2) 889 (2) Residential mortgage-backed — — 52,005 (679) 52,005 (679) Commercial mortgage-backed — — 35,777 (203) 35,777 (203) Asset-backed — — 101,591 (119) 101,591 (119) Total short-term and fixed maturity investments $ 3,962 $ (329) $ 760,469 $ (5,018) $ 764,431 $ (5,347) Allowance for Credit Losses on AFS Fixed Maturity Investments We adopted ASU 2016-13 and the related amendments on January 1, 2020 prospectively, and recognized an allowance for credit losses of $3.1 million on initial adoption of the guidance. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. To determine the credit losses on our AFS securities, we use the probability of default ("PD") and loss given default ("LGD") methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security. The methodology and inputs used to determine the credit loss by security type are as follows: • Corporate and Government: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs. • Municipals : Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities. For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable. • Asset backed, Commercial and Residential mortgaged-backed: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized investment gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. The following table provides a reconciliation of the beginning and ending allowance for credit losses on our AFS debt securities: December 31, 2020 Other Corporate Residential mortgage-backed Commercial Asset-backed Total Allowance for credit losses, beginning of year $ — $ — $ — $ — $ — $ — Cumulative effect of change in accounting principle (22) (2,987) — (50) — (3,059) Allowances for credit losses on securities for which credit losses were not previously recorded — (10,748) (2) (675) (142) (11,567) Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets — — — — — — Reductions for securities sold during the year 22 2,545 — — — 2,567 Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis — — — — — — (Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period — 11,009 2 592 134 11,737 Allowance for credit losses, end of year $ — $ (181) $ — $ (133) $ (8) $ (322) During the year ended December 31, 2020, we did not have any write-offs charged against the allowance for credit losses or any recoveries of amounts previously written-off. Other-Than-Temporary Impairment on AFS Short-term and Fixed Maturity Investments For the years ended December 31, 2019 and 2018, we did not recognize any OTTI losses on our AFS securities. We determined that no other-than-temporary credit losses existed as of December 31, 2019. A description of our OTTI process is included in Note 2 - "Significant Accounting Policies". As discussed in detail in Note 2 - "Significant Accounting Policies", we adopted ASU 2016-13 and the related amendments on January 1, 2020 with this new guidance replacing the OTTI model that was previously applicable to our AFS debt securities. The new approach now requires the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Equity Investments The following table summarizes our equity investments classified as trading as of December 31, 2020 and 2019: 2020 2019 Publicly traded equity investments in common and preferred stocks $ 260,767 $ 327,875 Exchange-traded funds 311,287 133,047 Privately held equity investments in common and preferred stocks 274,741 265,799 $ 846,795 $ 726,721 Equity investments include publicly traded common and preferred stocks, exchange-traded funds and privately held common and preferred stocks. Our publicly traded equity investments in common and preferred stocks predominantly trade on major exchanges and are managed by our external advisors. Our investments in exchange-traded funds also trade on major exchanges. Other Investments, at fair value The following table summarizes our other investments carried at fair value as of December 31, 2020 and 2019: 2020 2019 Hedge funds $ 2,638,339 $ 1,121,904 Fixed income funds 552,541 481,039 Private equity funds 363,103 323,496 Private credit funds 192,319 — Equity funds 190,767 410,149 CLO equity funds 166,523 87,509 CLO equities 128,083 87,555 Others 12,359 6,379 $ 4,244,034 $ 2,518,031 The valuation of our other investments is described in Note 12 - "Fair Value Measurements". Due to a lag in the valuations of certain funds reported by the managers, we may record changes in valuation with up to a three-month lag. We regularly review and discuss fund performance with the fund managers to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. The following is a description of the nature of each of these investment categories: • Hedge funds may invest in a wide range of instruments, including debt and equity securities, and utilize various sophisticated strategies, including derivatives, to achieve their objectives. We invest in fixed income, equity and multi-strategy hedge funds. • Fixed income funds comprise a number of positions in diversified fixed income funds that are managed by third-party managers. Underlying investments vary from high-grade corporate bonds to non-investment grade senior secured loans and bonds, in both liquid and illiquid markets. The liquid fixed income funds have regularly published prices. • Private equity funds invest primarily in the financial services industry. • Private credit funds invest in direct senior or collateralized loans. • Equity funds invest in a diversified portfolio of U.S. and international publicly-traded equity securities. • CLO equity funds invest primarily in the equity tranches of term-financed securitizations of diversified pools of corporate bank loans. • CLO equities comprise investments in the equity tranches of term-financed securitizations of diversified pools of corporate bank loans. • Others primarily comprise of a real estate debt fund that invests primarily in European commercial real estate equity. The increase in our other investments carried at fair value between December 31, 2020 and December 31, 2019 was primarily attributable to unrealized gains of $1.3 billion and net additional subscriptions of $380.3 million to hedge funds, fixed income funds, private credit funds, CLO equities and CLO equity funds. As of December 31, 2020, we had unfunded commitments of $975.5 million to other investments. Certain of our other investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which limits our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes or side pockets, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request, whereas a side-pocket is a designated account for which the investor loses its redemption rights. Certain other investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if certain other investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those other investments. The table below details the estimated date by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of December 31, 2020: Less than 1 Year 1-2 years 2-3 years More than 3 years Not Eligible/ Restricted Total Redemption Frequency Hedge funds $ 2,590,164 $ — $ — $ — $ 48,175 $ 2,638,339 Monthly to Bi-annually Fixed income funds 537,055 — — — 15,486 552,541 Daily to Quarterly Equity funds 190,767 — — — — 190,767 Daily to Quarterly Private equity funds — — — — 363,103 363,103 N/A CLO equity funds 94,313 61,741 10,469 — — 166,523 Quarterly to Bi-annually CLO equities 128,083 — — — — 128,083 Daily to Quarterly Private credit funds — 9,250 — 183,069 192,319 N/A Other 12,359 12,359 N/A $ 3,540,382 $ 70,991 $ 10,469 $ — $ 622,192 $ 4,244,034 As of December 31, 2020 and 2019, we had $48.2 million and $51.8 million, respectively, of hedge funds subject to gates or side-pockets. Equity Method Investments The table below shows our equity method investments as of December 31, 2020 and 2019: 2020 2019 Ownership % Carrying Value Ownership % Carrying Value Enhanzed Re 47.4 % $ 330,289 47.4 % $ 182,856 Citco (1) 31.9 % 53,022 31.9 % 51,742 Monument Re (2) 20.0 % 193,716 20.0 % 60,598 Clear Spring — % — 20.0 % 10,645 Core Specialty 25.2 % 235,000 — % — Other 27% 20,268 30% 20,436 $ 832,295 $ 326,277 (1 ) We own 31.9% of the common shares in HH CTCO Holdings Limited which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco III Limited ("Citco"). (2) We own 20.0% of the common shares in Monument Re as well as different classes of preferred shares which have fixed dividend yields and whose balances are included in the Investment amount. Refer to Note 21 - "Related Party Transactions" for further information regarding the investments above. As of December 31, 2020, we had unfunded commitments of $68.7 million related to equity method investments. Funds Held - Directly Managed Funds held - directly managed, where we receive the underlying return on the investment portfolio, are carried at fair value, either because we elected the fair value option at the inception of the reinsurance contract, or because it represents the aggregate of funds held at amortized cost and the fair value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The change in the fair value of the embedded derivative is included in net unrealized gains (losses). The following table summarizes the components of the funds held - directly managed as of December 31, 2020 and 2019: 2020 2019 Fixed maturity investments, trading $ 1,060,263 $ 1,173,345 Cash and cash equivalents 9,067 10,296 Other assets 5,560 3,911 $ 1,074,890 $ 1,187,552 The following table summarizes the short-term and fixed maturity investment components of funds held - directly managed as of December 31, 2020 and 2019: 2020 2019 Funds held - Directly Managed - Fair Value Option Funds held - Directly Managed - Variable Return Total Funds held - Directly Managed - Fair Value Option Funds held - Directly Managed - Variable Return Total Short-term and fixed maturity investments, at amortized cost $ 106,938 $ 859,403 $ 966,341 $ 185,859 $ 940,194 $ 1,126,053 Net unrealized gains (losses): Change in fair value - fair value option accounting 9,693 — 9,693 5,438 — 5,438 Change in fair value - embedded derivative accounting — 84,229 84,229 — 41,854 41,854 Short-term and fixed maturity investments within funds held - directly managed, at fair value $ 116,631 $ 943,632 $ 1,060,263 $ 191,297 $ 982,048 $ 1,173,345 Refer to the sections above for details of the short-term and fixed maturity investments within our funds held - directly managed portfolios. Funds Held by Reinsured Companies Funds held by reinsured companies, where we received a fixed crediting rate, are carried at cost on our consolidated balance sheets. As of December 31, 2020 and 2019, we had funds held by reinsured companies of $635.8 million and $475.7 million, respectively. The increase related to $204.2 million of additional funds held balances related to the AXA Group transaction. Net Investment Income Major categories of net investment income for the years ended December 31, 2020, 2019 and 2018 are summarized as follows: 2020 2019 2018 Fixed maturity investments $ 198,988 $ 217,886 $ 178,213 Short-term investments and cash and cash equivalents 4,843 15,609 11,692 Funds held 33,920 22,580 11,640 Funds held – directly managed 34,563 38,173 37,623 Investment income from fixed maturities and cash and cash equivalents 272,314 294,248 239,168 Equity investments 19,240 16,671 5,397 Other investments 27,153 11,792 26,214 Investment income from equities and other investments 46,393 28,463 31,611 Gross investment income 318,707 322,711 270,779 Investment expenses (15,890) (14,440) (9,081) Net investment income $ 302,817 $ 308,271 $ 261,698 Net Realized and Unrealized Gains (Losses) Components of net realized and unrealized gains (losses) for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Net realized gains (losses) on sale: Gross realized gains on fixed maturity securities, AFS $ 26,313 $ 4,844 $ 27 Gross realized losses on fixed maturity securities, AFS (7,801) (905) (90) Decrease in allowance for expected credit losses on fixed maturity securities, AFS 170 — — Net realized gains (losses) on fixed maturity securities, trading 126,945 81,011 (27,408) Net realized gains (losses) on fixed maturity securities in funds held - directly managed 8,798 1,495 (3,940) Net realized gains (losses) on equity investments 24,282 (374) 4,016 Net realized investment gains on investment derivatives 144 — — Total net realized gains (losses) on sale 178,851 86,071 (27,395) Net unrealized gains (losses): Fixed maturity securities, trading 101,022 341,130 (159,594) Fixed maturity securities in funds held - directly managed 50,837 88,053 (46,257) Equity investments (25,752) 55,359 (9,831) Other investments 1,336,343 441,702 (164,455) Investment derivatives 718 (349) — Total net unrealized gains (losses) 1,463,168 925,895 (380,137) Net realized and unrealized gains (losses) $ 1,642,019 $ 1,011,966 $ (407,532) The gross realized gains and losses on AFS investments included in the table above resulted from sales of $2.0 billion, $302.9 million and $11.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. The unrealized gains for 2020 primarily comprised unrealized gains of $1.2 billion in the hedge fund managed by AnglePoint. These unrealized gains were driven by strong performance in equity markets across multiple sectors, including consumer discretionary, communication services, information technology and consumer staples. Reconciliation to the Consolidated Statements of Comprehensive Income The following table provides a reconciliation of the gross realized gains and losses and credit recoveries (losses) on our AFS fixed maturity debt securities that arose during the years ended December 31, 2020, 2019 and 2018 within our continuing and discontinued operations and the offsetting reclassification adjustments included within our consolidated statements of comprehensive income: 2020 2019 2018 Included within continuing operations: Gross realized gains on fixed maturity securities, AFS $ 26,313 $ 4,844 $ 27 Gross realized losses on fixed maturity securities, AFS (7,801) (905) (90) Tax effect (1,623) — — Included within discontinued operations: Gross realized gains on fixed maturity securities, AFS 1,374 12 — Gross realized losses on fixed maturity securities, AFS (120) (57) — Tax effect (110) — — Total reclassification adjustment for net realized gains (losses) included in net earnings $ 18,033 $ 3,894 $ (63) Included within continuing operations: Credit recoveries (losses) on fixed maturity securities, AFS $ 170 $ — $ — Tax effect 3 — — Included within discontinued operations: Credit recoveries (losses) on fixed maturity securities, AFS 329 — — Tax effect 7 — — Total reclassification adjustment for change in allowance for credit losses recognized in net earnings $ 509 $ — $ — Restricted Assets We utilize trust accounts to collateralize business with our (re)insurance counterparties. We are also required to maintain investments and cash and cash equivalents on deposit with regulatory authorities and Lloyd's to support our (re)insurance operations. The investments and cash and cash equivalents on deposit are available to settle (re)insurance liabilities. Collateral generally takes the form of assets held in trust, letters of credit or funds held. The assets used as collateral are primarily highly rated fixed maturity securities. The carrying value of our restricted assets, including restricted cash of $472.0 million and $346.9 million, as of December 31, 2020 and 2019, respectively, was as follows: 2020 2019 Collateral in trust for third party agreements $ 4,924,866 $ 4,103,847 Assets on deposit with regulatory authorities 131,283 309,659 Collateral for secured letter of credit facilities 104,627 132,670 Funds at Lloyd's (1) 260,914 639,316 $ 5,421,690 $ 5,185,492 (1) Our businesses include three Lloyd's syndicates as at December 31, 2020. Lloyd's determines the required capital principally through the annual business plan of each syndicate. This capital is referred to as "Funds at Lloyd's" and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources. We also utilize unsecured letters of credit for Funds at Lloyd's, as described in Note 15 - "Debt Obligations and Credit Facilities". |
Derivatives and Hedging Instrum
Derivatives and Hedging Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Instruments | 7. DERIVATIVES AND HEDGING INSTRUMENTS Foreign Currency Hedging of Net Investments in Foreign Operations We use foreign currency forward exchange rate contracts in qualifying hedging relationships to hedge the foreign currency exchange rate risk associated with certain of our net investments in foreign operations. As of December 31, 2020 and 2019, we had foreign currency forward exchange rate contracts in place which we had designated as hedges of our net investments in foreign operations. The following table presents the gross notional amounts and estimated fair values recorded within other assets and liabilities related to our qualifying foreign currency forward exchange rate contracts as of December 31, 2020 and 2019: 2020 2019 Fair Value Fair Value Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Foreign currency forward - AUD $ 73,852 $ 13 $ 5,060 $ 64,620 $ 52 $ 2,033 Foreign currency forward - EUR 217,168 205 8,889 112,284 246 1,635 Foreign currency forward - GBP 312,671 951 14,998 318,387 344 7,784 Total qualifying hedges $ 603,691 $ 1,169 $ 28,947 $ 495,291 $ 642 $ 11,452 The following table presents the net gains and losses deferred in the cumulative translation adjustment ("CTA") account, which is a component of AOCI, in shareholders' equity, relating to our foreign currency forward exchange rate contracts for the years ended December 31, 2020, 2019 and 2018: Amount of Gains (Losses) Deferred in AOCI 2020 2019 2018 Foreign currency forward - AUD $ (6,792) $ (722) $ 3,438 Foreign currency forward - EUR (15,026) 1,817 1,000 Foreign currency forward - GBP (8,457) (16,423) — Total qualifying hedges $ (30,275) $ (15,328) $ 4,438 Non-derivative Hedging Instruments of Net Investments in Foreign Operations Derivatives Not Designated or Not Qualifying as Net Investments in Hedging Instruments From time to time, we may also utilize foreign currency forward contracts as part of our overall foreign currency risk management strategy or to obtain exposure to a particular financial market, as well as for yield enhancement in non-qualifying hedging relationships. We may also utilize equity call option instruments or other derivatives either to obtain exposure to a particular equity instrument or for yield enhancement in non-qualifying hedging relationships. Foreign Currency Forward Contracts The following tables present the gross notional amounts and estimated fair values recorded within other assets and other liabilities related to our non-qualifying foreign currency forward exchange rate hedging relationships as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Fair Value Fair Value Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Foreign currency forward - AUD $ 28,848 $ 882 $ 2,847 $ 913 $ 839 $ 892 Foreign currency forward - CAD 64,224 10 1,764 66,266 10 1,482 Foreign currency forward - EUR 43,531 1,782 41 74,444 507 1,440 Foreign currency forward - GBP 2,731 161 404 11,940 13 292 Total non-qualifying hedges $ 139,334 $ 2,835 $ 5,056 $ 153,563 $ 1,369 $ 4,106 The following table presents the amounts of the net gains and losses included in earnings related to our non-qualifying foreign currency forward exchange rate contracts during the years ended December 31, 2020, 2019, and 2018: Gains (losses) on non-qualifying hedges charged to earnings 2020 2019 2018 Foreign currency forward - AUD $ (2,388) $ 1,523 $ 4,958 Foreign currency forward - CAD (879) (2,079) 9,311 Foreign currency forward - EUR 1,871 1,759 2,296 Foreign currency forward - GBP (1,558) 12,004 15,078 Net gains (losses) on non-qualifying hedges $ (2,954) $ 13,207 $ 31,643 Investments in Call Options on Equities During the years ended December 31, 2020, 2019, and 2018, we recorded unrealized gains (losses) of less than $(0.1) million, $0.5 million and $(9.4) million, respectively, in net earnings on the call options on equities that we had purchased in 2018 at a cost of $10.0 million. These call options on equities had a fair value of less than $0.1 million as of December 31, 2019 and expired without being exercised during the year ended December 31, 2020. Forward Interest Rate Swaps In 2019, we entered into a forward interest rate swap, with a notional amount of AUD$120.0 million, to partially mitigate the risk associated with declining interest rates until the completion of the Munich Re transaction which closed on July 1, 2020, as described in Note 4 - "Significant New Business". During the year ended December 31, 2020, we recorded unrealized gains included within net earnings of $0.8 million on the forward interest rate swap. This forward interest rate swap was terminated on April 7, 2020, for an inception-to-date net realized gain of $0.5 million. The carrying value of the forward interest rate swap, recorded in other liabilities as of December 31, 2019, was $0.3 million. Credit Default Swaps, Futures and Currency Forward Contracts From time to time we may also utilize (i) credit default swaps to both hedge and replicate credit exposure, (ii) government bond futures contracts for interest rate management, and (iii) foreign currency forward contracts for currency hedging, to collectively manage credit and duration risk, as well as for yield enhancement on some of our fixed income portfolios. The following table presents the gross notional amounts and estimated fair values recorded within other assets and other liabilities related to our credit default swaps, government bond futures contracts and currency forward contracts: December 31, 2020 Fair Value Gross Notional Amount Assets Liabilities Futures contracts - long positions $ 34,502 $ 32 $ 5 Futures contracts - short positions (32,316) 6 121 Currency forward contracts - long positions - USD 1,428 — 13 Currency forward contracts - short positions - USD (3,233) 60 — Currency forward contracts - long positions - GBP 1,278 19 — Currency forward contracts - short positions - GBP (4,418) 12 — Total $ (2,759) $ 129 $ 139 The following table presents the amounts of the net gains included in earnings related to our credit default swaps, government bond futures contracts and currency forward contracts: 2020 Credit default swaps $ 181 Futures contracts (127) Currency forward contracts 572 Total net gains $ 626 |
Reinsurance Balances Recoverabl
Reinsurance Balances Recoverable on Paid and Unpaid Losses | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Reinsurance Balances Recoverable on Paid and Unpaid Losses | $1 million 574,869 159,513 (36,780) 697,602 33.4 % Other reinsurers < $1 million 23,765 3,203 — 26,968 1.3 % Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 100.0 % December 31, 2019 Run-Off Legacy Underwriting Corporate & Other Total % of Total Top 10 reinsurers $ 1,154,110 $ 317,494 $ — $ 1,471,604 67.4 % Other reinsurers > $1 million 653,374 138,699 (103,341) 688,732 31.6 % Other reinsurers < $1 million 19,243 1,555 — 20,798 1.0 % Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 100.0 % December 31, 2020 December 31, 2019 Information regarding top ten reinsurers: Number of top 10 reinsurers rated A- or better 7 8 Number of top 10 non-rated reinsurers (1) 3 2 Reinsurers rated A- or better in top 10 $ 863,819 $ 1,199,479 Non-rated reinsurers in top 10 (1) 500,774 272,125 Total top 10 reinsurance recoverables $ 1,364,593 $ 1,471,604 Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2020 and 2019: Hannover Ruck SE (2) $ — $ 259,077 Lloyd's Syndicates (3) $ 331,118 $ 396,246 Michigan Catastrophic Claims Association (4) $ 229,374 $ — (1) The reinsurance balances recoverable from the three and two non-rated top 10 reinsurers as of December 31, 2020 and 2019, respectively, was comprised of: • $229.4 million and $190.8 million as of December 31, 2020 and December 31, 2019 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state; • $73.8 million and $81.4 million as of December 31, 2020 and December 31, 2019 respectively, due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance; and • $208.4 million as of December 31, 2020 due from Enhanzed Re, an equity method investee to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 21 - "Related Party Transactions". These quota share reinsurance agreements are written on a funds withheld basis with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re. (2) Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best. The transaction described in Note 4 - "Significant New Business" had the effect of reducing the balances due from this reinsurer to below 10% of the total reinsurance balances recoverable as of December 31, 2020. (3) Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best. (4) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state. We evaluate and monitor the credit risk related to our reinsurers, and an allowance for estimated uncollectible reinsurance balances recoverable on paid and unpaid losses ("allowance for estimated uncollectible reinsurance") is established for amounts considered potentially uncollectible. With respect to our process for determining the allowances for estimated uncollectible reinsurance, we adopted ASU 2016-13 and the related amendments on January 1, 2020 and recorded a cumulative effect adjustment of $0.2 million to increase the opening retained earnings on the initial adoption of the guidance. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment. December 31, 2020 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,464,529 $ 60,801 $ 1,403,728 4.2 % Reinsurers rated below A-, secured 608,999 — 608,999 — % Reinsurers rated below A-, unsecured 152,757 76,321 76,436 50.0 % Total $ 2,226,285 $ 137,122 $ 2,089,163 6.2 % December 31, 2019 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,731,270 $ 43,427 $ 1,687,843 2.5 % Reinsurers rated below A-, secured 463,840 — 463,840 — % Reinsurers rated below A-, unsecured 133,663 104,212 29,451 78.0 % Total $ 2,328,773 $ 147,639 $ 2,181,134 6.3 % The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible reinsurance, beginning of year $ 147,639 $ 156,732 Cumulative effect of change in accounting principle (195) — Effect of exchange rate movement 700 (887) Current period change in the allowance (381) 2,077 Write-offs charged against the allowance (9,625) (9,871) Recoveries collected (1,016) (412) Allowance for estimated uncollectible reinsurance, end of year $ 137,122 $ 147,639 13. PREMIUMS WRITTEN AND EARNED The following tables provide a summary of net premiums written and earned for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Premiums Premiums Premiums Premiums Premiums Premiums Run-off Gross $ 5,191 $ 71,522 $ (25,069) $ 197,009 $ (8,910) $ 25,230 Ceded (2,204) (12,827) (269) (28,513) (307) (15,803) Net $ 2,987 $ 58,695 $ (25,338) $ 168,496 $ (9,217) $ 9,427 Legacy Underwriting Gross $ 546,792 $ 658,396 $ 683,722 $ 752,521 $ 826,442 $ 836,883 Ceded (116,955) (144,999) (113,331) (116,970) (162,878) (150,531) Net $ 429,837 $ 513,397 $ 570,391 $ 635,551 $ 663,564 $ 686,352 Total Gross $ 551,983 $ 729,918 $ 658,653 $ 949,530 $ 817,532 $ 862,113 Ceded (119,159) (157,826) (113,600) (145,483) (163,185) (166,334) Net $ 432,824 $ 572,092 $ 545,053 $ 804,047 $ 654,347 $ 695,779 " id="sjs-B4" xml:space="preserve">8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES The following tables provide the total reinsurance balances recoverable on paid and unpaid losses. December 31, 2020 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 938,231 $ 263,638 $ — $ 1,201,869 IBNR 508,082 139,761 — 647,843 ULAE 16,688 — — 16,688 Fair value adjustments - acquired companies — — (15,353) (15,353) Fair value adjustments - fair value option — — (21,427) (21,427) Total reinsurance reserves recoverable 1,463,001 403,399 (36,780) 1,829,620 Paid losses recoverable 172,309 87,234 — 259,543 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,093,053 $ 490,633 $ (15,353) $ 1,568,333 Reinsurance balances recoverable on paid and unpaid losses - fair value option 542,257 — (21,427) 520,830 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 December 31, 2019 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 972,293 $ 273,142 $ — $ 1,245,435 IBNR 673,059 112,471 — 785,530 Fair value adjustments - acquired companies — — (15,255) (15,255) Fair value adjustments - fair value option — — (88,086) (88,086) Total reinsurance reserves recoverable 1,645,352 385,613 (103,341) 1,927,624 Paid losses recoverable 181,375 72,135 — 253,510 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,043,123 $ 457,748 $ (15,255) $ 1,485,616 Reinsurance balances recoverable on paid and unpaid losses - fair value option 783,604 — (88,086) 695,518 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 Our (re)insurance Run-off subsidiaries and assumed portfolios, prior to acquisition, used retrocessional agreements to reduce the exposure to the risk of (re)insurance assumed. On an annual basis, included within the Legacy Underwriting segment, both Atrium (classified as held-for-sale as of December 31, 2020) and StarStone purchased a tailored outwards reinsurance program designed to manage their risk profiles. The majority of Atrium’s and StarStone's third-party reinsurance is with highly rated reinsurers or is collateralized by pledged assets or letters of credit. The fair value adjustments, determined on acquisition of (re)insurance subsidiaries, are based on the estimated timing of loss and LAE recoveries and an assumed interest rate equivalent to a risk free rate for securities with similar duration to the acquired reinsurance balances recoverable on paid and unpaid losses plus a spread for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements. The determination of the fair value adjustments on the retroactive reinsurance contracts for which we have elected the fair value option is described in Note 12 - "Fair Value Measurements". As of December 31, 2020 and 2019, we had reinsurance balances recoverable on paid and unpaid losses of $2.1 billion and $2.2 billion, respectively. The decrease of $92.0 million was primarily due to the Hannover Re transaction, cash collections and the classification of Atrium as held-for-sale at December 31, 2020, partially offset by increases due to the retrocession to Enhanzed Re as discussed in Note 21 - "Related Party Transactions" Top Ten Reinsurers December 31, 2020 Run-Off Legacy Underwriting Corporate & Other Total % of Top 10 reinsurers $ 1,036,676 $ 327,917 $ — $ 1,364,593 65.3 % Other reinsurers > $1 million 574,869 159,513 (36,780) 697,602 33.4 % Other reinsurers < $1 million 23,765 3,203 — 26,968 1.3 % Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 100.0 % December 31, 2019 Run-Off Legacy Underwriting Corporate & Other Total % of Total Top 10 reinsurers $ 1,154,110 $ 317,494 $ — $ 1,471,604 67.4 % Other reinsurers > $1 million 653,374 138,699 (103,341) 688,732 31.6 % Other reinsurers < $1 million 19,243 1,555 — 20,798 1.0 % Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 100.0 % December 31, 2020 December 31, 2019 Information regarding top ten reinsurers: Number of top 10 reinsurers rated A- or better 7 8 Number of top 10 non-rated reinsurers (1) 3 2 Reinsurers rated A- or better in top 10 $ 863,819 $ 1,199,479 Non-rated reinsurers in top 10 (1) 500,774 272,125 Total top 10 reinsurance recoverables $ 1,364,593 $ 1,471,604 Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2020 and 2019: Hannover Ruck SE (2) $ — $ 259,077 Lloyd's Syndicates (3) $ 331,118 $ 396,246 Michigan Catastrophic Claims Association (4) $ 229,374 $ — (1) The reinsurance balances recoverable from the three and two non-rated top 10 reinsurers as of December 31, 2020 and 2019, respectively, was comprised of: • $229.4 million and $190.8 million as of December 31, 2020 and December 31, 2019 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state; • $73.8 million and $81.4 million as of December 31, 2020 and December 31, 2019 respectively, due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance; and • $208.4 million as of December 31, 2020 due from Enhanzed Re, an equity method investee to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 21 - "Related Party Transactions". These quota share reinsurance agreements are written on a funds withheld basis with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re. (2) Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best. The transaction described in Note 4 - "Significant New Business" had the effect of reducing the balances due from this reinsurer to below 10% of the total reinsurance balances recoverable as of December 31, 2020. (3) Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best. (4) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state. We evaluate and monitor the credit risk related to our reinsurers, and an allowance for estimated uncollectible reinsurance balances recoverable on paid and unpaid losses ("allowance for estimated uncollectible reinsurance") is established for amounts considered potentially uncollectible. With respect to our process for determining the allowances for estimated uncollectible reinsurance, we adopted ASU 2016-13 and the related amendments on January 1, 2020 and recorded a cumulative effect adjustment of $0.2 million to increase the opening retained earnings on the initial adoption of the guidance. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment. December 31, 2020 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,464,529 $ 60,801 $ 1,403,728 4.2 % Reinsurers rated below A-, secured 608,999 — 608,999 — % Reinsurers rated below A-, unsecured 152,757 76,321 76,436 50.0 % Total $ 2,226,285 $ 137,122 $ 2,089,163 6.2 % December 31, 2019 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,731,270 $ 43,427 $ 1,687,843 2.5 % Reinsurers rated below A-, secured 463,840 — 463,840 — % Reinsurers rated below A-, unsecured 133,663 104,212 29,451 78.0 % Total $ 2,328,773 $ 147,639 $ 2,181,134 6.3 % The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible reinsurance, beginning of year $ 147,639 $ 156,732 Cumulative effect of change in accounting principle (195) — Effect of exchange rate movement 700 (887) Current period change in the allowance (381) 2,077 Write-offs charged against the allowance (9,625) (9,871) Recoveries collected (1,016) (412) Allowance for estimated uncollectible reinsurance, end of year $ 137,122 $ 147,639 13. PREMIUMS WRITTEN AND EARNED The following tables provide a summary of net premiums written and earned for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Premiums Premiums Premiums Premiums Premiums Premiums Run-off Gross $ 5,191 $ 71,522 $ (25,069) $ 197,009 $ (8,910) $ 25,230 Ceded (2,204) (12,827) (269) (28,513) (307) (15,803) Net $ 2,987 $ 58,695 $ (25,338) $ 168,496 $ (9,217) $ 9,427 Legacy Underwriting Gross $ 546,792 $ 658,396 $ 683,722 $ 752,521 $ 826,442 $ 836,883 Ceded (116,955) (144,999) (113,331) (116,970) (162,878) (150,531) Net $ 429,837 $ 513,397 $ 570,391 $ 635,551 $ 663,564 $ 686,352 Total Gross $ 551,983 $ 729,918 $ 658,653 $ 949,530 $ 817,532 $ 862,113 Ceded (119,159) (157,826) (113,600) (145,483) (163,185) (166,334) Net $ 432,824 $ 572,092 $ 545,053 $ 804,047 $ 654,347 $ 695,779 |
Deferred Charge Assets and Defe
Deferred Charge Assets and Deferred Gain Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Deferred Charge Assets and Deferred Gain Liabilities | 9. DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES Deferred charge assets and deferred gain liabilities relate to retroactive reinsurance policies providing indemnification of losses and LAE with respect to past loss events and are included within corporate and other activities. For (re)insurance contracts for which we do not elect the fair value option, a deferred charge asset is recorded for the excess, if any, of the estimated ultimate losses payable over the premiums received at the initial measurement; whereas, a deferred gain liability is recorded for the excess, if any, of the premiums received over the estimated ultimate losses payable at the initial measurement. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record the excess as a deferred gain liability which is amortized to earnings over the estimated period during which the losses paid on the assumed retroceded liabilities are recovered from the retrocessionaire. For further information on our deferred charge assets and deferred gain liabilities, refer to Note 2 - "Significant Accounting Policies." Deferred Charge Assets Deferred charge assets are included in other assets on our consolidated balance sheets. The following table presents a reconciliation of the deferred charge assets for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Beginning carrying value $ 272,462 $ 86,585 $ 80,192 Recorded during the year 11,746 224,504 20,174 Amortization (45,606) (38,627) (13,781) Ending carrying value $ 238,602 $ 272,462 $ 86,585 Deferred charge assets are assessed at each reporting period for impairment. If the asset is determined to be impaired, it is written down in the period in which the determination is made. For the year ended December 31, 2020, we completed our assessment for impairment of deferred charge assets and concluded that there had been no impairment of our carried deferred charge asset balances. Further information on deferred charges recorded during the years ended December 31, 2020, 2019 and 2018 is included in Note 4 - "Significant New Business." Deferred Gain Liabilities Deferred gain liabilities are included in other liabilities on our consolidated balance sheets. The following table presents a reconciliation of the deferred gain liabilities for the years ended December 31, 2020 and 2019: 2020 2019 Beginning carrying value $ 12,875 $ — Recorded during the year 9,365 13,758 Amortization (2,360) (883) Ending carrying value $ 19,880 $ 12,875 |
Losses and Loss Adjustment Expe
Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Losses and Loss Adjustment Expenses | 10. LOSSES AND LOSS ADJUSTMENT EXPENSES The liability for losses and loss adjustment expenses ("LAE"), also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses and includes losses that have been incurred but not reported ("IBNR") using a variety of actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated loss adjustment expenses ("ALAE"), and unallocated loss adjustment expenses ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR represents reserves for loss and LAE that have been incurred but not yet reported to us. This includes amounts for unreported claims, development on known claims and reopened claims. Our loss reserves cover multiple lines of business, including asbestos, environmental, general casualty, workers' compensation/personal accident, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business. 2020 Run-off Legacy Underwriting Corporate & Other Total Outstanding losses $ 4,440,425 $ 687,424 $ — $ 5,127,849 IBNR 4,641,500 636,003 — 5,277,503 ULAE 350,600 35,102 — 385,702 Fair value adjustments - acquired companies — — (143,183) (143,183) Fair value adjustments - fair value option — — (54,589) (54,589) Total $ 9,432,525 $ 1,358,529 $ (197,772) $ 10,593,282 Reconciliation to Consolidated Balance Sheet: Loss and loss adjustment expenses $ 6,925,016 $ 1,358,529 $ (143,183) $ 8,140,362 Loss and loss adjustment expenses, at fair value 2,507,509 — (54,589) 2,452,920 Total $ 9,432,525 $ 1,358,529 $ (197,772) $ 10,593,282 2019 Run-off Legacy Underwriting Corporate & Other Total Outstanding losses $ 4,407,082 $ 842,483 $ — $ 5,249,565 IBNR 3,945,407 706,242 — 4,651,649 ULAE 331,494 21,140 — 352,634 Fair value adjustments- acquired companies — — (167,511) (167,511) Fair value adjustments - fair value option — — (217,933) (217,933) Total $ 8,683,983 $ 1,569,865 $ (385,444) $ 9,868,404 Reconciliation to Consolidated Balance Sheet: Loss and loss adjustment expenses $ 5,844,928 $ 1,569,865 $ (167,511) $ 7,247,282 Loss and loss adjustment expenses, at fair value 2,839,055 — (217,933) 2,621,122 Total $ 8,683,983 $ 1,569,865 $ (385,444) $ 9,868,404 The overall increase in the liability for losses and LAE between December 31, 2019 and December 31, 2020 was primarily attributable to the reinsurance transactions completed in 2020, as described in Note 4 - "Significant New Business," net incurred losses and LAE and foreign exchange losses in the year, partially offset by losses paid in the year. The table below provides a consolidated reconciliation of the beginning and ending liability for losses and LAE. 2020 2019 2018 Balance as of January 1 $ 9,868,404 $ 9,048,796 $ 7,100,488 Less: reinsurance reserves recoverable 1,927,624 1,708,272 1,693,028 Less: net deferred charge assets and gain liabilities on retroactive reinsurance 259,587 86,585 80,192 Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances (1) 643 — — Net balance as of January 1 7,680,550 7,253,939 5,327,268 Net incurred losses and LAE: Current period 405,178 580,074 533,081 Prior periods 10,748 34,105 (209,359) Total net incurred losses and LAE 415,926 614,179 323,722 Net paid losses: Current period (71,989) (179,461) (176,172) Prior periods (1,413,500) (1,609,009) (1,158,614) Total net paid losses (1,485,489) (1,788,470) (1,334,786) Effect of exchange rate movement 119,663 47,812 (145,243) Acquired on purchase of subsidiaries — 686 1,310,874 Assumed business 2,186,024 1,586,307 1,772,104 Ceded business (154,926) (33,260) — Reclassification to assets and liabilities held-for-sale (216,808) — — Net balance as of December 31 8,544,940 7,681,193 7,253,939 Plus: reinsurance reserves recoverable (2) 1,829,620 1,927,624 1,708,272 Plus: net deferred charge assets and gain liabilities on retroactive reinsurance 218,722 259,587 86,585 Balance as of December 31 $ 10,593,282 $ 9,868,404 $ 9,048,796 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. This amount excludes $0.4 million related to the adoption impact of ASU 2016-13 on StarStone U.S., which has been classified as a discontinued operation with the related assets and liabilities disclosed as held-for-sale on our consolidated balance sheets. (2) Net of allowance for estimated uncollectible reinsurance. The tables below provide the components of net incurred losses and LAE by segment and for our other activities. 2020 Run-off Legacy Underwriting Corporate & Other Total Net losses paid $ 1,074,901 $ 410,588 $ — $ 1,485,489 Net change in case and LAE reserves (1) (453,080) (87,107) — (540,187) Net change in IBNR reserves (2) (718,414) 30,790 — (687,624) Increase (reduction) in estimates of net ultimate losses (96,593) 354,271 — 257,678 Increase (reduction) in provisions for unallocated LAE (3) (48,765) 17,215 — (31,550) Amortization of deferred charge assets and deferred gain liabilities (4) — — 43,246 43,246 Amortization of fair value adjustments (5) — — 27,506 27,506 Changes in fair value - fair value option (6) — — 119,046 119,046 Net incurred losses and LAE $ (145,358) $ 371,486 $ 189,798 $ 415,926 2019 Run-off Legacy Underwriting Corporate & Other Total Net losses paid $ 1,247,624 $ 540,846 $ — $ 1,788,470 Net change in case and LAE reserves (1) (530,891) 2,308 — (528,583) Net change in IBNR reserves (2) (812,699) 17,995 — (794,704) Increase (reduction) in estimates of net ultimate losses (95,966) 561,149 — 465,183 Increase (reduction) in provisions for unallocated LAE (3) (57,404) 902 — (56,502) Amortization of deferred charge assets and deferred gain liabilities (4) — — 37,744 37,744 Amortization of fair value adjustments (5) — — 50,573 50,573 Changes in fair value - fair value option (6) — — 117,181 117,181 Net incurred losses and LAE $ (153,370) $ 562,051 $ 205,498 $ 614,179 2018 Run-off Legacy Underwriting Corporate & Other Total Net losses paid $ 838,817 $ 495,969 $ — $ 1,334,786 Net change in case and LAE reserves (1) (547,420) 75,000 — (472,420) Net change in IBNR reserves (2) (565,385) 58,591 — (506,794) Increase (reduction) in estimates of net ultimate losses (273,988) 629,560 — 355,572 Increase (reduction) in provisions for unallocated LAE (3) (65,401) 5,613 — (59,788) Amortization of deferred charge assets and deferred gain liabilities (4) — — 13,781 13,781 Amortization of fair value adjustments (5) — — 7,493 7,493 Changes in fair value - fair value option (6) — — 6,664 6,664 Net incurred losses and LAE $ (339,389) $ 635,173 $ 27,938 $ 323,722 (1) Comprises the movement during the year in specific case reserve liabilities as a result of claims settlements or changes advised to us by our policyholders and attorneys, less changes in case reserves recoverable advised by us to our reinsurers as a result of the settlement or movement of assumed claims. (2) Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable. (3) Represents the change in the estimate of the total future costs to administer the claims. (4) Relates to the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts. (5) Relates to the amortization of fair value adjustments associated with the acquisition of companies. . (6) Represents the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. Methodology for Establishing Reserves The liability for losses and LAE includes an amount determined from reported claims and an amount based on historical loss experience and industry statistics for IBNR using a variety of actuarial methods. Our loss reserves cover multiple lines of business, including workers' compensation, general casualty, asbestos and environmental, marine, aviation and transit, construction defects and other non-life lines of business. Our management, through our loss reserving committees, considers the reasonableness of loss reserves recommended by our actuaries, including actual loss development during the year. Case reserves are recognized for known claims (including the cost of related litigation) when sufficient information has been reported to us to indicate the involvement of a specific insurance policy. We use considerable judgment in estimating losses for reported claims on an individual claim basis based upon our knowledge of the circumstances surrounding the claim, the severity of the injury or damage, the jurisdiction of the occurrence, the potential for ultimate exposure, the type of loss, and our experience with the line of business and policy provisions relating to the particular type of claim. The reserves for unpaid reported losses and LAE are established by management based on reports from brokers, ceding companies and insureds and represent the estimated ultimate cost of events or conditions that have been reported to, or specifically identified, by us. We also consider facts currently known and the current state of the law and coverage litigation. IBNR reserves are established by management based on actuarially determined estimates of ultimate losses and loss expenses. We use generally accepted actuarial methodologies to estimate ultimate losses and LAE and those estimates are reviewed by management. In addition, the routine settlement of claims, at either below or above the carried advised loss reserve, updates historical loss development information to which actuarial methodologies are applied, often resulting in revised estimates of ultimate liabilities. On an annual basis, independent actuarial firms are retained by management to provide their estimates of ultimate losses and to review the estimates developed by our actuaries. Within the annual loss reserve studies produced by either our actuaries or independent actuaries, exposures for each subsidiary are separated into homogeneous reserving categories for the purpose of estimating IBNR. Each reserving category contains either direct insurance or assumed reinsurance reserves and groups relatively similar types of risks and exposures (for example, asbestos, environmental, casualty, property) and lines of business written (for example, marine, aviation, non-marine). Based on the exposure characteristics and the nature of available data for each individual reserving category, a number of methodologies are applied. Recorded reserves for each category are selected from the actuarial indications produced by the various methodologies after consideration of exposure characteristics, data limitations and strengths and weaknesses of each method applied. This approach to estimating IBNR has been consistently adopted in the annual loss reserve studies for each period presented. The estimation of unpaid claim liabilities at any given point in time is subject to a high degree of uncertainty for a number of reasons. A significant amount of time can lapse between the assumption of risk, the occurrence of a loss event, the reporting of the event to an insurance or reinsurance company and the ultimate payment of the claim on the loss event. Our actuarial methodologies include amongst other methodologies industry benchmarking which, under certain actuarial methods, compares the trend of our loss development to that of the industry. To the extent that the trend of our loss development compared to the industry changes in any period, it is likely to have an impact on our estimate of ultimate liabilities. Unpaid claim liabilities for property and casualty exposures in general are impacted by changes in the legal environment, jury awards, medical cost trends and general inflation. Certain estimates for unpaid claim liabilities involve considerable uncertainty due to significant coverage litigation, and it can be unclear whether past claim experience will be representative of future claim experience. Ultimate values for such claims cannot be estimated using reserving techniques that extrapolate losses to an ultimate basis using loss development factors, and the uncertainties surrounding the estimation of unpaid claim liabilities are not likely to be resolved in the near future. In addition, reserves are established to cover loss development related to both known and unasserted claims. Consequently, our subsequent estimates of ultimate losses and LAE, and our liability for losses and LAE, may differ materially from the amounts recorded in our consolidated financial statements. Asbestos and Environmental In establishing the reserves for losses and LAE related to asbestos and environmental claims, management considers facts currently known and the current state of the law and coverage litigation environment. Liabilities are recognized for known claims (including the cost of related litigation) when sufficient information has been developed to indicate the involvement of a specific insurance policy, and management can reasonably estimate its liability. In addition, reserves have been established to cover additional exposures on both known and unreported claims. Estimates of the reserves are reviewed and updated continually. Developed case law and claim histories are still evolving for such claims, especially because significant uncertainty exists about the outcome of coverage litigation and whether past claim experience will be representative of future claim experience. In view of the changes in the legal and tort environment that affect the development of such claims, the uncertainties inherent in valuing asbestos and environmental claims are not likely to be resolved in the near future. Ultimate values for such claims cannot be estimated using traditional reserving techniques and there are significant uncertainties in estimating the amount of our potential losses for these claims. There can be no assurance that the reserves established by us will be adequate or will not be adversely affected by the development of other latent exposures. The net liability for unpaid losses and LAE as of December 31, 2020 and 2019 included $1.9 billion and $2.1 billion, respectively, which represented an estimate of the net ultimate liability for asbestos and environmental claims. The gross liability for such claims as of December 31, 2020 and 2019 was $2.1 billion and $2.3 billion, respectively. For the years ended December 31, 2020 and 2019, our reserves for asbestos and environmental liabilities decreased by $178.2 million and increased by $419.9 million on a gross basis, respectively, and decreased by $227.2 million and increased by $374.7 million on a net basis, respectively. The decrease in 2020 was primarily due to net paid losses while the increase in 2019 was primarily due to acquisition activity, partially offset by net paid losses. Disclosures of Incurred and Paid Loss Development, IBNR, Claims Counts and Payout Percentages The loss development tables disclosed below, sets forth our historic incurred and paid loss development by accident year through December 31, 2020, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information. The loss development tables disclosed below are presented as follows: • Run-off - Loss development disclosures have been provided for the 10 latest acquisition years, in addition to disclosures for lines of business with material net losses and LAE reserve balances as of December 31, 2020, within those 10 latest acquisition years, also being provided. The disaggregated lines of business include general casualty, workers’ compensation, motor and professional indemnity and directors and officers. • Legacy Underwriting Incurred and Paid Loss Development and IBNR Disclosures For each acquisition year and/or line of business for which incurred losses and allocated loss adjustment expenses, net of reinsurance tables have been provided below, the disclosure approach and format adopted reflects the following: • The incurred loss development tables include both reported case reserves and IBNR liabilities, as well as cumulative paid losses; • Both the incurred and cumulative paid loss development tables include allocated LAE (i.e. claims handling costs allocated to specific individual claims) but exclude unallocated LAE (i.e. the costs associated with internal claims staff and third party administrators as well as consultants that cannot be allocated to specific individual claims); • The fair value adjustments related to business acquisitions are excluded from the loss development tables, however the undiscounted incurred losses, cumulative paid losses and allocated LAE related to business acquisitions are included in the loss development tables; • The fair value adjustments related to retroactive reinsurance agreements for which we have elected the fair value option are excluded from the loss development tables, however the undiscounted incurred losses, cumulative paid losses and allocated LAE related to retroactive reinsurance agreements for which we have elected the fair value option are included in the loss development tables; • The amounts relating to the amortization of deferred charge assets and deferred gain liabilities are excluded from the loss development tables; • In the incurred loss development tables, the incurred effect of agreeing a commutation or policy buyback is included in the period in which the commutation or policy buyback is contractually agreed. We reflect the net incurred loss development arising from a commutation or policy buyback in the fiscal year in which a commutation or policy buyback is contractually agreed, and the net incurred loss development is allocated to the appropriate accident year. The claim will generally have been adjusted throughout its lifetime and the amounts recorded in prior years (which is considered supplementary information) remain unchanged in our loss development tables, such that the incurred amount that we recognize in the year in which a commutation or policy buyback is contractually agreed represents the effect of the commutation or policy buyback settlement compared to the carried net loss and LAE reserve balance in the prior year. We do not recast prior years to remove commuted or bought back claims, since this practice would eliminate any historical favorable or adverse development we may have experienced on the commuted loss and LAE reserves. Reserves that have been commuted or bought back are not adjusted in future years but the commuted or bought back value remains in our total incurred losses; • In the cumulative paid losses tables, we reflect the amount of the commutation or policy buyback settlements in the year in which they are actually paid or received, and the net payment is allocated to the appropriate accident year. The claim or recoverable may have recorded payments or receipts throughout its lifetime and amounts recorded in prior years (which is considered supplementary information) remain unchanged in our loss development tables, such that the amounts paid or received that we recognize in the year in which a commutation or policy buyback is paid or received represents the amount actually paid or received. We do not recast prior years to remove payments or receipts related to commutations or policy buybacks, since we consider commutations and policy buybacks a key component of our business and are reflective of our ability to effectively manage acquired losses and LAE liabilities. Payments relating to commutations and policy buybacks are not adjusted in future years but the payments remain in our total cumulative paid losses; • The amounts included within the loss development tables for the years ended December 31, 2011 through to December 31, 2019 (and in the case of StarStone, from April 1, 2014 its acquisition date through to December 31, 2019), as well as the historical average annual percentage payout ratios as of December 31, 2020, are presented as supplementary information and are therefore unaudited; • All data presented within the loss development tables is net of reinsurance recoveries, excluding provisions for uncollectible reinsurance recoverables; • All the incurred and paid loss activity presented within the loss development tables provided below, exclude intercompany cessions. Upon the sale of StarStone U.S. to Core Specialty on November 30, 2020, the incurred and paid loss development activity related to the cessions from StarStone U.S. to our other subsidiaries were no longer eliminated on consolidation and have been included within the loss development tables presented below; • The IBNR reserves included within each incurred loss development table by accident year, reflect the net IBNR recorded as of December 31, 2020, including expected development on reported losses; • For the Run-off segment loss development tables, all information for both acquisitions and retroactive reinsurance agreements is presented prospectively. As the loss reserves are effectively re-underwritten at the date that they are acquired or assumed, we believe that the historical loss development prior to their acquisition is not relevant with respect to our own experience managing these acquired loss reserves. In addition, the information required to prepare the loss development disclosures on a retrospective basis is not always available to us and a mixed presentation approach would result in loss development tables that are not entirely reflective of the actual loss development of the acquired loss reserves; • For the Run-off segment we have also presented the net incurred and paid losses and ALAE information by calendar year as well as IBNR and claim counts for accident years older than 10 years on a single row within the loss development tables. This presentation differs from the typical approach where only the net outstanding losses and LAE reserves are presented as a reconciling item at the bottom of the loss development tables. The additional detailed disclosures are provided on a voluntary basis and the inclusion of the disclosures is to provide additional information to the users of our financial statements and to also enable the reconciliation of our total loss reserves by acquisition year and by significant line of business; • For the Legacy Underwriting segment loss development tables, all information has been presented on a prospective basis from the date of our acquisition of StarStone, which was effective on April 1, 2014. Providing pre-acquisition incurred and paid losses by accident year for years prior to 2014 was determined to be impracticable due to significant data limitations; and • Following our sale of StarStone U.S. to Core Specialty which was completed on November 30, 2020, the loss development disclosures presented below for all the individual lines of business within the Legacy Underwriting segment have been restated to exclude the historical incurred and paid loss development related to StarStone U.S. The historical amounts disclosed within the loss development tables for all the acquisition years and lines of business presented below are on a constant-currency basis, which is achieved by using constant foreign exchange rates between periods in the loss development tables, and translating prior period amounts denominated in currencies other than the U.S. dollar, which is our reporting currency, using the closing exchange rates as of December 31, 2020. The impact of this exchange rate conversion is to show the change between periods exclusive of the effect of exchange rate fluctuations, which would otherwise distort the change in incurred losses and the cash flow patterns associated with those incurred losses shown within the loss development tables. The change in net incurred losses shown within the loss development tables will, however, differ from other U.S. GAAP disclosures of incurred current and prior period reserve development amounts, which include the effect of exchange rate fluctuations. Establishing an estimate for loss reserves involves various assumptions and judgments, therefore, the information contained within the loss development disclosures only allows readers or users of our consolidated financial statements to understand, at the summary level presented in the development tables, the change over time in our reported incurred loss estimates as well as the nature and patterns of the cash flows associated with those estimates. We, therefore, believe that the information provided within the loss development tables disclosed below is of limited use for independent analysis or application of standard actuarial estimations, and any results obtained from doing so should be interpreted with caution. Cumulative Number of Reported Claims Reported claim counts, on a cumulative basis, are provided as supplemental information to each incurred loss development table by accident year. We measure claim frequency information on an individual claim count basis within each of our segments as follows: • Run-off - The claim frequency information for the exposures included within our Run-off lines of business includes direct and assumed open and closed claims by accident year at the claimant level. Reported claims that are closed without a payment are included within our cumulative number of reported claims because we typically incur claim adjustment expenses on them prior to their closure. The claim count numbers exclude counts related to claims within policy deductibles where the insured is responsible for the payment of losses within the deductible layer. Individual claim counts related to certain assumed reinsurance contracts such as excess-of-loss and quota share treaties are not available to us, and the losses arising from these treaties have been treated as single claims for the purposes of determining claim counts. Therefore, each treaty year within the reinsurance contract is deemed a single claim because the detailed underlying individual claim information is generally not reported to us by our cedants; and • Legacy Underwriting - The claim frequency information is determined at the claimant level for the exposures within the lines of business related to these segments. Our claims system assigns a unique claim identifier to each reported claim we receive. Each unique claim identifier is deemed to be a single claim, irrespective of whether the claim remains open or has been closed with or without payment. For certain insurance facilities and business produced or managed by managing general agents, coverholders and third party administrators where the underlying claims data is reported to us in an aggregated format, the information necessary to provide cumulative claims frequency is not available. In such cases, we typically record a “block” claim in our system. This also applies to a small amount of assumed reinsurance business that we write where, similarly, the underlying claims data is reported to us in an aggregated format. In such instances, each assumed reinsurance contract is deemed a single claim. Our reported claim frequency information is subject to the following inherent limitations when analyzing our loss experience and severity: • Claim counts are presented only on a reported and not on an ultimate basis. Therefore, reported claim counts include open claims which have outstanding reserves but exclude IBNR claims. As such the reported claims are consistent with reported losses, which can be calculated by subtracting IBNR losses from incurred losses. However, the reported claim counts are inconsistent with the losses in the incurred loss development tables, which include IBNR losses, and to losses in the paid loss development tables, which exclude outstanding reserves; • Reported claim counts have not been adjusted for ceded reinsurance, which may distort any measures of frequency or severity; • For lines of business that have a mix of primary and excess layer exposures, such as our general casualty and workers’ compensation lines of business, the reported claim counts may fluctuate from period to period between exposure layers, thereby distorting any measure of frequency and severity; and • The use of our reported claim frequency information to project ultimate loss payouts by disaggregated disclosure category or line of business may not be as meaningful as claim count information related to individual contracts at a more granular level. Payout Percentages • Run-off - The annual percentage payout disclosures for our Run-off segment are based on the payout of incurred claims by age, net of reinsurance. For our Run-off segment, claims aging reflects the number of years that have lapsed since the original acquisition of the related net liability for losses and LAE reserves to the date the claim is paid. There may be occasions where, due to our claims management strategies (including commutations and policy buy-backs) or due to the timing of claims payments relative to the associated recovery, the cash received from reinsurance recoveries is greater than the cash paid out to our claimants, (i.e. a net recovery rather than a net payout for a particular calendar year), thereby resulting in a negative annual percentage payout for that calendar year. • Legacy Underwriting - The average annual percentage payout disclosures for our Legacy Underwriting segment are based on the payout of incurred claims by age, net of reinsurance. The table below provides a reconciliation of the beginning and ending reserves for losses and LAE for the Run-off segment. 2020 2019 2018 Balance as of January 1 $ 8,683,983 $ 8,132,941 $ 6,390,218 Less: reinsurance reserves recoverable 1,645,352 1,511,206 1,522,438 Plus: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (1) 703 — — Net balance as of January 1 7,039,334 6,621,735 4,867,780 Net incurred losses and LAE: Current period 30,165 123,559 12,451 Prior periods (175,523) (276,929) (351,840) Total net incurred losses and LAE (145,358) (153,370) (339,389) Net paid losses: Current period (9,990) (64,820) (5) Prior periods (1,064,911) (1,182,804) (838,812) Total net paid losses (1,074,901) (1,247,624) (838,817) Effect of exchange rate movement 89,755 53,411 (143,765) Acquired on purchase of subsidiaries — 686 1,214,871 Assumed business 2,215,620 1,797,053 1,861,055 Ceded business (154,926) (33,260) — Net balance as of December 31 7,969,524 7,038,631 6,621,735 Plus: reinsurance reserves recoverable (2) 1,463,001 1,645,352 1,511,206 Balance as of December 31 $ 9,432,525 $ 8,683,983 $ 8,132,941 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. (2) Net of allowance for estimated uncollectible reinsurance. Net incurred losses and LAE in the Run-off segment were as follows: 2020 2019 2018 Prior Current Total Prior Current Total Prior Current Total Net losses paid $ 1,064,911 $ 9,990 $ 1,074,901 $ 1,182,804 $ 64,820 $ 1,247,624 $ 838,812 $ 5 $ 838,817 Net change in case and LAE reserves (1) (449,610) (3,470) (453,080) (553,996) 23,105 (530,891) (552,124) 4,704 (547,420) Net change in IBNR reserves (2) (742,417) 24,003 (718,414) (847,893) 35,194 (812,699) (573,127) 7,742 (565,385) Increase (reduction) in estimates of net ultimate losses (127,116) 30,523 (96,593) (219,085) 123,119 (95,966) (286,439) 12,451 (273,988) Increase (reduction) in provisions for unallocated LAE (3) (48,407) (358) (48,765) (57,844) 440 (57,404) (65,401) — (65,401) Net incurred losses and LAE $ (175,523) $ 30,165 $ (145,358) $ (276,929) $ 123,559 $ (153,370) $ (351,840) $ 12,451 $ (339,389) (1) Comprises the movement during the year in specific case reserve liabilities as a result of claims settlements or changes advised to us by our policyholders and attorneys, less changes in case reserves recoverable advised by us to our reinsurers as a result of the settlement or movement of assumed claims. (2) Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable. (3) Represents the change in the estimate of the total future costs to administer the claims. Year Ended December 31, 2020 The following table shows the components of the 2020 reduction in estimates of net ultimate losses related to prior periods by line of business for the Run-off segm |
Defendant Asbestos and Environm
Defendant Asbestos and Environmental Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES | 11. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES We acquired DCo LLC ("DCo") on December 30, 2016, and Morse TEC on October 30, 2019. These companies hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. Defendant asbestos liabilities on our consolidated balance sheets include amounts for loss payments and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos exposures. Defendant environmental liabilities include estimated clean-up costs associated with the acquired companies' former operations based on engineering reports. Insurance balances recoverable on our consolidated balance sheets include estimated insurance recoveries relating to these liabilities. The recorded asset represents our assessment of the capacity of the insurance agreements to indemnify our subsidiaries for the anticipated defense and loss payments for pending claims and projected future claims. The recognition of these recoveries is based on an assessment of the right to recover under the respective contracts and on the financial strength of the insurers. The recorded asset does not represent the limits of our insurance coverage, but rather the amount we would expect to recover if the accrued and projected loss and defense costs were paid in full. Included within insurance balances recoverable and defendant asbestos and environmental liabilities are the fair value adjustments that were initially recognized upon acquisition. These fair value adjustments are amortized in proportion to the actual payout of claims and recoveries. The carrying value of the asbestos and environmental liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC as of December 31, 2020 and 2019 was as follows: 2020 2019 Defendant asbestos and environmental liabilities: Defendant asbestos liabilities $ 913,276 $ 1,100,593 Defendant environmental liabilities 12,572 10,279 Estimated future expenses 42,510 51,637 Fair value adjustments (262,029) (314,824) Defendant asbestos and environmental liabilities 706,329 847,685 Insurance balances recoverable: Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2020 - $4,824; 2019 - $3,818) 310,602 549,593 Fair value adjustments (60,950) (100,738) Insurance balances recoverable 249,652 448,855 Net liabilities relating to defendant asbestos and environmental exposures $ 456,677 $ 398,830 The table below provides a consolidated reconciliation of the beginning and ending liability for defendant asbestos and environmental exposures for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance as of January 1 $ 847,685 $ 203,320 $ 219,164 Less: Insurance balances recoverable 448,855 135,808 122,326 Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances (1) 3,167 — — Net balance as of January 1 401,997 67,512 96,838 Total net recoveries (paid claims) 153,964 (10,434) (6,351) Amounts recorded in other income (expense): Change in estimate of net ultimate liabilities (103,166) (4,263) (23,221) Reduction in estimated future expenses (9,126) (3,274) — Amortization of fair value adjustments 13,008 13,500 246 Total other expense (income) (99,284) 5,963 (22,975) Acquired on purchase of subsidiaries — 335,789 — Net balance as of December 31 456,677 398,830 67,512 Plus: Insurance balances recoverable (2) 249,652 448,855 135,808 Balance as of December 31 $ 706,329 $ 847,685 $ 203,320 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. (2) Net of allowance for estimated uncollectible insurance balances. Total other income from our defendant asbestos and environmental liabilities companies was $99.3 million for the year ended December 31, 2020 and was driven by a reduction in the actuarially estimated ultimate net liabilities as a result of a lower than expected number of asbestos claims filed against us; lower than expected paid indemnity and defense costs; the collection of disputed insurance recoveries that were carried on our balance sheet at $166.7 million , net of fair value adjustments, for consideration of $179.6 million; and recovery of $19.3 million on insurance payments previously written-off prior to our acquisition of the companies. Methodologies for determining liabilities Defendant Asbestos Liabilities We review, on an ongoing basis, our own experience in handling asbestos-related claims and trends affecting asbestos-related claims in the U.S. tort system generally, for the purposes of assessing the value of pending asbestos-related claims and the number and value of those that may be asserted in the future, as well as potential recoveries from our insurance carriers with respect to such claims and defense costs. The actuarial analysis for these asbestos-related exposures utilizes data resulting from the claim review process, including input from national coordinating counsel and local counsel, and includes the development of an estimate of the potential value of asbestos-related claims asserted but not yet resolved as well as the number and potential value of asbestos-related claims not yet asserted. In developing the estimate of liability for potential future claims, the actuarial analysis projects the potential number of future claims based on our historical claim filings and epidemiological studies. The actuarial analysis also utilizes assumptions based on our historical proportion of claims resolved without payment, historical claim resolution costs for those claims that result in a payment, and historical defense costs. The liabilities are then estimated by multiplying the pending and projected future claim filings by projected payments rates and average claim resolution amounts and then adding an estimate for defense costs. We determine, based on the factors described above, including the actuarial analysis, that their best estimate of the aggregate liability both for asbestos-related claims asserted but not yet resolved and potential asbestos-related claims not yet asserted, including estimated defense costs, was $913.3 million and $1.1 billion as of December 31, 2020 and 2019, respectively. Defendant Environmental Liabilities As a result of our acquisition of DCo and Morse TEC, we have been identified by the United States Environmental Protection Agency and certain U.S. state environmental agencies and private parties as potentially responsible parties ("PRP") at various hazardous waste disposal sites under the Comprehensive Environmental Allowance for Estimated Uncollectible Insurance Balances Recoverable on Defendant Asbestos Liabilities We evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant asbestos liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible insurance, we use the inputs and methodologies as described in Note 8 - "Reinsurance Balances Recoverable on Paid and Unpaid Losses" above. The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities, for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible insurance balances, beginning of year $ 3,818 $ — Cumulative effect of change in accounting principle 3,167 — Current period change in the allowance (2,161) 3,818 Allowance for estimated uncollectible insurance balances, end of year $ 4,824 $ 3,818 During the year ended December 31, 2020, we did not have any write-offs charged against the allowance for estimated uncollectible insurance or any recoveries of amounts previously written off. We did not have significant non-disputed past due balances receivable from our insurers related to our defendant asbestos liabilities, that were older than one year for any of the periods presented. Any balances that are part of ongoing legal activity are estimated to be recovered at the level of our recorded asset which is consistent with our legal advice and past collection experience. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 12. FAIR VALUE MEASUREMENTS Fair Value Hierarchy Fair value is defined as the price at which to sell an asset or transfer a liability (i.e. the "exit price") in an orderly transaction between market participants. We use a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The hierarchy is broken down into three levels as follows: • Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. • Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. • Level 3 - Valuations based on unobservable inputs where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values. In addition, certain of our other investments are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy above. We have categorized our assets and liabilities that are recorded at fair value on a recurring basis among levels based on the observability of inputs, or at fair value using NAV per share (or its equivalent) as follows: December 31, 2020 Quoted Prices in Significant Significant Fair Value Based on NAV as Practical Expedient Total Fair Investments: Short-term and Fixed maturity investments: U.S. government and agency $ — $ 951,048 $ — $ — $ 951,048 U.K. government — 51,082 — — 51,082 Other government — 502,153 — — 502,153 Corporate — 5,686,732 — — 5,686,732 Municipal — 162,669 — — 162,669 Residential mortgage-backed — 553,945 — — 553,945 Commercial mortgage-backed — 854,090 — — 854,090 Asset-backed — 557,460 — — 557,460 $ — $ 9,319,179 $ — $ — $ 9,319,179 Other assets included within funds held - directly managed $ — $ 14,627 $ — $ — $ 14,627 Equities: Publicly traded equity investments $ 229,167 $ 31,600 $ — $ — $ 260,767 Exchange-traded funds 311,287 — — — 311,287 Privately held equity investments — — 274,741 — 274,741 $ 540,454 $ 31,600 $ 274,741 $ — $ 846,795 Other investments: Hedge funds $ — $ — $ — $ 2,638,339 $ 2,638,339 Fixed income funds — 285,837 — 266,704 552,541 Equity funds — 5,073 — 185,694 190,767 Private equity funds — — — 363,103 363,103 CLO equities — 128,083 — — 128,083 CLO equity funds — — — 166,523 166,523 Private credit funds — — 9,250 183,069 192,319 Other — — 314 12,045 12,359 $ — $ 418,993 $ 9,564 $ 3,815,477 $ 4,244,034 Total Investments $ 540,454 $ 9,784,399 $ 284,305 $ 3,815,477 $ 14,424,635 Cash and cash equivalents $ 385,790 $ 208,272 $ — $ — $ 594,062 Reinsurance balances recoverable on paid and unpaid losses: $ — $ — $ 520,830 $ — $ 520,830 Other Assets: Derivatives qualifying as hedging $ — $ 1,169 $ — $ — $ 1,169 Derivatives not qualifying as hedges — 2,964 — — 2,964 Derivative instruments $ — $ 4,133 $ — $ — $ 4,133 Losses and LAE: $ — $ — $ 2,452,920 $ — $ 2,452,920 Other Liabilities: Derivatives qualifying as hedging $ — $ 28,947 $ — $ — $ 28,947 Derivatives not qualifying as hedges — 5,195 — — 5,195 Derivative instruments $ — $ 34,142 $ — $ — $ 34,142 December 31, 2019 Quoted Prices in Significant Significant Fair Value Based on NAV as Practical Expedient Total Fair Investments: Short-term and Fixed maturity investments: U.S. government and agency $ — $ 696,077 $ — $ — $ 696,077 U.K government — 161,772 — — 161,772 Other government — 702,856 — — 702,856 Corporate — 5,448,270 — — 5,448,270 Municipal — 140,687 — — 140,687 Residential mortgage-backed — 400,914 — — 400,914 Commercial mortgage-backed — 813,746 — — 813,746 Asset-backed — 670,235 — — 670,235 $ — $ 9,034,557 $ — $ — $ 9,034,557 Other assets included within funds held - directly managed $ — $ 14,207 $ — $ — $ 14,207 Equities: Publicly traded equity investments $ 297,310 $ 30,565 $ — $ — $ 327,875 Exchange-traded funds 133,047 — — — 133,047 Privately held equity investments — — 265,799 — 265,799 $ 430,357 $ 30,565 $ 265,799 $ — $ 726,721 Other investments: Hedge funds $ — $ — $ — $ 1,121,904 $ 1,121,904 Fixed income funds — 398,143 — 82,896 481,039 Equity funds — 111,040 — 299,109 410,149 Private equity funds — — — 323,496 323,496 CLO equities — — 87,555 — 87,555 CLO equity funds — — — 87,509 87,509 Other — 34 314 6,031 6,379 $ — $ 509,217 $ 87,869 $ 1,920,945 $ 2,518,031 Total Investments $ 430,357 $ 9,588,546 $ 353,668 $ 1,920,945 $ 12,293,516 Cash and cash equivalents $ 144,984 $ 222,191 $ — $ — $ 367,175 Reinsurance balances recoverable on paid and unpaid losses: $ — $ — $ 695,518 $ — $ 695,518 Other Assets: Derivatives qualifying as hedging $ — $ 642 $ — $ — $ 642 Derivatives not qualifying as hedges — 1,369 — — 1,369 Derivative instruments $ — $ 2,011 $ — $ — $ 2,011 Losses and LAE: $ — $ — $ 2,621,122 $ — $ 2,621,122 Other Liabilities: Derivatives qualifying as hedging $ — $ 11,452 $ — $ — $ 11,452 Derivatives not qualifying as hedges — 4,106 — — 4,106 Derivative instruments $ — $ 15,558 $ — $ — $ 15,558 Short-term and Fixed Maturity Investments The fair values for all securities in the short-term and fixed maturity investments and funds held - directly managed portfolios are independently provided by the investment accounting service providers, investment managers and investment custodians, each of which utilize internationally recognized independent pricing services. We record the unadjusted price provided by the investment accounting service providers, investment managers or investment custodians and validate this price through a process that includes, but is not limited to: (i) comparison of prices against alternative pricing sources; (ii) quantitative analysis (e.g. comparing the quarterly return for each managed portfolio to its target benchmark); (iii) evaluation of methodologies used by external parties to estimate fair value, including a review of the inputs used for pricing; and (iv) comparing the price to our knowledge of the current investment market. Our internal price validation procedures and review of fair value methodology documentation provided by independent pricing services have not historically resulted in adjustment in the prices obtained from the pricing service. The independent pricing services used by the investment accounting service providers, investment managers and investment custodians obtain actual transaction prices for securities that have quoted prices in active markets. Where we utilize single unadjusted broker-dealer quotes, they are generally provided by market makers or broker-dealers who are recognized as market participants in the markets for which they are providing the quotes. For determining the fair value of securities that are not actively traded, in general, pricing services use "matrix pricing" in which the independent pricing service uses observable market inputs including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment speeds, default rates and other such inputs as are available from market sources to determine a reasonable fair value. The following describes the techniques generally used to determine the fair value of our short-term and fixed maturity investments by asset class, including the investments underlying the funds held - directly managed. • U.S. government and agency securities consist of securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Non-U.S. government securities consist of bonds issued by non-U.S. governments and agencies along with supranational organizations. The significant inputs used to determine the fair value of these securities include the spread above the risk-free yield curve, reported trades and broker-dealer quotes. These are considered to be observable market inputs and, therefore, the fair values of these securities are classified as Level 2. • Corporate securities consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes, benchmark yields, and industry and market indicators. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2. Where pricing is unavailable from pricing services, such as in periods of low trading activity or when transactions are not orderly, we obtain non-binding quotes from broker-dealers. Where significant inputs are unable to be corroborated with market observable information, we classify the securities as Level 3. • Municipal securities consist primarily of bonds issued by U.S.-domiciled state and municipal entities. The fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes and benchmark yields. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2. • Asset-backed securities consist primarily of investment-grade bonds backed by pools of loans with a variety of underlying collateral. Residential and commercial mortgage-backed securities include both agency and non-agency originated securities. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. The significant inputs used to determine the fair value of these securities include the spread above the risk-free yield curve, reported trades, benchmark yields, prepayment speeds and default rates. The fair values of these securities are classified as Level 2 if the significant inputs are market observable. Where significant inputs are unable to be corroborated with market observable information, we classify the securities as Level 3. Equities Our investments in equities consist of a combination of publicly and privately traded investments. Our publicly traded equity investments in common and preferred stocks predominantly trade on major exchanges and are managed by our external advisors. Our exchange-traded funds also trade on major exchanges. Our publicly traded equities are widely diversified and there is no significant concentration in any specific industry. We use an internationally recognized pricing service to estimate the fair value of our publicly traded equities and exchange-traded funds. We have categorized the majority of our publicly traded equity investments, other than preferred stock, and our exchange-traded funds as Level 1 investments because the fair values of these investments are based on unadjusted quoted prices in active markets for identical assets. One equity security is trading in an inactive market and, as a result has been classified as Level 2. The fair value estimates of our investments in publicly traded preferred stock are based on observable market data and, as a result, have been categorized as Level 2. Other investments, at fair value We have ongoing due diligence processes with respect to the other investments carried at fair value in which we invest, including active discussions with managers of the investments. These processes are designed to assist us in assessing the quality of information provided by, or on behalf of, each fund and in determining whether such information continues to be reliable or whether further review is warranted. Certain funds do not provide full transparency of their underlying holdings; however, we obtain the audited financial statements for funds annually and review the audited results relative to the net asset values provided by the managers, and regularly review and discuss the fund performance with the fund managers to corroborate the reasonableness of the reported net asset values ("NAV"). The use of NAV as an estimate of the fair value for investments in certain entities that calculate NAV is a permitted practical expedient. Due to the time lag in the NAV reported by certain fund managers we adjust the valuation for capital calls and distributions. Other investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. Other investments for which we do not use NAV as a practical expedient have been valued using prices from independent pricing services, investment managers and broker-dealers. The following describes the techniques generally used to determine the fair value of our other investments. • For our investments in hedge funds, we measure fair value by obtaining the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy. • Our investments in fixed income funds and equity funds are valued based on a combination of prices from independent pricing services, external fund managers or third-party administrators. For the publicly available prices we have classified the investments as Level 2. For the non-publicly available prices we are using NAV as a practical expedient and therefore these have not been categorized within the fair value hierarchy. • For our investments in private equity funds, we measure fair value by obtaining the most recently available NAV from the external fund manager or third-party administrator. The fair values of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy. • We measure the fair value of our direct investment in CLO equities based on valuations provided by independent pricing services, our external CLO equity manager, and valuations provided by the broker or lead underwriter of the investment (the "broker"). The fair values measured using prices provided by independent pricing services have been classified as Level 2 and fair values using prices from brokers have been classified as Level 3 due to the use of unobservable inputs in the valuation and the limited number of relevant trades in secondary markets. • For our investments in the CLO equity funds, we measure fair value by obtaining the most recently available NAV as advised by the external fund manager or third party administrator. The fair value of these investments is measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy. • Our investments in private credit funds are primarily valued by obtaining the most recently available NAV from the external fund manager or third-party administrator. The fair values of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy. Included within private credit funds is a loan which is valued at cost less distributions received to date. • Included within other is an investment in a real estate debt fund, for which we measure fair value by obtaining the most recently available NAV from the external fund manager or third-party administrator. The fair value of this investment is measured using the NAV as a practical expedient and therefore has not been categorized within the fair value hierarchy. Cash and Cash Equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are very close to maturity that they present insignificant risk of changes in value due to changes in interest rates. Included within cash and cash equivalents are money market funds, fixed interest deposits and highly liquid fixed maturity investments purchased with an original maturity of three months or less. The majority of our cash and cash equivalents included within the fair value hierarchy are comprised of money market and liquid reserve funds which have been categorized as Level 1. Fixed interest deposits and highly liquid fixed maturity investments with an original maturity of three months or less have been categorized as Level 2. Operating cash balances are not subject to the recurring fair value measurement guidance and are therefore excluded from the fair value hierarchy. Insurance Contracts - Fair Value Option The Company uses an internal model to calculate the fair value of the liability for losses and loss adjustment expenses and reinsurance balances recoverable on paid and unpaid losses for certain retroactive reinsurance contracts where we have elected the fair value option. The fair value was calculated as the aggregate of discounted cash flows plus a risk margin. The discounted cash flow approach uses (i) estimated nominal cash flows based upon an appropriate payment pattern developed in accordance with standard actuarial techniques and (ii) a discount rate based upon a high quality rated corporate bond yield plus a credit spread for non-performance risk. The model uses corporate bond rates across the yield curve depending on the estimated timing of the future cash flows and specific to the currency of the risk. The risk margin was calculated using the present value of the cost of capital. The cost of capital approach uses (i) projected capital requirements, (ii) multiplied by the risk cost of capital representing the return required for non-hedgeable risk based upon the weighted average cost of capital less investment income and (iii) discounted using the weighted average cost of capital. Derivative Instruments The fair values of our derivative instruments, as described in Note 7 - "Derivatives and Hedging Instruments," are classified as Level 2. The fair values are based upon prices in active markets for identical contracts. Level 3 Measurements and Changes in Leveling Transfers into or out of levels are recorded at their fair values as of the end of the reporting period, consistent with the date of determination of fair value. Investments The following tables present a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2020 and 2019: 2020 Privately-held Equities Other Investments Total Beginning fair value $ 265,799 $ 87,869 $ 353,668 Purchases 20,125 47,092 67,217 Sales — (1,289) (1,289) Total realized and unrealized losses (11,183) (40,368) (51,551) Transfer out of Level 3 into Level 2 — (83,740) (83,740) Ending fair value $ 274,741 $ 9,564 $ 284,305 2019 Fixed maturity investments Privately-held Equities Other Investments Total Corporate Residential mortgage-backed Commercial mortgage-backed Asset-backed Beginning fair value $ 37,386 $ — $ 7,389 $ 9,121 $ 228,710 $ 39,367 $ 321,973 Purchases 184 — — — 30,713 56,908 87,805 Sales (3,520) — (784) (3,605) (2,016) (590) (10,515) Total realized and unrealized gains (losses) 90 (1) 64 255 8,392 (7,816) 984 Transfer into Level 3 from Level 2 3,535 102 1,515 21,024 — — 26,176 Transfer out of Level 3 into Level 2 (37,675) (101) (8,184) (26,795) — — (72,755) Ending fair value $ — $ — $ — $ — $ 265,799 $ 87,869 $ 353,668 Net realized and unrealized gains related to Level 3 assets in the table above are included in net realized and unrealized gains (losses) in our consolidated statements of earnings. The securities transferred from Level 2 to Level 3 were transferred due to insufficient market observable inputs for the valuation of the specific assets. The transfers from Level 3 to Level 2 were based upon obtaining market observable information regarding the valuations of the specific assets. Valuations Techniques and Inputs The table below presents the quantitative information related to the fair value measurements for our privately held equity investments measured at fair value on a recurring basis using Level 3 inputs: Quantitative Information about Level 3 Fair Value Measurements Fair Value as of December 31, 2020 Valuation Techniques Unobservable Input Average (1) (in millions of U.S. dollars) $ 230.3 Guideline company methodology Distribution waterfall 12.98 $ 54.0 Cost as approximation of fair value Cost as approximation of fair value $ 284.3 (1) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value. Insurance Contracts - Fair Value Option The following table presents a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2020 and 2019: 2020 2019 Liability for losses and LAE Reinsurance balances recoverable on paid and unpaid losses Net Liability for losses and LAE Reinsurance balances recoverable on paid and unpaid losses Net Beginning fair value $ 2,621,122 $ 695,518 $ 1,925,604 $ 2,874,055 $ 739,591 $ 2,134,464 Assumed business 1,526 (180,972) 182,498 9,218 — 9,218 Incurred losses and LAE: Reduction in estimates of ultimate losses (73,596) 59,478 (133,074) (32,690) (2,958) (29,732) Reduction in unallocated LAE (17,484) — (17,484) (19,915) — (19,915) Change in fair value 157,965 38,919 119,046 160,630 43,449 117,181 Total incurred losses and LAE 66,885 98,397 (31,512) 108,025 40,491 67,534 Paid losses (300,234) (101,326) (198,908) (416,770) (92,145) (324,625) Effect of exchange rate movements 63,621 9,213 54,408 46,594 7,581 39,013 Ending fair value $ 2,452,920 $ 520,830 $ 1,932,090 $ 2,621,122 $ 695,518 $ 1,925,604 The net assumed business of $182.5 million in the current period relates to the Hannover Re novation transaction disclosed in Note 4 - "Significant New Business." Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings. The following table presents the components of the net change in fair value for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Changes in fair value due to changes in: Duration $ 20,861 $ 22,719 $ 74,011 Corporate bond yield 96,478 94,462 (71,031) Weighted cost of capital (5,048) — Risk cost of capital 6,755 — 3,684 Change in fair value $ 119,046 $ 117,181 $ 6,664 Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis as of December 31, 2020 and 2019: 2020 2019 Valuation Technique Unobservable (U) and Observable (O) Inputs Weighted Average Weighted Average Internal model Corporate bond yield (O) A rated A rated Internal model Credit spread for non-performance risk (U) 0.2% 0.2% Internal model Risk cost of capital (U) 5.1% 5.1% Internal model Weighted average cost of capital (U) 8.25% 8.5% Internal model Duration - liability (U) 8.17 years 7.82 years Internal model Duration - reinsurance balances recoverable on paid and unpaid losses (U) 8.23 years 8.68 years The fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses may increase or decrease due to changes in the corporate bond rate, the credit spread for non-performance risk, the risk cost of capital, the weighted average cost of capital and the estimated payment pattern as described below: • An increase in the corporate bond rate or credit spread for non-performance risk would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a decrease in the corporate bond rate or credit spread for non-performance risk would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. • An increase in the weighted average cost of capital would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a decrease in the weighted average cost of capital would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. • An increase in the risk cost of capital would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a decrease in the risk cost of capital would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. • The duration of the liability and recoverable is adjusted every period to reflect actual net payments during the period and expected future payments. An acceleration of the estimated payment pattern, a decrease in duration, would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a deceleration of the estimated payment pattern, an increase in duration, would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. In addition, the estimate of the capital required to support the liabilities is based upon current industry standards for capital adequacy. If the required capital per unit of risk increases, then the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses would increase. Conversely, a decrease in required capital would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Disclosure of Fair Values for Financial Instruments Carried at Cost Senior Notes As of December 31, 2020, our 4.50% Senior Notes due 2022 (the "2022 Senior Notes") and our 4.95% Senior Notes due 2029 (the "2029 Senior Notes" and, together with the 2022 Senior Notes, the "Senior Notes") were carried at amortized cost of $349.3 million and $494.2 million, respectively, while the fair value based on observable market pricing from a third party pricing service was $362.4 million and $573.3 million, respectively. The Senior Notes are classified as Level 2. Junior Subordinated Notes As of December 31, 2020, our 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 (the “Junior Subordinated Notes”) were carried at amortized cost of $344.8 million, while the fair value based on observable market pricing from a third party pricing service was $365.7 million. The Junior Subordinated Notes are classified as Level 2. Insurance Contracts Disclosure of fair value of amounts relating to insurance contracts is not required, except those for which we elected the fair value option, as described above. Remaining Assets and Liabilities Our remaining assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature approximates fair value as of December 31, 2020 and 2019. |
Premiums Written and Earned
Premiums Written and Earned | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
PREMIUMS WRITTEN AND EARNED | $1 million 574,869 159,513 (36,780) 697,602 33.4 % Other reinsurers < $1 million 23,765 3,203 — 26,968 1.3 % Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 100.0 % December 31, 2019 Run-Off Legacy Underwriting Corporate & Other Total % of Total Top 10 reinsurers $ 1,154,110 $ 317,494 $ — $ 1,471,604 67.4 % Other reinsurers > $1 million 653,374 138,699 (103,341) 688,732 31.6 % Other reinsurers < $1 million 19,243 1,555 — 20,798 1.0 % Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 100.0 % December 31, 2020 December 31, 2019 Information regarding top ten reinsurers: Number of top 10 reinsurers rated A- or better 7 8 Number of top 10 non-rated reinsurers (1) 3 2 Reinsurers rated A- or better in top 10 $ 863,819 $ 1,199,479 Non-rated reinsurers in top 10 (1) 500,774 272,125 Total top 10 reinsurance recoverables $ 1,364,593 $ 1,471,604 Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2020 and 2019: Hannover Ruck SE (2) $ — $ 259,077 Lloyd's Syndicates (3) $ 331,118 $ 396,246 Michigan Catastrophic Claims Association (4) $ 229,374 $ — (1) The reinsurance balances recoverable from the three and two non-rated top 10 reinsurers as of December 31, 2020 and 2019, respectively, was comprised of: • $229.4 million and $190.8 million as of December 31, 2020 and December 31, 2019 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state; • $73.8 million and $81.4 million as of December 31, 2020 and December 31, 2019 respectively, due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance; and • $208.4 million as of December 31, 2020 due from Enhanzed Re, an equity method investee to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 21 - "Related Party Transactions". These quota share reinsurance agreements are written on a funds withheld basis with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re. (2) Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best. The transaction described in Note 4 - "Significant New Business" had the effect of reducing the balances due from this reinsurer to below 10% of the total reinsurance balances recoverable as of December 31, 2020. (3) Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best. (4) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state. We evaluate and monitor the credit risk related to our reinsurers, and an allowance for estimated uncollectible reinsurance balances recoverable on paid and unpaid losses ("allowance for estimated uncollectible reinsurance") is established for amounts considered potentially uncollectible. With respect to our process for determining the allowances for estimated uncollectible reinsurance, we adopted ASU 2016-13 and the related amendments on January 1, 2020 and recorded a cumulative effect adjustment of $0.2 million to increase the opening retained earnings on the initial adoption of the guidance. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment. December 31, 2020 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,464,529 $ 60,801 $ 1,403,728 4.2 % Reinsurers rated below A-, secured 608,999 — 608,999 — % Reinsurers rated below A-, unsecured 152,757 76,321 76,436 50.0 % Total $ 2,226,285 $ 137,122 $ 2,089,163 6.2 % December 31, 2019 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,731,270 $ 43,427 $ 1,687,843 2.5 % Reinsurers rated below A-, secured 463,840 — 463,840 — % Reinsurers rated below A-, unsecured 133,663 104,212 29,451 78.0 % Total $ 2,328,773 $ 147,639 $ 2,181,134 6.3 % The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible reinsurance, beginning of year $ 147,639 $ 156,732 Cumulative effect of change in accounting principle (195) — Effect of exchange rate movement 700 (887) Current period change in the allowance (381) 2,077 Write-offs charged against the allowance (9,625) (9,871) Recoveries collected (1,016) (412) Allowance for estimated uncollectible reinsurance, end of year $ 137,122 $ 147,639 13. PREMIUMS WRITTEN AND EARNED The following tables provide a summary of net premiums written and earned for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Premiums Premiums Premiums Premiums Premiums Premiums Run-off Gross $ 5,191 $ 71,522 $ (25,069) $ 197,009 $ (8,910) $ 25,230 Ceded (2,204) (12,827) (269) (28,513) (307) (15,803) Net $ 2,987 $ 58,695 $ (25,338) $ 168,496 $ (9,217) $ 9,427 Legacy Underwriting Gross $ 546,792 $ 658,396 $ 683,722 $ 752,521 $ 826,442 $ 836,883 Ceded (116,955) (144,999) (113,331) (116,970) (162,878) (150,531) Net $ 429,837 $ 513,397 $ 570,391 $ 635,551 $ 663,564 $ 686,352 Total Gross $ 551,983 $ 729,918 $ 658,653 $ 949,530 $ 817,532 $ 862,113 Ceded (119,159) (157,826) (113,600) (145,483) (163,185) (166,334) Net $ 432,824 $ 572,092 $ 545,053 $ 804,047 $ 654,347 $ 695,779 " id="sjs-B4" xml:space="preserve">8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES The following tables provide the total reinsurance balances recoverable on paid and unpaid losses. December 31, 2020 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 938,231 $ 263,638 $ — $ 1,201,869 IBNR 508,082 139,761 — 647,843 ULAE 16,688 — — 16,688 Fair value adjustments - acquired companies — — (15,353) (15,353) Fair value adjustments - fair value option — — (21,427) (21,427) Total reinsurance reserves recoverable 1,463,001 403,399 (36,780) 1,829,620 Paid losses recoverable 172,309 87,234 — 259,543 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,093,053 $ 490,633 $ (15,353) $ 1,568,333 Reinsurance balances recoverable on paid and unpaid losses - fair value option 542,257 — (21,427) 520,830 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 December 31, 2019 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 972,293 $ 273,142 $ — $ 1,245,435 IBNR 673,059 112,471 — 785,530 Fair value adjustments - acquired companies — — (15,255) (15,255) Fair value adjustments - fair value option — — (88,086) (88,086) Total reinsurance reserves recoverable 1,645,352 385,613 (103,341) 1,927,624 Paid losses recoverable 181,375 72,135 — 253,510 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,043,123 $ 457,748 $ (15,255) $ 1,485,616 Reinsurance balances recoverable on paid and unpaid losses - fair value option 783,604 — (88,086) 695,518 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 Our (re)insurance Run-off subsidiaries and assumed portfolios, prior to acquisition, used retrocessional agreements to reduce the exposure to the risk of (re)insurance assumed. On an annual basis, included within the Legacy Underwriting segment, both Atrium (classified as held-for-sale as of December 31, 2020) and StarStone purchased a tailored outwards reinsurance program designed to manage their risk profiles. The majority of Atrium’s and StarStone's third-party reinsurance is with highly rated reinsurers or is collateralized by pledged assets or letters of credit. The fair value adjustments, determined on acquisition of (re)insurance subsidiaries, are based on the estimated timing of loss and LAE recoveries and an assumed interest rate equivalent to a risk free rate for securities with similar duration to the acquired reinsurance balances recoverable on paid and unpaid losses plus a spread for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements. The determination of the fair value adjustments on the retroactive reinsurance contracts for which we have elected the fair value option is described in Note 12 - "Fair Value Measurements". As of December 31, 2020 and 2019, we had reinsurance balances recoverable on paid and unpaid losses of $2.1 billion and $2.2 billion, respectively. The decrease of $92.0 million was primarily due to the Hannover Re transaction, cash collections and the classification of Atrium as held-for-sale at December 31, 2020, partially offset by increases due to the retrocession to Enhanzed Re as discussed in Note 21 - "Related Party Transactions" Top Ten Reinsurers December 31, 2020 Run-Off Legacy Underwriting Corporate & Other Total % of Top 10 reinsurers $ 1,036,676 $ 327,917 $ — $ 1,364,593 65.3 % Other reinsurers > $1 million 574,869 159,513 (36,780) 697,602 33.4 % Other reinsurers < $1 million 23,765 3,203 — 26,968 1.3 % Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 100.0 % December 31, 2019 Run-Off Legacy Underwriting Corporate & Other Total % of Total Top 10 reinsurers $ 1,154,110 $ 317,494 $ — $ 1,471,604 67.4 % Other reinsurers > $1 million 653,374 138,699 (103,341) 688,732 31.6 % Other reinsurers < $1 million 19,243 1,555 — 20,798 1.0 % Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 100.0 % December 31, 2020 December 31, 2019 Information regarding top ten reinsurers: Number of top 10 reinsurers rated A- or better 7 8 Number of top 10 non-rated reinsurers (1) 3 2 Reinsurers rated A- or better in top 10 $ 863,819 $ 1,199,479 Non-rated reinsurers in top 10 (1) 500,774 272,125 Total top 10 reinsurance recoverables $ 1,364,593 $ 1,471,604 Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2020 and 2019: Hannover Ruck SE (2) $ — $ 259,077 Lloyd's Syndicates (3) $ 331,118 $ 396,246 Michigan Catastrophic Claims Association (4) $ 229,374 $ — (1) The reinsurance balances recoverable from the three and two non-rated top 10 reinsurers as of December 31, 2020 and 2019, respectively, was comprised of: • $229.4 million and $190.8 million as of December 31, 2020 and December 31, 2019 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state; • $73.8 million and $81.4 million as of December 31, 2020 and December 31, 2019 respectively, due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance; and • $208.4 million as of December 31, 2020 due from Enhanzed Re, an equity method investee to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 21 - "Related Party Transactions". These quota share reinsurance agreements are written on a funds withheld basis with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re. (2) Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best. The transaction described in Note 4 - "Significant New Business" had the effect of reducing the balances due from this reinsurer to below 10% of the total reinsurance balances recoverable as of December 31, 2020. (3) Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best. (4) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state. We evaluate and monitor the credit risk related to our reinsurers, and an allowance for estimated uncollectible reinsurance balances recoverable on paid and unpaid losses ("allowance for estimated uncollectible reinsurance") is established for amounts considered potentially uncollectible. With respect to our process for determining the allowances for estimated uncollectible reinsurance, we adopted ASU 2016-13 and the related amendments on January 1, 2020 and recorded a cumulative effect adjustment of $0.2 million to increase the opening retained earnings on the initial adoption of the guidance. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment. December 31, 2020 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,464,529 $ 60,801 $ 1,403,728 4.2 % Reinsurers rated below A-, secured 608,999 — 608,999 — % Reinsurers rated below A-, unsecured 152,757 76,321 76,436 50.0 % Total $ 2,226,285 $ 137,122 $ 2,089,163 6.2 % December 31, 2019 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,731,270 $ 43,427 $ 1,687,843 2.5 % Reinsurers rated below A-, secured 463,840 — 463,840 — % Reinsurers rated below A-, unsecured 133,663 104,212 29,451 78.0 % Total $ 2,328,773 $ 147,639 $ 2,181,134 6.3 % The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible reinsurance, beginning of year $ 147,639 $ 156,732 Cumulative effect of change in accounting principle (195) — Effect of exchange rate movement 700 (887) Current period change in the allowance (381) 2,077 Write-offs charged against the allowance (9,625) (9,871) Recoveries collected (1,016) (412) Allowance for estimated uncollectible reinsurance, end of year $ 137,122 $ 147,639 13. PREMIUMS WRITTEN AND EARNED The following tables provide a summary of net premiums written and earned for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Premiums Premiums Premiums Premiums Premiums Premiums Run-off Gross $ 5,191 $ 71,522 $ (25,069) $ 197,009 $ (8,910) $ 25,230 Ceded (2,204) (12,827) (269) (28,513) (307) (15,803) Net $ 2,987 $ 58,695 $ (25,338) $ 168,496 $ (9,217) $ 9,427 Legacy Underwriting Gross $ 546,792 $ 658,396 $ 683,722 $ 752,521 $ 826,442 $ 836,883 Ceded (116,955) (144,999) (113,331) (116,970) (162,878) (150,531) Net $ 429,837 $ 513,397 $ 570,391 $ 635,551 $ 663,564 $ 686,352 Total Gross $ 551,983 $ 729,918 $ 658,653 $ 949,530 $ 817,532 $ 862,113 Ceded (119,159) (157,826) (113,600) (145,483) (163,185) (166,334) Net $ 432,824 $ 572,092 $ 545,053 $ 804,047 $ 654,347 $ 695,779 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 14. GOODWILL AND INTANGIBLE ASSETS The following table presents a reconciliation of the beginning and ending goodwill and intangible assets, included within other assets in the consolidated balance sheets, for the years ended December 31, 2020 and 2019: Goodwill Intangible Intangible assets with an indefinite life Total Balance as of December 31, 2018 $ 109,807 $ 16,887 $ 67,131 $ 193,825 Amortization — (2,257) — (2,257) Balance as of December 31, 2019 $ 109,807 $ 14,630 $ 67,131 $ 191,568 Amortization — (1,524) — (1,524) Impairment losses (StarStone International) (1) (8,000) — (4,000) (12,000) Reclassification to assets held-for-sale (Atrium) (2) (38,848) (13,106) (63,131) (115,085) Balance as of December 31, 2020 $ 62,959 $ — $ — $ 62,959 (1) On June 10, 2020, we announced the StarStone International Run-Off. During the year ended December 31, 2020, we recognized impairment losses of $8.0 million related to the goodwill allocated to StarStone International and $4.0 million on StarStone's Lloyd's syndicate capacity. (2) On August 13, 2020, we announced the Atrium Exchange Transaction, which resulted in the assets and liabilities of Atrium being classified as held-for-sale as of December 31, 2020. Refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further information. The gross carrying value, accumulated amortization and net carrying value of goodwill and intangible assets by segment and by type as of December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, 2019 Gross Accumulated amortization Net Gross Accumulated amortization Net Run-off segment: Goodwill $ 62,959 $ — $ 62,959 $ 62,959 $ — $ 62,959 Legacy Underwriting segment: Goodwill — — — 46,848 — 46,848 Intangible assets with a definite life: Distribution channel — — — 20,000 (8,111) 11,889 Brand — — — 7,000 (4,259) 2,741 Intangible assets with an indefinite life: Lloyd’s syndicate capacity — — — 37,031 — 37,031 Management contract — — — 30,100 — 30,100 Total Legacy Underwriting segment goodwill and intangible assets — — — 140,979 (12,370) 128,609 Total goodwill and intangible assets $ 62,959 $ — $ 62,959 $ 203,938 $ (12,370) $ 191,568 The amortization recorded on the intangible assets of the Legacy Underwriting segment, prior to the reclassification of Atrium to held-for-sale, for the years ended December 31, 2020, 2019 and 2018 was $1.5 million, $2.3 million and $3.6 million, respectively. |
Debt Obligations and Credit Fac
Debt Obligations and Credit Facilities | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations and Credit Facilities | 15. DEBT OBLIGATIONS AND CREDIT FACILITIES We utilize debt and credit facilities primarily for funding acquisitions and significant new business, investment activities and, from time to time, for general corporate purposes. Our debt obligations were as follows: Facility Origination Date Term December 31, 2020 December 31, 2019 4.50% Senior Notes due 2022 March 10, 2017 5 years $ 349,253 $ 348,616 4.95% Senior Notes due 2029 May 28, 2019 10 years 494,194 493,600 Total Senior Notes 843,447 842,216 5.75% Junior Subordinated Notes due 2040 August 26, 2020 20 years 344,812 — EGL Revolving Credit Facility August 16, 2018 5 years 185,000 — 2018 EGL Term Loan Facility December 27, 2018 3 years — 348,991 Total debt obligations $ 1,373,259 $ 1,191,207 In 2020, we issued the Junior Subordinated Notes and fully repaid the 2018 EGL Term Loan Facility. The table below provides a summary of the total interest expense for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Interest expense on debt obligations $ 57,974 $ 51,245 $ 25,205 Amortization of debt issuance costs 1,331 953 537 Funds withheld balances and other 3 343 (46) Total interest expense $ 59,308 $ 52,541 $ 25,696 Senior Notes We have issued two series of Senior Notes as shown in the table above. The Senior Notes are effectively subordinated to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all liabilities of our subsidiaries, including claims of policyholders. The 2022 Senior Notes and the 2029 Senior Notes bear interest at a fixed rate per annum, equal to 4.50% and 4.95%, respectively. Both series of Senior Notes are rated BBB-. We may repurchase the 2029 Senior Notes at any time prior to three months prior to maturity of the 2029 Senior Notes, subject to the payment of a make-whole premium. After such date, we may repurchase the 2029 Senior Notes at a purchase price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. We do not have the right to repurchase the 2022 Senior Notes prior to their maturity. We incurred costs of $2.9 million and $6.8 million in issuing the 2022 and 2029 Senior Notes, respectively. The unamortized costs as of December 31, 2020 were $0.7 million and $5.8 million, respectively. Junior Subordinated Notes 5.75% Junior Subordinated Notes due 2040 On August 26, 2020, our wholly-owned subsidiary, Enstar Finance LLC ("Enstar Finance") issued the Junior Subordinated Notes in an aggregate principal amount of $350.0 million. The Junior Subordinated Notes bear interest (i) during the initial five-year period ending August 30, 2025, at a fixed rate per annual of 5.75% and (ii) during each five-year reset period thereafter beginning September 1, 2025, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 5.468%. The Junior Subordinated Notes are rated BB+ and are unsecured junior subordinated obligations of Enstar Finance. The Junior Subordinated Notes are fully and unconditionally guaranteed by us on an unsecured and junior subordinated basis. These debt securities of Enstar Finance are effectively subordinated to the obligations of our other subsidiaries. Subject to certain requirements and during certain time periods, Enstar Finance may repurchase the Junior Subordinated Notes, in whole or in part, at any time, at a repurchase price equal to at least 100% of the principal amount, plus accrued and unpaid interest. EGL Revolving Credit Facility On August 16, 2018, we entered into a five-year, unsecured $600.0 million revolving credit agreement. We may request additional commitments under the facility up to an additional $400.0 million, which the existing lenders in their discretion or new lenders may provide, in each case subject to the terms of the agreement. To date, we have not requested any additional commitments under the facility. As of December 31, 2020, we were permitted to borrow up to an aggregate of $600.0 million under the revolving credit facility. As of December 31, 2020, there was $415.0 million of available unutilized capacity under the facility. Subsequent to December 31, 2020, we borrowed an additional $20.0 million and repaid $30.0 million, increasing the unutilized capacity under the facility to $425.0 million. We pay interest on loans borrowed under the facility at a per annum rate comprising a reference rate determined based on the type of loan we borrow plus a margin based on the Company's long term senior unsecured debt ratings. The applicable reference rate is adjusted base rate for base rate loans and adjusted LIBOR for LIBOR loans. The applicable margin varies based upon changes to our long term senior unsecured debt ratings assigned by S&P or Fitch. We pay interest quarterly for base rate loans and as frequently as monthly for LIBOR loans, depending on the applicable interest period. We also pay a commitment fee based on the average daily unutilized capacity under the facility. If an event of default occurs, the interest rate may increase and the agent may, and at the request of the required lenders shall, terminate lender commitments and demand early repayment of any outstanding loans borrowed under the facility. 2018 EGL Term Loan Facility On December 27, 2018, we entered into and fully utilized a three-year, unsecured $500.0 million term loan. During 2019, we repaid $150.0 million, and during 2020, we repaid the remaining $350.0 million and terminated the facility. Maturities As of December 31, 2020, the amount of outstanding debt obligations that will become due in each of the next five years and thereafter was as follows: 2021, $0; 2022, $350.0 million; 2023, $185.0 million; 2024, $0; and thereafter, $850.0 million. Letters of Credit We utilize unsecured and secured letters of credit to support certain of our (re)insurance performance obligations. $275.0 million Funds at Lloyd's Letter of Credit Facility On November 5, 2020, we amended and restated our Fund's at Lloyd's letter of credit facility to reduce its capacity to $275.0 million (with the right to request additional commitments under the facility in an aggregate amount not to exceed $75.0 million) and extended its term by two years. We use letters of credit under this facility to satisfy a portion of our Funds at Lloyd's requirements, and letters of credit issued under the facility will expire at the end of 2025. As of December 31, 2020 and December 31, 2019, our combined Funds at Lloyd's comprised cash and investments of $260.9 million and $639.3 million, respectively, and unsecured letters of credit of $210.0 million and $252.0 million, respectively. $120.0 million Letter of Credit Facility We use this facility to provide collateral support for certain reinsurance obligations of our subsidiaries. We may request additional commitments under the facility in an aggregate amount not to exceed $60.0 million, which the existing lender in its discretion or new lenders may provide, in each case subject to the terms of the agreement. As of December 31, 2020 and December 31, 2019, The aggregate amount of letters of credit issued under the facility was $115.7 million and $115.3 million, respectively. $800.0 million Syndicated Letter of Credit Facility On August 4, 2020, we increased the total commitments available under this facility by an aggregate amount of $40.0 million, bringing the total size of the facility to $800.0 million. We use this facility to collateralize certain reinsurance obligations. As of December 31, 2020 and December 31, 2019, the aggregate amount of letters of credit issued under the facility was $587.1 million and $608.0 million, respectively. The December 31, 2020 amount has been revised from $424.1 million that was previously disclosed in our 2020 Annual Report on Form 10-K filed on March 1, 2021. This correction has no material impact on our consolidated financial statements and is not considered material to previously issued financial statements. $65.0 million Letter of Credit Facility On August 4, 2020, we entered into a $65.0 million letter of credit facility agreement pursuant to which we issued a letter of credit to collateralize a portion of our reinsurance obligations relating to our novation transaction with Hannover Re, which we completed on August 6, 2020, as discussed in Note 4 - "Significant New Business". As of December 31, 2020, the aggregate amount of letters of credit issued under the facility was $61.0 million. Subsidiary Capital Letters of Credit We also utilize unsecured and secured letters of credit to support the regulatory capital requirements of certain of our subsidiaries. $100.0 million Bermuda Letter of Credit Facility On December 22, 2017, we entered into a $100.0 million subsidiary capital letter of credit facility agreement. The letter of credit issued under the agreement qualifies as eligible capital for one of our Bermuda regulated subsidiaries. As of December 31, 2020, the aggregate face amount of letters of credit under the facility was $100.0 million. GBP £32.0 million United Kingdom Letter of Credit Facility On December 8, 2020, we entered into a £32.0 million ($43.7 million) subsidiary capital letter of credit facility agreement. The letter of credit issued under the agreement qualifies as Ancillary Own Funds capital for one of our U.K. regulated subsidiaries. As of December 31, 2020, the aggregate face amount of letters of credit under the facility was $43.7 million. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | 16. NONCONTROLLING INTEREST We have both redeemable noncontrolling interest ("RNCI") and noncontrolling interest ("NCI") on our consolidated balance sheets. RNCI with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at redemption value, which is fair value. The change in fair value is recognized through retained earnings as if the balance sheet date were also the redemption date. In addition, we also have NCI, which does not have redemption features and is classified within equity in the consolidated balance sheets. Redeemable Noncontrolling Interest RNCI as of December 31, 2020 and 2019 comprised the ownership interests held by the Trident V Funds (39.3%) and the Dowling Funds (1.7%) in our subsidiary North Bay. As discussed in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations," North Bay owned our investments in Northshore, the holding company that owns Atrium and Arden, and SSHL, the holding company for the StarStone group. The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2020 and 2019: 2020 2019 Balance at beginning of year $ 438,791 $ 458,543 Capital contributions — 13,127 Dividends paid — (11,556) Net losses attributable to RNCI (27,512) (12,029) Change in unrealized gains (losses) on AFS investments attributable to RNCI 1,517 (126) Change in currency translation adjustments attributable to RNCI (1,397) 10 Change in redemption value of RNCI (46,224) (9,178) Cumulative effect of change in accounting principle attributable to RNCI (1) 261 — Balance at end of year $ 365,436 $ 438,791 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. We carried the RNCI at its estimated redemption value, which is fair value, as of December 31, 2020 and 2019. The decrease in the year ended December 31, 2020 included $27.5 million of net losses attributable to RNCI primarily arising on StarStone and which result from COVID-19 related net underwriting losses and exit costs associated with the decision to place StarStone International into run-off, partially offset by the gain on sale of StarStone U.S.; and $46.2 million due to change in redemption value. The redemption value decreased as a result of the StarStone International Run-Off decision and the agreement to sell both StarStone U.S and Northshore. Following the completion of the Atrium Exchange Transaction on January 1, 2021, as described in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations," we will deconsolidate the RNCI relating to Northshore in the first quarter of 2021, and thereafter the remaining RNCI will be for StarStone International. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 17. SHAREHOLDERS' EQUITY As of December 31, 2020 and 2019, the authorized share capital was 111,000,000 ordinary shares ("Voting Ordinary Shares") and non-voting convertible ordinary shares ("Non-Voting Ordinary Shares"), each of par value $1.00 per share, and 45,000,000 preferred shares of par value $1.00 per share. Voting Ordinary Shares Our Voting Ordinary Shares are listed and trade under the "ESGR" ticker symbol on the NASDAQ Global Select Market. Each Voting Ordinary Share entitles the holder thereof to one vote. Share Repurchases On March 9, 2020, our Board of Directors adopted a stock trading plan for the purpose of repurchasing a limited number of our Company’s ordinary shares, not to exceed $150.0 million in aggregate (the "Repurchase Program"). On March 23, 2020, we suspended our Repurchase Program due to uncertainty from the COVID-19 pandemic. The Repurchase Program resumed on September 21, 2020 and expires on March 1, 2021. From inception to December 31, 2020, we repurchased 178,280 ordinary shares at an average price of 145.87, for an aggregate price of $26.0 million under the Repurchase Program. As of December 31, 2020, the remaining capacity under the Repurchase Program was $124.0 million. We did not repurchase any shares subsequent to December 31, 2020. Joint Share Ownership Plan On January 21, 2020, 565,630 Voting Ordinary Shares were issued to the trustee of the Enstar Group Limited Employee Benefit Trust (the "EB Trust"). Voting rights in respect of shares held in the EB Trust have been contractually waived. We have consolidated the EB Trust, and shares held in the EB Trust are classified like treasury shares as contra-equity in our consolidated balance sheet. The EB Trust supports awards made under our Joint Share Ownership Plan, as described in Note 19 - "Share-Based Compensation and Pensions." Shares issued in acquisition of KaylaRe On May 14, 2018, 1,501,778 Voting Ordinary Shares were issued as consideration for the acquisition of KaylaRe Holdings Ltd, as described in Note 3 - "Business Acquisitions". Warrants As of December 31, 2020, there were warrants outstanding to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share, subject to certain adjustments (the "Warrants"). The Warrants were issued in April 2011 and expire in April 2021. Series C Preferred Shares As of December 31, 2020, there were 388,571 Series C Participating Non-Voting Perpetual Preferred Shares ("Series C Preferred Shares") issued and held by one of our wholly-owned subsidiaries. The Series C Preferred Shares (i) upon liquidation, dissolution or winding up of the Company, entitle their holders to a preference over holders of our ordinary voting and non-voting shares of an amount equal to $0.001 per share with respect to surplus assets and (ii) are non-voting except in certain limited circumstances. The Series C Preferred shares have dividend rights equal to those of the ordinary voting shares, subject to certain limitations and in an amount determined by a "participation rate" that is generally reflective of the reduction in the number of Series C Preferred Shares issued in exchange for the previously outstanding Series A Shares. The Series C Preferred Shares otherwise rank on parity with the ordinary voting and non-voting shares, and they rank senior to each other class or series of share capital, unless the terms of any such class or series shall expressly provide otherwise. Dividends on Preferred Shares Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year, commencing on September 1, 2018 for the Series D Preferred Shares and March 1, 2019 for the Series E Preferred Shares, of 7.00% per annum. Commencing on September 1, 2028, the Series D Preferred Shares will convert to a floating rate basis and dividends will be payable on a non-cumulative basis, when, as and if declared, at three-month LIBOR plus 4.015% per annum. Dividends that are not declared will not accumulate and will not be payable. During the years ended December 31, 2020, 2019 and 2018, we declared and paid dividends on Series D Preferred Shares of $28.0 million, $28.0 million and $12.1 million, respectively. During the years ended December 31, 2020 and 2019, we declared and paid dividends on Series E Preferred Shares of $7.7 million and $7.9 million, respectively. On February 5, 2021, we declared $7.0 million and $1.9 million of dividends on the Series D and E Preferred Shares, respectively, to be paid on March 1, 2021 to shareholders of record as of February 15, 2021. Any payment of dividends must be approved by our Board of Directors. Our ability to pay dividends is subject to certain restrictions, as described in Note 22 - "Dividend Restrictions and Statutory Financial Information". The following table presents a roll forward of accumulated other comprehensive income (loss): Unrealized gains (losses) arising during the year Cumulative Currency Translation Adjustment Defined Benefit Pension Liability Total Balance, December 31, 2017, net of tax $ 2,440 $ 11,171 $ (3,143) $ 10,468 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year (2,284) — — (2,284) Reclassification adjustment for net realized (gains) losses included in net earnings 63 — — 63 Change in currency translation adjustment — (202) — (202) Decrease in defined benefit pension liability — — 2,156 2,156 Total other comprehensive income (loss) (2,221) (202) 2,156 (267) Other comprehensive (income) loss attributable to RNCI 222 17 — 239 Balance, December 31, 2018, net of tax 441 10,986 (987) 10,440 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year 2,896 — — 2,896 Reclassification adjustment for net realized (gains) losses included in net earnings (3,894) — — (3,894) Change in currency translation adjustment — (2,428) — (2,428) Decrease in defined benefit pension liability — — 42 42 Total other comprehensive income (loss) (998) (2,428) 42 (3,384) Other comprehensive (income) loss attributable to RNCI 125 (10) — 115 Balance, December 31, 2019, net of tax (432) 8,548 (945) 7,171 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year 104,924 — — 104,924 Reclassification adjustment for change in allowance for credit losses recognized in net earnings (509) — — (509) Reclassification adjustment for net realized (gains) losses included in net earnings (18,033) — — (18,033) Reclassification to earnings on disposal of subsidiary (11,856) 34 — (11,822) Change in currency translation adjustment — (2,103) — (2,103) Decrease in defined benefit pension liability — — 1,152 1,152 Total other comprehensive income (loss) 74,526 (2,069) 1,152 73,609 Other comprehensive (income) loss attributable to RNCI (1,518) 1,397 — (121) Balance, December 31, 2020, net of tax $ 72,576 $ 7,876 $ 207 $ 80,659 The following table presents details about the tax effects allocated to each component of other comprehensive income (loss): Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Twelve months ended December 31, 2020 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year $ 115,610 $ (10,686) $ 104,924 Reclassification adjustment for change in allowance for credit losses recognized in net earnings (499) (10) (509) Reclassification adjustment for net realized (gains) losses included in net earnings (19,766) 1,733 (18,033) Reclassification to earnings on disposal of subsidiary (15,008) 3,152 (11,856) Change in currency translation adjustment (2,294) 191 (2,103) Reclassification to earnings on disposal of subsidiary 34 — 34 Decrease in defined benefit pension liability 1,097 55 1,152 Other comprehensive income (loss) $ 79,174 $ (5,565) $ 73,609 In the year ended December 31, 2019 and 2018, the deferred tax (expense) benefit associated with items reported in other comprehensive income (loss) was subject to a full valuation allowance. For information on valuation allowances on deferred tax assets, refer to “Assessment of Valuation Allowance on Deferred Tax Assets” within Note 20 - "Income Taxation." The following table presents details amounts reclassified from accumulated other comprehensive income: Details about AOCI components 2020 2019 2018 Affected Line Item in Statement where Net Earnings are presented Unrealized gains (losses) on fixed income available-for-sale investments $ 18,682 $ 3,894 $ (63) Net realized and unrealized gains (losses) 16,591 — — Net earnings from discontinued operations 35,273 3,894 (63) Total before tax (4,875) — — Income tax (expense) 30,398 3,894 (63) Net of tax Currency translation adjustment on disposal of subsidiary (34) — — Net earnings from discontinued operations Total reclassifications for the period, net of tax $ 30,364 $ 3,894 $ (63) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted net earnings per ordinary share for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Numerator: Earnings (loss) per share attributable to Enstar ordinary shareholders: Net earnings (loss) from continuing operations (1) $ 1,711,810 $ 897,825 $ (163,232) Net earnings from discontinued operations (2) 7,534 4,350 878 Net earnings (loss) attributable to Enstar ordinary shareholders $ 1,719,344 $ 902,175 $ (162,354) Denominator: Weighted-average ordinary shares outstanding — basic (3) 21,551,408 21,482,617 20,698,310 Effect of dilutive securities: Share-based compensation plans (4) 208,293 227,878 129,746 Warrants 58,593 64,571 76,120 Weighted-average ordinary shares outstanding — diluted 21,818,294 21,775,066 20,904,176 Earnings (loss) per share attributable to Enstar ordinary shareholders: Basic: Net earnings (loss) from continuing operations $ 79.43 $ 41.80 $ (7.89) Net earnings from discontinued operations 0.35 0.20 0.05 Net earnings (loss) per ordinary share $ 79.78 $ 42.00 $ (7.84) Diluted (5) : Net earnings (loss) from continuing operations $ 78.45 $ 41.23 $ (7.89) Net earnings from discontinued operations 0.35 0.20 0.05 Net earnings (loss) per ordinary share $ 78.80 $ 41.43 $ (7.84) (1) Net earnings (loss) from continuing operations attributable to Enstar ordinary shareholders equals net earnings (loss) from continuing operations, plus net loss (earnings) from continuing operations attributable to noncontrolling interest, less dividends on preferred shares. (2) Net earnings (loss) from discontinued operations attributable to Enstar ordinary shareholders equals net earnings (loss) from discontinued operations, net of income taxes, plus net loss (earnings) from discontinued operations attributable to noncontrolling interest; refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for a breakdown by period. (3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the EB Trust in respect of JSOP awards. (4) Share-based dilutive securities include restricted shares, restricted share units, and performance share units. Certain share-based compensation awards, including the ordinary shares held in the EB Trust in respect of JSOP awards, were excluded from the calculation for the year ended December 31, 2020 because they were anti-dilutive. (5) During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. |
Share-Based Compensation and Pe
Share-Based Compensation and Pensions | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation and Pensions | 19. SHARE-BASED COMPENSATION AND PENSIONS Share-based compensation The 2016 and 2006 Equity Incentive Plans are our primary share-based compensation plans. We also maintain other share-based compensation plans as discussed below. The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Share-based compensation plans: Restricted shares and restricted share units $ 8,286 $ 6,564 $ 7,641 Performance share units 12,678 23,582 1,968 Cash-settled stock appreciation rights 215 2,575 (3,316) Joint share ownership plan expense 4,296 — — Other share-based compensation plans: Northshore/Atrium incentive plan 971 3,652 2,792 StarStone incentive plan (223) 223 — Deferred compensation and ordinary share plan for non-employee directors 1,183 992 1,155 Employee share purchase plan 339 411 430 Total share-based compensation $ 27,745 $ 37,999 $ 10,670 The associated tax benefit recorded to income tax expense in the Consolidated statement of operations was $2.7 million, $2.9 million and $1.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Shares and Restricted Share Units Restricted shares and restricted share units are service awards that typically vest over three years. These awards are share-settled and are recorded in additional paid-in capital on the consolidated balance sheets. The fair value of these awards is measured at the grant date and expensed over the service period. The following table summarizes the activity related to restricted shares and restricted share awards during 2020: Number of Shares Weighted-Average Share Price Nonvested — January 1 64,572 $180.49 Granted 70,012 152.28 Vested (38,961) 174.93 Forfeited (373) 177.73 Nonvested — December 31 95,250 161.60 Performance Share Units ("PSUs") PSUs are share-settled and vest following the end of the three-year performance period. The number of shares to vest will be determined by a performance adjustment based on either (i) the change in fully diluted book value per share ("FDBVPS") over three years, or (ii) average annual non-GAAP operating income return on equity, excluding StarStone. Performance Share Units based on FDBVPS The following table summarizes the awards granted, the vested and unvested PSU awards at December 31, 2020, and the performance criteria and associated performance multipliers at various levels of achievement. Grant Year Inception-to-date Activity Roll-forward Performance Criteria: Performance Multiplier PSUs Granted Forfeited Estimated Change in Multiplier Vested Unvested at December 31, 2020 Threshold Target Target + Maximum Threshold Target Target + Maximum 2017 36,321 (12,267) 9,527 (33,581) — 20.00 % 30.00 % N/A 40.00 % 50.00 % 100.00 % N/A 150.00 % 2017 91,875 — 18,100 (109,975) — 30.30 % 35.65 % N/A 41.00 % 50.00 % 100.00 % N/A 150.00 % 2018 39,682 (12,545) 10,218 (6,700) 30,655 25.00 % 32.50 % N/A 40.00 % 50.00 % 100.00 % N/A 150.00 % 2019 18,308 (1,758) 7,835 (881) 23,504 20.00 % 30.00 % N/A 40.00 % 60.00 % 100.00 % N/A 150.00 % 2020 22,591 (2,151) — (701) 19,739 25.00 % 32.50 % N/A 40.00 % 60.00 % 100.00 % N/A 150.00 % 2020 52,948 — — — 52,948 33.10 % 36.80 % 44.30 % 52.10 % 50.00 % 100.00 % 150.00 % 200.00 % 261,725 (28,721) 45,680 (151,838) 126,846 For each type of PSU based on FDBVPS, a change in the FDBVPS Performance Criteria at each of Threshold, Target and Maximum will result in the application of the respective Threshold, Target and Maximum Performance Multiplier and a settlement of awards at that level. In addition, for the 2020 FDBVPS Type II award, a change in the FDBVPS Performance Criteria at "Target +" will result in the application of the "Target +" Performance Multiplier. Straight-line interpolation applies within these ranges, and no settlement occurs if the increase in FDBVPS is less than the Threshold. Performance Share Units based on Average Annual Non-GAAP Operating Income Return on Equity ("Operating ROE") The following table summarizes the awards granted, the vested and unvested units at December 31, 2020, and the performance criteria and associated performance multipliers at various levels of achievement. Grant Year Inception-to-date Activity Roll-forward Performance Criteria: Performance Multiplier PSUs Granted Forfeited Estimated Change in Multiplier Vested Unvested at December 31, 2020 Threshold Target Maximum Threshold Target Maximum 2019 18,308 (1,756) 7,811 (930) 23,433 9.60 % 12.00 % 14.40 % 60.00 % 100.00 % 150.00 % 2020 22,560 (2,151) — (701) 19,708 9.60 % 12.00 % 14.40 % 60.00 % 100.00 % 150.00 % 40,868 (3,907) 7,811 (1,631) 43,141 Annual Operating ROE is calculated based upon the non-GAAP operating income return on opening shareholder's equity, excluding StarStone. Average Annual Operating ROE is the sum of the three individual year annual operating ROE %'s divided by three. An Average Annual Operating ROE of Target to Maximum or more results in a settlement of 100% to a maximum of 150% of the units granted, respectively. An Average Annual Operating ROE of Threshold to Target results in a settlement of 60% to 100%. Straight-line interpolation applies within these ranges and no settlement occurs if the Average Annual Operating ROE is less than the Threshold. Performance Multipliers For expense purposes we assume a Target vesting at the initial time of award. At the end of each reporting period, we estimate the expected performance multiplier, as shown in the table below: Award Description 2020 2019 2018 2017 FDBVPS Type I (30.00% Target Change) 139% (1) 139% 50% 2017 FDBVPS Type II (35.65% Target Change) 120% (1) 120% 50% 2018 FDBVPS 150% (1) 100% 50% 2019 FDBVPS 150% 100% N/A 2019 Average Operating ROE 150% 100% N/A 2020 FDBVPS Type I (32.50% Target Change) 100% N/A N/A 2020 Average Operating ROE 100% N/A N/A 2020 FDBVPS Type II (36.80% Target Change) 100% N/A N/A (1) Multipliers for the 2017 and 2018 awards are the final achieved terms. The unrecognized compensation cost related to our unvested PSU share awards as of December 31, 2020 was $14.4 million. This cost is recognizable over the next 1.9 years, which is the weighted average contractual life. Roll-forward of Performance Share Units The following table summarizes the activity related to PSUs during 2020: Number of Weighted-Average Share Price Nonvested — January 1 206,949 $185.61 Granted 98,099 167.94 Change in performance multiplier 25,850 179.71 Vested (153,469) 187.24 Forfeited (7,442) 146.76 Nonvested — December 31 169,987 174.10 Cash-Settled Stock Appreciation Rights Cash-settled stock appreciation right awards ("SARs") give the holder the right, upon exercise, to receive in cash the difference between the market price per share of our ordinary shares at the time of exercise and the exercise price of the SARs. The exercise price of each SAR is equal to the market price of our ordinary shares on the date of the grant. Vested SARs are exercisable for periods not to exceed either 4 years or 10 years from the date of grant. We have not granted any new SARs since 2015. The following table summarizes the activity related to SARs during 2020: Number of SARs Weighted-Average Exercise Price of SARs Weighted-Average Expected Term (in years) Aggregate Intrinsic Value (1) Balance, beginning of year 89,227 $ 143.33 Exercised (12,793) 136.94 Balance, end of year 76,434 144.40 1.90 $ 4,623 (1) The aggregate intrinsic value is calculated as the pre-tax difference between the exercise price of the underlying share awards and the closing price per share of our ordinary shares of $204.89 on December 31, 2020. Compensation expense for SARs is based on the estimated fair value on the date of grant using the Black-Scholes valuation model, which requires the use of subjective assumptions related to the expected stock price volatility, expected term, expected dividend yield and risk-free interest rate. SARs are liability-classified awards for which compensation expense and the liability are re-measured using the then-current Black Scholes assumptions at each interim reporting date based upon the portion of the requisite service period rendered. There was no unrecognized compensation cost related to our SARs as of December 31, 2020. The following table sets forth the assumptions used to estimate the fair value of the SARs using the Black-Scholes option valuation model as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Weighted-average fair value per SAR $ 78.47 $ 76.03 $ 45.85 Weighted-average volatility 49.43 % 19.75 % 18.94 % Weighted-average risk-free interest rate 0.15 % 1.64 % 2.72 % Dividend yield 0.00 % 0.00 % 0.00 % Joint Share Ownership Plan Under the JSOP, we have the ability to make equity awards to our U.K.-based staff through which a recipient acquires jointly held interests in a set number of our Voting Ordinary Shares together with the independent trustee of the EB Trust at fair market value, pursuant to the terms of a joint ownership agreement. Voting rights in respect of shares held in the EB Trust are contractually waived. Shares held in the EB Trust are classified as treasury shares. On January 21, 2020, a JSOP award comprising 565,630 underlying Voting Ordinary Shares was made to our Chief Executive Officer which cliff-vests after 3 years. The value of the award at vesting, if any, is determined based on the price of our Voting Ordinary Shares appreciating above a certain threshold between the date of grant and the vesting date. If the higher of the closing price per Share on January 20, 2023 and the 10-day volume weighted average price per Share for the ten by 565,630. If the Market Price is less than $266.00 on such date, the award will have no value. In addition, 20% of the award is subject to a performance condition based on growth in fully diluted book value per share between January 1, 2020 and December 31, 2022. The accounting for stock-settled JSOP awards is similar to options, whereby the grant date fair value of $13.6 million is expensed over the life of the award. To determine the grant date fair value of $24.13 per share, we utilized a Monte-Carlo valuation model with the following assumptions: 2020 Weighted-average volatility 18.66 % Weighted-average risk-free interest rate 1.55 % Dividend yield 0.00 % The unrecognized compensation cost related to our unvested JSOP share awards as of December 31, 2020 was $9.4 million. This cost is recognizable over the next 2.1 years, which is the weighted average contractual life. Northshore and Atrium Incentive Plans Our subsidiary, Northshore, had long-term incentive plans that award time-based restricted shares of Northshore to certain Atrium employees. Shares generally vested over two StarStone Incentive Plan Our subsidiary, StarStone, had long-term incentive plans that were cash-settled plans for StarStone employees. The awards were based on StarStone's performance over two Deferred Compensation and Ordinary Share Plan for Non-Employee Directors The number of units credited to the accounts of non-employee directors for the years ended December 31, 2020, 2019 and 2018 under the Enstar Group Limited Deferred Compensation and Ordinary Share Plan for Non-Employee Directors (the "Deferred Compensation Plan") were 7,204, 5,976 and 5,691, respectively. Employee Share Purchase Plan We provide an Employee Share Purchase Plan whereby eligible employees may purchase Enstar shares at a 15% discount to market price, in an amount of share value limited to the lower of $21,250 or 15% of the employee's base salary. The 15% discount is expensed as compensation cost. The number of shares issued to employees under the Employee Share Purchase Plan for the years ended December 31, 2020, 2019 and 2018 were 16,914, 15,269 and 14,183, respectively. Pension Plans We provide retirement benefits to eligible employees through various plans that we sponsor. Pension expense can be affected by changes in our employee headcount. The table below summarizes the expense related to our Defined Contribution Plans and our Defined Benefit Plan for the years ended December 31, 2020, 2019 and 2018. 2020 2019 2018 Defined contribution plans $ 11,791 $ 11,798 $ 11,434 Defined benefit plan 2,975 684 2,243 Total pension expense $ 14,766 $ 12,482 $ 13,677 |
Income Taxation
Income Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxation | 20. INCOME TAXATION Enstar Group Limited is incorporated under the laws of Bermuda and under Bermuda law is not required to pay taxes in Bermuda based upon income or capital gains. The Company, under the Exempted Undertakings Tax Protection Act of 1966, is protected against any legislation that may be enacted in Bermuda which would impose any tax on profits, income, or gain until March 31, 2035. We have foreign operating subsidiaries and branch operations principally located in the United States, United Kingdom, Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. The undistributed earnings from our foreign subsidiaries will be indefinitely reinvested in those jurisdictions where the undistributed earnings were earned. Deferred tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. Generally, when earnings are distributed as dividends, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to unremitted earnings because, solely for U.S. Federal income tax purposes, there are no accumulated positive earnings and profits that could be subject to U.S. dividend withholding tax. For our United Kingdom subsidiaries, there are no withholding taxes imposed as a matter of UK domestic tax law. For our other foreign subsidiaries, an insignificant amount of earnings is indefinitely reinvested; however, it would not be practicable to compute the related amounts of withholding taxes due to a variety of factors, including the amount, timing and manner of any repatriation. Because we operate in many jurisdictions, our net earnings are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate. Income Tax Expense The following table presents earnings (loss) before income taxes by jurisdiction attributable to continuing operations, including earnings from equity method investments, for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Domestic (Bermuda) $ 1,503,505 $ 576,338 $ (232,743) Foreign 231,444 356,878 15,293 Total earnings (loss) before income taxes attributable to continuing operations $ 1,734,949 $ 933,216 $ (217,450) The following table presents our current and deferred income tax expense (benefit) attributable to continuing operations by jurisdiction for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Current: Domestic (Bermuda) $ — $ — $ — Foreign 15,232 16,330 (917) 15,232 16,330 (917) Deferred: Domestic (Bermuda) — — — Foreign 8,595 (3,958) (2,772) 8,595 (3,958) (2,772) Total income tax expense (benefit) attributable to continuing operations $ 23,827 $ 12,372 $ (3,689) The actual effective income tax rate differs from the statutory rate of 0 percent under Bermuda law to earnings (loss) attributable to continuing operations before income taxes, including earnings (loss) from equity method investments for the years ended December 31, 2020, 2019 and 2018 as shown in the following reconciliation: 2020 2019 2018 Earnings (loss) before income taxes $ 1,734,949 $ 933,216 $ (217,450) Bermuda income taxes at statutory rate 0.0 % 0.0 % 0.0 % Foreign income tax rate differential 1.2 % 8.6 % 0.6 % Change in valuation allowance 0.1 % (7.2) % (1.8) % U.S. base erosion and anti-abuse tax — % 0.3 % (0.3) % Other 0.1 % (0.4) % 3.2 % Effective tax rate 1.4 % 1.3 % 1.7 % Our effective tax rate is generally driven by the geographical distribution of our pre-tax earnings between our taxable and non-taxable jurisdictions. Deferred Tax Assets and Liabilities Deferred tax assets and liabilities (included in other assets and other liabilities, respectively, on the consolidated balance sheet) reflect the tax effect of the differences between the financial statement carrying amount and the income tax bases of assets and liabilities. Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 141,459 $ 144,609 Insurance reserves 22,238 7,535 Unearned premiums 68 151 Provisions for bad debt 407 6,172 Defendant asbestos and environmental liabilities 121,006 140,000 Other deferred tax assets 16,696 3,230 Deferred tax assets 301,874 301,697 Valuation allowance (118,229) (117,390) Deferred tax assets, net of valuation allowance 183,645 184,307 Deferred tax liabilities: Unrealized gains on investments (20,185) (14,079) Lloyd's underwriting profit taxable in future periods (15,555) (8,852) Deferred policy acquisition cost — (8,267) Other deferred tax liabilities (9,242) (13,390) Deferred tax liabilities (44,982) (44,588) Net deferred tax asset $ 138,663 $ 139,719 Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction: December 31, 2020 2019 Net Deferred Tax Net Deferred Tax United States $ 156,730 $ 154,700 United Kingdom (18,095) (16,074) Other 28 1,093 Total $ 138,663 $ 139,719 Net Operating Loss Carryforwards: As of December 31, 2020, we had net operating loss carryforwards that could be available to offset future taxable income, as follows: Tax Jurisdiction Loss Carryforwards Tax effect Expiration Operating and Capital Loss Carryforwards: United States - Net operating loss $ 428,732 $ 90,034 2024-2038 United Kingdom 185,230 35,194 Indefinitely Luxembourg 17,200 4,300 2035-2036 Other 48,683 11,931 Indefinitely The U.S. and UK net operating loss carryforwards are also subject to certain utilization limitations and have been considered in management's assessment of Valuation Allowance. Assessment of Valuation Allowance on Deferred Tax Assets As of December 31, 2020 and 2019, we had deferred tax asset valuation allowances of $118.2 million and $117.4 million, respectively, related to foreign subsidiaries. We recorded a net increase of $0.8 million in our deferred tax valuation allowance primarily due to a change in deferred tax assets which management does not believe meet the "more likely than not" realization standard. The realization of deferred tax assets is dependent on generating sufficient taxable income in future periods in which the tax benefits are deductible or creditable. The amount of the deferred tax asset considered realizable, however, could be revised in the future if estimates of future taxable income change. Income taxes are determined and assessed jurisdictionally by legal entity or by filing group. Certain jurisdictions require or allow combined or consolidated tax filings. We have estimated future taxable income of our foreign subsidiaries and provided a valuation allowance in respect of those assets where we do not expect to realize a benefit. We have considered all available evidence using a “more likely than not” standard in determining the amount of the valuation allowance. We considered the following evidence: (i) net earnings or losses in recent years; (ii) the future sustainability and likelihood of positive net earnings of our subsidiaries; (iii) the carryforward periods of tax losses including the effect of reversing temporary differences; and (iv) tax planning strategies, in making our determination. The assumptions used in determining future taxable income require significant judgment and any changes in these assumptions could have an impact on earnings. Unrecognized Tax Benefits During the years ended December 31, 2020, 2019 and 2018, there were no unrecognized tax benefits. There were no accruals for the payment of interest and penalties related to unrecognized tax benefits as of each of December 31, 2020, 2019 and 2018. Open Tax Years Our operating subsidiaries may be subject to audit by various tax authorities and may have different statutes of limitations expiration dates. Tax authorities may propose adjustments to our income taxes. Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2020: Major Tax Jurisdiction Open Tax Years United States 2017-2020 United Kingdom 2019-2020 Australia 2015-2020 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 21. RELATED PARTY TRANSACTIONSStone Point Capital LLCThrough several private transactions occurring from May 2012 to July 2012 and an additional private transaction that closed in May 2018, investment funds managed by Stone Point Capital LLC ("Stone Point") have acquired an aggregate of 1,635,986 of our Voting Ordinary Shares (which constitutes 8.8% of our outstanding Voting Ordinary Shares). On November 6, 2013, we appointed James D. Carey to our Board of Directors. Mr. Carey is the sole member of an entity that is one of four general partners of the entities serving as general partners for Trident, is a member of the investment committees of such general partners, and is a member and senior principal of Stone Point, the manager of the Trident funds. On November 30, 2020, we completed the sale and recapitalization of StarStone U.S. to Core Specialty in a transaction described in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations". Pursuant to the terms of a Recapitalization Agreement entered into on August 13, 2020 among us, the Trident V Funds, which are advised by Stone Point, and the Dowling Funds (the "Recapitalization Agreement"), we agreed to exchange a portion of our indirect interest in Northshore, the holding company that owns Atrium and Arden, for all of the Trident V Funds’ indirect interest in StarStone U.S. (the “Exchange Transaction”), which is described in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations." Our interests in StarStone and Atrium are held through North Bay, which is a joint venture between us, the Trident V Funds and the Dowling Funds. As of December 31, 2020, we had an indirect 59.0% interest in North Bay and the Trident V Funds and the Dowling Funds owned 39.3% and 1.7%, respectively. North Bay owned 100% of StarStone Specialty Holdings Limited ("SSHL"), the holding company for the StarStone group, which included StarStone U.S. and StarStone International. North Bay also owned 92% of Northshore. North Bay also owns the preferred equity of three segregated cells within our wholly-owned subsidiary Fitzwilliam Insurance Limited (the “Fitzwilliam Cells”) that have provided reinsurance to StarStone and are considered part of StarStone International. Following the completion of the sale and recapitalization of StarStone U.S. and the Exchange Transaction, we now own 25.23% of Core Specialty on a fully diluted basis, which owns StarStone U.S., and 13.8% of Northshore, which continues to own Atrium and Arden. The Trident V Funds own 76.3% of Northshore, and the Dowling Funds own 0.4% of Core Specialty and 1.6% of Northshore. The Exchange Transaction had no impact on the ultimate ownership of SSHL, which continues to own StarStone International, with us, the Trident V Funds and the Dowling Funds retaining our and their prior ownership interests in SSHL of 59.0%, 39.3% and 1.7%, respectively. In connection with the closing of the Exchange Transaction, we entered into amended and restated shareholders’ agreements with the Trident V Funds and the Dowling Funds with respect to our investment in SSHL and Northshore. With respect to SSHL, we have the right to designate three of five members of the SSHL board of directors and the Trident V Funds have the right to designate the other two members. The Trident V Funds also have certain customary rights as a minority shareholder to approve certain material matters and transactions. Each shareholder of SSHL must provide us and the Trident V Funds with a right of first offer to acquire its shares in SSHL if such shareholder wishes to sell them. Each shareholder will also have certain rights to participate in sales of SSHL shares by the other shareholders, and we have certain rights to cause the Trident V Funds and the Dowling Funds to sell their SSHL shares if we wish to sell control of SSHL or the StarStone International business. Also pursuant to the terms of the shareholders’ agreement for SSHL, at any time after December 31, 2022, the Trident V Funds have the right to cause us to purchase their shares in SSHL at their fair market value, and the Dowling Funds have the right to participate in any such sale transaction initiated by the Trident V Funds. We would be entitled to pay the purchase price for such SSHL shares in cash or in unrestricted ordinary shares of Enstar that are then listed or admitted to trading on a national securities exchange. At any time after March 31, 2023, we will have the right to cause the Trident V Funds and the Dowling Funds to sell their shares in SSHL to us at their fair market value. We would be obligated to pay the purchase price for such SSHL shares in cash. Pursuant to the terms of the shareholders’ agreement for Northshore, for so long as we own 50% or more of the Northshore shares we held upon the closing of the Exchange Transaction, we have the right to designate one member to the board of directors of Northshore and each of its material subsidiaries. Our shares in Northshore are subject to an 18-month restriction on transfer following the closing of the Exchange Transaction, after which the Trident V Funds have a right of first offer to acquire our shares in Northshore if we wish to sell them. We have certain rights to participate in sales of Northshore shares by the Trident V Funds, and the Trident V Funds have certain rights to cause us to sell our Northshore shares if the Trident V Funds wish to sell control of Northshore or the Atrium business. We, in partnership with StarStone's other shareholders, have previously completed transactions to provide capital support to StarStone in the form of: (i) a contribution to its contributed surplus account and a loss portfolio transfer, effective October 1, 2018. To fund the transaction, the North Bay shareholders contributed an aggregate amount of $135.0 million to North Bay in proportion to their ownership interests. Trident’s proportionate contribution of $53.1 million was temporarily funded by North Bay and was reimbursed in the first quarter of 2019; and (ii) a loss portfolio transfer, effective April 1, 2019, for which shareholders agreed to contribute an aggregate amount of $48.0 million. In addition, Enstar has separately entered into a loss portfolio transfer and adverse development cover with StarStone effective October 1, 2019, whereby StarStone transferred $189.4 million in loss reserves and unearned premium to a wholly-owned Enstar subsidiary in exchange for premium of $189.4 million. Enstar also provided an additional $59.0 million adverse development cover in excess of the $189.4 million. As of December 31, 2020 and December 31, 2019, the RNCI on our balance sheet relating to these Trident co-investment transactions was $350.2 million and $420.5 million, respectively. As of December 31, 2020, we had the following additional relationships with Stone Point and its affiliates: • Investments in funds (carried within other investments) managed by Stone Point, with respect to which we recognized net unrealized gains (losses); • Investments in registered investment companies affiliated with entities owned by Trident or otherwise affiliated with Stone Point, with respect to which we recognized net unrealized gains (losses) and interest income; • Separate accounts managed by Eagle Point Credit Management, PRIMA Capital Advisors and SKY Harbor Capital Management, which are affiliates of entities owned by Trident, with respect to which we incurred management fees; • Investments in funds (carried within other investments) managed by Sound Point Capital, an entity in which Mr. Carey has an indirect minority ownership interest and serves as a director, with respect to which we recognized net unrealized gains (losses); • Sound Point Capital has acted as collateral manager for certain of our direct investments in CLO debt and equity securities, with respect to which we recognized net unrealized gains (losses) and interest income; • Marble Point Capital, which is an affiliate of an entity owned by Trident, has acted as collateral manager for certain of our direct investments in CLO debt and equity securities, with respect to which we recognized net unrealized gains (losses) and interest income; • A separate account managed by Sound Point Capital, with respect to which we incurred management fees in prior periods; • In the fourth quarter of 2018, we invested $25.0 million in Mitchell TopCo Holdings, the parent company of Mitchell International and Genex Services, as a co-investor alongside certain Trident funds; and • In the second quarter of 2020, we invested $10.0 million in a 2 year senior secured unrated floating rate term loan facility with an extension option which was arranged and managed by Sound Point Capital. The facility's borrower, Amplify U.S. Inc., is a subsidiary of Evergreen (as defined below) and has used the proceeds to purchase AmTrust's preferred stock. The facility ranks senior to all other claims of the borrower, the purchased preferred stock and cash flows therefrom serve as collateral, and AmTrust has provided an unsecured guarantee for the facility. For further information on our relationships with Evergreen and AmTrust, refer to the AmTrust section below. The following table presents the amounts included in our consolidated balance sheet related to our related party transactions with Stone Point and its affiliated entities: December 31, 2020 December 31, 2019 Short-term investments, AFS, at fair value $ 878 $ 1,431 Fixed maturities, trading, at fair value 196,086 269,131 Fixed maturities, AFS, at fair value 227,397 160,303 Equities, at fair value 103,914 121,794 Other investments, at fair value: Hedge funds 19,844 18,993 Fixed income funds 210,017 381,449 Private equity funds 37,262 34,858 CLO equities 38,658 32,560 CLO equity funds 166,523 87,509 Private Debt 27,016 16,312 Real estate fund 27,278 18,106 Total investments 1,054,873 1,142,446 Cash and cash equivalents 23,933 54,080 Other assets 403 10 Other liabilities 745 4,710 Net investment $ 1,078,464 $ 1,191,826 The following table presents the amounts included in net earnings related to our related party transactions with Stone Point and its affiliated entities: 2020 2019 2018 Net investment income $ 16,325 $ 8,733 $ 7,424 Net realized and unrealized gains (losses) 23,750 26,631 207 Total net earnings $ 40,075 $ 35,364 $ 7,631 On December 15, 2016, KaylaRe completed an initial capital raise of $620.0 million. We originally owned 48.2% of KaylaRe's common shares and recorded our investment in KaylaRe using the equity method basis of accounting, pursuant to the conclusion that we were not required to consolidate following an analysis based on the guidance in ASC 810 - Consolidation . On May 14, 2018, we completed a transaction to acquire all of the outstanding shares and warrants of KaylaRe, following the receipt of all required regulatory approvals. In consideration for the acquired shares and warrants of KaylaRe, we issued an aggregate of 2,007,017 ordinary shares, comprising 1,501,778 voting ordinary shares and 505,239 Series E non-voting ordinary shares to the shareholders of KaylaRe as follows: (i) 1,204,353 voting ordinary shares and 505,239 Series E Shares to a fund managed by Hillhouse Capital Management, Ltd.; (ii) 285,986 voting ordinary shares to Trident; and (iii) 11,439 voting ordinary shares to the minority shareholder. In addition, the Shareholders Agreement between Enstar and the other KaylaRe shareholders was effectively terminated. Effective May 14, 2018 we consolidated KaylaRe into our consolidated financial statements and any balances between KaylaRe and Enstar are now eliminated on consolidation. Refer to Note 3 - "Business Acquisitions" for additional information. Effective September 30, 2019, KaylaRe and KaylaRe Ltd. merged with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of the Company, with Cavello Bay Reinsurance Limited as the surviving company. Our consolidated statement of earnings for the year ended December 31, 2018 included the following balances related to transactions between us and KaylaRe and KaylaRe Ltd. up until May 14, 2018, the date of acquisition: 2018 Fee income due to Enstar Limited $ 1,453 Transactions under KaylaRe-StarStone QS: Ceded premium earned (52,651) Net incurred losses 31,654 Acquisition costs 18,774 Total net earnings (loss) $ (770) We have made significant direct investments in funds (the "Hillhouse Funds") managed by Hillhouse Capital Management, Ltd. and Hillhouse Capital Advisors, Ltd. (together, "Hillhouse Capital") and AnglePoint Asset Management Ltd., an affiliate of Hillhouse Capital ("AnglePoint"). As of December 31, 2020, the carrying value (i.e., the net asset value) of our direct investment in the InRe Fund, L.P. (the "InRe Fund"), which is managed by AnglePoint, was $2.4 billion (December 31, 2019: $918.6 million). The growth in the fund for the year ended December 31, 2020 was generated by significant unrealized investment gains during the year and an increase in our subscription to the fund of $300.0 million in June 2020. The InRe Fund qualifies as a variable interest entity and our maximum exposure to loss is the amount of our investment in the fund, as disclosed in the table below. As of December 31, 2020, the InRe Fund's assets were invested (5)% in net short fixed income securities, 20% in North American equities, 67% in international equities and 18% in financing, derivatives and other items. The derivatives in the InRe Fund are used for both hedging and investment purposes. The InRe Fund utilizes prime brokerage borrowing facilities and has also securitized certain letters of credit relating to intragroup reinsurances. We do not provide any financial support to the InRe Fund. Funds that employ leverage through borrowings and derivatives can generate outsized returns but can also experience greater levels of volatility. As of December 31, 2020 and 2019, our equity method investee, Enhanzed Re, had investments in a fund managed by AnglePoint, as set forth in the table below. Our consolidated balance sheet as of December 31, 2020 and 2019 included the following balances related to transactions with Hillhouse Capital and AnglePoint (as applicable): 2020 2019 Investments in funds managed by AnglePoint, held by Enhanzed Re $ 851,435 $ 327,799 Our ownership percentage of Enhanzed Re 47.4 % 47.4 % Our share of investments in funds managed by AnglePoint held by Enhanzed Re (through our equity method investment ownership) $ 403,580 $ 155,377 Investment in other funds managed by AnglePoint and Hillhouse: InRe Fund $ 2,365,158 $ 918,633 Other funds 369,508 232,968 $ 2,734,666 $ 1,151,601 We incurred management and performance fees of $489.0 million, which is deducted from the Hillhouse Funds' reported NAV, for the year ended December 31, 2020 in relation to the investment in funds managed by Hillhouse Capital and AnglePoint as described above. This amount has been revised from $394.0 million disclosed in our 2020 Annual Report on Form 10-K to correct management and performance fees for the full year 2020. This correction has no impact on our consolidated financial statements and is not considered material to previously issued financial statements. On February 21, 2021, we entered into a Termination and Release Agreement with InRe Fund, Hillhouse Capital, AnglePoint, and certain of their affiliates to terminate certain relationships, primarily with respect to InRe Fund, and to work collaboratively to effectuate the smooth transition of these changes. Pursuant to the Termination and Release Agreement, AnglePoint will cease to serve as the InRe Fund's investment manager on or prior to April 1, 2021 in connection with the intended purchase of AnglePoint’s Hong Kong affiliate (“AnglePoint HK”) by us or our designee from affiliates of Hillhouse Capital. As part of those transactions, AnglePoint will assign its investment management agreement with InRe Fund to AnglePoint HK. In connection with AnglePoint ceasing to serve as investment manager, affiliates of Hillhouse Capital agreed to a deduction of $100.0 million from amounts due to them from the InRe Fund and to waive their right to receive any performance fees that could have been earned for 2021. The Agreement also includes mutual releases of certain liabilities and obligations between Enstar and its affiliates on the one hand and Hillhouse and its affiliates on the other hand. In the first quarter of 2021, as a result of the Termination and Release Agreement, we will re-evaluate our conclusions with regard to consolidation of the InRe Fund in accordance with the accounting for variable interest entities. Monument Insurance Group Limited ("Monument Re") was established in October 2016 and Enstar has invested a total of $59.6 million in the common and preferred shares of Monument Re as of December 31, 2020 (December 31, 2019: $26.6 million). We own 20% of the common shares of Monument Re, as well as different classes of preferred shares which have fixed dividend yields, and which collectively represented a total economic interest of 23.0% as of December 31, 2020 (December 31, 2019: 23.5%). In connection with our investment in Monument Re, we entered into a Shareholders Agreement with the other shareholders and have accounted for our equity interest in Monument Re as an equity method investment since we have significant influence over its operating and financial policies. On May 31, 2019, we completed the transfer of our remaining life assurance policies written by our wholly-owned subsidiary Alpha Insurance SA to a subsidiary of Monument Re. In this transaction, we transferred policy benefits for life and annuity contracts with a carrying value of €88.8 million (or $99.1 million) and total assets with a fair value of €91.1 million (or $101.6 million) to a subsidiary of Monument Re. Our investment in the common and preferred shares of Monument Re, which is included in equity method investments on our consolidated balance sheet, as of December 31, 2020 and 2019 was $193.7 million and $60.6 million, respectively. During the twelve months ended December 31, 2020 and 2019 our share of net earnings on our investment in Monument Re was $88.3 million and $19.8 million, respectively. In addition, we received director fees from Monument Re of less than $0.1 million in connection with one of our representatives serving on Monument Re's board of directors during the twelve months ended December 31, 2020. Effective January 1, 2017, we sold SeaBright Insurance Company (“SeaBright Insurance”) to Clear Spring PC Acquisition Corp., a subsidiary of Delaware Life Insurance Company ("Delaware Life"). Following the sale, SeaBright Insurance was capitalized with $56.0 million of equity, with Enstar retaining a 20% indirect equity interest in SeaBright Insurance. Subsequently, SeaBright Insurance was renamed Clear Spring Property and Casualty Company ("Clear Spring"). Effective December 30, 2020, we sold our remaining interest in Clear Spring to Delaware Life for $12.2 million and recorded a gain on sale of $0.6 million in the fourth quarter of 2020. As a result, Clear Spring was not a related party as of December 31, 2020. Prior to the sale, we accounted for our equity interest in Clear Spring as an equity method investment as we had significant influence over its operating and financial policies. Our investment in the common shares of Clear Spring which is included in equity method investments on our consolidated balance sheet, as of December 31, 2020 and 2019 was $0 and $10.6 million, respectively. During the twelve months ended December 31, 2020 and 2019 our share of net earnings on our investment in Clear Spring was $1.0 million and $0.6 million, respectively. Effective January 1, 2017, StarStone National Insurance Company (“StarStone National”) entered into a ceding quota share treaty with Clear Spring pursuant to which Clear Spring reinsures 33.3% of core workers' compensation business written by StarStone National. This agreement was terminated as of December 31, 2018. Effective January 1, 2017, we also entered into an assuming quota share treaty with Clear Spring pursuant to which an Enstar subsidiary reinsures 25% of all workers' compensation business written by Clear Spring. This is recorded as other activities. As noted above, Clear Spring was not a related party as of December 31, 2020. Our consolidated balance sheet as of December 31, 2019 included the following balances between us and Clear Spring: 2019 Balances under StarStone ceding quota share included, in assets or liabilities held-for-sale: Reinsurance balances recoverable on paid and unpaid losses $ 22,812 Prepaid insurance premiums 51 Ceded payable 3,616 Ceded acquisition costs 21 Balances under assuming quota share: Losses and LAE 6,135 Unearned reinsurance premiums 13 Funds held 8,611 Our consolidated statement of earnings for the years ended December 31, 2020, 2019 and 2018 included the following amounts between us and Clear Spring: 2020 2019 2018 Transactions under StarStone ceding quota share, included in net earnings (loss) from discontinued operations: Ceded premium earned $ 122 $ (14,994) $ (29,520) Net incurred losses and LAE 2,730 6,567 18,143 Acquisition costs 56 356 7,035 Transactions under assuming quota share: Premium earned (15) 3,749 7,380 Net incurred losses and LAE 1,014 (2,202) (4,536) Acquisition costs 11 (92) (1,836) Total net earnings (loss) $ 3,918 $ (6,616) $ (3,334) Our indirect investment in the shares of AmTrust, carried in equities on our consolidated balance sheet, as of December 31, 2020 and 2019 was $230.3 million and $240.1 million, respectively. The following table presents the amounts included in net earnings related to our related party transactions with AmTrust: 2020 2019 2018 Net investment income $ 7,365 $ 7,667 $ 299 Net realized and unrealized gains (11,183) 10,086 — Total net earnings $ (3,818) $ 17,753 $ 299 In June 2018, we made a $50.0 million indirect investment in the shares of Citco III Limited ("Citco"), a fund administrator with global operations. As of December 31, 2020, we owned 31.9% of the common shares in HH CTCO Holdings Limited, which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco. Pursuant to an investment agreement and in consideration for participation therein, a related party of Hillhouse Capital provided us with investment support. In a private transaction that preceded our co-investment opportunity, certain Citco shareholders, including Trident, agreed to sell all or a portion of their interests in Citco. As of December 31, 2020, Trident owned 3.4% interest in Citco. Mr. Carey currently serves as an observer to the board of directors of Citco in connection with Trident's investment therein. Our indirect investment in the shares of Citco, which is included in equity method investments on our consolidated balance sheet, as of December 31, 2020 and 2019 was $53.0 million and $51.7 million, respectively. During the twelve months ended December 31, 2020 and 2019 our share of net earnings on our indirect investment in Citco was $2.2 million and $2.7 million, respectively. Enhanzed Re is a joint venture between Enstar, Allianz SE ("Allianz") and Hillhouse Capital that was capitalized in December 2018. Enhanzed Re is a Bermuda-based Class 4 and Class E reinsurer and will reinsure life, Non-life Run-off, and property and casualty insurance business, initially sourced from Allianz and Enstar. Enstar, Allianz and Hillhouse Capital affiliates have made equity investment commitments in the aggregate of $470.0 million to Enhanzed Re. Enstar owns 47.4% of the entity, Allianz owns 24.9%, and an affiliate of Hillhouse Capital owns 27.7%. As of December 31, 2020, Enstar contributed $154.1 million of its total capital commitment to Enhanzed Re and had an uncalled amount of $68.7 million. We have accounted for our equity interest in Enhanzed Re as an equity method investment as we have significant influence over its operating and financial policies. Enstar acts as the (re)insurance manager for Enhanzed Re, for which it receives fee income recorded within fees and commission income, AnglePoint acts as the primary investment manager, and an affiliate of Allianz provides investment management services. Enhanzed Re writes business from affiliates of its operating sponsors, Allianz SE and Enstar. It also underwrites other business to maximize diversification by risk and geography. Our investment in the common shares of Enhanzed Re, which is included in equity method investments on our consolidated balance sheet, as of December 31, 2020 and 2019 was $330.3 million and $182.9 million, respectively. During the twelve months ended December 31, 2020 and 2019 our share of net earnings on our investment in Enhanzed Re was $147.3 million and $28.9 million, respectively. We have ceded 10% of the Zurich and AXA transactions, as discussed in Note 4 - "Significant New Business," to Enhanzed Re on the same terms and conditions as those received by Enstar. During the year ended December 31, 2020, one of our UK-based Run-off subsidiaries ceded $137.0 million of net loss reserves to Enhanzed Re. The reinsurance is on a funds held basis with fixed crediting rates. Our consolidated balance sheet as of December 31, 2020 and 2019 included the following balances between us and Enhanzed Re: 2020 2019 Balances under ceding quota share: Reinsurance balances recoverable $ 208,379 $ 59,601 Funds held 193,981 50,089 Insurance balances payables 1,276 1,443 Other assets 730 1,033 Our consolidated statement of earnings for the years ended December 31, 2020 and 2019 included the following amounts between us and Enhanzed Re: 2020 2019 Amounts under ceding quota share: Ceded premium earned $ (391) $ — Net incurred losses and LAE (5,977) — Acquisition costs 169 73 Net investment income (4,272) — Net realized and unrealized gains (740) — Other income 2,617 — Fees and commission income 572 749 Total Net earnings $ (8,022) $ 822 Change in unrealized gains (losses) on AFS investments $ (2,729) $ — Core Specialty Following the sale and recapitalization of StarStone U.S. as described in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations," our investment in the common shares of Core Specialty, which is included in equity method investments on our consolidated balance sheet, was $235.0 million as of December 31, 2020. In connection with the sale and recapitalization of StarStone U.S. we entered into an LPT and ADC reinsurance agreement with respect to StarStone U.S.’ legacy reserves. Concurrent with the closing of the LPT and ADC reinsurance agreement, we entered into an ASA with StarStone U.S., through which one of our wholly-owned subsidiaries was appointed as an independent contractor to provide certain administrative services covering the business we assumed from StarStone U.S. through the LPT and ADC reinsurance agreement. In addition, concurrent with the sale of StarStone U.S. to Core Specialty, one of our wholly-owned subsidiaries entered into a TSA with Core Specialty through which our subsidiary and Core Specialty agreed to provide certain transitional services to each other relating to the StarStone U.S. businesses, for a specified period of time. On completion of the sale and recapitalization of StarStone U.S. on November 30, 2020, we received $235.0 million of Core Specialty shares and $51.5 million of cash. Subsequently, the cash component of the consideration has been determined to be $47.0 million. The surplus of $4.5 million is repayable to Core Specialty and is recorded within other liabilities. Furthermore, there are existing reinsurance agreements whereby (i) certain of our subsidiaries provide reinsurance protection to StarStone U.S. ("the assuming reinsurances") and (ii) StarStone U.S. provides reinsurance protection to certain of our subsidiaries ("the ceding reinsurances"). These arrangements remain in place. Our consolidated balance sheet as of December 31, 2020 included the following balances between us and Core Specialty: 2020 Balances under assuming quota share, LPT and ADC reinsurances: Funds held by reinsured companies $ 58,086 Other assets 38,846 Losses and loss adjustment expenses 682,637 Insurance and reinsurance balances payable 24,806 Other liabilities 5,003 Balances under ceding reinsurances: Reinsurance balances recoverable on paid and unpaid losses 1,736 Balances under service agreements: Other assets 6,727 Other liabilities 328 Balances under sale and recapitalization agreement: Other liabilities 4,512 Our consolidated statement of earnings for the year ended December 31, 2020 included the following amounts between us and Core Specialty: 2020 Transactions under assuming quota share, LPT and ADC reinsurances: Net premiums earned $ 76 Net incurred losses and loss adjustment expenses (1,223) Acquisition costs 458 Transactions under service agreements: Fees and commission income 4,004 Total net earnings $ 3,315 |
Dividend Restrictions and Statu
Dividend Restrictions and Statutory Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Dividend Restrictions and Statutory Financial Information | 22. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION Parent Company Dividend Restrictions There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2020. Bermuda law permits the payment of dividends if (i) we are not, or would not be after payment, unable to pay our liabilities as they become due and (ii) the realizable value of our assets is in excess of our liabilities after taking such payment into account. We have not historically declared a dividend on our ordinary shares. The issuance of our Series D and E Preferred Shares have resulted in the declaration of dividends. Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year of 7.0% per annum. Refer to Note 17 - "Shareholders' Equity" for details regarding dividends on preferred shares. The Bermuda Monetary Authority ("BMA") acts as group supervisor to Enstar. On an annual basis, we are required to file group statutory financial statements, a group statutory financial return, a group capital and solvency return, audited group financial statements and a Group Solvency Self-Assessment ("GSSA") with the BMA. The GSSA is designed to document our perspective on the capital resources necessary to achieve our business strategies and remain solvent, and to provide the BMA with insights on our risk management, governance procedures and documentation related to this process. We are required to maintain available group statutory capital and surplus in an amount that is at least equal to the group enhanced capital requirement ("Group ECR"). The BMA has also established a group target capital level equal to 120% of the Group ECR. We are in compliance with these requirements. Our ability to pay dividends to our shareholders is dependent upon the ability of our (re)insurance subsidiaries to distribute capital and pay dividends to us. Our (re)insurance subsidiaries are subject to certain regulatory restrictions on the distribution of capital and payment of dividends in the jurisdictions in which they operate, as described below. The restrictions are generally based on net income or levels of capital and surplus as determined in accordance with the relevant statutory accounting practices. Failure of these subsidiaries to meet their applicable regulatory requirements could result in restrictions on any distributions of capital or retained earnings or stricter regulatory oversight of the subsidiaries. Our ability to pay dividends and make other forms of distributions may also be limited by repayment obligations and financial covenants in our outstanding loan facility agreements. Subsidiary Statutory Financial Information and Dividend Restrictions Our (re)insurance subsidiaries prepare their statutory financial statements in accordance with statutory accounting practices prescribed or permitted by local regulators. Statutory and local accounting differs from U.S. GAAP, including in the treatment of investments, acquisition costs and deferred income taxes, amongst other items. The statutory capital and surplus amounts for the years ended December 31, 2020 and 2019 and statutory net income amounts for the years ended December 31, 2020, 2019 and 2018 for our (re)insurance subsidiaries based in Bermuda, the United Kingdom, Australia, the United States and Continental Europe are summarized in the table below which includes information relating to acquisitions from the year of acquisition: Statutory Capital and Surplus Required Actual Statutory Income 2020 2019 2020 2019 2020 2019 2018 Bermuda $ 2,711,687 $ 2,138,395 $ 5,565,429 $ 4,016,663 $ 1,850,913 $ 643,683 $ 29,486 U.K. 803,685 837,104 1,224,208 1,532,751 43,219 154,644 (52,936) U.S. 185,904 364,507 554,339 861,379 (67,477) 121,406 (75,005) Europe 95,746 94,334 214,115 229,344 (983) 11,816 (17,611) Australia 18,858 18,110 58,531 37,815 (1,722) 4,847 1,761 As of December 31, 2020, the total amount of net assets of our consolidated subsidiaries that were restricted was $3.8 billion. Certain material aspects of these laws and regulations as they relate to solvency, dividends and capital and surplus are summarized below. Bermuda Our Bermuda-based (re)insurance subsidiaries are registered under the Insurance Act 1978 of Bermuda and related regulations, as amended (the "Insurance Act"). The Insurance Act imposes certain solvency and liquidity standards and auditing and reporting requirements and grants the BMA powers to supervise, investigate, require information and the production of documents and intervene in the affairs of insurance companies. The Insurance Act requires that our Bermuda-based (re)insurance subsidiaries maintain certain solvency and liquidity standards. The minimum liquidity ratio requires that the value of relevant assets not be less than 75% of the amount of relevant liabilities. The minimum solvency margin, which varies depending on the class of the insurer, is determined as a percentage of either net reserves for losses and LAE or premiums. Our Bermuda subsidiaries with commercial insurance licenses are required to maintain a minimum statutory capital and surplus (Enhanced Capital Requirement or "ECR") at least equal to the greater of a minimum solvency margin or the Bermuda Solvency Capital Requirement ("BSCR"). The BSCR is calculated based on a standardized risk-based capital model as provided by the BMA. Each of our regulated Bermuda subsidiaries would be prohibited from declaring or paying any dividends if it were in breach of its minimum solvency margin or liquidity ratio or if the declaration or payment of such dividends would cause it to fail to meet such margin or ratio. In addition, each of our regulated Bermuda subsidiaries is prohibited, without the prior approval of the BMA, from reducing by 15% or more its total statutory capital, or from reducing by 25% of more its total statutory capital and surplus, as set out in its previous year’s statutory financial statements. Our Bermuda insurance companies that are in run-off are required to seek BMA approval for any dividends or distributions. As of December 31, 2020 and 2019, each of our Bermuda-based (re)insurance subsidiaries exceeded their respective minimum solvency and liquidity requirements. The Bermuda (re)insurance subsidiaries in aggregate exceeded minimum solvency requirements by $2.9 billion as of December 31, 2020 (2019: $1.9 billion) and were in compliance with their liquidity requirements. U.K. Insurance Companies (non-Lloyd's) Our U.K. based insurance subsidiaries are regulated by the U.K. Prudential Regulatory Authority (the "PRA") and the Financial Conduct Authority (the "FCA", together with the PRA, the "U.K. Regulator"). Our U.K.-based insurance subsidiaries are required to maintain adequate financial resources in accordance with the requirements of the U.K. Regulator. Insurers must comply with a Solvency Capital Requirement ("SCR"), which is calculated using either the Solvency II standard formula or a bespoke internal model. Our non-Lloyd's U.K. companies use the standard formula for determining compliance with the SCR. The calculation of the minimum capital resources requirements in any particular case depends on, among other things, the type and amount of insurance business written and claims paid by the insurance company. As of December 31, 2020 and 2019, all of our U.K. insurance subsidiaries maintained capital in excess of the minimum capital resources requirements and complied with the relevant U.K. Regulator requirements. Our U.K.-based insurance subsidiaries, including our Lloyd's Syndicates described below, in aggregate, maintained capital in excess of the minimum capital resources requirements by $420.5 million and $695.6 million as of December 31, 2020 and 2019, respectively. The U.K. Regulator’s rules require our U.K. insurance subsidiaries to obtain regulatory approval for any proposed or actual payment of a dividend. The U.K. Regulator uses the SCR, among other tests, when assessing requests to make distributions. Lloyd’s As of December 31, 2020, we participated in the Lloyd’s market through our interests in: (i) Atrium’s Syndicate 609, which is managed by Atrium Underwriters Limited, a Lloyd's managing agent; (ii) StarStone’s Syndicate 1301, which is managed by StarStone Underwriting Limited ("SUL"), a Lloyd’s managing agent; and (iii) Syndicate 2008, a wholly aligned syndicate that has permission to underwrite RITC business and other run-off or discontinued business type transactions with other Lloyd’s syndicates. We participated on each of the three syndicates through a single, wholly owned Lloyd’s corporate member. SUL serves as managing agent for Syndicate 2008. On November 17, 2020, we announced an agreement to sell SUL, together with the right to operate StarStone's Syndicate 1301; and on January 1, 2021, we sold the Atrium business. These transactions are discussed further in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations." The underwriting capacity of a member of Lloyd’s is supported by providing Funds at Lloyd’s, as described in Note 6 - "Investments". Business plans, including maximum underwriting capacity, for Lloyd’s syndicates requires annual approval by the Lloyd’s Franchise Board, which may require changes to any business plan or additional capital to support underwriting plans. The Lloyd’s market has applied the Solvency II internal model under Lloyd’s supervision, and our Lloyd’s operations are required to meet Solvency II standards. Lloyd's has the approval of the PRA to use its internal model under the Solvency II regime. United States Our U.S. Run-off (re)insurance subsidiaries are subject to the insurance laws and regulations of the states in which they are domiciled, licensed and/or eligible to conduct business. These laws restrict the amount of dividends the subsidiaries can pay to us. The restrictions are generally based on statutory net income and/or certain levels of statutory surplus as determined in accordance with the relevant statutory accounting requirements of the individual domiciliary states or states in which any of the (re)insurance subsidiaries are commercially domiciled. Generally, prior regulatory approval must be obtained before an insurer may make a distribution above a specified level. The U.S. (re)insurance subsidiaries are also required to maintain minimum levels of solvency and liquidity as determined by law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by our U.S. (re)insurance subsidiaries in relation to three major risk areas associated with: (i) asset risk; (ii) insurance risk and (iii) other risks. For all of our U.S. (re)insurance subsidiaries, with the exception of one subsidiary which has a permitted accounting practice to treat an adverse development cover reinsurance agreement as prospective reinsurance, there are no prescribed or permitted statutory accounting practices that differ significantly from the statutory accounting principles established by NAIC. As of December 31, 2020, all of our U.S. non-life (re)insurance subsidiaries exceeded their required levels of risk-based capital. On an aggregate basis, our U.S. non-life (re)insurance subsidiaries exceeded their minimum levels of risk-based capital as of December 31, 2020 by $362.2 million (2019: $488.3 million). Europe Our Liechtenstein insurance subsidiary (StarStone Insurance SE) is regulated by the Liechtenstein Financial Market Authority ("FMA") pursuant to the Liechtenstein Insurance Supervisory Act. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2020, this subsidiary exceeded the Solvency II requirements by $97.6 million (2019: $119.0 million). The amount of dividends that this subsidiary is permitted to distribute is restricted to freely distributable reserves, which consist of retained earnings, the current year profit and legal reserves. Any dividend exceeding the current year profit requires the FMA’s approval. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution. Australia The Company’s Australian insurance subsidiary is regulated and subject to prudential supervision by the Australian Prudential Regulation Authority (“APRA”). APRA is the primary regulatory body responsible for regulating compliance with the Insurance Act 1973. APRA’s prudential standards require that all insurers maintain and meet prescribed capital adequacy requirements designed to ensure that insurers to meet their insurance obligations under a wide range of scenarios. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 23. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We believe that there are no significant concentrations of credit risk associated with our cash and cash equivalents, fixed maturity investments, or other investments. Our cash and investments are managed pursuant to guidelines that follow prudent standards of diversification and liquidity, and limit the allowable holdings of a single issue and issuers. We are also subject to custodial credit risk on our investments, which we manage by diversifying our holdings amongst large financial institutions that are highly regulated. We have exposure to credit risk on certain of our assets pledged to ceding companies under insurance contracts. In addition, we are potentially exposed should any insurance intermediaries be unable to fulfill their contractual obligations with respect to payments of balances owed to and by us. Credit risk exists in relation to (re)insurance balances recoverable on paid and unpaid losses. We remain liable to the extent that counterparties do not meet their contractual obligations and, therefore, we evaluate and monitor concentration of credit risk among our (re)insurers. We are also subject to credit risk in relation to funds held by reinsured companies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. The funds may be placed into trust or subject to other security arrangements. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. As of December 31, 2020, we had a significant funds held concentration of $955.0 million to one reinsured company which has financial strength credit ratings of A+ from A.M. Best and AA from S&P. We limit the amount of credit exposure to any one counterparty and none of our counterparty credit exposures, excluding U.S. government instruments and the counterparty noted above, exceeded 10% of shareholders’ equity as of December 31, 2020. Our credit exposure to the U.S. government was $1.4 billion as of December 31, 2020. Legal Proceedings We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation are included in the liability for losses and LAE in our consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to asbestos and environmental and other claims. Unfunded Investment Commitments As of December 31, 2020, we had unfunded commitments of $975.5 million to other investments, $68.7 million to equity method investments and $5.0 million to fixed maturity investments. Guarantees As of December 31, 2020 and 2019, parental guarantees and capital instruments supporting subsidiaries' insurance obligations were $1.5 billion and $1.0 billion, respectively. We also guarantee the Junior Subordinated Notes and the FAL facility, which are described in Note 15 - "Debt Obligations and Credit Facilities." Redeemable Noncontrolling Interest We have the right to purchase the RNCI interests from the RNCI holders at certain times in the future (each such right, a "call right") and the RNCI holders have the right to sell their RNCI interests to us at certain times in the future (each such right, a "put right"). Pursuant to the Exchange Transaction described in Note 21 - "Related Party Transactions" we exchanged a portion of our indirect interest in Northshore, the holding company that owns Atrium and Arden, for all of the Trident V Funds' indirect interest in StarStone U.S. on January 1, 2021. Following the Leases We have recognized a right-of-use asset and an offsetting lease liability on our consolidated balance sheets, relating primarily to office space and facilities that we have leased to conduct our business operations. On an ongoing basis we determine whether an arrangement is a lease or contains a lease at inception and also complete an assessment to determine the classification of each lease as either a finance lease or an operating lease. Our leases are all currently classified as operating leases. Our leases have remaining lease terms of one year to 36 years, some of which include options to extend the lease term for up to five years and some of which include options to terminate the lease within one year. We consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Renewal options that we believe we are likely to exercise are considered when determining lease terms. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Since a majority of our leases do not provide an implicit discount rate, we use our collateralized incremental borrowing rate in determining the present value of lease payments. The table below provides the lease cost and other information relating to our operating leases for the years ended December 31, 2020 and 2019: 2020 2019 Lease cost: Operating lease cost $ 12,720 $ 13,627 Short-term lease cost (1) 246 — Total lease cost 12,966 13,627 Sub-lease income (2) (553) (542) Total net lease cost $ 12,413 $ 13,085 Other information: Operating cash paid for amounts included in the measurement of lease liabilities $ 13,421 $ 11,129 Non-cash activity: right-of-use assets relating to leases 295 57,536 Weighted-average remaining lease term 6.1 years 6.3 years Weighted-average discount rate 6.5 % 6.3 % (1) Leases with an initial lease term of twelve months or less are not recognized within our consolidated balance sheets. (2) Sub-lease income consists of rental income received from third parties to whom we have sub-leased some of our leased office spaces and is included within other income in our consolidated statements of earnings. Lease expense for the year ended December 31, 2018 was $11.3 million, relating to office space and facilities that we leased to conduct our business operations. The table below provides a summary of the operating leases recorded on our consolidated balance sheets for the years ended December 31, 2020 and 2019: Balance sheet classification 2020 2019 Right-of-use assets (1) (2) Other assets $ 32,297 $ 46,747 Current lease liabilities (2) Other liabilities 7,959 11,403 Non-current lease liabilities (2) Other liabilities 27,064 34,785 (1) Following our decision to put the StarStone International operations into orderly run-off effective June 10, 2020, we recorded total impairment charges of $3.5 million on the right-of-use assets relating to certain StarStone International operating leases as of December 31, 2020. (2) The right-of-use assets and the total lease liability balances exclude balances of $1.0 million and $0.8 million respectively, related to Atrium which have been reclassified to held-for-sale balances on our consolidated balance sheet as of December 31, 2020. The table below provides a summary of the contractual maturities of our operating lease liabilities: 2021 2022 2023 2024 2025 2026 and beyond Total lease payments Less: Imputed interest Present value of lease liabilities Contractual maturities $ 9,774 8,099 7,267 5,561 4,534 8,577 43,812 (8,789) $ 35,023 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 24. SEGMENT INFORMATION We have three reportable segments of business that are each managed, operated and separately reported: (i) Run-off; (ii) Investments; and (iii) Legacy Underwriting. Our corporate and other activities, which do not qualify as an operating segment, includes income and expense items that are not directly attributable to our reportable segments. These segments and our corporate and other activities are described in Note 1 - "Description of Business." Our assets are reviewed on a consolidated basis by management for decision making purposes since they support business operations across all of our three reportable segments as well as our corporate and other activities. We do not allocate assets and liabilities to our reportable segments with the exception of liabilities for losses and loss adjustment expenses, reinsurance balances recoverable on paid and unpaid losses and goodwill that are directly attributable to our reportable segments. In addition, the assets for the Legacy Underwriting segment are shown separately since the balance sheets primarily relate to entities that have been sold. Expenses that are directly attributable to our three reportable segments are disclosed under those segments while non-direct expenses, as well as costs related to shared services that are not directly attributable to our reportable segments, are allocated to our reportable segments as well as to our corporate and other activities, on the basis of the actual or proportion of benefit derived from the services provided. The following tables set forth selected and consolidated statement of earnings results by segment for the years ended December 31, 2020, 2019, and 2018: 2020 Run-off Investments Legacy Underwriting Corporate & Other (1) Total INCOME Net premiums earned $ 58,695 $ — $ 513,397 $ — $ 572,092 Fees and commission income 19,462 — 22,984 — 42,446 Net investment income — 269,832 32,985 — 302,817 Net realized and unrealized gains — 1,627,526 14,493 — 1,642,019 Other income (expense) 112,948 — 3,865 (15,681) 101,132 191,105 1,897,358 587,724 (15,681) 2,660,506 EXPENSES Net incurred losses and loss adjustment expenses (145,358) — 371,486 189,798 415,926 Acquisition costs 20,177 — 150,843 — 171,020 General and administrative expenses 173,247 33,793 158,464 135,975 501,479 48,066 33,793 680,793 325,773 1,088,425 EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES 143,039 1,863,565 (93,069) (341,454) 1,572,081 Earnings from equity method investments — 238,569 — — 238,569 SEGMENT INCOME (LOSS) $ 143,039 $ 2,102,134 $ (93,069) (341,454) 1,810,650 Interest expense (59,308) (59,308) Net foreign exchange losses (16,393) (16,393) Income tax expense (23,827) (23,827) NET EARNINGS FROM CONTINUING OPERATIONS 1,711,122 Net earnings from discontinued operations, Net of income taxes 16,251 16,251 NET EARNINGS 1,727,373 Net loss attributable to noncontrolling interest 27,671 27,671 NET EARNINGS ATTRIBUTABLE TO ENSTAR 1,755,044 Dividends on preferred shares (35,700) (35,700) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ (432,760) $ 1,719,344 (1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. 2019 Run-off Investments Legacy Underwriting Corporate & Other (1) Total INCOME Net premiums earned $ 168,496 $ — $ 635,551 $ — $ 804,047 Fees and commission income 18,293 — 10,160 — 28,453 Net investment income — 266,826 41,445 — 308,271 Net realized and unrealized gains — 974,199 37,767 — 1,011,966 Other income (expense) 48,309 — 469 (11,708) 37,070 235,098 1,241,025 725,392 (11,708) 2,189,807 EXPENSES Net incurred losses and loss adjustment expenses (153,370) — 562,051 205,498 614,179 Acquisition costs 73,642 — 166,967 — 240,609 General and administrative expenses 173,531 29,654 96,694 113,205 413,084 93,803 29,654 825,712 318,703 1,267,872 EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES 141,295 1,211,371 (100,320) (330,411) 921,935 Earnings from equity method investments — 55,910 — — 55,910 SEGMENT INCOME (LOSS) $ 141,295 $ 1,267,281 $ (100,320) (330,411) 977,845 Interest expense (52,541) (52,541) Net foreign exchange gains 7,912 7,912 Income tax expense (12,372) (12,372) NET EARNINGS FROM CONTINUING OPERATIONS 920,844 Net earnings from discontinued operations, Net of income taxes 7,375 7,375 NET EARNINGS 928,219 Net loss attributable to noncontrolling interest 9,870 9,870 NET EARNINGS ATTRIBUTABLE TO ENSTAR 938,089 Dividends on preferred shares (35,914) (35,914) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ (406,081) $ 902,175 (1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. 2018 Run-off Investments Legacy Underwriting Corporate & Other (1) Total INCOME Net premiums earned $ 9,427 $ — $ 686,352 $ — $ 695,779 Fees and commission income 16,466 — 18,622 — 35,088 Net investment income — 229,012 32,686 — 261,698 Net realized and unrealized losses — (391,961) (15,571) — (407,532) Other income (expense) 36,224 — (388) (1,763) 34,073 62,117 (162,949) 721,701 (1,763) 619,106 EXPENSES Net incurred losses and loss adjustment expenses (339,389) — 635,173 27,938 323,722 Acquisition costs 4,006 — 173,849 — 177,855 General and administrative expenses 121,657 18,375 122,835 85,919 348,786 (213,726) 18,375 931,857 113,857 850,363 EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES 275,843 (181,324) (210,156) (115,620) (231,257) Earnings from equity method investments — 42,147 — — 42,147 SEGMENT INCOME (LOSS) $ 275,843 $ (139,177) $ (210,156) (115,620) (189,110) Interest expense (25,696) (25,696) Net foreign exchange losses (2,644) (2,644) Income tax benefit 3,689 3,689 NET LOSS FROM CONTINUING OPERATIONS (213,761) Net earnings from discontinued operations, Net of income taxes 1,489 1,489 NET LOSS (212,272) Net loss attributable to noncontrolling interest 62,051 62,051 NET LOSS ATTRIBUTABLE TO ENSTAR (150,221) Dividends on preferred shares (12,133) (12,133) NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ (88,864) $ (162,354) (1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. Gross Premiums Written by Geographical Area The following table summarizes our gross premiums written for the year ended December 31, 2020 by geographic area. Geographic distribution in future years is subject to variation based upon market conditions and business strategies. Run-off Legacy Underwriting Total Total % Total % Total % (In thousands of U.S. dollars, except percentages) United States $ 4,969 95.7 $ 177,956 32.5 $ 182,925 33.2 United Kingdom (229) (4.4) 119,111 21.8 118,882 21.5 Europe 1,615 31.1 81,886 15.0 83,501 15.1 Asia — — 68,096 12.5 68,096 12.3 Rest of World (1,164) (22.4) 99,743 18.2 98,579 17.9 Total $ 5,191 100.0 $ 546,792 100.0 $ 551,983 100.0 |
Unaudited Condensed Quarterly F
Unaudited Condensed Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Condensed Quarterly Financial Data | 25. UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA December 31, September 30, June 30, March 31, 2020 2019 2020 2019 2020 2019 2020 2019 INCOME Net premiums earned $ 108,146 $ 185,336 $ 161,724 $ 175,802 $ 142,871 $ 190,962 $ 159,351 $ 251,947 Fees and commission income 14,121 9,522 10,787 6,437 10,010 6,017 7,528 6,477 Net investment income 61,530 76,847 72,130 81,502 94,443 74,271 74,714 75,651 Net realized and unrealized gains (losses) 803,467 153,477 500,005 145,060 967,608 260,669 (629,061) 452,760 Other income (losses) 33,372 21,703 48,404 822 (1,087) 8,831 20,443 5,714 1,020,636 446,885 793,050 409,623 1,213,845 540,750 (367,025) 792,549 EXPENSES Net incurred losses and loss adjustment expenses 76,248 48,068 109,686 163,258 186,692 146,554 43,300 256,299 Acquisition costs 38,202 78,417 37,708 33,310 49,067 51,081 46,043 77,801 General and administrative expenses 142,394 116,780 115,828 97,365 144,830 100,676 98,427 98,263 Interest expense 16,872 13,519 15,003 14,950 14,018 13,036 13,415 11,036 Net foreign exchange losses (gains) 15,018 12,186 8,156 (13,665) 5,158 (2,579) (11,939) (3,854) 288,734 268,970 286,381 295,218 399,765 308,768 189,246 439,545 EARNINGS (LOSS) BEFORE INCOME TAXES 731,902 177,915 506,669 114,405 814,080 231,982 (556,271) 353,004 Income tax benefit (expense) 1,468 12,893 (13,915) (13,465) (16,652) (7,698) 5,272 (4,102) Earnings (losses) from equity method investments 85,844 11,722 149,065 17,703 (8,790) 17,713 12,450 8,772 NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS 819,214 202,530 641,819 118,643 788,638 241,997 (538,549) 357,674 Net earnings (loss) from discontinued operations, net of income taxes 15,441 (4,666) 4,031 7,916 (1,152) (3,943) (2,069) 8,068 NET EARNINGS (LOSS) 834,655 197,864 645,850 126,559 787,486 238,054 (540,618) 365,742 Net (earnings) loss attributable to noncontrolling interest (3,131) 4,900 (21,912) 109 19,992 2,713 32,722 2,148 NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR 831,524 202,764 623,938 126,668 807,478 240,767 (507,896) 367,890 Dividends on preferred shares (8,925) (8,925) (8,925) (8,925) (8,925) (8,925) (8,925) (9,139) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ 822,599 $ 193,839 $ 615,013 $ 117,743 $ 798,553 $ 231,842 $ (516,821) $ 358,751 Earnings (loss) per ordinary share attributable to Enstar ordinary shareholders: Basic: Net earnings (loss) from continuing operations $ 37.91 $ 9.15 $ 28.39 $ 5.26 $ 37.06 $ 10.90 $ (23.93) $ 16.49 Net earnings (loss) from discontinued operations 0.33 (0.13) 0.11 0.22 (0.03) (0.11) (0.05) 0.22 Basic $ 38.24 $ 9.02 $ 28.50 $ 5.48 $ 37.03 $ 10.79 $ (23.98) $ 16.71 Diluted (1) : Net earnings (loss) from continuing operations $ 37.47 $ 9.02 $ 28.13 $ 5.21 $ 36.68 $ 10.81 $ (23.93) $ 16.35 Net earnings (loss) from discontinued operations 0.32 (0.13) 0.11 0.21 (0.03) (0.11) (0.05) 0.22 Net earnings (loss) per ordinary share $ 37.79 $ 8.89 $ 28.24 $ 5.42 $ 36.65 $ 10.70 $ (23.98) $ 16.57 (1) During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. |
Events (Unaudited) Subsequent T
Events (Unaudited) Subsequent To The Date Of The Independent Auditor's Report | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Events (Unaudited) Subsequent To The Date Of The Independent Auditor's Report | 26. EVENTS (UNAUDITED) SUBSEQUENT TO THE DATE OF THE INDEPENDENT AUDITOR'S REPORT Significant New Business The table below sets forth a summary of significant new business that we have completed between January 1, 2021 and March 31, 2021 and included in our unaudited condensed consolidated financial statements as of March 31, 2021: Transaction Date Completed Total Assets Assumed Deferred Charge Asset (1) Total Liabilities Assumed Net Fair Value Adjustment (2) Primary Nature of Business CNA (3) February 5, 2021 $ 651,736 $105,479 $ 757,215 N/A U.S. excess workers' compensation Liberty Mutual (3) January 8, 2021 $ 363,159 $25,402 $ 388,561 N/A U.S. energy liability, construction liability and homebuilders liability The table below sets forth a summary of significant new business that we have completed between April 1, 2021 and June 11, 2021 or is pending completion as of June 11, 2021: Transaction Date Transaction Announced or Completed Initial Estimate of Liabilities Assumed Primary Nature of Business Hiscox (3) Completed on June 3, 2021 $ 520,000 Diversified portfolio of legacy insurance business, including surplus lines broker business AXA Group (3) (4) Completed on May 3, 2021 $ 1,395,000 Diversified mix of global casualty and professional lines ProSight (3) N/A - Announced January 15, 2021 $ 500,000 U.S. discontinued workers' compensation and excess workers' compensation lines of business and adverse development cover on a diversified mix of general liability classes of business (1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded. (2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement. (3) As of December 31, 2020, the transactions with CNA, Liberty Mutual, Hiscox, AXA Group and ProSight had not closed; therefore, the related balances were not included in our consolidated financial statements as of December 31, 2020. (4) The loss portfolio transfer and adverse development cover transaction with AXA Group was completed by one of our (re)insurance subsidiaries and guaranteed by Enstar. Divestitures Atrium Exchange Transaction During the first quarter of 2021, we recognized a loss of $7.8 million on completion of the Exchange Transaction. As of March 31, 2021, our remaining investment in Northshore was accounted for as a privately held equity investment and carried at its fair value of $34.0 million. In addition, as a result of the completion of the Exchange Transaction, our investment in Core Specialty was reduced by $4.0 million during the first quarter of 2021. StarStone International On March 15, 2021, we sold SUL, the Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301, to Inigo. Upon closing, Enstar, the Trident V Funds and the Dowling Funds received consideration of $30.0 million in the form of Inigo shares and $0.6 million in cash. Following the completion of the sale of SUL to Inigo on March 15, 2021, we recognized a gain on the sale of $23.1 million in the first quarter of 2021. In addition, Enstar and the Trident V Funds have committed to invest up to $27.0 million and $18.0 million, respectively, into Inigo. As of March 31, 2021, Enstar had funded $16.9 million of its capital commitment to Inigo, with $10.1 million yet to be called by Inigo. As of March 31, 2021, our investment in Inigo was $34.6 million representing 6.5% of the total outstanding ordinary shares of Inigo and was accounted for as a privately held equity investment and carried at fair value. Furthermore, effective June 1, 2021, the management of Syndicate 2008 and Syndicate 1301 (2020 and prior underwriting years) was novated from SUL to Enstar Managing Agency Limited. Letters of Credit $90.0 million Funds at Lloyd’s Deposit Facility On May 6, 2021, we entered into a $90.0 million Funds at Lloyd's Deposit Facility. We will use this facility to satisfy a portion of our Funds at Lloyd’s requirements. Under this facility, a third-party lender deposits a requested market valuation amount of eligible securities into Lloyd’s on behalf of our Lloyd’s corporate member. We may request additional commitments under the facility in an aggregate amount not to exceed $10.0 million, and the facility is scheduled to expire on May 6, 2023. As of June 11, 2021 the aggregate amount of eligible securities requested as deposits under the facility was $90.0 million. $100.0 million Letter of Credit Facility On May 24, 2021, we entered into an uncommitted letter of credit facility and procured the issuance of a $100.0 million letter of credit thereunder. We use the letter of credit issued under this facility to provide collateral support for certain reinsurance obligations of our subsidiaries. As of June 11, 2021, the aggregate amount of letters of credit issued under the facility was $100.0 million. $250.0 million Letter of Credit Facility On June 3, 2021, we entered into an uncommitted letter of credit facility, and on June 4, 2021, we procured the issuance of a $250.0 million letter of credit thereunder. We use the letter of credit issued under this facility to provide collateral support for certain reinsurance obligations of our subsidiaries. As of June 11, 2021, the aggregate amount of letters of credit issued under the facility was $250.0 million. Shareholders' Equity Voting Ordinary Shares Share Repurchases On February 25, 2021, our Board of Directors approved an extension of the duration of the Repurchase Program through March 1, 2022. Subsequent to December 31, 2020, we repurchased 18,103 ordinary shares at an average price of $234.73 for an aggregate price of $4.2 million. As of June 11, 2021, the remaining capacity under the Repurchase Program was $119.7 million. Non-Voting Ordinary Shares Warrants to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share were exercised on a non-cash basis during the three months ended March 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period. As of March 31, 2021, there were no warrants outstanding following the exercise described above. Dividends on Preferred Shares On May 5, 2021, we declared $7.0 million and $1.9 million of dividends on the Series D and E Preferred Shares, respectively, to be paid on June 1, 2021 to shareholders of record as of May 15, 2021. Related Party Transactions Stone Point On March 19, 2021, we entered into a commitment letter to invest $12.0 million in T-VIII Celestial Co-Invest LP, an entity formed by Stone Point to participate in a private equity transaction to acquire CoreLogic, Inc. (NYSE: CLGX). The transaction closed on April 20, 2021, and we funded our capital commitment on April 29, 2021. Hillhouse During the first quarter of 2021, Hillhouse Capital exercised the warrants described above and we redeemed our investments in the other Hillhouse Funds at their carrying value plus an implied interim return and received $381.3 million in the form of additional interest in the InRe Fund. AnglePoint previously received sub-advisory services with respect to InRe Fund from its affiliate, AnglePoint HK, an investment advisory company licensed by the Securities and Futures Commission in Hong Kong. Pursuant to the TRA, we acquired an option to buy AnglePoint HK, which we also had the right to assign to a third-party. On April 1, 2021, we entered into a Designation Agreement with Jie Liu (the "Designation Agreement"), pursuant to which we designated Mr. Liu, an AnglePoint HK partner, as the purchaser of AnglePoint HK, and he acquired the company from an affiliate of Hillhouse Capital on the same day. AnglePoint simultaneously assigned its investment management agreement with InRe Fund to AnglePoint HK. The Designation Agreement requires us and AnglePoint HK to amend the InRe Fund investment management agreement and limited partnership agreement to incorporate a revised fee structure for AnglePoint HK and certain other agreed changes. In April 2021, we redeemed $800 million of our investment in the InRe Fund for cash. We will re-evaluate our conclusions with regard to consolidation of the InRe Fund in accordance with the accounting for variable interest entities at the June 30, 2021 balance sheet measurement date. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments Other Than Investments in Related Parties | SCHEDULE I ENSTAR GROUP LIMITED SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES As of December 31, 2020 (Expressed in thousands of U.S. Dollars) Type of investment Cost (1) Fair Value Amount at which shown in the balance sheet Short-term and fixed maturity investments — Trading and short-term and fixed maturity investments within funds held - directly managed: (2) U.S. government and agency $ 219,487 $ 233,050 $ 233,050 U.K. government 34,494 37,508 37,508 Other government 321,306 352,026 352,026 Corporate 3,353,054 3,749,383 3,749,383 Municipal 116,588 132,637 132,637 Residential mortgage-backed 219,360 225,074 225,074 Commercial mortgage-backed 554,639 577,602 577,602 Asset-backed 349,941 339,675 339,675 Total 5,168,869 5,646,955 5,646,955 Short-term and fixed maturity investments — AFS: (2) U.S. government and agency 715,527 717,998 717,998 U.K. government 12,494 13,574 13,574 Other government 142,459 150,127 150,127 Corporate 1,873,184 1,937,349 1,937,349 Municipal 28,881 30,032 30,032 Residential mortgage-backed 326,268 328,871 328,871 Commercial mortgage-backed 273,516 276,488 276,488 Asset-backed 199,467 199,610 199,610 Total 3,571,796 3,654,049 3,654,049 Equities (3) 444,570 512,557 512,557 Other investments, at fair value (4) 982,770 982,770 982,770 Total $ 10,168,005 $ 10,796,331 $ 10,796,331 (1) Original cost of fixed maturity securities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts. (2) The difference in the amount of fixed maturities shown at fair value and the fixed maturities shown in our consolidated balance sheet relates to the fair value of $18.2 million as of December 31, 2020 for our investment in fixed maturities issued by affiliates of Stone Point. Refer to Note 21 - "Related Party Transactions" of the notes to the consolidated financial statements. (3) The difference in the amount of equities shown at fair value and the equities shown in our consolidated balance sheet relates to the fair value of $77.1 million as of December 31, 2020 for our investment in a registered investment company affiliated with entities owned by Trident, $26.9 million as a co-investor alongside Stone Point and a $230.3 million investment in AmTrust. Refer to Note 21 - "Related Party Transactions" of the notes to the consolidated financial statements. (4) The difference in the amount of other investments shown at fair value and the other investments shown in our consolidated balance sheet relates to the fair value of $3.3 billion as of December 31, 2020 for our other investments in funds or companies owned by or affiliated with certain related parties. Refer to Note 21 - "Related Party Transactions" of the notes to the consolidated financial statements. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Statements | SCHEDULE II ENSTAR GROUP LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT Balance Sheets - Parent Company Only 2020 2019 (in thousands of U.S. ASSETS Cash and cash equivalents $ 7,872 $ 4,568 Balances due from subsidiaries 18,951 134,897 Investments in subsidiaries 7,887,255 6,050,197 Other assets 8,047 6,391 TOTAL ASSETS $ 7,922,125 $ 6,196,053 LIABILITIES Debt obligations $ 903,447 $ 1,191,207 Balances due to subsidiaries 300,987 135,532 Other liabilities 43,296 27,131 TOTAL LIABILITIES 1,247,730 1,353,870 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY Ordinary shares (par value $1 each, issued and outstanding 2020: 22,085,232; 2019: 21,511,505): Voting Ordinary Shares (issued and outstanding 2020: 18,575,550; 2019: 18,001,823) 18,576 18,002 Non-voting convertible ordinary Series C Shares (issued and outstanding 2020 and 2019: 2,599,672) 2,600 2,600 Non-voting convertible ordinary Series E Shares (issued and outstanding 2020 and 2019: 910,010) 910 910 Preferred Shares: Series C Preferred Shares (issued and held in treasury 2020 and 2019: 388,571) 389 389 Series D Preferred Shares (issued and outstanding 2020 and 2019: 16,000) 400,000 400,000 Series E Preferred Shares (issued and outstanding 2020 and 2019: 4,400) 110,000 110,000 Treasury shares, at cost (Series C Preferred Shares 2020 and 2019: 388,571) (421,559) (421,559) Joint Share Ownership Plan (voting ordinary shares, held in trust 2020: 565,630; 2019: 0) (566) — Additional paid-in capital 1,836,074 1,836,778 Accumulated other comprehensive income 80,659 7,171 Retained earnings 4,647,312 2,887,892 Total Enstar Group Limited Shareholders’ Equity 6,674,395 4,842,183 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 7,922,125 $ 6,196,053 See accompanying notes to the Condensed Financial Information of Registrant SCHEDULE II ENSTAR GROUP LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED Statements of Earnings - Parent Company Only For the Years Ended December 31, 2020, 2019 and 2018 2020 2019 2018 (in thousands of U.S. dollars) INCOME Net investment income $ 1,680 $ 3,649 $ 142 1,680 3,649 142 EXPENSES General and administrative expenses 45,689 44,964 68,977 Interest expense 51,739 51,508 27,353 Net foreign exchange losses (gains) (2,655) (21,516) 7,655 94,773 74,956 103,985 EARNINGS (LOSSES) BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES (93,093) (71,307) (103,843) Equity in undistributed earnings (losses) of subsidiaries - continuing operations 1,831,886 1,002,021 (47,867) Equity in undistributed earnings (losses) of subsidiaries - discontinued operations 16,251 7,375 1,489 NET EARNINGS 1,755,044 938,089 (150,221) Dividends on preferred shares (35,700) (35,914) (12,133) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS $ 1,719,344 $ 902,175 $ (162,354) See accompanying notes to the Condensed Financial Information of Registrant Statements of Comprehensive Income - Parent Company Only For the Years Ended December 31, 2020, 2019 and 2018 2020 2019 2018 (in thousands of U.S. dollars) NET EARNINGS $ 1,755,044 $ 938,089 $ (150,221) OTHER COMPREHENSIVE INCOME (LOSS) RELATING TO SUBSIDIARIES, NET OF TAX 73,488 (3,269) (27) COMPREHENSIVE INCOME $ 1,828,532 $ 934,820 $ (150,248) See accompanying notes to the Condensed Financial Information of Registrant SCHEDULE II ENSTAR GROUP LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED Statements of Cash Flows - Parent Company Only For the Years Ended December 31, 2020, 2019 and 2018 2020 2019 2018 (in thousands of U.S. dollars) OPERATING ACTIVITIES: Net cash flows provided by (used in) operating activities $ 117,220 $ (128,462) $ (128,382) INVESTING ACTIVITIES: Dividends and return of capital from subsidiaries 44,000 65,500 101,000 Contributions to subsidiaries (26,000) (240,382) (660,339) Net cash flows provided by (used in) investing activities 18,000 (174,882) (559,339) FINANCING ACTIVITIES: Net proceeds from the issuance of preferred shares — — 495,357 Dividends on preferred shares (35,700) (35,914) (12,133) Repurchase of shares (26,006) — — Repayment of loans (449,210) (219,000) (898,633) Receipt of loans 379,000 547,613 1,115,885 Net cash flows provided by (used in) financing activities (131,916) 292,699 700,476 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,304 (10,645) 12,755 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 4,568 15,213 2,458 CASH AND CASH EQUIVALENTS, END OF YEAR $ 7,872 $ 4,568 $ 15,213 See accompanying notes to the Condensed Financial Information of Registrant Notes to the Condensed Financial Information of Registrant The Condensed Financial Information of Registrant should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in Part II - Item 8 of this Exhibit 99.2. Our wholly-owned and majority owned subsidiaries are recorded based upon our proportionate share of our subsidiaries' net assets (similar to presenting them on the equity method). Net investment income relates to interest on loans to subsidiaries. For the years ended December 31, 2020, 2019, and 2018, interest paid was $46.5 million, $46.5 million, and $25.1 million, respectively. Investing activities in the Condensed Statements of Cash Flows primarily represents the flow of funds to and from subsidiaries to provide cash on hand to fund business acquisitions and significant new business. Non-Cash investing activities during the years ended December 31, 2020, 2019, and 2018, included: i. $130.0 million, $0 and $0, respectively, for dividends and return of capital from subsidiaries. In 2020, these transactions were to settle intercompany balances, resulting in a net reduction in balances due to subsidiaries and a decrease in investments in subsidiaries. ii. $0, $0 and $414.8 million, respectively, for contributions to subsidiaries. In 2018, these transactions represented the contribution of the acquired outstanding shares and warrants of KaylaRe Holdings, Ltd, to another subsidiary company. As of December 31, 2020 and 2019, parental guarantees and capital support instruments supporting subsidiaries' insurance obligations were $1.5 billion and $1.0 billion, respectively. In addition, as of December 31, 2020 and 2019, there were $210.0 million and $252.0 million, respectively, of unsecured letters of credit for Funds at Lloyd's which have a parental guarantee. Furthermore, as of December 31, 2020, we also guarantee the Junior Subordinated Notes issued in 2020 for an aggregate principal amount of $350.0 million. As of December 31, 2020 and 2019, retained earnings were $4,647.3 million and $2,887.9 million, respectively, an increase of $1,759.4 million. This increase was primarily attributable to the net earnings of $1,719.3 million. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III ENSTAR GROUP LIMITED SUPPLEMENTARY INSURANCE INFORMATION (Expressed in thousands of U.S. Dollars) As of December 31, Year ended December 31, Deferred Reserves Unearned Policy Benefits for Life and Annuity Contracts Net Net Losses Amortization Other Operating Expenses Net 2020 Run-off (1) $ 22,736 $ 9,432,525 $ 71,629 $ — $ 58,695 $ — $ (145,358) $ 20,177 $ 173,247 $ 2,987 Investments — — — — — 269,832 — — 33,793 — Legacy Underwriting (1) 21,703 1,358,529 203,052 — 513,397 32,985 371,486 150,843 158,464 429,837 Corporate & Other — (197,772) — — — — 189,798 — 135,975 — Total $ 44,439 $ 10,593,282 $ 274,681 $ — $ 572,092 $ 302,817 $ 415,926 $ 171,020 $ 501,479 $ 432,824 2019 Run-off $ 41,753 $ 8,683,983 $ 129,715 $ — $ 168,496 $ — $ (153,370) $ 73,642 $ 173,531 $ (25,338) Investments — — — — — 266,826 — — 29,654 — Legacy Underwriting 74,760 1,569,865 403,977 — 635,551 41,445 562,051 166,967 96,694 570,391 Corporate & Other — (385,444) — — — — 205,498 — 113,205 — Total $ 116,513 $ 9,868,404 $ 533,692 $ — $ 804,047 $ 308,271 $ 614,179 $ 240,609 $ 413,084 $ 545,053 2018 Run-off $ 4,378 $ 8,132,941 $ 136,023 $ — $ 9,427 $ — $ (339,389) $ 4,006 $ 121,657 $ (9,217) Investments — — — — — 229,012 — — 18,375 — Legacy Underwriting 82,880 1,505,125 470,036 105,080 686,352 32,686 635,173 173,849 122,835 663,564 Corporate & Other — (589,270) — — — — 27,938 — 85,919 — Total $ 87,258 $ 9,048,796 $ 606,059 $ 105,080 $ 695,779 $ 261,698 $ 323,722 $ 177,855 $ 348,786 $ 654,347 (1) As of December 31, 2020, the assets and liabilities of Northshore, the holding company which owns Atrium (included in the Legacy Underwriting Segment) and Arden (included in the Run-off segment), were classified as held-for-sale. Deferred acquisition costs, reserves for losses and loss adjustment expenses and unearned premiums for Northshore were $24.0 million, $254.1 million and |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | SCHEDULE IV ENSTAR GROUP LIMITED REINSURANCE For the Years Ended December 31, 2020, 2019 and 2018 (Expressed in thousands of U.S. Dollars) Gross Ceded to Assumed Net Amount Percentage 2020 Premiums earned: Property and casualty $ 542,119 $ (157,826) $ 187,799 $ 572,092 32.8 % Total premiums earned $ 542,119 $ (157,826) $ 187,799 $ 572,092 2019 Life insurance in force $ 725,293 $ (65,795) $ — $ 659,498 — % Premiums earned: Property and casualty 679,212 (145,460) 269,023 802,775 33.5 % Life and annuities 1,295 (23) — 1,272 — % Total premiums earned $ 680,507 $ (145,483) $ 269,023 $ 804,047 2018 Life insurance in force $ 855,366 $ (84,603) $ — $ 770,763 — % Premiums earned: Property and casualty 539,169 (166,308) 319,052 691,913 46.1 % Life and annuities 3,892 (26) — 3,866 — % Total premiums earned $ 543,061 $ (166,334) $ 319,052 $ 695,779 |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | SCHEDULE V ENSTAR GROUP LIMITED VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2020, 2019 and 2018 (Expressed in thousands of U.S. Dollars) Balance at Beginning of Year Charged to costs and expenses Charged to other accounts (1) Deductions (2) Balance at End of Year December 31, 2020 Reinsurance balances recoverable on paid and unpaid losses: Allowance for estimated uncollectible reinsurance $ 147,639 $ — $ 124 $ (10,641) $ 137,122 Insurance balances recoverable: Allowance for estimated uncollectible insurance 3,818 — 1,006 — 4,824 Valuation allowance for deferred tax assets 117,390 3,854 — (3,015) 118,229 December 31, 2019 Reinsurance balances recoverable on paid and unpaid losses: Allowance for estimated uncollectible reinsurance 156,732 — 111 (9,204) 147,639 Insurance balances recoverable: Allowance for estimated uncollectible insurance — — 3,818 — 3,818 Valuation allowance for deferred tax assets 212,113 2,792 — (97,515) 117,390 December 31, 2018 Reinsurance balances recoverable on paid and unpaid losses: Allowance for estimated uncollectible reinsurance 165,213 — (1,837) (6,644) 156,732 Valuation allowance for deferred tax assets 188,300 (2,492) 18,000 8,305 212,113 (1) The 2020 amount includes $3.0 million for the cumulative effect of change in accounting principle. (2) Credited to the related asset account. |
Schedule VI - Supplementary Inf
Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations | SCHEDULE VI ENSTAR GROUP LIMITED SUPPLEMENTARY INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS As of and for the years ended December 31, 2020, 2019 and 2018 (Expressed in thousands of U.S. Dollars) As of December 31, Year ended December 31, Affiliation with Registrant Deferred Acquisition Costs Reserves for Unpaid Losses and Loss Adjustment Expenses Unearned Net Premiums Earned Net Investment Income Net Losses and Loss Expenses Incurred Net Paid Losses and Loss Expenses Amortization of Deferred Acquisition Costs Net Premiums Written Current Year Prior Year Consolidated Subsidiaries 2020 $ 44,439 $ 10,593,282 $ 274,681 $ 572,092 $ 302,817 $ 405,178 $ 10,748 $ (1,485,489) $ 171,020 $ 432,824 2019 116,513 9,868,404 533,692 802,775 307,775 580,074 34,105 (1,788,470) 240,432 543,781 2018 87,258 9,048,796 606,059 691,912 260,120 533,081 (209,359) (1,334,786) 177,855 650,484 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Preparation | The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
Basis of Consolidation | The consolidated financial statements include our assets, liabilities and results of operations as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. Results of operations for acquired subsidiaries are included from the date of acquisition. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our actual results may differ materially from these estimates. The impact of changes in estimates are reflected in earnings in the period during which the estimate is changed. Accounting policies that we believe are most dependent on assumptions and estimates are considered to be our critical accounting estimates and are related to the determination of: • liability for losses and loss adjustment expenses ("LAE"); • reinsurance balances recoverable on paid and unpaid losses; • defendant asbestos and environmental liabilities and related insurance balances recoverable; • valuation allowances on reinsurance balances recoverable and deferred tax assets; • impairment charges, including credit allowances on investment securities classified as available-for-sale ("AFS"), and impairments on deferred charge assets; • gross and net premiums written and net premiums earned; • fair value measurements of investments; • fair value estimates associated with accounting for acquisitions; • fair value estimates associated with loss portfolio transfer reinsurance agreements for which we have elected the fair value option; and • redeemable noncontrolling interests. |
Premiums | Non-Life Non-life premiums written are earned on a pro-rata basis over the period the coverage is provided. Reinsurance premiums are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates are expected and may result in adjustments in future periods. Any subsequent differences arising on such estimates are recorded as premiums written in the period in which they are determined. Certain non-life contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. Additional premiums are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premium balances receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. However, the credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium. |
Acquisition Costs | Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses exceed unearned premiums, deferred acquisition costs and anticipated investment income. A premium deficiency is initially recognized by charging any deferred acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the deferred acquisition costs then a liability is accrued for the excess deficiency. |
Losses and LAE | Run-off The liability for losses and LAE in the Run-off segment includes an amount determined from reported claims and an amount, based on historical loss experience and industry statistics, for losses incurred but not reported ("IBNR") determined using a variety of actuarial methods. These estimates are continually reviewed and are necessarily subject to the impact of future changes in factors such as claim severity and frequency, changes in economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. While we believe that our liability for losses and LAE is adequate, the ultimate amount may be in excess of, or less than, the amounts recorded on our financial statements. Adjustments will be reflected as part of the net increase or reduction in losses and LAE liabilities in the periods in which they become known. Premium and commission adjustments may be triggered by changes in incurred losses, and any changes in such amounts are recorded in the same period that the related change in incurred loss is recognized. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses. Commutations and policy buybacks can be beneficial to us as they legally extinguish liabilities in full, reduce the potential for future adverse loss development, and reduce future claims handling costs. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of fair value adjustments and deferred charge assets and gain liabilities in that period. Commutations are only executed directly with insureds or reinsureds and any gains realized or losses incurred on the settlement of losses and LAE liabilities through commutations or policy buybacks are recognized upon the execution of a commutation or policy buyback with the insured or reinsured. Our (re)insurance subsidiaries also establish provisions for LAE relating to run-off costs for the estimated duration of the run-off, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings. Legacy Underwriting The reserves for losses and LAE in the Legacy Underwriting segment includes reserves for unpaid reported losses and for IBNR loss reserves. The reserves for unpaid reported losses and loss expenses are established by management based on reports from brokers, ceding companies and insureds and represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserve for IBNR losses is established by us based on actuarially determined estimates of ultimate losses and loss expenses. Inherent in the estimate of ultimate losses and loss expenses are expected trends in claim severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss expenses may differ from the amounts recorded in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, will be recorded in earnings in the period in which they become known. Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years. Components of Net Incurred Losses and LAE Included within the total net incurred losses and LAE on our consolidated statement of earnings are the following items: • Net losses paid: paid losses and LAE, net of related reinsurance recoveries. • Net change in case and LAE reserves: the change in case reserves and associated LAE, net of related reinsurance recoveries. • Net change in IBNR reserves: the change in IBNR reserves, net of related reinsurance recoveries. • Increase (reduction) in estimates of net ultimate losses: the total of net losses paid, net change in case and LAE reserves and the net change in IBNR. This includes the net impact of commutations and policy buybacks on the liability for losses and LAE reserves and reinsurance recoveries. • Increase (reduction) in provisions for unallocated LAE: the net change in our provision for unallocated LAE. • Amortization of deferred charge assets and deferred gain liabilities: relates to retroactive reinsurance contracts where, if at the inception of the contract, the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we don't record any gain or loss at the inception of these retroactive reinsurance contracts. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record the excess as a deferred gain liability which is amortized to earnings over the estimated period during which the losses paid on the assumed retroceded liabilities are recovered from the retrocessionaire. • Amortization of fair value adjustments: the amortization of the fair value adjustments associated with acquired companies, where the assumed losses and LAE reserves and the acquired reinsurance recoveries are fair valued on acquisition. • Changes in fair value - fair value option: the changes in the fair value for reinsurance agreements where we have elected the fair value option. The change in fair value component includes the changes in the discounted cash flows and risk margin. The underlying ("nominal") net losses paid, net change in case and LAE reserves and the net change in IBNR reserves relating to these reinsurance agreements for which we have elected the fair value option are included within the appropriate line items described above. |
Defendant Asbestos and Environmental Liabilities | We acquired DCo LLC ("DCo") on December 30, 2016, and Morse TEC LLC ("Morse TEC") on October 30, 2019, as described in Note 3 - "Business Acquisitions." DCo and Morse TEC hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. DCo and Morse TEC continue to process asbestos personal injury claims.Defendant asbestos and environmental liabilities on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future claims, determined using standard actuarial techniques for asbestos-related exposures. Defendant asbestos and environmental liabilities also include amounts for environmental liabilities associated with DCo's and Morse TEC's properties. |
Reinsurance Balances Recoverable on Paid and Unpaid Losses, Funds Held, and Retroactive Reinsurance | Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and loss adjustment expenses. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. The allowance is based upon our ongoing review of the outstanding balances and reflects factors such as the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. A probability-of-default methodology that reflects current and forecasted economic conditions is used to estimate the allowance for uncollectible reinsurance due to credit-related factors. See "New Accounting Standards Adopted in 2020" below for the discussion on our adoption of the credit losses standard. The allowance also includes estimated uncollectible amounts related to dispute risk with reinsurers. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and loss adjustment expenses in our consolidated statements of earnings. On an ongoing basis, we also evaluate and monitor the financial condition of our reinsurers under voluntary schemes of arrangement to minimize our exposure to significant losses from potential insolvencies. Retroactive reinsurance policies provide indemnification for losses and LAE with respect to past loss events. We generally use the balance sheet accounting approach for assumed loss portfolio transfers, whereby at the inception of the contract there are no premiums or losses recorded in earnings. Deferred Charge Assets and Deferred Gain Liabilities If, at the inception of a retroactive reinsurance contract, the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess; whereas, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability is recorded for the excess, such that we don't record any gain or loss at the inception of these retroactive reinsurance contracts. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record the excess as a deferred gain liability which is amortized to earnings over the estimated period during which the losses paid on the assumed retroceded liabilities are recovered from the retrocessionaire. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from our cedents at the inception of the contract, we invest the premium received over an extended period of time, thereby generating investment income. We expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets, recorded in other assets, and deferred gain liabilities, recorded in other liabilities, are amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in earnings as a component of losses and LAE. The amortization of deferred charge assets and deferred gain liabilities is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated amount and the timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and deferred gain liabilities and the amount of periodic amortization. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the deferred charge assets and deferred gain liabilities. Deferred charge assets are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. Fair Value Option We have elected to apply the fair value option for certain LPT and RITC reinsurance transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and loss adjustment expenses. We use an internal model to calculate the fair value of the liability for losses and loss adjustment expenses and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to the funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and loss adjustment expenses, are inputs in our internal model. Note 12 - "Fair Value Measurements" describes the internal model, including the observable and unobservable inputs used in the model. |
Insurance Balances Recoverable | Amounts billed to and due from insurers providing coverage for our defendant asbestos liabilities are calculated in accordance with the terms of the individual insurance contracts. The insurance balances recoverable related to our defendant asbestos liabilities are presented net of a provision for uncollectible amounts, reflecting the amount deemed not collectible primarily due to credit quality and contractual disputes with insurers over coverage issues. |
Investments | Short-term investments and fixed maturity investments Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized gains and losses included in net earnings and reported as net realized and unrealized gains and losses. Short-term and fixed maturity investments classified as AFS are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of earnings. The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. Allowance for Credit Losses We perform a detailed analysis every reporting period to identify any credit losses on our investment portfolios not measured at fair value through net earnings. Some of the factors that we consider when assessing whether an allowance for credit losses is required on our debt securities include: (1) the extent to which the fair value has been less than the amortized cost; (2) the financial condition, near-term and long-term prospects of the issuer, including the relevant industry conditions and trends, and implications of rating agency actions and offering prices; (3) the likelihood of the recoverability of principal and interest; and (4) whether it is more likely than not that we will be required to sell the security prior to an anticipated recovery in value. With effect from January 1, 2020, credit losses on our AFS debt securities are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the AFS debt security, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the AFS debt security, effectively creating a “fair value floor”. See "New Accounting Standards Adopted in 2020" below for the discussion on our adoption of the credit losses standard. For our AFS debt securities that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and report the credit loss component in net realized investment gains (losses) in our consolidated statements of earnings. The unrealized losses related to non-credit factors is reported in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in earnings. For our AFS debt securities where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our AFS debt securities where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our AFS debt securities that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized investment gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized investment gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. We report the investment income accrued on our AFS debt securities within other assets and therefore separately from the underlying AFS debt securities. In addition, due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less, since the coupon on our AFS debt securities is paid semi-annually or more frequently, we have elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized investment gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible debt securities are written off when we determine that no additional payments of principal or interest will be received. Other-Than-Temporary Impairments ("OTTI") As discussed above and below, with effect from January 1, 2020, we adopted the new credit losses standard which replaced the OTTI model that was previously applicable to our AFS debt securities. The new approach now requires the recognition of impairment charges relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. A description of our historical OTTI process which was in place prior to our adoption of the new credit losses standard and which applied to our comparative financial statements is provided below. Fixed maturity investments classified as AFS were reviewed quarterly to determine if they had sustained an impairment of value that was, based on our judgment, considered to be other than temporary. The process included reviewing each fixed maturity investment whose fair value was below amortized cost and: (1) determining if we had the intent to sell the fixed maturity investment; (2) determining if it was more likely than not that we would be required to sell the fixed maturity investment before its anticipated recovery; and (3) assessing whether a credit loss existed, that is, whether we anticipated if the present value of the cash flows expected to be collected from the fixed maturity investment would be less than the amortized cost basis of the investment. In assessing whether it was more likely than not that we would be required to sell a fixed maturity investment before its anticipated recovery, we considered various factors including our future cash flow requirements, legal and regulatory requirements, the level of our cash, cash equivalents, short-term investments and fixed maturity investments available-for-sale in an unrealized gain position, and other relevant factors. In evaluating credit losses, we considered a variety of factors in the assessment of a fixed maturity investment including: (1) the time period during which there had been a significant decline below cost; (2) the extent of the decline below cost and par; (3) the potential for the investment to recover in value; (4) an analysis of the financial condition of the issuer; (5) the rating of the issuer; and (6) failure of the issuer of the investment to make scheduled interest or principal payments. If we concluded that an investment was other-than-temporarily impaired, then the difference between the fair value and the amortized cost of the investment was presented as an OTTI charge in the consolidated statements of earnings, with an offset for any non-credit related loss component of the OTTI charge recognized in other comprehensive income. Accordingly, only the credit loss component of the OTTI amount would have an impact on our earnings. Equities We hold investments in publicly traded equities and exchange-traded funds as well as in privately held equities. Our equity investments are carried at fair value with realized and unrealized gains and losses included in net earnings and reported as net realized and unrealized gains and losses. Other investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equities") and fixed income funds, hedge funds, equity funds, private credit funds and collateralized loan obligation ("CLO") equity funds that carry their investments at fair value, as well as direct investments in CLO equities. These other investments are stated at fair value, which ordinarily will be the most recently reported net asset value as advised by the fund manager or administrator. Many of our fund investments publish net asset values on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. The change in fair value is included in net realized and unrealized gains and losses on investments and recognized in net earnings. Equity method investments |
Cash and cash equivalents | Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less. |
Variable Interest Entities | We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported net asset value (“NAV”). Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment. |
Fees and Commission Income | Fees and commission income primarily includes profit commissions earned from managed Lloyd's syndicates as well as fees earned under fronting and consulting arrangements with third-party clients, which are recorded on an accrual basis. |
Foreign Exchange | Our reporting currency is the U.S. dollar. Assets and liabilities of certain of our subsidiaries and equity method investees whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in accumulated other comprehensive income (loss). Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net earnings. |
Share-based Compensation | We primarily use four types of share-based compensation arrangements: (i) restricted shares, restricted share units and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), (iii) cash-settled stock appreciation rights ("SARs") and (iv) shares issued under our employee share purchase plans. With the exception of SARs and the incentive plan awards issued to certain employees of Atrium and StarStone, our share-based compensation awards qualify for equity classification. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of earnings except for PSUs where the expense also varies depending on the performance multiplier on the award. The SARs, the Atrium and StarStone incentive plan awards are classified as liability awards. Liability classified awards are recorded at fair value within other liabilities in the consolidated balance sheet with changes in fair value relating to the vested portion of the award recorded within general and administrative expenses in the consolidated statements of earnings. |
Derivative Instruments | We utilize derivative instruments in our foreign currency, investments and interest rate risk management strategies and recognize all derivatives as either assets or liabilities in the consolidated balance sheets and carry them at the fair value of the specific instrument utilized. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to be perfectly effective, then we recognize the changes in the fair value of the underlying hedging instrument in accumulated other comprehensive income (loss) until the application of hedge accounting is discontinued. Any cumulative gains or losses arising on designated net investment hedges are deferred in accumulated other comprehensive income (loss) until the cumulative translation adjustment ("CTA") from the underlying hedged net investment is recognized in net earnings due to a disposal, deconsolidation or substantial liquidation. Certain of our funds held arrangements also contain embedded derivatives as described above, which are carried at fair value. In addition, we may also hold equity call options and other derivatives carried at fair value, as part of our investment strategy. |
Income Taxes | Certain of our subsidiaries and branches operate in jurisdictions where they are subject to taxation. Current and deferred tax expense or benefit is allocated to net earnings (loss), or, in certain cases, to discontinued operations or other comprehensive income (loss). Current tax is recognized and measured upon enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the income tax becomes accruable or realizable. Deferred taxes are provided for temporary differences between the carrying amount of assets and liabilities used in the financial statements and the tax basis used in the various jurisdictional tax returns. When our assessment indicates that all or some portion of deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets to reduce the assets to an amount more likely than not to be realized. We recognize the benefit relating to tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A recognized tax benefit is measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. A liability or other adjustment is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount allowed to be recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined in our consolidated statements of earnings. |
Earnings Per Share | Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share. |
Acquisitions | The acquisition method is used to account for all business acquisitions. This method requires that we record the acquired assets and liabilities at their estimated fair value. The fair values of each of the acquired reinsurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and management’s run-off strategy. Our run-off strategy, as well as that of other run-off market participants, is expected to be different from the seller's as generally sellers are not specialized in running off (re)insurance liabilities whereas we and other market participants do specialize in such run-offs. The key assumptions used by us and, we believe, by other run-off market participants in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin. |
Acquisitions, Fair Value Adjustment | The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes. |
Intangible Assets | Intangible assets arising from our business acquisitions are classified as either definite-lived or indefinite-lived intangible assets. Definite-lived intangible assets are amortized over their useful lives with the amortization expense being recognized in the consolidated statements of earnings. Indefinite-lived intangible assets are however not subject to amortization. The carrying values of intangible assets are reviewed for indicators of impairment at least annually. Impairment is recognized if the carrying values of the definite-lived intangible assets are not recoverable from their undiscounted cash flows and is measured as the amount by which the carrying value exceeds the fair value. Similarly, for indefinite-lived intangible assets, if the carrying value of the asset exceeds its fair value, then an impairment loss is recognized in an amount equal to the excess. |
Goodwill | The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of earnings. Goodwill is established initially upon acquisition and assessed at least annually for impairment. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made. |
Redeemable Noncontrolling Interest | In connection with the acquisitions of Arden, Atrium and StarStone, certain subsidiaries issued shares to noncontrolling interests. These shares provide certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. Redeemable noncontrolling interests with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through retained earnings as if the balance sheet date was also the redemption date. |
Held-for-sale Business and Discontinued Operations | We report a business as held-for-sale when certain criteria are met, which include (1) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (2) the business is available for immediate sale in its present condition, (3) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (4) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the businesses classified as held-for-sale are separately reported in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. Refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further information regarding our held-for-sale business. Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the |
Reclassifications and Revisions | Certain prior period amounts have been reclassified to conform to the current period presentation as described in further detail in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations." These reclassifications had no impact on net earnings. Revisions were made to the aggregate amount of letters of credit issued under the $800 million Syndicated Letter of Credit Facility, as described in further detail in Note - 15 - "Debt Obligations and Credit Facilities," and incurred management and performance fees detected from the Hillhouse Funds' reported NAV, as described in further detail in Note 21 - "Related Party Transactions," from the amounts that were previously disclosed in our 2020 Annual Report on Form 10-K filed on March 1, 2021. These corrections have no impact on our consolidated financial statements and are not considered material to previously issued financial statements. |
New Accounting Standards Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted | New Accounting Standards Adopted in 2020 Accounting Standards Update ("ASU") 2020-10 – Codification Improvements In October 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-10, which (1) removes references to various FASB Concepts Statements, (2) situates all disclosure guidance in the appropriate disclosure section of the Codification, and (3) makes other improvements and technical corrections to the Codification, with these amendments being applied retrospectively. We early adopted this guidance and that adoption did not have a material impact on our consolidated financial statements and disclosures. ASU 2020-09 – Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 In October 2020, the FASB issued ASU 2020-09, which amends and supersedes various SEC paragraphs included in a number of Codification Topics pursuant to the issuance of the SEC's Release No. 33-10762. Through Release No. 33-10762, which was issued in March 2020, the SEC made amendments to the financial disclosure requirements in Regulation S-X for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered, to improve those requirements for both investors and registrants. The changes made by the SEC are intended to (1) provide investors with material information given the specific facts and circumstances, (2) make the disclosures easier to understand, and (3) reduce the costs and burdens to registrants. The amended rules in Release No. 33-10762 became effective on January 4, 2021, although early compliance was permitted. We elected early compliance with the new rules subsequent to their issuance. Because the amendments made by the FASB in this ASU are designed to ensure alignment of the relevant SEC paragraphs in various Codification Topics with the amended rules in Release No. 33-10762, the amendments did not have a material impact on our disclosures, since we already elected early compliance with the amended rules in Release No. 33-10762. ASU 2020-04 and ASU 2021-01– Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, which is codified in Accounting Standards Codification ("ASC") 848 and which provides entities with temporary optional expedients and exceptions to the existing US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Inter-bank Offered Rate ("LIBOR") and other inter-bank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Under the provisions of ASU 2020-04, entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients for hedging relationships affected by reference rate reform, if certain criteria are met. Once elected, the amendments in this guidance must be applied prospectively for all eligible contract modifications. Subsequently in January 2021, the FASB issued ASU 2021-01 to refine the scope of ASC 848 and clarify that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, the ASU clarified that certain provisions in ASC 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in ASU 2021-01 are effective immediately for all entities and can be applied either on a full retrospective or prospective basis depending on the facts and circumstances. ASU 2020-04 was effective upon issuance and can be applied through to December 31, 2022. We adopted the ASU upon its issuance and as we transition from LIBOR to alternative reference rates, we have elected the temporary optional expedients and exceptions to the existing US GAAP guidance on contract modifications and hedge accounting permitted by the ASU, as appropriate. The adoption of this standard did not have any impact on our consolidated financial statements and disclosures. ASU 2020-03 – Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-03, which makes narrow-scope improvements to various topics within the codification relating to financial instruments, including the new credit losses standard. The amendments related to certain specific issues covered by the ASU were effective immediately upon the issuance of the ASU, while certain specific issues covered by the ASU and affecting the credit losses standard in ASU 2016-13 were effective in 2020 for those entities that have already adopted ASU 2016-13. We adopted the amendments in this ASU upon its issuance and that adoption did not have a material impact on our consolidated financial statements and the related disclosures. ASUs 2016-13, 2018-19, 2019-04, 2019-05, 2019-10 and 2019-11, Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, which is codified in ASC 326 - Financial Instruments - Credit Losses , amending the guidance on the impairment of financial instruments and significantly changing how entities measure credit losses for most financial assets and certain other financial instruments, including reinsurance balances recoverable on paid and unpaid losses that are not measured at fair value through net earnings. The ASU replaced the “incurred loss” approach that was previously applied to determine credit losses with an “expected loss” model for financial instruments measured at amortized cost. Under the "expected loss" model, the estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The expected credit losses and subsequent adjustments to such losses are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated balance sheet at the amount expected to be collected. ASU 2016-13 also amends the other-than-temporary impairment ("OTTI") model that was previously applicable to AFS debt securities, with the new approach now requiring the recognition of impairments relating to credit losses through an allowance account and limiting the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. This revised approach records the full effect of reversals of any credit losses in current period earnings, compared to previous guidance where this reversal was amortized over the lifetime of the security. Under this revised approach, the length of time a security has been in an unrealized loss position will no longer be considered in determining whether to record a credit loss. In addition, the historical and implied volatility of the fair value of a security and recoveries or declines in fair value after the balance sheet date will no longer be considered when making a determination of whether a credit loss exists. We adopted ASU 2016-13 and all the related amendments on January 1, 2020 using the modified retrospective approach for our financial instruments carried at amortized cost, and prospectively for our AFS debt securities as required by the standard, resulting in an overall reduction in retained earnings of $6.1 million as summarized below: • A cumulative effect adjustment of $3.0 million relating to our financial instruments carried at amortized cost, which primarily relates to our insurance balances recoverable on paid and unpaid losses. We already carried significant specific allowances for credit losses of $147.6 million on our reinsurance balances recoverable on paid and unpaid losses, relating primarily to our Run-off segment and therefore the adoption of this standard did not have a material impact on our balance sheet; and • $3.1 million related to our AFS debt securities whose fair values were less than their amortized cost basis. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2020-08 – Codification Improvements to Subtopic 310-20 - Receivables - Nonrefundable Fees and Other Costs In October 2020, the FASB issued ASU 2020-08 to clarify that an entity should re-evaluate whether a callable debt security is within the scope of ASC 310-20-35-33 during each reporting period. All entities are required to apply the amendments in this ASU on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2020, and early adoption is not permitted. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and the related disclosures. ASU 2020-06 – Accounting for Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. For convertible instruments, the ASU eliminates two of the three accounting models in ASC 470-20 that require separate accounting for embedded conversion features. The ASU also simplifies an issuer's application of the derivatives scope exception in ASC 815-40 for contracts in its own equity and removes some of the conditions that preclude a freestanding contract from being classified in equity, thereby allowing more of such contracts to qualify for equity classification. The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2021 and, although early adoption is permitted, the amendments may not be adopted earlier than during interim and annual reporting periods beginning after December 15, 2020. In addition, the FASB specified that an entity should adopt the guidance as of the beginning of its annual reporting period through either a modified retrospective method of transition or a fully retrospective method of transition. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and the related disclosures. ASU 2020-01 - Clarifying the Interactions between ASC 321, ASC 323 and ASC 815 In January 2020, the FASB issued ASU 2020-01 to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or upon discontinuing the equity method of accounting. With respect to forward contracts or purchased options to purchase securities, the amendments clarify that when applying the guidance in ASC 815-10-15-141(a), an entity should not consider whether upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in ASC 323 or the fair value option in accordance with ASC 825. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020, although early adoption is permitted, including adoption in any interim period. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and disclosures. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12 which removes certain exceptions for (1) recognizing deferred taxes for investments, (2) performing intraperiod tax allocation, and (3) calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating income taxes to a legal entity that is not subject to income taxes. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020, although early adoption is permitted, including adoption in any interim period. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and disclosures. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Morse TEC | |
Business Acquisition [Line Items] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed in the Morse TEC transaction at the acquisition date. ASSETS Cash and cash equivalents $ 171,412 Deferred tax assets 140,000 Other assets - insurance balances receivable 371,116 TOTAL ASSETS 682,528 LIABILITIES Defendant asbestos and environmental liabilities 662,507 Other liabilities 20,021 TOTAL LIABILITIES $ 682,528 NET ASSETS ACQUIRED AT FAIR VALUE — |
Pro Forma Condensed Combined Statement of Earnings | The table below summarizes the results of the Morse TEC operations, which were included in our consolidated statement of earnings from the acquisition date to December 31, 2019: Net investment income $ 488 General and administrative expenses (1,459) Other expenses (1,512) Net loss $ (2,483) |
Maiden Re | |
Business Acquisition [Line Items] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed (excluding preexisting relationships and net of the intercompany cession assumed as part of the transaction) in the Maiden Re North America transaction at the acquisition date. ASSETS Fixed maturities, trading, at fair value $ 1,098,593 Short-term investments, trading, at fair value 3,508 Total investments 1,102,101 Cash and cash equivalents 12,035 Restricted cash and cash equivalents 26,871 Premiums receivable 138,378 Prepaid reinsurance premiums 3,257 Reinsurance balances recoverable 87,018 Other assets 96,669 TOTAL ASSETS $ 1,466,329 LIABILITIES Losses and LAE $ 1,027,367 Unearned premiums 85,696 Other liabilities 56,618 TOTAL LIABILITIES 1,169,681 NET ASSETS ACQUIRED AT FAIR VALUE $ 296,648 |
Pro Forma Condensed Combined Statement of Earnings | The table below summarizes the results of the Maiden Re North America operations, which were included in our consolidated statement of earnings from the acquisition date to December 31, 2018: Net investment income $ 675 Net unrealized gains 3,749 General and administrative expenses (435) Net earnings $ 3,989 |
Purchase Price and Fair Value of Assets Acquired | The components of the consideration paid to acquire all of the outstanding shares of Maiden Re North America were as follows: Cash paid $ 286,375 Adjustment for the fair value of preexisting relationships 10,273 Total purchase price $ 296,648 Net assets acquired at fair value (including preexisting relationships) $ 296,648 Excess of purchase price over fair value of net assets acquired $ — |
KaylaRe | |
Business Acquisition [Line Items] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition | As a result of effectively settling all the contractual preexisting relationships with KaylaRe, the Company recognized a loss of $15.6 million, which was recorded in other income (loss) in the three and six months ended June 30, 2018, as summarized below: ASSETS Carrying value Fair value Loss on deemed settlement Funds held by reinsured companies $ 386,793 $ 386,793 $ — Deferred acquisition costs/Value of business acquired 33,549 40,268 6,719 TOTAL ASSETS 420,342 427,061 6,719 LIABILITIES Losses and LAE 339,747 333,205 (6,542) Unearned premiums 105,602 105,602 — Insurance and reinsurance balances payable 25,897 23,559 (2,338) Other liabilities 1,864 1,864 — TOTAL LIABILITIES 473,110 464,230 (8,880) NET ASSETS (LIABILITIES) $ (52,768) $ (37,169) $ 15,599 The following table summarizes the fair values of the assets acquired and liabilities assumed (excluding preexisting relationships) in the KaylaRe transaction at the acquisition date. ASSETS Fixed maturities, trading, at fair value $ 126,393 Other investments, at fair value 626,476 Total investments 752,869 Cash and cash equivalents 5,657 Premiums receivable 10,965 Deferred acquisition costs 275 Other assets 614 TOTAL ASSETS $ 770,380 LIABILITIES Losses and LAE $ 4,059 Unearned premiums 10,984 Insurance and reinsurance balances payable 13 Other liabilities 9,004 TOTAL LIABILITIES 24,060 NET ASSETS ACQUIRED AT FAIR VALUE $ 746,320 |
Pro Forma Condensed Combined Statement of Earnings | The table below summarizes the results of the KaylaRe operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2018: Premiums earned $ 13,627 Incurred losses and LAE (12,364) Acquisition costs (341) Underwriting income 922 Net investment income 3,096 Net unrealized gains (47,769) General and administrative expenses (2,164) Net loss $ (45,915) |
Purchase Price and Fair Value of Assets Acquired | The components of the consideration paid to acquire all of the outstanding shares and warrants of KaylaRe were as follows: Fair value of Enstar ordinary shares issued $ 414,750 Fair value of previously held equity method investment 336,137 Adjustment for the fair value of preexisting relationships 37,169 Total purchase price $ 788,056 Net assets acquired at fair value (excluding preexisting relationships) $ 746,320 Excess of purchase price over fair value of net assets acquired $ 41,736 Number of Enstar ordinary shares issued 2,007,017 Closing price of Enstar voting ordinary shares as of May 14, 2018 $ 206.65 Fair value of Enstar ordinary shares issued to shareholders of KaylaRe $ 414,750 Carrying value of previously held equity method investment prior to the close of the transaction $ 320,130 Price-to-book multiple 1.05 Fair value of previously held equity method investment prior to the close of the transaction $ 336,137 Gain recognized on remeasurement of previously held equity method investment to fair value $ 16,007 |
Significant New Business (Table
Significant New Business (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary Of Significant New Business | The table below sets forth a summary of significant new business that we have completed between January 1, 2018 and December 31, 2020: Transaction Date Completed Total Assets Assumed Deferred Charge Asset (1) Total Liabilities Assumed Net Fair Value Adjustment (2) Primary Nature of Business Hannover Re August 6, 2020 $ 182,498 N/A $ 209,713 $ (27,215) U.S. asbestos, environmental and workers' compensation liabilities Munich Re July 1, 2020 $ 100,956 N/A $ 100,956 N/A Australian public liability, professional liability and builders' warranty liabilities AXA Group (3) June 1, 2020 $ 179,681 N/A $ 179,681 N/A U.S. construction general liability Aspen June 1, 2020 $ 770,000 $ 11,746 $ 781,746 N/A Diversified mix of property, liability and specialty lines of business across the U.S., U.K. and Europe Lyft March 31, 2020 $ 465,000 N/A $ 465,000 N/A U.S. motor Zurich (3) October 1, 2019 $ 507,061 $ 115,815 $ 622,876 N/A U.S. asbestos and environmental liability Maiden Re Bermuda August 5, 2019 $ 445,000 $ 85,183 $ 530,183 N/A U.S. workers' compensation and General Casualty Amerisure April 11, 2019 $ 45,463 $ 2,873 $ 48,336 N/A U.S. construction defect AmTrust February 14, 2019 $ 1,143,949 $ 20,633 $ 1,164,582 N/A Lloyd's property, professional, marine, non-marine, affinity annual, extended warranty and political Allianz SE December 31, 2018 $ 70,000 N/A $ 70,000 N/A Asbestos and environmental Maiden Re Bermuda December 27, 2018 $ 70,425 $ 1,704 $ 72,129 N/A U.S. workers' compensation and motor Coca-Cola August 1, 2018 $ 103,617 $ 17,208 $ 120,825 N/A U.S. workers' compensation, auto liability, general and product liability Zurich Australia February 23, 2018 $ 268,657 N/A $ 280,764 $ (12,107) Australian motor Neon February 16, 2018 $ 525,673 N/A $ 546,298 $ (20,625) Medical malpractice, general liability, professional indemnity and marine Novae January 29, 2018 $ 1,095,730 N/A $ 1,163,198 $ (67,468) Financial, casualty, marine and energy, professional indemnity, aviation, motor and property The table below sets forth a summary of significant new business that we have signed or completed between January 1, 2021 and March 1, 2021: Transaction Date Completed Initial Estimate of Liabilities Assumed Primary Nature of Business AXA Group (4) N/A - Announced February 25, 2021 $ 1,395,000 Diversified mix of global casualty and professional lines ProSight (4) N/A - Announced January 15, 2021 $ 500,000 U.S. discontinued workers' compensation and excess workers' compensation lines of business and adverse development cover on a diversified mix of general liability classes of business CNA (4) February 5, 2021 $ 690,000 U.S. excess workers' compensation Liberty Mutual (4) January 8, 2021 $ 420,000 U.S. energy liability, construction liability and homebuilders liability (1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded. (2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement. (3) Effective October 1, 2020 and 2019, we ceded 10% of the AXA Group and Zurich transactions, respectively, to Enhanzed Reinsurance Ltd. ("Enhanzed Re"), in which we have an investment, on the same terms and conditions as those received by us. (4) The retroactive reinsurance agreements with AXA Group, ProSight, CNA and Liberty Mutual either closed or are expected to close in 2021 and therefore the related balances are not included in our consolidated financial statements as of December 31, 2020. The table below sets forth a summary of significant new business that we have completed between January 1, 2021 and March 31, 2021 and included in our unaudited condensed consolidated financial statements as of March 31, 2021: Transaction Date Completed Total Assets Assumed Deferred Charge Asset (1) Total Liabilities Assumed Net Fair Value Adjustment (2) Primary Nature of Business CNA (3) February 5, 2021 $ 651,736 $105,479 $ 757,215 N/A U.S. excess workers' compensation Liberty Mutual (3) January 8, 2021 $ 363,159 $25,402 $ 388,561 N/A U.S. energy liability, construction liability and homebuilders liability The table below sets forth a summary of significant new business that we have completed between April 1, 2021 and June 11, 2021 or is pending completion as of June 11, 2021: Transaction Date Transaction Announced or Completed Initial Estimate of Liabilities Assumed Primary Nature of Business Hiscox (3) Completed on June 3, 2021 $ 520,000 Diversified portfolio of legacy insurance business, including surplus lines broker business AXA Group (3) (4) Completed on May 3, 2021 $ 1,395,000 Diversified mix of global casualty and professional lines ProSight (3) N/A - Announced January 15, 2021 $ 500,000 U.S. discontinued workers' compensation and excess workers' compensation lines of business and adverse development cover on a diversified mix of general liability classes of business (1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded. (2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement. (3) As of December 31, 2020, the transactions with CNA, Liberty Mutual, Hiscox, AXA Group and ProSight had not closed; therefore, the related balances were not included in our consolidated financial statements as of December 31, 2020. (4) The loss portfolio transfer and adverse development cover transaction with AXA Group was completed by one of our (re)insurance subsidiaries and guaranteed by Enstar. |
Divestitures, Held-For-Sale B_2
Divestitures, Held-For-Sale Businesses and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Financial Information of Held-For-Sale Business | The following table summarizes the components of Northshore's assets and liabilities held-for-sale on our consolidated balance sheet as of December 31, 2020: December 31, 2020 ASSETS Short-term investments, AFS, at fair value $ 1,720 Fixed maturities, trading, at fair value 154,026 Fixed maturities, AFS, at fair value 7,483 Other investments, at fair value 9,897 Total investments 173,126 Cash and cash equivalents 71,156 Restricted cash and cash equivalents 152,044 Premiums receivable 62,392 Reinsurance balances recoverable on paid and unpaid losses 37,341 Funds held by reinsured companies 32,226 Other assets 182,993 TOTAL ASSETS HELD-FOR-SALE $ 711,278 LIABILITIES Losses and loss adjustment expenses $ 254,149 Insurance and reinsurance balances payable 12,393 Debt obligations 39,850 Other liabilities 177,265 TOTAL LIABILITIES HELD-FOR-SALE $ 483,657 NET ASSETS HELD-FOR-SALE $ 227,621 We classified the assets and liabilities of StarStone U.S. as held-for-sale. The following table summarizes the components of StarStone U.S.'s assets and liabilities held-for-sale on our consolidated balance sheet as of December 31, 2019: December 31, 2019 (1) ASSETS Fixed maturities, trading, at fair value $ 202,994 Fixed maturities, AFS, at fair value 375,337 Equities, at fair value 3,000 Other investments, at fair value 6,389 Total investments 587,720 Cash and cash equivalents 78,613 Restricted cash and cash equivalents 5,815 Premiums receivable 99,367 Deferred tax assets 15,191 Reinsurance balances recoverable on paid and unpaid losses 530,604 Funds held by reinsured companies 35,861 Deferred acquisition costs 36,992 Goodwill and intangible assets 24,900 Other assets 59,707 TOTAL ASSETS HELD-FOR-SALE $ 1,474,770 LIABILITIES Losses and loss adjustment expenses $ 836,761 Unearned premiums 218,166 Insurance and reinsurance balances payable 22,453 Other liabilities 131,151 TOTAL LIABILITIES HELD-FOR-SALE $ 1,208,531 NET ASSETS HELD-FOR-SALE $ 266,239 (1) Following our decision to sell StarStone U.S. to Core Specialty which was completed on November 30, 2020, the assets and liabilities of StarStone U.S. as of December 31, 2019 were reclassified to held-for-sale on our consolidated balance sheets, in addition to the comparatives being restated since StarStone U.S. qualified as a discontinued operation. 2020 2019 2018 INCOME Net premiums earned $ 291,326 $ 350,814 $ 199,796 Net investment income 12,849 15,606 10,572 Net realized and unrealized gains 5,431 19,385 (5,352) Other income 49 9 10 309,655 385,814 205,026 EXPENSES Net incurred losses and loss adjustment expenses 191,844 258,396 130,303 Acquisition costs 57,640 65,342 14,935 General and administrative expenses 60,236 60,003 58,590 Interest expense 2,066 2,600 2,120 Net foreign exchange (gains) losses (13) 33 24 311,773 386,374 205,972 EARNINGS (LOSS) BEFORE INCOME TAXES (2,118) (560) (946) Income tax benefit 2,255 7,935 2,435 NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE $ 137 $ 7,375 $ 1,489 DISPOSAL Consideration received $ 281,989 $ — $ — Less: Carrying value of subsidiary (277,697) — — Add: Net realized gains on AFS securities and cumulative currency translation adjustments previously recognized in AOCI 11,822 — — Gain on sale of subsidiary $ 16,114 $ — $ — NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES $ 16,251 $ 7,375 $ 1,489 Net loss (earnings) from discontinued operations attributable to noncontrolling interest (8,717) (3,025) (611) NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ 7,534 $ 4,350 $ 878 The table below presents a summary of the total income and expenses which have been recognized within our continuing operations for the years ended December 31, 2020, 2019 and 2018, relating to intercompany transactions, primarily intra-group reinsurances, between StarStone U.S. and our subsidiaries: 2020 2019 2018 Total Income $ 11,911 $ 10,672 $ 98,402 Total Expenses (1) (16,397) 62,515 113,952 Net Earnings (Loss) $ 28,308 $ (51,843) $ (15,550) (1) For the year ended December 31, 2020, negative total expenses were driven by favorable loss development on the losses and LAE reserves ceded by StarStone U.S. to our subsidiaries. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Estimated Fair Values of Investments in Fixed Maturity Investments, Short-Term Investments and Equities, Trading Securities | The fair values of the underlying asset categories comprising our short-term and fixed maturity investments classified as trading and AFS and the fixed maturity investments included within our funds held - directly managed balance were as follows as of December 31, 2020 and 2019: 2020 Short-term investments, trading Short-term investments, AFS Fixed maturities, trading Fixed maturities, AFS Fixed maturities, funds held - directly managed Total U.S. government and agency $ — $ 243,556 $ 123,874 $ 474,442 $ 109,176 $ 951,048 U.K. government — — 37,508 13,574 — 51,082 Other government 3,424 3,213 327,437 146,914 21,165 502,153 Corporate 1,705 17,026 3,227,726 1,920,323 519,952 5,686,732 Municipal — — 79,959 30,032 52,678 162,669 Residential mortgage-backed — — 154,471 328,871 70,603 553,945 Commercial mortgage-backed — — 347,225 276,488 230,377 854,090 Asset-backed — — 296,692 204,456 56,312 557,460 Total fixed maturity and short-term investments $ 5,129 $ 263,795 $ 4,594,892 $ 3,395,100 $ 1,060,263 $ 9,319,179 2019 Short-term investments, trading Short-term investments, AFS Fixed maturities, trading Fixed maturities, AFS Fixed maturities, funds held - directly managed Total U.S. government and agency $ — $ 111,583 $ 208,296 $ 269,661 $ 106,537 $ 696,077 U.K. government 24,411 1,069 122,012 14,280 — 161,772 Other government 21,958 387 575,017 84,760 20,734 702,856 Corporate 5,121 13,915 3,959,288 866,557 603,389 5,448,270 Municipal — 1,381 87,451 2,399 49,456 140,687 Residential mortgage-backed — — 215,521 99,188 86,205 400,914 Commercial mortgage-backed — — 534,357 49,046 230,343 813,746 Asset-backed — — 441,393 152,161 76,681 670,235 Total fixed maturity and short-term investments $ 51,490 $ 128,335 $ 6,143,335 $ 1,538,052 $ 1,173,345 $ 9,034,557 |
Summary of Amortized Cost and Estimated Fair Value of Fixed Maturity and Short-term Investments by Contractual Maturity | The contractual maturities of our short-term and fixed maturity investments, classified as trading and AFS, and the fixed maturity investments included within our funds held - directly managed balance are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. As of December 31, 2020 Amortized Cost Fair Value % of Total Fair Value One year or less $ 489,559 $ 494,490 5.3 % More than one year through two years 710,621 726,331 7.8 % More than two years through five years 2,097,923 2,206,020 23.7 % More than five years through ten years 1,974,838 2,151,191 23.1 % More than ten years 1,544,533 1,775,652 19.0 % Residential mortgage-backed 545,628 553,945 5.9 % Commercial mortgage-backed 828,155 854,090 9.2 % Asset-backed 567,638 557,460 6.0 % $ 8,758,895 $ 9,319,179 100.0 % |
Credit Ratings Company's Fixed Maturity and Short-Term Investments Available-for-Sale | The following table sets forth the credit ratings of our short-term and fixed maturity investments, classified as trading and AFS, and the fixed maturity investments included within our funds held - directly managed balance as of December 31, 2020: Amortized Fair Value % of Total AAA AA Rated A Rated BBB Non- Not Rated U.S. government and agency $ 935,014 $ 951,048 10.2 % $ 951,048 $ — $ — $ — $ — $ — U.K. government 46,988 51,082 0.6 % — 43,199 7,883 — — — Other government 463,765 502,153 5.4 % 244,041 159,095 42,337 51,413 5,267 — Corporate 5,226,238 5,686,732 61.0 % 172,718 607,796 2,646,602 1,960,971 287,363 11,282 Municipal 145,469 162,669 1.7 % 8,270 78,585 55,631 20,183 — — Residential mortgage-backed 545,628 553,945 5.9 % 544,545 — 2,195 2,615 2,472 2,118 Commercial mortgage-backed 828,155 854,090 9.2 % 591,396 115,114 74,615 61,730 3,961 7,274 Asset-backed 567,638 557,460 6.0 % 239,733 84,058 119,757 89,898 24,014 — Total $ 8,758,895 $ 9,319,179 100.0 % $ 2,751,751 $ 1,087,847 $ 2,949,020 $ 2,186,810 $ 323,077 $ 20,674 % of total fair value 29.5 % 11.7 % 31.6 % 23.5 % 3.5 % 0.2 % |
Amortized Cost and Estimated Fair Values of Company's Fixed Maturity and Short-Term Investments Classified as Available-for-Sale | The amortized cost, unrealized gains and losses, allowance for credit losses and fair values of our short-term and fixed maturity investments classified as AFS as of December 31, 2020 were as follows: Gross Unrealized Losses 2020 Amortized Cost Gross Unrealized Gains Non-Credit Related Losses Allowance for Credit Losses (1) Fair Value U.S. government and agency $ 715,527 $ 3,305 $ (834) $ — $ 717,998 U.K. government 12,494 1,080 — — 13,574 Other government 142,459 7,721 (53) — 150,127 Corporate 1,873,184 65,913 (1,567) (181) 1,937,349 Municipal 28,881 1,155 (4) — 30,032 Residential mortgage-backed 326,268 3,292 (689) — 328,871 Commercial mortgage-backed 273,516 5,202 (2,097) (133) 276,488 Asset-backed 204,312 846 (694) (8) 204,456 $ 3,576,641 $ 88,514 $ (5,938) $ (322) $ 3,658,895 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. The amortized cost, unrealized gains and losses and fair values of our short-term and fixed maturity investments classified as AFS as of December 31, 2019 were as follows: 2019 Amortized Gross Gross Fair U.S. government and agency $ 381,488 $ 78 $ (322) $ 381,244 U.K. government 15,067 282 — 15,349 Other government 84,116 1,119 (88) 85,147 Corporate 880,667 3,739 (3,934) 880,472 Municipal 3,770 12 (2) 3,780 Residential mortgage-backed 99,646 221 (679) 99,188 Commercial mortgage-backed 49,219 30 (203) 49,046 Asset-backed 152,153 127 (119) 152,161 $ 1,666,126 $ 5,608 $ (5,347) $ 1,666,387 The following table summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position, for which an allowance for credit losses has not been recorded, as of December 31, 2020: 12 Months or Greater Less Than 12 Months Total 2020 Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized U.S. government and agency $ — $ — $ 55,839 $ (834) $ 55,839 $ (834) UK government — — — — — — Other government — — 7,971 (53) 7,971 (53) Corporate — — 199,048 (1,224) 199,048 (1,224) Municipal — — 1,690 (4) 1,690 (4) Residential mortgage-backed 4,626 (125) 79,149 (564) 83,775 (689) Commercial mortgage-backed 38 (38) 67,094 (1,562) 67,132 (1,600) Asset-backed — — 116,827 (564) 116,827 (564) Total short-term and fixed maturity investments $ 4,664 $ (163) $ 527,618 $ (4,805) $ 532,282 $ (4,968) The following table summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position as of December 31, 2019, aggregated by major security type and length of time in continuous unrealized loss position: 12 Months or Greater Less Than 12 Months Total 2019 Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized U.S. government and agency $ — $ — $ 193,574 $ (322) $ 193,574 $ (322) Other government 1,080 (23) 37,796 (65) 38,876 (88) Corporate 2,754 (306) 338,965 (3,628) 341,719 (3,934) Municipal 128 — 761 (2) 889 (2) Residential mortgage-backed — — 52,005 (679) 52,005 (679) Commercial mortgage-backed — — 35,777 (203) 35,777 (203) Asset-backed — — 101,591 (119) 101,591 (119) Total short-term and fixed maturity investments $ 3,962 $ (329) $ 760,469 $ (5,018) $ 764,431 $ (5,347) |
Summary of Allowance for Credit Losses | The following table provides a reconciliation of the beginning and ending allowance for credit losses on our AFS debt securities: December 31, 2020 Other Corporate Residential mortgage-backed Commercial Asset-backed Total Allowance for credit losses, beginning of year $ — $ — $ — $ — $ — $ — Cumulative effect of change in accounting principle (22) (2,987) — (50) — (3,059) Allowances for credit losses on securities for which credit losses were not previously recorded — (10,748) (2) (675) (142) (11,567) Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets — — — — — — Reductions for securities sold during the year 22 2,545 — — — 2,567 Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis — — — — — — (Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period — 11,009 2 592 134 11,737 Allowance for credit losses, end of year $ — $ (181) $ — $ (133) $ (8) $ (322) |
Schedule Of Equity Securities | The following table summarizes our equity investments classified as trading as of December 31, 2020 and 2019: 2020 2019 Publicly traded equity investments in common and preferred stocks $ 260,767 $ 327,875 Exchange-traded funds 311,287 133,047 Privately held equity investments in common and preferred stocks 274,741 265,799 $ 846,795 $ 726,721 |
Other Investments | The following table summarizes our other investments carried at fair value as of December 31, 2020 and 2019: 2020 2019 Hedge funds $ 2,638,339 $ 1,121,904 Fixed income funds 552,541 481,039 Private equity funds 363,103 323,496 Private credit funds 192,319 — Equity funds 190,767 410,149 CLO equity funds 166,523 87,509 CLO equities 128,083 87,555 Others 12,359 6,379 $ 4,244,034 $ 2,518,031 sales process as of December 31, 2020: Less than 1 Year 1-2 years 2-3 years More than 3 years Not Eligible/ Restricted Total Redemption Frequency Hedge funds $ 2,590,164 $ — $ — $ — $ 48,175 $ 2,638,339 Monthly to Bi-annually Fixed income funds 537,055 — — — 15,486 552,541 Daily to Quarterly Equity funds 190,767 — — — — 190,767 Daily to Quarterly Private equity funds — — — — 363,103 363,103 N/A CLO equity funds 94,313 61,741 10,469 — — 166,523 Quarterly to Bi-annually CLO equities 128,083 — — — — 128,083 Daily to Quarterly Private credit funds — 9,250 — 183,069 192,319 N/A Other 12,359 12,359 N/A $ 3,540,382 $ 70,991 $ 10,469 $ — $ 622,192 $ 4,244,034 |
Equity Method Investments | The table below shows our equity method investments as of December 31, 2020 and 2019: 2020 2019 Ownership % Carrying Value Ownership % Carrying Value Enhanzed Re 47.4 % $ 330,289 47.4 % $ 182,856 Citco (1) 31.9 % 53,022 31.9 % 51,742 Monument Re (2) 20.0 % 193,716 20.0 % 60,598 Clear Spring — % — 20.0 % 10,645 Core Specialty 25.2 % 235,000 — % — Other 27% 20,268 30% 20,436 $ 832,295 $ 326,277 (1 ) We own 31.9% of the common shares in HH CTCO Holdings Limited which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco III Limited ("Citco"). (2) We own 20.0% of the common shares in Monument Re as well as different classes of preferred shares which have fixed dividend yields and whose balances are included in the Investment amount. |
Funds Held, Directly Managed, Carrying Values of Assets | The following table summarizes the components of the funds held - directly managed as of December 31, 2020 and 2019: 2020 2019 Fixed maturity investments, trading $ 1,060,263 $ 1,173,345 Cash and cash equivalents 9,067 10,296 Other assets 5,560 3,911 $ 1,074,890 $ 1,187,552 |
Funds Held, Directly Managed, Fair Value To Amortized Cost | The following table summarizes the short-term and fixed maturity investment components of funds held - directly managed as of December 31, 2020 and 2019: 2020 2019 Funds held - Directly Managed - Fair Value Option Funds held - Directly Managed - Variable Return Total Funds held - Directly Managed - Fair Value Option Funds held - Directly Managed - Variable Return Total Short-term and fixed maturity investments, at amortized cost $ 106,938 $ 859,403 $ 966,341 $ 185,859 $ 940,194 $ 1,126,053 Net unrealized gains (losses): Change in fair value - fair value option accounting 9,693 — 9,693 5,438 — 5,438 Change in fair value - embedded derivative accounting — 84,229 84,229 — 41,854 41,854 Short-term and fixed maturity investments within funds held - directly managed, at fair value $ 116,631 $ 943,632 $ 1,060,263 $ 191,297 $ 982,048 $ 1,173,345 |
Investment Income | Major categories of net investment income for the years ended December 31, 2020, 2019 and 2018 are summarized as follows: 2020 2019 2018 Fixed maturity investments $ 198,988 $ 217,886 $ 178,213 Short-term investments and cash and cash equivalents 4,843 15,609 11,692 Funds held 33,920 22,580 11,640 Funds held – directly managed 34,563 38,173 37,623 Investment income from fixed maturities and cash and cash equivalents 272,314 294,248 239,168 Equity investments 19,240 16,671 5,397 Other investments 27,153 11,792 26,214 Investment income from equities and other investments 46,393 28,463 31,611 Gross investment income 318,707 322,711 270,779 Investment expenses (15,890) (14,440) (9,081) Net investment income $ 302,817 $ 308,271 $ 261,698 |
Realized Gain (Loss) on Investments | Components of net realized and unrealized gains (losses) for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Net realized gains (losses) on sale: Gross realized gains on fixed maturity securities, AFS $ 26,313 $ 4,844 $ 27 Gross realized losses on fixed maturity securities, AFS (7,801) (905) (90) Decrease in allowance for expected credit losses on fixed maturity securities, AFS 170 — — Net realized gains (losses) on fixed maturity securities, trading 126,945 81,011 (27,408) Net realized gains (losses) on fixed maturity securities in funds held - directly managed 8,798 1,495 (3,940) Net realized gains (losses) on equity investments 24,282 (374) 4,016 Net realized investment gains on investment derivatives 144 — — Total net realized gains (losses) on sale 178,851 86,071 (27,395) Net unrealized gains (losses): Fixed maturity securities, trading 101,022 341,130 (159,594) Fixed maturity securities in funds held - directly managed 50,837 88,053 (46,257) Equity investments (25,752) 55,359 (9,831) Other investments 1,336,343 441,702 (164,455) Investment derivatives 718 (349) — Total net unrealized gains (losses) 1,463,168 925,895 (380,137) Net realized and unrealized gains (losses) $ 1,642,019 $ 1,011,966 $ (407,532) |
Unrealized Gain (Loss) on Investments | Components of net realized and unrealized gains (losses) for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Net realized gains (losses) on sale: Gross realized gains on fixed maturity securities, AFS $ 26,313 $ 4,844 $ 27 Gross realized losses on fixed maturity securities, AFS (7,801) (905) (90) Decrease in allowance for expected credit losses on fixed maturity securities, AFS 170 — — Net realized gains (losses) on fixed maturity securities, trading 126,945 81,011 (27,408) Net realized gains (losses) on fixed maturity securities in funds held - directly managed 8,798 1,495 (3,940) Net realized gains (losses) on equity investments 24,282 (374) 4,016 Net realized investment gains on investment derivatives 144 — — Total net realized gains (losses) on sale 178,851 86,071 (27,395) Net unrealized gains (losses): Fixed maturity securities, trading 101,022 341,130 (159,594) Fixed maturity securities in funds held - directly managed 50,837 88,053 (46,257) Equity investments (25,752) 55,359 (9,831) Other investments 1,336,343 441,702 (164,455) Investment derivatives 718 (349) — Total net unrealized gains (losses) 1,463,168 925,895 (380,137) Net realized and unrealized gains (losses) $ 1,642,019 $ 1,011,966 $ (407,532) |
Reconciliation to Comprehensive Income | The following table provides a reconciliation of the gross realized gains and losses and credit recoveries (losses) on our AFS fixed maturity debt securities that arose during the years ended December 31, 2020, 2019 and 2018 within our continuing and discontinued operations and the offsetting reclassification adjustments included within our consolidated statements of comprehensive income: 2020 2019 2018 Included within continuing operations: Gross realized gains on fixed maturity securities, AFS $ 26,313 $ 4,844 $ 27 Gross realized losses on fixed maturity securities, AFS (7,801) (905) (90) Tax effect (1,623) — — Included within discontinued operations: Gross realized gains on fixed maturity securities, AFS 1,374 12 — Gross realized losses on fixed maturity securities, AFS (120) (57) — Tax effect (110) — — Total reclassification adjustment for net realized gains (losses) included in net earnings $ 18,033 $ 3,894 $ (63) Included within continuing operations: Credit recoveries (losses) on fixed maturity securities, AFS $ 170 $ — $ — Tax effect 3 — — Included within discontinued operations: Credit recoveries (losses) on fixed maturity securities, AFS 329 — — Tax effect 7 — — Total reclassification adjustment for change in allowance for credit losses recognized in net earnings $ 509 $ — $ — The following table presents details amounts reclassified from accumulated other comprehensive income: Details about AOCI components 2020 2019 2018 Affected Line Item in Statement where Net Earnings are presented Unrealized gains (losses) on fixed income available-for-sale investments $ 18,682 $ 3,894 $ (63) Net realized and unrealized gains (losses) 16,591 — — Net earnings from discontinued operations 35,273 3,894 (63) Total before tax (4,875) — — Income tax (expense) 30,398 3,894 (63) Net of tax Currency translation adjustment on disposal of subsidiary (34) — — Net earnings from discontinued operations Total reclassifications for the period, net of tax $ 30,364 $ 3,894 $ (63) |
Schedule of Carrying Value of Restricted Investments | The carrying value of our restricted assets, including restricted cash of $472.0 million and $346.9 million, as of December 31, 2020 and 2019, respectively, was as follows: 2020 2019 Collateral in trust for third party agreements $ 4,924,866 $ 4,103,847 Assets on deposit with regulatory authorities 131,283 309,659 Collateral for secured letter of credit facilities 104,627 132,670 Funds at Lloyd's (1) 260,914 639,316 $ 5,421,690 $ 5,185,492 (1) Our businesses include three Lloyd's syndicates as at December 31, 2020. Lloyd's determines the required capital principally through the annual business plan of each syndicate. This capital is referred to as "Funds at Lloyd's" and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources. We also utilize unsecured letters of credit for Funds at Lloyd's, as described in Note 15 - "Debt Obligations and Credit Facilities". |
Derivatives and Hedging Instr_2
Derivatives and Hedging Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated Fair Value and Unrealized Gains (Losses) on Derivative Instruments | The following table presents the gross notional amounts and estimated fair values recorded within other assets and liabilities related to our qualifying foreign currency forward exchange rate contracts as of December 31, 2020 and 2019: 2020 2019 Fair Value Fair Value Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Foreign currency forward - AUD $ 73,852 $ 13 $ 5,060 $ 64,620 $ 52 $ 2,033 Foreign currency forward - EUR 217,168 205 8,889 112,284 246 1,635 Foreign currency forward - GBP 312,671 951 14,998 318,387 344 7,784 Total qualifying hedges $ 603,691 $ 1,169 $ 28,947 $ 495,291 $ 642 $ 11,452 The following table presents the net gains and losses deferred in the cumulative translation adjustment ("CTA") account, which is a component of AOCI, in shareholders' equity, relating to our foreign currency forward exchange rate contracts for the years ended December 31, 2020, 2019 and 2018: Amount of Gains (Losses) Deferred in AOCI 2020 2019 2018 Foreign currency forward - AUD $ (6,792) $ (722) $ 3,438 Foreign currency forward - EUR (15,026) 1,817 1,000 Foreign currency forward - GBP (8,457) (16,423) — Total qualifying hedges $ (30,275) $ (15,328) $ 4,438 The following tables present the gross notional amounts and estimated fair values recorded within other assets and other liabilities related to our non-qualifying foreign currency forward exchange rate hedging relationships as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Fair Value Fair Value Gross Notional Amount Assets Liabilities Gross Notional Amount Assets Liabilities Foreign currency forward - AUD $ 28,848 $ 882 $ 2,847 $ 913 $ 839 $ 892 Foreign currency forward - CAD 64,224 10 1,764 66,266 10 1,482 Foreign currency forward - EUR 43,531 1,782 41 74,444 507 1,440 Foreign currency forward - GBP 2,731 161 404 11,940 13 292 Total non-qualifying hedges $ 139,334 $ 2,835 $ 5,056 $ 153,563 $ 1,369 $ 4,106 The following table presents the amounts of the net gains and losses included in earnings related to our non-qualifying foreign currency forward exchange rate contracts during the years ended December 31, 2020, 2019, and 2018: Gains (losses) on non-qualifying hedges charged to earnings 2020 2019 2018 Foreign currency forward - AUD $ (2,388) $ 1,523 $ 4,958 Foreign currency forward - CAD (879) (2,079) 9,311 Foreign currency forward - EUR 1,871 1,759 2,296 Foreign currency forward - GBP (1,558) 12,004 15,078 Net gains (losses) on non-qualifying hedges $ (2,954) $ 13,207 $ 31,643 The following table presents the gross notional amounts and estimated fair values recorded within other assets and other liabilities related to our credit default swaps, government bond futures contracts and currency forward contracts: December 31, 2020 Fair Value Gross Notional Amount Assets Liabilities Futures contracts - long positions $ 34,502 $ 32 $ 5 Futures contracts - short positions (32,316) 6 121 Currency forward contracts - long positions - USD 1,428 — 13 Currency forward contracts - short positions - USD (3,233) 60 — Currency forward contracts - long positions - GBP 1,278 19 — Currency forward contracts - short positions - GBP (4,418) 12 — Total $ (2,759) $ 129 $ 139 |
Derivative Instruments, Gain (Loss) | The following table presents the amounts of the net gains included in earnings related to our credit default swaps, government bond futures contracts and currency forward contracts: 2020 Credit default swaps $ 181 Futures contracts (127) Currency forward contracts 572 Total net gains $ 626 |
Reinsurance Balances Recovera_2
Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Summary of Reinsurance Reserves Recoverable | The following tables provide the total reinsurance balances recoverable on paid and unpaid losses. December 31, 2020 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 938,231 $ 263,638 $ — $ 1,201,869 IBNR 508,082 139,761 — 647,843 ULAE 16,688 — — 16,688 Fair value adjustments - acquired companies — — (15,353) (15,353) Fair value adjustments - fair value option — — (21,427) (21,427) Total reinsurance reserves recoverable 1,463,001 403,399 (36,780) 1,829,620 Paid losses recoverable 172,309 87,234 — 259,543 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,093,053 $ 490,633 $ (15,353) $ 1,568,333 Reinsurance balances recoverable on paid and unpaid losses - fair value option 542,257 — (21,427) 520,830 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 December 31, 2019 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 972,293 $ 273,142 $ — $ 1,245,435 IBNR 673,059 112,471 — 785,530 Fair value adjustments - acquired companies — — (15,255) (15,255) Fair value adjustments - fair value option — — (88,086) (88,086) Total reinsurance reserves recoverable 1,645,352 385,613 (103,341) 1,927,624 Paid losses recoverable 181,375 72,135 — 253,510 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,043,123 $ 457,748 $ (15,255) $ 1,485,616 Reinsurance balances recoverable on paid and unpaid losses - fair value option 783,604 — (88,086) 695,518 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment. December 31, 2020 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,464,529 $ 60,801 $ 1,403,728 4.2 % Reinsurers rated below A-, secured 608,999 — 608,999 — % Reinsurers rated below A-, unsecured 152,757 76,321 76,436 50.0 % Total $ 2,226,285 $ 137,122 $ 2,089,163 6.2 % December 31, 2019 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,731,270 $ 43,427 $ 1,687,843 2.5 % Reinsurers rated below A-, secured 463,840 — 463,840 — % Reinsurers rated below A-, unsecured 133,663 104,212 29,451 78.0 % Total $ 2,328,773 $ 147,639 $ 2,181,134 6.3 % The following tables provide a summary of net premiums written and earned for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Premiums Premiums Premiums Premiums Premiums Premiums Run-off Gross $ 5,191 $ 71,522 $ (25,069) $ 197,009 $ (8,910) $ 25,230 Ceded (2,204) (12,827) (269) (28,513) (307) (15,803) Net $ 2,987 $ 58,695 $ (25,338) $ 168,496 $ (9,217) $ 9,427 Legacy Underwriting Gross $ 546,792 $ 658,396 $ 683,722 $ 752,521 $ 826,442 $ 836,883 Ceded (116,955) (144,999) (113,331) (116,970) (162,878) (150,531) Net $ 429,837 $ 513,397 $ 570,391 $ 635,551 $ 663,564 $ 686,352 Total Gross $ 551,983 $ 729,918 $ 658,653 $ 949,530 $ 817,532 $ 862,113 Ceded (119,159) (157,826) (113,600) (145,483) (163,185) (166,334) Net $ 432,824 $ 572,092 $ 545,053 $ 804,047 $ 654,347 $ 695,779 |
Reinsurance Balances Recoverable by Reinsurer | December 31, 2020 Run-Off Legacy Underwriting Corporate & Other Total % of Top 10 reinsurers $ 1,036,676 $ 327,917 $ — $ 1,364,593 65.3 % Other reinsurers > $1 million 574,869 159,513 (36,780) 697,602 33.4 % Other reinsurers < $1 million 23,765 3,203 — 26,968 1.3 % Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 100.0 % December 31, 2019 Run-Off Legacy Underwriting Corporate & Other Total % of Total Top 10 reinsurers $ 1,154,110 $ 317,494 $ — $ 1,471,604 67.4 % Other reinsurers > $1 million 653,374 138,699 (103,341) 688,732 31.6 % Other reinsurers < $1 million 19,243 1,555 — 20,798 1.0 % Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 100.0 % December 31, 2020 December 31, 2019 Information regarding top ten reinsurers: Number of top 10 reinsurers rated A- or better 7 8 Number of top 10 non-rated reinsurers (1) 3 2 Reinsurers rated A- or better in top 10 $ 863,819 $ 1,199,479 Non-rated reinsurers in top 10 (1) 500,774 272,125 Total top 10 reinsurance recoverables $ 1,364,593 $ 1,471,604 Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2020 and 2019: Hannover Ruck SE (2) $ — $ 259,077 Lloyd's Syndicates (3) $ 331,118 $ 396,246 Michigan Catastrophic Claims Association (4) $ 229,374 $ — (1) The reinsurance balances recoverable from the three and two non-rated top 10 reinsurers as of December 31, 2020 and 2019, respectively, was comprised of: • $229.4 million and $190.8 million as of December 31, 2020 and December 31, 2019 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state; • $73.8 million and $81.4 million as of December 31, 2020 and December 31, 2019 respectively, due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance; and • $208.4 million as of December 31, 2020 due from Enhanzed Re, an equity method investee to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 21 - "Related Party Transactions". These quota share reinsurance agreements are written on a funds withheld basis with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re. (2) Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best. The transaction described in Note 4 - "Significant New Business" had the effect of reducing the balances due from this reinsurer to below 10% of the total reinsurance balances recoverable as of December 31, 2020. (3) Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best. (4) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state. |
Summary of Reinsurance Recoverable, Allowance for Credit Loss | The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible reinsurance, beginning of year $ 147,639 $ 156,732 Cumulative effect of change in accounting principle (195) — Effect of exchange rate movement 700 (887) Current period change in the allowance (381) 2,077 Write-offs charged against the allowance (9,625) (9,871) Recoveries collected (1,016) (412) Allowance for estimated uncollectible reinsurance, end of year $ 137,122 $ 147,639 |
Deferred Charge Assets and De_2
Deferred Charge Assets and Deferred Gain Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Deferred Charge Assets | The following table presents a reconciliation of the deferred charge assets for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Beginning carrying value $ 272,462 $ 86,585 $ 80,192 Recorded during the year 11,746 224,504 20,174 Amortization (45,606) (38,627) (13,781) Ending carrying value $ 238,602 $ 272,462 $ 86,585 |
Deferred Gain Liabilities | Deferred gain liabilities are included in other liabilities on our consolidated balance sheets. The following table presents a reconciliation of the deferred gain liabilities for the years ended December 31, 2020 and 2019: 2020 2019 Beginning carrying value $ 12,875 $ — Recorded during the year 9,365 13,758 Amortization (2,360) (883) Ending carrying value $ 19,880 $ 12,875 |
Losses and Loss Adjustment Ex_2
Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Total Losses and Loss Adjustment Expense Liabilities, and Reconciliation of Beginning and Ending Balances | The following tables summarize the liability for losses and LAE by segment and for our other activities. 2020 Run-off Legacy Underwriting Corporate & Other Total Outstanding losses $ 4,440,425 $ 687,424 $ — $ 5,127,849 IBNR 4,641,500 636,003 — 5,277,503 ULAE 350,600 35,102 — 385,702 Fair value adjustments - acquired companies — — (143,183) (143,183) Fair value adjustments - fair value option — — (54,589) (54,589) Total $ 9,432,525 $ 1,358,529 $ (197,772) $ 10,593,282 Reconciliation to Consolidated Balance Sheet: Loss and loss adjustment expenses $ 6,925,016 $ 1,358,529 $ (143,183) $ 8,140,362 Loss and loss adjustment expenses, at fair value 2,507,509 — (54,589) 2,452,920 Total $ 9,432,525 $ 1,358,529 $ (197,772) $ 10,593,282 2019 Run-off Legacy Underwriting Corporate & Other Total Outstanding losses $ 4,407,082 $ 842,483 $ — $ 5,249,565 IBNR 3,945,407 706,242 — 4,651,649 ULAE 331,494 21,140 — 352,634 Fair value adjustments- acquired companies — — (167,511) (167,511) Fair value adjustments - fair value option — — (217,933) (217,933) Total $ 8,683,983 $ 1,569,865 $ (385,444) $ 9,868,404 Reconciliation to Consolidated Balance Sheet: Loss and loss adjustment expenses $ 5,844,928 $ 1,569,865 $ (167,511) $ 7,247,282 Loss and loss adjustment expenses, at fair value 2,839,055 — (217,933) 2,621,122 Total $ 8,683,983 $ 1,569,865 $ (385,444) $ 9,868,404 The table below provides a consolidated reconciliation of the beginning and ending liability for losses and LAE. 2020 2019 2018 Balance as of January 1 $ 9,868,404 $ 9,048,796 $ 7,100,488 Less: reinsurance reserves recoverable 1,927,624 1,708,272 1,693,028 Less: net deferred charge assets and gain liabilities on retroactive reinsurance 259,587 86,585 80,192 Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances (1) 643 — — Net balance as of January 1 7,680,550 7,253,939 5,327,268 Net incurred losses and LAE: Current period 405,178 580,074 533,081 Prior periods 10,748 34,105 (209,359) Total net incurred losses and LAE 415,926 614,179 323,722 Net paid losses: Current period (71,989) (179,461) (176,172) Prior periods (1,413,500) (1,609,009) (1,158,614) Total net paid losses (1,485,489) (1,788,470) (1,334,786) Effect of exchange rate movement 119,663 47,812 (145,243) Acquired on purchase of subsidiaries — 686 1,310,874 Assumed business 2,186,024 1,586,307 1,772,104 Ceded business (154,926) (33,260) — Reclassification to assets and liabilities held-for-sale (216,808) — — Net balance as of December 31 8,544,940 7,681,193 7,253,939 Plus: reinsurance reserves recoverable (2) 1,829,620 1,927,624 1,708,272 Plus: net deferred charge assets and gain liabilities on retroactive reinsurance 218,722 259,587 86,585 Balance as of December 31 $ 10,593,282 $ 9,868,404 $ 9,048,796 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. This amount excludes $0.4 million related to the adoption impact of ASU 2016-13 on StarStone U.S., which has been classified as a discontinued operation with the related assets and liabilities disclosed as held-for-sale on our consolidated balance sheets. (2) Net of allowance for estimated uncollectible reinsurance. The table below provides a reconciliation of the beginning and ending reserves for losses and LAE for the Run-off segment. 2020 2019 2018 Balance as of January 1 $ 8,683,983 $ 8,132,941 $ 6,390,218 Less: reinsurance reserves recoverable 1,645,352 1,511,206 1,522,438 Plus: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (1) 703 — — Net balance as of January 1 7,039,334 6,621,735 4,867,780 Net incurred losses and LAE: Current period 30,165 123,559 12,451 Prior periods (175,523) (276,929) (351,840) Total net incurred losses and LAE (145,358) (153,370) (339,389) Net paid losses: Current period (9,990) (64,820) (5) Prior periods (1,064,911) (1,182,804) (838,812) Total net paid losses (1,074,901) (1,247,624) (838,817) Effect of exchange rate movement 89,755 53,411 (143,765) Acquired on purchase of subsidiaries — 686 1,214,871 Assumed business 2,215,620 1,797,053 1,861,055 Ceded business (154,926) (33,260) — Net balance as of December 31 7,969,524 7,038,631 6,621,735 Plus: reinsurance reserves recoverable (2) 1,463,001 1,645,352 1,511,206 Balance as of December 31 $ 9,432,525 $ 8,683,983 $ 8,132,941 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. (2) Net of allowance for estimated uncollectible reinsurance. The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Legacy Underwriting segment for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance as of January 1 $ 1,569,865 $ 1,505,125 $ 1,142,024 Less: reinsurance reserves recoverable 385,613 343,418 316,213 Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (1) 1,346 — — Net balance as of January 1 1,182,906 1,161,707 825,811 Net incurred losses and LAE: Current period 375,013 456,515 520,630 Prior periods (3,527) 105,536 114,543 Total net incurred losses and LAE 371,486 562,051 635,173 Net paid losses: Current period (61,999) (114,641) (176,167) Prior periods (348,589) (426,205) (319,802) Total net paid losses (410,588) (540,846) (495,969) Effect of exchange rate movement 25,524 1,340 (12,611) Acquired on purchase of subsidiaries — — 199,035 Assumed business — — 10,268 Reclassification to assets and liabilities held-for-sale (214,198) — — Net balance as of December 31 955,130 1,184,252 1,161,707 Plus: reinsurance reserves recoverable (2) 403,399 385,613 343,418 Balance as of December 31 $ 1,358,529 $ 1,569,865 $ 1,505,125 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. (2) Net of allowance for estimated uncollectible reinsurance. |
Schedule of Incurred Losses | The tables below provide the components of net incurred losses and LAE by segment and for our other activities. 2020 Run-off Legacy Underwriting Corporate & Other Total Net losses paid $ 1,074,901 $ 410,588 $ — $ 1,485,489 Net change in case and LAE reserves (1) (453,080) (87,107) — (540,187) Net change in IBNR reserves (2) (718,414) 30,790 — (687,624) Increase (reduction) in estimates of net ultimate losses (96,593) 354,271 — 257,678 Increase (reduction) in provisions for unallocated LAE (3) (48,765) 17,215 — (31,550) Amortization of deferred charge assets and deferred gain liabilities (4) — — 43,246 43,246 Amortization of fair value adjustments (5) — — 27,506 27,506 Changes in fair value - fair value option (6) — — 119,046 119,046 Net incurred losses and LAE $ (145,358) $ 371,486 $ 189,798 $ 415,926 2019 Run-off Legacy Underwriting Corporate & Other Total Net losses paid $ 1,247,624 $ 540,846 $ — $ 1,788,470 Net change in case and LAE reserves (1) (530,891) 2,308 — (528,583) Net change in IBNR reserves (2) (812,699) 17,995 — (794,704) Increase (reduction) in estimates of net ultimate losses (95,966) 561,149 — 465,183 Increase (reduction) in provisions for unallocated LAE (3) (57,404) 902 — (56,502) Amortization of deferred charge assets and deferred gain liabilities (4) — — 37,744 37,744 Amortization of fair value adjustments (5) — — 50,573 50,573 Changes in fair value - fair value option (6) — — 117,181 117,181 Net incurred losses and LAE $ (153,370) $ 562,051 $ 205,498 $ 614,179 2018 Run-off Legacy Underwriting Corporate & Other Total Net losses paid $ 838,817 $ 495,969 $ — $ 1,334,786 Net change in case and LAE reserves (1) (547,420) 75,000 — (472,420) Net change in IBNR reserves (2) (565,385) 58,591 — (506,794) Increase (reduction) in estimates of net ultimate losses (273,988) 629,560 — 355,572 Increase (reduction) in provisions for unallocated LAE (3) (65,401) 5,613 — (59,788) Amortization of deferred charge assets and deferred gain liabilities (4) — — 13,781 13,781 Amortization of fair value adjustments (5) — — 7,493 7,493 Changes in fair value - fair value option (6) — — 6,664 6,664 Net incurred losses and LAE $ (339,389) $ 635,173 $ 27,938 $ 323,722 (1) Comprises the movement during the year in specific case reserve liabilities as a result of claims settlements or changes advised to us by our policyholders and attorneys, less changes in case reserves recoverable advised by us to our reinsurers as a result of the settlement or movement of assumed claims. (2) Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable. (3) Represents the change in the estimate of the total future costs to administer the claims. (4) Relates to the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts. (5) Relates to the amortization of fair value adjustments associated with the acquisition of companies. . Net incurred losses and LAE in the Run-off segment were as follows: 2020 2019 2018 Prior Current Total Prior Current Total Prior Current Total Net losses paid $ 1,064,911 $ 9,990 $ 1,074,901 $ 1,182,804 $ 64,820 $ 1,247,624 $ 838,812 $ 5 $ 838,817 Net change in case and LAE reserves (1) (449,610) (3,470) (453,080) (553,996) 23,105 (530,891) (552,124) 4,704 (547,420) Net change in IBNR reserves (2) (742,417) 24,003 (718,414) (847,893) 35,194 (812,699) (573,127) 7,742 (565,385) Increase (reduction) in estimates of net ultimate losses (127,116) 30,523 (96,593) (219,085) 123,119 (95,966) (286,439) 12,451 (273,988) Increase (reduction) in provisions for unallocated LAE (3) (48,407) (358) (48,765) (57,844) 440 (57,404) (65,401) — (65,401) Net incurred losses and LAE $ (175,523) $ 30,165 $ (145,358) $ (276,929) $ 123,559 $ (153,370) $ (351,840) $ 12,451 $ (339,389) (1) Comprises the movement during the year in specific case reserve liabilities as a result of claims settlements or changes advised to us by our policyholders and attorneys, less changes in case reserves recoverable advised by us to our reinsurers as a result of the settlement or movement of assumed claims. (2) Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable. (3) Represents the change in the estimate of the total future costs to administer the claims. Net incurred losses and LAE in the Legacy Underwriting segment for the years ended December 31, 2020, December 31, 2019 and 2018 were as follows: 2020 2019 2018 Prior Current Total Prior Current Total Prior Current Total Net losses paid $ 348,589 $ 61,999 $ 410,588 $ 426,205 $ 114,641 $ 540,846 $ 319,802 $ 176,167 $ 495,969 Net change in case and LAE reserves (1) (145,778) 58,671 (87,107) (109,695) 112,003 2,308 (87,386) 162,386 75,000 Net change in IBNR reserves (2) (205,920) 236,710 30,790 (208,308) 226,303 17,995 (114,831) 173,422 58,591 Increase (reduction) in estimates of net ultimate losses (3,109) 357,380 354,271 108,202 452,947 561,149 117,585 511,975 629,560 Increase (reduction) in provisions for unallocated LAE (3) (418) 17,633 17,215 (2,666) 3,568 902 (3,042) 8,655 5,613 Net incurred losses and LAE $ (3,527) $ 375,013 $ 371,486 $ 105,536 $ 456,515 $ 562,051 $ 114,543 $ 520,630 $ 635,173 (1) Comprises the movement during the year in specific case reserve liabilities as a result of claims settlements or changes advised to us by our policyholders and attorneys, less changes in case reserves recoverable advised by us to our reinsurers as a result of the settlement or movement of assumed claims. (2) Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable. (3) Represents the change in the estimate of the total future costs to administer the claims. |
Schedule of Gross and Net Losses and LAE Reserves by Category | The following table shows the components of the 2020 reduction in estimates of net ultimate losses related to prior periods by line of business for the Run-off segment. 2020 Net losses paid Net change in case and LAE reserves Net change in IBNR reserves Increase (reduction) in estimates of net ultimate losses Asbestos $ 132,853 $ (1,300) $ (150,054) $ (18,501) Environmental 23,866 (266) (36,362) (12,762) General Casualty 170,502 (68,744) (127,421) (25,663) Workers' Compensation 142,790 (176,927) (149,198) (183,335) Marine, aviation and transit 33,927 (14,458) (50,558) (31,089) Construction defect 27,476 (6,092) (13,382) 8,002 Professional indemnity/ Directors & Officers 63,878 3,698 (79,181) (11,605) Motor 349,366 (106,561) (95,040) 147,765 Property 71,422 (24,356) (64,331) (17,265) All Other 48,831 (54,604) 23,110 17,337 Total $ 1,064,911 $ (449,610) $ (742,417) $ (127,116) The following table shows the components of the 2019 reduction in estimates of net ultimate losses related to prior periods by line of business for the Run-off segment. 2019 Net losses paid Net change in case and LAE reserves Net change in IBNR reserves Increase (reduction) in estimates of net ultimate losses Asbestos $ 118,557 $ 35,003 $ (146,749) $ 6,811 Environmental 16,899 13,796 (15,707) 14,988 General Casualty 175,044 (89,968) (91,818) (6,742) Workers' Compensation 208,961 (156,435) (188,944) (136,418) Marine, aviation and transit 82,058 (77,958) (24,508) (20,408) Construction defect 32,078 (8,313) (25,025) (1,260) Professional indemnity/ Directors & Officers 103,413 (36,986) (104,984) (38,557) Motor 276,563 (134,127) (179,887) (37,451) Property 94,093 (73,259) (7,358) 13,476 All Other 75,138 (25,749) (62,913) (13,524) Total $ 1,182,804 $ (553,996) $ (847,893) $ (219,085) 2018 Net losses paid Net change in case and LAE reserves Net change in IBNR reserves Increase (reduction) in estimates of net ultimate losses Asbestos $ 108,248 $ (21,535) $ (151,662) $ (64,949) Environmental 21,273 479 (7,599) 14,153 General Casualty 141,624 (115,240) (60,828) (34,444) Workers' Compensation 139,226 (178,138) (115,648) (154,560) Marine, aviation and transit 67,831 (44,200) (21,188) 2,443 Construction defect 22,182 (7,257) (33,146) (18,221) Professional indemnity/ Directors & Officers 161,797 (11,159) (130,957) 19,681 Motor 104,182 (109,962) (34,215) (39,995) Property 22,178 (24,271) (11,497) (13,590) All Other 50,271 (40,841) (6,387) 3,043 Total $ 838,812 $ (552,124) $ (573,127) $ (286,439) The following tables provide a breakdown of gross and net losses and LAE reserves, consisting of Outstanding Loss Reserve ("OLR") and IBNR by line of business and adjustments for ULAE, as of December 31, 2020 and 2019: 2020 Gross Net OLR IBNR Total OLR IBNR Total (in thousands of U.S. dollars) Asbestos $ 544,438 $ 1,234,101 $ 1,778,539 $ 464,102 $ 1,122,021 $ 1,586,123 Environmental 184,783 118,111 302,894 164,709 100,339 265,048 General casualty 610,437 1,279,991 1,890,428 492,039 1,247,662 1,739,701 Workers' compensation/personal accident 1,087,324 918,238 2,005,562 912,068 776,941 1,689,009 Marine, aviation and transit 271,469 73,081 344,550 229,464 56,414 285,878 Construction defect 23,380 85,578 108,958 23,109 83,039 106,148 Professional indemnity/Directors & Officers 764,768 336,705 1,101,473 526,333 307,349 833,682 Motor 619,682 355,044 974,726 451,097 283,576 734,673 Property 116,398 35,832 152,230 97,826 34,182 132,008 Other 217,746 204,819 422,565 141,448 121,893 263,341 $ 4,440,425 $ 4,641,500 $ 9,081,925 $ 3,502,195 $ 4,133,416 $ 7,635,611 ULAE 350,600 333,913 Total $ 9,432,525 $ 7,969,524 2019 Gross Net OLR IBNR Total OLR IBNR Total (in thousands of U.S. dollars) Asbestos $ 542,681 $ 1,373,678 $ 1,916,359 $ 490,117 $ 1,271,982 $ 1,762,099 Environmental 187,165 156,121 343,286 173,878 142,351 316,229 General casualty 501,863 489,129 990,992 399,396 421,426 820,822 Workers' compensation/personal accident 1,270,530 977,808 2,248,338 963,578 751,074 1,714,652 Marine, aviation and transit 290,067 121,577 411,644 244,611 100,135 344,746 Construction defect 29,772 98,312 128,084 29,245 94,888 124,133 Professional indemnity/Directors & Officers 693,760 265,490 959,250 485,478 170,926 656,404 Motor 480,668 233,806 714,474 317,829 165,543 483,372 Property 140,620 63,604 204,224 122,010 56,450 178,460 Other 269,956 165,882 435,838 208,647 97,573 306,220 $ 4,407,082 $ 3,945,407 $ 8,352,489 $ 3,434,789 $ 3,272,348 $ 6,707,137 ULAE 331,494 331,494 Total $ 8,683,983 $ 7,038,631 The following tables provide a breakdown of the gross and net losses and LAE reserves by line of business and ULAE for the Legacy Underwriting segment as of December 31, 2020 and 2019. The breakdown as of December 31, 2020 does not include Atrium business as it was classified as held-for-sale as discussed in Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations." 2020 Gross Net OLR IBNR Total OLR IBNR Total StarStone International (in thousands of U.S. dollars) Casualty $ 115,295 $ 276,941 $ 392,236 $ 98,721 $ 232,433 $ 331,154 Marine 142,631 174,015 316,646 119,628 132,482 252,110 Property 322,735 117,240 439,975 141,089 81,459 222,548 Aerospace 84,515 36,178 120,693 42,100 18,240 60,340 Workers' Compensation 12,044 11,589 23,633 12,044 11,589 23,633 StarStone International Subtotal $ 677,220 $ 615,963 $ 1,293,183 $ 413,582 $ 476,203 $ 889,785 Other 10,204 20,040 30,244 10,204 20,040 30,244 Total $ 687,424 $ 636,003 $ 1,323,427 $ 423,786 $ 496,243 $ 920,029 ULAE 35,102 35,101 Total $ 1,358,529 $ 955,130 2019 Gross Net OLR IBNR Total OLR IBNR Total StarStone International (in thousands of U.S. dollars) Casualty $ 121,945 $ 210,969 $ 332,914 $ 108,543 $ 204,800 $ 313,343 Marine 189,355 161,379 350,734 158,252 128,242 286,494 Property 341,677 131,596 473,273 150,559 87,653 238,212 Aerospace 75,764 32,325 108,089 47,256 22,389 69,645 Workers' Compensation 15,089 19,865 34,954 15,089 19,865 34,954 StarStone International Subtotal $ 743,830 $ 556,134 $ 1,299,964 $ 479,699 $ 462,949 $ 942,648 Atrium Marine, Aviation and Transit $ 24,668 $ 34,156 $ 58,824 $ 21,012 $ 24,829 $ 45,841 Binding Authorities 31,507 54,039 85,546 29,590 51,984 81,574 Reinsurance 18,385 29,533 47,918 16,209 23,338 39,547 Accident and Health 5,460 7,880 13,340 4,735 7,469 12,204 Non-Marine Direct and Facultative 9,121 10,935 20,056 8,584 9,637 18,221 Atrium Subtotal $ 89,141 $ 136,543 $ 225,684 $ 80,130 $ 117,257 $ 197,387 Other $ 9,512 $ 13,565 $ 23,077 $ 9,512 $ 13,565 $ 23,077 Total $ 842,483 $ 706,242 $ 1,548,725 $ 569,341 $ 593,771 $ 1,163,112 ULAE 21,140 21,140 Total $ 1,569,865 $ 1,184,252 |
Incurred and Paid Loss Development Information, and IBNR Liabilities and Cumulative Loss Frequency | The following table provides a summary of our net loss reserves, prior to provisions for bad debt and ULAE as of December 31, 2020, by year of acquisition and by significant line of business: Acquisition Year 2010 and Prior 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Asbestos $ 142,028 $ — $ — $ 7,767 $ — $ — $ 407,958 $ 726,901 $ 1,105 $ 277,947 $ — $ 1,563,706 Environmental 42,356 — — — — — 89,865 22,891 11,203 95,072 — 261,387 General casualty 52,582 13,270 9,983 16,696 31,610 34,704 3,727 44,551 228,419 218,995 1,077,908 1,732,445 Workers' compensation/personal accident 42,908 125,649 — 48,207 — 287,653 219,157 53,659 322,737 387,438 199,864 1,687,272 Marine, aviation and transit 8,760 2,747 — (188) 10,592 1,616 32 77,321 106,431 56,709 19,848 283,868 Construction defect 43 — — — — 36,258 14,289 18,836 — 36,709 — 106,135 Professional indemnity/Directors & Officers 7,539 9,564 23,210 — 20,942 — 76,314 — 331,676 130,906 232,934 833,085 Motor 12,452 201 276 — 1,465 13,147 — 3,710 260,797 17,899 422,321 732,268 Property 3,301 161 7,008 — 18,165 3,880 465 (114) 47,270 39,286 10,887 130,309 All Other 17,473 854 2,696 4,260 9,676 6,959 23,582 94,499 18,222 78,474 — 256,695 Total $ 329,442 $ 152,446 $ 43,173 $ 76,742 $ 92,450 $ 384,217 $ 835,389 $ 1,042,254 $ 1,327,860 $ 1,339,435 $ 1,963,762 $ 7,587,170 Business Acquired and Contracts Incepting in the Year Ended December 31, 2011 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2011 (unaudited) 2012 (unaudited) 2013 (unaudited) 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 597,263 $ 621,819 $ 589,004 $ 489,877 $ 426,777 $ 375,227 $ 319,423 $ 274,136 $ 261,234 $ 240,808 $ 229,458 $ 17,493 112,837 2011 — 102 36 45 54 61 71 79 86 93 100 — 19 2012 — 122 11 10 10 10 17 18 17 17 — 7 2013 — 23 43 15 15 15 15 15 15 — 16 2014 — 1 3 3 3 18 15 14 2 14 2015 — — (2) (2) 32 24 19 — 1 2016 — 2 (139) (111) (99) (88) 7 2 2017 — — 21 15 17 1 2 2018 — 7 8 8 1 1 2019 — — 2 1 1 2020 — 2 1 1 $ 597,263 $ 229,564 $ 17,506 112,901 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2011 (unaudited) 2012 (unaudited) 2013 (unaudited) 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 58,934 $ 98,969 $ 90,711 $ 24,238 $ 19,370 $ 27,563 $ 19,697 $ 31,108 $ 56,741 $ 77,051 2011 27 36 46 54 61 71 79 86 93 100 2012 6 10 10 10 10 17 17 17 17 2013 6 11 15 15 15 15 15 15 2014 1 3 3 3 4 7 7 2015 (1) (2) (2) 2 11 18 2016 2 (153) (125) (114) (105) 2017 — 3 6 10 2018 1 4 5 2019 — — 2020 — $ 77,118 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 152,446 Business Acquired and Contracts Incepting in the Year Ended December 31, 2012 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2012 (unaudited) 2013 (unaudited) 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 326,229 $ 328,419 $ 321,295 $ 312,510 $ 297,081 $ 286,660 $ 277,778 $ 269,004 $ 263,472 $ 252,318 $ 10,889 47,773 2011 1,487 1,466 1,336 1,182 1,095 1,072 1,049 1,032 1,032 1,032 — 5 2012 55 81 49 363 344 406 397 167 167 167 — 6 2013 — 946 119 427 433 421 136 136 136 — 5 2014 (60) 2,991 3,108 1,552 1,300 1,195 1,146 1,068 1 7 2015 — 729 1,517 739 739 739 739 — 5 2016 (485) 67 1,266 1,113 1,059 445 37 2 2017 — 75 167 100 100 — 4 2018 (59) — 154 74 4 1 2019 (123) 274 145 11 4 2020 — 164 — 3 $ 327,044 $ 256,388 $ 10,942 47,815 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2012 (unaudited) 2013 (unaudited) 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 3,194 $ 70,440 $ 112,966 $ 144,553 $ 169,781 $ 180,270 $ 194,011 $ 204,482 $ 209,656 2011 120 496 742 866 928 990 1,032 1,032 1,032 2012 31 49 49 52 167 167 167 167 167 2013 109 119 136 136 136 136 136 136 2014 67 224 459 675 864 989 1,053 2015 112 117 739 739 739 739 2016 3 56 98 98 98 2017 13 43 100 100 2018 — 30 34 2019 18 36 2020 164 $ 213,215 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 43,173 Business Acquired and Contracts Incepting in the Year Ended December 31, 2013 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2013 (unaudited) 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 320,974 $ 349,297 $ 354,585 $ 361,812 $ 356,522 $ 340,248 $ 326,851 $ 313,347 $ 314,497 $ 16,353 56,441 2011 96,929 102,288 100,482 100,243 95,848 87,913 86,403 85,919 81,616 2,700 11,185 2012 131,119 127,323 121,364 118,085 114,772 110,045 107,853 108,025 105,564 1,831 10,423 2013 13,062 90,739 91,634 88,920 85,791 81,732 80,036 80,091 79,174 1,073 5,656 2014 — 4,514 3,714 3,425 16,800 16,225 16,304 16,269 55 174 2015 — 265 280 982 329 250 237 42 2 2016 — 103 71 70 69 69 1 1 2017 — 30 13 13 13 — 1 2018 — 22 17 18 — 1 2019 — 13 15 — 1 2020 — 61 4 1 $ 562,084 $ 597,533 $ 22,059 83,886 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2013 (unaudited) 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 74,418 $ 134,409 $ 186,762 $ 222,891 $ 229,942 $ 243,755 $ 249,023 $ 258,436 2011 30,323 52,455 63,952 70,498 75,055 77,290 79,112 73,282 2012 33,361 59,095 74,663 86,916 92,445 96,780 99,781 98,096 2013 17,022 37,653 52,638 62,876 68,866 71,487 74,556 74,472 2014 993 1,747 2,256 15,804 15,959 16,123 16,164 2015 43 102 112 165 190 191 2016 34 64 65 66 67 2017 9 13 13 13 2018 13 17 18 2019 8 15 2020 37 $ 520,791 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 76,742 Business Acquired and Contracts Incepting in the Year Ended December 31, 2014 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 142,341 $ 133,678 $ 123,973 $ 155,274 $ 142,256 $ 141,058 $ 145,889 $ 144,874 $ 6,454 12,014 2011 74,248 129,149 154,394 134,137 136,257 137,806 139,997 135,181 10,057 6,228 2012 141,597 147,347 178,577 187,062 179,745 165,821 162,740 160,769 10,449 6,393 2013 86,920 76,313 95,125 83,564 88,189 90,387 88,391 90,951 8,947 3,173 2014 — 13,802 9,554 14,506 7,438 6,590 6,954 7,098 1,708 1,112 2015 — 33,549 15,553 20,741 18,929 17,206 17,090 72 183 2016 — 330 1,108 4,594 771 724 89 45 2017 — 5,078 3,893 8,200 8,463 24 37 2018 — 6 5 82 — 19 2019 — — — — 10 2020 — — — 6 $ 445,106 $ 565,232 $ 37,800 29,220 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 36,509 $ 82,699 $ 103,197 $ 118,857 $ 120,309 $ 121,847 $ 127,622 2011 84,031 109,675 110,575 113,701 120,155 123,335 123,364 2012 47,495 90,307 120,910 130,001 130,105 133,900 133,026 2013 21,752 40,817 48,223 56,941 65,073 65,625 66,225 2014 1,462 2,504 3,293 3,989 6,147 6,660 6,654 2015 1,741 4,308 11,566 13,371 13,417 13,473 2016 20 556 558 561 559 2017 537 1,541 1,238 1,778 2018 5 5 81 2019 — — 2020 — $ 472,782 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 92,450 Business Acquired and Contracts Incepting in the Year Ended December 31, 2015 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 1,003,949 $ 933,328 $ 640,324 $ 594,466 $ 564,502 $ 521,598 $ 505,379 $ 49,461 13,557 2011 124,727 137,429 131,303 129,657 128,155 128,672 126,764 14,306 5,587 2012 179,136 187,488 197,895 201,017 194,277 193,553 192,426 18,110 4,885 2013 229,590 189,838 196,582 199,983 189,737 185,101 184,590 13,855 4,699 2014 144,392 143,193 137,668 142,937 137,541 152,478 147,567 7,413 7,783 2015 23,750 70,276 69,322 66,152 64,974 69,465 73,256 6,959 10,997 2016 — 14,872 13,141 13,440 14,576 12,868 2,178 14,283 2017 — 4,095 4,527 5,277 6,860 345 3,534 2018 — 3,055 1,889 1,805 985 400 2019 — 1,838 1,873 1,831 51 2020 — 1,951 1,962 3 $ 1,705,544 $ 1,255,339 $ 117,405 65,779 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 32,819 $ 83,350 $ 134,737 $ 166,983 $ 195,205 $ 220,984 2011 33,827 55,115 71,023 86,397 98,000 105,178 2012 52,728 94,831 119,520 142,358 158,620 168,213 2013 46,761 89,930 120,509 145,788 159,767 164,215 2014 30,747 64,475 91,016 109,451 125,619 133,094 2015 20,653 38,709 46,668 51,994 59,963 63,181 2016 5,603 7,371 8,687 9,861 10,321 2017 2,321 3,925 4,767 5,047 2018 567 862 820 2019 45 65 2020 4 $ 871,122 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 384,217 Business Acquired and Contracts Incepting in the Year Ended December 31, 2015 - Workers' Compensation Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 953,178 $ 868,509 $ 569,692 $ 518,764 $ 490,534 $ 449,380 $ 434,422 $ 40,504 8,605 2011 76,789 73,723 69,009 68,013 66,781 67,741 65,825 3,685 1,241 2012 120,298 110,007 108,251 106,625 100,187 99,212 98,733 4,613 1,809 2013 146,237 124,726 122,238 121,010 113,056 112,677 113,414 5,595 2,386 2014 82,141 86,852 82,038 83,095 78,389 78,948 80,307 1,513 3,686 2015 4,089 18,647 12,623 13,488 12,295 11,309 11,337 557 2,900 2016 — 873 955 583 536 514 52 38 2017 — 358 61 41 33 13 10 2018 — — 5 3 — 1 2019 — 1 3 1 1 2020 — — — — $ 1,382,732 $ 804,591 $ 56,533 20,677 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 20,630 $ 65,008 $ 107,906 $ 132,025 $ 155,329 $ 177,205 2011 16,032 30,462 39,635 50,470 55,595 58,420 2012 25,103 52,851 66,092 79,367 88,369 91,332 2013 27,737 55,675 75,065 91,559 100,890 104,265 2014 17,824 38,051 53,308 65,561 72,696 75,781 2015 3,034 5,672 7,917 9,169 9,248 9,461 2016 134 363 417 447 452 2017 2 10 18 19 2018 — 1 2 2019 — 1 2020 — $ 516,938 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 287,653 Business Acquired and Contracts Incepting in the Year Ended December 31, 2016 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 1,304,938 $ 1,316,544 $ 1,346,575 $ 1,321,289 $ 1,322,161 $ 1,361,353 $ 305,042 24,449 2011 17,291 17,291 19,920 19,754 18,829 18,609 2,266 861 2012 13,717 13,717 17,020 14,765 12,717 13,037 1,829 809 2013 373 373 1,312 1,237 1,120 914 603 127 2014 391 391 1,380 1,056 869 817 310 57 2015 — — — — — — — — 2016 — — — — — — — — 2017 — — — — — — — 2018 — — — — — — 2019 — — — — — 2020 — — — — $ 1,336,710 $ 1,394,730 $ 310,050 26,303 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 101,098 $ 222,703 $ 331,218 $ 445,770 $ 536,987 2011 2,758 6,647 8,218 9,691 13,098 2012 2,734 5,206 6,461 7,587 8,492 2013 145 191 278 285 301 2014 178 207 284 366 463 2015 — — — — — 2016 — — — — — 2017 — — — — 2018 — — — 2019 — — 2020 — $ 559,341 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 835,389 Business Acquired and Contracts Incepting in the Year Ended December 31, 2016 - Workers' Compensation Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 437,457 $ 437,805 $ 403,319 $ 391,476 $ 382,446 $ 367,109 $ 19,015 9,452 2011 15,376 15,376 16,399 16,501 16,327 16,472 1,374 469 2012 13,074 13,074 15,465 13,276 11,379 11,256 1,020 612 2013 — — — — — — — — 2014 — — — — — — — — 2015 — — — — — — — — 2016 — — — — — — — — 2017 — — — — — — — 2018 — — — — — — 2019 — — — — — 2020 — — — — $ 465,907 $ 394,837 $ 21,409 10,533 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 35,518 $ 65,264 $ 90,599 $ 127,081 $ 155,433 2011 2,631 5,871 7,305 8,756 12,130 2012 2,638 5,028 6,247 7,382 8,117 2013 — — — — — 2014 — — — — — 2015 — — — — — 2016 — — — — — 2017 — — — — 2018 — — — 2019 — — 2020 — $ 175,680 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 219,157 Business Acquired and Contracts Incepting in the Year Ended December 31, 2017 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 1,507,609 $ 1,433,301 $ 1,351,451 $ 1,364,113 $ 1,349,226 $ 749,197 31,566 2011 40,743 29,274 25,389 27,316 26,942 5,834 8 2012 43,653 35,470 31,238 29,456 28,485 3,744 10 2013 35,671 30,338 28,139 24,707 29,829 1,860 11 2014 32,858 20,315 16,984 15,996 16,342 2,287 20 2015 8,808 6,494 7,002 6,295 6,043 234 8 2016 362 (4) 126 919 1,074 394 3 2017 — 174 — — — — 1 2018 — — — — — — 2019 — — — — — 2020 — — — — $ 1,669,704 $ 1,457,941 $ 763,550 31,627 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 85,514 $ 175,630 $ 257,071 $ 334,586 2011 4,125 9,257 12,971 15,407 2012 10,348 15,372 18,605 21,076 2013 9,509 15,714 21,280 25,832 2014 6,482 8,986 11,559 12,668 2015 1,361 3,720 4,687 5,582 2016 (56) 66 434 536 2017 4 — — — 2018 — — — 2019 — — 2020 — $ 415,687 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 1,042,254 Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2018 (unaudited) 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 662,009 $ 497,101 $ 476,164 $ 409,505 $ 50,970 223,572 2011 164,556 150,408 150,388 147,796 16,240 14,072 2012 232,116 224,955 224,959 225,528 29,903 14,382 2013 272,732 274,377 268,237 250,013 35,175 16,126 2014 419,593 462,858 439,396 415,829 38,688 19,463 2015 365,429 483,489 480,093 496,187 62,476 24,768 2016 173,309 175,428 178,061 169,872 36,090 2,026 2017 207,040 207,190 205,466 204,490 55,056 4,163 2018 315,659 315,659 285,038 282,279 53,287 4,929 2019 — 68,271 68,041 9,762 1,634 2020 — — — — $ 2,812,443 $ 2,669,540 $ 387,647 325,135 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2018 (unaudited) 2019 2020 2010 and Prior $ 50,515 $ 86,132 $ 81,554 2011 26,236 53,151 65,522 2012 31,772 81,356 106,297 2013 41,544 96,968 133,398 2014 90,689 188,721 235,787 2015 95,688 199,373 269,559 2016 6,854 63,982 93,705 2017 56 72,800 113,770 2018 — 139,815 191,442 2019 39,099 50,646 2020 — $ 1,341,680 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 1,327,860 Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - General Casualty Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2018 (unaudited) 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 130,049 $ 74,102 $ 70,937 $ 67,933 $ 4,827 47,893 2011 18,044 16,554 16,650 15,855 151 1,421 2012 37,454 33,433 29,123 29,760 3,270 1,593 2013 43,301 56,092 46,596 46,999 4,352 1,596 2014 66,562 80,896 74,947 68,535 5,802 2,291 2015 79,191 94,124 104,790 109,694 14,188 3,594 2016 28,825 28,825 36,585 36,684 10,075 253 2017 37,209 37,209 41,664 43,174 14,554 230 2018 39,888 39,888 40,753 39,157 11,605 182 2019 — 6,767 6,187 394 34 2020 — — — — $ 480,523 $ 463,978 $ 69,218 59,087 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2018 (unaudited) 2019 2020 2010 and Prior $ 9,164 $ 18,817 $ 29,840 2011 2,349 7,115 11,018 2012 1,281 11,453 14,383 2013 10,404 19,938 27,717 2014 13,766 27,833 41,899 2015 15,494 31,535 49,860 2016 — 14,109 18,916 2017 — 11,048 21,130 2018 — 8,879 17,455 2019 2,373 3,341 2020 — $ 235,559 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 228,419 Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Workers' Compensation Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2018 (unaudited) 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 131,873 $ 122,831 $ 129,280 $ 131,775 $ 39,843 2,098 2011 29,897 28,685 29,981 27,203 9,067 401 2012 28,749 29,181 27,676 26,833 10,597 468 2013 38,029 38,554 38,093 35,212 13,243 869 2014 65,049 66,346 57,163 52,797 17,605 1,345 2015 38,851 39,379 35,235 33,253 13,026 1,464 2016 44,686 44,686 38,945 37,714 15,857 892 2017 52,360 52,360 49,156 45,529 23,004 998 2018 65,075 65,075 60,923 59,768 19,310 886 2019 — 20,889 21,417 4,445 383 2020 — — — — $ 494,569 $ 471,501 $ 165,997 9,804 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2018 (unaudited) 2019 2020 2010 and Prior $ 604 $ 11,788 $ 21,726 2011 2,281 5,592 9,418 2012 516 5,508 7,941 2013 1,525 7,773 12,280 2014 3,260 14,687 21,380 2015 1,403 4,355 9,844 2016 — 3,666 7,176 2017 — 5,900 9,088 2018 — 28,725 34,317 2019 13,483 15,594 2020 — $ 148,764 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 322,737 Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Motor Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2018 (unaudited) 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 43,818 $ 31,489 $ 30,036 $ 33,230 $ 2,599 1,323 2011 48,231 38,092 37,707 36,301 2,031 1,239 2012 65,427 58,006 63,786 59,276 5,862 1,641 2013 78,456 71,276 65,012 55,345 5,744 683 2014 116,677 103,761 90,902 84,459 5,243 1,260 2015 135,855 133,493 132,167 132,165 15,246 1,510 2016 93,164 95,283 97,040 91,600 9,824 732 2017 100,321 100,471 99,135 102,038 16,628 2,797 2018 180,471 180,471 157,556 160,143 21,609 3,731 2019 — 39,757 39,647 4,955 1,200 2020 — — — — $ 862,420 $ 794,204 $ 89,741 16,116 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2018 (unaudited) 2019 2020 2010 and Prior $ 7,460 $ 13,722 $ 16,655 2011 6,060 12,980 15,464 2012 12,380 24,433 31,136 2013 11,114 29,311 35,186 2014 22,393 49,089 60,254 2015 21,712 61,928 84,976 2016 6,854 43,851 65,287 2017 56 48,661 73,440 2018 — 86,861 120,041 2019 22,687 30,968 2020 — $ 533,407 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 260,797 Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Professional Indemnity/Directors & Officers Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2018 (unaudited) 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 236,568 $ 137,394 $ 147,383 $ 143,585 $ (3,639) 56,674 2011 46,512 52,553 48,884 51,600 3,185 3,762 2012 57,937 70,636 69,641 74,884 4,399 3,285 2013 59,457 63,284 78,933 76,291 10,543 3,257 2014 88,173 111,193 107,411 114,621 11,523 3,619 2015 47,337 100,975 81,272 85,394 15,074 3,990 2016 — — — — — — 2017 — — — — — — 2018 — — — — — — 2019 — — — — — 2020 — — — — $ 535,984 $ 546,375 $ 41,085 74,587 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2018 (unaudited) 2019 2020 2010 and Prior $ 29,359 $ 54,157 $ 28,528 2011 13,123 20,017 22,250 2012 16,382 23,237 33,794 2013 10,987 21,919 34,269 2014 22,734 39,601 61,024 2015 14,245 26,595 34,834 2016 — — — 2017 — — — 2018 — — — 2019 — — 2020 — $ 214,699 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 331,676 Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 652,608 $ 630,171 $ 628,495 $ 272,910 74,742 2011 49,873 40,554 35,876 8,773 15,218 2012 73,098 54,301 49,349 12,905 12,329 2013 112,031 93,213 88,066 29,931 14,952 2014 137,324 137,478 127,704 53,814 17,624 2015 179,651 188,833 196,007 80,816 25,081 2016 253,099 295,011 260,473 118,653 32,057 2017 116,386 116,386 116,386 116,386 2 2018 162,744 162,744 162,744 162,744 2 2019 — 54,571 64,595 6,155 1,679 2020 — 27,975 5,483 1,020 $ 1,736,814 $ 1,757,670 $ 868,570 194,706 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2019 2020 2010 and Prior $ 26,817 $ 106,195 2011 4,786 8,100 2012 6,886 9,565 2013 13,540 20,906 2014 28,188 47,310 2015 33,417 63,994 2016 56,125 84,592 2017 — — 2018 — — 2019 25,595 55,912 2020 21,661 $ 418,235 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 1,339,435 Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - General Casualty Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 12,765 $ 9,788 $ 9,994 $ 1,620 1,424 2011 12,321 9,490 7,979 3,587 796 2012 18,107 14,471 13,786 8,214 1,165 2013 23,750 18,230 20,960 8,897 313 2014 33,767 31,181 29,341 16,377 905 2015 58,818 45,936 41,158 18,055 2,003 2016 48,606 64,159 58,061 32,692 3,134 2017 32,188 32,188 32,188 32,188 1 2018 45,010 45,010 45,010 45,010 1 2019 — 1,750 1,873 510 225 2020 — 1,118 267 411 $ 285,332 $ 261,468 $ 167,417 10,378 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2019 2020 2010 and Prior $ 2,230 $ 2,894 2011 810 1,869 2012 3,326 6,604 2013 3,499 5,813 2014 3,878 8,155 2015 4,421 5,121 2016 4,894 10,723 2017 — — 2018 — — 2019 — 841 2020 453 $ 42,473 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 218,995 Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - Workers' Compensation Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Year Ended December 31, Accident Year Total Net Reserves Acquired 2019 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 5,860 $ 4,420 $ 4,551 $ 1,938 9,869 2011 2,474 2,410 2,409 2,342 1,082 2012 6,280 6,176 6,176 6,991 1,640 2013 16,738 18,339 15,980 14,415 2,897 2014 35,023 35,426 35,556 31,501 3,410 2015 57,194 56,171 57,314 48,840 4,802 2016 87,702 85,530 84,862 70,769 4,829 2017 84,197 84,197 84,197 84,197 1 2018 117,734 117,734 117,734 117,734 1 2019 — — — — — 2020 — 2,045 — 189 $ 413,202 $ 410,824 $ 378,727 28,720 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Year Ended December 31, Accident Year 2019 2020 2010 and Prior $ 607 $ 696 2011 22 23 2012 22 63 2013 458 572 2014 3,080 3,443 2015 3,549 6,325 2016 7,337 12,137 2017 — — 2018 — — 2019 — — 2020 127 $ 23,386 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 387,438 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 256,228 $ 169,601 $ 91,688 47 2011 26,488 26,983 25,162 36 2012 58,128 58,241 53,749 74 2013 68,683 63,922 47,944 140 2014 100,054 102,600 83,249 201 2015 161,383 161,352 113,476 384 2016 210,661 205,305 120,481 816 2017 316,751 342,330 168,832 1,770 2018 432,590 575,706 305,471 3,108 2019 344,495 343,168 301,463 1,351 2020 166,946 168,091 144,090 1,481 $ 2,142,407 $ 2,217,299 $ 1,455,605 9,408 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2020 2010 and Prior $ 2,310 2011 54 2012 601 2013 4,283 2014 5,975 2015 12,253 2016 33,985 2017 73,001 2018 111,871 2019 1,509 2020 7,695 $ 253,537 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 1,963,762 Business Acquired and Contracts Incepting in the Year Ended December 31, 2020 - General Casualty Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 43,511 $ 43,849 $ 36,455 36 2011 26,434 26,928 25,133 29 2012 55,478 55,591 51,130 60 2013 60,872 56,111 41,186 122 2014 87,620 90,182 71,022 185 2015 140,583 139,947 96,032 280 2016 142,395 143,156 100,293 394 2017 142,862 137,097 112,135 439 2018 141,803 138,267 133,942 316 2019 202,521 201,174 179,284 388 2020 83,021 82,598 77,737 338 $ 1,127,100 $ 1,114,900 $ 924,349 2,587 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2020 2010 and Prior $ 522 2011 54 2012 601 2013 3,258 2014 5,983 2015 10,230 2016 9,125 2017 4,149 2018 400 2019 203 2020 2,467 $ 36,992 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 1,077,908 Business Acquired and Contracts Incepting in the Year Ended December 31, 2020 - Motor Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2020 IBNR Cumulative Number of Claims 2010 and Prior $ — $ — $ — — 2011 — — — — 2012 — — — — 2013 — — — — 2014 — — — — 2015 2,397 3,018 603 19 2016 48,505 42,420 2,779 221 2017 154,070 185,445 38,279 1,099 2018 250,028 397,413 145,623 2,204 2019 — — — — 2020 — — — — $ 455,000 $ 628,296 $ 187,284 3,543 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2020 2010 and Prior $ — 2011 — 2012 — 2013 — 2014 — 2015 2,012 2016 24,804 2017 68,712 2018 110,447 2019 — 2020 — $ 205,975 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 422,321 Business Acquired and Contracts Incepting in the Year Ended December 31, 2020 - Professional Indemnity/Directors & Officers Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For the Years Ended December 31, Accident Year Total Net Reserves Acquired 2020 IBNR Cumulative Number of Claims 2010 and Prior $ 4,680 $ 4,678 $ 4,679 1 2011 44 44 44 3 2012 2,593 2,593 2,584 4 2013 7,791 7,791 6,745 6 2014 11,949 11,949 11,947 4 2015 16,120 16,120 15,769 4 2016 16,259 16,216 16,053 9 2017 17,212 17,206 16,906 41 2018 25,323 25,290 19,209 115 2019 99,460 99,350 92,944 135 2020 34,548 34,757 30,144 79 $ 235,979 $ 235,994 $ 217,024 401 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2020 2010 and Prior $ — 2011 — 2012 — 2013 1,025 2014 — 2015 6 2016 1 2017 5 2018 475 2019 410 2020 1,138 $ 3,060 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 232,934 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For The Years Ended December 31, Accident Year 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR (1) Cumulative Number of Claims 2010 and Prior $ 100,449 $ 101,217 $ 101,444 $ 101,801 $ 102,539 $ 102,317 $ 102,661 $ 19 4,322 2011 16,244 18,740 19,681 19,103 27,703 27,859 28,027 429 2,962 2012 39,797 33,853 30,788 28,482 33,511 36,159 37,072 3,418 3,521 2013 51,458 47,304 54,282 53,493 56,145 63,323 67,638 9,044 4,821 2014 66,094 67,141 67,461 66,559 66,585 75,513 72,097 10,495 4,863 2015 76,470 82,050 81,685 92,904 99,425 101,191 13,037 4,323 2016 92,406 95,726 111,020 135,670 128,139 25,293 3,825 2017 100,585 135,743 161,288 166,472 34,822 3,899 2018 87,781 101,381 106,014 39,329 2,929 2019 42,595 59,902 23,758 2,581 2020 98,738 72,789 1,582 Total $ 967,951 $ 232,433 39,628 (1) Total of IBNR plus expected development on reported losses. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 2010 and Prior $ 99,643 $ 101,181 $ 101,326 $ 101,712 $ 101,783 $ 101,813 $ 101,886 2011 12,394 15,941 18,354 18,760 27,385 27,401 27,426 2012 13,336 20,634 22,746 23,711 32,644 32,666 32,706 2013 16,373 22,131 35,799 38,866 42,123 48,898 52,333 2014 4,318 16,141 27,043 36,802 46,654 49,571 51,949 2015 6,439 21,503 36,971 50,598 69,948 75,875 2016 4,206 32,864 59,074 76,175 92,223 2017 7,712 41,896 87,902 114,062 2018 18,747 34,762 54,000 2019 4,721 26,235 2020 8,102 Total $ 636,797 Total outstanding liabilities for unpaid losses and LAE, net of reinsurance $ 331,154 Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance As of December 31, 2020 For The Years Ended December 31, Accident Year 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 IBNR (1) Cumulative Number of Claims 2010 and Prior $ 50,395 $ 47,336 $ 47,194 $ 47,287 $ 47,175 $ 47,213 $ 46,828 $ 62 3,037 2011 29,890 28,190 27,767 27,824 28,162 27,956 28,075 229 1,966 2012 48,204 52,010 51,710 50,435 51,231 49,176 48,706 307 2,431 2013 63,442 55,981 53,783 54,790 58,209 64,399 63,323 926 2,202 2014 50,959 54,370 49,449 56,049 51,642 51,062 49,676 1,003 3,944 2015 70,492 70,160 80,196 81,864 83,646 80,438 1,612 5,606 2016 80,830 83,187 88,459 88,023 89,309 4,150 6,658 2017 125,976 158,450 166,304 162,629 7,959 8,352 2018 164,461 164,042 161,831 16,444 10,123 2019 152,423 158,919 39,463 7,015 2020 84,427 60,327 2,703 Total $ 974,161 $ 132,482 54,037 (1) Total of IBNR plus expected development on reported losses. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For The Years Ended December 31, Accident Year 2014 (unaudited) 2015 (u |
Short-duration Insurance Contracts, Reconciliation Of Net Loss Reserves Prior To Provision For Bad Debt | The table below reconciles the net loss reserves, prior to provisions for bad debt and ULAE as of December 31, 2020, by significant line of business to the line of business table presented above: 2020 Total Net Reserves per all Acquisition Years Provision for Bad Debt Total Net Reserves Asbestos $ 1,563,706 $ 22,417 $ 1,586,123 Environmental 261,387 3,661 265,048 General casualty 1,732,445 7,256 1,739,701 Workers' compensation/personal accident 1,687,272 1,737 1,689,009 Marine, aviation and transit 283,868 2,010 285,878 Construction defect 106,135 13 106,148 Professional indemnity/Directors & Officers 833,085 597 833,682 Motor 732,268 2,405 734,673 Property 130,309 1,699 132,008 All Other 256,695 6,646 263,341 Total $ 7,587,170 $ 48,441 $ 7,635,611 |
Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE | The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2020 is set forth below: 2020 Liabilities for unpaid losses and allocated LAE, net of reinsurance $ 331,154 Reinsurance recoverable on unpaid losses 61,082 Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses $ 392,236 The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2020 is set forth below: 2020 Liabilities for unpaid losses and allocated LAE, net of reinsurance $ 252,110 Reinsurance recoverable on unpaid losses 64,536 Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses $ 316,646 The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2020 is set forth below: 2020 Liabilities for unpaid losses and allocated LAE, net of reinsurance $ 222,548 Reinsurance recoverable on unpaid losses 217,427 Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses $ 439,975 The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2020 is set forth below: 2020 Liabilities for unpaid losses and allocated LAE, net of reinsurance $ 60,340 Reinsurance recoverable on unpaid losses 60,353 Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses $ 120,693 The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2020 is set forth below: 2020 Liabilities for unpaid losses and allocated LAE, net of reinsurance $ 23,633 Reinsurance recoverable on unpaid losses — Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses $ 23,633 |
Average Annual Duration of Claims | The following is unaudited supplementary information, which presents the annual percentage payout since the year of acquisition, by year of acquisition and significant line of business within each acquisition year: Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance Year of Acquisition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 2011 - All lines of business 25.68 % 17.45 % (3.59) % (28.95) % (2.12) % 3.57 % (3.49) % 4.99 % 11.18 % 8.86 % 2012 - All lines of business 1.30 % 26.42 % 16.71 % 12.48 % 10.00 % 4.47 % 5.48 % 4.17 % 2.12 % 2013 - All lines of business 25.96 % 21.67 % 15.93 % 11.01 % 6.15 % 3.89 % 2.24 % 0.32 % 2014 - All lines of business 33.84 % 24.15 % 11.11 % 8.07 % 3.74 % 1.65 % 1.10 % 2015 - All lines of business 17.33 % 17.09 % 12.84 % 9.80 % 7.69 % 4.65 % 2015 - Workers' compensation 13.72 % 17.09 % 12.73 % 9.73 % 6.71 % 4.27 % 2016 - All lines of business 7.67 % 9.18 % 7.99 % 8.41 % 6.86 % 2016 - Workers' Compensation 10.33 % 8.96 % 7.09 % 9.89 % 8.22 % 2017 - All lines of business 8.04 % 7.64 % 6.71 % 6.11 % 2018 - All lines of business 12.86 % 25.40 % 12.00 % 2018 - General Casualty 11.31 % 21.69 % 17.77 % 2018 - Workers' Compensation 2.03 % 19.49 % 10.03 % 2018 - Professional Indemnity/Directors & Officers 19.55 % 14.40 % 5.34 % 2018 - Motor 11.08 % 38.47 % 17.61 % 2019 - All lines of business 11.11 % 12.68 % 2019 - General Casualty 8.82 % 7.43 % 2019 - Workers' Compensation 3.67 % 2.02 % 2020 - All lines of business 11.43 % 2020 - General Casualty 3.32 % 2020 - Motor 32.78 % 2020 - Professional Indemnity/Directors & Officers 1.30 % Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Casualty 7.72 % 20.87 % 17.53 % 15.99 % 9.96 % 4.35 % 7.85 % 9.00 % 0.06 % 0.08 % The following is unaudited supplementary information for average annual historical duration of claims: Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Marine 18.17 % 30.97 % 19.08 % 9.99 % 5.02 % 2.46 % 3.48 % 2.04 % 0.99 % 0.39 % The following is unaudited supplementary information for average annual historical duration of claims: Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Property 19.10 % 28.75 % 26.40 % 8.35 % 2.47 % 2.69 % 1.55 % 1.01 % 0.02 % 0.30 % Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Aerospace 32.80 % 29.84 % 15.40 % 4.61 % 4.31 % 2.22 % 1.93 % 1.12 % 0.48 % 0.01 % Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Workers' compensation 14.40 % 29.38 % 20.46 % 11.77 % 5.19 % 2.57 % 1.61 % — % — % — % |
Defendant Asbestos and Enviro_2
Defendant Asbestos and Environmental Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Liability for Asbestos and Environmental Claims [Abstract] | |
Schedule Of Liability For Asbestos And Liability Claims | 2020 2019 Defendant asbestos and environmental liabilities: Defendant asbestos liabilities $ 913,276 $ 1,100,593 Defendant environmental liabilities 12,572 10,279 Estimated future expenses 42,510 51,637 Fair value adjustments (262,029) (314,824) Defendant asbestos and environmental liabilities 706,329 847,685 Insurance balances recoverable: Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2020 - $4,824; 2019 - $3,818) 310,602 549,593 Fair value adjustments (60,950) (100,738) Insurance balances recoverable 249,652 448,855 Net liabilities relating to defendant asbestos and environmental exposures $ 456,677 $ 398,830 |
Reconciliation of Asbestos and Environmental Liabilities | The table below provides a consolidated reconciliation of the beginning and ending liability for defendant asbestos and environmental exposures for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance as of January 1 $ 847,685 $ 203,320 $ 219,164 Less: Insurance balances recoverable 448,855 135,808 122,326 Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances (1) 3,167 — — Net balance as of January 1 401,997 67,512 96,838 Total net recoveries (paid claims) 153,964 (10,434) (6,351) Amounts recorded in other income (expense): Change in estimate of net ultimate liabilities (103,166) (4,263) (23,221) Reduction in estimated future expenses (9,126) (3,274) — Amortization of fair value adjustments 13,008 13,500 246 Total other expense (income) (99,284) 5,963 (22,975) Acquired on purchase of subsidiaries — 335,789 — Net balance as of December 31 456,677 398,830 67,512 Plus: Insurance balances recoverable (2) 249,652 448,855 135,808 Balance as of December 31 $ 706,329 $ 847,685 $ 203,320 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. (2) Net of allowance for estimated uncollectible insurance balances. |
Reconciliation of Allowance for Estimated Uncollectible Insurance Balances | The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities, for the years ended December 31, 2020 and 2019: 2020 2019 Allowance for estimated uncollectible insurance balances, beginning of year $ 3,818 $ — Cumulative effect of change in accounting principle 3,167 — Current period change in the allowance (2,161) 3,818 Allowance for estimated uncollectible insurance balances, end of year $ 4,824 $ 3,818 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Categorized Investments Recorded at Fair Value among Levels | We have categorized our assets and liabilities that are recorded at fair value on a recurring basis among levels based on the observability of inputs, or at fair value using NAV per share (or its equivalent) as follows: December 31, 2020 Quoted Prices in Significant Significant Fair Value Based on NAV as Practical Expedient Total Fair Investments: Short-term and Fixed maturity investments: U.S. government and agency $ — $ 951,048 $ — $ — $ 951,048 U.K. government — 51,082 — — 51,082 Other government — 502,153 — — 502,153 Corporate — 5,686,732 — — 5,686,732 Municipal — 162,669 — — 162,669 Residential mortgage-backed — 553,945 — — 553,945 Commercial mortgage-backed — 854,090 — — 854,090 Asset-backed — 557,460 — — 557,460 $ — $ 9,319,179 $ — $ — $ 9,319,179 Other assets included within funds held - directly managed $ — $ 14,627 $ — $ — $ 14,627 Equities: Publicly traded equity investments $ 229,167 $ 31,600 $ — $ — $ 260,767 Exchange-traded funds 311,287 — — — 311,287 Privately held equity investments — — 274,741 — 274,741 $ 540,454 $ 31,600 $ 274,741 $ — $ 846,795 Other investments: Hedge funds $ — $ — $ — $ 2,638,339 $ 2,638,339 Fixed income funds — 285,837 — 266,704 552,541 Equity funds — 5,073 — 185,694 190,767 Private equity funds — — — 363,103 363,103 CLO equities — 128,083 — — 128,083 CLO equity funds — — — 166,523 166,523 Private credit funds — — 9,250 183,069 192,319 Other — — 314 12,045 12,359 $ — $ 418,993 $ 9,564 $ 3,815,477 $ 4,244,034 Total Investments $ 540,454 $ 9,784,399 $ 284,305 $ 3,815,477 $ 14,424,635 Cash and cash equivalents $ 385,790 $ 208,272 $ — $ — $ 594,062 Reinsurance balances recoverable on paid and unpaid losses: $ — $ — $ 520,830 $ — $ 520,830 Other Assets: Derivatives qualifying as hedging $ — $ 1,169 $ — $ — $ 1,169 Derivatives not qualifying as hedges — 2,964 — — 2,964 Derivative instruments $ — $ 4,133 $ — $ — $ 4,133 Losses and LAE: $ — $ — $ 2,452,920 $ — $ 2,452,920 Other Liabilities: Derivatives qualifying as hedging $ — $ 28,947 $ — $ — $ 28,947 Derivatives not qualifying as hedges — 5,195 — — 5,195 Derivative instruments $ — $ 34,142 $ — $ — $ 34,142 December 31, 2019 Quoted Prices in Significant Significant Fair Value Based on NAV as Practical Expedient Total Fair Investments: Short-term and Fixed maturity investments: U.S. government and agency $ — $ 696,077 $ — $ — $ 696,077 U.K government — 161,772 — — 161,772 Other government — 702,856 — — 702,856 Corporate — 5,448,270 — — 5,448,270 Municipal — 140,687 — — 140,687 Residential mortgage-backed — 400,914 — — 400,914 Commercial mortgage-backed — 813,746 — — 813,746 Asset-backed — 670,235 — — 670,235 $ — $ 9,034,557 $ — $ — $ 9,034,557 Other assets included within funds held - directly managed $ — $ 14,207 $ — $ — $ 14,207 Equities: Publicly traded equity investments $ 297,310 $ 30,565 $ — $ — $ 327,875 Exchange-traded funds 133,047 — — — 133,047 Privately held equity investments — — 265,799 — 265,799 $ 430,357 $ 30,565 $ 265,799 $ — $ 726,721 Other investments: Hedge funds $ — $ — $ — $ 1,121,904 $ 1,121,904 Fixed income funds — 398,143 — 82,896 481,039 Equity funds — 111,040 — 299,109 410,149 Private equity funds — — — 323,496 323,496 CLO equities — — 87,555 — 87,555 CLO equity funds — — — 87,509 87,509 Other — 34 314 6,031 6,379 $ — $ 509,217 $ 87,869 $ 1,920,945 $ 2,518,031 Total Investments $ 430,357 $ 9,588,546 $ 353,668 $ 1,920,945 $ 12,293,516 Cash and cash equivalents $ 144,984 $ 222,191 $ — $ — $ 367,175 Reinsurance balances recoverable on paid and unpaid losses: $ — $ — $ 695,518 $ — $ 695,518 Other Assets: Derivatives qualifying as hedging $ — $ 642 $ — $ — $ 642 Derivatives not qualifying as hedges — 1,369 — — 1,369 Derivative instruments $ — $ 2,011 $ — $ — $ 2,011 Losses and LAE: $ — $ — $ 2,621,122 $ — $ 2,621,122 Other Liabilities: Derivatives qualifying as hedging $ — $ 11,452 $ — $ — $ 11,452 Derivatives not qualifying as hedges — 4,106 — — 4,106 Derivative instruments $ — $ 15,558 $ — $ — $ 15,558 |
Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis | The following tables present a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2020 and 2019: 2020 Privately-held Equities Other Investments Total Beginning fair value $ 265,799 $ 87,869 $ 353,668 Purchases 20,125 47,092 67,217 Sales — (1,289) (1,289) Total realized and unrealized losses (11,183) (40,368) (51,551) Transfer out of Level 3 into Level 2 — (83,740) (83,740) Ending fair value $ 274,741 $ 9,564 $ 284,305 2019 Fixed maturity investments Privately-held Equities Other Investments Total Corporate Residential mortgage-backed Commercial mortgage-backed Asset-backed Beginning fair value $ 37,386 $ — $ 7,389 $ 9,121 $ 228,710 $ 39,367 $ 321,973 Purchases 184 — — — 30,713 56,908 87,805 Sales (3,520) — (784) (3,605) (2,016) (590) (10,515) Total realized and unrealized gains (losses) 90 (1) 64 255 8,392 (7,816) 984 Transfer into Level 3 from Level 2 3,535 102 1,515 21,024 — — 26,176 Transfer out of Level 3 into Level 2 (37,675) (101) (8,184) (26,795) — — (72,755) Ending fair value $ — $ — $ — $ — $ 265,799 $ 87,869 $ 353,668 The following table presents a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2020 and 2019: 2020 2019 Liability for losses and LAE Reinsurance balances recoverable on paid and unpaid losses Net Liability for losses and LAE Reinsurance balances recoverable on paid and unpaid losses Net Beginning fair value $ 2,621,122 $ 695,518 $ 1,925,604 $ 2,874,055 $ 739,591 $ 2,134,464 Assumed business 1,526 (180,972) 182,498 9,218 — 9,218 Incurred losses and LAE: Reduction in estimates of ultimate losses (73,596) 59,478 (133,074) (32,690) (2,958) (29,732) Reduction in unallocated LAE (17,484) — (17,484) (19,915) — (19,915) Change in fair value 157,965 38,919 119,046 160,630 43,449 117,181 Total incurred losses and LAE 66,885 98,397 (31,512) 108,025 40,491 67,534 Paid losses (300,234) (101,326) (198,908) (416,770) (92,145) (324,625) Effect of exchange rate movements 63,621 9,213 54,408 46,594 7,581 39,013 Ending fair value $ 2,452,920 $ 520,830 $ 1,932,090 $ 2,621,122 $ 695,518 $ 1,925,604 The net assumed business of $182.5 million in the current period relates to the Hannover Re novation transaction disclosed in Note 4 - "Significant New Business." Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings. The following table presents the components of the net change in fair value for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Changes in fair value due to changes in: Duration $ 20,861 $ 22,719 $ 74,011 Corporate bond yield 96,478 94,462 (71,031) Weighted cost of capital (5,048) — Risk cost of capital 6,755 — 3,684 Change in fair value $ 119,046 $ 117,181 $ 6,664 |
Valuation Techniques and Inputs | The table below presents the quantitative information related to the fair value measurements for our privately held equity investments measured at fair value on a recurring basis using Level 3 inputs: Quantitative Information about Level 3 Fair Value Measurements Fair Value as of December 31, 2020 Valuation Techniques Unobservable Input Average (1) (in millions of U.S. dollars) $ 230.3 Guideline company methodology Distribution waterfall 12.98 $ 54.0 Cost as approximation of fair value Cost as approximation of fair value $ 284.3 (1) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value. |
Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis | The following table presents a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2020 and 2019: 2020 2019 Liability for losses and LAE Reinsurance balances recoverable on paid and unpaid losses Net Liability for losses and LAE Reinsurance balances recoverable on paid and unpaid losses Net Beginning fair value $ 2,621,122 $ 695,518 $ 1,925,604 $ 2,874,055 $ 739,591 $ 2,134,464 Assumed business 1,526 (180,972) 182,498 9,218 — 9,218 Incurred losses and LAE: Reduction in estimates of ultimate losses (73,596) 59,478 (133,074) (32,690) (2,958) (29,732) Reduction in unallocated LAE (17,484) — (17,484) (19,915) — (19,915) Change in fair value 157,965 38,919 119,046 160,630 43,449 117,181 Total incurred losses and LAE 66,885 98,397 (31,512) 108,025 40,491 67,534 Paid losses (300,234) (101,326) (198,908) (416,770) (92,145) (324,625) Effect of exchange rate movements 63,621 9,213 54,408 46,594 7,581 39,013 Ending fair value $ 2,452,920 $ 520,830 $ 1,932,090 $ 2,621,122 $ 695,518 $ 1,925,604 The net assumed business of $182.5 million in the current period relates to the Hannover Re novation transaction disclosed in Note 4 - "Significant New Business." Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings. The following table presents the components of the net change in fair value for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Changes in fair value due to changes in: Duration $ 20,861 $ 22,719 $ 74,011 Corporate bond yield 96,478 94,462 (71,031) Weighted cost of capital (5,048) — Risk cost of capital 6,755 — 3,684 Change in fair value $ 119,046 $ 117,181 $ 6,664 |
Quantitative Information | Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis as of December 31, 2020 and 2019: 2020 2019 Valuation Technique Unobservable (U) and Observable (O) Inputs Weighted Average Weighted Average Internal model Corporate bond yield (O) A rated A rated Internal model Credit spread for non-performance risk (U) 0.2% 0.2% Internal model Risk cost of capital (U) 5.1% 5.1% Internal model Weighted average cost of capital (U) 8.25% 8.5% Internal model Duration - liability (U) 8.17 years 7.82 years Internal model Duration - reinsurance balances recoverable on paid and unpaid losses (U) 8.23 years 8.68 years |
Premiums Written and Earned (Ta
Premiums Written and Earned (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Schedule of Net Premiums Written and Earned | The following tables provide the total reinsurance balances recoverable on paid and unpaid losses. December 31, 2020 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 938,231 $ 263,638 $ — $ 1,201,869 IBNR 508,082 139,761 — 647,843 ULAE 16,688 — — 16,688 Fair value adjustments - acquired companies — — (15,353) (15,353) Fair value adjustments - fair value option — — (21,427) (21,427) Total reinsurance reserves recoverable 1,463,001 403,399 (36,780) 1,829,620 Paid losses recoverable 172,309 87,234 — 259,543 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,093,053 $ 490,633 $ (15,353) $ 1,568,333 Reinsurance balances recoverable on paid and unpaid losses - fair value option 542,257 — (21,427) 520,830 Total $ 1,635,310 $ 490,633 $ (36,780) $ 2,089,163 December 31, 2019 Run-off Legacy Underwriting Corporate & Other Total Recoverable from reinsurers on unpaid: Outstanding losses $ 972,293 $ 273,142 $ — $ 1,245,435 IBNR 673,059 112,471 — 785,530 Fair value adjustments - acquired companies — — (15,255) (15,255) Fair value adjustments - fair value option — — (88,086) (88,086) Total reinsurance reserves recoverable 1,645,352 385,613 (103,341) 1,927,624 Paid losses recoverable 181,375 72,135 — 253,510 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 Reconciliation to Consolidated Balance Sheet: Reinsurance balances recoverable on paid and unpaid losses $ 1,043,123 $ 457,748 $ (15,255) $ 1,485,616 Reinsurance balances recoverable on paid and unpaid losses - fair value option 783,604 — (88,086) 695,518 Total $ 1,826,727 $ 457,748 $ (103,341) $ 2,181,134 The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment. December 31, 2020 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,464,529 $ 60,801 $ 1,403,728 4.2 % Reinsurers rated below A-, secured 608,999 — 608,999 — % Reinsurers rated below A-, unsecured 152,757 76,321 76,436 50.0 % Total $ 2,226,285 $ 137,122 $ 2,089,163 6.2 % December 31, 2019 Gross Allowance for estimated uncollectible reinsurance Net Provisions as a Reinsurers rated A- or above $ 1,731,270 $ 43,427 $ 1,687,843 2.5 % Reinsurers rated below A-, secured 463,840 — 463,840 — % Reinsurers rated below A-, unsecured 133,663 104,212 29,451 78.0 % Total $ 2,328,773 $ 147,639 $ 2,181,134 6.3 % The following tables provide a summary of net premiums written and earned for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Premiums Premiums Premiums Premiums Premiums Premiums Run-off Gross $ 5,191 $ 71,522 $ (25,069) $ 197,009 $ (8,910) $ 25,230 Ceded (2,204) (12,827) (269) (28,513) (307) (15,803) Net $ 2,987 $ 58,695 $ (25,338) $ 168,496 $ (9,217) $ 9,427 Legacy Underwriting Gross $ 546,792 $ 658,396 $ 683,722 $ 752,521 $ 826,442 $ 836,883 Ceded (116,955) (144,999) (113,331) (116,970) (162,878) (150,531) Net $ 429,837 $ 513,397 $ 570,391 $ 635,551 $ 663,564 $ 686,352 Total Gross $ 551,983 $ 729,918 $ 658,653 $ 949,530 $ 817,532 $ 862,113 Ceded (119,159) (157,826) (113,600) (145,483) (163,185) (166,334) Net $ 432,824 $ 572,092 $ 545,053 $ 804,047 $ 654,347 $ 695,779 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | The following table presents a reconciliation of the beginning and ending goodwill and intangible assets, included within other assets in the consolidated balance sheets, for the years ended December 31, 2020 and 2019: Goodwill Intangible Intangible assets with an indefinite life Total Balance as of December 31, 2018 $ 109,807 $ 16,887 $ 67,131 $ 193,825 Amortization — (2,257) — (2,257) Balance as of December 31, 2019 $ 109,807 $ 14,630 $ 67,131 $ 191,568 Amortization — (1,524) — (1,524) Impairment losses (StarStone International) (1) (8,000) — (4,000) (12,000) Reclassification to assets held-for-sale (Atrium) (2) (38,848) (13,106) (63,131) (115,085) Balance as of December 31, 2020 $ 62,959 $ — $ — $ 62,959 (1) On June 10, 2020, we announced the StarStone International Run-Off. During the year ended December 31, 2020, we recognized impairment losses of $8.0 million related to the goodwill allocated to StarStone International and $4.0 million on StarStone's Lloyd's syndicate capacity. (2) On August 13, 2020, we announced the Atrium Exchange Transaction, which resulted in the assets and liabilities of Atrium being classified as held-for-sale as of December 31, 2020. Refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further information. The gross carrying value, accumulated amortization and net carrying value of goodwill and intangible assets by segment and by type as of December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, 2019 Gross Accumulated amortization Net Gross Accumulated amortization Net Run-off segment: Goodwill $ 62,959 $ — $ 62,959 $ 62,959 $ — $ 62,959 Legacy Underwriting segment: Goodwill — — — 46,848 — 46,848 Intangible assets with a definite life: Distribution channel — — — 20,000 (8,111) 11,889 Brand — — — 7,000 (4,259) 2,741 Intangible assets with an indefinite life: Lloyd’s syndicate capacity — — — 37,031 — 37,031 Management contract — — — 30,100 — 30,100 Total Legacy Underwriting segment goodwill and intangible assets — — — 140,979 (12,370) 128,609 Total goodwill and intangible assets $ 62,959 $ — $ 62,959 $ 203,938 $ (12,370) $ 191,568 |
Debt Obligations and Credit F_2
Debt Obligations and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Amounts of Loans Payable Outstanding, and Accrued Interest | Our debt obligations were as follows: Facility Origination Date Term December 31, 2020 December 31, 2019 4.50% Senior Notes due 2022 March 10, 2017 5 years $ 349,253 $ 348,616 4.95% Senior Notes due 2029 May 28, 2019 10 years 494,194 493,600 Total Senior Notes 843,447 842,216 5.75% Junior Subordinated Notes due 2040 August 26, 2020 20 years 344,812 — EGL Revolving Credit Facility August 16, 2018 5 years 185,000 — 2018 EGL Term Loan Facility December 27, 2018 3 years — 348,991 Total debt obligations $ 1,373,259 $ 1,191,207 |
Interest Income and Interest Expense Disclosure | The table below provides a summary of the total interest expense for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Interest expense on debt obligations $ 57,974 $ 51,245 $ 25,205 Amortization of debt issuance costs 1,331 953 537 Funds withheld balances and other 3 343 (46) Total interest expense $ 59,308 $ 52,541 $ 25,696 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Carrying Amount of Equity Attributable to Noncontrolling Interest | The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2020 and 2019: 2020 2019 Balance at beginning of year $ 438,791 $ 458,543 Capital contributions — 13,127 Dividends paid — (11,556) Net losses attributable to RNCI (27,512) (12,029) Change in unrealized gains (losses) on AFS investments attributable to RNCI 1,517 (126) Change in currency translation adjustments attributable to RNCI (1,397) 10 Change in redemption value of RNCI (46,224) (9,178) Cumulative effect of change in accounting principle attributable to RNCI (1) 261 — Balance at end of year $ 365,436 $ 438,791 (1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" for further details. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents a roll forward of accumulated other comprehensive income (loss): Unrealized gains (losses) arising during the year Cumulative Currency Translation Adjustment Defined Benefit Pension Liability Total Balance, December 31, 2017, net of tax $ 2,440 $ 11,171 $ (3,143) $ 10,468 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year (2,284) — — (2,284) Reclassification adjustment for net realized (gains) losses included in net earnings 63 — — 63 Change in currency translation adjustment — (202) — (202) Decrease in defined benefit pension liability — — 2,156 2,156 Total other comprehensive income (loss) (2,221) (202) 2,156 (267) Other comprehensive (income) loss attributable to RNCI 222 17 — 239 Balance, December 31, 2018, net of tax 441 10,986 (987) 10,440 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year 2,896 — — 2,896 Reclassification adjustment for net realized (gains) losses included in net earnings (3,894) — — (3,894) Change in currency translation adjustment — (2,428) — (2,428) Decrease in defined benefit pension liability — — 42 42 Total other comprehensive income (loss) (998) (2,428) 42 (3,384) Other comprehensive (income) loss attributable to RNCI 125 (10) — 115 Balance, December 31, 2019, net of tax (432) 8,548 (945) 7,171 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year 104,924 — — 104,924 Reclassification adjustment for change in allowance for credit losses recognized in net earnings (509) — — (509) Reclassification adjustment for net realized (gains) losses included in net earnings (18,033) — — (18,033) Reclassification to earnings on disposal of subsidiary (11,856) 34 — (11,822) Change in currency translation adjustment — (2,103) — (2,103) Decrease in defined benefit pension liability — — 1,152 1,152 Total other comprehensive income (loss) 74,526 (2,069) 1,152 73,609 Other comprehensive (income) loss attributable to RNCI (1,518) 1,397 — (121) Balance, December 31, 2020, net of tax $ 72,576 $ 7,876 $ 207 $ 80,659 The following table presents details about the tax effects allocated to each component of other comprehensive income (loss): Before Tax Amount Tax (Expense) Benefit Net of Tax Amount Twelve months ended December 31, 2020 Unrealized gains (losses) on fixed income available-for-sale investments arising during the year $ 115,610 $ (10,686) $ 104,924 Reclassification adjustment for change in allowance for credit losses recognized in net earnings (499) (10) (509) Reclassification adjustment for net realized (gains) losses included in net earnings (19,766) 1,733 (18,033) Reclassification to earnings on disposal of subsidiary (15,008) 3,152 (11,856) Change in currency translation adjustment (2,294) 191 (2,103) Reclassification to earnings on disposal of subsidiary 34 — 34 Decrease in defined benefit pension liability 1,097 55 1,152 Other comprehensive income (loss) $ 79,174 $ (5,565) $ 73,609 In the year ended December 31, 2019 and 2018, the deferred tax (expense) benefit associated with items reported in other comprehensive income (loss) was subject to a full valuation allowance. For information on valuation allowances on deferred tax assets, refer to “Assessment of Valuation Allowance on Deferred Tax Assets” within Note 20 - "Income Taxation." The following table presents details amounts reclassified from accumulated other comprehensive income: Details about AOCI components 2020 2019 2018 Affected Line Item in Statement where Net Earnings are presented Unrealized gains (losses) on fixed income available-for-sale investments $ 18,682 $ 3,894 $ (63) Net realized and unrealized gains (losses) 16,591 — — Net earnings from discontinued operations 35,273 3,894 (63) Total before tax (4,875) — — Income tax (expense) 30,398 3,894 (63) Net of tax Currency translation adjustment on disposal of subsidiary (34) — — Net earnings from discontinued operations Total reclassifications for the period, net of tax $ 30,364 $ 3,894 $ (63) |
Schedule of Reclassification from Accumulated Other Comprehensive Income | The following table provides a reconciliation of the gross realized gains and losses and credit recoveries (losses) on our AFS fixed maturity debt securities that arose during the years ended December 31, 2020, 2019 and 2018 within our continuing and discontinued operations and the offsetting reclassification adjustments included within our consolidated statements of comprehensive income: 2020 2019 2018 Included within continuing operations: Gross realized gains on fixed maturity securities, AFS $ 26,313 $ 4,844 $ 27 Gross realized losses on fixed maturity securities, AFS (7,801) (905) (90) Tax effect (1,623) — — Included within discontinued operations: Gross realized gains on fixed maturity securities, AFS 1,374 12 — Gross realized losses on fixed maturity securities, AFS (120) (57) — Tax effect (110) — — Total reclassification adjustment for net realized gains (losses) included in net earnings $ 18,033 $ 3,894 $ (63) Included within continuing operations: Credit recoveries (losses) on fixed maturity securities, AFS $ 170 $ — $ — Tax effect 3 — — Included within discontinued operations: Credit recoveries (losses) on fixed maturity securities, AFS 329 — — Tax effect 7 — — Total reclassification adjustment for change in allowance for credit losses recognized in net earnings $ 509 $ — $ — The following table presents details amounts reclassified from accumulated other comprehensive income: Details about AOCI components 2020 2019 2018 Affected Line Item in Statement where Net Earnings are presented Unrealized gains (losses) on fixed income available-for-sale investments $ 18,682 $ 3,894 $ (63) Net realized and unrealized gains (losses) 16,591 — — Net earnings from discontinued operations 35,273 3,894 (63) Total before tax (4,875) — — Income tax (expense) 30,398 3,894 (63) Net of tax Currency translation adjustment on disposal of subsidiary (34) — — Net earnings from discontinued operations Total reclassifications for the period, net of tax $ 30,364 $ 3,894 $ (63) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Comparison of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted net earnings per ordinary share for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Numerator: Earnings (loss) per share attributable to Enstar ordinary shareholders: Net earnings (loss) from continuing operations (1) $ 1,711,810 $ 897,825 $ (163,232) Net earnings from discontinued operations (2) 7,534 4,350 878 Net earnings (loss) attributable to Enstar ordinary shareholders $ 1,719,344 $ 902,175 $ (162,354) Denominator: Weighted-average ordinary shares outstanding — basic (3) 21,551,408 21,482,617 20,698,310 Effect of dilutive securities: Share-based compensation plans (4) 208,293 227,878 129,746 Warrants 58,593 64,571 76,120 Weighted-average ordinary shares outstanding — diluted 21,818,294 21,775,066 20,904,176 Earnings (loss) per share attributable to Enstar ordinary shareholders: Basic: Net earnings (loss) from continuing operations $ 79.43 $ 41.80 $ (7.89) Net earnings from discontinued operations 0.35 0.20 0.05 Net earnings (loss) per ordinary share $ 79.78 $ 42.00 $ (7.84) Diluted (5) : Net earnings (loss) from continuing operations $ 78.45 $ 41.23 $ (7.89) Net earnings from discontinued operations 0.35 0.20 0.05 Net earnings (loss) per ordinary share $ 78.80 $ 41.43 $ (7.84) (1) Net earnings (loss) from continuing operations attributable to Enstar ordinary shareholders equals net earnings (loss) from continuing operations, plus net loss (earnings) from continuing operations attributable to noncontrolling interest, less dividends on preferred shares. (2) Net earnings (loss) from discontinued operations attributable to Enstar ordinary shareholders equals net earnings (loss) from discontinued operations, net of income taxes, plus net loss (earnings) from discontinued operations attributable to noncontrolling interest; refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for a breakdown by period. (3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the EB Trust in respect of JSOP awards. (4) Share-based dilutive securities include restricted shares, restricted share units, and performance share units. Certain share-based compensation awards, including the ordinary shares held in the EB Trust in respect of JSOP awards, were excluded from the calculation for the year ended December 31, 2020 because they were anti-dilutive. (5) During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. |
Share-Based Compensation and _2
Share-Based Compensation and Pensions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Compensation Plans | The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Share-based compensation plans: Restricted shares and restricted share units $ 8,286 $ 6,564 $ 7,641 Performance share units 12,678 23,582 1,968 Cash-settled stock appreciation rights 215 2,575 (3,316) Joint share ownership plan expense 4,296 — — Other share-based compensation plans: Northshore/Atrium incentive plan 971 3,652 2,792 StarStone incentive plan (223) 223 — Deferred compensation and ordinary share plan for non-employee directors 1,183 992 1,155 Employee share purchase plan 339 411 430 Total share-based compensation $ 27,745 $ 37,999 $ 10,670 2020 2019 2018 Defined contribution plans $ 11,791 $ 11,798 $ 11,434 Defined benefit plan 2,975 684 2,243 Total pension expense $ 14,766 $ 12,482 $ 13,677 |
Restricted Shares, Restricted Share Units and Performance Share Units | The following table summarizes the activity related to restricted shares and restricted share awards during 2020: Number of Shares Weighted-Average Share Price Nonvested — January 1 64,572 $180.49 Granted 70,012 152.28 Vested (38,961) 174.93 Forfeited (373) 177.73 Nonvested — December 31 95,250 161.60 Grant Year Inception-to-date Activity Roll-forward Performance Criteria: Performance Multiplier PSUs Granted Forfeited Estimated Change in Multiplier Vested Unvested at December 31, 2020 Threshold Target Target + Maximum Threshold Target Target + Maximum 2017 36,321 (12,267) 9,527 (33,581) — 20.00 % 30.00 % N/A 40.00 % 50.00 % 100.00 % N/A 150.00 % 2017 91,875 — 18,100 (109,975) — 30.30 % 35.65 % N/A 41.00 % 50.00 % 100.00 % N/A 150.00 % 2018 39,682 (12,545) 10,218 (6,700) 30,655 25.00 % 32.50 % N/A 40.00 % 50.00 % 100.00 % N/A 150.00 % 2019 18,308 (1,758) 7,835 (881) 23,504 20.00 % 30.00 % N/A 40.00 % 60.00 % 100.00 % N/A 150.00 % 2020 22,591 (2,151) — (701) 19,739 25.00 % 32.50 % N/A 40.00 % 60.00 % 100.00 % N/A 150.00 % 2020 52,948 — — — 52,948 33.10 % 36.80 % 44.30 % 52.10 % 50.00 % 100.00 % 150.00 % 200.00 % 261,725 (28,721) 45,680 (151,838) 126,846 The following table summarizes the activity related to PSUs during 2020: Number of Weighted-Average Share Price Nonvested — January 1 206,949 $185.61 Granted 98,099 167.94 Change in performance multiplier 25,850 179.71 Vested (153,469) 187.24 Forfeited (7,442) 146.76 Nonvested — December 31 169,987 174.10 |
Summary of Performance Share Units and Performance Criteria and Multiplier | The following table summarizes the awards granted, the vested and unvested units at December 31, 2020, and the performance criteria and associated performance multipliers at various levels of achievement. Grant Year Inception-to-date Activity Roll-forward Performance Criteria: Performance Multiplier PSUs Granted Forfeited Estimated Change in Multiplier Vested Unvested at December 31, 2020 Threshold Target Maximum Threshold Target Maximum 2019 18,308 (1,756) 7,811 (930) 23,433 9.60 % 12.00 % 14.40 % 60.00 % 100.00 % 150.00 % 2020 22,560 (2,151) — (701) 19,708 9.60 % 12.00 % 14.40 % 60.00 % 100.00 % 150.00 % 40,868 (3,907) 7,811 (1,631) 43,141 |
Summary of Performance Multipliers | At the end of each reporting period, we estimate the expected performance multiplier, as shown in the table below: Award Description 2020 2019 2018 2017 FDBVPS Type I (30.00% Target Change) 139% (1) 139% 50% 2017 FDBVPS Type II (35.65% Target Change) 120% (1) 120% 50% 2018 FDBVPS 150% (1) 100% 50% 2019 FDBVPS 150% 100% N/A 2019 Average Operating ROE 150% 100% N/A 2020 FDBVPS Type I (32.50% Target Change) 100% N/A N/A 2020 Average Operating ROE 100% N/A N/A 2020 FDBVPS Type II (36.80% Target Change) 100% N/A N/A (1) Multipliers for the 2017 and 2018 awards are the final achieved terms. |
Summary of SARs Activity | The following table summarizes the activity related to SARs during 2020: Number of SARs Weighted-Average Exercise Price of SARs Weighted-Average Expected Term (in years) Aggregate Intrinsic Value (1) Balance, beginning of year 89,227 $ 143.33 Exercised (12,793) 136.94 Balance, end of year 76,434 144.40 1.90 $ 4,623 (1) The aggregate intrinsic value is calculated as the pre-tax difference between the exercise price of the underlying share awards and the closing price per share of our ordinary shares of $204.89 on December 31, 2020. |
Assumptions Used to Estimate Fair Value of SARs Using Black-Scholes Option Valuation Model | The following table sets forth the assumptions used to estimate the fair value of the SARs using the Black-Scholes option valuation model as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Weighted-average fair value per SAR $ 78.47 $ 76.03 $ 45.85 Weighted-average volatility 49.43 % 19.75 % 18.94 % Weighted-average risk-free interest rate 0.15 % 1.64 % 2.72 % Dividend yield 0.00 % 0.00 % 0.00 % |
Share-Based Compensation Arrangement By Share-Based Payment Award, Valuation Assumptions | The accounting for stock-settled JSOP awards is similar to options, whereby the grant date fair value of $13.6 million is expensed over the life of the award. To determine the grant date fair value of $24.13 per share, we utilized a Monte-Carlo valuation model with the following assumptions: 2020 Weighted-average volatility 18.66 % Weighted-average risk-free interest rate 1.55 % Dividend yield 0.00 % |
Income Taxation (Tables)
Income Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Earnings before Income Taxes | The following table presents earnings (loss) before income taxes by jurisdiction attributable to continuing operations, including earnings from equity method investments, for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Domestic (Bermuda) $ 1,503,505 $ 576,338 $ (232,743) Foreign 231,444 356,878 15,293 Total earnings (loss) before income taxes attributable to continuing operations $ 1,734,949 $ 933,216 $ (217,450) |
Tax Expense for Income Taxes | The following table presents our current and deferred income tax expense (benefit) attributable to continuing operations by jurisdiction for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Current: Domestic (Bermuda) $ — $ — $ — Foreign 15,232 16,330 (917) 15,232 16,330 (917) Deferred: Domestic (Bermuda) — — — Foreign 8,595 (3,958) (2,772) 8,595 (3,958) (2,772) Total income tax expense (benefit) attributable to continuing operations $ 23,827 $ 12,372 $ (3,689) |
Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate | The actual effective income tax rate differs from the statutory rate of 0 percent under Bermuda law to earnings (loss) attributable to continuing operations before income taxes, including earnings (loss) from equity method investments for the years ended December 31, 2020, 2019 and 2018 as shown in the following reconciliation: 2020 2019 2018 Earnings (loss) before income taxes $ 1,734,949 $ 933,216 $ (217,450) Bermuda income taxes at statutory rate 0.0 % 0.0 % 0.0 % Foreign income tax rate differential 1.2 % 8.6 % 0.6 % Change in valuation allowance 0.1 % (7.2) % (1.8) % U.S. base erosion and anti-abuse tax — % 0.3 % (0.3) % Other 0.1 % (0.4) % 3.2 % Effective tax rate 1.4 % 1.3 % 1.7 % |
Components of Deferred Tax Assets and Deferred Tax Liabilities | Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 were as follows: 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 141,459 $ 144,609 Insurance reserves 22,238 7,535 Unearned premiums 68 151 Provisions for bad debt 407 6,172 Defendant asbestos and environmental liabilities 121,006 140,000 Other deferred tax assets 16,696 3,230 Deferred tax assets 301,874 301,697 Valuation allowance (118,229) (117,390) Deferred tax assets, net of valuation allowance 183,645 184,307 Deferred tax liabilities: Unrealized gains on investments (20,185) (14,079) Lloyd's underwriting profit taxable in future periods (15,555) (8,852) Deferred policy acquisition cost — (8,267) Other deferred tax liabilities (9,242) (13,390) Deferred tax liabilities (44,982) (44,588) Net deferred tax asset $ 138,663 $ 139,719 Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction: December 31, 2020 2019 Net Deferred Tax Net Deferred Tax United States $ 156,730 $ 154,700 United Kingdom (18,095) (16,074) Other 28 1,093 Total $ 138,663 $ 139,719 |
Summary of Operating Loss Carryforwards | As of December 31, 2020, we had net operating loss carryforwards that could be available to offset future taxable income, as follows: Tax Jurisdiction Loss Carryforwards Tax effect Expiration Operating and Capital Loss Carryforwards: United States - Net operating loss $ 428,732 $ 90,034 2024-2038 United Kingdom 185,230 35,194 Indefinitely Luxembourg 17,200 4,300 2035-2036 Other 48,683 11,931 Indefinitely |
Summary of Income Tax Examinations | Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2020: Major Tax Jurisdiction Open Tax Years United States 2017-2020 United Kingdom 2019-2020 Australia 2015-2020 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table presents the amounts included in our consolidated balance sheet related to our related party transactions with Stone Point and its affiliated entities: December 31, 2020 December 31, 2019 Short-term investments, AFS, at fair value $ 878 $ 1,431 Fixed maturities, trading, at fair value 196,086 269,131 Fixed maturities, AFS, at fair value 227,397 160,303 Equities, at fair value 103,914 121,794 Other investments, at fair value: Hedge funds 19,844 18,993 Fixed income funds 210,017 381,449 Private equity funds 37,262 34,858 CLO equities 38,658 32,560 CLO equity funds 166,523 87,509 Private Debt 27,016 16,312 Real estate fund 27,278 18,106 Total investments 1,054,873 1,142,446 Cash and cash equivalents 23,933 54,080 Other assets 403 10 Other liabilities 745 4,710 Net investment $ 1,078,464 $ 1,191,826 The following table presents the amounts included in net earnings related to our related party transactions with Stone Point and its affiliated entities: 2020 2019 2018 Net investment income $ 16,325 $ 8,733 $ 7,424 Net realized and unrealized gains (losses) 23,750 26,631 207 Total net earnings $ 40,075 $ 35,364 $ 7,631 Our consolidated statement of earnings for the year ended December 31, 2018 included the following balances related to transactions between us and KaylaRe and KaylaRe Ltd. up until May 14, 2018, the date of acquisition: 2018 Fee income due to Enstar Limited $ 1,453 Transactions under KaylaRe-StarStone QS: Ceded premium earned (52,651) Net incurred losses 31,654 Acquisition costs 18,774 Total net earnings (loss) $ (770) Our consolidated balance sheet as of December 31, 2020 and 2019 included the following balances related to transactions with Hillhouse Capital and AnglePoint (as applicable): 2020 2019 Investments in funds managed by AnglePoint, held by Enhanzed Re $ 851,435 $ 327,799 Our ownership percentage of Enhanzed Re 47.4 % 47.4 % Our share of investments in funds managed by AnglePoint held by Enhanzed Re (through our equity method investment ownership) $ 403,580 $ 155,377 Investment in other funds managed by AnglePoint and Hillhouse: InRe Fund $ 2,365,158 $ 918,633 Other funds 369,508 232,968 $ 2,734,666 $ 1,151,601 As noted above, Clear Spring was not a related party as of December 31, 2020. Our consolidated balance sheet as of December 31, 2019 included the following balances between us and Clear Spring: 2019 Balances under StarStone ceding quota share included, in assets or liabilities held-for-sale: Reinsurance balances recoverable on paid and unpaid losses $ 22,812 Prepaid insurance premiums 51 Ceded payable 3,616 Ceded acquisition costs 21 Balances under assuming quota share: Losses and LAE 6,135 Unearned reinsurance premiums 13 Funds held 8,611 Our consolidated statement of earnings for the years ended December 31, 2020, 2019 and 2018 included the following amounts between us and Clear Spring: 2020 2019 2018 Transactions under StarStone ceding quota share, included in net earnings (loss) from discontinued operations: Ceded premium earned $ 122 $ (14,994) $ (29,520) Net incurred losses and LAE 2,730 6,567 18,143 Acquisition costs 56 356 7,035 Transactions under assuming quota share: Premium earned (15) 3,749 7,380 Net incurred losses and LAE 1,014 (2,202) (4,536) Acquisition costs 11 (92) (1,836) Total net earnings (loss) $ 3,918 $ (6,616) $ (3,334) The following table presents the amounts included in net earnings related to our related party transactions with AmTrust: 2020 2019 2018 Net investment income $ 7,365 $ 7,667 $ 299 Net realized and unrealized gains (11,183) 10,086 — Total net earnings $ (3,818) $ 17,753 $ 299 Our consolidated balance sheet as of December 31, 2020 and 2019 included the following balances between us and Enhanzed Re: 2020 2019 Balances under ceding quota share: Reinsurance balances recoverable $ 208,379 $ 59,601 Funds held 193,981 50,089 Insurance balances payables 1,276 1,443 Other assets 730 1,033 Our consolidated statement of earnings for the years ended December 31, 2020 and 2019 included the following amounts between us and Enhanzed Re: 2020 2019 Amounts under ceding quota share: Ceded premium earned $ (391) $ — Net incurred losses and LAE (5,977) — Acquisition costs 169 73 Net investment income (4,272) — Net realized and unrealized gains (740) — Other income 2,617 — Fees and commission income 572 749 Total Net earnings $ (8,022) $ 822 Change in unrealized gains (losses) on AFS investments $ (2,729) $ — Our consolidated balance sheet as of December 31, 2020 included the following balances between us and Core Specialty: 2020 Balances under assuming quota share, LPT and ADC reinsurances: Funds held by reinsured companies $ 58,086 Other assets 38,846 Losses and loss adjustment expenses 682,637 Insurance and reinsurance balances payable 24,806 Other liabilities 5,003 Balances under ceding reinsurances: Reinsurance balances recoverable on paid and unpaid losses 1,736 Balances under service agreements: Other assets 6,727 Other liabilities 328 Balances under sale and recapitalization agreement: Other liabilities 4,512 Our consolidated statement of earnings for the year ended December 31, 2020 included the following amounts between us and Core Specialty: 2020 Transactions under assuming quota share, LPT and ADC reinsurances: Net premiums earned $ 76 Net incurred losses and loss adjustment expenses (1,223) Acquisition costs 458 Transactions under service agreements: Fees and commission income 4,004 Total net earnings $ 3,315 |
Dividend Restrictions and Sta_2
Dividend Restrictions and Statutory Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Summary of Statutory Capital and Surplus | The statutory capital and surplus amounts for the years ended December 31, 2020 and 2019 and statutory net income amounts for the years ended December 31, 2020, 2019 and 2018 for our (re)insurance subsidiaries based in Bermuda, the United Kingdom, Australia, the United States and Continental Europe are summarized in the table below which includes information relating to acquisitions from the year of acquisition: Statutory Capital and Surplus Required Actual Statutory Income 2020 2019 2020 2019 2020 2019 2018 Bermuda $ 2,711,687 $ 2,138,395 $ 5,565,429 $ 4,016,663 $ 1,850,913 $ 643,683 $ 29,486 U.K. 803,685 837,104 1,224,208 1,532,751 43,219 154,644 (52,936) U.S. 185,904 364,507 554,339 861,379 (67,477) 121,406 (75,005) Europe 95,746 94,334 214,115 229,344 (983) 11,816 (17,611) Australia 18,858 18,110 58,531 37,815 (1,722) 4,847 1,761 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease, Cost and Other Lease Information | The table below provides the lease cost and other information relating to our operating leases for the years ended December 31, 2020 and 2019: 2020 2019 Lease cost: Operating lease cost $ 12,720 $ 13,627 Short-term lease cost (1) 246 — Total lease cost 12,966 13,627 Sub-lease income (2) (553) (542) Total net lease cost $ 12,413 $ 13,085 Other information: Operating cash paid for amounts included in the measurement of lease liabilities $ 13,421 $ 11,129 Non-cash activity: right-of-use assets relating to leases 295 57,536 Weighted-average remaining lease term 6.1 years 6.3 years Weighted-average discount rate 6.5 % 6.3 % (1) Leases with an initial lease term of twelve months or less are not recognized within our consolidated balance sheets. (2) Sub-lease income consists of rental income received from third parties to whom we have sub-leased some of our leased office spaces and is included within other income in our consolidated statements of earnings. |
Assets And Liabilities, Lessee | The table below provides a summary of the operating leases recorded on our consolidated balance sheets for the years ended December 31, 2020 and 2019: Balance sheet classification 2020 2019 Right-of-use assets (1) (2) Other assets $ 32,297 $ 46,747 Current lease liabilities (2) Other liabilities 7,959 11,403 Non-current lease liabilities (2) Other liabilities 27,064 34,785 (1) Following our decision to put the StarStone International operations into orderly run-off effective June 10, 2020, we recorded total impairment charges of $3.5 million on the right-of-use assets relating to certain StarStone International operating leases as of December 31, 2020. (2) The right-of-use assets and the total lease liability balances exclude balances of $1.0 million and $0.8 million respectively, related to Atrium which have been reclassified to held-for-sale balances on our consolidated balance sheet as of December 31, 2020. |
Lessee, Operating Lease, Liability, Maturity | The table below provides a summary of the contractual maturities of our operating lease liabilities: 2021 2022 2023 2024 2025 2026 and beyond Total lease payments Less: Imputed interest Present value of lease liabilities Contractual maturities $ 9,774 8,099 7,267 5,561 4,534 8,577 43,812 (8,789) $ 35,023 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Operations by Segment | 2020 Run-off Investments Legacy Underwriting Corporate & Other (1) Total INCOME Net premiums earned $ 58,695 $ — $ 513,397 $ — $ 572,092 Fees and commission income 19,462 — 22,984 — 42,446 Net investment income — 269,832 32,985 — 302,817 Net realized and unrealized gains — 1,627,526 14,493 — 1,642,019 Other income (expense) 112,948 — 3,865 (15,681) 101,132 191,105 1,897,358 587,724 (15,681) 2,660,506 EXPENSES Net incurred losses and loss adjustment expenses (145,358) — 371,486 189,798 415,926 Acquisition costs 20,177 — 150,843 — 171,020 General and administrative expenses 173,247 33,793 158,464 135,975 501,479 48,066 33,793 680,793 325,773 1,088,425 EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES 143,039 1,863,565 (93,069) (341,454) 1,572,081 Earnings from equity method investments — 238,569 — — 238,569 SEGMENT INCOME (LOSS) $ 143,039 $ 2,102,134 $ (93,069) (341,454) 1,810,650 Interest expense (59,308) (59,308) Net foreign exchange losses (16,393) (16,393) Income tax expense (23,827) (23,827) NET EARNINGS FROM CONTINUING OPERATIONS 1,711,122 Net earnings from discontinued operations, Net of income taxes 16,251 16,251 NET EARNINGS 1,727,373 Net loss attributable to noncontrolling interest 27,671 27,671 NET EARNINGS ATTRIBUTABLE TO ENSTAR 1,755,044 Dividends on preferred shares (35,700) (35,700) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ (432,760) $ 1,719,344 (1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. 2019 Run-off Investments Legacy Underwriting Corporate & Other (1) Total INCOME Net premiums earned $ 168,496 $ — $ 635,551 $ — $ 804,047 Fees and commission income 18,293 — 10,160 — 28,453 Net investment income — 266,826 41,445 — 308,271 Net realized and unrealized gains — 974,199 37,767 — 1,011,966 Other income (expense) 48,309 — 469 (11,708) 37,070 235,098 1,241,025 725,392 (11,708) 2,189,807 EXPENSES Net incurred losses and loss adjustment expenses (153,370) — 562,051 205,498 614,179 Acquisition costs 73,642 — 166,967 — 240,609 General and administrative expenses 173,531 29,654 96,694 113,205 413,084 93,803 29,654 825,712 318,703 1,267,872 EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES 141,295 1,211,371 (100,320) (330,411) 921,935 Earnings from equity method investments — 55,910 — — 55,910 SEGMENT INCOME (LOSS) $ 141,295 $ 1,267,281 $ (100,320) (330,411) 977,845 Interest expense (52,541) (52,541) Net foreign exchange gains 7,912 7,912 Income tax expense (12,372) (12,372) NET EARNINGS FROM CONTINUING OPERATIONS 920,844 Net earnings from discontinued operations, Net of income taxes 7,375 7,375 NET EARNINGS 928,219 Net loss attributable to noncontrolling interest 9,870 9,870 NET EARNINGS ATTRIBUTABLE TO ENSTAR 938,089 Dividends on preferred shares (35,914) (35,914) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ (406,081) $ 902,175 (1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. 2018 Run-off Investments Legacy Underwriting Corporate & Other (1) Total INCOME Net premiums earned $ 9,427 $ — $ 686,352 $ — $ 695,779 Fees and commission income 16,466 — 18,622 — 35,088 Net investment income — 229,012 32,686 — 261,698 Net realized and unrealized losses — (391,961) (15,571) — (407,532) Other income (expense) 36,224 — (388) (1,763) 34,073 62,117 (162,949) 721,701 (1,763) 619,106 EXPENSES Net incurred losses and loss adjustment expenses (339,389) — 635,173 27,938 323,722 Acquisition costs 4,006 — 173,849 — 177,855 General and administrative expenses 121,657 18,375 122,835 85,919 348,786 (213,726) 18,375 931,857 113,857 850,363 EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES 275,843 (181,324) (210,156) (115,620) (231,257) Earnings from equity method investments — 42,147 — — 42,147 SEGMENT INCOME (LOSS) $ 275,843 $ (139,177) $ (210,156) (115,620) (189,110) Interest expense (25,696) (25,696) Net foreign exchange losses (2,644) (2,644) Income tax benefit 3,689 3,689 NET LOSS FROM CONTINUING OPERATIONS (213,761) Net earnings from discontinued operations, Net of income taxes 1,489 1,489 NET LOSS (212,272) Net loss attributable to noncontrolling interest 62,051 62,051 NET LOSS ATTRIBUTABLE TO ENSTAR (150,221) Dividends on preferred shares (12,133) (12,133) NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ (88,864) $ (162,354) (1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option. |
Schedule of Revenue from External Customers | Gross Premiums Written by Geographical Area The following table summarizes our gross premiums written for the year ended December 31, 2020 by geographic area. Geographic distribution in future years is subject to variation based upon market conditions and business strategies. Run-off Legacy Underwriting Total Total % Total % Total % (In thousands of U.S. dollars, except percentages) United States $ 4,969 95.7 $ 177,956 32.5 $ 182,925 33.2 United Kingdom (229) (4.4) 119,111 21.8 118,882 21.5 Europe 1,615 31.1 81,886 15.0 83,501 15.1 Asia — — 68,096 12.5 68,096 12.3 Rest of World (1,164) (22.4) 99,743 18.2 98,579 17.9 Total $ 5,191 100.0 $ 546,792 100.0 $ 551,983 100.0 |
Unaudited Condensed Quarterly_2
Unaudited Condensed Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Condensed Quarterly Financial Data | December 31, September 30, June 30, March 31, 2020 2019 2020 2019 2020 2019 2020 2019 INCOME Net premiums earned $ 108,146 $ 185,336 $ 161,724 $ 175,802 $ 142,871 $ 190,962 $ 159,351 $ 251,947 Fees and commission income 14,121 9,522 10,787 6,437 10,010 6,017 7,528 6,477 Net investment income 61,530 76,847 72,130 81,502 94,443 74,271 74,714 75,651 Net realized and unrealized gains (losses) 803,467 153,477 500,005 145,060 967,608 260,669 (629,061) 452,760 Other income (losses) 33,372 21,703 48,404 822 (1,087) 8,831 20,443 5,714 1,020,636 446,885 793,050 409,623 1,213,845 540,750 (367,025) 792,549 EXPENSES Net incurred losses and loss adjustment expenses 76,248 48,068 109,686 163,258 186,692 146,554 43,300 256,299 Acquisition costs 38,202 78,417 37,708 33,310 49,067 51,081 46,043 77,801 General and administrative expenses 142,394 116,780 115,828 97,365 144,830 100,676 98,427 98,263 Interest expense 16,872 13,519 15,003 14,950 14,018 13,036 13,415 11,036 Net foreign exchange losses (gains) 15,018 12,186 8,156 (13,665) 5,158 (2,579) (11,939) (3,854) 288,734 268,970 286,381 295,218 399,765 308,768 189,246 439,545 EARNINGS (LOSS) BEFORE INCOME TAXES 731,902 177,915 506,669 114,405 814,080 231,982 (556,271) 353,004 Income tax benefit (expense) 1,468 12,893 (13,915) (13,465) (16,652) (7,698) 5,272 (4,102) Earnings (losses) from equity method investments 85,844 11,722 149,065 17,703 (8,790) 17,713 12,450 8,772 NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS 819,214 202,530 641,819 118,643 788,638 241,997 (538,549) 357,674 Net earnings (loss) from discontinued operations, net of income taxes 15,441 (4,666) 4,031 7,916 (1,152) (3,943) (2,069) 8,068 NET EARNINGS (LOSS) 834,655 197,864 645,850 126,559 787,486 238,054 (540,618) 365,742 Net (earnings) loss attributable to noncontrolling interest (3,131) 4,900 (21,912) 109 19,992 2,713 32,722 2,148 NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR 831,524 202,764 623,938 126,668 807,478 240,767 (507,896) 367,890 Dividends on preferred shares (8,925) (8,925) (8,925) (8,925) (8,925) (8,925) (8,925) (9,139) NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS $ 822,599 $ 193,839 $ 615,013 $ 117,743 $ 798,553 $ 231,842 $ (516,821) $ 358,751 Earnings (loss) per ordinary share attributable to Enstar ordinary shareholders: Basic: Net earnings (loss) from continuing operations $ 37.91 $ 9.15 $ 28.39 $ 5.26 $ 37.06 $ 10.90 $ (23.93) $ 16.49 Net earnings (loss) from discontinued operations 0.33 (0.13) 0.11 0.22 (0.03) (0.11) (0.05) 0.22 Basic $ 38.24 $ 9.02 $ 28.50 $ 5.48 $ 37.03 $ 10.79 $ (23.98) $ 16.71 Diluted (1) : Net earnings (loss) from continuing operations $ 37.47 $ 9.02 $ 28.13 $ 5.21 $ 36.68 $ 10.81 $ (23.93) $ 16.35 Net earnings (loss) from discontinued operations 0.32 (0.13) 0.11 0.21 (0.03) (0.11) (0.05) 0.22 Net earnings (loss) per ordinary share $ 37.79 $ 8.89 $ 28.24 $ 5.42 $ 36.65 $ 10.70 $ (23.98) $ 16.57 (1) During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive. |
Events (Unaudited) Subsequent_2
Events (Unaudited) Subsequent To The Date Of The Independent Auditor's Report (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Summary Of Significant New Business | The table below sets forth a summary of significant new business that we have completed between January 1, 2018 and December 31, 2020: Transaction Date Completed Total Assets Assumed Deferred Charge Asset (1) Total Liabilities Assumed Net Fair Value Adjustment (2) Primary Nature of Business Hannover Re August 6, 2020 $ 182,498 N/A $ 209,713 $ (27,215) U.S. asbestos, environmental and workers' compensation liabilities Munich Re July 1, 2020 $ 100,956 N/A $ 100,956 N/A Australian public liability, professional liability and builders' warranty liabilities AXA Group (3) June 1, 2020 $ 179,681 N/A $ 179,681 N/A U.S. construction general liability Aspen June 1, 2020 $ 770,000 $ 11,746 $ 781,746 N/A Diversified mix of property, liability and specialty lines of business across the U.S., U.K. and Europe Lyft March 31, 2020 $ 465,000 N/A $ 465,000 N/A U.S. motor Zurich (3) October 1, 2019 $ 507,061 $ 115,815 $ 622,876 N/A U.S. asbestos and environmental liability Maiden Re Bermuda August 5, 2019 $ 445,000 $ 85,183 $ 530,183 N/A U.S. workers' compensation and General Casualty Amerisure April 11, 2019 $ 45,463 $ 2,873 $ 48,336 N/A U.S. construction defect AmTrust February 14, 2019 $ 1,143,949 $ 20,633 $ 1,164,582 N/A Lloyd's property, professional, marine, non-marine, affinity annual, extended warranty and political Allianz SE December 31, 2018 $ 70,000 N/A $ 70,000 N/A Asbestos and environmental Maiden Re Bermuda December 27, 2018 $ 70,425 $ 1,704 $ 72,129 N/A U.S. workers' compensation and motor Coca-Cola August 1, 2018 $ 103,617 $ 17,208 $ 120,825 N/A U.S. workers' compensation, auto liability, general and product liability Zurich Australia February 23, 2018 $ 268,657 N/A $ 280,764 $ (12,107) Australian motor Neon February 16, 2018 $ 525,673 N/A $ 546,298 $ (20,625) Medical malpractice, general liability, professional indemnity and marine Novae January 29, 2018 $ 1,095,730 N/A $ 1,163,198 $ (67,468) Financial, casualty, marine and energy, professional indemnity, aviation, motor and property The table below sets forth a summary of significant new business that we have signed or completed between January 1, 2021 and March 1, 2021: Transaction Date Completed Initial Estimate of Liabilities Assumed Primary Nature of Business AXA Group (4) N/A - Announced February 25, 2021 $ 1,395,000 Diversified mix of global casualty and professional lines ProSight (4) N/A - Announced January 15, 2021 $ 500,000 U.S. discontinued workers' compensation and excess workers' compensation lines of business and adverse development cover on a diversified mix of general liability classes of business CNA (4) February 5, 2021 $ 690,000 U.S. excess workers' compensation Liberty Mutual (4) January 8, 2021 $ 420,000 U.S. energy liability, construction liability and homebuilders liability (1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded. (2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement. (3) Effective October 1, 2020 and 2019, we ceded 10% of the AXA Group and Zurich transactions, respectively, to Enhanzed Reinsurance Ltd. ("Enhanzed Re"), in which we have an investment, on the same terms and conditions as those received by us. (4) The retroactive reinsurance agreements with AXA Group, ProSight, CNA and Liberty Mutual either closed or are expected to close in 2021 and therefore the related balances are not included in our consolidated financial statements as of December 31, 2020. The table below sets forth a summary of significant new business that we have completed between January 1, 2021 and March 31, 2021 and included in our unaudited condensed consolidated financial statements as of March 31, 2021: Transaction Date Completed Total Assets Assumed Deferred Charge Asset (1) Total Liabilities Assumed Net Fair Value Adjustment (2) Primary Nature of Business CNA (3) February 5, 2021 $ 651,736 $105,479 $ 757,215 N/A U.S. excess workers' compensation Liberty Mutual (3) January 8, 2021 $ 363,159 $25,402 $ 388,561 N/A U.S. energy liability, construction liability and homebuilders liability The table below sets forth a summary of significant new business that we have completed between April 1, 2021 and June 11, 2021 or is pending completion as of June 11, 2021: Transaction Date Transaction Announced or Completed Initial Estimate of Liabilities Assumed Primary Nature of Business Hiscox (3) Completed on June 3, 2021 $ 520,000 Diversified portfolio of legacy insurance business, including surplus lines broker business AXA Group (3) (4) Completed on May 3, 2021 $ 1,395,000 Diversified mix of global casualty and professional lines ProSight (3) N/A - Announced January 15, 2021 $ 500,000 U.S. discontinued workers' compensation and excess workers' compensation lines of business and adverse development cover on a diversified mix of general liability classes of business (1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded. (2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement. (3) As of December 31, 2020, the transactions with CNA, Liberty Mutual, Hiscox, AXA Group and ProSight had not closed; therefore, the related balances were not included in our consolidated financial statements as of December 31, 2020. (4) The loss portfolio transfer and adverse development cover transaction with AXA Group was completed by one of our (re)insurance subsidiaries and guaranteed by Enstar. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting Information [Line Items] | |
Number of segments | 3 |
Atrium | |
Segment Reporting Information [Line Items] | |
Syndicate underwriting capacity percentage | 25.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2020 | Aug. 04, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | $ 4,647,312,000 | $ 2,887,892,000 | ||
Reinsurance recoverable, allowance for credit loss | 137,122,000 | 147,639,000 | $ 156,732,000 | |
Allowance for credit losses | 322,000 | 0 | ||
Letters of Credit | Maiden Facility Agreement | Loan facilities | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Maximum borrowing capacity | $ 800,000,000 | $ 800,000,000 | ||
Cumulative effect of change in accounting principle | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to retained earnings | 6,100,000 | |||
Financial instruments, allowance for credit loss | 3,000,000 | |||
Reinsurance recoverable, allowance for credit loss | (195,000) | $ 0 | ||
Allowance for credit losses | $ 3,059,000 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) | Oct. 30, 2019USD ($) | Dec. 27, 2018USD ($) | May 14, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 13, 2018 |
Business Acquisition [Line Items] | |||||||||
Asbestos and environmental liabilities | $ 2,100,000,000 | $ 2,300,000,000 | |||||||
Goodwill | $ 62,959,000 | $ 109,807,000 | $ 109,807,000 | ||||||
Ownership percentage | 47.40% | 47.40% | |||||||
Morse TEC | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash paid | $ 0 | ||||||||
Asbestos and environmental liabilities | 700,000,000 | ||||||||
Goodwill | 0 | ||||||||
Gain on bargain purchase | 0 | ||||||||
Intangible assets acquired | 0 | ||||||||
Gain on bargain purchase | $ 0 | ||||||||
Maiden Re | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash paid | $ 286,375,000 | ||||||||
Goodwill | $ 0 | ||||||||
KaylaRe | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 41,736,000 | ||||||||
Number of Enstar ordinary shares issued (shares) | shares | 2,007,017 | ||||||||
Closing price of shares (dollars per share) | $ / shares | $ 206.65 | ||||||||
Ownership percentage acquired | 51.80% | ||||||||
Price-to-book multiple | 1.05 | ||||||||
Gain recognized on remeasurement of previously held equity method investment to fair value | $ 16,000,000 | $ 16,007,000 | |||||||
Loss on settlement of preexisting relationships | $ 15,600,000 | $ 15,600,000 | |||||||
Ordinary Shares | KaylaRe | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of Enstar ordinary shares issued (shares) | shares | 1,501,778 | ||||||||
Series E non-voting convertible ordinary shares | KaylaRe | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of Enstar ordinary shares issued (shares) | shares | 505,239 | ||||||||
KaylaRe | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage | 48.20% |
Business Acquisitions - Summary
Business Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition (Details) - USD ($) $ in Thousands | Oct. 30, 2019 | Dec. 27, 2018 | May 14, 2018 |
Morse TEC | |||
ASSETS | |||
Cash and cash equivalents | $ 171,412 | ||
Deferred tax assets | 140,000 | ||
Other assets - insurance balances receivable | 371,116 | ||
TOTAL ASSETS | 682,528 | ||
LIABILITIES | |||
Defendant asbestos and environmental liabilities | 662,507 | ||
Other liabilities | 20,021 | ||
TOTAL LIABILITIES | 682,528 | ||
NET ASSETS ACQUIRED AT FAIR VALUE | $ 0 | ||
Maiden Re | |||
ASSETS | |||
Fixed maturities, trading, at fair value | $ 1,098,593 | ||
Short-term investments, trading, at fair value | 3,508 | ||
Total investments | 1,102,101 | ||
Cash and cash equivalents | 12,035 | ||
Restricted cash and cash equivalents | 26,871 | ||
Other assets | 96,669 | ||
Premiums receivable | 138,378 | ||
Prepaid reinsurance premiums | 3,257 | ||
Reinsurance balances recoverable | 87,018 | ||
TOTAL ASSETS | 1,466,329 | ||
LIABILITIES | |||
Other liabilities | 56,618 | ||
Losses and LAE | 1,027,367 | ||
Unearned premiums | 85,696 | ||
TOTAL LIABILITIES | 1,169,681 | ||
NET ASSETS ACQUIRED AT FAIR VALUE | $ 296,648 | ||
KaylaRe | |||
ASSETS | |||
Fixed maturities, trading, at fair value | $ 126,393 | ||
Short-term investments, trading, at fair value | 626,476 | ||
Total investments | 752,869 | ||
Cash and cash equivalents | 5,657 | ||
Other assets | 614 | ||
Premiums receivable | 10,965 | ||
Deferred acquisition costs | 275 | ||
TOTAL ASSETS | 770,380 | ||
LIABILITIES | |||
Other liabilities | 9,004 | ||
Losses and LAE | 4,059 | ||
Unearned premiums | 10,984 | ||
Insurance and reinsurance balances payable | 13 | ||
TOTAL LIABILITIES | 24,060 | ||
NET ASSETS ACQUIRED AT FAIR VALUE | $ 746,320 |
Business Acquisitions - Results
Business Acquisitions - Results of Operations Of Acquiree (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Morse TEC | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net investment income | $ 488 | |
General and administrative expenses | (1,459) | |
Other expenses | (1,512) | |
Earnings of acquiree since acquisition date | (2,483) | |
Maiden Re | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net investment income | 675 | |
General and administrative expenses | (435) | |
Net unrealized gains | 3,749 | |
Earnings of acquiree since acquisition date | $ 3,989 | |
KaylaRe | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net investment income | $ 3,096 | |
General and administrative expenses | (2,164) | |
Net unrealized gains | (47,769) | |
Earnings of acquiree since acquisition date | (45,915) | |
Premiums earned | 13,627 | |
Incurred losses and LAE | (12,364) | |
Acquisition costs | (341) | |
Underwriting income | $ 922 |
Business Acquisitions - Purchas
Business Acquisitions - Purchase Price and Fair Value of Assets Acquired (Details) $ / shares in Units, $ in Thousands | Dec. 27, 2018USD ($) | May 14, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 13, 2018USD ($) |
Purchase Price | ||||||||
Excess of purchase price over fair value of net assets acquired | $ 62,959 | $ 109,807 | $ 109,807 | |||||
Fair Value of Previously Held Equity Method Investment | ||||||||
Carrying value of previously held equity method investment prior to the close of the transaction | $ 832,295 | $ 326,277 | ||||||
Maiden Re | ||||||||
Purchase Price | ||||||||
Cash paid | $ 286,375 | |||||||
Adjustment for the fair value of preexisting relationships | 10,273 | |||||||
Purchase price | 296,648 | |||||||
Net assets acquired at fair value | 296,648 | |||||||
Excess of purchase price over fair value of net assets acquired | $ 0 | |||||||
KaylaRe | ||||||||
Purchase Price | ||||||||
Adjustment for the fair value of preexisting relationships | $ 37,169 | |||||||
Value of ordinary shares issued | 414,750 | |||||||
Fair value of previously held equity method investment | 336,137 | |||||||
Purchase price | 788,056 | |||||||
Net assets acquired at fair value | 746,320 | |||||||
Excess of purchase price over fair value of net assets acquired | $ 41,736 | |||||||
Fair Value of Enstar Ordinary Shares Issued | ||||||||
Number of Enstar ordinary shares issued (shares) | shares | 2,007,017 | |||||||
Closing price of shares (dollars per share) | $ / shares | $ 206.65 | |||||||
Fair value of Enstar ordinary shares issued to shareholders of KaylaRe | $ 414,750 | |||||||
Fair Value of Previously Held Equity Method Investment | ||||||||
Price-to-book multiple | 1.05 | |||||||
Fair value of previously held equity method investment prior to the close of the transaction | $ 336,137 | |||||||
Gain recognized on remeasurement of previously held equity method investment to fair value | $ 16,000 | $ 16,007 | ||||||
KaylaRe | ||||||||
Fair Value of Previously Held Equity Method Investment | ||||||||
Carrying value of previously held equity method investment prior to the close of the transaction | $ 320,130 |
Business Acquisitions - Loss on
Business Acquisitions - Loss on Settlement Of Contractual Preexisting Relationships (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 14, 2018 | Dec. 31, 2017 |
ASSETS | |||||
Funds held by reinsured companies | $ 635,819 | $ 475,732 | |||
Deferred acquisition costs/Value of business acquired | 238,602 | 272,462 | $ 86,585 | $ 80,192 | |
TOTAL ASSETS | 21,647,284 | 19,826,099 | |||
LIABILITIES | |||||
Losses and LAE | 10,593,282 | 9,868,404 | $ 9,048,796 | $ 7,100,488 | |
Insurance and reinsurance balances payable | 494,412 | 420,546 | |||
Other liabilities | 942,905 | 994,584 | |||
TOTAL LIABILITIES | 14,593,844 | 14,530,957 | |||
NET ASSETS (LIABILITIES) | $ 6,688,004 | $ 4,856,351 | |||
Carrying value | KaylaRe | |||||
ASSETS | |||||
Funds held by reinsured companies | $ 386,793 | ||||
Deferred acquisition costs/Value of business acquired | 33,549 | ||||
TOTAL ASSETS | 420,342 | ||||
LIABILITIES | |||||
Losses and LAE | 339,747 | ||||
Unearned premiums | 105,602 | ||||
Insurance and reinsurance balances payable | 25,897 | ||||
Other liabilities | 1,864 | ||||
TOTAL LIABILITIES | 473,110 | ||||
NET ASSETS (LIABILITIES) | (52,768) | ||||
Fair value | KaylaRe | |||||
ASSETS | |||||
Funds held by reinsured companies | 386,793 | ||||
Deferred acquisition costs/Value of business acquired | 40,268 | ||||
TOTAL ASSETS | 427,061 | ||||
LIABILITIES | |||||
Losses and LAE | 333,205 | ||||
Unearned premiums | 105,602 | ||||
Insurance and reinsurance balances payable | 23,559 | ||||
Other liabilities | 1,864 | ||||
TOTAL LIABILITIES | 464,230 | ||||
NET ASSETS (LIABILITIES) | (37,169) | ||||
Loss on deemed settlement | KaylaRe | |||||
ASSETS | |||||
Funds held by reinsured companies | 0 | ||||
Deferred acquisition costs/Value of business acquired | 6,719 | ||||
TOTAL ASSETS | 6,719 | ||||
LIABILITIES | |||||
Losses and LAE | (6,542) | ||||
Unearned premiums | 0 | ||||
Insurance and reinsurance balances payable | (2,338) | ||||
Other liabilities | 0 | ||||
TOTAL LIABILITIES | (8,880) | ||||
NET ASSETS (LIABILITIES) | $ 15,599 |
Significant New Business (Detai
Significant New Business (Details) - USD ($) $ in Thousands | May 03, 2021 | Feb. 05, 2021 | Jan. 15, 2021 | Jan. 08, 2021 | Oct. 01, 2020 | Aug. 06, 2020 | Jul. 01, 2020 | Jun. 01, 2020 | Mar. 31, 2020 | Oct. 01, 2019 | Aug. 05, 2019 | Apr. 11, 2019 | Feb. 14, 2019 | Dec. 31, 2018 | Dec. 27, 2018 | Aug. 01, 2018 | Feb. 23, 2018 | Feb. 16, 2018 | Jan. 29, 2018 |
Hannover Re | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 182,498 | ||||||||||||||||||
Total Liabilities Assumed | 209,713 | ||||||||||||||||||
Fair Value Adjustment | $ (27,215) | ||||||||||||||||||
Munich Re | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 100,956 | ||||||||||||||||||
Total Liabilities Assumed | $ 100,956 | ||||||||||||||||||
AXA Group | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 179,681 | ||||||||||||||||||
Total Liabilities Assumed | 179,681 | ||||||||||||||||||
Percentage ceded | 10.00% | ||||||||||||||||||
AXA Group | Previously Reported | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Liabilities Assumed | $ 1,395,000 | ||||||||||||||||||
Aspen | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | 770,000 | ||||||||||||||||||
Deferred Charge Asset | 11,746 | ||||||||||||||||||
Total Liabilities Assumed | $ 781,746 | ||||||||||||||||||
Lyft | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 465,000 | ||||||||||||||||||
Total Liabilities Assumed | $ 465,000 | ||||||||||||||||||
Zurich | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 507,061 | ||||||||||||||||||
Deferred Charge Asset | 115,815 | ||||||||||||||||||
Total Liabilities Assumed | $ 622,876 | ||||||||||||||||||
Maiden Re Bermuda | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 445,000 | $ 70,425 | |||||||||||||||||
Deferred Charge Asset | 85,183 | 1,704 | |||||||||||||||||
Total Liabilities Assumed | $ 530,183 | $ 72,129 | |||||||||||||||||
Amerisure | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 45,463 | ||||||||||||||||||
Deferred Charge Asset | 2,873 | ||||||||||||||||||
Total Liabilities Assumed | $ 48,336 | ||||||||||||||||||
AmTrust | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 1,143,949 | ||||||||||||||||||
Deferred Charge Asset | 20,633 | ||||||||||||||||||
Total Liabilities Assumed | $ 1,164,582 | ||||||||||||||||||
Allianz SE | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 70,000 | ||||||||||||||||||
Total Liabilities Assumed | $ 70,000 | ||||||||||||||||||
Coca-Cola | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 103,617 | ||||||||||||||||||
Deferred Charge Asset | 17,208 | ||||||||||||||||||
Total Liabilities Assumed | $ 120,825 | ||||||||||||||||||
Zurich Australia | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 268,657 | ||||||||||||||||||
Total Liabilities Assumed | 280,764 | ||||||||||||||||||
Fair Value Adjustment | $ (12,107) | ||||||||||||||||||
Neon | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 525,673 | ||||||||||||||||||
Total Liabilities Assumed | 546,298 | ||||||||||||||||||
Fair Value Adjustment | $ (20,625) | ||||||||||||||||||
Novae | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 1,095,730 | ||||||||||||||||||
Total Liabilities Assumed | 1,163,198 | ||||||||||||||||||
Fair Value Adjustment | $ (67,468) | ||||||||||||||||||
ProSight | Previously Reported | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Liabilities Assumed | $ 500,000 | ||||||||||||||||||
CNA | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 651,736 | ||||||||||||||||||
Deferred Charge Asset | 105,479 | ||||||||||||||||||
Total Liabilities Assumed | 757,215 | ||||||||||||||||||
CNA | Previously Reported | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Liabilities Assumed | $ 690,000 | ||||||||||||||||||
Liberty Mutual | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Assets Assumed | $ 363,159 | ||||||||||||||||||
Deferred Charge Asset | 25,402 | ||||||||||||||||||
Total Liabilities Assumed | 388,561 | ||||||||||||||||||
Liberty Mutual | Previously Reported | |||||||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||||||
Total Liabilities Assumed | $ 420,000 |
Divestitures, Held-For-Sale B_3
Divestitures, Held-For-Sale Businesses and Discontinued Operations - Additional Information (Details) $ in Thousands, € in Millions | Mar. 15, 2021USD ($) | Nov. 30, 2020USD ($) | Oct. 14, 2020USD ($) | Oct. 14, 2020EUR (€) | Oct. 02, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2021 | Mar. 31, 2021USD ($) | Jan. 01, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership % | 47.40% | 47.40% | 47.40% | |||||||||
Assumed business | $ 2,186,024 | $ 1,586,307 | $ 1,772,104 | |||||||||
Equity method investments | $ 832,295 | $ 832,295 | 326,277 | |||||||||
Payments to acquire investments | $ 27,000 | |||||||||||
StarStone US | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Assumed business | $ 462,400 | |||||||||||
Reinsurance premium consideration | 478,200 | |||||||||||
Additional consideration | 130,000 | |||||||||||
Run-Off | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Syndicate underwriting capacity percentage | 25.00% | |||||||||||
Discontinued operations, disposed of by sale | StarStone US | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Consideration received | 282,000 | 281,989 | $ 281,989 | |||||||||
Consideration as value of shares | 235,000 | |||||||||||
Cash consideration received | $ 47,000 | |||||||||||
Discontinued operations, held-for-sale | StarStone US | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Restricted investments | 131,000 | |||||||||||
Cash inflows (outflows) | 99,200 | $ (53,900) | $ (64,600) | |||||||||
Not discontinued operations, disposed of by sale | SUL | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Sales of subsidiaries, net of cash sold | 600 | |||||||||||
Value of shares received | 30,000 | |||||||||||
Not discontinued operations, disposed of by sale | Vander Haeghen & CO SA | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Sales of subsidiaries, net of cash sold | $ 4,500 | € 3.8 | ||||||||||
Gain on sale of subsidiary | 3,400 | |||||||||||
Held-for-sale or disposed of by sale, not discontinued operations | Northshore | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Restricted investments | 94,400 | 94,400 | ||||||||||
Core Specialty | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership % | 25.23% | |||||||||||
Equity method investments | 235,000 | 235,000 | ||||||||||
Inigo | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Investment, fair value | $ 16,900 | $ 16,900 | $ 34,600 | |||||||||
Inigo | Scenario, Forecast | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership % | 5.40% | |||||||||||
Trident | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Payments to acquire investments | $ 18,000 | |||||||||||
Starstone International | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sale of renewal rights | $ 500 | |||||||||||
North Bay | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by parent | 59.00% | 59.00% | ||||||||||
North Bay | Trident | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 39.30% | 39.30% | ||||||||||
North Bay | Dowling | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 1.70% | 1.70% | ||||||||||
SSHL | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by parent | 59.00% | 59.00% | ||||||||||
SSHL | Trident | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 39.30% | 39.30% | ||||||||||
SSHL | Dowling | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 1.70% | 1.70% | ||||||||||
SSHL | North Bay | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by parent | 100.00% | 100.00% | ||||||||||
Northshore | Trident | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 76.30% | |||||||||||
Northshore | Dowling | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 1.60% | |||||||||||
Northshore | North Bay | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by parent | 92.10% | 92.10% | ||||||||||
Northshore | Core Specialty | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 13.80% | |||||||||||
Core Specialty | Dowling | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 0.40% | |||||||||||
StarStone US | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by parent | 59.00% | 59.00% | ||||||||||
SUL | Trident | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 39.30% | 39.30% | ||||||||||
SUL | Dowling | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 1.70% | 1.70% |
Divestitures, Held-For-Sale B_4
Divestitures, Held-For-Sale Businesses and Discontinued Operations - Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2020 | |
ASSETS | ||||||||||||
TOTAL ASSETS HELD-FOR-SALE | $ 711,278 | $ 1,474,770 | $ 711,278 | $ 1,474,770 | ||||||||
LIABILITIES | ||||||||||||
TOTAL LIABILITIES HELD-FOR-SALE | 483,657 | 1,208,531 | 483,657 | 1,208,531 | ||||||||
DISPOSAL | ||||||||||||
Reclassification to earnings on disposal of subsidiary | (34) | 0 | $ 0 | |||||||||
NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 15,441 | $ 4,031 | $ (1,152) | $ (2,069) | (4,666) | $ 7,916 | $ (3,943) | $ 8,068 | 16,251 | 7,375 | 1,489 | |
Northshore | Held-for-sale or disposed of by sale, not discontinued operations | ||||||||||||
ASSETS | ||||||||||||
Other investments, at fair value | 9,897 | 9,897 | ||||||||||
Total investments | 173,126 | 173,126 | ||||||||||
Cash and cash equivalents | 71,156 | 71,156 | ||||||||||
Restricted cash and cash equivalents | 152,044 | 152,044 | ||||||||||
Premiums receivable | 62,392 | 62,392 | ||||||||||
Reinsurance balances recoverable on paid and unpaid losses | 37,341 | 37,341 | ||||||||||
Funds held by reinsured companies | 32,226 | 32,226 | ||||||||||
Deferred acquisition costs | 24,000 | 24,000 | ||||||||||
Other assets | 182,993 | 182,993 | ||||||||||
TOTAL ASSETS HELD-FOR-SALE | 711,278 | 711,278 | ||||||||||
LIABILITIES | ||||||||||||
Losses and loss adjustment expenses | 254,149 | 254,149 | ||||||||||
Unearned premiums | 91,400 | 91,400 | ||||||||||
Insurance and reinsurance balances payable | 12,393 | 12,393 | ||||||||||
Debt obligations | 39,850 | 39,850 | ||||||||||
Other liabilities | 177,265 | 177,265 | ||||||||||
TOTAL LIABILITIES HELD-FOR-SALE | 483,657 | 483,657 | ||||||||||
NET ASSETS HELD-FOR-SALE | 227,621 | 227,621 | ||||||||||
Northshore | Held-for-sale or disposed of by sale, not discontinued operations | Short-term Investments | ||||||||||||
ASSETS | ||||||||||||
AFS, at fair value | 1,720 | 1,720 | ||||||||||
Northshore | Held-for-sale or disposed of by sale, not discontinued operations | Fixed maturity investments, trading | ||||||||||||
ASSETS | ||||||||||||
AFS, at fair value | 7,483 | 7,483 | ||||||||||
Fixed maturities, trading, at fair value | 154,026 | 154,026 | ||||||||||
StarStone US | Discontinued operations, held-for-sale | ||||||||||||
ASSETS | ||||||||||||
AFS, at fair value | 375,337 | 375,337 | ||||||||||
Fixed maturities, trading, at fair value | 202,994 | 202,994 | ||||||||||
Equities, at fair value | 3,000 | 3,000 | ||||||||||
Other investments, at fair value | 6,389 | 6,389 | ||||||||||
Total investments | 587,720 | 587,720 | ||||||||||
Cash and cash equivalents | 78,613 | 78,613 | ||||||||||
Restricted cash and cash equivalents | 5,815 | 5,815 | ||||||||||
Premiums receivable | 99,367 | 99,367 | ||||||||||
Deferred tax assets | 15,191 | 15,191 | ||||||||||
Reinsurance balances recoverable on paid and unpaid losses | 530,604 | 530,604 | ||||||||||
Funds held by reinsured companies | 35,861 | 35,861 | ||||||||||
Deferred acquisition costs | 36,992 | 36,992 | ||||||||||
Goodwill and intangible assets | 24,900 | 24,900 | ||||||||||
Other assets | 59,707 | 59,707 | ||||||||||
TOTAL ASSETS HELD-FOR-SALE | 1,474,770 | 1,474,770 | ||||||||||
LIABILITIES | ||||||||||||
Losses and loss adjustment expenses | 836,761 | 836,761 | ||||||||||
Unearned premiums | 218,166 | 218,166 | ||||||||||
Insurance and reinsurance balances payable | 22,453 | 22,453 | ||||||||||
Other liabilities | 131,151 | 131,151 | ||||||||||
TOTAL LIABILITIES HELD-FOR-SALE | 1,208,531 | 1,208,531 | ||||||||||
NET ASSETS HELD-FOR-SALE | $ 266,239 | 266,239 | ||||||||||
Discontinued Operation, Continuing Involvement [Abstract] | ||||||||||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | 11,911 | 10,672 | 98,402 | |||||||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Income (Expense) | (16,397) | 62,515 | 113,952 | |||||||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation After Disposal, Income (Loss) From Continuing Operations | 28,308 | (51,843) | (15,550) | |||||||||
StarStone US | Discontinued operations, disposed of by sale | ||||||||||||
INCOME | ||||||||||||
Net premiums earned | 291,326 | 350,814 | 199,796 | |||||||||
Net investment income | 12,849 | 15,606 | 10,572 | |||||||||
Net realized and unrealized gains | 5,431 | 19,385 | (5,352) | |||||||||
Other income | 49 | 9 | 10 | |||||||||
Total income | 309,655 | 385,814 | 205,026 | |||||||||
EXPENSES | ||||||||||||
Net incurred losses and loss adjustment expenses | 191,844 | 258,396 | 130,303 | |||||||||
Acquisition costs | 57,640 | 65,342 | 14,935 | |||||||||
General and administrative expenses | 60,236 | 60,003 | 58,590 | |||||||||
Interest expense | 2,066 | 2,600 | 2,120 | |||||||||
Net foreign exchange (gains) losses | (13) | 33 | 24 | |||||||||
Total expenses | 311,773 | 386,374 | 205,972 | |||||||||
EARNINGS (LOSS) BEFORE INCOME TAXES | (2,118) | (560) | (946) | |||||||||
Income tax benefit | 2,255 | 7,935 | 2,435 | |||||||||
NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE | 137 | 7,375 | 1,489 | |||||||||
DISPOSAL | ||||||||||||
Consideration received | 281,989 | 281,989 | $ 282,000 | |||||||||
Less: Carrying value of subsidiary | $ (277,697) | (277,697) | ||||||||||
Reclassification to earnings on disposal of subsidiary | 11,822 | |||||||||||
Gain on sale of subsidiary | 16,114 | |||||||||||
NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 16,251 | 7,375 | 1,489 | |||||||||
Net loss (earnings) from discontinued operations attributable to noncontrolling interest | (8,717) | (3,025) | (611) | |||||||||
NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 7,534 | $ 4,350 | $ 878 |
Investments - Asset Types (Deta
Investments - Asset Types (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | $ 3,658,895,000 | $ 1,666,387,000 |
Total investments | 9,319,179,000 | 9,034,557,000 |
U.S. government and agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 717,998,000 | 381,244,000 |
Total investments | 951,048,000 | 696,077,000 |
U.K. government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 13,574,000 | 15,349,000 |
Total investments | 51,082,000 | 161,772,000 |
Other government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 150,127,000 | 85,147,000 |
Total investments | 502,153,000 | 702,856,000 |
Corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 1,937,349,000 | 880,472,000 |
Total investments | 5,686,732,000 | 5,448,270,000 |
Municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 30,032,000 | 3,780,000 |
Total investments | 162,669,000 | 140,687,000 |
Residential mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 328,871,000 | 99,188,000 |
Total investments | 553,945,000 | 400,914,000 |
Commercial mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 276,488,000 | 49,046,000 |
Total investments | 854,090,000 | 813,746,000 |
Asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, available-for-sale | 204,456,000 | 152,161,000 |
Total investments | 557,460,000 | 670,235,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 458,100,000 | 333,300,000 |
Senior Secured Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 31,400,000 |
Short-term Investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 5,129,000 | 51,490,000 |
Debt securities, available-for-sale | 263,795,000 | 128,335,000 |
Short-term Investments | U.S. government and agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 0 |
Debt securities, available-for-sale | 243,556,000 | 111,583,000 |
Short-term Investments | U.K. government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 24,411,000 |
Debt securities, available-for-sale | 0 | 1,069,000 |
Short-term Investments | Other government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 3,424,000 | 21,958,000 |
Debt securities, available-for-sale | 3,213,000 | 387,000 |
Short-term Investments | Corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 1,705,000 | 5,121,000 |
Debt securities, available-for-sale | 17,026,000 | 13,915,000 |
Short-term Investments | Municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 0 |
Debt securities, available-for-sale | 0 | 1,381,000 |
Short-term Investments | Residential mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 0 |
Debt securities, available-for-sale | 0 | 0 |
Short-term Investments | Commercial mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 0 |
Debt securities, available-for-sale | 0 | 0 |
Short-term Investments | Asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 0 |
Debt securities, available-for-sale | 0 | 0 |
Fixed Maturities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 4,594,892,000 | 6,143,335,000 |
Debt securities, available-for-sale | 3,395,100,000 | 1,538,052,000 |
Fixed Maturities | U.S. government and agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 123,874,000 | 208,296,000 |
Debt securities, available-for-sale | 474,442,000 | 269,661,000 |
Fixed Maturities | U.K. government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 37,508,000 | 122,012,000 |
Debt securities, available-for-sale | 13,574,000 | 14,280,000 |
Fixed Maturities | Other government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 327,437,000 | 575,017,000 |
Debt securities, available-for-sale | 146,914,000 | 84,760,000 |
Fixed Maturities | Corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 3,227,726,000 | 3,959,288,000 |
Debt securities, available-for-sale | 1,920,323,000 | 866,557,000 |
Fixed Maturities | Municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 79,959,000 | 87,451,000 |
Debt securities, available-for-sale | 30,032,000 | 2,399,000 |
Fixed Maturities | Residential mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 154,471,000 | 215,521,000 |
Debt securities, available-for-sale | 328,871,000 | 99,188,000 |
Fixed Maturities | Commercial mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 347,225,000 | 534,357,000 |
Debt securities, available-for-sale | 276,488,000 | 49,046,000 |
Fixed Maturities | Asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 296,692,000 | 441,393,000 |
Debt securities, available-for-sale | 204,456,000 | 152,161,000 |
Funds Held - Directly Managed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 1,060,263,000 | 1,173,345,000 |
Funds Held - Directly Managed | U.S. government and agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 109,176,000 | 106,537,000 |
Funds Held - Directly Managed | U.K. government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 0 | 0 |
Funds Held - Directly Managed | Other government | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 21,165,000 | 20,734,000 |
Funds Held - Directly Managed | Corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 519,952,000 | 603,389,000 |
Funds Held - Directly Managed | Municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 52,678,000 | 49,456,000 |
Funds Held - Directly Managed | Residential mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 70,603,000 | 86,205,000 |
Funds Held - Directly Managed | Commercial mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 230,377,000 | 230,343,000 |
Funds Held - Directly Managed | Asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | $ 56,312,000 | $ 76,681,000 |
Investments - Contractual Matur
Investments - Contractual Maturities (Details) - Short-term investments and fixed maturities $ in Thousands | Dec. 31, 2020USD ($) |
Amortized Cost | |
One year or less | $ 489,559 |
More than one year through two years | 710,621 |
More than two years through five years | 2,097,923 |
More than five years through ten years | 1,974,838 |
More than ten years | 1,544,533 |
Fixed maturity investments, at amortized cost | 8,758,895 |
Fair Value | |
One year or less | 494,490 |
More than one year through two years | 726,331 |
More than two years through five years | 2,206,020 |
More than five years through ten years | 2,151,191 |
More than ten years | 1,775,652 |
Trading securities, debt | $ 9,319,179 |
% of Total Fair Value | |
One year or less | 5.30% |
More than one year through two years | 7.80% |
More than two years through five years | 23.70% |
More than five years through ten years | 23.10% |
More than ten years | 19.00% |
Trading securities, percentage of fair value | 100.00% |
Residential mortgage-backed | |
Amortized Cost | |
Securities without single maturity date | $ 545,628 |
Fair Value | |
Securities without single maturity date | $ 553,945 |
% of Total Fair Value | |
Securities without single maturity date | 5.90% |
Commercial mortgage-backed | |
Amortized Cost | |
Securities without single maturity date | $ 828,155 |
Fair Value | |
Securities without single maturity date | $ 854,090 |
% of Total Fair Value | |
Securities without single maturity date | 9.20% |
Asset-backed | |
Amortized Cost | |
Securities without single maturity date | $ 567,638 |
Fair Value | |
Securities without single maturity date | $ 557,460 |
% of Total Fair Value | |
Securities without single maturity date | 6.00% |
Investments - Credit Ratings (D
Investments - Credit Ratings (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 8,758,895 |
Fair Value | 9,319,179 |
Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 323,077 |
Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 100.00% |
Trading and Available for Sale Securities | Credit Rating Concentration Risk | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 3.50% |
AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 2,751,751 |
AAA Rated | Trading and Available for Sale Securities | Credit Rating Concentration Risk | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 29.50% |
AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 1,087,847 |
AA Rated | Trading and Available for Sale Securities | Credit Rating Concentration Risk | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 11.70% |
A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 2,949,020 |
A Rated | Trading and Available for Sale Securities | Credit Rating Concentration Risk | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 31.60% |
BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 2,186,810 |
BBB Rated | Trading and Available for Sale Securities | Credit Rating Concentration Risk | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 23.50% |
Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 20,674 |
Not Rated | Trading and Available for Sale Securities | Credit Rating Concentration Risk | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 0.20% |
U.S. government and agency | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 935,014 |
Fair Value | 951,048 |
U.S. government and agency | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 0 |
U.S. government and agency | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 10.20% |
U.S. government and agency | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 951,048 |
U.S. government and agency | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
U.S. government and agency | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
U.S. government and agency | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
U.S. government and agency | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
U.K. government | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 46,988 |
Fair Value | 51,082 |
U.K. government | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 0 |
U.K. government | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 0.60% |
U.K. government | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 0 |
U.K. government | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 43,199 |
U.K. government | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 7,883 |
U.K. government | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
U.K. government | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
Other government | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 463,765 |
Fair Value | 502,153 |
Other government | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 5,267 |
Other government | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 5.40% |
Other government | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 244,041 |
Other government | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 159,095 |
Other government | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 42,337 |
Other government | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 51,413 |
Other government | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
Corporate | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 5,226,238 |
Fair Value | 5,686,732 |
Corporate | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 287,363 |
Corporate | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 61.00% |
Corporate | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 172,718 |
Corporate | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 607,796 |
Corporate | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 2,646,602 |
Corporate | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 1,960,971 |
Corporate | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 11,282 |
Municipal | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 145,469 |
Fair Value | 162,669 |
Municipal | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 0 |
Municipal | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 1.70% |
Municipal | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 8,270 |
Municipal | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 78,585 |
Municipal | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 55,631 |
Municipal | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 20,183 |
Municipal | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
Residential mortgage-backed | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 545,628 |
Fair Value | 553,945 |
Residential mortgage-backed | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 2,472 |
Residential mortgage-backed | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 5.90% |
Residential mortgage-backed | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 544,545 |
Residential mortgage-backed | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 0 |
Residential mortgage-backed | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 2,195 |
Residential mortgage-backed | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 2,615 |
Residential mortgage-backed | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 2,118 |
Commercial mortgage-backed | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 828,155 |
Fair Value | 854,090 |
Commercial mortgage-backed | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 3,961 |
Commercial mortgage-backed | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 9.20% |
Commercial mortgage-backed | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 591,396 |
Commercial mortgage-backed | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 115,114 |
Commercial mortgage-backed | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 74,615 |
Commercial mortgage-backed | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 61,730 |
Commercial mortgage-backed | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 7,274 |
Asset-backed | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 567,638 |
Fair Value | 557,460 |
Asset-backed | Non-Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 24,014 |
Asset-backed | Marketable Securities | Portfolio Concentration Risk | Trading Securities and Available for Sale Securities | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Percent of total investments | 6.00% |
Asset-backed | AAA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 239,733 |
Asset-backed | AA Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 84,058 |
Asset-backed | A Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 119,757 |
Asset-backed | BBB Rated | Investment Grade | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | 89,898 |
Asset-backed | Not Rated | |
Schedule of Trading Securities and Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 0 |
Investments - Available-for-sal
Investments - Available-for-sale Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,576,641 | $ 1,666,126 |
Gross Unrealized Gains | 88,514 | 5,608 |
Non-Credit Related Losses | (5,938) | (5,347) |
Investments, allowance for credit losses | (322) | 0 |
Fair Value | 3,658,895 | 1,666,387 |
U.S. government and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 715,527 | 381,488 |
Gross Unrealized Gains | 3,305 | 78 |
Non-Credit Related Losses | (834) | (322) |
Investments, allowance for credit losses | 0 | |
Fair Value | 717,998 | 381,244 |
U.K. government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,494 | 15,067 |
Gross Unrealized Gains | 1,080 | 282 |
Non-Credit Related Losses | 0 | 0 |
Investments, allowance for credit losses | 0 | |
Fair Value | 13,574 | 15,349 |
Other government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 142,459 | 84,116 |
Gross Unrealized Gains | 7,721 | 1,119 |
Non-Credit Related Losses | (53) | (88) |
Investments, allowance for credit losses | 0 | 0 |
Fair Value | 150,127 | 85,147 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,873,184 | 880,667 |
Gross Unrealized Gains | 65,913 | 3,739 |
Non-Credit Related Losses | (1,567) | (3,934) |
Investments, allowance for credit losses | (181) | 0 |
Fair Value | 1,937,349 | 880,472 |
Municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 28,881 | 3,770 |
Gross Unrealized Gains | 1,155 | 12 |
Non-Credit Related Losses | (4) | (2) |
Investments, allowance for credit losses | 0 | |
Fair Value | 30,032 | 3,780 |
Residential mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 326,268 | 99,646 |
Gross Unrealized Gains | 3,292 | 221 |
Non-Credit Related Losses | (689) | (679) |
Investments, allowance for credit losses | 0 | 0 |
Fair Value | 328,871 | 99,188 |
Commercial mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 273,516 | 49,219 |
Gross Unrealized Gains | 5,202 | 30 |
Non-Credit Related Losses | (2,097) | (203) |
Investments, allowance for credit losses | (133) | 0 |
Fair Value | 276,488 | 49,046 |
Asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 204,312 | 152,153 |
Gross Unrealized Gains | 846 | 127 |
Non-Credit Related Losses | (694) | (119) |
Investments, allowance for credit losses | (8) | 0 |
Fair Value | $ 204,456 | $ 152,161 |
Investments - Gross Unrealized
Investments - Gross Unrealized Losses (Details) $ in Thousands | Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Fair Value | ||
12 Months or Greater | $ 4,664 | $ 3,962 |
Less Than 12 Months | 527,618 | 760,469 |
Total | 532,282 | 764,431 |
Gross Unrealized Losses | ||
12 Months or Greater | (163) | (329) |
Less Than 12 Months | (4,805) | (5,018) |
Total | $ (4,968) | $ (5,347) |
Number of securities in unrealized loss position | Security | 407 | 479 |
Number of securities in unrealized loss position, twelve months or longer | Security | 2 | 12 |
U.S. government and agency | ||
Fair Value | ||
12 Months or Greater | $ 0 | $ 0 |
Less Than 12 Months | 55,839 | 193,574 |
Total | 55,839 | 193,574 |
Gross Unrealized Losses | ||
12 Months or Greater | 0 | 0 |
Less Than 12 Months | (834) | (322) |
Total | (834) | (322) |
UK government | ||
Fair Value | ||
12 Months or Greater | 0 | |
Less Than 12 Months | 0 | |
Total | 0 | |
Gross Unrealized Losses | ||
12 Months or Greater | 0 | |
Less Than 12 Months | 0 | |
Total | 0 | |
Other government | ||
Fair Value | ||
12 Months or Greater | 0 | 1,080 |
Less Than 12 Months | 7,971 | 37,796 |
Total | 7,971 | 38,876 |
Gross Unrealized Losses | ||
12 Months or Greater | 0 | (23) |
Less Than 12 Months | (53) | (65) |
Total | (53) | (88) |
Corporate | ||
Fair Value | ||
12 Months or Greater | 0 | 2,754 |
Less Than 12 Months | 199,048 | 338,965 |
Total | 199,048 | 341,719 |
Gross Unrealized Losses | ||
12 Months or Greater | 0 | (306) |
Less Than 12 Months | (1,224) | (3,628) |
Total | (1,224) | (3,934) |
Municipal | ||
Fair Value | ||
12 Months or Greater | 0 | 128 |
Less Than 12 Months | 1,690 | 761 |
Total | 1,690 | 889 |
Gross Unrealized Losses | ||
12 Months or Greater | 0 | 0 |
Less Than 12 Months | (4) | (2) |
Total | (4) | (2) |
Residential mortgage-backed | ||
Fair Value | ||
12 Months or Greater | 4,626 | 0 |
Less Than 12 Months | 79,149 | 52,005 |
Total | 83,775 | 52,005 |
Gross Unrealized Losses | ||
12 Months or Greater | (125) | 0 |
Less Than 12 Months | (564) | (679) |
Total | (689) | (679) |
Commercial mortgage-backed | ||
Fair Value | ||
12 Months or Greater | 38 | 0 |
Less Than 12 Months | 67,094 | 35,777 |
Total | 67,132 | 35,777 |
Gross Unrealized Losses | ||
12 Months or Greater | (38) | 0 |
Less Than 12 Months | (1,562) | (203) |
Total | (1,600) | (203) |
Asset-backed | ||
Fair Value | ||
12 Months or Greater | 0 | 0 |
Less Than 12 Months | 116,827 | 101,591 |
Total | 116,827 | 101,591 |
Gross Unrealized Losses | ||
12 Months or Greater | 0 | 0 |
Less Than 12 Months | (564) | (119) |
Total | $ (564) | $ (119) |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | $ 0 |
Allowances for credit losses on securities for which credit losses were not previously recorded | (11,567) |
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets | 0 |
Reductions for securities sold during the year | 2,567 |
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis | 0 |
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period | 11,737 |
Allowance for credit losses, end of year | (322) |
Cumulative effect of change in accounting principle | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | (3,059) |
Other government | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | 0 |
Allowances for credit losses on securities for which credit losses were not previously recorded | 0 |
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets | 0 |
Reductions for securities sold during the year | 22 |
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis | 0 |
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period | 0 |
Allowance for credit losses, end of year | 0 |
Other government | Cumulative effect of change in accounting principle | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | (22) |
Corporate | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | 0 |
Allowances for credit losses on securities for which credit losses were not previously recorded | (10,748) |
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets | 0 |
Reductions for securities sold during the year | 2,545 |
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis | 0 |
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period | 11,009 |
Allowance for credit losses, end of year | (181) |
Corporate | Cumulative effect of change in accounting principle | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | (2,987) |
Residential mortgage-backed | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | 0 |
Allowances for credit losses on securities for which credit losses were not previously recorded | (2) |
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets | 0 |
Reductions for securities sold during the year | 0 |
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis | 0 |
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period | 2 |
Allowance for credit losses, end of year | 0 |
Residential mortgage-backed | Cumulative effect of change in accounting principle | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | 0 |
Commercial mortgage-backed | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | 0 |
Allowances for credit losses on securities for which credit losses were not previously recorded | (675) |
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets | 0 |
Reductions for securities sold during the year | 0 |
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis | 0 |
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period | 592 |
Allowance for credit losses, end of year | (133) |
Commercial mortgage-backed | Cumulative effect of change in accounting principle | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | (50) |
Asset-backed | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | 0 |
Allowances for credit losses on securities for which credit losses were not previously recorded | (142) |
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets | 0 |
Reductions for securities sold during the year | 0 |
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis | 0 |
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period | 134 |
Allowance for credit losses, end of year | (8) |
Asset-backed | Cumulative effect of change in accounting principle | |
Debt Securities, Available-for-sale [Line Items] | |
Allowance for credit losses, beginning of year | $ 0 |
Investments - Other Than Tempor
Investments - Other Than Temporary Impairment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Other than temporary impairment losses, available-for-sale securities | $ 0 | $ 0 |
Available-for-sale securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Credit losses | $ 0 |
Investments - Equity Securities
Investments - Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity investments | $ 846,795 | $ 726,721 |
Publicly traded equity investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity investments | 260,767 | 327,875 |
Exchange-traded funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity investments | 311,287 | 133,047 |
Private equity funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity investments | 274,741 | 265,799 |
AmTrust | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Indirect investment | $ 230,300 | $ 240,100 |
Investments - Other Investments
Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Investments [Line Items] | |||
Other investments, at fair value | $ 4,244,034 | $ 2,518,031 | |
Valuation lag period | 3 months | ||
Net additional subscriptions | $ 975,024 | 794,613 | $ 900,262 |
Hedge funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 2,638,339 | 1,121,904 | |
Fixed income funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 552,541 | 481,039 | |
Private equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 363,103 | 323,496 | |
Private credit funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 192,319 | 0 | |
Equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 190,767 | 410,149 | |
CLO equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 166,523 | 87,509 | |
CLO equities | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 128,083 | 87,555 | |
Others | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 12,359 | 6,379 | |
Other investments | |||
Other Investments [Line Items] | |||
Unrealized gains | 1,336,343 | 441,702 | $ (164,455) |
Net additional subscriptions | 380,300 | ||
Unfunded commitments | 975,500 | ||
Less than 1 Year | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 3,540,382 | ||
Less than 1 Year | Hedge funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 2,590,164 | ||
Less than 1 Year | Fixed income funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 537,055 | ||
Less than 1 Year | Private equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
Less than 1 Year | Private credit funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
Less than 1 Year | Equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 190,767 | ||
Less than 1 Year | CLO equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 94,313 | ||
Less than 1 Year | CLO equities | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 128,083 | ||
Less than 1 Year | Others | |||
Other Investments [Line Items] | |||
Other investments, at fair value | |||
1-2 years | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 70,991 | ||
1-2 years | Hedge funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
1-2 years | Fixed income funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
1-2 years | Private equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
1-2 years | Private credit funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 9,250 | ||
1-2 years | Equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
1-2 years | CLO equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 61,741 | ||
1-2 years | CLO equities | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
1-2 years | Others | |||
Other Investments [Line Items] | |||
Other investments, at fair value | |||
2-3 years | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 10,469 | ||
2-3 years | Hedge funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
2-3 years | Fixed income funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
2-3 years | Private equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
2-3 years | Private credit funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | |||
2-3 years | Equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
2-3 years | CLO equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 10,469 | ||
2-3 years | CLO equities | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
2-3 years | Others | |||
Other Investments [Line Items] | |||
Other investments, at fair value | |||
More than 3 years | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | Hedge funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | Fixed income funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | Private equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | Private credit funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | Equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | CLO equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | CLO equities | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
More than 3 years | Others | |||
Other Investments [Line Items] | |||
Other investments, at fair value | |||
Not Eligible/ Restricted | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 622,192 | ||
Not Eligible/ Restricted | Hedge funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 48,175 | $ 51,800 | |
Not Eligible/ Restricted | Fixed income funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 15,486 | ||
Not Eligible/ Restricted | Private equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 363,103 | ||
Not Eligible/ Restricted | Private credit funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 183,069 | ||
Not Eligible/ Restricted | Equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
Not Eligible/ Restricted | CLO equity funds | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
Not Eligible/ Restricted | CLO equities | |||
Other Investments [Line Items] | |||
Other investments, at fair value | 0 | ||
Not Eligible/ Restricted | Others | |||
Other Investments [Line Items] | |||
Other investments, at fair value | $ 12,359 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 47.40% | 47.40% |
Equity method investments | $ 832,295 | $ 326,277 |
Citco | CTCO Holdings Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held by noncontrolling owners | 6.20% | |
Convertible Preferred Stock | Citco | CTCO Holdings Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest held by noncontrolling owners | 15.40% | |
Enhanzed Re | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 47.40% | 47.40% |
Equity method investments | $ 330,289 | $ 182,856 |
Citco | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 31.90% | |
Equity method investments | $ 53,022 | $ 51,742 |
Citco | Ordinary Shares | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 31.90% | |
Monument Re | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 23.00% | 23.50% |
Equity method investments | $ 193,716 | $ 60,598 |
Monument Re | Ordinary Shares | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 20.00% | 20.00% |
Clear Spring | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 0.00% | 20.00% |
Equity method investments | $ 0 | $ 10,645 |
StarStone US | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 25.20% | 0.00% |
Equity method investments | $ 235,000 | $ 0 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 27.00% | 30.00% |
Equity method investments | $ 20,268 | $ 20,436 |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Unfunded commitments | $ 68,700 |
Investments - Funds Held (Detai
Investments - Funds Held (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Funds Held, Directly Managed [Abstract] | ||
Funds held - directly managed | $ 1,074,890 | $ 1,187,552 |
Net unrealized gains (losses): | ||
Funds held by reinsured companies | 635,819 | 475,732 |
AXA Group | ||
Net unrealized gains (losses): | ||
Reinsurance premium consideration | 204,200 | |
Funds Held - Directly Managed | ||
Funds Held, Directly Managed [Abstract] | ||
Fixed maturity investments, trading | 1,060,263 | 1,173,345 |
Cash and cash equivalents | 9,067 | 10,296 |
Other assets | 5,560 | 3,911 |
Funds held - directly managed | 1,074,890 | 1,187,552 |
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract] | ||
Fixed maturity investments, at amortized cost | 966,341 | 1,126,053 |
Net unrealized gains (losses): | ||
Change in fair value - fair value option accounting | 9,693 | 5,438 |
Change in fair value - embedded derivative accounting | 84,229 | 41,854 |
Fixed maturity investments, trading | 1,060,263 | 1,173,345 |
Funds held - Directly Managed - Fair Value Option | ||
Funds Held, Directly Managed [Abstract] | ||
Fixed maturity investments, trading | 116,631 | 191,297 |
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract] | ||
Fixed maturity investments, at amortized cost | 106,938 | 185,859 |
Net unrealized gains (losses): | ||
Change in fair value - fair value option accounting | 9,693 | 5,438 |
Change in fair value - embedded derivative accounting | 0 | 0 |
Fixed maturity investments, trading | 116,631 | 191,297 |
Funds held - Directly Managed - Variable Return | ||
Funds Held, Directly Managed [Abstract] | ||
Fixed maturity investments, trading | 943,632 | 982,048 |
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract] | ||
Fixed maturity investments, at amortized cost | 859,403 | 940,194 |
Net unrealized gains (losses): | ||
Change in fair value - fair value option accounting | 0 | 0 |
Change in fair value - embedded derivative accounting | 84,229 | 41,854 |
Fixed maturity investments, trading | $ 943,632 | $ 982,048 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Investment Income [Line Items] | |||||||||||
Gross investment income | $ 318,707 | $ 322,711 | $ 270,779 | ||||||||
Investment expenses | (15,890) | (14,440) | (9,081) | ||||||||
Net investment income | $ 61,530 | $ 72,130 | $ 94,443 | $ 74,714 | $ 76,847 | $ 81,502 | $ 74,271 | $ 75,651 | 302,817 | 308,271 | 261,698 |
Fixed maturity investments, trading | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 198,988 | 217,886 | 178,213 | ||||||||
Short-term investments and cash and cash equivalents | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 4,843 | 15,609 | 11,692 | ||||||||
Funds held | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 33,920 | 22,580 | 11,640 | ||||||||
Funds held – directly managed | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 34,563 | 38,173 | 37,623 | ||||||||
Investment income from fixed maturities and cash and cash equivalents | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 272,314 | 294,248 | 239,168 | ||||||||
Equity investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 19,240 | 16,671 | 5,397 | ||||||||
Other investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 27,153 | 11,792 | 26,214 | ||||||||
Investment income from equities and other investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | $ 46,393 | $ 28,463 | $ 31,611 |
Investments - Net Realized and
Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net realized gains (losses) on sale: | |||||||||||
Gross realized gains on fixed maturity securities, AFS | $ 26,313 | $ 4,844 | $ 27 | ||||||||
Gross realized losses on fixed maturity securities, AFS | (7,801) | (905) | (90) | ||||||||
Decrease in allowance for expected credit losses on fixed maturity securities, AFS | (509) | 0 | 0 | ||||||||
Net realized investment gains on investment derivatives | 144 | 0 | 0 | ||||||||
Total net realized gains (losses) on sale | 178,851 | 86,071 | (27,395) | ||||||||
Net unrealized gains (losses): | |||||||||||
Investment derivatives | 718 | (349) | 0 | ||||||||
Total net unrealized gains (losses) | 1,463,168 | 925,895 | (380,137) | ||||||||
Net realized and unrealized gains (losses) | $ 803,467 | $ 500,005 | $ 967,608 | $ (629,061) | $ 153,477 | $ 145,060 | $ 260,669 | $ 452,760 | 1,642,019 | 1,011,966 | (407,532) |
Proceeds from sale of available from sale securities | 2,000,000 | 302,900 | 11,400 | ||||||||
Fixed maturity investments | |||||||||||
Net realized gains (losses) on sale: | |||||||||||
Gross realized gains on fixed maturity securities, AFS | 26,313 | 4,844 | 27 | ||||||||
Gross realized losses on fixed maturity securities, AFS | (7,801) | (905) | (90) | ||||||||
Decrease in allowance for expected credit losses on fixed maturity securities, AFS | 170 | 0 | 0 | ||||||||
Net realized gains (losses) on trading securities | 126,945 | 81,011 | (27,408) | ||||||||
Net unrealized gains (losses): | |||||||||||
Fixed maturity securities, trading | 101,022 | 341,130 | |||||||||
Fixed maturity securities, trading | (159,594) | ||||||||||
Funds Held - Directly Managed | |||||||||||
Net realized gains (losses) on sale: | |||||||||||
Net realized gains (losses) on trading securities | 8,798 | 1,495 | (3,940) | ||||||||
Net unrealized gains (losses): | |||||||||||
Fixed maturity securities, trading | 50,837 | 88,053 | |||||||||
Fixed maturity securities, trading | (46,257) | ||||||||||
Equity investments | |||||||||||
Net realized gains (losses) on sale: | |||||||||||
Net realized gains (losses) on equity investments | 24,282 | (374) | 4,016 | ||||||||
Net unrealized gains (losses): | |||||||||||
Equity investments | (25,752) | 55,359 | (9,831) | ||||||||
Other investments | |||||||||||
Net unrealized gains (losses): | |||||||||||
Other investments | 1,336,343 | $ 441,702 | $ (164,455) | ||||||||
Other investments | Hedge Fund Managed By AnglePoint | |||||||||||
Net unrealized gains (losses): | |||||||||||
Total net unrealized gains (losses) | $ 1,200,000 |
Investments - Reconciliation to
Investments - Reconciliation to Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Gross realized gains on fixed maturity securities, AFS | $ 26,313 | $ 4,844 | $ 27 |
Gross realized losses on fixed maturity securities, AFS | (7,801) | (905) | (90) |
Tax effect | (1,623) | 0 | 0 |
Total reclassification adjustment for net realized gains (losses) included in net earnings | 18,033 | 3,894 | (63) |
Credit recoveries (losses) on fixed maturity securities, AFS | 509 | 0 | 0 |
Discontinued Operations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross realized gains on fixed maturity securities, AFS | 1,374 | 12 | 0 |
Gross realized losses on fixed maturity securities, AFS | (120) | (57) | 0 |
Tax effect | (110) | 0 | 0 |
Credit recoveries (losses) on fixed maturity securities, AFS | 329 | 0 | 0 |
Tax effect | 7 | 0 | 0 |
Continuing Operations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Credit recoveries (losses) on fixed maturity securities, AFS | 170 | 0 | 0 |
Tax effect | $ 3 | $ 0 | $ 0 |
Investments - Restricted Assets
Investments - Restricted Assets (Details) $ in Thousands | Dec. 31, 2020USD ($)syndicate | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Investments, Debt and Equity Securities [Abstract] | |||
Restricted cash and cash equivalents | $ 471,964 | $ 346,877 | $ 366,187 |
Line of Credit Facility [Line Items] | |||
Collateral in trust for third party agreements | 4,924,866 | 4,103,847 | |
Assets on deposit with regulatory authorities | 131,283 | 309,659 | |
Funds at Lloyd's | 260,914 | 639,316 | |
Restricted assets, total | $ 5,421,690 | 5,185,492 | |
Number of syndicates | syndicate | 3 | ||
Asset Pledged as Collateral | |||
Line of Credit Facility [Line Items] | |||
Collateral for secured letter of credit facilities | $ 104,627 | $ 132,670 |
Derivatives and Hedging Instr_3
Derivatives and Hedging Instruments - Foreign Currency Hedging (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effect of Net Investment Hedge | |||
Cumulative currency translation adjustment | $ (2,069) | $ (2,428) | $ (202) |
Net Investment Hedging | |||
Effect of Net Investment Hedge | |||
Cumulative currency translation adjustment | 3,100 | ||
Designated as Hedging Instrument | Currency forward contracts | |||
Gross Notional Amounts and Estimated Fair Values | |||
Gross Notional Amount | 603,691 | 495,291 | |
Assets | 1,169 | 642 | |
Liabilities | 28,947 | 11,452 | |
Effect of Net Investment Hedge | |||
Amount of Gains (Losses) Deferred in AOCI | (30,275) | (15,328) | 4,438 |
Designated as Hedging Instrument | Currency forward contracts | Australia, Dollars | |||
Gross Notional Amounts and Estimated Fair Values | |||
Gross Notional Amount | 73,852 | 64,620 | |
Assets | 13 | 52 | |
Liabilities | 5,060 | 2,033 | |
Effect of Net Investment Hedge | |||
Amount of Gains (Losses) Deferred in AOCI | (6,792) | (722) | 3,438 |
Designated as Hedging Instrument | Currency forward contracts | Euro Member Countries, Euro | |||
Gross Notional Amounts and Estimated Fair Values | |||
Gross Notional Amount | 217,168 | 112,284 | |
Assets | 205 | 246 | |
Liabilities | 8,889 | 1,635 | |
Effect of Net Investment Hedge | |||
Amount of Gains (Losses) Deferred in AOCI | (15,026) | 1,817 | 1,000 |
Designated as Hedging Instrument | Currency forward contracts | United Kingdom, Pounds | |||
Gross Notional Amounts and Estimated Fair Values | |||
Gross Notional Amount | 312,671 | 318,387 | |
Assets | 951 | 344 | |
Liabilities | 14,998 | 7,784 | |
Effect of Net Investment Hedge | |||
Amount of Gains (Losses) Deferred in AOCI | $ (8,457) | $ (16,423) | $ 0 |
Derivatives and Hedging Instr_4
Derivatives and Hedging Instruments - Foreign Currency Forward Contracts (Details) - Not Designated as Hedging Instrument - Currency forward contracts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Gross Notional Amount | $ 139,334 | $ 153,563 | |
Assets | 2,835 | 1,369 | |
Liabilities | 5,056 | 4,106 | |
Gains (losses) on non-qualifying hedges charged to earnings | (2,954) | 13,207 | $ 31,643 |
Australia, Dollars | |||
Derivative [Line Items] | |||
Gross Notional Amount | 28,848 | 913 | |
Assets | 882 | 839 | |
Liabilities | 2,847 | 892 | |
Gains (losses) on non-qualifying hedges charged to earnings | (2,388) | 1,523 | 4,958 |
Canada, Dollars | |||
Derivative [Line Items] | |||
Gross Notional Amount | 64,224 | 66,266 | |
Assets | 10 | 10 | |
Liabilities | 1,764 | 1,482 | |
Gains (losses) on non-qualifying hedges charged to earnings | (879) | (2,079) | 9,311 |
Euro Member Countries, Euro | |||
Derivative [Line Items] | |||
Gross Notional Amount | 43,531 | 74,444 | |
Assets | 1,782 | 507 | |
Liabilities | 41 | 1,440 | |
Gains (losses) on non-qualifying hedges charged to earnings | 1,871 | 1,759 | 2,296 |
United Kingdom, Pounds | |||
Derivative [Line Items] | |||
Gross Notional Amount | 2,731 | 11,940 | |
Assets | 161 | 13 | |
Liabilities | 404 | 292 | |
Gains (losses) on non-qualifying hedges charged to earnings | $ (1,558) | $ 12,004 | $ 15,078 |
Derivatives and Hedging Instr_5
Derivatives and Hedging Instruments - Investments in Call Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Unrealized gains (losses) in net earnings (less than) | $ 718 | $ (349) | $ 0 |
Not Designated as Hedging Instrument | Call options on equity | |||
Derivative [Line Items] | |||
Unrealized gains (losses) in net earnings (less than) | $ (100) | 500 | (9,400) |
Gross Notional Amount | $ 10,000 | ||
Fair value (less than) | $ 100 |
Derivatives and Hedging Instr_6
Derivatives and Hedging Instruments - Forward Interest Rate Swaps (Details) $ in Thousands, $ in Millions | 12 Months Ended | 15 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 07, 2020USD ($) | Dec. 31, 2019AUD ($) | |
Derivative [Line Items] | |||||
Unrealized gains (losses) in net earnings | $ 718 | $ (349) | $ 0 | ||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amount | $ 120 | ||||
Unrealized gains (losses) in net earnings | $ 800 | ||||
Realized gain | $ 500 | ||||
Carrying value | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative instruments | $ 300 |
Derivatives and Hedging Instr_7
Derivatives and Hedging Instruments - Credit Default Swaps, Futures and Currency Forward Contracts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |
Net gains (losses) | $ 626 |
Credit default swaps | |
Derivative [Line Items] | |
Net gains (losses) | 181 |
Futures contracts | |
Derivative [Line Items] | |
Net gains (losses) | (127) |
Futures contracts | Long positions | |
Derivative [Line Items] | |
Gross Notional Amount | 34,502 |
Assets | 32 |
Liabilities | 5 |
Futures contracts | Short positions | |
Derivative [Line Items] | |
Gross Notional Amount | (32,316) |
Assets | 6 |
Liabilities | 121 |
Currency forward contracts | |
Derivative [Line Items] | |
Net gains (losses) | 572 |
Currency forward contracts | Long positions | United States of America, Dollars | |
Derivative [Line Items] | |
Gross Notional Amount | 1,428 |
Assets | 0 |
Liabilities | 13 |
Currency forward contracts | Long positions | United Kingdom, Pounds | |
Derivative [Line Items] | |
Gross Notional Amount | 1,278 |
Assets | 19 |
Liabilities | 0 |
Currency forward contracts | Short positions | United States of America, Dollars | |
Derivative [Line Items] | |
Gross Notional Amount | (3,233) |
Assets | 60 |
Liabilities | 0 |
Currency forward contracts | Short positions | United Kingdom, Pounds | |
Derivative [Line Items] | |
Gross Notional Amount | (4,418) |
Assets | 12 |
Liabilities | 0 |
Credit default swaps, futures contracts and currency forward contracts | |
Derivative [Line Items] | |
Gross Notional Amount | (2,759) |
Assets | 129 |
Liabilities | $ 139 |
Reinsurance Balances Recovera_3
Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Reinsurance Reserves Recoverable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Effects of Reinsurance [Line Items] | ||||
Outstanding losses | $ 1,201,869 | $ 1,245,435 | ||
IBNR | 647,843 | 785,530 | ||
ULAE | 16,688 | |||
Fair value adjustments - acquired companies | (15,353) | (15,255) | ||
Fair value adjustments - fair value option | (21,427) | (88,086) | ||
Total reinsurance reserves recoverable | 1,829,620 | 1,927,624 | $ 1,708,272 | $ 1,693,028 |
Paid losses recoverable | 259,543 | 253,510 | ||
Total | 2,089,163 | 2,181,134 | ||
Reinsurance balances recoverable on paid and unpaid losses | 1,568,333 | 1,485,616 | ||
Reinsurance balances recoverable on paid and unpaid losses - fair value option | 520,830 | 695,518 | ||
Corporate & Other | ||||
Effects of Reinsurance [Line Items] | ||||
Outstanding losses | 0 | 0 | ||
IBNR | 0 | 0 | ||
ULAE | 0 | |||
Fair value adjustments - acquired companies | (15,353) | (15,255) | ||
Fair value adjustments - fair value option | (21,427) | (88,086) | ||
Total reinsurance reserves recoverable | (36,780) | (103,341) | ||
Paid losses recoverable | 0 | 0 | ||
Total | (36,780) | (103,341) | ||
Reinsurance balances recoverable on paid and unpaid losses | (15,353) | (15,255) | ||
Reinsurance balances recoverable on paid and unpaid losses - fair value option | (21,427) | (88,086) | ||
Run-off | ||||
Effects of Reinsurance [Line Items] | ||||
Outstanding losses | 938,231 | 972,293 | ||
IBNR | 508,082 | 673,059 | ||
ULAE | 16,688 | |||
Fair value adjustments - acquired companies | 0 | 0 | ||
Fair value adjustments - fair value option | 0 | 0 | ||
Total reinsurance reserves recoverable | 1,463,001 | 1,645,352 | 1,511,206 | 1,522,438 |
Paid losses recoverable | 172,309 | 181,375 | ||
Total | 1,635,310 | 1,826,727 | ||
Reinsurance balances recoverable on paid and unpaid losses | 1,093,053 | 1,043,123 | ||
Reinsurance balances recoverable on paid and unpaid losses - fair value option | 542,257 | 783,604 | ||
Legacy Underwriting | ||||
Effects of Reinsurance [Line Items] | ||||
Outstanding losses | 263,638 | 273,142 | ||
IBNR | 139,761 | 112,471 | ||
ULAE | 0 | |||
Fair value adjustments - acquired companies | 0 | 0 | ||
Fair value adjustments - fair value option | 0 | 0 | ||
Total reinsurance reserves recoverable | 403,399 | 385,613 | $ 343,418 | $ 316,213 |
Paid losses recoverable | 87,234 | 72,135 | ||
Total | 490,633 | 457,748 | ||
Reinsurance balances recoverable on paid and unpaid losses | 490,633 | 457,748 | ||
Reinsurance balances recoverable on paid and unpaid losses - fair value option | $ 0 | $ 0 |
Reinsurance Balances Recovera_4
Reinsurance Balances Recoverable on Paid and Unpaid Losses - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effects of Reinsurance [Line Items] | |||
Reinsurance balances recoverable on paid and unpaid losses | $ 2,089,163 | $ 2,181,134 | |
(Decrease) in reinsurance balances recoverable on paid and unpaid losses | (92,000) | ||
Allowance for estimated uncollectible reinsurance | $ 137,122 | 147,639 | $ 156,732 |
Cumulative effect of change in accounting principle | |||
Effects of Reinsurance [Line Items] | |||
Allowance for estimated uncollectible reinsurance | $ (195) | $ 0 |
Reinsurance Balances Recovera_5
Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)reinsurer | Dec. 31, 2019USD ($)reinsurer | |
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 2,089,163 | $ 2,181,134 |
Corporate & Other | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | (36,780) | (103,341) |
Reinsurer concentration risk | Top 10 reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 1,364,593 | 1,471,604 |
Reinsurance balances recoverable | Reinsurer concentration risk | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 2,089,163 | $ 2,181,134 |
% of Total | 100.00% | 100.00% |
Reinsurance balances recoverable | Reinsurer concentration risk | Corporate & Other | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ (36,780) | $ (103,341) |
Reinsurance balances recoverable | Reinsurer concentration risk | Top Ten Reinsurers, Rated A Minus Or Higher | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 863,819 | $ 1,199,479 |
Number of external reinsurers | reinsurer | 7 | 8 |
Reinsurance balances recoverable | Reinsurer concentration risk | Top Ten Reinsurers, Non-Rated Reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 500,774 | $ 272,125 |
Number of external reinsurers | reinsurer | 3 | 2 |
Reinsurance balances recoverable | Reinsurer concentration risk | Top 10 reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 1,364,593 | $ 1,471,604 |
% of Total | 65.30% | 67.40% |
Reinsurance balances recoverable | Reinsurer concentration risk | Top 10 reinsurers | Corporate & Other | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 0 | $ 0 |
Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Greater Than $1 Million | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 697,602 | $ 688,732 |
% of Total | 33.40% | 31.60% |
Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Greater Than $1 Million | Corporate & Other | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ (36,780) | $ (103,341) |
Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Less Than $1 Million | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 26,968 | $ 20,798 |
% of Total | 1.30% | 1.00% |
Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Less Than $1 Million | Corporate & Other | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 0 | $ 0 |
Reinsurance balances recoverable | Reinsurer concentration risk | Top Ten Reinsurers, Non-Rated Reinsurers, US State Backed | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 229,400 | 190,800 |
Reinsurance balances recoverable | Reinsurer concentration risk | Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 73,800 | 81,400 |
Reinsurance balances recoverable | Reinsurer concentration risk | Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security, Reinsurer Two | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 208,400 | |
Run-off | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 1,635,310 | 1,826,727 |
Run-off | Reinsurance balances recoverable | Reinsurer concentration risk | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 1,635,310 | 1,826,727 |
Run-off | Reinsurance balances recoverable | Reinsurer concentration risk | Top 10 reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 1,036,676 | 1,154,110 |
Run-off | Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Greater Than $1 Million | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 574,869 | 653,374 |
Run-off | Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Less Than $1 Million | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 23,765 | 19,243 |
Legacy Underwriting | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 490,633 | 457,748 |
Legacy Underwriting | Reinsurance balances recoverable | Reinsurer concentration risk | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 490,633 | 457,748 |
Legacy Underwriting | Reinsurance balances recoverable | Reinsurer concentration risk | Top 10 reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 327,917 | 317,494 |
Legacy Underwriting | Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Greater Than $1 Million | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 159,513 | 138,699 |
Legacy Underwriting | Reinsurance balances recoverable | Reinsurer concentration risk | Other Reinsurers' Balances Less Than $1 Million | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 3,203 | 1,555 |
Equity method investee | Reinsurer concentration risk | Hannover Ruck SE | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 0 | 259,077 |
Equity method investee | Reinsurer concentration risk | Lloyd's Syndicate | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 331,118 | 396,246 |
Equity method investee | Reinsurer concentration risk | Michigan Catastrophic Claims Associations | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | $ 229,374 | $ 0 |
Reinsurance Balances Recovera_6
Reinsurance Balances Recoverable on Paid and Unpaid Losses - Provisions for Uncollectible Reinsurance Balances Recoverable by Rating of Reinsurer (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Effects of Reinsurance [Line Items] | |||
Gross | $ 2,226,285 | $ 2,328,773 | |
Allowance for estimated uncollectible reinsurance | 137,122 | 147,639 | $ 156,732 |
Total | $ 2,089,163 | $ 2,181,134 | |
Provisions as a % of Gross | 6.20% | 6.30% | |
Reinsurers rated A- or above | |||
Effects of Reinsurance [Line Items] | |||
Gross | $ 1,464,529 | $ 1,731,270 | |
Allowance for estimated uncollectible reinsurance | 60,801 | 43,427 | |
Total | $ 1,403,728 | $ 1,687,843 | |
Provisions as a % of Gross | 4.20% | 2.50% | |
Secured | Reinsurers Rated Below A- | |||
Effects of Reinsurance [Line Items] | |||
Gross | $ 608,999 | $ 463,840 | |
Allowance for estimated uncollectible reinsurance | 0 | 0 | |
Total | $ 608,999 | $ 463,840 | |
Provisions as a % of Gross | 0.00% | 0.00% | |
Unsecured | Reinsurers Rated Below A- | |||
Effects of Reinsurance [Line Items] | |||
Gross | $ 152,757 | $ 133,663 | |
Allowance for estimated uncollectible reinsurance | 76,321 | 104,212 | |
Total | $ 76,436 | $ 29,451 | |
Provisions as a % of Gross | 50.00% | 78.00% |
Reinsurance Balances Recovera_7
Reinsurance Balances Recoverable on Paid and Unpaid Losses - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for estimated uncollectible reinsurance, beginning of year | $ 147,639 | $ 156,732 |
Effect of exchange rate movement | 700 | (887) |
Current period change in the allowance | (381) | 2,077 |
Write-offs charged against the allowance | (9,625) | (9,871) |
Recoveries collected | (1,016) | (412) |
Allowance for estimated uncollectible reinsurance, end of year | 137,122 | 147,639 |
Cumulative effect of change in accounting principle | ||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for estimated uncollectible reinsurance, beginning of year | $ (195) | 0 |
Allowance for estimated uncollectible reinsurance, end of year | $ (195) |
Deferred Charge Assets and De_3
Deferred Charge Assets and Deferred Gain Liabilities (Deferred Charge Assets) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning carrying value | $ 272,462,000 | $ 86,585,000 | $ 80,192,000 |
Recorded during the year | 11,746,000 | 224,504,000 | 20,174,000 |
Amortization | (45,606,000) | (38,627,000) | (13,781,000) |
Ending carrying value | 238,602,000 | $ 272,462,000 | $ 86,585,000 |
Impairment | $ 0 |
Deferred Charge Assets and De_4
Deferred Charge Assets and Deferred Gain Liabilities (Deferred Gain Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement Analysis Of Deferred Gain Liabilities [Roll Forward] | ||
Beginning carrying value | $ 12,875 | $ 0 |
Recorded during the year | 9,365 | 13,758 |
Amortization | (2,360) | (883) |
Ending carrying value | $ 19,880 | $ 12,875 |
Losses and Loss Adjustment Ex_3
Losses and Loss Adjustment Expenses - Total Losses and Loss Adjustment Expense Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Outstanding losses | $ 5,127,849 | $ 5,249,565 | ||
IBNR | 5,277,503 | 4,651,649 | ||
ULAE | 385,702 | 352,634 | ||
Fair value adjustments - acquired companies | (143,183) | (167,511) | ||
Fair value adjustments - fair value option | (54,589) | (217,933) | ||
Total | 10,593,282 | 9,868,404 | $ 9,048,796 | $ 7,100,488 |
Loss and loss adjustment expenses | 8,140,362 | 7,247,282 | ||
Loss and loss adjustment expenses, at fair value | 2,452,920 | 2,621,122 | ||
Run-off | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Outstanding losses | 4,440,425 | 4,407,082 | ||
IBNR | 4,641,500 | 3,945,407 | ||
ULAE | 333,913 | 331,494 | ||
Total | 9,432,525 | 8,683,983 | 8,132,941 | 6,390,218 |
Legacy Underwriting | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Outstanding losses | 687,424 | 842,483 | ||
IBNR | 636,003 | 706,242 | ||
ULAE | 35,101 | 21,140 | ||
Total | 1,358,529 | 1,569,865 | $ 1,505,125 | $ 1,142,024 |
Operating Segments | Run-off | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Outstanding losses | 4,440,425 | 4,407,082 | ||
IBNR | 4,641,500 | 3,945,407 | ||
ULAE | 350,600 | 331,494 | ||
Fair value adjustments - acquired companies | 0 | 0 | ||
Fair value adjustments - fair value option | 0 | 0 | ||
Total | 9,432,525 | 8,683,983 | ||
Loss and loss adjustment expenses | 6,925,016 | 5,844,928 | ||
Loss and loss adjustment expenses, at fair value | 2,507,509 | 2,839,055 | ||
Operating Segments | Legacy Underwriting | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Outstanding losses | 687,424 | 842,483 | ||
IBNR | 636,003 | 706,242 | ||
ULAE | 35,102 | 21,140 | ||
Fair value adjustments - acquired companies | 0 | 0 | ||
Fair value adjustments - fair value option | 0 | 0 | ||
Total | 1,358,529 | 1,569,865 | ||
Loss and loss adjustment expenses | 1,358,529 | 1,569,865 | ||
Loss and loss adjustment expenses, at fair value | 0 | 0 | ||
Corporate & Other | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Outstanding losses | 0 | 0 | ||
IBNR | 0 | 0 | ||
ULAE | 0 | 0 | ||
Fair value adjustments - acquired companies | (143,183) | (167,511) | ||
Fair value adjustments - fair value option | (54,589) | (217,933) | ||
Total | (197,772) | (385,444) | ||
Loss and loss adjustment expenses | (143,183) | (167,511) | ||
Loss and loss adjustment expenses, at fair value | $ (54,589) | $ (217,933) |
Losses and Loss Adjustment Ex_4
Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Balance as of January 1 | $ 9,868,404 | $ 9,048,796 | $ 9,868,404 | $ 9,048,796 | $ 7,100,488 | |||||||
Less: reinsurance reserves recoverable | 1,927,624 | 1,708,272 | 1,927,624 | 1,708,272 | 1,693,028 | |||||||
Less: net deferred charge assets and gain liabilities on retroactive reinsurance | 259,587 | 86,585 | 259,587 | 86,585 | 80,192 | |||||||
Net balance as of January 1 | 7,681,193 | 7,253,939 | 7,681,193 | 7,253,939 | ||||||||
Net incurred losses and LAE: | ||||||||||||
Current period | 405,178 | 580,074 | 533,081 | |||||||||
Prior periods | 10,748 | 34,105 | (209,359) | |||||||||
Total net incurred losses and LAE | $ 76,248 | $ 109,686 | $ 186,692 | 43,300 | $ 48,068 | $ 163,258 | $ 146,554 | 256,299 | 415,926 | 614,179 | 323,722 | |
Net paid losses: | ||||||||||||
Current period | (71,989) | (179,461) | (176,172) | |||||||||
Prior periods | (1,413,500) | (1,609,009) | (1,158,614) | |||||||||
Total net paid losses | (1,485,489) | (1,788,470) | (1,334,786) | |||||||||
Effect of exchange rate movement | 119,663 | 47,812 | (145,243) | |||||||||
Acquired on purchase of subsidiaries | 0 | 686 | 1,310,874 | |||||||||
Assumed business | 2,186,024 | 1,586,307 | 1,772,104 | |||||||||
Ceded business | (154,926) | (33,260) | 0 | |||||||||
Reclassification to assets and liabilities held-for-sale | (216,808) | 0 | 0 | |||||||||
Net balance as of December 31 | 8,544,940 | 7,681,193 | 8,544,940 | 7,681,193 | 7,253,939 | |||||||
Plus: reinsurance reserves recoverable | 1,829,620 | 1,927,624 | 1,829,620 | 1,927,624 | 1,708,272 | |||||||
Plus: net deferred charge assets and gain liabilities on retroactive reinsurance | 218,722 | 259,587 | 218,722 | 259,587 | 86,585 | |||||||
Balance as of December 31 | 10,593,282 | 9,868,404 | 10,593,282 | 9,868,404 | 9,048,796 | |||||||
Cumulative effect of change in accounting principle | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances | 643 | 643 | 0 | $ 0 | ||||||||
Cumulative effect of change in accounting principle | Discontinued operations, held-for-sale | StarStone US | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances | 400 | 400 | ||||||||||
Cumulative effect of change in accounting principle, adjusted balance | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Net balance as of January 1 | 7,680,550 | 7,253,939 | 7,680,550 | 7,253,939 | 5,327,268 | |||||||
Net paid losses: | ||||||||||||
Net balance as of December 31 | 7,680,550 | 7,680,550 | 7,253,939 | |||||||||
Run-off | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Balance as of January 1 | 8,683,983 | 8,132,941 | 8,683,983 | 8,132,941 | 6,390,218 | |||||||
Less: reinsurance reserves recoverable | 1,645,352 | 1,511,206 | 1,645,352 | 1,511,206 | 1,522,438 | |||||||
Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances | (48,441) | (48,441) | ||||||||||
Net balance as of January 1 | 7,038,631 | 6,621,735 | 7,038,631 | 6,621,735 | ||||||||
Net incurred losses and LAE: | ||||||||||||
Current period | 30,165 | 123,559 | 12,451 | |||||||||
Prior periods | (175,523) | (276,929) | (351,840) | |||||||||
Total net incurred losses and LAE | (145,358) | (153,370) | (339,389) | |||||||||
Net paid losses: | ||||||||||||
Current period | (9,990) | (64,820) | (5) | |||||||||
Prior periods | (1,064,911) | (1,182,804) | (838,812) | |||||||||
Total net paid losses | (1,074,901) | (1,247,624) | (838,817) | |||||||||
Effect of exchange rate movement | 89,755 | 53,411 | (143,765) | |||||||||
Acquired on purchase of subsidiaries | 0 | 686 | 1,214,871 | |||||||||
Assumed business | 2,215,620 | 1,797,053 | 1,861,055 | |||||||||
Ceded business | (154,926) | (33,260) | 0 | |||||||||
Net balance as of December 31 | 7,969,524 | 7,038,631 | 7,969,524 | 7,038,631 | 6,621,735 | |||||||
Plus: reinsurance reserves recoverable | 1,463,001 | 1,645,352 | 1,463,001 | 1,645,352 | 1,511,206 | |||||||
Balance as of December 31 | 9,432,525 | 8,683,983 | 9,432,525 | 8,683,983 | 8,132,941 | |||||||
Run-off | Cumulative effect of change in accounting principle | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances | 703 | 703 | 0 | 0 | ||||||||
Run-off | Cumulative effect of change in accounting principle, adjusted balance | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Net balance as of January 1 | 7,039,334 | 6,621,735 | 7,039,334 | 6,621,735 | 4,867,780 | |||||||
Net paid losses: | ||||||||||||
Net balance as of December 31 | 7,039,334 | 7,039,334 | 6,621,735 | |||||||||
Legacy Underwriting | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Balance as of January 1 | 1,569,865 | 1,505,125 | 1,569,865 | 1,505,125 | 1,142,024 | |||||||
Less: reinsurance reserves recoverable | 385,613 | 343,418 | 385,613 | 343,418 | 316,213 | |||||||
Net balance as of January 1 | 1,184,252 | 1,161,707 | 1,184,252 | 1,161,707 | ||||||||
Net incurred losses and LAE: | ||||||||||||
Current period | 375,013 | 456,515 | 520,630 | |||||||||
Prior periods | (3,527) | 105,536 | 114,543 | |||||||||
Total net incurred losses and LAE | 371,486 | 562,051 | 635,173 | |||||||||
Net paid losses: | ||||||||||||
Current period | (61,999) | (114,641) | (176,167) | |||||||||
Prior periods | (348,589) | (426,205) | (319,802) | |||||||||
Total net paid losses | (410,588) | (540,846) | (495,969) | |||||||||
Effect of exchange rate movement | 25,524 | 1,340 | (12,611) | |||||||||
Acquired on purchase of subsidiaries | 0 | 0 | 199,035 | |||||||||
Assumed business | 0 | 0 | 10,268 | |||||||||
Net balance as of December 31 | 955,130 | 1,184,252 | 955,130 | 1,184,252 | 1,161,707 | |||||||
Plus: reinsurance reserves recoverable | 403,399 | 385,613 | 403,399 | 385,613 | 343,418 | |||||||
Reclassification to assets and liabilities held-for-sale | (214,198) | 0 | 0 | |||||||||
Balance as of December 31 | $ 1,358,529 | 1,569,865 | 1,358,529 | 1,569,865 | 1,505,125 | |||||||
Legacy Underwriting | Cumulative effect of change in accounting principle | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances | 1,346 | 1,346 | 0 | $ 0 | ||||||||
Legacy Underwriting | Cumulative effect of change in accounting principle, adjusted balance | ||||||||||||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||||||||||
Net balance as of January 1 | $ 1,182,906 | $ 1,161,707 | $ 1,182,906 | 1,161,707 | 825,811 | |||||||
Net paid losses: | ||||||||||||
Net balance as of December 31 | $ 1,182,906 | $ 1,182,906 | $ 1,161,707 |
Losses and Loss Adjustment Ex_5
Losses and Loss Adjustment Expenses - Net Incurred Losses and Loss Adjustment Expense Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Prior Period | |||||||||||
Net losses paid, prior period | $ 1,413,500 | $ 1,609,009 | $ 1,158,614 | ||||||||
Prior periods | 10,748 | 34,105 | (209,359) | ||||||||
Current Period | |||||||||||
Net losses paid, current period | 71,989 | 179,461 | 176,172 | ||||||||
Net incurred losses and LAE, current period | 405,178 | 580,074 | 533,081 | ||||||||
Total | |||||||||||
Net losses paid | 1,485,489 | 1,788,470 | 1,334,786 | ||||||||
Net change in case and LAE reserves | (540,187) | (528,583) | (472,420) | ||||||||
Net change in IBNR reserves | (687,624) | (794,704) | (506,794) | ||||||||
Increase (reduction) in estimates of net ultimate losses | 257,678 | 465,183 | 355,572 | ||||||||
Increase (reduction) in provisions for unallocated LAE | (31,550) | (56,502) | (59,788) | ||||||||
Amortization of deferred charge assets and deferred gain liabilities | 43,246 | 37,744 | 13,781 | ||||||||
Amortization of fair value adjustments | 27,506 | 50,573 | 7,493 | ||||||||
Changes in fair value - fair value option | 119,046 | 117,181 | 6,664 | ||||||||
Total net incurred losses and LAE | $ 76,248 | $ 109,686 | $ 186,692 | $ 43,300 | $ 48,068 | $ 163,258 | $ 146,554 | $ 256,299 | 415,926 | 614,179 | 323,722 |
Run-off | |||||||||||
Prior Period | |||||||||||
Net losses paid, prior period | 1,064,911 | 1,182,804 | 838,812 | ||||||||
Net change in case and LAE reserves, prior period | (449,610) | (553,996) | (552,124) | ||||||||
Net change in IBNR reserves, prior period | (742,417) | (847,893) | (573,127) | ||||||||
Increase (reduction) in estimates of net ultimate losses, prior period | (127,116) | (219,085) | (286,439) | ||||||||
Increase (reduction) in provisions for unallocated LAE, prior period | (48,407) | (57,844) | (65,401) | ||||||||
Prior periods | (175,523) | (276,929) | (351,840) | ||||||||
Current Period | |||||||||||
Net losses paid, current period | 9,990 | 64,820 | 5 | ||||||||
Net change in case and LAE reserves, current period | (3,470) | 23,105 | 4,704 | ||||||||
Net change in IBNR reserves, current period | 24,003 | 35,194 | 7,742 | ||||||||
Increase (reduction) in estimates of net ultimate losses, current period | 30,523 | 123,119 | 12,451 | ||||||||
Increase (reduction) in provisions for unallocated LAE, current period | (358) | 440 | 0 | ||||||||
Net incurred losses and LAE, current period | 30,165 | 123,559 | 12,451 | ||||||||
Total | |||||||||||
Net losses paid | 1,074,901 | 1,247,624 | 838,817 | ||||||||
Net change in case and LAE reserves | (453,080) | (530,891) | (547,420) | ||||||||
Net change in IBNR reserves | (718,414) | (812,699) | (565,385) | ||||||||
Increase (reduction) in estimates of net ultimate losses | (96,593) | (95,966) | (273,988) | ||||||||
Increase (reduction) in provisions for unallocated LAE | (48,765) | (57,404) | (65,401) | ||||||||
Amortization of deferred charge assets and deferred gain liabilities | 0 | 0 | 0 | ||||||||
Amortization of fair value adjustments | 0 | 0 | 0 | ||||||||
Changes in fair value - fair value option | 0 | 0 | 0 | ||||||||
Total net incurred losses and LAE | (145,358) | (153,370) | (339,389) | ||||||||
Legacy Underwriting | |||||||||||
Prior Period | |||||||||||
Net losses paid, prior period | 348,589 | 426,205 | 319,802 | ||||||||
Net change in case and LAE reserves, prior period | (145,778) | (109,695) | (87,386) | ||||||||
Net change in IBNR reserves, prior period | (205,920) | (208,308) | (114,831) | ||||||||
Increase (reduction) in estimates of net ultimate losses, prior period | (3,109) | 108,202 | 117,585 | ||||||||
Increase (reduction) in provisions for unallocated LAE, prior period | (418) | (2,666) | (3,042) | ||||||||
Prior periods | (3,527) | 105,536 | 114,543 | ||||||||
Current Period | |||||||||||
Net losses paid, current period | 61,999 | 114,641 | 176,167 | ||||||||
Net change in case and LAE reserves, current period | 58,671 | 112,003 | 162,386 | ||||||||
Net change in IBNR reserves, current period | 236,710 | 226,303 | 173,422 | ||||||||
Increase (reduction) in estimates of net ultimate losses, current period | 357,380 | 452,947 | 511,975 | ||||||||
Increase (reduction) in provisions for unallocated LAE, current period | 17,633 | 3,568 | 8,655 | ||||||||
Net incurred losses and LAE, current period | 375,013 | 456,515 | 520,630 | ||||||||
Total | |||||||||||
Net losses paid | 410,588 | 540,846 | 495,969 | ||||||||
Net change in case and LAE reserves | (87,107) | 2,308 | 75,000 | ||||||||
Net change in IBNR reserves | 30,790 | 17,995 | 58,591 | ||||||||
Increase (reduction) in estimates of net ultimate losses | 354,271 | 561,149 | 629,560 | ||||||||
Increase (reduction) in provisions for unallocated LAE | 17,215 | 902 | 5,613 | ||||||||
Amortization of deferred charge assets and deferred gain liabilities | 0 | 0 | 0 | ||||||||
Amortization of fair value adjustments | 0 | 0 | 0 | ||||||||
Changes in fair value - fair value option | 0 | 0 | 0 | ||||||||
Total net incurred losses and LAE | 371,486 | 562,051 | 635,173 | ||||||||
Corporate & Other | |||||||||||
Total | |||||||||||
Net losses paid | 0 | 0 | 0 | ||||||||
Net change in case and LAE reserves | 0 | 0 | 0 | ||||||||
Net change in IBNR reserves | 0 | 0 | 0 | ||||||||
Increase (reduction) in estimates of net ultimate losses | 0 | 0 | 0 | ||||||||
Increase (reduction) in provisions for unallocated LAE | 0 | 0 | 0 | ||||||||
Amortization of deferred charge assets and deferred gain liabilities | 43,246 | 37,744 | 13,781 | ||||||||
Amortization of fair value adjustments | 27,506 | 50,573 | 7,493 | ||||||||
Changes in fair value - fair value option | 119,046 | 117,181 | 6,664 | ||||||||
Total net incurred losses and LAE | $ 189,798 | $ 205,498 | $ 27,938 |
Losses and Loss Adjustment Ex_6
Losses and Loss Adjustment Expenses - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)commutation | Dec. 31, 2019USD ($)commutationpolicy_buy_back | Dec. 31, 2018USD ($)commutation | |
Effects of Reinsurance [Line Items] | |||
Net liabilities relating to direct asbestos and environmental exposures | $ 1,900,000 | $ 2,100,000 | |
Asbestos and environmental liabilities | 2,100,000 | 2,300,000 | |
Increase (decrease) in asbestos and environmental reserves, gross | (178,200) | 419,900 | |
Increase (decrease) in asbestos and environmental reserves, net | (227,200) | 374,700 | |
Net losses paid, prior period | 1,413,500 | 1,609,009 | $ 1,158,614 |
Net incurred losses and LAE, current period | 405,178 | 580,074 | 533,081 |
Changes in fair value - fair value option | 119,046 | 117,181 | 6,664 |
Run-off | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | (127,116) | (219,085) | (286,439) |
Net losses paid, prior period | 1,064,911 | 1,182,804 | 838,812 |
Net change in case and LAE reserves, prior period | (449,610) | (553,996) | (552,124) |
Downward incurred loss development | (742,417) | (847,893) | (573,127) |
Net incurred losses and LAE, current period | 30,165 | 123,559 | 12,451 |
Changes in fair value - fair value option | 0 | 0 | 0 |
Run-off | Workers' compensation/personal accident | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | (183,335) | (136,418) | (154,560) |
Net losses paid, prior period | 142,790 | 208,961 | 139,226 |
Net change in case and LAE reserves, prior period | (176,927) | (156,435) | (178,138) |
Increase (decrease) in reported losses | (34,100) | ||
Downward incurred loss development | (149,198) | (188,944) | $ (115,648) |
Reduction of open inventory claims, percentage | (78.00%) | ||
Run-off | Workers' compensation, two portfolios | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | 39,300 | ||
Net change in case and LAE reserves, prior period | 53,600 | ||
Downward incurred loss development | 14,300 | ||
Run-off | Six Communications | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (10,800) | $ (6,100) | |
Number of commutations | commutation | 10 | 6 | |
Run-off | Seven Communications | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (11,200) | ||
Number of commutations | commutation | 7 | ||
Run-off | Marine, aviation and transit | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (31,089) | $ (20,408) | $ 2,443 |
Net losses paid, prior period | 33,927 | 82,058 | 67,831 |
Net change in case and LAE reserves, prior period | (14,458) | (77,958) | (44,200) |
Downward incurred loss development | (50,558) | (24,508) | (21,188) |
Run-off | General Casualty | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | (25,663) | (6,742) | (34,444) |
Net losses paid, prior period | 170,502 | 175,044 | 141,624 |
Net change in case and LAE reserves, prior period | (68,744) | (89,968) | (115,240) |
Downward incurred loss development | (127,421) | (91,818) | (60,828) |
Run-off | Motor | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | 147,765 | (37,451) | (39,995) |
Net losses paid, prior period | 349,366 | 276,563 | 104,182 |
Net change in case and LAE reserves, prior period | (106,561) | (134,127) | (109,962) |
Downward incurred loss development | (95,040) | (179,887) | (34,215) |
Run-off | Professional indemnity/ Directors & Officers | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | (11,605) | (38,557) | 19,681 |
Net losses paid, prior period | 63,878 | 103,413 | 161,797 |
Net change in case and LAE reserves, prior period | 3,698 | (36,986) | (11,159) |
Downward incurred loss development | (79,181) | (104,984) | (130,957) |
Ceded reinsurance asset increase | 13,500 | ||
Run-off | Asbestos | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | (18,501) | 6,811 | (64,949) |
Net losses paid, prior period | 132,853 | 118,557 | 108,248 |
Net change in case and LAE reserves, prior period | (1,300) | 35,003 | (21,535) |
Downward incurred loss development | $ (150,054) | (146,749) | $ (151,662) |
Volume of claims reported, percentage, less than | 3.00% | ||
Average cost per claims, percentage | 5.00% | ||
Run-off | Asbestos | Minimum | |||
Effects of Reinsurance [Line Items] | |||
Decrease in dismissal rate | 2.00% | ||
Run-off | Asbestos | Maximum | |||
Effects of Reinsurance [Line Items] | |||
Decrease in dismissal rate | 3.00% | ||
Run-off | Asbestos Exposure, Six Commutations | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (9,800) | ||
Number of commutations | commutation | 6 | ||
Run-off | Asbestos Exposure, Eight Communications and Two Policy Buy-Backs | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (9,500) | ||
Number of commutations | commutation | 8 | ||
Number of policy buy-backs | policy_buy_back | 2 | ||
Run-off | Product And Service Other Than Workers' Compensation | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (12,300) | ||
Number of commutations | commutation | 15 | ||
Legacy Underwriting | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (3,109) | $ 108,202 | $ 117,585 |
Net losses paid, prior period | 348,589 | 426,205 | 319,802 |
Net change in case and LAE reserves, prior period | (145,778) | (109,695) | (87,386) |
Downward incurred loss development | (205,920) | (208,308) | (114,831) |
Increase (decrease) in net incurred losses and LAE, current period | (190,600) | (73,100) | |
Net incurred losses and LAE, current period | 375,013 | 456,515 | 520,630 |
Changes in fair value - fair value option | 0 | $ 0 | 0 |
Legacy Underwriting | COVID-19 | StarStone | |||
Effects of Reinsurance [Line Items] | |||
Net incurred losses and LAE, current period | 52,800 | ||
Legacy Underwriting | COVID-19 | Atrium | |||
Effects of Reinsurance [Line Items] | |||
Net incurred losses and LAE, current period | $ 18,400 | ||
Short-duration Insurance Contracts, Accident Years 1995-2005 | Run-off | Workers' compensation/personal accident | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | 22,700 | ||
Net change in case and LAE reserves, prior period | (37,000) | ||
Downward incurred loss development | (14,300) | ||
Short-duration Insurance Contracts, Accident Years 2010-2014 | Run-off | Workers' compensation/personal accident | |||
Effects of Reinsurance [Line Items] | |||
Increase (reduction) in estimates of net ultimate losses, prior period | $ (30,200) |
Losses and Loss Adjustment Ex_7
Losses and Loss Adjustment Expenses - Net Incurred Losses by Line of Business (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | $ 1,413,500 | $ 1,609,009 | $ 1,158,614 |
Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 1,064,911 | 1,182,804 | 838,812 |
Net change in case and LAE reserves, prior period | (449,610) | (553,996) | (552,124) |
Net change in IBNR reserves, prior period | (742,417) | (847,893) | (573,127) |
Increase (reduction) in estimates of net ultimate losses, prior period | (127,116) | (219,085) | (286,439) |
Asbestos | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 132,853 | 118,557 | 108,248 |
Net change in case and LAE reserves, prior period | (1,300) | 35,003 | (21,535) |
Net change in IBNR reserves, prior period | (150,054) | (146,749) | (151,662) |
Increase (reduction) in estimates of net ultimate losses, prior period | (18,501) | 6,811 | (64,949) |
Environmental | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 23,866 | 16,899 | 21,273 |
Net change in case and LAE reserves, prior period | (266) | 13,796 | 479 |
Net change in IBNR reserves, prior period | (36,362) | (15,707) | (7,599) |
Increase (reduction) in estimates of net ultimate losses, prior period | (12,762) | 14,988 | 14,153 |
General Casualty | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 170,502 | 175,044 | 141,624 |
Net change in case and LAE reserves, prior period | (68,744) | (89,968) | (115,240) |
Net change in IBNR reserves, prior period | (127,421) | (91,818) | (60,828) |
Increase (reduction) in estimates of net ultimate losses, prior period | (25,663) | (6,742) | (34,444) |
Workers' compensation/personal accident | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 142,790 | 208,961 | 139,226 |
Net change in case and LAE reserves, prior period | (176,927) | (156,435) | (178,138) |
Net change in IBNR reserves, prior period | (149,198) | (188,944) | (115,648) |
Increase (reduction) in estimates of net ultimate losses, prior period | (183,335) | (136,418) | (154,560) |
Marine, aviation and transit | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 33,927 | 82,058 | 67,831 |
Net change in case and LAE reserves, prior period | (14,458) | (77,958) | (44,200) |
Net change in IBNR reserves, prior period | (50,558) | (24,508) | (21,188) |
Increase (reduction) in estimates of net ultimate losses, prior period | (31,089) | (20,408) | 2,443 |
Construction defect | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 27,476 | 32,078 | 22,182 |
Net change in case and LAE reserves, prior period | (6,092) | (8,313) | (7,257) |
Net change in IBNR reserves, prior period | (13,382) | (25,025) | (33,146) |
Increase (reduction) in estimates of net ultimate losses, prior period | 8,002 | (1,260) | (18,221) |
Professional indemnity/ Directors & Officers | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 63,878 | 103,413 | 161,797 |
Net change in case and LAE reserves, prior period | 3,698 | (36,986) | (11,159) |
Net change in IBNR reserves, prior period | (79,181) | (104,984) | (130,957) |
Increase (reduction) in estimates of net ultimate losses, prior period | (11,605) | (38,557) | 19,681 |
Motor | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 349,366 | 276,563 | 104,182 |
Net change in case and LAE reserves, prior period | (106,561) | (134,127) | (109,962) |
Net change in IBNR reserves, prior period | (95,040) | (179,887) | (34,215) |
Increase (reduction) in estimates of net ultimate losses, prior period | 147,765 | (37,451) | (39,995) |
Property | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 71,422 | 94,093 | 22,178 |
Net change in case and LAE reserves, prior period | (24,356) | (73,259) | (24,271) |
Net change in IBNR reserves, prior period | (64,331) | (7,358) | (11,497) |
Increase (reduction) in estimates of net ultimate losses, prior period | (17,265) | 13,476 | (13,590) |
All Other | Run-off | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Net losses paid, prior period | 48,831 | 75,138 | 50,271 |
Net change in case and LAE reserves, prior period | (54,604) | (25,749) | (40,841) |
Net change in IBNR reserves, prior period | 23,110 | (62,913) | (6,387) |
Increase (reduction) in estimates of net ultimate losses, prior period | $ 17,337 | $ (13,524) | $ 3,043 |
Losses and Loss Adjustment Ex_8
Losses and Loss Adjustment Expenses - Breakdown of Gross and Net Losses and LAE Reserves by Major Category (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Gross | ||||
OLR | $ 5,127,849 | $ 5,249,565 | ||
IBNR | 5,277,503 | 4,651,649 | ||
Fair value adjustments - acquired companies | (143,183) | (167,511) | ||
Fair value adjustments - fair value option | (54,589) | (217,933) | ||
Total | 10,593,282 | 9,868,404 | $ 9,048,796 | $ 7,100,488 |
Net | ||||
ULAE | 385,702 | 352,634 | ||
Total | 8,544,940 | 7,681,193 | 7,253,939 | |
Run-off | ||||
Gross | ||||
OLR | 4,440,425 | 4,407,082 | ||
IBNR | 4,641,500 | 3,945,407 | ||
Total | 9,081,925 | 8,352,489 | ||
ULAE | 350,600 | 331,494 | ||
Total | 9,432,525 | 8,683,983 | 8,132,941 | 6,390,218 |
Net | ||||
OLR | 3,502,195 | 3,434,789 | ||
IBNR | 4,133,416 | 3,272,348 | ||
Total Net Reserves | 7,635,611 | 6,707,137 | ||
ULAE | 333,913 | 331,494 | ||
Total | 7,969,524 | 7,038,631 | 6,621,735 | |
Run-off | Asbestos | ||||
Gross | ||||
OLR | 544,438 | 542,681 | ||
IBNR | 1,234,101 | 1,373,678 | ||
Total | 1,778,539 | 1,916,359 | ||
Net | ||||
OLR | 464,102 | 490,117 | ||
IBNR | 1,122,021 | 1,271,982 | ||
Total Net Reserves | 1,586,123 | 1,762,099 | ||
Run-off | Environmental | ||||
Gross | ||||
OLR | 184,783 | 187,165 | ||
IBNR | 118,111 | 156,121 | ||
Total | 302,894 | 343,286 | ||
Net | ||||
OLR | 164,709 | 173,878 | ||
IBNR | 100,339 | 142,351 | ||
Total Net Reserves | 265,048 | 316,229 | ||
Run-off | General Casualty | ||||
Gross | ||||
OLR | 610,437 | 501,863 | ||
IBNR | 1,279,991 | 489,129 | ||
Total | 1,890,428 | 990,992 | ||
Net | ||||
OLR | 492,039 | 399,396 | ||
IBNR | 1,247,662 | 421,426 | ||
Total Net Reserves | 1,739,701 | 820,822 | ||
Run-off | Workers' compensation/personal accident | ||||
Gross | ||||
OLR | 1,087,324 | 1,270,530 | ||
IBNR | 918,238 | 977,808 | ||
Total | 2,005,562 | 2,248,338 | ||
Net | ||||
OLR | 912,068 | 963,578 | ||
IBNR | 776,941 | 751,074 | ||
Total Net Reserves | 1,689,009 | 1,714,652 | ||
Run-off | Marine, aviation and transit | ||||
Gross | ||||
OLR | 271,469 | 290,067 | ||
IBNR | 73,081 | 121,577 | ||
Total | 344,550 | 411,644 | ||
Net | ||||
OLR | 229,464 | 244,611 | ||
IBNR | 56,414 | 100,135 | ||
Total Net Reserves | 285,878 | 344,746 | ||
Run-off | Construction defect | ||||
Gross | ||||
OLR | 23,380 | 29,772 | ||
IBNR | 85,578 | 98,312 | ||
Total | 108,958 | 128,084 | ||
Net | ||||
OLR | 23,109 | 29,245 | ||
IBNR | 83,039 | 94,888 | ||
Total Net Reserves | 106,148 | 124,133 | ||
Run-off | Professional indemnity/ Directors & Officers | ||||
Gross | ||||
OLR | 764,768 | 693,760 | ||
IBNR | 336,705 | 265,490 | ||
Total | 1,101,473 | 959,250 | ||
Net | ||||
OLR | 526,333 | 485,478 | ||
IBNR | 307,349 | 170,926 | ||
Total Net Reserves | 833,682 | 656,404 | ||
Run-off | Motor | ||||
Gross | ||||
OLR | 619,682 | 480,668 | ||
IBNR | 355,044 | 233,806 | ||
Total | 974,726 | 714,474 | ||
Net | ||||
OLR | 451,097 | 317,829 | ||
IBNR | 283,576 | 165,543 | ||
Total Net Reserves | 734,673 | 483,372 | ||
Run-off | Property | ||||
Gross | ||||
OLR | 116,398 | 140,620 | ||
IBNR | 35,832 | 63,604 | ||
Total | 152,230 | 204,224 | ||
Net | ||||
OLR | 97,826 | 122,010 | ||
IBNR | 34,182 | 56,450 | ||
Total Net Reserves | 132,008 | 178,460 | ||
Run-off | All Other | ||||
Gross | ||||
OLR | 217,746 | 269,956 | ||
IBNR | 204,819 | 165,882 | ||
Total | 422,565 | 435,838 | ||
Net | ||||
OLR | 141,448 | 208,647 | ||
IBNR | 121,893 | 97,573 | ||
Total Net Reserves | 263,341 | 306,220 | ||
Legacy Underwriting | ||||
Gross | ||||
OLR | 687,424 | 842,483 | ||
IBNR | 636,003 | 706,242 | ||
Total | 1,323,427 | 1,548,725 | ||
ULAE | 35,102 | 21,140 | ||
Total | 1,358,529 | 1,569,865 | 1,505,125 | $ 1,142,024 |
Net | ||||
OLR | 423,786 | 569,341 | ||
IBNR | 496,243 | 593,771 | ||
Total Net Reserves | 920,029 | 1,163,112 | ||
ULAE | 35,101 | 21,140 | ||
Total | 955,130 | 1,184,252 | $ 1,161,707 | |
Legacy Underwriting | StarStone | ||||
Gross | ||||
OLR | 677,220 | 743,830 | ||
IBNR | 615,963 | 556,134 | ||
Total | 1,293,183 | 1,299,964 | ||
Net | ||||
OLR | 413,582 | 479,699 | ||
IBNR | 476,203 | 462,949 | ||
Total Net Reserves | 889,785 | 942,648 | ||
Legacy Underwriting | Atrium | ||||
Gross | ||||
OLR | 89,141 | |||
IBNR | 136,543 | |||
Total | 225,684 | |||
Net | ||||
OLR | 80,130 | |||
IBNR | 117,257 | |||
Total Net Reserves | 197,387 | |||
Legacy Underwriting | General Casualty | ||||
Gross | ||||
Total | 392,236 | |||
Legacy Underwriting | General Casualty | StarStone | ||||
Gross | ||||
OLR | 115,295 | 121,945 | ||
IBNR | 276,941 | 210,969 | ||
Total | 392,236 | 332,914 | ||
Net | ||||
OLR | 98,721 | 108,543 | ||
IBNR | 232,433 | 204,800 | ||
Total Net Reserves | 331,154 | 313,343 | ||
Legacy Underwriting | Workers' compensation/personal accident | ||||
Gross | ||||
Total | 23,633 | |||
Legacy Underwriting | Workers' compensation/personal accident | StarStone | ||||
Gross | ||||
OLR | 12,044 | 15,089 | ||
IBNR | 11,589 | 19,865 | ||
Total | 23,633 | 34,954 | ||
Net | ||||
OLR | 12,044 | 15,089 | ||
IBNR | 11,589 | 19,865 | ||
Total Net Reserves | 23,633 | 34,954 | ||
Legacy Underwriting | Marine, aviation and transit | Atrium | ||||
Gross | ||||
OLR | 24,668 | |||
IBNR | 34,156 | |||
Total | 58,824 | |||
Net | ||||
OLR | 21,012 | |||
IBNR | 24,829 | |||
Total Net Reserves | 45,841 | |||
Legacy Underwriting | Property | ||||
Gross | ||||
Total | 439,975 | |||
Legacy Underwriting | Property | StarStone | ||||
Gross | ||||
OLR | 322,735 | 341,677 | ||
IBNR | 117,240 | 131,596 | ||
Total | 439,975 | 473,273 | ||
Net | ||||
OLR | 141,089 | 150,559 | ||
IBNR | 81,459 | 87,653 | ||
Total Net Reserves | 222,548 | 238,212 | ||
Legacy Underwriting | All Other | ||||
Gross | ||||
OLR | 10,204 | 9,512 | ||
IBNR | 20,040 | 13,565 | ||
Total | 30,244 | 23,077 | ||
Net | ||||
OLR | 10,204 | 9,512 | ||
IBNR | 20,040 | 13,565 | ||
Total Net Reserves | 30,244 | 23,077 | ||
Legacy Underwriting | Binding Authorities | Atrium | ||||
Gross | ||||
OLR | 31,507 | |||
IBNR | 54,039 | |||
Total | 85,546 | |||
Net | ||||
OLR | 29,590 | |||
IBNR | 51,984 | |||
Total Net Reserves | 81,574 | |||
Legacy Underwriting | Reinsurance | Atrium | ||||
Gross | ||||
OLR | 18,385 | |||
IBNR | 29,533 | |||
Total | 47,918 | |||
Net | ||||
OLR | 16,209 | |||
IBNR | 23,338 | |||
Total Net Reserves | 39,547 | |||
Legacy Underwriting | Accident and Health | Atrium | ||||
Gross | ||||
OLR | 5,460 | |||
IBNR | 7,880 | |||
Total | 13,340 | |||
Net | ||||
OLR | 4,735 | |||
IBNR | 7,469 | |||
Total Net Reserves | 12,204 | |||
Legacy Underwriting | Non-Marine Direct and Facultative | Atrium | ||||
Gross | ||||
OLR | 9,121 | |||
IBNR | 10,935 | |||
Total | 20,056 | |||
Net | ||||
OLR | 8,584 | |||
IBNR | 9,637 | |||
Total Net Reserves | 18,221 | |||
Legacy Underwriting | Marine | ||||
Gross | ||||
Total | 316,646 | |||
Legacy Underwriting | Marine | StarStone | ||||
Gross | ||||
OLR | 142,631 | 189,355 | ||
IBNR | 174,015 | 161,379 | ||
Total | 316,646 | 350,734 | ||
Net | ||||
OLR | 119,628 | 158,252 | ||
IBNR | 132,482 | 128,242 | ||
Total Net Reserves | 252,110 | 286,494 | ||
Legacy Underwriting | Aerospace | ||||
Gross | ||||
Total | 120,693 | |||
Legacy Underwriting | Aerospace | StarStone | ||||
Gross | ||||
OLR | 84,515 | 75,764 | ||
IBNR | 36,178 | 32,325 | ||
Total | 120,693 | 108,089 | ||
Net | ||||
OLR | 42,100 | 47,256 | ||
IBNR | 18,240 | 22,389 | ||
Total Net Reserves | $ 60,340 | $ 69,645 |
Losses and Loss Adjustment Ex_9
Losses and Loss Adjustment Expenses - Net Loss Reserves By Acquisition And Year (Details) - Run-off $ in Thousands | Dec. 31, 2020USD ($) |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | $ 7,587,170 |
Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,563,706 |
Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 261,387 |
General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,732,445 |
Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,687,272 |
Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 283,868 |
Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 106,135 |
Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 833,085 |
Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 732,268 |
Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 130,309 |
All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 256,695 |
2010 and Prior | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 329,442 |
2010 and Prior | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 142,028 |
2010 and Prior | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 42,356 |
2010 and Prior | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 52,582 |
2010 and Prior | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 42,908 |
2010 and Prior | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 8,760 |
2010 and Prior | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 43 |
2010 and Prior | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 7,539 |
2010 and Prior | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 12,452 |
2010 and Prior | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,301 |
2010 and Prior | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 17,473 |
2011 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 152,446 |
2011 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2011 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2011 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 13,270 |
2011 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 125,649 |
2011 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 2,747 |
2011 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2011 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 9,564 |
2011 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 201 |
2011 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 161 |
2011 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 854 |
2012 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 43,173 |
2012 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2012 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2012 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 9,983 |
2012 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2012 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2012 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2012 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 23,210 |
2012 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 276 |
2012 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 7,008 |
2012 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 2,696 |
2013 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 76,742 |
2013 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 7,767 |
2013 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2013 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 16,696 |
2013 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 48,207 |
2013 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | (188) |
2013 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2013 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2013 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2013 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2013 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 4,260 |
2014 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 92,450 |
2014 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2014 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2014 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 31,610 |
2014 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2014 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 10,592 |
2014 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2014 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 20,942 |
2014 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,465 |
2014 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 18,165 |
2014 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 9,676 |
2015 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 384,217 |
2015 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2015 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2015 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 34,704 |
2015 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 287,653 |
2015 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,616 |
2015 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 36,258 |
2015 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2015 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 13,147 |
2015 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,880 |
2015 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 6,959 |
2016 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 835,389 |
2016 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 407,958 |
2016 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 89,865 |
2016 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,727 |
2016 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 219,157 |
2016 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 32 |
2016 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 14,289 |
2016 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 76,314 |
2016 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2016 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 465 |
2016 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 23,582 |
2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,042,254 |
2017 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 726,901 |
2017 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 22,891 |
2017 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 44,551 |
2017 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 53,659 |
2017 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 77,321 |
2017 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 18,836 |
2017 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2017 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,710 |
2017 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | (114) |
2017 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 94,499 |
2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,327,860 |
2018 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,105 |
2018 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 11,203 |
2018 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 228,419 |
2018 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 322,737 |
2018 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 106,431 |
2018 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2018 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 331,676 |
2018 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 260,797 |
2018 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 47,270 |
2018 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 18,222 |
2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,339,435 |
2019 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 277,947 |
2019 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 95,072 |
2019 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 218,995 |
2019 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 387,438 |
2019 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 56,709 |
2019 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 36,709 |
2019 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 130,906 |
2019 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 17,899 |
2019 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 39,286 |
2019 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 78,474 |
2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,963,762 |
2020 | Asbestos | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2020 | Environmental | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2020 | General Casualty | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,077,908 |
2020 | Workers' compensation/personal accident | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 199,864 |
2020 | Marine, aviation and transit | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 19,848 |
2020 | Construction defect | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 |
2020 | Professional indemnity/ Directors & Officers | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 232,934 |
2020 | Motor | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 422,321 |
2020 | Property | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 10,887 |
2020 | All Other | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |
Liabilities for unpaid losses and allocated LAE, net of reinsurance | $ 0 |
Losses and Loss Adjustment E_10
Losses and Loss Adjustment Expenses - Reconciliation Of Net Incurred Losses Prior To Provision For Bad Debt (Details) - Run-off - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | $ 7,587,170 | |
Provision for Bad Debt | 48,441 | |
Total Net Reserves | 7,635,611 | $ 6,707,137 |
Asbestos | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 1,563,706 | |
Provision for Bad Debt | 22,417 | |
Total Net Reserves | 1,586,123 | 1,762,099 |
Environmental | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 261,387 | |
Provision for Bad Debt | 3,661 | |
Total Net Reserves | 265,048 | 316,229 |
General Casualty | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 1,732,445 | |
Provision for Bad Debt | 7,256 | |
Total Net Reserves | 1,739,701 | 820,822 |
Workers' compensation/personal accident | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 1,687,272 | |
Provision for Bad Debt | 1,737 | |
Total Net Reserves | 1,689,009 | 1,714,652 |
Marine, aviation and transit | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 283,868 | |
Provision for Bad Debt | 2,010 | |
Total Net Reserves | 285,878 | 344,746 |
Construction defect | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 106,135 | |
Provision for Bad Debt | 13 | |
Total Net Reserves | 106,148 | 124,133 |
Professional indemnity/ Directors & Officers | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 833,085 | |
Provision for Bad Debt | 597 | |
Total Net Reserves | 833,682 | 656,404 |
Motor | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 732,268 | |
Provision for Bad Debt | 2,405 | |
Total Net Reserves | 734,673 | 483,372 |
Property | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 130,309 | |
Provision for Bad Debt | 1,699 | |
Total Net Reserves | 132,008 | 178,460 |
All Other | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Total Net Reserves per all Acquisition Years | 256,695 | |
Provision for Bad Debt | 6,646 | |
Total Net Reserves | $ 263,341 | $ 306,220 |
Losses and Loss Adjustment E_11
Losses and Loss Adjustment Expenses - Loss Triangles (Details) $ in Thousands | Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) |
Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | $ 7,587,170 | |||||||||
Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,687,272 | |||||||||
Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,732,445 | |||||||||
Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 732,268 | |||||||||
Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 833,085 | |||||||||
Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 130,309 | |||||||||
Legacy Underwriting | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 112,244 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 11,589 | |||||||||
Cumulative Number of Claims | claim | 1,129 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 88,611 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 23,633 | |||||||||
Legacy Underwriting | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 967,951 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 232,433 | |||||||||
Cumulative Number of Claims | claim | 39,628 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 636,797 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 331,154 | |||||||||
Legacy Underwriting | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 974,161 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 132,482 | |||||||||
Cumulative Number of Claims | claim | 54,037 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 722,051 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 252,110 | |||||||||
Legacy Underwriting | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,139,045 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 81,459 | |||||||||
Cumulative Number of Claims | claim | 71,266 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 916,497 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 222,548 | |||||||||
Legacy Underwriting | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 533,320 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 18,240 | |||||||||
Cumulative Number of Claims | claim | 25,624 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 472,980 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 60,340 | |||||||||
Legacy Underwriting | Accident Year - 2010 and Prior | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Legacy Underwriting | Accident Year - 2010 and Prior | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 102,661 | 102,317 | 102,539 | 101,801 | 101,444 | 101,217 | 100,449 | |||
IBNR losses and loss expenses, net of reinsurance | $ 19 | |||||||||
Cumulative Number of Claims | claim | 4,322 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 101,886 | 101,813 | 101,783 | 101,712 | 101,326 | 101,181 | 99,643 | |||
Legacy Underwriting | Accident Year - 2010 and Prior | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 46,828 | 47,213 | 47,175 | 47,287 | 47,194 | 47,336 | 50,395 | |||
IBNR losses and loss expenses, net of reinsurance | $ 62 | |||||||||
Cumulative Number of Claims | claim | 3,037 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 46,709 | 46,682 | 46,563 | 46,470 | 46,464 | 46,360 | 44,212 | |||
Legacy Underwriting | Accident Year - 2010 and Prior | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 190,667 | 189,079 | 188,778 | 187,846 | 187,286 | 188,537 | 190,649 | |||
IBNR losses and loss expenses, net of reinsurance | $ 13 | |||||||||
Cumulative Number of Claims | claim | 4,485 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 188,080 | 187,300 | 187,285 | 187,264 | 187,040 | 186,876 | 183,649 | |||
Legacy Underwriting | Accident Year - 2010 and Prior | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 18,693 | 18,759 | 18,962 | 18,906 | 18,393 | 18,083 | 18,439 | |||
IBNR losses and loss expenses, net of reinsurance | $ 36 | |||||||||
Cumulative Number of Claims | claim | 622 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 18,538 | 18,535 | 18,480 | 18,209 | 17,141 | 16,530 | 15,391 | |||
Legacy Underwriting | Accident Year - 2011 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Legacy Underwriting | Accident Year - 2011 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 28,027 | 27,859 | 27,703 | 19,103 | 19,681 | 18,740 | 16,244 | |||
IBNR losses and loss expenses, net of reinsurance | $ 429 | |||||||||
Cumulative Number of Claims | claim | 2,962 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 27,426 | 27,401 | 27,385 | 18,760 | 18,354 | 15,941 | 12,394 | |||
Legacy Underwriting | Accident Year - 2011 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 28,075 | 27,956 | 28,162 | 27,824 | 27,767 | 28,190 | 29,890 | |||
IBNR losses and loss expenses, net of reinsurance | $ 229 | |||||||||
Cumulative Number of Claims | claim | 1,966 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 27,285 | 27,082 | 27,057 | 26,942 | 26,688 | 25,686 | 24,599 | |||
Legacy Underwriting | Accident Year - 2011 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 90,406 | 90,259 | 89,918 | 90,018 | 90,328 | 90,272 | 91,712 | |||
IBNR losses and loss expenses, net of reinsurance | $ 88 | |||||||||
Cumulative Number of Claims | claim | 1,635 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 90,110 | 89,940 | 89,894 | 89,894 | 89,662 | 89,149 | 87,937 | |||
Legacy Underwriting | Accident Year - 2011 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 58,299 | 58,677 | 59,578 | 58,084 | 57,653 | 57,226 | 58,748 | |||
IBNR losses and loss expenses, net of reinsurance | $ 96 | |||||||||
Cumulative Number of Claims | claim | 2,179 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 57,483 | 57,482 | 56,954 | 56,394 | 55,817 | 55,133 | 53,785 | |||
Legacy Underwriting | Accident Year - 2012 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Legacy Underwriting | Accident Year - 2012 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 37,072 | 36,159 | 33,511 | 28,482 | 30,788 | 33,853 | 39,797 | |||
IBNR losses and loss expenses, net of reinsurance | $ 3,418 | |||||||||
Cumulative Number of Claims | claim | 3,521 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 32,706 | 32,666 | 32,644 | 23,711 | 22,746 | 20,634 | 13,336 | |||
Legacy Underwriting | Accident Year - 2012 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 48,706 | 49,176 | 51,231 | 50,435 | 51,710 | 52,010 | 48,204 | |||
IBNR losses and loss expenses, net of reinsurance | $ 307 | |||||||||
Cumulative Number of Claims | claim | 2,431 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 47,452 | 46,178 | 45,951 | 45,498 | 44,681 | 42,787 | 38,570 | |||
Legacy Underwriting | Accident Year - 2012 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 58,247 | 59,463 | 59,201 | 62,177 | 61,243 | 62,119 | 66,137 | |||
IBNR losses and loss expenses, net of reinsurance | $ 133 | |||||||||
Cumulative Number of Claims | claim | 1,516 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 58,100 | 58,099 | 55,895 | 55,672 | 54,681 | 52,442 | 48,322 | |||
Legacy Underwriting | Accident Year - 2012 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 56,907 | 56,771 | 57,044 | 55,823 | 55,870 | 55,087 | 55,293 | |||
IBNR losses and loss expenses, net of reinsurance | $ 186 | |||||||||
Cumulative Number of Claims | claim | 2,375 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 55,290 | 55,160 | 54,415 | 53,271 | 51,787 | 49,009 | 45,618 | |||
Legacy Underwriting | Accident Year - 2013 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1 | 1 | 1 | 0 | 0 | 0 | 0 | |||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1 | 1 | 1 | 0 | 0 | 0 | 0 | |||
Legacy Underwriting | Accident Year - 2013 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 67,638 | 63,323 | 56,145 | 53,493 | 54,282 | 47,304 | 51,458 | |||
IBNR losses and loss expenses, net of reinsurance | $ 9,044 | |||||||||
Cumulative Number of Claims | claim | 4,821 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 52,333 | 48,898 | 42,123 | 38,866 | 35,799 | 22,131 | 16,373 | |||
Legacy Underwriting | Accident Year - 2013 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 63,323 | 64,399 | 58,209 | 54,790 | 53,783 | 55,981 | 63,442 | |||
IBNR losses and loss expenses, net of reinsurance | $ 926 | |||||||||
Cumulative Number of Claims | claim | 2,202 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 62,037 | 57,539 | 47,698 | 45,575 | 43,027 | 38,880 | 29,436 | |||
Legacy Underwriting | Accident Year - 2013 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 61,383 | 61,114 | 62,711 | 64,521 | 65,394 | 65,608 | 78,501 | |||
IBNR losses and loss expenses, net of reinsurance | $ 152 | |||||||||
Cumulative Number of Claims | claim | 1,955 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 61,060 | 60,916 | 59,756 | 53,548 | 51,431 | 46,556 | 31,000 | |||
Legacy Underwriting | Accident Year - 2013 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 78,673 | 76,774 | 77,222 | 74,733 | 70,255 | 69,976 | 71,930 | |||
IBNR losses and loss expenses, net of reinsurance | $ 297 | |||||||||
Cumulative Number of Claims | claim | 2,538 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 73,923 | 73,309 | 72,573 | 68,574 | 63,226 | 59,639 | 50,725 | |||
Legacy Underwriting | Accident Year - 2014 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 9,372 | 9,666 | 9,867 | 10,180 | 11,889 | 11,179 | 10,145 | |||
IBNR losses and loss expenses, net of reinsurance | $ 500 | |||||||||
Cumulative Number of Claims | claim | 137 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,503 | 8,201 | 7,957 | 7,430 | 6,031 | 3,951 | 969 | |||
Legacy Underwriting | Accident Year - 2014 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 72,097 | 75,513 | 66,585 | 66,559 | 67,461 | 67,141 | 66,094 | |||
IBNR losses and loss expenses, net of reinsurance | $ 10,495 | |||||||||
Cumulative Number of Claims | claim | 4,863 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 51,949 | 49,571 | 46,654 | 36,802 | 27,043 | 16,141 | 4,318 | |||
Legacy Underwriting | Accident Year - 2014 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 49,676 | 51,062 | 51,642 | 56,049 | 49,449 | 54,370 | 50,959 | |||
IBNR losses and loss expenses, net of reinsurance | $ 1,003 | |||||||||
Cumulative Number of Claims | claim | 3,944 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 44,740 | 44,727 | 43,323 | 37,594 | 33,076 | 25,306 | 11,037 | |||
Legacy Underwriting | Accident Year - 2014 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 40,612 | 41,226 | 41,968 | 44,081 | 43,631 | 44,130 | 59,390 | |||
IBNR losses and loss expenses, net of reinsurance | $ 794 | |||||||||
Cumulative Number of Claims | claim | 2,125 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 39,681 | 37,609 | 36,461 | 34,869 | 31,854 | 18,945 | 5,517 | |||
Legacy Underwriting | Accident Year - 2014 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 45,978 | 48,757 | 54,534 | 52,471 | 53,533 | 53,457 | 65,227 | |||
IBNR losses and loss expenses, net of reinsurance | $ 485 | |||||||||
Cumulative Number of Claims | claim | 2,867 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 43,868 | 43,858 | 43,857 | 40,749 | 38,494 | 31,192 | 17,297 | |||
Legacy Underwriting | Accident Year - 2015 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 28,768 | 29,757 | 30,742 | 32,567 | 36,078 | 35,735 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 1,870 | |||||||||
Cumulative Number of Claims | claim | 259 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 25,032 | 24,301 | 22,952 | 19,785 | 13,126 | 4,135 | ||||
Legacy Underwriting | Accident Year - 2015 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 101,191 | 99,425 | 92,904 | 81,685 | 82,050 | 76,470 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 13,037 | |||||||||
Cumulative Number of Claims | claim | 4,323 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 75,875 | 69,948 | 50,598 | 36,971 | 21,503 | 6,439 | ||||
Legacy Underwriting | Accident Year - 2015 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 80,438 | 83,646 | 81,864 | 80,196 | 70,160 | 70,492 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 1,612 | |||||||||
Cumulative Number of Claims | claim | 5,606 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 62,401 | 59,918 | 56,557 | 50,376 | 30,143 | 10,234 | ||||
Legacy Underwriting | Accident Year - 2015 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 69,314 | 68,678 | 67,733 | 67,944 | 73,946 | 75,514 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 1,377 | |||||||||
Cumulative Number of Claims | claim | 11,435 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 62,826 | 62,237 | 61,347 | 52,799 | 25,890 | 8,756 | ||||
Legacy Underwriting | Accident Year - 2015 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 69,879 | 69,612 | 71,624 | 70,903 | 67,846 | 64,550 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 1,070 | |||||||||
Cumulative Number of Claims | claim | 2,962 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 65,630 | 64,811 | 62,522 | 59,342 | 50,844 | 31,417 | ||||
Legacy Underwriting | Accident Year - 2016 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 36,293 | 38,739 | 37,703 | 35,179 | 40,912 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 2,847 | |||||||||
Cumulative Number of Claims | claim | 277 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 29,539 | 27,632 | 22,940 | 15,229 | 5,170 | |||||
Legacy Underwriting | Accident Year - 2016 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 128,139 | 135,670 | 111,020 | 95,726 | 92,406 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 25,293 | |||||||||
Cumulative Number of Claims | claim | 3,825 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 92,223 | 76,175 | 59,074 | 32,864 | 4,206 | |||||
Legacy Underwriting | Accident Year - 2016 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 89,309 | 88,023 | 88,459 | 83,187 | 80,830 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 4,150 | |||||||||
Cumulative Number of Claims | claim | 6,658 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 76,534 | 73,778 | 58,438 | 41,875 | 11,669 | |||||
Legacy Underwriting | Accident Year - 2016 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 94,450 | 91,956 | 92,038 | 91,680 | 83,622 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 1,361 | |||||||||
Cumulative Number of Claims | claim | 14,167 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 83,577 | 81,904 | 72,244 | 54,188 | 23,803 | |||||
Legacy Underwriting | Accident Year - 2016 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 42,954 | 43,991 | 46,832 | 43,371 | 35,923 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 1,463 | |||||||||
Cumulative Number of Claims | claim | 2,925 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 37,933 | 37,909 | 35,884 | 30,516 | 11,001 | |||||
Legacy Underwriting | Accident Year - 2017 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 23,320 | 22,900 | 29,931 | 28,188 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,888 | |||||||||
Cumulative Number of Claims | claim | 295 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 16,520 | 14,600 | 10,436 | 3,560 | ||||||
Legacy Underwriting | Accident Year - 2017 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 166,472 | 161,288 | 135,743 | 100,585 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 34,822 | |||||||||
Cumulative Number of Claims | claim | 3,899 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 114,062 | 87,902 | 41,896 | 7,712 | ||||||
Legacy Underwriting | Accident Year - 2017 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 162,629 | 166,304 | 158,450 | 125,976 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 7,959 | |||||||||
Cumulative Number of Claims | claim | 8,352 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 125,335 | 107,787 | 68,233 | 23,986 | ||||||
Legacy Underwriting | Accident Year - 2017 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 171,673 | 181,855 | 169,673 | 152,172 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,429 | |||||||||
Cumulative Number of Claims | claim | 14,553 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 146,340 | 137,569 | 96,151 | 34,961 | ||||||
Legacy Underwriting | Accident Year - 2017 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 52,590 | 54,980 | 33,623 | 28,816 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,193 | |||||||||
Cumulative Number of Claims | claim | 3,381 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 46,134 | 44,582 | 26,857 | 9,000 | ||||||
Legacy Underwriting | Accident Year - 2018 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 14,490 | 14,814 | 15,100 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,484 | |||||||||
Cumulative Number of Claims | claim | 161 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,016 | 6,431 | 2,574 | |||||||
Legacy Underwriting | Accident Year - 2018 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 106,014 | 101,381 | 87,781 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 39,329 | |||||||||
Cumulative Number of Claims | claim | 2,929 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 54,000 | 34,762 | 18,747 | |||||||
Legacy Underwriting | Accident Year - 2018 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 161,831 | 164,042 | 164,461 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 16,444 | |||||||||
Cumulative Number of Claims | claim | 10,123 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 129,632 | 103,930 | 40,698 | |||||||
Legacy Underwriting | Accident Year - 2018 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 174,137 | 172,640 | 161,507 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 11,123 | |||||||||
Cumulative Number of Claims | claim | 11,891 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 126,763 | 93,275 | 60,944 | |||||||
Legacy Underwriting | Accident Year - 2018 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 54,831 | 54,969 | 58,573 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,491 | |||||||||
Cumulative Number of Claims | claim | 3,390 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 43,284 | 39,531 | 24,979 | |||||||
Legacy Underwriting | Accident Year - 2019 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
Legacy Underwriting | Accident Year - 2019 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 59,902 | 42,595 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 23,758 | |||||||||
Cumulative Number of Claims | claim | 2,581 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 26,235 | 4,721 | ||||||||
Legacy Underwriting | Accident Year - 2019 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 158,919 | 152,423 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 39,463 | |||||||||
Cumulative Number of Claims | claim | 7,015 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 84,414 | 33,196 | ||||||||
Legacy Underwriting | Accident Year - 2019 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 117,009 | 116,634 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 22,609 | |||||||||
Cumulative Number of Claims | claim | 6,166 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 52,637 | 19,461 | ||||||||
Legacy Underwriting | Accident Year - 2019 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 45,784 | 45,401 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,148 | |||||||||
Cumulative Number of Claims | claim | 2,028 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 30,210 | 23,294 | ||||||||
Legacy Underwriting | Accident Year - 2020 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
Legacy Underwriting | Accident Year - 2020 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 98,738 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 72,789 | |||||||||
Cumulative Number of Claims | claim | 1,582 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,102 | |||||||||
Legacy Underwriting | Accident Year - 2020 | Marine | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 84,427 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 60,327 | |||||||||
Cumulative Number of Claims | claim | 2,703 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15,512 | |||||||||
Legacy Underwriting | Accident Year - 2020 | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 71,147 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 39,380 | |||||||||
Cumulative Number of Claims | claim | 1,338 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 7,323 | |||||||||
Legacy Underwriting | Accident Year - 2020 | Aerospace | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 8,732 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,775 | |||||||||
Cumulative Number of Claims | claim | 357 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 687 | |||||||||
2011 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 597,263 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 229,564 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 17,506 | |||||||||
Cumulative Number of Claims | claim | 112,901 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 77,118 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 152,446 | |||||||||
2011 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 125,649 | |||||||||
2011 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 13,270 | |||||||||
2011 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 201 | |||||||||
2011 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 9,564 | |||||||||
2011 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 161 | |||||||||
2011 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 597,263 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 229,458 | 240,808 | 261,234 | 274,136 | 319,423 | 375,227 | 426,777 | $ 489,877 | $ 589,004 | $ 621,819 |
IBNR losses and loss expenses, net of reinsurance | $ 17,493 | |||||||||
Cumulative Number of Claims | claim | 112,837 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 77,051 | 56,741 | 31,108 | 19,697 | 27,563 | 19,370 | 24,238 | 90,711 | 98,969 | 58,934 |
2011 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 100 | 93 | 86 | 79 | 71 | 61 | 54 | 45 | 36 | 102 |
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 19 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 100 | 93 | 86 | 79 | 71 | 61 | 54 | 46 | 36 | $ 27 |
2011 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 17 | 17 | 18 | 17 | 10 | 10 | 10 | 11 | 122 | |
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 7 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 17 | 17 | 17 | 17 | 10 | 10 | 10 | 10 | 6 | |
2011 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 15 | 15 | 15 | 15 | 15 | 15 | 43 | 23 | ||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 16 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15 | 15 | 15 | 15 | 15 | 15 | 11 | 6 | ||
2011 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 14 | 15 | 18 | 3 | 3 | 3 | 1 | |||
IBNR losses and loss expenses, net of reinsurance | $ 2 | |||||||||
Cumulative Number of Claims | claim | 14 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 7 | 7 | 4 | 3 | 3 | 3 | 1 | |||
2011 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 19 | 24 | 32 | (2) | (2) | 0 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 18 | 11 | 2 | (2) | (2) | (1) | ||||
2011 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | (88) | (99) | (111) | (139) | 2 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 7 | |||||||||
Cumulative Number of Claims | claim | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ (105) | (114) | (125) | (153) | 2 | |||||
2011 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 17 | 15 | 21 | 0 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 10 | 6 | 3 | 0 | ||||||
2011 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 8 | 8 | 7 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5 | 4 | 1 | |||||||
2011 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2011 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2012 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 327,044 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 256,388 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 10,942 | |||||||||
Cumulative Number of Claims | claim | 47,815 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 213,215 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 43,173 | |||||||||
2012 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2012 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 9,983 | |||||||||
2012 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 276 | |||||||||
2012 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 23,210 | |||||||||
2012 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 7,008 | |||||||||
2012 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 326,229 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 252,318 | 263,472 | 269,004 | 277,778 | 286,660 | 297,081 | 312,510 | 321,295 | 328,419 | |
IBNR losses and loss expenses, net of reinsurance | $ 10,889 | |||||||||
Cumulative Number of Claims | claim | 47,773 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 209,656 | 204,482 | 194,011 | 180,270 | 169,781 | 144,553 | 112,966 | 70,440 | 3,194 | |
2012 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,487 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,032 | 1,032 | 1,032 | 1,049 | 1,072 | 1,095 | 1,182 | 1,336 | 1,466 | |
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 5 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,032 | 1,032 | 1,032 | 990 | 928 | 866 | 742 | 496 | 120 | |
2012 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 55 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 167 | 167 | 167 | 397 | 406 | 344 | 363 | 49 | 81 | |
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 6 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 167 | 167 | 167 | 167 | 167 | 52 | 49 | 49 | $ 31 | |
2012 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 136 | 136 | 136 | 421 | 433 | 427 | 119 | 946 | ||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 5 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 136 | 136 | 136 | 136 | 136 | 136 | 119 | 109 | ||
2012 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | (60) | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,068 | 1,146 | 1,195 | 1,300 | 1,552 | 3,108 | 2,991 | |||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 7 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,053 | 989 | 864 | 675 | 459 | 224 | 67 | |||
2012 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 739 | 739 | 739 | 739 | 1,517 | 729 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 5 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 739 | 739 | 739 | 739 | 117 | 112 | ||||
2012 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | (485) | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 445 | 1,059 | 1,113 | 1,266 | 67 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 37 | |||||||||
Cumulative Number of Claims | claim | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 98 | 98 | 98 | 56 | 3 | |||||
2012 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 100 | 100 | 167 | 75 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 4 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 100 | 100 | 43 | 13 | ||||||
2012 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | (59) | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 74 | 154 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 4 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 34 | 30 | 0 | |||||||
2012 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | (123) | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 145 | 274 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 11 | |||||||||
Cumulative Number of Claims | claim | 4 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 36 | 18 | ||||||||
2012 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 164 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 3 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 164 | |||||||||
2013 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 562,084 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 597,533 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 22,059 | |||||||||
Cumulative Number of Claims | claim | 83,886 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 520,791 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 76,742 | |||||||||
2013 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 48,207 | |||||||||
2013 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 16,696 | |||||||||
2013 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2013 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2013 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2013 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 320,974 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 314,497 | 313,347 | 326,851 | 340,248 | 356,522 | 361,812 | 354,585 | 349,297 | ||
IBNR losses and loss expenses, net of reinsurance | $ 16,353 | |||||||||
Cumulative Number of Claims | claim | 56,441 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 258,436 | 249,023 | 243,755 | 229,942 | 222,891 | 186,762 | 134,409 | 74,418 | ||
2013 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 96,929 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 81,616 | 85,919 | 86,403 | 87,913 | 95,848 | 100,243 | 100,482 | 102,288 | ||
IBNR losses and loss expenses, net of reinsurance | $ 2,700 | |||||||||
Cumulative Number of Claims | claim | 11,185 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 73,282 | 79,112 | 77,290 | 75,055 | 70,498 | 63,952 | 52,455 | 30,323 | ||
2013 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 131,119 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 105,564 | 108,025 | 107,853 | 110,045 | 114,772 | 118,085 | 121,364 | 127,323 | ||
IBNR losses and loss expenses, net of reinsurance | $ 1,831 | |||||||||
Cumulative Number of Claims | claim | 10,423 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 98,096 | 99,781 | 96,780 | 92,445 | 86,916 | 74,663 | 59,095 | 33,361 | ||
2013 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 13,062 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 79,174 | 80,091 | 80,036 | 81,732 | 85,791 | 88,920 | 91,634 | 90,739 | ||
IBNR losses and loss expenses, net of reinsurance | $ 1,073 | |||||||||
Cumulative Number of Claims | claim | 5,656 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 74,472 | 74,556 | 71,487 | 68,866 | 62,876 | 52,638 | 37,653 | $ 17,022 | ||
2013 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 16,269 | 16,304 | 16,225 | 16,800 | 3,425 | 3,714 | 4,514 | |||
IBNR losses and loss expenses, net of reinsurance | $ 55 | |||||||||
Cumulative Number of Claims | claim | 174 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 16,164 | 16,123 | 15,959 | 15,804 | 2,256 | 1,747 | 993 | |||
2013 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 237 | 250 | 329 | 982 | 280 | 265 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 42 | |||||||||
Cumulative Number of Claims | claim | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 191 | 190 | 165 | 112 | 102 | 43 | ||||
2013 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 69 | 69 | 70 | 71 | 103 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 67 | 66 | 65 | 64 | 34 | |||||
2013 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 13 | 13 | 13 | 30 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 13 | 13 | 13 | 9 | ||||||
2013 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 18 | 17 | 22 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 18 | 17 | 13 | |||||||
2013 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 15 | 13 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15 | 8 | ||||||||
2013 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 61 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 4 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 37 | |||||||||
2014 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 445,106 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 565,232 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 37,800 | |||||||||
Cumulative Number of Claims | claim | 29,220 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 472,782 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 92,450 | |||||||||
2014 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2014 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 31,610 | |||||||||
2014 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,465 | |||||||||
2014 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 20,942 | |||||||||
2014 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 18,165 | |||||||||
2014 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 142,341 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 144,874 | 145,889 | 141,058 | 142,256 | 155,274 | 123,973 | 133,678 | |||
IBNR losses and loss expenses, net of reinsurance | $ 6,454 | |||||||||
Cumulative Number of Claims | claim | 12,014 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 127,622 | 121,847 | 120,309 | 118,857 | 103,197 | 82,699 | 36,509 | |||
2014 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 74,248 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 135,181 | 139,997 | 137,806 | 136,257 | 134,137 | 154,394 | 129,149 | |||
IBNR losses and loss expenses, net of reinsurance | $ 10,057 | |||||||||
Cumulative Number of Claims | claim | 6,228 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 123,364 | 123,335 | 120,155 | 113,701 | 110,575 | 109,675 | 84,031 | |||
2014 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 141,597 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 160,769 | 162,740 | 165,821 | 179,745 | 187,062 | 178,577 | 147,347 | |||
IBNR losses and loss expenses, net of reinsurance | $ 10,449 | |||||||||
Cumulative Number of Claims | claim | 6,393 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 133,026 | 133,900 | 130,105 | 130,001 | 120,910 | 90,307 | 47,495 | |||
2014 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 86,920 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 90,951 | 88,391 | 90,387 | 88,189 | 83,564 | 95,125 | 76,313 | |||
IBNR losses and loss expenses, net of reinsurance | $ 8,947 | |||||||||
Cumulative Number of Claims | claim | 3,173 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 66,225 | 65,625 | 65,073 | 56,941 | 48,223 | 40,817 | 21,752 | |||
2014 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 7,098 | 6,954 | 6,590 | 7,438 | 14,506 | 9,554 | 13,802 | |||
IBNR losses and loss expenses, net of reinsurance | $ 1,708 | |||||||||
Cumulative Number of Claims | claim | 1,112 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 6,654 | 6,660 | 6,147 | 3,989 | 3,293 | 2,504 | $ 1,462 | |||
2014 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 17,090 | 17,206 | 18,929 | 20,741 | 15,553 | 33,549 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 72 | |||||||||
Cumulative Number of Claims | claim | 183 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 13,473 | 13,417 | 13,371 | 11,566 | 4,308 | 1,741 | ||||
2014 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 724 | 771 | 4,594 | 1,108 | 330 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 89 | |||||||||
Cumulative Number of Claims | claim | 45 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 559 | 561 | 558 | 556 | 20 | |||||
2014 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 8,463 | 8,200 | 3,893 | 5,078 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 24 | |||||||||
Cumulative Number of Claims | claim | 37 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,778 | 1,238 | 1,541 | 537 | ||||||
2014 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 82 | 5 | 6 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 19 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 81 | 5 | 5 | |||||||
2014 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 10 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2014 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 6 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2015 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,705,544 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,255,339 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 117,405 | |||||||||
Cumulative Number of Claims | claim | 65,779 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 871,122 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 384,217 | |||||||||
2015 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,382,732 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 804,591 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 56,533 | |||||||||
Cumulative Number of Claims | claim | 20,677 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 516,938 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 287,653 | |||||||||
2015 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 34,704 | |||||||||
2015 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 13,147 | |||||||||
2015 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2015 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,880 | |||||||||
2015 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,003,949 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 505,379 | 521,598 | 564,502 | 594,466 | 640,324 | 933,328 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 49,461 | |||||||||
Cumulative Number of Claims | claim | 13,557 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 220,984 | 195,205 | 166,983 | 134,737 | 83,350 | 32,819 | ||||
2015 | Run-off | Accident Year - 2010 and Prior | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 953,178 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 434,422 | 449,380 | 490,534 | 518,764 | 569,692 | 868,509 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 40,504 | |||||||||
Cumulative Number of Claims | claim | 8,605 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 177,205 | 155,329 | 132,025 | 107,906 | 65,008 | 20,630 | ||||
2015 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 124,727 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 126,764 | 128,672 | 128,155 | 129,657 | 131,303 | 137,429 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 14,306 | |||||||||
Cumulative Number of Claims | claim | 5,587 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 105,178 | 98,000 | 86,397 | 71,023 | 55,115 | 33,827 | ||||
2015 | Run-off | Accident Year - 2011 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 76,789 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 65,825 | 67,741 | 66,781 | 68,013 | 69,009 | 73,723 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 3,685 | |||||||||
Cumulative Number of Claims | claim | 1,241 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 58,420 | 55,595 | 50,470 | 39,635 | 30,462 | 16,032 | ||||
2015 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 179,136 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 192,426 | 193,553 | 194,277 | 201,017 | 197,895 | 187,488 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 18,110 | |||||||||
Cumulative Number of Claims | claim | 4,885 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 168,213 | 158,620 | 142,358 | 119,520 | 94,831 | 52,728 | ||||
2015 | Run-off | Accident Year - 2012 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 120,298 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 98,733 | 99,212 | 100,187 | 106,625 | 108,251 | 110,007 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 4,613 | |||||||||
Cumulative Number of Claims | claim | 1,809 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 91,332 | 88,369 | 79,367 | 66,092 | 52,851 | 25,103 | ||||
2015 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 229,590 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 184,590 | 185,101 | 189,737 | 199,983 | 196,582 | 189,838 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 13,855 | |||||||||
Cumulative Number of Claims | claim | 4,699 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 164,215 | 159,767 | 145,788 | 120,509 | 89,930 | 46,761 | ||||
2015 | Run-off | Accident Year - 2013 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 146,237 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 113,414 | 112,677 | 113,056 | 121,010 | 122,238 | 124,726 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 5,595 | |||||||||
Cumulative Number of Claims | claim | 2,386 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 104,265 | 100,890 | 91,559 | 75,065 | 55,675 | 27,737 | ||||
2015 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 144,392 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 147,567 | 152,478 | 137,541 | 142,937 | 137,668 | 143,193 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 7,413 | |||||||||
Cumulative Number of Claims | claim | 7,783 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 133,094 | 125,619 | 109,451 | 91,016 | 64,475 | 30,747 | ||||
2015 | Run-off | Accident Year - 2014 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 82,141 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 80,307 | 78,948 | 78,389 | 83,095 | 82,038 | 86,852 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 1,513 | |||||||||
Cumulative Number of Claims | claim | 3,686 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 75,781 | 72,696 | 65,561 | 53,308 | 38,051 | 17,824 | ||||
2015 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 23,750 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 73,256 | 69,465 | 64,974 | 66,152 | 69,322 | 70,276 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 6,959 | |||||||||
Cumulative Number of Claims | claim | 10,997 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 63,181 | 59,963 | 51,994 | 46,668 | 38,709 | 20,653 | ||||
2015 | Run-off | Accident Year - 2015 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 4,089 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 11,337 | 11,309 | 12,295 | 13,488 | 12,623 | 18,647 | ||||
IBNR losses and loss expenses, net of reinsurance | $ 557 | |||||||||
Cumulative Number of Claims | claim | 2,900 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,461 | 9,248 | 9,169 | 7,917 | 5,672 | $ 3,034 | ||||
2015 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 12,868 | 14,576 | 13,440 | 13,141 | 14,872 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 2,178 | |||||||||
Cumulative Number of Claims | claim | 14,283 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 10,321 | 9,861 | 8,687 | 7,371 | 5,603 | |||||
2015 | Run-off | Accident Year - 2016 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 514 | 536 | 583 | 955 | 873 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 52 | |||||||||
Cumulative Number of Claims | claim | 38 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 452 | 447 | 417 | 363 | 134 | |||||
2015 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,860 | 5,277 | 4,527 | 4,095 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 345 | |||||||||
Cumulative Number of Claims | claim | 3,534 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,047 | 4,767 | 3,925 | 2,321 | ||||||
2015 | Run-off | Accident Year - 2017 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 33 | 41 | 61 | 358 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 13 | |||||||||
Cumulative Number of Claims | claim | 10 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 19 | 18 | 10 | 2 | ||||||
2015 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,805 | 1,889 | 3,055 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 985 | |||||||||
Cumulative Number of Claims | claim | 400 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 820 | 862 | 567 | |||||||
2015 | Run-off | Accident Year - 2018 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 3 | 5 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 2 | 1 | 0 | |||||||
2015 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,873 | 1,838 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1,831 | |||||||||
Cumulative Number of Claims | claim | 51 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 65 | 45 | ||||||||
2015 | Run-off | Accident Year - 2019 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 3 | 1 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1 | 0 | ||||||||
2015 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,951 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1,962 | |||||||||
Cumulative Number of Claims | claim | 3 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 4 | |||||||||
2015 | Run-off | Accident Year - 2020 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2016 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,336,710 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,394,730 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 310,050 | |||||||||
Cumulative Number of Claims | claim | 26,303 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 559,341 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 835,389 | |||||||||
2016 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 465,907 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 394,837 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 21,409 | |||||||||
Cumulative Number of Claims | claim | 10,533 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 175,680 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 219,157 | |||||||||
2016 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,727 | |||||||||
2016 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2016 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 76,314 | |||||||||
2016 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 465 | |||||||||
2016 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,304,938 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,361,353 | 1,322,161 | 1,321,289 | 1,346,575 | 1,316,544 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 305,042 | |||||||||
Cumulative Number of Claims | claim | 24,449 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 536,987 | 445,770 | 331,218 | 222,703 | 101,098 | |||||
2016 | Run-off | Accident Year - 2010 and Prior | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 437,457 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 367,109 | 382,446 | 391,476 | 403,319 | 437,805 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 19,015 | |||||||||
Cumulative Number of Claims | claim | 9,452 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 155,433 | 127,081 | 90,599 | 65,264 | 35,518 | |||||
2016 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 17,291 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 18,609 | 18,829 | 19,754 | 19,920 | 17,291 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 2,266 | |||||||||
Cumulative Number of Claims | claim | 861 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 13,098 | 9,691 | 8,218 | 6,647 | 2,758 | |||||
2016 | Run-off | Accident Year - 2011 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 15,376 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 16,472 | 16,327 | 16,501 | 16,399 | 15,376 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 1,374 | |||||||||
Cumulative Number of Claims | claim | 469 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 12,130 | 8,756 | 7,305 | 5,871 | 2,631 | |||||
2016 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 13,717 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 13,037 | 12,717 | 14,765 | 17,020 | 13,717 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 1,829 | |||||||||
Cumulative Number of Claims | claim | 809 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,492 | 7,587 | 6,461 | 5,206 | 2,734 | |||||
2016 | Run-off | Accident Year - 2012 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 13,074 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 11,256 | 11,379 | 13,276 | 15,465 | 13,074 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 1,020 | |||||||||
Cumulative Number of Claims | claim | 612 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,117 | 7,382 | 6,247 | 5,028 | 2,638 | |||||
2016 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 373 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 914 | 1,120 | 1,237 | 1,312 | 373 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 603 | |||||||||
Cumulative Number of Claims | claim | 127 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 301 | 285 | 278 | 191 | 145 | |||||
2016 | Run-off | Accident Year - 2013 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | |||||
2016 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 391 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 817 | 869 | 1,056 | 1,380 | 391 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 310 | |||||||||
Cumulative Number of Claims | claim | 57 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 463 | 366 | 284 | 207 | 178 | |||||
2016 | Run-off | Accident Year - 2014 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | |||||
2016 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | |||||
2016 | Run-off | Accident Year - 2015 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | |||||
2016 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | |||||
2016 | Run-off | Accident Year - 2016 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | |||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | $ 0 | |||||
2016 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | ||||||
2016 | Run-off | Accident Year - 2017 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | ||||||
2016 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | |||||||
2016 | Run-off | Accident Year - 2018 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | |||||||
2016 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2016 | Run-off | Accident Year - 2019 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2016 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2016 | Run-off | Accident Year - 2020 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2017 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,669,704 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,457,941 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 763,550 | |||||||||
Cumulative Number of Claims | claim | 31,627 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 415,687 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,042,254 | |||||||||
2017 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 53,659 | |||||||||
2017 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 44,551 | |||||||||
2017 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 3,710 | |||||||||
2017 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 0 | |||||||||
2017 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | (114) | |||||||||
2017 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,507,609 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,349,226 | 1,364,113 | 1,351,451 | 1,433,301 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 749,197 | |||||||||
Cumulative Number of Claims | claim | 31,566 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 334,586 | 257,071 | 175,630 | 85,514 | ||||||
2017 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 40,743 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 26,942 | 27,316 | 25,389 | 29,274 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,834 | |||||||||
Cumulative Number of Claims | claim | 8 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15,407 | 12,971 | 9,257 | 4,125 | ||||||
2017 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 43,653 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 28,485 | 29,456 | 31,238 | 35,470 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,744 | |||||||||
Cumulative Number of Claims | claim | 10 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 21,076 | 18,605 | 15,372 | 10,348 | ||||||
2017 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 35,671 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 29,829 | 24,707 | 28,139 | 30,338 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 1,860 | |||||||||
Cumulative Number of Claims | claim | 11 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 25,832 | 21,280 | 15,714 | 9,509 | ||||||
2017 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 32,858 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 16,342 | 15,996 | 16,984 | 20,315 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,287 | |||||||||
Cumulative Number of Claims | claim | 20 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 12,668 | 11,559 | 8,986 | 6,482 | ||||||
2017 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 8,808 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,043 | 6,295 | 7,002 | 6,494 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 234 | |||||||||
Cumulative Number of Claims | claim | 8 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,582 | 4,687 | 3,720 | 1,361 | ||||||
2017 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 362 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,074 | 919 | 126 | (4) | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 394 | |||||||||
Cumulative Number of Claims | claim | 3 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 536 | 434 | 66 | (56) | ||||||
2017 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | 174 | ||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | $ 4 | ||||||
2017 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | |||||||
2017 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2017 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2018 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 2,812,443 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,669,540 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 387,647 | |||||||||
Cumulative Number of Claims | claim | 325,135 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,341,680 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,327,860 | |||||||||
2018 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 494,569 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 471,501 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 165,997 | |||||||||
Cumulative Number of Claims | claim | 9,804 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 148,764 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 322,737 | |||||||||
2018 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 480,523 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 463,978 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 69,218 | |||||||||
Cumulative Number of Claims | claim | 59,087 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 235,559 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 228,419 | |||||||||
2018 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 862,420 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 794,204 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 89,741 | |||||||||
Cumulative Number of Claims | claim | 16,116 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 533,407 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 260,797 | |||||||||
2018 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 535,984 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 546,375 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 41,085 | |||||||||
Cumulative Number of Claims | claim | 74,587 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 214,699 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 331,676 | |||||||||
2018 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 47,270 | |||||||||
2018 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 662,009 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 409,505 | 476,164 | 497,101 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 50,970 | |||||||||
Cumulative Number of Claims | claim | 223,572 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 81,554 | 86,132 | 50,515 | |||||||
2018 | Run-off | Accident Year - 2010 and Prior | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 131,873 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 131,775 | 129,280 | 122,831 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 39,843 | |||||||||
Cumulative Number of Claims | claim | 2,098 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 21,726 | 11,788 | 604 | |||||||
2018 | Run-off | Accident Year - 2010 and Prior | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 130,049 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 67,933 | 70,937 | 74,102 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,827 | |||||||||
Cumulative Number of Claims | claim | 47,893 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 29,840 | 18,817 | 9,164 | |||||||
2018 | Run-off | Accident Year - 2010 and Prior | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 43,818 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 33,230 | 30,036 | 31,489 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,599 | |||||||||
Cumulative Number of Claims | claim | 1,323 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 16,655 | 13,722 | 7,460 | |||||||
2018 | Run-off | Accident Year - 2010 and Prior | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 236,568 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 143,585 | 147,383 | 137,394 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ (3,639) | |||||||||
Cumulative Number of Claims | claim | 56,674 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 28,528 | 54,157 | 29,359 | |||||||
2018 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 164,556 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 147,796 | 150,388 | 150,408 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 16,240 | |||||||||
Cumulative Number of Claims | claim | 14,072 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 65,522 | 53,151 | 26,236 | |||||||
2018 | Run-off | Accident Year - 2011 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 29,897 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 27,203 | 29,981 | 28,685 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 9,067 | |||||||||
Cumulative Number of Claims | claim | 401 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,418 | 5,592 | 2,281 | |||||||
2018 | Run-off | Accident Year - 2011 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 18,044 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 15,855 | 16,650 | 16,554 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 151 | |||||||||
Cumulative Number of Claims | claim | 1,421 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 11,018 | 7,115 | 2,349 | |||||||
2018 | Run-off | Accident Year - 2011 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 48,231 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 36,301 | 37,707 | 38,092 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,031 | |||||||||
Cumulative Number of Claims | claim | 1,239 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15,464 | 12,980 | 6,060 | |||||||
2018 | Run-off | Accident Year - 2011 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 46,512 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 51,600 | 48,884 | 52,553 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,185 | |||||||||
Cumulative Number of Claims | claim | 3,762 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 22,250 | 20,017 | 13,123 | |||||||
2018 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 232,116 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 225,528 | 224,959 | 224,955 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 29,903 | |||||||||
Cumulative Number of Claims | claim | 14,382 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 106,297 | 81,356 | 31,772 | |||||||
2018 | Run-off | Accident Year - 2012 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 28,749 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 26,833 | 27,676 | 29,181 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 10,597 | |||||||||
Cumulative Number of Claims | claim | 468 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 7,941 | 5,508 | 516 | |||||||
2018 | Run-off | Accident Year - 2012 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 37,454 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 29,760 | 29,123 | 33,433 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,270 | |||||||||
Cumulative Number of Claims | claim | 1,593 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 14,383 | 11,453 | 1,281 | |||||||
2018 | Run-off | Accident Year - 2012 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 65,427 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 59,276 | 63,786 | 58,006 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,862 | |||||||||
Cumulative Number of Claims | claim | 1,641 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 31,136 | 24,433 | 12,380 | |||||||
2018 | Run-off | Accident Year - 2012 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 57,937 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 74,884 | 69,641 | 70,636 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,399 | |||||||||
Cumulative Number of Claims | claim | 3,285 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 33,794 | 23,237 | 16,382 | |||||||
2018 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 272,732 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 250,013 | 268,237 | 274,377 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 35,175 | |||||||||
Cumulative Number of Claims | claim | 16,126 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 133,398 | 96,968 | 41,544 | |||||||
2018 | Run-off | Accident Year - 2013 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 38,029 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 35,212 | 38,093 | 38,554 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 13,243 | |||||||||
Cumulative Number of Claims | claim | 869 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 12,280 | 7,773 | 1,525 | |||||||
2018 | Run-off | Accident Year - 2013 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 43,301 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 46,999 | 46,596 | 56,092 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,352 | |||||||||
Cumulative Number of Claims | claim | 1,596 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 27,717 | 19,938 | 10,404 | |||||||
2018 | Run-off | Accident Year - 2013 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 78,456 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 55,345 | 65,012 | 71,276 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,744 | |||||||||
Cumulative Number of Claims | claim | 683 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 35,186 | 29,311 | 11,114 | |||||||
2018 | Run-off | Accident Year - 2013 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 59,457 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 76,291 | 78,933 | 63,284 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 10,543 | |||||||||
Cumulative Number of Claims | claim | 3,257 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 34,269 | 21,919 | 10,987 | |||||||
2018 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 419,593 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 415,829 | 439,396 | 462,858 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 38,688 | |||||||||
Cumulative Number of Claims | claim | 19,463 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 235,787 | 188,721 | 90,689 | |||||||
2018 | Run-off | Accident Year - 2014 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 65,049 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 52,797 | 57,163 | 66,346 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 17,605 | |||||||||
Cumulative Number of Claims | claim | 1,345 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 21,380 | 14,687 | 3,260 | |||||||
2018 | Run-off | Accident Year - 2014 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 66,562 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 68,535 | 74,947 | 80,896 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,802 | |||||||||
Cumulative Number of Claims | claim | 2,291 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 41,899 | 27,833 | 13,766 | |||||||
2018 | Run-off | Accident Year - 2014 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 116,677 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 84,459 | 90,902 | 103,761 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,243 | |||||||||
Cumulative Number of Claims | claim | 1,260 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 60,254 | 49,089 | 22,393 | |||||||
2018 | Run-off | Accident Year - 2014 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 88,173 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 114,621 | 107,411 | 111,193 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 11,523 | |||||||||
Cumulative Number of Claims | claim | 3,619 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 61,024 | 39,601 | 22,734 | |||||||
2018 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 365,429 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 496,187 | 480,093 | 483,489 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 62,476 | |||||||||
Cumulative Number of Claims | claim | 24,768 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 269,559 | 199,373 | 95,688 | |||||||
2018 | Run-off | Accident Year - 2015 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 38,851 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 33,253 | 35,235 | 39,379 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 13,026 | |||||||||
Cumulative Number of Claims | claim | 1,464 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,844 | 4,355 | 1,403 | |||||||
2018 | Run-off | Accident Year - 2015 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 79,191 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 109,694 | 104,790 | 94,124 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 14,188 | |||||||||
Cumulative Number of Claims | claim | 3,594 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 49,860 | 31,535 | 15,494 | |||||||
2018 | Run-off | Accident Year - 2015 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 135,855 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 132,165 | 132,167 | 133,493 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 15,246 | |||||||||
Cumulative Number of Claims | claim | 1,510 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 84,976 | 61,928 | 21,712 | |||||||
2018 | Run-off | Accident Year - 2015 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 47,337 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 85,394 | 81,272 | 100,975 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 15,074 | |||||||||
Cumulative Number of Claims | claim | 3,990 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 34,834 | 26,595 | 14,245 | |||||||
2018 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 173,309 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 169,872 | 178,061 | 175,428 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 36,090 | |||||||||
Cumulative Number of Claims | claim | 2,026 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 93,705 | 63,982 | 6,854 | |||||||
2018 | Run-off | Accident Year - 2016 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 44,686 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 37,714 | 38,945 | 44,686 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 15,857 | |||||||||
Cumulative Number of Claims | claim | 892 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 7,176 | 3,666 | 0 | |||||||
2018 | Run-off | Accident Year - 2016 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 28,825 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 36,684 | 36,585 | 28,825 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 10,075 | |||||||||
Cumulative Number of Claims | claim | 253 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 18,916 | 14,109 | 0 | |||||||
2018 | Run-off | Accident Year - 2016 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 93,164 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 91,600 | 97,040 | 95,283 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 9,824 | |||||||||
Cumulative Number of Claims | claim | 732 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 65,287 | 43,851 | 6,854 | |||||||
2018 | Run-off | Accident Year - 2016 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | |||||||
2018 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 207,040 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 204,490 | 205,466 | 207,190 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 55,056 | |||||||||
Cumulative Number of Claims | claim | 4,163 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 113,770 | 72,800 | 56 | |||||||
2018 | Run-off | Accident Year - 2017 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 52,360 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 45,529 | 49,156 | 52,360 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 23,004 | |||||||||
Cumulative Number of Claims | claim | 998 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,088 | 5,900 | 0 | |||||||
2018 | Run-off | Accident Year - 2017 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 37,209 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 43,174 | 41,664 | 37,209 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 14,554 | |||||||||
Cumulative Number of Claims | claim | 230 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 21,130 | 11,048 | 0 | |||||||
2018 | Run-off | Accident Year - 2017 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 100,321 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 102,038 | 99,135 | 100,471 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 16,628 | |||||||||
Cumulative Number of Claims | claim | 2,797 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 73,440 | 48,661 | 56 | |||||||
2018 | Run-off | Accident Year - 2017 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | |||||||
2018 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 315,659 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 282,279 | 285,038 | 315,659 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 53,287 | |||||||||
Cumulative Number of Claims | claim | 4,929 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 191,442 | 139,815 | 0 | |||||||
2018 | Run-off | Accident Year - 2018 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 65,075 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 59,768 | 60,923 | 65,075 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 19,310 | |||||||||
Cumulative Number of Claims | claim | 886 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 34,317 | 28,725 | 0 | |||||||
2018 | Run-off | Accident Year - 2018 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 39,888 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 39,157 | 40,753 | 39,888 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 11,605 | |||||||||
Cumulative Number of Claims | claim | 182 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 17,455 | 8,879 | 0 | |||||||
2018 | Run-off | Accident Year - 2018 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 180,471 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 160,143 | 157,556 | 180,471 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 21,609 | |||||||||
Cumulative Number of Claims | claim | 3,731 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 120,041 | 86,861 | 0 | |||||||
2018 | Run-off | Accident Year - 2018 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | $ 0 | |||||||
2018 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 68,041 | 68,271 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 9,762 | |||||||||
Cumulative Number of Claims | claim | 1,634 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 50,646 | 39,099 | ||||||||
2018 | Run-off | Accident Year - 2019 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 21,417 | 20,889 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,445 | |||||||||
Cumulative Number of Claims | claim | 383 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15,594 | 13,483 | ||||||||
2018 | Run-off | Accident Year - 2019 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,187 | 6,767 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 394 | |||||||||
Cumulative Number of Claims | claim | 34 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 3,341 | 2,373 | ||||||||
2018 | Run-off | Accident Year - 2019 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 39,647 | 39,757 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,955 | |||||||||
Cumulative Number of Claims | claim | 1,200 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 30,968 | 22,687 | ||||||||
2018 | Run-off | Accident Year - 2019 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2018 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2018 | Run-off | Accident Year - 2020 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2018 | Run-off | Accident Year - 2020 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2018 | Run-off | Accident Year - 2020 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2018 | Run-off | Accident Year - 2020 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2019 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,736,814 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,757,670 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 868,570 | |||||||||
Cumulative Number of Claims | claim | 194,706 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 418,235 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,339,435 | |||||||||
2019 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 413,202 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 410,824 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 378,727 | |||||||||
Cumulative Number of Claims | claim | 28,720 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 23,386 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 387,438 | |||||||||
2019 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 285,332 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 261,468 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 167,417 | |||||||||
Cumulative Number of Claims | claim | 10,378 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 42,473 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 218,995 | |||||||||
2019 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 17,899 | |||||||||
2019 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 130,906 | |||||||||
2019 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 39,286 | |||||||||
2019 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 652,608 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 628,495 | 630,171 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 272,910 | |||||||||
Cumulative Number of Claims | claim | 74,742 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 106,195 | 26,817 | ||||||||
2019 | Run-off | Accident Year - 2010 and Prior | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 5,860 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 4,551 | 4,420 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1,938 | |||||||||
Cumulative Number of Claims | claim | 9,869 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 696 | 607 | ||||||||
2019 | Run-off | Accident Year - 2010 and Prior | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 12,765 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 9,994 | 9,788 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1,620 | |||||||||
Cumulative Number of Claims | claim | 1,424 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 2,894 | 2,230 | ||||||||
2019 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 49,873 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 35,876 | 40,554 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 8,773 | |||||||||
Cumulative Number of Claims | claim | 15,218 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,100 | 4,786 | ||||||||
2019 | Run-off | Accident Year - 2011 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 2,474 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,409 | 2,410 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,342 | |||||||||
Cumulative Number of Claims | claim | 1,082 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 23 | 22 | ||||||||
2019 | Run-off | Accident Year - 2011 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 12,321 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 7,979 | 9,490 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 3,587 | |||||||||
Cumulative Number of Claims | claim | 796 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,869 | 810 | ||||||||
2019 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 73,098 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 49,349 | 54,301 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 12,905 | |||||||||
Cumulative Number of Claims | claim | 12,329 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,565 | 6,886 | ||||||||
2019 | Run-off | Accident Year - 2012 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 6,280 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 6,176 | 6,176 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 6,991 | |||||||||
Cumulative Number of Claims | claim | 1,640 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 63 | 22 | ||||||||
2019 | Run-off | Accident Year - 2012 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 18,107 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 13,786 | 14,471 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 8,214 | |||||||||
Cumulative Number of Claims | claim | 1,165 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 6,604 | 3,326 | ||||||||
2019 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 112,031 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 88,066 | 93,213 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 29,931 | |||||||||
Cumulative Number of Claims | claim | 14,952 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 20,906 | 13,540 | ||||||||
2019 | Run-off | Accident Year - 2013 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 16,738 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 15,980 | 18,339 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 14,415 | |||||||||
Cumulative Number of Claims | claim | 2,897 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 572 | 458 | ||||||||
2019 | Run-off | Accident Year - 2013 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 23,750 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 20,960 | 18,230 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 8,897 | |||||||||
Cumulative Number of Claims | claim | 313 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,813 | 3,499 | ||||||||
2019 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 137,324 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 127,704 | 137,478 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 53,814 | |||||||||
Cumulative Number of Claims | claim | 17,624 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 47,310 | 28,188 | ||||||||
2019 | Run-off | Accident Year - 2014 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 35,023 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 35,556 | 35,426 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 31,501 | |||||||||
Cumulative Number of Claims | claim | 3,410 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 3,443 | 3,080 | ||||||||
2019 | Run-off | Accident Year - 2014 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 33,767 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 29,341 | 31,181 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 16,377 | |||||||||
Cumulative Number of Claims | claim | 905 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,155 | 3,878 | ||||||||
2019 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 179,651 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 196,007 | 188,833 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 80,816 | |||||||||
Cumulative Number of Claims | claim | 25,081 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 63,994 | 33,417 | ||||||||
2019 | Run-off | Accident Year - 2015 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 57,194 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 57,314 | 56,171 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 48,840 | |||||||||
Cumulative Number of Claims | claim | 4,802 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 6,325 | 3,549 | ||||||||
2019 | Run-off | Accident Year - 2015 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 58,818 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 41,158 | 45,936 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 18,055 | |||||||||
Cumulative Number of Claims | claim | 2,003 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,121 | 4,421 | ||||||||
2019 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 253,099 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 260,473 | 295,011 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 118,653 | |||||||||
Cumulative Number of Claims | claim | 32,057 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 84,592 | 56,125 | ||||||||
2019 | Run-off | Accident Year - 2016 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 87,702 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 84,862 | 85,530 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 70,769 | |||||||||
Cumulative Number of Claims | claim | 4,829 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 12,137 | 7,337 | ||||||||
2019 | Run-off | Accident Year - 2016 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 48,606 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 58,061 | 64,159 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 32,692 | |||||||||
Cumulative Number of Claims | claim | 3,134 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 10,723 | 4,894 | ||||||||
2019 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 116,386 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 116,386 | 116,386 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 116,386 | |||||||||
Cumulative Number of Claims | claim | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2017 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 84,197 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 84,197 | 84,197 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 84,197 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2017 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 32,188 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 32,188 | 32,188 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 32,188 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 162,744 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 162,744 | 162,744 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 162,744 | |||||||||
Cumulative Number of Claims | claim | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2018 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 117,734 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 117,734 | 117,734 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 117,734 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2018 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 45,010 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 45,010 | 45,010 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 45,010 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 64,595 | 54,571 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 6,155 | |||||||||
Cumulative Number of Claims | claim | 1,679 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 55,912 | 25,595 | ||||||||
2019 | Run-off | Accident Year - 2019 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | ||||||||
2019 | Run-off | Accident Year - 2019 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,873 | 1,750 | ||||||||
IBNR losses and loss expenses, net of reinsurance | $ 510 | |||||||||
Cumulative Number of Claims | claim | 225 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 841 | $ 0 | ||||||||
2019 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 27,975 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 5,483 | |||||||||
Cumulative Number of Claims | claim | 1,020 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 21,661 | |||||||||
2019 | Run-off | Accident Year - 2020 | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,045 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 189 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 127 | |||||||||
2019 | Run-off | Accident Year - 2020 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,118 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 267 | |||||||||
Cumulative Number of Claims | claim | 411 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 453 | |||||||||
2020 | Run-off | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 2,142,407 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,217,299 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 1,455,605 | |||||||||
Cumulative Number of Claims | claim | 9,408 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 253,537 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,963,762 | |||||||||
2020 | Run-off | Workers' compensation/personal accident | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 199,864 | |||||||||
2020 | Run-off | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 1,127,100 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 1,114,900 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 924,349 | |||||||||
Cumulative Number of Claims | claim | 2,587 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 36,992 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 1,077,908 | |||||||||
2020 | Run-off | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 455,000 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 628,296 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 187,284 | |||||||||
Cumulative Number of Claims | claim | 3,543 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 205,975 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 422,321 | |||||||||
2020 | Run-off | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 235,979 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 235,994 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 217,024 | |||||||||
Cumulative Number of Claims | claim | 401 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 3,060 | |||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 232,934 | |||||||||
2020 | Run-off | Property | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 10,887 | |||||||||
2020 | Run-off | Accident Year - 2010 and Prior | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 256,228 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 169,601 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 91,688 | |||||||||
Cumulative Number of Claims | claim | 47 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 2,310 | |||||||||
2020 | Run-off | Accident Year - 2010 and Prior | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 43,511 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 43,849 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 36,455 | |||||||||
Cumulative Number of Claims | claim | 36 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 522 | |||||||||
2020 | Run-off | Accident Year - 2010 and Prior | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2010 and Prior | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 4,680 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 4,678 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 4,679 | |||||||||
Cumulative Number of Claims | claim | 1 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2011 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 26,488 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 26,983 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 25,162 | |||||||||
Cumulative Number of Claims | claim | 36 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 54 | |||||||||
2020 | Run-off | Accident Year - 2011 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 26,434 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 26,928 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 25,133 | |||||||||
Cumulative Number of Claims | claim | 29 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 54 | |||||||||
2020 | Run-off | Accident Year - 2011 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2011 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 44 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 44 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 44 | |||||||||
Cumulative Number of Claims | claim | 3 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 58,128 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 58,241 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 53,749 | |||||||||
Cumulative Number of Claims | claim | 74 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 601 | |||||||||
2020 | Run-off | Accident Year - 2012 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 55,478 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 55,591 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 51,130 | |||||||||
Cumulative Number of Claims | claim | 60 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 601 | |||||||||
2020 | Run-off | Accident Year - 2012 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2012 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 2,593 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 2,593 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,584 | |||||||||
Cumulative Number of Claims | claim | 4 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2013 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 68,683 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 63,922 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 47,944 | |||||||||
Cumulative Number of Claims | claim | 140 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 4,283 | |||||||||
2020 | Run-off | Accident Year - 2013 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 60,872 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 56,111 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 41,186 | |||||||||
Cumulative Number of Claims | claim | 122 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 3,258 | |||||||||
2020 | Run-off | Accident Year - 2013 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2013 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 7,791 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 7,791 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 6,745 | |||||||||
Cumulative Number of Claims | claim | 6 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,025 | |||||||||
2020 | Run-off | Accident Year - 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 100,054 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 102,600 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 83,249 | |||||||||
Cumulative Number of Claims | claim | 201 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,975 | |||||||||
2020 | Run-off | Accident Year - 2014 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 87,620 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 90,182 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 71,022 | |||||||||
Cumulative Number of Claims | claim | 185 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,983 | |||||||||
2020 | Run-off | Accident Year - 2014 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2014 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 11,949 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 11,949 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 11,947 | |||||||||
Cumulative Number of Claims | claim | 4 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 161,383 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 161,352 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 113,476 | |||||||||
Cumulative Number of Claims | claim | 384 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 12,253 | |||||||||
2020 | Run-off | Accident Year - 2015 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 140,583 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 139,947 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 96,032 | |||||||||
Cumulative Number of Claims | claim | 280 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 10,230 | |||||||||
2020 | Run-off | Accident Year - 2015 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 2,397 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 3,018 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 603 | |||||||||
Cumulative Number of Claims | claim | 19 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 2,012 | |||||||||
2020 | Run-off | Accident Year - 2015 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 16,120 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 16,120 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 15,769 | |||||||||
Cumulative Number of Claims | claim | 4 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 6 | |||||||||
2020 | Run-off | Accident Year - 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 210,661 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 205,305 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 120,481 | |||||||||
Cumulative Number of Claims | claim | 816 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 33,985 | |||||||||
2020 | Run-off | Accident Year - 2016 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 142,395 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 143,156 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 100,293 | |||||||||
Cumulative Number of Claims | claim | 394 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 9,125 | |||||||||
2020 | Run-off | Accident Year - 2016 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 48,505 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 42,420 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 2,779 | |||||||||
Cumulative Number of Claims | claim | 221 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 24,804 | |||||||||
2020 | Run-off | Accident Year - 2016 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 16,259 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 16,216 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 16,053 | |||||||||
Cumulative Number of Claims | claim | 9 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1 | |||||||||
2020 | Run-off | Accident Year - 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 316,751 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 342,330 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 168,832 | |||||||||
Cumulative Number of Claims | claim | 1,770 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 73,001 | |||||||||
2020 | Run-off | Accident Year - 2017 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 142,862 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 137,097 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 112,135 | |||||||||
Cumulative Number of Claims | claim | 439 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 4,149 | |||||||||
2020 | Run-off | Accident Year - 2017 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 154,070 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 185,445 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 38,279 | |||||||||
Cumulative Number of Claims | claim | 1,099 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 68,712 | |||||||||
2020 | Run-off | Accident Year - 2017 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 17,212 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 17,206 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 16,906 | |||||||||
Cumulative Number of Claims | claim | 41 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5 | |||||||||
2020 | Run-off | Accident Year - 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 432,590 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 575,706 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 305,471 | |||||||||
Cumulative Number of Claims | claim | 3,108 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 111,871 | |||||||||
2020 | Run-off | Accident Year - 2018 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 141,803 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 138,267 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 133,942 | |||||||||
Cumulative Number of Claims | claim | 316 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 400 | |||||||||
2020 | Run-off | Accident Year - 2018 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 250,028 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 397,413 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 145,623 | |||||||||
Cumulative Number of Claims | claim | 2,204 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 110,447 | |||||||||
2020 | Run-off | Accident Year - 2018 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 25,323 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 25,290 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 19,209 | |||||||||
Cumulative Number of Claims | claim | 115 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 475 | |||||||||
2020 | Run-off | Accident Year - 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 344,495 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 343,168 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 301,463 | |||||||||
Cumulative Number of Claims | claim | 1,351 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,509 | |||||||||
2020 | Run-off | Accident Year - 2019 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 202,521 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 201,174 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 179,284 | |||||||||
Cumulative Number of Claims | claim | 388 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 203 | |||||||||
2020 | Run-off | Accident Year - 2019 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2019 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 99,460 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 99,350 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 92,944 | |||||||||
Cumulative Number of Claims | claim | 135 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 410 | |||||||||
2020 | Run-off | Accident Year - 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 166,946 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 168,091 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 144,090 | |||||||||
Cumulative Number of Claims | claim | 1,481 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 7,695 | |||||||||
2020 | Run-off | Accident Year - 2020 | General Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 83,021 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 82,598 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 77,737 | |||||||||
Cumulative Number of Claims | claim | 338 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 2,467 | |||||||||
2020 | Run-off | Accident Year - 2020 | Motor | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 0 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 0 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 0 | |||||||||
Cumulative Number of Claims | claim | 0 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | |||||||||
2020 | Run-off | Accident Year - 2020 | Professional indemnity/ Directors & Officers | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Total Net Reserves Acquired | 34,548 | |||||||||
Incurred losses and allocated loss adjustment expenses, net of reinsurance | 34,757 | |||||||||
IBNR losses and loss expenses, net of reinsurance | $ 30,144 | |||||||||
Cumulative Number of Claims | claim | 79 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 1,138 |
Losses and Loss Adjustment E_12
Losses and Loss Adjustment Expenses - Average Annual Duration of Claims (Details) | Dec. 31, 2020 |
Legacy Underwriting | Workers' compensation/personal accident | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 14.40% |
Year 2 | 29.38% |
Year 3 | 20.46% |
Year 4 | 11.77% |
Year 5 | 5.19% |
Year 6 | 2.57% |
Year 7 | 1.61% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Year 10 | 0.00% |
Legacy Underwriting | General Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 7.72% |
Year 2 | 20.87% |
Year 3 | 17.53% |
Year 4 | 15.99% |
Year 5 | 9.96% |
Year 6 | 4.35% |
Year 7 | 7.85% |
Year 8 | 9.00% |
Year 9 | 0.06% |
Year 10 | 0.08% |
Legacy Underwriting | Marine | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 18.17% |
Year 2 | 30.97% |
Year 3 | 19.08% |
Year 4 | 9.99% |
Year 5 | 5.02% |
Year 6 | 2.46% |
Year 7 | 3.48% |
Year 8 | 2.04% |
Year 9 | 0.99% |
Year 10 | 0.39% |
Legacy Underwriting | Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 19.10% |
Year 2 | 28.75% |
Year 3 | 26.40% |
Year 4 | 8.35% |
Year 5 | 2.47% |
Year 6 | 2.69% |
Year 7 | 1.55% |
Year 8 | 1.01% |
Year 9 | 0.02% |
Year 10 | 0.30% |
Legacy Underwriting | Aerospace | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 32.80% |
Year 2 | 29.84% |
Year 3 | 15.40% |
Year 4 | 4.61% |
Year 5 | 4.31% |
Year 6 | 2.22% |
Year 7 | 1.93% |
Year 8 | 1.12% |
Year 9 | 0.48% |
Year 10 | 0.01% |
2011 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 25.68% |
Year 2 | 17.45% |
Year 3 | (3.59%) |
Year 4 | (28.95%) |
Year 5 | (2.12%) |
Year 6 | 3.57% |
Year 7 | (3.49%) |
Year 8 | 4.99% |
Year 9 | 11.18% |
Year 10 | 8.86% |
2012 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 1.30% |
Year 2 | 26.42% |
Year 3 | 16.71% |
Year 4 | 12.48% |
Year 5 | 10.00% |
Year 6 | 4.47% |
Year 7 | 5.48% |
Year 8 | 4.17% |
Year 9 | 2.12% |
2013 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 25.96% |
Year 2 | 21.67% |
Year 3 | 15.93% |
Year 4 | 11.01% |
Year 5 | 6.15% |
Year 6 | 3.89% |
Year 7 | 2.24% |
Year 8 | 0.32% |
2014 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 33.84% |
Year 2 | 24.15% |
Year 3 | 11.11% |
Year 4 | 8.07% |
Year 5 | 3.74% |
Year 6 | 1.65% |
Year 7 | 1.10% |
2015 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 17.33% |
Year 2 | 17.09% |
Year 3 | 12.84% |
Year 4 | 9.80% |
Year 5 | 7.69% |
Year 6 | 4.65% |
2015 | Run-off | Workers' compensation/personal accident | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 13.72% |
Year 2 | 17.09% |
Year 3 | 12.73% |
Year 4 | 9.73% |
Year 5 | 6.71% |
Year 6 | 4.27% |
2016 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 7.67% |
Year 2 | 9.18% |
Year 3 | 7.99% |
Year 4 | 8.41% |
Year 5 | 6.86% |
2016 | Run-off | Workers' compensation/personal accident | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 10.33% |
Year 2 | 8.96% |
Year 3 | 7.09% |
Year 4 | 9.89% |
Year 5 | 8.22% |
2017 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 8.04% |
Year 2 | 7.64% |
Year 3 | 6.71% |
Year 4 | 6.11% |
2018 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 12.86% |
Year 2 | 25.40% |
Year 3 | 12.00% |
2018 | Run-off | Workers' compensation/personal accident | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 2.03% |
Year 2 | 19.49% |
Year 3 | 10.03% |
2018 | Run-off | General Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.31% |
Year 2 | 21.69% |
Year 3 | 17.77% |
2018 | Run-off | Professional indemnity/ Directors & Officers | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 19.55% |
Year 2 | 14.40% |
Year 3 | 5.34% |
2018 | Run-off | Motor | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.08% |
Year 2 | 38.47% |
Year 3 | 17.61% |
2019 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.11% |
Year 2 | 12.68% |
2019 | Run-off | Workers' compensation/personal accident | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 3.67% |
Year 2 | 2.02% |
2019 | Run-off | General Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 8.82% |
Year 2 | 7.43% |
2020 | Run-off | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.43% |
2020 | Run-off | General Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 3.32% |
2020 | Run-off | Professional indemnity/ Directors & Officers | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 1.30% |
2020 | Run-off | Motor | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 32.78% |
Losses and Loss Adjustment E_13
Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development (Details) - Legacy Underwriting - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses | $ 1,323,427 | $ 1,548,725 |
General Casualty | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 331,154 | |
Reinsurance recoverable on unpaid losses | 61,082 | |
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses | 392,236 | |
Marine | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 252,110 | |
Reinsurance recoverable on unpaid losses | 64,536 | |
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses | 316,646 | |
Property | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 222,548 | |
Reinsurance recoverable on unpaid losses | 217,427 | |
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses | 439,975 | |
Aerospace | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 60,340 | |
Reinsurance recoverable on unpaid losses | 60,353 | |
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses | 120,693 | |
Workers' compensation/personal accident | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Liabilities for unpaid losses and allocated LAE, net of reinsurance | 23,633 | |
Reinsurance recoverable on unpaid losses | 0 | |
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses | $ 23,633 |
Defendant Asbestos and Enviro_3
Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||||
Estimated future expenses | $ 42,510 | $ 51,637 | ||
Fair value adjustments | (262,029) | (314,824) | ||
Defendant asbestos and environmental liabilities | 706,329 | 847,685 | $ 203,320 | $ 219,164 |
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2020 - $4,824; 2019 - $3,818) | 310,602 | 549,593 | ||
Fair value adjustments | (60,950) | (100,738) | ||
Insurance balances recoverable | 249,652 | 448,855 | 135,808 | $ 122,326 |
Net liabilities relating to defendant asbestos and environmental exposures | 456,677 | 398,830 | 67,512 | |
Insurance balance recoverable, allowance for credit loss | 4,824 | 3,818 | $ 0 | |
Defendant asbestos liabilities | ||||
Loss Contingencies [Line Items] | ||||
Defendant asbestos and environmental liabilities | 913,276 | 1,100,593 | ||
Defendant environmental liabilities | ||||
Loss Contingencies [Line Items] | ||||
Defendant asbestos and environmental liabilities | $ 12,572 | $ 10,279 |
Defendant Asbestos and Enviro_4
Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Balance as of January 1 | $ 847,685 | $ 203,320 | $ 219,164 | |
Less: Insurance balances recoverable | 448,855 | 135,808 | 122,326 | |
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances | 4,824 | 3,818 | 0 | |
Net balance as of January 1 | 398,830 | 67,512 | ||
Total net recoveries (paid claims) | 153,964 | (10,434) | (6,351) | |
Amounts recorded in other income (expense): | ||||
Change in estimate of net ultimate liabilities | (103,166) | (4,263) | (23,221) | |
Reduction in estimated future expenses | (9,126) | (3,274) | 0 | |
Amortization of fair value adjustments | 13,008 | 13,500 | 246 | |
Total other expense (income) | (99,284) | 5,963 | (22,975) | |
Acquired on purchase of subsidiaries | 0 | 335,789 | 0 | |
Net balance as of December 31 | 456,677 | 398,830 | 67,512 | |
Plus: insurance balances recoverable | 249,652 | 448,855 | 135,808 | |
Balance as of December 31 | 706,329 | 847,685 | 203,320 | |
Cumulative effect of change in accounting principle | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances | 3,167 | 0 | $ 0 | |
Cumulative effect of change in accounting principle, adjusted balance | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net balance as of January 1 | $ 401,997 | 67,512 | 96,838 | |
Amounts recorded in other income (expense): | ||||
Net balance as of December 31 | $ 401,997 | $ 67,512 |
Defendant Asbestos and Enviro_5
Defendant Asbestos and Environmental Liabilities - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)site | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Other expense (income) | $ (99,284) | $ 5,963 | $ (22,975) |
Collection of disputed insurance recoveries | 166,700 | ||
Proceeds from disputed insurance recoveries | 179,600 | ||
Recovery of previously written-off insurance payments | 19,300 | ||
Asbestos and environmental liabilities | $ 2,100,000 | 2,300,000 | |
Number of hazardous waste disposal sites | site | 22 | ||
Defendant asbestos liabilities | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Asbestos and environmental liabilities | $ 913,300 | 1,100,000 | |
Defendant environmental liabilities | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Asbestos and environmental liabilities | $ 12,600 | $ 10,300 |
Defendant Asbestos and Enviro_6
Defendant Asbestos and Environmental Liabilities - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Liability For Asbestos And Environmental Claims, Allowance for Credit Loss [Roll Forward] | ||
Allowance for estimated uncollectible insurance balances, beginning of year | $ 3,818 | $ 0 |
Current period change in the allowance | (2,161) | 3,818 |
Allowance for estimated uncollectible insurance balances, end of year | 4,824 | 3,818 |
Cumulative effect of change in accounting principle | ||
Liability For Asbestos And Environmental Claims, Allowance for Credit Loss [Roll Forward] | ||
Allowance for estimated uncollectible insurance balances, beginning of year | $ 3,167 | 0 |
Allowance for estimated uncollectible insurance balances, end of year | $ 3,167 |
Fair Value Measurements - Categ
Fair Value Measurements - Categorized Investments and Assets Carried at Cost or Amortized Cost and Fair Value Among Levels (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | $ 846,795 | $ 726,721 |
Total investments | 9,319,179 | 9,034,557 |
Reinsurance balances recoverable on paid and unpaid losses | (21,427) | (88,086) |
Other Assets: | ||
Losses and LAE | 2,452,920 | 2,621,122 |
U.S. government and agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 951,048 | 696,077 |
U.K. government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 51,082 | 161,772 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 5,686,732 | 5,448,270 |
Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 162,669 | 140,687 |
Residential mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 553,945 | 400,914 |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 854,090 | 813,746 |
Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 557,460 | 670,235 |
Publicly traded equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 260,767 | 327,875 |
Exchange-traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 311,287 | 133,047 |
Private equity funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 274,741 | 265,799 |
Private equity funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 284,300 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 846,795 | 726,721 |
Total investments | 14,424,635 | 12,293,516 |
Cash and cash equivalents | 594,062 | 367,175 |
Other Assets: | ||
Losses and LAE | 2,452,920 | 2,621,122 |
Recurring | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 9,319,179 | 9,034,557 |
Recurring | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 4,244,034 | 2,518,031 |
Recurring | Reinsurance balances recoverable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 520,830 | 695,518 |
Recurring | Other Assets | ||
Other Assets: | ||
Derivative instruments | 4,133 | 2,011 |
Recurring | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 34,142 | 15,558 |
Recurring | Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 1,169 | 642 |
Recurring | Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 28,947 | 11,452 |
Recurring | Not Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 2,964 | 1,369 |
Recurring | Not Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 5,195 | 4,106 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 540,454 | 430,357 |
Total investments | 540,454 | 430,357 |
Cash and cash equivalents | 385,790 | 144,984 |
Other Assets: | ||
Losses and LAE | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Reinsurance balances recoverable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Assets | ||
Other Assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Not Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Not Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 31,600 | 30,565 |
Total investments | 9,784,399 | 9,588,546 |
Cash and cash equivalents | 208,272 | 222,191 |
Other Assets: | ||
Losses and LAE | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 9,319,179 | 9,034,557 |
Recurring | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 418,993 | 509,217 |
Recurring | Significant Other Observable Inputs (Level 2) | Reinsurance balances recoverable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Other Assets | ||
Other Assets: | ||
Derivative instruments | 4,133 | 2,011 |
Recurring | Significant Other Observable Inputs (Level 2) | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 34,142 | 15,558 |
Recurring | Significant Other Observable Inputs (Level 2) | Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 1,169 | 642 |
Recurring | Significant Other Observable Inputs (Level 2) | Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 28,947 | 11,452 |
Recurring | Significant Other Observable Inputs (Level 2) | Not Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 2,964 | 1,369 |
Recurring | Significant Other Observable Inputs (Level 2) | Not Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 5,195 | 4,106 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 274,741 | 265,799 |
Total investments | 284,305 | 353,668 |
Cash and cash equivalents | 0 | 0 |
Other Assets: | ||
Losses and LAE | 2,452,920 | 2,621,122 |
Recurring | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 9,564 | 87,869 |
Recurring | Significant Unobservable Inputs (Level 3) | Reinsurance balances recoverable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reinsurance balances recoverable on paid and unpaid losses | 520,830 | 695,518 |
Recurring | Significant Unobservable Inputs (Level 3) | Other Assets | ||
Other Assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Not Designated as Hedging Instrument | Other Assets | ||
Other Assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Not Designated as Hedging Instrument | Other Liabilities | ||
Other Liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Fair Value Based on NAV as Practical Expedient | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 3,815,477 | 1,920,945 |
Cash and cash equivalents | 0 | 0 |
Recurring | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 3,815,477 | 1,920,945 |
Recurring | U.S. government and agency | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 951,048 | 696,077 |
Recurring | U.S. government and agency | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | U.S. government and agency | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 951,048 | 696,077 |
Recurring | U.S. government and agency | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | U.K. government | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 51,082 | 161,772 |
Recurring | U.K. government | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | U.K. government | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 51,082 | 161,772 |
Recurring | U.K. government | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Other government | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 502,153 | 702,856 |
Recurring | Other government | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Other government | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 502,153 | 702,856 |
Recurring | Other government | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Corporate | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 5,686,732 | 5,448,270 |
Recurring | Corporate | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Corporate | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 5,686,732 | 5,448,270 |
Recurring | Corporate | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Municipal | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 162,669 | 140,687 |
Recurring | Municipal | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Municipal | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 162,669 | 140,687 |
Recurring | Municipal | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Residential mortgage-backed | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 553,945 | 400,914 |
Recurring | Residential mortgage-backed | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Residential mortgage-backed | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 553,945 | 400,914 |
Recurring | Residential mortgage-backed | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Commercial mortgage-backed | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 854,090 | 813,746 |
Recurring | Commercial mortgage-backed | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Commercial mortgage-backed | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 854,090 | 813,746 |
Recurring | Commercial mortgage-backed | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Asset-backed | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 557,460 | 670,235 |
Recurring | Asset-backed | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Asset-backed | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 557,460 | 670,235 |
Recurring | Asset-backed | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Funds Held - Directly Managed | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 14,627 | 14,207 |
Recurring | Funds Held - Directly Managed | Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Funds Held - Directly Managed | Significant Other Observable Inputs (Level 2) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 14,627 | 14,207 |
Recurring | Funds Held - Directly Managed | Significant Unobservable Inputs (Level 3) | Short-term investments and fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Recurring | Publicly traded equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 260,767 | 327,875 |
Recurring | Publicly traded equity investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 229,167 | 297,310 |
Recurring | Publicly traded equity investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 31,600 | 30,565 |
Recurring | Publicly traded equity investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Recurring | Exchange-traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 311,287 | 133,047 |
Recurring | Exchange-traded funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 311,287 | 133,047 |
Recurring | Exchange-traded funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Recurring | Exchange-traded funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Recurring | Private equity funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 274,741 | 265,799 |
Recurring | Private equity funds | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 363,103 | 323,496 |
Recurring | Private equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Recurring | Private equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Private equity funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Recurring | Private equity funds | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Private equity funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 274,741 | 265,799 |
Recurring | Private equity funds | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Private equity funds | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 363,103 | 323,496 |
Recurring | Hedge funds | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 2,638,339 | 1,121,904 |
Recurring | Hedge funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Hedge funds | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Hedge funds | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Hedge funds | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 2,638,339 | 1,121,904 |
Recurring | Fixed income funds | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 552,541 | 481,039 |
Recurring | Fixed income funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Fixed income funds | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 285,837 | 398,143 |
Recurring | Fixed income funds | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Fixed income funds | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 266,704 | 82,896 |
Recurring | Equity funds | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 190,767 | 410,149 |
Recurring | Equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Equity funds | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 5,073 | 111,040 |
Recurring | Equity funds | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Equity funds | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 185,694 | 299,109 |
Recurring | CLO equities | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 128,083 | 87,555 |
Recurring | CLO equities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | CLO equities | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 128,083 | 0 |
Recurring | CLO equities | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 87,555 |
Recurring | CLO equities | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | CLO equity funds | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 166,523 | 87,509 |
Recurring | CLO equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | CLO equity funds | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | CLO equity funds | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | CLO equity funds | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 166,523 | 87,509 |
Recurring | Private credit funds | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 192,319 | |
Recurring | Private credit funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | |
Recurring | Private credit funds | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | |
Recurring | Private credit funds | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 9,250 | |
Recurring | Private credit funds | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 183,069 | |
Recurring | Other | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 12,359 | 6,379 |
Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Recurring | Other | Significant Other Observable Inputs (Level 2) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 34 |
Recurring | Other | Significant Unobservable Inputs (Level 3) | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 314 | 314 |
Recurring | Other | Fair Value Based on NAV as Practical Expedient | Other investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 12,045 | $ 6,031 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for Investments Measured At Fair Value on Recurring Basis Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | $ 353,668 | $ 321,973 |
Purchases | 67,217 | 87,805 |
Sales | (1,289) | (10,515) |
Total realized and unrealized losses | (51,551) | 984 |
Transfer into Level 3 from Level 2 | 26,176 | |
Transfer out of Level 3 into Level 2 | (83,740) | (72,755) |
Ending fair value | 284,305 | 353,668 |
Corporate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | 0 | 37,386 |
Purchases | 184 | |
Sales | (3,520) | |
Total realized and unrealized losses | 90 | |
Transfer into Level 3 from Level 2 | 3,535 | |
Transfer out of Level 3 into Level 2 | (37,675) | |
Ending fair value | 0 | |
Residential mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | 0 | 0 |
Purchases | 0 | |
Sales | 0 | |
Total realized and unrealized losses | (1) | |
Transfer into Level 3 from Level 2 | 102 | |
Transfer out of Level 3 into Level 2 | (101) | |
Ending fair value | 0 | |
Commercial mortgage-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | 0 | 7,389 |
Purchases | 0 | |
Sales | (784) | |
Total realized and unrealized losses | 64 | |
Transfer into Level 3 from Level 2 | 1,515 | |
Transfer out of Level 3 into Level 2 | (8,184) | |
Ending fair value | 0 | |
Asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | 0 | 9,121 |
Purchases | 0 | |
Sales | (3,605) | |
Total realized and unrealized losses | 255 | |
Transfer into Level 3 from Level 2 | 21,024 | |
Transfer out of Level 3 into Level 2 | (26,795) | |
Ending fair value | 0 | |
Privately-held Equities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | 265,799 | 228,710 |
Purchases | 20,125 | 30,713 |
Sales | 0 | (2,016) |
Total realized and unrealized losses | (11,183) | 8,392 |
Transfer into Level 3 from Level 2 | 0 | |
Transfer out of Level 3 into Level 2 | 0 | 0 |
Ending fair value | 274,741 | 265,799 |
Other Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning fair value | 87,869 | 39,367 |
Purchases | 47,092 | 56,908 |
Sales | (1,289) | (590) |
Total realized and unrealized losses | (40,368) | (7,816) |
Transfer into Level 3 from Level 2 | 0 | |
Transfer out of Level 3 into Level 2 | (83,740) | 0 |
Ending fair value | $ 9,564 | $ 87,869 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation Techniques and Inputs (Details) - Private equity funds - Significant Unobservable Inputs (Level 3) $ in Millions | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value | $ 284.3 |
Guideline company methodology | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value | 230.3 |
Cost as approximation of fair value | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value | $ 54 |
Arithmetic Average | Guideline company methodology | Distribution waterfall | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Alternative investments, measurement input | 12.98 |
Fair Value Measurements - Insur
Fair Value Measurements - Insurance Contracts - Fair Value Option (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reinsurance balances recoverable on paid and unpaid losses | |||
Beginning fair value | $ 353,668 | $ 321,973 | |
Assumed business | 67,217 | 87,805 | |
Incurred losses and LAE: | |||
Change in fair value | (51,551) | 984 | |
Ending fair value | 284,305 | 353,668 | $ 321,973 |
Net | |||
Beginning fair value | 1,925,604 | 2,134,464 | |
Assumed business | 182,498 | 9,218 | |
Incurred losses and LAE: | |||
Reduction in estimates of ultimate losses | (133,074) | (29,732) | |
Reduction in unallocated LAE | (17,484) | (19,915) | |
Change in fair value | 119,046 | 117,181 | 6,664 |
Total incurred losses and LAE | (31,512) | 67,534 | |
Paid losses | (198,908) | (324,625) | |
Effect of exchange rate movements | 54,408 | 39,013 | |
Ending fair value | 1,932,090 | 1,925,604 | 2,134,464 |
Components of Changes in Fair Value | |||
Change in fair value | 119,046 | 117,181 | 6,664 |
Reinsurance balances recoverable on paid and unpaid losses | |||
Reinsurance balances recoverable on paid and unpaid losses | |||
Beginning fair value | 695,518 | 739,591 | |
Assumed business | (180,972) | 0 | |
Incurred losses and LAE: | |||
Reduction in estimates of ultimate losses | 59,478 | (2,958) | |
Reduction in unallocated LAE | 0 | 0 | |
Change in fair value | 38,919 | 43,449 | |
Total incurred losses and LAE | 98,397 | 40,491 | |
Paid losses | (101,326) | (92,145) | |
Effect of exchange rate movements | 9,213 | 7,581 | |
Ending fair value | 520,830 | 695,518 | 739,591 |
Liability for losses and LAE | |||
Liability for losses and LAE | |||
Beginning fair value | 2,621,122 | 2,874,055 | |
Assumed business | 1,526 | 9,218 | |
Incurred losses and LAE: | |||
Reduction in estimates of ultimate losses | (73,596) | (32,690) | |
Reduction in unallocated LAE | (17,484) | (19,915) | |
Change in fair value | 157,965 | 160,630 | |
Total incurred losses and LAE | 66,885 | 108,025 | |
Paid losses | (300,234) | (416,770) | |
Effect of exchange rate movements | 63,621 | 46,594 | |
Ending fair value | 2,452,920 | 2,621,122 | 2,874,055 |
Duration | |||
Incurred losses and LAE: | |||
Change in fair value | 20,861 | 22,719 | 74,011 |
Components of Changes in Fair Value | |||
Change in fair value | 20,861 | 22,719 | 74,011 |
Corporate bond yield | |||
Incurred losses and LAE: | |||
Change in fair value | 96,478 | 94,462 | (71,031) |
Components of Changes in Fair Value | |||
Change in fair value | 96,478 | 94,462 | (71,031) |
Weighted cost of capital | |||
Incurred losses and LAE: | |||
Change in fair value | (5,048) | 0 | |
Components of Changes in Fair Value | |||
Change in fair value | (5,048) | 0 | |
Risk cost of capital | |||
Incurred losses and LAE: | |||
Change in fair value | 6,755 | 0 | 3,684 |
Components of Changes in Fair Value | |||
Change in fair value | $ 6,755 | $ 0 | $ 3,684 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information (Details) - Internal Model - Recurring | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for losses and LAE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average cost of capital | 8.25% | 8.50% |
Fair value inputs, duration | 8 years 2 months 1 day | 7 years 9 months 25 days |
Reinsurance balances recoverable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk cost of capital | 5.10% | 5.10% |
Fair value inputs, duration | 8 years 2 months 23 days | 8 years 8 months 4 days |
Credit spread for non-performing risk | Liability for losses and LAE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit spread for non-performing risk | 0.20% | 0.20% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values for Financial Instruments Carried At Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 26, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of debt | $ 1,373,259 | $ 1,191,207 | |
Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of debt | $ 843,447 | 842,216 | |
Senior Notes | 4.50% Senior Notes due 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 4.50% | ||
Carrying value of debt | $ 349,253 | 348,616 | |
Fair value of debt | $ 362,400 | ||
Senior Notes | 4.95% Senior Notes due 2029 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 4.95% | ||
Carrying value of debt | $ 494,194 | 493,600 | |
Fair value of debt | $ 573,300 | ||
Junior Subordinated Notes | 5.75% Junior Subordinated Notes due 2040 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 5.75% | 5.75% | |
Carrying value of debt | $ 344,812 | $ 0 | |
Fair value of debt | $ 365,700 |
Premiums Written and Earned - S
Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effects of Reinsurance [Line Items] | |||||||||||
Gross, premiums written | $ 551,983 | $ 658,653 | $ 817,532 | ||||||||
Ceded, premiums written | (119,159) | (113,600) | (163,185) | ||||||||
Net, premiums written | 432,824 | 545,053 | 654,347 | ||||||||
Gross, premiums earned | 729,918 | 949,530 | 862,113 | ||||||||
Ceded, premiums earned | (157,826) | (145,483) | (166,334) | ||||||||
Net, premiums earned | $ 108,146 | $ 161,724 | $ 142,871 | $ 159,351 | $ 185,336 | $ 175,802 | $ 190,962 | $ 251,947 | 572,092 | 804,047 | 695,779 |
Operating Segments | Run-off | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Gross, premiums written | 5,191 | (25,069) | (8,910) | ||||||||
Ceded, premiums written | (2,204) | (269) | (307) | ||||||||
Net, premiums written | 2,987 | (25,338) | (9,217) | ||||||||
Gross, premiums earned | 71,522 | 197,009 | 25,230 | ||||||||
Ceded, premiums earned | (12,827) | (28,513) | (15,803) | ||||||||
Net, premiums earned | 58,695 | 168,496 | 9,427 | ||||||||
Operating Segments | Legacy Underwriting | |||||||||||
Effects of Reinsurance [Line Items] | |||||||||||
Gross, premiums written | 546,792 | 683,722 | 826,442 | ||||||||
Ceded, premiums written | (116,955) | (113,331) | (162,878) | ||||||||
Net, premiums written | 429,837 | 570,391 | 663,564 | ||||||||
Gross, premiums earned | 658,396 | 752,521 | 836,883 | ||||||||
Ceded, premiums earned | (144,999) | (116,970) | (150,531) | ||||||||
Net, premiums earned | $ 513,397 | $ 635,551 | $ 686,352 |
Premiums Written and Earned - A
Premiums Written and Earned - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Insurance [Abstract] | ||
Decrease in premiums written, gross | $ 106.7 | $ 158.9 |
Goodwill and Intangible Assets-
Goodwill and Intangible Assets- Schedule of Goodwill, Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill | |||
Goodwill, Beginning balance | $ 109,807 | $ 109,807 | |
Impairment losses (StarStone International) | (8,000) | ||
Reclassification to assets held-for-sale (Atrium) | (38,848) | ||
Goodwill, Ending balance | 62,959 | 109,807 | $ 109,807 |
Intangible assets with a definite life | |||
Intangible assets with a definite life, Beginning balance | 14,630 | 16,887 | |
Amortization | (1,524) | (2,257) | (3,600) |
Impairment losses (StarStone International) | 0 | ||
Reclassification to assets held-for-sale (Atrium) | (13,106) | ||
Intangible assets with a definite life, Ending balance | 0 | 14,630 | 16,887 |
Intangible assets with an indefinite life | |||
Intangible assets with an indefinite life, Beginning balance | 67,131 | 67,131 | |
Impairment losses (StarStone International) | (4,000) | ||
Reclassification to assets held-for-sale (Atrium) | (63,131) | ||
Intangible assets with an indefinite life, Ending balance | 0 | 67,131 | 67,131 |
Goodwill and Intangible Assets [Roll Forward] | |||
Goodwill and intangible assets, Beginning Balance | 191,568 | 193,825 | |
Impairment losses (StarStone International) | 12,000 | ||
Reclassification to assets held-for-sale (Atrium) | 115,085 | ||
Goodwill and intangible assets, Ending balance | 62,959 | $ 191,568 | $ 193,825 |
StarStone | |||
Goodwill | |||
Impairment losses (StarStone International) | (8,000) | ||
Lloyd’s syndicate capacity | StarStone | |||
Intangible assets with an indefinite life | |||
Impairment losses (StarStone International) | $ (4,000) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Gross Carrying Value, Accumulated Amortization and Net Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | |||
Net carrying value | $ 62,959 | $ 109,807 | $ 109,807 |
Intangible assets with a definite life: | |||
Accumulated amortization | 0 | (12,370) | |
Net carrying value | 0 | 14,630 | 16,887 |
Intangible assets with an indefinite life: | |||
Net carrying value | 0 | 67,131 | 67,131 |
Gross carrying value | 62,959 | 203,938 | |
Net carrying value | 62,959 | 191,568 | $ 193,825 |
Run-off | |||
Goodwill | |||
Goodwill | 62,959 | 62,959 | |
Net carrying value | 62,959 | 62,959 | |
Legacy Underwriting | |||
Goodwill | |||
Goodwill | 0 | 46,848 | |
Net carrying value | 0 | 46,848 | |
Intangible assets with a definite life: | |||
Accumulated amortization | 0 | (12,370) | |
Intangible assets with an indefinite life: | |||
Gross carrying value | 0 | 140,979 | |
Net carrying value | 0 | 128,609 | |
Legacy Underwriting | Distribution channel | |||
Intangible assets with a definite life: | |||
Gross carrying value | 0 | 20,000 | |
Accumulated amortization | 0 | (8,111) | |
Net carrying value | 0 | 11,889 | |
Legacy Underwriting | Brand | |||
Intangible assets with a definite life: | |||
Gross carrying value | 0 | 7,000 | |
Accumulated amortization | 0 | (4,259) | |
Net carrying value | 0 | 2,741 | |
Lloyd’s syndicate capacity | Legacy Underwriting | |||
Intangible assets with an indefinite life: | |||
Gross carrying value | 0 | 37,031 | |
Net carrying value | 0 | 37,031 | |
Management contract | Legacy Underwriting | |||
Intangible assets with an indefinite life: | |||
Gross carrying value | 0 | 30,100 | |
Net carrying value | $ 0 | $ 30,100 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 1,524 | $ 2,257 | $ 3,600 |
Debt Obligations and Credit F_3
Debt Obligations and Credit Facilities - Amounts of Outstanding Debt and Accrued Interest (Details) - USD ($) $ in Thousands | Dec. 27, 2018 | Aug. 16, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||||||||||||
Carrying value of debt | $ 1,373,259 | $ 1,191,207 | $ 1,373,259 | $ 1,191,207 | |||||||||
Interest expense on debt obligations | 57,974 | 51,245 | $ 25,205 | ||||||||||
Amortization of debt issuance costs | 1,331 | 953 | 537 | ||||||||||
Funds withheld balances and other | 3 | 343 | (46) | ||||||||||
Total interest expense | 16,872 | $ 15,003 | $ 14,018 | $ 13,415 | 13,519 | $ 14,950 | $ 13,036 | $ 11,036 | 59,308 | 52,541 | $ 25,696 | ||
Senior Notes | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Carrying value of debt | 843,447 | 842,216 | $ 843,447 | 842,216 | |||||||||
Senior Notes | 4.50% Senior Notes due 2022 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term | 5 years | ||||||||||||
Carrying value of debt | 349,253 | 348,616 | $ 349,253 | 348,616 | |||||||||
Senior Notes | 4.95% Senior Notes due 2029 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term | 10 years | ||||||||||||
Carrying value of debt | 494,194 | 493,600 | $ 494,194 | 493,600 | |||||||||
Junior Subordinated Notes | 5.75% Junior Subordinated Notes due 2040 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term | 20 years | ||||||||||||
Carrying value of debt | 344,812 | 0 | $ 344,812 | 0 | |||||||||
Loan facilities | EGL Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term | 5 years | 5 years | |||||||||||
Carrying value of debt | 0 | 0 | |||||||||||
Loan facilities | 2018 EGL Term Loan Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term | 3 years | 3 years | |||||||||||
Carrying value of debt | $ 0 | $ 348,991 | $ 0 | $ 348,991 |
Debt Obligations and Credit F_4
Debt Obligations and Credit Facilities - Senior Notes (Details) $ in Millions | May 28, 2019USD ($) | Mar. 10, 2017USD ($) | Dec. 31, 2020USD ($)debt_instrument |
Debt Instrument [Line Items] | |||
Number of debt instruments | debt_instrument | 2 | ||
Senior Notes | 4.50% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.50% | ||
Redemption price, percentage of principal amount | 100.00% | ||
Debt issuance costs | $ 2.9 | ||
Unamortized costs of debt | $ (0.7) | ||
Senior Notes | 4.95% Senior Notes due 2029 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.95% | ||
Debt issuance costs | $ 6.8 | ||
Unamortized costs of debt | $ (5.8) |
Debt Obligations and Credit F_5
Debt Obligations and Credit Facilities - Junior Subordinated Notes (Details) - 5.75% Junior Subordinated Notes due 2040 - Junior Subordinated Notes - USD ($) | Sep. 01, 2025 | Dec. 31, 2020 | Aug. 26, 2020 |
Debt Instrument [Line Items] | |||
Interest rate | 5.75% | 5.75% | |
Aggregate principal amount | $ 350,000,000 | ||
Redemption price, percentage of principal amount | 100.00% | ||
Unamortized costs | $ 5,200,000 | $ 5,200,000 | |
Scenario, Forecast | Treasury rate | |||
Debt Instrument [Line Items] | |||
Basis spread on interest rate | 5.468% |
Debt Obligations and Credit F_6
Debt Obligations and Credit Facilities - EGL Revolving Credit Facility (Details) - Loan facilities - EGL Revolving Credit Facility | Aug. 16, 2018USD ($) | Mar. 01, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||
Facility term | 5 years | 5 years | |
Maximum borrowing capacity | $ 600,000,000 | $ 600,000,000 | |
Increase in borrowing capacity, limit | $ 400,000,000 | ||
Available unutilized capacity | $ 425,000,000 | $ 415,000,000 | |
Additional borrowings | (20,000,000) | ||
Repayment of revolving credit facility | $ 30,000,000 | ||
Covenant compliance, consolidated indebtedness to total capitalization (not greater than) | 0.35 | ||
Covenant compliance, net income (loss) threshold | $ 2,300,000,000 | ||
Covenant compliance, net income threshold percent | 50.00% | ||
Covenant compliance, percentage of proceeds of common stock issuance | 50.00% |
Debt Obligations and Credit F_7
Debt Obligations and Credit Facilities - EGL Term Loan Facilities (Details) - USD ($) | Dec. 27, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Repayment of loans | $ 679,000,000 | $ 742,574,000 | $ 914,319,000 | |
Loan facilities | 2018 EGL Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Facility term | 3 years | 3 years | ||
Maximum borrowing capacity | $ 500,000,000 | |||
Repayment of loans | $ 350,000,000 | $ 150,000,000 |
Debt Obligations and Credit F_8
Debt Obligations and Credit Facilities - Maturities (Details) | Dec. 31, 2020USD ($) |
Receivables [Abstract] | |
2021 | $ 0 |
2022 | 350,000,000 |
2023 | 185,000,000 |
2024 | 0 |
Thereafter | $ 850,000,000 |
Debt Obligations and Credit F_9
Debt Obligations and Credit Facilities - Letters of Credit (Details) | Nov. 05, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 08, 2020USD ($) | Dec. 08, 2020GBP (£) | Aug. 04, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 06, 2019USD ($) | Dec. 22, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Cash and investments | $ 260,900,000 | $ 639,300,000 | ||||||
Letters of Credit | Cavello Letter of Credit Facility | Loan facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||
Letters of credit | 100,000,000 | |||||||
Letters of Credit | Mercantile Letter of Credit Facility | Loan facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 43,700,000 | £ 32,000,000 | ||||||
Letters of credit | 43,700,000 | |||||||
Letters of Credit | Loan facilities | FAL Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 275,000,000 | |||||||
Increase in borrowing capacity, limit | $ 75,000,000 | |||||||
Term extension | 2 years | |||||||
Available unutilized capacity | 210,000,000 | 252,000,000 | ||||||
Letters of Credit | Loan facilities | 2018 Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 120,000,000 | |||||||
Increase in borrowing capacity, limit | $ 60,000,000 | |||||||
Letters of credit | 115,700,000 | 115,300,000 | ||||||
Letters of Credit | Loan facilities | Maiden Facility Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 800,000,000 | $ 800,000,000 | ||||||
Increase in borrowing capacity, limit | 40,000,000 | |||||||
Letters of credit | 587,100,000 | $ 608,000,000 | ||||||
Letters of Credit | Loan facilities | Maiden Facility Agreement | Previously Reported | ||||||||
Debt Instrument [Line Items] | ||||||||
Letters of credit | $ 424,100,000 | |||||||
Letters of Credit | Loan facilities | 2020 Letter of Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 65,000,000 | |||||||
Letters of credit | $ 61,000,000 |
Noncontrolling Interest - Redee
Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Balance at beginning of year | $ 438,791 | $ 458,543 |
Capital contributions | 0 | 13,127 |
Dividends paid | 0 | (11,556) |
Net losses attributable to RNCI | (27,512) | (12,029) |
Change in unrealized gains (losses) on AFS investments attributable to RNCI | 1,517 | (126) |
Change in currency translation adjustments attributable to RNCI | (1,397) | 10 |
Change in redemption value of RNCI | (46,224) | (9,178) |
Cumulative effect of change in accounting principle attributable to RNCI | 261 | 0 |
Balance at end of year | $ 365,436 | $ 438,791 |
North Bay | Trident | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Ownership interest held by noncontrolling owners | 39.30% | |
North Bay | Dowling | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Ownership interest held by noncontrolling owners | 1.70% | |
Subsidiaries | North Bay | Trident | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Ownership interest held by noncontrolling owners | 39.30% | 39.30% |
Subsidiaries | North Bay | Dowling | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Ownership interest held by noncontrolling owners | 1.70% | 1.70% |
Noncontrolling Interest - Nonco
Noncontrolling Interest - Noncontrolling Interest (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Noncontrolling Interest [Abstract] | ||
Noncontrolling interest | $ 13,609 | $ 14,168 |
Shareholders' Equity - Voting O
Shareholders' Equity - Voting Ordinary Shares (Details) | Jan. 21, 2020shares | May 14, 2018shares | Jun. 11, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)vote$ / sharesshares | Dec. 31, 2020USD ($)vote$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Mar. 09, 2020USD ($) |
Class of Stock [Line Items] | ||||||||
Authorized share capital (shares) | 111,000,000 | 111,000,000 | 111,000,000 | |||||
Ordinary shares, par value (dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | |||||
Preference shares (shares) | 45,000,000 | 45,000,000 | 45,000,000 | |||||
Preferred shares, par value (dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | |||||
Authorized repurchase amount | $ | $ 150,000,000 | |||||||
Treasury shares repurchased (shares) | 18,103 | 178,280 | ||||||
Treasury shares repurchased, average price (dollars per share) | $ / shares | $ 234.73 | $ 145.87 | ||||||
Repurchase of shares | $ | $ (4,200,000) | $ (26,000,000) | $ (26,006,000) | $ 0 | $ 0 | |||
Remaining repurchase amount | $ | $ 119,700,000 | $ 124,000,000 | $ 124,000,000 | |||||
Chief Executive Officer | Joint Share Ownership Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Shares subscribed (shares) | 565,630 | |||||||
Voting ordinary shares | ||||||||
Class of Stock [Line Items] | ||||||||
Ordinary shares, par value (dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | |||||
Number of votes | vote | 1 | 1 | ||||||
Non-voting ordinary shares | ||||||||
Class of Stock [Line Items] | ||||||||
Ordinary shares, par value (dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | |||||
KaylaRe | ||||||||
Class of Stock [Line Items] | ||||||||
Number of Enstar ordinary shares issued (shares) | 2,007,017 | |||||||
KaylaRe | Ordinary Shares | ||||||||
Class of Stock [Line Items] | ||||||||
Number of Enstar ordinary shares issued (shares) | 1,501,778 |
Shareholders' Equity - Non-Voti
Shareholders' Equity - Non-Voting Shares (Details) - $ / shares | May 14, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2017 |
Class of Stock [Line Items] | |||||
Ordinary shares, issued (shares) | 22,085,232 | 21,511,505 | |||
Ordinary shares, outstanding (shares) | 22,085,232 | 21,511,505 | |||
Series C non-voting convertible ordinary shares | |||||
Class of Stock [Line Items] | |||||
Conversion ratio, issued upon conversion (shares) | 1 | ||||
Aggregate voting power of Company's issued share capital (percent) (not to exceed) | 0.01% | ||||
Ordinary shares, issued (shares) | 2,599,672 | 2,599,672 | |||
Ordinary shares, outstanding (shares) | 2,599,672 | 2,599,672 | |||
Warrants outstanding (shares) | 175,901 | 175,901 | |||
Warrants, exercise price (dollars per share) | $ 115 | $ 115 | |||
Shares issued (in shares) | 89,590 | ||||
Common Class B | |||||
Class of Stock [Line Items] | |||||
Ordinary shares, issued (shares) | 0 | ||||
Ordinary shares, outstanding (shares) | 0 | ||||
Common Class D | |||||
Class of Stock [Line Items] | |||||
Ordinary shares, issued (shares) | 0 | ||||
Ordinary shares, outstanding (shares) | 0 | ||||
Common Class E | |||||
Class of Stock [Line Items] | |||||
Ordinary shares, issued (shares) | 910,010 | 910,010 | |||
Ordinary shares, outstanding (shares) | 910,010 | 910,010 | |||
KaylaRe | |||||
Class of Stock [Line Items] | |||||
Number of Enstar Ordinary shares issued (in shares) | 2,007,017 | ||||
Common Class E | KaylaRe | |||||
Class of Stock [Line Items] | |||||
Number of Enstar Ordinary shares issued (in shares) | 505,239 |
Shareholders' Equity - Warrants
Shareholders' Equity - Warrants (Details) - Common Class C - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Warrants outstanding (shares) | 175,901 | 175,901 |
Warrants, exercise price (dollars per share) | $ 115 | $ 115 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Shares (Details) $ / shares in Units, $ in Millions | Nov. 21, 2018USD ($)$ / sharesshares | Jun. 28, 2018USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Class of Stock [Line Items] | ||||
Preferred shares, par value (dollars per share) | $ 1 | $ 1 | ||
Series C Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred shares, issued (shares) | shares | 388,571 | 388,571 | ||
Preferred shares, liquidation preference (dollars per share) | $ 0.001 | |||
Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred shares, issued (shares) | shares | 16,000 | 16,000 | ||
Dividend rate | 7.00% | |||
Series E Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred shares, issued (shares) | shares | 4,400 | 4,400 | ||
Dividend rate | 7.00% | |||
Public Stock Offering | Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred shares, liquidation preference (dollars per share) | $ 25,000 | |||
Consideration received on sale of stock | $ | $ 400 | |||
Number of shares issued (shares) | shares | 16,000 | |||
Dividend rate | 7.00% | |||
Depositary shares equivalent (shares) | shares | 16,000,000 | |||
Depositary share, interest in preferred share | 0.001 | |||
Preferred shares, par value (dollars per share) | $ 1 | |||
Liquidation preference per depositary share (dollars per share) | $ 25 | |||
Public Stock Offering | Series E Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred shares, liquidation preference (dollars per share) | $ 25,000 | |||
Consideration received on sale of stock | $ | $ 110 | |||
Number of shares issued (shares) | shares | 4,400 | |||
Dividend rate | 7.00% | |||
Depositary shares equivalent (shares) | shares | 4,400,000 | |||
Depositary share, interest in preferred share | 0.001 | |||
Preferred shares, par value (dollars per share) | $ 1 | |||
Liquidation preference per depositary share (dollars per share) | $ 25 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends on Preferred Shares (Details) - USD ($) $ in Thousands | May 05, 2021 | Feb. 05, 2021 | Nov. 21, 2018 | Jun. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||||||
Total dividends paid | $ 35,700 | $ 35,914 | $ 12,133 | ||||
Series D Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate | 7.00% | ||||||
Total dividends paid | $ 7,000 | $ 7,000 | $ 28,000 | 28,000 | $ 12,100 | ||
Series E Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate | 7.00% | ||||||
Total dividends paid | $ 1,900 | $ 1,900 | $ 7,700 | $ 7,900 | |||
Public Stock Offering | Series D Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate | 7.00% | ||||||
Public Stock Offering | Series E Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate | 7.00% | ||||||
LIBOR | Public Stock Offering | Series D Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Basis spread on variable rate | 4.015% |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of year | $ 4,856,351 | ||
Unrealized gains (losses) on fixed income available-for-sale investments arising during the year | 104,924 | $ 2,896 | $ (2,284) |
Reclassification adjustment for net realized (gains) losses included in net earnings | (18,033) | (3,894) | 63 |
Change in currency translation adjustment | (2,103) | (2,428) | (202) |
Decrease in defined benefit pension liability | 1,152 | 42 | 2,156 |
Reclassification adjustment for change in allowance for credit losses recognized in net earnings | (509) | 0 | 0 |
Reclassification to earnings on disposal of subsidiary | (11,822) | ||
Total other comprehensive income (loss) | 73,609 | (3,384) | (267) |
Balance, end of year | 6,688,004 | 4,856,351 | |
Unrealized gains (losses) on fixed income available-for-sale investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Unrealized gains (losses) on fixed income available-for-sale investments arising during the year | 104,924 | 2,896 | (2,284) |
Reclassification adjustment for net realized (gains) losses included in net earnings | (18,033) | (3,894) | 63 |
Reclassification adjustment for change in allowance for credit losses recognized in net earnings | (509) | ||
Reclassification to earnings on disposal of subsidiary | (11,856) | ||
Total other comprehensive income (loss) | 74,526 | (998) | (2,221) |
Unrealized gains (losses) on available-for-sale investments, Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (income) loss attributable to RNCI | (1,518) | 125 | 222 |
Unrealized gains (losses) on available-for-sale investments, Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (432) | 441 | 2,440 |
Total other comprehensive income (loss) | 73,008 | (873) | (1,999) |
Balance, end of year | 72,576 | (432) | 441 |
Cumulative Currency Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in currency translation adjustment | (2,103) | (2,428) | (202) |
Reclassification to earnings on disposal of subsidiary | 34 | ||
Total other comprehensive income (loss) | (2,069) | (2,428) | (202) |
Cumulative current translation adjustment, Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (income) loss attributable to RNCI | 1,397 | (10) | 17 |
Cumulative current translation adjustment, Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of year | 8,548 | 10,986 | 11,171 |
Total other comprehensive income (loss) | (672) | (2,438) | (185) |
Balance, end of year | 7,876 | 8,548 | 10,986 |
Defined benefit pension liability, Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (945) | (987) | (3,143) |
Decrease in defined benefit pension liability | 1,152 | 42 | 2,156 |
Balance, end of year | 207 | (945) | (987) |
Defined Benefit Pension Liability | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Decrease in defined benefit pension liability | 1,152 | 42 | 2,156 |
Reclassification to earnings on disposal of subsidiary | 0 | ||
Total other comprehensive income (loss) | 1,152 | 42 | 2,156 |
Defined benefit pension liability, Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (income) loss attributable to RNCI | 0 | 0 | 0 |
Accumulated Other Comprehensive Income, Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of year | 7,171 | 10,440 | 10,468 |
Balance, end of year | 80,659 | 7,171 | 10,440 |
Accumulated Other Comprehensive Income | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Total other comprehensive income (loss) | 73,609 | (3,384) | (267) |
Accumulated Other Comprehensive Income, Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (income) loss attributable to RNCI | $ (121) | $ 115 | $ 239 |
Shareholders' Equity - Tax Effe
Shareholders' Equity - Tax Effect (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before Tax Amount | $ 79,174 | ||
Tax (Expense) Benefit | (5,565) | ||
Reclassification adjustment for net realized (gains) losses included in net earnings | (18,033) | $ (3,894) | $ 63 |
Total other comprehensive income (loss) | 73,609 | (3,384) | (267) |
Unrealized gains (losses) on fixed income available-for-sale investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before reclassifications and tax | 115,610 | ||
Reclassification adjustment for change in allowance for credit losses recognized in net earnings | (499) | ||
Reclassification adjustment for net realized (gains) losses included in net earnings | (19,766) | ||
Reclassification to earnings on disposal of subsidiary | (15,008) | ||
Before reclassifications, tax | (10,686) | ||
Reclassification adjustment for change in allowance for credit losses recognized in net earnings | (10) | ||
Reclassification adjustment for net realized (gains) losses included in net earnings | 1,733 | ||
Reclassification to earnings on disposal of subsidiary | 3,152 | ||
Before reclassifications, net of tax amount | 104,924 | ||
Reclassification adjustment for change in allowance for credit losses recognized in net earnings | (509) | ||
Reclassification adjustment for net realized (gains) losses included in net earnings | (18,033) | (3,894) | 63 |
Reclassification to earnings on disposal of subsidiary | (11,856) | ||
Total other comprehensive income (loss) | 74,526 | (998) | (2,221) |
Cumulative Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before reclassifications and tax | (2,294) | ||
Reclassification to earnings on disposal of subsidiary | 34 | ||
Before reclassifications, tax | 191 | ||
Reclassification to earnings on disposal of subsidiary | 0 | ||
Before reclassifications, net of tax amount | (2,103) | ||
Reclassification to earnings on disposal of subsidiary | 34 | ||
Total other comprehensive income (loss) | (2,069) | (2,428) | (202) |
Defined Benefit Pension Liability | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Before reclassifications and tax | 1,097 | ||
Before reclassifications, tax | 55 | ||
Before reclassifications, net of tax amount | 1,152 | ||
Total other comprehensive income (loss) | $ 1,152 | $ 42 | $ 2,156 |
Shareholders' Equity - Reclassi
Shareholders' Equity - Reclassifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net realized and unrealized gains (losses) | $ 803,467 | $ 500,005 | $ 967,608 | $ (629,061) | $ 153,477 | $ 145,060 | $ 260,669 | $ 452,760 | $ 1,642,019 | $ 1,011,966 | $ (407,532) |
Net earnings from discontinued operations, net of income taxes | 15,441 | 4,031 | (1,152) | (2,069) | (4,666) | 7,916 | (3,943) | 8,068 | 16,251 | 7,375 | 1,489 |
Income tax (expense) | 1,468 | (13,915) | (16,652) | 5,272 | 12,893 | (13,465) | (7,698) | (4,102) | (23,827) | (12,372) | 3,689 |
NET EARNINGS (LOSS) | $ 834,655 | $ 645,850 | $ 787,486 | $ (540,618) | $ 197,864 | $ 126,559 | $ 238,054 | $ 365,742 | 1,727,373 | 928,219 | (212,272) |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
NET EARNINGS (LOSS) | 30,364 | 3,894 | (63) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on fixed income available-for-sale investments | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net realized and unrealized gains (losses) | 18,682 | 3,894 | (63) | ||||||||
Net earnings from discontinued operations, net of income taxes | 16,591 | 0 | 0 | ||||||||
Total before tax | 35,273 | 3,894 | (63) | ||||||||
Income tax (expense) | (4,875) | 0 | 0 | ||||||||
NET EARNINGS (LOSS) | 30,398 | 3,894 | (63) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cumulative Currency Translation Adjustment | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net earnings from discontinued operations, net of income taxes | $ (34) | $ 0 | $ 0 |
Earnings Per Share - Comparison
Earnings Per Share - Comparison of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net earnings (loss) from continuing operations | $ 1,711,810 | $ 897,825 | $ (163,232) | ||||||||
Net earnings from discontinued operations | 7,534 | 4,350 | 878 | ||||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 822,599 | $ 615,013 | $ 798,553 | $ (516,821) | $ 193,839 | $ 117,743 | $ 231,842 | $ 358,751 | $ 1,719,344 | $ 902,175 | $ (162,354) |
Denominator: | |||||||||||
Weighted-average ordinary shares outstanding — basic (shares) | 21,551,408 | 21,482,617 | 20,698,310 | ||||||||
Effect of dilutive securities: | |||||||||||
Share-based compensation plans (shares) | 208,293 | 227,878 | 129,746 | ||||||||
Warrants (shares) | 58,593 | 64,571 | 76,120 | ||||||||
Weighted-average ordinary shares outstanding - diluted (shares) | 21,818,294 | 21,775,066 | 20,904,176 | ||||||||
Basic: | |||||||||||
Net earnings (loss) from continuing operations (dollars per share) | $ 37.91 | $ 28.39 | $ 37.06 | $ (23.93) | $ 9.15 | $ 5.26 | $ 10.90 | $ 16.49 | $ 79.43 | $ 41.80 | $ (7.89) |
Net earnings from discontinued operations (dollars per share) | 0.33 | 0.11 | (0.03) | (0.05) | (0.13) | 0.22 | (0.11) | 0.22 | 0.35 | 0.20 | 0.05 |
Net earnings (loss) per ordinary share (dollars per share) | 38.24 | 28.50 | 37.03 | (23.98) | 9.02 | 5.48 | 10.79 | 16.71 | 79.78 | 42 | (7.84) |
Diluted: | |||||||||||
Net earnings (loss) from continuing operations (dollars per share) | 37.47 | 28.13 | 36.68 | (23.93) | 9.02 | 5.21 | 10.81 | 16.35 | 78.45 | 41.23 | (7.89) |
Net earnings from discontinued operations (dollars per share) | 0.32 | 0.11 | (0.03) | (0.05) | (0.13) | 0.21 | (0.11) | 0.22 | 0.35 | 0.20 | 0.05 |
Net earnings (loss) per ordinary share (dollars per share) | $ 37.79 | $ 28.24 | $ 36.65 | $ (23.98) | $ 8.89 | $ 5.42 | $ 10.70 | $ 16.57 | $ 78.80 | $ 41.43 | $ (7.84) |
Share-Based Compensation and _3
Share-Based Compensation and Pensions - Compensation Costs for Share-based Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | $ 27,745 | $ 37,999 | $ 10,670 |
Tax benefit | 2,700 | 2,900 | 1,900 |
Restricted shares and restricted share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | 8,286 | 6,564 | 7,641 |
Performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | 12,678 | 23,582 | 1,968 |
Cash-settled stock appreciation rights | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | 215 | 2,575 | (3,316) |
Employee share purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | 339 | 411 | 430 |
Joint share ownership plan expense | Employee share purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | 4,296 | 0 | |
Northshore/Atrium incentive plan | Time-based restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | 971 | 3,652 | 2,792 |
StarStone incentive plan | Time-based restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation costs | (223) | 223 | 0 |
Deferred compensation and ordinary share plan for non-employee directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation and ordinary share plan for non-employee directors | $ 1,183 | $ 992 | $ 1,155 |
Share-Based Compensation and _4
Share-Based Compensation and Pensions - Restricted Shares and Restricted Share Units (Details) - Restricted shares and restricted share units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Number of Shares | |
Nonvested — January 1 (shares) | 64,572 |
Granted (shares) | 70,012 |
Vested (shares) | (38,961) |
Forfeited (shares) | (373) |
Nonvested — December 31 (shares) | 95,250 |
Weighted-Average Share Price | |
Nonvested - January 1 (dollars per share) | $ 180.49 |
Granted (dollars per share) | 152.28 |
Vested (dollars per share) | 174.93 |
Forfeited (dollars per share) | 177.73 |
Nonvested - December 31 (dollars per share) | $ 161.60 |
Unrecognized compensation cost | $ 7.9 |
Unrecognized compensation cost, period of recognition | 2 years 25 days |
Share-Based Compensation and _5
Share-Based Compensation and Pensions - Performance Share Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | |
Performance share units, FDBVPS | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 261,725 | ||||||
Forfeited (shares) | (28,721) | ||||||
Estimated Change in Multiplier (shares) | 45,680 | ||||||
Vested (shares) | (151,838) | ||||||
Unnvested Units (shares) | 126,846 | 126,846 | 126,846 | 126,846 | 126,846 | ||
Number of Shares | |||||||
Granted (shares) | 261,725 | ||||||
Increase for above target vest (shares) | 45,680 | ||||||
Vested (shares) | (151,838) | ||||||
Forfeited (shares) | (28,721) | ||||||
Nonvested — December 31 (shares) | 126,846 | 126,846 | 126,846 | 126,846 | |||
Performance share units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
PSU's Granted at Target (shares) | 98,099 | ||||||
Forfeited (shares) | (7,442) | ||||||
Estimated Change in Multiplier (shares) | 25,850 | ||||||
Vested (shares) | (153,469) | ||||||
Unnvested Units (shares) | 169,987 | 206,949 | 169,987 | 169,987 | 169,987 | 169,987 | |
Performance Criteria: Average Annual Operating ROE | |||||||
Unrecognized compensation cost | $ 14.4 | ||||||
Unrecognized compensation cost, period of recognition | 1 year 10 months 24 days | ||||||
Number of Shares | |||||||
Nonvested — January 1 (shares) | 206,949 | ||||||
Granted (shares) | 98,099 | ||||||
Increase for above target vest (shares) | 25,850 | ||||||
Vested (shares) | (153,469) | ||||||
Forfeited (shares) | (7,442) | ||||||
Nonvested — December 31 (shares) | 169,987 | 206,949 | 169,987 | 169,987 | 169,987 | ||
Weighted-Average Share Price | |||||||
Nonvested - January 1 (dollars per share) | $ 185.61 | ||||||
Granted (dollars per share) | 167.94 | ||||||
Increase for above target vest (dollars per share) | 179.71 | ||||||
Vested (dollars per share) | 187.24 | ||||||
Forfeited (dollars per share) | 146.76 | ||||||
Nonvested - December 31 (dollars per share) | $ 174.10 | $ 185.61 | $ 174.10 | $ 174.10 | $ 174.10 | ||
Performance share units, Average Operating ROE | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 40,868 | ||||||
Forfeited (shares) | (3,907) | ||||||
Estimated Change in Multiplier (shares) | 7,811 | ||||||
Vested (shares) | (1,631) | ||||||
Unnvested Units (shares) | 43,141 | 43,141 | 43,141 | 43,141 | 43,141 | ||
Number of Shares | |||||||
Granted (shares) | 40,868 | ||||||
Increase for above target vest (shares) | 7,811 | ||||||
Vested (shares) | (1,631) | ||||||
Forfeited (shares) | (3,907) | ||||||
Nonvested — December 31 (shares) | 43,141 | 43,141 | 43,141 | 43,141 | |||
Performance Target One | Performance share units | Minimum | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Share settlement percentage | 100.00% | ||||||
Performance Target One | Performance share units | Maximum | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Share settlement percentage | 150.00% | ||||||
Performance Target Two | Performance share units | Minimum | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Share settlement percentage | 60.00% | ||||||
Performance Target Two | Performance share units | Maximum | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Share settlement percentage | 100.00% | ||||||
2017 Awards | Performance share units, FDBVPS | Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 36,321 | ||||||
Forfeited (shares) | (12,267) | ||||||
Estimated Change in Multiplier (shares) | 9,527 | ||||||
Vested (shares) | (33,581) | ||||||
Unnvested Units (shares) | 0 | 0 | 0 | 0 | 0 | ||
Performance Criteria: Change in FDBVPS (3 year) | |||||||
Threshold | 20.00% | ||||||
Target | 30.00% | ||||||
Maximum | 40.00% | ||||||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 50.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 139.00% | 139.00% | 50.00% | ||||
Number of Shares | |||||||
Granted (shares) | 36,321 | ||||||
Increase for above target vest (shares) | 9,527 | ||||||
Vested (shares) | (33,581) | ||||||
Forfeited (shares) | (12,267) | ||||||
Nonvested — December 31 (shares) | 0 | 0 | 0 | 0 | |||
2017 Awards | Performance share units, FDBVPS | Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 91,875 | ||||||
Forfeited (shares) | 0 | ||||||
Estimated Change in Multiplier (shares) | 18,100 | ||||||
Vested (shares) | (109,975) | ||||||
Unnvested Units (shares) | 0 | 0 | 0 | 0 | 0 | ||
Performance Criteria: Change in FDBVPS (3 year) | |||||||
Threshold | 30.30% | ||||||
Target | 35.65% | ||||||
Maximum | 41.00% | ||||||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 50.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 120.00% | 120.00% | 50.00% | ||||
Number of Shares | |||||||
Granted (shares) | 91,875 | ||||||
Increase for above target vest (shares) | 18,100 | ||||||
Vested (shares) | (109,975) | ||||||
Forfeited (shares) | 0 | ||||||
Nonvested — December 31 (shares) | 0 | 0 | 0 | 0 | |||
2018 Awards | Performance share units, FDBVPS | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 39,682 | ||||||
Forfeited (shares) | (12,545) | ||||||
Estimated Change in Multiplier (shares) | 10,218 | ||||||
Vested (shares) | (6,700) | ||||||
Unnvested Units (shares) | 30,655 | 30,655 | 30,655 | 30,655 | 30,655 | ||
Performance Criteria: Change in FDBVPS (3 year) | |||||||
Threshold | 25.00% | ||||||
Target | 32.50% | ||||||
Maximum | 40.00% | ||||||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 50.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 150.00% | 100.00% | 50.00% | ||||
Number of Shares | |||||||
Granted (shares) | 39,682 | ||||||
Increase for above target vest (shares) | 10,218 | ||||||
Vested (shares) | (6,700) | ||||||
Forfeited (shares) | (12,545) | ||||||
Nonvested — December 31 (shares) | 30,655 | 30,655 | 30,655 | 30,655 | |||
2019 Awards | Performance share units, FDBVPS | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 18,308 | ||||||
Forfeited (shares) | (1,758) | ||||||
Estimated Change in Multiplier (shares) | 7,835 | ||||||
Vested (shares) | (881) | ||||||
Unnvested Units (shares) | 23,504 | 23,504 | 23,504 | 23,504 | 23,504 | ||
Performance Criteria: Change in FDBVPS (3 year) | |||||||
Threshold | 20.00% | ||||||
Target | 30.00% | ||||||
Maximum | 40.00% | ||||||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 60.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Number of Shares | |||||||
Granted (shares) | 18,308 | ||||||
Increase for above target vest (shares) | 7,835 | ||||||
Vested (shares) | (881) | ||||||
Forfeited (shares) | (1,758) | ||||||
Nonvested — December 31 (shares) | 23,504 | 23,504 | 23,504 | 23,504 | |||
2019 Awards | Performance share units, FDBVPS | Tranche One | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 150.00% | 100.00% | |||||
2019 Awards | Performance share units, Average Operating ROE | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 18,308 | ||||||
Forfeited (shares) | (1,756) | ||||||
Estimated Change in Multiplier (shares) | 7,811 | ||||||
Vested (shares) | (930) | ||||||
Unnvested Units (shares) | 23,433 | 23,433 | 23,433 | 23,433 | 23,433 | ||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 60.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Threshold | 9.60% | ||||||
Target | 12.00% | ||||||
Maximum | 14.40% | ||||||
Number of Shares | |||||||
Granted (shares) | 18,308 | ||||||
Increase for above target vest (shares) | 7,811 | ||||||
Vested (shares) | (930) | ||||||
Forfeited (shares) | (1,756) | ||||||
Nonvested — December 31 (shares) | 23,433 | 23,433 | 23,433 | 23,433 | |||
2019 Awards | Performance share units, Average Operating ROE | Tranche Two | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 150.00% | 100.00% | |||||
2020 Awards | Performance share units, FDBVPS | Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 22,591 | ||||||
Forfeited (shares) | (2,151) | ||||||
Estimated Change in Multiplier (shares) | 0 | ||||||
Vested (shares) | (701) | ||||||
Unnvested Units (shares) | 19,739 | 19,739 | 19,739 | 19,739 | 19,739 | ||
Performance Criteria: Change in FDBVPS (3 year) | |||||||
Threshold | 25.00% | ||||||
Target | 32.50% | ||||||
Maximum | 40.00% | ||||||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 60.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 100.00% | ||||||
Number of Shares | |||||||
Granted (shares) | 22,591 | ||||||
Increase for above target vest (shares) | 0 | ||||||
Vested (shares) | (701) | ||||||
Forfeited (shares) | (2,151) | ||||||
Nonvested — December 31 (shares) | 19,739 | 19,739 | 19,739 | 19,739 | |||
2020 Awards | Performance share units, FDBVPS | Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 52,948 | ||||||
Forfeited (shares) | 0 | ||||||
Estimated Change in Multiplier (shares) | 0 | ||||||
Vested (shares) | 0 | ||||||
Unnvested Units (shares) | 52,948 | 52,948 | 52,948 | 52,948 | 52,948 | ||
Performance Criteria: Change in FDBVPS (3 year) | |||||||
Threshold | 33.10% | ||||||
Target | 36.80% | ||||||
Target + | 44.30% | ||||||
Maximum | 52.10% | ||||||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 50.00% | ||||||
Target | 100.00% | ||||||
Target + | 150.00% | ||||||
Maximum | 200.00% | ||||||
Number of Shares | |||||||
Granted (shares) | 52,948 | ||||||
Increase for above target vest (shares) | 0 | ||||||
Vested (shares) | 0 | ||||||
Forfeited (shares) | 0 | ||||||
Nonvested — December 31 (shares) | 52,948 | 52,948 | 52,948 | 52,948 | |||
2020 Awards | Performance share units, FDBVPS | Tranche Three | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 100.00% | ||||||
2020 Awards | Performance share units, Average Operating ROE | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
PSU's Granted at Target (shares) | 22,560 | ||||||
Forfeited (shares) | (2,151) | ||||||
Estimated Change in Multiplier (shares) | 0 | ||||||
Vested (shares) | (701) | ||||||
Unnvested Units (shares) | 19,708 | 19,708 | 19,708 | 19,708 | 19,708 | ||
Performance Multiplier Levels Per Award Agreements | |||||||
Threshold | 60.00% | ||||||
Target | 100.00% | ||||||
Maximum | 150.00% | ||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Threshold | 9.60% | ||||||
Target | 12.00% | ||||||
Maximum | 14.40% | ||||||
Number of Shares | |||||||
Granted (shares) | 22,560 | ||||||
Increase for above target vest (shares) | 0 | ||||||
Vested (shares) | (701) | ||||||
Forfeited (shares) | (2,151) | ||||||
Nonvested — December 31 (shares) | 19,708 | 19,708 | 19,708 | 19,708 | |||
2020 Awards | Performance share units, Average Operating ROE | Tranche Two | |||||||
Performance Criteria: Average Annual Operating ROE | |||||||
Performance multiplier | 100.00% |
Share-Based Compensation and _6
Share-Based Compensation and Pensions - Cash-Settled Stock Appreciation Rights (Detail) - Cash-settled stock appreciation rights - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of SARs | |||
Balance, beginning of year, Number of SARs (shares) | 89,227 | ||
Exercised, Number of SARs (shares) | (12,793) | ||
Balance, end of year, Number of SARs (shares) | 76,434 | 89,227 | |
Weighted-Average Exercise Price of SARs | |||
Balance, beginning of year, Weighted Average Exercise Price of SARs (dollars per share) | $ 143.33 | ||
Exercised, Weighted Average Exercise Price of SARs (dollars per share) | 136.94 | ||
Balance, end of year, Weighted Average Exercise Price of SARs (dollars per share) | $ 144.40 | $ 143.33 | |
Balance, end of year, Weighted Average Remaining Contractual Term (in years) | 1 year 10 months 24 days | ||
Balance, end of year, Aggregate Intrinsic Value | $ 4,623,000 | ||
Closing price per share, ordinary shares (dollars per share) | $ 204.89 | ||
Unrecognized compensation cost | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Weighted-average fair value per SAR (dollars per share) | $ 78.47 | $ 76.03 | $ 45.85 |
Weighted-average volatility | 49.43% | 19.75% | 18.94% |
Weighted-average risk-free interest rate | 0.15% | 1.64% | 2.72% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period | 4 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period | 10 years |
Share-Based Compensation and _7
Share-Based Compensation and Pensions - Joint Share Ownership Plan (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 20, 2023 | Jan. 21, 2020 | Dec. 31, 2020 |
Joint Share Ownership Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 565,630 | ||
Hurdle price per share (dollars per share) | $ 266 | ||
Shares issued, price per share (dollars per share) | 205.89 | ||
Percentage of award subject to performance condition | 20.00% | ||
Grant date fair value (dollars per share) | $ 24.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Weighted-average volatility | 18.66% | ||
Weighted-average risk-free interest rate | 1.55% | ||
Dividend yield | 0.00% | ||
Unrecognized compensation cost | $ 9.4 | ||
Unrecognized compensation cost, period of recognition | 2 years 1 month 6 days | ||
Chief Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 565,630 | ||
Chief Executive Officer | Joint Share Ownership Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Grant date fair value | $ 13.6 | ||
Scenario, Forecast | Joint Share Ownership Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volume weighted average price per share, days | 10 days | ||
Consecutive trading days | 10 days |
Share-Based Compensation and _8
Share-Based Compensation and Pensions - Other Share-Based Compensation Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Northshore/Atrium incentive plan | Minimum | Time-based restricted shares | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period | 2 years | ||
Northshore/Atrium incentive plan | Maximum | Time-based restricted shares | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period | 3 years | ||
StarStone incentive plan | Minimum | Time-based restricted shares | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period | 2 years | ||
StarStone incentive plan | Maximum | Time-based restricted shares | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period | 3 years | ||
Deferred compensation and ordinary share plan for non-employee directors | Director | Share-based compensation plans | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Restricted share units credited to the accounts of non-employee directors (shares) | 7,204 | 5,976 | 5,691 |
Joint share ownership plan expense | Employee share purchase plan | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Discount rate from market price | 15.00% | ||
Maximum value of shares per employee | $ 21,250 | ||
Maximum subscription rate | 15.00% | ||
Stock issued to employees (shares) | 16,914 | 15,269 | 14,183 |
Share-Based Compensation and _9
Share-Based Compensation and Pensions - Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plans | $ 11,791 | $ 11,798 | $ 11,434 |
Defined benefit plan | 2,975 | 684 | 2,243 |
Total pension expense | 14,766 | 12,482 | $ 13,677 |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, unfunded liability | 6,900 | 8,900 | |
Accrued liability, defined benefit plan | $ 6,900 | $ 8,900 |
Income Taxation - Additional In
Income Taxation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Bermuda income taxes, statutory rate | 0.00% | 0.00% | 0.00% |
Valuation allowance | $ 118,229,000 | $ 117,390,000 | |
Increase (decrease) in valuation allowance | 800,000 | ||
Unrecognized tax benefits | 0 | 0 | $ 0 |
Accrued interest and penalties related to unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Income Taxation - Earnings befo
Income Taxation - Earnings before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic (Bermuda) | $ 1,503,505 | $ 576,338 | $ (232,743) |
Foreign | 231,444 | 356,878 | 15,293 |
Total earnings (loss) before income taxes attributable to continuing operations | $ 1,734,949 | $ 933,216 | $ (217,450) |
Income Taxation - Tax Expense f
Income Taxation - Tax Expense for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Domestic (Bermuda) | $ 0 | $ 0 | $ 0 | ||||||||
Foreign | 15,232 | 16,330 | (917) | ||||||||
Total current tax expense | 15,232 | 16,330 | (917) | ||||||||
Deferred: | |||||||||||
Domestic (Bermuda) | 0 | 0 | 0 | ||||||||
Foreign | 8,595 | (3,958) | (2,772) | ||||||||
Total deferred tax expense | 8,595 | (3,958) | (2,772) | ||||||||
Total income tax expense (benefit) attributable to continuing operations | $ (1,468) | $ 13,915 | $ 16,652 | $ (5,272) | $ (12,893) | $ 13,465 | $ 7,698 | $ 4,102 | $ 23,827 | $ 12,372 | $ (3,689) |
Income Taxation - Reconciliatio
Income Taxation - Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Earnings (loss) before income taxes | $ 1,734,949 | $ 933,216 | $ (217,450) |
Bermuda income taxes at statutory rate | 0.00% | 0.00% | 0.00% |
Foreign income tax rate differential | 1.20% | 8.60% | 0.60% |
Change in valuation allowance | 0.10% | (7.20%) | (1.80%) |
U.S. base erosion and anti-abuse tax | 0.00% | 0.30% | (0.30%) |
Other | 0.10% | (0.40%) | 3.20% |
Effective tax rate | 1.40% | 1.30% | 1.70% |
Income Taxation - Components of
Income Taxation - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 141,459 | $ 144,609 |
Insurance reserves | 22,238 | 7,535 |
Unearned premiums | 68 | 151 |
Provisions for bad debt | 407 | 6,172 |
Defendant asbestos and environmental liabilities | 121,006 | 140,000 |
Other deferred tax assets | 16,696 | 3,230 |
Deferred tax assets | 301,874 | 301,697 |
Valuation allowance | (118,229) | (117,390) |
Deferred tax assets, net of valuation allowance | 183,645 | 184,307 |
Deferred tax liabilities: | ||
Unrealized gains on investments | (20,185) | (14,079) |
Lloyd's underwriting profit taxable in future periods | (15,555) | (8,852) |
Deferred policy acquisition cost | 0 | (8,267) |
Other deferred tax liabilities | (9,242) | (13,390) |
Deferred tax liabilities | (44,982) | (44,588) |
Net deferred tax asset | $ 138,663 | $ 139,719 |
Income Taxation - Deferred Tax
Income Taxation - Deferred Tax Ending Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Net Deferred Tax Asset | $ 138,663 | $ 139,719 |
United States | ||
Segment Reporting Information [Line Items] | ||
Net Deferred Tax Asset | 156,730 | 154,700 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Net Deferred Tax Liability | (18,095) | (16,074) |
Other | ||
Segment Reporting Information [Line Items] | ||
Net Deferred Tax Asset | $ 28 | $ 1,093 |
Income Taxation - Net Operating
Income Taxation - Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Tax effect | $ 141,459 | $ 144,609 |
Foreign Tax Authority | United States | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carryforwards | 428,732 | |
Tax effect | 90,034 | |
Foreign Tax Authority | United Kingdom | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carryforwards | 185,230 | |
Tax effect | 35,194 | |
Foreign Tax Authority | Luxembourg | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carryforwards | 17,200 | |
Tax effect | 4,300 | |
Foreign Tax Authority | Other | ||
Operating Loss Carryforwards [Line Items] | ||
Loss Carryforwards | 48,683 | |
Tax effect | $ 11,931 |
Related Party Transactions - St
Related Party Transactions - Stone Point Capital LLC (Details) $ in Thousands | Mar. 15, 2021USD ($) | Dec. 31, 2020USD ($)director | Oct. 01, 2019USD ($) | Apr. 01, 2019USD ($) | Oct. 01, 2018USD ($) | Dec. 31, 2020USD ($)director | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jul. 31, 2012shares | Dec. 31, 2020USD ($)director | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2021 | Nov. 06, 2013general_partner |
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of newly elected board of directors | director | 5 | 5 | 5 | ||||||||||||||||
Ownership % | 47.40% | 47.40% | 47.40% | 47.40% | 47.40% | ||||||||||||||
Payments to acquire investments | $ 27,000 | ||||||||||||||||||
Assumed business | $ 2,186,024 | $ 1,586,307 | $ 1,772,104 | ||||||||||||||||
Adverse development cover | $ 59,000 | ||||||||||||||||||
Redeemable noncontrolling interest | $ 365,436 | $ 365,436 | $ 438,791 | 365,436 | 438,791 | 458,543 | |||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Available-for-sale, at fair value | 3,658,895 | 3,658,895 | 1,666,387 | 3,658,895 | 1,666,387 | ||||||||||||||
Equities, at fair value | 846,795 | 846,795 | 726,721 | 846,795 | 726,721 | ||||||||||||||
Investments in funds | 4,244,034 | 4,244,034 | 2,518,031 | 4,244,034 | 2,518,031 | ||||||||||||||
Total investments | 15,256,930 | 15,256,930 | 12,619,793 | 15,256,930 | 12,619,793 | ||||||||||||||
Cash and cash equivalents | 901,152 | 901,152 | 624,472 | 901,152 | 624,472 | 535,809 | |||||||||||||
Other assets | 925,533 | 925,533 | 1,162,955 | 925,533 | 1,162,955 | ||||||||||||||
Other liabilities | $ 942,905 | 942,905 | 994,584 | 942,905 | 994,584 | ||||||||||||||
Related Party, Consolidated Statement of Earnings [Abstract] | |||||||||||||||||||
Net investment income | 61,530 | $ 72,130 | $ 94,443 | $ 74,714 | 76,847 | $ 81,502 | $ 74,271 | $ 75,651 | 302,817 | 308,271 | 261,698 | ||||||||
Net realized and unrealized gains (losses) | 803,467 | 500,005 | 967,608 | (629,061) | 153,477 | 145,060 | 260,669 | 452,760 | 1,642,019 | 1,011,966 | (407,532) | ||||||||
NET EARNINGS (LOSS) | $ 834,655 | $ 645,850 | 787,486 | $ (540,618) | 197,864 | $ 126,559 | $ 238,054 | $ 365,742 | $ 1,727,373 | 928,219 | (212,272) | ||||||||
North Bay | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by parent | 59.00% | 59.00% | 59.00% | ||||||||||||||||
Northshore | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Percentage of shares owned in order to designate member of board of directors | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Right to designate board of directors if 50% or more of shares owned | director | 1 | 1 | 1 | ||||||||||||||||
Common shares subject to transfer restriction, term | 18 months | ||||||||||||||||||
SSHL | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by parent | 59.00% | 59.00% | 59.00% | ||||||||||||||||
Affiliated entity | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | $ 3,300,000 | $ 3,300,000 | $ 3,300,000 | ||||||||||||||||
SSHL | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number designated to board of directors | director | 3 | 3 | 3 | ||||||||||||||||
Trident | Affiliated entity | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Voting ordinary shares acquired (shares) | shares | 1,635,986 | ||||||||||||||||||
Number of newly elected board of directors | general_partner | 1 | ||||||||||||||||||
Number of general partners | general_partner | 4 | ||||||||||||||||||
Redeemable noncontrolling interest | $ 350,200 | $ 350,200 | 420,500 | $ 350,200 | 420,500 | ||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Equities, at fair value | 77,100 | 77,100 | 77,100 | ||||||||||||||||
StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Equities, at fair value | 103,914 | 103,914 | 121,794 | 103,914 | 121,794 | ||||||||||||||
Total investments | 1,054,873 | 1,054,873 | 1,142,446 | 1,054,873 | 1,142,446 | ||||||||||||||
Cash and cash equivalents | 23,933 | 23,933 | 54,080 | 23,933 | 54,080 | ||||||||||||||
Other assets | 403 | 403 | 10 | 403 | 10 | ||||||||||||||
Other liabilities | 745 | 745 | 4,710 | 745 | 4,710 | ||||||||||||||
Net investment | 1,078,464 | 1,078,464 | 1,191,826 | 1,078,464 | 1,191,826 | ||||||||||||||
Related Party, Consolidated Statement of Earnings [Abstract] | |||||||||||||||||||
Net investment income | 16,325 | 8,733 | 7,424 | ||||||||||||||||
Net realized and unrealized gains (losses) | 23,750 | 26,631 | 207 | ||||||||||||||||
NET EARNINGS (LOSS) | 40,075 | 35,364 | 7,631 | ||||||||||||||||
Starstone | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Assumed business | 189,400 | ||||||||||||||||||
Reinsurance premium consideration | $ 189,400 | ||||||||||||||||||
Short-term Investments | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Available-for-sale, at fair value | 263,795 | 263,795 | 128,335 | 263,795 | 128,335 | ||||||||||||||
Fixed maturity investments, trading | 5,129 | 5,129 | 51,490 | 5,129 | 51,490 | ||||||||||||||
Short-term Investments | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Available-for-sale, at fair value | 878 | 878 | 1,431 | 878 | 1,431 | ||||||||||||||
Fixed Maturities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Available-for-sale, at fair value | 3,395,100 | 3,395,100 | 1,538,052 | 3,395,100 | 1,538,052 | ||||||||||||||
Fixed maturity investments, trading | 4,594,892 | 4,594,892 | 6,143,335 | 4,594,892 | 6,143,335 | ||||||||||||||
Fixed Maturities | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Available-for-sale, at fair value | 227,397 | 227,397 | 160,303 | 227,397 | 160,303 | ||||||||||||||
Fixed maturity investments, trading | 196,086 | 196,086 | 269,131 | 196,086 | 269,131 | ||||||||||||||
Hedge funds | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 2,638,339 | 2,638,339 | 1,121,904 | 2,638,339 | 1,121,904 | ||||||||||||||
Hedge funds | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 19,844 | 19,844 | 18,993 | 19,844 | 18,993 | ||||||||||||||
Fixed income funds | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 552,541 | 552,541 | 481,039 | 552,541 | 481,039 | ||||||||||||||
Fixed income funds | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 210,017 | 210,017 | 381,449 | 210,017 | 381,449 | ||||||||||||||
Private equity funds | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 363,103 | 363,103 | 323,496 | 363,103 | 323,496 | ||||||||||||||
Private equity funds | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 37,262 | 37,262 | 34,858 | 37,262 | 34,858 | ||||||||||||||
CLO equities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 128,083 | 128,083 | 87,555 | 128,083 | 87,555 | ||||||||||||||
CLO equities | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 38,658 | 38,658 | 32,560 | 38,658 | 32,560 | ||||||||||||||
CLO equity funds | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 166,523 | 166,523 | 87,509 | 166,523 | 87,509 | ||||||||||||||
CLO equity funds | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 166,523 | 166,523 | 87,509 | 166,523 | 87,509 | ||||||||||||||
Private Debt | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | 27,016 | 27,016 | 16,312 | 27,016 | 16,312 | ||||||||||||||
Real estate fund | StonePoint And Affiliated Entities | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | $ 27,278 | $ 27,278 | $ 18,106 | $ 27,278 | $ 18,106 | ||||||||||||||
Stone Point | Affiliated entity | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Voting ordinary shares acquired, percent | 8.80% | 8.80% | 8.80% | ||||||||||||||||
Trident | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Payments to acquire investments | $ 18,000 | ||||||||||||||||||
Trident | North Bay | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 39.30% | 39.30% | 39.30% | ||||||||||||||||
Trident | Northshore | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 76.30% | ||||||||||||||||||
Trident | SSHL | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 39.30% | 39.30% | 39.30% | ||||||||||||||||
Trident | SSHL | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number designated to board of directors | director | 2 | 2 | 2 | ||||||||||||||||
Trident | North Bay | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Payments to acquire investments | $ 53,100 | ||||||||||||||||||
Dowling | North Bay | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 1.70% | 1.70% | 1.70% | ||||||||||||||||
Dowling | Northshore | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 1.60% | ||||||||||||||||||
Dowling | Core Specialty | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 0.40% | ||||||||||||||||||
Dowling | SSHL | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 1.70% | 1.70% | 1.70% | ||||||||||||||||
Core Specialty | Northshore | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by noncontrolling owners | 13.80% | ||||||||||||||||||
North Bay | Northshore | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by parent | 92.10% | 92.10% | 92.10% | ||||||||||||||||
North Bay | SSHL | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership interest held by parent | 100.00% | 100.00% | 100.00% | ||||||||||||||||
North Bay Shareholders | North Bay | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Payments to acquire investments | $ 48,000 | $ 135,000 | |||||||||||||||||
Core Specialty | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Ownership % | 25.23% | ||||||||||||||||||
Mitchell International | Affiliated entity | |||||||||||||||||||
Related Party, Consolidated Balance Sheet [Abstract] | |||||||||||||||||||
Investments in funds | $ 26,900 | $ 26,900 | $ 26,900 | $ 25,000 | |||||||||||||||
Sound Point Capital | Affiliated entity | Senior Loans | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Note receivable | $ 10,000 | ||||||||||||||||||
Term loan facility, term | 2 years |
Related Party Transactions - Ka
Related Party Transactions - KaylaRe (Details) - USD ($) $ in Thousands | May 14, 2018 | Dec. 15, 2016 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 13, 2018 |
Related Party Transaction [Line Items] | ||||||||||||||
Ownership percentage | 47.40% | 47.40% | 47.40% | 47.40% | ||||||||||
Fee income due to Enstar Limited | $ 1,453 | |||||||||||||
Transactions under KaylaRe-StarStone QS: | ||||||||||||||
Ceded premium earned | $ (157,826) | $ (145,483) | (166,334) | |||||||||||
Net incurred losses and LAE | $ 76,248 | $ 109,686 | $ 186,692 | $ 43,300 | $ 48,068 | $ 163,258 | $ 146,554 | $ 256,299 | 415,926 | 614,179 | 323,722 | |||
Acquisition costs | $ 38,202 | $ 37,708 | $ 49,067 | $ 46,043 | $ 78,417 | $ 33,310 | $ 51,081 | $ 77,801 | $ 171,020 | $ 240,609 | 177,855 | |||
KaylaRe | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Initial capital raise | $ 620,000 | |||||||||||||
KaylaRe Transactions With Starstone | ||||||||||||||
Transactions under KaylaRe-StarStone QS: | ||||||||||||||
Ceded premium earned | (52,651) | |||||||||||||
Net incurred losses and LAE | 31,654 | |||||||||||||
Acquisition costs | 18,774 | |||||||||||||
Affiliated entity | KaylaRe | ||||||||||||||
Transactions under KaylaRe-StarStone QS: | ||||||||||||||
Total net earnings (loss) | $ (770) | |||||||||||||
KaylaRe | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership percentage | 48.20% | |||||||||||||
KaylaRe | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 2,007,017 | |||||||||||||
Ordinary Shares | KaylaRe | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 1,501,778 | |||||||||||||
Ordinary Shares | KaylaRe | Hillhouse | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 1,204,353 | |||||||||||||
Ordinary Shares | KaylaRe | Trident | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 285,986 | |||||||||||||
Series E non-voting convertible ordinary shares | KaylaRe | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 505,239 | |||||||||||||
Series E non-voting convertible ordinary shares | KaylaRe | Hillhouse | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 505,239 | |||||||||||||
Series E non-voting convertible ordinary shares | KaylaRe | Minority Shareholder | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Enstar ordinary shares issued (shares) | 11,439 |
Related Party Transactions - Hi
Related Party Transactions - Hillhouse (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||
Investments in funds | $ 4,244,034 | $ 2,518,031 | |||
Ownership % | 47.40% | 47.40% | |||
Management fees | $ 489,000 | ||||
Previously Reported | |||||
Related Party Transaction [Line Items] | |||||
Management fees | $ 394,000 | ||||
Series C non-voting convertible ordinary shares | |||||
Related Party Transaction [Line Items] | |||||
Warrants outstanding (shares) | 175,901 | 175,901 | |||
Warrants, exercise price (dollars per share) | $ 115 | $ 115 | |||
Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Investments in funds | $ 3,300,000 | ||||
Hillhouse Affiliates | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Voting ordinary shares acquired, percent | 9.40% | ||||
Economic ownership percentage | 16.60% | ||||
Hillhouse | |||||
Related Party Transaction [Line Items] | |||||
Investments in funds | $ 2,734,666 | $ 1,151,601 | |||
Hillhouse | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Investments in funds | 403,580 | 155,377 | |||
Increase in other investments | 300,000 | ||||
Performance fee waived | $ 100,000 | ||||
Proceeds from sale of investment | $ 381,300 | ||||
Hillhouse | Hillhouse Affiliates | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Investments in funds | $ 851,435 | 327,799 | |||
Hillhouse InRe Fund, L.P. | Fixed Income Securities | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Percent of funds invested | (5.00%) | ||||
Hillhouse InRe Fund, L.P. | North American Equities | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Percent of funds invested | 20.00% | ||||
Hillhouse InRe Fund, L.P. | International Equities | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Percent of funds invested | 67.00% | ||||
Hillhouse InRe Fund, L.P. | Financing, Derivatives And Other Items | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Percent of funds invested | 18.00% | ||||
InRe Fund | |||||
Related Party Transaction [Line Items] | |||||
Amount redeemed | $ 800,000 | ||||
InRe Fund | Hillhouse | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Investments in funds | $ 2,365,158 | 918,633 | |||
Other funds | Hillhouse | Affiliated entity | |||||
Related Party Transaction [Line Items] | |||||
Investments in funds | $ 369,508 | $ 232,968 |
Related Party Transactions - Mo
Related Party Transactions - Monument (Details) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | 39 Months Ended | 51 Months Ended | |||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | May 31, 2019USD ($) | May 31, 2019EUR (€) | |
Related Party Transaction [Line Items] | |||||||||||||||
Investment in common and preferred shares | $ 33,000 | $ 69,213 | $ 155,440 | ||||||||||||
Ownership percentage | 47.40% | 47.40% | 47.40% | 47.40% | 47.40% | 47.40% | |||||||||
Equity method investments | $ 832,295 | $ 326,277 | $ 832,295 | $ 326,277 | $ 326,277 | $ 832,295 | |||||||||
Earnings from equity method investments | $ 85,844 | $ 149,065 | $ (8,790) | $ 12,450 | $ 11,722 | $ 17,703 | $ 17,713 | $ 8,772 | $ 238,569 | $ 55,910 | 42,147 | ||||
Fee income due to Enstar Limited | $ 1,453 | ||||||||||||||
Monument Re | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Investment in common and preferred shares | $ 26,600 | $ 59,600 | |||||||||||||
Voting ordinary shares acquired, percent | 20.00% | 20.00% | 20.00% | ||||||||||||
Ownership percentage | 23.00% | 23.50% | 23.00% | 23.50% | 23.50% | 23.00% | |||||||||
Equity method investments | $ 193,716 | $ 60,598 | $ 193,716 | $ 60,598 | $ 60,598 | $ 193,716 | |||||||||
Earnings from equity method investments | 88,300 | $ 19,800 | |||||||||||||
Fee income due to Enstar Limited | $ 100 | ||||||||||||||
Transfer Of Life Assurance Policies | Subsidiary of Monument | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Policy benefits for life contracts | $ 99,100 | € 88.8 | |||||||||||||
Assets related to future policy benefits | $ (101,600) | € (91.1) |
Related Party Transactions - Cl
Related Party Transactions - Clear Spring (Details) - USD ($) | Jan. 01, 2017 | Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||||||||||||||
Capitalized amount | $ 56,000,000 | |||||||||||||
Ownership percentage | 47.40% | 47.40% | 47.40% | 47.40% | 47.40% | |||||||||
Sale of equity method investment | $ 12,200,000 | $ 12,200,000 | $ 0 | $ 0 | ||||||||||
Gain on sale of equity method investment | $ 600,000 | |||||||||||||
Equity method investments | 832,295,000 | 832,295,000 | $ 326,277,000 | 832,295,000 | 326,277,000 | |||||||||
Earnings from equity method investments | 85,844,000 | $ 149,065,000 | $ (8,790,000) | $ 12,450,000 | 11,722,000 | $ 17,703,000 | $ 17,713,000 | $ 8,772,000 | 238,569,000 | 55,910,000 | 42,147,000 | |||
Balances under ceding quota share: | ||||||||||||||
Reinsurance balances recoverable | 2,089,163,000 | 2,089,163,000 | 2,181,134,000 | 2,089,163,000 | 2,181,134,000 | |||||||||
Balances under assuming quota share: | ||||||||||||||
Losses and LAE | 10,593,282,000 | 10,593,282,000 | 9,868,404,000 | 10,593,282,000 | 9,868,404,000 | 9,048,796,000 | $ 7,100,488,000 | |||||||
Funds held by reinsured companies | $ 635,819,000 | 635,819,000 | 475,732,000 | 635,819,000 | 475,732,000 | |||||||||
Amounts under ceding quota share: | ||||||||||||||
Net incurred losses and LAE | 154,926,000 | 33,260,000 | 0 | |||||||||||
Acquisition costs | 38,202,000 | 37,708,000 | 49,067,000 | 46,043,000 | 78,417,000 | 33,310,000 | 51,081,000 | 77,801,000 | 171,020,000 | 240,609,000 | 177,855,000 | |||
Transactions under assuming quota share: | ||||||||||||||
Net incurred losses and loss adjustment expenses | $ 76,248,000 | $ 109,686,000 | $ 186,692,000 | $ 43,300,000 | $ 48,068,000 | $ 163,258,000 | $ 146,554,000 | $ 256,299,000 | $ 415,926,000 | $ 614,179,000 | 323,722,000 | |||
Clear Spring | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership percentage | 0.00% | 0.00% | 20.00% | 0.00% | 20.00% | |||||||||
Equity method investments | $ 0 | $ 0 | $ 10,645,000 | $ 0 | $ 10,645,000 | |||||||||
Earnings from equity method investments | $ 1,000,000 | 600,000 | ||||||||||||
Clear Spring | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage reinsured of certain businesses | 25.00% | |||||||||||||
Balances under assuming quota share: | ||||||||||||||
Losses and LAE | 6,135,000 | 6,135,000 | ||||||||||||
Unearned premiums | 13,000 | 13,000 | ||||||||||||
Funds held by reinsured companies | 8,611,000 | 8,611,000 | ||||||||||||
Equity method investee | Clear Spring | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership percentage | 20.00% | 20.00% | 20.00% | |||||||||||
Affiliated entity | Clear Spring | ||||||||||||||
Amounts under ceding quota share: | ||||||||||||||
Acquisition costs | $ (11,000) | 92,000 | 1,836,000 | |||||||||||
Transactions under assuming quota share: | ||||||||||||||
Premium earned | (15,000) | 3,749,000 | 7,380,000 | |||||||||||
Net incurred losses and loss adjustment expenses | 1,014,000 | (2,202,000) | (4,536,000) | |||||||||||
Total income impact | 3,918,000 | (6,616,000) | (3,334,000) | |||||||||||
Starstone | Clear Spring | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Equity method investments | $ 0 | $ 0 | 10,600,000 | 0 | 10,600,000 | |||||||||
Percentage reinsured of certain businesses | 33.30% | |||||||||||||
Starstone | Equity method investee | Clear Spring | ||||||||||||||
Balances under ceding quota share: | ||||||||||||||
Reinsurance balances recoverable | 22,812,000 | 22,812,000 | ||||||||||||
Prepaid reinsurance premiums | 51,000 | 51,000 | ||||||||||||
Ceded other liabilities | 3,616,000 | 3,616,000 | ||||||||||||
Ceded acquisition costs | $ 21,000 | 21,000 | ||||||||||||
Starstone | Affiliated entity | Clear Spring | ||||||||||||||
Amounts under ceding quota share: | ||||||||||||||
Ceded premium earned | 122,000 | (14,994,000) | (29,520,000) | |||||||||||
Net incurred losses and LAE | 2,730,000 | 6,567,000 | 18,143,000 | |||||||||||
Acquisition costs | $ 56,000 | $ 356,000 | $ 7,035,000 |
Related Party Transactions - Am
Related Party Transactions - AmTrust (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Nov. 30, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||||||||
Investment in common and preferred shares | $ 33,000 | $ 69,213 | $ 155,440 | ||||||||||
Fees and commission income | 1,453 | ||||||||||||
Net investment income | $ 61,530 | $ 72,130 | $ 94,443 | $ 74,714 | $ 76,847 | $ 81,502 | $ 74,271 | $ 75,651 | 302,817 | 308,271 | 261,698 | ||
Net realized and unrealized gains (losses) | 803,467 | 500,005 | 967,608 | (629,061) | 153,477 | 145,060 | 260,669 | 452,760 | 1,642,019 | 1,011,966 | (407,532) | ||
NET EARNINGS (LOSS) | 834,655 | $ 645,850 | $ 787,486 | $ (540,618) | 197,864 | $ 126,559 | $ 238,054 | $ 365,742 | 1,727,373 | 928,219 | (212,272) | ||
Evergreen Parent L.P. | Affiliated entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Investment in common and preferred shares | $ 25,900 | $ 200,000 | |||||||||||
Ownership of equity interest | 8.50% | ||||||||||||
Fees and commission income | 3,300 | ||||||||||||
AmTrust | Affiliated entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Indirect investment | $ 240,100 | $ 230,300 | $ 240,100 | 230,300 | 240,100 | ||||||||
Net investment income | 7,365 | 7,667 | 299 | ||||||||||
Net realized and unrealized gains (losses) | (11,183) | 10,086 | 0 | ||||||||||
NET EARNINGS (LOSS) | $ (3,818) | $ 17,753 | $ 299 | ||||||||||
AmTrust | Affiliated entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Voting ordinary shares acquired, percent | 45.00% | ||||||||||||
Evergreen Parent L.P. | Trident Pine | Affiliated entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership of equity interest | 21.80% |
Related Party Transactions - Ci
Related Party Transactions - Citco (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||||||||||
Ownership % | 47.40% | 47.40% | 47.40% | 47.40% | ||||||||
Net additional subscriptions | $ 975,024 | $ 794,613 | $ 900,262 | |||||||||
Investments in funds | $ 4,244,034 | $ 2,518,031 | 4,244,034 | 2,518,031 | ||||||||
Earnings from equity method investments | 85,844 | $ 149,065 | $ (8,790) | $ 12,450 | $ 11,722 | $ 17,703 | $ 17,713 | $ 8,772 | 238,569 | $ 55,910 | $ 42,147 | |
Affiliated entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Investments in funds | $ 3,300,000 | $ 3,300,000 | ||||||||||
CTCO Holdings Limited | Citco | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 6.20% | 6.20% | ||||||||||
CTCO Holdings Limited | Convertible Preferred Stock | Citco | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership interest held by noncontrolling owners | 15.40% | 15.40% | ||||||||||
Citco | Trident | Affiliated entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Net additional subscriptions | $ 50,000 | |||||||||||
Voting ordinary shares acquired, percent | 3.40% | 3.40% | ||||||||||
Citco | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership % | 31.90% | 31.90% | ||||||||||
Investments in funds | $ 53,000 | $ 51,700 | $ 53,000 | $ 51,700 | ||||||||
Earnings from equity method investments | $ 2,200 | $ 2,700 | ||||||||||
Citco | Ordinary Shares | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership % | 31.90% | 31.90% |
Related Party Transactions - En
Related Party Transactions - EnhanzedRe (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||||||
Equity method investments | $ 832,295 | $ 326,277 | $ 832,295 | $ 326,277 | |||||||
Ownership percentage | 47.40% | 47.40% | 47.40% | 47.40% | |||||||
Earnings from equity method investments | $ 85,844 | $ 149,065 | $ (8,790) | $ 12,450 | $ 11,722 | $ 17,703 | $ 17,713 | $ 8,772 | $ 238,569 | $ 55,910 | $ 42,147 |
Balances under ceding quota share: | |||||||||||
Reinsurance balances recoverable | 2,089,163 | 2,181,134 | 2,089,163 | 2,181,134 | |||||||
Funds held | 635,819 | 475,732 | 635,819 | 475,732 | |||||||
Insurance balances payables | 494,412 | 420,546 | 494,412 | 420,546 | |||||||
Other assets | 925,533 | 1,162,955 | 925,533 | 1,162,955 | |||||||
Amounts under ceding quota share: | |||||||||||
Ceded premium earned | (157,826) | (145,483) | (166,334) | ||||||||
Net incurred losses and LAE | 154,926 | 33,260 | 0 | ||||||||
Acquisition costs | 38,202 | 37,708 | 49,067 | 46,043 | 78,417 | 33,310 | 51,081 | 77,801 | 171,020 | 240,609 | 177,855 |
Net investment income | 61,530 | 72,130 | 94,443 | 74,714 | 76,847 | 81,502 | 74,271 | 75,651 | 302,817 | 308,271 | 261,698 |
Net realized and unrealized gains (losses) | 803,467 | 500,005 | 967,608 | (629,061) | 153,477 | 145,060 | 260,669 | 452,760 | 1,642,019 | 1,011,966 | (407,532) |
Fees and commission income | 1,453 | ||||||||||
NET EARNINGS (LOSS) | 834,655 | $ 645,850 | $ 787,486 | $ (540,618) | 197,864 | $ 126,559 | $ 238,054 | $ 365,742 | 1,727,373 | 928,219 | $ (212,272) |
Enhanzed Re | Enstar | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity method investments | 154,100 | 154,100 | |||||||||
Ownership percentage | 47.40% | ||||||||||
Uncalled amount of investment | 68,700 | 68,700 | |||||||||
Enhanzed Re | Allianz | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ownership percentage | 24.90% | ||||||||||
Enhanzed Re | Hillhouse | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ownership percentage | 27.70% | ||||||||||
Enhanzed Re | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity method investments | $ 330,289 | $ 182,856 | $ 330,289 | $ 182,856 | |||||||
Ownership percentage | 47.40% | 47.40% | 47.40% | 47.40% | |||||||
Earnings from equity method investments | $ 147,300 | $ 28,900 | |||||||||
Enhanzed Re | |||||||||||
Amounts under ceding quota share: | |||||||||||
Net incurred losses and LAE | 137,000 | ||||||||||
Enhanzed Re | Affiliated entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity method investments | $ 470,000 | ||||||||||
Balances under ceding quota share: | |||||||||||
Reinsurance balances recoverable | $ 208,379 | $ 59,601 | 208,379 | 59,601 | |||||||
Funds held | 193,981 | 50,089 | 193,981 | 50,089 | |||||||
Insurance balances payables | 1,276 | 1,443 | 1,276 | 1,443 | |||||||
Other assets | $ 730 | $ 1,033 | 730 | 1,033 | |||||||
Amounts under ceding quota share: | |||||||||||
Ceded premium earned | (391) | 0 | |||||||||
Net incurred losses and LAE | (5,977) | 0 | |||||||||
Acquisition costs | 169 | 73 | |||||||||
Net investment income | (4,272) | 0 | |||||||||
Net realized and unrealized gains (losses) | (740) | 0 | |||||||||
Other income | 2,617 | 0 | |||||||||
Fees and commission income | 572 | 749 | |||||||||
NET EARNINGS (LOSS) | (8,022) | 822 | |||||||||
Change in unrealized gains (losses) on AFS investments | $ (2,729) | $ 0 | |||||||||
Enhanzed Re | Zurich | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage ceded | 10.00% |
Related Party Disclosures - Cor
Related Party Disclosures - Core Specialty (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2020 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||||||||||
Equity method investments | $ 832,295 | $ 326,277 | $ 832,295 | $ 326,277 | |||||||||
Funds held by reinsured companies | 635,819 | 475,732 | 635,819 | 475,732 | |||||||||
Other assets | 925,533 | 1,162,955 | 925,533 | 1,162,955 | |||||||||
Losses and LAE | 10,593,282 | 9,868,404 | 10,593,282 | 9,868,404 | $ 9,048,796 | $ 7,100,488 | |||||||
Insurance and reinsurance balances payable | 494,412 | 420,546 | 494,412 | 420,546 | |||||||||
Other liabilities | 942,905 | 994,584 | 942,905 | 994,584 | |||||||||
Reinsurance balances recoverable on paid and unpaid losses | 2,089,163 | 2,181,134 | 2,089,163 | 2,181,134 | |||||||||
Net premiums earned | 108,146 | $ 161,724 | $ 142,871 | $ 159,351 | 185,336 | $ 175,802 | $ 190,962 | $ 251,947 | 572,092 | 804,047 | 695,779 | ||
Net incurred losses and loss adjustment expenses | (154,926) | (33,260) | 0 | ||||||||||
Acquisition costs | 38,202 | 37,708 | 49,067 | 46,043 | 78,417 | 33,310 | 51,081 | 77,801 | 171,020 | 240,609 | 177,855 | ||
Fees and commission income | 1,453 | ||||||||||||
NET EARNINGS (LOSS) | 834,655 | $ 645,850 | $ 787,486 | $ (540,618) | $ 197,864 | $ 126,559 | $ 238,054 | $ 365,742 | 1,727,373 | $ 928,219 | $ (212,272) | ||
Discontinued operations, disposed of by sale | StarStone US | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Consideration as value of shares | $ 235,000 | ||||||||||||
Initial cash consideration received | 51,500 | ||||||||||||
Cash consideration received | 47,000 | ||||||||||||
Consideration received | 281,989 | 281,989 | $ 282,000 | ||||||||||
Core Specialty | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Equity method investments | 235,000 | 235,000 | |||||||||||
Affiliated entity | Core Specialty | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Cash consideration repayable | 4,500 | 4,500 | |||||||||||
Core Specialty | Affiliated entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
NET EARNINGS (LOSS) | 3,315 | ||||||||||||
Core Specialty | Affiliated entity | Balances under assuming quota share, LTP and ADC reinsurances | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Funds held by reinsured companies | 58,086 | 58,086 | |||||||||||
Other assets | 38,846 | 38,846 | |||||||||||
Losses and LAE | 682,637 | 682,637 | |||||||||||
Insurance and reinsurance balances payable | 24,806 | 24,806 | |||||||||||
Other liabilities | 5,003 | 5,003 | |||||||||||
Net premiums earned | 76 | ||||||||||||
Net incurred losses and loss adjustment expenses | (1,223) | ||||||||||||
Acquisition costs | 458 | ||||||||||||
Core Specialty | Affiliated entity | Balances under ceding reinsurances | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Reinsurance balances recoverable on paid and unpaid losses | 1,736 | 1,736 | |||||||||||
Core Specialty | Affiliated entity | Balances under service agreements | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Other assets | 6,727 | 6,727 | |||||||||||
Other liabilities | 328 | 328 | |||||||||||
Fees and commission income | 4,004 | ||||||||||||
Core Specialty | Affiliated entity | Balances under sale and recapitalization agreement | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Other liabilities | $ 4,512 | $ 4,512 |
Dividend Restrictions and Sta_3
Dividend Restrictions and Statutory Financial Information - Parent Company Dividends (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Series D Preferred Shares | |
Statutory Accounting Practices [Line Items] | |
Dividend rate | 7.00% |
Series E Preferred Shares | |
Statutory Accounting Practices [Line Items] | |
Dividend rate | 7.00% |
Bermuda | |
Statutory Accounting Practices [Line Items] | |
Target statutory capital and surplus percent | 120.00% |
Dividend Restrictions and Sta_4
Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Required | $ 2,711,687 | $ 2,138,395 | |
Actual | 5,565,429 | 4,016,663 | |
Statutory Income | 1,850,913 | 643,683 | $ 29,486 |
U.K. | |||
Statutory Accounting Practices [Line Items] | |||
Required | 803,685 | 837,104 | |
Actual | 1,224,208 | 1,532,751 | |
Statutory Income | 43,219 | 154,644 | (52,936) |
U.S. | |||
Statutory Accounting Practices [Line Items] | |||
Required | 185,904 | 364,507 | |
Actual | 554,339 | 861,379 | |
Statutory Income | (67,477) | 121,406 | (75,005) |
Europe | |||
Statutory Accounting Practices [Line Items] | |||
Required | 95,746 | 94,334 | |
Actual | 214,115 | 229,344 | |
Statutory Income | (983) | 11,816 | (17,611) |
Australia | |||
Statutory Accounting Practices [Line Items] | |||
Required | 18,858 | 18,110 | |
Actual | 58,531 | 37,815 | |
Statutory Income | $ (1,722) | $ 4,847 | $ 1,761 |
Dividend Restrictions and Sta_5
Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Accounting Practices [Line Items] | ||
Restricted net assets of consolidated subsidiaries | $ 3,800 | |
Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Minimum liquidity ratio percent (not less than) | 75.00% | |
Minimum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more) | 15.00% | |
Maximum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more) | 25.00% | |
Minimum solvency requirement | $ 2,900 | $ 1,900 |
United Kingdom | ||
Statutory Accounting Practices [Line Items] | ||
Minimum capital requirements | 420.5 | 695.6 |
United States | ||
Statutory Accounting Practices [Line Items] | ||
Minimum levels of risk-based capital | 362.2 | 488.3 |
Liechtenstein | ||
Statutory Accounting Practices [Line Items] | ||
Minimum solvency requirement | $ 97.6 | $ 119 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Funds held by reinsured companies | $ 635,819 | $ 475,732 | |
Renewal lease term | 5 years | ||
Termination period | 1 year | ||
Rent expense | $ 11,300 | ||
Minimum | |||
Concentration Risk [Line Items] | |||
Remaining lease terms | 1 year | ||
Maximum | |||
Concentration Risk [Line Items] | |||
Remaining lease terms | 36 years | ||
Limited Parental Guarantee | |||
Concentration Risk [Line Items] | |||
Total parental guarantees | $ 1,500,000 | $ 1,000,000 | |
Reinsurer concentration risk | Reinsurance balances recoverable | |||
Concentration Risk [Line Items] | |||
Funds held by reinsured companies | 955,000 | ||
United States | |||
Concentration Risk [Line Items] | |||
Exposure to government | 1,400,000 | ||
Other investments | |||
Concentration Risk [Line Items] | |||
Commitments, unfunded | 975,500 | ||
Equity Method Investments | |||
Concentration Risk [Line Items] | |||
Commitments, unfunded | 68,700 | ||
Fixed maturity investments, trading | |||
Concentration Risk [Line Items] | |||
Commitments, unfunded | $ 5,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost: | ||
Operating lease cost | $ 12,720 | $ 13,627 |
Short-term lease cost | 246 | 0 |
Total lease cost | 12,966 | 13,627 |
Sub-lease income | (553) | (542) |
Total net lease cost | 12,413 | 13,085 |
Other information: | ||
Operating cash paid for amounts included in the measurement of lease liabilities | 13,421 | 11,129 |
Non-cash activity: right-of-use assets relating to leases | $ 295 | $ 57,536 |
Weighted-average remaining lease term | 6 years 1 month 6 days | 6 years 3 months 18 days |
Weighted-average discount rate | 6.50% | 6.30% |
Commitments and Contingencies_3
Commitments and Contingencies - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Right-of-use assets | $ 32,297 | $ 46,747 |
Current lease liabilities | 7,959 | 11,403 |
Non-current lease liabilities | 27,064 | $ 34,785 |
Starstone International | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, impairment loss | 3,500 | |
Held-for-sale or disposed of by sale, not discontinued operations | Atrium | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset, held-for-sale | 1,000 | |
Lease liability, held-for-sale | $ 800 |
Commitments and Contingencies_4
Commitments and Contingencies - Leases - Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 9,774 |
2022 | 8,099 |
2023 | 7,267 |
2024 | 5,561 |
2025 | 4,534 |
2026 and beyond | 8,577 |
Total lease payments | 43,812 |
Less: Imputed interest | (8,789) |
Present value of lease liabilities | $ 35,023 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of segments | 3 |
Segment Information - Summary o
Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net premiums earned | $ 108,146 | $ 161,724 | $ 142,871 | $ 159,351 | $ 185,336 | $ 175,802 | $ 190,962 | $ 251,947 | $ 572,092 | $ 804,047 | $ 695,779 |
Fees and commission income | 14,121 | 10,787 | 10,010 | 7,528 | 9,522 | 6,437 | 6,017 | 6,477 | 42,446 | 28,453 | 35,088 |
Net investment income | 61,530 | 72,130 | 94,443 | 74,714 | 76,847 | 81,502 | 74,271 | 75,651 | 302,817 | 308,271 | 261,698 |
Net realized and unrealized gains | 803,467 | 500,005 | 967,608 | (629,061) | 153,477 | 145,060 | 260,669 | 452,760 | 1,642,019 | 1,011,966 | (407,532) |
Other income (losses) | 33,372 | 48,404 | (1,087) | 20,443 | 21,703 | 822 | 8,831 | 5,714 | 101,132 | 37,070 | 34,073 |
Total income | 1,020,636 | 793,050 | 1,213,845 | (367,025) | 446,885 | 409,623 | 540,750 | 792,549 | 2,660,506 | 2,189,807 | 619,106 |
Net incurred losses and loss adjustment expenses | 76,248 | 109,686 | 186,692 | 43,300 | 48,068 | 163,258 | 146,554 | 256,299 | 415,926 | 614,179 | 323,722 |
Acquisition costs | 38,202 | 37,708 | 49,067 | 46,043 | 78,417 | 33,310 | 51,081 | 77,801 | 171,020 | 240,609 | 177,855 |
General and administrative expenses | 142,394 | 115,828 | 144,830 | 98,427 | 116,780 | 97,365 | 100,676 | 98,263 | 501,479 | 413,084 | 348,786 |
EXPENSES | 1,088,425 | 1,267,872 | 850,363 | ||||||||
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES | 1,572,081 | 921,935 | (231,257) | ||||||||
Earnings (losses) from equity method investments | 85,844 | 149,065 | (8,790) | 12,450 | 11,722 | 17,703 | 17,713 | 8,772 | 238,569 | 55,910 | 42,147 |
SEGMENT INCOME (LOSS) | 1,810,650 | 977,845 | (189,110) | ||||||||
Interest expense | (16,872) | (15,003) | (14,018) | (13,415) | (13,519) | (14,950) | (13,036) | (11,036) | (59,308) | (52,541) | (25,696) |
Net foreign exchange gains | (15,018) | (8,156) | (5,158) | 11,939 | (12,186) | 13,665 | 2,579 | 3,854 | (16,393) | 7,912 | (2,644) |
Income tax benefit (expense) | 1,468 | (13,915) | (16,652) | 5,272 | 12,893 | (13,465) | (7,698) | (4,102) | (23,827) | (12,372) | 3,689 |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 819,214 | 641,819 | 788,638 | (538,549) | 202,530 | 118,643 | 241,997 | 357,674 | 1,711,122 | 920,844 | (213,761) |
Net earnings from discontinued operations, net of income taxes | 15,441 | 4,031 | (1,152) | (2,069) | (4,666) | 7,916 | (3,943) | 8,068 | 16,251 | 7,375 | 1,489 |
NET EARNINGS (LOSS) | 834,655 | 645,850 | 787,486 | (540,618) | 197,864 | 126,559 | 238,054 | 365,742 | 1,727,373 | 928,219 | (212,272) |
Net earnings (loss) attributable to noncontrolling interest | (3,131) | (21,912) | 19,992 | 32,722 | 4,900 | 109 | 2,713 | 2,148 | 27,671 | 9,870 | 62,051 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR | 831,524 | 623,938 | 807,478 | (507,896) | 202,764 | 126,668 | 240,767 | 367,890 | 1,755,044 | 938,089 | (150,221) |
Dividends on preferred shares | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (9,139) | (35,700) | (35,914) | (12,133) |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 822,599 | $ 615,013 | $ 798,553 | $ (516,821) | $ 193,839 | $ 117,743 | $ 231,842 | $ 358,751 | 1,719,344 | 902,175 | (162,354) |
Legacy Underwriting | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net incurred losses and loss adjustment expenses | 371,486 | 562,051 | 635,173 | ||||||||
Operating Segments | Run-Off | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net premiums earned | 58,695 | 168,496 | 9,427 | ||||||||
Fees and commission income | 19,462 | 18,293 | 16,466 | ||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Net realized and unrealized gains | 0 | 0 | 0 | ||||||||
Other income (losses) | 112,948 | 48,309 | 36,224 | ||||||||
Total income | 191,105 | 235,098 | 62,117 | ||||||||
Net incurred losses and loss adjustment expenses | (145,358) | (153,370) | (339,389) | ||||||||
Acquisition costs | 20,177 | 73,642 | 4,006 | ||||||||
General and administrative expenses | 173,247 | 173,531 | 121,657 | ||||||||
EXPENSES | 48,066 | 93,803 | (213,726) | ||||||||
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES | 143,039 | 141,295 | 275,843 | ||||||||
Earnings (losses) from equity method investments | 0 | 0 | 0 | ||||||||
SEGMENT INCOME (LOSS) | 143,039 | 141,295 | 275,843 | ||||||||
Operating Segments | Investments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Fees and commission income | 0 | 0 | 0 | ||||||||
Net investment income | 269,832 | 266,826 | 229,012 | ||||||||
Net realized and unrealized gains | 1,627,526 | 974,199 | (391,961) | ||||||||
Other income (losses) | 0 | 0 | 0 | ||||||||
Total income | 1,897,358 | 1,241,025 | (162,949) | ||||||||
Net incurred losses and loss adjustment expenses | 0 | 0 | 0 | ||||||||
Acquisition costs | 0 | 0 | 0 | ||||||||
General and administrative expenses | 33,793 | 29,654 | 18,375 | ||||||||
EXPENSES | 33,793 | 29,654 | 18,375 | ||||||||
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES | 1,863,565 | 1,211,371 | (181,324) | ||||||||
Earnings (losses) from equity method investments | 238,569 | 55,910 | 42,147 | ||||||||
SEGMENT INCOME (LOSS) | 2,102,134 | 1,267,281 | (139,177) | ||||||||
Operating Segments | Legacy Underwriting | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net premiums earned | 513,397 | 635,551 | 686,352 | ||||||||
Fees and commission income | 22,984 | 10,160 | 18,622 | ||||||||
Net investment income | 32,985 | 41,445 | 32,686 | ||||||||
Net realized and unrealized gains | 14,493 | 37,767 | (15,571) | ||||||||
Other income (losses) | 3,865 | 469 | (388) | ||||||||
Total income | 587,724 | 725,392 | 721,701 | ||||||||
Net incurred losses and loss adjustment expenses | 371,486 | 562,051 | 635,173 | ||||||||
Acquisition costs | 150,843 | 166,967 | 173,849 | ||||||||
General and administrative expenses | 158,464 | 96,694 | 122,835 | ||||||||
EXPENSES | 680,793 | 825,712 | 931,857 | ||||||||
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES | (93,069) | (100,320) | (210,156) | ||||||||
Earnings (losses) from equity method investments | 0 | 0 | 0 | ||||||||
SEGMENT INCOME (LOSS) | (93,069) | (100,320) | (210,156) | ||||||||
Corporate & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Fees and commission income | 0 | 0 | 0 | ||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Net realized and unrealized gains | 0 | 0 | 0 | ||||||||
Other income (losses) | (15,681) | (11,708) | (1,763) | ||||||||
Total income | (15,681) | (11,708) | (1,763) | ||||||||
Net incurred losses and loss adjustment expenses | 189,798 | 205,498 | 27,938 | ||||||||
Acquisition costs | 0 | 0 | 0 | ||||||||
General and administrative expenses | 135,975 | 113,205 | 85,919 | ||||||||
EXPENSES | 325,773 | 318,703 | 113,857 | ||||||||
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES | (341,454) | (330,411) | (115,620) | ||||||||
Earnings (losses) from equity method investments | 0 | 0 | 0 | ||||||||
SEGMENT INCOME (LOSS) | (341,454) | (330,411) | (115,620) | ||||||||
Interest expense | (59,308) | (52,541) | (25,696) | ||||||||
Net foreign exchange gains | (16,393) | 7,912 | (2,644) | ||||||||
Income tax benefit (expense) | (23,827) | (12,372) | 3,689 | ||||||||
Net earnings from discontinued operations, net of income taxes | 16,251 | 7,375 | 1,489 | ||||||||
Net earnings (loss) attributable to noncontrolling interest | 27,671 | 9,870 | 62,051 | ||||||||
Dividends on preferred shares | (35,700) | (35,914) | (12,133) | ||||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ (432,760) | $ (406,081) | $ (88,864) |
Segment Information - Gross Pre
Segment Information - Gross Premiums Written by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 551,983 | $ 658,653 | $ 817,532 |
Geographic concentration risk | Gross premiums written | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 551,983 | ||
Gross premiums written (percent) | 100.00% | ||
Geographic concentration risk | Gross premiums written | United States | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 182,925 | ||
Gross premiums written (percent) | 33.20% | ||
Geographic concentration risk | Gross premiums written | United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 118,882 | ||
Gross premiums written (percent) | 21.50% | ||
Geographic concentration risk | Gross premiums written | Europe | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 83,501 | ||
Gross premiums written (percent) | 15.10% | ||
Geographic concentration risk | Gross premiums written | Asia | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 68,096 | ||
Gross premiums written (percent) | 12.30% | ||
Geographic concentration risk | Gross premiums written | Rest of World | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 98,579 | ||
Gross premiums written (percent) | 17.90% | ||
Operating Segments | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 5,191 | (25,069) | (8,910) |
Operating Segments | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | 546,792 | $ 683,722 | $ 826,442 |
Operating Segments | Geographic concentration risk | Gross premiums written | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 5,191 | ||
Gross premiums written (percent) | 100.00% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 546,792 | ||
Gross premiums written (percent) | 100.00% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | United States | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 4,969 | ||
Gross premiums written (percent) | 95.70% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | United States | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 177,956 | ||
Gross premiums written (percent) | 32.50% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | United Kingdom | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ (229) | ||
Gross premiums written (percent) | (4.40%) | ||
Operating Segments | Geographic concentration risk | Gross premiums written | United Kingdom | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 119,111 | ||
Gross premiums written (percent) | 21.80% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Europe | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 1,615 | ||
Gross premiums written (percent) | 31.10% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Europe | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 81,886 | ||
Gross premiums written (percent) | 15.00% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Asia | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 0 | ||
Gross premiums written (percent) | 0.00% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Asia | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 68,096 | ||
Gross premiums written (percent) | 12.50% | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Rest of World | Run-off | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ (1,164) | ||
Gross premiums written (percent) | (22.40%) | ||
Operating Segments | Geographic concentration risk | Gross premiums written | Rest of World | Legacy Underwriting | |||
Segment Reporting Information [Line Items] | |||
Gross, premiums written | $ 99,743 | ||
Gross premiums written (percent) | 18.20% |
Unaudited Condensed Quarterly_3
Unaudited Condensed Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME | |||||||||||
Net premiums earned | $ 108,146 | $ 161,724 | $ 142,871 | $ 159,351 | $ 185,336 | $ 175,802 | $ 190,962 | $ 251,947 | $ 572,092 | $ 804,047 | $ 695,779 |
Fees and commission income | 14,121 | 10,787 | 10,010 | 7,528 | 9,522 | 6,437 | 6,017 | 6,477 | 42,446 | 28,453 | 35,088 |
Net investment income | 61,530 | 72,130 | 94,443 | 74,714 | 76,847 | 81,502 | 74,271 | 75,651 | 302,817 | 308,271 | 261,698 |
Net realized and unrealized gains | 803,467 | 500,005 | 967,608 | (629,061) | 153,477 | 145,060 | 260,669 | 452,760 | 1,642,019 | 1,011,966 | (407,532) |
Other income (losses) | 33,372 | 48,404 | (1,087) | 20,443 | 21,703 | 822 | 8,831 | 5,714 | 101,132 | 37,070 | 34,073 |
Total income | 1,020,636 | 793,050 | 1,213,845 | (367,025) | 446,885 | 409,623 | 540,750 | 792,549 | 2,660,506 | 2,189,807 | 619,106 |
EXPENSES | |||||||||||
Net incurred losses and loss adjustment expenses | 76,248 | 109,686 | 186,692 | 43,300 | 48,068 | 163,258 | 146,554 | 256,299 | 415,926 | 614,179 | 323,722 |
Acquisition costs | 38,202 | 37,708 | 49,067 | 46,043 | 78,417 | 33,310 | 51,081 | 77,801 | 171,020 | 240,609 | 177,855 |
General and administrative expenses | 142,394 | 115,828 | 144,830 | 98,427 | 116,780 | 97,365 | 100,676 | 98,263 | 501,479 | 413,084 | 348,786 |
Interest expense | 16,872 | 15,003 | 14,018 | 13,415 | 13,519 | 14,950 | 13,036 | 11,036 | 59,308 | 52,541 | 25,696 |
Net foreign exchange (gains) losses | 15,018 | 8,156 | 5,158 | (11,939) | 12,186 | (13,665) | (2,579) | (3,854) | 16,393 | (7,912) | 2,644 |
Total expenses | 288,734 | 286,381 | 399,765 | 189,246 | 268,970 | 295,218 | 308,768 | 439,545 | 1,164,126 | 1,312,501 | 878,703 |
EARNINGS (LOSS) BEFORE INCOME TAXES | 731,902 | 506,669 | 814,080 | (556,271) | 177,915 | 114,405 | 231,982 | 353,004 | 1,496,380 | 877,306 | (259,597) |
Income tax benefit (expense) | 1,468 | (13,915) | (16,652) | 5,272 | 12,893 | (13,465) | (7,698) | (4,102) | (23,827) | (12,372) | 3,689 |
Earnings (losses) from equity method investments | 85,844 | 149,065 | (8,790) | 12,450 | 11,722 | 17,703 | 17,713 | 8,772 | 238,569 | 55,910 | 42,147 |
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS | 819,214 | 641,819 | 788,638 | (538,549) | 202,530 | 118,643 | 241,997 | 357,674 | 1,711,122 | 920,844 | (213,761) |
Net earnings from discontinued operations, net of income taxes | 15,441 | 4,031 | (1,152) | (2,069) | (4,666) | 7,916 | (3,943) | 8,068 | 16,251 | 7,375 | 1,489 |
NET EARNINGS (LOSS) | 834,655 | 645,850 | 787,486 | (540,618) | 197,864 | 126,559 | 238,054 | 365,742 | 1,727,373 | 928,219 | (212,272) |
Net earnings (loss) attributable to noncontrolling interest | (3,131) | (21,912) | 19,992 | 32,722 | 4,900 | 109 | 2,713 | 2,148 | 27,671 | 9,870 | 62,051 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR | 831,524 | 623,938 | 807,478 | (507,896) | 202,764 | 126,668 | 240,767 | 367,890 | 1,755,044 | 938,089 | (150,221) |
Dividends on preferred shares | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (9,139) | (35,700) | (35,914) | (12,133) |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 822,599 | $ 615,013 | $ 798,553 | $ (516,821) | $ 193,839 | $ 117,743 | $ 231,842 | $ 358,751 | $ 1,719,344 | $ 902,175 | $ (162,354) |
Basic: | |||||||||||
Net earnings (loss) from continuing operations (dollars per share) | $ 37.91 | $ 28.39 | $ 37.06 | $ (23.93) | $ 9.15 | $ 5.26 | $ 10.90 | $ 16.49 | $ 79.43 | $ 41.80 | $ (7.89) |
Net earnings (loss) from discontinued operations (dollars per share) | 0.33 | 0.11 | (0.03) | (0.05) | (0.13) | 0.22 | (0.11) | 0.22 | 0.35 | 0.20 | 0.05 |
Net earnings (loss) per ordinary share (dollars per share) | 38.24 | 28.50 | 37.03 | (23.98) | 9.02 | 5.48 | 10.79 | 16.71 | 79.78 | 42 | (7.84) |
Diluted: | |||||||||||
Net earnings (loss) from continuing operations (dollars per share) | 37.47 | 28.13 | 36.68 | (23.93) | 9.02 | 5.21 | 10.81 | 16.35 | 78.45 | 41.23 | (7.89) |
Net earnings (loss) from discontinued operations (dollars per share) | 0.32 | 0.11 | (0.03) | (0.05) | (0.13) | 0.21 | (0.11) | 0.22 | 0.35 | 0.20 | 0.05 |
Net earnings (loss) per ordinary share (dollars per share) | $ 37.79 | $ 28.24 | $ 36.65 | $ (23.98) | $ 8.89 | $ 5.42 | $ 10.70 | $ 16.57 | $ 78.80 | $ 41.43 | $ (7.84) |
Events (Unaudited) Subsequent_3
Events (Unaudited) Subsequent To The Date Of The Independent Auditor's Report - Significant New Business (Details) - USD ($) $ in Thousands | Jun. 03, 2021 | Feb. 05, 2021 | Jan. 08, 2021 | Jun. 01, 2020 |
CNA | ||||
Business Acquisition [Line Items] | ||||
Total Assets Assumed | $ 651,736 | |||
Deferred Charge Asset | 105,479 | |||
Total Liabilities Assumed | $ 757,215 | |||
Liberty Mutual | ||||
Business Acquisition [Line Items] | ||||
Total Assets Assumed | $ 363,159 | |||
Deferred Charge Asset | 25,402 | |||
Total Liabilities Assumed | $ 388,561 | |||
Hiscox | ||||
Business Acquisition [Line Items] | ||||
Total Liabilities Assumed | $ 520,000 | |||
AXA Group | ||||
Business Acquisition [Line Items] | ||||
Total Assets Assumed | $ 179,681 | |||
Total Liabilities Assumed | $ 179,681 |
Events (Unaudited) Subsequent_4
Events (Unaudited) Subsequent To The Date Of The Independent Auditor's Report - Additional Information (Details) - USD ($) | May 05, 2021 | Mar. 15, 2021 | Feb. 21, 2021 | Feb. 05, 2021 | Mar. 31, 2021 | Jun. 11, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 03, 2021 | May 24, 2021 | May 06, 2021 | Apr. 30, 2021 | Apr. 20, 2021 |
Business Acquisition [Line Items] | |||||||||||||||
Equity method investments | $ 832,295,000 | $ 832,295,000 | $ 326,277,000 | ||||||||||||
Reduction in investment | $ 4,000,000 | ||||||||||||||
Payments to acquire investments | $ 27,000,000 | ||||||||||||||
Treasury shares repurchased (shares) | 18,103 | 178,280 | |||||||||||||
Treasury shares repurchased, average price (dollars per share) | $ 234.73 | $ 145.87 | |||||||||||||
Price of repurchased stock | $ 4,200,000 | $ 26,000,000 | 26,006,000 | 0 | $ 0 | ||||||||||
Remaining repurchase amount | 119,700,000 | 124,000,000 | 124,000,000 | ||||||||||||
Total dividends paid | 35,700,000 | 35,914,000 | 12,133,000 | ||||||||||||
Investments in funds | 4,244,034,000 | 4,244,034,000 | 2,518,031,000 | ||||||||||||
InRe Fund | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Amount redeemed | $ 800,000,000 | ||||||||||||||
Hillhouse | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Investments in funds | 2,734,666,000 | 2,734,666,000 | 1,151,601,000 | ||||||||||||
Affiliated entity | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Investments in funds | 3,300,000,000 | 3,300,000,000 | |||||||||||||
Affiliated entity | Hillhouse | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Investments in funds | 403,580,000 | 403,580,000 | 155,377,000 | ||||||||||||
Proceeds from sale of investment | $ 381,300,000 | ||||||||||||||
Affiliated entity | Hillhouse | InRe Fund | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Investments in funds | $ 2,365,158,000 | $ 2,365,158,000 | 918,633,000 | ||||||||||||
Series C non-voting convertible ordinary shares | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Warrants outstanding (shares) | 175,901 | 175,901 | 175,901 | ||||||||||||
Warrants, exercise price (dollars per share) | $ 115 | $ 115 | $ 115 | ||||||||||||
Shares issued (in shares) | 89,590 | ||||||||||||||
Series D Preferred Stock | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total dividends paid | $ 7,000,000 | $ 7,000,000 | $ 28,000,000 | 28,000,000 | $ 12,100,000 | ||||||||||
Series E preferred perpetual shares | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total dividends paid | $ 1,900,000 | $ 1,900,000 | 7,700,000 | $ 7,900,000 | |||||||||||
Deposit Facility | FAL Deposit Facility | Loan facilities | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 90,000,000 | ||||||||||||||
Increase in borrowing capacity, limit | $ 10,000,000 | ||||||||||||||
Letters of credit | 90,000,000 | ||||||||||||||
Letters of Credit | Letter of Credit Facility | Loan facilities | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||||||
Letters of credit | 100,000,000 | ||||||||||||||
Letters of Credit | $250.0 million Letter of Credit Facility | Loan facilities | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||||||||
Letters of credit | $ 250,000,000 | ||||||||||||||
Inigo | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership interest held by parent | 6.50% | ||||||||||||||
Trident | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Payments to acquire investments | 18,000,000 | ||||||||||||||
Northshore | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity method investments | $ 34,000,000 | ||||||||||||||
Inigo | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Commitments | 16,900,000 | ||||||||||||||
Unfunded commitments | 10,100,000 | ||||||||||||||
Investment, fair value | 34,600,000 | $ 16,900,000 | $ 16,900,000 | ||||||||||||
T-VIII Celestial Co-Invest LP | Affiliated entity | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Investments in funds | $ 12,000,000 | ||||||||||||||
Not discontinued operations, disposed of by sale | Northshore | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Gain (loss) on disposition of business | (7,800,000) | ||||||||||||||
Not discontinued operations, disposed of by sale | SUL | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Gain (loss) on disposition of business | $ 23,100,000 | ||||||||||||||
Value of shares received | 30,000,000 | ||||||||||||||
Sales of subsidiaries, net of cash sold | $ 600,000 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments Other Than Investments in Related Parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | $ 10,168,005 | ||
Fair Value | 10,796,331 | ||
Amount at which shown in the balance sheet | 10,796,331 | ||
Equity investments | 846,795 | $ 726,721 | |
Fair value of other investments in funds or companies owned by or affiliated with related parties | 4,244,034 | 2,518,031 | |
Stone Point | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Fixed maturity investments | 18,200 | ||
Affiliated entity | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Fair value of other investments in funds or companies owned by or affiliated with related parties | 3,300,000 | ||
Affiliated entity | Trident | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Equity investments | 77,100 | ||
AmTrust | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Indirect investment | 230,300 | $ 240,100 | |
Equities | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 444,570 | ||
Fair Value | 512,557 | ||
Amount at which shown in the balance sheet | 512,557 | ||
Other investments, at fair value | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 982,770 | ||
Fair Value | 982,770 | ||
Amount at which shown in the balance sheet | 982,770 | ||
Funds Held - Directly Managed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 5,168,869 | ||
Fair Value | 5,646,955 | ||
Amount at which shown in the balance sheet | 5,646,955 | ||
Funds Held - Directly Managed | U.S. government and agency | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 219,487 | ||
Fair Value | 233,050 | ||
Amount at which shown in the balance sheet | 233,050 | ||
Funds Held - Directly Managed | U.K. government | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 34,494 | ||
Fair Value | 37,508 | ||
Amount at which shown in the balance sheet | 37,508 | ||
Funds Held - Directly Managed | Other government | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 321,306 | ||
Fair Value | 352,026 | ||
Amount at which shown in the balance sheet | 352,026 | ||
Funds Held - Directly Managed | Corporate | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 3,353,054 | ||
Fair Value | 3,749,383 | ||
Amount at which shown in the balance sheet | 3,749,383 | ||
Funds Held - Directly Managed | Municipal | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 116,588 | ||
Fair Value | 132,637 | ||
Amount at which shown in the balance sheet | 132,637 | ||
Funds Held - Directly Managed | Residential mortgage-backed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 219,360 | ||
Fair Value | 225,074 | ||
Amount at which shown in the balance sheet | 225,074 | ||
Funds Held - Directly Managed | Commercial mortgage-backed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 554,639 | ||
Fair Value | 577,602 | ||
Amount at which shown in the balance sheet | 577,602 | ||
Funds Held - Directly Managed | Asset-backed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 349,941 | ||
Fair Value | 339,675 | ||
Amount at which shown in the balance sheet | 339,675 | ||
Available-for-sale securities | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 3,571,796 | ||
Fair Value | 3,654,049 | ||
Amount at which shown in the balance sheet | 3,654,049 | ||
Available-for-sale securities | U.S. government and agency | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 715,527 | ||
Fair Value | 717,998 | ||
Amount at which shown in the balance sheet | 717,998 | ||
Available-for-sale securities | U.K. government | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 12,494 | ||
Fair Value | 13,574 | ||
Amount at which shown in the balance sheet | 13,574 | ||
Available-for-sale securities | Other government | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 142,459 | ||
Fair Value | 150,127 | ||
Amount at which shown in the balance sheet | 150,127 | ||
Available-for-sale securities | Corporate | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 1,873,184 | ||
Fair Value | 1,937,349 | ||
Amount at which shown in the balance sheet | 1,937,349 | ||
Available-for-sale securities | Municipal | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 28,881 | ||
Fair Value | 30,032 | ||
Amount at which shown in the balance sheet | 30,032 | ||
Available-for-sale securities | Residential mortgage-backed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 326,268 | ||
Fair Value | 328,871 | ||
Amount at which shown in the balance sheet | 328,871 | ||
Available-for-sale securities | Commercial mortgage-backed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 273,516 | ||
Fair Value | 276,488 | ||
Amount at which shown in the balance sheet | 276,488 | ||
Available-for-sale securities | Asset-backed | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Cost | 199,467 | ||
Fair Value | 199,610 | ||
Amount at which shown in the balance sheet | 199,610 | ||
Mitchell International | Affiliated entity | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Fair value of other investments in funds or companies owned by or affiliated with related parties | $ 26,900 | $ 25,000 |
Schedule II - Condensed Balance
Schedule II - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | |||
Cash and cash equivalents | $ 901,152 | $ 624,472 | $ 535,809 |
Other assets | 925,533 | 1,162,955 | |
TOTAL ASSETS | 21,647,284 | 19,826,099 | |
LIABILITIES | |||
Debt obligations (Note 15) | 1,373,259 | 1,191,207 | |
Other liabilities | 942,905 | 994,584 | |
TOTAL LIABILITIES | 14,593,844 | 14,530,957 | |
SHAREHOLDERS’ EQUITY (Note 17) | |||
Treasury shares, at cost (Series C Preferred Shares 2020 and 2019: 388,571) | (421,559) | (421,559) | |
Joint Share Ownership Plan (voting ordinary shares, held in trust 2020: 565,630; 2019: 0) | (566) | 0 | |
Additional paid-in capital | 1,836,074 | 1,836,778 | |
Accumulated other comprehensive income | 80,659 | 7,171 | |
Retained earnings | 4,647,312 | 2,887,892 | |
Total Enstar Shareholders’ Equity | 6,674,395 | 4,842,183 | |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | $ 21,647,284 | $ 19,826,099 | |
Parenthetical Disclosures [Abstract] | |||
Common shares, par value (dollars per share) | $ 1 | $ 1 | |
Ordinary shares, shares issued (shares) | 22,085,232 | 21,511,505 | |
Ordinary shares, outstanding (shares) | 22,085,232 | 21,511,505 | |
Treasury stock, preferred shares (shares) | 388,571 | 388,571 | |
Treasury stock, ordinary shares (shares) | 565,630 | 0 | |
Voting ordinary shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Ordinary shares | $ 18,576 | $ 18,002 | |
Parenthetical Disclosures [Abstract] | |||
Common shares, par value (dollars per share) | $ 1 | $ 1 | |
Ordinary shares, shares issued (shares) | 18,575,550 | 18,001,823 | |
Ordinary shares, outstanding (shares) | 18,575,550 | 18,001,823 | |
Series C non-voting convertible ordinary shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Ordinary shares | $ 2,600 | $ 2,600 | |
Parenthetical Disclosures [Abstract] | |||
Ordinary shares, shares issued (shares) | 2,599,672 | 2,599,672 | |
Ordinary shares, outstanding (shares) | 2,599,672 | 2,599,672 | |
Series E non-voting convertible ordinary shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Ordinary shares | $ 910 | $ 910 | |
Parenthetical Disclosures [Abstract] | |||
Ordinary shares, shares issued (shares) | 910,010 | 910,010 | |
Ordinary shares, outstanding (shares) | 910,010 | 910,010 | |
Series C Preferred Shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Preferred shares | $ 389 | $ 389 | |
Parenthetical Disclosures [Abstract] | |||
Preferred shares, issued (shares) | 388,571 | 388,571 | |
Treasury stock, preferred shares (shares) | 388,571 | 388,571 | |
Series D Preferred Shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Preferred shares | $ 400,000 | $ 400,000 | |
Parenthetical Disclosures [Abstract] | |||
Preferred shares, issued (shares) | 16,000 | 16,000 | |
Preferred shares, outstanding (shares) | 16,000 | 16,000 | |
Series E Preferred Shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Preferred shares | $ 110,000 | $ 110,000 | |
Parenthetical Disclosures [Abstract] | |||
Preferred shares, issued (shares) | 4,400 | 4,400 | |
Preferred shares, outstanding (shares) | 4,400 | 4,400 | |
Enstar Group Limited | |||
ASSETS | |||
Cash and cash equivalents | $ 7,872 | $ 4,568 | |
Balances due from subsidiaries | 18,951 | 134,897 | |
Investments in subsidiaries | 7,887,255 | 6,050,197 | |
Other assets | 8,047 | 6,391 | |
TOTAL ASSETS | 7,922,125 | 6,196,053 | |
LIABILITIES | |||
Debt obligations (Note 15) | 903,447 | 1,191,207 | |
Balances due to subsidiaries | 300,987 | 135,532 | |
Other liabilities | 43,296 | 27,131 | |
TOTAL LIABILITIES | 1,247,730 | 1,353,870 | |
SHAREHOLDERS’ EQUITY (Note 17) | |||
Treasury shares, at cost (Series C Preferred Shares 2020 and 2019: 388,571) | (421,559) | (421,559) | |
Joint Share Ownership Plan (voting ordinary shares, held in trust 2020: 565,630; 2019: 0) | (566) | 0 | |
Additional paid-in capital | 1,836,074 | 1,836,778 | |
Accumulated other comprehensive income | 80,659 | 7,171 | |
Retained earnings | 4,647,312 | 2,887,892 | |
Total Enstar Shareholders’ Equity | 6,674,395 | 4,842,183 | |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | 7,922,125 | 6,196,053 | |
Enstar Group Limited | Voting ordinary shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Ordinary shares | 18,576 | 18,002 | |
Enstar Group Limited | Series C non-voting convertible ordinary shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Ordinary shares | 2,600 | 2,600 | |
Enstar Group Limited | Series E non-voting convertible ordinary shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Ordinary shares | 910 | 910 | |
Enstar Group Limited | Series C Preferred Shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Preferred shares | 389 | 389 | |
Enstar Group Limited | Series D Preferred Shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Preferred shares | 400,000 | 400,000 | |
Enstar Group Limited | Series E Preferred Shares | |||
SHAREHOLDERS’ EQUITY (Note 17) | |||
Preferred shares | $ 110,000 | $ 110,000 |
Schedule II - Condensed Stateme
Schedule II - Condensed Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCOME | |||||||||||
Net investment income | $ 61,530 | $ 72,130 | $ 94,443 | $ 74,714 | $ 76,847 | $ 81,502 | $ 74,271 | $ 75,651 | $ 302,817 | $ 308,271 | $ 261,698 |
Total income | 1,020,636 | 793,050 | 1,213,845 | (367,025) | 446,885 | 409,623 | 540,750 | 792,549 | 2,660,506 | 2,189,807 | 619,106 |
EXPENSES | |||||||||||
General and administrative expenses | 142,394 | 115,828 | 144,830 | 98,427 | 116,780 | 97,365 | 100,676 | 98,263 | 501,479 | 413,084 | 348,786 |
Interest expense | 16,872 | 15,003 | 14,018 | 13,415 | 13,519 | 14,950 | 13,036 | 11,036 | 59,308 | 52,541 | 25,696 |
Net foreign exchange losses (gains) | 15,018 | 8,156 | 5,158 | (11,939) | 12,186 | (13,665) | (2,579) | (3,854) | 16,393 | (7,912) | 2,644 |
Total expenses | 288,734 | 286,381 | 399,765 | 189,246 | 268,970 | 295,218 | 308,768 | 439,545 | 1,164,126 | 1,312,501 | 878,703 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR | 831,524 | 623,938 | 807,478 | (507,896) | 202,764 | 126,668 | 240,767 | 367,890 | 1,755,044 | 938,089 | (150,221) |
Dividends on preferred shares | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (8,925) | (9,139) | (35,700) | (35,914) | (12,133) |
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 822,599 | $ 615,013 | $ 798,553 | $ (516,821) | $ 193,839 | $ 117,743 | $ 231,842 | $ 358,751 | 1,719,344 | 902,175 | (162,354) |
Enstar Group Limited | |||||||||||
INCOME | |||||||||||
Net investment income | 1,680 | 3,649 | 142 | ||||||||
Total income | 1,680 | 3,649 | 142 | ||||||||
EXPENSES | |||||||||||
General and administrative expenses | 45,689 | 44,964 | 68,977 | ||||||||
Interest expense | 51,739 | 51,508 | 27,353 | ||||||||
Net foreign exchange losses (gains) | (2,655) | (21,516) | 7,655 | ||||||||
Total expenses | 94,773 | 74,956 | 103,985 | ||||||||
EARNINGS (LOSSES) BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | (93,093) | (71,307) | (103,843) | ||||||||
Equity in undistributed earnings (losses) of subsidiaries - continuing operations | 1,831,886 | 1,002,021 | (47,867) | ||||||||
Equity in undistributed earnings (losses) of subsidiaries - discontinued operations | 16,251 | 7,375 | 1,489 | ||||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR | 1,755,044 | 938,089 | (150,221) | ||||||||
Dividends on preferred shares | (35,700) | (35,914) | (12,133) | ||||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS | $ 1,719,344 | $ 902,175 | $ (162,354) |
Schedule II - Comprehensive Inc
Schedule II - Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
NET EARNINGS | $ 831,524 | $ 623,938 | $ 807,478 | $ (507,896) | $ 202,764 | $ 126,668 | $ 240,767 | $ 367,890 | $ 1,755,044 | $ 938,089 | $ (150,221) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR | 1,828,532 | 934,820 | (150,248) | ||||||||
Enstar Group Limited | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
NET EARNINGS | 1,755,044 | 938,089 | (150,221) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) RELATING TO SUBSIDIARIES, NET OF TAX | 73,488 | (3,269) | (27) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR | $ 1,828,532 | $ 934,820 | $ (150,248) |
Schedule II - Condensed State_2
Schedule II - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 5 Months Ended | 10 Months Ended | 12 Months Ended | ||
Jun. 11, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCING ACTIVITIES: | |||||
Net proceeds from the issuance of preferred shares | $ 0 | $ 0 | $ 495,357 | ||
Dividends on preferred shares | (35,700) | (35,914) | (12,133) | ||
Repurchase of shares | $ (4,200) | $ (26,000) | (26,006) | 0 | 0 |
Repayment of loans | (679,000) | (742,574) | (914,319) | ||
Receipt of loans | 858,512 | 1,070,502 | 1,132,507 | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 540,540 | 73,193 | (230,252) | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 1,373,116 | 971,349 | 901,996 | 1,166,116 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | 1,373,116 | 1,373,116 | 971,349 | 901,996 | |
Enstar Group Limited | |||||
OPERATING ACTIVITIES: | |||||
Net cash flows provided by (used in) operating activities | 117,220 | (128,462) | (128,382) | ||
INVESTING ACTIVITIES: | |||||
Dividends and return of capital from subsidiaries | 44,000 | 65,500 | 101,000 | ||
Contributions to subsidiaries | (26,000) | (240,382) | (660,339) | ||
Net cash flows used in investing activities | 18,000 | (174,882) | (559,339) | ||
FINANCING ACTIVITIES: | |||||
Net proceeds from the issuance of preferred shares | 0 | 0 | 495,357 | ||
Dividends on preferred shares | (35,700) | (35,914) | (12,133) | ||
Repurchase of shares | (26,006) | 0 | 0 | ||
Repayment of loans | (449,210) | (219,000) | (898,633) | ||
Receipt of loans | 379,000 | 547,613 | 1,115,885 | ||
Net cash flows provided by financing activities | (131,916) | 292,699 | 700,476 | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,304 | (10,645) | 12,755 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | $ 7,872 | 4,568 | 15,213 | 2,458 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ 7,872 | $ 7,872 | $ 4,568 | $ 15,213 |
Schedule II - Narrative (Detail
Schedule II - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 26, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Dividends and return of capital from subsidiaries, non-cash | $ 130,000,000 | $ 0 | $ 0 | |||||||||
Contributions to subsidiaries, non-cash | 0 | 0 | 414,800,000 | |||||||||
Retained earnings | $ 4,647,312,000 | $ 2,887,892,000 | 4,647,312,000 | 2,887,892,000 | ||||||||
Net earnings attributable to Enstar Group Limited | 822,599,000 | $ 615,013,000 | $ 798,553,000 | $ (516,821,000) | 193,839,000 | $ 117,743,000 | $ 231,842,000 | $ 358,751,000 | 1,719,344,000 | 902,175,000 | (162,354,000) | |
Limited Parental Guarantee | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Total parental guarantees | 1,500,000,000 | 1,000,000,000 | 1,500,000,000 | 1,000,000,000 | ||||||||
Enstar Group Limited | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Interest paid | 46,500,000 | 46,500,000 | 25,100,000 | |||||||||
Retained earnings | 4,647,312,000 | 2,887,892,000 | 4,647,312,000 | 2,887,892,000 | ||||||||
Increase in retained earnings | 1,759,400,000 | |||||||||||
Net earnings attributable to Enstar Group Limited | 1,719,344,000 | 902,175,000 | $ (162,354,000) | |||||||||
Enstar Group Limited | Limited Parental Guarantee | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Total parental guarantees | 1,500,000,000 | 1,000,000,000 | 1,500,000,000 | 1,000,000,000 | ||||||||
5.75% Junior Subordinated Notes due 2040 | Junior Subordinated Notes | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Aggregate principal amount | $ 350,000,000 | |||||||||||
Letters of Credit | FAL Facility | Loan facilities | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Available unutilized capacity | $ 210,000,000 | $ 252,000,000 | $ 210,000,000 | $ 252,000,000 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | $ 44,439 | $ 116,513 | $ 87,258 |
Reserves for Losses and Loss Adjustment Expenses | 10,593,282 | 9,868,404 | 9,048,796 |
Unearned Premiums | 274,681 | 533,692 | 606,059 |
Policy Benefits for Life and Annuity Contracts | 0 | 0 | 105,080 |
Net Premiums Earned | 572,092 | 804,047 | 695,779 |
Net Investment Income | 302,817 | 308,271 | 261,698 |
Losses and Loss Expenses and Policy Benefits | 415,926 | 614,179 | 323,722 |
Amortization of Deferred Acquisition Costs | 171,020 | 240,609 | 177,855 |
Other Operating Expenses | 501,479 | 413,084 | 348,786 |
Net Premiums Written | 432,824 | 545,053 | 654,347 |
Held-for-sale or disposed of by sale, not discontinued operations | Northshore | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs | 24,000 | ||
Losses and loss adjustment expenses | 254,149 | ||
Unearned premiums | 91,400 | ||
Operating Segments | Run-off | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 22,736 | 41,753 | 4,378 |
Reserves for Losses and Loss Adjustment Expenses | 9,432,525 | 8,683,983 | 8,132,941 |
Unearned Premiums | 71,629 | 129,715 | 136,023 |
Policy Benefits for Life and Annuity Contracts | 0 | 0 | 0 |
Net Premiums Earned | 58,695 | 168,496 | 9,427 |
Net Investment Income | 0 | 0 | 0 |
Losses and Loss Expenses and Policy Benefits | (145,358) | (153,370) | (339,389) |
Amortization of Deferred Acquisition Costs | 20,177 | 73,642 | 4,006 |
Other Operating Expenses | 173,247 | 173,531 | 121,657 |
Net Premiums Written | 2,987 | (25,338) | (9,217) |
Operating Segments | Investments | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 0 | 0 | 0 |
Reserves for Losses and Loss Adjustment Expenses | 0 | 0 | 0 |
Unearned Premiums | 0 | 0 | 0 |
Policy Benefits for Life and Annuity Contracts | 0 | 0 | 0 |
Net Premiums Earned | 0 | 0 | 0 |
Net Investment Income | 269,832 | 266,826 | 229,012 |
Losses and Loss Expenses and Policy Benefits | 0 | 0 | 0 |
Amortization of Deferred Acquisition Costs | 0 | 0 | 0 |
Other Operating Expenses | 33,793 | 29,654 | 18,375 |
Net Premiums Written | 0 | 0 | 0 |
Operating Segments | Legacy Underwriting | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 21,703 | 74,760 | 82,880 |
Reserves for Losses and Loss Adjustment Expenses | 1,358,529 | 1,569,865 | 1,505,125 |
Unearned Premiums | 203,052 | 403,977 | 470,036 |
Policy Benefits for Life and Annuity Contracts | 0 | 0 | 105,080 |
Net Premiums Earned | 513,397 | 635,551 | 686,352 |
Net Investment Income | 32,985 | 41,445 | 32,686 |
Losses and Loss Expenses and Policy Benefits | 371,486 | 562,051 | 635,173 |
Amortization of Deferred Acquisition Costs | 150,843 | 166,967 | 173,849 |
Other Operating Expenses | 158,464 | 96,694 | 122,835 |
Net Premiums Written | 429,837 | 570,391 | 663,564 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Acquisition Costs | 0 | 0 | 0 |
Reserves for Losses and Loss Adjustment Expenses | (197,772) | (385,444) | (589,270) |
Unearned Premiums | 0 | 0 | 0 |
Policy Benefits for Life and Annuity Contracts | 0 | 0 | 0 |
Net Premiums Earned | 0 | 0 | 0 |
Net Investment Income | 0 | 0 | 0 |
Losses and Loss Expenses and Policy Benefits | 189,798 | 205,498 | 27,938 |
Amortization of Deferred Acquisition Costs | 0 | 0 | 0 |
Other Operating Expenses | 135,975 | 113,205 | 85,919 |
Net Premiums Written | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||||||
Life insurance in force, gross | $ 725,293 | $ 725,293 | $ 855,366 | ||||||||
Life insurance in force, ceded | (65,795) | (65,795) | (84,603) | ||||||||
Life insurance in force, assumed | 0 | 0 | 0 | ||||||||
Life insurance in force, net | $ 659,498 | $ 659,498 | $ 770,763 | ||||||||
Life insurance in force, percentage of amount assumed to net | 0.00% | 0.00% | 0.00% | ||||||||
Premiums earned, gross | $ 542,119 | $ 680,507 | $ 543,061 | ||||||||
Ceded premium earned | (157,826) | (145,483) | (166,334) | ||||||||
Premiums earned, assumed | 187,799 | 269,023 | 319,052 | ||||||||
Net, premiums earned | $ 108,146 | $ 161,724 | $ 142,871 | $ 159,351 | $ 185,336 | $ 175,802 | $ 190,962 | $ 251,947 | 572,092 | 804,047 | 695,779 |
Property and casualty | |||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||||||
Premiums earned, gross | 542,119 | 679,212 | 539,169 | ||||||||
Ceded premium earned | (157,826) | (145,460) | (166,308) | ||||||||
Premiums earned, assumed | 187,799 | 269,023 | 319,052 | ||||||||
Net, premiums earned | $ 572,092 | $ 802,775 | $ 691,913 | ||||||||
Premiums earned, percentage of amount assumed to net | 32.80% | 33.50% | 46.10% | ||||||||
Life and annuities | |||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||||||
Premiums earned, gross | $ 1,295 | $ 3,892 | |||||||||
Ceded premium earned | (23) | (26) | |||||||||
Premiums earned, assumed | 0 | 0 | |||||||||
Net, premiums earned | $ 1,272 | $ 3,866 | |||||||||
Premiums earned, percentage of amount assumed to net | 0.00% | 0.00% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cumulative effect of change in accounting principle | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Financial instruments, allowance for credit loss | $ 3,000 | ||
Allowance for estimated uncollectible reinsurance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 147,639 | 156,732 | $ 165,213 |
Charged to costs and expenses | 0 | 0 | 0 |
Charged to other | 124 | 111 | (1,837) |
Deductions | (10,641) | (9,204) | (6,644) |
Balance at End of Year | 137,122 | 147,639 | 156,732 |
Insurance balances recoverable, allowance for estimated uncollectible insurance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 3,818 | 0 | |
Charged to costs and expenses | 0 | 0 | |
Charged to other | 1,006 | 3,818 | |
Deductions | 0 | 0 | |
Balance at End of Year | 4,824 | 3,818 | 0 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 117,390 | 212,113 | 188,300 |
Charged to costs and expenses | 3,854 | 2,792 | (2,492) |
Charged to other | 0 | 0 | 18,000 |
Deductions | (3,015) | (97,515) | 8,305 |
Balance at End of Year | $ 118,229 | $ 117,390 | $ 212,113 |
Schedule VI - Supplementary I_2
Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |||
Deferred Acquisition Costs | $ 44,439 | $ 116,513 | $ 87,258 |
Reserves for Unpaid Losses and Loss Adjustment Expenses | 10,593,282 | 9,868,404 | 9,048,796 |
Unearned Premiums | 274,681 | 533,692 | 606,059 |
Net Premiums Earned | 572,092 | 802,775 | 691,912 |
Net Investment Income | 302,817 | 307,775 | 260,120 |
Net Losses and Loss Expenses Incurred - Current Year | 405,178 | 580,074 | 533,081 |
Net Loses and Loss Expenses Incurred - Prior Year | 10,748 | 34,105 | (209,359) |
Net Paid Losses and Loss Expenses | (1,485,489) | (1,788,470) | (1,334,786) |
Amortization of Deferred Acquisition Costs | 171,020 | 240,432 | 177,855 |
Net Premiums Written | $ 432,824 | $ 543,781 | $ 650,484 |