Cover
Cover | Jun. 17, 2021 |
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 17, 2021 |
Entity Registrant Name | SIRIUSPOINT LTD. |
Entity Incorporation, State or Country Code | D0 |
Entity File Number | 001-36052 |
Entity Tax Identification Number | 98-1599372 |
Entity Address, Address | Point House |
Entity Address, Address 2 | 3 Waterloo Lane |
Entity Address, City | Pembroke |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
City Area Code | 441 |
Local Phone Number | 542-3300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of each class | Common Shares, $0.10 par value |
Trading Symbol | SPNT |
Name of each exchange on which registered | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001576018 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investment in related party investment fund, at fair value (cost - $891,850; 2019 - $891,850) | $ 1,055,618 | $ 860,630 |
Debt securities, trading, at fair value (cost - $91,452; 2019 - $129,330) | 101,311 | 125,071 |
Other investments, at fair value | 4,000 | 4,000 |
Total investments | 1,160,929 | 989,701 |
Cash and cash equivalents | 525,991 | 639,415 |
Restricted cash and cash equivalents | 1,187,948 | 1,014,543 |
Due from brokers | 94,902 | 0 |
Interest and dividends receivable | 909 | 2,178 |
Reinsurance balances receivable, net | 441,935 | 478,452 |
Deferred acquisition costs, net | 68,550 | 92,164 |
Unearned premiums ceded | 20,464 | 3,123 |
Loss and loss adjustment expenses recoverable, net | 14,375 | 5,520 |
Other assets | 19,185 | 20,555 |
Total assets | 3,535,188 | 3,245,651 |
Liabilities | ||
Accounts payable and accrued expenses | 14,588 | 17,816 |
Reinsurance balances payable | 78,115 | 76,516 |
Deposit liabilities | 152,961 | 172,259 |
Unearned premium reserves | 284,835 | 336,150 |
Loss and loss adjustment expense reserves | 1,310,068 | 1,111,692 |
Securities sold, not yet purchased, at fair value | 11,990 | 0 |
Interest and dividends payable | 3,078 | 3,055 |
Senior notes payable, net of deferred costs | 114,267 | 114,089 |
Total liabilities | 1,969,902 | 1,831,577 |
Commitments and contingent liabilities | ||
Shareholders’ equity | ||
Preference shares (par value $0.10; authorized, 30,000,000; none issued) | 0 | 0 |
Common shares (issued and outstanding: 95,582,733; 2019 - 94,225,498) | 9,558 | 9,423 |
Additional paid-in capital | 933,903 | 927,704 |
Retained earnings | 620,464 | 476,947 |
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,563,925 | 1,414,074 |
Noncontrolling interests in related party | 1,361 | 0 |
Total shareholders' equity | 1,565,286 | 1,414,074 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 3,535,188 | $ 3,245,651 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Other investments, related party investment fund, cost | $ 891,850 | $ 891,850 |
Debt securities, trading, at fair value, cost | $ 91,452 | $ 129,330 |
Shareholders’ equity | ||
Preference shares, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preference shares, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preference shares, shares issued (in shares) | 0 | 0 |
Preference shares, shares outstanding (in shares) | 0 | 0 |
Common share, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common share, shares issued (in shares) | 95,582,733 | 94,225,498 |
Common share, shares outstanding (in shares) | 95,582,733 | 94,225,498 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Gross premiums written | $ 588,540 | $ 668,414 | $ 650,187 |
Gross premiums ceded | (46,344) | (11,376) | (4,169) |
Net premiums written | 542,196 | 657,038 | 646,018 |
Change in net unearned premium reserves | 68,656 | 43,104 | (24,576) |
Net premiums earned | 610,852 | 700,142 | 621,442 |
Investment income, net, related party investment fund | 194,988 | 249,626 | (280,847) |
Gain (Loss) on Investments | 69,248 | 15,337 | 26,691 |
Other net investment income | 14,702 | 17,597 | 32,568 |
Management and performance fees to related parties (1) | 0 | 0 | (29,845) |
Net investment income (loss) | 278,938 | 282,560 | (251,433) |
Total revenues | 889,790 | 982,702 | 370,009 |
Expenses | |||
Loss and loss adjustment expenses incurred, net | 465,298 | 403,499 | 438,414 |
Acquisition costs, net | 187,062 | 295,626 | 206,498 |
Other underwriting expenses | 30,800 | 34,097 | 29,667 |
Net corporate and other expenses | 41,215 | 36,285 | 16,184 |
Interest expense | 8,230 | 8,228 | 8,228 |
Foreign exchange (gains) losses | 5,219 | 3,635 | (7,503) |
Total expenses | 737,824 | 781,370 | 691,488 |
Income (loss) before income tax (expense) benefit | 151,966 | 201,332 | (321,479) |
Income tax (expense) benefit | (8,108) | (713) | 4,010 |
Net income (loss) | 143,858 | 200,619 | (317,469) |
Net income attributable to noncontrolling interests | (341) | 0 | (223) |
Net income (loss) available to SiriusPoint common shareholders | $ 143,517 | $ 200,619 | $ (317,692) |
Earnings (loss) per share available to SiriusPoint common shareholders | |||
Basic earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.54 | $ 2.18 | $ (3.27) |
Diluted earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.53 | $ 2.16 | $ (3.27) |
Weighted average number of common shares used in the determination of earnings (loss) per share | |||
Basic (in shares) | 92,510,090 | 91,835,990 | 97,054,315 |
Diluted (in shares) | 92,957,799 | 92,652,316 | 97,054,315 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common shares | Treasury shares | Additional paid-in capital | Retained earnings | Noncontrolling interests |
Balance, beginning of year at Dec. 31, 2017 | $ 10,723 | $ (48,253) | $ 1,099,599 | $ 594,020 | ||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of common shares, net | 67 | (141) | ||||
Common shares repurchased and retired | (1,426) | (185,532) | ||||
Retirement of treasury shares | 48,253 | |||||
Share compensation expense | 4,956 | |||||
Net income (loss) | $ (317,469) | (317,469) | ||||
Net income attributable to noncontrolling interests | (223) | (223) | ||||
Balance, end of year at Dec. 31, 2018 | 1,204,574 | 9,364 | 0 | 918,882 | 276,328 | $ 0 |
Increase (Decrease) in Stockholders' Equity | ||||||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,204,574 | |||||
Issuance of common shares, net | 59 | 1,761 | ||||
Common shares repurchased and retired | 0 | 0 | ||||
Retirement of treasury shares | 0 | |||||
Share compensation expense | 7,061 | |||||
Net income (loss) | 200,619 | 200,619 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | ||||
Balance, end of year at Dec. 31, 2019 | 1,414,074 | 9,423 | 0 | 927,704 | 476,947 | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,414,074 | |||||
Issuance of common shares, net | 135 | (437) | ||||
Common shares repurchased and retired | 0 | 0 | ||||
Retirement of treasury shares | 0 | |||||
Share compensation expense | 6,636 | |||||
Net income (loss) | 143,858 | 143,858 | ||||
Net income attributable to noncontrolling interests | (341) | (341) | ||||
Balance, end of year at Dec. 31, 2020 | 1,565,286 | $ 9,558 | $ 0 | $ 933,903 | $ 620,464 | $ 1,361 |
Increase (Decrease) in Stockholders' Equity | ||||||
Shareholders’ equity attributable to SiriusPoint common shareholders | $ 1,563,925 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ 143,858,000 | $ 200,619,000 | $ (317,469,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Share compensation expense | 6,636,000 | 7,061,000 | 4,956,000 |
Net interest expense (income) on deposit liabilities | 852,000 | 5,879,000 | (1,273,000) |
Net realized and unrealized gain on investments and derivatives | 62,498,000 | 2,522,000 | 34,145,000 |
Net realized and unrealized (gain) loss on investment in related party investment fund | (194,988,000) | (249,626,000) | 280,847,000 |
Net foreign exchange (gains) losses | 5,219,000 | 3,635,000 | (7,503,000) |
Amortization of premium and accretion of discount, net | (3,831,000) | (1,382,000) | 4,134,000 |
Changes in assets and liabilities: | |||
Reinsurance balances receivable | 38,610,000 | 20,355,000 | (157,214,000) |
Deferred acquisition costs, net | 23,614,000 | 24,782,000 | 8,746,000 |
Unearned premiums ceded | (17,341,000) | (1,504,000) | (777,000) |
Increase (Decrease) in Reinsurance Recoverable | (8,855,000) | (3,489,000) | (918,000) |
Other assets | 3,267,000 | (172,000) | (13,486,000) |
Interest and dividends receivable, net | 1,292,000 | (862,000) | (2,716,000) |
Unearned premium reserves | (51,315,000) | (41,600,000) | 25,353,000 |
Loss and loss adjustment expense reserves | (190,325,000) | (157,849,000) | (225,670,000) |
Accounts payable and accrued expenses | (3,269,000) | 10,555,000 | (24,684,000) |
Reinsurance balances payable | 1,780,000 | 11,534,000 | 23,866,000 |
Net cash provided by operating activities | 73,356,000 | 141,112,000 | 13,387,000 |
Investing activities | |||
Proceeds from redemptions from related party investment fund | 0 | 760,000,000 | 142,968,000 |
Contributions to related party investment fund | 0 | (87,000,000) | (136,626,000) |
Change in participation agreement with related party investment fund | 0 | (2,297,000) | (20,852,000) |
Purchases of investments | (444,111,000) | (331,463,000) | (3,483,319,000) |
Proceeds from sales and maturities of investments | 532,247,000 | 446,206,000 | 3,475,515,000 |
Purchases of investments to cover short sales | (2,846,000) | 0 | (853,798,000) |
Proceeds from short sales of investments | 15,721,000 | 0 | 800,508,000 |
Change in due to/from brokers, net | (94,902,000) | 1,411,000 | 482,778,000 |
Decrease in securities sold under an agreement to repurchase | 0 | 0 | (29,618,000) |
Net cash provided by investing activities | 6,109,000 | 786,857,000 | 377,556,000 |
Financing activities | |||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | 1,888,000 | 0 |
Payments Related to Tax Withholding for Share-based Compensation | (302,000) | (68,000) | (74,000) |
Purchases of SiriusPoint common shares under share repurchase program | 0 | 0 | (138,705,000) |
Net proceeds (payments) on deposit liability contracts | (20,202,000) | 10,832,000 | 9,790,000 |
Change in total noncontrolling interests, net | 1,020,000 | 0 | (97,950,000) |
Net cash provided by (used in) financing activities | (19,484,000) | 12,652,000 | (226,939,000) |
Net increase in cash, cash equivalents and restricted cash | 59,981,000 | 940,621,000 | 164,004,000 |
Cash, cash equivalents and restricted cash at beginning of year | 1,653,958,000 | 713,337,000 | 549,333,000 |
Cash, cash equivalents and restricted cash at end of year | 1,713,939,000 | 1,653,958,000 | 713,337,000 |
Supplementary information | |||
Interest paid in cash | 8,340,000 | 8,051,000 | 25,578,000 |
Income taxes paid in cash | 53,000 | 10,000 | 7,274,000 |
Non-cash Transfer of Investment Asset to Related Party Investments Fund | $ 0 | $ 0 | $ 1,571,191,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization SiriusPoint Ltd. (together with its consolidated subsidiaries, “SiriusPoint” or the “Company”) was incorporated under the laws of Bermuda on October 6, 2011. Through its reinsurance subsidiaries, the Company is a provider of global property and casualty reinsurance products. Through December 31, 2020, the Company operated through two licensed reinsurance subsidiaries, Third Point Reinsurance Company Ltd. (“Third Point Re BDA”), a Bermuda reinsurance company that commenced operations in January 2012, and Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”). Third Point Re USA is a Bermuda reinsurance company that was incorporated on November 21, 2014 and commenced operations in February 2015. Third Point Re USA made an election under Section 953(d) of the U.S. Internal Revenue Code of 1986, as amended, to be taxed as a U.S. entity. Third Point Re USA prices and underwrites reinsurance business from an office in the United States. Third Point Re USA is a wholly owned subsidiary of Third Point Re (USA) Holdings Inc. (“TPRUSA”), an intermediate holding company based in the U.S., which is a wholly owned subsidiary of Third Point Re (UK) Holdings Ltd. (“Third Point Re UK”), an intermediate holding company based in the United Kingdom. Third Point Re UK is a wholly owned subsidiary of SiriusPoint. In August 2012, the Company established a wholly-owned subsidiary in the United Kingdom, Third Point Re Marketing (UK) Limited (“TPRUK”). In May 2013, TPRUK was licensed as an insurance intermediary by the UK Financial Conduct Authority. In September 2020, the Company co-founded Arcadian Risk Capital Ltd (“Arcadian”) , a managing general agent incorporated in Bermuda writing business on behalf of the Company. Arcadian commenced operations on October 1, 2020. Arcadian is considered a variable interest entity and the Company is the primary beneficiary. As a result, Arcadian is consolidated by the Company and all significant intercompany accounts and transactions have been eliminated. These consolidated financial statements include the results of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Tabular amounts are in U.S. Dollars in thousands, except share amounts, unless otherwise noted. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no impact on the previously reported total net investment income (loss), total revenues or net income (loss). Expense Reclassifications Effective January 1, 2021, the Company reclassified certain expenses on the consolidated statements of income (loss) to separately present expenses associated with the Company’s underwriting operations from corporate and other expenses necessary to support corporate operations including those as a publicly-traded company. These reclassifications had no impact on the previously reported total expenses or net income (loss). The following is a summary of the significant accounting and reporting policies adopted by the Company: Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the loss and loss adjustment expense reserves, estimates of written and earned premiums and fair value of financial instruments. Cash, cash equivalents and restricted cash Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of ninety days or less. Restricted cash and cash equivalents consist of cash held in trust accounts securing obligations under certain reinsurance contracts and cash held with brokers and in trust accounts securing letters of credit issued under credit facilities. Premium revenue recognition Effective January 1, 2021, the Company changed its accounting policy for assumed written premium recognition. The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company's underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company's historical experience with the brokers or ceding companies. Premiums written are earned over the exposure period in proportion to the period of risk covered. Reinstatement premiums are earned when written. Unearned premiums represent the portion of premiums written that relate to the remaining term of the underlying policies in force. Premiums for retroactive exposures in reinsurance contracts are earned at the inception of the contract, as all of the underlying loss events covered by these exposures occurred in the past. If the estimated loss and loss adjustment expense reserve differs from the premium received at inception of a retroactive reinsurance contract, the resulting difference is deferred and recognized over the estimated claim payment period of the related contract with the periodic amortization reflected in earnings as a component of loss and loss adjustment expenses incurred. See Note 3 for additional information on the retrospective impact from the change in accounting policy on the Company’s consolidated financial statements. Reinsurance premiums ceded From time to time, the Company reduces the risk of losses on business written by reinsuring certain risks and exposures with other reinsurers. The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent that the Company does not hold sufficient security for their unpaid obligations. Ceded premiums are written during the period in which the risks incept and are earned over the contract period in proportion to the period of risk covered. Unearned premiums ceded consist of the unexpired portion of reinsurance ceded. Reinsurance Reinsurance recoverables include claims we paid and estimates of unpaid losses and loss adjustment expenses that are subject to reimbursement under reinsurance and retrocessional contracts. The method for determining reinsurance recoverables for unpaid losses and loss adjustment expenses involves reviewing actuarial estimates of gross unpaid losses and loss adjustment expenses to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts. This method is continually reviewed and updated and any resulting adjustments are reflected in earnings in the period identified. Reinsurance premiums, commissions and expense reimbursements are accounted for on a basis consistent with those used in accounting for the original policies issued and the term of the reinsurance contracts. Amounts recoverable from reinsurers for losses and loss adjustment expenses for which the Company has not been relieved of its legal obligations to the policyholder are reported as assets. Deferred acquisition costs Acquisition costs consist of commissions, brokerage and excise taxes that are related directly to the successful acquisition of new or renewal reinsurance contracts. These costs are deferred and amortized over the period in which the related premiums are earned. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future earned premiums and anticipated investment income is greater than expected future loss and loss adjustment expenses and acquisition costs. If a loss is probable on the unexpired portion of contracts in force, a premium deficiency loss is recognized. As of December 31, 2020, deferred acquisition costs are considered to be fully recoverable and no premium deficiency has been recorded. Acquisition costs also include profit commissions that are expensed when incurred. Profit commissions are calculated and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a profit commission is probable under the contract terms. Loss and loss adjustment expense reserves The Company’s loss and loss adjustment expense reserves include case reserves, reserves for losses incurred but not yet reported (“IBNR reserves”) and deferred gains on retroactive reinsurance contracts. Case reserves are established for losses that have been reported, but not yet paid. IBNR reserves represent the estimated loss and loss adjustment expenses that have been incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer, including unknown future development on loss and loss adjustment expenses that are known to the insurer or reinsurer. IBNR reserves are established by management based on actuarially determined estimates of ultimate loss and loss adjustment expenses. Deferred gains represent the underwriting profit related to retroactive exposures in reinsurance contracts at inception and are deferred and amortized over the estimated future settlement period of the contract. Deferred gains are included in loss and loss adjustment expense reserves. If the premium received is lower than the estimated loss and loss adjustment expense reserves assumed at inception of a retroactive reinsurance contract, the resulting difference is deferred and recorded in other assets. This difference is also amortized over the estimated future settlement period of the contract. Inherent in the estimate of ultimate loss and loss adjustment expenses are expected trends in claim severity and frequency and other factors that may vary significantly as claims are settled. Accordingly, ultimate loss and loss adjustment expenses may differ materially 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, are recorded in the consolidated statements of income (loss) in the period in which they become known. Deposit liabilities Certain contracts do not transfer sufficient insurance risk to be deemed reinsurance contracts and are accounted for using the deposit method of accounting. Management exercises judgment in determining whether contracts transfer sufficient risk to be accounted for as reinsurance contracts. Using the deposit method of accounting, a deposit liability, rather than written premium, is initially recorded based upon the consideration received less any explicitly identified premiums or fees. In subsequent periods, the deposit liability is adjusted by calculating the effective yield on the deposit to reflect actual payments to date and future expected payments. In some cases, the effective yield on the contract may be negative, which will result in the recognition of other income. Fair value measurement The Company determines the fair value of financial instruments in accordance with current accounting guidance, which defines fair value and establishes a three level fair value hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Fair value is defined as the price that the Company would receive to sell an asset or would pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair value of each individual security utilizing the highest level inputs available. The fair value of the Company’s assets and liabilities, which qualify as financial instruments, approximates the carrying amounts presented in the consolidated balance sheets. U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below: • Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date. • Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies. • Level 3 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and considers factors specific to the investment. Investments Investments - Trading The Company’s investments are classified as “trading securities” and are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss). The fair value of the Company’s investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications, industry recognized pricing vendors, and/or internal pricing valuation techniques. Investment transactions are recorded on a trade date basis with balances pending settlement included in due to/from brokers in the consolidated balance sheets. Realized gains and losses are determined using costs calculated on a specific identification basis. Dividends are recorded on the ex-dividend date. Income and expenses are recorded on the accrual basis including interest and premiums amortized and discounts accreted. Investment in related party investment fund The Company invests in TP Fund, a related party investment fund. The Company’s investment in TP Fund is stated at its fair value, that generally represents the Company’s proportionate interest in TP Fund as reported by the fund based on the net asset value (“NAV”) provided by the fund administrator. Increases or decreases in such fair value are recorded within net investment income from investment in related party investment fund in the Company’s consolidated statements of income. Realized gains or losses upon any redemptions of investments in TP Fund are calculated using the weighted average method. The Company records contributions and withdrawals related to its investments in TP Fund on the transaction date. Derivatives Investments Prior to the change in the investment account structure, derivative instruments within our investment assets managed by our investment manager, Third Point LLC, were recorded in the consolidated balance sheets at fair value, with changes in fair values and realized gains and losses recognized in net investment income in the consolidated statements of income (loss). Derivatives served as a key component of the Company’s investment strategy and were utilized primarily to structure the portfolio, or individual investments, and to economically match the investment objectives of the Company. The Company’s derivatives did not qualify as hedges for financial reporting purposes and were recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association (“ISDA”) master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non-defaulting party. The Company entered into derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company used derivatives in connection with its risk-management activities to economically hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allowed for an efficient means by which to trade certain asset classes. Fair values of derivatives were determined by using quoted market prices, industry recognized pricing vendors and counterparty quotes when available; otherwise fair values were based on pricing models that consider the time value of money, volatility and the current market and contractual prices of underlying financial instruments. Embedded derivatives Certain of the Company’s reinsurance contracts contain interest crediting features that vary based on the net investment return on investments managed by Third Point LLC. These contractual features are considered embedded derivatives in accordance with U.S. GAAP. 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 estimated fair value of these embedded derivatives are recorded in other expenses in the consolidated statements of income (loss). Other derivatives From time to time the Company may also enter into reinsurance contracts that meet the definition of a derivative contract. The Company measures these derivative instruments at fair value and recognizes these instruments as either assets or liabilities in the consolidated balance sheets. Subsequent changes in estimated fair value of these derivatives are recorded in other expenses in the consolidated statements of income (loss). Share-based compensation The Company accounts for its share-based compensation transactions using the fair value of the award at the grant date and accounts for forfeitures when they occur. Determining the fair value of share purchase options at the grant date requires estimation and judgment. The Company uses an option-pricing model (Black-Scholes) to calculate the fair value of share purchase options. For share purchase options or restricted share awards granted that contain both a service and performance condition, the Company recognizes share compensation expense only for the portion of the options or restricted share awards that are considered probable of vesting. Share compensation for share purchase options or restricted share awards considered probable of vesting are expensed over the service (vesting) period on a straight-line basis. The probability of share purchase options or restricted share awards vesting is evaluated at each reporting period. When the share purchase options or restricted share awards are considered probable of vesting, the Company records a true up of share compensation expense from the grant date (service inception date) to the current reporting period end based on the fair value of the options or restricted share awards at the grant date. The Company measures grant date fair value for restricted share awards, with a service condition only, based on the price of its common shares at the grant date and the expense is recognized on a straight-line basis over the vesting period. Warrants The Company accounts for warrant contracts issued to certain of its founding investors (“Founders”) in conjunction with the initial capitalization of the Company by using either the physical settlement or net-share settlement methods. The fair value of these warrants was recorded in equity as additional paid-in capital. The fair value of warrants issued are estimated on the grant date using the Black-Scholes option-pricing model. The Company accounts for certain warrant contracts issued to an advisor, where services have been received by the Company, in part, in exchange for equity instruments, based on the fair value of such services. The associated cost of these warrants has been recorded as capital raise costs and is included in additional paid in capital in the consolidated statements of shareholders’ equity. Debt offering costs Costs incurred in issuing debt, which includes underwriters’ fees, legal and accounting fees, printing and other fees are capitalized and presented as a direct deduction from the principal amount of senior notes payable in the consolidated balance sheets. These costs are amortized over the term of the debt and are included in interest expense in the consolidated statements of income (loss). Other expenses Other expenses are comprised of expenses relating to interest crediting features in certain reinsurance and deposit contracts, as well as changes in value of embedded derivatives in reinsurance contracts and deposit liability contracts that have variable interest crediting featu res and changes in value of reinsurance contracts that meet the definition of a derivative contract. Variable and fixed int erest crediting features are calculated on funds transferred to the Company where interest is credited based on actual cash received into a notional experience account. The ceding company can typically elect to commute at specific points in time in exchange for the amounts held in the notional experience account. For those contracts that contain variable interest crediting features, actual investment returns realized by the Company are included in the calculation, which can increase the overall effective interest crediting rate on those contracts. Variable interest credit features are accounted for as embedded derivatives. Fixed interest credits on reinsurance contracts and deposit liability contracts and changes in value of embedded derivative are included in other expenses in the consolidated statements of income (loss). Foreign currency transactions The Company’s functional currency is the U.S. dollar. Transactions involving monetary assets and liabilities denominated in foreign currencies have been converted into U.S. dollars at the exchange rate in effect on the balance sheet date, and the related revenues and expenses are converted using specific rates for the period, as appropriate. Net foreign currency transaction gains and losses arising from these activities are reported in the consolidated statements of income (loss) in the period in which they arise. Prior to the change in the investment account structure, certain of the Company's investments were denominated in foreign currencies and thus, were subject to the risk associated with foreign currency fluctuations. These investments were translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investments and income and expenses denominated in foreign currencies were translated into U.S. dollar amounts on the respective dates of such transactions. The Company did not isolate the portion of the net investment income resulting from changes in foreign exchange rates on investments, dividends and interest from the fluctuations arising from changes in fair values of securities and derivatives held within the total net investments managed by Third Point LLC. Periodic payments received or paid on swap agreements were recorded as realized gain or loss on investment transactions. Such fluctuations were included within net investment income in the consolidated statements of income (loss). Income taxes, withholding taxes and uncertain tax positions The Company provides for income taxes for its operations in income tax paying jurisdictions. The Company’s provision relies on estimates and interpretations of currently enacted tax laws. The Company recognizes deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Such temporary differences are primarily due to tax basis discounts on loss and loss adjustment expense reserves and unearned premiums, deferred acquisition costs and unrealized gains (losses) on investments. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. Any adjustments to deferred income taxes are accounted for as changes in estimates and are reflected in the consolidated statements of income (loss) in the year in which they are made. Adjustments could be material and could significantly impact earnings in the year they are recorded. Prior to the change in the investment account structure, certain of the Company's investments were subject to withholding tax obligations related to dividends, capital gains and interest on certain investments. These withholding taxes were recorded when they became payable and were included in income tax expense (benefit) in the Company’s consolidated statements of income (loss). The Company recognized uncertain tax positions related to certain investment transactions in foreign jurisdictions. The Company records its uncertain tax positions based on an estimate of the potential liability, including potential interests and penalties, arising from its investment transactions conducted in foreign countries. The changes in the Company’s uncertain tax position is included in income tax expense (benefit) in the Company’s consolidated statements of income (loss). Variable interest entities The Company accounts for variable interest entities (“VIEs”) in accordance with FASB ASC Topic 810 Consolidation, which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. For VIEs the Company determines it has a variable interest in, it determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. Noncontrolling interests The Company consolidates the results of entities in which it has a controlling financial interest. The Company records the portion of shareholders’ equity attributable to noncontrolling interests as a separate line within shareholders’ equity in the consolidated balance sheets. The Company records the portion of net (incom e) loss attributable to noncontrolling interests as a separate line within the consolidated statements of income (loss). Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”), be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive. Leases Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are recognized in the consolidated statements of income (loss) on a straight-line basis over the term of the lease. Comprehensive income The Company has no comprehensive income other than net income disclosed in the consolidated statements of income (loss). Segment information Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance of the Company. Effective January 1, 2021, the Company reports four operating segments: Accident & Health (“A&H”), Specialty, Property, and Runoff & Other. Where applicable, all prior periods presented have been revised to conform to this new presentation. Non-underwriting income and expenses, presented as a reconciliation to our consolidated results, include: net investment income, certain general and administrative expenses related to corporate activities, interest expense, foreign exchange losses and income tax (expense) benefit. Treasury shares Common shares repurchased by the Company and not canceled are classified as treasury shares. Treasury shares are recorded at cost, which results in a reduction of shareholders’ equity in the consolidated balance sheets. When shares are reissued from treasury, the Company uses the average cost method to determine the cost of the reissued shares. Gains on sales of treasury shares are credited to additional paid-in capital, while losses are charged to additional paid-in capital to the extent that previous net gains from sales of treasury shares are included therein; otherwise, losses are charged to retained earnings. Transfer of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales, if any, would be included as realized gains (losses) within net investment income in the accompanying consolidated statements of income. In instances where a transfer of financial assets does not qualify for sale accounting, the accounting guidance requires that the transaction be accounted for as a collateralized borrowing. Accordingly, the related assets remain on the Company’s consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. Recent accounting pronouncements Adoption of New Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 amended the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of fair value measurement disclosure requirements. The amendments are effective for interim and annual periods beginning after December 15, 2019. ASU 2018-13 did n |
Change in accounting policy
Change in accounting policy | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Change in accounting policy | 3. Change in accounting policy Premium revenue recognition Effective January 1, 2021, the Company changed its accounting policy for assumed written premium recognition. Previously, the Company estimated ultimate premium written for the entire contract period and recorded this estimate at inception of the contract. For contracts where the full premium written was not estimable at inception, the Company recorded premium written for the portion of the contract period for which the amount was estimable. The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company's underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company's historical experience with the brokers or ceding companies. The change in policy has been made because it is management’s opinion that the revised policy reflects the timing of when premiums are written by the cedent and reduces uncertainty regarding the assets and liabilities recorded. The following tables provide a summary of the retrospective impact from the change in accounting policy on the Company’s consolidated financial statements: Consolidated balance sheet December 31, 2020 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable, net $ 559,388 $ (117,453) $ 441,935 Deferred acquisition costs, net 134,308 (65,758) 68,550 Unearned premiums ceded 27,659 (7,195) 20,464 Total assets 3,725,594 (190,406) 3,535,188 Reinsurance balances payable 80,408 (2,293) 78,115 Unearned premium reserves 472,948 (188,113) 284,835 Total liabilities 2,160,308 (190,406) 1,969,902 Shareholders’ equity attributable to SiriusPoint common shareholders $ 1,563,925 $ — $ 1,563,925 December 31, 2019 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable, net $ 596,120 $ (117,668) $ 478,452 Deferred acquisition costs, net 154,717 (62,553) 92,164 Unearned premiums ceded 16,945 (13,822) 3,123 Total assets 3,439,694 (194,043) 3,245,651 Reinsurance balances payable 81,941 (5,425) 76,516 Unearned premium reserves 524,768 (188,618) 336,150 Total liabilities 2,025,620 (194,043) 1,831,577 Shareholders’ equity attributable to SiriusPoint common shareholders $ 1,414,074 $ — $ 1,414,074 Consolidated statement of income (loss) Year ended December 31, 2020 As previously reported Adjustment As adjusted Gross premiums written $ 588,035 $ 505 $ 588,540 Gross premiums ceded (39,717) (6,627) (46,344) Net premiums written 548,318 (6,122) 542,196 Change in net unearned premium reserves 62,534 6,122 68,656 Net premiums earned $ 610,852 $ — $ 610,852 Net income available to SiriusPoint common shareholders $ 143,517 $ — $ 143,517 Year ended December 31, 2019 As previously reported Adjustment As adjusted Gross premiums written $ 631,846 $ 36,568 $ 668,414 Gross premiums ceded (9,265) (2,111) (11,376) Net premiums written 622,581 34,457 657,038 Change in net unearned premium reserves 77,561 (34,457) 43,104 Net premiums earned $ 700,142 $ — $ 700,142 Net income available to SiriusPoint common shareholders $ 200,619 $ — $ 200,619 Year ended December 31, 2018 As previously reported Adjustment As adjusted Gross premiums written $ 578,252 $ 71,935 $ 650,187 Gross premiums ceded (19,895) 15,726 (4,169) Net premiums written 558,357 87,661 646,018 Change in net unearned premium reserves 63,085 (87,661) (24,576) Net premiums earned $ 621,442 $ — $ 621,442 Net loss attributable to SiriusPoint common shareholders $ (317,692) $ — $ (317,692) Consolidated statement of cash flows Year ended December 31, 2020 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable $ 38,825 $ (215) $ 38,610 Deferred acquisition costs, net 20,409 3,205 23,614 Unearned premiums ceded (10,714) (6,627) (17,341) Unearned premium reserves (51,820) 505 (51,315) Reinsurance balances payable (1,352) 3,132 1,780 Net cash provided by operating activities $ 73,356 $ — $ 73,356 Year ended December 31, 2019 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable $ 30,039 $ (9,684) 20,355 Deferred acquisition costs, net 49,125 (24,343) 24,782 Unearned premiums ceded 607 (2,111) (1,504) Unearned premium reserves (78,168) 36,568 (41,600) Reinsurance balances payable 11,964 (430) 11,534 Net cash provided by operating activities $ 141,112 $ — $ 141,112 Year ended December 31, 2018 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable $ (120,620) $ (36,594) $ (157,214) Deferred acquisition costs, net 54,951 (46,205) 8,746 Unearned premiums ceded (16,503) 15,726 (777) Unearned premium reserves (46,582) 71,935 25,353 Reinsurance balances payable 28,728 (4,862) 23,866 Net cash provided by operating activities $ 13,387 $ — $ 13,387 The change in accounting policy had no impact on the previously reported net income (loss) or shareholders’ equity attributable to SiriusPoint common shareholders. |
Cash, cash equivalents, restric
Cash, cash equivalents, restricted cash and restricted investments | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, restricted cash and restricted investments | 4. Cash, cash equivalents, restricted cash and restricted investments The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2020 and 2019: 2020 2019 Cash and cash equivalents $ 525,991 $ 639,415 Restricted cash securing letter of credit facilities (1) 306,032 254,176 Restricted cash securing reinsurance contracts (2) 881,916 760,367 Total cash, cash equivalents and restricted cash (3) 1,713,939 1,653,958 Restricted investments securing reinsurance contracts (2) 86,367 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,800,306 $ 1,796,575 (1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years. (2) Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities including U.S. Treasury securities, sovereign debt, and limited partnership interests in TP Fund. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years. (3) Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Investments | 5. Investments The following is a summary of the net investments managed by Third Point LLC as of December 31, 2020 and 2019: 2020 2019 Assets TP Fund $ 1,055,618 $ 860,630 Debt securities 101,311 125,071 Total investments 1,156,929 985,701 Cash and cash equivalents 451,239 588,196 Restricted cash and cash equivalents 1,187,948 1,014,543 Due from brokers 94,902 — Interest and dividends receivable 632 2,178 Other assets — 18 Total assets 2,891,650 2,590,636 Liabilities Accounts payable and accrued expenses 1,171 509 Securities sold, not yet purchased 11,990 — Interest and dividends payable 21 — Total liabilities 13,182 509 Total net investments managed by Third Point LLC $ 2,878,468 $ 2,590,127 Third Point Enhanced LP On February 28, 2019, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the Second Amended and Restated Exempted Limited Partnership Agreement (the “2019 LPA”) of TP Fund, effective January 1, 2019. The 2019 LPA amended and restated the A mended and Restated Exempted Limited Partnership Agreement (the “ 2018 LPA ”) of TP Fund. On August 6, 2020, SiriusPoint , Third Point Re BDA and Third Point Re USA entered into the Third Amended and Restated Exempted Limited Partnership Agreement (“2020 LPA”) of TP Fund, which amended and restated the 2019 LPA , which will become effective at the closing of the merger with Sirius, except for the amendment to the calculation of the loss recovery account which became effective on December 31, 2020. The 2020 LPA updated the terms of the 2019 LPA to reflect adjustments to the loss carryforward terms for the year ended December 31, 2020. The performance of certain fixed income and other investments managed by Third Point LLC will now be considered when calculating the performance fee allocation and loss recovery account amounts under the terms of the 2019 LPA. Other material terms of the 2020 LPA will become effective upon closing of the merger. The TP Fund investment strategy, as implemented by Third Point LLC, is intended to achieve superior risk-adjusted returns by deploying capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies. Third Point LLC identifies investment opportunities via a bottom-up, value-oriented approach to single security analysis supplemented by a top-down view of portfolio and risk management. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures. TP Fund meets the definition of a variable interest entity principally because of the existence of disproportionate rights in the partnership compared to the obligations to absorb the expected losses and right to receive the expected residual returns of TP Fund’s results. As of December 31, 2020, the Company and Third Point Advisors LLC (“TP GP”) hold interests of approximately 86.1% and 13.9%, respectively, of the net asset value of TP Fund. As a result, both entities hold significant financial interests in TP Fund. However, TP GP controls all of the investment decision-making authority and the Company does not have the power to direct the activities which most significantly impact the economic performance of TP Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Fund. As of December 31, 2020, the Company had no unfunded commitments related to TP Fund and the Company’s maximum exposure to loss corresponds to the value of its investments in TP Fund. Under the 2019 LPA, the TPRE Limited Partners have the right to withdraw funds weekly from TP Fund to pay claims and expenses as needed, to meet capital adequacy requirements and to satisfy financing obligations. The TPRE Limited Partners may also withdraw their investment upon the occurrence of certain events specified in the 2019 LPA and may withdraw their investment in full on December 31, 2021 and each successive three-year anniversary of such date. Collateral and other investment assets In addition to serving as the investment manager for TP Fund, Third Point LLC also serves as investment manager for the Company’s collateral and other investment assets, which consist of cash, U.S. Treasuries, sovereign debt, structured and corporate credit fixed income securities. On July 31, 2018, Third Point Re BDA and Third Point Re USA entered into the Collateral Assets Investment Management Agreement (the “2018 Collateral Assets IMA”) with Third Point LLC effective August 31, 2018, pursuant to which Third Point LLC serves as investment manager of certain collateral assets. The collateral assets are presented in the consolidated balance sheets within debt securities and restricted cash and cash equivalents, and are considered as part of total net investments managed by Third Point LLC. On May 24, 2019, Third Point Re BDA and Third Point Re USA entered into the Amended and Restated Collateral Assets Investment Management Agreement (the “Amended Collateral Assets IMA”) with Third Point LLC, effective May 24, 2019, pursuant to which, in addition to serving as the investment manager for the Company’s collateral assets, Third Point LLC will serve as investment manager of certain investment assets withdrawn from TP Fund. The Amended Collateral Assets IMA will continue in effect thereafter so long as either Third Point Re BDA or Third Point Re USA remains a limited partner of TP Fund. The Company entered into the Amended Collateral Assets IMA to provide for Third Point LLC's management of a substantial portion of the Company’s assets that were reallocated from TP Fund into cash, U.S. Treasuries and other fixed income investments. In the year ended December 31, 2020, the Company expanded its fixed income portfolio by investing in structured credit and corporate credit securities such as corporate bonds and bank debt. The Company has also hedged part of the interest rate risk underlying these securities by purchasing short positions in long duration U.S. Treasuries which are included in securities sold, not yet purchased in the consolidated balance sheets as of December 31, 2020. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair value measurements The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2020 and 2019: December 31, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 Asset-backed securities — 9,929 — 9,929 Bank debt — 423 — 423 Corporate bonds — 37,746 — 37,746 U.S. Treasury securities — 53,213 — 53,213 Total debt securities — 101,311 — 101,311 Derivative assets — — 1,153 1,153 $ — $ 101,311 $ 5,153 106,464 Investments in funds valued at NAV 1,055,618 Total assets $ 1,162,082 Liabilities U.S. Treasury securities $ — $ 11,990 $ — $ 11,990 Total securities sold, not yet purchased — 11,990 — 11,990 Derivative liabilities — — 1,013 1,013 Total liabilities $ — $ 11,990 $ 1,013 $ 13,003 December 31, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 U.S. Treasury securities — 101,186 — 101,186 Sovereign debt — 23,885 — 23,885 Total debt securities — 125,071 — 125,071 $ — $ 125,071 $ 4,000 129,071 Investments in funds valued at NAV 860,630 Total assets $ 989,701 Liabilities Derivative liabilities $ — $ — $ 31 $ 31 Total liabilities $ — $ — $ 31 $ 31 The total change in unrealized gains (losses) on equity and debt securities held at the year ended December 31, 2020 were $nil and $10.5 million, respectively (2019 - $nil and $10.0 million, and 2018 - $nil and $(6.7) million, respectively). Private common and preferred equity securities Private common and preferred equity securities are those not registered for public sale and are carried at an estimated fair value at the end of the period. Valuation techniques used may include market approach, last transaction analysis, liquidation analysis and/or using discounted cash flow models where the significant inputs could include but are not limited to additional rounds of equity financing, financial metrics such as revenue multiples or price-earnings ratio, discount rates and other factors. In addition, third party valuation firms may be employed to conduct investment valuations of such private securities. As the significant inputs used to price these securities are unobservable, these are classified as Level 3. Debt securities Debt securities are priced using broker dealer quotes or a recognized third-party pricing vendor. The key inputs for corporate, government and sovereign bonds valuation are coupon frequency, coupon rate and underlying bond spread. The key inputs for asset-backed securities (“ABS”) are yield, probability of default, loss severity and prepayment. As of December 31, 2020, the Company’s ABS holdings primarily consisted of private-label issued, non-investment grade securities, and none of these securities were guaranteed by a government sponsored entity. All of these classes of ABS are sensitive to changes in interest rates and any resulting change in the rate at which borrowers sell their properties, refinance, or otherwise pre-pay their loans. As an investor in these classes of ABS, the Company may be exposed to the credit risk of underlying borrowers not being able to make timely payments on loans or the likelihood of borrowers defaulting on their loans. In addition, the Company may be exposed to significant market and liquidity risks. Investments in funds valued at NAV The Company values its investments in limited partnerships, including its investment in related party investment fund, at fair value. The Company has elected the practical expedient for fair value for these investments which is estimated based on the Company’s share of the NAV of the limited partnerships, as provided by the independent fund administrator, as the Company believes it represents the most meaningful measurement basis for the investment assets and liabilities. The NAV represents the Company’s proportionate interest in the members’ equity of the limited partnerships. The resulting net gains or net losses are reflected in the consolidated statements of income (loss). These investments are included in investment in funds valued at NAV and excluded from the presentation of investments categorized by the level of the fair value hierarchy. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a monthly, quarterly and annual basis, to assess the quality of the information provided by the investment manager and fund administrator underlying the preparation of the NAV. These procedures include, but are not limited to, regular review and discussion of the fund’s performance with the investment manager. Derivative Instruments Embedded derivatives The Company has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of the embedded derivative reported in other expenses. The Company’s embedded derivatives relate to interest crediting features in certain reinsurance and deposit contracts that vary based on the returns on the Company’s investments managed by Third Point LLC. The Company determines the fair value of the embedded derivatives using models developed by the Company. As the significant inputs used to price embedded derivatives are unobservable, these are classified as Level 3. Other derivatives Other underwriting-related derivatives include reinsurance contracts that are accounted for as derivatives. These derivative contracts are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3. The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2020 and 2019: January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, 2020 Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Derivative assets — — — — 1,153 1,153 Total assets $ 4,000 $ — $ — $ — $ 1,153 $ 5,153 Liabilities Derivative liabilities $ (31) $ — $ — $ (1,004) $ 22 $ (1,013) Total liabilities $ (31) $ — $ — $ (1,004) $ 22 $ (1,013) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, 2019 Assets Private common equity securities $ — $ — $ 1,000 $ — $ — $ 1,000 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 4,000 $ — $ — $ 4,000 Liabilities Derivative liabilities $ (22) $ — $ — $ — $ (9) $ (31) Total liabilities $ (22) $ — $ — $ — $ (9) $ (31) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income in the consolidated statements of income (loss) . Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other expenses, net of foreign exchange (gains) losses, in the consolidated statements of income (loss). Total change in unrealized gains (losses) on fair value of assets using significant unobservable inputs (Level 3) held at the year ended December 31, 2020 was $1.2 million (2019 - $nil and 2018 - $nil). For the years ended December 31, 2020 and 2019, there were no changes in the valuation techniques as they relate to the above. |
Due from brokers
Due from brokers | 12 Months Ended |
Dec. 31, 2020 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |
Due from/to brokers | 7. Due from brokers During the year ended December 31, 2020, the Company expanded its fixed income portfolio by investing in structured credit and corporate credit securities such as corporate bonds and bank debt. The Company has also hedged part of the interest rate risk underlying these securities by purchasing short positions in long duration U.S. Treasuries. The Company holds substantially all of its fixed income investments through prime brokers pursuant to agreements between the Company and each prime broker. The brokerage arrangements differ from broker to broker, but generally cash and investments in securities are available as collateral against investments in securities sold, not yet purchased, if required. As of December 31, 2020, the Company’s due from brokers were comprised of the following: 2020 Due from brokers Cash held at brokers $ 94,902 $ 94,902 Margin debt balances were collateralized by cash held by the broker and certain of the Company’s securities. Margin interest was paid either at the daily broker call rate or based on London Inter-bank Offered Rate. Amounts are borrowed through committed facilities with terms of up to 90 days, secured by assets of the Company held by the prime broker, and incur interest based on the Company’s negotiated rates. This interest expense is reflected in other net investment income (loss) in the consolidated statements of income (loss). |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 8. Derivatives The following tables identify the listing currency, fair value and notional amounts of derivative instruments included in the consolidated balance sheets as of December 31, 2020 and 2019: 2020 2019 Derivative Assets Listing currency (1) Fair Value Notional Amounts (2) Fair Value Notional Amounts (2) Reinsurance contracts accounted for as derivative assets GBP $ 1,153 $ 4,150 $ — $ — $ 1,153 $ 4,150 $ — $ — 2020 2019 Derivative Liabilities Listing currency (1) Fair Value Notional Amounts (2) Fair Value Notional Amounts (2) Reinsurance contracts accounted for as derivative liabilities GBP $ 1,008 $ 15,704 $ — $ — Embedded derivative liabilities in reinsurance contracts USD 5 20,000 31 20,000 $ 1,013 $ 35,704 $ 31 $ 20,000 (1) GBP = British Pound, USD = US Dollar. (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 2020 and 2019, which is representative of the volume of derivatives held during the period. The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the years ended December 31, 2020, 2019 and 2018. Realized and unrealized gains (losses) for the year ended December 31, 2018 includes activity in the separate accounts up to the date of change in the investment account structure. Realized and unrealized gains (losses) related to free standing derivatives were included in net investment income in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivatives are included in other expenses in the consolidated statements of income (loss). 2020 2019 2018 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Credit Credit Default Swaps - Protection Purchased $ — $ — $ — $ — $ (3,557) $ 921 Credit Default Swaps - Protection Sold — — — — (333) 744 Total Return Swaps - Long Contracts — — — — 3,486 (2,000) Equity Price Contracts for Differences - Long Contracts — — — — 32,460 (15,098) Contracts for Differences - Short Contracts — — — — 4,568 (3,608) Total Return Swaps - Long Contracts — — — — 16,792 (15,864) Total Return Swaps - Short Contracts — — — — (17,329) 1,883 Interest Rates Interest Rate Swaptions — — — — (1,819) 1,228 Sovereign Future Options - Long Contracts — — — — 403 — Sovereign Future Options - Short Contracts — — — — 50 — Sovereign Futures - Long Contracts — — — — 639 — Sovereign Futures - Short Contracts — — — — (1,166) — Total Return Swaps - Long Contracts — — — — (7,569) — Foreign Currency Exchange Rates Foreign Currency Forward Contracts — — — — (2,849) 4,403 Foreign Currency Future Options - Purchased — — — — (108) — Foreign Currency Options - Purchased — — — — 5,138 — Foreign Currency Options - Sold — — — — (771) — $ — $ — $ — $ — $ 28,035 $ (27,391) Other Derivatives Reinsurance contracts accounted for as derivative instruments $ — $ 1,222 $ — $ — $ — $ — Embedded derivatives in reinsurance contracts — 26 — (9) — 149 $ — $ 1,248 $ — $ (9) $ — $ 149 *Unrealized gain (loss) relates to derivatives still held at reporting date. |
Loss and loss adjustment expens
Loss and loss adjustment expense reserves | 12 Months Ended |
Dec. 31, 2020 | |
Loss and Loss Adjustment Expense Reserves [Abstract] | |
Loss and loss adjustment expense reserves | 9. Loss and loss adjustment expense reserves (as adjusted - see Note 3) As of December 31, 2020 and 2019, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following: 2020 2019 Case loss and loss adjustment expense reserves $ 265,619 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 1,043,458 963,359 Deferred gains on retroactive reinsurance contracts 991 167 $ 1,310,068 $ 1,111,692 Reserving methodologies The Company’s methodology for reserving for its reinsurance contracts and determining its loss and loss adjustment expense reserves, including incurred but not reported reserves, is as follows: The Company’s actuaries perform an actuarial projection of the Company’s reserves quarterly and have a third-party actuarial review performed periodically. Reserves are estimated on an individual contract basis. The Company typically initially reserves individual contracts to the expected loss and loss expense ratio in its pricing analysis. The Company also considers the level of adequacy of the pricing loss ratio estimates, and may make upward or downward adjustments in the aggregate reserves if there is evidence that the pricing loss ratio estimates are biased in one direction or the other. As loss information is received from cedents, the Company incorporates other actuarial methods into its projection of ultimate losses and, hence, reserves. In the Company’s pricing analyses, there is a significant amount of information unique to the individual client and, when necessary, the analysis is supplemented with industry data. Industry data primarily takes the form of paid and incurred development patterns from statutory financial statements and statistical agencies. For the Company’s actuarial reserve projections, the relevant information received from clients includes premium estimates, paid loss and loss adjustment expenses and case reserves. The Company’s actuaries review the data for reasonableness and research any noted anomalies. On each contract, the Company’s actuaries compare the expected paid and incurred amounts at each quarter-end with actual amounts reported. The Company’s actuaries also compare premiums received with projected premium receipts at each quarter end. There is a time lag between when a covered loss event occurs and when it is reported to the Company’s cedents. There is also a time lag between when clients pay claims, establish case reserves and re-estimate their reserves, and when they notify the Company of the payments and/or new or revised case reserves. This reporting lag is typically 60 to 90 days after the end of a reporting period, but can be longer in some cases. The Company’s actuaries use techniques that adjust for this reporting lag. While it would be unusual to have lags that extend beyond 90 days, the Company’s actuarial techniques are designed to adjust for such a circumstance. The principal actuarial methods (and associated key assumptions) used to perform the Company’s quarterly loss reserve analysis may include one or more of the following methods: A priori loss ratio method To estimate ultimate losses using the a priori loss ratio method, the Company multiplies earned premiums by an expected loss ratio. The expected loss ratio is selected as part of the pricing and utilizes individual client data, supplemented by industry data where necessary. This method is often useful when there is limited historical data due to few losses being incurred. Paid loss development method This method estimates ultimate losses by calculating past paid loss development factors and applying them to exposure periods with further expected paid loss development. The paid loss development method assumes that losses are paid at a rate consistent with the historical rate of payment. It provides an objective test of reported loss projections because paid losses contain no case reserve estimates. For some lines of business, claim payments are made slowly and it may take many years for claims to be fully reported and settled. Incurred loss development method This method estimates ultimate losses by using past incurred loss development factors and applying them to exposure periods with further expected incurred loss development. Since incurred losses include payments and case reserves, changes in both of these amounts are incorporated in this method. This approach provides a larger volume of data to estimate ultimate losses than paid loss methods. Thus, incurred loss patterns may be less varied than paid loss patterns, especially for coverages that have historically been paid out over a long period of time but for which claims are incurred relatively early and case loss reserve estimates are established. Bornhuetter-Ferguson paid and incurred loss methods These methods are a weighted average of the a priori loss ratio method and the relevant development method. The weighting between the two methods depends on the maturity of the business. This means that for the more recent years a greater weight is placed on the a priori loss ratio method, while for the more mature years a greater weight is placed on the development methods. These methods avoid some of the distortions that could result from a large development factor being applied to a small base of paid or incurred losses to calculate ultimate losses. This method will react slowly if actual paid or incurred loss experience develops differently than historical paid or incurred loss experience because of major changes in rate levels, retentions or deductibles, the forms and conditions of coverage, the types of risks covered or a variety of other factors. IBNR to outstanding ratio method This method is used in selected cases typically for very mature years that still have open claims. This method assumes that the estimated future loss development is indicated by the current level of case reserves. Key to the projection of ultimate loss is the amount of credibility or weight assigned to each actuarial method. Each method has advantages and disadvantages, and those can change depending on numerous factors including the reliability of the underlying data. The selection and weighting of the projection methods is a highly subjective process. In order to achieve a desirable amount of consistency from study to study and between contracts, the Company’s actuaries have implemented a weighting scheme that incorporates numerous “rules” for the weighting of actuarial methods. These rules attempt to effectively standardize the process used for selecting weights for the various methods. There are numerous circumstances where the rules would be modified for specific reinsurance contracts; examples would include a large market event or new information on historical years that may cause us to increase our a priori loss ratio. As part of the Company’s quarterly reserving process, loss-sensitive contingent expenses (e.g., profit commissions, sliding-scale ceding commissions, etc.) are calculated on an individual contract basis. These expense calculations are based on the updated ultimate loss estimates derived from the Company's quarterly reserving process. The Company’s reserving methodologies use a loss reserving model that calculates a point estimate for the Company’s ultimate losses. Although the Company believes that its assumptions and methodologies are reasonable, the ultimate payments may vary, potentially materially, from the estimates that the Company has made. Catastrophe event estimates Some of the Company’s contracts are exposed to losses from catastrophes (either natural catastrophes or man-made catastrophes). Given the high-severity, low-frequency nature of these events, the losses typically generated therefrom do not lend themselves to traditional actuarial reserving methods, such as those described above. Therefore, our reserving approach for these types of coverages is to estimate the ultimate cost associated with a single loss event rather than analyzing the historical development patterns of past losses for estimating ultimate losses for an entire contract. We estimate our reserves for these catastrophe events on a contract-by-contract basis by means of a review of policies with known or potential exposure to a particular loss event. We consider the following information when making these contract-by-contract estimates of catastrophe event losses: information provided by cedents and brokers; industry loss estimates; catastrophe model output; and the terms and conditions of the contracts with exposure to those events. Initial estimates are established in the period that a catastrophe event occurs and are then monitored each subsequent quarter, considering the latest information available. There were no significant changes made to the Company’s methodology for calculating loss and loss adjustment reserves for the year ended December 31, 2020. Roll forward of loss and loss adjustment expense reserves The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Gross reserves for loss and loss adjustment expenses, beginning of year $ 1,111,692 $ 937,157 $ 720,570 Less: loss and loss adjustment expenses recoverable, beginning of year (5,520) (2,031) (1,113) Less: deferred charges on retroactive reinsurance contracts (6,738) (3,847) — Net reserves for loss and loss adjustment expenses, beginning of year 1,099,434 931,279 719,457 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 431,506 489,994 434,276 Prior years 33,792 (86,495) 4,138 Total incurred loss and loss adjustment expenses 465,298 403,499 438,414 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (73,550) (63,638) (85,173) Prior years (209,534) (188,392) (132,336) Total net paid losses (283,084) (252,030) (217,509) Foreign currency translation 8,051 16,686 (9,083) Net reserves for loss and loss adjustment expenses, end of year 1,289,699 1,099,434 931,279 Plus: loss and loss adjustment expenses recoverable, end of year 14,375 5,520 2,031 Plus: deferred charges on retroactive reinsurance contracts 5,994 6,738 3,847 Gross reserves for loss and loss adjustment expenses, end of year $ 1,310,068 $ 1,111,692 $ 937,157 Changes in the Company’s loss and loss adjustment expense reserves result from re-estimating loss reserves and from changes in premium earnings estimates. Furthermore, many of the Company’s contracts have sliding scale or profit commissions whereby loss reserve development can be offset by changes in acquisition costs that vary inversely with loss experience. In some instances, the Company can have loss reserve development on contracts where there is no sliding scale or profit commission or where the loss ratio falls outside of the loss ratio range to which the sliding scale or profit commission applies. The $33.8 million net increase in prior years’ reserves for the year ended December 31, 2020 includes $18.8 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts and $15.0 million of net adverse reserve development related to increases in loss reserve estimates. The net increase in loss reserves as well as the changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The $18.8 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $5.0 million increase in acquisition costs, for a total of $23.8 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $27.9 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $4.1 million improvement in the net underwriting results for the year ended December 31, 2020. • The $15.0 million of net adverse prior years’ reserve development related to increases in loss reserve estimates for the year ended December 31, 2020 was accompanied by net increases of $11.8 million in acquisition costs and net decreases of $7.8 million in earned premium, resulting in a $34.6 million increase in net underwriting loss, primarily due to: • $19.9 million and $18.9 million of net adverse underwriting loss development relating to our general liability and multi-line contracts, respectively, as a result of worse than expected loss experience. The adverse underwriting loss development is a result of accumulated loss experience and cedent reserving increases, indicating that underlying casualty loss trends are higher than initial pricing and reserving, consistent with the industry impact of social inflation. In addition, the current elevated level of uncertainty makes historical data less applicable for future projections, and has contributed to an increase in the estimate of ultimate losses on certain accounts; partially offset by • $7.6 million of improvement in net underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; and • $2.4 million of improvement in net underwriting loss development relating to one retroactive reinsurance contract as a result of better than expected loss experience. This retroactive reinsurance contract had profit commission terms such that the net favorable prior years’ reserve development of $21.6 million associated with this contract was offset by an increase in acquisition costs of $19.2 million. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $30.5 million increase in net underwriting loss for the year ended December 31, 2020. As of December 31, 2020, the Company had unamortized deferred charges of $6.0 million (December 31, 2019 - $6.7 million) relating to retroactive reinsurance contracts. Deferred charges on retroactive contracts are recorded in other assets on the Company’s consolidated balance sheets. The $86.5 million net decrease in prior years’ reserves for the year ended December 31, 2019 includes $98.5 million of net favorable reserve development related to decreases in loss reserve estimates, partially offset by a $12.0 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts. The net decrease in loss reserves as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The $98.5 million of net favorable prior years’ reserve development for the year ended December 31, 2019 was accompanied by net increases of $100.9 million in acquisition costs and net increases of $7.8 million in earned premium, resulting in a $5.4 million improvement in the net underwriting results, primarily due to: • $14.9 million of improvement in net underwriting loss development relating to our workers’ compensation contracts as a result of better than expected loss experience; • $3.5 million of improvement in net underwriting loss development relating to our non-standard auto contracts as a result of better than expected loss experience; • $0.5 million of improvement in net underwriting loss development relating to one retroactive reinsurance contract as a result of better than expected loss experience . This retroactive reinsurance contract had profit commission terms such that the net favorable reserve development associated with this contract of $69.4 million was offset by an increase in acquisition costs of $68.9 million; partially offset by • $8.8 million of net adverse underwriting loss development relating to our general liability contracts as a result of worse than expected loss experience; and • $8.1 million of net adverse underwriting loss development relating to our multi-line contracts as a result of worse than expected loss experience. • The $12.0 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $7.2 million decrease in acquisition costs, for a total of $4.8 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $3.1 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $1.7 million increase in net underwriting loss for the year ended December 31, 2019. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $3.7 million improvement in the net underwriting results for the year ended December 31, 2019. The $4.1 million net increase in prior years’ reserves for the year ended December 31, 2018 includes $12.9 million of net favorable reserve development related to decreases in loss reserve estimates and $17.0 million increase in loss reserves resulting from increases in premium earnings estimates on certain contracts. The net increase in loss reserves as well as the impact of any offsetting changes in acquisition costs as a result of sliding scale or profit commissions is explained as follows: • The $12.9 million of net favorable prior years’ reserve development for the year ended December 31, 2018 was accompanied by net increases of $7.7 million in acquisition costs, resulting in a $5.2 million improvement in the net underwriting results, primarily due to: • $15.8 million of net favorable underwriting loss development relating to workers’ compensation, multi-line and credit and financial lines contracts. The favorable development was the result of better than expected loss experience and was partially offset by; • $10.5 million of net adverse underwriting loss development primarily relating to our general liability and homeowners’ contracts, as a result of worse than expected loss experience. • The $17.0 million net increase in loss and loss adjustment expenses incurred resulting from increases in premium earnings estimates was accompanied by a $5.4 million increase in acquisition costs, for a total of $22.4 million increase in loss and loss adjustment expenses incurred and acquisition costs. The increase in loss and loss adjustment expenses incurred and acquisition costs was due to an increase in prior period earned premium of $23.4 million. The increase in prior period earned premium was the result of changes in ultimate premium and earning pattern estimates. The net impact was a $1.0 million improvement in the net underwriting results for the year ended December 31, 2018. • In total, the change in net underwriting loss for prior periods due to loss reserve development and adjustments to premium earnings estimates resulted in a $6.2 million improvement in the net underwriting results for the year ended December 31, 2018. Incurred and paid development tables by accident year The Company manages its business on the basis of four operating segments, accident & health, specialty, property and runoff & other. The Company has disaggregated its loss information presented in the tables below by prospective and retroactive reinsurance. For its prospective reinsurance business, the Company further disaggregated by the different lines of business included in this segment. The Company’s retroactive reinsurance contracts have been presented by year of inception. The Company’s retroactive reinsurance contracts within each inception year share similar characteristics and as a result, have not been disaggregated further. The Company has presented the below development tables for all accident years shown using exchange rates as at December 31, 2020. All accident years prior to the current year have been restated and presented using the current year exchange rate. The Company’s loss reserve analysis is based primarily on underwriting year data. The preparation of accident year development tables requires an allocation of underwriting year data to the corresponding accident years. For instance, a contract written in one particular underwriting year may have exposure to losses from two or more accident years. These allocations are done using accident year loss payment and reporting patterns, along with premium earnings patterns. These patterns are derived from either company-specific or industry historical loss data, depending on availability and applicability. The Company believes that its allocations are reasonable; however, to the extent that the Company’s allocation procedure for loss and loss adjustment expenses incurred differs from actual historical development, the actual loss development may differ materially from the loss development presented. As described in the roll forward of loss and loss adjustment expense reserves section above, changes in the Company’s loss and loss adjustment expense reserves result from both re-estimating loss reserves as well as changes in premium estimates. In addition, many of the Company’s contracts have sliding scale or profit commissions whereby loss reserve development can be offset by changes in acquisition costs. See additional disclosure above on the net impact on underwriting income after considering the impact of changes in premium estimates and the impact of acquisition costs for the years ended December 31, 2020, 2019 and 2018. Property and Casualty Reinsurance - Prospective Reinsurance Contracts The following tables provide a breakdown of the Company’s loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid by accident year by line of business for the Company’s prospective reinsurance contracts for the year ended December 31, 2020. The information related to loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid for the years ended December 31, 2012 through 2019 is presented as supplementary information and is unaudited: Global A&H Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — 716 716 813 829 2 2018 — — — — — — 2,624 2,982 3,039 7 2019 — — — — — — — 3,437 3,565 1,001 2020 — — — — — — — — 3,153 2,671 Total $ 10,586 $ 3,681 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — 4 261 575 827 2018 — — — — — — 957 2,109 3,032 2019 — — — — — — — 1,640 2,564 2020 — — — — — — — — 482 Total $ 6,905 Global A&H - net reserves for loss and loss adjustment expenses, end of year $ 3,681 Marine & Energy Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — 4,673 3,885 812 730 119 80 2017 — — — — — 3,932 2,829 3,212 3,478 525 2018 — — — — — — 3,589 3,852 3,088 585 2019 — — — — — — — 3,967 4,250 2,839 2020 — — — — — — — — 3,442 3,419 Total $ 14,377 $ 7,448 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — 126 2018 — — — — — — — — 2,003 2019 — — — — — — — — 153 2020 — — — — — — — — — Total $ 2,282 Marine & Energy - net reserves for loss and loss adjustment expenses, end of year $ 12,095 Credit Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — 364 408 113 107 99 77 80 77 — 2014 — — 5,844 2,657 2,430 2,204 1,384 1,454 1,341 — 2015 — — — 5,249 5,048 4,760 4,012 3,129 2,665 78 2016 — — — — 10,750 10,732 10,825 6,564 6,752 1,247 2017 — — — — — 13,356 13,460 7,029 7,445 2,511 2018 — — — — — — 17,415 10,661 12,035 4,947 2019 — — — — — — — 17,740 19,348 10,352 2020 — — — — — — — — 22,803 9,402 Total $ 72,466 $ 28,537 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — 11 66 74 78 77 77 76 2014 — — 42 784 1,038 1,318 1,322 1,344 1,310 2015 — — — 402 1,128 2,045 2,328 2,503 2,408 2016 — — — — 1,013 2,326 3,419 4,197 4,213 2017 — — — — — 1,100 2,332 3,026 3,319 2018 — — — — — — 897 2,716 3,989 2019 — — — — — — — 1,900 3,368 2020 — — — — — — — — 8,230 Total $ 26,913 Credit - net reserves for loss and loss adjustment expenses, end of year $ 45,553 Casualty Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 17,284 $ 16,798 $ 16,842 $ 17,130 $ 17,148 $ 17,053 $ 17,230 $ 17,287 $ 17,377 $ 7 2013 — 48,279 48,606 52,837 52,787 52,735 52,601 52,230 52,450 486 2014 — — 167,001 174,182 174,714 168,861 168,102 167,237 170,052 11,237 2015 — — — 189,321 199,697 183,964 186,499 195,821 195,369 23,674 2016 — — — — 206,074 202,618 205,252 208,768 215,964 48,630 2017 — — — — — 181,109 186,073 186,623 197,100 73,252 2018 — — — — — — 196,161 195,043 203,571 99,702 2019 — — — — — — — 148,962 160,409 94,732 2020 — — — — — — — — 123,722 101,140 Total $ 1,336,014 $ 452,860 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 5,713 $ 10,613 $ 14,404 $ 15,730 $ 16,351 $ 16,114 $ 16,458 $ 16,695 $ 17,038 2013 — 11,260 26,386 35,526 41,892 46,319 48,545 49,855 50,281 2014 — — 49,855 113,933 127,284 134,658 140,576 143,441 145,293 2015 — — — 45,434 95,143 112,164 126,400 134,143 141,579 2016 — — — — 42,665 96,910 114,312 127,468 137,822 2017 — — — — — 29,550 63,183 78,105 97,029 2018 — — — — — — 25,181 55,558 78,508 2019 — — — — — — — 16,826 42,471 2020 — — — — — — — — 9,980 Total $ 720,001 Casualty - net reserves for loss and loss adjustment expenses, end of year $ 616,013 Other Specialty Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — 2,317 4,272 4,564 4,564 4,564 4,564 4,564 4,564 — 2014 — — 27,671 20,272 24,214 19,570 21,346 21,355 21,355 174 2015 — — — 61,160 84,198 81,934 81,186 81,320 81,312 525 2016 — — — — 91,574 92,759 90,648 91,332 91,409 259 2017 — — — — — 80,058 85,255 86,544 86,900 1,754 2018 — — — — — — 88,621 100,329 97,627 28,803 2019 — — — — — — — 134,382 152,307 86,385 2020 — — — — — — — — 136,121 101,140 Total $ 671,595 $ 219,040 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — 1,243 4,563 4,563 4,563 4,563 4,563 4,563 2014 — — 1,221 14,304 20,921 19,034 20,792 21,082 21,139 2015 — — — 30,999 66,086 74,904 77,815 79,727 80,301 2016 — — — — 30,997 77,062 85,422 88,842 90,256 2017 — — — — — 54,370 75,379 81,290 84,079 2018 — — — — — — 31,096 48,967 55,655 2019 — — — — — — — 19,930 49,036 2020 — — — — — — — — 23,148 Total $ 408,177 Other Specialty - net reserves for loss and loss adjustment expenses, end of year $ 263,418 Property Catastrophe Excess Reinsurance Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — 39,582 39,250 11,000 2020 — — — — — — — — 59,245 44,628 Total $ 98,495 $ 55,628 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — 470 15,326 2020 — — — — — — — — 7,321 Total $ 22,647 Property Catastrophe Excess Reinsurance - net reserves for loss and loss adjustment expenses, end of year $ 75,848 Property Risk and Pro Rata Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 10,917 $ 8,672 $ 9,375 $ 9,353 $ 9,416 $ 9,472 $ 9,501 $ 9,490 $ 9,484 $ 2 2013 — 27,765 24,980 25,766 25,882 25,785 26,170 26,051 26,378 232 2014 — — 40,256 40,920 41,336 44,627 46,500 46,303 46,719 576 2015 — — — 50,330 52,533 54,635 56,313 56,201 56,583 902 2016 — — — — 45,415 43,038 43,799 43,733 43,810 1,108 2017 — — — — — 41,237 41,833 41,753 41,926 1,576 2018 — — — — — — 54,084 52,344 52,650 5,797 2019 — — — — — — — 53,597 53,713 7,096 2020 — — — — — — — — 59,159 29,199 Total $ 390,422 $ 46,488 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 4,656 $ 8,381 $ 9,075 $ 9,186 $ 9,352 $ 9,400 $ 9,482 $ 9,483 $ 9,482 2013 — 14,635 22,229 24,023 25,167 25,406 25,815 25,993 26,127 2014 — — 19,420 34,381 38,448 42,775 44,533 45,312 45,937 2015 — — — 22,706 43,382 48,360 51,783 53,924 55,066 2016 — — — — 21,593 31,871 37,044 39,651 41,872 2017 — — — — — 24,713 33,436 37,171 39,282 2018 — — — — — — 26,458 35,169 45,146 2019 — — — — — — — 22,624 43,542 2020 — — — — — — — — 24,454 Total $ 330,908 Property Risk and Pro Rata - net reserves for loss and loss adjustment expenses, end of year $ 59,514 Agriculture Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 52,105 $ 49,942 $ 50,055 $ 50,055 $ 50,065 $ 50,104 $ 50,104 $ 50,104 $ 50,104 $ 1 2013 — 23,273 24,274 23,450 23,138 23,135 23,138 23,125 23,128 1 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — — — Total $ 73,232 $ 2 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 2,666 $ 48,455 $ 50,024 $ 50,025 $ 50,067 $ 50,103 $ 50,103 $ 50,103 $ 50,103 2013 — — 22,232 23,138 23,134 23 |
Reinsurance premiums ceded
Reinsurance premiums ceded | 12 Months Ended |
Dec. 31, 2020 | |
Reinsurance premiums ceded [Abstract] | |
Reinsurance premiums ceded | 10. Reinsurance premiums ceded (as adjusted - see Note 3) From time to time, the Company purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, to reduce its net liability on individual risks, to obtain additional underwriting capacity and to balance its underwriting portfolio. Additionally, retrocession can be used as a mechanism to share the risks and rewards of business written and therefore can be used as a tool to align the Company’s interests with those of its counterparties. Premiums ceded for the years ended December 31, 2020, 2019 and 2018 were $46.3 million, $11.4 million and $4.2 million, respectively. Loss and loss adjustment expenses recoverable from the retrocessionaire are recorded as assets. Retrocession contracts do not relieve the Company from its obligations to the insureds. Failure of |
Management and performance fees
Management and performance fees | 12 Months Ended |
Dec. 31, 2020 | |
Management, Performance and Founders Fees [Abstract] | |
Management and performance fees | 11. Management and performance fees Prior to the change in the Company’s investment account structure, SiriusPoint, Third Point Re BDA, TPRUSA and Third Point Re USA were parties to the Amended and Restated Joint Venture and Investment Management Agreements (the “JV Agreements”) with Third Point LLC and TP GP under which Third Point LLC managed certain jointly held assets. Effective August 31, 2018, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA with TP GP, pursuant to which Third Point Re BDA and Third Point Re USA invested in the TP Fund. Effective January 1, 2019, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the 2019 LPA, together with the 2018 LPA the “LPA”, which amended and restated the 2018 LPA. Management fees Pursuant to both the JV Agreements and the LPA, Third Point LLC is entitled to receive monthly management fees. Prior to the change in the Company’s investment account structure, management fees were calculated based on 1.5%, of net investments managed by Third Point LLC. As a result of the 2018 LPA effective August 31, 2018, management fees are charged at the TP Fund level and were calculated based on 1.5% of the investment in TP Fund and multiplied by an exposure multiplier computed by dividing the average daily investment exposure leverage of the TP Fund by the average daily investment exposure leverage of the Third Point Offshore Master Fund L.P. (“Offshore Master Fund”). Third Point LLC also serves as the investment manager for the Offshore Master Fund. As a result of the 2019 LPA effective January 1, 2019, the management fee was revised from 1.5% to 1.25% per annum, with no change to the calculation as part of the 2018 LPA. There are no management fees associated with the management of the other investment assets managed by Third Point LLC. Performance fees Pursuant to both the JV Agreements and the LPA, TP GP receives a performance fee allocation. Prior to the change in the Company’s investment account structure, the performance fee allocation was equal to 20% of the net investment income of the applicable company’s share of the net investment assets managed by Third Point LLC. As a result of the 2018 LPA effective August 31, 2018, the performance fee allocation is equal to 20% of the Company’s investment income in TP Fund. As a result of the 2018 LPA effective August 31, 2018, the performance fee is included as part of “Investment in related party investment fund” on the Company’s consolidated balance sheet since the fees are charged at the TP Fund level. The performance fee is subject to a loss carryforward provision pursuant to which TP GP is required to maintain a loss recovery account, which represents the sum of all prior period net loss amounts and not subsequently offset by prior year net profit amounts, and that is allocated to future profit amounts until the loss recovery account has returned to a positive balance. Until such time, no performance fees are payable, provided that the loss recovery account balance shall be reduced proportionately to reflect any withdrawals from TP Fund. The 2019 LPA preserves the loss carryforward attributable to our investment in TP Fund when contributions to TP Fund are made within nine months of certain types of withdrawals from TP Fund. Pursuant to the 2020 LPA , the performance of certain fixed income and other investments managed by Third Point LLC are now included when calculating the performance fee allocation and loss recovery account amounts under the terms of the 2019 LPA for the year ended December 31, 2020. As of December 31, 2020, the loss recovery account for Third Point Re BDA’s investment in TP Fund was $nil (December 31, 2019 - $nil) and for Third Point Re USA’s investment in TP Fund was $nil (December 31, 2019 - $0.5 million ). These amounts have not been recorded in the Company’s consolidated balance sheets. The total management and performance fees to related parties for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Management fees - Third Point LLC $ — $ — $ 25,797 Performance fees - Third Point Advisors LLC — — 4,048 Management and performance fees to related parties as reported in the Company’s consolidated statements of income (loss) (1) — — 29,845 Management fees - TP Fund 14,521 17,175 10,782 Performance fees - fixed income and other investments (2) 14,023 — — Performance fees - TP Fund (before loss carryforward) 51,762 49,851 (3,406) Performance fees - loss carryforward utilized (506) (47,470) — Total management and performance fees to related parties $ 79,800 $ 19,556 $ 37,221 (1) For the year ended December 31, 2018, management and performance fees to related parties in the consolidated statements of income (loss) include activity in the separate accounts up to the date of change in the investment account structure. As a result of the 2018 LPA effective August 31, 2018, management and performance fees for the remainder of the year ended December 31, 2018 were presented within net investment income (loss) from investment in related party investment fund in the consolidated statements of income (loss). (2) Pursuant to the terms of the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC are now also subject to 20% performance fees for the year ended December 31, 2020. |
Deposit accounted contracts
Deposit accounted contracts | 12 Months Ended |
Dec. 31, 2020 | |
Deposit Contracts, Liabilities [Abstract] | |
Deposit accounted contracts | 12. Deposit accounted contracts The following table represents activity for the deposit contracts for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance, beginning of year $ 172,259 $ 145,342 $ 129,133 Consideration received 550 23,884 17,879 Consideration receivable — 10,164 7,390 Net investment expense (income) allocation 852 5,879 (1,273) Payments (20,752) (13,052) (8,089) Foreign currency translation 52 42 302 Balance, end of year $ 152,961 $ 172,259 $ 145,342 |
Senior Notes payable and letter
Senior Notes payable and letter of credit facilities (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Notes payable and letter of credit facilities | 13. Senior Notes payable and letter of credit facilities Senior Notes payable As of December 31, 2020, TPRUSA had outstanding debt obligations consisting of an aggregate principal amount of $115.0 million of senior unsecured notes (the “Notes”) due February 13, 2025. The Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year. The Notes are fully and unconditionally guaranteed by SiriusPoint, and, in certain circumstances specified in the indenture governing the Notes, certain existing or future subsidiaries of the Company may be required to guarantee the Notes. As of December 31, 2020, the Company had capitalized $0.7 million of costs associated with the Notes, which are presented as a direct deduction from the principal amount of the Notes on the consolidated balance sheets. As of December 31, 2020, the Notes had an estimated fair value of $117.8 million (December 31, 2019 - $121.7 million). The fair value measurements were based on observable inputs and therefore were considered to be Level 2. The Company was in compliance with all debt covenants as of December 31, 2020 and 2019. Letters of credit As of December 31, 2020, the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Committed - Secured letters of credit facilities $ 225,000 $ 99,638 $ 102,283 Uncommitted - Secured letters of credit facilities n/a 203,749 203,749 $ 303,387 $ 306,032 The Company’s secured letter of credit facilities are bilateral agreements that generally renew on an annual basis. The letters of credit issued under the secured letter of credit facilities are fully collateralized. See Note 4 for additional information. |
Net investment income (loss)
Net investment income (loss) | 12 Months Ended |
Dec. 31, 2020 | |
Net Investment Income [Abstract] | |
Net investment income (loss) | 14. Net investment income (loss) Net investment income (loss) for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 Net investment income (loss) by type Net realized gains (losses) on investments and investment derivatives $ 46,369 $ (5,850) $ 446,646 Net change in unrealized gains (losses) on investments and investment derivatives 14,881 8,381 (412,650) Net gains (losses) on currencies 7,998 12,806 (7,305) Dividend and interest income 16,035 18,551 53,523 Dividends paid on securities sold, not yet purchased — — (5,259) Other expenses (1,333) (954) (15,696) Management and performance fees to related parties (1) — — (29,845) Net investment income (loss) from investment in related party investment fund (1) 194,988 249,626 (280,847) Net investment income (loss) $ 278,938 $ 282,560 $ (251,433) (1) Effective August 31, 2018, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income (loss) from investment in related party investment fund from the effective date of the transition. See Note 11 for additional information regarding management and performance fees. The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Net investment income (loss) by asset type Equity securities $ — $ — $ 70,646 Private common equity securities — — (401) Private preferred equity securities — — (2,680) Total equities — — 67,565 Asset-backed securities 34,601 — 20,714 Bank debt 376 — 5,326 Corporate bonds 34,522 — (2,958) Municipal bonds — — 9,990 U.S. Treasury securities 2,430 8,703 2,787 Sovereign debt 162 515 (7,380) Other debt securities — — 406 Total debt securities 72,091 9,218 28,885 Options — — (15,527) Rights and warrants — — 238 Real estate — — (186) Trade claims — — (580) Total other investments — — (16,055) Net investment loss in funds valued at NAV, excluding TP Fund — (6) (723) Total net investment income from invested assets 72,091 9,212 79,672 Net investment income (loss) by liability type Equity securities — — (32,407) Corporate bonds — — (2,452) U.S. Treasury securities 582 — — Options — — 21,697 Total net investment income (loss) from securities sold, not yet purchased 582 — (13,162) Other investment income (losses) and other expenses not presented above Other investment income (expenses) (1,021) (954) 903 Net investment income on derivative contracts — — 644 Net investment income (loss) on cash, including foreign exchange gain (loss) 12,298 24,676 (14,885) Net investment losses on securities purchased under an agreement to sell and securities sold under an agreement to repurchase — — (238) Withholding taxes reclassified to income tax expense — — 6,325 Total other investment income and other expenses 11,277 23,722 (7,251) Management and performance fees to related parties (1) — — (29,845) Net investment income (loss) from investment in related party investment fund (1) 194,988 249,626 (280,847) Net investment income (loss) $ 278,938 $ 282,560 $ (251,433) (1) Effective August 31, 2018, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income (loss) from investment in related party investment fund from the effective date of the transition. See Note 11 for additional information regarding management and performance fees. |
Net corporate and other expense
Net corporate and other expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Net corporate and other expenses | 15. Net corporate and other expenses (as adjusted - see Note 2) Net corporate and other expenses for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 Corporate expenses $ 39,765 $ 30,397 $ 17,606 Investment expense (income) on deposit liabilities 852 5,879 (1,273) Current expected credit losses 624 — — Change in fair value of embedded derivatives in reinsurance contracts (26) 9 (149) $ 41,215 $ 36,285 $ 16,184 |
Income taxes (Notes)
Income taxes (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 16. Income taxes The Company provides for income tax expense or benefit based upon pre-tax income or loss reported in the consolidated statements of income (loss) and the provisions of currently enacted tax laws. The Company and its Bermuda subsidiaries are incorporated under the laws of Bermuda and are subject to Bermuda law with respect to taxation. Under current Bermuda law, the Company and its Bermuda subsidiaries are not subject to any income or capital gains taxes in Bermuda. In the event that such taxes are imposed, the Company and its Bermuda subsidiaries would be exempted from any such taxes until March 2035 under the Tax Assurance Certificates issued to such entities pursuant to the Bermuda Exempted Undertakings Tax Protection Act of 1966, as amended. The Company has an operating subsidiary incorporated in Bermuda, Third Point Re USA, which made an election to pay tax in the United States of America under Section 953(d) of the U.S. Internal Revenue Code of 1986, as amended. Our non-U.S. subsidiaries would become subject to U.S. federal income tax only to the extent that they derive income from activity that is deemed to be the conduct of a trade or business within the United States. The Company also has subsidiaries in the United Kingdom, TPRUK and Third Point Re UK, which are subject to applicable taxes in that jurisdiction. The Company had recorded uncertain tax positions related to certain investment transactions in certain foreign jurisdictions. As of December 31, 2020, the Company had accrued $1.6 million (December 31, 2019 - $1.5 million). For the years ended December 31, 2020, 2019 and 2018, the Company recorded income tax expense (benefit), as follows: 2020 2019 2018 Income tax expense (benefit) related to U.S. and U.K. subsidiaries $ 8,040 $ 713 $ (10,035) Change in uncertain tax positions 68 — (300) Withholding taxes on certain investment transactions (1) — — 6,325 $ 8,108 $ 713 $ (4,010) (1) Prior to the change in the Company’s investment account structure, the Company was subject to withholding taxes on income sourced in the United States and in other countries, subject to each countries’ specific tax regulations. Income subject to withholding taxes included, but is not limited to, dividends, capital gains and interest on certain investments. The following is a summary of the Company’s income (loss) before income tax expense (benefit) by jurisdiction for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Bermuda $ 113,646 $ 197,973 $ (273,697) United States 38,159 3,245 (47,771) United Kingdom 161 114 (11) $ 151,966 $ 201,332 $ (321,479) The Company’s expected income tax provision computed on pre-tax income at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0.0% , 21.0% and 19.0% have been used for Bermuda, the United States and the United Kingdom, respectively. As of December 31, 2020, the Company has income tax returns open for examination in the United States for the tax years 2016 through 2019. The following table presents a reconciliation of expected income taxes to income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Bermuda (expected tax expense at 0%) $ — $ — $ — Foreign taxes at local expected rates: United States 8,013 681 (10,032) United Kingdom 31 22 (2) Withholding taxes related to dividend and interest income — — 6,325 Uncertain tax positions 68 — (300) Non-deductible expenses and other (4) 10 (1) $ 8,108 $ 713 $ (4,010) The following table presents the Company’s current and deferred incomes taxes for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Current tax expense $ 145 $ 54 $ 6,025 Deferred tax expense (benefit) 7,963 659 (10,035) $ 8,108 $ 713 $ (4,010) The following table presents the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Deferred tax assets: Discounting of loss and loss adjustment expense reserves $ 1,027 $ 786 $ 534 Unearned premiums 5,543 1,774 1,567 Temporary differences in recognition of expenses 2,462 1,208 1,247 Net operating loss carryforward 10,131 9,282 6,798 Total deferred tax assets 19,163 13,050 10,146 Deferred tax liabilities: Deferred acquisition costs 8,276 1,379 1,490 Unrealized gains (losses) on investments 10,474 3,366 (405) Total deferred tax liabilities 18,750 4,745 1,085 Net deferred tax assets $ 413 $ 8,305 $ 9,061 The deferred tax assets and liabilities as of December 31, 2020 were primarily related to U.S. income tax. To evaluate the recoverability of the deferred tax assets, the Company considers the timing of the reversal of deferred income and expense items as well as the likelihood that the Company will generate sufficient taxable income to realize future tax benefits. The Company believes that it is more likely than not that it will generate sufficient taxable income and realize the future tax benefits in order to recover the deferred assets and, accordingly, no valuation allowance was recorded as of December 31, 2020 and 2019. As of December 31, 2020, deferred tax assets included $48.5 million related to net operating loss carryforwards. A portion of the net operating losses generated |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Share capital | 17. Share capital The following table presents a summary of the common shares issued and outstanding as of and for the years ended December 31, 2020, 2019 and 2018: Common shares 2020 2019 2018 Common shares issued, beginning of year 94,225,498 93,639,610 107,227,347 Options exercised — 187,678 — Restricted shares granted, net of forfeitures 1,012,939 366,453 50,644 Performance restricted shares granted, net of forfeitures and shares withheld 344,296 31,757 256,106 Retirement of treasury shares and shares repurchased (1) — — (14,256,043) Warrants exercised, net (2) — — 361,556 Common shares issued, end of year 95,582,733 94,225,498 93,639,610 (1) Prior to December 31, 2017, common shares repurchased by the Company were not canceled and were classified as treasury shares. Effective January 1, 2018, all treasury shares were retired and subsequent shares repurchased are retired. (2) During the year ended December 31, 2018, 1,156,184 warrants were exercised. As a result of the warrant holder electing net settlement, 794,628 of those common shares were withheld by the Company and were subsequently retired, resulting in a net issuance of 361,556 common shares. Authorized and issued The Company’s authorized share capital of $33.0 million is comprised of 300,000,000 common shares with a par value of $0.10 each and 30,000,000 preference shares with a par value of $0.10 each. No preference shares have been issued to date. Share repurchases On May 4, 2016, the Company’s Board of Directors authorized a common share repurchase program for up to an aggregate of $100.0 million of the Company’s outstanding common shares. On February 28, 2018, the Company’s Board of Directors authorized the repurchase of an additional $148.3 million of common shares, which together with the shares remaining under the previously announced share repurchase program, would allow the Company to repurchase up to $200.0 million more of the Company’s outstanding common shares in the aggregate. Under the common share repurchase program, the Company may repurchase shares from time to time in privately negotiated transactions or in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. During the years ended December 31, 2020 and 2019, the Company did not repurchase any of its common shares. During the year ended December 31, 2018, the Company repurchased 10,311,123 of its common shares in the open market for an aggregate cost of $138.7 million at a weighted average cost, including commissions, of $13.45 per share. Common shares repurchased by the Company during the year ended December 31, 2018 were retired. In addition, the Company also retired all shares previously held in treasury. As of December 31, 2020, the Company is authorized to repurchase up to an aggregate of $61.3 million of additional common shares under its share repurchase program. Warrants The Company’s Founders and an advisor provided insurance industry expertise, resources and relationships to ensure that the Company would be fully operational with key management in place in time for the January 2012 underwriting season. In consideration of these commitments, the Company reserved for issuance to the Founders and an advisor warrants to purchase, in the aggregate, up to 4.0% (Founders 3.5% and an advisor 0.5%) of the diluted shares (up to a maximum of $1 billion of subscribed shares) provided that the Founders and the advisor will not be issued any warrants for common shares issued in consideration for any capital raised by the Company in excess of $1 billion. The following is a summary of warrants as of December 31, 2020: Exercise price Authorized and Aggregated fair Founders $ 10.00 2,913,684 $ 10,884 Advisor $ 10.00 581,295 2,171 3,494,979 $ 13,055 The warrants expire 10 years from the date of issuance, December 22, 2011, and will be exercisable at a price per share of $10.00, which is equal to the price per share paid by investors in the initial private offering. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | 18. Share-based compensation On July 15, 20 13, the SiriusPoint 2013 Omnibus Incentive Plan (“Omnibus Plan”) was approved by the Board of Directors and subsequently on August 2, 2013 by the Shareholders of the Company. An aggregate of 21,627,906 common shares were made available under the Omnibus Plan. This number of shares includes the shares available under the SiriusPoint Share Incentive Plan (“Sh are Incentive Plan”). Awards under the Omnibus Plan may be made in the form of performance awards, restricted shares, restricted share units, share options, share appreciation rights and other share-based awards. As of December 31, 2020, 7,617,210 (December 31, 2019 - 9,006,995) of the Company’s common shares were available for future issuance under the equity incentive compensation plans. The following table provides the total share-based compensation expense included in general and administrative expenses during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Management and director options $ — $ — $ 275 Restricted shares with service condition 2,812 1,927 611 Restricted shares with service and performance condition 3,824 5,134 4,070 $ 6,636 $ 7,061 $ 4,956 As of December 31, 2020, the Company had $14.2 million (December 31, 2019 - $7.1 million) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.9 years (December 31, 2019 - 1.5 years). Management and director options The management options issued under the Share Incentive Plan were subject to a service and performance condition. The service condition will be met with respect to 20% of the management options on each of the first five anniversary dates following the grant date of the management options. The performance condition with respect to the management options was met as a result of the Company’s IPO. The Company has not granted any stock option awards since April 2013. These stock option awards were fully amortized as of December 31, 2018. The management and director options activity for the years ended December 31, 2020, 2019 and 2018 were as follows: Number of Weighted Balance as of January 1, 2018 8,888,053 $ 13.43 Forfeited — — Exercised — — Balance as of January 1, 2019 8,888,053 13.43 Forfeited (393,717) 14.73 Exercised (187,678) 10.00 Balance as of January 1, 2020 8,306,658 13.45 Forfeited — — Exercised — — Balance as of December 31, 2020 8,306,658 $ 13.45 The fair value of share options issued were estimated on the grant date using the Black-Scholes option-pricing model. There were no sh are options granted in the years ended December 31, 2020 and 2019. As of December 31, 2020, the weighted average remaining contractual term for options outstanding and exercisable was 1.2 years and 1.2 years, respectively (2019 - 2.2 years and 2.2 years, respectively). The following table summarizes information about the Company’s management and director share options outstanding as of December 31, 2020: Options outstanding Options exercisable Range of exercise prices Number of Weighted Remaining Number of Weighted $10.00 - $10.89 4,774,694 $ 10.04 1.1 years 4,774,694 $ 10.04 $15.05 - $16.89 1,800,866 $ 15.92 1.3 years 1,800,866 $ 15.92 $20.00 - $25.05 1,731,098 $ 20.28 1.2 years 1,731,098 $ 20.28 8,306,658 $ 13.45 1.2 years 8,306,658 $ 13.45 As the Company’s closing share price on December 31, 2020 was below $10.00, there was no aggregate intrinsic value of options outstanding and options exercisable. As of December 31, 2019, the aggregate intrinsic value of options outstanding and options exercisable was $2.4 million and $2.4 million, respectively. For the year ended December 31, 2020, the Company did not receive proceeds from the exercise of options (2019 - $1.9 million). Restricted shares with service condition Restricted shares with service condition vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment or service and transferability. Restricted share award activity for the restricted shares with only a service condition for the years ended December 31, 2020, 2019 and 2018 was as follows: Number of non- Weighted Balance as of January 1, 2018 18,209 $ 12.15 Granted 50,644 13.45 Vested (44,788) 12.97 Balance as of January 1, 2019 24,065 13.35 Granted 403,360 11.10 Forfeited (36,907) 11.31 Vested (49,751) 12.40 Balance as of January 1, 2020 340,767 11.83 Granted 1,029,373 8.30 Forfeited (16,434) 9.77 Vested (182,648) 10.10 Balance as of December 31, 2020 1,171,058 $ 8.80 For the year ended December 31, 2020, the Company issued 559,017 (2019 - 67,291 and 2018 - 50,644) restricted shares to directors and 105,836 (2019 - 336,069 and 2018 - nil) restricted shares to employees. The restricted shares issued to employees in 2019 and 2020 vest in equal annual installments over three years based on continued employment. The restricted shares issued to directors in 2018, 2019 and 2020 vest quarterly on July 31, October 31, January 31 and April 30, of each year. Siddhartha Sankaran, our chairman of the board of directors, received 364,520 restricted shares in connection with the Merger. The shares will vest in equal annual installments over five years on the anniversary of the closing of the Merger based on his continued employment. However, if the Merger is terminated a portion of the restricted shares shall vest as of the date the Merger is terminated in an amount equal to the number of restricted shares that would have become vested through the merger agreement termination date had the five-year vesting period instead commenced as of the date of execution of the Merger Agreement, August 6, 2020 and the remainder of the unvested restricted shares shall vest in equal annual installments on each anniversary of the signing date subject Mr. Sankaran’s continued provision of services as a director on the board through such date. Restricted shares with service and performance condition Beginning in December 2014, the Company granted on an annual basis performance-based restricted shares to certain employees pursuant to the Omnibus Plan. Performance-based restricted shares vest based on continued service and the achievement of certain financial performance measures over a three-year measurement period. The number of performance-based restricted shares that will be retained upon vesting will vary based on the level of achievement of the performance goals. The formula for determining the amount of shares that will vest is based on underwriting performance of the property and casualty reinsurance segment including underwriting income and the amount of float generated, as defined in the relevant award agreements. Restricted share award activity for the restricted shares with a service and performance condition for the years ended December 31, 2020, 2019 and 2018 was as follows: Number of non- Number of non- Weighted average grant date fair value Balance as of January 1, 2018 1,855,379 887,203 $ 12.60 Granted 556,403 370,931 14.01 Forfeited (294,977) (4,102) 13.98 Vested (115,757) (115,757) 14.00 Change in estimated restricted shares considered probable of vesting n/a 46,945 13.35 Balance as of January 1, 2019 2,001,048 1,185,220 12.80 Granted 862,176 574,784 10.95 Forfeited (823,977) (290,552) 11.70 Vested (148,718) (148,718) 11.40 Change in estimated restricted shares considered probable of vesting n/a (6,698) 12.92 Balance as of January 1, 2020 1,890,529 1,314,036 12.43 Granted 749,322 499,542 9.46 Forfeited (372,476) (39,214) 12.12 Vested (504,440) (504,440) 12.16 Change in estimated restricted shares considered probable of vesting n/a 132,656 11.28 Balance as of December 31, 2020 1,762,935 1,402,580 $ 10.98 Defined contribution retirement plans The Company's employees are eligible for retirement benefits through defined contribution retirement plans. The Company and employees contribute an amount equal to a specified percentage of each employee's salary. Expenses related to the defined contribution plans were $1.0 million for the year ended December 31, 2020 (2019 - $0.9 million and 2018 - $0.9 million) |
Noncontrolling interests
Noncontrolling interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling interests | 19. Noncontrolling interests Noncontrolling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. Arcadian In September 2020, the Company co-founded Arcadian, a managing general agent incorporated in Bermuda writing business on behalf of the Company. The Company’s ownership in Arcadian as of December 31, 2020 was 49%, representing 980,000 common shares at $1.00 par value. The Company has determined that Arcadian has the characteristics of a variable interest entity (“VIE”) that are addressed by the guidance in ASC 810, Consolidation (ASC 810). Arcadian is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company concluded that it is the primary beneficiary of Arcadian as it has power over the activities that most significantly impact the economic performance of Arcadian. As a result, the Company has consolidated the results of Arcadian in its consolidated financial statements. The Company’s financial exposure to Arcadian is limited to its investment in Arcadian’s common shares and other financial support up to $18.0 million through an unsecured promissory note. Arcadian commenced operations on October 1, 2020 and began writing business on behalf of the Company. The following table is a reconciliation of the beginning and ending carrying amount of total noncontrolling interests for the year ended December 31, 2020 : December 31, 2020 Balance, beginning of year $ — Net income attributable to noncontrolling interests 341 Contributions 1,020 Balance, end of year $ 1,361 |
Earnings (loss) per share avail
Earnings (loss) per share available to SiriusPoint common shareholders | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per share available to SiriusPoint common shareholders | 20. Earnings (loss) per share available to SiriusPoint common shareholders The following sets forth the computation of basic and diluted earnings (loss) per share available to SiriusPoint common shareholders for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,510,090 91,835,990 97,054,315 Dilutive effect of options — 125,530 — Dilutive effect of warrants — 91,884 — Dilutive effect of restricted shares with service and performance condition 447,709 598,912 — Diluted number of common shares outstanding 92,957,799 92,652,316 97,054,315 Basic earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 143,517 $ 200,619 $ (317,692) Net income allocated to SiriusPoint participating common shareholders (1,106) (643) — Net income (loss) allocated to SiriusPoint common shareholders $ 142,411 $ 199,976 $ (317,692) Basic earnings (loss) per share available to SiriusPoint common shareholders $ 1.54 $ 2.18 $ (3.27) Diluted earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 143,517 $ 200,619 $ (317,692) Net income allocated to SiriusPoint participating common shareholders (1,101) (637) — Net income (loss) allocated to SiriusPoint common shareholders $ 142,416 $ 199,982 $ (317,692) Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 1.53 $ 2.16 $ (3.27) For the year ended December 31, 2020, anti-dilutive options of 3,741,266 and warrants of 3,494,979 were excluded from the computation of diluted earnings per share. For the year ended December 31, 2019, anti-dilutive optio ns of 3,719,404 were exclud ed from the computation of diluted earnings per share. |
Financial instruments with off-
Financial instruments with off-balance sheet risk or concentrations of credit risk | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Financial instruments with off-balance sheet risk or concentrations of credit risk | 21. Financial instruments with off-balance sheet risk or concentrations of credit risk Off-balance sheet risk There are no off-balance sheet risks associated with the Company’s investment in TP Fund. The Company’s maximum exposure to loss associated with its investment in the TP Fund corresponds to the carrying value of its investments in TP Fund. Concentrations of credit risk Investments The Company’s maximum exposure to loss associated with its investment in the TP Fund corresponds to the carrying value of its investments in TP Fund. The Company does not have any unfunded capital commitments associated with its investment in TP Fund. Underwriting The Company is exposed to credit risk through reinsurance contracts with companies that write credit risk insurance. The Company’s portfolio of risk is predominantly U.S. mortgage insurance and mortgage credit risk transfer. The Company provides its clients in these lines of business with reinsurance protection against credit deterioration, defaults or other types of financial non-performance. Loss experience in these lines of business has been very good but is cyclical and is affected by the state of the general economic environment. The Company proactively manages the risks associated with these credit-sensitive lines of business by closely monitoring its risk aggregation and by diversifying the underlying risks where possible. The Company has bought some retrocessional coverage against a subset of these risks. The Company has exposure to credit risk as it relates to its business written through brokers, if any of the Company’s brokers are unable to fulfill their contractual obligations with respect to payments to the Company. In addition, in some jurisdictions, if the broker fails to make payments to the insured under the Company’s policy, the Company may remain liable to the insured for the deficiency. The Company’s exposure to such credit risk is somewhat mitigated in certain jurisdictions by contractual terms. The Company has exposure to credit risk related to balances receivable under our reinsurance contracts, including funds withheld and premiums receivable, and the possibility that counterparties may default on their obligations to the Company. The risk of counterparty default is partially mitigated by the fact that any amount owed from a reinsurance counterparty would be netted against any losses or acquisition costs the Company would pay in the future. The Company monitors the collectability of these balances on a regular basis. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 22. Commitments and Contingencies Operating leases The Company leases offices space in Bermuda and in New Jersey, U.S.A. The leases have been accounted for as operating leases. Total rent expense for each of the years ended December 31, 2020, 2019 and 2018 were $0.9 million, $0.9 million and $0.8 million, respectively. Future minimum rental commitments as of December 31, 2020 under these leases are expected to be as follows: 2021 $ 842 2022 39 2023 — 2024 — 2025 — Thereafter — $ 881 Agreements Third Point LLC As a result of the 2019 LPA effective January 1, 2019, Third Point LLC is entitled to receive monthly management fees. Management fees are charged at the TP Fund level and are calculated based on 1.25% of the investment in TP Fund and multiplied by an exposure multiplier computed by dividing the average daily investment exposure leverage of the TP Fund by the average daily investment exposure leverage of the Offshore Master Fund. Employment agreements As of December 31, 2020, the Company has entered into employment agreements with certain of its executive officers. Such employment arrangements provide for compensation in the form of base salary, annual bonus, share-based awards, participation in the Company’s employee benefit programs and the reimbursements of expenses. Investments The Company does not have any unfunded commitments or obligations. Financing In February 2015, TPRUSA issued $115.0 million of Notes due February 13, 2025. The Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year. The Notes are fully and unconditionally guaranteed by SiriusPoint, and, in certain circumstances specified in the indenture governing the Notes, certain existing or future subsidiaries of the Company may be required to guarantee the Notes. Letters of Credit See Note 13 for additional information related to the Company’s letter of credit facilities. Litigation From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company’s reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or to collect funds owed to it. In other matters, the Company may resist attempts by others to collect funds or enforce allege d rights. The Company is not currently involved in any material formal or informal dispute resolution procedures. Debt Commitment Letter On August 6, 2020, SiriusPoint, entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Sirius and Yoga Merger Sub Limited (“Merger Sub”), a Bermuda exempted company limited by shares and wholly owned subsidiary of the Company. Pursuant to the Merger Agreement, Merger Sub will be merged with and into Sirius (the “Merger”), with Sirius continuing as the surviving company in the Merger, as a wholly owned subsidiary of the Company. The Company is to be renamed SiriusPoint Ltd. (“SiriusPoint”) following the Merger. In connection with entering into the Merger Agreement, the Company entered into a commitment letter (the “Debt Commitment Letter”), dated as of August 6, 2020, with JPMorgan Chase Bank, N.A. (“JPMorgan”), pursuant to which JPMorgan committed to provide a senior unsecured bridge loan facility in an aggregate principal amount of up to $125.0 million (the “Bridge Facility”) to finance the Merger. The Bridge Facility is subject to reduction at the Company’s option or with the proceeds of certain equity, debt or equity-linked securities issued by the Company or its subsidiaries, as more particularly set forth in the Term Sheet (as defined in the Debt Commitment Letter). The obligation of JPMorgan to provide the Bridge Facility is subject to a number of customary conditions, including execution and delivery of certain definitive documentation. The Company will pay certain fees and expenses in connection with the Bridge Facili ty. On September 25, 2020, the Company terminated the Debt Commitment Letter. The Company terminated the Debt Commitment Letter because, in light of the Company’s agreement with the Sirius Series B preference shareholders, funds committed by JPMorgan to be provided under the Bridge Facility are no longer anticipated to be necessary to consummate the Merger. Equity Commitment Letter On August 6, 2020, the Company, Third Point Opportunities Master Fund Ltd. and Daniel S. Loeb entered into an equity commitment letter (the “Equity Commitment Letter”), pursuant to which Third Point Opportunities Master Fund Ltd. committed, subject to the conditions set forth in the Equity Commitment Letter and the Merger Agreement, to purchase up to 9.5%, which approximates $50.0 million, of the Company’s Shares in connection with closing of the Merger. Preference Shares On September 4, 2020, the Company entered into a definitive agreement (the “Agreement”) with the holders of Sirius Series B Preference Shares (the “Series B Preference Shares”). Pursuant to the terms of the Agreement, the Series B Preference Shares holders have agreed that upon closing of the Merger, they will convert their existing Series B Preference Shares of Sirius into up to $260.0 million face value of newly-issued Series B Preference Shares of SiriusPoint (the “New Preference Shares”). The New Preference Shares will be perpetual in nature, carry an 8.00% annual cumulative cash dividend, and will be callable by SiriusPoint on each fifth anniversary of the closing of the Merger or upon certain other events. At the time of issuance upon the closing of the Merger, SiriusPoint will have the option to substitute up to $60.0 million in cash in lieu of an equal face amount of the New Preference Shares (or pay in cash the agreed New Preference Shares face amount of $260.0 million in full). Promissory Note On September 16, 2020, the Company entered into an Unsecured Promissory Note agreement (the “Notes”) with Arcadian, pursuant to which the Company has committed to loan up to $18.0 million. Interest shall accrue and be computed on the aggregate princi pal amount drawn and outstanding at a rate of 8.0% per annum. No amounts were drawn as of December 31, 2020. Revolving Credit Facility On November 2, 2020, the Company entered into a three-year, $300.0 million senior unsecured revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent. The Facility includes an option, subject to satisfaction of certain conditions including agreement of lenders representing greater than a majority of commitments, for the Company to request an extension by such lenders of the maturity date of the Facility by an additional 12 months. The Facility provides access to loans for working capital and general corporate purposes, and letters of credit to support obligations under insurance and reinsurance agreements, retrocessional agreements and for general corporate purposes. Loans and letters of credit under the Facility will become available, subject to customary conditions precedent, upon the consummation of the merger (the date such loans and letters of credit are first made available, the “Closing Date”). Prior to the Closing Date, the Facility is guaranteed solely by Third Point Re (USA) Holdings Inc. On and after the Closing Date, the Facility will be required to be guaranteed by Sirius International Group, Ltd., Sirius International Holdings Ltd., Sirius International Insurance Group, Ltd., and subject to customary exceptions certain other material subsidiaries of the Company. All borrowings under the Facility bear interest at a rate per annum equal to, at the option of the Company, (i) adjusted LIBOR plus an applicable margin ranging from 1.25% to 2.25%, or (ii) an alternate base rate plus an applicable margin ranging from 0.25% to 1.25%, in each case with the applicable margin determined based upon the Company’s credit rating. The Facility is subject to an unused line fee on or after the Closing Date on the average daily undrawn commitments under the Facility, payable quarterly in arrears, of 0.20% to 0.40% per annum based upon the Company’s credit rating. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment reporting | 23. Segment reporting (as adjusted - see Note 3) The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. Effective January 1, 2021, the Company reports four operating segments: Accident & Health (“A&H”), Specialty, Property, and Runoff & Other. Where applicable, all prior periods presented have been revised to conform to this new presentation. Non-underwriting income and expenses are presented as a reconciliation to the Company’s income (loss) before income tax expense. The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments. Accident & Health Global A&H The Company is a reinsurer of medical expense, travel and personal accident on a treaty or facultative basis worldwide. Specialty Specialty lines represent unique risks where the more difficult and unusual risks are underwritten, and much of the market is characterized by a high degree of specialization. The following provides details of Specialty by product line: Marine & Energy The Company provides marine & energy reinsurance, primarily written on an excess of loss and proportional basis. Coverage offered includes damage to ships and goods in transit, marine liability lines, and offshore energy industry insurance. Credit The Company underwrites mortgage risks both as reinsurance and by retrocession. Mortgage insurance is an insurance policy that compensates lenders or investors for losses arising from the default of a mortgage loan. Mortgage insurance can refer to private mortgage insurance, mortgage life insurance or insurance provided under the credit risk sharing transactions from Fannie Mae and Freddie Mac. In addition to mortgage reinsurance, policies classified as Credit may include trade credit, surety, financial guarantee, residual value insurance and title insurance. Casualty Casualty represents a cross section of all casualty lines, including professional liability, transactional liability, general liability, workers compensation, auto, cyber and other casualty classes, written on a proportional and excess of loss basis. Other Specialty The principal l ines of business included in our Other Specialty line is primarily comprised of multi-line specialty reinsurance and contingency. Multi-line reinsurance is reinsurance of an underlying portfolio of several different types of insurance or reinsurance risks. The Company focuses on multi-line reinsurance opportunities where the Company has expertise in the underlying lines of business or where the terms and conditions of the reinsurance contract minimize the volatility of the more difficult to analyze classes of business in the portfolio. Contracts that cover more than one line of business will typically be designated as multi-line even if a portion of the underlying business is covered by one of the lines of business listed above. These opportunities can be structured on both a proportional and excess of loss basis. The Company’s contingency insurance book covers event cancellation and non-appearance. Property Property consists of the Company’s underwriting lines of business which offer Property Catastrophe Excess Reinsurance and Property Risk and Pro Rata on a worldwide basis. The following provides details of Property by product line: Property Catastrophe Excess Reinsurance Property catastrophe excess reinsurance is comprised of excess of loss and/or proportional coverages to insurance and reinsurance companies and provides protection to an insured for losses from a single catastrophic event or series of events. We carefully monitor and manage our risk aggregations by peril and geography and we seek to manage volatility via portfolio construction and client selection. Property Risk and Pro Rata This line of reinsurance primarily consists of exposure to homeowners’ and commercial lines insurance coverage. We provide structured surplus relief transactions covering property exposures where the expected volatility and reinsurance margins are lower. Runoff & Other Runoff & Other contracts consist of loss portfolio transfers, adverse development covers and other forms of reserve reinsurance providing indemnification of loss and loss adjustment expense reserves with respect to past loss events. These contracts can include one or multiple lines of business and cover the potential for changes in estimates of loss and loss adjustment expense reserves related to loss events that have occurred in the past. The following is a summary of the Company’s operating segment results for the years ended December 31, 2020, 2019 and 2018: 2020 A&H Specialty Property Runoff & Total ($ in thousands) Gross premiums written $ 3,392 $ 368,722 $ 187,480 $ 28,946 $ 588,540 Net premiums written 3,392 349,783 160,075 28,946 542,196 Net premiums earned 3,207 407,951 171,556 28,138 610,852 Loss and loss adjustment expenses incurred, net 3,319 342,596 119,455 (72) 465,298 Acquisition costs, net 313 112,464 48,744 25,541 187,062 Other underwriting expenses 114 18,744 6,036 5,906 30,800 Net underwriting loss $ (539) $ (65,853) $ (2,679) $ (3,237) (72,308) Net investment income 278,938 Net corporate and other expenses (41,215) Interest expense (8,230) Foreign exchange losses (5,219) Income before income tax expense $ 151,966 Underwriting ratios (1) : Loss ratio 103.5 % 84.0 % 69.6 % NM 76.2 % Acquisition cost ratio 9.8 % 27.6 % 28.4 % NM 30.6 % Other underwriting expense ratio 3.6 % 4.6 % 3.5 % NM 5.0 % Combined ratio (2) 116.9 % 116.2 % 101.5 % NM 111.8 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Ratios considered not meaningful ("NM") to Runoff & Other. 2019 A&H Specialty Property Runoff & Total ($ in thousands) Gross premiums written $ 4,587 $ 420,982 $ 155,208 $ 87,637 $ 668,414 Net premiums written 4,587 412,085 152,729 87,637 657,038 Net premiums earned 4,665 465,426 141,477 88,574 700,142 Loss and loss adjustment expenses incurred, net 3,907 313,750 90,577 (4,735) 403,499 Acquisition costs, net 365 149,497 54,769 90,995 295,626 Other underwriting expenses 156 20,144 4,722 9,075 34,097 Net underwriting income (loss) $ 237 $ (17,965) $ (8,591) $ (6,761) (33,080) Net investment income 282,560 Net corporate and other expenses (36,285) Interest expense (8,228) Foreign exchange losses (3,635) Income before income tax expense $ 201,332 Underwriting ratios (1) : Loss ratio 83.8 % 67.4 % 64.0 % NM 57.6 % Acquisition cost ratio 7.8 % 32.1 % 38.7 % NM 42.2 % Other underwriting expense ratio 3.3 % 4.3 % 3.3 % NM 4.9 % Combined ratio (2) 94.9 % 103.8 % 106.0 % NM 104.7 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Ratios considered not meaningful ("NM") to Runoff & Other. 2018 A&H Specialty Property Runoff & Total ($ in thousands) Gross premiums written $ 3,225 $ 489,691 $ 83,051 $ 74,220 $ 650,187 Net premiums written 3,225 485,522 83,051 74,220 646,018 Net premiums earned 3,098 466,524 77,208 74,612 621,442 Loss and loss adjustment expenses incurred, net 2,624 315,632 59,411 60,747 438,414 Acquisition costs, net 540 156,533 37,235 12,190 206,498 Other underwriting expenses 93 18,314 2,315 8,945 29,667 Net underwriting loss $ (159) $ (23,955) $ (21,753) $ (7,270) (53,137) Net investment loss (251,433) Net corporate and other expenses (16,184) Interest expense (8,228) Foreign exchange gains 7,503 Loss before income tax benefit $ (321,479) Underwriting ratios (1) : Loss ratio 84.7 % 67.7 % 76.9 % NM 70.5 % Acquisition cost ratio 17.4 % 33.6 % 48.2 % NM 33.2 % Other underwriting expense ratio 3.0 % 3.9 % 3.0 % NM 4.8 % Combined ratio (2) 105.1 % 105.2 % 128.1 % NM 108.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Ratios considered not meaningful ("NM") to Runoff & Other. The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2020, 2019 and 2018 as a percentage of total gross premiums written in the relevant year: 2020 2019 2018 Largest contract (1) n/a 14.4 % 15.5 % Second largest contract (2) n/a n/a 10.7 % Total for contracts contributing greater than 10% each — % 14.4 % 26.2 % Total for contracts contributing less than 10% each 100.0 % 85.6 % 73.8 % 100.0 % 100.0 % 100.0 % (1) The largest contract in the years ended December 31, 2019 and 2018 relate to the Specialty segment. (2) The second largest contract in the year ended December 31, 2018 relates to the Runoff & Other segment. The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Counterparty 1 $ 94,131 21.3 % $ 113,718 23.8 % Counterparty 2 75,336 17.0 % 105,732 22.0 % Counterparty 3 46,447 10.5 % 88,825 18.6 % 215,914 48.8 % 308,275 64.4 % Other counterparties representing less than 10% each 226,021 51.2 % 170,177 35.6 % Reinsurance balances receivable $ 441,935 100.0 % $ 478,452 100.0 % Substantially all of the Company’s business is sourced through reinsurance brokers. The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Largest broker $ 189,097 32.1 % $ 197,100 29.5 % $ 224,198 34.5 % Second largest broker 164,569 28.0 % 144,611 21.6 % 163,336 25.1 % Third largest broker 67,550 11.5 % 140,197 21.0 % 120,381 18.5 % Fourth largest broker n/a n/a n/a n/a 70,523 10.8 % Other 167,324 28.4 % 186,506 27.9 % 71,749 11.1 % $ 588,540 100.0 % $ 668,414 100.0 % $ 650,187 100.0 % The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 United States $ 358,582 60.9 % $ 361,511 54.1 % $ 409,584 63.0 % United Kingdom 110,576 18.8 % 161,638 24.2 % 60,623 9.3 % Bermuda 108,598 18.5 % 137,278 20.5 % 86,236 13.3 % Other 10,784 1.8 % 7,987 1.2 % 93,744 14.4 % $ 588,540 100.0 % $ 668,414 100.0 % $ 650,187 100.0 % The following tables provide a breakdown of the Company’s premiums written from direct business, reinsurance assumed and reinsurance ceded, on both a written and earned basis for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Written premiums: Direct $ 19,039 $ — $ — Assumed 569,501 668,414 650,187 Gross premiums written 588,540 668,414 650,187 Ceded (46,344) (11,376) (4,169) Net premiums written $ 542,196 $ 657,038 $ 646,018 2020 2019 2018 Premiums earned: Direct $ 1,038 $ — $ — Assumed 638,817 710,014 624,834 Gross premiums earned 639,855 710,014 624,834 Ceded (29,003) (9,872) (3,392) Net premiums earned $ 610,852 $ 700,142 $ 621,442 |
Statutory Requirements
Statutory Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Statutory Requirements [Abstract] | |
Statutory Requirements | 24. Statutory requirements Under the Bermuda Insurance Act 1978, as amended, and related regulations, Third Point Re BDA and Third Point Re USA are subject to capital requirements calculated using the Bermuda Solvency and Capital Requirement (“BSCR”) model, which is a standardized statutory risk-based capital model used to measure the risk associated with Third Point Re BDA’s and Third Point Re USA’s assets, liabilities and premiums. Third Point Re BDA’s and Third Point Re USA’s required statutory capital and surplus under the BSCR model is referred to as the enhanced capital requirement (“ECR”). Third Point Re BDA and Third Point Re USA are required to calculate and submit the ECR to the Bermuda Monetary Authority (“BMA”), annually. Following receipt of the submission of Third Point Re BDA’s and Third Point Re USA’s ECR, the BMA has the authority to impose additional capital requirements (capital add-ons) if it deems necessary. If a company fails to maintain or meet its ECR, the BMA may take various degrees of regulatory action. In 2016, the BMA implemented the economic balance sheet (“EBS”) framework, which is now used as the basis to determine the Company’s ECR. Under this framework, assets and liabilities are mainly assessed and included on the EBS at fair value, with the insurer’s U.S. GAAP balance sheet serving as a starting point. The model also requires insurers to estimate insurance technical provisions, which consist of the insurer’s insurance related balances valued based on best-estimate cash flows, adjusted to reflect the time value of money using a risk-free discount rate, with the addition of a risk margin to reflect the uncertainty in the underlying cash flows. As of December 31, 2020 and 2019, Third Point Re BDA and Third Point Re USA met their ECR. As of December 31, 2020 and 2019, the principal difference between statutory capital and surplus and shareholders’ equity presented in accordance with GAAP is that prepaid expenses is a non-admitted asset for statutory purposes. Third Point Re BDA and Third Point Re USA are also required under their Class 4 licenses to maintain minimum liquidity ratios whereby the value of their relevant assets are not less than 75% of the amount of their relevant liabilities for general business. As of December 31, 2020 and 2019, Third Point Re BDA and Third Point Re USA met their minimum liquidity ratio requirements. The following is a summary of estimated actual and required statutory capital and surplus, based on the EBS framework, of Third Point Re BDA and Third Point Re USA as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Actual statutory capital and surplus Third Point Re BDA $ 1,211,102 $ 1,298,596 Third Point Re USA 296,938 276,185 Required statutory capital and surplus Third Point Re BDA 610,173 555,714 Third Point Re USA $ 115,086 $ 112,601 The following is a summary of the statutory net income for Third Point Re BDA a nd Third Point Re USA for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Third Point Re BDA $ 139,646 $ 214,227 $ (272,339) Third Point Re USA $ 36,659 $ 9,016 $ (29,491) Dividend restrictions Third Point Re BDA Third Point Re BDA may declare dividends subject to it continuing to meet its solvency and capital requirements, which includes continuing to hold statutory capital and surplus equal to or exceeding its ECR. In addition, Third Point Re BDA is prohibited from declaring or paying in any fiscal year dividends of more than 25% of its prior year’s statutory capital and surplus unless Third Point Re BDA files with the BMA a signed affidavit by at least two members of the Board of Directors attesting that a dividend would not cause Third Point Re BDA to fail to meet its capital requirements. As of December 31, 2020, Third Point Re BDA could pay dividends in 2021 of approximately $316.7 million (December 31, 2019 - $314.5 million) without providing an affidavit to the BMA. Third Point Re USA |
Supplemental guarantor informat
Supplemental guarantor information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental guarantor information | 25. Supplemental guarantor information (as adjusted - see Note 3) SiriusPoint fully and unconditionally guarantees the $115.0 million of Notes issued by TPRUSA, a wholly owned subsidiary. The following information sets forth the consolidating balance sheets as of December 31, 2020 and 2019 and the consolidating statements of income (loss) and cash flows for the years ended December 31, 2020, 2019 and 2018 for SiriusPoint, TPRUSA and the non-guarantor subsidiaries of SiriusPoint. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the parent guarantor, TPRUSA and all other subsidiaries are reflected in the eliminations column. CONSOLIDATING BALANCE SHEET As of December 31, 2020 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 1,156,929 $ — $ 1,160,929 Cash and cash equivalents 212 164 525,615 — 525,991 Restricted cash and cash equivalents — — 1,187,948 — 1,187,948 Investment in subsidiaries 1,459,895 297,415 192,148 (1,949,458) — Due from brokers — — 94,902 — 94,902 Interest and dividends receivable — — 909 — 909 Reinsurance balances receivable, net — — 441,935 — 441,935 Deferred acquisition costs, net — — 68,550 — 68,550 Unearned premiums ceded — — 20,464 — 20,464 Loss and loss adjustment expenses recoverable, net — — 14,375 — 14,375 Amounts due from (to) affiliates 96,607 52 (96,659) — — Other assets 4,933 8,515 5,737 — 19,185 Total assets $ 1,565,647 $ 306,146 $ 3,612,853 $ (1,949,458) $ 3,535,188 Liabilities Accounts payable and accrued expenses $ 1,722 $ — $ 12,866 $ — $ 14,588 Reinsurance balances payable — — 78,115 — 78,115 Deposit liabilities — — 152,961 — 152,961 Unearned premium reserves — — 284,835 — 284,835 Loss and loss adjustment expense reserves — — 1,310,068 — 1,310,068 Securities sold, not yet purchased, at fair value — — 11,990 — 11,990 Interest and dividends payable — 3,057 21 — 3,078 Senior notes payable, net of deferred costs — 114,267 — — 114,267 Total liabilities 1,722 117,324 1,850,856 — 1,969,902 Shareholders' equity Common shares 9,558 — 1,239 (1,239) 9,558 Additional paid-in capital 933,903 192,494 1,598,969 (1,791,463) 933,903 Retained earnings (deficit) 620,464 (3,672) 160,428 (156,756) 620,464 Shareholders’ equity attributable to SiriusPoint common shareholders 1,563,925 188,822 1,760,636 (1,949,458) 1,563,925 Noncontrolling interests — — 1,361 — 1,361 Total shareholders’ equity 1,563,925 188,822 1,761,997 (1,949,458) 1,565,286 Total liabilities, noncontrolling interests and shareholders’ equity $ 1,565,647 $ 306,146 $ 3,612,853 $ (1,949,458) $ 3,535,188 CONSOLIDATING BALANCE SHEET As of December 31, 2019 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 985,701 $ — $ 989,701 Cash and cash equivalents 10 176 639,229 — 639,415 Restricted cash and cash equivalents — — 1,014,543 — 1,014,543 Investment in subsidiaries 1,419,197 271,624 191,077 (1,881,898) — Interest and dividends receivable — — 2,178 — 2,178 Reinsurance balances receivable, net — — 478,452 — 478,452 Deferred acquisition costs, net — — 92,164 — 92,164 Unearned premiums ceded — — 3,123 — 3,123 Loss and loss adjustment expenses recoverable, net — — 5,520 — 5,520 Amounts due from (to) affiliates (5,722) (3,898) 9,620 — — Other assets 764 6,784 13,007 — 20,555 Total assets $ 1,418,249 $ 274,686 $ 3,434,614 $ (1,881,898) $ 3,245,651 Liabilities Accounts payable and accrued expenses $ 4,175 $ — $ 13,641 $ — $ 17,816 Reinsurance balances payable — — 76,516 — 76,516 Deposit liabilities — — 172,259 — 172,259 Unearned premium reserves — — 336,150 — 336,150 Loss and loss adjustment expense reserves — — 1,111,692 — 1,111,692 Interest and dividends payable — 3,055 — — 3,055 Senior notes payable, net of deferred costs — 114,089 — — 114,089 Total liabilities 4,175 117,144 1,710,258 — 1,831,577 Shareholders’ equity Common shares 9,423 — 1,239 (1,239) 9,423 Additional paid-in capital 927,704 191,361 1,591,796 (1,783,157) 927,704 Retained earnings (deficit) 476,947 (33,819) 131,321 (97,502) 476,947 Shareholders’ equity attributable to SiriusPoint common shareholders 1,414,074 157,542 1,724,356 (1,881,898) 1,414,074 Total liabilities and shareholders’ equity $ 1,418,249 $ 274,686 $ 3,434,614 $ (1,881,898) $ 3,245,651 CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2020 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 588,540 $ — $ 588,540 Gross premiums ceded — — (46,344) — (46,344) Net premiums written — — 542,196 — 542,196 Change in net unearned premium reserves — — 68,656 — 68,656 Net premiums earned — — 610,852 — 610,852 Net investment income — — 278,938 — 278,938 Equity in earnings (losses) of subsidiaries 169,926 36,658 (61) (206,523) — Total revenues 169,926 36,658 889,729 (206,523) 889,790 Expenses Loss and loss adjustment expenses incurred, net — — 465,298 — 465,298 Acquisition costs, net — — 187,062 — 187,062 Other underwriting expenses — — 30,800 — 30,800 Net corporate and other expenses 26,407 12 14,796 — 41,215 Interest expense — 8,230 — — 8,230 Foreign exchange losses 2 — 5,217 — 5,219 Total expenses 26,409 8,242 703,173 — 737,824 Income before income tax (expense) benefit 143,517 28,416 186,556 (206,523) 151,966 Income tax (expense) benefit — 1,731 (9,839) — (8,108) Net income 143,517 30,147 176,717 (206,523) 143,858 Net income attributable to noncontrolling interests — — (341) — (341) Net income available to SiriusPoint common shareholders $ 143,517 $ 30,147 $ 176,376 $ (206,523) $ 143,517 CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2019 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 668,414 $ — $ 668,414 Gross premiums ceded — — (11,376) — (11,376) Net premiums written — — 657,038 — 657,038 Change in net unearned premium reserves — — 43,104 — 43,104 Net premiums earned — — 700,142 — 700,142 Net investment income — — 282,560 — 282,560 Equity in earnings (losses) of subsidiaries 216,877 9,017 (40) (225,854) — Total revenues 216,877 9,017 982,662 (225,854) 982,702 Expenses Loss and loss adjustment expenses incurred, net — — 403,499 — 403,499 Acquisition costs, net — — 295,626 — 295,626 Other underwriting expenses — — 34,097 — 34,097 Net corporate and other expenses 16,258 (59) 20,086 — 36,285 Interest expense — 8,228 — — 8,228 Foreign exchange losses — — 3,635 — 3,635 Total expenses 16,258 8,169 756,943 — 781,370 Income before income tax (expense) benefit 200,619 848 225,719 (225,854) 201,332 Income tax (expense) benefit — 1,716 (2,429) — (713) Net income 200,619 2,564 223,290 (225,854) 200,619 Net income attributable to noncontrolling interests — — — — — Net income available to SiriusPoint common shareholders $ 200,619 $ 2,564 $ 223,290 $ (225,854) $ 200,619 CONSOLIDATING STATEMENT OF LOSS Year Ended December 31, 2018 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 650,187 $ — $ 650,187 Gross premiums ceded — — (4,169) — (4,169) Net premiums written — — 646,018 — 646,018 Change in net unearned premium reserves — — (24,576) — (24,576) Net premiums earned — — 621,442 — 621,442 Net investment loss — — (251,433) — (251,433) Equity in losses of subsidiaries (310,552) (29,492) (57) 340,101 — Total revenues (310,552) (29,492) 369,952 340,101 370,009 Expenses Loss and loss adjustment expenses incurred, net — — 438,414 — 438,414 Acquisition costs, net — — 206,498 — 206,498 Other underwriting expenses — — 29,667 — 29,667 Net corporate and other expenses 7,140 47 8,997 — 16,184 Interest expense — 8,228 — — 8,228 Foreign exchange gains — — (7,503) — (7,503) Total expenses 7,140 8,275 676,073 — 691,488 Loss before income tax (expense) benefit (317,692) (37,767) (306,121) 340,101 (321,479) Income tax (expense) benefit — (419) 4,429 — 4,010 Net loss (317,692) (38,186) (301,692) 340,101 (317,469) Net income attributable to noncontrolling interests — — (223) — (223) Net loss attributable to SiriusPoint common shareholders $ (317,692) $ (38,186) $ (301,915) $ 340,101 $ (317,692) CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2020 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 143,517 $ 30,147 $ 176,717 $ (206,523) $ 143,858 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (169,926) (36,658) 61 206,523 — Share compensation expense 650 — 5,986 — 6,636 Net interest expense on deposit liabilities — — 852 — 852 Net realized and unrealized gain on investments and derivatives — — (62,498) — (62,498) Net realized and unrealized gain on investment in related party investment fund — — (194,988) — (194,988) Net foreign exchange losses 2 — 5,217 — 5,219 Amortization of premium and accretion of discount, net — 178 (4,009) — (3,831) Changes in assets and liabilities: Reinsurance balances receivable — — 38,610 — 38,610 Deferred acquisition costs, net — — 23,614 — 23,614 Unearned premiums ceded — — (17,341) — (17,341) Loss and loss adjustment expenses recoverable — — (8,855) — (8,855) Other assets (4,169) (1,731) 9,167 — 3,267 Interest and dividends receivable, net — 2 1,290 — 1,292 Unearned premium reserves — — (51,315) — (51,315) Loss and loss adjustment expense reserves — — 190,325 — 190,325 Accounts payable and accrued expenses (2,453) — (816) — (3,269) Reinsurance balances payable — — 1,780 — 1,780 Amounts due from (to) affiliates (102,329) (3,950) 106,279 — — Net cash provided by (used in) operating activities (134,708) (12,012) 220,076 — 73,356 Investing activities Purchases of investments — — (444,111) — (444,111) Proceeds from sales and maturities of investments — — 532,247 — 532,247 Purchases of investments to cover short sales — — (2,846) — (2,846) Proceeds from short sales of investments — — 15,721 — 15,721 Change in due to/from brokers, net — — (94,902) — (94,902) Net cash provided by investing activities — — 6,109 — 6,109 Financing activities Taxes paid on withholding shares (302) — — — (302) Net payments on deposit liability contracts — — (20,202) — (20,202) Change in total noncontrolling interests, net — — 1,020 — 1,020 Dividend received by (paid to) parent 135,212 12,000 (147,212) — — Net cash provided by (used in) financing activities 134,910 12,000 (166,394) — (19,484) Net increase (decrease) in cash, cash equivalents and restricted cash 202 (12) 59,791 — 59,981 Cash, cash equivalents and restricted cash at beginning of year 10 176 1,653,772 — 1,653,958 Cash, cash equivalents and restricted cash at end of year $ 212 $ 164 $ 1,713,563 $ — $ 1,713,939 CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2019 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 200,619 $ 2,564 $ 223,290 $ (225,854) $ 200,619 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (216,877) (9,017) 40 225,854 — Share compensation expense 2,653 — 4,408 — 7,061 Net interest expense on deposit liabilities — — 5,879 — 5,879 Net realized and unrealized gain on investments and derivatives — — (2,522) — (2,522) Net realized and unrealized gain on investment in related party investment fund — — (249,626) — (249,626) Net foreign exchange losses — — 3,635 — 3,635 Amortization of premium and accretion of discount, net — 178 (1,560) — (1,382) Changes in assets and liabilities: Reinsurance balances receivable — — 20,355 — 20,355 Deferred acquisition costs, net — — 24,782 — 24,782 Unearned premiums ceded — — (1,504) — (1,504) Loss and loss adjustment expenses recoverable — — (3,489) — (3,489) Other assets 909 (1,715) 634 — (172) Interest and dividends receivable, net — — (862) — (862) Unearned premium reserves — — (41,600) — (41,600) Loss and loss adjustment expense reserves — — 157,849 — 157,849 Accounts payable and accrued expenses 3,437 (71) 7,189 — 10,555 Reinsurance balances payable — — 11,534 — 11,534 Amounts due from (to) affiliates 2,200 3,950 (6,150) — — Net cash provided by (used in) operating activities (7,059) (4,111) 152,282 — 141,112 Investing activities Proceeds from redemptions from related party investment fund — — 760,000 — 760,000 Contributions to related party investment fund — — (87,000) — (87,000) Change in participation agreement with related party investment fund — — (2,297) — (2,297) Purchases of investments (4,000) — (327,463) — (331,463) Proceeds from sales and maturities of investments — — 446,206 — 446,206 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000) 15,000 — — Net cash provided by (used in) investing activities (19,000) — 805,857 — 786,857 Financing activities Proceeds from issuance of SiriusPoint common shares, net of costs 1,888 — — — 1,888 Taxes paid on withholding shares (68) — — — (68) Net proceeds from deposit liability contracts — — 10,832 — 10,832 Dividend received by (paid to) parent 24,249 4,100 (28,349) — — Net cash provided by (used in) financing activities 26,069 4,100 (17,517) — 12,652 Net increase (decrease) in cash, cash equivalents and restricted cash 10 (11) 940,622 — 940,621 Cash, cash equivalents and restricted cash at beginning of year — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of year $ 10 $ 176 $ 1,653,772 $ — $ 1,653,958 CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2018 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net loss $ (317,692) $ (38,186) $ (301,692) $ 340,101 $ (317,469) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Equity in losses of subsidiaries 310,552 29,492 57 (340,101) — Share compensation expense 610 — 4,346 — 4,956 Net interest income on deposit liabilities — — (1,273) — (1,273) Net realized and unrealized gain on investments and derivatives — — (34,145) — (34,145) Net realized and unrealized loss on investment in related party investment fund — — 280,847 — 280,847 Net foreign exchange gains — — (7,503) — (7,503) Amortization of premium and accretion of discount, net — 178 3,956 — 4,134 Changes in assets and liabilities: Reinsurance balances receivable — — (157,214) — (157,214) Deferred acquisition costs, net — — 8,746 — 8,746 Unearned premiums ceded — — (777) — (777) Loss and loss adjustment expenses recoverable — — (918) — (918) Other assets (1,009) (5,069) (7,408) — (13,486) Interest and dividends receivable, net — — (2,716) — (2,716) Unearned premium reserves — — 25,353 — 25,353 Loss and loss adjustment expense reserves — — 225,670 — 225,670 Accounts payable and accrued expenses (25) 5,513 (30,172) — (24,684) Reinsurance balances payable — — 23,866 — 23,866 Amounts due from (to) affiliates 2,234 360 (2,594) — — Net cash provided by (used in) operating activities (5,330) (7,712) 26,429 — 13,387 Investing activities Proceeds from redemptions from related party investment fund — — 142,968 — 142,968 Contributions to related party investment fund — — (136,626) — (136,626) Change in participation agreement with related party investment fund — — (20,852) — (20,852) Purchases of investments — — (3,483,319) — (3,483,319) Proceeds from sales and maturities of investments — — 3,475,515 — 3,475,515 Purchases of investments to cover short sales — — (853,798) — (853,798) Proceeds from short sales of investments — — 800,508 — 800,508 Change in due to/from brokers, net — — 482,778 — 482,778 Decrease in securities sold under an agreement to repurchase — — (29,618) — (29,618) Contributed capital to subsidiaries (10,000) 10,000 — — — Contributed capital from parent and/or subsidiaries — (10,000) 10,000 — — Net cash provided by (used in) investing activities (10,000) — 387,556 — 377,556 Financing activities Taxes paid on withholding shares (74) — — — (74) Purchases of SiriusPoint common shares under share repurchase program (138,705) — — — (138,705) Net proceeds from deposit liability contracts — — 9,790 — 9,790 Change in total noncontrolling interests, net — — (97,950) — (97,950) Dividend received by (paid to) parent 154,100 7,700 (161,800) — — Net cash provided by (used in) financing activities 15,321 7,700 (249,960) — (226,939) Net increase (decrease) in cash, cash equivalents and restricted cash (9) (12) 164,025 — 164,004 Cash, cash equivalents and restricted cash at beginning of year 9 199 549,125 — 549,333 Cash, cash equivalents and restricted cash at end of year $ — $ 187 $ 713,150 $ — $ 713,337 |
Quarterly Financial Results (Un
Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Results (Unaudited) | 26. Quarterly financial results (UNAUDITED) (as adjusted - see Note 3) Three months ended December 31, September 30, June 30, March 31, Revenues Gross premiums written $ 190,358 $ 124,737 $ 147,740 $ 125,705 Gross premiums ceded (17,090) (8,286) (18,423) (2,545) Net premiums written 173,268 116,451 129,317 123,160 Change in net unearned premium reserves 8,747 25,261 11,493 23,155 Net premiums earned 182,015 141,712 140,810 146,315 Net investment income (loss) 204,798 121,956 137,211 (185,027) Total revenues 386,813 263,668 278,021 (38,712) Expenses Loss and loss adjustment expenses incurred, net 177,919 110,487 89,106 87,786 Acquisition costs, net 39,321 54,817 43,671 49,253 Other underwriting expenses 9,714 6,072 7,793 7,221 Net corporate and other expenses 10,957 14,965 8,878 6,415 Interest expense 2,068 2,068 2,046 2,048 Foreign exchange (gains) losses 8,348 5,885 (797) (8,217) Total expenses 248,327 194,294 150,697 144,506 Income (loss) before income tax expense 138,486 69,374 127,324 (183,218) Income tax expense (3,728) (652) (3,309) (419) Net income (loss) 134,758 68,722 124,015 (183,637) Net (income) loss attributable to noncontrolling interests (362) 21 — — Net income (loss) available to SiriusPoint common shareholders $ 134,396 $ 68,743 $ 124,015 $ (183,637) Earnings (loss) per share available to SiriusPoint common shareholders Basic earnings (loss) per share available to SiriusPoint common shareholders $ 1.43 $ 0.74 $ 1.33 $ (1.99) Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 1.43 $ 0.73 $ 1.33 $ (1.99) Weighted average number of common shares used in the determination of earnings (loss) per share Basic 92,638,978 92,613,393 92,593,599 92,191,837 Diluted 93,165,559 92,969,646 92,738,293 92,191,837 Three months ended December 31, September 30, June 30, March 31, Revenues Gross premiums written $ 191,203 $ 184,856 $ 149,035 $ 143,320 Gross premiums ceded (4,459) (1,928) (2,744) (2,245) Net premiums written 186,744 182,928 146,291 141,075 Change in net unearned premium reserves 11,648 20,320 (839) 11,975 Net premiums earned 198,392 203,248 145,452 153,050 Net investment income (loss) 61,614 (3,138) 69,131 154,953 Total revenues 260,006 200,110 214,583 308,003 Expenses Loss and loss adjustment expenses incurred, net 140,394 85,703 82,334 95,068 Acquisition costs, net 61,851 118,271 58,006 57,498 Other underwriting expenses 8,336 7,286 9,636 8,839 Net corporate and other expenses 8,033 7,009 13,825 7,418 Interest expense 2,074 2,074 2,051 2,029 Foreign exchange (gains) losses 10,298 (4,921) (4,260) 2,518 Total expenses 230,986 215,422 161,592 173,370 Income (loss) before income tax (expense) benefit 29,020 (15,312) 52,991 134,633 Income tax (expense) benefit 718 213 74 (1,718) Net income (loss) 29,738 (15,099) 53,065 132,915 Net income attributable to noncontrolling interests — — — — Net income (loss) available to SiriusPoint common shareholders $ 29,738 $ (15,099) $ 53,065 $ 132,915 Earnings (loss) per share available to SiriusPoint common shareholders Basic earnings (loss) per share available to SiriusPoint common shareholders $ 0.32 $ (0.16) $ 0.58 $ 1.45 Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 0.32 $ (0.16) $ 0.57 $ 1.43 Weighted average number of common shares used in the determination of earnings (loss) per share Basic 91,989,469 91,903,556 91,776,870 91,669,810 Diluted 92,696,491 91,903,556 92,801,799 92,578,933 |
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 - Summary of Investments - Other than Investments in Related Parties Cost Fair value Balance sheet value Assets Private common equity securities $ 1,000 $ 1,000 $ 1,000 Private preferred equity securities 3,000 3,000 3,000 Total equities 4,000 4,000 4,000 Asset-backed securities 9,268 9,929 9,929 Bank debt 362 423 423 Corporate bonds 29,396 37,746 37,746 U.S. Treasury securities 52,426 53,213 53,213 Total debt securities 91,452 101,311 101,311 Total investments in securities $ 95,452 $ 105,311 $ 105,311 |
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 - Supplementary Insurance Information (as adjusted - see Note 3) For the years ended December 31, 2020, 2019 and 2018 As of and for the year ended December 31, 2020 Deferred acquisition costs, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income Loss and loss adjustment expenses incurred, net Amortization of deferred acquisition costs, net Other operating expenses Net premiums written A&H $ 95 $ 3,742 $ 1,015 $ 3,207 $ — $ 3,319 $ 313 $ 114 $ 3,392 Specialty 65,848 948,392 247,538 407,951 — 342,596 112,464 18,744 349,783 Property 2,597 138,309 32,904 171,556 — 119,455 48,744 6,036 160,075 Runoff & Other 10 219,625 3,378 28,138 — (72) 25,541 5,906 28,946 Corporate (1) — — — — 278,938 — — 41,215 — $ 68,550 $ 1,310,068 $ 284,835 $ 610,852 $ 278,938 $ 465,298 $ 187,062 $ 72,015 $ 542,196 As of and for the year ended December 31, 2019 Deferred acquisition costs, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income Loss and loss adjustment expenses incurred, net Amortization of deferred acquisition costs, net Other operating expenses Net premiums written A&H $ 110 $ 2,923 $ 830 $ 4,665 $ — $ 3,907 $ 365 $ 156 $ 4,587 Specialty 81,586 773,141 297,700 465,426 — 313,750 149,497 20,144 412,085 Property 10,465 99,106 35,050 141,477 — 90,577 54,769 4,722 152,729 Runoff & Other 3 236,522 2,570 88,574 — (4,735) 90,995 9,075 87,637 Corporate (1) — — — — 282,560 — — 36,285 — $ 92,164 $ 1,111,692 $ 336,150 $ 700,142 $ 282,560 $ 403,499 $ 295,626 $ 70,382 $ 657,038 As of and for the year ended December 31, 2018 Deferred acquisition costs, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment loss Loss and loss adjustment expenses incurred, net Amortization of deferred acquisition costs, net Other operating expenses Net premiums written A&H $ 114 $ 2,122 $ 907 $ 3,098 $ — $ 2,624 $ 540 $ 93 $ 3,225 Specialty 105,961 599,142 350,370 466,524 — 315,632 156,533 18,314 485,522 Property 10,858 49,980 22,966 77,208 — 59,411 37,235 2,315 83,051 Runoff & Other 13 285,916 3,507 74,612 — 60,747 12,190 8,945 74,220 Corporate (1) — — — — (251,433) — — 16,184 — $ 116,946 $ 937,160 $ 377,750 $ 621,442 $ (251,433) $ 438,414 $ 206,498 $ 45,851 $ 646,018 (1) Corporate is comprised of non-underwriting income and expenses. |
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 - Reinsurance (as adjusted - see Note 3) For the years ended December 31, 2020, 2019 and 2018 Direct gross premiums written Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Year ended December 31, 2020 $ 19,039 $ 46,344 $ 569,501 $ 542,196 95 % Year ended December 31, 2019 $ — $ 11,376 $ 668,414 $ 657,038 98 % Year ended December 31, 2018 $ — $ 4,169 $ 650,187 $ 646,018 99 % |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the loss and loss adjustment expense reserves, estimates of written and earned premiums and fair value of financial instruments. |
Cash and restricted cash and cash equivalents | Cash, cash equivalents and restricted cash Cash and cash equivalents consist of cash held in banks and other short-term, highly liquid investments with original maturity dates of ninety days or less. |
Premium revenue recognition | Premium revenue recognition Effective January 1, 2021, the Company changed its accounting policy for assumed written premium recognition. The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company's underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company's historical experience with the brokers or ceding companies. Premiums written are earned over the exposure period in proportion to the period of risk covered. Reinstatement premiums are earned when written. Unearned premiums represent the portion of premiums written that relate to the remaining term of the underlying policies in force. |
Reinsurance premiums ceded | Reinsurance premiums ceded From time to time, the Company reduces the risk of losses on business written by reinsuring certain risks and exposures with other reinsurers. The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent that the Company does not hold sufficient security for their unpaid obligations. Ceded premiums are written during the period in which the risks incept and are earned over the contract period in proportion to the period of risk covered. Unearned premiums ceded consist of the unexpired portion of reinsurance ceded. Reinsurance Reinsurance recoverables include claims we paid and estimates of unpaid losses and loss adjustment expenses that are subject to reimbursement under reinsurance and retrocessional contracts. The method for determining reinsurance recoverables for unpaid losses and loss adjustment expenses involves reviewing actuarial estimates of gross unpaid losses and loss adjustment expenses to determine our ability to cede unpaid losses and loss adjustment expenses under our existing reinsurance contracts. This method is continually reviewed and updated and any resulting adjustments are reflected in earnings in the period identified. Reinsurance premiums, commissions and expense reimbursements are accounted for on a basis consistent with those used in accounting for the original policies issued and the term of the reinsurance contracts. Amounts recoverable from reinsurers for losses and loss adjustment expenses for which the Company has not been relieved of its legal obligations to the policyholder are reported as assets. |
Deferred acquisition costs | Deferred acquisition costs Acquisition costs consist of commissions, brokerage and excise taxes that are related directly to the successful acquisition of new or renewal reinsurance contracts. These costs are deferred and amortized over the period in which the related premiums are earned. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of future earned premiums and anticipated investment income is greater than expected future loss and loss adjustment expenses and acquisition costs. If a loss is probable on the unexpired portion of contracts in force, a premium deficiency loss is recognized. As of December 31, 2020, deferred acquisition costs are considered to be fully recoverable and no premium deficiency has been recorded. |
Loss and loss adjustment expense reserves | Loss and loss adjustment expense reserves The Company’s loss and loss adjustment expense reserves include case reserves, reserves for losses incurred but not yet reported (“IBNR reserves”) and deferred gains on retroactive reinsurance contracts. Case reserves are established for losses that have been reported, but not yet paid. IBNR reserves represent the estimated loss and loss adjustment expenses that have been incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer, including unknown future development on loss and loss adjustment expenses that are known to the insurer or reinsurer. IBNR reserves are established by management based on actuarially determined estimates of ultimate loss and loss adjustment expenses. Deferred gains represent the underwriting profit related to retroactive exposures in reinsurance contracts at inception and are deferred and amortized over the estimated future settlement period of the contract. Deferred gains are included in loss and loss adjustment expense reserves. If the premium received is lower than the estimated loss and loss adjustment expense reserves assumed at inception of a retroactive reinsurance contract, the resulting difference is deferred and recorded in other assets. This difference is also amortized over the estimated future settlement period of the contract. |
Deposit liabilities | Deposit liabilities Certain contracts do not transfer sufficient insurance risk to be deemed reinsurance contracts and are accounted for using the deposit method of accounting. Management exercises judgment in determining whether contracts transfer sufficient risk to be accounted for as reinsurance contracts. Using the deposit method of accounting, a deposit liability, rather than written premium, is initially recorded based upon the consideration received less any explicitly identified premiums or fees. In subsequent periods, the deposit liability is adjusted by calculating the effective yield |
Fair value measurement | Fair value measurement The Company determines the fair value of financial instruments in accordance with current accounting guidance, which defines fair value and establishes a three level fair value hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Fair value is defined as the price that the Company would receive to sell an asset or would pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Company determines the estimated fair value of each individual security utilizing the highest level inputs available. The fair value of the Company’s assets and liabilities, which qualify as financial instruments, approximates the carrying amounts presented in the consolidated balance sheets. U.S. GAAP disclosure requirements establish a framework for measuring fair value, including a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-level hierarchy of inputs is summarized below: • Level 1 – Quoted prices available in active markets/exchanges for identical investments as of the reporting date. • Level 2 – Observable inputs to the valuation methodology other than unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2 inputs include, but are not limited to, prices quoted for similar assets or liabilities in active markets/exchanges, prices quoted for identical or similar assets or liabilities in markets that are not active and fair values determined through the use of models or other valuation methodologies. • Level 3 – Inputs are based all or in part on significant unobservable inputs for the investment, and include situations where there is little, if any, market activity for the investment. The inputs applied in the determination of fair value require significant management judgment and estimation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources other than those of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. |
Investments | Investments Investments - Trading The Company’s investments are classified as “trading securities” and are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss). The fair value of the Company’s investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications, industry recognized pricing vendors, and/or internal pricing valuation techniques. Investment transactions are recorded on a trade date basis with balances pending settlement included in due to/from brokers in the consolidated balance sheets. Realized gains and losses are determined using costs calculated on a specific identification basis. Dividends are recorded on the ex-dividend date. Income and expenses are recorded on the accrual basis including interest and premiums amortized and discounts accreted. Investment in related party investment fund The Company invests in TP Fund, a related party investment fund. The Company’s investment in TP Fund is stated at its fair value, that generally represents the Company’s proportionate interest in TP Fund as reported by the fund based on the net asset value (“NAV”) provided by the fund administrator. Increases or decreases in such fair value are recorded within net investment income from investment in related party investment fund in the Company’s consolidated statements of income. Realized gains or losses upon any redemptions of investments in TP Fund are calculated using the weighted average method. The Company records contributions and withdrawals related to its investments in TP Fund on the transaction date. |
Derivatives | Derivatives Investments Prior to the change in the investment account structure, derivative instruments within our investment assets managed by our investment manager, Third Point LLC, were recorded in the consolidated balance sheets at fair value, with changes in fair values and realized gains and losses recognized in net investment income in the consolidated statements of income (loss). Derivatives served as a key component of the Company’s investment strategy and were utilized primarily to structure the portfolio, or individual investments, and to economically match the investment objectives of the Company. The Company’s derivatives did not qualify as hedges for financial reporting purposes and were recorded in the consolidated balance sheets on a gross basis and not offset against any collateral pledged or received. Pursuant to the International Swaps and Derivatives Association (“ISDA”) master agreements, securities lending agreements and other derivatives agreements, the Company and its counterparties typically have the ability to net certain payments owed to each other in specified circumstances. In addition, in the event a party to one of the ISDA master agreements, securities lending agreements or other derivatives agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally has the right to set off against payments owed to the defaulting party or collateral held by the non-defaulting party. The Company entered into derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company used derivatives in connection with its risk-management activities to economically hedge certain risks and to gain exposure to certain investments. The utilization of derivative contracts also allowed for an efficient means by which to trade certain asset classes. Fair values of derivatives were determined by using quoted market prices, industry recognized pricing vendors and counterparty quotes when available; otherwise fair values were based on pricing models that consider the time value of money, volatility and the current market and contractual prices of underlying financial instruments. Embedded derivatives Certain of the Company’s reinsurance contracts contain interest crediting features that vary based on the net investment return on investments managed by Third Point LLC. These contractual features are considered embedded derivatives in accordance with U.S. GAAP. 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 estimated fair value of these embedded derivatives are recorded in other expenses in the consolidated statements of income (loss). Other derivatives From time to time the Company may also enter into reinsurance contracts that meet the definition of a derivative contract. The Company measures these derivative instruments at fair value and recognizes these instruments as |
Share-based compensation | Share-based compensation The Company accounts for its share-based compensation transactions using the fair value of the award at the grant date and accounts for forfeitures when they occur. Determining the fair value of share purchase options at the grant date requires estimation and judgment. The Company uses an option-pricing model (Black-Scholes) to calculate the fair value of share purchase options. For share purchase options or restricted share awards granted that contain both a service and performance condition, the Company recognizes share compensation expense only for the portion of the options or restricted share awards that are considered probable of vesting. Share compensation for share purchase options or restricted share awards considered probable of vesting are expensed over the service (vesting) period on a straight-line basis. The probability of share purchase options or restricted share awards vesting is evaluated at each reporting period. When the share purchase options or restricted share awards are considered probable of vesting, the Company records a true up of share compensation expense from the grant date (service inception date) to the current reporting period end based on the fair value of the options or restricted share awards at the grant date. |
Warrants | Warrants The Company accounts for warrant contracts issued to certain of its founding investors (“Founders”) in conjunction with the initial capitalization of the Company by using either the physical settlement or net-share settlement methods. The fair value of these warrants was recorded in equity as additional paid-in capital. The fair value of warrants issued are estimated on the grant date using the Black-Scholes option-pricing model. |
Offering costs | Debt offering costsCosts incurred in issuing debt, which includes underwriters’ fees, legal and accounting fees, printing and other fees are capitalized and presented as a direct deduction from the principal amount of senior notes payable in the consolidated balance sheets. These costs are amortized over the term of the debt and are included in interest expense in the consolidated statements of income (loss). |
Other Expenses | Other expenses Other expenses are comprised of expenses relating to interest crediting features in certain reinsurance and deposit contracts, as well as changes in value of embedded derivatives in reinsurance contracts and deposit liability contracts that have variable interest crediting featu res and changes in value of reinsurance contracts that meet the definition of a derivative contract. Variable and fixed int |
Foreign currency transactions | Foreign currency transactions The Company’s functional currency is the U.S. dollar. Transactions involving monetary assets and liabilities denominated in foreign currencies have been converted into U.S. dollars at the exchange rate in effect on the balance sheet date, and the related revenues and expenses are converted using specific rates for the period, as appropriate. Net foreign currency transaction gains and losses arising from these activities are reported in the consolidated statements of income (loss) in the period in which they arise. |
Income taxes and uncertain tax positions | Income taxes, withholding taxes and uncertain tax positions The Company provides for income taxes for its operations in income tax paying jurisdictions. The Company’s provision relies on estimates and interpretations of currently enacted tax laws. The Company recognizes deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Such temporary differences are primarily due to tax basis discounts on loss and loss adjustment expense reserves and unearned premiums, deferred acquisition costs and unrealized gains (losses) on investments. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. Any adjustments to deferred income taxes are accounted for as changes in estimates and are reflected in the consolidated statements of income (loss) in the year in which they are made. Adjustments could be material and could significantly impact earnings in the year they are recorded. Prior to the change in the investment account structure, certain of the Company's investments were subject to withholding tax obligations related to dividends, capital gains and interest on certain investments. These withholding taxes were recorded when they became payable and were included in income tax expense (benefit) in the Company’s consolidated statements of income (loss). The Company recognized uncertain tax positions related to certain investment transactions in foreign jurisdictions. The Company records its uncertain tax positions based on an estimate of the potential liability, including potential interests and penalties, arising from its investment transactions conducted in foreign countries. The changes in the Company’s uncertain tax position is included in income tax expense (benefit) in the Company’s consolidated statements of income (loss). |
Variable Interest Entities and Noncontrolling Interests in Related Party | Variable interest entities The Company accounts for variable interest entities (“VIEs”) in accordance with FASB ASC Topic 810 Consolidation, which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. For VIEs the Company determines it has a variable interest in, it determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. Noncontrolling interests |
Earnings per share | Earnings (loss) per share Basic earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”), be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive. |
Leases | Leases Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are recognized in the consolidated statements of income (loss) on a straight-line basis over the term of the lease. |
Comprehensive income | Comprehensive income The Company has no comprehensive income other than net income disclosed in the consolidated statements of income (loss). |
Segment information | Segment information Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing performance of the Company. Effective January 1, 2021, the Company reports four operating segments: Accident & Health (“A&H”), Specialty, Property, and Runoff & Other. Where applicable, all prior periods presented have been revised to conform to this new presentation. Non-underwriting income and expenses, presented as a reconciliation to our consolidated results, include: net investment income, certain general and administrative expenses related to corporate activities, interest expense, foreign exchange losses and income tax (expense) benefit. |
Treasury, shares | Treasury shares Common shares repurchased by the Company and not canceled are classified as treasury shares. Treasury shares are recorded at cost, which results in a reduction of shareholders’ equity in the consolidated balance sheets. When shares are reissued from treasury, the Company uses the average cost method to determine the cost of the reissued shares. Gains on sales of treasury shares are credited to additional paid-in capital, while losses are charged to additional paid-in capital to the extent that previous net gains from sales of treasury shares are included therein; otherwise, losses are charged to retained earnings. |
Transfers of Financial Assets | Transfer of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales, if any, would be included as realized gains (losses) within net investment income in the accompanying consolidated statements of income. In instances where a transfer of financial assets does not qualify for sale accounting, the accounting guidance requires that the transaction be accounted for as a collateralized borrowing. Accordingly, the related assets remain on the Company’s consolidated balance sheets and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with attributable interest expense recognized over the life of the related transactions. |
Recently issued accounting standards | Recent accounting pronouncements Adoption of New Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 amended the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 is intended to improve the effectiveness of fair value measurement disclosure requirements. The amendments are effective for interim and annual periods beginning after December 15, 2019. ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements. In October 2018, the FASB issued Accounting Standards Update 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The amendments in ASU 2018-17 for determining whether a decision-making fee is a variable interest require reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety. ASU 2018-17 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. ASU 2018-17 did not impact the Company’s assessment of its variable interest entity. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In January 2020, the FASB issued Accounting Standards Update 2020-01, Investments—Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”). The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In October 2020, the FASB issued Accounting Standards Update 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 (“ASU 2020-09”). The amendments in ASU 2020-09 amend and supersede SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10762 related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. ASU 2020-09 is effective January 4, 2021, but earlier compliance is permitted. The Company has evaluated the impact of this guidance and it is not expected to have a material impact on the Company’s consolidated financial statements. |
Change in accounting policy (Ta
Change in accounting policy (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of the retrospective impact from the change in accounting policy | The following tables provide a summary of the retrospective impact from the change in accounting policy on the Company’s consolidated financial statements: Consolidated balance sheet December 31, 2020 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable, net $ 559,388 $ (117,453) $ 441,935 Deferred acquisition costs, net 134,308 (65,758) 68,550 Unearned premiums ceded 27,659 (7,195) 20,464 Total assets 3,725,594 (190,406) 3,535,188 Reinsurance balances payable 80,408 (2,293) 78,115 Unearned premium reserves 472,948 (188,113) 284,835 Total liabilities 2,160,308 (190,406) 1,969,902 Shareholders’ equity attributable to SiriusPoint common shareholders $ 1,563,925 $ — $ 1,563,925 December 31, 2019 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable, net $ 596,120 $ (117,668) $ 478,452 Deferred acquisition costs, net 154,717 (62,553) 92,164 Unearned premiums ceded 16,945 (13,822) 3,123 Total assets 3,439,694 (194,043) 3,245,651 Reinsurance balances payable 81,941 (5,425) 76,516 Unearned premium reserves 524,768 (188,618) 336,150 Total liabilities 2,025,620 (194,043) 1,831,577 Shareholders’ equity attributable to SiriusPoint common shareholders $ 1,414,074 $ — $ 1,414,074 Consolidated statement of income (loss) Year ended December 31, 2020 As previously reported Adjustment As adjusted Gross premiums written $ 588,035 $ 505 $ 588,540 Gross premiums ceded (39,717) (6,627) (46,344) Net premiums written 548,318 (6,122) 542,196 Change in net unearned premium reserves 62,534 6,122 68,656 Net premiums earned $ 610,852 $ — $ 610,852 Net income available to SiriusPoint common shareholders $ 143,517 $ — $ 143,517 Year ended December 31, 2019 As previously reported Adjustment As adjusted Gross premiums written $ 631,846 $ 36,568 $ 668,414 Gross premiums ceded (9,265) (2,111) (11,376) Net premiums written 622,581 34,457 657,038 Change in net unearned premium reserves 77,561 (34,457) 43,104 Net premiums earned $ 700,142 $ — $ 700,142 Net income available to SiriusPoint common shareholders $ 200,619 $ — $ 200,619 Year ended December 31, 2018 As previously reported Adjustment As adjusted Gross premiums written $ 578,252 $ 71,935 $ 650,187 Gross premiums ceded (19,895) 15,726 (4,169) Net premiums written 558,357 87,661 646,018 Change in net unearned premium reserves 63,085 (87,661) (24,576) Net premiums earned $ 621,442 $ — $ 621,442 Net loss attributable to SiriusPoint common shareholders $ (317,692) $ — $ (317,692) Consolidated statement of cash flows Year ended December 31, 2020 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable $ 38,825 $ (215) $ 38,610 Deferred acquisition costs, net 20,409 3,205 23,614 Unearned premiums ceded (10,714) (6,627) (17,341) Unearned premium reserves (51,820) 505 (51,315) Reinsurance balances payable (1,352) 3,132 1,780 Net cash provided by operating activities $ 73,356 $ — $ 73,356 Year ended December 31, 2019 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable $ 30,039 $ (9,684) 20,355 Deferred acquisition costs, net 49,125 (24,343) 24,782 Unearned premiums ceded 607 (2,111) (1,504) Unearned premium reserves (78,168) 36,568 (41,600) Reinsurance balances payable 11,964 (430) 11,534 Net cash provided by operating activities $ 141,112 $ — $ 141,112 Year ended December 31, 2018 As previously reported Adjustment As adjusted Insurance and reinsurance balances receivable $ (120,620) $ (36,594) $ (157,214) Deferred acquisition costs, net 54,951 (46,205) 8,746 Unearned premiums ceded (16,503) 15,726 (777) Unearned premium reserves (46,582) 71,935 25,353 Reinsurance balances payable 28,728 (4,862) 23,866 Net cash provided by operating activities $ 13,387 $ — $ 13,387 |
Cash, cash equivalents, restr_2
Cash, cash equivalents, restricted cash and restricted investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of restricted cash and cash equivalents | The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2020 and 2019: 2020 2019 Cash and cash equivalents $ 525,991 $ 639,415 Restricted cash securing letter of credit facilities (1) 306,032 254,176 Restricted cash securing reinsurance contracts (2) 881,916 760,367 Total cash, cash equivalents and restricted cash (3) 1,713,939 1,653,958 Restricted investments securing reinsurance contracts (2) 86,367 142,617 Total cash, cash equivalents, restricted cash and restricted investments $ 1,800,306 $ 1,796,575 (1) Restricted cash securing letter of credit facilities primarily pertains to letters of credit that have been issued to the Company’s clients in support of our obligations under reinsurance contracts. The Company will not be released from the obligation to provide these letters of credit until the reserves underlying the reinsurance contracts have been settled. The time period for which the Company expects each letter of credit to be in place varies from contract to contract but can last several years. (2) Restricted cash and restricted investments securing reinsurance contracts pertain to trust accounts securing the Company’s contractual obligations under certain reinsurance contracts that the Company will not be released from until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities including U.S. Treasury securities, sovereign debt, and limited partnership interests in TP Fund. The time period for which the Company expects these trust accounts to be in place varies from contract to contract, but can last several years. (3) Cash, cash equivalents and restricted cash as reported in the Company’s consolidated statements of cash flows. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Investments Managed by TP LLC | The following is a summary of the net investments managed by Third Point LLC as of December 31, 2020 and 2019: 2020 2019 Assets TP Fund $ 1,055,618 $ 860,630 Debt securities 101,311 125,071 Total investments 1,156,929 985,701 Cash and cash equivalents 451,239 588,196 Restricted cash and cash equivalents 1,187,948 1,014,543 Due from brokers 94,902 — Interest and dividends receivable 632 2,178 Other assets — 18 Total assets 2,891,650 2,590,636 Liabilities Accounts payable and accrued expenses 1,171 509 Securities sold, not yet purchased 11,990 — Interest and dividends payable 21 — Total liabilities 13,182 509 Total net investments managed by Third Point LLC $ 2,878,468 $ 2,590,127 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of investments, categorized by the level of the fair value hierarchy | The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2020 and 2019: December 31, 2020 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 Asset-backed securities — 9,929 — 9,929 Bank debt — 423 — 423 Corporate bonds — 37,746 — 37,746 U.S. Treasury securities — 53,213 — 53,213 Total debt securities — 101,311 — 101,311 Derivative assets — — 1,153 1,153 $ — $ 101,311 $ 5,153 106,464 Investments in funds valued at NAV 1,055,618 Total assets $ 1,162,082 Liabilities U.S. Treasury securities $ — $ 11,990 $ — $ 11,990 Total securities sold, not yet purchased — 11,990 — 11,990 Derivative liabilities — — 1,013 1,013 Total liabilities $ — $ 11,990 $ 1,013 $ 13,003 December 31, 2019 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Private common equity securities $ — $ — $ 1,000 $ 1,000 Private preferred equity securities — — 3,000 3,000 Total equities — — 4,000 4,000 U.S. Treasury securities — 101,186 — 101,186 Sovereign debt — 23,885 — 23,885 Total debt securities — 125,071 — 125,071 $ — $ 125,071 $ 4,000 129,071 Investments in funds valued at NAV 860,630 Total assets $ 989,701 Liabilities Derivative liabilities $ — $ — $ 31 $ 31 Total liabilities $ — $ — $ 31 $ 31 |
Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs | The following table presents the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2020 and 2019: January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, 2020 Assets Private common equity securities $ 1,000 $ — $ — $ — $ — $ 1,000 Private preferred equity securities 3,000 — — — — 3,000 Derivative assets — — — — 1,153 1,153 Total assets $ 4,000 $ — $ — $ — $ 1,153 $ 5,153 Liabilities Derivative liabilities $ (31) $ — $ — $ (1,004) $ 22 $ (1,013) Total liabilities $ (31) $ — $ — $ (1,004) $ 22 $ (1,013) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains(Losses) (1) December 31, 2019 Assets Private common equity securities $ — $ — $ 1,000 $ — $ — $ 1,000 Private preferred equity securities — — 3,000 — — 3,000 Total assets $ — $ — $ 4,000 $ — $ — $ 4,000 Liabilities Derivative liabilities $ (22) $ — $ — $ — $ (9) $ (31) Total liabilities $ (22) $ — $ — $ — $ (9) $ (31) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in net investment income in the consolidated statements of income (loss) . Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other expenses, net of foreign exchange (gains) losses, in the consolidated statements of income (loss). |
Due from brokers (Tables)
Due from brokers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |
Schedule of Due From Brokers | As of December 31, 2020, the Company’s due from brokers were comprised of the following: 2020 Due from brokers Cash held at brokers $ 94,902 $ 94,902 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of listing currency, fair value and notional amounts of derivative instruments | The following tables identify the listing currency, fair value and notional amounts of derivative instruments included in the consolidated balance sheets as of December 31, 2020 and 2019: 2020 2019 Derivative Assets Listing currency (1) Fair Value Notional Amounts (2) Fair Value Notional Amounts (2) Reinsurance contracts accounted for as derivative assets GBP $ 1,153 $ 4,150 $ — $ — $ 1,153 $ 4,150 $ — $ — 2020 2019 Derivative Liabilities Listing currency (1) Fair Value Notional Amounts (2) Fair Value Notional Amounts (2) Reinsurance contracts accounted for as derivative liabilities GBP $ 1,008 $ 15,704 $ — $ — Embedded derivative liabilities in reinsurance contracts USD 5 20,000 31 20,000 $ 1,013 $ 35,704 $ 31 $ 20,000 (1) GBP = British Pound, USD = US Dollar. (2) The absolute notional exposure represents the Company’s derivative activity as of December 31, 2020 and 2019, which is representative of the volume of derivatives held during the period. |
Schedule of realized and unrealized gains (losses) relating to trading activities | The following table sets forth, by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives for the years ended December 31, 2020, 2019 and 2018. Realized and unrealized gains (losses) for the year ended December 31, 2018 includes activity in the separate accounts up to the date of change in the investment account structure. Realized and unrealized gains (losses) related to free standing derivatives were included in net investment income in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivatives are included in other expenses in the consolidated statements of income (loss). 2020 2019 2018 Free standing Derivatives - Primary Underlying Risk Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Realized Gain (Loss) Unrealized Gain (Loss)* Credit Credit Default Swaps - Protection Purchased $ — $ — $ — $ — $ (3,557) $ 921 Credit Default Swaps - Protection Sold — — — — (333) 744 Total Return Swaps - Long Contracts — — — — 3,486 (2,000) Equity Price Contracts for Differences - Long Contracts — — — — 32,460 (15,098) Contracts for Differences - Short Contracts — — — — 4,568 (3,608) Total Return Swaps - Long Contracts — — — — 16,792 (15,864) Total Return Swaps - Short Contracts — — — — (17,329) 1,883 Interest Rates Interest Rate Swaptions — — — — (1,819) 1,228 Sovereign Future Options - Long Contracts — — — — 403 — Sovereign Future Options - Short Contracts — — — — 50 — Sovereign Futures - Long Contracts — — — — 639 — Sovereign Futures - Short Contracts — — — — (1,166) — Total Return Swaps - Long Contracts — — — — (7,569) — Foreign Currency Exchange Rates Foreign Currency Forward Contracts — — — — (2,849) 4,403 Foreign Currency Future Options - Purchased — — — — (108) — Foreign Currency Options - Purchased — — — — 5,138 — Foreign Currency Options - Sold — — — — (771) — $ — $ — $ — $ — $ 28,035 $ (27,391) Other Derivatives Reinsurance contracts accounted for as derivative instruments $ — $ 1,222 $ — $ — $ — $ — Embedded derivatives in reinsurance contracts — 26 — (9) — 149 $ — $ 1,248 $ — $ (9) $ — $ 149 *Unrealized gain (loss) relates to derivatives still held at reporting date. |
Loss and loss adjustment expe_2
Loss and loss adjustment expense reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loss and Loss Adjustment Expense Reserves [Abstract] | |
Schedule of loss and loss adjustment expense reserves | As of December 31, 2020 and 2019, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following: 2020 2019 Case loss and loss adjustment expense reserves $ 265,619 $ 148,166 Incurred but not reported loss and loss adjustment expense reserves 1,043,458 963,359 Deferred gains on retroactive reinsurance contracts 991 167 $ 1,310,068 $ 1,111,692 |
Schedule of activity in the reserve for losses and loss adjustment expenses | The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Gross reserves for loss and loss adjustment expenses, beginning of year $ 1,111,692 $ 937,157 $ 720,570 Less: loss and loss adjustment expenses recoverable, beginning of year (5,520) (2,031) (1,113) Less: deferred charges on retroactive reinsurance contracts (6,738) (3,847) — Net reserves for loss and loss adjustment expenses, beginning of year 1,099,434 931,279 719,457 Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 431,506 489,994 434,276 Prior years 33,792 (86,495) 4,138 Total incurred loss and loss adjustment expenses 465,298 403,499 438,414 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (73,550) (63,638) (85,173) Prior years (209,534) (188,392) (132,336) Total net paid losses (283,084) (252,030) (217,509) Foreign currency translation 8,051 16,686 (9,083) Net reserves for loss and loss adjustment expenses, end of year 1,289,699 1,099,434 931,279 Plus: loss and loss adjustment expenses recoverable, end of year 14,375 5,520 2,031 Plus: deferred charges on retroactive reinsurance contracts 5,994 6,738 3,847 Gross reserves for loss and loss adjustment expenses, end of year $ 1,310,068 $ 1,111,692 $ 937,157 |
Schedule of total loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid by accident years | The following tables provide a breakdown of the Company’s loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid by accident year by line of business for the Company’s prospective reinsurance contracts for the year ended December 31, 2020. The information related to loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid for the years ended December 31, 2012 through 2019 is presented as supplementary information and is unaudited: Global A&H Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — 716 716 813 829 2 2018 — — — — — — 2,624 2,982 3,039 7 2019 — — — — — — — 3,437 3,565 1,001 2020 — — — — — — — — 3,153 2,671 Total $ 10,586 $ 3,681 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — 4 261 575 827 2018 — — — — — — 957 2,109 3,032 2019 — — — — — — — 1,640 2,564 2020 — — — — — — — — 482 Total $ 6,905 Global A&H - net reserves for loss and loss adjustment expenses, end of year $ 3,681 Marine & Energy Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — 4,673 3,885 812 730 119 80 2017 — — — — — 3,932 2,829 3,212 3,478 525 2018 — — — — — — 3,589 3,852 3,088 585 2019 — — — — — — — 3,967 4,250 2,839 2020 — — — — — — — — 3,442 3,419 Total $ 14,377 $ 7,448 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — 126 2018 — — — — — — — — 2,003 2019 — — — — — — — — 153 2020 — — — — — — — — — Total $ 2,282 Marine & Energy - net reserves for loss and loss adjustment expenses, end of year $ 12,095 Credit Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — 364 408 113 107 99 77 80 77 — 2014 — — 5,844 2,657 2,430 2,204 1,384 1,454 1,341 — 2015 — — — 5,249 5,048 4,760 4,012 3,129 2,665 78 2016 — — — — 10,750 10,732 10,825 6,564 6,752 1,247 2017 — — — — — 13,356 13,460 7,029 7,445 2,511 2018 — — — — — — 17,415 10,661 12,035 4,947 2019 — — — — — — — 17,740 19,348 10,352 2020 — — — — — — — — 22,803 9,402 Total $ 72,466 $ 28,537 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — 11 66 74 78 77 77 76 2014 — — 42 784 1,038 1,318 1,322 1,344 1,310 2015 — — — 402 1,128 2,045 2,328 2,503 2,408 2016 — — — — 1,013 2,326 3,419 4,197 4,213 2017 — — — — — 1,100 2,332 3,026 3,319 2018 — — — — — — 897 2,716 3,989 2019 — — — — — — — 1,900 3,368 2020 — — — — — — — — 8,230 Total $ 26,913 Credit - net reserves for loss and loss adjustment expenses, end of year $ 45,553 Casualty Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 17,284 $ 16,798 $ 16,842 $ 17,130 $ 17,148 $ 17,053 $ 17,230 $ 17,287 $ 17,377 $ 7 2013 — 48,279 48,606 52,837 52,787 52,735 52,601 52,230 52,450 486 2014 — — 167,001 174,182 174,714 168,861 168,102 167,237 170,052 11,237 2015 — — — 189,321 199,697 183,964 186,499 195,821 195,369 23,674 2016 — — — — 206,074 202,618 205,252 208,768 215,964 48,630 2017 — — — — — 181,109 186,073 186,623 197,100 73,252 2018 — — — — — — 196,161 195,043 203,571 99,702 2019 — — — — — — — 148,962 160,409 94,732 2020 — — — — — — — — 123,722 101,140 Total $ 1,336,014 $ 452,860 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 5,713 $ 10,613 $ 14,404 $ 15,730 $ 16,351 $ 16,114 $ 16,458 $ 16,695 $ 17,038 2013 — 11,260 26,386 35,526 41,892 46,319 48,545 49,855 50,281 2014 — — 49,855 113,933 127,284 134,658 140,576 143,441 145,293 2015 — — — 45,434 95,143 112,164 126,400 134,143 141,579 2016 — — — — 42,665 96,910 114,312 127,468 137,822 2017 — — — — — 29,550 63,183 78,105 97,029 2018 — — — — — — 25,181 55,558 78,508 2019 — — — — — — — 16,826 42,471 2020 — — — — — — — — 9,980 Total $ 720,001 Casualty - net reserves for loss and loss adjustment expenses, end of year $ 616,013 Other Specialty Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — 2,317 4,272 4,564 4,564 4,564 4,564 4,564 4,564 — 2014 — — 27,671 20,272 24,214 19,570 21,346 21,355 21,355 174 2015 — — — 61,160 84,198 81,934 81,186 81,320 81,312 525 2016 — — — — 91,574 92,759 90,648 91,332 91,409 259 2017 — — — — — 80,058 85,255 86,544 86,900 1,754 2018 — — — — — — 88,621 100,329 97,627 28,803 2019 — — — — — — — 134,382 152,307 86,385 2020 — — — — — — — — 136,121 101,140 Total $ 671,595 $ 219,040 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — 1,243 4,563 4,563 4,563 4,563 4,563 4,563 2014 — — 1,221 14,304 20,921 19,034 20,792 21,082 21,139 2015 — — — 30,999 66,086 74,904 77,815 79,727 80,301 2016 — — — — 30,997 77,062 85,422 88,842 90,256 2017 — — — — — 54,370 75,379 81,290 84,079 2018 — — — — — — 31,096 48,967 55,655 2019 — — — — — — — 19,930 49,036 2020 — — — — — — — — 23,148 Total $ 408,177 Other Specialty - net reserves for loss and loss adjustment expenses, end of year $ 263,418 Property Catastrophe Excess Reinsurance Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — 39,582 39,250 11,000 2020 — — — — — — — — 59,245 44,628 Total $ 98,495 $ 55,628 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — 470 15,326 2020 — — — — — — — — 7,321 Total $ 22,647 Property Catastrophe Excess Reinsurance - net reserves for loss and loss adjustment expenses, end of year $ 75,848 Property Risk and Pro Rata Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 10,917 $ 8,672 $ 9,375 $ 9,353 $ 9,416 $ 9,472 $ 9,501 $ 9,490 $ 9,484 $ 2 2013 — 27,765 24,980 25,766 25,882 25,785 26,170 26,051 26,378 232 2014 — — 40,256 40,920 41,336 44,627 46,500 46,303 46,719 576 2015 — — — 50,330 52,533 54,635 56,313 56,201 56,583 902 2016 — — — — 45,415 43,038 43,799 43,733 43,810 1,108 2017 — — — — — 41,237 41,833 41,753 41,926 1,576 2018 — — — — — — 54,084 52,344 52,650 5,797 2019 — — — — — — — 53,597 53,713 7,096 2020 — — — — — — — — 59,159 29,199 Total $ 390,422 $ 46,488 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 4,656 $ 8,381 $ 9,075 $ 9,186 $ 9,352 $ 9,400 $ 9,482 $ 9,483 $ 9,482 2013 — 14,635 22,229 24,023 25,167 25,406 25,815 25,993 26,127 2014 — — 19,420 34,381 38,448 42,775 44,533 45,312 45,937 2015 — — — 22,706 43,382 48,360 51,783 53,924 55,066 2016 — — — — 21,593 31,871 37,044 39,651 41,872 2017 — — — — — 24,713 33,436 37,171 39,282 2018 — — — — — — 26,458 35,169 45,146 2019 — — — — — — — 22,624 43,542 2020 — — — — — — — — 24,454 Total $ 330,908 Property Risk and Pro Rata - net reserves for loss and loss adjustment expenses, end of year $ 59,514 Agriculture Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 52,105 $ 49,942 $ 50,055 $ 50,055 $ 50,065 $ 50,104 $ 50,104 $ 50,104 $ 50,104 $ 1 2013 — 23,273 24,274 23,450 23,138 23,135 23,138 23,125 23,128 1 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — — — Total $ 73,232 $ 2 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ 2,666 $ 48,455 $ 50,024 $ 50,025 $ 50,067 $ 50,103 $ 50,103 $ 50,103 $ 50,103 2013 — — 22,232 23,138 23,134 23,135 23,137 23,127 23,127 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — Total $ 73,230 Agriculture - net reserves for loss and loss adjustment expenses, end of year $ 2 Other Loss and loss adjustment expenses incurred, net Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — — 2014 — — — — — — — — — — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — 2,863 2,863 Total $ 2,863 $ 2,863 Cumulative net losses and loss adjustment expenses paid Accident year 2012 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------------- Unaudited ----------------------------------------------> 2012 $ — $ — $ — $ — $ — $ — $ — $ — $ — 2013 — — — — — — — — — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — Total $ — Other - net reserves for loss and loss adjustment expenses, end of year $ 2,863 Property and Casualty Reinsurance - Retroactive Reinsurance Contracts The Company writes reinsurance contracts that provide limited protection against adverse development on loss originating from multiple accident years. The Company has other retroactive exposure within contracts that provide primarily prospective coverage. These contracts are included in the prospective reinsurance tables above. These contracts are typically part of prospective reinsurance contracts with a small portion of retroactive exposure resulting from the delay between the dates when the relevant contract was bound and the dates on which each incepted. The information below includes loss and loss adjustment expenses incurred, net and loss and loss adjustment expenses paid, net, by accident year for the Company's retroactive reinsurance contracts presented by year of inception of the retroactive reinsurance contracts. The Company's estimate for loss and loss adjustment expenses incurred, net, at inception of all retroactive reinsurance contracts entered into to date was the same when the contract incepted and at the relevant year end position. As a result, there was no development in the year of inception for any of the Company's retroactive reinsurance contracts written to date. In addition, there were no loss and loss adjustment expenses paid, net, at inception of the Company's retroactive reinsurance contracts. The information related to loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid for the years ended December 31, 2012 through 2019 is presented as supplementary information and is unaudited. Retroactive contracts incepting in the year ended December 31, 2012 The Company did not enter into any retroactive reinsurance contracts during the year ended December 31, 2012. Retroactive contracts incepting in the year ended December 31, 2013 Loss and loss adjustment expenses incurred, net Accident year 2013 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------- Unaudited ---------------------------------------------------> 2011 $ 5,419 $ 4,173 $ 4,173 $ 4,173 $ 4,173 $ 4,173 $ 4,173 $ 4,173 $ — 2012 10,197 7,853 7,853 7,853 7,853 7,853 7,853 7,853 — 2013 4,908 3,779 3,779 3,779 3,779 3,779 3,779 3,779 — 2014 — — — — — — — — — 2015 — — — — — — — — — 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — Total $ 15,805 $ — Cumulative net loss and loss adjustment expenses paid Accident year 2013 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------- Unaudited ---------------------------------------------------> 2011 $ — $ 1,654 $ 4,173 $ 4,173 $ 4,173 $ 4,173 $ 4,173 $ 4,173 2012 — 3,113 7,853 7,853 7,853 7,853 7,853 7,853 2013 — 1,498 3,779 3,779 3,779 3,779 3,779 3,779 2014 — — — — — — — — 2015 — — — — — — — — 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — Total $ 15,805 Net reserves for loss and loss adjustment expenses from 2011 to 2020 — Net reserves for loss and loss adjustment expenses prior to 2011 — Retroactive contracts incepting in the year ended December 31, 2013 - net reserves for loss and loss adjustment expenses, end of year $ — Retroactive contracts incepting in the year ended December 31, 2014 Loss and loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <---------------------------------------- Unaudited -----------------------------------> 2011 $ 4,293 $ 3,498 $ 3,090 $ 3,274 $ 2,895 $ 1,529 $ 1,529 $ — 2012 12,343 10,930 9,655 10,230 9,045 4,778 4,778 — 2013 19,174 17,142 15,143 16,045 14,185 7,493 7,493 — 2014 10,851 9,711 8,578 9,089 8,035 4,245 4,245 — 2015 — — — — — — — — 2016 — — — — — — — — 2017 — — — — — — — — 2018 — — — — — — — — 2019 — — — — — — — — 2020 — — — — — — — — Total $ 18,045 $ — Cumulative net loss and loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 <---------------------------------------- Unaudited -----------------------------------> 2011 $ — $ — $ — $ — $ — $ — $ 1,529 2012 — — — — — — 4,778 2013 — — — — — — 7,493 2014 — — — — — — 4,245 2015 — — — — — — — 2016 — — — — — — — 2017 — — — — — — — 2018 — — — — — — — 2019 — — — — — — — 2020 — — — — — — — Total $ 18,045 Net reserves for loss and loss adjustment expenses from 2011 to 2020 — Net reserves for loss and loss adjustment expenses prior to 2011 — Retroactive contracts incepting in the year ended December 31, 2014 - net reserves for loss and loss adjustment expenses, end of year $ — Retroactive contracts incepting in the year ended December 31, 2015 Loss and loss adjustment expenses incurred, net Accident year 2015 2016 2017 2018 2019 2020 IBNR loss and LAE reserves, net <-------------------------------- Unaudited ---------------------------> 2011 $ 10,433 $ 10,433 $ 7,913 $ 7,527 $ 4,509 $ 3,108 $ 3,108 2012 15,400 15,400 11,820 11,482 6,817 4,480 4,480 2013 18,995 18,995 14,600 14,216 8,432 5,510 5,510 2014 41,992 41,992 32,545 32,143 18,953 11,971 11,971 2015 2,596 2,596 1,788 1,395 913 913 913 2016 — — — — — — — 2017 — — — — — — — 2018 — — — — — — — 2019 — — — — — — — 2020 — — — — — — — Total $ 25,982 $ 25,982 Cumulative net loss and loss adjustment expenses paid Accident year 2015 2016 2017 2018 2019 2020 <-------------------------------- Unaudited ---------------------------> 2011 $ — $ — $ — $ — $ — $ — 2012 — — — — — — 2013 — — — — — — 2014 — — — — — — 2015 — — — — — — 2016 — — — — — — 2017 — — — — — — 2018 — — — — — — 2019 — — — — — — 2020 — — — — — — Total $ — Net reserves for loss and loss adjustment expenses from 2011 to 2020 25,982 Net reserves for loss and loss adjustment expenses prior to 2011 3,454 Retroactive contracts incepting in the year ended December 31, 2015 - net reserves for loss and loss adjustment expenses, end of year $ 29,436 Retroactive contracts incepting in the year ended December 31, 2016 The Company did not enter into any retroactive reinsurance contracts during the year ended December 31, 2016. Retroactive contracts incepting in the year ended December 31, 2017 Loss and loss adjustment expenses incurred, net Accident year 2017 2018 2019 2020 IBNR loss and LAE reserves, net <-------------- Unaudited --------------> 2011 $ 1,693 $ 1,612 $ 966 $ 871 $ 871 2012 2,248 2,174 1,295 1,158 1,158 2013 3,460 3,365 2,000 1,783 1,783 2014 9,894 9,765 5,768 5,101 5,101 2015 13,002 12,805 7,570 6,703 6,703 2016 24,643 24,408 14,397 12,708 12,708 2017 50,570 50,588 29,719 26,090 26,090 2018 — — — — — 2019 — — — — — 2020 — — — — — Total $ 54,414 $ 54,414 Cumulative net loss and loss adjustment expenses paid Accident year 2017 2018 2019 2020 <-------------- Unaudited --------------> 2011 $ — $ — $ — $ — 2012 — — — — 2013 — — — — 2014 — — — — 2015 — — — — 2016 — — — — 2017 — — — — 2018 — — — — 2019 — — — — 2020 — — — — Total $ — Net reserves for loss and loss adjustment expenses from 2011 to 2020 54,414 Net reserves for loss and loss adjustment expenses prior to 2011 485 Retroactive contracts incepting in the year ended December 31, 2017 - net reserves for loss and loss adjustment expenses, end of year $ 54,899 Retroactive contracts incepting in the year ended December 31, 2018 Loss and loss adjustment expenses incurred, net Accident year 2018 2019 2020 IBNR loss and LAE reserves, net <------ Unaudited ------> 2011 $ 200 $ 132 $ 132 $ 129 2012 452 376 376 102 2013 2,300 2,072 2,072 148 2014 6,000 5,466 5,466 241 2015 13,184 12,092 12,092 330 2016 20,093 18,488 18,488 364 2017 17,847 16,439 16,439 280 2018 15,396 14,240 14,240 101 2019 — — — — 2020 — — — — Total $ 69,305 $ 1,695 Cumulative net loss and loss adjustment expenses paid Accident year 2018 2019 2020 <------ Unaudited ------> 2011 $ — $ 3 $ 3 2012 — 274 274 2013 — 1,924 1,924 2014 — 5,225 5,225 2015 — 11,762 11,762 2016 — 18,124 18,124 2017 — 16,159 16,159 2018 — 14,139 14,139 2019 — — — 2020 — — — Total $ 67,610 Net reserves for loss and loss adjustment expenses from 2011 to 2020 1,695 Net reserves for loss and loss adjustment expenses prior to 2011 348 Retroactive contracts incepting in the year ended December 31, 2018 - net reserves for loss and loss adjustment expenses, end of year $ 2,043 Retroactive contracts incepting in the year ended December 31, 2019 Loss and loss adjustment expenses incurred, net Accident year 2019 2020 IBNR loss and LAE reserves, net Unaudited 2011 $ 2,064 $ 2,218 $ 2,218 2012 1,211 1,286 1,286 2013 1,983 2,152 2,152 2014 4,328 4,750 4,750 2015 6,197 6,815 6,815 2016 10,858 12,106 12,106 2017 12,908 14,309 14,309 2018 16,769 18,544 18,544 2019 35,527 39,913 39,913 2020 — — — Total $ 102,093 $ 102,093 Cumulative net loss and loss adjustment expenses paid Accident year 2019 2020 Unaudited 2011 $ — $ — 2012 — — 2013 — — 2014 — — 2015 — — 2016 — — 2017 — — 2018 — — 2019 — — 2020 — — Total $ — Net reserves for loss and loss adjustment expenses from 2011 to 2020 102,093 Net reserves for loss and loss adjustment expenses prior to 2011 2,553 Retroactive contracts incepting in the year ended December 31, 2019 - net reserves for loss and loss adjustment expenses, end of year $ 104,646 Retroactive contracts incepting in the year ended December 31, 2020 Loss and loss adjustment expenses incurred, net Accident year 2020 IBNR loss and LAE reserves, net 2011 $ 184 $ 184 2012 177 177 2013 255 255 2014 630 630 2015 811 811 2016 2,089 2,090 2017 2,319 2,319 2018 2,336 2,336 2019 3,337 3,337 2020 7,540 7,541 Total $ 19,678 $ 19,680 Cumulative net loss and loss adjustment expenses paid Accident year 2020 2011 $ — 2012 — 2013 — 2014 — 2015 — 2016 — 2017 — 2018 — 2019 — 2020 — Total $ — Net reserves for loss and loss adjustment expenses from 2011 to 2020 19,678 Net reserves for loss and loss adjustment expenses prior to 2011 10 Retroactive contracts incepting in the year ended December 31, 2020 - net reserves for loss and loss adjustment expenses, end of year $ 19,688 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The following table provides a reconciliation of the Company's loss and loss expense reserves as of December 31, 2020: 2020 Prospective reinsurance contracts Global A&H $ 3,681 Marine & Energy 12,095 Credit 45,553 Casualty 616,013 Other Specialty 263,418 Property Catastrophe Excess Reinsurance 75,848 Property Risk and Pro Rata 59,514 Agriculture 2 Other 2,863 Retroactive reinsurance contracts Retroactive contracts incepting in the year ended December 31, 2012 — Retroactive contracts incepting in the year ended December 31, 2013 — Retroactive contracts incepting in the year ended December 31, 2014 — Retroactive contracts incepting in the year ended December 31, 2015 29,436 Retroactive contracts incepting in the year ended December 31, 2016 — Retroactive contracts incepting in the year ended December 31, 2017 54,899 Retroactive contracts incepting in the year ended December 31, 2018 2,043 Retroactive contracts incepting in the year ended December 31, 2019 104,646 Retroactive contracts incepting in the year ended December 31, 2020 19,688 Net reserves for loss and loss adjustment expenses, end of year 1,289,699 Loss and loss adjustment expenses recoverable Global A&H — Marine & Energy — Credit 2,373 Casualty 8,982 Other Specialty — Property Catastrophe Excess Reinsurance 218 Property Risk and Pro Rata 2,801 Agriculture 1 Other — Total loss and loss adjustment expenses recoverable 14,375 Deferred charges on retroactive reinsurance contracts 5,994 Gross reserves for loss and loss adjustment expenses, end of year $ 1,310,068 |
Schedule of percentage annual payout on losses | The following table is presented as supplementary information and presents the Company’s historical average annual percentage payout of loss and loss adjustment expenses incurred, net by age, as of December 31, 2020: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 (Unaudited) Prospective reinsurance contracts Global A&H 23.3 % 31.6 % 34.1 % 30.4 % — % — % — % — % — % Marine & Energy — % 0.9 % 21.6 % 1.8 % — % — % — % — % — % Credit 12.7 % 22.2 % 26.9 % 11.6 % 3.1 % (1.1) % (1.4) % (1.5) % — % Casualty 19.2 % 24.2 % 11.8 % 7.8 % 4.9 % 2.1 % 1.9 % 1.1 % 2.0 % Other Specialty 25.3 % 34.8 % 22.9 % 0.3 % 3.0 % 0.7 % 0.1 % — % — % Property Catastrophe Excess Reinsurance 6.8 % 37.8 % — % — % — % — % — % — % — % Property Risk and Pro Rata 47.6 % 29.5 % 10.2 % 5.3 % 3.1 % 1.4 % 1.0 % 0.3 % — % Agriculture 2.7 % 93.8 % 3.5 % — % — % — % — % — % — % Other — % — % — % — % — % — % — % — % — % Retroactive reinsurance contracts Retroactive contracts incepting in the year ended December 31, 2012 n/a n/a n/a n/a n/a n/a n/a n/a n/a Retroactive contracts incepting in the year ended December 31, 2013 4.4 % 23.7 % 31.4 % 4.6 % 3.4 % 2.6 % 3.3 % — % n/a Retroactive contracts incepting in the year ended December 31, 2014 — % — % — % — % — % — % — % n/a n/a Retroactive contracts incepting in the year ended December 31, 2015 — % — % — % — % — % — % n/a n/a n/a Retroactive contracts incepting in the year ended December 31, 2016 n/a n/a n/a n/a n/a n/a n/a n/a n/a Retroactive contracts incepting in the year ended December 31, 2017 — % — % — % — % n/a n/a n/a n/a n/a Retroactive contracts incepting in the year ended December 31, 2018 — % 97.1 % — % n/a n/a n/a n/a n/a n/a Retroactive contracts incepting in the year ended December 31, 2019 — % — % n/a n/a n/a n/a n/a n/a n/a Retroactive contracts incepting in the year ended December 31, 2020 — % n/a n/a n/a n/a n/a n/a n/a n/a |
Management and performance fe_2
Management and performance fees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Management, Performance and Founders Fees [Abstract] | |
Schedule of investment fee expenses | The total management and performance fees to related parties for the years ended December 31, 2020, 2019 and 2018 were as follows: 2020 2019 2018 Management fees - Third Point LLC $ — $ — $ 25,797 Performance fees - Third Point Advisors LLC — — 4,048 Management and performance fees to related parties as reported in the Company’s consolidated statements of income (loss) (1) — — 29,845 Management fees - TP Fund 14,521 17,175 10,782 Performance fees - fixed income and other investments (2) 14,023 — — Performance fees - TP Fund (before loss carryforward) 51,762 49,851 (3,406) Performance fees - loss carryforward utilized (506) (47,470) — Total management and performance fees to related parties $ 79,800 $ 19,556 $ 37,221 (1) For the year ended December 31, 2018, management and performance fees to related parties in the consolidated statements of income (loss) include activity in the separate accounts up to the date of change in the investment account structure. As a result of the 2018 LPA effective August 31, 2018, management and performance fees for the remainder of the year ended December 31, 2018 were presented within net investment income (loss) from investment in related party investment fund in the consolidated statements of income (loss). (2) Pursuant to the terms of the 2020 LPA, the performance of certain fixed income and other investments managed by Third Point LLC are now also subject to 20% performance fees for the year ended December 31, 2020. |
Deposit accounted contracts (Ta
Deposit accounted contracts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposit Contracts, Liabilities [Abstract] | |
Schedule of deposit contracts | The following table represents activity for the deposit contracts for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance, beginning of year $ 172,259 $ 145,342 $ 129,133 Consideration received 550 23,884 17,879 Consideration receivable — 10,164 7,390 Net investment expense (income) allocation 852 5,879 (1,273) Payments (20,752) (13,052) (8,089) Foreign currency translation 52 42 302 Balance, end of year $ 152,961 $ 172,259 $ 145,342 |
Senior Notes payable and lett_2
Senior Notes payable and letter of credit facilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | As of December 31, 2020, the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Committed - Secured letters of credit facilities $ 225,000 $ 99,638 $ 102,283 Uncommitted - Secured letters of credit facilities n/a 203,749 203,749 $ 303,387 $ 306,032 |
Net investment income (loss) (T
Net investment income (loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income | Net investment income (loss) for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 Net investment income (loss) by type Net realized gains (losses) on investments and investment derivatives $ 46,369 $ (5,850) $ 446,646 Net change in unrealized gains (losses) on investments and investment derivatives 14,881 8,381 (412,650) Net gains (losses) on currencies 7,998 12,806 (7,305) Dividend and interest income 16,035 18,551 53,523 Dividends paid on securities sold, not yet purchased — — (5,259) Other expenses (1,333) (954) (15,696) Management and performance fees to related parties (1) — — (29,845) Net investment income (loss) from investment in related party investment fund (1) 194,988 249,626 (280,847) Net investment income (loss) $ 278,938 $ 282,560 $ (251,433) (1) Effective August 31, 2018, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income (loss) from investment in related party investment fund from the effective date of the transition. See Note 11 for additional information regarding management and performance fees. The following table provides an additional breakdown of our net investment income (loss) by asset and liability type for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Net investment income (loss) by asset type Equity securities $ — $ — $ 70,646 Private common equity securities — — (401) Private preferred equity securities — — (2,680) Total equities — — 67,565 Asset-backed securities 34,601 — 20,714 Bank debt 376 — 5,326 Corporate bonds 34,522 — (2,958) Municipal bonds — — 9,990 U.S. Treasury securities 2,430 8,703 2,787 Sovereign debt 162 515 (7,380) Other debt securities — — 406 Total debt securities 72,091 9,218 28,885 Options — — (15,527) Rights and warrants — — 238 Real estate — — (186) Trade claims — — (580) Total other investments — — (16,055) Net investment loss in funds valued at NAV, excluding TP Fund — (6) (723) Total net investment income from invested assets 72,091 9,212 79,672 Net investment income (loss) by liability type Equity securities — — (32,407) Corporate bonds — — (2,452) U.S. Treasury securities 582 — — Options — — 21,697 Total net investment income (loss) from securities sold, not yet purchased 582 — (13,162) Other investment income (losses) and other expenses not presented above Other investment income (expenses) (1,021) (954) 903 Net investment income on derivative contracts — — 644 Net investment income (loss) on cash, including foreign exchange gain (loss) 12,298 24,676 (14,885) Net investment losses on securities purchased under an agreement to sell and securities sold under an agreement to repurchase — — (238) Withholding taxes reclassified to income tax expense — — 6,325 Total other investment income and other expenses 11,277 23,722 (7,251) Management and performance fees to related parties (1) — — (29,845) Net investment income (loss) from investment in related party investment fund (1) 194,988 249,626 (280,847) Net investment income (loss) $ 278,938 $ 282,560 $ (251,433) (1) Effective August 31, 2018, SiriusPoint, Third Point Re BDA and Third Point Re USA entered into the 2018 LPA to invest in TP Fund. As a result, the management and performance fees are presented within net investment income (loss) from investment in related party investment fund from the effective date of the transition. See Note 11 for additional information regarding management and performance fees. |
Net corporate and other expen_2
Net corporate and other expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of net corporate and other expenses | Net corporate and other expenses for the years ended December 31, 2020, 2019 and 2018 consisted of the following: 2020 2019 2018 Corporate expenses $ 39,765 $ 30,397 $ 17,606 Investment expense (income) on deposit liabilities 852 5,879 (1,273) Current expected credit losses 624 — — Change in fair value of embedded derivatives in reinsurance contracts (26) 9 (149) $ 41,215 $ 36,285 $ 16,184 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit), Continuing Operations | For the years ended December 31, 2020, 2019 and 2018, the Company recorded income tax expense (benefit), as follows: 2020 2019 2018 Income tax expense (benefit) related to U.S. and U.K. subsidiaries $ 8,040 $ 713 $ (10,035) Change in uncertain tax positions 68 — (300) Withholding taxes on certain investment transactions (1) — — 6,325 $ 8,108 $ 713 $ (4,010) (1) Prior to the change in the Company’s investment account structure, the Company was subject to withholding taxes on income sourced in the United States and in other countries, subject to each countries’ specific tax regulations. Income subject to withholding taxes included, but is not limited to, dividends, capital gains and interest on certain investments. The following table presents the Company’s current and deferred incomes taxes for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Current tax expense $ 145 $ 54 $ 6,025 Deferred tax expense (benefit) 7,963 659 (10,035) $ 8,108 $ 713 $ (4,010) |
Schedule of Income before Income Tax, Domestic and Foreign | The following is a summary of the Company’s income (loss) before income tax expense (benefit) by jurisdiction for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Bermuda $ 113,646 $ 197,973 $ (273,697) United States 38,159 3,245 (47,771) United Kingdom 161 114 (11) $ 151,966 $ 201,332 $ (321,479) |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of expected income taxes to income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Bermuda (expected tax expense at 0%) $ — $ — $ — Foreign taxes at local expected rates: United States 8,013 681 (10,032) United Kingdom 31 22 (2) Withholding taxes related to dividend and interest income — — 6,325 Uncertain tax positions 68 — (300) Non-deductible expenses and other (4) 10 (1) $ 8,108 $ 713 $ (4,010) |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2020, 2019 and 2018: 2020 2019 2018 Deferred tax assets: Discounting of loss and loss adjustment expense reserves $ 1,027 $ 786 $ 534 Unearned premiums 5,543 1,774 1,567 Temporary differences in recognition of expenses 2,462 1,208 1,247 Net operating loss carryforward 10,131 9,282 6,798 Total deferred tax assets 19,163 13,050 10,146 Deferred tax liabilities: Deferred acquisition costs 8,276 1,379 1,490 Unrealized gains (losses) on investments 10,474 3,366 (405) Total deferred tax liabilities 18,750 4,745 1,085 Net deferred tax assets $ 413 $ 8,305 $ 9,061 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding | The following table presents a summary of the common shares issued and outstanding as of and for the years ended December 31, 2020, 2019 and 2018: Common shares 2020 2019 2018 Common shares issued, beginning of year 94,225,498 93,639,610 107,227,347 Options exercised — 187,678 — Restricted shares granted, net of forfeitures 1,012,939 366,453 50,644 Performance restricted shares granted, net of forfeitures and shares withheld 344,296 31,757 256,106 Retirement of treasury shares and shares repurchased (1) — — (14,256,043) Warrants exercised, net (2) — — 361,556 Common shares issued, end of year 95,582,733 94,225,498 93,639,610 (1) Prior to December 31, 2017, common shares repurchased by the Company were not canceled and were classified as treasury shares. Effective January 1, 2018, all treasury shares were retired and subsequent shares repurchased are retired. (2) During the year ended December 31, 2018, 1,156,184 warrants were exercised. As a result of the warrant holder electing net settlement, 794,628 of those common shares were withheld by the Company and were subsequently retired, resulting in a net issuance of 361,556 common shares. |
Schedule of summary of warrants | The following is a summary of warrants as of December 31, 2020: Exercise price Authorized and Aggregated fair Founders $ 10.00 2,913,684 $ 10,884 Advisor $ 10.00 581,295 2,171 3,494,979 $ 13,055 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense | The following table provides the total share-based compensation expense included in general and administrative expenses during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Management and director options $ — $ — $ 275 Restricted shares with service condition 2,812 1,927 611 Restricted shares with service and performance condition 3,824 5,134 4,070 $ 6,636 $ 7,061 $ 4,956 |
Schedule of management and director options activity | The management and director options activity for the years ended December 31, 2020, 2019 and 2018 were as follows: Number of Weighted Balance as of January 1, 2018 8,888,053 $ 13.43 Forfeited — — Exercised — — Balance as of January 1, 2019 8,888,053 13.43 Forfeited (393,717) 14.73 Exercised (187,678) 10.00 Balance as of January 1, 2020 8,306,658 13.45 Forfeited — — Exercised — — Balance as of December 31, 2020 8,306,658 $ 13.45 |
Schedule of management and director options outstanding | The following table summarizes information about the Company’s management and director share options outstanding as of December 31, 2020: Options outstanding Options exercisable Range of exercise prices Number of Weighted Remaining Number of Weighted $10.00 - $10.89 4,774,694 $ 10.04 1.1 years 4,774,694 $ 10.04 $15.05 - $16.89 1,800,866 $ 15.92 1.3 years 1,800,866 $ 15.92 $20.00 - $25.05 1,731,098 $ 20.28 1.2 years 1,731,098 $ 20.28 8,306,658 $ 13.45 1.2 years 8,306,658 $ 13.45 |
Schedule of restricted share award activity | Restricted share award activity for the restricted shares with only a service condition for the years ended December 31, 2020, 2019 and 2018 was as follows: Number of non- Weighted Balance as of January 1, 2018 18,209 $ 12.15 Granted 50,644 13.45 Vested (44,788) 12.97 Balance as of January 1, 2019 24,065 13.35 Granted 403,360 11.10 Forfeited (36,907) 11.31 Vested (49,751) 12.40 Balance as of January 1, 2020 340,767 11.83 Granted 1,029,373 8.30 Forfeited (16,434) 9.77 Vested (182,648) 10.10 Balance as of December 31, 2020 1,171,058 $ 8.80 |
Schedule of restricted shares with a service and performance condition activity | Restricted share award activity for the restricted shares with a service and performance condition for the years ended December 31, 2020, 2019 and 2018 was as follows: Number of non- Number of non- Weighted average grant date fair value Balance as of January 1, 2018 1,855,379 887,203 $ 12.60 Granted 556,403 370,931 14.01 Forfeited (294,977) (4,102) 13.98 Vested (115,757) (115,757) 14.00 Change in estimated restricted shares considered probable of vesting n/a 46,945 13.35 Balance as of January 1, 2019 2,001,048 1,185,220 12.80 Granted 862,176 574,784 10.95 Forfeited (823,977) (290,552) 11.70 Vested (148,718) (148,718) 11.40 Change in estimated restricted shares considered probable of vesting n/a (6,698) 12.92 Balance as of January 1, 2020 1,890,529 1,314,036 12.43 Granted 749,322 499,542 9.46 Forfeited (372,476) (39,214) 12.12 Vested (504,440) (504,440) 12.16 Change in estimated restricted shares considered probable of vesting n/a 132,656 11.28 Balance as of December 31, 2020 1,762,935 1,402,580 $ 10.98 |
Noncontrolling interests (Table
Noncontrolling interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Minority Interests | The following table is a reconciliation of the beginning and ending carrying amount of total noncontrolling interests for the year ended December 31, 2020 : December 31, 2020 Balance, beginning of year $ — Net income attributable to noncontrolling interests 341 Contributions 1,020 Balance, end of year $ 1,361 |
Earnings (loss) per share ava_2
Earnings (loss) per share available to SiriusPoint common shareholders (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic and diluted weighted average shares outstanding | The following sets forth the computation of basic and diluted earnings (loss) per share available to SiriusPoint common shareholders for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Weighted-average number of common shares outstanding: ($ in thousands, except share and per share amounts) Basic number of common shares outstanding 92,510,090 91,835,990 97,054,315 Dilutive effect of options — 125,530 — Dilutive effect of warrants — 91,884 — Dilutive effect of restricted shares with service and performance condition 447,709 598,912 — Diluted number of common shares outstanding 92,957,799 92,652,316 97,054,315 Basic earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 143,517 $ 200,619 $ (317,692) Net income allocated to SiriusPoint participating common shareholders (1,106) (643) — Net income (loss) allocated to SiriusPoint common shareholders $ 142,411 $ 199,976 $ (317,692) Basic earnings (loss) per share available to SiriusPoint common shareholders $ 1.54 $ 2.18 $ (3.27) Diluted earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 143,517 $ 200,619 $ (317,692) Net income allocated to SiriusPoint participating common shareholders (1,101) (637) — Net income (loss) allocated to SiriusPoint common shareholders $ 142,416 $ 199,982 $ (317,692) Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 1.53 $ 2.16 $ (3.27) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental commitments under lease | Future minimum rental commitments as of December 31, 2020 under these leases are expected to be as follows: 2021 $ 842 2022 39 2023 — 2024 — 2025 — Thereafter — $ 881 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of operating segment results | The following is a summary of the Company’s operating segment results for the years ended December 31, 2020, 2019 and 2018: 2020 A&H Specialty Property Runoff & Total ($ in thousands) Gross premiums written $ 3,392 $ 368,722 $ 187,480 $ 28,946 $ 588,540 Net premiums written 3,392 349,783 160,075 28,946 542,196 Net premiums earned 3,207 407,951 171,556 28,138 610,852 Loss and loss adjustment expenses incurred, net 3,319 342,596 119,455 (72) 465,298 Acquisition costs, net 313 112,464 48,744 25,541 187,062 Other underwriting expenses 114 18,744 6,036 5,906 30,800 Net underwriting loss $ (539) $ (65,853) $ (2,679) $ (3,237) (72,308) Net investment income 278,938 Net corporate and other expenses (41,215) Interest expense (8,230) Foreign exchange losses (5,219) Income before income tax expense $ 151,966 Underwriting ratios (1) : Loss ratio 103.5 % 84.0 % 69.6 % NM 76.2 % Acquisition cost ratio 9.8 % 27.6 % 28.4 % NM 30.6 % Other underwriting expense ratio 3.6 % 4.6 % 3.5 % NM 5.0 % Combined ratio (2) 116.9 % 116.2 % 101.5 % NM 111.8 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Ratios considered not meaningful ("NM") to Runoff & Other. 2019 A&H Specialty Property Runoff & Total ($ in thousands) Gross premiums written $ 4,587 $ 420,982 $ 155,208 $ 87,637 $ 668,414 Net premiums written 4,587 412,085 152,729 87,637 657,038 Net premiums earned 4,665 465,426 141,477 88,574 700,142 Loss and loss adjustment expenses incurred, net 3,907 313,750 90,577 (4,735) 403,499 Acquisition costs, net 365 149,497 54,769 90,995 295,626 Other underwriting expenses 156 20,144 4,722 9,075 34,097 Net underwriting income (loss) $ 237 $ (17,965) $ (8,591) $ (6,761) (33,080) Net investment income 282,560 Net corporate and other expenses (36,285) Interest expense (8,228) Foreign exchange losses (3,635) Income before income tax expense $ 201,332 Underwriting ratios (1) : Loss ratio 83.8 % 67.4 % 64.0 % NM 57.6 % Acquisition cost ratio 7.8 % 32.1 % 38.7 % NM 42.2 % Other underwriting expense ratio 3.3 % 4.3 % 3.3 % NM 4.9 % Combined ratio (2) 94.9 % 103.8 % 106.0 % NM 104.7 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Ratios considered not meaningful ("NM") to Runoff & Other. 2018 A&H Specialty Property Runoff & Total ($ in thousands) Gross premiums written $ 3,225 $ 489,691 $ 83,051 $ 74,220 $ 650,187 Net premiums written 3,225 485,522 83,051 74,220 646,018 Net premiums earned 3,098 466,524 77,208 74,612 621,442 Loss and loss adjustment expenses incurred, net 2,624 315,632 59,411 60,747 438,414 Acquisition costs, net 540 156,533 37,235 12,190 206,498 Other underwriting expenses 93 18,314 2,315 8,945 29,667 Net underwriting loss $ (159) $ (23,955) $ (21,753) $ (7,270) (53,137) Net investment loss (251,433) Net corporate and other expenses (16,184) Interest expense (8,228) Foreign exchange gains 7,503 Loss before income tax benefit $ (321,479) Underwriting ratios (1) : Loss ratio 84.7 % 67.7 % 76.9 % NM 70.5 % Acquisition cost ratio 17.4 % 33.6 % 48.2 % NM 33.2 % Other underwriting expense ratio 3.0 % 3.9 % 3.0 % NM 4.8 % Combined ratio (2) 105.1 % 105.2 % 128.1 % NM 108.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
Schedules of number of contracts that individually contributed more than 10% of total gross premiums written | The following table lists the number of contracts that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2020, 2019 and 2018 as a percentage of total gross premiums written in the relevant year: 2020 2019 2018 Largest contract (1) n/a 14.4 % 15.5 % Second largest contract (2) n/a n/a 10.7 % Total for contracts contributing greater than 10% each — % 14.4 % 26.2 % Total for contracts contributing less than 10% each 100.0 % 85.6 % 73.8 % 100.0 % 100.0 % 100.0 % (1) The largest contract in the years ended December 31, 2019 and 2018 relate to the Specialty segment. (2) The second largest contract in the year ended December 31, 2018 relates to the Runoff & Other segment. The following table lists counterparties with whom the Company has reinsurance balances receivable representing more than 10% of the Company’s total reinsurance balances receivable as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Counterparty 1 $ 94,131 21.3 % $ 113,718 23.8 % Counterparty 2 75,336 17.0 % 105,732 22.0 % Counterparty 3 46,447 10.5 % 88,825 18.6 % 215,914 48.8 % 308,275 64.4 % Other counterparties representing less than 10% each 226,021 51.2 % 170,177 35.6 % Reinsurance balances receivable $ 441,935 100.0 % $ 478,452 100.0 % |
Schedule of breakdown of the Company’s gross premiums written from brokers | The following table sets forth the Company’s premiums written by source that individually contributed more than 10% of total gross premiums written for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Largest broker $ 189,097 32.1 % $ 197,100 29.5 % $ 224,198 34.5 % Second largest broker 164,569 28.0 % 144,611 21.6 % 163,336 25.1 % Third largest broker 67,550 11.5 % 140,197 21.0 % 120,381 18.5 % Fourth largest broker n/a n/a n/a n/a 70,523 10.8 % Other 167,324 28.4 % 186,506 27.9 % 71,749 11.1 % $ 588,540 100.0 % $ 668,414 100.0 % $ 650,187 100.0 % |
Schedule of breakdown of the Company’s gross premiums written by domicile of the ceding companies | The following table provides a breakdown of the Company’s gross premiums written by domicile of the ceding companies for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 United States $ 358,582 60.9 % $ 361,511 54.1 % $ 409,584 63.0 % United Kingdom 110,576 18.8 % 161,638 24.2 % 60,623 9.3 % Bermuda 108,598 18.5 % 137,278 20.5 % 86,236 13.3 % Other 10,784 1.8 % 7,987 1.2 % 93,744 14.4 % $ 588,540 100.0 % $ 668,414 100.0 % $ 650,187 100.0 % |
Schedule of breakdown of the Company’s premiums written from direct business, reinsurance assumed and reinsurance ceded | The following tables provide a breakdown of the Company’s premiums written from direct business, reinsurance assumed and reinsurance ceded, on both a written and earned basis for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Written premiums: Direct $ 19,039 $ — $ — Assumed 569,501 668,414 650,187 Gross premiums written 588,540 668,414 650,187 Ceded (46,344) (11,376) (4,169) Net premiums written $ 542,196 $ 657,038 $ 646,018 2020 2019 2018 Premiums earned: Direct $ 1,038 $ — $ — Assumed 638,817 710,014 624,834 Gross premiums earned 639,855 710,014 624,834 Ceded (29,003) (9,872) (3,392) Net premiums earned $ 610,852 $ 700,142 $ 621,442 |
Statutory Requirements (Tables)
Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statutory Requirements [Abstract] | |
Schedule of statutory requirements | The following is a summary of estimated actual and required statutory capital and surplus, based on the EBS framework, of Third Point Re BDA and Third Point Re USA as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Actual statutory capital and surplus Third Point Re BDA $ 1,211,102 $ 1,298,596 Third Point Re USA 296,938 276,185 Required statutory capital and surplus Third Point Re BDA 610,173 555,714 Third Point Re USA $ 115,086 $ 112,601 The following is a summary of the statutory net income for Third Point Re BDA a nd Third Point Re USA for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Third Point Re BDA $ 139,646 $ 214,227 $ (272,339) Third Point Re USA $ 36,659 $ 9,016 $ (29,491) |
Supplemental guarantor inform_2
Supplemental guarantor information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CONSOLIDATING BALANCE SHEET As of December 31, 2020 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 1,156,929 $ — $ 1,160,929 Cash and cash equivalents 212 164 525,615 — 525,991 Restricted cash and cash equivalents — — 1,187,948 — 1,187,948 Investment in subsidiaries 1,459,895 297,415 192,148 (1,949,458) — Due from brokers — — 94,902 — 94,902 Interest and dividends receivable — — 909 — 909 Reinsurance balances receivable, net — — 441,935 — 441,935 Deferred acquisition costs, net — — 68,550 — 68,550 Unearned premiums ceded — — 20,464 — 20,464 Loss and loss adjustment expenses recoverable, net — — 14,375 — 14,375 Amounts due from (to) affiliates 96,607 52 (96,659) — — Other assets 4,933 8,515 5,737 — 19,185 Total assets $ 1,565,647 $ 306,146 $ 3,612,853 $ (1,949,458) $ 3,535,188 Liabilities Accounts payable and accrued expenses $ 1,722 $ — $ 12,866 $ — $ 14,588 Reinsurance balances payable — — 78,115 — 78,115 Deposit liabilities — — 152,961 — 152,961 Unearned premium reserves — — 284,835 — 284,835 Loss and loss adjustment expense reserves — — 1,310,068 — 1,310,068 Securities sold, not yet purchased, at fair value — — 11,990 — 11,990 Interest and dividends payable — 3,057 21 — 3,078 Senior notes payable, net of deferred costs — 114,267 — — 114,267 Total liabilities 1,722 117,324 1,850,856 — 1,969,902 Shareholders' equity Common shares 9,558 — 1,239 (1,239) 9,558 Additional paid-in capital 933,903 192,494 1,598,969 (1,791,463) 933,903 Retained earnings (deficit) 620,464 (3,672) 160,428 (156,756) 620,464 Shareholders’ equity attributable to SiriusPoint common shareholders 1,563,925 188,822 1,760,636 (1,949,458) 1,563,925 Noncontrolling interests — — 1,361 — 1,361 Total shareholders’ equity 1,563,925 188,822 1,761,997 (1,949,458) 1,565,286 Total liabilities, noncontrolling interests and shareholders’ equity $ 1,565,647 $ 306,146 $ 3,612,853 $ (1,949,458) $ 3,535,188 CONSOLIDATING BALANCE SHEET As of December 31, 2019 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Assets Total investments in securities $ 4,000 $ — $ 985,701 $ — $ 989,701 Cash and cash equivalents 10 176 639,229 — 639,415 Restricted cash and cash equivalents — — 1,014,543 — 1,014,543 Investment in subsidiaries 1,419,197 271,624 191,077 (1,881,898) — Interest and dividends receivable — — 2,178 — 2,178 Reinsurance balances receivable, net — — 478,452 — 478,452 Deferred acquisition costs, net — — 92,164 — 92,164 Unearned premiums ceded — — 3,123 — 3,123 Loss and loss adjustment expenses recoverable, net — — 5,520 — 5,520 Amounts due from (to) affiliates (5,722) (3,898) 9,620 — — Other assets 764 6,784 13,007 — 20,555 Total assets $ 1,418,249 $ 274,686 $ 3,434,614 $ (1,881,898) $ 3,245,651 Liabilities Accounts payable and accrued expenses $ 4,175 $ — $ 13,641 $ — $ 17,816 Reinsurance balances payable — — 76,516 — 76,516 Deposit liabilities — — 172,259 — 172,259 Unearned premium reserves — — 336,150 — 336,150 Loss and loss adjustment expense reserves — — 1,111,692 — 1,111,692 Interest and dividends payable — 3,055 — — 3,055 Senior notes payable, net of deferred costs — 114,089 — — 114,089 Total liabilities 4,175 117,144 1,710,258 — 1,831,577 Shareholders’ equity Common shares 9,423 — 1,239 (1,239) 9,423 Additional paid-in capital 927,704 191,361 1,591,796 (1,783,157) 927,704 Retained earnings (deficit) 476,947 (33,819) 131,321 (97,502) 476,947 Shareholders’ equity attributable to SiriusPoint common shareholders 1,414,074 157,542 1,724,356 (1,881,898) 1,414,074 Total liabilities and shareholders’ equity $ 1,418,249 $ 274,686 $ 3,434,614 $ (1,881,898) $ 3,245,651 |
Condensed Consolidating Statement of Income | CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2020 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 588,540 $ — $ 588,540 Gross premiums ceded — — (46,344) — (46,344) Net premiums written — — 542,196 — 542,196 Change in net unearned premium reserves — — 68,656 — 68,656 Net premiums earned — — 610,852 — 610,852 Net investment income — — 278,938 — 278,938 Equity in earnings (losses) of subsidiaries 169,926 36,658 (61) (206,523) — Total revenues 169,926 36,658 889,729 (206,523) 889,790 Expenses Loss and loss adjustment expenses incurred, net — — 465,298 — 465,298 Acquisition costs, net — — 187,062 — 187,062 Other underwriting expenses — — 30,800 — 30,800 Net corporate and other expenses 26,407 12 14,796 — 41,215 Interest expense — 8,230 — — 8,230 Foreign exchange losses 2 — 5,217 — 5,219 Total expenses 26,409 8,242 703,173 — 737,824 Income before income tax (expense) benefit 143,517 28,416 186,556 (206,523) 151,966 Income tax (expense) benefit — 1,731 (9,839) — (8,108) Net income 143,517 30,147 176,717 (206,523) 143,858 Net income attributable to noncontrolling interests — — (341) — (341) Net income available to SiriusPoint common shareholders $ 143,517 $ 30,147 $ 176,376 $ (206,523) $ 143,517 CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2019 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 668,414 $ — $ 668,414 Gross premiums ceded — — (11,376) — (11,376) Net premiums written — — 657,038 — 657,038 Change in net unearned premium reserves — — 43,104 — 43,104 Net premiums earned — — 700,142 — 700,142 Net investment income — — 282,560 — 282,560 Equity in earnings (losses) of subsidiaries 216,877 9,017 (40) (225,854) — Total revenues 216,877 9,017 982,662 (225,854) 982,702 Expenses Loss and loss adjustment expenses incurred, net — — 403,499 — 403,499 Acquisition costs, net — — 295,626 — 295,626 Other underwriting expenses — — 34,097 — 34,097 Net corporate and other expenses 16,258 (59) 20,086 — 36,285 Interest expense — 8,228 — — 8,228 Foreign exchange losses — — 3,635 — 3,635 Total expenses 16,258 8,169 756,943 — 781,370 Income before income tax (expense) benefit 200,619 848 225,719 (225,854) 201,332 Income tax (expense) benefit — 1,716 (2,429) — (713) Net income 200,619 2,564 223,290 (225,854) 200,619 Net income attributable to noncontrolling interests — — — — — Net income available to SiriusPoint common shareholders $ 200,619 $ 2,564 $ 223,290 $ (225,854) $ 200,619 CONSOLIDATING STATEMENT OF LOSS Year Ended December 31, 2018 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Revenues Gross premiums written $ — $ — $ 650,187 $ — $ 650,187 Gross premiums ceded — — (4,169) — (4,169) Net premiums written — — 646,018 — 646,018 Change in net unearned premium reserves — — (24,576) — (24,576) Net premiums earned — — 621,442 — 621,442 Net investment loss — — (251,433) — (251,433) Equity in losses of subsidiaries (310,552) (29,492) (57) 340,101 — Total revenues (310,552) (29,492) 369,952 340,101 370,009 Expenses Loss and loss adjustment expenses incurred, net — — 438,414 — 438,414 Acquisition costs, net — — 206,498 — 206,498 Other underwriting expenses — — 29,667 — 29,667 Net corporate and other expenses 7,140 47 8,997 — 16,184 Interest expense — 8,228 — — 8,228 Foreign exchange gains — — (7,503) — (7,503) Total expenses 7,140 8,275 676,073 — 691,488 Loss before income tax (expense) benefit (317,692) (37,767) (306,121) 340,101 (321,479) Income tax (expense) benefit — (419) 4,429 — 4,010 Net loss (317,692) (38,186) (301,692) 340,101 (317,469) Net income attributable to noncontrolling interests — — (223) — (223) Net loss attributable to SiriusPoint common shareholders $ (317,692) $ (38,186) $ (301,915) $ 340,101 $ (317,692) |
Condensed Consolidating Statement of Cash Flows | CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2020 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 143,517 $ 30,147 $ 176,717 $ (206,523) $ 143,858 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (169,926) (36,658) 61 206,523 — Share compensation expense 650 — 5,986 — 6,636 Net interest expense on deposit liabilities — — 852 — 852 Net realized and unrealized gain on investments and derivatives — — (62,498) — (62,498) Net realized and unrealized gain on investment in related party investment fund — — (194,988) — (194,988) Net foreign exchange losses 2 — 5,217 — 5,219 Amortization of premium and accretion of discount, net — 178 (4,009) — (3,831) Changes in assets and liabilities: Reinsurance balances receivable — — 38,610 — 38,610 Deferred acquisition costs, net — — 23,614 — 23,614 Unearned premiums ceded — — (17,341) — (17,341) Loss and loss adjustment expenses recoverable — — (8,855) — (8,855) Other assets (4,169) (1,731) 9,167 — 3,267 Interest and dividends receivable, net — 2 1,290 — 1,292 Unearned premium reserves — — (51,315) — (51,315) Loss and loss adjustment expense reserves — — 190,325 — 190,325 Accounts payable and accrued expenses (2,453) — (816) — (3,269) Reinsurance balances payable — — 1,780 — 1,780 Amounts due from (to) affiliates (102,329) (3,950) 106,279 — — Net cash provided by (used in) operating activities (134,708) (12,012) 220,076 — 73,356 Investing activities Purchases of investments — — (444,111) — (444,111) Proceeds from sales and maturities of investments — — 532,247 — 532,247 Purchases of investments to cover short sales — — (2,846) — (2,846) Proceeds from short sales of investments — — 15,721 — 15,721 Change in due to/from brokers, net — — (94,902) — (94,902) Net cash provided by investing activities — — 6,109 — 6,109 Financing activities Taxes paid on withholding shares (302) — — — (302) Net payments on deposit liability contracts — — (20,202) — (20,202) Change in total noncontrolling interests, net — — 1,020 — 1,020 Dividend received by (paid to) parent 135,212 12,000 (147,212) — — Net cash provided by (used in) financing activities 134,910 12,000 (166,394) — (19,484) Net increase (decrease) in cash, cash equivalents and restricted cash 202 (12) 59,791 — 59,981 Cash, cash equivalents and restricted cash at beginning of year 10 176 1,653,772 — 1,653,958 Cash, cash equivalents and restricted cash at end of year $ 212 $ 164 $ 1,713,563 $ — $ 1,713,939 CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2019 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net income $ 200,619 $ 2,564 $ 223,290 $ (225,854) $ 200,619 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (earnings) losses of subsidiaries (216,877) (9,017) 40 225,854 — Share compensation expense 2,653 — 4,408 — 7,061 Net interest expense on deposit liabilities — — 5,879 — 5,879 Net realized and unrealized gain on investments and derivatives — — (2,522) — (2,522) Net realized and unrealized gain on investment in related party investment fund — — (249,626) — (249,626) Net foreign exchange losses — — 3,635 — 3,635 Amortization of premium and accretion of discount, net — 178 (1,560) — (1,382) Changes in assets and liabilities: Reinsurance balances receivable — — 20,355 — 20,355 Deferred acquisition costs, net — — 24,782 — 24,782 Unearned premiums ceded — — (1,504) — (1,504) Loss and loss adjustment expenses recoverable — — (3,489) — (3,489) Other assets 909 (1,715) 634 — (172) Interest and dividends receivable, net — — (862) — (862) Unearned premium reserves — — (41,600) — (41,600) Loss and loss adjustment expense reserves — — 157,849 — 157,849 Accounts payable and accrued expenses 3,437 (71) 7,189 — 10,555 Reinsurance balances payable — — 11,534 — 11,534 Amounts due from (to) affiliates 2,200 3,950 (6,150) — — Net cash provided by (used in) operating activities (7,059) (4,111) 152,282 — 141,112 Investing activities Proceeds from redemptions from related party investment fund — — 760,000 — 760,000 Contributions to related party investment fund — — (87,000) — (87,000) Change in participation agreement with related party investment fund — — (2,297) — (2,297) Purchases of investments (4,000) — (327,463) — (331,463) Proceeds from sales and maturities of investments — — 446,206 — 446,206 Change in due to/from brokers, net — — 1,411 — 1,411 Contributed capital to subsidiaries (15,000) 15,000 — — — Contributed capital from parent and/or subsidiaries — (15,000) 15,000 — — Net cash provided by (used in) investing activities (19,000) — 805,857 — 786,857 Financing activities Proceeds from issuance of SiriusPoint common shares, net of costs 1,888 — — — 1,888 Taxes paid on withholding shares (68) — — — (68) Net proceeds from deposit liability contracts — — 10,832 — 10,832 Dividend received by (paid to) parent 24,249 4,100 (28,349) — — Net cash provided by (used in) financing activities 26,069 4,100 (17,517) — 12,652 Net increase (decrease) in cash, cash equivalents and restricted cash 10 (11) 940,622 — 940,621 Cash, cash equivalents and restricted cash at beginning of year — 187 713,150 — 713,337 Cash, cash equivalents and restricted cash at end of year $ 10 $ 176 $ 1,653,772 $ — $ 1,653,958 CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2018 SiriusPoint TPRUSA Non-Guarantor Subsidiaries Eliminations Consolidated Operating activities Net loss $ (317,692) $ (38,186) $ (301,692) $ 340,101 $ (317,469) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Equity in losses of subsidiaries 310,552 29,492 57 (340,101) — Share compensation expense 610 — 4,346 — 4,956 Net interest income on deposit liabilities — — (1,273) — (1,273) Net realized and unrealized gain on investments and derivatives — — (34,145) — (34,145) Net realized and unrealized loss on investment in related party investment fund — — 280,847 — 280,847 Net foreign exchange gains — — (7,503) — (7,503) Amortization of premium and accretion of discount, net — 178 3,956 — 4,134 Changes in assets and liabilities: Reinsurance balances receivable — — (157,214) — (157,214) Deferred acquisition costs, net — — 8,746 — 8,746 Unearned premiums ceded — — (777) — (777) Loss and loss adjustment expenses recoverable — — (918) — (918) Other assets (1,009) (5,069) (7,408) — (13,486) Interest and dividends receivable, net — — (2,716) — (2,716) Unearned premium reserves — — 25,353 — 25,353 Loss and loss adjustment expense reserves — — 225,670 — 225,670 Accounts payable and accrued expenses (25) 5,513 (30,172) — (24,684) Reinsurance balances payable — — 23,866 — 23,866 Amounts due from (to) affiliates 2,234 360 (2,594) — — Net cash provided by (used in) operating activities (5,330) (7,712) 26,429 — 13,387 Investing activities Proceeds from redemptions from related party investment fund — — 142,968 — 142,968 Contributions to related party investment fund — — (136,626) — (136,626) Change in participation agreement with related party investment fund — — (20,852) — (20,852) Purchases of investments — — (3,483,319) — (3,483,319) Proceeds from sales and maturities of investments — — 3,475,515 — 3,475,515 Purchases of investments to cover short sales — — (853,798) — (853,798) Proceeds from short sales of investments — — 800,508 — 800,508 Change in due to/from brokers, net — — 482,778 — 482,778 Decrease in securities sold under an agreement to repurchase — — (29,618) — (29,618) Contributed capital to subsidiaries (10,000) 10,000 — — — Contributed capital from parent and/or subsidiaries — (10,000) 10,000 — — Net cash provided by (used in) investing activities (10,000) — 387,556 — 377,556 Financing activities Taxes paid on withholding shares (74) — — — (74) Purchases of SiriusPoint common shares under share repurchase program (138,705) — — — (138,705) Net proceeds from deposit liability contracts — — 9,790 — 9,790 Change in total noncontrolling interests, net — — (97,950) — (97,950) Dividend received by (paid to) parent 154,100 7,700 (161,800) — — Net cash provided by (used in) financing activities 15,321 7,700 (249,960) — (226,939) Net increase (decrease) in cash, cash equivalents and restricted cash (9) (12) 164,025 — 164,004 Cash, cash equivalents and restricted cash at beginning of year 9 199 549,125 — 549,333 Cash, cash equivalents and restricted cash at end of year $ — $ 187 $ 713,150 $ — $ 713,337 |
Quarterly Financial Results (_2
Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial results | Three months ended December 31, September 30, June 30, March 31, Revenues Gross premiums written $ 190,358 $ 124,737 $ 147,740 $ 125,705 Gross premiums ceded (17,090) (8,286) (18,423) (2,545) Net premiums written 173,268 116,451 129,317 123,160 Change in net unearned premium reserves 8,747 25,261 11,493 23,155 Net premiums earned 182,015 141,712 140,810 146,315 Net investment income (loss) 204,798 121,956 137,211 (185,027) Total revenues 386,813 263,668 278,021 (38,712) Expenses Loss and loss adjustment expenses incurred, net 177,919 110,487 89,106 87,786 Acquisition costs, net 39,321 54,817 43,671 49,253 Other underwriting expenses 9,714 6,072 7,793 7,221 Net corporate and other expenses 10,957 14,965 8,878 6,415 Interest expense 2,068 2,068 2,046 2,048 Foreign exchange (gains) losses 8,348 5,885 (797) (8,217) Total expenses 248,327 194,294 150,697 144,506 Income (loss) before income tax expense 138,486 69,374 127,324 (183,218) Income tax expense (3,728) (652) (3,309) (419) Net income (loss) 134,758 68,722 124,015 (183,637) Net (income) loss attributable to noncontrolling interests (362) 21 — — Net income (loss) available to SiriusPoint common shareholders $ 134,396 $ 68,743 $ 124,015 $ (183,637) Earnings (loss) per share available to SiriusPoint common shareholders Basic earnings (loss) per share available to SiriusPoint common shareholders $ 1.43 $ 0.74 $ 1.33 $ (1.99) Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 1.43 $ 0.73 $ 1.33 $ (1.99) Weighted average number of common shares used in the determination of earnings (loss) per share Basic 92,638,978 92,613,393 92,593,599 92,191,837 Diluted 93,165,559 92,969,646 92,738,293 92,191,837 Three months ended December 31, September 30, June 30, March 31, Revenues Gross premiums written $ 191,203 $ 184,856 $ 149,035 $ 143,320 Gross premiums ceded (4,459) (1,928) (2,744) (2,245) Net premiums written 186,744 182,928 146,291 141,075 Change in net unearned premium reserves 11,648 20,320 (839) 11,975 Net premiums earned 198,392 203,248 145,452 153,050 Net investment income (loss) 61,614 (3,138) 69,131 154,953 Total revenues 260,006 200,110 214,583 308,003 Expenses Loss and loss adjustment expenses incurred, net 140,394 85,703 82,334 95,068 Acquisition costs, net 61,851 118,271 58,006 57,498 Other underwriting expenses 8,336 7,286 9,636 8,839 Net corporate and other expenses 8,033 7,009 13,825 7,418 Interest expense 2,074 2,074 2,051 2,029 Foreign exchange (gains) losses 10,298 (4,921) (4,260) 2,518 Total expenses 230,986 215,422 161,592 173,370 Income (loss) before income tax (expense) benefit 29,020 (15,312) 52,991 134,633 Income tax (expense) benefit 718 213 74 (1,718) Net income (loss) 29,738 (15,099) 53,065 132,915 Net income attributable to noncontrolling interests — — — — Net income (loss) available to SiriusPoint common shareholders $ 29,738 $ (15,099) $ 53,065 $ 132,915 Earnings (loss) per share available to SiriusPoint common shareholders Basic earnings (loss) per share available to SiriusPoint common shareholders $ 0.32 $ (0.16) $ 0.58 $ 1.45 Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 0.32 $ (0.16) $ 0.57 $ 1.43 Weighted average number of common shares used in the determination of earnings (loss) per share Basic 91,989,469 91,903,556 91,776,870 91,669,810 Diluted 92,696,491 91,903,556 92,801,799 92,578,933 |
Significant accounting polici_3
Significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)segment | |
Accounting Policies [Abstract] | |
Premium Deficiency Loss | $ | $ 0 |
Number of operating segments | segment | 4 |
Change in accounting policy (De
Change in accounting policy (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 | |
Consolidated balance sheet | |||||||||||
Insurance and reinsurance balances receivable, net | $ 441,935 | $ 478,452 | $ 441,935 | $ 478,452 | |||||||
Deferred acquisition costs, net | 68,550 | 92,164 | 68,550 | 92,164 | |||||||
Unearned premiums ceded | 20,464 | 3,123 | 20,464 | 3,123 | |||||||
Total assets | 3,535,188 | 3,245,651 | 3,535,188 | 3,245,651 | |||||||
Reinsurance balances payable | 78,115 | 76,516 | 78,115 | 76,516 | |||||||
Unearned premium reserves | 284,835 | 336,150 | 284,835 | 336,150 | |||||||
Total liabilities | 1,969,902 | 1,831,577 | 1,969,902 | 1,831,577 | |||||||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,563,925 | 1,414,074 | 1,563,925 | 1,414,074 | $ 1,204,574 | ||||||
Consolidated statement of income (loss) | |||||||||||
Gross premiums written | 190,358 | $ 124,737 | $ 147,740 | $ 125,705 | 191,203 | $ 184,856 | $ 149,035 | $ 143,320 | 588,540 | 668,414 | 650,187 |
Gross premiums ceded | (17,090) | (8,286) | (18,423) | (2,545) | (4,459) | (1,928) | (2,744) | (2,245) | (46,344) | (11,376) | (4,169) |
Net premiums written | 173,268 | 116,451 | 129,317 | 123,160 | 186,744 | 182,928 | 146,291 | 141,075 | 542,196 | 657,038 | 646,018 |
Change in net unearned premium reserves | 8,747 | 25,261 | 11,493 | 23,155 | 11,648 | 20,320 | (839) | 11,975 | 68,656 | 43,104 | (24,576) |
Net premiums earned | 182,015 | 141,712 | 140,810 | 146,315 | 198,392 | 203,248 | 145,452 | 153,050 | 610,852 | 700,142 | 621,442 |
Net income available to SiriusPoint common shareholders | 134,396 | $ 68,743 | $ 124,015 | $ (183,637) | 29,738 | $ (15,099) | $ 53,065 | $ 132,915 | 143,517 | 200,619 | (317,692) |
Consolidated statement of cash flows | |||||||||||
Insurance and reinsurance balances receivable | 38,610 | 20,355 | (157,214) | ||||||||
Deferred acquisition costs, net | 23,614 | 24,782 | 8,746 | ||||||||
Unearned premiums ceded | (17,341) | (1,504) | (777) | ||||||||
Unearned premium reserves | (51,315) | (41,600) | 25,353 | ||||||||
Reinsurance balances payable | 1,780 | 11,534 | 23,866 | ||||||||
Net cash provided by operating activities | 73,356 | 141,112 | 13,387 | ||||||||
As previously reported | |||||||||||
Consolidated balance sheet | |||||||||||
Insurance and reinsurance balances receivable, net | 559,388 | 596,120 | 559,388 | 596,120 | |||||||
Deferred acquisition costs, net | 134,308 | 154,717 | 134,308 | 154,717 | |||||||
Unearned premiums ceded | 27,659 | 16,945 | 27,659 | 16,945 | |||||||
Total assets | 3,725,594 | 3,439,694 | 3,725,594 | 3,439,694 | |||||||
Reinsurance balances payable | 80,408 | 81,941 | 80,408 | 81,941 | |||||||
Unearned premium reserves | 472,948 | 524,768 | 472,948 | 524,768 | |||||||
Total liabilities | 2,160,308 | 2,025,620 | 2,160,308 | 2,025,620 | |||||||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,563,925 | 1,414,074 | 1,563,925 | 1,414,074 | |||||||
Consolidated statement of income (loss) | |||||||||||
Gross premiums written | 588,035 | 631,846 | 578,252 | ||||||||
Gross premiums ceded | (39,717) | (9,265) | (19,895) | ||||||||
Net premiums written | 548,318 | 622,581 | 558,357 | ||||||||
Change in net unearned premium reserves | 62,534 | 77,561 | 63,085 | ||||||||
Net premiums earned | 610,852 | 700,142 | 621,442 | ||||||||
Net income available to SiriusPoint common shareholders | 143,517 | 200,619 | (317,692) | ||||||||
Consolidated statement of cash flows | |||||||||||
Insurance and reinsurance balances receivable | 38,825 | 30,039 | (120,620) | ||||||||
Deferred acquisition costs, net | 20,409 | 49,125 | 54,951 | ||||||||
Unearned premiums ceded | (10,714) | 607 | (16,503) | ||||||||
Unearned premium reserves | (51,820) | (78,168) | (46,582) | ||||||||
Reinsurance balances payable | (1,352) | 11,964 | 28,728 | ||||||||
Net cash provided by operating activities | 73,356 | 141,112 | 13,387 | ||||||||
Adjustment | |||||||||||
Consolidated balance sheet | |||||||||||
Insurance and reinsurance balances receivable, net | (117,453) | (117,668) | (117,453) | (117,668) | |||||||
Deferred acquisition costs, net | (65,758) | (62,553) | (65,758) | (62,553) | |||||||
Unearned premiums ceded | (7,195) | (13,822) | (7,195) | (13,822) | |||||||
Total assets | (190,406) | (194,043) | (190,406) | (194,043) | |||||||
Reinsurance balances payable | (2,293) | (5,425) | (2,293) | (5,425) | |||||||
Unearned premium reserves | (188,113) | (188,618) | (188,113) | (188,618) | |||||||
Total liabilities | (190,406) | (194,043) | (190,406) | (194,043) | |||||||
Shareholders’ equity attributable to SiriusPoint common shareholders | $ 0 | $ 0 | 0 | 0 | |||||||
Consolidated statement of income (loss) | |||||||||||
Gross premiums written | 505 | 36,568 | 71,935 | ||||||||
Gross premiums ceded | (6,627) | (2,111) | 15,726 | ||||||||
Net premiums written | (6,122) | 34,457 | 87,661 | ||||||||
Change in net unearned premium reserves | 6,122 | (34,457) | (87,661) | ||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net income available to SiriusPoint common shareholders | 0 | 0 | 0 | ||||||||
Consolidated statement of cash flows | |||||||||||
Insurance and reinsurance balances receivable | (215) | (9,684) | (36,594) | ||||||||
Deferred acquisition costs, net | 3,205 | (24,343) | (46,205) | ||||||||
Unearned premiums ceded | (6,627) | (2,111) | 15,726 | ||||||||
Unearned premium reserves | 505 | 36,568 | 71,935 | ||||||||
Reinsurance balances payable | 3,132 | (430) | (4,862) | ||||||||
Net cash provided by operating activities | $ 0 | $ 0 | $ 0 |
Cash, cash equivalents, restr_3
Cash, cash equivalents, restricted cash and restricted investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents and Investments Items [Line Items] | ||||
Cash and cash equivalents | $ 525,991 | $ 639,415 | ||
Restricted cash and cash equivalents | 1,187,948 | 1,014,543 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,713,939 | 1,653,958 | $ 713,337 | $ 549,333 |
Restricted investments securing other reinsurance contracts | 86,367 | 142,617 | ||
Cash, cash equivalents, restricted cash, restricted cash equivalents and restricted investments | 1,800,306 | 1,796,575 | ||
Letter of Credit | ||||
Restricted Cash and Cash Equivalents and Investments Items [Line Items] | ||||
Restricted cash and cash equivalents | 306,032 | 254,176 | ||
Restricted cash securing other reinsurance contracts | ||||
Restricted Cash and Cash Equivalents and Investments Items [Line Items] | ||||
Restricted cash and cash equivalents | $ 881,916 | $ 760,367 |
Investments - Schedule of the s
Investments - Schedule of the separate account managed by TP LLC (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Total assets | $ 2,891,650 | $ 2,590,636 |
Liabilities and shareholders’ equity | ||
Total liabilities and shareholders' equity | 13,182 | 509 |
Total net investments managed by Third Point LLC | 2,878,468 | 2,590,127 |
TP Fund | ||
Assets | ||
Total assets | 1,055,618 | 860,630 |
Total debt securities | ||
Assets | ||
Total assets | 101,311 | 125,071 |
Total investments in securities | ||
Assets | ||
Total assets | 1,156,929 | 985,701 |
Cash and cash equivalents | ||
Assets | ||
Total assets | 451,239 | 588,196 |
Restricted cash and cash equivalents | ||
Assets | ||
Total assets | 1,187,948 | 1,014,543 |
Due from brokers | ||
Assets | ||
Total assets | 94,902 | 0 |
Interest and dividends receivable | ||
Assets | ||
Total assets | 632 | 2,178 |
Other Assets [Member] | ||
Assets | ||
Total assets | 0 | 18 |
Accounts payable and accrued expenses | ||
Liabilities and shareholders’ equity | ||
Total liabilities and shareholders' equity | 1,171 | 509 |
Securities sold, not yet purchased | ||
Liabilities and shareholders’ equity | ||
Total liabilities and shareholders' equity | 11,990 | 0 |
Interest And Dividends Payable [Member] | ||
Liabilities and shareholders’ equity | ||
Total liabilities and shareholders' equity | $ 21 | $ 0 |
Investments - Narrative (Detail
Investments - Narrative (Details) | Dec. 31, 2020 | Jan. 01, 2019 | Dec. 31, 2018 |
TP Fund | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 86.10% | ||
TP GP | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 13.90% | ||
TP Fund | |||
Investment [Line Items] | |||
Annual investment management fee | 1.25% | 1.50% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of investments, categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Equity securities | $ 1,000 | $ 1,000 |
Private common equity securities | 3,000 | |
Private preferred equity securities | 3,000 | |
Total equities | 4,000 | 4,000 |
Asset-backed securities | 9,929 | |
Bank debts | 423 | |
Corporate bonds | 37,746 | |
U.S. Treasury securities | 53,213 | 101,186 |
Sovereign debt | 23,885 | |
Total debt securities | 101,311 | 125,071 |
Derivative assets | 1,153 | |
Total assets | 106,464 | 129,071 |
Investments in funds valued at NAV | 1,055,618 | 860,630 |
Assets Including Alternative Investments, Fair Value Disclosure | 1,162,082 | 989,701 |
Liabilities | ||
Financial Instruments Sold, Not yet Purchased, US Government and Agency Obligations | 11,990 | |
Securities sold, not yet purchased, at fair value | 11,990 | 0 |
Derivative liabilities (embedded) | 1,013 | 31 |
Total liabilities | 13,003 | 31 |
Quoted prices in active markets (Level 1) | ||
Assets | ||
Equity securities | 0 | 0 |
Private common equity securities | 0 | |
Private preferred equity securities | 0 | |
Total equities | 0 | 0 |
Asset-backed securities | 0 | |
Bank debts | 0 | |
Corporate bonds | 0 | |
U.S. Treasury securities | 0 | 0 |
Sovereign debt | 0 | |
Total debt securities | 0 | 0 |
Derivative assets | 0 | |
Total assets | 0 | 0 |
Liabilities | ||
Financial Instruments Sold, Not yet Purchased, US Government and Agency Obligations | 0 | |
Securities sold, not yet purchased, at fair value | 0 | |
Derivative liabilities (embedded) | 0 | 0 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Assets | ||
Equity securities | 0 | 0 |
Private common equity securities | 0 | |
Private preferred equity securities | 0 | |
Total equities | 0 | 0 |
Asset-backed securities | 9,929 | |
Bank debts | 423 | |
Corporate bonds | 37,746 | |
U.S. Treasury securities | 53,213 | 101,186 |
Sovereign debt | 23,885 | |
Total debt securities | 101,311 | 125,071 |
Derivative assets | 0 | |
Total assets | 101,311 | 125,071 |
Liabilities | ||
Financial Instruments Sold, Not yet Purchased, US Government and Agency Obligations | 11,990 | |
Securities sold, not yet purchased, at fair value | 11,990 | |
Derivative liabilities (embedded) | 0 | 0 |
Total liabilities | 11,990 | 0 |
Significant unobservable inputs (Level 3) | ||
Assets | ||
Equity securities | 1,000 | 1,000 |
Private common equity securities | 3,000 | |
Private preferred equity securities | 3,000 | |
Total equities | 4,000 | 4,000 |
Asset-backed securities | 0 | |
Bank debts | 0 | |
Corporate bonds | 0 | |
U.S. Treasury securities | 0 | 0 |
Sovereign debt | 0 | |
Total debt securities | 0 | 0 |
Derivative assets | 1,153 | |
Total assets | 5,153 | 4,000 |
Liabilities | ||
Financial Instruments Sold, Not yet Purchased, US Government and Agency Obligations | 0 | |
Securities sold, not yet purchased, at fair value | 0 | |
Derivative liabilities (embedded) | 1,013 | 31 |
Total liabilities | $ 1,013 | $ 31 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 1,200,000 | $ 0 | $ 0 |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 0 | 0 | 0 |
Total debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 10,500,000 | $ 10,000,000 | $ (6,700,000) |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of reconciliation of the balances for all investments measured at fair value using significant unobservable inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | ||
Asset fair value, beginning balance | $ 4,000 | $ 0 |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 4,000 |
Sales | 0 | 0 |
Realized and Unrealized Gains (Losses) | 1,153 | 0 |
Asset fair value, ending balance | 5,153 | 4,000 |
Liabilities | ||
Liability fair value, beginning balance | (31) | (22) |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Sales | (1,004) | 0 |
Realized and Unrealized Gains(Losses) (1) | 22 | (9) |
Liability fair value, ending balance | (1,013) | (31) |
Derivative Financial Instruments, Liabilities | ||
Liabilities | ||
Liability fair value, beginning balance | (31) | (22) |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Sales | (1,004) | 0 |
Realized and Unrealized Gains(Losses) (1) | 22 | (9) |
Liability fair value, ending balance | (1,013) | (31) |
Private Common Equity Securities | ||
Assets | ||
Asset fair value, beginning balance | 1,000 | 0 |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 1,000 |
Sales | 0 | 0 |
Realized and Unrealized Gains (Losses) | 0 | 0 |
Asset fair value, ending balance | 1,000 | 1,000 |
Private preferred equity securities | ||
Assets | ||
Asset fair value, beginning balance | 3,000 | 0 |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 3,000 |
Sales | 0 | 0 |
Realized and Unrealized Gains (Losses) | 0 | 0 |
Asset fair value, ending balance | 3,000 | 3,000 |
Derivative Financial Instruments, Assets | ||
Assets | ||
Asset fair value, beginning balance | 0 | |
Transfers in to (out of) Level 3 | 0 | |
Purchases | 0 | |
Sales | 0 | |
Realized and Unrealized Gains (Losses) | 1,153 | |
Asset fair value, ending balance | $ 1,153 | $ 0 |
Due from brokers (Details)
Due from brokers (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ||
Cash held at brokers | $ 94,902 | |
Due from brokers | $ 94,902 | $ 0 |
Derivatives - Schedule of listi
Derivatives - Schedule of listing currency, fair value and notional amounts of derivative instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Offsettting Assets and Liabilities [Line Items] | ||
Derivative assets, at fair value | $ 1,153 | $ 0 |
Derivative assets, notional amount | 4,150 | 0 |
Derivative liabilities, at fair value | 1,013 | 31 |
Derivative liabilities, notional amount | 35,704 | 20,000 |
Reinsurance contracts accounted for as derivative assets [Member] | ||
Offsettting Assets and Liabilities [Line Items] | ||
Derivative assets, at fair value | 1,153 | 0 |
Derivative assets, notional amount | 4,150 | 0 |
Derivative liabilities (embedded) | ||
Offsettting Assets and Liabilities [Line Items] | ||
Derivative liabilities, at fair value | 5 | 31 |
Derivative liabilities, notional amount | 20,000 | 20,000 |
Reinsurance contracts accounted for as derivative liabilities [Member] | ||
Offsettting Assets and Liabilities [Line Items] | ||
Derivative liabilities, at fair value | 1,008 | 0 |
Derivative liabilities, notional amount | $ 15,704 | $ 0 |
Derivatives - Schedule of by ma
Derivatives - Schedule of by major risk type, the Company’s realized and unrealized gains (losses) relating to derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | $ 0 | $ 0 | $ 28,035 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | (27,391) |
Credit Default Swaps - Protection Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (3,557) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 921 |
Credit Default Swaps - Protection Sold | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (333) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 744 |
Credit Default Swap [Member] | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 3,486 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | (2,000) |
Equity Contracts | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 32,460 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | (15,098) |
Equity Contracts | Short Contracts / Sold | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 4,568 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | (3,608) |
Total Return Swaps | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 16,792 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | (15,864) |
Total Return Swaps | Short Contracts / Sold | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (17,329) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 1,883 |
Interest Rate Swaptions | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (1,819) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 1,228 |
Index Futures | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 403 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Index Futures | Short Contracts / Sold | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 50 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Sovereign Futures [Member] | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 639 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Sovereign Debt Futures | Short Contracts / Sold | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (1,166) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Total Return Swap [Member] | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (7,569) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Foreign Currency Forward Contracts | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (2,849) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 4,403 |
Foreign Currency Future Options - Purchased | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (108) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Foreign Currency Options | Long Contracts / Purchased | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 5,138 |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Foreign Currency Options | Short Contracts / Sold | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (771) |
Unrealized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Reinsurance contracts accounted for as derivative assets [Member] | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Unrealized Gain (Loss) on Derivatives | 1,222 | 0 | 0 |
Embedded derivatives in reinsurance contracts | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Unrealized Gain (Loss) on Derivatives | 1,248 | (9) | 149 |
Derivative liabilities (embedded) | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | 0 |
Unrealized Gain (Loss) on Derivatives | $ 26 | $ (9) | $ 149 |
Loss and loss adjustment expe_3
Loss and loss adjustment expense reserves - Schedule of loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loss and Loss Adjustment Expense Reserves [Abstract] | ||
Case loss and loss adjustment expense reserves | $ 265,619 | $ 148,166 |
Incurred but not reported loss and loss adjustment expense reserves | 1,043,458 | 963,359 |
Deferred gains on retroactive reinsurance contracts | 991 | 167 |
Loss and loss adjustment expense reserves | $ 1,310,068 | $ 1,111,692 |
Loss and loss adjustment expe_4
Loss and loss adjustment expense reserves - Schedule of activity in the reserve for losses and loss adjustment expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross reserves for loss and loss adjustment expenses, beginning of year | $ 1,111,692 | $ 937,157 | $ 720,570 | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | (5,520) | (2,031) | (1,113) | |
Deferred Costs | (6,738) | (3,847) | 0 | |
Net reserves for loss and loss adjustment expenses, beginning of year | 1,289,699 | 1,099,434 | 931,279 | $ 719,457 |
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | ||||
Current year | 431,506 | 489,994 | 434,276 | |
Prior years | (33,792) | 86,495 | (4,138) | |
Total incurred loss and loss adjustment expenses | 465,298 | 403,499 | 438,414 | |
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Current year | (73,550) | (63,638) | (85,173) | |
Prior years | (209,534) | (188,392) | (132,336) | |
Total net paid losses | (283,084) | (252,030) | (217,509) | |
Foreign currency translation | 8,051 | 16,686 | (9,083) | |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | 14,375 | 5,520 | 2,031 | |
Deferred Costs | 5,994 | 6,738 | 3,847 | |
Gross reserves for loss and loss adjustment expenses, end of year | 1,310,068 | 1,111,692 | 937,157 | |
Prior Year Claims and Claims Adjustment Expense, Including Amortization of Deferred Gains | (33,800) | 86,500 | 4,100 | |
Premium Adjustments on Certain Contracts | ||||
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | ||||
Prior years | (18,800) | (12,000) | 17,000 | |
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Change In Policy Acquisition Costs | (5,000) | (7,200) | 5,400 | |
Change in Accounting Estimate, Financial Impact | (23,800) | (4,800) | 22,400 | |
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Premium Estimates | 27,900 | 3,100 | (23,400) | |
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | 4,100 | 1,700 | 1,000 | |
Unfavorable (Favorable) Reserve Development | ||||
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | ||||
Prior years | (15,000) | 98,500 | 12,900 | |
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Change In Policy Acquisition Costs | (11,800) | (100,900) | (7,700) | |
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | (34,600) | 5,400 | 5,200 | |
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Earned Premium | 7,800 | 7,800 | ||
Impact On Underwriting Income | ||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | (30,500) | 3,700 | 6,200 | |
General Liability | Unfavorable (Favorable) Reserve Development | ||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | 19,900 | (8,800) | ||
Multi-Line | Unfavorable (Favorable) Reserve Development | ||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | 18,900 | (8,100) | ||
Worker Compensation Contracts | Unfavorable (Favorable) Reserve Development | ||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | 7,600 | 14,900 | (15,800) | |
Retroactive reinsurance contracts | Unfavorable (Favorable) Reserve Development | ||||
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | ||||
Prior years | (21,600) | (69,400) | ||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Change In Policy Acquisition Costs | (19,200) | (68,900) | ||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | $ (2,400) | (500) | ||
Auto contracts | Unfavorable (Favorable) Reserve Development | ||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | $ 3,500 | |||
Other Contracts | Unfavorable (Favorable) Reserve Development | ||||
Net loss and loss adjustment expenses paid in respect of losses occurring in: | ||||
Prior Year Claims and Claims Adjustment Expense, Increase (Decrease) in Net Underwriting Loss | $ (10,500) |
Loss and loss adjustment expe_5
Loss and loss adjustment expense reserves - Claims development triangles (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Loss and Loss Adjustment Expense Reserves [Abstract] | |||||||||
Number of operating segments | segment | 4 | ||||||||
Claims Development [Line Items] | |||||||||
Net reserves for loss and loss adjustment expenses | $ 1,289,699 | ||||||||
Global A&H | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 10,586 | ||||||||
IBNR loss and LAE reserves, net | 3,681 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 6,905 | ||||||||
Net reserves for loss and loss adjustment expenses | 3,681 | ||||||||
Global A&H | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Global A&H | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Global A&H | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Global A&H | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Global A&H | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | ||||
Global A&H | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 829 | 813 | 716 | 716 | |||||
IBNR loss and LAE reserves, net | 2 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 827 | 575 | 261 | 4 | |||||
Global A&H | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,039 | 2,982 | 2,624 | ||||||
IBNR loss and LAE reserves, net | 7 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 3,032 | 2,109 | 957 | ||||||
Global A&H | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,565 | 3,437 | |||||||
IBNR loss and LAE reserves, net | 1,001 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 2,564 | 1,640 | |||||||
Global A&H | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,153 | ||||||||
IBNR loss and LAE reserves, net | 2,671 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 482 | ||||||||
Marine & Energy | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 14,377 | ||||||||
IBNR loss and LAE reserves, net | 7,448 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 2,282 | ||||||||
Net reserves for loss and loss adjustment expenses | 12,095 | ||||||||
Marine & Energy | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Marine & Energy | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Marine & Energy | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Marine & Energy | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Marine & Energy | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 119 | 730 | 812 | 3,885 | 4,673 | ||||
IBNR loss and LAE reserves, net | 80 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | ||||
Marine & Energy | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,478 | 3,212 | 2,829 | 3,932 | |||||
IBNR loss and LAE reserves, net | 525 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 126 | 0 | 0 | 0 | |||||
Marine & Energy | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,088 | 3,852 | 3,589 | ||||||
IBNR loss and LAE reserves, net | 585 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 2,003 | 0 | 0 | ||||||
Marine & Energy | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,250 | 3,967 | |||||||
IBNR loss and LAE reserves, net | 2,839 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 153 | 0 | |||||||
Marine & Energy | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,442 | ||||||||
IBNR loss and LAE reserves, net | 3,419 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Credit | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 72,466 | ||||||||
IBNR loss and LAE reserves, net | 28,537 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 26,913 | ||||||||
Net reserves for loss and loss adjustment expenses | 45,553 | ||||||||
Credit | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Credit | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 77 | 80 | 77 | 99 | 107 | 113 | 408 | 364 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 76 | 77 | 77 | 78 | 74 | 66 | 11 | 0 | |
Credit | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 1,341 | 1,454 | 1,384 | 2,204 | 2,430 | 2,657 | 5,844 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 1,310 | 1,344 | 1,322 | 1,318 | 1,038 | 784 | 42 | ||
Credit | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,665 | 3,129 | 4,012 | 4,760 | 5,048 | 5,249 | |||
IBNR loss and LAE reserves, net | 78 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 2,408 | 2,503 | 2,328 | 2,045 | 1,128 | 402 | |||
Credit | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 6,752 | 6,564 | 10,825 | 10,732 | 10,750 | ||||
IBNR loss and LAE reserves, net | 1,247 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 4,213 | 4,197 | 3,419 | 2,326 | 1,013 | ||||
Credit | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 7,445 | 7,029 | 13,460 | 13,356 | |||||
IBNR loss and LAE reserves, net | 2,511 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 3,319 | 3,026 | 2,332 | 1,100 | |||||
Credit | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 12,035 | 10,661 | 17,415 | ||||||
IBNR loss and LAE reserves, net | 4,947 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 3,989 | 2,716 | 897 | ||||||
Credit | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 19,348 | 17,740 | |||||||
IBNR loss and LAE reserves, net | 10,352 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 3,368 | 1,900 | |||||||
Credit | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 22,803 | ||||||||
IBNR loss and LAE reserves, net | 9,402 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 8,230 | ||||||||
Casualty | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 1,336,014 | ||||||||
IBNR loss and LAE reserves, net | 452,860 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 720,001 | ||||||||
Net reserves for loss and loss adjustment expenses | 616,013 | ||||||||
Casualty | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 17,377 | 17,287 | 17,230 | 17,053 | 17,148 | 17,130 | 16,842 | 16,798 | 17,284 |
IBNR loss and LAE reserves, net | 7 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 17,038 | 16,695 | 16,458 | 16,114 | 16,351 | 15,730 | 14,404 | 10,613 | 5,713 |
Casualty | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 52,450 | 52,230 | 52,601 | 52,735 | 52,787 | 52,837 | 48,606 | 48,279 | |
IBNR loss and LAE reserves, net | 486 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 50,281 | 49,855 | 48,545 | 46,319 | 41,892 | 35,526 | 26,386 | 11,260 | |
Casualty | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 170,052 | 167,237 | 168,102 | 168,861 | 174,714 | 174,182 | 167,001 | ||
IBNR loss and LAE reserves, net | 11,237 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 145,293 | 143,441 | 140,576 | 134,658 | 127,284 | 113,933 | 49,855 | ||
Casualty | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 195,369 | 195,821 | 186,499 | 183,964 | 199,697 | 189,321 | |||
IBNR loss and LAE reserves, net | 23,674 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 141,579 | 134,143 | 126,400 | 112,164 | 95,143 | 45,434 | |||
Casualty | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 215,964 | 208,768 | 205,252 | 202,618 | 206,074 | ||||
IBNR loss and LAE reserves, net | 48,630 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 137,822 | 127,468 | 114,312 | 96,910 | 42,665 | ||||
Casualty | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 197,100 | 186,623 | 186,073 | 181,109 | |||||
IBNR loss and LAE reserves, net | 73,252 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 97,029 | 78,105 | 63,183 | 29,550 | |||||
Casualty | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 203,571 | 195,043 | 196,161 | ||||||
IBNR loss and LAE reserves, net | 99,702 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 78,508 | 55,558 | 25,181 | ||||||
Casualty | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 160,409 | 148,962 | |||||||
IBNR loss and LAE reserves, net | 94,732 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 42,471 | 16,826 | |||||||
Casualty | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 123,722 | ||||||||
IBNR loss and LAE reserves, net | 101,140 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 9,980 | ||||||||
Other Specialty | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 671,595 | ||||||||
IBNR loss and LAE reserves, net | 219,040 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 408,177 | ||||||||
Net reserves for loss and loss adjustment expenses | 263,418 | ||||||||
Other Specialty | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Specialty | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,564 | 4,564 | 4,564 | 4,564 | 4,564 | 4,564 | 4,272 | 2,317 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 4,563 | 4,563 | 4,563 | 4,563 | 4,563 | 4,563 | 1,243 | 0 | |
Other Specialty | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 21,355 | 21,355 | 21,346 | 19,570 | 24,214 | 20,272 | 27,671 | ||
IBNR loss and LAE reserves, net | 174 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 21,139 | 21,082 | 20,792 | 19,034 | 20,921 | 14,304 | 1,221 | ||
Other Specialty | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 81,312 | 81,320 | 81,186 | 81,934 | 84,198 | 61,160 | |||
IBNR loss and LAE reserves, net | 525 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 80,301 | 79,727 | 77,815 | 74,904 | 66,086 | 30,999 | |||
Other Specialty | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 91,409 | 91,332 | 90,648 | 92,759 | 91,574 | ||||
IBNR loss and LAE reserves, net | 259 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 90,256 | 88,842 | 85,422 | 77,062 | 30,997 | ||||
Other Specialty | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 86,900 | 86,544 | 85,255 | 80,058 | |||||
IBNR loss and LAE reserves, net | 1,754 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 84,079 | 81,290 | 75,379 | 54,370 | |||||
Other Specialty | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 97,627 | 100,329 | 88,621 | ||||||
IBNR loss and LAE reserves, net | 28,803 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 55,655 | 48,967 | 31,096 | ||||||
Other Specialty | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 152,307 | 134,382 | |||||||
IBNR loss and LAE reserves, net | 86,385 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 49,036 | 19,930 | |||||||
Other Specialty | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 136,121 | ||||||||
IBNR loss and LAE reserves, net | 101,140 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 23,148 | ||||||||
Property Catastrophe Excess Reinsurance | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 98,495 | ||||||||
IBNR loss and LAE reserves, net | 55,628 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 22,647 | ||||||||
Net reserves for loss and loss adjustment expenses | 75,848 | ||||||||
Property Catastrophe Excess Reinsurance | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Property Catastrophe Excess Reinsurance | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Property Catastrophe Excess Reinsurance | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Property Catastrophe Excess Reinsurance | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Property Catastrophe Excess Reinsurance | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | ||||
Property Catastrophe Excess Reinsurance | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | |||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Property Catastrophe Excess Reinsurance | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | ||||||
Property Catastrophe Excess Reinsurance | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 39,250 | 39,582 | |||||||
IBNR loss and LAE reserves, net | 11,000 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 15,326 | 470 | |||||||
Property Catastrophe Excess Reinsurance | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 59,245 | ||||||||
IBNR loss and LAE reserves, net | 44,628 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 7,321 | ||||||||
Property Risk and Pro Rata | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 390,422 | ||||||||
IBNR loss and LAE reserves, net | 46,488 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 330,908 | ||||||||
Net reserves for loss and loss adjustment expenses | 59,514 | ||||||||
Property Risk and Pro Rata | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 9,484 | 9,490 | 9,501 | 9,472 | 9,416 | 9,353 | 9,375 | 8,672 | 10,917 |
IBNR loss and LAE reserves, net | 2 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 9,482 | 9,483 | 9,482 | 9,400 | 9,352 | 9,186 | 9,075 | 8,381 | 4,656 |
Property Risk and Pro Rata | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 26,378 | 26,051 | 26,170 | 25,785 | 25,882 | 25,766 | 24,980 | 27,765 | |
IBNR loss and LAE reserves, net | 232 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 26,127 | 25,993 | 25,815 | 25,406 | 25,167 | 24,023 | 22,229 | 14,635 | |
Property Risk and Pro Rata | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 46,719 | 46,303 | 46,500 | 44,627 | 41,336 | 40,920 | 40,256 | ||
IBNR loss and LAE reserves, net | 576 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 45,937 | 45,312 | 44,533 | 42,775 | 38,448 | 34,381 | 19,420 | ||
Property Risk and Pro Rata | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 56,583 | 56,201 | 56,313 | 54,635 | 52,533 | 50,330 | |||
IBNR loss and LAE reserves, net | 902 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 55,066 | 53,924 | 51,783 | 48,360 | 43,382 | 22,706 | |||
Property Risk and Pro Rata | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 43,810 | 43,733 | 43,799 | 43,038 | 45,415 | ||||
IBNR loss and LAE reserves, net | 1,108 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 41,872 | 39,651 | 37,044 | 31,871 | 21,593 | ||||
Property Risk and Pro Rata | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 41,926 | 41,753 | 41,833 | 41,237 | |||||
IBNR loss and LAE reserves, net | 1,576 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 39,282 | 37,171 | 33,436 | 24,713 | |||||
Property Risk and Pro Rata | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 52,650 | 52,344 | 54,084 | ||||||
IBNR loss and LAE reserves, net | 5,797 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 45,146 | 35,169 | 26,458 | ||||||
Property Risk and Pro Rata | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 53,713 | 53,597 | |||||||
IBNR loss and LAE reserves, net | 7,096 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 43,542 | 22,624 | |||||||
Property Risk and Pro Rata | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 59,159 | ||||||||
IBNR loss and LAE reserves, net | 29,199 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 24,454 | ||||||||
Agriculture | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 73,232 | ||||||||
IBNR loss and LAE reserves, net | 2 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 73,230 | ||||||||
Net reserves for loss and loss adjustment expenses | 2 | ||||||||
Agriculture | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 50,104 | 50,104 | 50,104 | 50,104 | 50,065 | 50,055 | 50,055 | 49,942 | 52,105 |
IBNR loss and LAE reserves, net | 1 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 50,103 | 50,103 | 50,103 | 50,103 | 50,067 | 50,025 | 50,024 | 48,455 | 2,666 |
Agriculture | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 23,128 | 23,125 | 23,138 | 23,135 | 23,138 | 23,450 | 24,274 | 23,273 | |
IBNR loss and LAE reserves, net | 1 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 23,127 | 23,127 | 23,137 | 23,135 | 23,134 | 23,138 | 22,232 | 0 | |
Agriculture | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Agriculture | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Agriculture | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | ||||
Agriculture | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | |||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Agriculture | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | ||||||
Agriculture | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | |||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Agriculture | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | ||||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Other | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,863 | ||||||||
IBNR loss and LAE reserves, net | 2,863 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Net reserves for loss and loss adjustment expenses | 2,863 | ||||||||
Other | Accident Year 2012 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 |
Other | Accident Year 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other | Accident Year 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other | Accident Year 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other | Accident Year 2016 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | ||||
Other | Accident Year 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | |||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Other | Accident Year 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | ||||||
Other | Accident Year 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | |||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Other | Accident Year 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,863 | ||||||||
IBNR loss and LAE reserves, net | 2,863 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 69,305 | ||||||||
IBNR loss and LAE reserves, net | 1,695 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 67,610 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 1,695 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 348 | ||||||||
Net reserves for loss and loss adjustment expenses | 2,043 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 54,414 | ||||||||
IBNR loss and LAE reserves, net | 54,414 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 54,414 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 485 | ||||||||
Net reserves for loss and loss adjustment expenses | 54,899 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 25,982 | ||||||||
IBNR loss and LAE reserves, net | 25,982 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 25,982 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 3,454 | ||||||||
Net reserves for loss and loss adjustment expenses | 29,436 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 18,045 | ||||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 18,045 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 0 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 0 | ||||||||
Net reserves for loss and loss adjustment expenses | 0 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 15,805 | ||||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 15,805 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 0 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 0 | ||||||||
Net reserves for loss and loss adjustment expenses | 0 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 102,093 | ||||||||
IBNR loss and LAE reserves, net | 102,093 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 102,093 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 2,553 | ||||||||
Net reserves for loss and loss adjustment expenses | 104,646 | ||||||||
Retroactive reinsurance contracts | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 19,678 | ||||||||
IBNR loss and LAE reserves, net | 19,680 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Net reserves for loss and loss adjustment expenses from 2011 to 2020 | 19,678 | ||||||||
Net reserves for loss and loss adjustment expenses prior to 2011 | 10 | ||||||||
Net reserves for loss and loss adjustment expenses | 19,688 | ||||||||
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 132 | 132 | 200 | ||||||
IBNR loss and LAE reserves, net | 129 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 3 | 3 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 871 | 966 | 1,612 | 1,693 | |||||
IBNR loss and LAE reserves, net | 871 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,108 | 4,509 | 7,527 | 7,913 | 10,433 | 10,433 | |||
IBNR loss and LAE reserves, net | 3,108 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 1,529 | 1,529 | 2,895 | 3,274 | 3,090 | 3,498 | 4,293 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 1,529 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,173 | 4,173 | 4,173 | 4,173 | 4,173 | 4,173 | 4,173 | 5,419 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 4,173 | 4,173 | 4,173 | 4,173 | 4,173 | 4,173 | 1,654 | 0 | |
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,218 | 2,064 | |||||||
IBNR loss and LAE reserves, net | 2,218 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2011 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 184 | ||||||||
IBNR loss and LAE reserves, net | 184 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 376 | 376 | 452 | ||||||
IBNR loss and LAE reserves, net | 102 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 274 | 274 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 1,158 | 1,295 | 2,174 | 2,248 | |||||
IBNR loss and LAE reserves, net | 1,158 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,480 | 6,817 | 11,482 | 11,820 | 15,400 | 15,400 | |||
IBNR loss and LAE reserves, net | 4,480 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,778 | 4,778 | 9,045 | 10,230 | 9,655 | 10,930 | 12,343 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 4,778 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 7,853 | 7,853 | 7,853 | 7,853 | 7,853 | 7,853 | 7,853 | 10,197 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 7,853 | 7,853 | 7,853 | 7,853 | 7,853 | 7,853 | 3,113 | 0 | |
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 1,286 | 1,211 | |||||||
IBNR loss and LAE reserves, net | 1,286 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2012 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 177 | ||||||||
IBNR loss and LAE reserves, net | 177 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,072 | 2,072 | 2,300 | ||||||
IBNR loss and LAE reserves, net | 148 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 1,924 | 1,924 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 1,783 | 2,000 | 3,365 | 3,460 | |||||
IBNR loss and LAE reserves, net | 1,783 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 5,510 | 8,432 | 14,216 | 14,600 | 18,995 | 18,995 | |||
IBNR loss and LAE reserves, net | 5,510 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 7,493 | 7,493 | 14,185 | 16,045 | 15,143 | 17,142 | 19,174 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 7,493 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,779 | 3,779 | 3,779 | 3,779 | 3,779 | 3,779 | 3,779 | 4,908 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 3,779 | 3,779 | 3,779 | 3,779 | 3,779 | 3,779 | 1,498 | 0 | |
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,152 | 1,983 | |||||||
IBNR loss and LAE reserves, net | 2,152 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2013 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 255 | ||||||||
IBNR loss and LAE reserves, net | 255 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 5,466 | 5,466 | 6,000 | ||||||
IBNR loss and LAE reserves, net | 241 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 5,225 | 5,225 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 5,101 | 5,768 | 9,765 | 9,894 | |||||
IBNR loss and LAE reserves, net | 5,101 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 11,971 | 18,953 | 32,143 | 32,545 | 41,992 | 41,992 | |||
IBNR loss and LAE reserves, net | 11,971 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,245 | 4,245 | 8,035 | 9,089 | 8,578 | 9,711 | 10,851 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 4,245 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 4,750 | 4,328 | |||||||
IBNR loss and LAE reserves, net | 4,750 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2014 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 630 | ||||||||
IBNR loss and LAE reserves, net | 630 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 12,092 | 12,092 | 13,184 | ||||||
IBNR loss and LAE reserves, net | 330 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 11,762 | 11,762 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 6,703 | 7,570 | 12,805 | 13,002 | |||||
IBNR loss and LAE reserves, net | 6,703 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 913 | 913 | 1,395 | 1,788 | 2,596 | 2,596 | |||
IBNR loss and LAE reserves, net | 913 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 6,815 | 6,197 | |||||||
IBNR loss and LAE reserves, net | 6,815 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2015 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 811 | ||||||||
IBNR loss and LAE reserves, net | 811 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 18,488 | 18,488 | 20,093 | ||||||
IBNR loss and LAE reserves, net | 364 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 18,124 | 18,124 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 12,708 | 14,397 | 24,408 | 24,643 | |||||
IBNR loss and LAE reserves, net | 12,708 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 12,106 | 10,858 | |||||||
IBNR loss and LAE reserves, net | 12,106 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2016 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,089 | ||||||||
IBNR loss and LAE reserves, net | 2,090 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 16,439 | 16,439 | 17,847 | ||||||
IBNR loss and LAE reserves, net | 280 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 16,159 | 16,159 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 26,090 | 29,719 | 50,588 | 50,570 | |||||
IBNR loss and LAE reserves, net | 26,090 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 14,309 | 12,908 | |||||||
IBNR loss and LAE reserves, net | 14,309 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2017 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,319 | ||||||||
IBNR loss and LAE reserves, net | 2,319 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 14,240 | 14,240 | 15,396 | ||||||
IBNR loss and LAE reserves, net | 101 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 14,139 | 14,139 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | |||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 18,544 | 16,769 | |||||||
IBNR loss and LAE reserves, net | 18,544 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2018 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 2,336 | ||||||||
IBNR loss and LAE reserves, net | 2,336 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | |||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 39,913 | 35,527 | |||||||
IBNR loss and LAE reserves, net | 39,913 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2019 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 3,337 | ||||||||
IBNR loss and LAE reserves, net | 3,337 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | ||||||||
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2018 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | ||||||
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2017 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | |||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | |||||
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2015 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | |||
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2014 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2013 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2019 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | |||||||
IBNR loss and LAE reserves, net | 0 | ||||||||
Cumulative net losses and loss adjustment expenses paid | 0 | $ 0 | |||||||
Retroactive reinsurance contracts | Accident Year 2020 | Contracts incepting in 2020 | |||||||||
Claims Development [Line Items] | |||||||||
Loss and loss adjustment expenses incurred, net | 7,540 | ||||||||
IBNR loss and LAE reserves, net | 7,541 | ||||||||
Cumulative net losses and loss adjustment expenses paid | $ 0 |
Loss and loss adjustment expe_6
Loss and loss adjustment expense reserves - Reconciliation of loss development information to reserves for loss and loss adjustment expense reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | $ 1,289,699 | |||
Loss and loss adjustment expenses recoverable, net | 14,375 | $ 5,520 | $ 2,031 | $ 1,113 |
Deferred Costs | 5,994 | 6,738 | 3,847 | 0 |
Gross reserves for loss and loss adjustment expenses, end of year | 1,310,068 | $ 1,111,692 | $ 937,157 | $ 720,570 |
Global A&H | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 3,681 | |||
Loss and loss adjustment expenses recoverable, net | 0 | |||
Marine & Energy | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 12,095 | |||
Loss and loss adjustment expenses recoverable, net | 0 | |||
Credit | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 45,553 | |||
Loss and loss adjustment expenses recoverable, net | 2,373 | |||
Casualty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 616,013 | |||
Loss and loss adjustment expenses recoverable, net | 8,982 | |||
Other Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 263,418 | |||
Loss and loss adjustment expenses recoverable, net | 0 | |||
Property Catastrophe Excess Reinsurance | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 75,848 | |||
Loss and loss adjustment expenses recoverable, net | 218 | |||
Property Risk and Pro Rata | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 59,514 | |||
Loss and loss adjustment expenses recoverable, net | 2,801 | |||
Agriculture | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 2 | |||
Loss and loss adjustment expenses recoverable, net | 1 | |||
Other | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 2,863 | |||
Loss and loss adjustment expenses recoverable, net | 0 | |||
Retroactive reinsurance contracts | Contracts incepting in 2012 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 0 | |||
Retroactive reinsurance contracts | Contracts incepting in 2013 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 0 | |||
Retroactive reinsurance contracts | Contracts incepting in 2014 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 0 | |||
Retroactive reinsurance contracts | Contracts incepting in 2015 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 29,436 | |||
Retroactive reinsurance contracts | Contracts incepting in 2016 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 0 | |||
Retroactive reinsurance contracts | Contracts incepting in 2017 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 54,899 | |||
Retroactive reinsurance contracts | Contracts incepting in 2018 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 2,043 | |||
Retroactive reinsurance contracts | Contracts incepting in 2019 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | 104,646 | |||
Retroactive reinsurance contracts | Contracts incepting in 2020 | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and loss adjustment expenses, end of year | $ 19,688 |
Loss and loss adjustment expe_7
Loss and loss adjustment expense reserves - Schedule of payout percentage on losses (Details) | Dec. 31, 2020 |
Global A&H | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 23.30% |
Year 2 | 31.60% |
Year 3 | 34.10% |
Year 4 | 30.40% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Marine & Energy | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 0.90% |
Year 3 | 21.60% |
Year 4 | 1.80% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Credit | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 12.70% |
Year 2 | 22.20% |
Year 3 | 26.90% |
Year 4 | 11.60% |
Year 5 | 3.10% |
Year 6 | (1.10%) |
Year 7 | (1.40%) |
Year 8 | (1.50%) |
Year 9 | 0.00% |
Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 19.20% |
Year 2 | 24.20% |
Year 3 | 11.80% |
Year 4 | 7.80% |
Year 5 | 4.90% |
Year 6 | 2.10% |
Year 7 | 1.90% |
Year 8 | 1.10% |
Year 9 | 2.00% |
Other Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 25.30% |
Year 2 | 34.80% |
Year 3 | 22.90% |
Year 4 | 0.30% |
Year 5 | 3.00% |
Year 6 | 0.70% |
Year 7 | 0.10% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Property Catastrophe Excess Reinsurance | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 6.80% |
Year 2 | 37.80% |
Year 3 | 0.00% |
Year 4 | 0.00% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Property Risk and Pro Rata | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 47.60% |
Year 2 | 29.50% |
Year 3 | 10.20% |
Year 4 | 5.30% |
Year 5 | 3.10% |
Year 6 | 1.40% |
Year 7 | 1.00% |
Year 8 | 0.30% |
Year 9 | 0.00% |
Agriculture | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 2.70% |
Year 2 | 93.80% |
Year 3 | 3.50% |
Year 4 | 0.00% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 0.00% |
Year 3 | 0.00% |
Year 4 | 0.00% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Year 8 | 0.00% |
Year 9 | 0.00% |
Contracts incepting in 2013 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 4.40% |
Year 2 | 23.70% |
Year 3 | 31.40% |
Year 4 | 4.60% |
Year 5 | 3.40% |
Year 6 | 2.60% |
Year 7 | 3.30% |
Year 8 | 0.00% |
Contracts incepting in 2014 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 0.00% |
Year 3 | 0.00% |
Year 4 | 0.00% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Year 7 | 0.00% |
Contracts incepting in 2015 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 0.00% |
Year 3 | 0.00% |
Year 4 | 0.00% |
Year 5 | 0.00% |
Year 6 | 0.00% |
Contracts incepting in 2017 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 0.00% |
Year 3 | 0.00% |
Year 4 | 0.00% |
Contracts incepting in 2018 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 97.10% |
Year 3 | 0.00% |
Contracts incepting in 2019 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Year 2 | 0.00% |
Contracts incepting in 2020 | Retroactive reinsurance contracts | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 0.00% |
Reinsurance premiums ceded (Det
Reinsurance premiums ceded (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 | |
Reinsurance premiums ceded [Abstract] | |||||||||||
Ceded to other companies | $ 17,090 | $ 8,286 | $ 18,423 | $ 2,545 | $ 4,459 | $ 1,928 | $ 2,744 | $ 2,245 | $ 46,344 | $ 11,376 | $ 4,169 |
Loss and loss adjustment expenses recoverable, net | $ 14,375 | $ 5,520 | $ 14,375 | $ 5,520 |
Management and performance fe_3
Management and performance fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Aug. 31, 2018 | Aug. 30, 2018 | |
Related Party Transaction [Line Items] | ||||||
Investment fee expenses | $ 0 | $ 0 | $ 29,845 | |||
Affiliate costs, gross of TP fund fees | 79,800 | 19,556 | 37,221 | |||
Management and performance fees | ||||||
Related Party Transaction [Line Items] | ||||||
Investment fee expenses | 0 | 0 | 29,845 | |||
Third Point LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Annual investment management fee | 1.50% | |||||
Third Point LLC | Management and performance fees | ||||||
Related Party Transaction [Line Items] | ||||||
Investment fee expenses | $ 0 | 0 | $ 25,797 | |||
TP Fund | ||||||
Related Party Transaction [Line Items] | ||||||
Annual investment management fee | 1.50% | 1.25% | ||||
Annual investment performance fee | 20.00% | 20.00% | ||||
TP Fund | Investment income, net, related party investment fund Domain | ||||||
Related Party Transaction [Line Items] | ||||||
Management fees - TP Fund | $ 14,521 | 17,175 | $ 10,782 | |||
Performance Fees - FI and other investments - TP LLC | 14,023 | 0 | 0 | |||
Performance fees - TP Fund | 51,762 | 49,851 | (3,406) | |||
Performance Fees - loss carryforward utilised | (506) | (47,470) | 0 | |||
Third Point Advisors LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Annual investment performance fee | 20.00% | |||||
Third Point Advisors LLC | Management and performance fees | ||||||
Related Party Transaction [Line Items] | ||||||
Investment fee expenses | 0 | 0 | $ 4,048 | |||
Third Point Bermuda [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loss Recovery Account | 0 | 0 | ||||
Third Point USA [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loss Recovery Account | $ 0 | $ 500 |
Deposit accounted contracts (De
Deposit accounted contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposit Contracts, Liabilities [Roll Forward] | |||
Balance, beginning of year | $ 172,259 | $ 145,342 | $ 129,133 |
Consideration received | 550 | 23,884 | 17,879 |
Consideration receivable | 0 | 10,164 | 7,390 |
Net investment expense (income) allocation | 852 | 5,879 | (1,273) |
Payments | (20,752) | (13,052) | (8,089) |
Foreign currency translation | 52 | 42 | 302 |
Balance, end of year | $ 152,961 | $ 172,259 | $ 145,342 |
Senior Notes payable and lett_3
Senior Notes payable and letter of credit facilities (Details) - Unsecured Debt - 7% Senior Unsecured Notes - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2015 |
Debt Instrument [Line Items] | |||
Debt issued | $ 115 | $ 115 | |
Interest rate | 7.00% | 7.00% | |
Debt Issuance Costs, Net | $ 0.7 | ||
Debt instrument, fair value disclosure | $ 117.8 | $ 121.7 |
Senior Notes payable and lett_4
Senior Notes payable and letter of credit facilities - Letters of credit (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 303,387 |
Restricted cash securing credit facilities and reinsurance contracts | 306,032 |
Committed, secured facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 |
Line of Credit Facility, Fair Value of Amount Outstanding | 99,638 |
Restricted cash securing credit facilities and reinsurance contracts | 102,283 |
Uncommitted, unsecured facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Fair Value of Amount Outstanding | 203,749 |
Restricted cash securing credit facilities and reinsurance contracts | $ 203,749 |
Net investment income (loss) (D
Net investment income (loss) (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 [Abstract] | |||||||||||
Net realized gains (losses) on investments and investment derivatives | $ 46,369 | $ (5,850) | $ 446,646 | ||||||||
Net change in unrealized gains (losses) on investments and investment derivatives | 14,881 | 8,381 | (412,650) | ||||||||
Net gains (losses) on currencies | 7,998 | 12,806 | (7,305) | ||||||||
Dividend and interest income | 16,035 | 18,551 | 53,523 | ||||||||
Dividends paid on securities sold, not yet purchased | 0 | 0 | (5,259) | ||||||||
Other expenses | (1,333) | (954) | (15,696) | ||||||||
Management and performance fees to related parties (1) | 0 | 0 | (29,845) | ||||||||
Investment income, net, related party investment fund | 194,988 | 249,626 | (280,847) | ||||||||
Net investment income (loss) | $ 204,798 | $ 121,956 | $ 137,211 | $ (185,027) | $ 61,614 | $ (3,138) | $ 69,131 | $ 154,953 | $ 278,938 | $ 282,560 | $ (251,433) |
Net investment income (loss) -
Net investment income (loss) - by Type (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 | |||||||||||
Other investment income (expenses) | $ (1,021) | $ (954) | $ 903 | ||||||||
Net investment income on derivative contracts | 0 | 0 | 644 | ||||||||
Net investment income (loss) on cash, including foreign exchange gain (loss) | 12,298 | 24,676 | (14,885) | ||||||||
Net investment losses on securities purchased under an agreement to sell and securities sold under an agreement to repurchase | 0 | 0 | (238) | ||||||||
Withholding Taxes Transferred to Income Tax Expense | 0 | 0 | 6,325 | ||||||||
Total other investment income and other expenses | 11,277 | 23,722 | (7,251) | ||||||||
Management and performance fees to related parties (1) | 0 | 0 | (29,845) | ||||||||
Net investment loss from investment in related party investment fund | 194,988 | 249,626 | (280,847) | ||||||||
Net investment income (loss) | $ 204,798 | $ 121,956 | $ 137,211 | $ (185,027) | $ 61,614 | $ (3,138) | $ 69,131 | $ 154,953 | 278,938 | 282,560 | (251,433) |
Net investment income (loss) by asset type | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 72,091 | 9,212 | 79,672 | ||||||||
Net investment income (loss) by asset type | Real estate | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (186) | ||||||||
Net investment income (loss) by asset type | Total other investments | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (16,055) | ||||||||
Net investment income (loss) by asset type | Net investment loss in funds valued at NAV, excluding TP Fund | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | (6) | (723) | ||||||||
Net investment income (loss) by asset type | Options | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (15,527) | ||||||||
Net investment income (loss) by asset type | Rights and warrants | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | 238 | ||||||||
Net investment income (loss) by asset type | Trade claims | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (580) | ||||||||
Net investment income (loss) by asset type | Total equities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | 67,565 | ||||||||
Net investment income (loss) by asset type | Equity securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | 70,646 | ||||||||
Net investment income (loss) by asset type | Private Common Equity Securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (401) | ||||||||
Net investment income (loss) by asset type | Private preferred equity securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (2,680) | ||||||||
Net investment income (loss) by asset type | Total debt securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 72,091 | 9,218 | 28,885 | ||||||||
Net investment income (loss) by asset type | Asset-backed securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 34,601 | 0 | 20,714 | ||||||||
Net investment income (loss) by asset type | Bank debt | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 376 | 0 | 5,326 | ||||||||
Net investment income (loss) by asset type | Corporate bonds | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 34,522 | 0 | (2,958) | ||||||||
Net investment income (loss) by asset type | Municipal bonds | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | 9,990 | ||||||||
Net investment income (loss) by asset type | U.S. Treasury securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 2,430 | 8,703 | 2,787 | ||||||||
Net investment income (loss) by asset type | Sovereign debt | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 162 | 515 | (7,380) | ||||||||
Net investment income (loss) by asset type | Other debt securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | 406 | ||||||||
Net investment income (loss) by liability type | Options | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | 21,697 | ||||||||
Net investment income (loss) by liability type | Total equities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 582 | 0 | (13,162) | ||||||||
Net investment income (loss) by liability type | Equity securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (32,407) | ||||||||
Net investment income (loss) by liability type | Corporate bonds | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | 0 | 0 | (2,452) | ||||||||
Net investment income (loss) by liability type | U.S. Treasury securities | |||||||||||
Net Investment Income | |||||||||||
Investment Income, Net | $ 582 | $ 0 | $ 0 |
Net corporate and other expen_3
Net corporate and other 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 | |
Other Income and Expenses [Abstract] | |||||||||||
Corporate expenses | $ 39,765 | $ 30,397 | $ 17,606 | ||||||||
Investment expense (income) on deposit liabilities | 852 | 5,879 | (1,273) | ||||||||
Current expected credit losses | 624 | 0 | 0 | ||||||||
Change in fair value of embedded derivatives in reinsurance contracts | (26) | 9 | (149) | ||||||||
Net corporate and other expenses | $ 10,957 | $ 14,965 | $ 8,878 | $ 6,415 | $ 8,033 | $ 7,009 | $ 13,825 | $ 7,418 | $ 41,215 | $ 36,285 | $ 16,184 |
Income taxes - Narratives (Deta
Income taxes - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Uncertain tax positions | $ 1.6 | $ 1.5 |
Operating loss carryforwards | $ 48.5 | |
Bermuda | ||
Operating Loss Carryforwards [Line Items] | ||
Effective tax rate | 0.00% | |
United States | ||
Operating Loss Carryforwards [Line Items] | ||
Effective tax rate | 21.00% | |
United Kingdom | ||
Operating Loss Carryforwards [Line Items] | ||
Effective tax rate | 19.00% |
Income taxes - Summary of Incom
Income taxes - Summary of Income Tax Expense (Benefit) (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 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Income tax expense (benefit) | $ 3,728 | $ 652 | $ 3,309 | $ 419 | $ (718) | $ (213) | $ (74) | $ 1,718 | $ 8,108 | $ 713 | $ (4,010) |
Income tax expense (benefit) related to U.S. and U.K. subsidiaries | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income tax expense (benefit) | 8,040 | 713 | (10,035) | ||||||||
Change in uncertain tax positions | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income tax expense (benefit) | 68 | 0 | (300) | ||||||||
Withholding taxes on certain investment transactions (1) | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 6,325 |
Income taxes - Summary of Inc_2
Income taxes - Summary of Income (Loss) Before Income Tax Expense (Benefit) by Jurisdiction (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 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Income (loss) before income tax expense (benefit) | $ 138,486 | $ 69,374 | $ 127,324 | $ (183,218) | $ 29,020 | $ (15,312) | $ 52,991 | $ 134,633 | $ 151,966 | $ 201,332 | $ (321,479) |
Bermuda | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income (loss) before income tax expense (benefit) | 113,646 | 197,973 | (273,697) | ||||||||
United States | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income (loss) before income tax expense (benefit) | 38,159 | 3,245 | (47,771) | ||||||||
United Kingdom | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income (loss) before income tax expense (benefit) | $ 161 | $ 114 | $ (11) |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Expected Income Taxes to Income Tax Expense (Benefit) (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 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Withholding taxes related to dividend and interest income | $ 0 | $ 0 | $ 6,325 | ||||||||
Uncertain tax positions | 68 | 0 | (300) | ||||||||
Non-deductible expenses and other | (4) | 10 | (1) | ||||||||
Income Tax Expense (Benefit) | $ 3,728 | $ 652 | $ 3,309 | $ 419 | $ (718) | $ (213) | $ (74) | $ 1,718 | 8,108 | 713 | (4,010) |
Bermuda | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Bermuda (expected tax expense at 0%) | 0 | 0 | 0 | ||||||||
United States | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Foreign location | 8,013 | 681 | (10,032) | ||||||||
United Kingdom | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Foreign location | $ 31 | $ 22 | $ (2) |
Income taxes - Current and Defe
Income taxes - Current and Deferred (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 Tax Disclosure [Abstract] | |||||||||||
Current tax expense | $ 145 | $ 54 | $ 6,025 | ||||||||
Deferred tax expense (benefit) | 7,963 | 659 | (10,035) | ||||||||
Income Tax Expense (Benefit) | $ 3,728 | $ 652 | $ 3,309 | $ 419 | $ (718) | $ (213) | $ (74) | $ 1,718 | $ 8,108 | $ 713 | $ (4,010) |
Income taxes - Deferred Tax Ass
Income taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
Discounting of loss and loss adjustment expense reserves | $ 1,027 | $ 786 | $ 534 |
Unearned premiums | 5,543 | 1,774 | 1,567 |
Temporary differences in recognition of expenses | 2,462 | 1,208 | 1,247 |
Net operating loss carryforward | 10,131 | 9,282 | 6,798 |
Total deferred tax assets | 19,163 | 13,050 | 10,146 |
Deferred tax liabilities: | |||
Deferred acquisition costs | 8,276 | 1,379 | 1,490 |
Unrealized gains (losses) on investments | 10,474 | 3,366 | (405) |
Total deferred tax liabilities | 18,750 | 4,745 | 1,085 |
Net deferred tax assets | $ 413 | $ 8,305 | $ 9,061 |
Share capital - Common shares (
Share capital - Common shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares issued, beginning of year | 94,225,498 | 93,639,610 | 107,227,347 |
Treasury Stock, Shares, Retired | 0 | 0 | (14,256,043) |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | 361,556 |
Common shares issued, end of year | 95,582,733 | 94,225,498 | 93,639,610 |
Stock Issued During Period, Shares, Conversion of Convertible Securities, Gross of Adjustments | 1,156,184 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities, Adjustments | 794,628 | ||
Management and director options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | 187,678 | 0 |
Restricted share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 1,012,939 | 366,453 | 50,644 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 344,296 | 31,757 | 256,106 |
Share capital - Authorized and
Share capital - Authorized and issued (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Share capital authorized | $ 33 | |
Common share, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.10 | |
Preference shares, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preference shares, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Share capital - Share repurchas
Share capital - Share repurchases (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2018 | May 04, 2016 | |
Share repurchase [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | $ 100,000,000 | |||
Stock Repurchase Program, Increase in Authorized Amount | $ 148,300,000 | ||||
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ 138,705,000 | ||
Stock Repurchased and Retired During Period, Shares | 10,311,123 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 13.45 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 61,300,000 |
Share capital - Warrants (Detai
Share capital - Warrants (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Maximum percent of warrants reserved for issuance | 4.00% |
Maximum value of warrants reserved for issuance | $ 1,000,000 |
Exercise price (in dollars per share) | $ / shares | $ 10 |
Authorized and issued (in shares) | shares | 3,494,979 |
Aggregated fair value of warrants | $ 13,055 |
Term of warrants | 10 years |
Founders | |
Class of Warrant or Right [Line Items] | |
Maximum percent of warrants reserved for issuance | 3.50% |
Exercise price (in dollars per share) | $ / shares | $ 10 |
Authorized and issued (in shares) | shares | 2,913,684 |
Aggregated fair value of warrants | $ 10,884 |
Advisor | |
Class of Warrant or Right [Line Items] | |
Maximum percent of warrants reserved for issuance | 0.50% |
Exercise price (in dollars per share) | $ / shares | $ 10 |
Authorized and issued (in shares) | shares | 581,295 |
Aggregated fair value of warrants | $ 2,171 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 15, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized share compensation expense | $ 14,200,000 | $ 7,100,000 | ||
Unamortized share compensation expense, period of recognition | 1 year 10 months 24 days | 1 year 6 months | ||
Share price (in dollars per share) | $ 10 | |||
Aggregate intrinsic value of options outstanding | $ 0 | $ 2,400,000 | ||
Aggregate intrinsic value of options exercisable | 0 | 2,400,000 | ||
Proceeds from stock options exercised | 1,900,000 | |||
Defined Contribution Plan, Administrative Expense | $ 1,000,000 | $ 900,000 | $ 900,000 | |
Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards issued | 364,520 | |||
Non-Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards issued | 559,017 | 67,291 | 50,644 | |
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards issued | 105,836 | 336,069 | 0 | |
Management and director options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining contractual life | 1 year 2 months 12 days | 2 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | 2 years 2 months 12 days | ||
Management and director options | Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service condition met on each of first five anniversary dates following grant date | 20.00% | |||
Award vesting period | 5 years | |||
Omnibus plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 21,627,906 | |||
Number of shares available for future issuance (in shares) | 7,617,210 | 9,006,995 |
Share-based compensation - Sche
Share-based compensation - Schedule of share-based compensation expense (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] | |||
Share compensation expense | $ 6,636 | $ 7,061 | $ 4,956 |
Management and director options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 0 | 0 | 275 |
Restricted share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 2,812 | 1,927 | 611 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 3,824 | $ 5,134 | $ 4,070 |
Share-based compensation - Sc_2
Share-based compensation - Schedule of management and director options activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of options (in shares) | |||
Outstanding (in shares) | 8,306,658 | 8,888,053 | 8,888,053 |
Forfeited (in shares) | 0 | (393,717) | 0 |
Exercised (in shares) | 0 | (187,678) | 0 |
Outstanding (in shares) | 8,306,658 | 8,306,658 | 8,888,053 |
Weighted average exercise price (in dollars per share) | |||
Outstanding (in dollars per share) | $ 13.45 | $ 13.43 | $ 13.43 |
Forfeited (in dollars per share) | 0 | 14.73 | 0 |
Exercised (in dollars per share) | 0 | 10 | 0 |
Outstanding (in dollars per share) | $ 13.45 | $ 13.45 | $ 13.43 |
Share-based compensation - Sc_3
Share-based compensation - Schedule of management and director options outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding (in shares) | 8,306,658 | 8,306,658 | 8,888,053 | 8,888,053 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 13.45 | $ 13.45 | $ 13.43 | $ 13.43 |
Management and director options | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding (in shares) | 8,306,658 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 13.45 | |||
Remaining contractual life | 1 year 2 months 12 days | 2 years 2 months 12 days | ||
Options exercisable (in shares) | 8,306,658 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 13.45 | |||
Management and director options | $10.00 - $10.89 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price, lower limit (in dollars per share) | 10 | |||
Exercise price, upper limit (in dollars per share) | $ 10.89 | |||
Options outstanding (in shares) | 4,774,694 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 10.04 | |||
Remaining contractual life | 1 year 1 month 6 days | |||
Options exercisable (in shares) | 4,774,694 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 10.04 | |||
Management and director options | $15.05 - $16.89 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price, lower limit (in dollars per share) | 15.05 | |||
Exercise price, upper limit (in dollars per share) | $ 16.89 | |||
Options outstanding (in shares) | 1,800,866 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 15.92 | |||
Remaining contractual life | 1 year 3 months 18 days | |||
Options exercisable (in shares) | 1,800,866 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 15.92 | |||
Management and director options | $20.00 - $25.05 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price, lower limit (in dollars per share) | 20 | |||
Exercise price, upper limit (in dollars per share) | $ 25.05 | |||
Options outstanding (in shares) | 1,731,098 | |||
Options outstanding, weighted average exercise price (in dollars per share) | $ 20.28 | |||
Remaining contractual life | 1 year 2 months 12 days | |||
Options exercisable (in shares) | 1,731,098 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 20.28 |
Share-based compensation - Sc_4
Share-based compensation - Schedule of restricted share award activity (Details) - Restricted share awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of non-vested restricted shares (in shares) | |||
Outstanding, beginning of year (in shares) | 340,767 | 24,065 | 18,209 |
Granted (in shares) | 1,029,373 | 403,360 | 50,644 |
Forfeited (in shares) | (16,434) | (36,907) | |
Vested (in shares) | (182,648) | (49,751) | (44,788) |
Outstanding, end of year (in shares) | 1,171,058 | 340,767 | 24,065 |
Weighted average grant data fair value (in dollars per share) | |||
Outstanding, beginning of year (in dollars per share) | $ 11.83 | $ 13.35 | $ 12.15 |
Granted (in dollars per share) | 8.30 | 11.10 | 13.45 |
Forfeited (in dollars per share) | 9.77 | 11.31 | |
Vested (in dollars per share) | 10.10 | 12.40 | 12.97 |
Outstanding, end of year (in dollars per share) | $ 8.80 | $ 11.83 | $ 13.35 |
Share-based compensation - Sc_5
Share-based compensation - Schedule of restricted shares with performance condition (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of non-vested restricted shares (in shares) | |||
Outstanding, beginning of year (in shares) | 1,890,529 | 2,001,048 | 1,855,379 |
Granted (in shares) | 749,322 | 862,176 | 556,403 |
Forfeited (in shares) | (372,476) | (823,977) | (294,977) |
Vested (in shares) | (504,440) | (148,718) | (115,757) |
Outstanding, end of year (in shares) | 1,762,935 | 1,890,529 | 2,001,048 |
Number of non-vested restricted shares probable of vesting | |||
Outstanding, beginning of year (in shares) | 1,314,036 | 1,185,220 | 887,203 |
Granted (in shares) | 499,542 | 574,784 | 370,931 |
Forfeited (in shares) | 39,214 | (290,552) | (4,102) |
Vested ( in shares) | (504,440) | (148,718) | (115,757) |
Change in estimated restricted shares considered probable of vesting (in shares) | 132,656 | (6,698) | 46,945 |
Outstanding, end of year (in shares) | 1,402,580 | 1,314,036 | 1,185,220 |
Weighted average grant data fair value (in dollars per share) | |||
Outstanding, beginning of year (in dollars per share) | $ 12.43 | $ 12.80 | $ 12.60 |
Granted (in dollars per share) | 9.46 | 10.95 | 14.01 |
Forfeited (in dollars per share) | 12.12 | 11.70 | 13.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 12.16 | 11.40 | 14 |
Change in estimated restricted shares considerable probable of vesting (in dollars per share) | 11.28 | 12.92 | 13.35 |
Outstanding, end of year (in dollars per share) | $ 10.98 | $ 12.43 | $ 12.80 |
Noncontrolling interests - Narr
Noncontrolling interests - Narrative (Details) $ / shares in Units, $ in Millions | 4 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Arcadian Risk Capital Ltd [Member] | |
Variable Interest Entity [Line Items] | |
Number of Common Shares Acquired | shares | 980,000 |
Business Acquisition, Share Price | $ / shares | $ 1 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 49.00% |
Variable Interest Entity, Primary Beneficiary, Maximum Loss Exposure, Amount | $ | $ 18 |
Noncontrolling Interest - Sched
Noncontrolling Interest - Schedule of Noncontrolling Interest (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 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||||
Total Noncontrolling Interests, beginning of period | $ 0 | $ 0 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 362 | $ (21) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 341 | $ 0 | $ 223 |
Contributions From Noncontrolling Interest | 1,020 | ||||||||||
Total Noncontrolling Interests, end of period | $ 1,361 | $ 0 | $ 1,361 | $ 0 |
Earnings (loss) per share ava_3
Earnings (loss) per share available to SiriusPoint common shareholders (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 | |
Weighted-average number of common shares outstanding: | |||||||||||
Basic number of common shares outstanding (in shares) | 92,638,978 | 92,613,393 | 92,593,599 | 92,191,837 | 91,989,469 | 91,903,556 | 91,776,870 | 91,669,810 | 92,510,090 | 91,835,990 | 97,054,315 |
Dilutive effect of options (in shares) | 0 | 125,530 | 0 | ||||||||
Dilutive effect of warrants (in shares) | 0 | 91,884 | 0 | ||||||||
Dilutive effect of restricted shares with service and performance condition | 447,709 | 598,912 | 0 | ||||||||
Diluted number of common shares outstanding (in shares) | 93,165,559 | 92,969,646 | 92,738,293 | 92,191,837 | 92,696,491 | 91,903,556 | 92,801,799 | 92,578,933 | 92,957,799 | 92,652,316 | 97,054,315 |
Basic earnings (loss) per common share: | |||||||||||
Net income (loss) available to SiriusPoint common shareholders | $ 134,396 | $ 68,743 | $ 124,015 | $ (183,637) | $ 29,738 | $ (15,099) | $ 53,065 | $ 132,915 | $ 143,517 | $ 200,619 | $ (317,692) |
Net income allocated to SiriusPoint participating common shareholders | (1,106) | (643) | 0 | ||||||||
Net income (loss) allocated to SiriusPoint common shareholders | $ 142,411 | $ 199,976 | $ (317,692) | ||||||||
Basic earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.43 | $ 0.74 | $ 1.33 | $ (1.99) | $ 0.32 | $ (0.16) | $ 0.58 | $ 1.45 | $ 1.54 | $ 2.18 | $ (3.27) |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Net income (loss) available to SiriusPoint common shareholders | $ 134,396 | $ 68,743 | $ 124,015 | $ (183,637) | $ 29,738 | $ (15,099) | $ 53,065 | $ 132,915 | $ 143,517 | $ 200,619 | $ (317,692) |
Net income allocated to SiriusPoint participating common shareholders | (1,101) | (637) | 0 | ||||||||
Net income (loss) allocated to SiriusPoint common shareholders | $ 142,416 | $ 199,982 | $ (317,692) | ||||||||
Diluted earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.43 | $ 0.73 | $ 1.33 | $ (1.99) | $ 0.32 | $ (0.16) | $ 0.57 | $ 1.43 | $ 1.53 | $ 2.16 | $ (3.27) |
Antidilutive securities excluded from computation of earnings per share | 3,741,266 | ||||||||||
Options and Warrants | |||||||||||
Earnings Per Share, Diluted [Abstract] | |||||||||||
Antidilutive securities excluded from computation of earnings per share | 3,494,979 | 3,719,404 | 9,820,795 |
Commitments and Contingencies -
Commitments and Contingencies - Operating lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rent expense | $ 900 | $ 900 | $ 800 |
2020 | 842 | ||
2021 | 39 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
Thereafter | 0 | ||
Total | $ 881 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | Nov. 02, 2020 | Sep. 16, 2020 | Aug. 06, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | Dec. 31, 2018 | Feb. 28, 2015 |
Arcadian Risk Capital Ltd [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Notes Receivable, Maximum Commitment | $ 18,000,000 | |||||||
Notes Receivable, Interest Rate | 8.00% | |||||||
Forecast | Series B Preferred Stock [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||||
Forecast | Series B Preferences Share Conversion To New Preference Shares [Member] | Series B Preferred Stock [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Conversion of Stock, Amount Issued | $ 260,000,000 | |||||||
Forecast | Series B Preferences Share Conversion To partial Cash [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Payments For Cash Conversion Of Preferred Stock | 60,000,000 | |||||||
Forecast | Series B Preferences Share Conversion To All Cash [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Payments For Cash Conversion Of Preferred Stock | $ 260 | |||||||
TP Fund | ||||||||
Other Commitments [Line Items] | ||||||||
Annual investment management fee | 1.25% | 1.50% | ||||||
Equity Commitment Letter [Member] | Affiliated Entity [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Related Party Transaction, Shares Purchased, Percentage | 9.50% | |||||||
Related Party Transaction, Shares Purchased, Value | $ 50,000,000 | |||||||
Bridge Loan [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Debt Instrument, Maximum Borrowing Capacity | $ 125,000,000 | |||||||
7% Senior Unsecured Notes | Unsecured Debt | ||||||||
Other Commitments [Line Items] | ||||||||
Debt issued | $ 115,000,000 | $ 115,000,000 | ||||||
Interest rate | 7.00% | 7.00% | ||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | ||||||||
Other Commitments [Line Items] | ||||||||
Debt issued | $ 300,000,000 | |||||||
Term of debt | 3 years | |||||||
Extension option term | 12 months | |||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | Minimum | ||||||||
Other Commitments [Line Items] | ||||||||
Fee on undrawn commitments | 0.20% | |||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | Minimum | Adjusted LIBOR | ||||||||
Other Commitments [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | Minimum | Base Rate | ||||||||
Other Commitments [Line Items] | ||||||||
Basis spread on variable rate | 0.25% | |||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | Maximum | ||||||||
Other Commitments [Line Items] | ||||||||
Fee on undrawn commitments | 0.40% | |||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | Maximum | Adjusted LIBOR | ||||||||
Other Commitments [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | |||||||
Unsecured Revolving Credit Facility [Member] | Unsecured Debt | Maximum | Base Rate | ||||||||
Other Commitments [Line Items] | ||||||||
Basis spread on variable rate | 1.25% |
Segment reporting - Operating S
Segment reporting - Operating Segments (Details) $ in Thousands | 3 Months Ended | 12 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 ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of operating segments | segment | 4 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 190,358 | $ 124,737 | $ 147,740 | $ 125,705 | $ 191,203 | $ 184,856 | $ 149,035 | $ 143,320 | $ 588,540 | $ 668,414 | $ 650,187 |
Net premiums written | 173,268 | 116,451 | 129,317 | 123,160 | 186,744 | 182,928 | 146,291 | 141,075 | 542,196 | 657,038 | 646,018 |
Net premiums earned | 182,015 | 141,712 | 140,810 | 146,315 | 198,392 | 203,248 | 145,452 | 153,050 | 610,852 | 700,142 | 621,442 |
Loss and loss adjustment expenses incurred, net | 177,919 | 110,487 | 89,106 | 87,786 | 140,394 | 85,703 | 82,334 | 95,068 | 465,298 | 403,499 | 438,414 |
Acquisition costs, net | 39,321 | 54,817 | 43,671 | 49,253 | 61,851 | 118,271 | 58,006 | 57,498 | 187,062 | 295,626 | 206,498 |
Other underwriting expenses | 9,714 | 6,072 | 7,793 | 7,221 | 8,336 | 7,286 | 9,636 | 8,839 | 30,800 | 34,097 | 29,667 |
Net underwriting loss | (72,308) | (33,080) | (53,137) | ||||||||
Net investment income (loss) | 204,798 | 121,956 | 137,211 | (185,027) | 61,614 | (3,138) | 69,131 | 154,953 | 278,938 | 282,560 | (251,433) |
Net corporate and other expenses | (10,957) | (14,965) | (8,878) | (6,415) | (8,033) | (7,009) | (13,825) | (7,418) | (41,215) | (36,285) | (16,184) |
Interest expense | (2,068) | (2,068) | (2,046) | (2,048) | (2,074) | (2,074) | (2,051) | (2,029) | (8,230) | (8,228) | (8,228) |
Foreign exchange (gains) losses | (8,348) | (5,885) | 797 | 8,217 | (10,298) | 4,921 | 4,260 | (2,518) | (5,219) | (3,635) | 7,503 |
Income (loss) before income tax (expense) benefit | $ 138,486 | $ 69,374 | $ 127,324 | $ (183,218) | $ 29,020 | $ (15,312) | $ 52,991 | $ 134,633 | $ 151,966 | $ 201,332 | $ (321,479) |
Underwriting ratios: | |||||||||||
Loss ratio | 76.20% | 57.60% | 70.50% | ||||||||
Acquisition cost ratio | 30.60% | 42.20% | 33.20% | ||||||||
Other underwriting expense ratio | 5.00% | 4.90% | 4.80% | ||||||||
Combined ratio | 111.80% | 104.70% | 108.50% | ||||||||
A&H | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 3,392 | $ 4,587 | $ 3,225 | ||||||||
Net premiums written | 3,392 | 4,587 | 3,225 | ||||||||
Net premiums earned | 3,207 | 4,665 | 3,098 | ||||||||
Loss and loss adjustment expenses incurred, net | 3,319 | 3,907 | 2,624 | ||||||||
Acquisition costs, net | 313 | 365 | 540 | ||||||||
Other underwriting expenses | 114 | 156 | 93 | ||||||||
Net underwriting loss | $ (539) | $ 237 | $ (159) | ||||||||
Underwriting ratios: | |||||||||||
Loss ratio | 103.50% | 83.80% | 84.70% | ||||||||
Acquisition cost ratio | 9.80% | 7.80% | 17.40% | ||||||||
Other underwriting expense ratio | 3.60% | 3.30% | 3.00% | ||||||||
Combined ratio | 116.90% | 94.90% | 105.10% | ||||||||
Specialty | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 368,722 | $ 420,982 | $ 489,691 | ||||||||
Net premiums written | 349,783 | 412,085 | 485,522 | ||||||||
Net premiums earned | 407,951 | 465,426 | 466,524 | ||||||||
Loss and loss adjustment expenses incurred, net | 342,596 | 313,750 | 315,632 | ||||||||
Acquisition costs, net | 112,464 | 149,497 | 156,533 | ||||||||
Other underwriting expenses | 18,744 | 20,144 | 18,314 | ||||||||
Net underwriting loss | $ (65,853) | $ (17,965) | $ (23,955) | ||||||||
Underwriting ratios: | |||||||||||
Loss ratio | 84.00% | 67.40% | 67.70% | ||||||||
Acquisition cost ratio | 27.60% | 32.10% | 33.60% | ||||||||
Other underwriting expense ratio | 4.60% | 4.30% | 3.90% | ||||||||
Combined ratio | 116.20% | 103.80% | 105.20% | ||||||||
Property | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 187,480 | $ 155,208 | $ 83,051 | ||||||||
Net premiums written | 160,075 | 152,729 | 83,051 | ||||||||
Net premiums earned | 171,556 | 141,477 | 77,208 | ||||||||
Loss and loss adjustment expenses incurred, net | 119,455 | 90,577 | 59,411 | ||||||||
Acquisition costs, net | 48,744 | 54,769 | 37,235 | ||||||||
Other underwriting expenses | 6,036 | 4,722 | 2,315 | ||||||||
Net underwriting loss | $ (2,679) | $ (8,591) | $ (21,753) | ||||||||
Underwriting ratios: | |||||||||||
Loss ratio | 69.60% | 64.00% | 76.90% | ||||||||
Acquisition cost ratio | 28.40% | 38.70% | 48.20% | ||||||||
Other underwriting expense ratio | 3.50% | 3.30% | 3.00% | ||||||||
Combined ratio | 101.50% | 106.00% | 128.10% | ||||||||
Runoff & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 28,946 | $ 87,637 | $ 74,220 | ||||||||
Net premiums written | 28,946 | 87,637 | 74,220 | ||||||||
Net premiums earned | 28,138 | 88,574 | 74,612 | ||||||||
Loss and loss adjustment expenses incurred, net | (72) | (4,735) | 60,747 | ||||||||
Acquisition costs, net | 25,541 | 90,995 | 12,190 | ||||||||
Other underwriting expenses | 5,906 | 9,075 | 8,945 | ||||||||
Net underwriting loss | $ (3,237) | $ (6,761) | $ (7,270) |
Segment reporting - Concentrati
Segment reporting - Concentration Risk (Details) - Gross Premiums Written | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Contract Concentration Risk | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Contract Concentration Risk | Largest contract | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 14.40% | 15.50% | |
Contract Concentration Risk | Second largest contract | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10.70% | ||
Contract Concentration Risk | Total for contracts contributing greater than 10% each | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 0.00% | 14.40% | 26.20% |
Contract Concentration Risk | Total for contracts contributing less than 10% each | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 100.00% | 85.60% | 73.80% |
Segment reporting - Receivables
Segment reporting - Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 441,935 | $ 478,452 |
Customer Concentration Risk | Reinsurance Receivables | ||
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 441,935 | $ 478,452 |
Concentration risk, percentage | 100.00% | 100.00% |
Customer Concentration Risk | Reinsurance Receivables | Counterparty 1 | ||
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 94,131 | $ 113,718 |
Concentration risk, percentage | 21.30% | 23.80% |
Customer Concentration Risk | Reinsurance Receivables | Counterparty 2 | ||
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 75,336 | $ 105,732 |
Concentration risk, percentage | 17.00% | 22.00% |
Customer Concentration Risk | Reinsurance Receivables | Counterparty 3 | ||
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 46,447 | $ 88,825 |
Concentration risk, percentage | 10.50% | 18.60% |
Customer Concentration Risk | Reinsurance Receivables | Customers contributing greater than 10% each | ||
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 215,914 | $ 308,275 |
Concentration risk, percentage | 48.80% | 64.40% |
Customer Concentration Risk | Reinsurance Receivables | Other counterparties representing less than 10% each | ||
Concentration Risk [Line Items] | ||
Reinsurance balances receivable, net | $ 226,021 | $ 170,177 |
Concentration risk, percentage | 51.20% | 35.60% |
Segment reporting - Broker Conc
Segment reporting - Broker Concentration (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 | |
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 190,358 | $ 124,737 | $ 147,740 | $ 125,705 | $ 191,203 | $ 184,856 | $ 149,035 | $ 143,320 | $ 588,540 | $ 668,414 | $ 650,187 |
Gross Premiums Written | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Gross Premiums Written | Customer Concentration Risk | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 588,540 | $ 668,414 | $ 650,187 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Gross Premiums Written | Customer Concentration Risk | Largest broker | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 189,097 | $ 197,100 | $ 224,198 | ||||||||
Concentration risk, percentage | 32.10% | 29.50% | 34.50% | ||||||||
Gross Premiums Written | Customer Concentration Risk | Second largest broker | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 164,569 | $ 144,611 | $ 163,336 | ||||||||
Concentration risk, percentage | 28.00% | 21.60% | 25.10% | ||||||||
Gross Premiums Written | Customer Concentration Risk | Third largest broker | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 67,550 | $ 140,197 | $ 120,381 | ||||||||
Concentration risk, percentage | 11.50% | 21.00% | 18.50% | ||||||||
Gross Premiums Written | Customer Concentration Risk | Fourth largest broker | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 70,523 | ||||||||||
Concentration risk, percentage | 10.80% | ||||||||||
Gross Premiums Written | Customer Concentration Risk | Other | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Gross premiums written | $ 167,324 | $ 186,506 | $ 71,749 | ||||||||
Concentration risk, percentage | 28.40% | 27.90% | 11.10% |
Segment reporting - Geographic
Segment reporting - Geographic information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 569,501 | $ 668,414 | $ 650,187 |
Gross Premiums Written | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 588,540 | $ 668,414 | $ 650,187 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Gross Premiums Written | United States | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 358,582 | $ 361,511 | $ 409,584 |
Concentration risk, percentage | 60.90% | 54.10% | 63.00% |
Gross Premiums Written | United Kingdom | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 110,576 | $ 161,638 | $ 60,623 |
Concentration risk, percentage | 18.80% | 24.20% | 9.30% |
Gross Premiums Written | Bermuda | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 108,598 | $ 137,278 | $ 86,236 |
Concentration risk, percentage | 18.50% | 20.50% | 13.30% |
Gross Premiums Written | Other | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 10,784 | $ 7,987 | $ 93,744 |
Concentration risk, percentage | 1.80% | 1.20% | 14.40% |
Segment reporting - Effects of
Segment reporting - Effects of 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 | |
Segment Reporting [Abstract] | |||||||||||
Direct gross premiums written | $ 19,039 | $ 0 | $ 0 | ||||||||
Assumed from other companies | 569,501 | 668,414 | 650,187 | ||||||||
Premiums Written, Gross | $ 190,358 | $ 124,737 | $ 147,740 | $ 125,705 | $ 191,203 | $ 184,856 | $ 149,035 | $ 143,320 | 588,540 | 668,414 | 650,187 |
Gross premiums ceded | (17,090) | (8,286) | (18,423) | (2,545) | (4,459) | (1,928) | (2,744) | (2,245) | (46,344) | (11,376) | (4,169) |
Net premiums written | 173,268 | 116,451 | 129,317 | 123,160 | 186,744 | 182,928 | 146,291 | 141,075 | 542,196 | 657,038 | 646,018 |
Direct Premiums Earned | 1,038 | 0 | 0 | ||||||||
Assumed Premiums Earned | 638,817 | 710,014 | 624,834 | ||||||||
Premiums Earned, Gross | 639,855 | 710,014 | 624,834 | ||||||||
Ceded Premiums Earned | (29,003) | (9,872) | (3,392) | ||||||||
Net premiums earned | $ 182,015 | $ 141,712 | $ 140,810 | $ 146,315 | $ 198,392 | $ 203,248 | $ 145,452 | $ 153,050 | $ 610,852 | $ 700,142 | $ 621,442 |
Statutory Requirements (Details
Statutory Requirements (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)member | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Statutory Accounting Practices [Line Items] | |||
Liquidity ratio, minimum percentage required | 75.00% | ||
Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Actual statutory capital and surplus | $ 1,211,102 | $ 1,298,596 | |
Required statutory capital and surplus | 610,173 | 555,714 | |
Statutory net income | $ 139,646 | 214,227 | $ (272,339) |
Statutory maximum percentage available for dividend payments | 25.00% | ||
Dividend payments with regulatory approval, number of members required | member | 2 | ||
Statutory amount available for dividend payments without regulatory approval | $ 316,700 | 314,500 | |
United States | |||
Statutory Accounting Practices [Line Items] | |||
Actual statutory capital and surplus | 296,938 | 276,185 | |
Required statutory capital and surplus | 115,086 | 112,601 | |
Statutory net income | $ 36,659 | 9,016 | $ (29,491) |
Statutory maximum percentage available for dividend payments | 25.00% | ||
Dividend payments with regulatory approval, number of members required | member | 2 | ||
Statutory amount available for dividend payments without regulatory approval | $ 47,400 | $ 21,600 | |
Net Worth Maintenance Agreement, Minimum Level of Capital | $ 250,000 |
Supplemental guarantor inform_3
Supplemental guarantor information - Condensed Consolidating Balance Sheet (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Total investments | $ 1,160,929,000 | $ 989,701,000 | ||
Cash and cash equivalents | 525,991,000 | 639,415,000 | ||
Restricted cash and cash equivalents | 1,187,948,000 | 1,014,543,000 | ||
Investment in subsidiaries | 0 | 0 | ||
Due from brokers | 94,902,000 | 0 | ||
Interest and dividends receivable | 909,000 | 2,178,000 | ||
Reinsurance balances receivable, net | 441,935,000 | 478,452,000 | ||
Deferred acquisition costs, net | 68,550,000 | 92,164,000 | ||
Unearned premiums ceded | 20,464,000 | 3,123,000 | ||
Loss and loss adjustment expenses recoverable, net | 14,375,000 | 5,520,000 | ||
Amounts due from (to) affiliates | 0 | 0 | ||
Other assets | 19,185,000 | 20,555,000 | ||
Total assets | 3,535,188,000 | 3,245,651,000 | ||
Liabilities | ||||
Accounts payable and accrued expenses | 14,588,000 | 17,816,000 | ||
Reinsurance balances payable | 78,115,000 | 76,516,000 | ||
Deposit liabilities | 152,961,000 | 172,259,000 | $ 145,342,000 | $ 129,133,000 |
Unearned premium reserves | 284,835,000 | 336,150,000 | ||
Loss and loss adjustment expense reserves | 1,310,068,000 | 1,111,692,000 | ||
Securities sold, not yet purchased, at fair value | 11,990,000 | 0 | ||
Interest and dividends payable | 3,078,000 | 3,055,000 | ||
Senior notes payable, net of deferred costs | 114,267,000 | 114,089,000 | ||
Total liabilities | 1,969,902,000 | 1,831,577,000 | ||
Shareholders’ equity | ||||
Common shares | 9,558,000 | 9,423,000 | ||
Additional paid-in capital | 933,903,000 | 927,704,000 | ||
Retained earnings | 620,464,000 | 476,947,000 | ||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,563,925,000 | 1,414,074,000 | 1,204,574,000 | |
Noncontrolling interests in related party | 1,361,000 | 0 | ||
Total shareholders' equity | 1,565,286,000 | 1,414,074,000 | $ 1,204,574,000 | |
Total liabilities, noncontrolling interests and shareholders’ equity | 3,535,188,000 | 3,245,651,000 | ||
Reportable Legal Entities | SiriusPoint | ||||
Assets | ||||
Total investments | 4,000,000 | 4,000,000 | ||
Cash and cash equivalents | 212,000 | 10,000 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Investment in subsidiaries | 1,459,895,000 | 1,419,197,000 | ||
Due from brokers | 0 | |||
Interest and dividends receivable | 0 | 0 | ||
Reinsurance balances receivable, net | 0 | 0 | ||
Deferred acquisition costs, net | 0 | 0 | ||
Unearned premiums ceded | 0 | 0 | ||
Loss and loss adjustment expenses recoverable, net | 0 | 0 | ||
Amounts due from (to) affiliates | 96,607,000 | (5,722,000) | ||
Other assets | 4,933,000 | 764,000 | ||
Total assets | 1,565,647,000 | 1,418,249,000 | ||
Liabilities | ||||
Accounts payable and accrued expenses | 1,722,000 | 4,175,000 | ||
Reinsurance balances payable | 0 | 0 | ||
Deposit liabilities | 0 | 0 | ||
Unearned premium reserves | 0 | 0 | ||
Loss and loss adjustment expense reserves | 0 | 0 | ||
Securities sold, not yet purchased, at fair value | 0 | |||
Interest and dividends payable | 0 | 0 | ||
Senior notes payable, net of deferred costs | 0 | 0 | ||
Total liabilities | 1,722,000 | 4,175,000 | ||
Shareholders’ equity | ||||
Common shares | 9,558,000 | 9,423,000 | ||
Additional paid-in capital | 933,903,000 | 927,704,000 | ||
Retained earnings | 620,464,000 | 476,947,000 | ||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,563,925,000 | 1,414,074,000 | ||
Noncontrolling interests in related party | 0 | |||
Total shareholders' equity | 1,563,925,000 | |||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,565,647,000 | 1,418,249,000 | ||
Reportable Legal Entities | TPRUSA | ||||
Assets | ||||
Total investments | 0 | 0 | ||
Cash and cash equivalents | 164,000 | 176,000 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Investment in subsidiaries | 297,415,000 | 271,624,000 | ||
Due from brokers | 0 | |||
Interest and dividends receivable | 0 | 0 | ||
Reinsurance balances receivable, net | 0 | 0 | ||
Deferred acquisition costs, net | 0 | 0 | ||
Unearned premiums ceded | 0 | 0 | ||
Loss and loss adjustment expenses recoverable, net | 0 | 0 | ||
Amounts due from (to) affiliates | 52,000 | (3,898,000) | ||
Other assets | 8,515,000 | 6,784,000 | ||
Total assets | 306,146,000 | 274,686,000 | ||
Liabilities | ||||
Accounts payable and accrued expenses | 0 | 0 | ||
Reinsurance balances payable | 0 | 0 | ||
Deposit liabilities | 0 | 0 | ||
Unearned premium reserves | 0 | 0 | ||
Loss and loss adjustment expense reserves | 0 | 0 | ||
Securities sold, not yet purchased, at fair value | 0 | |||
Interest and dividends payable | 3,057,000 | 3,055,000 | ||
Senior notes payable, net of deferred costs | 114,267,000 | 114,089,000 | ||
Total liabilities | 117,324,000 | 117,144,000 | ||
Shareholders’ equity | ||||
Common shares | 0 | 0 | ||
Additional paid-in capital | 192,494,000 | 191,361,000 | ||
Retained earnings | (3,672,000) | (33,819,000) | ||
Shareholders’ equity attributable to SiriusPoint common shareholders | 188,822,000 | 157,542,000 | ||
Noncontrolling interests in related party | 0 | |||
Total shareholders' equity | 188,822,000 | |||
Total liabilities, noncontrolling interests and shareholders’ equity | 306,146,000 | 274,686,000 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Total investments | 1,156,929,000 | 985,701,000 | ||
Cash and cash equivalents | 525,615,000 | 639,229,000 | ||
Restricted cash and cash equivalents | 1,187,948,000 | 1,014,543,000 | ||
Investment in subsidiaries | 192,148,000 | 191,077,000 | ||
Due from brokers | 94,902,000 | |||
Interest and dividends receivable | 909,000 | 2,178,000 | ||
Reinsurance balances receivable, net | 441,935,000 | 478,452,000 | ||
Deferred acquisition costs, net | 68,550,000 | 92,164,000 | ||
Unearned premiums ceded | 20,464,000 | 3,123,000 | ||
Loss and loss adjustment expenses recoverable, net | 14,375,000 | 5,520,000 | ||
Amounts due from (to) affiliates | (96,659,000) | 9,620,000 | ||
Other assets | 5,737,000 | 13,007,000 | ||
Total assets | 3,612,853,000 | 3,434,614,000 | ||
Liabilities | ||||
Accounts payable and accrued expenses | 12,866,000 | 13,641,000 | ||
Reinsurance balances payable | 78,115,000 | 76,516,000 | ||
Deposit liabilities | 152,961,000 | 172,259,000 | ||
Unearned premium reserves | 284,835,000 | 336,150,000 | ||
Loss and loss adjustment expense reserves | 1,310,068,000 | 1,111,692,000 | ||
Securities sold, not yet purchased, at fair value | 11,990,000 | |||
Interest and dividends payable | 21,000 | 0 | ||
Senior notes payable, net of deferred costs | 0 | 0 | ||
Total liabilities | 1,850,856,000 | 1,710,258,000 | ||
Shareholders’ equity | ||||
Common shares | 1,239,000 | 1,239,000 | ||
Additional paid-in capital | 1,598,969,000 | 1,591,796,000 | ||
Retained earnings | 160,428,000 | 131,321,000 | ||
Shareholders’ equity attributable to SiriusPoint common shareholders | 1,760,636,000 | 1,724,356,000 | ||
Noncontrolling interests in related party | 1,361,000 | |||
Total shareholders' equity | 1,761,997,000 | |||
Total liabilities, noncontrolling interests and shareholders’ equity | 3,612,853,000 | 3,434,614,000 | ||
Eliminations | ||||
Assets | ||||
Total investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and cash equivalents | 0 | 0 | ||
Investment in subsidiaries | (1,949,458,000) | (1,881,898,000) | ||
Due from brokers | 0 | |||
Interest and dividends receivable | 0 | 0 | ||
Reinsurance balances receivable, net | 0 | 0 | ||
Deferred acquisition costs, net | 0 | 0 | ||
Unearned premiums ceded | 0 | 0 | ||
Loss and loss adjustment expenses recoverable, net | 0 | 0 | ||
Amounts due from (to) affiliates | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (1,949,458,000) | (1,881,898,000) | ||
Liabilities | ||||
Accounts payable and accrued expenses | 0 | 0 | ||
Reinsurance balances payable | 0 | 0 | ||
Deposit liabilities | 0 | 0 | ||
Unearned premium reserves | 0 | 0 | ||
Loss and loss adjustment expense reserves | 0 | 0 | ||
Securities sold, not yet purchased, at fair value | 0 | |||
Interest and dividends payable | 0 | 0 | ||
Senior notes payable, net of deferred costs | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Shareholders’ equity | ||||
Common shares | (1,239,000) | (1,239,000) | ||
Additional paid-in capital | (1,791,463,000) | (1,783,157,000) | ||
Retained earnings | (156,756,000) | (97,502,000) | ||
Shareholders’ equity attributable to SiriusPoint common shareholders | (1,949,458,000) | (1,881,898,000) | ||
Noncontrolling interests in related party | 0 | |||
Total shareholders' equity | (1,949,458,000) | |||
Total liabilities, noncontrolling interests and shareholders’ equity | (1,949,458,000) | $ (1,881,898,000) | ||
Financial Guarantee [Member] | TPRUSA | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Debt issued | $ 115,000,000 |
Supplemental guarantor inform_4
Supplemental guarantor information - Condensed Consolidating Statement of 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 | |
Revenues | |||||||||||
Gross premiums written | $ 190,358 | $ 124,737 | $ 147,740 | $ 125,705 | $ 191,203 | $ 184,856 | $ 149,035 | $ 143,320 | $ 588,540 | $ 668,414 | $ 650,187 |
Gross premiums ceded | (17,090) | (8,286) | (18,423) | (2,545) | (4,459) | (1,928) | (2,744) | (2,245) | (46,344) | (11,376) | (4,169) |
Net premiums written | 173,268 | 116,451 | 129,317 | 123,160 | 186,744 | 182,928 | 146,291 | 141,075 | 542,196 | 657,038 | 646,018 |
Change in net unearned premium reserves | 8,747 | 25,261 | 11,493 | 23,155 | 11,648 | 20,320 | (839) | 11,975 | 68,656 | 43,104 | (24,576) |
Net premiums earned | 182,015 | 141,712 | 140,810 | 146,315 | 198,392 | 203,248 | 145,452 | 153,050 | 610,852 | 700,142 | 621,442 |
Net investment income (loss) | 204,798 | 121,956 | 137,211 | (185,027) | 61,614 | (3,138) | 69,131 | 154,953 | 278,938 | 282,560 | (251,433) |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Total revenues | 386,813 | 263,668 | 278,021 | (38,712) | 260,006 | 200,110 | 214,583 | 308,003 | 889,790 | 982,702 | 370,009 |
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 177,919 | 110,487 | 89,106 | 87,786 | 140,394 | 85,703 | 82,334 | 95,068 | 465,298 | 403,499 | 438,414 |
Acquisition costs, net | 39,321 | 54,817 | 43,671 | 49,253 | 61,851 | 118,271 | 58,006 | 57,498 | 187,062 | 295,626 | 206,498 |
Other underwriting expenses | 9,714 | 6,072 | 7,793 | 7,221 | 8,336 | 7,286 | 9,636 | 8,839 | 30,800 | 34,097 | 29,667 |
Net corporate and other expenses | 10,957 | 14,965 | 8,878 | 6,415 | 8,033 | 7,009 | 13,825 | 7,418 | 41,215 | 36,285 | 16,184 |
Interest expense | 2,068 | 2,068 | 2,046 | 2,048 | 2,074 | 2,074 | 2,051 | 2,029 | 8,230 | 8,228 | 8,228 |
Net foreign exchange (gains) losses | 8,348 | 5,885 | (797) | (8,217) | 10,298 | (4,921) | (4,260) | 2,518 | 5,219 | 3,635 | (7,503) |
Total expenses | 248,327 | 194,294 | 150,697 | 144,506 | 230,986 | 215,422 | 161,592 | 173,370 | 737,824 | 781,370 | 691,488 |
Income (loss) before income tax (expense) benefit | 138,486 | 69,374 | 127,324 | (183,218) | 29,020 | (15,312) | 52,991 | 134,633 | 151,966 | 201,332 | (321,479) |
Income tax (expense) benefit | (3,728) | (652) | (3,309) | (419) | 718 | 213 | 74 | (1,718) | (8,108) | (713) | 4,010 |
Net income (loss) | 134,758 | 68,722 | 124,015 | (183,637) | 29,738 | (15,099) | 53,065 | 132,915 | 143,858 | 200,619 | (317,469) |
Net income attributable to noncontrolling interests | (362) | 21 | 0 | 0 | 0 | 0 | 0 | 0 | (341) | 0 | (223) |
Net income (loss) available to SiriusPoint common shareholders | $ 134,396 | $ 68,743 | $ 124,015 | $ (183,637) | $ 29,738 | $ (15,099) | $ 53,065 | $ 132,915 | 143,517 | 200,619 | (317,692) |
Reportable Legal Entities | SiriusPoint | |||||||||||
Revenues | |||||||||||
Gross premiums written | 0 | 0 | 0 | ||||||||
Gross premiums ceded | 0 | 0 | 0 | ||||||||
Net premiums written | 0 | 0 | 0 | ||||||||
Change in net unearned premium reserves | 0 | 0 | 0 | ||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net investment income (loss) | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of subsidiaries | 169,926 | 216,877 | (310,552) | ||||||||
Total revenues | 169,926 | 216,877 | (310,552) | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||||
Acquisition costs, net | 0 | 0 | 0 | ||||||||
Other underwriting expenses | 0 | 0 | 0 | ||||||||
Net corporate and other expenses | 26,407 | 16,258 | 7,140 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net foreign exchange (gains) losses | 2 | 0 | 0 | ||||||||
Total expenses | 26,409 | 16,258 | 7,140 | ||||||||
Income (loss) before income tax (expense) benefit | 143,517 | 200,619 | (317,692) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | 143,517 | 200,619 | (317,692) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) available to SiriusPoint common shareholders | 143,517 | 200,619 | (317,692) | ||||||||
Reportable Legal Entities | TPRUSA | |||||||||||
Revenues | |||||||||||
Gross premiums written | 0 | 0 | 0 | ||||||||
Gross premiums ceded | 0 | 0 | 0 | ||||||||
Net premiums written | 0 | 0 | 0 | ||||||||
Change in net unearned premium reserves | 0 | 0 | 0 | ||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net investment income (loss) | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of subsidiaries | 36,658 | 9,017 | (29,492) | ||||||||
Total revenues | 36,658 | 9,017 | (29,492) | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||||
Acquisition costs, net | 0 | 0 | 0 | ||||||||
Other underwriting expenses | 0 | 0 | 0 | ||||||||
Net corporate and other expenses | 12 | (59) | 47 | ||||||||
Interest expense | 8,230 | 8,228 | 8,228 | ||||||||
Net foreign exchange (gains) losses | 0 | 0 | 0 | ||||||||
Total expenses | 8,242 | 8,169 | 8,275 | ||||||||
Income (loss) before income tax (expense) benefit | 28,416 | 848 | (37,767) | ||||||||
Income tax (expense) benefit | 1,731 | 1,716 | (419) | ||||||||
Net income (loss) | 30,147 | 2,564 | (38,186) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) available to SiriusPoint common shareholders | 30,147 | 2,564 | (38,186) | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Gross premiums written | 588,540 | 668,414 | 650,187 | ||||||||
Gross premiums ceded | (46,344) | (11,376) | (4,169) | ||||||||
Net premiums written | 542,196 | 657,038 | 646,018 | ||||||||
Change in net unearned premium reserves | 68,656 | 43,104 | (24,576) | ||||||||
Net premiums earned | 610,852 | 700,142 | 621,442 | ||||||||
Net investment income (loss) | 278,938 | 282,560 | (251,433) | ||||||||
Equity in earnings (losses) of subsidiaries | (61) | (40) | (57) | ||||||||
Total revenues | 889,729 | 982,662 | 369,952 | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 465,298 | 403,499 | 438,414 | ||||||||
Acquisition costs, net | 187,062 | 295,626 | 206,498 | ||||||||
Other underwriting expenses | 30,800 | 34,097 | 29,667 | ||||||||
Net corporate and other expenses | 14,796 | 20,086 | 8,997 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net foreign exchange (gains) losses | 5,217 | 3,635 | (7,503) | ||||||||
Total expenses | 703,173 | 756,943 | 676,073 | ||||||||
Income (loss) before income tax (expense) benefit | 186,556 | 225,719 | (306,121) | ||||||||
Income tax (expense) benefit | (9,839) | (2,429) | 4,429 | ||||||||
Net income (loss) | 176,717 | 223,290 | (301,692) | ||||||||
Net income attributable to noncontrolling interests | (341) | 0 | (223) | ||||||||
Net income (loss) available to SiriusPoint common shareholders | 176,376 | 223,290 | (301,915) | ||||||||
Eliminations | |||||||||||
Revenues | |||||||||||
Gross premiums written | 0 | 0 | 0 | ||||||||
Gross premiums ceded | 0 | 0 | 0 | ||||||||
Net premiums written | 0 | 0 | 0 | ||||||||
Change in net unearned premium reserves | 0 | 0 | 0 | ||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net investment income (loss) | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of subsidiaries | (206,523) | (225,854) | 340,101 | ||||||||
Total revenues | (206,523) | (225,854) | 340,101 | ||||||||
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 | ||||||||
Acquisition costs, net | 0 | 0 | 0 | ||||||||
Other underwriting expenses | 0 | 0 | 0 | ||||||||
Net corporate and other expenses | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net foreign exchange (gains) losses | 0 | 0 | 0 | ||||||||
Total expenses | 0 | 0 | 0 | ||||||||
Income (loss) before income tax (expense) benefit | (206,523) | (225,854) | 340,101 | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | (206,523) | (225,854) | 340,101 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) available to SiriusPoint common shareholders | $ (206,523) | $ (225,854) | $ 340,101 |
Supplemental guarantor inform_5
Supplemental guarantor information - Condensed Consolidating Statement of Cash Flows (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 | |
Operating activities | |||||||||||
Net income (loss) | $ 134,758,000 | $ 68,722,000 | $ 124,015,000 | $ (183,637,000) | $ 29,738,000 | $ (15,099,000) | $ 53,065,000 | $ 132,915,000 | $ 143,858,000 | $ 200,619,000 | $ (317,469,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Share compensation expense | 6,636,000 | 7,061,000 | 4,956,000 | ||||||||
Net interest expense (income) on deposit liabilities | 852,000 | 5,879,000 | (1,273,000) | ||||||||
Unrealized Gain (Loss) on Investments | 34,145,000 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | (62,498,000) | (2,522,000) | (34,145,000) | ||||||||
Net realized and unrealized (gain) loss on investment in related party investment fund | (194,988,000) | (249,626,000) | 280,847,000 | ||||||||
Net foreign exchange (gains) losses | 8,348,000 | $ 5,885,000 | $ (797,000) | (8,217,000) | 10,298,000 | $ (4,921,000) | $ (4,260,000) | 2,518,000 | 5,219,000 | 3,635,000 | (7,503,000) |
Amortization of premium and accretion of discount, net | (3,831,000) | (1,382,000) | 4,134,000 | ||||||||
Changes in assets and liabilities: | |||||||||||
Reinsurance balances receivable | 38,610,000 | 20,355,000 | (157,214,000) | ||||||||
Deferred acquisition costs, net | 23,614,000 | 24,782,000 | 8,746,000 | ||||||||
Unearned premiums ceded | (17,341,000) | (1,504,000) | (777,000) | ||||||||
Increase (Decrease) in Reinsurance Recoverable | (8,855,000) | (3,489,000) | (918,000) | ||||||||
Other assets | 3,267,000 | (172,000) | (13,486,000) | ||||||||
Interest and dividends receivable, net | 1,292,000 | (862,000) | (2,716,000) | ||||||||
Unearned premium reserves | (51,315,000) | (41,600,000) | 25,353,000 | ||||||||
Loss and loss adjustment expense reserves | (190,325,000) | (157,849,000) | (225,670,000) | ||||||||
Accounts payable and accrued expenses | (3,269,000) | 10,555,000 | (24,684,000) | ||||||||
Reinsurance balances payable | 1,780,000 | 11,534,000 | 23,866,000 | ||||||||
Amounts due from (to) affiliates | 0 | ||||||||||
Amounts due to affiliates | 0 | 0 | |||||||||
Net cash provided by operating activities | 73,356,000 | 141,112,000 | 13,387,000 | ||||||||
Investing activities | |||||||||||
Proceeds from redemptions from related party investment fund | 0 | 760,000,000 | 142,968,000 | ||||||||
Contributions to related party investment fund | 0 | (87,000,000) | (136,626,000) | ||||||||
Change in participation agreement with related party investment fund | 0 | (2,297,000) | (20,852,000) | ||||||||
Purchases of investments | (444,111,000) | (331,463,000) | (3,483,319,000) | ||||||||
Proceeds from sales and maturities of investments | 532,247,000 | 446,206,000 | 3,475,515,000 | ||||||||
Purchases of investments to cover short sales | (2,846,000) | 0 | (853,798,000) | ||||||||
Proceeds from short sales of investments | 15,721,000 | 0 | 800,508,000 | ||||||||
Change in due to/from brokers, net | (94,902,000) | 1,411,000 | 482,778,000 | ||||||||
Decrease in securities sold under an agreement to repurchase | 0 | 0 | (29,618,000) | ||||||||
Contributed capital to subsidiaries | 0 | 0 | |||||||||
Proceeds from Contributed Capital | 0 | 0 | |||||||||
Net cash provided by investing activities | 6,109,000 | 786,857,000 | 377,556,000 | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | 1,888,000 | 0 | ||||||||
Payments Related to Tax Withholding for Share-based Compensation | (302,000) | (68,000) | (74,000) | ||||||||
Purchases of SiriusPoint common shares under share repurchase program | 0 | 0 | (138,705,000) | ||||||||
Net proceeds (payments) on deposit liability contracts | (20,202,000) | 10,832,000 | 9,790,000 | ||||||||
Change in total noncontrolling interests, net | 1,020,000 | 0 | (97,950,000) | ||||||||
Dividend received by (paid to) parent | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | (19,484,000) | 12,652,000 | (226,939,000) | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 59,981,000 | 940,621,000 | 164,004,000 | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 1,653,958,000 | 713,337,000 | 1,653,958,000 | 713,337,000 | 549,333,000 | ||||||
Cash, cash equivalents and restricted cash at end of year | 1,713,939,000 | 1,653,958,000 | 1,713,939,000 | 1,653,958,000 | 713,337,000 | ||||||
Reportable Legal Entities | SiriusPoint | |||||||||||
Operating activities | |||||||||||
Net income (loss) | 143,517,000 | 200,619,000 | (317,692,000) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | (169,926,000) | (216,877,000) | 310,552,000 | ||||||||
Share compensation expense | 650,000 | 2,653,000 | 610,000 | ||||||||
Net interest expense (income) on deposit liabilities | 0 | 0 | 0 | ||||||||
Unrealized Gain (Loss) on Investments | 0 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | 0 | 0 | |||||||||
Net realized and unrealized (gain) loss on investment in related party investment fund | 0 | 0 | 0 | ||||||||
Net foreign exchange (gains) losses | 2,000 | 0 | 0 | ||||||||
Amortization of premium and accretion of discount, net | 0 | 0 | 0 | ||||||||
Changes in assets and liabilities: | |||||||||||
Reinsurance balances receivable | 0 | 0 | 0 | ||||||||
Deferred acquisition costs, net | 0 | 0 | 0 | ||||||||
Unearned premiums ceded | 0 | 0 | 0 | ||||||||
Increase (Decrease) in Reinsurance Recoverable | 0 | 0 | 0 | ||||||||
Other assets | (4,169,000) | 909,000 | (1,009,000) | ||||||||
Interest and dividends receivable, net | 0 | 0 | 0 | ||||||||
Unearned premium reserves | 0 | 0 | 0 | ||||||||
Loss and loss adjustment expense reserves | 0 | 0 | 0 | ||||||||
Accounts payable and accrued expenses | (2,453,000) | 3,437,000 | (25,000) | ||||||||
Reinsurance balances payable | 0 | 0 | 0 | ||||||||
Amounts due from (to) affiliates | 2,234,000 | ||||||||||
Amounts due to affiliates | (102,329,000) | 2,200,000 | |||||||||
Net cash provided by operating activities | (134,708,000) | (7,059,000) | (5,330,000) | ||||||||
Investing activities | |||||||||||
Proceeds from redemptions from related party investment fund | 0 | 0 | |||||||||
Contributions to related party investment fund | 0 | 0 | |||||||||
Change in participation agreement with related party investment fund | 0 | 0 | |||||||||
Purchases of investments | 0 | (4,000,000) | 0 | ||||||||
Proceeds from sales and maturities of investments | 0 | 0 | 0 | ||||||||
Purchases of investments to cover short sales | 0 | 0 | |||||||||
Proceeds from short sales of investments | 0 | 0 | |||||||||
Change in due to/from brokers, net | 0 | 0 | 0 | ||||||||
Decrease in securities sold under an agreement to repurchase | 0 | ||||||||||
Contributed capital to subsidiaries | (15,000,000) | (10,000,000) | |||||||||
Proceeds from Contributed Capital | 0 | 0 | |||||||||
Net cash provided by investing activities | 0 | (19,000,000) | (10,000,000) | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of SiriusPoint common shares, net of costs | 1,888,000 | ||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (302,000) | (68,000) | (74,000) | ||||||||
Purchases of SiriusPoint common shares under share repurchase program | (138,705,000) | ||||||||||
Net proceeds (payments) on deposit liability contracts | 0 | 0 | 0 | ||||||||
Change in total noncontrolling interests, net | 0 | 0 | |||||||||
Dividend received by (paid to) parent | 135,212,000 | 24,249,000 | 154,100,000 | ||||||||
Net cash provided by (used in) financing activities | 134,910,000 | 26,069,000 | 15,321,000 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 202,000 | 10,000 | (9,000) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 10,000 | 0 | 10,000 | 0 | 9,000 | ||||||
Cash, cash equivalents and restricted cash at end of year | 212,000 | 10,000 | 212,000 | 10,000 | 0 | ||||||
Reportable Legal Entities | TPRUSA | |||||||||||
Operating activities | |||||||||||
Net income (loss) | 30,147,000 | 2,564,000 | (38,186,000) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | (36,658,000) | (9,017,000) | 29,492,000 | ||||||||
Share compensation expense | 0 | 0 | 0 | ||||||||
Net interest expense (income) on deposit liabilities | 0 | 0 | 0 | ||||||||
Unrealized Gain (Loss) on Investments | 0 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | 0 | 0 | |||||||||
Net realized and unrealized (gain) loss on investment in related party investment fund | 0 | 0 | 0 | ||||||||
Net foreign exchange (gains) losses | 0 | 0 | 0 | ||||||||
Amortization of premium and accretion of discount, net | 178,000 | 178,000 | 178,000 | ||||||||
Changes in assets and liabilities: | |||||||||||
Reinsurance balances receivable | 0 | 0 | 0 | ||||||||
Deferred acquisition costs, net | 0 | 0 | 0 | ||||||||
Unearned premiums ceded | 0 | 0 | 0 | ||||||||
Increase (Decrease) in Reinsurance Recoverable | 0 | 0 | 0 | ||||||||
Other assets | (1,731,000) | (1,715,000) | (5,069,000) | ||||||||
Interest and dividends receivable, net | 2,000 | 0 | 0 | ||||||||
Unearned premium reserves | 0 | 0 | 0 | ||||||||
Loss and loss adjustment expense reserves | 0 | 0 | 0 | ||||||||
Accounts payable and accrued expenses | 0 | (71,000) | 5,513,000 | ||||||||
Reinsurance balances payable | 0 | 0 | 0 | ||||||||
Amounts due from (to) affiliates | 360,000 | ||||||||||
Amounts due to affiliates | (3,950,000) | 3,950,000 | |||||||||
Net cash provided by operating activities | (12,012,000) | (4,111,000) | (7,712,000) | ||||||||
Investing activities | |||||||||||
Proceeds from redemptions from related party investment fund | 0 | 0 | |||||||||
Contributions to related party investment fund | 0 | 0 | |||||||||
Change in participation agreement with related party investment fund | 0 | 0 | |||||||||
Purchases of investments | 0 | 0 | 0 | ||||||||
Proceeds from sales and maturities of investments | 0 | 0 | 0 | ||||||||
Purchases of investments to cover short sales | 0 | 0 | |||||||||
Proceeds from short sales of investments | 0 | 0 | |||||||||
Change in due to/from brokers, net | 0 | 0 | 0 | ||||||||
Decrease in securities sold under an agreement to repurchase | 0 | ||||||||||
Contributed capital to subsidiaries | 15,000,000 | 10,000,000 | |||||||||
Proceeds from Contributed Capital | (15,000,000) | (10,000,000) | |||||||||
Net cash provided by investing activities | 0 | 0 | 0 | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | ||||||||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 0 | ||||||||
Purchases of SiriusPoint common shares under share repurchase program | 0 | ||||||||||
Net proceeds (payments) on deposit liability contracts | 0 | 0 | 0 | ||||||||
Change in total noncontrolling interests, net | 0 | 0 | |||||||||
Dividend received by (paid to) parent | 12,000,000 | 4,100,000 | 7,700,000 | ||||||||
Net cash provided by (used in) financing activities | 12,000,000 | 4,100,000 | 7,700,000 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (12,000) | (11,000) | (12,000) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 176,000 | 187,000 | 176,000 | 187,000 | 199,000 | ||||||
Cash, cash equivalents and restricted cash at end of year | 164,000 | 176,000 | 164,000 | 176,000 | 187,000 | ||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Operating activities | |||||||||||
Net income (loss) | 176,717,000 | 223,290,000 | (301,692,000) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | 61,000 | 40,000 | 57,000 | ||||||||
Share compensation expense | 5,986,000 | 4,408,000 | 4,346,000 | ||||||||
Net interest expense (income) on deposit liabilities | 852,000 | 5,879,000 | (1,273,000) | ||||||||
Unrealized Gain (Loss) on Investments | 34,145,000 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | (62,498,000) | (2,522,000) | |||||||||
Net realized and unrealized (gain) loss on investment in related party investment fund | (194,988,000) | (249,626,000) | 280,847,000 | ||||||||
Net foreign exchange (gains) losses | 5,217,000 | 3,635,000 | (7,503,000) | ||||||||
Amortization of premium and accretion of discount, net | (4,009,000) | (1,560,000) | 3,956,000 | ||||||||
Changes in assets and liabilities: | |||||||||||
Reinsurance balances receivable | 38,610,000 | 20,355,000 | (157,214,000) | ||||||||
Deferred acquisition costs, net | 23,614,000 | 24,782,000 | 8,746,000 | ||||||||
Unearned premiums ceded | (17,341,000) | (1,504,000) | (777,000) | ||||||||
Increase (Decrease) in Reinsurance Recoverable | (8,855,000) | (3,489,000) | (918,000) | ||||||||
Other assets | 9,167,000 | 634,000 | (7,408,000) | ||||||||
Interest and dividends receivable, net | 1,290,000 | (862,000) | (2,716,000) | ||||||||
Unearned premium reserves | (51,315,000) | (41,600,000) | 25,353,000 | ||||||||
Loss and loss adjustment expense reserves | (190,325,000) | (157,849,000) | (225,670,000) | ||||||||
Accounts payable and accrued expenses | (816,000) | 7,189,000 | (30,172,000) | ||||||||
Reinsurance balances payable | 1,780,000 | 11,534,000 | 23,866,000 | ||||||||
Amounts due from (to) affiliates | (2,594,000) | ||||||||||
Amounts due to affiliates | 106,279,000 | (6,150,000) | |||||||||
Net cash provided by operating activities | 220,076,000 | 152,282,000 | 26,429,000 | ||||||||
Investing activities | |||||||||||
Proceeds from redemptions from related party investment fund | 760,000,000 | 142,968,000 | |||||||||
Contributions to related party investment fund | (87,000,000) | (136,626,000) | |||||||||
Change in participation agreement with related party investment fund | (2,297,000) | (20,852,000) | |||||||||
Purchases of investments | (444,111,000) | (327,463,000) | (3,483,319,000) | ||||||||
Proceeds from sales and maturities of investments | 532,247,000 | 446,206,000 | 3,475,515,000 | ||||||||
Purchases of investments to cover short sales | (2,846,000) | (853,798,000) | |||||||||
Proceeds from short sales of investments | 15,721,000 | 800,508,000 | |||||||||
Change in due to/from brokers, net | (94,902,000) | 1,411,000 | 482,778,000 | ||||||||
Decrease in securities sold under an agreement to repurchase | (29,618,000) | ||||||||||
Contributed capital to subsidiaries | 0 | 0 | |||||||||
Proceeds from Contributed Capital | 15,000,000 | 10,000,000 | |||||||||
Net cash provided by investing activities | 6,109,000 | 805,857,000 | 387,556,000 | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | ||||||||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 0 | ||||||||
Purchases of SiriusPoint common shares under share repurchase program | 0 | ||||||||||
Net proceeds (payments) on deposit liability contracts | (20,202,000) | 10,832,000 | 9,790,000 | ||||||||
Change in total noncontrolling interests, net | 1,020,000 | (97,950,000) | |||||||||
Dividend received by (paid to) parent | (147,212,000) | (28,349,000) | (161,800,000) | ||||||||
Net cash provided by (used in) financing activities | (166,394,000) | (17,517,000) | (249,960,000) | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 59,791,000 | 940,622,000 | 164,025,000 | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 1,653,772,000 | 713,150,000 | 1,653,772,000 | 713,150,000 | 549,125,000 | ||||||
Cash, cash equivalents and restricted cash at end of year | 1,713,563,000 | 1,653,772,000 | 1,713,563,000 | 1,653,772,000 | 713,150,000 | ||||||
Eliminations | |||||||||||
Operating activities | |||||||||||
Net income (loss) | (206,523,000) | (225,854,000) | 340,101,000 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in earnings of subsidiaries | 206,523,000 | 225,854,000 | (340,101,000) | ||||||||
Share compensation expense | 0 | 0 | 0 | ||||||||
Net interest expense (income) on deposit liabilities | 0 | 0 | 0 | ||||||||
Unrealized Gain (Loss) on Investments | 0 | ||||||||||
Net Realized and Unrealized Gain (Loss) on Trading Securities | 0 | 0 | |||||||||
Net realized and unrealized (gain) loss on investment in related party investment fund | 0 | 0 | 0 | ||||||||
Net foreign exchange (gains) losses | 0 | 0 | 0 | ||||||||
Amortization of premium and accretion of discount, net | 0 | 0 | 0 | ||||||||
Changes in assets and liabilities: | |||||||||||
Reinsurance balances receivable | 0 | 0 | 0 | ||||||||
Deferred acquisition costs, net | 0 | 0 | 0 | ||||||||
Unearned premiums ceded | 0 | 0 | 0 | ||||||||
Increase (Decrease) in Reinsurance Recoverable | 0 | 0 | 0 | ||||||||
Other assets | 0 | 0 | 0 | ||||||||
Interest and dividends receivable, net | 0 | 0 | 0 | ||||||||
Unearned premium reserves | 0 | 0 | 0 | ||||||||
Loss and loss adjustment expense reserves | 0 | 0 | 0 | ||||||||
Accounts payable and accrued expenses | 0 | 0 | 0 | ||||||||
Reinsurance balances payable | 0 | 0 | 0 | ||||||||
Amounts due from (to) affiliates | 0 | ||||||||||
Amounts due to affiliates | 0 | 0 | |||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Investing activities | |||||||||||
Proceeds from redemptions from related party investment fund | 0 | 0 | |||||||||
Contributions to related party investment fund | 0 | 0 | |||||||||
Change in participation agreement with related party investment fund | 0 | 0 | |||||||||
Purchases of investments | 0 | 0 | 0 | ||||||||
Proceeds from sales and maturities of investments | 0 | 0 | 0 | ||||||||
Purchases of investments to cover short sales | 0 | 0 | |||||||||
Proceeds from short sales of investments | 0 | 0 | |||||||||
Change in due to/from brokers, net | 0 | 0 | 0 | ||||||||
Decrease in securities sold under an agreement to repurchase | 0 | ||||||||||
Contributed capital to subsidiaries | 0 | 0 | |||||||||
Proceeds from Contributed Capital | 0 | 0 | |||||||||
Net cash provided by investing activities | 0 | 0 | 0 | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | ||||||||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 0 | ||||||||
Purchases of SiriusPoint common shares under share repurchase program | 0 | ||||||||||
Net proceeds (payments) on deposit liability contracts | 0 | 0 | 0 | ||||||||
Change in total noncontrolling interests, net | 0 | 0 | |||||||||
Dividend received by (paid to) parent | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 0 | 0 | 0 | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Cash, cash equivalents and restricted cash at end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Quarterly Financial Results (_3
Quarterly Financial Results (Unaudited) (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 | |
Revenues | |||||||||||
Gross premiums written | $ 190,358 | $ 124,737 | $ 147,740 | $ 125,705 | $ 191,203 | $ 184,856 | $ 149,035 | $ 143,320 | $ 588,540 | $ 668,414 | $ 650,187 |
Gross premiums ceded | (17,090) | (8,286) | (18,423) | (2,545) | (4,459) | (1,928) | (2,744) | (2,245) | (46,344) | (11,376) | (4,169) |
Net premiums written | 173,268 | 116,451 | 129,317 | 123,160 | 186,744 | 182,928 | 146,291 | 141,075 | 542,196 | 657,038 | 646,018 |
Change in net unearned premium reserves | 8,747 | 25,261 | 11,493 | 23,155 | 11,648 | 20,320 | (839) | 11,975 | 68,656 | 43,104 | (24,576) |
Net premiums earned | 182,015 | 141,712 | 140,810 | 146,315 | 198,392 | 203,248 | 145,452 | 153,050 | 610,852 | 700,142 | 621,442 |
Net investment income (loss) | 204,798 | 121,956 | 137,211 | (185,027) | 61,614 | (3,138) | 69,131 | 154,953 | 278,938 | 282,560 | (251,433) |
Total revenues | 386,813 | 263,668 | 278,021 | (38,712) | 260,006 | 200,110 | 214,583 | 308,003 | 889,790 | 982,702 | 370,009 |
Expenses | |||||||||||
Loss and loss adjustment expenses incurred, net | 177,919 | 110,487 | 89,106 | 87,786 | 140,394 | 85,703 | 82,334 | 95,068 | 465,298 | 403,499 | 438,414 |
Acquisition costs, net | 39,321 | 54,817 | 43,671 | 49,253 | 61,851 | 118,271 | 58,006 | 57,498 | 187,062 | 295,626 | 206,498 |
Other underwriting expenses | 9,714 | 6,072 | 7,793 | 7,221 | 8,336 | 7,286 | 9,636 | 8,839 | 30,800 | 34,097 | 29,667 |
Net corporate and other expenses | 10,957 | 14,965 | 8,878 | 6,415 | 8,033 | 7,009 | 13,825 | 7,418 | 41,215 | 36,285 | 16,184 |
Interest expense | 2,068 | 2,068 | 2,046 | 2,048 | 2,074 | 2,074 | 2,051 | 2,029 | 8,230 | 8,228 | 8,228 |
Foreign exchange (gains) losses | 8,348 | 5,885 | (797) | (8,217) | 10,298 | (4,921) | (4,260) | 2,518 | 5,219 | 3,635 | (7,503) |
Total expenses | 248,327 | 194,294 | 150,697 | 144,506 | 230,986 | 215,422 | 161,592 | 173,370 | 737,824 | 781,370 | 691,488 |
Income (loss) before income tax (expense) benefit | 138,486 | 69,374 | 127,324 | (183,218) | 29,020 | (15,312) | 52,991 | 134,633 | 151,966 | 201,332 | (321,479) |
Income tax (expense) benefit | (3,728) | (652) | (3,309) | (419) | 718 | 213 | 74 | (1,718) | (8,108) | (713) | 4,010 |
Net income (loss) | 134,758 | 68,722 | 124,015 | (183,637) | 29,738 | (15,099) | 53,065 | 132,915 | 143,858 | 200,619 | (317,469) |
Net income attributable to noncontrolling interests | (362) | 21 | 0 | 0 | 0 | 0 | 0 | 0 | (341) | 0 | (223) |
Net income (loss) available to SiriusPoint common shareholders | $ 134,396 | $ 68,743 | $ 124,015 | $ (183,637) | $ 29,738 | $ (15,099) | $ 53,065 | $ 132,915 | $ 143,517 | $ 200,619 | $ (317,692) |
Earnings (loss) per share available to SiriusPoint common shareholders | |||||||||||
Basic earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.43 | $ 0.74 | $ 1.33 | $ (1.99) | $ 0.32 | $ (0.16) | $ 0.58 | $ 1.45 | $ 1.54 | $ 2.18 | $ (3.27) |
Diluted earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.43 | $ 0.73 | $ 1.33 | $ (1.99) | $ 0.32 | $ (0.16) | $ 0.57 | $ 1.43 | $ 1.53 | $ 2.16 | $ (3.27) |
Weighted average number of common shares used in the determination of earnings (loss) per share | |||||||||||
Basic (in shares) | 92,638,978 | 92,613,393 | 92,593,599 | 92,191,837 | 91,989,469 | 91,903,556 | 91,776,870 | 91,669,810 | 92,510,090 | 91,835,990 | 97,054,315 |
Diluted (in shares) | 93,165,559 | 92,969,646 | 92,738,293 | 92,191,837 | 92,696,491 | 91,903,556 | 92,801,799 | 92,578,933 | 92,957,799 | 92,652,316 | 97,054,315 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2020USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 95,452 |
Fair value | 105,311 |
Balance sheet value | 105,311 |
Total equities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 4,000 |
Fair value | 4,000 |
Balance sheet value | 4,000 |
Private Common Equity Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,000 |
Fair value | 1,000 |
Balance sheet value | 1,000 |
Private preferred equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 3,000 |
Fair value | 3,000 |
Balance sheet value | 3,000 |
Total debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 91,452 |
Fair value | 101,311 |
Balance sheet value | 101,311 |
Asset-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 9,268 |
Fair value | 9,929 |
Balance sheet value | 9,929 |
Other Debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 362 |
Fair value | 423 |
Balance sheet value | 423 |
Corporate bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 29,396 |
Fair value | 37,746 |
Balance sheet value | 37,746 |
U.S. Treasury securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 52,426 |
Fair value | 53,213 |
Balance sheet value | $ 53,213 |
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, net | $ 68,550 | $ 92,164 | $ 116,946 |
Loss and loss adjustment expense reserves | 1,310,068 | 1,111,692 | 937,160 |
Unearned premium | 284,835 | 336,150 | 377,750 |
Net premiums earned | 610,852 | 700,142 | 621,442 |
Net investment loss | 278,938 | 282,560 | (251,433) |
Loss and loss adjustment expenses incurred, net | 465,298 | 403,499 | 438,414 |
Amortization of deferred acquisition costs, net | 187,062 | 295,626 | 206,498 |
Other operating expenses | 72,015 | 70,382 | 45,851 |
Net premiums written | 542,196 | 657,038 | 646,018 |
A&H | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs, net | 95 | 110 | 114 |
Loss and loss adjustment expense reserves | 3,742 | 2,923 | 2,122 |
Unearned premium | 1,015 | 830 | 907 |
Net premiums earned | 3,207 | 4,665 | 3,098 |
Net investment loss | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | 3,319 | 3,907 | 2,624 |
Amortization of deferred acquisition costs, net | 313 | 365 | 540 |
Other operating expenses | 114 | 156 | 93 |
Net premiums written | 3,392 | 4,587 | 3,225 |
Specialty | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs, net | 65,848 | 81,586 | 105,961 |
Loss and loss adjustment expense reserves | 948,392 | 773,141 | 599,142 |
Unearned premium | 247,538 | 297,700 | 350,370 |
Net premiums earned | 407,951 | 465,426 | 466,524 |
Net investment loss | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | 342,596 | 313,750 | 315,632 |
Amortization of deferred acquisition costs, net | 112,464 | 149,497 | 156,533 |
Other operating expenses | 18,744 | 20,144 | 18,314 |
Net premiums written | 349,783 | 412,085 | 485,522 |
Property | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs, net | 2,597 | 10,465 | 10,858 |
Loss and loss adjustment expense reserves | 138,309 | 99,106 | 49,980 |
Unearned premium | 32,904 | 35,050 | 22,966 |
Net premiums earned | 171,556 | 141,477 | 77,208 |
Net investment loss | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | 119,455 | 90,577 | 59,411 |
Amortization of deferred acquisition costs, net | 48,744 | 54,769 | 37,235 |
Other operating expenses | 6,036 | 4,722 | 2,315 |
Net premiums written | 160,075 | 152,729 | 83,051 |
Runoff & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs, net | 10 | 3 | 13 |
Loss and loss adjustment expense reserves | 219,625 | 236,522 | 285,916 |
Unearned premium | 3,378 | 2,570 | 3,507 |
Net premiums earned | 28,138 | 88,574 | 74,612 |
Net investment loss | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | (72) | (4,735) | 60,747 |
Amortization of deferred acquisition costs, net | 25,541 | 90,995 | 12,190 |
Other operating expenses | 5,906 | 9,075 | 8,945 |
Net premiums written | 28,946 | 87,637 | 74,220 |
Corporate | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs, net | 0 | 0 | 0 |
Loss and loss adjustment expense reserves | 0 | 0 | 0 |
Unearned premium | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 |
Net investment loss | 278,938 | 282,560 | (251,433) |
Loss and loss adjustment expenses incurred, net | 0 | 0 | 0 |
Amortization of deferred acquisition costs, net | 0 | 0 | 0 |
Other operating expenses | 41,215 | 36,285 | 16,184 |
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] | |||||||||||
Direct gross premiums written | $ 19,039 | $ 0 | $ 0 | ||||||||
Ceded to other companies | $ 17,090 | $ 8,286 | $ 18,423 | $ 2,545 | $ 4,459 | $ 1,928 | $ 2,744 | $ 2,245 | 46,344 | 11,376 | 4,169 |
Assumed from other companies | 569,501 | 668,414 | 650,187 | ||||||||
Net premiums written | $ 173,268 | $ 116,451 | $ 129,317 | $ 123,160 | $ 186,744 | $ 182,928 | $ 146,291 | $ 141,075 | 542,196 | 657,038 | 646,018 |
Property and Casualty Reinsurance | |||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||||||||||
Direct gross premiums written | 19,039 | 0 | 0 | ||||||||
Ceded to other companies | 46,344 | 11,376 | 4,169 | ||||||||
Assumed from other companies | 569,501 | 668,414 | 650,187 | ||||||||
Net premiums written | $ 542,196 | $ 657,038 | $ 646,018 | ||||||||
Percentage of amount assumed to net | 95.00% | 98.00% | 99.00% |