Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36052 | ||
Entity Registrant Name | SIRIUSPOINT LTD. | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-1599372 | ||
Entity Address, Address Line One | Point Building | ||
Entity Address, Address Line Two | 3 Waterloo Lane | ||
Entity Address, City | Pembroke | ||
Entity Address, Country | BM | ||
Entity Address, Postal Zip Code | HM 08 | ||
City Area Code | 441 | ||
Local Phone Number | 542-3300 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 815.1 | ||
Entity Common Stock, Shares Outstanding | 169,797,720 | ||
Documents Incorporated by Reference | Part III incorporates information from certain portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001576018 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Shares, $0.10 par value | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Shares, $0.10 par value | ||
Trading Symbol | SPNT | ||
Security Exchange Name | NYSE | ||
8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share | ||
Trading Symbol | SPNT PB | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Audit Information [Abstract] | ||
Auditor Name | PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York | New York, New York |
Auditor Firm ID | 238 | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $4,754.6; 2022 - $2,678.1) | $ 4,755.4 | $ 2,635.5 |
Debt securities, trading, at fair value (cost - $568.1; 2022 - $1,630.1) | 534.9 | 1,526 |
Short-term investments, at fair value (cost - $370.8; 2022 - $984.5) | 371.6 | 984.6 |
Investments in related party investment funds, at fair value | 105.6 | 128.8 |
Total other long-term investments | 308.5 | 377.2 |
Equity securities, trading, at fair value (cost - $1.9; 2022 - $1.8) | 1.6 | 1.6 |
Total investments | 6,077.6 | 5,653.7 |
Cash and cash equivalents | 969.2 | 705.3 |
Restricted cash and cash equivalents | 132.1 | 208.4 |
Redemption receivable from related party investment fund | 3 | 18.5 |
Due from brokers | 5.6 | 4.9 |
Interest and dividends receivable | 42.3 | 26.7 |
Insurance and reinsurance balances receivable, net | 1,966.3 | 1,876.9 |
Deferred acquisition costs, net | 308.9 | 294.9 |
Unearned premiums ceded | 449.2 | 348.8 |
Loss and loss adjustment expenses recoverable, net | 2,295.1 | 1,376.2 |
Deferred tax asset | 293.6 | 200.3 |
Intangible assets | 152.7 | 163.8 |
Other assets | 175.9 | 157.9 |
Total assets | 12,871.5 | 11,036.3 |
Liabilities | ||
Loss and loss adjustment expense reserves | 5,608.1 | 5,268.7 |
Unearned premium reserves | 1,627.3 | 1,521.1 |
Reinsurance balances payable | 1,736.7 | 813.6 |
Deposit liabilities | 134.4 | 140.5 |
Deferred gain on retroactive reinsurance | 27.9 | 0 |
Debt | 786.2 | 778 |
Total securities sold, not yet purchased | 0 | 27 |
Securities sold under an agreement to repurchase | 0 | 18 |
Due to brokers | 6.2 | 0 |
Deferred tax liability | 68.7 | 59.8 |
Liability-classified capital instruments | 67.3 | 60.4 |
Accounts payable, accrued expenses and other liabilities | 278.1 | 266.6 |
Total liabilities | 10,340.9 | 8,953.7 |
Commitments and contingent liabilities | ||
Shareholders’ equity | ||
Common shares (issued and outstanding: 168,120,022; 2022 - 162,177,653) | 16.8 | 16.2 |
Additional paid-in capital | 1,693 | 1,641.3 |
Retained earnings | 601 | 262.2 |
Accumulated other comprehensive income (loss), net of tax | 3.1 | (45) |
Shareholders’ equity attributable to SiriusPoint shareholders | 2,513.9 | 2,074.7 |
Noncontrolling interests | 16.7 | 7.9 |
Total shareholders’ equity | 2,530.6 | 2,082.6 |
Total liabilities, noncontrolling interests and shareholders’ equity | 12,871.5 | 11,036.3 |
Series B preference shares | ||
Shareholders’ equity | ||
Series B preference shares (par value $0.10; authorized and issued: 8,000,000) | $ 200 | $ 200 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt securities, available for sale, allowance for credit losses | $ 0 | $ 0 |
Debt securities, available for sale, cost | 4,754.6 | 2,678.1 |
Debt securities, trading, cost | 568.1 | 1,630.1 |
Short-term investments, cost | 370.8 | 984.5 |
Other long-term investments, cost | 367.2 | 392 |
Related party investments at fair value | 173.7 | 201.2 |
Equity securities, trading, cost | $ 1.9 | $ 1.8 |
Common shares, shares issued (in shares) | 168,120,022 | 162,177,653 |
Common shares, shares outstanding (in shares) | 168,120,022 | 162,177,653 |
Series B preference shares | ||
Preference shares, par value (in dollars per share) | $ 0.10 | $ 0.1 |
Preference shares, shares authorized (in shares) | 8,000,000 | 8,000,000 |
Preference shares, shares issued (in shares) | 8,000,000 | 8,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Net premiums earned | $ 2,426.2 | $ 2,318.1 | $ 1,717 |
Net investment income | 283.7 | 113.3 | 25.4 |
Net realized and unrealized investment losses | (10) | (225.5) | (16.9) |
Net realized and unrealized investment gains (losses) from related party investment funds | (1) | (210.5) | 304 |
Net investment income and net realized and unrealized investment gains (losses) | 272.7 | (322.7) | 312.5 |
Other revenues | 38.4 | 110.2 | 151.2 |
Total revenues | 2,737.3 | 2,105.6 | 2,180.7 |
Expenses | |||
Loss and loss adjustment expenses incurred, net | 1,381.3 | 1,588.4 | 1,326.5 |
Acquisition costs, net | 472.7 | 461.9 | 387.8 |
Other underwriting expenses | 196.3 | 184.5 | 158.8 |
Net corporate and other expenses | 258.2 | 312.8 | 266.6 |
Intangible asset amortization | 11.1 | 8.1 | 5.9 |
Interest expense | 64.1 | 38.6 | 34 |
Foreign exchange (gains) losses | 34.9 | (66) | (44) |
Total expenses | 2,418.6 | 2,528.3 | 2,135.6 |
Income (loss) before income tax benefit | 318.7 | (422.7) | 45.1 |
Income tax benefit | 45 | 36.7 | 10.7 |
Net income | 363.7 | (386) | 55.8 |
Net (income) loss attributable to noncontrolling interests | (8.9) | (0.8) | 2.3 |
Net income (loss) available to SiriusPoint | 354.8 | (386.8) | 58.1 |
Dividends on Series B preference shares | (16) | (16) | (13.5) |
Net income (loss) available to SiriusPoint common shareholders, basic | 338.8 | (402.8) | 44.6 |
Net income (loss) available to SiriusPoint common shareholders, diluted | $ 338.8 | $ (402.8) | $ 44.6 |
Earnings (loss) per share available to SiriusPoint common shareholders | |||
Basic earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.93 | $ (2.51) | $ 0.28 |
Diluted earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.85 | $ (2.51) | $ 0.27 |
Weighted average number of common shares used in the determination of earnings (loss) per share | |||
Basic (in shares) | 163,341,448 | 160,228,588 | 148,667,770 |
Diluted (in shares) | 169,607,348 | 160,228,588 | 150,156,466 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income (loss) | |||
Net income (loss) | $ 363.7 | $ (386) | $ 55.8 |
Other comprehensive income (loss), net of tax | |||
Change in foreign currency translation | 1.1 | (5) | (0.2) |
Unrealized gains (losses) from debt securities held as available for sale investments | 38.9 | (42.5) | 0 |
Reclassifications from accumulated other comprehensive income (loss) | 8.1 | 2.7 | 0 |
Total other comprehensive income (loss) | 48.1 | (44.8) | (0.2) |
Comprehensive income (loss) | 411.8 | (430.8) | 55.6 |
Net (income) loss attributable to noncontrolling interests | (8.9) | (0.8) | 2.3 |
Comprehensive income (loss) available to SiriusPoint | $ 402.9 | $ (431.6) | $ 57.9 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Parent | Preference shares Series B preference shares | Common shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss), net of tax | Net change in foreign currency translation adjustment | Unrealized gains (losses) from debt securities held as available for sale investments | Noncontrolling interests |
Balance, beginning of period at Dec. 31, 2020 | $ 0 | $ 9.6 | $ 933.9 | $ 620.4 | $ 0 | $ 0 | $ 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common shares, net | 200 | |||||||||
Issuance of common shares, net | 0.2 | 2.8 | ||||||||
Acquisition of Sirius Group | 5.8 | 589.7 | ||||||||
Issuance of common shares to related party | 0.6 | 48 | ||||||||
Exercise of options and warrants | 0 | 0 | ||||||||
Common shares repurchased and retired | 0 | 0 | ||||||||
Share compensation | 48.3 | |||||||||
Net income (loss) | 55.8 | |||||||||
Net (income) loss attributable to noncontrolling interests | $ 2.3 | 2.3 | ||||||||
Dividends on preference shares | (13.5) | |||||||||
Change in foreign currency translation | (0.2) | (0.2) | ||||||||
Unrealized gains (losses) from debt securities held as available for sale investments | 0 | 0 | ||||||||
Reclassifications from accumulated other comprehensive income (loss) | 0 | 0 | ||||||||
Balance, end of period at Dec. 31, 2021 | 2,503.3 | $ 2,503.7 | 200 | 16.2 | 1,622.7 | 665 | (0.2) | (0.2) | 0 | $ (0.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common shares, net | 0 | |||||||||
Issuance of common shares, net | 0.1 | 0 | ||||||||
Acquisition of Sirius Group | 0 | 0 | ||||||||
Issuance of common shares to related party | 0 | 0 | ||||||||
Exercise of options and warrants | 0 | 0 | ||||||||
Common shares repurchased and retired | (5) | (0.1) | (4.9) | |||||||
Share compensation | 23.5 | |||||||||
Net income (loss) | (386) | |||||||||
Net (income) loss attributable to noncontrolling interests | (0.8) | (0.8) | ||||||||
Dividends on preference shares | (16) | |||||||||
Change in foreign currency translation | (5) | (5) | ||||||||
Unrealized gains (losses) from debt securities held as available for sale investments | (42.5) | (42.5) | ||||||||
Reclassifications from accumulated other comprehensive income (loss) | 2.7 | 2.7 | ||||||||
Balance, end of period at Dec. 31, 2022 | 2,082.6 | 2,074.7 | 200 | 16.2 | 1,641.3 | 262.2 | (45) | (5.2) | (39.8) | 7.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common shares, net | 0 | |||||||||
Issuance of common shares, net | 0.2 | 0 | ||||||||
Acquisition of Sirius Group | 0 | 0 | ||||||||
Issuance of common shares to related party | 0 | 0 | ||||||||
Exercise of options and warrants | 0.4 | 41.8 | ||||||||
Common shares repurchased and retired | 0 | 0 | ||||||||
Share compensation | 9.9 | |||||||||
Net income (loss) | 363.7 | |||||||||
Net (income) loss attributable to noncontrolling interests | (8.9) | (8.9) | ||||||||
Dividends on preference shares | (16) | |||||||||
Change in foreign currency translation | 1.1 | 1.1 | ||||||||
Unrealized gains (losses) from debt securities held as available for sale investments | 38.9 | 38.9 | ||||||||
Reclassifications from accumulated other comprehensive income (loss) | 8.1 | 8.1 | ||||||||
Balance, end of period at Dec. 31, 2023 | $ 2,530.6 | $ 2,513.9 | $ 200 | $ 16.8 | $ 1,693 | $ 601 | $ 3.1 | $ (4.1) | $ 7.2 | $ 16.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 363.7 | $ (386) | $ 55.8 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Share compensation | 21.4 | 30.5 | 11.4 |
Net realized and unrealized loss on investments and derivatives | 5.9 | 207.6 | 3 |
Net realized and unrealized (gain) loss on investment in related party investment funds | 1 | 210.5 | (304) |
Other revenues | 59.4 | (27.4) | (100.1) |
Gain from sale of consolidated subsidiary | 0 | 0 | (5.8) |
Amortization of premium and accretion of discount, net | (67.1) | (17.2) | 9.5 |
Amortization of intangible assets | 11.1 | 8.1 | 5.9 |
Other items, net | 23.7 | (28) | (16.5) |
Changes in assets and liabilities: | |||
Insurance and reinsurance balances receivable, net | (84.3) | (164.7) | (48.3) |
Deferred acquisition costs, net | (14) | (76.1) | (2.3) |
Unearned premiums ceded | (100.4) | (106) | (33.3) |
Loss and loss adjustment expenses recoverable, net | (918.9) | (160.9) | (390.2) |
Deferred tax asset/liability | (84.4) | (53.9) | (44.8) |
Other assets | (28.8) | (36.9) | 34.8 |
Interest and dividends receivable | (15.6) | (18.4) | 0.6 |
Loss and loss adjustment expense reserves | 339.4 | 427.3 | 614.8 |
Unearned premium reserves | 106.2 | 322.7 | 13.6 |
Deferred gain on retroactive reinsurance | 27.9 | 0 | 0 |
Reinsurance balances payable | 923.6 | 125.3 | 223 |
Accounts payable, accrued expenses and other liabilities | 11.5 | 36.8 | (25.5) |
Net cash provided by operating activities | 581.3 | 293.3 | 1.6 |
Investing activities | |||
Purchases of investments | (4,966.1) | (6,161.3) | (3,409.6) |
Proceeds from sales and maturities of investments | 4,590.7 | 4,110.7 | 2,687.9 |
Proceeds from redemptions from related party investment funds | 37.7 | 741.8 | 200 |
Change in due to/from brokers, net | 5.5 | 4.5 | 77.9 |
Acquisition of Sirius Group, net (cash and restricted cash acquired of $740.3) | 0 | 0 | 631.9 |
Proceeds from sale of consolidated subsidiary, net of cash sold | 0 | 0 | 20.5 |
Net cash provided by (used in) investing activities | (332.2) | (1,304.3) | 208.6 |
Financing activities | |||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | 0 | 50.8 |
Taxes paid on withholding shares | (11.5) | (7.1) | (0.5) |
Proceeds from (repayment of) loans under an agreement to repurchase | (18) | 17.6 | 0 |
Cash dividends paid to preference shareholders | (16) | (16) | (12.2) |
Settlement of Contingent Value Rights | (38.5) | 0 | 0 |
Net proceeds from exercise of options and warrants | 27.8 | 0 | 0 |
Net payments on deposit liability contracts | (6.1) | (14) | (14) |
Purchases of SiriusPoint common shares under share repurchase program | 0 | (5) | 0 |
Change in total noncontrolling interests, net | 0.8 | 0.8 | 0.2 |
Net cash provided by (used in) financing activities | (61.5) | (23.7) | 24.3 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 187.6 | (1,034.7) | 234.5 |
Cash, cash equivalents and restricted cash at beginning of year | 913.7 | 1,948.4 | 1,713.9 |
Cash, cash equivalents and restricted cash at end of year | 1,101.3 | 913.7 | 1,948.4 |
Supplementary information | |||
Interest paid in cash | 46.1 | 39.2 | 39.3 |
Income taxes paid (received) in cash | $ 49.6 | $ (2.2) | $ 14.7 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Statement of Cash Flows [Abstract] | |
Cash and restricted cash acquired | $ 740.3 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
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 subsidiaries, the Company is a provider of global multi-line reinsurance and insurance products and services. On February 26, 2021, the Company complete d the acquisition of Sirius International Insurance Group, Ltd. (“Sirius” or “Sirius Group”) and changed its name from Third Point Reinsurance Ltd. to SiriusPoint Ltd. (“SiriusPoint”) . The results of operations and cash flows of Sirius Group are included from the acquisition date of February 26, 2021 forward. For additional information, see Note 3 to our consolidated financial statements. 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 millions, except share amounts, unless otherwise noted. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies 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 in trust accounts securing letters of credit issued under credit facilities. Premium revenue recognition The Company recognizes premiums written ratably over the term of the related insurance 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. Changes in premium estimates are expected and may result in adjustments in any reporting period. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the remaining term of the underlying policies in force. Reinsurance premiums ceded 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 reinsurer 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 insurance and reinsurance ceded. Funds held Funds held by ceding companies represent amounts due to the Company in connection with certain assumed reinsurance agreements in which the ceding company retains a portion of the premium to provide security against future loss payments. The funds held by ceding companies are generally invested by the ceding company and a contractually agreed interest amount is credited to the Company and recognized as investment income. These amounts are included in insurance and reinsurance balances receivable, net on the consolidated balance sheets. Funds held under reinsurance treaties represent contractual payments due from the Company that have been retained to secure such obligations. These amounts are included in reinsurance balances payable on the consolidated balance sheets, and the associated interest is included in interest expense on the consolidated income statement. 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. Retroactive Reinsurance A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative loss and loss adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of loss and loss adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. The deferred gain is disclosed as a separate line item in the Company’s consolidated balance sheets and changes in the deferred gain are recognized within losses incurred in the Company’s income statement. Deferred acquisition costs Deferred acquisition costs consist of commissions, brokerage expenses, excise taxes and other costs which are directly attributable to the successful acquisition or renewal of contracts and vary with the production of business. These costs are deferred and amortized over the period in which the related premiums are earned. Amortization of deferred acquisition costs are shown net of contractual commissions earned on reinsurance ceded within acquisition expenses, net in the consolidated statements of net income (loss). Acquisition costs also include profit commissions which 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. As a result of the Sirius Group acquisition, a value of business acquired (“VOBA”) intangible asset was established. VOBA represents the expected future losses and expenses associated with the policies and contracts that were in-force as of the closing date of the transaction compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value, and the unearned premium reserve was estimated to be the VOBA. Amortization of VOBA is recorded in acquisition costs, net in the consolidated statements of net income (loss). As of December 31, 2022, VOBA was fully amortized and therefore had no carrying value. The Company evaluates the recoverability of deferred acquisition costs by determining if the sum of expected loss and loss adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums and anticipated investment income. If a loss is probable on the unexpired portion of contracts in force, a premium deficiency loss is recognized. As of December 31, 2023, deferred acquisition costs are considered to be fully recoverable and no premiu m deficiency has been recorded. 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. 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. Fixed interest credits on deposit accounted contracts are included in interest expense in the consolidated statements of net income (loss) . Service Fee Revenues The Company’s consolidated MGA subsidiaries underwrite insurance products on behalf of the Company and third-party insurers. The Company earns commissions and fees associated with these policies which are recognized in Other Revenues. Generally, the performance obligation associated with these contracts is the placement of the policy, which is met on the effective date at which point the associated commission revenue is recognized in accordance with Accounting Standards Codification 606, Revenues from Contracts with Customers. 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. Refer to Note 7 for additional information. Investments Short-term investments Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. Short-term investments are classified as trading securities, carried at fair value and disclosed as a separate line item in the consolidated balance sheets. Debt Securities The Company’s investments are classified as either trading securities or available for sale (“AFS”). Trading securities are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss). AFS securities are held at fair value, net of an allowance for credit losses, and any decline in fair value that is believed to arise from factors other than credit is recorded as a separate component of accumulated other comprehensive income (loss) in the consolidated statement of shareholders’ equity. The Company has elected to classify debt securities, other than short-term investments, purchased on or after April 1, 2022 as AFS. 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 cost calculated on a specific identification basis and are reported pre-tax in revenues. 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. Other long-term investments Other long-term investments consist primarily of hedge funds, private equity funds, and strategic investments. The fair values of hedge funds and private equity funds that produce net asset value (“NAV”) are generally recorded based upon the Company's proportionate interest in the underlying fund's NAV, which is deemed to approximate fair value or the equity method where applicable. In addition, due to a lag in reporting, some of the fund managers, fund administrators or both, are unable to provide final fund valuations as of the Company's reporting date. In these circumstances and where the fair value option is elected, the Company uses all credible information available to estimate fair value. This includes utilizing preliminary estimates reported by its fund managers and using information that is available to the Company with respect to the underlying investments, as necessary. The changes in fair value are reported in pre-tax revenues in net realized and unrealized investment losses. Actual final fund valuations may differ from the Company's estimates and these differences are recorded in the period they become known as a change in estimates. Other long-term investments include certain strategic investments that are carried at fair value, using the equity method or the cost adjusted for market observable events less impairment method. For strategic investments carried at fair value, management uses commonly accepted valuation methods (i.e., income approach, market approach). Where appropriate to utilize equity method, the Company recognizes its share of the investees’ income in net realized and unrealized investment losses. Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available. See Note 9 for additional information. Investments in related party investment funds The Company invests in Third Point Enhanced LP (“ TP Enhanced Fund ”), Third Point Venture Offshore Fund I LP (“TP Venture Fund”) and Third Point Venture Offshore Fund II LP (“ TP Venture Fund II ”), (collectively, the “Related Party Investment Funds”), which are related party investment funds. The Company’s investments in the funds are stated at their fair value, that generally represents the Company’s proportionate interest in the funds as reported by the fund based on the NAV provided by the fund administrator. Increases or decreases in such fair value are recorded within net realized and unrealized investment gains (losses) from related party investment funds in the Company’s consolidated statements of income (loss). The Company records contributions and withdrawals related to its investments in the funds on the transaction date. Derivative financial instruments The Company holds derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company uses 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 allows for an efficient means by which to trade certain asset classes. Fair values of derivatives are 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. 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 and used simplified method to develop the estimate of expected term, where appropriate. For share-based compensation awards that contain both a service and performance condition, the Company recognizes compensation expense only for the portion of the award that is considered probable of vesting. Fair value of share-based compensation awards considered probable of vesting are expensed over the requisite service period. The probability of share-based awards vesting is evaluated at each reporting period. Share-based compensation awards that contain only service condition and share purchase options are expensed ratably over the requisite service period. Defined benefit plans Certain SiriusPoint employees in Europe participate in defined benefit plans. The liability for the defined benefit plans that is reported on the consolidated balance sheets is the current value of the defined benefit obligation at the end of the period, reduced by the fair value of the plan's assets, with adjustments for actuarial gains and losses. The defined benefit pension plan obligation is calculated annually by independent actuaries. The current value of the defined benefit obligation is determined through discounting of expected future cash flows, using interest rates determined by current market interest rates. The service costs and actuarial gains and losses on the defined benefit obligation and the fair value on the plan assets are recognized in the consolidated statements of income (loss). Other underwriting expenses Other underwriting expenses primarily consist of general and administrative expenses and other operating income and expenses associated with underwriting activities, including salaries, benefits, information technology, and other costs. Net corporate and other expenses Net corporate and other expenses include services expenses, costs associated with operating as a publicly-traded company, non-underwriting activities, including service fee expenses from our MGA subsidiaries, and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable, corporate insurance costs, and severance charges. Foreign currency exchange The U.S. dollar is the functional curre ncy for the Company’s businesses except for the Canadian reinsurance operations of SiriusPoint America Insurance Company. T he Company invests in securities denominated in foreign currencies. Assets and liabilities recorded in these foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are translated using the average exchange rates for the period. Net foreign exchange gains and losses arising from the translation of functional currencies are reported in shareholders’ equity, in accumulated other comprehensive income (loss). As of December 31, 2023, the Company had net unrealized foreign currency translation losses of $4.1 million recorded in accumulated other comprehensive income (loss) on its consolidated balance sheet (December 31, 2022 - $5.2 million). For transactions denominated in currencies other than functional currency, the resulting exchange gains and losses are reported as a component of net income (loss) in the period in which they arise within net realized and unrealized investment gains (losses) and net foreign exchange gains (losses). Federal and foreign income taxes 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. 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. The Company records the total effect of changes in tax laws or rates on deferred tax balances as a component of the income taxes related to continuing operations for the period in which the law is enacted. Variable and voting interest entities We evaluate our investments to determine whether those investments are variable interest entities ("VIEs") or voting interest entities (“VOEs”) and whether consolidation is required. The Company consolidates the results of operations and financial position of all VOEs in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VOE or VIE, depends on the facts and circumstances surrounding each entity. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below. VIEs are consolidated 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. Noncontrolling interests are presented as a separate line within shareholders’ equity in the consolidated balance sheets. The Company records the portion of net (income) loss attributable to noncontrolling interests as a separate line within the consolidated statements of income (loss). Earnings per share Basic earnings 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 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. The Company does not have any leases classified as finance leases. For its operating leases, the Company recognizes lease assets and liabilities on the balance sheet, with the exception of leases with an original term of 12 months or less. Lease assets and liabilities are initially recognized and measured based on the present value of the lease payments. Segment information Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing perfor mance of the Company. The Company manages its business on the basis of two operating segments: Reinsurance and Insurance & Services. Liability-classified capital instruments As part of the consideration transferred in the acquisition of Sirius Group, the Company issued various instruments that were classified as liabilities based on their terms, notably the settlement features for each and any potential adjustments to the exercise price for the warrants issued. Liability-classified capital instruments reported in the consolidated balance sheets include Series A preference shares, Merger Warrants, Private Warrants, Sirius Group Public Warrants, Upside Rights and Contingent Value Rights. See Note 3 for additional information on each of these instruments. The liability-classified capital instruments are carried at fair value with changes in fair value included in other revenues in the consolidated statements of income (loss). Business combinations and intangible assets The Company accounts for business combinations in accordance with Accounting Standards Codification ("ASC") Topic 805 Business Combinations , and intangible assets that arise from business combinations in accordance with ASC Topic 350 Intangibles – Goodwill and Other . The difference between the fair value of net assets acquired and the purchase price is recorded as a bargain purchase gain in other revenues in the consolidated statements of income (loss). Intangible assets arising from our business acquisitions are classified as either finite or indefinite-lived intangible assets. Finite-lived intangible assets are amortized over their useful lives with the amortization expense being recognized in the consolidated statements of income (loss). The amortization periods approximate the period over which the Company expects to generate future net cash inflows from the use of these assets. All of these assets are subject to impairment testing for the impairment or disposal of long-lived assets when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Indefinite-lived intangible assets are however not subject to amortization. The carrying values of intangible assets are reviewed for indicators of impairment at least annually. The Company initially evaluates indefinite-lived intangible assets using a qualitative approach to determine whether it is more likely than not that the fair value is greater than its carrying value. If the results of the qualitative evaluation indicate that it is more likely than not that the carrying value exceeds its fair value, the Company performs the quantitative test for impairment. If indefinite-lived intangible assets are impaired, such assets are written down to their fair values with the related expense recognized in the consolidated statements of income (loss). Recent accounting pronouncements Recently Issued Accounting Standards Not Yet Adopted In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendment clarifies or improves the disclosure or presentation requirements of a variety of Topics in the Codification to allows users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. Reclassifications 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 net income (loss) or shareholders’ equity attributable to SiriusPoint shareholders. |
Acquisition of Sirius Group
Acquisition of Sirius Group | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Sirius Group | 3. Acquisition of Sirius Group Overview On February 26, 2021, the Company completed its acquisition of Sirius Group for total aggregate consideration valued at $1,079.8 million. The aggregate consideration for the transaction included the issuance of 58,331,196 SiriusPoint common shares valued at $595.6 million, $100.4 million of cash, the issuance of preference shares, warrants, and other contingent value components valued at $338.3 million, and other transaction-related services valued at $45.5 million. We recognized a bargain purchase gain of $50.4 million, which represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase price. The gain from bargain purchase is included in other revenues Series A Preference Shares On February 26, 2021, certain holders of Sirius Group shares elected to receive Series A preference shares, par value $0.10 per share (“Series A Preference Shares”), with respect to the consideration price of the Sirius Group acquisition. The Company issued 11,720,987 Series A Preference Shares. The Series A Preference Shares rank pari passu with the Company’s common shares with respect to the payment of dividends or distributions. Each Series A Preference Share has voting power equal to the number of Company shares into which it is convertible, and the Series A Preference Shares and Company shares shall vote together as a single class with respect to any and all matters. Upon the third anniversary of the closing date of the Sirius Group acquisition, the Series A Preference Shares will be subject to a conversion ratio calculation, which will be based on ultimate COVID-19 losses along with other measurement criteria, to convert to the Company’s common shares. During the year ended December 31, 2023, the Compan y did not declare or pay dividends to Series A preference shareholders. Series A preference shares are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2023, the Company recorded a gain (loss) of $(35.8) million (2022 - $18.6 million and 2021 - $20.4 million) from the change in fair value of the Series A preference shares. As of December 31, 2023, t he estimated fair value of the Series A preference shares is $37.6 million (December 31, 2022 - $1.8 million). Merger Warrants On February 26, 2021, the Company issued certain warrants with respect to the consideration price of the Sirius Group acquisition (the “Merger Warrants”) . As of December 31, 2023, the Company had reserved for issuance common shares underlying warrants to purchase, in the aggregate, up to 21,009,324 common shares, to previous Sirius Group common shareholders. Each Merger Warrant permits the holder thereof to purchase one common share for $11.00, subject to adjustment as set forth in the Warrant Agreement. The Merger Warrants expire on February 26, 2026. The Merger warrants are recorded at fair value in the liability-classified capital instruments line of the consolidated balance sheets. During the year ended December 31, 2023, the Company recorded a gain (loss) of $(15.0) million (2022 - $17.8 million and 2021 - $20.9 million ) from the change in fair value of the Merger warrants. As of December 31, 2023, t he estimated fair value of the Merger warrants is $29.7 million (December 31, 2022 - $14.7 million). Sirius Group Private Warrants On February 26, 2021, the Company entered into an assumption agreement pursuant to which the Company agreed to assume all of the warrants issued on November 5, 2018 and November 28, 2018 (the “Private Warrants”) by Sirius Group to certain counterparties. The 5,418,434 Private Warrants issued were all exercised before their maturity on November 5, 2023. During the years ended December 31, 2022 and 2021, the Company recorded a gain (loss) of $(1.7) million and $4.1 million, respectively, from the change in fair value of the Private Warrants. As of December 31, 2022 , t he estimated fair value of the Private Warrants was $4.9 million. Sirius Group Public Warrants Under the merger agreement between Sirius Group and Easterly Acquisition Corporation, each of Easterly’s existing issued and outstanding public warrants was converted into a warrant exercisable for Sirius Group common shares (“Sirius Group Public Warrants”). The Sirius Group Public Warrants expired without exercise on October 27, 2023. During the years ended December 31, 2022 and 2021, the Company recorded gains of $1.1 million and $1.5 million, respectively, from the change in fair value of the Sirius Group Public Warrants . As of December 31, 2022 , the Sirius Group Public Warrants had no estimated fair value. Upside Rights On February 26, 2021, the Company issued Upside Rights with respect to the consideration price of the Sirius Group acquisition. The Upside Rights expired without any value on February 26, 2022. During the year ended December 31, 2021, the Company recorded a gain of $6.5 million from the change in fair value of the Upside Rights . As of December 31, 2021, t he Upside Rights had no estimated fair value. Contingent Value Rights On February 26, 2021, the Company entered into a contingent value rights agreement with respect to the consideration price of the Sirius Group acquisition. The contingent value rights (“ CVRs”) became publicly traded on the OTCQX Best Market during the quarter ended June 30, 2021. The CVRs matured on February 26, 2023 and were settled for $38.5 million. During the years ended December 31, 2022 and 2021, the Company recorded losses of $8.4 million and $3.6 million, respectively, from the change in fair value of the CVRs . As of December 31, 2022 , t he fair value of the CVRs was $39.0 million. Identifiable intangible assets associated with the acquisition consisted of the following and are included in intangible assets on the Company’s consolidated balance sheets as of December 31, 2023 and 2022 : Economic Useful Life Gross balance at February 26, 2021 Accumulated amortization and dispositions Net balance at December 31, 2023 Distribution relationships 17 years $ 75.0 $ (7.4) $ 67.6 MGA relationships 13 years 34.0 (13.4) 20.6 Lloyd’s Capacity - Syndicate 1945 Indefinite 41.8 — 41.8 Insurance licenses Indefinite 7.0 (1.0) 6.0 Trade name 16 years 16.0 (1.5) 14.5 Internally developed computer software 5 years 5.0 (2.8) 2.2 Identifiable intangible assets (1) $ 178.8 $ (26.1) $ 152.7 Economic Useful Life Gross balance at February 26, 2021 Accumulated amortization and dispositions Net balance at December 31, 2022 Distribution relationships 17 years $ 75.0 $ (1.9) $ 73.1 MGA relationships 13 years 34.0 (9.4) 24.6 Lloyd’s Capacity - Syndicate 1945 Indefinite 41.8 — 41.8 Insurance licenses Indefinite 7.0 (1.0) 6.0 Trade name 16 years 16.0 (0.8) 15.2 Internally developed computer software 5 years 5.0 (1.9) 3.1 Identifiable intangible assets (1) $ 178.8 $ (15.0) $ 163.8 (1) No impairments were recorded in the years ended December 31, 2023 and 2022. The estimated remaining amortization expense for the Company's intangible assets with finite lives is as follows: 2024 $ 12.0 2025 11.4 2026 9.9 2027 9.1 2028 and thereafter 62.5 Total remaining amortization expense $ 104.9 An explanation of the identifiable intangible assets is as follows: • Distribution relationships - refers to the relationships Sirius Group has established with external independent distributors and brokers to facilitate the distribution of its products in the marketplace. As a result of owning the distribution relationships, management will not have to duplicate historical marketing, training, and start-up expenses to redevelop comparable relationships to support business operations; • MGA relationships - refers to relationships with managing general agents on the direct insurance business. Through the MGA relationships, Sirius Group generates a predictable and recurring stream of service fee revenue; • Lloyd’s Capacity - Syndicate 1945 - relates to relationships associated with the right to distribute and market policies underwritten through Lloyd’s Syndicate 1945; • Insurance licenses - Sirius Group, like other insurance providers, is required to maintain licenses to produce and service insurance contracts. Insurance licenses are estimated to have an indefinite life and are therefore not amortized but are subject to periodic impairment testing; • Trade name - represents the value of the Sirius Group brand acquired; and • Internally developed computer software - represents the value of internally developed computer software utilized by the Company. Financial results The following table su mmarizes the results of Sirius Group that have been included in the Company's consolidated statements of income for the year ended December 31, 2021 : For the period from February 26, 2021 to December 31, 2021 Total revenues $ 1,224.3 Net loss $ (161.2) Supplemental Pro Forma Information The following table presents unaudited pro forma consolidated financial information for the year ended December 31, 2021 and 2020, and assumes the acquisition of Sirius Group occurred on January 1, 2020. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2020 or that may be achieved in the future. 2021 2020 Total revenues $ 2,343.9 $ 2,613.6 Net income (loss) $ 60.7 $ (268.4) |
Significant transactions
Significant transactions | 12 Months Ended |
Dec. 31, 2023 | |
Significant Transactions [Abstract] | |
Significant transactions | 4. Significant transactions SiriusPoint International Loss Portfolio Transfer On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (“2023 LPT”), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to $905.6 million as of June 30, 2023 at closing, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period. As of December 31, 2023, the Company recorded funds held payable of $763.3 million in Reinsurance balances payable and reinsurance recoverable of $786.2 million, and the Company’s estimate of deferred gain is $27.9 million. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of roll forward reserves at the inception of the contract. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment reporting | 5. Segment reporting The determination of the Company’s business segments is based on the manner in which management monitors the performance of its operations. The Company reports two operating segments: Reinsurance and Insurance & Services. The Company's segments each have managers who are responsible for the overall profitability of their segments and who are directly accountable to the Company's chief operating decision maker, the Chief Executive Officer ("CEO"). The CEO assesses segment operating performance, allocates capital, and makes resource allocation decisions based on Segment income (loss). The Company does not manage its assets by segment; accordingly, total assets are not allocated to the segments. Reinsurance In the Reinsurance segment, the Company provides reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles on a treaty or facultative basis. For reinsurance assumed, the Company participates in the reinsurance market with a global focus through the broker market distribution channel. The Company primarily writes treaty reinsurance, on both a proportional and excess of loss basis, and provide facultative reinsurance in some of its business lines. In the United States and Bermuda, the Company’s core focus is on distribution, risk and clients located in North America, while our international operation is focused primarily on distribution, risks and clients located in Europe. The Reinsurance segment predominantly underwrites Casualty, Property and Specialty lines of business on a worldwide basis. Casualty – the Company provides reinsurance to casualty insurers who underwrite a diverse range of casualty classes. The Company works with clients all over the world, including multi-national, nationwide and regional carriers, as well as risk retention groups and captives. The Company also partners with managing general agents (“MGAs”) and sponsor cover holders. The Company’s underwriting focus is on proportional transactions covering all major commercial casualty lines, as well professional liability with an emphasis on specialty niche classes of business, including personal lines. Property – the Company works with leading global brokers as well as large national writers and regional companies. Underwriting is focused on providing critical catastrophe protection and worldwide coverage for natural perils, underwriting residential, commercial, and industrial risks in the United States, Europe and Asia. The Company’s property reinsurance offering includes: property catastrophe protection, risk excess of loss, cannabis - pro rata, building risk and structured property specifically in the United States. In 2023, as a part of its International Reorganization, the Company significantly reduced its in international property catastrophe premiums written, with reinsurance protection purchased at similar costs but with lower attachment points to further protect the balance sheet. Specialty - SiriusPoint’s business encompasses a broad range of worldwide reinsurance coverages, including proportional and excess of loss, treaty and facultative. Specialty business lines in the Reinsurance segment include Aviation & Space, Marine & Energy and Credit. Insurance & Services Through the Insurance & Services segment, the Company underwrites primary insurance in a number of sectors. The Insurance & Services segment includes Accident & Health, Casualty, and Specialty. Accident and Health (“A&H”) – the Company provides flexible insurance products to meet the risk management needs of diverse populations in select markets. This includes employer groups, associations, affinity groups, higher education and other niche markets. The Company also owns 100% of IMG and Armada, who receive fees for services provided within Insurance & Services and to third parties. IMG offers a full line of international medical insurance products, trip cancellation programs, medical management services and 24/7 emergency medical and travel assistance. Armada operates as a supplemental medical insurance MGA. Property & Casualty - the Company is a leading carrier for program administrators and managing general agents. The majority of its insurance business is written through partners in the property and casualty space, covering professional liability, workers’ compensation, and commercial auto lines in Bermuda, London, Europe, North America and round the world. Specialty - SiriusPoint’s business encompasses a broad range of worldwide insurance coverages. Specialty business lines in the Insurance & Services segment include Aviation & Space, Marine & Energy, Credit and Mortgage. The Company has made both controlling and non-controlling equity investments and debt investments in MGAs and other insurance-related business (collectively, “strategic investments”). In 2023, the Company is pursuing an optimization of its strategic investments, which results in the sale of certain of its ownership positions. As a result, net investment gains (losses) from strategic investments are no longer considered Core income to Insurance & Services and are reported in Corporate results. Comparative prior period amounts have been restated for this change. Management uses segment income (loss) as the primary basis for assessing segment performance. Segment income (loss) is comprised of two components, underwriting income (loss) and net services income (loss). The Company calculates underwriting income (loss) by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned. Net services income (loss) consists of services revenues (fee for service revenues), services expenses and services non-controlling (income) loss. This definition of segment income (loss) aligns with how business performance is managed and monitored. We continue to evaluate our segments as our business evolves and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the consolidated statements of income (loss). These items are reconciled to the consolidated presentation in the segment measure reclass column below. Included in Insurance & Services segment income (loss) are services noncontrolling loss (income) attributable to minority shareholders on non-wholly-owned subsidiaries. In addition, services revenues and services expenses are reconciled to other revenues and net corporate and other expenses, respectively. Segment results are shown prior to corporate eliminations. Corporate eliminations are included in the elimination column below as necessary to reconcile to underwriting income (loss), net services income (loss), and segment income (loss) to the consolidated statements of income (loss). Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the Restructuring Plan and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded. In addition, revenue and expenses managed at the corporate level, including realized gains and losses, other investment income, including gains (losses) from strategic investments, net realized and unrealized investment gains (losses) from related party investment funds, non services-related other revenues, non services-related net corporate and other expenses, intangible asset amortization, interest expense, foreign exchange (gains) losses and income tax (expense) benefit are reported within Corporate. The CEO does not manage segment results or allocate resources to segments when considering these items and they are therefore excluded from our definition of segment income (loss). The following is a summary of the Company’s operating segment results for the years ended December 31, 2023, 2022 and 2021: 2023 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total Gross premiums written $ 1,271.0 $ 2,039.7 $ 3,310.7 $ — $ 116.7 $ — $ 3,427.4 Net premiums written 1,061.0 1,282.7 2,343.7 — 94.2 — 2,437.9 Net premiums earned 1,031.4 1,249.2 2,280.6 — 145.6 — 2,426.2 Loss and loss adjustment expenses incurred, net 490.3 815.4 1,305.7 (5.4) 81.0 — 1,381.3 Acquisition costs, net 252.2 295.5 547.7 (137.2) 62.2 — 472.7 Other underwriting expenses 82.7 94.3 177.0 — 19.3 — 196.3 Underwriting income (loss) 206.2 44.0 250.2 142.6 (16.9) — 375.9 Services revenues (1.1) 238.6 237.5 (149.6) — (87.9) — Services expenses — 187.8 187.8 — — (187.8) — Net services fee income (loss) (1.1) 50.8 49.7 (149.6) — 99.9 — Services noncontrolling income — (8.5) (8.5) — — 8.5 — Net services income (loss) (1.1) 42.3 41.2 (149.6) — 108.4 — Segment income (loss) 205.1 86.3 291.4 (7.0) (16.9) 108.4 375.9 Net investment income 283.7 — 283.7 Net realized and unrealized investment losses (10.0) — (10.0) Net realized and unrealized investment losses from related party investment funds (1.0) — (1.0) Other revenues (49.5) 87.9 38.4 Net corporate and other expenses (70.4) (187.8) (258.2) Intangible asset amortization (11.1) — (11.1) Interest expense (64.1) — (64.1) Foreign exchange losses (34.9) — (34.9) Income before income tax benefit $ 205.1 $ 86.3 291.4 (7.0) 25.8 8.5 318.7 Income tax benefit — — 45.0 — 45.0 Net income 291.4 (7.0) 70.8 8.5 363.7 Net income attributable to noncontrolling interests — — (0.4) (8.5) (8.9) Net income available to SiriusPoint $ 291.4 $ (7.0) $ 70.4 $ — $ 354.8 Underwriting Ratios: (1) Loss ratio 47.5 % 65.3 % 57.3 % 56.9 % Acquisition cost ratio 24.5 % 23.7 % 24.0 % 19.5 % Other underwriting expenses ratio 8.0 % 7.5 % 7.8 % 8.1 % Combined ratio 80.0 % 96.5 % 89.1 % 84.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. 2022 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total Gross premiums written $ 1,521.4 $ 1,884.2 $ 3,405.6 $ — $ 4.1 $ — $ 3,409.7 Net premiums written 1,199.6 1,346.0 2,545.6 — 3.6 — 2,549.2 Net premiums earned 1,213.1 1,086.8 2,299.9 — 18.2 — 2,318.1 Loss and loss adjustment expenses incurred, net 855.9 718.7 1,574.6 (5.2) 19.0 — 1,588.4 Acquisition costs, net 310.3 273.2 583.5 (118.6) (3.0) — 461.9 Other underwriting expenses 113.8 62.8 176.6 — 7.9 — 184.5 Underwriting income (loss) (66.9) 32.1 (34.8) 123.8 (5.7) — 83.3 Services revenues (0.2) 215.7 215.5 (133.4) — (82.1) — Services expenses — 179.2 179.2 — — (179.2) — Net services fee income (loss) (0.2) 36.5 36.3 (133.4) — 97.1 — Services noncontrolling loss — 1.1 1.1 — — (1.1) — Net services income (loss) (0.2) 37.6 37.4 (133.4) — 96.0 — Segment income (loss) (67.1) 69.7 2.6 (9.6) (5.7) 96.0 83.3 Net investment income 113.3 — 113.3 Net realized and unrealized investment losses (225.5) — (225.5) Net realized and unrealized investment losses from related party investment funds (210.5) — (210.5) Other revenues 28.1 82.1 110.2 Net corporate and other expenses (133.6) (179.2) (312.8) Intangible asset amortization (8.1) — (8.1) Interest expense (38.6) — (38.6) Foreign exchange gains 66.0 — 66.0 Income (loss) before income tax benefit $ (67.1) $ 69.7 2.6 (9.6) (414.6) (1.1) (422.7) Income tax benefit — — 36.7 — 36.7 Net income (loss) 2.6 (9.6) (377.9) (1.1) (386.0) Net income attributable to noncontrolling interests — — (1.9) 1.1 (0.8) Net income (loss) available to SiriusPoint $ 2.6 $ (9.6) $ (379.8) $ — $ (386.8) Underwriting Ratios: (1) Loss ratio 70.6 % 66.1 % 68.5 % 68.5 % Acquisition cost ratio 25.6 % 25.1 % 25.4 % 19.9 % Other underwriting expenses ratio 9.4 % 5.8 % 7.7 % 8.0 % Combined ratio 105.6 % 97.0 % 101.6 % 96.4 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. 2021 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total Gross premiums written $ 1,350.4 $ 897.9 $ 2,248.3 $ — $ (11.8) $ — $ 2,236.5 Net premiums written 1,124.9 652.8 1,777.7 — (43.5) — 1,734.2 Net premiums earned 1,210.9 522.8 1,733.7 — (16.7) — 1,717.0 Loss and loss adjustment expenses incurred, net 989.4 320.6 1,310.0 (2.6) 19.1 — 1,326.5 Acquisition costs, net 302.7 149.7 452.4 (67.6) 3.0 — 387.8 Other underwriting expenses 105.5 29.2 134.7 — 24.1 — 158.8 Underwriting income (loss) (186.7) 23.3 (163.4) 70.2 (62.9) — (156.1) Services revenue — 133.7 133.7 (82.6) — (51.1) — Services expenses — 120.5 120.5 — — (120.5) — Net services fee income — 13.2 13.2 (82.6) — 69.4 — Services noncontrolling loss — 2.3 2.3 — — (2.3) — Net services income — 15.5 15.5 (82.6) — 67.1 — Segment income (loss) (186.7) 38.8 (147.9) (12.4) (62.9) 67.1 (156.1) Net investment income 25.4 — 25.4 Net realized and unrealized investment losses (16.9) — (16.9) Net realized and unrealized investment gains from related party investment funds 304.0 — 304.0 Other Revenues 100.1 51.1 151.2 Net corporate and other expenses (146.1) (120.5) (266.6) Intangible asset amortization (5.9) — (5.9) Interest expense (34.0) — (34.0) Foreign exchange gains 44.0 — 44.0 Income (loss) before income tax benefit $ (186.7) $ 38.8 (147.9) (12.4) 207.7 (2.3) 45.1 Income tax benefit — — 10.7 — 10.7 Net income (loss) (147.9) (12.4) 218.4 (2.3) 55.8 Net income attributable to noncontrolling interests — — — 2.3 2.3 Net income (loss) available to SiriusPoint $ (147.9) $ (12.4) $ 218.4 $ — $ 58.1 Underwriting Ratios: (1) Loss ratio 81.7 % 61.3 % 75.6 % 77.3 % Acquisition cost ratio 25.0 % 28.6 % 26.1 % 22.6 % Other underwriting expenses ratio 8.7 % 5.6 % 7.8 % 9.2 % Combined ratio 115.4 % 95.5 % 109.5 % 109.1 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. The following tables provide a br eakdown of ne t premiums written by client location and underwriting location by reportable segment for the years ended December 31, 2023, 2022 and 2021: 2023 Reinsurance Insurance & Services Corporate Total Net written premiums by client location: United States and Canada $ 750.6 $ 914.2 $ 4.1 $ 1,668.9 Europe 172.1 243.4 4.1 419.6 Bermuda, the Caribbean and Latin America (2.1) (2.4) (1.4) (5.9) Asia and Other 140.4 127.5 87.4 355.3 Total net written premiums by client location $ 1,061.0 $ 1,282.7 $ 94.2 $ 2,437.9 Net written premiums by underwriting location: United States and Canada $ 516.6 $ 653.2 $ 92.0 $ 1,261.8 Europe 345.9 280.7 4.4 631.0 Bermuda, the Caribbean and Latin America 198.5 348.8 0.7 548.0 Asia and Other — — (2.9) (2.9) Total net written premiums by underwriting location $ 1,061.0 $ 1,282.7 $ 94.2 $ 2,437.9 2022 Reinsurance Insurance & Services Corporate Total Net written premiums by client location: United States and Canada $ 746.9 $ 1,139.5 $ 0.5 $ 1,886.9 Europe 241.6 120.5 3.1 365.2 Bermuda, the Caribbean and Latin America 171.4 54.6 — 226.0 Asia and Other 39.7 31.4 — 71.1 Total net written premiums by client location $ 1,199.6 $ 1,346.0 $ 3.6 $ 2,549.2 Net written premiums by underwriting location: United States and Canada $ 569.2 $ 931.3 $ 0.5 $ 1,501.0 Europe 384.4 255.0 0.4 639.8 Bermuda, the Caribbean and Latin America 243.6 159.7 2.7 406.0 Asia and Other 2.4 — — 2.4 Total net written premiums by underwriting location $ 1,199.6 $ 1,346.0 $ 3.6 $ 2,549.2 2021 Reinsurance Insurance & Services Corporate Total Net written premiums by client location: United States and Canada $ 579.1 $ 560.3 $ 1.6 $ 1,141.0 Europe 309.5 36.4 (45.8) 300.1 Bermuda, the Caribbean and Latin America 114.3 13.7 — 128.0 Asia and Other 122.0 42.4 0.7 165.1 Total net written premiums by client location $ 1,124.9 $ 652.8 $ (43.5) $ 1,734.2 Net written premiums by underwriting location: United States and Canada $ 447.1 $ 408.9 $ 1.6 $ 857.6 Europe 379.8 93.0 (17.5) 455.3 Bermuda, the Caribbean and Latin America 246.1 150.9 (27.9) 369.1 Asia and Other 51.9 — 0.3 52.2 Total net written premiums by underwriting location $ 1,124.9 $ 652.8 $ (43.5) $ 1,734.2 No contract contributed more than 10% of gross premiums written for the years ended December 31, 2023, 2022 and 2021. |
Cash, cash equivalents, restric
Cash, cash equivalents, restricted cash and restricted investments | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, restricted cash and restricted investments | 6. 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, 2023 and 2022: December 31, December 31, Cash and cash equivalents $ 969.2 $ 705.3 Restricted cash securing letter of credit facilities (1) 56.9 34.3 Restricted cash securing reinsurance contracts (2) 52.7 148.9 Restricted cash held by managing general underwriters 22.5 25.2 Total cash, cash equivalents and restricted cash (3) 1,101.3 913.7 Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4) 2,668.0 2,202.2 Total cash, cash equivalents, restricted cash and restricted investments $ 3,769.3 $ 3,115.9 (1) Restricted cash and restricted investments 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, short-term investments and limited partnership interests in TP Enhanced 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. (4) Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 7. Fair value measurements 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. The following tables present the Company’s investments, categorized by the level of the fair value hierarchy as of December 31, 2023 and 2022: December 31, 2023 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Asset-backed securities $ — $ 880.7 $ — $ 880.7 Residential mortgage-backed securities — 902.8 — 902.8 Commercial mortgage-backed securities — 204.1 — 204.1 Corporate debt securities — 1,573.1 — 1,573.1 U.S. government and government agency 1,132.6 4.1 — 1,136.7 Non-U.S. government and government agency — 58.0 — 58.0 Total debt securities, available for sale 1,132.6 3,622.8 — 4,755.4 Asset-backed securities — 256.6 — 256.6 Residential mortgage-backed securities — 57.2 — 57.2 Commercial mortgage-backed securities — 67.8 — 67.8 Corporate debt securities — 45.2 — 45.2 U.S. government and government agency 98.1 — — 98.1 Non-U.S. government and government agency — 10.0 — 10.0 Total debt securities, trading 98.1 436.8 — 534.9 Total equity securities 1.6 — — 1.6 Short-term investments 321.9 49.7 — 371.6 Other long-term investments — — 169.7 169.7 Derivative assets — — 15.7 15.7 $ 1,554.2 $ 4,109.3 $ 185.4 5,848.9 Cost and equity method investments 80.1 Investments in funds valued at NAV 164.3 Total assets $ 6,093.3 Liabilities Liability-classified capital instruments $ — $ — $ 67.3 $ 67.3 Derivative liabilities — — 6.4 6.4 Total liabilities $ — $ — $ 73.7 $ 73.7 December 31, 2022 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Asset-backed securities $ — $ 230.7 $ — $ 230.7 Residential mortgage-backed securities — 340.7 — 340.7 Commercial mortgage-backed securities — 61.2 — 61.2 Corporate debt securities — 415.7 — 415.7 U.S. government and government agency 1,546.2 4.4 — 1,550.6 Non-U.S. government and government agency 5.0 31.6 — 36.6 Total debt securities, available for sale 1,551.2 1,084.3 — 2,635.5 Asset-backed securities — 553.7 — 553.7 Residential mortgage-backed securities — 133.6 — 133.6 Commercial mortgage-backed securities — 113.4 — 113.4 Corporate debt securities — 363.5 — 363.5 U.S. Government and government agency 264.1 6.3 — 270.4 Non-U.S. government and government agency 8.7 79.5 — 88.2 Preferred stocks — — 3.2 3.2 Total debt securities, trading 272.8 1,250.0 3.2 1,526.0 Total equity securities 1.6 — — 1.6 Short-term investments 972.8 11.8 — 984.6 Other long-term investments — — 227.3 227.3 Derivative assets — — 9.5 9.5 $ 2,798.4 $ 2,346.1 $ 240.0 5,384.5 Cost and equity method investments 104.8 Investments in funds valued at NAV 173.9 Total assets $ 5,663.2 Liabilities Total securities sold, not yet purchased $ 27.0 $ — $ — $ 27.0 Securities sold under an agreement to repurchase — 18.0 — 18.0 Liability-classified capital instruments — 39.0 21.4 60.4 Derivative liabilities — — 8.6 8.6 Total liabilities $ 27.0 $ 57.0 $ 30.0 $ 114.0 During the years ended December 31, 2023 and December 31, 2022 the Company did not reclassify its assets or liabilities between Levels 2 and 3. Valuation techniques The Company uses outside pricing services to assist in determining fair values for its investments. For investments in active markets, the Company uses the quoted market prices provided by outside pricing services to determine fair value. In circumstances where quoted market prices are unavailable or are not considered reasonable, the Company estimates the fair value using industry standard pricing models and observable inputs such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, prepayment speeds, reference data including research publications, and other relevant inputs. Given that many debt securities do not trade on a daily basis, the outside pricing services evaluate a wide range of fixed maturity investments by regularly drawing parallels from recent trades and quotes of comparable securities with similar features. The characteristics used to identify comparable debt securities vary by asset type and take into account market convention. The techniques and inputs specific to asset classes within the Company’s debt securities and short-term investments for Level 2 securities that use observable inputs are as follows: Asset-backed and mortgage-backed securities The fair value of mortgage and asset-backed securities is primarily priced by pricing services using a pricing model that uses information from market sources and leveraging similar securities. Key inputs include benchmark yields, reported trades, underlying tranche cash flow data, collateral performance, plus new issue data, as well as broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including issuer, vintage, loan type, collateral attributes, prepayment speeds, default rates, recovery rates, cash flow stress testing, credit quality ratings and market research publications. Corporate debt securities Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. and non-U.S. corporate issuers and industries. The corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. U.S. government and government agency U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data. Non-U.S. government and government agency Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. U.S. states, municipalities, and political subdivisions The U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques for U.S. government and government agency securities. Preferred stocks The fair value of preferred stocks is generally priced by independent pricing services using an evaluated pricing model that calculates the appropriate spread over a comparable security for each issue. Key inputs include exchange prices (underlying and common stock of same issuer), benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including sector, coupon, credit quality ratings, duration, credit enhancements, early redemption features and market research publications. Short-term investments Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. These investments are generally priced by independent pricing services using the techniques described for U.S. government and government agency securities and Corporate debt securities described above. Investments measured using Net Asset Value The Company values its investments in limited partnerships, including its investments in related party investment funds, 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 net asset value (“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 fair value of the Company's investments in certain hedge funds and certain private equity funds are also determined using NAV. The hedge fund's administrator provides quarterly updates of fair value in the form of the Company's proportional interest in the underlying fund's NAV, which is deemed to approximate fair value, generally with a three month delay in valuation. The private equity funds provide monthly, quarterly or semi-annual partnership capital statements primarily with a one or three month delay which are used as a basis for valuation. These private equity investments vary in investment strategies and are not actively traded in any open markets. Due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company's reporting date. This includes utilizing preliminary estimates reported by its fund managers and using other information that is available to the Company with respect to the underlying investments, as necessary. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a 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. 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. Level 3 Investments Level 3 valuations are generated from techniques that use assumptions not observable in the market. These unobservable assumptions reflect the Company's assumptions, that market participants would use in valuing the investment. Generally, certain securities may start out as Level 3 when they are originally issued but as observable inputs become available in the market, they may be reclassified to Level 2. The Company employs a number of procedures to assess the reasonableness of the fair value measurements for its other long-term investments, including obtaining and reviewing the audited annual financial statements of hedge funds and private equity funds and periodically discussing each fund's pricing with the fund manager. However, since the fund managers do not provide sufficient information to evaluate the pricing inputs and methods for each underlying investment, the inputs are considered to be unobservable. The fair values of the Company's investments in private equity securities, private debt instruments, certain private equity funds, and certain hedge funds have been classified as Level 3 measurements. Private equity securities and private debt instruments are initially valued based on transaction price and their valuation is subsequently estimated based on available evidence such as a market transaction in similar instruments and other financial information for the issuer. For strategic investments carried at fair value, management either engages a third-party valuation specialist to assist in determination of the fair value based on commonly accepted valuation methods (i.e., income approach, market approach) as of the valuation date or performs valuation internally. In addition, investors fair value analyses prepared by third party valuation specialists working with strategic investment operating management are referenced where available. Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available. See Note 10 for additional information on the fair values of derivative financial instruments used for both risk management and investment purposes. Underwriting-related derivatives 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 tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022: January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) December 31, Assets Preferred stocks $ 3.2 $ — $ — $ (2.3) $ (0.9) $ — Other long-term investments 227.3 (25.3) 6.6 (14.7) (24.2) 169.7 Derivative assets 9.5 — 2.8 (13.7) 17.1 15.7 Total assets $ 240.0 $ (25.3) $ 9.4 $ (30.7) $ (8.0) $ 185.4 Liabilities Liability-classified capital instruments $ (21.4) $ — $ — $ 3.8 $ (49.7) $ (67.3) Derivative liabilities (8.6) — (5.1) 18.5 (11.2) (6.4) Total liabilities $ (30.0) $ — $ (5.1) $ 22.3 $ (60.9) $ (73.7) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) December 31, Assets Preferred stocks $ 2.8 $ — $ — $ — $ 0.4 $ 3.2 Other long-term investments 262.1 — 2.1 (24.7) (12.2) 227.3 Derivative assets 0.4 — 43.3 — (34.2) 9.5 Total assets $ 265.3 $ — $ 45.4 $ (24.7) $ (46.0) $ 240.0 Liabilities Liability-classified capital instruments $ (57.2) $ — $ — $ — $ 35.8 $ (21.4) Derivative liabilities (3.2) — — (3.4) (2.0) (8.6) Total liabilities $ (60.4) $ — $ — $ (3.4) $ 33.8 $ (30.0) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains (losses) in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other revenues, net of foreign exchange (gains) losses, in the consolidated statements of income (loss). For assets and liabilities that were transferred into Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred into Level 3 at the beginning of the period; similarly, for assets and liabilities that were transferred out of Level 3 during the period, gains (losses) are presented as if the assets or liabilities had been transferred out of Level 3 at the beginning of the period. The following table includes financial instruments for which the carrying value differs from the estimated fair values as of December 31, 2023 and 2022. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements. December 31, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value 2017 SEK Subordinated Notes $ 206.6 $ 267.9 $ 259.0 $ 258.6 2016 Senior Notes 370.0 403.5 343.7 404.8 2015 Senior Notes 115.2 114.8 112.6 114.6 Series B preference shares $ 197.4 $ 200.0 $ 186.0 $ 200.0 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 8. Investments The Company’s invested assets consist of investment securities and other long-term investments held for general investment purposes. The portfolio of investment securities includes debt securities held for trading, debt securities available for sale, short-term investments, equity securities, and other long-term investments which are classified as trading securities with the exception of debt securities held as available for sale. Realized investment gains and losses on debt securities are reported in pre-tax revenues. Unrealized investment gains and losses on debt securities are reported based on classification. Trading securities flow through pre-tax revenues whereas securities classified as AFS flow through other comprehensive income (loss). For debt securities classified as AFS for which a decline in the fair value between the amortized cost is due to credit-related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding impact to the consolidated statements of income (loss). The allowance is limited to the difference between amortized cost and fair value. A credit losses impairment assessment is performed on securities using both quantitative and qualitative factors. Qualitative factors include significant declines in fair value below amortized cost. Additionally, a qualitative assessment is also performed over debt securities to evaluate potential credit losses. Examples of qualitative indicators include issuer credit downgrades as well as changes to credit spreads. Declines in fair value related to a debt security that do not relate to a credit loss are recorded as a component of accumulated other comprehensive income (loss). Debt securities The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of December 31, 2023 and 2022: December 31, 2023 Cost or Gross Gross unrealized losses (3) Net foreign Fair value Debt securities, available for sale Asset-backed securities $ 882.2 $ 7.8 $ (9.3) $ — $ 880.7 Residential mortgage-backed securities 903.0 15.8 (16.0) — 902.8 Commercial mortgage-backed securities 204.0 1.6 (1.5) — 204.1 Corporate debt securities 1,569.6 12.0 (7.5) (1.0) 1,573.1 U.S. government and government agency (1) 1,137.8 5.5 (6.6) — 1,136.7 Non-U.S. government and government agency 58.0 0.2 (0.3) 0.1 58.0 Total debt securities, available for sale (2) $ 4,754.6 $ 42.9 $ (41.2) $ (0.9) $ 4,755.4 Debt securities, trading Asset-backed securities $ 261.1 $ 0.6 $ (5.1) $ — $ 256.6 Residential mortgage-backed securities 67.0 — (9.8) — 57.2 Commercial mortgage-backed securities 76.7 0.1 (9.0) — 67.8 Corporate debt securities 52.2 — (7.0) — 45.2 U.S. government and government agency (1) 100.8 — (2.7) — 98.1 Non-U.S. government and government agency 10.3 — (0.3) — 10.0 Total debt securities, trading $ 568.1 $ 0.7 $ (33.9) $ — $ 534.9 December 31, 2022 Cost or Gross Gross Net foreign Fair value Debt securities, available for sale Asset-backed securities $ 234.1 $ 0.9 $ (4.3) $ — $ 230.7 Residential mortgage-backed securities 354.3 0.3 (13.9) — 340.7 Commercial mortgage-backed securities 62.1 — (0.9) — 61.2 Corporate debt securities 428.5 0.5 (13.1) (0.2) 415.7 U.S. government and government agency (1) 1,561.9 3.2 (14.5) — 1,550.6 Non-U.S. government and government agency 37.2 — (0.7) 0.1 36.6 Total debt securities, available for sale (2) $ 2,678.1 $ 4.9 $ (47.4) $ (0.1) $ 2,635.5 Debt securities, trading Asset-backed securities $ 575.5 $ 0.1 $ (21.9) $ — $ 553.7 Residential mortgage-backed securities 155.9 — (22.3) — 133.6 Commercial mortgage-backed securities 130.5 — (17.1) — 113.4 Corporate debt securities 391.4 — (27.2) (0.7) 363.5 U.S. government and government agency (1) 278.6 — (8.2) — 270.4 Non-U.S. government and government agency 95.8 — (4.0) (3.6) 88.2 Preferred stocks 2.4 0.8 — — 3.2 Total debt securities, trading $ 1,630.1 $ 0.9 $ (100.7) $ (4.3) $ 1,526.0 (1) The Company had no short positions in long duration U.S. Treasuries as of December 31, 2023 ( December 31, 2022 - $27.0 million). This amount was included in securities sold, not yet purchased in the consolidated balance sheets. (2) As of December 31, 2023 and 2022, the Company did not record an allowance for credit losses on the AFS portfolio. As of December 31, 2023 , 713 unique debt securities classified as AFS were in a gross unrealized loss position for greater than 12 months with a market value of $556.9 million and an unrealized loss of $20.3 million ( 2022 - no securities in an unrealized loss position for greater than 12 months). The weighted average duration of the Company's debt securities, net of short positions in U.S. treasuries, as of December 31, 2023 was approximately 2.8 years, including short-term investments (2022 - 1.8 years). The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading and AFS as of December 31, 2023 and 2022 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. December 31, 2023 December 31, 2022 Debt securities, trading Debt securities, AFS Debt securities, trading Debt securities, AFS Cost or Fair value Cost or Fair value Cost or Fair value Cost or Fair value Due in one year or less $ 80.2 $ 79.7 $ 358.6 $ 357.2 $ 240.4 $ 230.9 $ 104.2 $ 104.0 Due after one year through five years 37.2 34.5 2,221.0 2,219.8 426.5 407.0 1,822.7 1,802.0 Due after five years through ten years 19.4 18.0 183.3 188.5 63.4 55.7 95.8 92.3 Due after ten years 26.6 21.3 2.5 2.3 35.5 28.5 4.9 4.6 Mortgage-backed and asset-backed securities 404.7 381.4 1,989.2 1,987.6 861.9 800.7 650.5 632.6 Preferred stocks — — — — 2.4 3.2 — — Total debt securities $ 568.1 $ 534.9 $ 4,754.6 $ 4,755.4 $ 1,630.1 $ 1,526.0 $ 2,678.1 $ 2,635.5 The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of December 31, 2023 and 2022. Credit ratings are assigned based on ratings provided by nationally recognized statistical rating organizations. December 31, 2023 December 31, 2022 Debt securities, trading Debt securities, AFS Debt securities, trading Debt securities, AFS AAA $ 248.4 $ 730.4 $ 564.4 $ 172.8 AA 177.0 2,334.4 523.2 1,907.6 A 28.9 1,122.1 181.1 188.9 BBB 71.7 515.5 158.1 149.9 Other 8.9 53.0 99.2 216.3 Total debt securities $ 534.9 $ 4,755.4 $ 1,526.0 $ 2,635.5 As of December 31, 2023 , the above totals includ ed $185.1 million of sub-prime securities. Of this total, $117.5 million were rated AAA, $37.7 million rated AA, $12.3 million rated A, $13.3 million rated BBB, a nd $4.3 million were unrated. As of December 31, 2022, the above totals included $95.3 million of sub-prime securities. Of this total, $56.1 million were rated AAA, $20.0 million rated AA and $19.2 million were unrated. Equity securities and other long-term investments The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains (losses), and fair values of the Company’s equity securities and other long-term investments as of December 31, 2023 and 2022 were as follows: Cost or Gross Gross Net foreign Fair value December 31, 2023 Equity securities $ 1.9 $ — $ (0.5) $ 0.2 $ 1.6 Other long-term investments $ 367.2 $ 20.0 $ (81.1) $ 2.4 $ 308.5 December 31, 2022 Equity securities $ 1.8 $ — $ (0.2) $ — $ 1.6 Other long-term investments $ 392.0 $ 27.5 $ (41.8) $ (0.5) $ 377.2 The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The carrying value of other long-term investments as of December 31, 2023 and 2022 were as follows: December 31, December 31, Hedge funds and private equity funds (1) $ 74.5 $ 84.9 Strategic investments (2) 203.9 262.0 Other investments (2) 30.1 30.3 Total other long-term investments $ 308.5 $ 377.2 (1) Includes $58.7 million of investments carried at NAV (December 31, 2022 - $45.1 million) and no investments classified as Level 3 (December 31, 2022 - $25.1 million) within the fair value hierarchy. (2) As of December 31, 2023, the Company had $14.7 million of unfunded commitments relating to these investments (December 31, 2022 - $16.0 million). Investments in unconsolidated entities The Company’s investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give the Company the ability to exert significant influence over the investee's operating and financial policies. Such investments may be accounted for under either the equity method (“equity method investments”) or, alternatively, the Company may elect to account for them under the fair value option (“equity method eligible unconsolidated entities”). The following table presents the components of other long-term investments as of December 31, 2023 and 2022: December 31, December 31, Equity method eligible unconsolidated entities, using the fair value option $ 139.2 $ 147.9 Equity method investments 37.0 41.8 Other unconsolidated investments, at fair value (1) 89.2 124.5 Other unconsolidated investments, at cost (2) 43.1 63.0 Total other long-term investments $ 308.5 $ 377.2 (1) Includes other long-term investments that are not equity method eligible and are measured at fair value. (2) The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices. Equity method eligible unconsolidated entities, using the fair value option, exclude the Company’s investment in TP Enhanced Fund , TP Venture Fund, TP Venture Fund II, collectively, the “Related Party Investment Funds.” Refer to “Investments in related party investment funds” discussed below. Investment in related party investment funds The following table provides the fair value of the Company's investments in related party investment funds as of December 31, 2023 and 2022: December 31, December 31, Third Point Enhanced LP $ 77.5 $ 100.3 Third Point Venture Offshore Fund I LP 25.0 26.0 Third Point Venture Offshore Fund II LP 3.1 2.5 Investments in related party investment funds, at fair value $ 105.6 $ 128.8 Investment in Third Point Enhanced LP On February 23, 2022, the Company entered into the Fourth Amended and Restated Exempted Limited Partnership Agreement of TP Enhanced Fund with Third Point Advisors LLC (“TP GP”) and the other parties thereto (the “2022 LPA”), which amended and restated the Third Amended and Restated Exempted Limited Partnership Agreement dated August 6, 2020 (the “2020 LPA”). The TP Enhanced 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. The 2020 LPA was amended and restated to, among other things: • add the right to withdraw the Company’s capital accounts in TP Enhanced Fund as of any month-end in accordance with an agreed withdrawal schedule to be reinvested in, or contractually committed to, the Third Point Optimized Credit portfolio (the “TPOC Portfolio”), or other Third Point strategies (“TPE Withdrawn Amounts”); • remove restrictions on the Company’s withdrawal rights following a change of control with respect to the Company; • authorize the Company’s Chief Investment Officer to exercise all decisions under the 2022 LPA, without the need for separate approval from the Investment Committee of the Company’s Board of Directors; • provide that the Company may amend the investment guidelines of the 2022 LPA from time to time for risk management purposes in consultation with TP GP; • provide that the Company and TP GP may discuss the adoption of new risk parameters for TP Enhanced Fund from time to time, and TP GP will work with the Company to create additional risk management guidelines responsive to the Company’s needs that do not fundamentally alter the general investment strategy or investment approach of TP Enhanced Fund ; • provide that the Company may increase or decrease TP Enhanced Fund ’s leverage targets upon reasonable prior notice to meet the business needs of the Company; and • revise the “cause event” materiality qualifier with respect to violations of law related to Third Point LLC’s investment-related business and Third Point LLC being subject to regulatory proceedings to include events that will likely have a material adverse effect on Third Point LLC’s ability to provide investment management services to TP Enhanced Fund and/or the TPOC Portfolio. All other material terms of the 2022 LPA remain consistent with the 2020 LPA. Amended and Restated Investment Management Agreement On February 23, 2022, the Company entered into an Amended and Restated Investment Management Agreement (the “2022 IMA”) with Third Point LLC and the other parties thereto, which amended and restated the Investment Management Agreement dated August 6, 2020. Pursuant to the 2022 IMA, Third Point LLC provides discretionary investment management services with respect to a newly established TPOC Portfolio, subject to investment and risk management guidelines, and continues to provide certain non-discretionary investment advisory services to the Company. The Company agreed to contribute to the TPOC Portfolio amounts withdrawn from TP Enhanced Fund on January 31, 2022 that were not invested or committed for investment in other Third Point strategies. The 2022 IMA contains revised term and termination rights, withdrawal rights, incentive fees, management fees, investment guidelines and advisory fees. For the investment management services provided in respect of the TPOC Portfolio, the Company will pay Third Point LLC, from the assets of each sub-account, an annual incentive fee equal to 15% of outperformance over a specified benchmark. The Company will also pay Third Point LLC a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses, and a fixed advisory fee for the advisory services equal to 1/4 of $1,500,000 per quarter. Under the 2022 IMA, the Company may withdraw any amount from the TPOC Portfolio as of any month-end up to (i) the full balance of any sub-account established in respect of any capital contribution not in respect of TPE Withdrawn Amounts and (ii) any net profits in respect of any other sub-account. The Company may withdraw the TPOC Portfolio in full on March 31, 2026, and each successive anniversary of such date. The Company will have the right to withdraw funds monthly from the TPOC Portfolio upon the occurrence of certain events specified in the 2022 IMA, including, within 120 days following the occurrence of a Cause Event (as defined in the 2022 LPA), to meet capital adequacy requirements, to prevent a negative credit rating, for risk management purposes, underperformance of the TPOC Portfolio relative to investment funds managed by third-party managers and pursuing the same or substantially similar investment strategy as the TPOC Portfolio (i.e., which measure performance relative to the benchmark) for two or more consecutive calendar years or a Key Person Event (as defined in the 2022 LPA), subject to certain limitations on such withdrawals as specified in the 2022 IMA. The Company is also entitled to withdraw funds from the TPOC Portfolio in order to satisfy its risk management guidelines, upon prior written notice to Third Point LLC, in an amount not to exceed the Risk Management Withdrawable Amount (as defined in the 2022 LPA). As of December 31, 2023, the Company h ad no unfunded commitments related to TP Enhanced Fund . Investment in Third Point Venture Offshore Fund I LP On March 1, 2021, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“2021 Venture LPA”) of TP Venture Fund which became effective on March 1, 2021. In accordance with the 2021 Venture LPA, Third Point Venture GP LLC (“TP Venture GP”) serves as the general partner of TP Venture Fund. The TP Venture Fund investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments. As of December 31, 2023, the Company had $9.5 million of unfunded commitments related to TP Venture Fund. As of December 31, 2023, the Company holds interests of approximately 16.8% of the net asset value of TP Venture Fund. Investment in Third Point Venture Offshore Fund II LP On June 30, 2022, SiriusPoint Bermuda entered into the Amended and Restated Exempted Limited Partnership Agreement (“ 2022 Venture II LPA ”) of TP Venture Fund II . In accordance with the 2022 Venture II LPA , Third Point Venture GP II LLC (“ TP Venture GP II ”) serves as the general partner of TP Venture Fund II . The TP Venture Fund II investment strategy, as implemented by Third Point LLC, is to generate attractive risk-adjusted returns through a concentrated portfolio of investments in privately-held companies, primarily in the expansion through late/pre-IPO stage. The TP Venture Fund may also invest in early stage companies. Due the nature of the fund, withdrawals are not permitted. Distributions prior to the expected termination date of the fund include, but are not limited to, dividends or proceeds arising from the liquidation of the fund's underlying investments. As of December 31, 2023, the Company had $21.6 million of unfunded commitments related to TP Venture Fund II . As of December 31, 2023, the Company holds interests of approximately 17.8% of the net asset value of TP Venture Fund II . |
Total net investment income and
Total net investment income and realized and unrealized investment gains (losses) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Total net investment income and realized and unrealized investment gains (losses) | 9. Total net investment income and realized and unrealized investment gains (losses) Net investment income and net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Debt securities, available for sale $ 181.6 $ 35.1 $ — Debt securities, trading 66.1 (115.6) (4.9) Short-term investments 29.3 17.7 1.6 Other long-term investments (20.0) (10.6) 35.2 Derivative instruments 4.8 — — Equity securities (0.1) (0.4) (2.5) Net realized and unrealized investment gains (losses) from related party investment funds (1.0) (210.5) 304.0 Net investment income and realized and unrealized investment gains before other investment expenses and investment income (loss) on cash and cash equivalents 260.7 (284.3) 333.4 Investment expenses (16.1) (20.3) (11.6) Net investment income (loss) on cash and cash equivalents 28.1 (18.1) (9.3) Total net investment income and realized and unrealized investment gains (losses) $ 272.7 $ (322.7) $ 312.5 Net realized and unrealized (losses) on investments Net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Gross realized gains $ 148.3 $ 56.2 $ 40.4 Gross realized losses (189.0) (132.3) (9.6) Net realized gains (losses) on investments (40.7) (76.1) 30.8 Net unrealized gains (losses) on investments 30.7 (149.4) (47.7) Net realized and unrealized (losses) on investments (1) (2) $ (10.0) $ (225.5) $ (16.9) (1) Excludes realized and unrealized gains (losses) on the Company’s investments in related party investment funds and unrealized gains (losses) from available for sale investments, net of tax. (2) Includes net realized and unrealized gains (losses) of $(9.1) million from related party investments included in other long-term investments for the year ended December 31, 2023 (2022 - $5.6 million and 2021 - $12.9 million). Net realized investment gains (losses) Net realized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Debt securities, available for sale $ (10.0) $ 2.7 $ — Debt securities, trading (42.0) (66.7) 12.3 Short-term investments (1.4) (2.9) (0.1) Equity securities — (2.3) (0.1) Other long-term investments 8.9 2.9 14.1 Net investment income (loss) on cash and cash equivalents 3.8 (9.8) 4.6 Net realized investment gains (losses) $ (40.7) $ (76.1) $ 30.8 Net realized investment gains (losses) for Other long-term investments 2023 2022 2021 Hedge funds and private equity funds $ 8.1 $ 9.2 $ 4.6 Strategic investments 0.8 (2.5) 7.8 Other investments — (3.8) 1.7 Net realized investment gains on Other long-term investments $ 8.9 $ 2.9 $ 14.1 Net unrealized investment gains (losses) Net unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Debt securities, trading $ 62.3 $ (105.0) $ (40.2) Short-term investments 1.7 (0.3) 1.4 Equity securities (0.1) 1.8 (2.5) Other long-term investments (40.3) (25.7) 11.2 Derivative instruments 4.8 — — Net investment income (loss) on cash and cash equivalents 2.3 (20.2) (17.6) Net unrealized investment gains (losses) $ 30.7 $ (149.4) $ (47.7) Net unrealized investment gains (losses) for Other long-term investments 2023 2022 2021 Hedge funds and private equity funds $ 0.7 $ (7.3) $ 17.2 Strategic investments (41.0) (8.2) (5.8) Other investments — (10.2) (0.2) Net unrealized investment gains (losses) on Other long-term investments $ (40.3) $ (25.7) $ 11.2 The following table summarizes the amount of total losses included in earnings attributable to unrealized investment (losses) – Level 3 investments for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Debt securities, trading $ (0.8) $ 0.7 $ — Other long-term investments (25.2) (15.4) (5.7) Total unrealized investment (losses) – Level 3 investments $ (26.0) $ (14.7) $ (5.7) |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 10. Derivatives The Company holds derivative financial instruments for both risk management and investment purposes. Foreign currency risk derivatives The Company executes foreign currency forwards, call options, swaps, and futures to manage foreign currency exposure. The foreign currency risk derivatives are not designated or accounted for under hedge accounting. Changes in fair value are presented within foreign exchange (gains) losses. The fair value of the swaps, forwards and futures are estimated using a single broker quote, and accordingly, are classified as a Level 3 measurement. As of December 31, 2023, the Company holds $42.2 million in collateral associated with the foreign currency derivatives (December 31, 2022 - $15.2 million). Weather Derivatives The Company holds assets and assumes liabilities related to weather and weather contingent risk management products. Weather and weather contingent derivative contracts are entered into with the objective of generating profits in normal climatic conditions. Accordingly, the Company’s weather and weather contingent derivatives are not designed to meet the criteria for hedge accounting under U.S. GAAP. The Company receives payment of premium at the contract inception in exchange for bearing the risk of variations in a quantifiable weather index. Changes in fair value are presented within other revenues. Management uses available market data and intern al pricing models based upon consistent statistical methodologies to estimate the fair value. Because of the significance of the unobservable inputs used to estimate the fair value of the Company's weather risk contracts, the fair value measurements of the contracts are deemed to be Level 3 measurements in the fair value hierarchy as of December 31, 2023. The Company does not provide or hold any collateral associated with the weather derivatives. Credit Default Swap Credit default swaps protect the buyer against the loss of principal on one or more underlying bonds, loans, or mortgages in the event the issuer suffers a credit event. The Company provides its client with protection against financial non-performance of a subsidiary. Changes in fair value are presented within net realized and unrealized investment gains (losses). The fair value of the swap is estimated using a single broker quote, and accordingly, is classified as a Level 3 measurement. As of December 31, 2023, the Company holds $22.3 million in collateral associated with the credit default swap (December 31, 2022 - none). The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments within the Company's consolidated balance sheets as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Derivatives not designated as hedging instruments Derivative assets at fair value (1) Derivative liabilities at fair value (2) Notional Derivative assets at fair value (1) Derivative liabilities at fair value (2) Notional Foreign currency forwards $ 12.0 $ — $ 585.3 $ 9.0 $ — $ 425.1 Foreign currency swaps — — — — 1.5 264.6 Weather derivatives 0.2 1.0 30.6 — 4.9 30.6 Interest rate swaps 3.4 1.7 62.7 — — — Credit default swap $ 0.1 $ — $ 30.0 $ — $ — $ — (1) Derivative assets are classified within other assets (2) Derivative liabilities are classified within accounts payable, accrued expenses and other liabilities The following table summarizes information on the classification and net impact on earnings, recognized in the Company's consolidated statements of income (loss) relating to derivatives during the years ended December 31, 2023, 2022 and 2021: Derivatives not designated as hedging instruments Classification of gains (losses) recognized in earnings 2023 2022 2021 Foreign currency futures contracts Foreign exchange (gains) losses $ — $ (32.1) $ (8.0) Foreign currency forwards Foreign exchange (gains) losses 0.8 (8.1) (1.3) Weather derivatives Other revenues 2.6 7.3 0.9 Equity warrants Net realized and unrealized investment gains (losses) — (0.1) (0.3) Foreign currency swaps Foreign exchange (gains) losses (3.7) 1.5 0.2 Interest rate swaps Net realized and unrealized investment gains (losses) 4.7 — — Credit default swap Net realized and unrealized investment gains (losses) 0.1 — — Foreign currency call options Foreign exchange (gains) losses $ — $ — $ 0.4 |
Variable and voting interest en
Variable and voting interest entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable and voting interest entities | 11. Variable and voting interest entities The Company consolidates the results of operations and financial position of every voting interest entity ("VOE") in which it has a controlling financial interest and variable interest entities (“VIE”) in which it is considered to be the primary beneficiary in accordance with guidance in ASC 810, Consolidation . The consolidation assessment, including the determination as to whether an entity qualifies as a VOE or VIE, depends on the facts and circumstances surrounding each entity. Consolidated variable interest entities Alstead Re Alstead Reinsurance Company (“Alstead Re”) is considered a VIE and the C ompany has concluded that it is the primary beneficiary of Alstead Re because the Company can exercise control over the activities that most significantly impact the economic performance of Alstead Re. As a result, the Company has consolidated the results of Alstead Re in its consolidated financial statements. As of December 31, 2023, Alstead Re’s assets and liabilities included in the Company’s consolidated balance sheets were $14.5 million and $9.2 million, respectively (December 31, 2022 - $14.0 million and $9.0 million, respectively). Arcadian Arcadian Risk Capital Ltd. (“Arcadian”) is considered a VIE and the Company has concluded that it is the primary beneficiary of Arcadian because the Company can exercise control 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. As of December 31, 2023, the Company’s ownership in Arcadian was 49% and its 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 n ote. As of December 31, 2023, Arcadian’s assets and liabilities, before intercompany eliminations, included in the Company’s consolidated balance sheets were $150.9 million and $123.8 million, respectively (December 31, 2022 - $92.1 million and $79.6 million, respectively). Banyan In January 2023, Banyan Risk Ltd. (“Banyan”) completed the recapitalization in which the Company’s ownership decreased from 100% to 49%. Banyan was considered a VIE through the third quarter of 2023 and the Company concluded that it was the primary beneficiary of Banyan because the Company could have exercised control over the activities that most significantly impacted the economic performance of Banyan. As a result, the Company had consolidated the results of Banyan in its consolidated financial statements through September 30, 2023. In October 2023, the Company sold the remainder of its ownership to Banyan and deconsolidated upon sale effective October 1, 2023. The Company recorded a gain on sale of $1.5 million in Other revenues in the Company’s consolidated income statement. As of December 31, 2022, Banyan’s assets and liabilities, before intercompany eliminations, included in the Company’s consolidated balance sheets were $17.5 million and $15.3 million, respectively. Joyn Joyn Insurance Services Inc. (“Joyn”) was considered a VIE through the third quarter of 2022 and the Company concluded that it was the primary beneficiary of Joyn because the Company could have exercised control over the activities that most significantly impacted the economic performance of Joyn. As a result, the Company had consolidated the results of Joyn in its consolidated financial statements. During the fourth quarter of 2022, an additional investment was made in Joyn by third parties, after which Joyn no longer met the criterion for consolidation. During the year ended December 31, 2022, the Company recognized a pre-tax loss of $8.7 million related to Joyn, recorded in Other revenues in the Company’s consolidated statements of income (loss). As of December 31, 2023, the investment in Joyn is recorded in other long-term investments in the Company’s consolidated balance sheets utilizing cost adjusted for market observable events less impairment method. Consolidated voting interest entities Alta Signa On June 30, 2022, the Company entered into a strategic partnership with Alta Signa Holdings (“Alta Signa”), a European MGA specializing in financial and professional lines insurance. As of December 31, 2023, the Company’s ownership in Alta Signa was 75.1%. Alta Signa is considered a VOE and the Company holds a majority of the voting interests through its seats on Alta Signa’s board of directors. As a result, the Company has consolidated the results of Alta Signa in its consolidated financial statements. As of December 31, 2023, Alta Signa’s assets and liabilities, before intercompany eliminations, included in the Company’s consolidated balance sheets were $2.8 million and $0.8 million, respectively (December 31, 2022 - $3.5 million and $1.3 million, respectively). Noncontrolling interests Noncontrolling interests represent the portion of equity in consolidated subsidiaries not attributable, directly or indirectly, to the Company. The following table is a reconciliation of the beginning and ending carrying amount of noncontrolling interests for the years ended December 31, 2023 and 2022: 2023 2022 Balance, beginning of period $ 7.9 $ (0.4) Business combinations — 0.8 Net income (loss) attributable to noncontrolling interests 8.9 0.8 Contributions (redemptions) 0.8 — Derecognition of noncontrolling interest (1) (0.9) 6.7 Balance, end of period $ 16.7 $ 7.9 (1) See above for additional information on the derecognition of noncontrolling interests in Banyan and Joyn. Non-consolidated variable interest entities The Company is a passive investor in certain third-party-managed hedge and private equity funds, some of which are VIEs. The Company is not involved in the design or establishment of these VIEs, nor does it actively participate in the management of the VIEs. The exposure to loss from these investments is limited to the carrying value of the investments at the balance sheet date. The Company calculates maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where the Company has also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. The Company does not have any VIEs that it sponsors nor any VIEs where it has recourse to it or has provided a guarantee to the VIE interest holders. The following table presents total assets of unconsolidated VIEs in which the Company holds a variable interest, as well as the maximum exposure to loss associated with these VIEs as of December 31, 2023 and December 31, 2022: Maximum Exposure to Loss Total VIE Assets On-Balance Sheet Off-Balance Sheet Total December 31, 2023 Other long-term investments (1) $ 189.8 $ 126.2 $ 5.7 $ 131.9 December 31, 2022 Other long-term investments (1) $ 211.5 $ 144.0 $ 2.0 $ 146.0 (1) Excludes the Company’s investments in Related Party Investment Funds which are also VIEs and are discussed separately below. Third Point Enhanced LP As of December 31, 2023, the Company and TP GP hold interests of approximately 89.3% and 10.7%, respectively, of the net asset value of TP Enhanced Fund. As a result, both entities hold significant financial interests in TP Enhanced 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 Enhanced Fund. As a result, the Company is not considered the primary beneficiary and does not consolidate TP Enhanced Fund. The Company’s maximum exposure to loss corresponds to the value of its investments in TP Enhanced Fund. Investment in Third Point Venture Offshore Fund I LP TP Venture GP controls all of the investment decision-making authority of the TP Venture Fund. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund. The Company’s maximum exposure to loss corresponds to the value of its investment in TP Venture Fund . See Note 8 for additional information on the Company’s investment in TP Venture Fund. Investment in Third Point Venture Offshore Fund II LP TP Venture GP II controls all of the investment decision-making authority of the TP Venture Fund II. The Company does not have the power to direct the activities which most significantly impact the economic performance of the TP Venture Fund II. The Company’s maximum exposure to loss corresponds to the value of its investment in TP Venture Fund II. See Note 8 for additional information on the Company’s investment in TP Venture Fund II . |
Loss and loss adjustment expens
Loss and loss adjustment expense reserves | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Loss and loss adjustment expense reserves | 12. Loss and loss adjustment expense reserves As of December 31, 2023 and 2022, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following: December 31, December 31, 2022 Case loss and loss adjustment expense reserves $ 2,042.5 $ 1,980.2 Incurred but not reported loss and loss adjustment expense reserves 3,509.7 3,226.5 Unallocated loss adjustment expense reserves 55.9 62.0 $ 5,608.1 $ 5,268.7 Reserving methodologies The Company establishes loss and loss adjustment expense reserves that are estimates of future amounts needed to pay claims and related expenses for events that have already occurred. The Company also obtains reinsurance whereby another reinsurer contractually agrees to indemnify the Company for all or a portion of the insurance or reinsurance risks underwritten by the Company. The Company establishes estimates of amounts recoverable from the reinsurer in a manner consistent with the loss and loss adjustment expense liability associated with the original policies issued, net of an allowance for uncollectible amounts. Net reinsurance loss reserves represent loss and loss adjustment expense reserves reduced by reinsurance recoverable on unpaid losses. The process of estimating reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. Based on the above, such uncertainty may be larger relative to the reserves for reinsurance compared to insurance, and certainty may take a longer time to emerge. Upon notification of a loss from an insured (either a ceding company or a primary insured), the Company establishes case reserves, including loss adjustment expense reserves, based upon the Company’s share of the amount of reserves reported by the insured and the Company's independent evaluation of the loss. Generally, initial actuarial estimates of IBNR reserves not related to a specific event are based on the expected loss ratio method applied to each class of business. The Company regularly reviews the adequacy of its recorded reserves by using a variety of generally accepted actuarial methods, including incurred and paid loss development methods and Bornhuetter-Ferguson paid and incurred loss methods. Use of these methods involves key assumptions, including expected loss ratios and paid and incurred loss development factors. Key to the projection of ultimate losses are the selection and weighting of the actuarial methods. Estimates of the initial expected ultimate losses involve management judgment and are based on historical information for that class of business, which includes loss ratios, market conditions, changes in pricing and conditions, underwriting changes, changes in claims emergence and other factors that may influence expected ultimate losses. If actual loss activity differs substantially from expectations, an adjustment to recorded reserves may be warranted. The uncertainties that could lead to these substantial differences are primarily due to the lapse of time to receive the reporting of the claims and the ultimate settlement of the claims; the diversity of development patterns among different lines of business; and the reliance on cedents, managing general underwriters, and brokers for information regarding claims. As time passes, loss reserve estimates for a given year will rely more on actual loss activity and historical patterns than on initial loss ratio assumptions. 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 from catastrophe events do not lend themselves to traditional actuarial reserving methods, such as those described above. Therefore, the 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. The Company estimates 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. The Company considers the following information when making these contract-by-contract estimates of catastrophe event losses: information provided by cedents and brokers; industry loss estimates; our estimated market share; 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. 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, 2023, 2022 and 2021: 2023 2022 2021 Gross reserves for loss and loss adjustment expenses, beginning of year $ 5,268.7 $ 4,841.4 $ 1,310.1 Less: loss and loss adjustment expenses recoverable, beginning of year (1,376.2) (1,215.3) (14.4) Less: deferred charges on retroactive reinsurance contracts (1.0) (1.4) (6.0) Net reserves for loss and loss adjustment expenses, beginning of year 3,891.5 3,624.7 1,289.7 Net reserves for loss and loss adjustment expenses disposed (1) (758.3) — — Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 1,555.5 1,609.7 1,369.1 Prior years (174.2) (21.3) (42.6) Total incurred loss and loss adjustment expenses 1,381.3 1,588.4 1,326.5 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (347.4) (316.1) (271.2) Prior years (837.3) (939.2) (1,178.9) Total net paid losses (1,184.7) (1,255.3) (1,450.1) Foreign currency translation 10.7 (66.3) (9.2) Amounts acquired as a result of Sirius Group acquisition (2) — — 2,467.8 Net reserves for loss and loss adjustment expenses, end of year 3,340.5 3,891.5 3,624.7 Plus: loss and loss adjustment expenses recoverable, end of year 2,295.1 1,376.2 1,215.3 Plus: deferred (gains) charges on retroactive reinsurance contracts (3) (27.5) 1.0 1.4 Gross reserves for loss and loss adjustment expenses, end of year $ 5,608.1 $ 5,268.7 $ 4,841.4 (1) Net reserves for loss and loss adjustment expenses transferred represents the transfer of reserves under the 2023 LPT (2) Represents the fair value of Sirius Group’s reserves for claims and claim expenses, net of reinsurance recoverables, acquired at February 26, 2021. See Note 3 for additional information related to the acquisition of Sirius Group. (3) Deferred charges on retroactive reinsurance are recorded in other assets on the Company’s consolidated balance sheets. Deferred gains on retroactive reinsurance are presented as a separate line item on the Company’s consolidated balance sheets. The Company's prior year reserve development arises from changes to estimates of losses and loss adjustment expenses related to loss events that occurred in previous calendar years. For the year ended December 31, 2023 , the Company recorded $174.2 million of net favorable prior year loss reserve developmen t primarily resulting from management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, and a reduction in unallocated loss adjustment expense reserves related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT , which represents $127.8 million of the favorable loss development, in addition to favorable prior year loss reserve development in Accident & Health. Net favorable prior year loss reserve development was $140.8 million for Reinsurance, $26.6 million for Insurance & Services and $6.8 million for Corporate. For the year ended December 31, 2022 , the Company recorded $21.3 million of net favorable prior year loss reserve development driven by favorable development due to reserve releases in COVID-19 and A&H reserves due to better than expected loss experience, with the most significant offsetting movements being reserve strengthening in direct Workers’ Compensation reserves based on reported loss emergence, and in the Property lines, driven by the current elevated level of inflation. For the year ended December 31, 2021, the Company recorded $42.6 million of net favorable prior years loss reserve development driven by $18.6 million of net favorable prior year reserve development in the Reinsurance segment as a result of better than expected loss reserve emergence on historical property events relating to multiple accident years and better than expected attritional loss experience, $13.5 million of net favorable prior year reserve development in the Insurance & Services segment as a result of better than expected loss experience in A&H for recent accident years, and $10.5 million of net favorable prior year reserve development in Corporate as a result of better than expected loss experience on property and contingency classes moved to runoff in 2021. The Company manages its business on the basis of two operating segments, Reinsurance and Insurance & Services. The Company has disaggregated its loss information presented in the tables below by line of business in each segment. The Company has presented the below development tables for all accident years shown using exchange rates as at December 31, 2023. All accident years prior to the current year have been restated and presented using the current year exchange rate. The Company has also excluded business subject to the 2023 LPT in the tables below, given its size and purpose in the organizational restructuring, as well as the distortive nature of the LPT on loss development. 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. Reinsurance The following tables provide a breakdown of the Company’s loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid by accident year by line of business for the Company’s Reinsurance segment for the year ended December 31, 2023. The information related to loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid for the years ended December 31, 2014 through 2022 is presented as supplementary information and is unaudited: Casualty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 150.6 $ 157.5 $ 158.0 $ 152.0 $ 151.4 $ 150.6 $ 151.1 $ 150.5 $ 150.2 $ 150.2 $ 0.6 2015 — 164.0 174.2 157.8 159.1 159.4 161.9 161.9 161.6 161.5 3.7 2016 — — 181.2 177.1 177.7 174.0 176.9 177.4 177.2 176.8 6.6 2017 — — — 168.5 170.8 171.5 175.7 178.8 180.3 179.4 16.6 2018 — — — — 226.5 236.8 245.9 250.0 251.3 257.8 34.9 2019 — — — — — 238.7 253.7 263.0 270.3 278.6 59.3 2020 — — — — — — 192.3 204.7 211.2 211.0 73.6 2021 — — — — — — — 148.1 147.4 145.7 53.9 2022 — — — — — — — — 296.8 302.3 200.3 2023 — — — — — — — — — 358.3 262.4 Total $ 2,221.6 $ 711.9 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 49.9 $ 113.9 $ 127.3 $ 134.7 $ 140.6 $ 143.4 $ 145.3 $ 146.1 $ 147.1 $ 147.8 2015 — 45.4 95.1 112.2 126.4 134.1 141.6 146.3 149.1 151.7 2016 — — 42.7 96.9 114.3 127.5 137.8 147.1 153.4 159.6 2017 — — — 29.6 63.6 79.5 100.2 119.2 131.9 142.3 2018 — — — — 27.1 63.1 95.7 149.5 173.1 194.1 2019 — — — — — 25.8 65.7 104.4 142.5 179.2 2020 — — — — — — 17.8 20.8 65.9 102.3 2021 — — — — — — — 13.7 43.0 66.4 2022 — — — — — — — — 19.5 51.6 2023 — — — — — — — — — 30.8 Total $ 1,225.8 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 995.8 Net reserves for loss and allocated loss adjustment expenses prior to 2014 0.9 Casualty - net reserves for loss and allocated loss adjustment expenses, end of year $ 996.7 Specialty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 58.6 $ 48.4 $ 52.3 $ 45.2 $ 45.8 $ 45.7 $ 45.4 $ 45.7 $ 45.6 $ 45.7 $ (2.0) 2015 — 91.3 112.0 108.3 105.9 104.5 103.9 103.7 103.8 103.9 0.7 2016 — — 124.9 122.2 116.4 111.6 111.5 111.2 110.0 110.0 1.5 2017 — — — 118.4 123.6 117.8 117.9 116.7 114.8 114.3 5.4 2018 — — — — 136.6 142.1 138.8 136.3 135.4 130.7 10.7 2019 — — — — — 189.5 206.1 214.3 204.9 203.4 36.4 2020 — — — — — — 191.1 192.2 174.9 175.4 50.0 2021 — — — — — — — 101.9 91.2 91.0 32.8 2022 — — — — — — — — 100.2 100.7 57.9 2023 — — — — — — — — — 156.7 113.1 Total $ 1,231.8 $ 306.5 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 10.5 $ 31.9 $ 43.0 $ 44.0 $ 46.2 $ 46.6 $ 46.6 $ 46.8 $ 47.0 $ 47.2 2015 — 36.5 73.0 94.7 98.5 100.7 101.2 101.1 101.6 102.4 2016 — — 29.1 88.6 99.7 104.4 106.3 105.5 106.5 107.5 2017 — — — 57.6 86.3 97.4 101.6 102.5 105.4 106.7 2018 — — — — 39.8 68.6 84.6 91.7 95.3 99.3 2019 — — — — — 29.3 72.5 104.1 121.3 136.9 2020 — — — — — — 40.9 65.3 86.4 99.9 2021 — — — — — — — 19.9 32.6 41.6 2022 — — — — — — — — 14.6 25.3 2023 — — — — — — — — — 21.3 Total $ 788.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 443.7 Net reserves for loss and allocated loss adjustment expenses prior to 2014 2.1 Specialty - net reserves for loss and allocated loss adjustment expenses, end of year $ 445.8 Property Other Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 81.2 $ 84.9 $ 91.1 $ 93.9 $ 96.3 $ 95.7 $ 94.9 $ 95.8 $ 95.4 $ 95.9 $ 0.4 2015 — 105.0 114.7 117.7 120.0 119.7 119.1 119.9 119.8 120.1 0.5 2016 — — 126.2 132.3 136.0 136.6 135.9 136.3 136.1 135.5 — 2017 — — — 227.6 258.1 270.8 273.8 275.5 273.0 270.6 7.4 2018 — — — — 209.7 243.9 251.1 248.4 246.2 243.5 10.6 2019 — — — — — 180.4 184.8 185.4 182.4 184.2 8.6 2020 — — — — — — 132.8 145.0 143.7 144.3 20.9 2021 — — — — — — — 62.3 63.9 70.4 25.3 2022 — — — — — — — — 59.8 59.6 14.2 2023 — — — — — — — — — 63.6 40.2 Total $ 1,387.7 $ 128.1 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 30.2 $ 64.5 $ 82.8 $ 89.4 $ 92.9 $ 93.9 $ 94.0 $ 95.0 $ 95.2 $ 95.3 2015 — 43.7 96.3 104.6 111.9 115.9 117.1 118.4 119.0 119.2 2016 — — 32.4 92.3 116.3 146.0 130.0 132.3 133.6 134.2 2017 — — — 49.4 162.9 206.5 235.6 242.7 254.4 258.2 2018 — — — — 55.9 147.3 194.4 208.6 221.0 226.8 2019 — — — — — 46.6 121.5 148.2 163.1 171.3 2020 — — — — — — 40.6 87.1 107.4 114.6 2021 — — — — — — — 22.9 38.7 42.6 2022 — — — — — — — — 9.7 31.5 2023 — — — — — — — — — 12.7 Total $ 1,206.4 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 181.3 Net reserves for loss and allocated loss adjustment expenses prior to 2014 2.3 Property Other - net reserves for loss and allocated loss adjustment expenses, end of year $ 183.6 Property Catastrophe Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — 27.6 32.6 26.4 27.2 28.2 28.5 27.0 2.4 2018 — — — — 12.0 5.3 5.7 4.8 4.5 4.1 1.0 2019 — — — — — 38.3 38.8 42.3 40.0 36.4 4.4 2020 — — — — — — 58.4 69.8 63.3 68.4 23.6 2021 — — — — — — — 68.0 69.7 57.2 10.5 2022 — — — — — — — — 84.5 76.8 45.3 2023 — — — — — — — — — 22.9 19.4 Total $ 292.8 $ 106.6 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — 1.3 7.8 12.0 20.4 20.6 22.0 23.0 2018 — — — — 0.4 1.7 2.2 2.7 2.9 2.9 2019 — — — — — 0.5 14.5 24.1 27.0 28.3 2020 — — — — — — 7.4 25.5 36.5 41.6 2021 — — — — — — — 16.1 29.1 33.1 2022 — — — — — — — — 7.4 23.2 2023 — — — — — — — — — 1.2 Total $ 153.3 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 139.5 Net reserves for loss and allocated loss adjustment expenses prior to 2014 0.2 Property Catastrophe - net reserves for loss and allocated loss adjustment expenses, end of year $ 139.7 Other Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — 0.7 0.7 0.8 0.8 0.8 0.8 0.8 — 2018 — — — — 2.6 3.0 3.0 3.0 3.1 3.1 — 2019 — — — — — 3.4 3.6 2.5 2.7 2.8 0.1 2020 — — — — — — 3.1 1.1 1.4 1.4 0.1 2021 — — — — — — — 0.2 0.1 0.1 — 2022 — — — — — — — — — — — 2023 — — — — — — — — — — — Total $ 8.2 $ 0.2 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — 0.3 0.6 0.8 0.8 0.8 0.8 2018 — — — — 1.0 2.1 3.0 3.0 3.1 3.1 2019 — — — — — 1.6 2.6 2.5 2.6 2.8 2020 — — — — — — 0.5 0.9 1.0 1.3 2021 — — — — — — — — 0.1 0.1 2022 — — — — — — — — — — 2023 — — — — — — — — — — Total $ 8.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 0.1 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Other - net reserves for loss and allocated loss adjustment expenses, end of year $ 0.1 Insurance & Services The following tables provide a breakdown of the Company’s loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid by accident year by line of business for the Company’s Insurance & Services segment for the year ended December 31, 2023. The information related to loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid for the years ended December 31, 2014 through 2022 is presented as supplementary information and is unaudited: A&H Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 64.4 $ 67.1 $ 68.8 $ 69.8 $ 69.1 $ 68.9 $ 69.0 $ 69.0 $ 69.0 $ 69.2 $ — 2015 — 79.7 82.6 81.7 80.7 80.7 80.7 80.7 80.7 80.6 — 2016 — — 85.2 88.0 84.4 83.2 83.2 82.8 82.9 82.1 0.1 2017 — — — 94.3 88.4 82.2 80.5 80.5 80.8 81.5 0.2 2018 — — — — 100.0 99.8 98.7 97.7 97.7 98.4 0.1 2019 — — — — — 149.9 147.4 142.6 142.1 140.7 0.1 2020 — — — — — — 147.5 146.0 139.6 136.0 2.5 2021 — — — — — — — 142.5 135.3 128.2 3.7 2022 — — — — — — — — 281.0 265.0 39.2 2023 — — — — — — — — — 408.6 165.9 Total $ 1,490.3 $ 211.8 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 27.6 $ 59.9 $ 68.1 $ 69.2 $ 69.2 $ 69.2 $ 69.2 $ 69.2 $ 69.2 $ 69.2 2015 — 37.3 73.3 80.0 80.5 80.6 80.6 80.6 80.6 80.5 2016 — — 50.2 78.0 81.9 82.4 82.5 82.2 82.2 82.1 2017 — — — 58.8 75.3 80.7 80.8 81.1 81.2 81.3 2018 — — — — 66.9 89.8 98.1 98.3 98.4 98.3 2019 — — — — — 99.4 134.0 139.7 140.5 140.6 2020 — — — — — — 81.2 125.2 133.3 133.5 2021 — — — — — — — 85.0 117.2 123.5 2022 — — — — — — — — 139.0 216.6 2023 — — — — — — — — — 205.6 Total $ 1,231.2 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 259.1 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — A&H - net reserves for loss and allocated loss adjustment expenses, end of year $ 259.1 Casualty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — 1.5 1.5 1.1 1.2 0.7 0.6 0.1 2019 — — — — — 18.6 16.6 15.7 15.7 15.0 0.6 2020 — — — — — — 46.8 47.7 48.4 49.3 2.3 2021 — — — — — — — 145.0 168.8 180.1 60.0 2022 — — — — — — — — 234.8 238.5 129.8 2023 — — — — — — — — — 267.6 239.0 Total $ 751.1 $ 431.8 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — 0.2 0.3 0.4 0.5 0.5 2019 — — — — — 1.3 6.8 10.0 12.6 13.3 2020 — — — — — — 4.3 19.9 29.5 37.2 2021 — — — — — — — 10.6 48.9 74.3 2022 — — — — — — — — 11.0 39.7 2023 — — — — — — — — — 16.1 Total $ 181.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 570.0 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Casualty - net reserves for loss and allocated loss adjustment expenses, end of year $ 570.0 Specialty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — — — — — — — — 2019 — — — — — — — — — — — 2020 — — — — — — — — — — — 2021 — — — — — — — 9.7 11.6 12.2 1.6 2022 — — — — — — — — 101.0 95.3 48.5 2023 — — — — — — — — — 124.3 109.8 Total $ 231.8 $ 159.9 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — — — 2021 — — — — — — — 0.7 6.5 9.1 2022 — — — — — — — — 11.7 39.9 2023 — — — — — — — — — 6.6 Total $ 55.6 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 176.2 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Specialty - net reserves for loss and allocated loss adjustment expenses, end of year $ 176.2 Property Other Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — — — — — — — — 2019 — — — — — — — — — — — 2020 — — — — — — 1.6 1.4 1.4 0.7 0.1 2021 — — — — — — — 4.2 2.7 2.8 1.4 2022 — — — — — — — — 10.4 11.5 4.0 2023 — — — — — — — — — 19.9 14.5 Total $ 34.9 $ 20.0 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — 0.4 0.5 0.5 0.6 2021 — — — — — — — 0.5 1.0 1.1 2022 — — — — — — — — 1.5 5.8 2023 — — — — — — — — — 1.6 Total $ 9.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 25.8 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Property Other - net reserves for loss and allocated loss adjustment expenses, end of year $ 25.8 Property Catastrophe Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — — — — — — — — 2019 — — — — — — — — — — — 2020 — — — — — — — — — — — 2021 — — — — — — — — — — — 2022 — — — — — — — — 1.7 1.8 1.3 2023 — — — — — — — — — 0.1 0.1 Total $ 1.9 $ 1.4 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — — — 2021 — — — — — — — — — — 2022 — — — — — — — — — 0.3 2023 — — — — — — — — — — Total $ 0.3 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 1.6 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Property Catastrophe - net reserves for loss and allocated loss adjustment expenses, end of year $ 1.6 Reconciliation of loss development information to loss and loss adjustment expense reserves The following table provides a reconciliation of the Company's loss and loss adjustment expense reserves as of December 31, 2023: December 31, Net reserves for loss and allocated loss adjustment expenses Reinsurance Casualty $ 996.7 Specialty 445.8 Property Other 183.6 Property Catastrophe 139.7 Other 0.1 Insurance & Services A&H 259.1 Casualty 570.0 Specialty 176.2 Property Other 25.8 Property Catastrophe 1.6 Corporate (1) 371.2 Net reserves for loss and allocated loss adjustment expenses, end of year 3,169.8 Loss and allocated loss adjustment expenses recoverable Reinsurance Casualty 217.9 Specialty 219.1 Property Other 98.0 Property Catastrophe 78.7 Insurance & Services A&H 89.1 Casualty 507.3 Specialty 44.5 Property Other 14.4 Property Catastrophe 0.5 Corporate 1,025.6 Total loss and allocated loss adjustment expenses recoverable 2,295.1 Unallocated loss adjustment expense reserves 55.9 Other items, net (2) 114.8 Deferred gains on retroactive reinsurance contracts (27.5) Gross reserves for loss and loss adjustment expenses, end of year $ 5,608.1 (1) Corporate includes the results of all runoff business and is not presented in the loss development tables. (2) Includes fair value adjustments associated with the acquisition of Sirius Group. Cumulative claims frequency The reporting of cumulative claims frequency for the reserve classes within the Reinsurance and Insurance & Services segments are deemed to be impracticable as the information necessary to provide complete cumulative claims frequency for these reserve classes is not available to the Company. The underlying claim count is not provided for most reinsurance contracts written on a quote share or aggregate loss basis, and certain MGAs report data to the Company in an aggregate format and therefore the information necessary to provide complete cumulative claims is not available. Claims duration 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, 2023: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 (Unaudited) Reinsurance Casualty 13.6 % 18.4 % 13.0 % 13.0 % 8.6 % 5.8 % 3.5 % 2.0 % 1.1 % 0.5 % Specialty 24.3 % 24.7 % 13.6 % 5.8 % 3.7 % 1.4 % 0.6 % 0.6 % 0.7 % 0.4 % Property Other 24.8 % 38.6 % 15.2 % 9.1 % 1.8 % 2.5 % 1.0 % 0.6 % 0.2 % 0.1 % Property Catastrophe 11.7 % 25.5 % 15.2 % 12.5 % 2.3 % 4.7 % 3.9 % — % — % (4.2) % Other 37.7 % 34.2 % 15.7 % 7.8 % 2.5 % 0.9 % 1.0 % — % — % — % Insurance & Services A&H 57.1 % 30.0 % 6.4 % 0.5 % 0.1 % — % — % (0.1) % — % — % Casualty 5.8 % 18.3 % 15.7 % 16.0 % 4.6 % 2.1 % — % — % — % — % Specialty 8.2 % 31.7 % 21.0 % — % — % — % — % — % — % — % Property Other 11.4 % 32.5 % 3.3 % 5.6 % 0.3 % — % — % — % — % — % Property Catastrophe (2.1) % 20.6 % — % — % — % — % — % — % — % — % |
Third party reinsurance
Third party reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Third party reinsurance | 13. Third party reinsurance In the normal course of business, the Company seeks to protect its businesses from losses due to concentration of risk and losses arising from catastrophic events by reinsuring with third-party reinsurers. 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. The Company remains liable for risks reinsured in the event that the reinsurer does not honor its obligations under reinsurance contracts. The following tables provide a breakdown of the Company’s written and earned premiu ms and loss and loss adjustment expenses from direct business, reinsurance assumed and reinsurance ceded for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Premiums written: Direct $ 1,678.7 $ 1,403.9 $ 718.0 Assumed 1,748.7 2,005.8 1,518.5 Gross premiums written 3,427.4 3,409.7 2,236.5 Ceded (989.5) (860.5) (502.3) Net premiums written $ 2,437.9 $ 2,549.2 $ 1,734.2 2023 2022 2021 Premiums earned: Direct $ 1,498.0 $ 1,153.6 $ 600.8 Assumed 1,826.0 1,915.2 1,598.5 Gross premiums earned 3,324.0 3,068.8 2,199.3 Ceded (897.8) (750.7) (482.3) Net premiums earned $ 2,426.2 $ 2,318.1 $ 1,717.0 2023 2022 2021 Loss and loss adjustment expense: Direct $ 1,008.6 $ 778.0 $ 349.3 Assumed 910.5 1,386.8 1,506.1 Loss and loss adjustment expense incurred 1,919.1 2,164.8 1,855.4 Ceded (537.8) (576.4) (528.9) Loss and loss adjustment expense incurred, net $ 1,381.3 $ 1,588.4 $ 1,326.5 Because retrocessional reinsurance contracts do not relieve the Company of its obligation to its insureds, the collectability of balances due from the Company's reinsurers is important to its financial strength. The Company monitors the financial strength and ratings of retrocessionaires on an ongoing basis. As of December 31, 2023, the Company had loss and loss adjustment expenses recoverable of $2,295.1 million (December 31, 2022 - $1,376.2 million). Loss and loss adjustment expenses recoverable from the retrocessionaire are recorded as assets. The following tables provide a listing of the Company’s loss and loss adjustment expenses recoverable by the reinsurer's S&P rating and the percentage of total recoverables as of December 31, 2023 and 2022. With certain reinsurers, if S&P's rating was not available, an equivalent AM Best or other major credit agencies’ rating was used. December 31, 2023 Rating (1) (2) Gross Collateral Net % of Net AA $ 294.5 $ 76.9 $ 217.6 24.4 % A 601.9 111.2 490.7 55.1 % BBB or lower 202.0 76.6 125.4 14.1 % Not rated 1,196.7 1,140.1 56.6 6.4 % Total $ 2,295.1 $ 1,404.8 $ 890.3 100.0 % December 31, 2022 Rating (1) (2) Gross Collateral Net % of Net AA $ 252.8 $ 41.2 $ 211.6 29.5 % A 370.6 48.5 322.1 44.9 % BBB or lower 246.7 104.8 141.9 19.8 % Not rated 506.1 464.2 41.9 5.8 % Total $ 1,376.2 $ 658.7 $ 717.5 100.0 % (1) S&P’s ratings as detailed above are: "AAA" (Extremely Strong), "AA" (Very strong), "A" (Strong) and "BBB" (Adequate). (2) Not rated represents reinsurers who are not rated by S&P, AM. Best, or another major rating agencies. Included in the “Not rated” category as of December 31, 2023 is $1,090.2 million related to Pallas Reinsurance Ltd. as a result of the 2023 LPT and 2021 LPT (2022 - $327.7 million related to Pallas Reinsurance Ltd. as a result of the 2021 LPT). The following tables provide a listing of the five highest loss and loss adjustment expenses recoverable by reinsurer, along with percentage of total recoverable amount, the reinsurer's reinsurer rating by S&P, AM Best, or other major rating agencies and the percentage that the recoverable is collateralized as of December 31, 2023 and 2022: December 31, 2023 Balance % of Total S&P rating % Collateralized Reinsurer: Pallas Reinsurance Company Ltd. $ 1,090.2 47.5 % Not rated 96.5 % Arch Reinsurance Ltd 169.3 7.4 % A+ 1.0 % General Insurance Corporation of India 164.1 7.2 % BBB 27.4 % Pie Casualty Insurance Company 98.0 4.3 % A- 15.4 % Allianz SE $ 94.4 4.1 % AA- 54.0 % December 31, 2022 Balance % of Total S&P rating % Collateralized Reinsurer: Pallas Reinsurance Company Ltd. $ 327.7 23.8 % Not rated 100.0 % General Insurance Corporation of India 184.9 13.4 % BBB 31.3 % Arch Reinsurance Ltd 79.6 5.8 % A+ 1.3 % Swiss Reinsurance Company Ltd 68.6 5.0 % AA- 25.8 % Pie Casualty Insurance Company $ 44.1 3.2 % Not rated 100.0 % |
Allowance for expected credit l
Allowance for expected credit losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Allowance for expected credit losses | 14. Allowance for expected credit losses The Company is exposed to credit losses primarily through sales of its insurance and reinsurance products and services. The financial assets in scope of the current expected credit losses impairment model primarily include the Company’s insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable. The Company pools these amounts by counterparty credit rating and applies a credit default rate that is determined based on the studies published by the rating agencies (e.g., AM Best, S&P, Fitch, Demotech). In circumstances where ratings are unavailable, the Company applies an internally developed default rate based on historical experience, reference data including research publications, and other relevant inputs. The Company's assets in scope of the current expected credit loss assessment as of December 31, 2023 and 2022 are as follows: December 31, December 31, 2022 Insurance and reinsurance balances receivable, net (1) $ 1,966.3 $ 1,876.9 Loss and loss adjustment expenses recoverable, net 2,295.1 1,376.2 Other assets (2) 76.8 52.4 Total assets in scope $ 4,338.2 $ 3,305.5 (1) As of December 31, 2023, one counterparty’s insurance and reinsurance balances receivable of $234.7 million exceeded 10% of the Company’s total insurance and reinsurance balances receivable (December 31, 2022 - $236.5 million). (2) Relates to MGA trade receivables (included in other assets in the Company’s consolidated balance sheets), loans receivables (included in other long-term investments in the Company’s consolidated balance sheets) and interest and dividend receivables. The Company’s allowance for expected credit losses was $28.8 million as of December 31, 2023 (December 31, 2022 - $34.3 million). For the year ended December 31, 2023, the Company recorded current expected credit (gains) of $(1.5) million (2022 - $12.7 million and 2021 - $21.0 million). The change in allowance amounts are included in net corporate and other expenses in the consolidated statements of income (loss). The Company monitors counterparty credit ratings and macroeconomic conditions, and considers the most current AM Best, S&P, and other major credit rating agencies to determine the allowance each quarter. As of December 31, 2023, approximately 69% of the total gross assets in scope were balances with counterparties rated by major credit rating agencies, of the total rated, 85% were rated A- or better. |
Debt and letter of credit facil
Debt and letter of credit facilities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and letter of credit facilities | 15. Debt and letter of credit facilities Debt obligations The following table represents a summar y of the Company’s debt obl igations on its consolidated balance sheets as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Amount Effective rate (1) Amount Effective rate (1) 2017 SEK Subordinated Notes, at face value $ 273.6 7.7 % $ 264.3 6.0 % Unamortized discount (5.7) (5.7) 2017 SEK Subordinated Notes, carrying value 267.9 258.6 2016 Senior Notes, at face value 400.0 4.6 % 400.0 4.5 % Unamortized premium 3.5 4.8 2016 Senior Notes, carrying value 403.5 404.8 2015 Senior Notes, at face value 115.0 7.0 % 115.0 7.0 % Unamortized issuance costs (0.2) (0.4) 2015 Senior Notes, carrying value 114.8 114.6 Total debt $ 786.2 $ 778.0 (1) Effective rate considers the effect of the debt issuance costs, discount, and premium. 2017 SEK Subordinated Notes On September 22, 2017, Sirius Group issued floating rate callable subordinated notes denominated in Swedish kronor ("SEK") in the amount of SEK 2,750.0 million (or $346.1 million on date of issuance) at a 100% issue price ("2017 SEK Subordinated Notes"). The 2017 SEK Subordinated Notes were issued in an offering that was exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The 2017 SEK Subordinated Notes bear interest on their principal amount at a floating rate equal to the applicable Stockholm Interbank Offered Rate for the relevant interest period plus an applicable margin, payable quarterly in arrears on March 22, June 22, September 22 and December 22 of each year until maturity in September 2047. Beginning on September 22, 2022, the 2017 SEK Subordinated Notes may be redeemed, in whole or in part, at the Company’s option. As a result of the Company’s merger with Sirius Group, the Company assumed the existing and outstanding aggregate principal amount of the 2017 SEK Subordinated Notes pursuant to the First Supplemental Subordinated Indenture, dated May 27, 2021, among SIG, the Company and The Bank of New York Mellon, as trustee (the “Trustee”). The Company was in compliance with all debt covenants as of and for the period ended December 31, 2023 . For the year ended December 31, 2023, the Company recorde d $20.0 million of interest expense, inclusive of amortization of discount, on the 2017 SEK Subordinated Notes (2022 - $13.2 million). For the year ended December 31, 2023, the Company also recognized $9.1 million of foreign exchange losses on the translation of the 2017 SEK Subordinated Notes into USD from SEK (2022 - $38.0 million gain). 2016 Senior Notes On N ovember 1, 2 016, Sirius Group, through SIG, is sued $400.0 million face value of senior unsecured notes ("2016 Senior Notes") at an issue price of 99.2% for net proceeds of $392.4 million after taking into effect both deferrable and non-deferrable issuance costs. The 2016 SIG Senior Notes were issued in an offering that was exempt from the registration requirements of the Securities Act. The 2016 SIG Senior Notes bear an annual interest rate of 4.6%, payable semi-annually in arrears on May 1 and November 1 of each year until maturity in November 2026. As a result of the Company’s merger with SIG, the Company assumed the existing and outstanding aggregate principal amount of the 2016 SIG Senior Notes pursuant to the Third Supplemental Senior Indenture, dated May 27, 2021, among SIG, the Company and the Trustee. The Company was in compliance with all debt covenants as of and for the period ended December 31, 2023 . For the year ended December 31, 2023, the Company recorded $17.2 million of interest expense, inclusive of amortization of premium, on the 2016 Senior Notes (2022 - $17.2 million). 2015 Senior Notes As of December 31, 2023, the Company had outstanding debt obligations consisting of an aggregate principal amount of $115.0 million of senior unsecured notes (the “2015 Senior Notes”) due February 13, 2025. The 2015 Senior Notes bear interest at 7.0% and interest is payable semi-annually on February 13 and August 13 of each year. The Company was in compliance with all debt covenants as of and for the years ended December 31, 2023 and December 31, 2022. As a result of the Company’s merger with Third Point Re (USA) Holdings Inc, the Company acquired the existing and outstanding aggregate principal amount of the 2015 Senior Notes pursuant to the Second Supplemental Indenture, dated December 31, 2021, among Third Point Re (USA) Holdings Inc, the Company and the Trustee. For the year ended December 31, 2023, the Company recorde d $8.2 million of interest expense, inclusive of amortization of issuance costs, on the 2015 Senior Notes (2022 - $8.2 million). Interest expense Total interest expense incurred by the Company for its indebtedness for the year ended December 31, 2023 was $45.4 million (2022 - $38.6 million), and funds withheld of $16.2 million in association with the 2023 LPT. See Note 4 - Significant transactions for further discussion on the 2023 LPT. Standby letter of credit facilities As of December 31, 2023, the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Debt securities Committed - Secured letters of credit facilities $ 355.0 $ 297.6 $ 13.8 $ 226.8 Uncommitted - Secured letters of credit facilities $ — 957.3 43.1 1,131.2 $ 1,254.9 $ 56.9 $ 1,358.0 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. The above referenced facilities are subject to various affirmative, negative and financial covenants that the Company considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards. See Note 6 for additional information. Revolving credit facility In addition to the letter of credit facilities above, 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, effective February 26, 2021, which was renewed in February 2024 for one additional year . 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. As of December 31, 2023 , there were no outstanding borrowings under the Facility. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
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. For the year ended December 31, 2023, the Company and its subsidiaries organized in Bermuda were not subject to income taxes imposed by the government of Bermuda. Starting in 2025, a 15% corporate income tax is expected to apply to our Bermuda operations as a result of the enactment of the Corporate Income Tax Act 2023 (the “Bermuda CIT”). The Bermuda CIT legislation includes specific provisions intended to administer a fair and equitable transition into the new tax system, referred to as the economic transition adjustment (“ETA”) and opening tax loss carryforward (“OTLC”). We expect that SiriusPoint Ltd. and at least one of its major subsidiaries organized and operating in Bermuda will be subject to these provisions. As result, in the fourth quarter of 2023 (the period of enactment), the Company recorded a net deferred tax asset in the amount of $100.8 million in connection with the Bermuda CIT. We expect that our in-scope entities will incur increased tax expense in Bermuda beginning in 2025. The Company has subsidiaries and branches that operate in various other jurisdictions around the world that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which the Company's subsidiaries and branches are subject to tax are Belgium, Bermuda, Canada, Germany, Gibraltar, Hong Kong (China), Ireland, Luxembourg, Singapore, Sweden, Switzerland, the United Kingdom, and the United States. The following is a summary of the Company’s income (loss) before income tax benefit by jurisdiction for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Bermuda $ 21.5 $ (151.7) $ 178.5 U.S. 98.6 (47.0) 21.8 U.K. 2.7 (9.7) 1.9 Sweden 156.7 (174.6) (138.1) Luxembourg 38.1 (37.2) (20.5) Other 1.1 (2.5) 1.5 Income (loss) before income tax benefit $ 318.7 $ (422.7) $ 45.1 For the years ended December 31, 2023, 2022 and 2021, income tax benefit consisted of the following: 2023 2022 2021 Current tax (expense) benefit: U.S. Federal $ (17.0) $ 1.6 $ (3.5) State (1.4) (0.9) (1.8) Non-U.S. (13.9) (3.2) (18.2) Total current tax expense (32.3) (2.5) (23.5) Deferred tax (expense) benefit: U.S. Federal (3.7) 20.7 (13.1) State (0.3) 2.0 (4.8) Non-U.S. 81.3 16.5 52.1 Total deferred tax benefit 77.3 39.2 34.2 Total income tax benefit $ 45.0 $ 36.7 $ 10.7 Effective Rate Reconciliation The following table presents a reconciliation of expected income taxes to income tax benefit for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Tax (expense) benefit at the 0% Bermuda statutory rate $ — $ — $ — Differences in taxes resulting from: Bermuda Tax Law Enactment 100.8 — — Non-Bermuda earnings (73.1) 52.9 17.6 Foreign currency effects 9.1 (10.7) (19.0) Non-Taxable/Deductible Income 7.6 (1.4) 7.2 Change in Valuation Allowance (4.7) (14.3) 10.5 Tax on Safety Reserve (2.3) (2.4) (1.0) Change in uncertain tax position — 8.0 (8.0) Tax rate change — 2.7 4.3 State taxes expense (1.4) (0.7) (0.9) Provision-to-return true up 11.2 3.9 (0.5) Non-Deductible expenses (0.6) — — Other, net (1.6) (1.3) 0.5 Total income tax benefit $ 45.0 $ 36.7 $ 10.7 The Tax Cuts and Jobs Act (“TCJA”) includes a Base Erosion and Anti-Abuse Tax (“BEAT”) provision, which is essentially a minimum tax on certain otherwise deductible payments made by U.S. entities to non-U.S. affiliates, including cross-border interest payments and reinsurance premiums paid or ceded. The statutory BEAT rate is 10% through 2025, and then rises to 12.5% in 2026 and thereafter. The TCJA also includes provisions for Global Intangible Low-Taxed Income (“GILTI”), under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, the Company will treat BEAT as an in period tax charge when incurred in future periods for which no deferred taxes need to be provided and has made an accounting policy election to treat GILTI taxes in a similar manner. No provision for income taxes related to BEAT or GILTI was recorded as of December 31, 2023 and December 31, 2022. The Company has capital and liquidity in many of its subsidiaries, some of which may reflect undistributed earnings. If such capital or liquidity were to be paid or distributed to the Company or to one of its intermediary subsidiaries as dividends or otherwise, they may be subject to withholding tax by the source country and/or income tax by the recipient country. The Company generally intends to operate, and manage its capital and liquidity, in a tax-efficient manner. However, the applicable tax laws in relevant countries are still evolving, including in connection with guidance and proposals from the Organization for Economic Cooperation and Development (OECD). Accordingly, such payments or distributions may be subject to income or withholding tax in jurisdictions where they are not currently taxed or at higher rates of tax than currently taxed, and the applicable tax authorities could attempt to apply income or withholding tax to past earnings or payments. It is not practicable to estimate the income tax liabilities that might be incurred if such earnings were remitted since it is driven by facts at the time of distribution. Deferred Tax Inventory 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, 2023 and 2022: December 31, December 31, Deferred tax assets: Non-U.S. net operating loss carryforwards $ 309.6 $ 301.1 Purchase accounting 2.4 16.9 Tax credit carryforwards 30.5 16.0 Unearned premiums 21.7 22.1 U.S. federal net operating loss and capital carryforwards 11.8 17.8 Discounting of loss and loss adjustment expense reserves 17.5 9.3 Intangible assets 57.0 — Unrealized losses on investments 8.5 9.0 Investment basis differences 7.5 10.7 Foreign currency translation on investments 5.2 — Incentive compensation and benefit accruals 4.3 5.8 Deferred interest 4.2 4.3 Allowance for doubtful accounts 3.7 4.0 Other items 13.3 4.0 Total gross deferred tax assets 497.2 421.0 Valuation allowance (112.4) (114.3) Total adjusted deferred tax asset $ 384.8 $ 306.7 Deferred tax liabilities: Safety reserve $ 129.1 $ 126.5 Deferred acquisition costs 23.3 22.5 Intangible assets — 13.4 Foreign currency translation on investments — 0.9 Other Items 7.5 2.9 Total deferred tax liabilities 159.9 166.2 Net deferred tax assets $ 224.9 $ 140.5 Of the net deferred tax asset, net of valuation allowance, of $224.9 million as of December 31, 2023, $65.5 million relates to net deferred tax assets in U.S. subsidiaries, $122.1 million relates to net deferred tax assets in Luxembourg subsidiaries, $100.8 million relates to net deferred tax assets in Bermuda subsidiaries, $5.2 million relates to net deferred tax liabilities in UK subsidiaries, $57.6 million relates to net deferred tax liabilities in Sweden subsidiaries, and $0.7 million relates to net deferred tax liabilities in other jurisdictions. The Company records a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in income tax expense in the period of change. In determining whether or not a valuation allowance, or change therein, is warranted, the Company considers factors such as prior earnings history, expected future earnings, carryback and carryforward periods and strategies that if executed would result in the realization of a deferred tax asset. It is possible that certain planning strategies or projected earnings in certain subsidiaries may not be feasible to utilize the entire deferred tax asset, which could result in material changes to the Company's deferred tax assets and tax expense. Based on this approach, for the year ended December 31, 2023, the Company recorded $112.4 million in the valuation allowance applicable to deferred tax assets. Of the $112.4 million, $64.4 million relates to net operating loss carryforwards in Luxembourg subsidiaries, $39.1 million relates primarily to net operating loss carryforwards in the United Kingdom, $7.2 million relates to foreign tax credits in the United States and $1.7 million relates to net operating loss carryforwards in Singapore. Net Operating Loss and Capital Loss Carryforwards Net operating loss and capital loss carryforwards as of December 31, 2023, the expiration dates and the deferred tax assets thereon are as follows: December 31, 2023 United States Luxembourg Sweden U.K. Singapore Bermuda Total 2024-2028 $ 1.4 $ — $ — $ — $ — $ — $ 1.4 2029-2043 36.5 74.8 — — — — 111.3 No expiration date 21.1 676.8 196.5 142.8 8.4 296.1 1,341.7 Total $ 59.0 $ 751.6 $ 196.5 $ 142.8 $ 8.4 $ 296.1 $ 1,454.4 Gross deferred tax asset $ 11.8 $ 187.5 $ 40.5 $ 35.4 $ 1.7 $ 44.4 $ 321.3 Valuation allowance — (64.4) — (35.4) (1.7) — (101.5) Net deferred tax asset $ 11.8 $ 123.1 $ 40.5 $ — $ — $ 44.4 $ 219.8 The Company expects to utilize net operating loss carryforwards in Luxembourg of $493.3 million but does not expect to utilize the remainder based on forecasted taxable income. The U.S. net operating loss carryforwards of $59.0 million are subject to an annual limitation on utilization under Internal Revenue Code Section 382. Of the Section 382 limited loss carryforwards, $1.4 million will expire between 2023 and 2025, $36.5 million will expire between 2036 and 2039 and the remaining $21.1 million does not expire. The Company expects to utilize all of the U.S. net operating loss carryforwards. Foreign Tax Credits As of December 31, 2023, there are U.S. foreign tax credits carryforwards available of $9.2 million, of which $0.7 million expires in 2024 and the remaining will expire between 2025 and 2033. As of December 31, 2023, there are alternative minimum tax credit carryforwards of $0.1 million which do not expire and are expected to become fully refundable beginning in the 2024 tax year under the TCJA. Further, there are Swedish foreign tax credits carryforwards available of $20.7 million and will start to expire in 2026. Uncertain Tax Positions Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. In evaluating the more likely than not recognition threshold, the Company must presume that the tax position will be subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, then the tax position is measured at the largest amount of benefit that is more than 50% likely of being realized upon ultimate settlement. The following table is a reconciliation of the beginning and ending unrecognized tax benefits for the years ended December 31, 2023 and 2022: Permanent differences (1) Temporary differences (2) Interest and penalties (3) Total Balance as of January 1, 2022 $ 9.7 $ 0.3 $ 0.7 $ 10.7 Changes in prior year tax positions (8.0) (0.3) — (8.3) Lapse in statute of limitations (0.1) — — (0.1) Balance as of December 31, 2022 1.6 — 0.7 2.3 Balance as of December 31, 2023 $ 1.6 $ — $ 0.7 $ 2.3 (1) Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate. (2) Represents the amount of unrecognized tax benefits that, if recognized, would create a temporary difference between the reported amount of an item in the consolidated balance sheets and its tax basis. (3) Net of tax benefit. As of December 31, 2023, the total reserve for unrecognized tax benefits is $2.3 million. If the Company determines in the future that its reserves for unrecognized tax benefits on permanent differences and interest and penalties are not needed, the reversal of $1.6 million of such reserves as of December 31, 2023 would be recorded as an income tax benefit and would impact the effective tax rate. The Company classifies all interest and penalties on unrecognized tax benefits as part of income tax expense. During the year ended December 31, 2023, the Company did not recognize interest expense, net of any tax benefit (2022 - none and 2021 - $0.1 million). As of December 31, 2023, the balance of accrued interest, net of any tax benefit, is $0.7 million (2022 - $0.7 million). Tax Examinations With few exceptions, which are not material, the Company is no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2019. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' equity | 17. Shareholders' equity Common shares The following table presents a summary of the common shares issued and outstanding and shares repurchased as of and for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Common shares issued and outstanding, beginning of year 162,177,653 161,929,777 95,582,733 Issuance of common shares, net of forfeitures and shares withheld 1,531,040 942,923 3,133,969 Issuance of common shares upon exercise of warrants 4,025,899 — — Issuance of common shares upon exercise of options 385,430 — 220,000 Shares repurchased — (695,047) — Performance restricted shares granted, net of forfeitures and shares withheld — — (1,431,963) Issuance of common shares for Sirius Group acquisition — — 58,331,196 Issuance of common shares to related party — — 6,093,842 Common shares issued and outstanding, end of year 168,120,022 162,177,653 161,929,777 The Company’s authorized share capital consists of 300,000,000 common shares with a par value of $0.10 each. During the years ended December 31, 2023, 2022 and 2021, the Company did not pay any dividends to its common shareholders. Preference shares The Company’s authorized share capital also consists of 30,000,000 preference shares with a par value of $0.10 each. Series B preference shares The Series B preference shares are listed on the New York Stock Exchange under the symbol “SPNT PB”. The Company has 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum. The preference shareholders have no voting rights with respect to the Series B preference shares unless dividends have not been paid for six dividend periods, whether or not consecutive, in which case the holders of the Series B preference shares have the right to elect two directors. The dividend rate will reset on each five-year anniversary of issuance at a rate equal to the five-year U.S. treasury rate at such time plus 7.298%. The Series B preference shares are perpetual and have no fixed maturity date. The Series B preference shares provide for redemption rights by the Company (i) in whole, or in part, on each five-year anniversary of issuance at 100%, (ii) in whole, but not in part, (a) upon certain rating agency events, at 102%, (b) upon certain capital disqualification events, at 100%, and (c) upon certain tax events, at 100%. During the year ended December 31, 2023, the Company declared and paid dividends of $16.0 million (2022 - $16.0 million) to the Series B preference shareholders. Share repurchases 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. On August 5, 2021, the Company’s Board of Directors expanded the scope of the prior authority to include the repurchase of outstanding CVRs and warrants. The CVRs were settled upon maturity on February 26, 2023, and are no longer available for repurchase. As of December 31, 2023 the Company was authorized to repurchase up to an aggreg ate of $56.3 million of outstanding common shares and warrants under its repurchase program. During the year ended December 31, 2023, the Company did not repurchase any of its common shares in the open market. During the year ended December 31, 2022, the Company repurchased 695,047 of its common shares in the open market for $5.0 million at a weighted average cost, including commissions, of $7.17 per share. Common shares repurchased by the Company during the period were retired. |
Share-based compensation and em
Share-based compensation and employee benefit plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation and employee benefit plans | 18. Share-based compensation and employee benefit plans Share-based compensation As of December 31, 2023, the Company’s share-based awards consisted of Restricted Share Units (“RSUs”), Performance Share Units (“PSUs”), Restricted Share Awards (“RSAs”) and options. As part of the 2022-2024 annual long-term incentive award cycle, the Company granted to its employees a number of RSUs pursuant to the terms and conditions of the SiriusPoint Ltd. 2013 Omnibus Incentive Plan. The RSUs generally vest over three years in equal, one-third installments on each anniversary of the award grant date subject to continued provision of services through the applicable vesting date. As of December 31, 2023, 15,808,431 (December 31, 2022 - 17,018,916) of the Company’s common shares were available for future issuance under the equity incentive compensation plans. The total share-based compensation expense recognized during the years ended December 31, 2023, 2022 and 2021 was $21.4 million, $26.8 million and $22.6 million, respectively. As of December 31, 2023, the Company had $23.3 million (December 31, 2022 - $24.2 million) of unamortized share compensation expense, which is expected to be amortized over a weighted average period of 1.8 years (December 31, 2022 - 1.7 years). Restricted Share Units RSU activity for the year ended December 31, 2023 was as follows: Number of non- Weighted Balance as of January 1, 2023 5,161,413 $ 7.29 Granted 1,104,858 9.66 Forfeited (630,329) 9.32 Vested (2,764,256) 7.44 Balance as of December 31, 2023 2,871,686 $ 7.90 RSUs 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 Awards Restricted share award activity for the year ended December 31, 2023 was as follows: Number of non- Weighted Balance as of January 1, 2023 1,708,608 $ 7.40 Granted 116,485 9.37 Forfeited (3,665) 10.44 Vested (1,171,901) 7.76 Balance as of December 31, 2023 649,527 $ 7.63 RSAs 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. Performance Share Units PSU activity for the year ended December 31, 2023 was as follows: Number of non- Number of non- Weighted average grant date fair value of PSUs probable of vesting Balance as of January 1, 2023 576,678 576,678 $ 9.85 Granted 1,790,982 1,790,982 9.56 Forfeited (374,311) (374,311) 9.74 Vested (2,882) (2,882) 10.36 Balance as of December 31, 2023 1,990,467 1,990,467 $ 9.61 PSUs vest over four distinct performance periods subject to participant’s continued provision of services to the Company until the vesting date. Options The share options issued to management under the Share Incentive Plan are subject to a service condition. The fair value of share options issued were estimated on the grant date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model used the following assumptions for options granted during the years ended December 31, 2022 and 2021 (there were no options granted for the year ended December 31, 2023): 2022 2021 Dividend yield — % — % Risk free interest rate 3.57 % 1.55 % Expected volatility (1) 32.30 % 34.17 % Expected life (in years) 6.3 6.5 Weighted average grant date fair value $1.93 $3.28 (1) The volatility assumption used was based on the average estimated volatility of a reinsurance peer group. The options activity for the year ended December 31, 2023 were as follows: Number of Weighted Outstanding as of January 1, 2023 5,342,739 $ 9.25 Granted — — Forfeited and expired (795,993) 15.15 Exercised (385,430) 7.78 Outstanding as of December 31, 2023 4,161,316 8.26 Exercisable as of December 31, 2023 3,375,728 $ 8.43 As of December 31, 2023 the weighted average remaining contractual term for options outstanding and exercisable was 3.4 years and 3.2 years, respectively (2022 - 4.0 years and 1.6 years, respectively). As of December 31, 2023, the aggregate intrinsic value of options outstanding and options exercisable was $13.9 million and $10.7 million, respectively (December 31, 2022 - immaterial). For the year ended December 31, 2023, the Company received $3.0 million proceeds from the exercise of options (2022 - none ). Employee Benefit and Contribution Plans The Company operates several retirement plans in accordance with the local regulations and practices. These plans cover substantially all of the Company’s employees and provide benefits to employees in event of death, disability, or retirement. Certain employees of SiriusPoint International can participate in defined benefit plans which are based on the employees' pension entitlements and length of employment. As of December 31, 2023, the projected benefit obligation of SiriusPoint International’s various benefit plans was $14.1 million (2022 - $18.3 million) and the funded status was $5.1 million (2022 - $6.0 million). As of December 31, 2023, the Swedish plan had a funded status of $6.5 million (2022 - $7.6 million) and the German plan had a funded status of $(1.4) million (2022 - $(1.6) million). The accumulated benefit obligation for the year ended December 31, 2023 was $15.3 million (2022 - $13.5 million). Total expenses related to the Company’s contributions to defined contribution plans was $14.8 million for the year ended December 31, 2023 (2022 - $6.1 million and 2021 - $6.9 million). |
Earnings (loss) per share avail
Earnings (loss) per share available to SiriusPoint common shareholders | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per share available to SiriusPoint common shareholders | 19. Earnings (loss) per share available to SiriusPoint common shareholders The following sets forth the computation of basic and diluted earnings (loss) per share available to SiriusPoint common shareholders for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Weighted-average number of common shares outstanding: ($ in millions, except share and per share amounts) Basic number of common shares outstanding 163,341,448 160,228,588 148,667,770 Dilutive effect of options 595,908 — — Dilutive effect of warrants 899,249 — — Dilutive effect of restricted share awards and units 3,176,462 — 1,488,696 Dilutive effect of Series A preference shares 1,594,281 — — Diluted number of common shares outstanding 169,607,348 160,228,588 150,156,466 Basic earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 338.8 $ (402.8) $ 44.6 Net income allocated to SiriusPoint participating common shareholders (24.3) — (3.4) Net income (loss) allocated to SiriusPoint common shareholders $ 314.5 $ (402.8) $ 41.2 Basic earnings (loss) per share available to SiriusPoint common shareholders $ 1.93 $ (2.51) $ 0.28 Diluted earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 338.8 $ (402.8) $ 44.6 Net income allocated to SiriusPoint participating common shareholders (24.3) — (3.4) Net income (loss) allocated to SiriusPoint common shareholders $ 314.5 $ (402.8) $ 41.2 Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 1.85 $ (2.51) $ 0.27 For the year ended December 31, 2023, options of 2,697,116, warrants of 26,013,599, and and restricted share units of 75,154 were excluded from the computation of diluted earnings per share available to SiriusPoint common shareholders. For the year ended December 31, 2022, options of 4,257,266 and warrants of 31,123,755 were excluded from the computation of diluted loss per share available to SiriusPoint common shareholders. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | 20. Related party transactions In addition to the transactions disclosed in Notes 8 and 11 to these consolidated financial statements, the following transactions are classified as related party transactions, as the counterparties have either a direct or indirect shareholding in the Company or the Company has an investment in such counterparty. (Re)insurance contracts During the year ended December 31, 2023, insurance and reinsurance contracts with certain of the Company’s insurance and MGA related parties resulted in gross written premiums of $302.2 million (2022 - $336.4 million). As of December 31, 2023, the Company had total receivables from these related parties of $61.8 million and no payables (2022 - $59.6 million and $4.6 million, respectively). Investments managed by related parties The following table provides the fair value of the Company's investments managed by related parties as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Third Point Enhanced LP $ 77.5 $ 100.3 Third Point Venture Offshore Fund I LP 25.0 26.0 Third Point Venture Offshore Fund II LP 3.1 2.5 Investments in related party investment funds, at fair value 105.6 128.8 Third Point Optimized Credit Portfolio (1)(2) 562.0 530.7 Total investments managed by related parties $ 667.6 $ 659.5 (1) The Third Point Optimized Credit Portfolio is reported in debt securities available for sale and trading in the consolidated balance sheets. (2) Does not include asset-backed securities withdrawn as a redemption in-kind from the TP Enhanced Fund as of December 31, 2023 (December 31, 2022 - $59.9 million). Management, advisory and performance fees to related parties The total management, advisory and performance fees to related parties for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Management and advisory fees $ 5.2 $ 7.3 $ 17.9 Performance fees 0.9 (1.2) 75.7 Total management, advisory and performance fees to related parties (1) $ 6.1 $ 6.1 $ 93.6 (1) Management, advisory and performance fees for the Related Party Investment Funds, where applicable, are presented within net realized and unrealized investment gains (losses) from related party investment funds in the consolidated statements of income (loss) Management and advisory fees Third Point Enhanced LP Pursuant to the 2020 LPA, effective February 26, 2021, and the 2022 LPA, effective February 23, 2022, Third Point LLC is entitled to receive monthly management fees. Management fees are charged at the TP Enhanced Fund level and are calculated based on 1.25% per annum of the investment in TP Enhanced Fund. Third Point Venture Offshore Fund I LP No management fees are payable by the Company under the 2021 Venture LPA . Third Point Venture Offshore Fund II LP Pursuant to the 2022 Venture II LPA , m anagement fees are charged at the TP Venture Fund II level and are calculated based on 0.1875% per quarter (0.75% per annum). Third Point Insurance Portfolio Solutions and Third Point Optimized Credit Effective February 26, 2021, Third Point LLC, Third Point Insurance Portfolio Solutions (“TPIPS”) and the Company entered into an Investment Management Agreement (the “TPIPS IMA”), pursuant to which TPIPS will serve as investment manager to the Company and provide investment advice with respect to the investable assets of the Company, other than assets that the Company may withdraw from time to time as working capital. The Amended and Restated Collateral Assets Investment Management Agreement was terminated at the effective date of the TPIPS IMA. Pursuant to the TPIPS IMA, the Company will pay Third Point LLC a fixed management fee, payable monthly in advance, equal to 1/12 of 0.06% of the fair value of assets managed (other than assets invested in TP Enhanced Fund). On February 23, 2022, the Company entered into the 2022 IMA with Third Point LLC and the other parties thereto, which amended and restated the TPIPS IMA. Pursuant to the 2022 IMA, effective February 23, 2022, the Company will also pay Third Point LLC a monthly management fee equal to one twelfth of 0.50% (0.50% per annum) of the TPOC Portfolio, net of any expenses, and a fixed advisory fee of $1.5 million per annum. Performance fees Third Point Enhanced LP Pursuant to the 2022 and 2020 LPA, TP GP receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund. The performance fee is included as part of “Investments in related party investment fund, at fair value” on the Company’s consolidated balance sheets since the fees are charged at the TP Enhanced Fund level. The 2022 LPA did not amend the performance fee calculation. Third Point Venture Offshore Fund I LP Pursuant to the 2021 Venture LPA, TP Venture GP receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund. Third Point Venture Offshore Fund II LP Pursuant to the 2022 Venture II LPA , TP Venture GP II receives a performance fee allocation equal to 20% of the Company’s investment income in the related party investment fund. Third Point Optimized Credit Pursuant to the 2022 IMA, the Company will pay Third Point LLC, from the assets of each sub-account, an annual incentive fee equal to 15% of outperformance over a specified benchmark. The performance fee is included as part of Net investment income on the Company’s consolidated statements of income (loss) . |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 21. Commitments and contingencies Concentrations of credit risk 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. These brokers are fairly large and well established, and there are no indications they are financially distressed. The Company’s exposure to such credit risk is somewhat mitigated in certain jurisdictions by contractual terms. For the year ended December 31, 2023, Guy Carpenter & Company accounted for 12.1% of gross premiums written. For the year ended December 31, 2022, Guy Carpenter & Company and Aon Corporation accounted for 13.0% and 18.3% of gross premiums written respectively. For the year ended December 31, 2021, Guy Carpenter & Company, Aon Corporation and Arthur J. Gallagher & Co. accounted for 18.5%, 24.0%, and 10.9% of gross premiums written respectively. No other source individually contributed more than 10% of total gross premiums written in any of the last three years. 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 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. Promissory Note & Loan Agreement On September 16, 2020, the Company entered into an Unsecured Promissory Note agreement 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 principal amount drawn and outstanding at a rate of 8.0% per annu m. No amou nts were drawn as of December 31, 2023. On March 7, 2022, the Company entered into an Unsecured Convertible Promissory Note agreement with Player’s Health, pursuant to which the Company has lent $8.0 million. Interest shall accrue and be computed on the aggregate principal amount drawn and outstanding at a rate of 6.0% per annu m. Litigation From time to time in the normal course of business, the Company may be involved in formal and informal dispute resolution processes, which may include arbitration or litigation, the outcomes of which determine the rights and obligations under the Company’s reinsurance and insurance 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 alleged rights. The Company may also be involved, from time to time in the normal course of business, in formal and informal dispute resolution processes that do not arise from, or are not directly related to, claims activity. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its results of operations, financial condition, business or operations. Leases The Company operates globally and leases office space under various non-cancelable operating lease agreements. During the year ended December 31, 2023, the Company recognized operating lease expense of $10.3 million (2022 - $12.8 million and 2021 - $10.5 million), including property taxes and routine maintenance expense as well as rental expenses related to short term leases. The following table presents the lease balances within the consolidated balance sheets as of December 31, 2023 and 2022: December 31, December 31, 2022 Operating lease right-of-use assets (1) $ 25.6 $ 25.9 Operating lease liabilities (2) $ 28.4 $ 30.3 Weighted average lease term (years) 4.1 5.5 Weighted average discount rate 2.9 % 3.1 % (1) Operating lease right-of-use assets are included in other assets . (2) Operating lease liabilities are included in accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets . Future minimum rental commitments as of December 31, 2023 under these leases are expected to be as follows: Future Payments 2024 $ 6.7 2025 5.8 2026 5.0 2027 4.1 2028 and thereafter 9.2 Total future annual minimum rental payments 30.8 Less: present value discount (2.4) Total lease liability as of December 31, 2023 $ 28.4 |
Statutory requirements
Statutory requirements | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Statutory requirements | 22. Statutory requirements The Company’s insurance and reinsurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled and licensed to conduct business. These regulations include certain restrictions on the amount of dividends or other distributions available to shareholders without prior approval of the insurance regulatory authorities. Statutory accounting differs from GAAP by jurisdiction in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items. Bermuda The Insurance Act 1978 of Bermuda and related regulations, as amended ("Insurance Act"), regulates the insurance business of Bermuda-domiciled insurers and reinsurers. The Insurance Act imposes solvency and liquidity standards on Bermuda insurance companies, as well as auditing and reporting requirements. Under the Insurance Act, insurers and reinsurers are required to maintain minimum statutory capital and surplus at a level equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") which is established by reference to either a Bermuda Solvency Capital Requirement ("BSCR") model or an approved internal capital model. The BSCR model is a standardized statutory risk-based capital model that provides a method for determining an insurer's minimum required capital taking into account the risk characteristics of different aspects of the company's business. The Economic Balance Sheet (“EBS”) is an input to the BSCR which determines the Company’s ECR. The EBS regime prescribes the use of financial statements prepared in accordance with GAAP as the basis on which statutory financial statements are prepared, and those statutory financial statements form the starting basis for the EBS. 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, with the addition of a risk margin to reflect the uncertainty in the underlying cash flows. The BMA has established a target capital level which is set at 120% of the ECR. While the Company is not required to maintain statutory economic capital and surplus at this level, it serves as an early warning signal for the BMA, and failure to meet the target capital level may result in additional reporting requirements or increased regulatory oversight. The BMA acts as the group supervisor for the Company. The Company is currently completing its group BSCR for the year ended December 31, 2023, which must be filed with the BMA on or before May 31, 2024, and at this time, the Compan y believes it will exceed the tar get level of required statutory economic capital and surplus. During 2023 and 2022, the Company did not pay a ny dividends to its common shareholders. The Company has two Bermuda based insurance subsidiaries: SiriusPoint Bermuda, a Class 4 insurer, and Alstead Re, a Class 3A insurer. Each of these Bermuda insurance subsidiaries are registered under the Insurance Act and are subject to regulation and supervision of the BMA. The Company is currently completing its BSCRs for SiriusPoint Bermuda and Alstead Re for the year ended December 31, 2023, which must be filed with the BMA on or before April 30, 2024, and at this time, the Company believes it will exceed the target level of required statutory economic capital and surplus. Each of the Company’s Bermuda based insurance subsidiaries met their target level of required statutory economic capital and surplus for the year ended December 31, 2022. The following is a summary of available and required statutory economic capital and surplus of the Bermuda based insurance subsidiaries as of December 31, 2022: December 31, 2022 Available statutory economic capital and surplus SiriusPoint Ltd. $ 2,986.4 SiriusPoint Bermuda 3,289.2 Alstead Re 5.3 Required statutory economic capital and surplus SiriusPoint Ltd. 1,374.9 SiriusPoint Bermuda 1,342.8 Alstead Re $ 1.9 The following is a summary of the statutory net income (loss) for the Bermuda based insurance subsidiaries for the years ended December 31, 2023 and 2022: 2023 2022 SiriusPoint Bermuda $ 416.8 $ (360.1) Alstead Re $ 0.7 $ 0.9 The Bermuda based insurance subsidiaries are also required to maintain a minimum liquidity ratio 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, 2023, all liquidity ratio requirements were met. SiriusPoint Bermuda ’s ability to pay dividends is limited under Bermuda law and regulations. SiriusPoint Bermuda 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, SiriusPoint Bermuda 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 SiriusPoint Bermuda files with the BMA a signed affidavit by at least two members of the Board of Directors attesting that a dividend would not cause SiriusPoint Bermuda to fail to meet its capital requirements. As of December 31, 2023, SiriusPoint Bermuda could pay dividends of approximately $810.0 million (2022 - $713.5 million) without providing an affidavit to the BMA. The BMA is assessing the impact of the Bermuda CIT on statutory capital and surplus, and has indicated that the impact of the Bermuda CIT shall not be reflected in statutory capital and surplus until it has completed its assessment. SiriusPoint Bermuda indirectly owns SiriusPoint International, SiriusPoint America, and SiriusPoint’s other insurance and reinsurance operating companies, each of which are limited in their ability to pay dividends by the insurance laws of their relevant jurisdictions. Europe The financial services industry in the United Kingdom is dual-regulated by the Financial Conduct Authority and the Prudential Regulation Authority (collectively, the "U.K. Regulators"). The U.K. Regulators regulate insurers, insurance intermediaries and Lloyd's. The U.K. Regulators and Lloyd's have common objectives in ensuring that the Lloyd's market is appropriately regulated. Lloyd's is required to implement certain rules prescribed by the U.K. Regulators by the powers it has under the Lloyd's Act of 1982 relating to the operation of the Lloyd's market. In addition, each year the U.K. Regulators require Lloyd's to satisfy an annual solvency test that measures whether Lloyd's has sufficient assets in the aggregate to meet all the outstanding liabilities of its members. Lloyd's permits its corporate and individual members ("Members") to underwrite insurance risks through Lloyd's syndicates. Members of Lloyd's may participate in a syndicate for one or more underwriting years by providing capital to support the syndicate's underwriting. All syndicates are managed by Lloyd's approved managing agents. Managing agents receive fees and profit commissions in respect of the underwriting and administrative services they provide to the syndicates. Lloyd's prescribes, in respect of its managing agents and Members, certain minimum standards relating to their management and control, solvency and various other requirements. The Company participates in the Lloyd's market through the 100% ownership of SiriusPoint Corporate Member Ltd., a Lloyd's corporate member, which in turn provides underwriting stamp capacity to Syndicate 1945. The Company has its own Lloyd's managing agent, SiriusPoint International Managing Agency, which manages Syndicate 1945. Lloyd's approved net capacity for 2023 was £114.0 million, or approximately $145.2 million (ba sed on the December 31, 2023 GBP to USD exchange rate). Stamp capacity is a measure of the amount of net premium (premiums written less acquisition costs) that a syndicate is authorized by Lloyd's to write. SiriusPoint International is subject to regulation and supervision by the Swedish Financial Supervisory Authority ("SFSA"). Under Solvency II, the SFSA also acts as the European Economic Area group supervisor, with Sirius Group International S.a.r.l. ("SGI") s erving as the highest European entity subject to the SFSA's group supervision. Solvency II regulation in Europe gives the SFSA the option to waive European-level group supervision if certain legal requirements are met. As of December 31, 2023, the SFSA has not exercised this option. For the year ended December 31, 2023, SiriusPoint International’s statutory net income (loss) was $152.0 million (2022 - $(69.6) million) . The Company is currently completing its statutory returns for SiriusPoint International and SGI for the year ended December 31, 2023, which must be filed with the SFSA on or before April 8, 2024 and May 20, 2024, respectively, and at this time, the Company believes it will exceed the target level of required capital and surplus. SiriusPoint International has the ability to pay dividends to its immediate parent subject to the availability of unrestricted equity, calculated in accordance with the Swedish Act on Annual Accounts in Insurance Companies and the SFSA. Unrestricted equity is calculated on a consolidated group account basis and on a parent account basis. Differences between the two include but are not limited to accounting for goodwill, subsidiaries (with parent accounts stated at original foreign exchange rates), taxes and pensions. SiriusPoint International's ability to pay dividends is limited to the "lower of" unrestricted equity as calculated within the group and parent accounts. As of December 31, 2023, SiriusPoint International had $628.1 million (based on the December 31, 2023 SEK to USD exchange rate) of unrestricted equity on a stand alone basis (the lower of the two approaches) available to pay dividends in 2023 (2022 - $437.4 million). The amount of dividends available to be paid by SiriusPoint International in any given year is also subject to cash flow and earnings generated by SiriusPoint International's business, the maintenance of adequate solvency capital ratios for SiriusPoint International and the consolidated SGI group, as well as to dividends received from its subsidiaries. Earnings generated by SiriusPoint International's business that are allocated to the Safety Reserve are not available to pay dividends (see "Safety Reserve" below). During 2023, SiriusPoint International declared a dividend of SEK 167.0 million (or $15.4 million on date of declaration) and paid SEK 84.0 million (or $8.0 million on date of payment) of dividends declared prior to 2023. U.S. SiriusPoint America, SiriusPoint Specialty Insurance Corporation (“SiriusPoint Specialty”) and Oakwood Insurance Company (“Oakwood”) are subject to regulation and supervision by the National Association of Insurance Commissioners ("NAIC") and the department of insurance in the state of domicile. The NAIC uses risk-based capital ("RBC") standards for U.S. property and casualty insurers as a means of monitoring certain aspects affecting the overall financial condition of insurance companies. The following is a summary of estimated required statutory capital and surplus of the U.S. based insurance and reinsurance subsidiaries as of December 31, 2023 and actual amounts as of December 31, 2022: December 31, 2023 December 31, 2022 Estimated statutory capital and surplus SiriusPoint America $ 626.9 $ 508.8 SiriusPoint Specialty 72.5 57.0 Oakwood 40.0 39.4 Required statutory capital and surplus (1) SiriusPoint America 177.0 153.5 SiriusPoint Specialty 9.7 9.2 Oakwood $ 0.3 $ 0.3 (1) Equals the authorized control level of the NAIC risk-based capital. The subsidiaries’ available capital exceeded their respective RBC requirements. The following is a summary of the statutory net income (loss) for the U.S. based insurance and reinsurance subsidiaries for the years ended December 31, 2023 and 2022: 2023 2022 SiriusPoint America $ 51.1 $ (56.2) SiriusPoint Specialty 15.0 (8.1) Oakwood $ 0.6 $ (0.2) The principal differences between the statutory amounts and the amounts reported in accordance with GAAP include deferred acquisition costs, deferred taxes, gains recognized under retroactive reinsurance contracts and market value adjustments for debt securities. Under the normal course of business, SiriusPoint America has the ability to pay dividends to its immediate parent during any twelve-month period without the prior approval of regulatory authorities in an amount set by a formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus and subject to dividends paid in prior periods. Based on this formula, SiriusPoint America has dividend capacity as of December 31, 2023, without prior regulatory approval. As of December 31, 2023, SiriusPoint America had approximately $626.9 million (2022 - $508.8 million) of statutory surplus and $72.0 million (2022 - $9.9 million) of earned surplus, and could pay approximately $62.6 million (2022 - $9.9 million) to its parent company. During 2023, SiriusPoint America did not pay a dividend to its immediate parent. Safety Reserve Subject to certain limitations under Swedish law, SiriusPoint International is permitted to transfer pre-tax income amounts into a reserve referred to as a "Safety Reserve." Under local statutory requirements, an amount equal to the deferred tax liability on SiriusPoint International's Safety Reserve is included in Solvency Capital. Access to the Safety Reserve is generally restricted to cover insurance and reinsurance losses and to cover a breach of the Solvency Capital Requirement. As of December 31, 2023, SiriusPoint International's Safety Reserve was SEK 6.0 billion, or $597.2 million (based on the December 31, 2023 SEK to USD exchange rate). Under Swedish GAAP, an amount equal to the Safety Reserve, net of a related deferred tax liability established at the Swedish tax rate, is classified as common shareholders' equity. Generally, this deferred tax liability ($123.0 million based on the December 31, 2023 SEK to USD exchange rate) is required to be paid by SiriusPoint International if it fails to maintain prescribed levels of premium writings and loss reserves in future years. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
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 As of December 31, 2023 (expressed in millions of U.S. dollars) Cost or amortized cost Fair value Balance sheet value Assets Asset-backed securities $ 882.2 $ 880.7 $ 880.7 Residential mortgage-backed securities 903.0 902.8 902.8 Commercial mortgage-backed securities 204.0 204.1 204.1 Corporate debt securities 1,569.6 1,573.1 1,573.1 U.S. government and government agency 1,137.8 1,136.7 1,136.7 Non-U.S. government and government agency 58.0 58.0 58.0 Total debt securities, available for sale 4,754.6 4,755.4 4,755.4 Asset-backed securities 261.1 256.6 256.6 Residential mortgage-backed securities 67.0 57.2 57.2 Commercial mortgage-backed securities 76.7 67.8 67.8 Corporate debt securities 52.2 45.2 45.2 U.S. government and government agency 100.8 98.1 98.1 Non-U.S. government and government agency 10.3 10.0 10.0 Total debt securities, trading 568.1 534.9 534.9 Total short-term investments 370.8 371.6 371.6 Total equity securities 1.9 1.6 1.6 Total other long-term investments 125.5 134.8 134.8 Total investments in securities $ 5,820.9 $ 5,798.3 $ 5,798.3 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | Schedule II - Condensed Financial Information of Registrant (1) Balance Sheets As of December 31, 2023 and 2022 (expressed in millions of U.S. dollars) December 31, 2023 December 31, 2022 Assets Total investments $ 1.5 $ 19.4 Cash and cash equivalents 12.3 5.6 Investment in subsidiaries 3,294.4 2,875.9 Deferred tax asset 46.0 — Amounts due from affiliates 16.1 14.7 Other assets 7.1 12.8 Total assets $ 3,377.4 $ 2,928.4 Liabilities Accounts payable, accrued expenses and other liabilities $ 10.0 $ 15.3 Liability-classified capital instruments 67.3 60.4 Debt 786.2 778.0 Total liabilities 863.5 853.7 Shareholders’ equity Series B preference shares 200.0 200.0 Common shares 16.8 16.2 Additional paid-in capital 1,693.0 1,641.3 Retained earnings 601.0 262.2 Accumulated other comprehensive loss 3.1 (45.0) Total shareholders’ equity 2,513.9 2,074.7 Total liabilities and shareholders’ equity $ 3,377.4 $ 2,928.4 (1) The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. Schedule II - Condensed Financial Information of Registrant (1) Statements of Income (Loss) For the years ended December 31, 2023, 2022 and 2021 2023 2022 2021 Revenues Net investment income and realized and unrealized investment gains (losses) $ (3.5) $ 6.4 $ 1.3 Other revenues (59.8) 30.6 100.2 Equity in earnings (losses) of subsidiaries 471.6 (360.2) 90.1 Total revenues 408.3 (323.2) 191.6 Expenses Net corporate and other expenses 45.2 64.9 109.5 Interest expense 45.2 38.6 34.0 Foreign exchange (gains) losses 9.1 (38.1) (18.2) Total expenses 99.5 65.4 125.3 Income (loss) before income tax (expense) benefit 308.8 (388.6) 66.3 Income tax (expense) benefit 46.0 1.8 (8.2) Net income (loss) available to SiriusPoint 354.8 (386.8) 58.1 Dividends on Series B preference shares (16.0) (16.0) (13.5) Net income (loss) available to SiriusPoint common shareholders $ 338.8 $ (402.8) $ 44.6 (1) The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. Schedule II - Condensed Financial Information of Registrant (1) Statements of Comprehensive Income (Loss) For the years ended December 31, 2023, 2022 and 2021 2023 2022 2021 Comprehensive income (loss) Net income (loss) available to SiriusPoint $ 354.8 $ (386.8) $ 58.1 Other comprehensive income (loss) Change in foreign currency translation, net of tax 1.1 (5.0) (0.2) Unrealized gains (losses) from debt securities held as available for sale investments 38.9 (42.5) — Reclassifications from accumulated other comprehensive income (loss) 8.1 2.7 — Total other comprehensive income (loss) 48.1 (44.8) (0.2) Comprehensive income (loss) available to SiriusPoint $ 402.9 $ (431.6) $ 57.9 (1) The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. Schedule II - Condensed Financial Information of Registrant (1) Statements of Cash Flow For the years ended December 31, 2023, 2022 and 2021 2023 2022 2021 Operating activities Net income (loss) available to SiriusPoint $ 354.8 $ (386.8) $ 58.1 Adjustments to reconcile net income available to SiriusPoint to net cash provided by operating activities: Equity in (earnings) losses of subsidiaries (471.6) 360.2 (90.1) Dividend received by parent 101.2 125.0 74.0 Share compensation expense 21.4 30.6 11.7 Net realized and unrealized (gain) loss on investments and derivatives 3.5 (6.4) (1.3) Amortization of premium and accretion of discount, net 17.3 (0.5) (0.7) Other revenues 59.4 (27.4) (100.1) Other items, net (8.5) (38.0) (25.4) Changes in assets and liabilities: Deferred tax asset (46.0) — — Other assets 5.7 (0.1) 0.8 Accounts payable, accrued expenses and other liabilities (5.3) (2.5) 15.8 Amounts due from (to) affiliates (1.4) (28.3) 86.1 Net cash provided by operating activities 30.5 25.8 28.9 Investing activities Proceeds from sales and maturities of investments 14.4 — 4.1 Purchases of investments — — (11.8) Acquisition of Sirius Group — — (51.6) Net cash provided by (used in) investing activities 14.4 — (59.3) Financing activities Proceeds from issuance of SiriusPoint common shares, net of costs — — 50.8 Settlement of Contingent Value Rights (38.5) — — Net proceeds from exercise of options and warrants 27.8 — — Cash dividends paid to preference shareholders (16.0) (16.0) (12.2) Taxes paid on withholding shares (11.5) (7.1) (0.5) Purchases of SiriusPoint common shares under share repurchase program — (5.0) — Net cash provided by (used in) financing activities (38.2) (28.1) 38.1 Net increase (decrease) in cash, cash equivalents and restricted cash 6.7 (2.3) 7.7 Cash, cash equivalents and restricted cash at beginning of year 5.6 7.9 0.2 Cash, cash equivalents and restricted cash at end of year $ 12.3 $ 5.6 $ 7.9 (1) The condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Schedule III - Supplementary Insurance Information As of and f or the year s ended December 31, 2023, 2022 and 2021 (expressed in millions of U.S. dollars) As of and for the year ended December 31, 2023 Deferred acquisition costs and value of business acquired, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income and net realized and unrealized investment losses Loss and loss adjustment expenses incurred, net Acquisition costs, net Other underwriting expenses Net premiums written Reinsurance $ 159.0 $ 2,459.1 $ 663.6 $ 1,031.4 $ — $ 490.3 $ 252.2 $ 82.7 $ 1,061.0 Insurance & Services 130.9 1,729.7 927.0 1,249.2 — 815.4 295.5 94.3 1,282.7 Corporate & Eliminations (1) 19.0 1,419.3 36.7 145.6 272.7 75.6 (75.0) 19.3 94.2 $ 308.9 $ 5,608.1 $ 1,627.3 $ 2,426.2 $ 272.7 $ 1,381.3 $ 472.7 $ 196.3 $ 2,437.9 As of and for the year ended December 31, 2022 Deferred acquisition costs and value of business acquired, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income and net realized and unrealized investment losses Loss and loss adjustment expenses incurred, net Acquisition costs, net Other underwriting expenses Net premiums written Reinsurance $ 175.7 $ 3,512.2 $ 843.9 $ 1,213.1 $ — $ 855.9 $ 310.3 $ 113.8 $ 1,199.6 Insurance & Services 119.1 1,068.5 676.8 1,086.8 — 718.7 273.2 62.8 1,346.0 Corporate & Eliminations (1) 0.1 688.0 0.4 18.2 (322.7) 13.8 (121.6) 7.9 3.6 $ 294.9 $ 5,268.7 $ 1,521.1 $ 2,318.1 $ (322.7) $ 1,588.4 $ 461.9 $ 184.5 $ 2,549.2 As of and for the year ended December 31, 2021 Deferred acquisition costs and value of business acquired, net Loss and loss adjustment expense reserves Unearned premium Net premiums earned Net investment income and net realized and unrealized investment gains (losses) Loss and loss adjustment expenses incurred, net Acquisition costs, net Other underwriting expenses Net premiums written Reinsurance $ 147.5 $ 3,435.7 $ 687.5 $ 1,210.9 $ — $ 999.6 $ 302.7 $ 105.5 $ 1,124.9 Insurance & Services 71.2 511.1 498.4 522.8 — 320.6 149.7 29.2 652.8 Corporate & Eliminations (1) 0.1 894.6 12.5 (16.7) 312.5 6.3 (64.6) 24.1 (43.5) $ 218.8 $ 4,841.4 $ 1,198.4 $ 1,717.0 $ 312.5 $ 1,326.5 $ 387.8 $ 158.8 $ 1,734.2 (1) Corporate & Eliminations includes the results of all runoff business and non-underwriting income and expenses. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | Schedule IV - Reinsurance For the years ended December 31, 2023, 2022 and 2021 (expressed in millions of U.S. dollars) Direct premiums written Ceded to other companies Assumed from other companies Net amount Percentage of amount assumed to net Year ended December 31, 2023 $ 1,678.7 $ 989.5 $ 1,748.7 $ 2,437.9 71.7 % Year ended December 31, 2022 $ 1,403.9 $ 860.5 $ 2,005.8 $ 2,549.2 78.7 % Year ended December 31, 2021 $ 718.0 $ 502.3 $ 1,518.5 $ 1,734.2 87.6 % |
Schedule VI - Supplementary Inf
Schedule VI - Supplementary Information for Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Schedule VI - Supplementary Information for Property-Casualty Insurance Operations | Schedule VI - Supplementary Information for Property-Casualty Insurance Operations As of and for the years ended December 31, 2023, 2022 and 2021 (expressed in millions of U.S. dollars) Deferred acquisition costs and value of business acquired, net Loss and Unearned premium reserves Net premiums earned Net investment income and net realized and unrealized investment gains (losses) Loss and Loss and loss Acquisition costs, net Net paid losses Net 2023 $ 308.9 $ 5,608.1 $ 1,627.3 $ 2,426.2 $ 272.7 $ 1,555.5 $ (174.2) $ 472.7 $ 1,184.7 $ 2,437.9 2022 294.9 5,268.7 1,521.1 2,318.1 (322.7) 1,609.7 (21.3) 461.9 1,255.3 2,549.2 2021 $ 218.8 $ 4,841.4 $ 1,198.4 $ 1,717.0 $ 312.5 $ 1,369.1 $ (42.6) $ 387.8 $ 1,450.1 $ 1,734.2 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) available to SiriusPoint | $ 354.8 | $ (386.8) | $ 58.1 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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. |
Premium revenue recognition | The Company recognizes premiums written ratably over the term of the related insurance 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. Changes in premium estimates are expected and may result in adjustments in any reporting period. Any subsequent adjustments arising on such estimates are recorded in the period in which they are determined. |
Reinsurance premiums ceded, Funds held, Reinsurance and Retroactive Reinsurance | 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 reinsurer 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 insurance and reinsurance ceded. Funds held by ceding companies represent amounts due to the Company in connection with certain assumed reinsurance agreements in which the ceding company retains a portion of the premium to provide security against future loss payments. The funds held by ceding companies are generally invested by the ceding company and a contractually agreed interest amount is credited to the Company and recognized as investment income. These amounts are included in insurance and reinsurance balances receivable, net on the consolidated balance sheets. Funds held under reinsurance treaties represent contractual payments due from the Company that have been retained to secure such obligations. These amounts are included in reinsurance balances payable on the consolidated balance sheets, and the associated interest is included in interest expense on the consolidated income statement. 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. A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative loss and loss adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of loss and loss adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings. The deferred gain is disclosed as a separate line item in the Company’s consolidated balance sheets and changes in the deferred gain are recognized within losses incurred in the Company’s income statement. |
Deferred acquisition costs | Deferred acquisition costs consist of commissions, brokerage expenses, excise taxes and other costs which are directly attributable to the successful acquisition or renewal of contracts and vary with the production of business. These costs are deferred and amortized over the period in which the related premiums are earned. Amortization of deferred acquisition costs are shown net of contractual commissions earned on reinsurance ceded within acquisition expenses, net in the consolidated statements of net income (loss). Acquisition costs also include profit commissions which 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. |
Value of business acquired ("VOBA") | As a result of the Sirius Group acquisition, a value of business acquired (“VOBA”) intangible asset was established. VOBA represents the expected future losses and expenses associated with the policies and contracts that were in-force as of the closing date of the transaction compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value, and the unearned premium reserve was estimated to be the VOBA. Amortization of VOBA is recorded in acquisition costs, net in the consolidated statements of net income (loss). As of December 31, 2022, VOBA was fully amortized and therefore had no carrying value. |
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. |
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. Fixed interest credits on deposit accounted contracts are included in interest expense in the consolidated statements of net income (loss) |
Service Fee Revenues | The Company’s consolidated MGA subsidiaries underwrite insurance products on behalf of the Company and third-party insurers. The Company earns commissions and fees associated with these policies which are recognized in Other Revenues. Generally, the performance obligation associated with these contracts is the placement of the policy, which is met on the effective date at which point the associated commission revenue is recognized in accordance with Accounting Standards Codification 606, Revenues from Contracts with Customers. |
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. |
Investments | Short-term investments Short-term investments consist of U.S. treasury bills, certificates of deposit and other securities, which, at the time of purchase, mature within a period of greater than three months but less than one year. Short-term investments are classified as trading securities, carried at fair value and disclosed as a separate line item in the consolidated balance sheets. Debt Securities The Company’s investments are classified as either trading securities or available for sale (“AFS”). Trading securities are carried at fair value with changes in fair value included in earnings in the consolidated statements of income (loss). AFS securities are held at fair value, net of an allowance for credit losses, and any decline in fair value that is believed to arise from factors other than credit is recorded as a separate component of accumulated other comprehensive income (loss) in the consolidated statement of shareholders’ equity. The Company has elected to classify debt securities, other than short-term investments, purchased on or after April 1, 2022 as AFS. 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 cost calculated on a specific identification basis and are reported pre-tax in revenues. 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. Other long-term investments Other long-term investments consist primarily of hedge funds, private equity funds, and strategic investments. The fair values of hedge funds and private equity funds that produce net asset value (“NAV”) are generally recorded based upon the Company's proportionate interest in the underlying fund's NAV, which is deemed to approximate fair value or the equity method where applicable. In addition, due to a lag in reporting, some of the fund managers, fund administrators or both, are unable to provide final fund valuations as of the Company's reporting date. In these circumstances and where the fair value option is elected, the Company uses all credible information available to estimate fair value. This includes utilizing preliminary estimates reported by its fund managers and using information that is available to the Company with respect to the underlying investments, as necessary. The changes in fair value are reported in pre-tax revenues in net realized and unrealized investment losses. Actual final fund valuations may differ from the Company's estimates and these differences are recorded in the period they become known as a change in estimates. Other long-term investments include certain strategic investments that are carried at fair value, using the equity method or the cost adjusted for market observable events less impairment method. For strategic investments carried at fair value, management uses commonly accepted valuation methods (i.e., income approach, market approach). Where appropriate to utilize equity method, the Company recognizes its share of the investees’ income in net realized and unrealized investment losses. Where criteria to be accounted for under the equity method is not met, we have elected to value our strategic investments at the cost adjusted for market observable events less impairment method, a measurement alternative in which the investment is measured at cost and remeasured to fair value when determined to be impaired or upon observable transactions prices becoming available. See Note 9 for additional information. Investments in related party investment funds The Company invests in Third Point Enhanced LP (“ TP Enhanced Fund ”), Third Point Venture Offshore Fund I LP (“TP Venture Fund”) and Third Point Venture Offshore Fund II LP (“ TP Venture Fund II ”), (collectively, the “Related Party Investment Funds”), which are related party investment funds. The Company’s investments in the funds are stated at their fair value, that generally represents the Company’s proportionate interest in the funds as reported by the fund based on the NAV provided by the fund administrator. Increases or decreases in such fair value are recorded within net realized and unrealized investment gains (losses) from related party investment funds in the Company’s consolidated statements of income (loss). The Company records contributions and withdrawals related to its investments in the funds on the transaction date. |
Derivative financial instruments | The Company holds derivative contracts to manage credit risk, interest rate risk, currency exchange risk and other exposure risks. The Company uses 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 allows for an efficient means by which to trade certain asset classes. Fair values of derivatives are 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. |
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 and used simplified method to develop the estimate of expected term, where appropriate. |
Defined benefit plans | Certain SiriusPoint employees in Europe participate in defined benefit plans. The liability for the defined benefit plans that is reported on the consolidated balance sheets is the current value of the defined benefit obligation at the end of the period, reduced by the fair value of the plan's assets, with adjustments for actuarial gains and losses. The defined benefit pension plan obligation is calculated annually by independent actuaries. The current value of the defined benefit obligation is determined through discounting of expected future cash flows, using interest rates determined by current market interest rates. The service costs and actuarial gains and losses on the defined benefit obligation and the fair value on the plan assets are recognized in the consolidated statements of income (loss). |
Other underwriting expenses | Other underwriting expenses primarily consist of general and administrative expenses and other operating income and expenses associated with underwriting activities, including salaries, benefits, information technology, and other costs. |
Net corporate and other expenses | Net corporate and other expenses include services expenses, costs associated with operating as a publicly-traded company, non-underwriting activities, including service fee expenses from our MGA subsidiaries, and current expected credit losses (“CECL”) from our insurance and reinsurance balances receivable and loss and loss adjustment expenses recoverable, corporate insurance costs, and severance charges. |
Foreign currency exchange | The U.S. dollar is the functional curre ncy for the Company’s businesses except for the Canadian reinsurance operations of SiriusPoint America Insurance Company. T he Company invests in securities denominated in foreign currencies. Assets and liabilities recorded in these foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are translated using the average exchange rates for the period. Net foreign exchange gains and losses arising from the translation of functional currencies are reported in shareholders’ equity, in accumulated other comprehensive income (loss). As of December 31, 2023, the Company had net unrealized foreign currency translation losses of $4.1 million recorded in accumulated other comprehensive income (loss) on its consolidated balance sheet (December 31, 2022 - $5.2 million). For transactions denominated in currencies other than functional currency, the resulting exchange gains and losses are reported as a component of net income (loss) in the period in which they arise within net realized and unrealized investment gains (losses) and net foreign exchange gains (losses). |
Federal and foreign income taxes | 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. 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. The Company records the total effect of changes in tax laws or rates on deferred tax balances as a component of the income taxes related to continuing operations for the period in which the law is enacted. |
Variable and voting interest entities | We evaluate our investments to determine whether those investments are variable interest entities ("VIEs") or voting interest entities (“VOEs”) and whether consolidation is required. The Company consolidates the results of operations and financial position of all VOEs in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VOE or VIE, depends on the facts and circumstances surrounding each entity. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below. |
Noncontrolling interests | The Company consolidates the results of entities in which it has a controlling financial interest. Noncontrolling interests are presented as a separate line within shareholders’ equity in the consolidated balance sheets. The Company records the portion of net (income) loss attributable to noncontrolling interests as a separate line within the consolidated statements of income (loss). |
Earnings per share | Basic earnings 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 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. The Company does not have any leases classified as finance leases. For its operating leases, the Company recognizes lease assets and liabilities on the balance sheet, with the exception of leases with an original term of 12 months or less. Lease assets and liabilities are initially recognized and measured based on the present value of the lease payments. |
Segment information | Under U.S. GAAP, operating segments are based on the internal information that management uses for allocating resources and assessing perfor |
Liability-classified capital instruments | As part of the consideration transferred in the acquisition of Sirius Group, the Company issued various instruments that were classified as liabilities based on their terms, notably the settlement features for each and any potential adjustments to the exercise price for the warrants issued. Liability-classified capital instruments reported in the consolidated balance sheets include Series A preference shares, Merger Warrants, Private Warrants, Sirius Group Public Warrants, Upside Rights and Contingent Value Rights. See Note 3 for additional information on each of these instruments. The liability-classified capital instruments are carried at fair value with changes in fair value included in other revenues in the consolidated statements of income (loss). |
Business combinations | The Company accounts for business combinations in accordance with Accounting Standards Codification ("ASC") Topic 805 Business Combinations , and intangible assets that arise from business combinations in accordance with ASC Topic 350 Intangibles – Goodwill and Other . The difference between the fair value of net assets acquired and the purchase price is recorded as a bargain purchase gain in other revenues in the consolidated statements of income (loss). |
Intangible assets | Intangible assets arising from our business acquisitions are classified as either finite or indefinite-lived intangible assets. Finite-lived intangible assets are amortized over their useful lives with the amortization expense being recognized in the consolidated statements of income (loss). The amortization periods approximate the period over which the Company expects to generate future net cash inflows from the use of these assets. All of these assets are subject to impairment testing for the impairment or disposal of long-lived assets when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Indefinite-lived intangible assets are however not subject to amortization. The carrying values of intangible assets are reviewed for indicators of impairment at least annually. The Company initially evaluates indefinite-lived intangible assets using a qualitative approach to determine whether it is more likely than not that the fair value is greater than its carrying value. If the results of the qualitative evaluation indicate that it is more likely than not that the carrying value exceeds its fair value, the Company performs the quantitative test for impairment. If indefinite-lived intangible assets are impaired, such assets are written down to their fair values with the related expense recognized in the consolidated statements of income (loss). |
Recent accounting pronouncements | Recently Issued Accounting Standards Not Yet Adopted In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendment clarifies or improves the disclosure or presentation requirements of a variety of Topics in the Codification to allows users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendment enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. This new pronouncement is not expected to have a material impact on the Company’s consolidated financial statements. |
Reclassifications | 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 net income (loss) or shareholders’ equity attributable to SiriusPoint shareholders. |
Acquisition of Sirius Group (Ta
Acquisition of Sirius Group (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of identifiable intangible assets | Identifiable intangible assets associated with the acquisition consisted of the following and are included in intangible assets on the Company’s consolidated balance sheets as of December 31, 2023 and 2022 : Economic Useful Life Gross balance at February 26, 2021 Accumulated amortization and dispositions Net balance at December 31, 2023 Distribution relationships 17 years $ 75.0 $ (7.4) $ 67.6 MGA relationships 13 years 34.0 (13.4) 20.6 Lloyd’s Capacity - Syndicate 1945 Indefinite 41.8 — 41.8 Insurance licenses Indefinite 7.0 (1.0) 6.0 Trade name 16 years 16.0 (1.5) 14.5 Internally developed computer software 5 years 5.0 (2.8) 2.2 Identifiable intangible assets (1) $ 178.8 $ (26.1) $ 152.7 Economic Useful Life Gross balance at February 26, 2021 Accumulated amortization and dispositions Net balance at December 31, 2022 Distribution relationships 17 years $ 75.0 $ (1.9) $ 73.1 MGA relationships 13 years 34.0 (9.4) 24.6 Lloyd’s Capacity - Syndicate 1945 Indefinite 41.8 — 41.8 Insurance licenses Indefinite 7.0 (1.0) 6.0 Trade name 16 years 16.0 (0.8) 15.2 Internally developed computer software 5 years 5.0 (1.9) 3.1 Identifiable intangible assets (1) $ 178.8 $ (15.0) $ 163.8 (1) No impairments were recorded in the years ended December 31, 2023 and 2022. |
Schedule of estimated remaining amortization expense for intangible assets with finite lives | The estimated remaining amortization expense for the Company's intangible assets with finite lives is as follows: 2024 $ 12.0 2025 11.4 2026 9.9 2027 9.1 2028 and thereafter 62.5 Total remaining amortization expense $ 104.9 |
Schedule of results of Sirius Group and pro forma financial information | The following table su mmarizes the results of Sirius Group that have been included in the Company's consolidated statements of income for the year ended December 31, 2021 : For the period from February 26, 2021 to December 31, 2021 Total revenues $ 1,224.3 Net loss $ (161.2) The following table presents unaudited pro forma consolidated financial information for the year ended December 31, 2021 and 2020, and assumes the acquisition of Sirius Group occurred on January 1, 2020. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2020 or that may be achieved in the future. 2021 2020 Total revenues $ 2,343.9 $ 2,613.6 Net income (loss) $ 60.7 $ (268.4) |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021: 2023 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total Gross premiums written $ 1,271.0 $ 2,039.7 $ 3,310.7 $ — $ 116.7 $ — $ 3,427.4 Net premiums written 1,061.0 1,282.7 2,343.7 — 94.2 — 2,437.9 Net premiums earned 1,031.4 1,249.2 2,280.6 — 145.6 — 2,426.2 Loss and loss adjustment expenses incurred, net 490.3 815.4 1,305.7 (5.4) 81.0 — 1,381.3 Acquisition costs, net 252.2 295.5 547.7 (137.2) 62.2 — 472.7 Other underwriting expenses 82.7 94.3 177.0 — 19.3 — 196.3 Underwriting income (loss) 206.2 44.0 250.2 142.6 (16.9) — 375.9 Services revenues (1.1) 238.6 237.5 (149.6) — (87.9) — Services expenses — 187.8 187.8 — — (187.8) — Net services fee income (loss) (1.1) 50.8 49.7 (149.6) — 99.9 — Services noncontrolling income — (8.5) (8.5) — — 8.5 — Net services income (loss) (1.1) 42.3 41.2 (149.6) — 108.4 — Segment income (loss) 205.1 86.3 291.4 (7.0) (16.9) 108.4 375.9 Net investment income 283.7 — 283.7 Net realized and unrealized investment losses (10.0) — (10.0) Net realized and unrealized investment losses from related party investment funds (1.0) — (1.0) Other revenues (49.5) 87.9 38.4 Net corporate and other expenses (70.4) (187.8) (258.2) Intangible asset amortization (11.1) — (11.1) Interest expense (64.1) — (64.1) Foreign exchange losses (34.9) — (34.9) Income before income tax benefit $ 205.1 $ 86.3 291.4 (7.0) 25.8 8.5 318.7 Income tax benefit — — 45.0 — 45.0 Net income 291.4 (7.0) 70.8 8.5 363.7 Net income attributable to noncontrolling interests — — (0.4) (8.5) (8.9) Net income available to SiriusPoint $ 291.4 $ (7.0) $ 70.4 $ — $ 354.8 Underwriting Ratios: (1) Loss ratio 47.5 % 65.3 % 57.3 % 56.9 % Acquisition cost ratio 24.5 % 23.7 % 24.0 % 19.5 % Other underwriting expenses ratio 8.0 % 7.5 % 7.8 % 8.1 % Combined ratio 80.0 % 96.5 % 89.1 % 84.5 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. 2022 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total Gross premiums written $ 1,521.4 $ 1,884.2 $ 3,405.6 $ — $ 4.1 $ — $ 3,409.7 Net premiums written 1,199.6 1,346.0 2,545.6 — 3.6 — 2,549.2 Net premiums earned 1,213.1 1,086.8 2,299.9 — 18.2 — 2,318.1 Loss and loss adjustment expenses incurred, net 855.9 718.7 1,574.6 (5.2) 19.0 — 1,588.4 Acquisition costs, net 310.3 273.2 583.5 (118.6) (3.0) — 461.9 Other underwriting expenses 113.8 62.8 176.6 — 7.9 — 184.5 Underwriting income (loss) (66.9) 32.1 (34.8) 123.8 (5.7) — 83.3 Services revenues (0.2) 215.7 215.5 (133.4) — (82.1) — Services expenses — 179.2 179.2 — — (179.2) — Net services fee income (loss) (0.2) 36.5 36.3 (133.4) — 97.1 — Services noncontrolling loss — 1.1 1.1 — — (1.1) — Net services income (loss) (0.2) 37.6 37.4 (133.4) — 96.0 — Segment income (loss) (67.1) 69.7 2.6 (9.6) (5.7) 96.0 83.3 Net investment income 113.3 — 113.3 Net realized and unrealized investment losses (225.5) — (225.5) Net realized and unrealized investment losses from related party investment funds (210.5) — (210.5) Other revenues 28.1 82.1 110.2 Net corporate and other expenses (133.6) (179.2) (312.8) Intangible asset amortization (8.1) — (8.1) Interest expense (38.6) — (38.6) Foreign exchange gains 66.0 — 66.0 Income (loss) before income tax benefit $ (67.1) $ 69.7 2.6 (9.6) (414.6) (1.1) (422.7) Income tax benefit — — 36.7 — 36.7 Net income (loss) 2.6 (9.6) (377.9) (1.1) (386.0) Net income attributable to noncontrolling interests — — (1.9) 1.1 (0.8) Net income (loss) available to SiriusPoint $ 2.6 $ (9.6) $ (379.8) $ — $ (386.8) Underwriting Ratios: (1) Loss ratio 70.6 % 66.1 % 68.5 % 68.5 % Acquisition cost ratio 25.6 % 25.1 % 25.4 % 19.9 % Other underwriting expenses ratio 9.4 % 5.8 % 7.7 % 8.0 % Combined ratio 105.6 % 97.0 % 101.6 % 96.4 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. 2021 Reinsurance Insurance & Services Core Eliminations (2) Corporate Segment Measure Reclass Total Gross premiums written $ 1,350.4 $ 897.9 $ 2,248.3 $ — $ (11.8) $ — $ 2,236.5 Net premiums written 1,124.9 652.8 1,777.7 — (43.5) — 1,734.2 Net premiums earned 1,210.9 522.8 1,733.7 — (16.7) — 1,717.0 Loss and loss adjustment expenses incurred, net 989.4 320.6 1,310.0 (2.6) 19.1 — 1,326.5 Acquisition costs, net 302.7 149.7 452.4 (67.6) 3.0 — 387.8 Other underwriting expenses 105.5 29.2 134.7 — 24.1 — 158.8 Underwriting income (loss) (186.7) 23.3 (163.4) 70.2 (62.9) — (156.1) Services revenue — 133.7 133.7 (82.6) — (51.1) — Services expenses — 120.5 120.5 — — (120.5) — Net services fee income — 13.2 13.2 (82.6) — 69.4 — Services noncontrolling loss — 2.3 2.3 — — (2.3) — Net services income — 15.5 15.5 (82.6) — 67.1 — Segment income (loss) (186.7) 38.8 (147.9) (12.4) (62.9) 67.1 (156.1) Net investment income 25.4 — 25.4 Net realized and unrealized investment losses (16.9) — (16.9) Net realized and unrealized investment gains from related party investment funds 304.0 — 304.0 Other Revenues 100.1 51.1 151.2 Net corporate and other expenses (146.1) (120.5) (266.6) Intangible asset amortization (5.9) — (5.9) Interest expense (34.0) — (34.0) Foreign exchange gains 44.0 — 44.0 Income (loss) before income tax benefit $ (186.7) $ 38.8 (147.9) (12.4) 207.7 (2.3) 45.1 Income tax benefit — — 10.7 — 10.7 Net income (loss) (147.9) (12.4) 218.4 (2.3) 55.8 Net income attributable to noncontrolling interests — — — 2.3 2.3 Net income (loss) available to SiriusPoint $ (147.9) $ (12.4) $ 218.4 $ — $ 58.1 Underwriting Ratios: (1) Loss ratio 81.7 % 61.3 % 75.6 % 77.3 % Acquisition cost ratio 25.0 % 28.6 % 26.1 % 22.6 % Other underwriting expenses ratio 8.7 % 5.6 % 7.8 % 9.2 % Combined ratio 115.4 % 95.5 % 109.5 % 109.1 % (1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (2) Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
Schedule of net premiums written by location and reportable segment | The following tables provide a br eakdown of ne t premiums written by client location and underwriting location by reportable segment for the years ended December 31, 2023, 2022 and 2021: 2023 Reinsurance Insurance & Services Corporate Total Net written premiums by client location: United States and Canada $ 750.6 $ 914.2 $ 4.1 $ 1,668.9 Europe 172.1 243.4 4.1 419.6 Bermuda, the Caribbean and Latin America (2.1) (2.4) (1.4) (5.9) Asia and Other 140.4 127.5 87.4 355.3 Total net written premiums by client location $ 1,061.0 $ 1,282.7 $ 94.2 $ 2,437.9 Net written premiums by underwriting location: United States and Canada $ 516.6 $ 653.2 $ 92.0 $ 1,261.8 Europe 345.9 280.7 4.4 631.0 Bermuda, the Caribbean and Latin America 198.5 348.8 0.7 548.0 Asia and Other — — (2.9) (2.9) Total net written premiums by underwriting location $ 1,061.0 $ 1,282.7 $ 94.2 $ 2,437.9 2022 Reinsurance Insurance & Services Corporate Total Net written premiums by client location: United States and Canada $ 746.9 $ 1,139.5 $ 0.5 $ 1,886.9 Europe 241.6 120.5 3.1 365.2 Bermuda, the Caribbean and Latin America 171.4 54.6 — 226.0 Asia and Other 39.7 31.4 — 71.1 Total net written premiums by client location $ 1,199.6 $ 1,346.0 $ 3.6 $ 2,549.2 Net written premiums by underwriting location: United States and Canada $ 569.2 $ 931.3 $ 0.5 $ 1,501.0 Europe 384.4 255.0 0.4 639.8 Bermuda, the Caribbean and Latin America 243.6 159.7 2.7 406.0 Asia and Other 2.4 — — 2.4 Total net written premiums by underwriting location $ 1,199.6 $ 1,346.0 $ 3.6 $ 2,549.2 2021 Reinsurance Insurance & Services Corporate Total Net written premiums by client location: United States and Canada $ 579.1 $ 560.3 $ 1.6 $ 1,141.0 Europe 309.5 36.4 (45.8) 300.1 Bermuda, the Caribbean and Latin America 114.3 13.7 — 128.0 Asia and Other 122.0 42.4 0.7 165.1 Total net written premiums by client location $ 1,124.9 $ 652.8 $ (43.5) $ 1,734.2 Net written premiums by underwriting location: United States and Canada $ 447.1 $ 408.9 $ 1.6 $ 857.6 Europe 379.8 93.0 (17.5) 455.3 Bermuda, the Caribbean and Latin America 246.1 150.9 (27.9) 369.1 Asia and Other 51.9 — 0.3 52.2 Total net written premiums by underwriting location $ 1,124.9 $ 652.8 $ (43.5) $ 1,734.2 |
Cash, cash equivalents, restr_2
Cash, cash equivalents, restricted cash and restricted investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of restrictions on cash and cash equivalents and investments | The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2023 and 2022: December 31, December 31, Cash and cash equivalents $ 969.2 $ 705.3 Restricted cash securing letter of credit facilities (1) 56.9 34.3 Restricted cash securing reinsurance contracts (2) 52.7 148.9 Restricted cash held by managing general underwriters 22.5 25.2 Total cash, cash equivalents and restricted cash (3) 1,101.3 913.7 Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4) 2,668.0 2,202.2 Total cash, cash equivalents, restricted cash and restricted investments $ 3,769.3 $ 3,115.9 (1) Restricted cash and restricted investments 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, short-term investments and limited partnership interests in TP Enhanced 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. (4) Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses. |
Schedule of cash and cash equivalents | The following table provides a summary of cash and cash equivalents, restricted cash and restricted investments as of December 31, 2023 and 2022: December 31, December 31, Cash and cash equivalents $ 969.2 $ 705.3 Restricted cash securing letter of credit facilities (1) 56.9 34.3 Restricted cash securing reinsurance contracts (2) 52.7 148.9 Restricted cash held by managing general underwriters 22.5 25.2 Total cash, cash equivalents and restricted cash (3) 1,101.3 913.7 Restricted investments securing reinsurance contracts and letter of credit facilities (1) (2) (4) 2,668.0 2,202.2 Total cash, cash equivalents, restricted cash and restricted investments $ 3,769.3 $ 3,115.9 (1) Restricted cash and restricted investments 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, short-term investments and limited partnership interests in TP Enhanced 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. (4) Restricted investments include required deposits with certain insurance state regulatory agencies in order to maintain insurance licenses. |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: December 31, 2023 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Asset-backed securities $ — $ 880.7 $ — $ 880.7 Residential mortgage-backed securities — 902.8 — 902.8 Commercial mortgage-backed securities — 204.1 — 204.1 Corporate debt securities — 1,573.1 — 1,573.1 U.S. government and government agency 1,132.6 4.1 — 1,136.7 Non-U.S. government and government agency — 58.0 — 58.0 Total debt securities, available for sale 1,132.6 3,622.8 — 4,755.4 Asset-backed securities — 256.6 — 256.6 Residential mortgage-backed securities — 57.2 — 57.2 Commercial mortgage-backed securities — 67.8 — 67.8 Corporate debt securities — 45.2 — 45.2 U.S. government and government agency 98.1 — — 98.1 Non-U.S. government and government agency — 10.0 — 10.0 Total debt securities, trading 98.1 436.8 — 534.9 Total equity securities 1.6 — — 1.6 Short-term investments 321.9 49.7 — 371.6 Other long-term investments — — 169.7 169.7 Derivative assets — — 15.7 15.7 $ 1,554.2 $ 4,109.3 $ 185.4 5,848.9 Cost and equity method investments 80.1 Investments in funds valued at NAV 164.3 Total assets $ 6,093.3 Liabilities Liability-classified capital instruments $ — $ — $ 67.3 $ 67.3 Derivative liabilities — — 6.4 6.4 Total liabilities $ — $ — $ 73.7 $ 73.7 December 31, 2022 Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) Assets Asset-backed securities $ — $ 230.7 $ — $ 230.7 Residential mortgage-backed securities — 340.7 — 340.7 Commercial mortgage-backed securities — 61.2 — 61.2 Corporate debt securities — 415.7 — 415.7 U.S. government and government agency 1,546.2 4.4 — 1,550.6 Non-U.S. government and government agency 5.0 31.6 — 36.6 Total debt securities, available for sale 1,551.2 1,084.3 — 2,635.5 Asset-backed securities — 553.7 — 553.7 Residential mortgage-backed securities — 133.6 — 133.6 Commercial mortgage-backed securities — 113.4 — 113.4 Corporate debt securities — 363.5 — 363.5 U.S. Government and government agency 264.1 6.3 — 270.4 Non-U.S. government and government agency 8.7 79.5 — 88.2 Preferred stocks — — 3.2 3.2 Total debt securities, trading 272.8 1,250.0 3.2 1,526.0 Total equity securities 1.6 — — 1.6 Short-term investments 972.8 11.8 — 984.6 Other long-term investments — — 227.3 227.3 Derivative assets — — 9.5 9.5 $ 2,798.4 $ 2,346.1 $ 240.0 5,384.5 Cost and equity method investments 104.8 Investments in funds valued at NAV 173.9 Total assets $ 5,663.2 Liabilities Total securities sold, not yet purchased $ 27.0 $ — $ — $ 27.0 Securities sold under an agreement to repurchase — 18.0 — 18.0 Liability-classified capital instruments — 39.0 21.4 60.4 Derivative liabilities — — 8.6 8.6 Total liabilities $ 27.0 $ 57.0 $ 30.0 $ 114.0 |
Reconciliation of assets measured at fair value using Level 3 inputs | The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022: January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) December 31, Assets Preferred stocks $ 3.2 $ — $ — $ (2.3) $ (0.9) $ — Other long-term investments 227.3 (25.3) 6.6 (14.7) (24.2) 169.7 Derivative assets 9.5 — 2.8 (13.7) 17.1 15.7 Total assets $ 240.0 $ (25.3) $ 9.4 $ (30.7) $ (8.0) $ 185.4 Liabilities Liability-classified capital instruments $ (21.4) $ — $ — $ 3.8 $ (49.7) $ (67.3) Derivative liabilities (8.6) — (5.1) 18.5 (11.2) (6.4) Total liabilities $ (30.0) $ — $ (5.1) $ 22.3 $ (60.9) $ (73.7) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) December 31, Assets Preferred stocks $ 2.8 $ — $ — $ — $ 0.4 $ 3.2 Other long-term investments 262.1 — 2.1 (24.7) (12.2) 227.3 Derivative assets 0.4 — 43.3 — (34.2) 9.5 Total assets $ 265.3 $ — $ 45.4 $ (24.7) $ (46.0) $ 240.0 Liabilities Liability-classified capital instruments $ (57.2) $ — $ — $ — $ 35.8 $ (21.4) Derivative liabilities (3.2) — — (3.4) (2.0) (8.6) Total liabilities $ (60.4) $ — $ — $ (3.4) $ 33.8 $ (30.0) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains (losses) in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other revenues, net of foreign exchange (gains) losses, in the consolidated statements of income (loss). |
Reconciliation of liabilities measured at fair value using Level 3 inputs | The following tables present the reconciliation of all investments measured at fair value using Level 3 inputs for the years ended December 31, 2023 and 2022: January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) December 31, Assets Preferred stocks $ 3.2 $ — $ — $ (2.3) $ (0.9) $ — Other long-term investments 227.3 (25.3) 6.6 (14.7) (24.2) 169.7 Derivative assets 9.5 — 2.8 (13.7) 17.1 15.7 Total assets $ 240.0 $ (25.3) $ 9.4 $ (30.7) $ (8.0) $ 185.4 Liabilities Liability-classified capital instruments $ (21.4) $ — $ — $ 3.8 $ (49.7) $ (67.3) Derivative liabilities (8.6) — (5.1) 18.5 (11.2) (6.4) Total liabilities $ (30.0) $ — $ (5.1) $ 22.3 $ (60.9) $ (73.7) January 1, Transfers in to (out of) Level 3 Purchases Sales Realized and Unrealized Gains (Losses) (1) December 31, Assets Preferred stocks $ 2.8 $ — $ — $ — $ 0.4 $ 3.2 Other long-term investments 262.1 — 2.1 (24.7) (12.2) 227.3 Derivative assets 0.4 — 43.3 — (34.2) 9.5 Total assets $ 265.3 $ — $ 45.4 $ (24.7) $ (46.0) $ 240.0 Liabilities Liability-classified capital instruments $ (57.2) $ — $ — $ — $ 35.8 $ (21.4) Derivative liabilities (3.2) — — (3.4) (2.0) (8.6) Total liabilities $ (60.4) $ — $ — $ (3.4) $ 33.8 $ (30.0) (1) Total change in realized and unrealized gains (losses) recorded on Level 3 financial instruments is included in total net investment income and realized and unrealized investment gains (losses) in the consolidated statements of income (loss). Realized and unrealized gains (losses) related to underwriting-related derivative assets and liabilities are included in other revenues, net of foreign exchange (gains) losses, in the consolidated statements of income (loss). |
Schedule of financial instruments for which the carrying value differs from the estimated fair values | The following table includes financial instruments for which the carrying value differs from the estimated fair values as of December 31, 2023 and 2022. The fair values of the below financial instruments are based on observable inputs and are considered Level 2 measurements. December 31, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value 2017 SEK Subordinated Notes $ 206.6 $ 267.9 $ 259.0 $ 258.6 2016 Senior Notes 370.0 403.5 343.7 404.8 2015 Senior Notes 115.2 114.8 112.6 114.6 Series B preference shares $ 197.4 $ 200.0 $ 186.0 $ 200.0 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of debt securities | The following tables provide the cost or amortized cost, gross unrealized investment gains (losses), net foreign currency gains (losses), and fair value of the Company's debt securities as of December 31, 2023 and 2022: December 31, 2023 Cost or Gross Gross unrealized losses (3) Net foreign Fair value Debt securities, available for sale Asset-backed securities $ 882.2 $ 7.8 $ (9.3) $ — $ 880.7 Residential mortgage-backed securities 903.0 15.8 (16.0) — 902.8 Commercial mortgage-backed securities 204.0 1.6 (1.5) — 204.1 Corporate debt securities 1,569.6 12.0 (7.5) (1.0) 1,573.1 U.S. government and government agency (1) 1,137.8 5.5 (6.6) — 1,136.7 Non-U.S. government and government agency 58.0 0.2 (0.3) 0.1 58.0 Total debt securities, available for sale (2) $ 4,754.6 $ 42.9 $ (41.2) $ (0.9) $ 4,755.4 Debt securities, trading Asset-backed securities $ 261.1 $ 0.6 $ (5.1) $ — $ 256.6 Residential mortgage-backed securities 67.0 — (9.8) — 57.2 Commercial mortgage-backed securities 76.7 0.1 (9.0) — 67.8 Corporate debt securities 52.2 — (7.0) — 45.2 U.S. government and government agency (1) 100.8 — (2.7) — 98.1 Non-U.S. government and government agency 10.3 — (0.3) — 10.0 Total debt securities, trading $ 568.1 $ 0.7 $ (33.9) $ — $ 534.9 December 31, 2022 Cost or Gross Gross Net foreign Fair value Debt securities, available for sale Asset-backed securities $ 234.1 $ 0.9 $ (4.3) $ — $ 230.7 Residential mortgage-backed securities 354.3 0.3 (13.9) — 340.7 Commercial mortgage-backed securities 62.1 — (0.9) — 61.2 Corporate debt securities 428.5 0.5 (13.1) (0.2) 415.7 U.S. government and government agency (1) 1,561.9 3.2 (14.5) — 1,550.6 Non-U.S. government and government agency 37.2 — (0.7) 0.1 36.6 Total debt securities, available for sale (2) $ 2,678.1 $ 4.9 $ (47.4) $ (0.1) $ 2,635.5 Debt securities, trading Asset-backed securities $ 575.5 $ 0.1 $ (21.9) $ — $ 553.7 Residential mortgage-backed securities 155.9 — (22.3) — 133.6 Commercial mortgage-backed securities 130.5 — (17.1) — 113.4 Corporate debt securities 391.4 — (27.2) (0.7) 363.5 U.S. government and government agency (1) 278.6 — (8.2) — 270.4 Non-U.S. government and government agency 95.8 — (4.0) (3.6) 88.2 Preferred stocks 2.4 0.8 — — 3.2 Total debt securities, trading $ 1,630.1 $ 0.9 $ (100.7) $ (4.3) $ 1,526.0 (1) The Company had no short positions in long duration U.S. Treasuries as of December 31, 2023 ( December 31, 2022 - $27.0 million). This amount was included in securities sold, not yet purchased in the consolidated balance sheets. (2) As of December 31, 2023 and 2022, the Company did not record an allowance for credit losses on the AFS portfolio. |
Schedule of debt securities by contractual maturity | The following table provides the cost or amortized cost and fair value of the Company's debt securities bifurcated into debt securities held for trading and AFS as of December 31, 2023 and 2022 by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. December 31, 2023 December 31, 2022 Debt securities, trading Debt securities, AFS Debt securities, trading Debt securities, AFS Cost or Fair value Cost or Fair value Cost or Fair value Cost or Fair value Due in one year or less $ 80.2 $ 79.7 $ 358.6 $ 357.2 $ 240.4 $ 230.9 $ 104.2 $ 104.0 Due after one year through five years 37.2 34.5 2,221.0 2,219.8 426.5 407.0 1,822.7 1,802.0 Due after five years through ten years 19.4 18.0 183.3 188.5 63.4 55.7 95.8 92.3 Due after ten years 26.6 21.3 2.5 2.3 35.5 28.5 4.9 4.6 Mortgage-backed and asset-backed securities 404.7 381.4 1,989.2 1,987.6 861.9 800.7 650.5 632.6 Preferred stocks — — — — 2.4 3.2 — — Total debt securities $ 568.1 $ 534.9 $ 4,754.6 $ 4,755.4 $ 1,630.1 $ 1,526.0 $ 2,678.1 $ 2,635.5 |
Schedule of the ratings and fair value of debt securities | The following table summarizes the ratings and fair value of debt securities held in the Company's investment portfolio as of December 31, 2023 and 2022. Credit ratings are assigned based on ratings provided by nationally recognized statistical rating organizations. December 31, 2023 December 31, 2022 Debt securities, trading Debt securities, AFS Debt securities, trading Debt securities, AFS AAA $ 248.4 $ 730.4 $ 564.4 $ 172.8 AA 177.0 2,334.4 523.2 1,907.6 A 28.9 1,122.1 181.1 188.9 BBB 71.7 515.5 158.1 149.9 Other 8.9 53.0 99.2 216.3 Total debt securities $ 534.9 $ 4,755.4 $ 1,526.0 $ 2,635.5 |
Schedule of equity securities and other long-term investments | The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains (losses), and fair values of the Company’s equity securities and other long-term investments as of December 31, 2023 and 2022 were as follows: Cost or Gross Gross Net foreign Fair value December 31, 2023 Equity securities $ 1.9 $ — $ (0.5) $ 0.2 $ 1.6 Other long-term investments $ 367.2 $ 20.0 $ (81.1) $ 2.4 $ 308.5 December 31, 2022 Equity securities $ 1.8 $ — $ (0.2) $ — $ 1.6 Other long-term investments $ 392.0 $ 27.5 $ (41.8) $ (0.5) $ 377.2 The Company holds investments in hedge funds and private equity funds, which are included in other long-term investments. The carrying value of other long-term investments as of December 31, 2023 and 2022 were as follows: December 31, December 31, Hedge funds and private equity funds (1) $ 74.5 $ 84.9 Strategic investments (2) 203.9 262.0 Other investments (2) 30.1 30.3 Total other long-term investments $ 308.5 $ 377.2 (1) Includes $58.7 million of investments carried at NAV (December 31, 2022 - $45.1 million) and no investments classified as Level 3 (December 31, 2022 - $25.1 million) within the fair value hierarchy. (2) As of December 31, 2023, the Company had $14.7 million of unfunded commitments relating to these investments (December 31, 2022 - $16.0 million). |
Schedule of other long-term investments | The following table presents the components of other long-term investments as of December 31, 2023 and 2022: December 31, December 31, Equity method eligible unconsolidated entities, using the fair value option $ 139.2 $ 147.9 Equity method investments 37.0 41.8 Other unconsolidated investments, at fair value (1) 89.2 124.5 Other unconsolidated investments, at cost (2) 43.1 63.0 Total other long-term investments $ 308.5 $ 377.2 (1) Includes other long-term investments that are not equity method eligible and are measured at fair value. (2) The Company has elected to apply the cost adjusted for market observable events impairment measurement alternative to investments that do not meet the criteria to be accounted for under the equity method, in which the investment is measured at cost and remeasured to fair value when impaired or upon observable transaction prices. |
Schedule of investments in related party investment funds | The following table provides the fair value of the Company's investments in related party investment funds as of December 31, 2023 and 2022: December 31, December 31, Third Point Enhanced LP $ 77.5 $ 100.3 Third Point Venture Offshore Fund I LP 25.0 26.0 Third Point Venture Offshore Fund II LP 3.1 2.5 Investments in related party investment funds, at fair value $ 105.6 $ 128.8 |
Total net investment income a_2
Total net investment income and realized and unrealized investment gains (losses) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of total realized and unrealized investment gains (losses) and net investment income | Net investment income and net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Debt securities, available for sale $ 181.6 $ 35.1 $ — Debt securities, trading 66.1 (115.6) (4.9) Short-term investments 29.3 17.7 1.6 Other long-term investments (20.0) (10.6) 35.2 Derivative instruments 4.8 — — Equity securities (0.1) (0.4) (2.5) Net realized and unrealized investment gains (losses) from related party investment funds (1.0) (210.5) 304.0 Net investment income and realized and unrealized investment gains before other investment expenses and investment income (loss) on cash and cash equivalents 260.7 (284.3) 333.4 Investment expenses (16.1) (20.3) (11.6) Net investment income (loss) on cash and cash equivalents 28.1 (18.1) (9.3) Total net investment income and realized and unrealized investment gains (losses) $ 272.7 $ (322.7) $ 312.5 |
Schedule of net realized investment gains (losses) | Net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Gross realized gains $ 148.3 $ 56.2 $ 40.4 Gross realized losses (189.0) (132.3) (9.6) Net realized gains (losses) on investments (40.7) (76.1) 30.8 Net unrealized gains (losses) on investments 30.7 (149.4) (47.7) Net realized and unrealized (losses) on investments (1) (2) $ (10.0) $ (225.5) $ (16.9) (1) Excludes realized and unrealized gains (losses) on the Company’s investments in related party investment funds and unrealized gains (losses) from available for sale investments, net of tax. (2) Includes net realized and unrealized gains (losses) of $(9.1) million from related party investments included in other long-term investments for the year ended December 31, 2023 (2022 - $5.6 million and 2021 - $12.9 million). Net realized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Debt securities, available for sale $ (10.0) $ 2.7 $ — Debt securities, trading (42.0) (66.7) 12.3 Short-term investments (1.4) (2.9) (0.1) Equity securities — (2.3) (0.1) Other long-term investments 8.9 2.9 14.1 Net investment income (loss) on cash and cash equivalents 3.8 (9.8) 4.6 Net realized investment gains (losses) $ (40.7) $ (76.1) $ 30.8 Net realized investment gains (losses) for Other long-term investments 2023 2022 2021 Hedge funds and private equity funds $ 8.1 $ 9.2 $ 4.6 Strategic investments 0.8 (2.5) 7.8 Other investments — (3.8) 1.7 Net realized investment gains on Other long-term investments $ 8.9 $ 2.9 $ 14.1 |
Schedule of net unrealized investment gains (losses) | Net realized and unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Gross realized gains $ 148.3 $ 56.2 $ 40.4 Gross realized losses (189.0) (132.3) (9.6) Net realized gains (losses) on investments (40.7) (76.1) 30.8 Net unrealized gains (losses) on investments 30.7 (149.4) (47.7) Net realized and unrealized (losses) on investments (1) (2) $ (10.0) $ (225.5) $ (16.9) (1) Excludes realized and unrealized gains (losses) on the Company’s investments in related party investment funds and unrealized gains (losses) from available for sale investments, net of tax. (2) Includes net realized and unrealized gains (losses) of $(9.1) million from related party investments included in other long-term investments for the year ended December 31, 2023 (2022 - $5.6 million and 2021 - $12.9 million). Net unrealized investment gains (losses) for the years ended December 31, 2023, 2022 and 2021 consisted of the following: 2023 2022 2021 Debt securities, trading $ 62.3 $ (105.0) $ (40.2) Short-term investments 1.7 (0.3) 1.4 Equity securities (0.1) 1.8 (2.5) Other long-term investments (40.3) (25.7) 11.2 Derivative instruments 4.8 — — Net investment income (loss) on cash and cash equivalents 2.3 (20.2) (17.6) Net unrealized investment gains (losses) $ 30.7 $ (149.4) $ (47.7) Net unrealized investment gains (losses) for Other long-term investments 2023 2022 2021 Hedge funds and private equity funds $ 0.7 $ (7.3) $ 17.2 Strategic investments (41.0) (8.2) (5.8) Other investments — (10.2) (0.2) Net unrealized investment gains (losses) on Other long-term investments $ (40.3) $ (25.7) $ 11.2 The following table summarizes the amount of total losses included in earnings attributable to unrealized investment (losses) – Level 3 investments for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Debt securities, trading $ (0.8) $ 0.7 $ — Other long-term investments (25.2) (15.4) (5.7) Total unrealized investment (losses) – Level 3 investments $ (26.0) $ (14.7) $ (5.7) |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments within the Company's consolidated balance sheets as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Derivatives not designated as hedging instruments Derivative assets at fair value (1) Derivative liabilities at fair value (2) Notional Derivative assets at fair value (1) Derivative liabilities at fair value (2) Notional Foreign currency forwards $ 12.0 $ — $ 585.3 $ 9.0 $ — $ 425.1 Foreign currency swaps — — — — 1.5 264.6 Weather derivatives 0.2 1.0 30.6 — 4.9 30.6 Interest rate swaps 3.4 1.7 62.7 — — — Credit default swap $ 0.1 $ — $ 30.0 $ — $ — $ — (1) Derivative assets are classified within other assets (2) Derivative liabilities are classified within accounts payable, accrued expenses and other liabilities |
Schedule of net impact on earnings relating to derivatives | The following table summarizes information on the classification and net impact on earnings, recognized in the Company's consolidated statements of income (loss) relating to derivatives during the years ended December 31, 2023, 2022 and 2021: Derivatives not designated as hedging instruments Classification of gains (losses) recognized in earnings 2023 2022 2021 Foreign currency futures contracts Foreign exchange (gains) losses $ — $ (32.1) $ (8.0) Foreign currency forwards Foreign exchange (gains) losses 0.8 (8.1) (1.3) Weather derivatives Other revenues 2.6 7.3 0.9 Equity warrants Net realized and unrealized investment gains (losses) — (0.1) (0.3) Foreign currency swaps Foreign exchange (gains) losses (3.7) 1.5 0.2 Interest rate swaps Net realized and unrealized investment gains (losses) 4.7 — — Credit default swap Net realized and unrealized investment gains (losses) 0.1 — — Foreign currency call options Foreign exchange (gains) losses $ — $ — $ 0.4 |
Variable and voting interest _2
Variable and voting interest entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation of noncontrolling interests | The following table is a reconciliation of the beginning and ending carrying amount of noncontrolling interests for the years ended December 31, 2023 and 2022: 2023 2022 Balance, beginning of period $ 7.9 $ (0.4) Business combinations — 0.8 Net income (loss) attributable to noncontrolling interests 8.9 0.8 Contributions (redemptions) 0.8 — Derecognition of noncontrolling interest (1) (0.9) 6.7 Balance, end of period $ 16.7 $ 7.9 (1) |
Schedule of information related to unconsolidated variable interest entities | The following table presents total assets of unconsolidated VIEs in which the Company holds a variable interest, as well as the maximum exposure to loss associated with these VIEs as of December 31, 2023 and December 31, 2022: Maximum Exposure to Loss Total VIE Assets On-Balance Sheet Off-Balance Sheet Total December 31, 2023 Other long-term investments (1) $ 189.8 $ 126.2 $ 5.7 $ 131.9 December 31, 2022 Other long-term investments (1) $ 211.5 $ 144.0 $ 2.0 $ 146.0 (1) |
Loss and loss adjustment expe_2
Loss and loss adjustment expense reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of loss and loss adjustment expense reserves | As of December 31, 2023 and 2022, loss and loss adjustment expense reserves in the consolidated balance sheets was comprised of the following: December 31, December 31, 2022 Case loss and loss adjustment expense reserves $ 2,042.5 $ 1,980.2 Incurred but not reported loss and loss adjustment expense reserves 3,509.7 3,226.5 Unallocated loss adjustment expense reserves 55.9 62.0 $ 5,608.1 $ 5,268.7 The following table represents the activity in the loss and loss adjustment expense reserves for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Gross reserves for loss and loss adjustment expenses, beginning of year $ 5,268.7 $ 4,841.4 $ 1,310.1 Less: loss and loss adjustment expenses recoverable, beginning of year (1,376.2) (1,215.3) (14.4) Less: deferred charges on retroactive reinsurance contracts (1.0) (1.4) (6.0) Net reserves for loss and loss adjustment expenses, beginning of year 3,891.5 3,624.7 1,289.7 Net reserves for loss and loss adjustment expenses disposed (1) (758.3) — — Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: Current year 1,555.5 1,609.7 1,369.1 Prior years (174.2) (21.3) (42.6) Total incurred loss and loss adjustment expenses 1,381.3 1,588.4 1,326.5 Net loss and loss adjustment expenses paid in respect of losses occurring in: Current year (347.4) (316.1) (271.2) Prior years (837.3) (939.2) (1,178.9) Total net paid losses (1,184.7) (1,255.3) (1,450.1) Foreign currency translation 10.7 (66.3) (9.2) Amounts acquired as a result of Sirius Group acquisition (2) — — 2,467.8 Net reserves for loss and loss adjustment expenses, end of year 3,340.5 3,891.5 3,624.7 Plus: loss and loss adjustment expenses recoverable, end of year 2,295.1 1,376.2 1,215.3 Plus: deferred (gains) charges on retroactive reinsurance contracts (3) (27.5) 1.0 1.4 Gross reserves for loss and loss adjustment expenses, end of year $ 5,608.1 $ 5,268.7 $ 4,841.4 (1) Net reserves for loss and loss adjustment expenses transferred represents the transfer of reserves under the 2023 LPT (2) Represents the fair value of Sirius Group’s reserves for claims and claim expenses, net of reinsurance recoverables, acquired at February 26, 2021. See Note 3 for additional information related to the acquisition of Sirius Group. (3) Deferred charges on retroactive reinsurance are recorded in other assets on the Company’s consolidated balance sheets. Deferred gains on retroactive reinsurance are presented as a separate line item on the Company’s consolidated balance sheets. |
Schedule of total loss and loss adjustment expenses incurred, net and net loss and loss adjustment expenses paid by accident year by line of business | The following tables provide a breakdown of the Company’s loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid by accident year by line of business for the Company’s Reinsurance segment for the year ended December 31, 2023. The information related to loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid for the years ended December 31, 2014 through 2022 is presented as supplementary information and is unaudited: Casualty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 150.6 $ 157.5 $ 158.0 $ 152.0 $ 151.4 $ 150.6 $ 151.1 $ 150.5 $ 150.2 $ 150.2 $ 0.6 2015 — 164.0 174.2 157.8 159.1 159.4 161.9 161.9 161.6 161.5 3.7 2016 — — 181.2 177.1 177.7 174.0 176.9 177.4 177.2 176.8 6.6 2017 — — — 168.5 170.8 171.5 175.7 178.8 180.3 179.4 16.6 2018 — — — — 226.5 236.8 245.9 250.0 251.3 257.8 34.9 2019 — — — — — 238.7 253.7 263.0 270.3 278.6 59.3 2020 — — — — — — 192.3 204.7 211.2 211.0 73.6 2021 — — — — — — — 148.1 147.4 145.7 53.9 2022 — — — — — — — — 296.8 302.3 200.3 2023 — — — — — — — — — 358.3 262.4 Total $ 2,221.6 $ 711.9 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 49.9 $ 113.9 $ 127.3 $ 134.7 $ 140.6 $ 143.4 $ 145.3 $ 146.1 $ 147.1 $ 147.8 2015 — 45.4 95.1 112.2 126.4 134.1 141.6 146.3 149.1 151.7 2016 — — 42.7 96.9 114.3 127.5 137.8 147.1 153.4 159.6 2017 — — — 29.6 63.6 79.5 100.2 119.2 131.9 142.3 2018 — — — — 27.1 63.1 95.7 149.5 173.1 194.1 2019 — — — — — 25.8 65.7 104.4 142.5 179.2 2020 — — — — — — 17.8 20.8 65.9 102.3 2021 — — — — — — — 13.7 43.0 66.4 2022 — — — — — — — — 19.5 51.6 2023 — — — — — — — — — 30.8 Total $ 1,225.8 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 995.8 Net reserves for loss and allocated loss adjustment expenses prior to 2014 0.9 Casualty - net reserves for loss and allocated loss adjustment expenses, end of year $ 996.7 Specialty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 58.6 $ 48.4 $ 52.3 $ 45.2 $ 45.8 $ 45.7 $ 45.4 $ 45.7 $ 45.6 $ 45.7 $ (2.0) 2015 — 91.3 112.0 108.3 105.9 104.5 103.9 103.7 103.8 103.9 0.7 2016 — — 124.9 122.2 116.4 111.6 111.5 111.2 110.0 110.0 1.5 2017 — — — 118.4 123.6 117.8 117.9 116.7 114.8 114.3 5.4 2018 — — — — 136.6 142.1 138.8 136.3 135.4 130.7 10.7 2019 — — — — — 189.5 206.1 214.3 204.9 203.4 36.4 2020 — — — — — — 191.1 192.2 174.9 175.4 50.0 2021 — — — — — — — 101.9 91.2 91.0 32.8 2022 — — — — — — — — 100.2 100.7 57.9 2023 — — — — — — — — — 156.7 113.1 Total $ 1,231.8 $ 306.5 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 10.5 $ 31.9 $ 43.0 $ 44.0 $ 46.2 $ 46.6 $ 46.6 $ 46.8 $ 47.0 $ 47.2 2015 — 36.5 73.0 94.7 98.5 100.7 101.2 101.1 101.6 102.4 2016 — — 29.1 88.6 99.7 104.4 106.3 105.5 106.5 107.5 2017 — — — 57.6 86.3 97.4 101.6 102.5 105.4 106.7 2018 — — — — 39.8 68.6 84.6 91.7 95.3 99.3 2019 — — — — — 29.3 72.5 104.1 121.3 136.9 2020 — — — — — — 40.9 65.3 86.4 99.9 2021 — — — — — — — 19.9 32.6 41.6 2022 — — — — — — — — 14.6 25.3 2023 — — — — — — — — — 21.3 Total $ 788.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 443.7 Net reserves for loss and allocated loss adjustment expenses prior to 2014 2.1 Specialty - net reserves for loss and allocated loss adjustment expenses, end of year $ 445.8 Property Other Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 81.2 $ 84.9 $ 91.1 $ 93.9 $ 96.3 $ 95.7 $ 94.9 $ 95.8 $ 95.4 $ 95.9 $ 0.4 2015 — 105.0 114.7 117.7 120.0 119.7 119.1 119.9 119.8 120.1 0.5 2016 — — 126.2 132.3 136.0 136.6 135.9 136.3 136.1 135.5 — 2017 — — — 227.6 258.1 270.8 273.8 275.5 273.0 270.6 7.4 2018 — — — — 209.7 243.9 251.1 248.4 246.2 243.5 10.6 2019 — — — — — 180.4 184.8 185.4 182.4 184.2 8.6 2020 — — — — — — 132.8 145.0 143.7 144.3 20.9 2021 — — — — — — — 62.3 63.9 70.4 25.3 2022 — — — — — — — — 59.8 59.6 14.2 2023 — — — — — — — — — 63.6 40.2 Total $ 1,387.7 $ 128.1 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 30.2 $ 64.5 $ 82.8 $ 89.4 $ 92.9 $ 93.9 $ 94.0 $ 95.0 $ 95.2 $ 95.3 2015 — 43.7 96.3 104.6 111.9 115.9 117.1 118.4 119.0 119.2 2016 — — 32.4 92.3 116.3 146.0 130.0 132.3 133.6 134.2 2017 — — — 49.4 162.9 206.5 235.6 242.7 254.4 258.2 2018 — — — — 55.9 147.3 194.4 208.6 221.0 226.8 2019 — — — — — 46.6 121.5 148.2 163.1 171.3 2020 — — — — — — 40.6 87.1 107.4 114.6 2021 — — — — — — — 22.9 38.7 42.6 2022 — — — — — — — — 9.7 31.5 2023 — — — — — — — — — 12.7 Total $ 1,206.4 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 181.3 Net reserves for loss and allocated loss adjustment expenses prior to 2014 2.3 Property Other - net reserves for loss and allocated loss adjustment expenses, end of year $ 183.6 Property Catastrophe Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — 27.6 32.6 26.4 27.2 28.2 28.5 27.0 2.4 2018 — — — — 12.0 5.3 5.7 4.8 4.5 4.1 1.0 2019 — — — — — 38.3 38.8 42.3 40.0 36.4 4.4 2020 — — — — — — 58.4 69.8 63.3 68.4 23.6 2021 — — — — — — — 68.0 69.7 57.2 10.5 2022 — — — — — — — — 84.5 76.8 45.3 2023 — — — — — — — — — 22.9 19.4 Total $ 292.8 $ 106.6 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — 1.3 7.8 12.0 20.4 20.6 22.0 23.0 2018 — — — — 0.4 1.7 2.2 2.7 2.9 2.9 2019 — — — — — 0.5 14.5 24.1 27.0 28.3 2020 — — — — — — 7.4 25.5 36.5 41.6 2021 — — — — — — — 16.1 29.1 33.1 2022 — — — — — — — — 7.4 23.2 2023 — — — — — — — — — 1.2 Total $ 153.3 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 139.5 Net reserves for loss and allocated loss adjustment expenses prior to 2014 0.2 Property Catastrophe - net reserves for loss and allocated loss adjustment expenses, end of year $ 139.7 Other Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — 0.7 0.7 0.8 0.8 0.8 0.8 0.8 — 2018 — — — — 2.6 3.0 3.0 3.0 3.1 3.1 — 2019 — — — — — 3.4 3.6 2.5 2.7 2.8 0.1 2020 — — — — — — 3.1 1.1 1.4 1.4 0.1 2021 — — — — — — — 0.2 0.1 0.1 — 2022 — — — — — — — — — — — 2023 — — — — — — — — — — — Total $ 8.2 $ 0.2 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — 0.3 0.6 0.8 0.8 0.8 0.8 2018 — — — — 1.0 2.1 3.0 3.0 3.1 3.1 2019 — — — — — 1.6 2.6 2.5 2.6 2.8 2020 — — — — — — 0.5 0.9 1.0 1.3 2021 — — — — — — — — 0.1 0.1 2022 — — — — — — — — — — 2023 — — — — — — — — — — Total $ 8.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 0.1 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Other - net reserves for loss and allocated loss adjustment expenses, end of year $ 0.1 Insurance & Services The following tables provide a breakdown of the Company’s loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid by accident year by line of business for the Company’s Insurance & Services segment for the year ended December 31, 2023. The information related to loss and allocated loss adjustment expenses incurred, net and net loss and allocated loss adjustment expenses paid for the years ended December 31, 2014 through 2022 is presented as supplementary information and is unaudited: A&H Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 64.4 $ 67.1 $ 68.8 $ 69.8 $ 69.1 $ 68.9 $ 69.0 $ 69.0 $ 69.0 $ 69.2 $ — 2015 — 79.7 82.6 81.7 80.7 80.7 80.7 80.7 80.7 80.6 — 2016 — — 85.2 88.0 84.4 83.2 83.2 82.8 82.9 82.1 0.1 2017 — — — 94.3 88.4 82.2 80.5 80.5 80.8 81.5 0.2 2018 — — — — 100.0 99.8 98.7 97.7 97.7 98.4 0.1 2019 — — — — — 149.9 147.4 142.6 142.1 140.7 0.1 2020 — — — — — — 147.5 146.0 139.6 136.0 2.5 2021 — — — — — — — 142.5 135.3 128.2 3.7 2022 — — — — — — — — 281.0 265.0 39.2 2023 — — — — — — — — — 408.6 165.9 Total $ 1,490.3 $ 211.8 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ 27.6 $ 59.9 $ 68.1 $ 69.2 $ 69.2 $ 69.2 $ 69.2 $ 69.2 $ 69.2 $ 69.2 2015 — 37.3 73.3 80.0 80.5 80.6 80.6 80.6 80.6 80.5 2016 — — 50.2 78.0 81.9 82.4 82.5 82.2 82.2 82.1 2017 — — — 58.8 75.3 80.7 80.8 81.1 81.2 81.3 2018 — — — — 66.9 89.8 98.1 98.3 98.4 98.3 2019 — — — — — 99.4 134.0 139.7 140.5 140.6 2020 — — — — — — 81.2 125.2 133.3 133.5 2021 — — — — — — — 85.0 117.2 123.5 2022 — — — — — — — — 139.0 216.6 2023 — — — — — — — — — 205.6 Total $ 1,231.2 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 259.1 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — A&H - net reserves for loss and allocated loss adjustment expenses, end of year $ 259.1 Casualty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — 1.5 1.5 1.1 1.2 0.7 0.6 0.1 2019 — — — — — 18.6 16.6 15.7 15.7 15.0 0.6 2020 — — — — — — 46.8 47.7 48.4 49.3 2.3 2021 — — — — — — — 145.0 168.8 180.1 60.0 2022 — — — — — — — — 234.8 238.5 129.8 2023 — — — — — — — — — 267.6 239.0 Total $ 751.1 $ 431.8 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — 0.2 0.3 0.4 0.5 0.5 2019 — — — — — 1.3 6.8 10.0 12.6 13.3 2020 — — — — — — 4.3 19.9 29.5 37.2 2021 — — — — — — — 10.6 48.9 74.3 2022 — — — — — — — — 11.0 39.7 2023 — — — — — — — — — 16.1 Total $ 181.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 570.0 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Casualty - net reserves for loss and allocated loss adjustment expenses, end of year $ 570.0 Specialty Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — — — — — — — — 2019 — — — — — — — — — — — 2020 — — — — — — — — — — — 2021 — — — — — — — 9.7 11.6 12.2 1.6 2022 — — — — — — — — 101.0 95.3 48.5 2023 — — — — — — — — — 124.3 109.8 Total $ 231.8 $ 159.9 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — — — 2021 — — — — — — — 0.7 6.5 9.1 2022 — — — — — — — — 11.7 39.9 2023 — — — — — — — — — 6.6 Total $ 55.6 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 176.2 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Specialty - net reserves for loss and allocated loss adjustment expenses, end of year $ 176.2 Property Other Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — — — — — — — — 2019 — — — — — — — — — — — 2020 — — — — — — 1.6 1.4 1.4 0.7 0.1 2021 — — — — — — — 4.2 2.7 2.8 1.4 2022 — — — — — — — — 10.4 11.5 4.0 2023 — — — — — — — — — 19.9 14.5 Total $ 34.9 $ 20.0 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — 0.4 0.5 0.5 0.6 2021 — — — — — — — 0.5 1.0 1.1 2022 — — — — — — — — 1.5 5.8 2023 — — — — — — — — — 1.6 Total $ 9.1 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 25.8 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Property Other - net reserves for loss and allocated loss adjustment expenses, end of year $ 25.8 Property Catastrophe Loss and allocated loss adjustment expenses incurred, net Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 IBNR loss and ALAE reserves, net <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — — 2016 — — — — — — — — — — — 2017 — — — — — — — — — — — 2018 — — — — — — — — — — — 2019 — — — — — — — — — — — 2020 — — — — — — — — — — — 2021 — — — — — — — — — — — 2022 — — — — — — — — 1.7 1.8 1.3 2023 — — — — — — — — — 0.1 0.1 Total $ 1.9 $ 1.4 Cumulative net losses and allocated loss adjustment expenses paid Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <--------------------------------------------------- Unaudited ---------------------------------------------------> 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 — — — — — — — — — — 2016 — — — — — — — — — — 2017 — — — — — — — — — — 2018 — — — — — — — — — — 2019 — — — — — — — — — — 2020 — — — — — — — — — — 2021 — — — — — — — — — — 2022 — — — — — — — — — 0.3 2023 — — — — — — — — — — Total $ 0.3 Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 1.6 Net reserves for loss and allocated loss adjustment expenses prior to 2014 — Property Catastrophe - net reserves for loss and allocated loss adjustment expenses, end of year $ 1.6 |
Reconciliation of loss and loss expense reserves | The following table provides a reconciliation of the Company's loss and loss adjustment expense reserves as of December 31, 2023: December 31, Net reserves for loss and allocated loss adjustment expenses Reinsurance Casualty $ 996.7 Specialty 445.8 Property Other 183.6 Property Catastrophe 139.7 Other 0.1 Insurance & Services A&H 259.1 Casualty 570.0 Specialty 176.2 Property Other 25.8 Property Catastrophe 1.6 Corporate (1) 371.2 Net reserves for loss and allocated loss adjustment expenses, end of year 3,169.8 Loss and allocated loss adjustment expenses recoverable Reinsurance Casualty 217.9 Specialty 219.1 Property Other 98.0 Property Catastrophe 78.7 Insurance & Services A&H 89.1 Casualty 507.3 Specialty 44.5 Property Other 14.4 Property Catastrophe 0.5 Corporate 1,025.6 Total loss and allocated loss adjustment expenses recoverable 2,295.1 Unallocated loss adjustment expense reserves 55.9 Other items, net (2) 114.8 Deferred gains on retroactive reinsurance contracts (27.5) Gross reserves for loss and loss adjustment expenses, end of year $ 5,608.1 (1) Corporate includes the results of all runoff business and is not presented in the loss development tables. (2) Includes fair value adjustments associated with the acquisition of Sirius Group. |
Schedule of historical average annual percentage payout on loss adjustment expenses incurred, net by age | 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, 2023: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 (Unaudited) Reinsurance Casualty 13.6 % 18.4 % 13.0 % 13.0 % 8.6 % 5.8 % 3.5 % 2.0 % 1.1 % 0.5 % Specialty 24.3 % 24.7 % 13.6 % 5.8 % 3.7 % 1.4 % 0.6 % 0.6 % 0.7 % 0.4 % Property Other 24.8 % 38.6 % 15.2 % 9.1 % 1.8 % 2.5 % 1.0 % 0.6 % 0.2 % 0.1 % Property Catastrophe 11.7 % 25.5 % 15.2 % 12.5 % 2.3 % 4.7 % 3.9 % — % — % (4.2) % Other 37.7 % 34.2 % 15.7 % 7.8 % 2.5 % 0.9 % 1.0 % — % — % — % Insurance & Services A&H 57.1 % 30.0 % 6.4 % 0.5 % 0.1 % — % — % (0.1) % — % — % Casualty 5.8 % 18.3 % 15.7 % 16.0 % 4.6 % 2.1 % — % — % — % — % Specialty 8.2 % 31.7 % 21.0 % — % — % — % — % — % — % — % Property Other 11.4 % 32.5 % 3.3 % 5.6 % 0.3 % — % — % — % — % — % Property Catastrophe (2.1) % 20.6 % — % — % — % — % — % — % — % — % |
Third party reinsurance (Tables
Third party reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of premiums net premiums written and earned | The following tables provide a breakdown of the Company’s written and earned premiu ms and loss and loss adjustment expenses from direct business, reinsurance assumed and reinsurance ceded for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Premiums written: Direct $ 1,678.7 $ 1,403.9 $ 718.0 Assumed 1,748.7 2,005.8 1,518.5 Gross premiums written 3,427.4 3,409.7 2,236.5 Ceded (989.5) (860.5) (502.3) Net premiums written $ 2,437.9 $ 2,549.2 $ 1,734.2 2023 2022 2021 Premiums earned: Direct $ 1,498.0 $ 1,153.6 $ 600.8 Assumed 1,826.0 1,915.2 1,598.5 Gross premiums earned 3,324.0 3,068.8 2,199.3 Ceded (897.8) (750.7) (482.3) Net premiums earned $ 2,426.2 $ 2,318.1 $ 1,717.0 2023 2022 2021 Loss and loss adjustment expense: Direct $ 1,008.6 $ 778.0 $ 349.3 Assumed 910.5 1,386.8 1,506.1 Loss and loss adjustment expense incurred 1,919.1 2,164.8 1,855.4 Ceded (537.8) (576.4) (528.9) Loss and loss adjustment expense incurred, net $ 1,381.3 $ 1,588.4 $ 1,326.5 |
Schedule of ceded credit risk | The following tables provide a listing of the Company’s loss and loss adjustment expenses recoverable by the reinsurer's S&P rating and the percentage of total recoverables as of December 31, 2023 and 2022. With certain reinsurers, if S&P's rating was not available, an equivalent AM Best or other major credit agencies’ rating was used. December 31, 2023 Rating (1) (2) Gross Collateral Net % of Net AA $ 294.5 $ 76.9 $ 217.6 24.4 % A 601.9 111.2 490.7 55.1 % BBB or lower 202.0 76.6 125.4 14.1 % Not rated 1,196.7 1,140.1 56.6 6.4 % Total $ 2,295.1 $ 1,404.8 $ 890.3 100.0 % December 31, 2022 Rating (1) (2) Gross Collateral Net % of Net AA $ 252.8 $ 41.2 $ 211.6 29.5 % A 370.6 48.5 322.1 44.9 % BBB or lower 246.7 104.8 141.9 19.8 % Not rated 506.1 464.2 41.9 5.8 % Total $ 1,376.2 $ 658.7 $ 717.5 100.0 % (1) S&P’s ratings as detailed above are: "AAA" (Extremely Strong), "AA" (Very strong), "A" (Strong) and "BBB" (Adequate). (2) Not rated represents reinsurers who are not rated by S&P, AM. Best, or another major rating agencies. Included in the “Not rated” category as of December 31, 2023 is $1,090.2 million related to Pallas Reinsurance Ltd. as a result of the 2023 LPT and 2021 LPT (2022 - $327.7 million related to Pallas Reinsurance Ltd. as a result of the 2021 LPT). The following tables provide a listing of the five highest loss and loss adjustment expenses recoverable by reinsurer, along with percentage of total recoverable amount, the reinsurer's reinsurer rating by S&P, AM Best, or other major rating agencies and the percentage that the recoverable is collateralized as of December 31, 2023 and 2022: December 31, 2023 Balance % of Total S&P rating % Collateralized Reinsurer: Pallas Reinsurance Company Ltd. $ 1,090.2 47.5 % Not rated 96.5 % Arch Reinsurance Ltd 169.3 7.4 % A+ 1.0 % General Insurance Corporation of India 164.1 7.2 % BBB 27.4 % Pie Casualty Insurance Company 98.0 4.3 % A- 15.4 % Allianz SE $ 94.4 4.1 % AA- 54.0 % December 31, 2022 Balance % of Total S&P rating % Collateralized Reinsurer: Pallas Reinsurance Company Ltd. $ 327.7 23.8 % Not rated 100.0 % General Insurance Corporation of India 184.9 13.4 % BBB 31.3 % Arch Reinsurance Ltd 79.6 5.8 % A+ 1.3 % Swiss Reinsurance Company Ltd 68.6 5.0 % AA- 25.8 % Pie Casualty Insurance Company $ 44.1 3.2 % Not rated 100.0 % |
Allowance for expected credit_2
Allowance for expected credit losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of assets in scope of the current expected credit losses assessment | The Company's assets in scope of the current expected credit loss assessment as of December 31, 2023 and 2022 are as follows: December 31, December 31, 2022 Insurance and reinsurance balances receivable, net (1) $ 1,966.3 $ 1,876.9 Loss and loss adjustment expenses recoverable, net 2,295.1 1,376.2 Other assets (2) 76.8 52.4 Total assets in scope $ 4,338.2 $ 3,305.5 (1) As of December 31, 2023, one counterparty’s insurance and reinsurance balances receivable of $234.7 million exceeded 10% of the Company’s total insurance and reinsurance balances receivable (December 31, 2022 - $236.5 million). (2) |
Debt and letter of credit fac_2
Debt and letter of credit facilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | The following table represents a summar y of the Company’s debt obl igations on its consolidated balance sheets as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Amount Effective rate (1) Amount Effective rate (1) 2017 SEK Subordinated Notes, at face value $ 273.6 7.7 % $ 264.3 6.0 % Unamortized discount (5.7) (5.7) 2017 SEK Subordinated Notes, carrying value 267.9 258.6 2016 Senior Notes, at face value 400.0 4.6 % 400.0 4.5 % Unamortized premium 3.5 4.8 2016 Senior Notes, carrying value 403.5 404.8 2015 Senior Notes, at face value 115.0 7.0 % 115.0 7.0 % Unamortized issuance costs (0.2) (0.4) 2015 Senior Notes, carrying value 114.8 114.6 Total debt $ 786.2 $ 778.0 (1) Effective rate considers the effect of the debt issuance costs, discount, and premium. |
Schedule of letter of credit facilities | As of December 31, 2023, the Company had entered into the following letter of credit facilities: Letters of Credit Collateral Committed Capacity Issued Cash and Cash Equivalents Debt securities Committed - Secured letters of credit facilities $ 355.0 $ 297.6 $ 13.8 $ 226.8 Uncommitted - Secured letters of credit facilities $ — 957.3 43.1 1,131.2 $ 1,254.9 $ 56.9 $ 1,358.0 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax by jurisdiction | The following is a summary of the Company’s income (loss) before income tax benefit by jurisdiction for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Bermuda $ 21.5 $ (151.7) $ 178.5 U.S. 98.6 (47.0) 21.8 U.K. 2.7 (9.7) 1.9 Sweden 156.7 (174.6) (138.1) Luxembourg 38.1 (37.2) (20.5) Other 1.1 (2.5) 1.5 Income (loss) before income tax benefit $ 318.7 $ (422.7) $ 45.1 |
Schedule of components of income tax expense | For the years ended December 31, 2023, 2022 and 2021, income tax benefit consisted of the following: 2023 2022 2021 Current tax (expense) benefit: U.S. Federal $ (17.0) $ 1.6 $ (3.5) State (1.4) (0.9) (1.8) Non-U.S. (13.9) (3.2) (18.2) Total current tax expense (32.3) (2.5) (23.5) Deferred tax (expense) benefit: U.S. Federal (3.7) 20.7 (13.1) State (0.3) 2.0 (4.8) Non-U.S. 81.3 16.5 52.1 Total deferred tax benefit 77.3 39.2 34.2 Total income tax benefit $ 45.0 $ 36.7 $ 10.7 |
Schedule of effective rate reconciliation | The following table presents a reconciliation of expected income taxes to income tax benefit for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Tax (expense) benefit at the 0% Bermuda statutory rate $ — $ — $ — Differences in taxes resulting from: Bermuda Tax Law Enactment 100.8 — — Non-Bermuda earnings (73.1) 52.9 17.6 Foreign currency effects 9.1 (10.7) (19.0) Non-Taxable/Deductible Income 7.6 (1.4) 7.2 Change in Valuation Allowance (4.7) (14.3) 10.5 Tax on Safety Reserve (2.3) (2.4) (1.0) Change in uncertain tax position — 8.0 (8.0) Tax rate change — 2.7 4.3 State taxes expense (1.4) (0.7) (0.9) Provision-to-return true up 11.2 3.9 (0.5) Non-Deductible expenses (0.6) — — Other, net (1.6) (1.3) 0.5 Total income tax benefit $ 45.0 $ 36.7 $ 10.7 |
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, 2023 and 2022: December 31, December 31, Deferred tax assets: Non-U.S. net operating loss carryforwards $ 309.6 $ 301.1 Purchase accounting 2.4 16.9 Tax credit carryforwards 30.5 16.0 Unearned premiums 21.7 22.1 U.S. federal net operating loss and capital carryforwards 11.8 17.8 Discounting of loss and loss adjustment expense reserves 17.5 9.3 Intangible assets 57.0 — Unrealized losses on investments 8.5 9.0 Investment basis differences 7.5 10.7 Foreign currency translation on investments 5.2 — Incentive compensation and benefit accruals 4.3 5.8 Deferred interest 4.2 4.3 Allowance for doubtful accounts 3.7 4.0 Other items 13.3 4.0 Total gross deferred tax assets 497.2 421.0 Valuation allowance (112.4) (114.3) Total adjusted deferred tax asset $ 384.8 $ 306.7 Deferred tax liabilities: Safety reserve $ 129.1 $ 126.5 Deferred acquisition costs 23.3 22.5 Intangible assets — 13.4 Foreign currency translation on investments — 0.9 Other Items 7.5 2.9 Total deferred tax liabilities 159.9 166.2 Net deferred tax assets $ 224.9 $ 140.5 |
Schedule of operating loss and capital loss carryforwards | Net operating loss and capital loss carryforwards as of December 31, 2023, the expiration dates and the deferred tax assets thereon are as follows: December 31, 2023 United States Luxembourg Sweden U.K. Singapore Bermuda Total 2024-2028 $ 1.4 $ — $ — $ — $ — $ — $ 1.4 2029-2043 36.5 74.8 — — — — 111.3 No expiration date 21.1 676.8 196.5 142.8 8.4 296.1 1,341.7 Total $ 59.0 $ 751.6 $ 196.5 $ 142.8 $ 8.4 $ 296.1 $ 1,454.4 Gross deferred tax asset $ 11.8 $ 187.5 $ 40.5 $ 35.4 $ 1.7 $ 44.4 $ 321.3 Valuation allowance — (64.4) — (35.4) (1.7) — (101.5) Net deferred tax asset $ 11.8 $ 123.1 $ 40.5 $ — $ — $ 44.4 $ 219.8 |
Reconciliation of unrecognized tax benefits | The following table is a reconciliation of the beginning and ending unrecognized tax benefits for the years ended December 31, 2023 and 2022: Permanent differences (1) Temporary differences (2) Interest and penalties (3) Total Balance as of January 1, 2022 $ 9.7 $ 0.3 $ 0.7 $ 10.7 Changes in prior year tax positions (8.0) (0.3) — (8.3) Lapse in statute of limitations (0.1) — — (0.1) Balance as of December 31, 2022 1.6 — 0.7 2.3 Balance as of December 31, 2023 $ 1.6 $ — $ 0.7 $ 2.3 (1) Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate. (2) Represents the amount of unrecognized tax benefits that, if recognized, would create a temporary difference between the reported amount of an item in the consolidated balance sheets and its tax basis. (3) Net of tax benefit. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of common shares issued and outstanding | The following table presents a summary of the common shares issued and outstanding and shares repurchased as of and for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Common shares issued and outstanding, beginning of year 162,177,653 161,929,777 95,582,733 Issuance of common shares, net of forfeitures and shares withheld 1,531,040 942,923 3,133,969 Issuance of common shares upon exercise of warrants 4,025,899 — — Issuance of common shares upon exercise of options 385,430 — 220,000 Shares repurchased — (695,047) — Performance restricted shares granted, net of forfeitures and shares withheld — — (1,431,963) Issuance of common shares for Sirius Group acquisition — — 58,331,196 Issuance of common shares to related party — — 6,093,842 Common shares issued and outstanding, end of year 168,120,022 162,177,653 161,929,777 |
Share-based compensation and _2
Share-based compensation and employee benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of RSU activity | RSU activity for the year ended December 31, 2023 was as follows: Number of non- Weighted Balance as of January 1, 2023 5,161,413 $ 7.29 Granted 1,104,858 9.66 Forfeited (630,329) 9.32 Vested (2,764,256) 7.44 Balance as of December 31, 2023 2,871,686 $ 7.90 |
Schedule of restricted share award activity | Restricted share award activity for the year ended December 31, 2023 was as follows: Number of non- Weighted Balance as of January 1, 2023 1,708,608 $ 7.40 Granted 116,485 9.37 Forfeited (3,665) 10.44 Vested (1,171,901) 7.76 Balance as of December 31, 2023 649,527 $ 7.63 |
Schedule of performance share units | PSU activity for the year ended December 31, 2023 was as follows: Number of non- Number of non- Weighted average grant date fair value of PSUs probable of vesting Balance as of January 1, 2023 576,678 576,678 $ 9.85 Granted 1,790,982 1,790,982 9.56 Forfeited (374,311) (374,311) 9.74 Vested (2,882) (2,882) 10.36 Balance as of December 31, 2023 1,990,467 1,990,467 $ 9.61 |
Schedule of valuation assumptions for options | The Black-Scholes option-pricing model used the following assumptions for options granted during the years ended December 31, 2022 and 2021 (there were no options granted for the year ended December 31, 2023): 2022 2021 Dividend yield — % — % Risk free interest rate 3.57 % 1.55 % Expected volatility (1) 32.30 % 34.17 % Expected life (in years) 6.3 6.5 Weighted average grant date fair value $1.93 $3.28 (1) The volatility assumption used was based on the average estimated volatility of a reinsurance peer group. |
Schedule of options activity | The options activity for the year ended December 31, 2023 were as follows: Number of Weighted Outstanding as of January 1, 2023 5,342,739 $ 9.25 Granted — — Forfeited and expired (795,993) 15.15 Exercised (385,430) 7.78 Outstanding as of December 31, 2023 4,161,316 8.26 Exercisable as of December 31, 2023 3,375,728 $ 8.43 |
Earnings (loss) per share ava_2
Earnings (loss) per share available to SiriusPoint common shareholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted 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, 2023, 2022 and 2021: 2023 2022 2021 Weighted-average number of common shares outstanding: ($ in millions, except share and per share amounts) Basic number of common shares outstanding 163,341,448 160,228,588 148,667,770 Dilutive effect of options 595,908 — — Dilutive effect of warrants 899,249 — — Dilutive effect of restricted share awards and units 3,176,462 — 1,488,696 Dilutive effect of Series A preference shares 1,594,281 — — Diluted number of common shares outstanding 169,607,348 160,228,588 150,156,466 Basic earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 338.8 $ (402.8) $ 44.6 Net income allocated to SiriusPoint participating common shareholders (24.3) — (3.4) Net income (loss) allocated to SiriusPoint common shareholders $ 314.5 $ (402.8) $ 41.2 Basic earnings (loss) per share available to SiriusPoint common shareholders $ 1.93 $ (2.51) $ 0.28 Diluted earnings (loss) per common share: Net income (loss) available to SiriusPoint common shareholders $ 338.8 $ (402.8) $ 44.6 Net income allocated to SiriusPoint participating common shareholders (24.3) — (3.4) Net income (loss) allocated to SiriusPoint common shareholders $ 314.5 $ (402.8) $ 41.2 Diluted earnings (loss) per share available to SiriusPoint common shareholders $ 1.85 $ (2.51) $ 0.27 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The following table provides the fair value of the Company's investments managed by related parties as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Third Point Enhanced LP $ 77.5 $ 100.3 Third Point Venture Offshore Fund I LP 25.0 26.0 Third Point Venture Offshore Fund II LP 3.1 2.5 Investments in related party investment funds, at fair value 105.6 128.8 Third Point Optimized Credit Portfolio (1)(2) 562.0 530.7 Total investments managed by related parties $ 667.6 $ 659.5 (1) The Third Point Optimized Credit Portfolio is reported in debt securities available for sale and trading in the consolidated balance sheets. (2) Does not include asset-backed securities withdrawn as a redemption in-kind from the TP Enhanced Fund as of December 31, 2023 (December 31, 2022 - $59.9 million). The total management, advisory and performance fees to related parties for the years ended December 31, 2023, 2022 and 2021 were as follows: 2023 2022 2021 Management and advisory fees $ 5.2 $ 7.3 $ 17.9 Performance fees 0.9 (1.2) 75.7 Total management, advisory and performance fees to related parties (1) $ 6.1 $ 6.1 $ 93.6 (1) Management, advisory and performance fees for the Related Party Investment Funds, where applicable, are presented within net realized and unrealized investment gains (losses) from related party investment funds in the consolidated statements of income (loss) |
Commitment and contingencies (T
Commitment and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of lease balances | The following table presents the lease balances within the consolidated balance sheets as of December 31, 2023 and 2022: December 31, December 31, 2022 Operating lease right-of-use assets (1) $ 25.6 $ 25.9 Operating lease liabilities (2) $ 28.4 $ 30.3 Weighted average lease term (years) 4.1 5.5 Weighted average discount rate 2.9 % 3.1 % (1) Operating lease right-of-use assets are included in other assets . (2) Operating lease liabilities are included in accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets . |
Schedule of future minimum rental commitments | Future minimum rental commitments as of December 31, 2023 under these leases are expected to be as follows: Future Payments 2024 $ 6.7 2025 5.8 2026 5.0 2027 4.1 2028 and thereafter 9.2 Total future annual minimum rental payments 30.8 Less: present value discount (2.4) Total lease liability as of December 31, 2023 $ 28.4 |
Statutory requirements (Tables)
Statutory requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of statutory information | The following is a summary of available and required statutory economic capital and surplus of the Bermuda based insurance subsidiaries as of December 31, 2022: December 31, 2022 Available statutory economic capital and surplus SiriusPoint Ltd. $ 2,986.4 SiriusPoint Bermuda 3,289.2 Alstead Re 5.3 Required statutory economic capital and surplus SiriusPoint Ltd. 1,374.9 SiriusPoint Bermuda 1,342.8 Alstead Re $ 1.9 The following is a summary of the statutory net income (loss) for the Bermuda based insurance subsidiaries for the years ended December 31, 2023 and 2022: 2023 2022 SiriusPoint Bermuda $ 416.8 $ (360.1) Alstead Re $ 0.7 $ 0.9 The following is a summary of estimated required statutory capital and surplus of the U.S. based insurance and reinsurance subsidiaries as of December 31, 2023 and actual amounts as of December 31, 2022: December 31, 2023 December 31, 2022 Estimated statutory capital and surplus SiriusPoint America $ 626.9 $ 508.8 SiriusPoint Specialty 72.5 57.0 Oakwood 40.0 39.4 Required statutory capital and surplus (1) SiriusPoint America 177.0 153.5 SiriusPoint Specialty 9.7 9.2 Oakwood $ 0.3 $ 0.3 (1) Equals the authorized control level of the NAIC risk-based capital. The subsidiaries’ available capital exceeded their respective RBC requirements. The following is a summary of the statutory net income (loss) for the U.S. based insurance and reinsurance subsidiaries for the years ended December 31, 2023 and 2022: 2023 2022 SiriusPoint America $ 51.1 $ (56.2) SiriusPoint Specialty 15.0 (8.1) Oakwood $ 0.6 $ (0.2) |
Significant accounting polici_3
Significant accounting policies - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
VOBA carrying value | $ 0 | |||
Premium deficiency | $ 0 | |||
Unrealized foreign currency translation losses | (1.1) | 5 | $ 0.2 | |
Net unrealized foreign currency translation losses | $ (2,530.6) | (2,082.6) | (2,503.3) | |
Number of operating segments | segment | 2 | |||
Net change in foreign currency translation adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unrealized foreign currency translation losses | $ (1.1) | 5 | 0.2 | |
Net unrealized foreign currency translation losses | $ 4.1 | $ 5.2 | $ 0.2 | $ 0 |
Acquisition of Sirius Group - N
Acquisition of Sirius Group - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 10 Months Ended | 12 Months Ended | ||||
Feb. 26, 2023 | Feb. 26, 2021 | Nov. 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Dividends paid to preference shareholders | $ 16 | $ 16 | $ 12.2 | |||
Liability-classified capital instruments | 67.3 | 60.4 | ||||
Number of private warrants exercised (in shares) | 5,418,434 | |||||
Payments for settlement of financial instruments subject to mandatory redemption | 38.5 | 0 | $ 0 | |||
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other revenues | |||||
Series A preference shares | ||||||
Business Acquisition [Line Items] | ||||||
Liability-classified capital instruments | 37.6 | 1.8 | ||||
Series A preference shares | Liability-classified capital instruments | ||||||
Business Acquisition [Line Items] | ||||||
Gains (losses) from the change in fair value | (35.8) | 18.6 | $ 20.4 | |||
Merger warrants | ||||||
Business Acquisition [Line Items] | ||||||
Liability-classified capital instruments | 29.7 | 14.7 | ||||
Merger warrants | Liability-classified capital instruments | ||||||
Business Acquisition [Line Items] | ||||||
Gains (losses) from the change in fair value | (15) | 17.8 | 20.9 | |||
Private warrants | ||||||
Business Acquisition [Line Items] | ||||||
Liability-classified capital instruments | 4.9 | |||||
Private warrants | Liability-classified capital instruments | ||||||
Business Acquisition [Line Items] | ||||||
Gains (losses) from the change in fair value | (1.7) | 4.1 | ||||
Public warrants | ||||||
Business Acquisition [Line Items] | ||||||
Liability-classified capital instruments | 0 | |||||
Public warrants | Liability-classified capital instruments | ||||||
Business Acquisition [Line Items] | ||||||
Gains (losses) from the change in fair value | 1.1 | 1.5 | ||||
Upside rights | ||||||
Business Acquisition [Line Items] | ||||||
Liability-classified capital instruments | 0 | |||||
Upside rights | Liability-classified capital instruments | ||||||
Business Acquisition [Line Items] | ||||||
Gains (losses) from the change in fair value | 6.5 | |||||
CVRs | ||||||
Business Acquisition [Line Items] | ||||||
Liability-classified capital instruments | 39 | |||||
Payments for settlement of financial instruments subject to mandatory redemption | $ 38.5 | |||||
CVRs | Liability-classified capital instruments | ||||||
Business Acquisition [Line Items] | ||||||
Gains (losses) from the change in fair value | $ (8.4) | $ (3.6) | ||||
Sirius Group | ||||||
Business Acquisition [Line Items] | ||||||
Total purchase price | $ 1,079.8 | |||||
Value of shares issued | 338.3 | |||||
Cash consideration | 100.4 | |||||
Other transaction-related services | 45.5 | |||||
Bargain purchase gain | $ 50.4 | |||||
Sirius Group | Common shares | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (in shares) | 58,331,196 | |||||
Value of shares issued | $ 595.6 | |||||
Sirius Group | Series A preference shares | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (in shares) | 11,720,987 | |||||
Par value (in dollars per share) | $ 0.10 | |||||
Dividends paid to preference shareholders | $ 0 | |||||
Sirius Group | Merger warrants | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares permitted to purchase per warrant (in shares) | 1 | |||||
Warrant exercise price (in dollars per share) | $ 11 | |||||
Number of shares in which the warrants can be converted (in shares) | 21,009,324 |
Acquisition of Sirius Group - I
Acquisition of Sirius Group - Identifiable intangible assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 26, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Finite lived intangible assets net balance | $ 104.9 | ||
Identifiable intangible assets net balance | 152.7 | $ 163.8 | |
Intangible asset impairments | 0 | 0 | |
Sirius Group | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets gross balance | $ 178.8 | ||
Accumulated amortization and dispositions | (26.1) | (15) | |
Identifiable intangible assets net balance | 152.7 | 163.8 | |
Sirius Group | Lloyd’s Capacity - Syndicate 1945 | |||
Business Acquisition [Line Items] | |||
Indefinite lived intangible assets net balance | 41.8 | 41.8 | 41.8 |
Sirius Group | Insurance licenses | |||
Business Acquisition [Line Items] | |||
Indefinite lived intangible assets net balance | $ 7 | 6 | 6 |
Insurance licenses sold | (1) | (1) | |
Sirius Group | Distribution relationships | |||
Business Acquisition [Line Items] | |||
Economic Useful Life | 17 years | ||
Finite lived intangible assets gross balance | $ 75 | ||
Accumulated amortization and dispositions | (7.4) | (1.9) | |
Finite lived intangible assets net balance | 67.6 | 73.1 | |
Sirius Group | MGA relationships | |||
Business Acquisition [Line Items] | |||
Economic Useful Life | 13 years | ||
Finite lived intangible assets gross balance | $ 34 | ||
Accumulated amortization and dispositions | (13.4) | (9.4) | |
Finite lived intangible assets net balance | 20.6 | 24.6 | |
Sirius Group | Trade name | |||
Business Acquisition [Line Items] | |||
Economic Useful Life | 16 years | ||
Finite lived intangible assets gross balance | $ 16 | ||
Accumulated amortization and dispositions | (1.5) | (0.8) | |
Finite lived intangible assets net balance | 14.5 | 15.2 | |
Sirius Group | Internally developed computer software | |||
Business Acquisition [Line Items] | |||
Economic Useful Life | 5 years | ||
Finite lived intangible assets gross balance | $ 5 | ||
Accumulated amortization and dispositions | (2.8) | (1.9) | |
Finite lived intangible assets net balance | $ 2.2 | $ 3.1 |
Acquisition of Sirius Group - E
Acquisition of Sirius Group - Estimated remaining amortization expense for intangible assets with finite lives (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Business Combination and Asset Acquisition [Abstract] | |
2024 | $ 12 |
2025 | 11.4 |
2026 | 9.9 |
2027 | 9.1 |
2028 and thereafter | 62.5 |
Total remaining amortization expense | $ 104.9 |
Acquisition of Sirius Group - F
Acquisition of Sirius Group - Financial results included in the condensed consolidated statements of income (Details) - Sirius Group $ in Millions | 10 Months Ended |
Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |
Total revenues | $ 1,224.3 |
Net loss | $ (161.2) |
Acquisition of Sirius Group - S
Acquisition of Sirius Group - Supplemental pro forma information (Details) - Sirius Group - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 2,343.9 | $ 2,613.6 |
Net income (loss) | $ 60.7 | $ (268.4) |
Significant transactions (Detai
Significant transactions (Details) $ in Millions | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss reserves | $ 905.6 | $ 1,300 | ||
Reinsurance balances payable | $ 1,736.7 | $ 813.6 | ||
Deferred gain on retroactive reinsurance | $ 27.9 | $ 0 | ||
Aggregate limit, percentage of booked reserves | 1.30 | |||
Pallas Reinsurance Company Ltd. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Reinsurance balances payable | $ 763.3 | |||
Reinsurance recoverable | $ 786.2 |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment reporting - Operating s
Segment reporting - Operating segment results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 3,427.4 | $ 3,409.7 | $ 2,236.5 |
Net premiums written | 2,437.9 | 2,549.2 | 1,734.2 |
Net premiums earned | 2,426.2 | 2,318.1 | 1,717 |
Loss and loss adjustment expenses incurred, net | 1,381.3 | 1,588.4 | 1,326.5 |
Acquisition costs, net | 472.7 | 461.9 | 387.8 |
Other underwriting expenses | 196.3 | 184.5 | 158.8 |
Net underwriting income (loss) | 375.9 | 83.3 | (156.1) |
Other revenues | 38.4 | 110.2 | 151.2 |
Net corporate and other expenses | (258.2) | (312.8) | (266.6) |
Segment income (loss) | 375.9 | 83.3 | (156.1) |
Net realized and unrealized investment losses | (10) | (225.5) | (16.9) |
Net realized and unrealized investment losses from related party investment funds | (1) | (210.5) | 304 |
Net investment income | 283.7 | 113.3 | 25.4 |
Intangible asset amortization | (11.1) | (8.1) | (5.9) |
Interest expense | (64.1) | (38.6) | (34) |
Foreign exchange gains (losses) | (34.9) | 66 | 44 |
Income (loss) before income tax benefit | 318.7 | (422.7) | 45.1 |
Income tax benefit | 45 | 36.7 | 10.7 |
Net income | 363.7 | (386) | 55.8 |
Net income attributable to noncontrolling interests | (8.9) | (0.8) | 2.3 |
Net income (loss) available to SiriusPoint | $ 354.8 | $ (386.8) | $ 58.1 |
Underwriting Ratios: | |||
Loss ratio | 56.90% | 68.50% | 77.30% |
Acquisition cost ratio | 19.50% | 19.90% | 22.60% |
Other underwriting expenses ratio | 8.10% | 8% | 9.20% |
Combined ratio | 84.50% | 96.40% | 109.10% |
Services | |||
Segment Reporting Information [Line Items] | |||
Other revenues | $ 0 | ||
Net services fee income (loss) | 0 | ||
Net income (loss) available to SiriusPoint | 0 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 3,310.7 | $ 3,405.6 | 2,248.3 |
Net premiums written | 2,343.7 | 2,545.6 | 1,777.7 |
Net premiums earned | 2,280.6 | 2,299.9 | 1,733.7 |
Loss and loss adjustment expenses incurred, net | 1,305.7 | 1,574.6 | 1,310 |
Acquisition costs, net | 547.7 | 583.5 | 452.4 |
Other underwriting expenses | 177 | 176.6 | 134.7 |
Net underwriting income (loss) | 250.2 | (34.8) | (163.4) |
Segment income (loss) | 291.4 | 2.6 | (147.9) |
Income (loss) before income tax benefit | 291.4 | 2.6 | (147.9) |
Income tax benefit | 0 | 0 | 0 |
Net income | 291.4 | 2.6 | (147.9) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) available to SiriusPoint | $ 291.4 | $ 2.6 | $ (147.9) |
Underwriting Ratios: | |||
Loss ratio | 57.30% | 68.50% | 75.60% |
Acquisition cost ratio | 24% | 25.40% | 26.10% |
Other underwriting expenses ratio | 7.80% | 7.70% | 7.80% |
Combined ratio | 89.10% | 101.60% | 109.50% |
Operating Segments | Services | |||
Segment Reporting Information [Line Items] | |||
Other revenues | $ 237.5 | $ 215.5 | $ 133.7 |
Net corporate and other expenses | (187.8) | (179.2) | (120.5) |
Net services fee income (loss) | 49.7 | 36.3 | 13.2 |
Net income attributable to noncontrolling interests | (8.5) | 1.1 | 2.3 |
Net income (loss) available to SiriusPoint | 41.2 | 37.4 | 15.5 |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | 0 | 0 | 0 |
Net premiums written | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | (5.4) | (5.2) | (2.6) |
Acquisition costs, net | (137.2) | (118.6) | (67.6) |
Other underwriting expenses | 0 | 0 | 0 |
Net underwriting income (loss) | 142.6 | 123.8 | 70.2 |
Segment income (loss) | (7) | (9.6) | (12.4) |
Income (loss) before income tax benefit | (7) | (9.6) | (12.4) |
Income tax benefit | 0 | 0 | 0 |
Net income | (7) | (9.6) | (12.4) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) available to SiriusPoint | (7) | (9.6) | (12.4) |
Eliminations | Services | |||
Segment Reporting Information [Line Items] | |||
Other revenues | (149.6) | (133.4) | (82.6) |
Net corporate and other expenses | 0 | 0 | 0 |
Net services fee income (loss) | (149.6) | (133.4) | (82.6) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) available to SiriusPoint | (149.6) | (133.4) | (82.6) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | 116.7 | 4.1 | (11.8) |
Net premiums written | 94.2 | 3.6 | (43.5) |
Net premiums earned | 145.6 | 18.2 | (16.7) |
Loss and loss adjustment expenses incurred, net | 81 | 19 | 19.1 |
Acquisition costs, net | 62.2 | (3) | 3 |
Other underwriting expenses | 19.3 | 7.9 | 24.1 |
Net underwriting income (loss) | (16.9) | (5.7) | (62.9) |
Other revenues | (49.5) | 28.1 | 100.1 |
Net corporate and other expenses | (70.4) | (133.6) | (146.1) |
Segment income (loss) | (16.9) | (5.7) | (62.9) |
Net realized and unrealized investment losses | (10) | (225.5) | (16.9) |
Net realized and unrealized investment losses from related party investment funds | (1) | (210.5) | 304 |
Net investment income | 283.7 | 113.3 | 25.4 |
Intangible asset amortization | (11.1) | (8.1) | (5.9) |
Interest expense | (64.1) | (38.6) | (34) |
Foreign exchange gains (losses) | (34.9) | 66 | 44 |
Income (loss) before income tax benefit | 25.8 | (414.6) | 207.7 |
Income tax benefit | 45 | 36.7 | 10.7 |
Net income | 70.8 | (377.9) | 218.4 |
Net income attributable to noncontrolling interests | (0.4) | (1.9) | 0 |
Net income (loss) available to SiriusPoint | 70.4 | (379.8) | 218.4 |
Segment Measure Reclass | |||
Segment Reporting Information [Line Items] | |||
Other revenues | 87.9 | 82.1 | 51.1 |
Net corporate and other expenses | (187.8) | (179.2) | (120.5) |
Segment income (loss) | 108.4 | 96 | 67.1 |
Net realized and unrealized investment losses | 0 | 0 | |
Income (loss) before income tax benefit | 8.5 | (1.1) | (2.3) |
Income tax benefit | 0 | 0 | 0 |
Net income | 8.5 | (1.1) | (2.3) |
Net income attributable to noncontrolling interests | (8.5) | 1.1 | 2.3 |
Net income (loss) available to SiriusPoint | 0 | 0 | 0 |
Segment Measure Reclass | Services | |||
Segment Reporting Information [Line Items] | |||
Other revenues | (87.9) | (82.1) | (51.1) |
Net corporate and other expenses | 187.8 | 179.2 | 120.5 |
Net services fee income (loss) | 99.9 | 97.1 | 69.4 |
Net income attributable to noncontrolling interests | 8.5 | (1.1) | (2.3) |
Net income (loss) available to SiriusPoint | 108.4 | 96 | 67.1 |
Reinsurance | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | 1,271 | 1,521.4 | 1,350.4 |
Net premiums written | 1,061 | 1,199.6 | 1,124.9 |
Net premiums earned | 1,031.4 | 1,213.1 | 1,210.9 |
Loss and loss adjustment expenses incurred, net | 490.3 | 855.9 | 989.4 |
Acquisition costs, net | 252.2 | 310.3 | 302.7 |
Other underwriting expenses | 82.7 | 113.8 | 105.5 |
Net underwriting income (loss) | 206.2 | (66.9) | (186.7) |
Segment income (loss) | 205.1 | (67.1) | (186.7) |
Income (loss) before income tax benefit | $ 205.1 | $ (67.1) | $ (186.7) |
Underwriting Ratios: | |||
Loss ratio | 47.50% | 70.60% | 81.70% |
Acquisition cost ratio | 24.50% | 25.60% | 25% |
Other underwriting expenses ratio | 8% | 9.40% | 8.70% |
Combined ratio | 80% | 105.60% | 115.40% |
Reinsurance | Operating Segments | Services | |||
Segment Reporting Information [Line Items] | |||
Other revenues | $ (1.1) | $ (0.2) | $ 0 |
Net corporate and other expenses | 0 | 0 | 0 |
Net services fee income (loss) | (1.1) | (0.2) | 0 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income (loss) available to SiriusPoint | (1.1) | (0.2) | 0 |
Insurance & Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | 2,039.7 | 1,884.2 | 897.9 |
Net premiums written | 1,282.7 | 1,346 | 652.8 |
Net premiums earned | 1,249.2 | 1,086.8 | 522.8 |
Loss and loss adjustment expenses incurred, net | 815.4 | 718.7 | 320.6 |
Acquisition costs, net | 295.5 | 273.2 | 149.7 |
Other underwriting expenses | 94.3 | 62.8 | 29.2 |
Net underwriting income (loss) | 44 | 32.1 | 23.3 |
Segment income (loss) | 86.3 | 69.7 | 38.8 |
Income (loss) before income tax benefit | $ 86.3 | $ 69.7 | $ 38.8 |
Underwriting Ratios: | |||
Loss ratio | 65.30% | 66.10% | 61.30% |
Acquisition cost ratio | 23.70% | 25.10% | 28.60% |
Other underwriting expenses ratio | 7.50% | 5.80% | 5.60% |
Combined ratio | 96.50% | 97% | 95.50% |
Insurance & Services | Operating Segments | Services | |||
Segment Reporting Information [Line Items] | |||
Other revenues | $ 238.6 | $ 215.7 | $ 133.7 |
Net corporate and other expenses | (187.8) | (179.2) | (120.5) |
Net services fee income (loss) | 50.8 | 36.5 | 13.2 |
Net income attributable to noncontrolling interests | (8.5) | 1.1 | 2.3 |
Net income (loss) available to SiriusPoint | $ 42.3 | $ 37.6 | $ 15.5 |
Segment reporting - Net premium
Segment reporting - Net premiums written by location and reportable segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net premiums written | $ 2,437.9 | $ 2,549.2 | $ 1,734.2 |
Client Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 1,668.9 | 1,886.9 | 1,141 |
Client Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 419.6 | 365.2 | 300.1 |
Client Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | (5.9) | 226 | 128 |
Client Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 355.3 | 71.1 | 165.1 |
Underwriting Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 1,261.8 | 1,501 | 857.6 |
Underwriting Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 631 | 639.8 | 455.3 |
Underwriting Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 548 | 406 | 369.1 |
Underwriting Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | (2.9) | 2.4 | 52.2 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 2,343.7 | 2,545.6 | 1,777.7 |
Operating Segments | Reinsurance | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 1,061 | 1,199.6 | 1,124.9 |
Operating Segments | Reinsurance | Client Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 750.6 | 746.9 | 579.1 |
Operating Segments | Reinsurance | Client Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 172.1 | 241.6 | 309.5 |
Operating Segments | Reinsurance | Client Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | (2.1) | 171.4 | 114.3 |
Operating Segments | Reinsurance | Client Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 140.4 | 39.7 | 122 |
Operating Segments | Reinsurance | Underwriting Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 516.6 | 569.2 | 447.1 |
Operating Segments | Reinsurance | Underwriting Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 345.9 | 384.4 | 379.8 |
Operating Segments | Reinsurance | Underwriting Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 198.5 | 243.6 | 246.1 |
Operating Segments | Reinsurance | Underwriting Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 0 | 2.4 | 51.9 |
Operating Segments | Insurance & Services | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 1,282.7 | 1,346 | 652.8 |
Operating Segments | Insurance & Services | Client Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 914.2 | 1,139.5 | 560.3 |
Operating Segments | Insurance & Services | Client Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 243.4 | 120.5 | 36.4 |
Operating Segments | Insurance & Services | Client Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | (2.4) | 54.6 | 13.7 |
Operating Segments | Insurance & Services | Client Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 127.5 | 31.4 | 42.4 |
Operating Segments | Insurance & Services | Underwriting Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 653.2 | 931.3 | 408.9 |
Operating Segments | Insurance & Services | Underwriting Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 280.7 | 255 | 93 |
Operating Segments | Insurance & Services | Underwriting Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 348.8 | 159.7 | 150.9 |
Operating Segments | Insurance & Services | Underwriting Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 0 | 0 | 0 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 94.2 | 3.6 | (43.5) |
Corporate | Client Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 4.1 | 0.5 | 1.6 |
Corporate | Client Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 4.1 | 3.1 | (45.8) |
Corporate | Client Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | (1.4) | 0 | 0 |
Corporate | Client Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 87.4 | 0 | 0.7 |
Corporate | Underwriting Location: United States and Canada | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 92 | 0.5 | 1.6 |
Corporate | Underwriting Location: Europe | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 4.4 | 0.4 | (17.5) |
Corporate | Underwriting Location: Bermuda, the Caribbean and Latin America | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | 0.7 | 2.7 | (27.9) |
Corporate | Underwriting Location: Asia and Other | |||
Segment Reporting Information [Line Items] | |||
Net premiums written | $ (2.9) | $ 0 | $ 0.3 |
Cash, cash equivalents, restr_3
Cash, cash equivalents, restricted cash and restricted investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 969.2 | $ 705.3 | ||
Restricted cash | 132.1 | 208.4 | ||
Total cash, cash equivalents and restricted cash | 1,101.3 | 913.7 | $ 1,948.4 | $ 1,713.9 |
Restricted investments securing reinsurance contracts | 2,668 | 2,202.2 | ||
Total cash, cash equivalents, restricted cash and restricted investments | 3,769.3 | 3,115.9 | ||
Managing general underwriters | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 22.5 | 25.2 | ||
Letter of credit facilities | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 56.9 | 34.3 | ||
Reinsurance contracts | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 52.7 | $ 148.9 |
Fair value measurements - Inves
Fair value measurements - Investments categorized by the level of the fair value hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Debt securities, available for sale | $ 4,755.4 | $ 2,635.5 |
Debt securities, trading | 534.9 | 1,526 |
Equity securities | 1.6 | 1.6 |
Short-term investments | 371.6 | 984.6 |
Other long-term investments | 308.5 | 377.2 |
Cost and equity method investments | 80.1 | 104.8 |
Total assets | 6,093.3 | 5,663.2 |
Liabilities | ||
Total securities sold, not yet purchased | 0 | 27 |
Securities sold under an agreement to repurchase | 18 | |
Liability-classified capital instruments | 67.3 | 60.4 |
Derivative liabilities | 6.4 | 8.6 |
Total liabilities | 73.7 | 114 |
Asset-backed securities | ||
Assets | ||
Debt securities, available for sale | 880.7 | 230.7 |
Debt securities, trading | 256.6 | 553.7 |
Residential mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 902.8 | 340.7 |
Debt securities, trading | 57.2 | 133.6 |
Commercial mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 204.1 | 61.2 |
Debt securities, trading | 67.8 | 113.4 |
Corporate debt securities | ||
Assets | ||
Debt securities, available for sale | 1,573.1 | 415.7 |
Debt securities, trading | 45.2 | 363.5 |
U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 1,136.7 | 1,550.6 |
Debt securities, trading | 98.1 | 270.4 |
Non-U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 58 | 36.6 |
Debt securities, trading | 10 | 88.2 |
Preferred stocks | ||
Assets | ||
Debt securities, trading | 3.2 | |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Assets | ||
Debt securities, available for sale | 4,755.4 | 2,635.5 |
Debt securities, trading | 534.9 | 1,526 |
Equity securities | 1.6 | 1.6 |
Short-term investments | 371.6 | 984.6 |
Other long-term investments | 169.7 | 227.3 |
Derivative assets | 15.7 | 9.5 |
Total assets | 5,848.9 | 5,384.5 |
Fair Value, Inputs, Level 1, 2 and 3 | Asset-backed securities | ||
Assets | ||
Debt securities, available for sale | 880.7 | 230.7 |
Debt securities, trading | 256.6 | 553.7 |
Fair Value, Inputs, Level 1, 2 and 3 | Residential mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 902.8 | 340.7 |
Debt securities, trading | 57.2 | 133.6 |
Fair Value, Inputs, Level 1, 2 and 3 | Commercial mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 204.1 | 61.2 |
Debt securities, trading | 67.8 | 113.4 |
Fair Value, Inputs, Level 1, 2 and 3 | Corporate debt securities | ||
Assets | ||
Debt securities, available for sale | 1,573.1 | 415.7 |
Debt securities, trading | 45.2 | 363.5 |
Fair Value, Inputs, Level 1, 2 and 3 | U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 1,136.7 | 1,550.6 |
Debt securities, trading | 98.1 | 270.4 |
Fair Value, Inputs, Level 1, 2 and 3 | Non-U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 58 | 36.6 |
Debt securities, trading | 10 | 88.2 |
Fair Value, Inputs, Level 1, 2 and 3 | Preferred stocks | ||
Assets | ||
Debt securities, trading | 3.2 | |
Quoted prices in active markets (Level 1) | ||
Assets | ||
Debt securities, available for sale | 1,132.6 | 1,551.2 |
Debt securities, trading | 98.1 | 272.8 |
Equity securities | 1.6 | 1.6 |
Short-term investments | 321.9 | 972.8 |
Other long-term investments | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 1,554.2 | 2,798.4 |
Liabilities | ||
Total securities sold, not yet purchased | 27 | |
Securities sold under an agreement to repurchase | 0 | |
Liability-classified capital instruments | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 27 |
Quoted prices in active markets (Level 1) | Asset-backed securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Quoted prices in active markets (Level 1) | Residential mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Quoted prices in active markets (Level 1) | Commercial mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Quoted prices in active markets (Level 1) | Corporate debt securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Quoted prices in active markets (Level 1) | U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 1,132.6 | 1,546.2 |
Debt securities, trading | 98.1 | 264.1 |
Quoted prices in active markets (Level 1) | Non-U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 0 | 5 |
Debt securities, trading | 0 | 8.7 |
Quoted prices in active markets (Level 1) | Preferred stocks | ||
Assets | ||
Debt securities, trading | 0 | |
Significant other observable inputs (Level 2) | ||
Assets | ||
Debt securities, available for sale | 3,622.8 | 1,084.3 |
Debt securities, trading | 436.8 | 1,250 |
Equity securities | 0 | 0 |
Short-term investments | 49.7 | 11.8 |
Other long-term investments | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 4,109.3 | 2,346.1 |
Liabilities | ||
Total securities sold, not yet purchased | 0 | |
Securities sold under an agreement to repurchase | 18 | |
Liability-classified capital instruments | 0 | 39 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 57 |
Significant other observable inputs (Level 2) | Asset-backed securities | ||
Assets | ||
Debt securities, available for sale | 880.7 | 230.7 |
Debt securities, trading | 256.6 | 553.7 |
Significant other observable inputs (Level 2) | Residential mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 902.8 | 340.7 |
Debt securities, trading | 57.2 | 133.6 |
Significant other observable inputs (Level 2) | Commercial mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 204.1 | 61.2 |
Debt securities, trading | 67.8 | 113.4 |
Significant other observable inputs (Level 2) | Corporate debt securities | ||
Assets | ||
Debt securities, available for sale | 1,573.1 | 415.7 |
Debt securities, trading | 45.2 | 363.5 |
Significant other observable inputs (Level 2) | U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 4.1 | 4.4 |
Debt securities, trading | 0 | 6.3 |
Significant other observable inputs (Level 2) | Non-U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 58 | 31.6 |
Debt securities, trading | 10 | 79.5 |
Significant other observable inputs (Level 2) | Preferred stocks | ||
Assets | ||
Debt securities, trading | 0 | |
Significant unobservable inputs (Level 3) | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 3.2 |
Equity securities | 0 | 0 |
Short-term investments | 0 | 0 |
Other long-term investments | 169.7 | 227.3 |
Derivative assets | 15.7 | 9.5 |
Total assets | 185.4 | 240 |
Liabilities | ||
Total securities sold, not yet purchased | 0 | |
Securities sold under an agreement to repurchase | 0 | |
Liability-classified capital instruments | 67.3 | 21.4 |
Derivative liabilities | 6.4 | 8.6 |
Total liabilities | 73.7 | 30 |
Significant unobservable inputs (Level 3) | Asset-backed securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Significant unobservable inputs (Level 3) | Residential mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Significant unobservable inputs (Level 3) | Commercial mortgage-backed securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Significant unobservable inputs (Level 3) | Corporate debt securities | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Significant unobservable inputs (Level 3) | U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Significant unobservable inputs (Level 3) | Non-U.S. government and government agency | ||
Assets | ||
Debt securities, available for sale | 0 | 0 |
Debt securities, trading | 0 | 0 |
Significant unobservable inputs (Level 3) | Preferred stocks | ||
Assets | ||
Debt securities, trading | 3.2 | |
Valued at NAV | ||
Assets | ||
Investments in funds valued at NAV | $ 164.3 | $ 173.9 |
Fair value measurements - Recon
Fair value measurements - Reconciliation of investments measured at fair value using Level 3 inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 240 | $ 265.3 |
Transfers in to (out of) Level 3 | (25.3) | 0 |
Purchases | 9.4 | 45.4 |
Sales | (30.7) | (24.7) |
Realized and Unrealized Gains (Losses) | (8) | (46) |
Ending balance | $ 185.4 | $ 240 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income (Loss) And Gain (Loss) On Investments | Net Investment Income (Loss) And Gain (Loss) On Investments |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (30) | $ (60.4) |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | (5.1) | 0 |
Sales | 22.3 | (3.4) |
Realized and Unrealized Gains (Losses) | (60.9) | 33.8 |
Ending balance | $ (73.7) | $ (30) |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income (Loss) And Gain (Loss) On Investments | Net Investment Income (Loss) And Gain (Loss) On Investments |
Liability-classified capital instruments | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (21.4) | $ (57.2) |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Sales | 3.8 | 0 |
Realized and Unrealized Gains (Losses) | (49.7) | 35.8 |
Ending balance | (67.3) | (21.4) |
Derivative liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (8.6) | (3.2) |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | (5.1) | 0 |
Sales | 18.5 | (3.4) |
Realized and Unrealized Gains (Losses) | (11.2) | (2) |
Ending balance | (6.4) | (8.6) |
Preferred stocks | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 3.2 | 2.8 |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Sales | (2.3) | 0 |
Realized and Unrealized Gains (Losses) | (0.9) | 0.4 |
Ending balance | 0 | 3.2 |
Other long-term investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 227.3 | 262.1 |
Transfers in to (out of) Level 3 | (25.3) | 0 |
Purchases | 6.6 | 2.1 |
Sales | (14.7) | (24.7) |
Realized and Unrealized Gains (Losses) | (24.2) | (12.2) |
Ending balance | 169.7 | 227.3 |
Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 9.5 | 0.4 |
Transfers in to (out of) Level 3 | 0 | 0 |
Purchases | 2.8 | 43.3 |
Sales | (13.7) | 0 |
Realized and Unrealized Gains (Losses) | 17.1 | (34.2) |
Ending balance | $ 15.7 | $ 9.5 |
Fair value measurements - Finan
Fair value measurements - Financial instruments not measured at fair value (Details) - Level 2 - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value | Series B preference shares | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Series B preference shares | $ 197.4 | $ 186 |
Fair Value | Subordinated Notes | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term debt | 206.6 | 259 |
Fair Value | Senior Notes | 2016 Senior Notes | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term debt | 370 | 343.7 |
Fair Value | Senior Notes | 2015 Senior Notes | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term debt | 115.2 | 112.6 |
Carrying Value | Series B preference shares | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Series B preference shares | 200 | 200 |
Carrying Value | Subordinated Notes | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term debt | 267.9 | 258.6 |
Carrying Value | Senior Notes | 2016 Senior Notes | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term debt | 403.5 | 404.8 |
Carrying Value | Senior Notes | 2015 Senior Notes | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term debt | $ 114.8 | $ 114.6 |
Investments - Summary of debt s
Investments - Summary of debt securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt securities, available for sale | ||
Cost or amortized cost | $ 4,754.6 | $ 2,678.1 |
Gross unrealized gains | 42.9 | 4.9 |
Gross unrealized losses | (41.2) | (47.4) |
Net foreign currency gains (losses) | (0.9) | (0.1) |
Fair value | 4,755.4 | 2,635.5 |
Debt securities, trading | ||
Cost or amortized cost | 568.1 | 1,630.1 |
Gross unrealized gains | 0.7 | 0.9 |
Gross unrealized losses | (33.9) | (100.7) |
Net foreign currency gains (losses) | 0 | (4.3) |
Fair value | 534.9 | 1,526 |
Total securities sold, not yet purchased | 0 | 27 |
Debt securities, available for sale, allowance for credit losses | 0 | 0 |
Asset-backed securities | ||
Debt securities, available for sale | ||
Cost or amortized cost | 882.2 | 234.1 |
Gross unrealized gains | 7.8 | 0.9 |
Gross unrealized losses | (9.3) | (4.3) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 880.7 | 230.7 |
Debt securities, trading | ||
Cost or amortized cost | 261.1 | 575.5 |
Gross unrealized gains | 0.6 | 0.1 |
Gross unrealized losses | (5.1) | (21.9) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 256.6 | 553.7 |
Residential mortgage-backed securities | ||
Debt securities, available for sale | ||
Cost or amortized cost | 903 | 354.3 |
Gross unrealized gains | 15.8 | 0.3 |
Gross unrealized losses | (16) | (13.9) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 902.8 | 340.7 |
Debt securities, trading | ||
Cost or amortized cost | 67 | 155.9 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (9.8) | (22.3) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 57.2 | 133.6 |
Commercial mortgage-backed securities | ||
Debt securities, available for sale | ||
Cost or amortized cost | 204 | 62.1 |
Gross unrealized gains | 1.6 | 0 |
Gross unrealized losses | (1.5) | (0.9) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 204.1 | 61.2 |
Debt securities, trading | ||
Cost or amortized cost | 76.7 | 130.5 |
Gross unrealized gains | 0.1 | 0 |
Gross unrealized losses | (9) | (17.1) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 67.8 | 113.4 |
Corporate debt securities | ||
Debt securities, available for sale | ||
Cost or amortized cost | 1,569.6 | 428.5 |
Gross unrealized gains | 12 | 0.5 |
Gross unrealized losses | (7.5) | (13.1) |
Net foreign currency gains (losses) | (1) | (0.2) |
Fair value | 1,573.1 | 415.7 |
Debt securities, trading | ||
Cost or amortized cost | 52.2 | 391.4 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (7) | (27.2) |
Net foreign currency gains (losses) | 0 | (0.7) |
Fair value | 45.2 | 363.5 |
U.S. government and government agency | ||
Debt securities, available for sale | ||
Cost or amortized cost | 1,137.8 | 1,561.9 |
Gross unrealized gains | 5.5 | 3.2 |
Gross unrealized losses | (6.6) | (14.5) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 1,136.7 | 1,550.6 |
Debt securities, trading | ||
Cost or amortized cost | 100.8 | 278.6 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (2.7) | (8.2) |
Net foreign currency gains (losses) | 0 | 0 |
Fair value | 98.1 | 270.4 |
Non-U.S. government and government agency | ||
Debt securities, available for sale | ||
Cost or amortized cost | 58 | 37.2 |
Gross unrealized gains | 0.2 | 0 |
Gross unrealized losses | (0.3) | (0.7) |
Net foreign currency gains (losses) | 0.1 | 0.1 |
Fair value | 58 | 36.6 |
Debt securities, trading | ||
Cost or amortized cost | 10.3 | 95.8 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (0.3) | (4) |
Net foreign currency gains (losses) | 0 | (3.6) |
Fair value | $ 10 | 88.2 |
Preferred stocks | ||
Debt securities, trading | ||
Cost or amortized cost | 2.4 | |
Gross unrealized gains | 0.8 | |
Gross unrealized losses | 0 | |
Net foreign currency gains (losses) | 0 | |
Fair value | 3.2 | |
U.S. government and government agency | ||
Debt securities, trading | ||
Total securities sold, not yet purchased | $ 27 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 12 Months Ended | ||
Feb. 23, 2022 USD ($) | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Number of available-for-sale investment securities, unrealized loss position, twelve month or more category | security | 713 | ||
Available-for-sale investment securities in the twelve month or more category | $ 556,900,000 | $ 0 | |
Available-for-sale investment securities in the twelve month or more category, unrealized loss | $ 20,300,000 | ||
Weighted average duration of debt securities | 2 years 9 months 18 days | 1 year 9 months 18 days | |
Related Party | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | $ 562,000,000 | $ 530,700,000 | |
Third Point LLC, 2022 IMA | Inventive fees | Related Party | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fee percentage | 15% | ||
Third Point LLC, 2022 IMA | Management fees | Related Party | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fee percentage | 0.50% | ||
Third Point LLC, 2022 IMA | Advisory fees | Related Party | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fee amount | $ 1,500,000 | ||
Third Point Enhanced LP | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Investments in related investment party funds, unfunded commitments | 0 | ||
Third Point Venture Offshore Fund I LP | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Investments in related investment party funds, unfunded commitments | $ 9,500,000 | ||
Percentage of net asset value held | 16.80% | ||
Third Point Venture Offshore Fund II LP | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Investments in related investment party funds, unfunded commitments | $ 21,600,000 | ||
Percentage of net asset value held | 17.80% | ||
TPOC Portfolio | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Eligible withdrawal period following a cause event | 120 days | ||
Sub-prime | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | $ 185,100,000 | 95,300,000 | |
Sub-prime | AAA | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | 117,500,000 | 56,100,000 | |
Sub-prime | AA | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | 37,700,000 | 20,000,000 | |
Sub-prime | Not Rated | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | 4,300,000 | $ 19,200,000 | |
Sub-prime | A | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | 12,300,000 | ||
Sub-prime | BBB | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities | $ 13,300,000 |
Investments - Debt securities b
Investments - Debt securities by contractual maturity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt securities, trading - Cost or Amortized cost | ||
Due in one year or less | $ 80.2 | $ 240.4 |
Due after one year through five years | 37.2 | 426.5 |
Due after five years through ten years | 19.4 | 63.4 |
Due after ten years | 26.6 | 35.5 |
Cost or amortized cost | 568.1 | 1,630.1 |
Debt securities, trading - Fair value | ||
Due in one year or less | 79.7 | 230.9 |
Due after one year through five years | 34.5 | 407 |
Due after five years through ten years | 18 | 55.7 |
Due after ten years | 21.3 | 28.5 |
Fair value | 534.9 | 1,526 |
Debt securities, AFS - Cost or amortized cost | ||
Due in one year or less | 358.6 | 104.2 |
Due after one year through five years | 2,221 | 1,822.7 |
Due after five years through ten years | 183.3 | 95.8 |
Due after ten years | 2.5 | 4.9 |
Cost or amortized cost | 4,754.6 | 2,678.1 |
Debt securities, AFS - Fair value | ||
Due in one year or less | 357.2 | 104 |
Due after one year through five years | 2,219.8 | 1,802 |
Due after five years through ten years | 188.5 | 92.3 |
Due after ten years | 2.3 | 4.6 |
Fair value | 4,755.4 | 2,635.5 |
Mortgage-backed and asset-backed securities | ||
Debt securities, trading - Cost or Amortized cost | ||
Debt securities without single maturity date | 404.7 | 861.9 |
Debt securities, trading - Fair value | ||
Debt securities without single maturity date | 381.4 | 800.7 |
Debt securities, AFS - Cost or amortized cost | ||
Mortgage-backed and asset-backed securities | 1,989.2 | 650.5 |
Debt securities, AFS - Fair value | ||
Mortgage-backed and asset-backed securities | 1,987.6 | 632.6 |
Preferred stocks | ||
Debt securities, trading - Cost or Amortized cost | ||
Debt securities without single maturity date | 0 | 2.4 |
Cost or amortized cost | 2.4 | |
Debt securities, trading - Fair value | ||
Debt securities without single maturity date | 0 | 3.2 |
Fair value | 3.2 | |
Debt securities, AFS - Cost or amortized cost | ||
Mortgage-backed and asset-backed securities | 0 | 0 |
Debt securities, AFS - Fair value | ||
Mortgage-backed and asset-backed securities | $ 0 | $ 0 |
Investments - Ratings and fair
Investments - Ratings and fair value of debt securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | $ 534.9 | $ 1,526 |
Debt securities, available for sale | 4,755.4 | 2,635.5 |
AAA | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 248.4 | 564.4 |
Debt securities, available for sale | 730.4 | 172.8 |
AA | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 177 | 523.2 |
Debt securities, available for sale | 2,334.4 | 1,907.6 |
A | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 28.9 | 181.1 |
Debt securities, available for sale | 1,122.1 | 188.9 |
BBB | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 71.7 | 158.1 |
Debt securities, available for sale | 515.5 | 149.9 |
Other | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Debt securities, trading | 8.9 | 99.2 |
Debt securities, available for sale | $ 53 | $ 216.3 |
Investments - Summary of equity
Investments - Summary of equity securities and other long-term investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Equity securities, Cost or amortized cost | $ 1.9 | $ 1.8 |
Equity securities, Gross unrealized gains | 0 | 0 |
Equity securities, Gross unrealized losses | (0.5) | (0.2) |
Equity securities, Net foreign currency gains | 0.2 | 0 |
Equity securities, Fair value | 1.6 | 1.6 |
Other long-term investments, Cost or amortized cost | 367.2 | 392 |
Other long-term investments, Gross unrealized gains | 20 | 27.5 |
Other long-term investments, Gross unrealized losses | (81.1) | (41.8) |
Other long-term investments, net foreign currency gains | 2.4 | (0.5) |
Other long-term investments, Fair value | $ 308.5 | $ 377.2 |
Investments - Carrying value of
Investments - Carrying value of other-long term investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | $ 308.5 | $ 377.2 |
Valued at Level 3 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | 169.7 | 227.3 |
Hedge funds and private equity funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | 74.5 | 84.9 |
Hedge funds and private equity funds | Valued at NAV | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | 58.7 | 45.1 |
Hedge funds and private equity funds | Valued at Level 3 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | 0 | 25.1 |
Strategic Investments and Other Investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments, unfunded commitments | 14.7 | 16 |
Strategic investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | 203.9 | 262 |
Other investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Other long-term investments | $ 30.1 | $ 30.3 |
Investments - Investments in un
Investments - Investments in unconsolidated entities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Total other long-term investments | $ 308.5 | $ 377.2 |
Equity method eligible unconsolidated entities, using the fair value option | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total other long-term investments | 139.2 | 147.9 |
Equity method investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total other long-term investments | 37 | 41.8 |
Other unconsolidated investments, at fair value | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total other long-term investments | 89.2 | 124.5 |
Other unconsolidated investments, at cost | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total other long-term investments | $ 43.1 | $ 63 |
Investments - Investment in rel
Investments - Investment in related party investment funds (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Investments in related party investment funds, at fair value | $ 105.6 | $ 128.8 |
Related Party | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Investments in related party investment funds, at fair value | 105.6 | 128.8 |
Third Point Enhanced LP | Related Party | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Investments in related party investment funds, at fair value | 77.5 | 100.3 |
Third Point Venture Offshore Fund I LP | Related Party | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Investments in related party investment funds, at fair value | 25 | 26 |
Related Party Fund - Third Point Venture Offshore Fund II LP | Related Party | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Investments in related party investment funds, at fair value | $ 3.1 | $ 2.5 |
Total net investment income a_3
Total net investment income and realized and unrealized investment gains (losses) - Summary of total realized and unrealized investment gains and net investment income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Investment expenses | $ (16.1) | $ (20.3) | $ (11.6) |
Net investment income and net realized and unrealized investment gains (losses) | 272.7 | (322.7) | 312.5 |
Debt securities, available for sale | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | 181.6 | 35.1 | 0 |
Debt securities, trading | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | 66.1 | (115.6) | (4.9) |
Short-term investments | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | 29.3 | 17.7 | 1.6 |
Other long-term investments | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | (20) | (10.6) | 35.2 |
Derivative instruments | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | 4.8 | 0 | 0 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | (0.1) | (0.4) | (2.5) |
Related party investment funds | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | (1) | (210.5) | 304 |
Before other investment expenses and investment income (loss) on cash and cash equivalents | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | 260.7 | (284.3) | 333.4 |
Cash and cash equivalents | |||
Net Investment Income [Line Items] | |||
Net investment income and realized and unrealized investment gains before investment expenses and investment income (loss) | $ 28.1 | $ (18.1) | $ (9.3) |
Total net investment income a_4
Total net investment income and realized and unrealized investment gains (losses) - Summary of net realized and unrealized investment gains (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 148.3 | $ 56.2 | $ 40.4 |
Gross realized losses | (189) | (132.3) | (9.6) |
Net realized investment gains (losses) | (40.7) | (76.1) | 30.8 |
Net unrealized gains (losses) on investments | 30.7 | (149.4) | (47.7) |
Net realized and unrealized gains (losses) on investments | (10) | (225.5) | (16.9) |
Net realized and unrealized gains (losses) from related party investments | $ (9.1) | $ 5.6 | $ 12.9 |
Total net investment income a_5
Total net investment income and realized and unrealized investment gains (losses) - Summary of net realized investment gains (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Debt securities, available for sale | $ (10) | $ 2.7 | $ 0 |
Debt securities, trading | (42) | (66.7) | 12.3 |
Short-term investments | (1.4) | (2.9) | (0.1) |
Equity securities | 0 | (2.3) | (0.1) |
Other long-term investments | 8.9 | 2.9 | 14.1 |
Net investment income (loss) on cash and cash equivalents | 3.8 | (9.8) | 4.6 |
Net realized investment gains (losses) | $ (40.7) | $ (76.1) | $ 30.8 |
Total net investment income a_6
Total net investment income and realized and unrealized investment gains (losses) - Summary of net realized investment gains on other long-term investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Investment, Type [Extensible Enumeration] | Total other long-term investments | Total other long-term investments | Total other long-term investments |
Net realized investment gains (losses) | $ (40.7) | $ (76.1) | $ 30.8 |
Hedge funds and private equity funds | |||
Net Investment Income [Line Items] | |||
Net realized investment gains (losses) | 8.1 | 9.2 | 4.6 |
Strategic investments | |||
Net Investment Income [Line Items] | |||
Net realized investment gains (losses) | 0.8 | (2.5) | 7.8 |
Other investments | |||
Net Investment Income [Line Items] | |||
Net realized investment gains (losses) | 0 | (3.8) | 1.7 |
Other long-term investments | |||
Net Investment Income [Line Items] | |||
Net realized investment gains (losses) | $ 8.9 | $ 2.9 | $ 14.1 |
Total net investment income a_7
Total net investment income and realized and unrealized investment gains (losses) - Summary of net unrealized investment gains (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Debt securities, trading | $ 62.3 | $ (105) | $ (40.2) |
Short-term investments | 1.7 | (0.3) | 1.4 |
Equity securities | (0.1) | 1.8 | (2.5) |
Other long-term investments | (40.3) | (25.7) | 11.2 |
Derivative instruments | 4.8 | 0 | 0 |
Net investment income (loss) on cash and cash equivalents | 2.3 | (20.2) | (17.6) |
Net unrealized investment gains (losses) | $ 30.7 | $ (149.4) | $ (47.7) |
Total net investment income a_8
Total net investment income and realized and unrealized investment gains (losses) - Summary of net unrealized investment gains on other long-term investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Investment, Type [Extensible Enumeration] | Total other long-term investments | Total other long-term investments | Total other long-term investments |
Other long-term investments | $ (40.3) | $ (25.7) | $ 11.2 |
Hedge funds and private equity funds | |||
Net Investment Income [Line Items] | |||
Other long-term investments | 0.7 | (7.3) | 17.2 |
Strategic investments | |||
Net Investment Income [Line Items] | |||
Other long-term investments | (41) | (8.2) | (5.8) |
Other investments | |||
Net Investment Income [Line Items] | |||
Other long-term investments | $ 0 | $ (10.2) | $ (0.2) |
Total net investment income a_9
Total net investment income and realized and unrealized investment gains (losses) - Summary of gains (losses) attributable to unrealized investment gains (losses) on level 3 investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Debt securities, trading | $ 62.3 | $ (105) | $ (40.2) |
Other long-term investments | (40.3) | (25.7) | 11.2 |
Net unrealized investment gains (losses) | 30.7 | (149.4) | (47.7) |
Level 3 | |||
Net Investment Income [Line Items] | |||
Debt securities, trading | (0.8) | 0.7 | 0 |
Other long-term investments | (25.2) | (15.4) | (5.7) |
Net unrealized investment gains (losses) | $ (26) | $ (14.7) | $ (5.7) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Foreign currency | ||
Derivative [Line Items] | ||
Collateral held | $ 42.2 | $ 15.2 |
Credit default swap | ||
Derivative [Line Items] | ||
Collateral held | $ 22.3 | $ 0 |
Derivatives - Classification an
Derivatives - Classification and fair value of derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative liabilities at fair value | $ 6.4 | $ 8.6 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities |
Derivatives not designated as hedging instruments | Foreign currency forwards | ||
Derivative [Line Items] | ||
Derivative assets at fair value | $ 12 | $ 9 |
Derivative liabilities at fair value | 0 | 0 |
Notional Value | 585.3 | 425.1 |
Derivatives not designated as hedging instruments | Foreign currency swaps | ||
Derivative [Line Items] | ||
Derivative assets at fair value | 0 | 0 |
Derivative liabilities at fair value | 0 | 1.5 |
Notional Value | 0 | 264.6 |
Derivatives not designated as hedging instruments | Weather derivatives | ||
Derivative [Line Items] | ||
Derivative assets at fair value | 0.2 | 0 |
Derivative liabilities at fair value | 1 | 4.9 |
Notional Value | 30.6 | 30.6 |
Derivatives not designated as hedging instruments | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative assets at fair value | 3.4 | 0 |
Derivative liabilities at fair value | 1.7 | 0 |
Notional Value | 62.7 | 0 |
Derivatives not designated as hedging instruments | Credit default swap | ||
Derivative [Line Items] | ||
Derivative assets at fair value | 0.1 | 0 |
Derivative liabilities at fair value | 0 | 0 |
Notional Value | $ 30 | $ 0 |
Derivatives - Classification _2
Derivatives - Classification and net impact on earnings of derivatives (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign currency futures contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | $ 0 | $ (32.1) | $ (8) |
Foreign currency forwards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | 0.8 | (8.1) | (1.3) |
Weather derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | 2.6 | 7.3 | 0.9 |
Equity warrants | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | 0 | (0.1) | (0.3) |
Foreign currency swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | (3.7) | 1.5 | 0.2 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | 4.7 | 0 | 0 |
Credit default swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | 0.1 | 0 | 0 |
Foreign currency call options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net impact on earnings | $ 0 | $ 0 | $ 0.4 |
Variable and voting interest _3
Variable and voting interest entities - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||||
Assets | $ 12,871.5 | $ 11,036.3 | |||
Liabilities | 10,340.9 | 8,953.7 | |||
Other revenues | (38.4) | (110.2) | $ (151.2) | ||
Arcadian | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 150.9 | 92.1 | |||
Liabilities | 123.8 | 79.6 | |||
Alstead Re | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 14.5 | 14 | |||
Liabilities | $ 9.2 | 9 | |||
Arcadian | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 49% | ||||
Maximum financial exposure | $ 18 | ||||
Variable Interest Entity, Primary Beneficiary, Banyan Risk Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 17.5 | ||||
Liabilities | $ 15.3 | ||||
Ownership percentage | 49% | 100% | |||
Gain on sale | $ 1.5 | ||||
Joyn | |||||
Variable Interest Entity [Line Items] | |||||
Other revenues | $ 8.7 | ||||
Alta Signa | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 2.8 | 3.5 | |||
Liabilities | $ 0.8 | $ 1.3 | |||
VOE, ownership percentage | 75.10% | ||||
TP Enhanced Fund | TP Enhanced Fund | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 89.30% | ||||
Variable interest entity, primary beneficiary | TP Enhanced Fund | TP GP | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 10.70% |
Variable and voting interest _4
Variable and voting interest entities - Reconciliation of noncontrolling interests (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance, beginning of period | $ 7.9 | $ (0.4) | |
Business combinations | 0 | 0.8 | |
Net income (loss) attributable to noncontrolling interests | 8.9 | 0.8 | $ (2.3) |
Contributions (redemptions) | 0.8 | 0 | |
Derecognition of noncontrolling interest | (0.9) | 6.7 | |
Balance, end of period | $ 16.7 | $ 7.9 | $ (0.4) |
Variable and voting interest _5
Variable and voting interest entities - Total assets and maximum exposure to loss for unconsolidated variable interest entities (Details) - Variable interest entity, not primary beneficiary, excluding investments in Related Party Investment Funds - Other long-term investments - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total VIE Assets | ||
Total VIE Assets | $ 189.8 | $ 211.5 |
Maximum Exposure to Loss | ||
On-Balance Sheet | 126.2 | 144 |
Off-Balance Sheet | 5.7 | 2 |
Total | $ 131.9 | $ 146 |
Loss and loss adjustment expe_3
Loss and loss adjustment expense reserves - Summary of loss and loss adjustment expense reserves (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance [Abstract] | ||||
Case loss and loss adjustment expense reserves | $ 2,042.5 | $ 1,980.2 | ||
Incurred but not reported loss and loss adjustment expense reserves | 3,509.7 | 3,226.5 | ||
Unallocated loss adjustment expense reserves | 55.9 | 62 | ||
Loss and loss adjustment expense reserves | $ 5,608.1 | $ 5,268.7 | $ 4,841.4 | $ 1,310.1 |
Loss and loss adjustment expe_4
Loss and loss adjustment expense reserves - Activity in the loss and loss adjustment expense reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Gross reserves for loss and loss adjustment expenses, beginning of year | $ 5,268.7 | $ 4,841.4 | $ 1,310.1 |
Less: loss and loss adjustment expenses recoverable, beginning of year | (1,376.2) | (1,215.3) | (14.4) |
Less: deferred charges on retroactive reinsurance contracts | (1) | (1.4) | (6) |
Net reserves for loss and loss adjustment expenses, beginning of year | 3,891.5 | 3,624.7 | 1,289.7 |
Net reserves for loss and loss adjustment expenses disposed | (758.3) | 0 | 0 |
Increase (decrease) in net loss and loss adjustment expenses incurred in respect of losses occurring in: | |||
Current year | 1,555.5 | 1,609.7 | 1,369.1 |
Prior years | (174.2) | (21.3) | (42.6) |
Total incurred loss and loss adjustment expenses | 1,381.3 | 1,588.4 | 1,326.5 |
Net loss and loss adjustment expenses paid in respect of losses occurring in: | |||
Current year | (347.4) | (316.1) | (271.2) |
Prior years | (837.3) | (939.2) | (1,178.9) |
Total net paid losses | (1,184.7) | (1,255.3) | (1,450.1) |
Foreign currency translation | 10.7 | (66.3) | (9.2) |
Amounts acquired as a result of Sirius Group acquisition | 0 | 0 | 2,467.8 |
Net reserves for loss and loss adjustment expenses, end of year | 3,340.5 | 3,891.5 | 3,624.7 |
Plus: loss and loss adjustment expenses recoverable, end of year | 2,295.1 | 1,376.2 | 1,215.3 |
Plus: deferred charges on retroactive reinsurance contracts | (27.5) | 1 | 1.4 |
Gross reserves for loss and loss adjustment expenses, end of year | $ 5,608.1 | $ 5,268.7 | $ 4,841.4 |
Loss and loss adjustment expe_5
Loss and loss adjustment expense reserves - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Net adverse (favorable) change in prior year loss reserve development | $ (174.2) | $ (21.3) | $ (42.6) |
Favorable loss reserve development | $ (127.8) | ||
Number of operating segments | segment | 2 | ||
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net adverse (favorable) change in prior year loss reserve development | $ (6.8) | 10.5 | |
Reinsurance | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net adverse (favorable) change in prior year loss reserve development | (140.8) | 18.6 | |
Insurance & Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net adverse (favorable) change in prior year loss reserve development | $ (26.6) | $ 13.5 |
Loss and loss adjustment expe_6
Loss and loss adjustment expense reserves - Loss and loss adjustment expense reserves by accident year and line of business (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Claims Development [Line Items] | ||||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | $ 3,169.8 | |||||||||
Reinsurance | Operating Segments | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 2,221.6 | |||||||||
IBNR loss and ALAE reserves, net | 711.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1,225.8 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 995.8 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0.9 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 996.7 | |||||||||
Reinsurance | Operating Segments | Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 150.2 | $ 150.2 | $ 150.5 | $ 151.1 | $ 150.6 | $ 151.4 | $ 152 | $ 158 | $ 157.5 | $ 150.6 |
IBNR loss and ALAE reserves, net | 0.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 147.8 | 147.1 | 146.1 | 145.3 | 143.4 | 140.6 | 134.7 | 127.3 | 113.9 | 49.9 |
Reinsurance | Operating Segments | Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 161.5 | 161.6 | 161.9 | 161.9 | 159.4 | 159.1 | 157.8 | 174.2 | 164 | |
IBNR loss and ALAE reserves, net | 3.7 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 151.7 | 149.1 | 146.3 | 141.6 | 134.1 | 126.4 | 112.2 | 95.1 | 45.4 | |
Reinsurance | Operating Segments | Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 176.8 | 177.2 | 177.4 | 176.9 | 174 | 177.7 | 177.1 | 181.2 | ||
IBNR loss and ALAE reserves, net | 6.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 159.6 | 153.4 | 147.1 | 137.8 | 127.5 | 114.3 | 96.9 | 42.7 | ||
Reinsurance | Operating Segments | Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 179.4 | 180.3 | 178.8 | 175.7 | 171.5 | 170.8 | 168.5 | |||
IBNR loss and ALAE reserves, net | 16.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 142.3 | 131.9 | 119.2 | 100.2 | 79.5 | 63.6 | 29.6 | |||
Reinsurance | Operating Segments | Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 257.8 | 251.3 | 250 | 245.9 | 236.8 | 226.5 | ||||
IBNR loss and ALAE reserves, net | 34.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 194.1 | 173.1 | 149.5 | 95.7 | 63.1 | 27.1 | ||||
Reinsurance | Operating Segments | Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 278.6 | 270.3 | 263 | 253.7 | 238.7 | |||||
IBNR loss and ALAE reserves, net | 59.3 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 179.2 | 142.5 | 104.4 | 65.7 | 25.8 | |||||
Reinsurance | Operating Segments | Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 211 | 211.2 | 204.7 | 192.3 | ||||||
IBNR loss and ALAE reserves, net | 73.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 102.3 | 65.9 | 20.8 | 17.8 | ||||||
Reinsurance | Operating Segments | Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 145.7 | 147.4 | 148.1 | |||||||
IBNR loss and ALAE reserves, net | 53.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 66.4 | 43 | 13.7 | |||||||
Reinsurance | Operating Segments | Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 302.3 | 296.8 | ||||||||
IBNR loss and ALAE reserves, net | 200.3 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 51.6 | 19.5 | ||||||||
Reinsurance | Operating Segments | Casualty | Short-Duration Insurance Contract, Accident Year 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 358.3 | |||||||||
IBNR loss and ALAE reserves, net | 262.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 30.8 | |||||||||
Reinsurance | Operating Segments | Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 1,231.8 | |||||||||
IBNR loss and ALAE reserves, net | 306.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 788.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 443.7 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 2.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 445.8 | |||||||||
Reinsurance | Operating Segments | Specialty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 45.7 | 45.6 | 45.7 | 45.4 | 45.7 | 45.8 | 45.2 | 52.3 | 48.4 | 58.6 |
IBNR loss and ALAE reserves, net | (2) | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 47.2 | 47 | 46.8 | 46.6 | 46.6 | 46.2 | 44 | 43 | 31.9 | 10.5 |
Reinsurance | Operating Segments | Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 103.9 | 103.8 | 103.7 | 103.9 | 104.5 | 105.9 | 108.3 | 112 | 91.3 | |
IBNR loss and ALAE reserves, net | 0.7 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 102.4 | 101.6 | 101.1 | 101.2 | 100.7 | 98.5 | 94.7 | 73 | 36.5 | |
Reinsurance | Operating Segments | Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 110 | 110 | 111.2 | 111.5 | 111.6 | 116.4 | 122.2 | 124.9 | ||
IBNR loss and ALAE reserves, net | 1.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 107.5 | 106.5 | 105.5 | 106.3 | 104.4 | 99.7 | 88.6 | 29.1 | ||
Reinsurance | Operating Segments | Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 114.3 | 114.8 | 116.7 | 117.9 | 117.8 | 123.6 | 118.4 | |||
IBNR loss and ALAE reserves, net | 5.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 106.7 | 105.4 | 102.5 | 101.6 | 97.4 | 86.3 | 57.6 | |||
Reinsurance | Operating Segments | Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 130.7 | 135.4 | 136.3 | 138.8 | 142.1 | 136.6 | ||||
IBNR loss and ALAE reserves, net | 10.7 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 99.3 | 95.3 | 91.7 | 84.6 | 68.6 | 39.8 | ||||
Reinsurance | Operating Segments | Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 203.4 | 204.9 | 214.3 | 206.1 | 189.5 | |||||
IBNR loss and ALAE reserves, net | 36.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 136.9 | 121.3 | 104.1 | 72.5 | 29.3 | |||||
Reinsurance | Operating Segments | Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 175.4 | 174.9 | 192.2 | 191.1 | ||||||
IBNR loss and ALAE reserves, net | 50 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 99.9 | 86.4 | 65.3 | 40.9 | ||||||
Reinsurance | Operating Segments | Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 91 | 91.2 | 101.9 | |||||||
IBNR loss and ALAE reserves, net | 32.8 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 41.6 | 32.6 | 19.9 | |||||||
Reinsurance | Operating Segments | Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 100.7 | 100.2 | ||||||||
IBNR loss and ALAE reserves, net | 57.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 25.3 | 14.6 | ||||||||
Reinsurance | Operating Segments | Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 156.7 | |||||||||
IBNR loss and ALAE reserves, net | 113.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 21.3 | |||||||||
Reinsurance | Operating Segments | Property Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 1,387.7 | |||||||||
IBNR loss and ALAE reserves, net | 128.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1,206.4 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 181.3 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 2.3 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 183.6 | |||||||||
Reinsurance | Operating Segments | Property Other | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 95.9 | 95.4 | 95.8 | 94.9 | 95.7 | 96.3 | 93.9 | 91.1 | 84.9 | 81.2 |
IBNR loss and ALAE reserves, net | 0.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 95.3 | 95.2 | 95 | 94 | 93.9 | 92.9 | 89.4 | 82.8 | 64.5 | 30.2 |
Reinsurance | Operating Segments | Property Other | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 120.1 | 119.8 | 119.9 | 119.1 | 119.7 | 120 | 117.7 | 114.7 | 105 | |
IBNR loss and ALAE reserves, net | 0.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 119.2 | 119 | 118.4 | 117.1 | 115.9 | 111.9 | 104.6 | 96.3 | 43.7 | |
Reinsurance | Operating Segments | Property Other | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 135.5 | 136.1 | 136.3 | 135.9 | 136.6 | 136 | 132.3 | 126.2 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 134.2 | 133.6 | 132.3 | 130 | 146 | 116.3 | 92.3 | 32.4 | ||
Reinsurance | Operating Segments | Property Other | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 270.6 | 273 | 275.5 | 273.8 | 270.8 | 258.1 | 227.6 | |||
IBNR loss and ALAE reserves, net | 7.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 258.2 | 254.4 | 242.7 | 235.6 | 206.5 | 162.9 | 49.4 | |||
Reinsurance | Operating Segments | Property Other | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 243.5 | 246.2 | 248.4 | 251.1 | 243.9 | 209.7 | ||||
IBNR loss and ALAE reserves, net | 10.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 226.8 | 221 | 208.6 | 194.4 | 147.3 | 55.9 | ||||
Reinsurance | Operating Segments | Property Other | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 184.2 | 182.4 | 185.4 | 184.8 | 180.4 | |||||
IBNR loss and ALAE reserves, net | 8.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 171.3 | 163.1 | 148.2 | 121.5 | 46.6 | |||||
Reinsurance | Operating Segments | Property Other | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 144.3 | 143.7 | 145 | 132.8 | ||||||
IBNR loss and ALAE reserves, net | 20.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 114.6 | 107.4 | 87.1 | 40.6 | ||||||
Reinsurance | Operating Segments | Property Other | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 70.4 | 63.9 | 62.3 | |||||||
IBNR loss and ALAE reserves, net | 25.3 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 42.6 | 38.7 | 22.9 | |||||||
Reinsurance | Operating Segments | Property Other | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 59.6 | 59.8 | ||||||||
IBNR loss and ALAE reserves, net | 14.2 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 31.5 | 9.7 | ||||||||
Reinsurance | Operating Segments | Property Other | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 63.6 | |||||||||
IBNR loss and ALAE reserves, net | 40.2 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 12.7 | |||||||||
Reinsurance | Operating Segments | Property Catastrophe | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 292.8 | |||||||||
IBNR loss and ALAE reserves, net | 106.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 153.3 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 139.5 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0.2 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 139.7 | |||||||||
Reinsurance | Operating Segments | Property Catastrophe | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reinsurance | Operating Segments | Property Catastrophe | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Reinsurance | Operating Segments | Property Catastrophe | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Reinsurance | Operating Segments | Property Catastrophe | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 27 | 28.5 | 28.2 | 27.2 | 26.4 | 32.6 | 27.6 | |||
IBNR loss and ALAE reserves, net | 2.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 23 | 22 | 20.6 | 20.4 | 12 | 7.8 | 1.3 | |||
Reinsurance | Operating Segments | Property Catastrophe | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 4.1 | 4.5 | 4.8 | 5.7 | 5.3 | 12 | ||||
IBNR loss and ALAE reserves, net | 1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 2.9 | 2.9 | 2.7 | 2.2 | 1.7 | 0.4 | ||||
Reinsurance | Operating Segments | Property Catastrophe | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 36.4 | 40 | 42.3 | 38.8 | 38.3 | |||||
IBNR loss and ALAE reserves, net | 4.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 28.3 | 27 | 24.1 | 14.5 | 0.5 | |||||
Reinsurance | Operating Segments | Property Catastrophe | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 68.4 | 63.3 | 69.8 | 58.4 | ||||||
IBNR loss and ALAE reserves, net | 23.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 41.6 | 36.5 | 25.5 | 7.4 | ||||||
Reinsurance | Operating Segments | Property Catastrophe | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 57.2 | 69.7 | 68 | |||||||
IBNR loss and ALAE reserves, net | 10.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 33.1 | 29.1 | 16.1 | |||||||
Reinsurance | Operating Segments | Property Catastrophe | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 76.8 | 84.5 | ||||||||
IBNR loss and ALAE reserves, net | 45.3 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 23.2 | 7.4 | ||||||||
Reinsurance | Operating Segments | Property Catastrophe | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 22.9 | |||||||||
IBNR loss and ALAE reserves, net | 19.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1.2 | |||||||||
Reinsurance | Operating Segments | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 8.2 | |||||||||
IBNR loss and ALAE reserves, net | 0.2 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 8.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 0.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 0.1 | |||||||||
Reinsurance | Operating Segments | Other | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reinsurance | Operating Segments | Other | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Reinsurance | Operating Segments | Other | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Reinsurance | Operating Segments | Other | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.7 | 0.7 | |||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0.8 | 0.8 | 0.8 | 0.8 | 0.6 | 0.3 | 0 | |||
Reinsurance | Operating Segments | Other | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 3.1 | 3.1 | 3 | 3 | 3 | 2.6 | ||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 3.1 | 3.1 | 3 | 3 | 2.1 | 1 | ||||
Reinsurance | Operating Segments | Other | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 2.8 | 2.7 | 2.5 | 3.6 | 3.4 | |||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 2.8 | 2.6 | 2.5 | 2.6 | 1.6 | |||||
Reinsurance | Operating Segments | Other | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 1.4 | 1.4 | 1.1 | 3.1 | ||||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1.3 | 1 | 0.9 | 0.5 | ||||||
Reinsurance | Operating Segments | Other | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0.1 | 0.1 | 0.2 | |||||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0.1 | 0.1 | 0 | |||||||
Reinsurance | Operating Segments | Other | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | ||||||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | ||||||||
Reinsurance | Operating Segments | Other | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | |||||||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | |||||||||
Insurance & Services | Operating Segments | A&H | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 1,490.3 | |||||||||
IBNR loss and ALAE reserves, net | 211.8 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1,231.2 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 259.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 259.1 | |||||||||
Insurance & Services | Operating Segments | A&H | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 69.2 | 69 | 69 | 69 | 68.9 | 69.1 | 69.8 | 68.8 | 67.1 | 64.4 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 69.2 | 69.2 | 69.2 | 69.2 | 69.2 | 69.2 | 69.2 | 68.1 | 59.9 | 27.6 |
Insurance & Services | Operating Segments | A&H | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 80.6 | 80.7 | 80.7 | 80.7 | 80.7 | 80.7 | 81.7 | 82.6 | 79.7 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 80.5 | 80.6 | 80.6 | 80.6 | 80.6 | 80.5 | 80 | 73.3 | 37.3 | |
Insurance & Services | Operating Segments | A&H | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 82.1 | 82.9 | 82.8 | 83.2 | 83.2 | 84.4 | 88 | 85.2 | ||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 82.1 | 82.2 | 82.2 | 82.5 | 82.4 | 81.9 | 78 | 50.2 | ||
Insurance & Services | Operating Segments | A&H | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 81.5 | 80.8 | 80.5 | 80.5 | 82.2 | 88.4 | 94.3 | |||
IBNR loss and ALAE reserves, net | 0.2 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 81.3 | 81.2 | 81.1 | 80.8 | 80.7 | 75.3 | 58.8 | |||
Insurance & Services | Operating Segments | A&H | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 98.4 | 97.7 | 97.7 | 98.7 | 99.8 | 100 | ||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 98.3 | 98.4 | 98.3 | 98.1 | 89.8 | 66.9 | ||||
Insurance & Services | Operating Segments | A&H | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 140.7 | 142.1 | 142.6 | 147.4 | 149.9 | |||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 140.6 | 140.5 | 139.7 | 134 | 99.4 | |||||
Insurance & Services | Operating Segments | A&H | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 136 | 139.6 | 146 | 147.5 | ||||||
IBNR loss and ALAE reserves, net | 2.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 133.5 | 133.3 | 125.2 | 81.2 | ||||||
Insurance & Services | Operating Segments | A&H | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 128.2 | 135.3 | 142.5 | |||||||
IBNR loss and ALAE reserves, net | 3.7 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 123.5 | 117.2 | 85 | |||||||
Insurance & Services | Operating Segments | A&H | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 265 | 281 | ||||||||
IBNR loss and ALAE reserves, net | 39.2 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 216.6 | 139 | ||||||||
Insurance & Services | Operating Segments | A&H | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 408.6 | |||||||||
IBNR loss and ALAE reserves, net | 165.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 205.6 | |||||||||
Insurance & Services | Operating Segments | Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 751.1 | |||||||||
IBNR loss and ALAE reserves, net | 431.8 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 181.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 570 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 570 | |||||||||
Insurance & Services | Operating Segments | Casualty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insurance & Services | Operating Segments | Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Insurance & Services | Operating Segments | Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Insurance & Services | Operating Segments | Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Insurance & Services | Operating Segments | Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0.6 | 0.7 | 1.2 | 1.1 | 1.5 | 1.5 | ||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0.5 | 0.5 | 0.4 | 0.3 | 0.2 | 0 | ||||
Insurance & Services | Operating Segments | Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 15 | 15.7 | 15.7 | 16.6 | 18.6 | |||||
IBNR loss and ALAE reserves, net | 0.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 13.3 | 12.6 | 10 | 6.8 | 1.3 | |||||
Insurance & Services | Operating Segments | Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 49.3 | 48.4 | 47.7 | 46.8 | ||||||
IBNR loss and ALAE reserves, net | 2.3 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 37.2 | 29.5 | 19.9 | 4.3 | ||||||
Insurance & Services | Operating Segments | Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 180.1 | 168.8 | 145 | |||||||
IBNR loss and ALAE reserves, net | 60 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 74.3 | 48.9 | 10.6 | |||||||
Insurance & Services | Operating Segments | Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 238.5 | 234.8 | ||||||||
IBNR loss and ALAE reserves, net | 129.8 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 39.7 | 11 | ||||||||
Insurance & Services | Operating Segments | Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 267.6 | |||||||||
IBNR loss and ALAE reserves, net | 239 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 16.1 | |||||||||
Insurance & Services | Operating Segments | Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 231.8 | |||||||||
IBNR loss and ALAE reserves, net | 159.9 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 55.6 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 176.2 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 176.2 | |||||||||
Insurance & Services | Operating Segments | Specialty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insurance & Services | Operating Segments | Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Insurance & Services | Operating Segments | Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Insurance & Services | Operating Segments | Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Insurance & Services | Operating Segments | Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Insurance & Services | Operating Segments | Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | |||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | |||||
Insurance & Services | Operating Segments | Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | ||||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | ||||||
Insurance & Services | Operating Segments | Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 12.2 | 11.6 | 9.7 | |||||||
IBNR loss and ALAE reserves, net | 1.6 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 9.1 | 6.5 | 0.7 | |||||||
Insurance & Services | Operating Segments | Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 95.3 | 101 | ||||||||
IBNR loss and ALAE reserves, net | 48.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 39.9 | 11.7 | ||||||||
Insurance & Services | Operating Segments | Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 124.3 | |||||||||
IBNR loss and ALAE reserves, net | 109.8 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 6.6 | |||||||||
Insurance & Services | Operating Segments | Property Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 34.9 | |||||||||
IBNR loss and ALAE reserves, net | 20 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 9.1 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 25.8 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 25.8 | |||||||||
Insurance & Services | Operating Segments | Property Other | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insurance & Services | Operating Segments | Property Other | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Insurance & Services | Operating Segments | Property Other | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Insurance & Services | Operating Segments | Property Other | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Insurance & Services | Operating Segments | Property Other | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Insurance & Services | Operating Segments | Property Other | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | |||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | |||||
Insurance & Services | Operating Segments | Property Other | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0.7 | 1.4 | 1.4 | 1.6 | ||||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0.6 | 0.5 | 0.5 | 0.4 | ||||||
Insurance & Services | Operating Segments | Property Other | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 2.8 | 2.7 | 4.2 | |||||||
IBNR loss and ALAE reserves, net | 1.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1.1 | 1 | 0.5 | |||||||
Insurance & Services | Operating Segments | Property Other | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 11.5 | 10.4 | ||||||||
IBNR loss and ALAE reserves, net | 4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 5.8 | 1.5 | ||||||||
Insurance & Services | Operating Segments | Property Other | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 19.9 | |||||||||
IBNR loss and ALAE reserves, net | 14.5 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 1.6 | |||||||||
Insurance & Services | Operating Segments | Property Catastrophe | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 1.9 | |||||||||
IBNR loss and ALAE reserves, net | 1.4 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0.3 | |||||||||
Net reserves for loss and allocated loss adjustment expenses from 2014 to 2023 | 1.6 | |||||||||
Net reserves for loss and allocated loss adjustment expenses prior to 2014 | 0 | |||||||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 1.6 | |||||||||
Insurance & Services | Operating Segments | Property Catastrophe | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 |
Insurance & Services | Operating Segments | Property Catastrophe | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | |
Insurance & Services | Operating Segments | Property Catastrophe | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | ||
Insurance & Services | Operating Segments | Property Catastrophe | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | |||
Insurance & Services | Operating Segments | Property Catastrophe | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||
Insurance & Services | Operating Segments | Property Catastrophe | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | 0 | |||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | 0 | $ 0 | |||||
Insurance & Services | Operating Segments | Property Catastrophe | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | 0 | ||||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | 0 | $ 0 | ||||||
Insurance & Services | Operating Segments | Property Catastrophe | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0 | 0 | 0 | |||||||
IBNR loss and ALAE reserves, net | 0 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0 | 0 | $ 0 | |||||||
Insurance & Services | Operating Segments | Property Catastrophe | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 1.8 | 1.7 | ||||||||
IBNR loss and ALAE reserves, net | 1.3 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | 0.3 | $ 0 | ||||||||
Insurance & Services | Operating Segments | Property Catastrophe | Short-Duration Insurance Contract, Accident Year 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Loss and allocated loss adjustment expenses incurred, net | 0.1 | |||||||||
IBNR loss and ALAE reserves, net | 0.1 | |||||||||
Cumulative net losses and allocated loss adjustment expenses paid | $ 0 |
Loss and loss adjustment expe_7
Loss and loss adjustment expense reserves - Reconciliation of loss development information to loss and loss adjustment expense reserves (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | $ 3,169.8 | |||
Total loss and allocated loss adjustment expenses recoverable | 2,295.1 | $ 1,376.2 | $ 1,215.3 | $ 14.4 |
Unallocated loss adjustment expense reserves | 55.9 | |||
Other items, net | 114.8 | |||
Deferred gains on retroactive reinsurance contracts | (27.5) | 1 | 1.4 | 6 |
Gross reserves for loss and loss adjustment expenses, end of year | 5,608.1 | $ 5,268.7 | $ 4,841.4 | $ 1,310.1 |
Corporate | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 371.2 | |||
Total loss and allocated loss adjustment expenses recoverable | 1,025.6 | |||
Reinsurance | Operating Segments | Casualty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 996.7 | |||
Total loss and allocated loss adjustment expenses recoverable | 217.9 | |||
Reinsurance | Operating Segments | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 445.8 | |||
Total loss and allocated loss adjustment expenses recoverable | 219.1 | |||
Reinsurance | Operating Segments | Property Other | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 183.6 | |||
Total loss and allocated loss adjustment expenses recoverable | 98 | |||
Reinsurance | Operating Segments | Property Catastrophe | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 139.7 | |||
Total loss and allocated loss adjustment expenses recoverable | 78.7 | |||
Reinsurance | Operating Segments | Other | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 0.1 | |||
Insurance & Services | Operating Segments | A&H | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 259.1 | |||
Total loss and allocated loss adjustment expenses recoverable | 89.1 | |||
Insurance & Services | Operating Segments | Casualty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 570 | |||
Total loss and allocated loss adjustment expenses recoverable | 507.3 | |||
Insurance & Services | Operating Segments | Specialty | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 176.2 | |||
Total loss and allocated loss adjustment expenses recoverable | 44.5 | |||
Insurance & Services | Operating Segments | Property Other | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 25.8 | |||
Total loss and allocated loss adjustment expenses recoverable | 14.4 | |||
Insurance & Services | Operating Segments | Property Catastrophe | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Net reserves for loss and allocated loss adjustment expenses, end of year | 1.6 | |||
Total loss and allocated loss adjustment expenses recoverable | $ 0.5 |
Loss and loss adjustment expe_8
Loss and loss adjustment expense reserves - Claims duration (Details) - Operating Segments | Dec. 31, 2023 |
Reinsurance | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 13.60% |
Year 2 | 18.40% |
Year 3 | 13% |
Year 4 | 13% |
Year 5 | 8.60% |
Year 6 | 5.80% |
Year 7 | 3.50% |
Year 8 | 2% |
Year 9 | 1.10% |
Year 10 | 0.50% |
Reinsurance | Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 24.30% |
Year 2 | 24.70% |
Year 3 | 13.60% |
Year 4 | 5.80% |
Year 5 | 3.70% |
Year 6 | 1.40% |
Year 7 | 0.60% |
Year 8 | 0.60% |
Year 9 | 0.70% |
Year 10 | 0.40% |
Reinsurance | Property Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 24.80% |
Year 2 | 38.60% |
Year 3 | 15.20% |
Year 4 | 9.10% |
Year 5 | 1.80% |
Year 6 | 2.50% |
Year 7 | 1% |
Year 8 | 0.60% |
Year 9 | 0.20% |
Year 10 | 0.10% |
Reinsurance | Property Catastrophe | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.70% |
Year 2 | 25.50% |
Year 3 | 15.20% |
Year 4 | 12.50% |
Year 5 | 2.30% |
Year 6 | 4.70% |
Year 7 | 3.90% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | (4.20%) |
Reinsurance | Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 37.70% |
Year 2 | 34.20% |
Year 3 | 15.70% |
Year 4 | 7.80% |
Year 5 | 2.50% |
Year 6 | 0.90% |
Year 7 | 1% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Insurance & Services | A&H | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 57.10% |
Year 2 | 30% |
Year 3 | 6.40% |
Year 4 | 0.50% |
Year 5 | 0.10% |
Year 6 | 0% |
Year 7 | 0% |
Year 8 | (0.10%) |
Year 9 | 0% |
Year 10 | 0% |
Insurance & Services | Casualty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 5.80% |
Year 2 | 18.30% |
Year 3 | 15.70% |
Year 4 | 16% |
Year 5 | 4.60% |
Year 6 | 2.10% |
Year 7 | 0% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Insurance & Services | Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 8.20% |
Year 2 | 31.70% |
Year 3 | 21% |
Year 4 | 0% |
Year 5 | 0% |
Year 6 | 0% |
Year 7 | 0% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Insurance & Services | Property Other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.40% |
Year 2 | 32.50% |
Year 3 | 3.30% |
Year 4 | 5.60% |
Year 5 | 0.30% |
Year 6 | 0% |
Year 7 | 0% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Insurance & Services | Property Catastrophe | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | (2.10%) |
Year 2 | 20.60% |
Year 3 | 0% |
Year 4 | 0% |
Year 5 | 0% |
Year 6 | 0% |
Year 7 | 0% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Third party reinsurance - Break
Third party reinsurance - Breakdown of written and earned premiums and loss and loss adjustment expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premiums written: | |||
Direct | $ 1,678.7 | $ 1,403.9 | $ 718 |
Assumed | 1,748.7 | 2,005.8 | 1,518.5 |
Gross premiums written | 3,427.4 | 3,409.7 | 2,236.5 |
Ceded | (989.5) | (860.5) | (502.3) |
Net premiums written | 2,437.9 | 2,549.2 | 1,734.2 |
Premiums earned: | |||
Direct | 1,498 | 1,153.6 | 600.8 |
Assumed | 1,826 | 1,915.2 | 1,598.5 |
Gross premiums earned | 3,324 | 3,068.8 | 2,199.3 |
Ceded | (897.8) | (750.7) | (482.3) |
Net premiums earned | 2,426.2 | 2,318.1 | 1,717 |
Loss and loss adjustment expense: | |||
Direct | 1,008.6 | 778 | 349.3 |
Assumed | 910.5 | 1,386.8 | 1,506.1 |
Loss and loss adjustment expense incurred | 1,919.1 | 2,164.8 | 1,855.4 |
Ceded | (537.8) | (576.4) | (528.9) |
Loss and loss adjustment expense incurred, net | $ 1,381.3 | $ 1,588.4 | $ 1,326.5 |
Third party reinsurance - Narra
Third party reinsurance - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance [Abstract] | ||||
Loss and loss adjustment expenses recoverable, net | $ 2,295.1 | $ 1,376.2 | $ 1,215.3 | $ 14.4 |
Third party reinsurance - Gross
Third party reinsurance - Gross and net recoverable amounts by the reinsurer's credit rating and the percentage of total recoverables (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 2,295.1 | $ 1,376.2 | $ 1,215.3 | $ 14.4 |
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 2,295.1 | $ 1,376.2 | ||
% of total | 100% | 100% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Collateral | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,404.8 | $ 658.7 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Net | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | 890.3 | 717.5 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | AA | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 294.5 | $ 252.8 | ||
% of total | 24.40% | 29.50% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | AA | Collateral | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 76.9 | $ 41.2 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | AA | Net | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | 217.6 | 211.6 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | A | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 601.9 | $ 370.6 | ||
% of total | 55.10% | 44.90% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | A | Collateral | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 111.2 | $ 48.5 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | A | Net | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | 490.7 | 322.1 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | BBB or lower | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 202 | $ 246.7 | ||
% of total | 14.10% | 19.80% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | BBB or lower | Collateral | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 76.6 | $ 104.8 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | BBB or lower | Net | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | 125.4 | 141.9 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,196.7 | $ 506.1 | ||
% of total | 6.40% | 5.80% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Not rated | Pallas Reinsurance Company Ltd. | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,090.2 | $ 327.7 | ||
% of total | 47.50% | 23.80% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Not rated | Collateral | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,140.1 | $ 464.2 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Not rated | Collateral | Pallas Reinsurance Company Ltd. | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,090.2 | $ 327.7 | ||
% of total | 96.50% | 100% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Not rated | Net | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 56.6 | $ 41.9 |
Third party reinsurance - Five
Third party reinsurance - Five highest gross recoverable amounts by reinsurers (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 2,295.1 | $ 1,376.2 | $ 1,215.3 | $ 14.4 |
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 2,295.1 | $ 1,376.2 | ||
% of total | 100% | 100% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,196.7 | $ 506.1 | ||
% of total | 6.40% | 5.80% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Collateralized | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,404.8 | $ 658.7 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Collateralized | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | 1,140.1 | 464.2 | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Pallas Reinsurance Company Ltd. | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,090.2 | $ 327.7 | ||
% of total | 47.50% | 23.80% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Pallas Reinsurance Company Ltd. | Collateralized | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 1,090.2 | $ 327.7 | ||
% of total | 96.50% | 100% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Arch Reinsurance Ltd | A+ | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 169.3 | $ 79.6 | ||
% of total | 7.40% | 5.80% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Arch Reinsurance Ltd | Collateralized | A+ | ||||
Ceded Credit Risk [Line Items] | ||||
% of total | 1% | 1.30% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | General Insurance Corporation of India | BBB | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 164.1 | $ 184.9 | ||
% of total | 7.20% | 13.40% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | General Insurance Corporation of India | Collateralized | BBB | ||||
Ceded Credit Risk [Line Items] | ||||
% of total | 27.40% | 31.30% | ||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Pie Casualty Insurance Company | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 44.1 | |||
% of total | 3.20% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Pie Casualty Insurance Company | A- | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 98 | |||
% of total | 4.30% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Pie Casualty Insurance Company | Collateralized | Not rated | ||||
Ceded Credit Risk [Line Items] | ||||
% of total | 100% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Pie Casualty Insurance Company | Collateralized | A- | ||||
Ceded Credit Risk [Line Items] | ||||
% of total | 15.40% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Allianz SE | AA- | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 94.4 | |||
% of total | 4.10% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Allianz SE | Collateralized | AA- | ||||
Ceded Credit Risk [Line Items] | ||||
% of total | 54% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Swiss Reinsurance Company Ltd | AA- | ||||
Ceded Credit Risk [Line Items] | ||||
Loss and loss adjustment expenses recoverable, net | $ 68.6 | |||
% of total | 5% | |||
Loss and loss adjustment expenses recoverable | Reinsurer Concentration Risk | Swiss Reinsurance Company Ltd | Collateralized | AA- | ||||
Ceded Credit Risk [Line Items] | ||||
% of total | 25.80% |
Allowance for expected credit_3
Allowance for expected credit losses - Summary of allowance for expected credit losses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||||
Insurance and reinsurance balances receivable, net | $ 1,966.3 | $ 1,876.9 | ||
Loss and loss adjustment expenses recoverable, net | 2,295.1 | 1,376.2 | $ 1,215.3 | $ 14.4 |
Other assets | 76.8 | 52.4 | ||
Total assets in scope | 4,338.2 | 3,305.5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Insurance and reinsurance balances receivable, net | 1,966.3 | 1,876.9 | ||
Premiums Receivable | Customer Concentration Risk | One Customer | ||||
Receivables [Abstract] | ||||
Insurance and reinsurance balances receivable, net | 234.7 | 236.5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Insurance and reinsurance balances receivable, net | $ 234.7 | $ 236.5 |
Allowance for expected credit_4
Allowance for expected credit losses - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for expected credit losses | $ 28.8 | $ 34.3 | |
Current expected credit losses | $ (1.5) | $ 12.7 | $ 21 |
Assets within scope of credit losses | Credit concentration risk | AM Best or S&P | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk percentage | 69% | ||
Assets within scope of credit losses | Credit concentration risk | AM Best or S&P | AM Best or S&P, rated A- or better | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk percentage | 85% |
Debt and letter of credit fac_3
Debt and letter of credit facilities - Summary of debt obligations (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 786.2 | $ 778 |
Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt, at face value | 273.6 | 264.3 |
Unamortized discount | (5.7) | (5.7) |
Total debt | $ 267.9 | $ 258.6 |
Effective rate | 7.70% | 6% |
Senior Notes | 2016 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt, at face value | $ 400 | $ 400 |
Unamortized premium | 3.5 | 4.8 |
Total debt | $ 403.5 | $ 404.8 |
Effective rate | 4.60% | 4.50% |
Senior Notes | 2015 Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt, at face value | $ 115 | $ 115 |
Unamortized issuance costs | (0.2) | (0.4) |
Total debt | $ 114.8 | $ 114.6 |
Effective rate | 7% | 7% |
Debt and letter of credit fac_4
Debt and letter of credit facilities - Narrative (Details) | 12 Months Ended | ||||||
Feb. 26, 2021 USD ($) | Sep. 22, 2017 USD ($) | Nov. 01, 2016 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 22, 2017 SEK (kr) | |
Debt Instrument [Line Items] | |||||||
Interest expense | $ 45,400,000 | $ 38,600,000 | |||||
Funds withheld | 16,200,000 | ||||||
Foreign exchange (losses) gains | (34,900,000) | 66,000,000 | $ 44,000,000 | ||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Contractual term | 3 years | ||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||
Extension term | 12 months | ||||||
Outstanding borrowings | 0 | ||||||
Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Face value of debt issued | $ 346,100,000 | kr 2,750,000,000 | |||||
Debt issue price, percentage | 100% | ||||||
Interest expense | 20,000,000 | 13,200,000 | |||||
Foreign exchange (losses) gains | (9,100,000) | 38,000,000 | |||||
Senior Notes | 2016 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Face value of debt issued | $ 400,000,000 | ||||||
Debt issue price, percentage | 99.20% | ||||||
Interest expense | 17,200,000 | 17,200,000 | |||||
Proceeds from issuance of debt, net of costs | $ 392,400,000 | ||||||
Interest rate | 4.60% | ||||||
Senior Notes | 2015 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Face value of debt issued | 115,000,000 | ||||||
Interest expense | $ 8,200,000 | $ 8,200,000 | |||||
Interest rate | 7% |
Debt and letter of credit fac_5
Debt and letter of credit facilities - Summary of letter of credit facilities (Details) - Standby letters of credit | Dec. 31, 2023 USD ($) |
Line of Credit Facility [Line Items] | |
Issued | $ 1,254,900,000 |
Cash and Cash Equivalents | |
Line of Credit Facility [Line Items] | |
Collateral | 56,900,000 |
Debt securities | |
Line of Credit Facility [Line Items] | |
Collateral | 1,358,000,000 |
Committed - Secured letters of credit facilities | |
Line of Credit Facility [Line Items] | |
Committed Capacity | 355,000,000 |
Issued | 297,600,000 |
Committed - Secured letters of credit facilities | Cash and Cash Equivalents | |
Line of Credit Facility [Line Items] | |
Collateral | 13,800,000 |
Committed - Secured letters of credit facilities | Debt securities | |
Line of Credit Facility [Line Items] | |
Collateral | 226,800,000 |
Uncommitted - Secured letters of credit facilities | |
Line of Credit Facility [Line Items] | |
Issued | 957,300,000 |
Uncommitted - Secured letters of credit facilities | Cash and Cash Equivalents | |
Line of Credit Facility [Line Items] | |
Collateral | 43,100,000 |
Uncommitted - Secured letters of credit facilities | Debt securities | |
Line of Credit Facility [Line Items] | |
Collateral | $ 1,131,200,000 |
Income taxes - Income before in
Income taxes - Income before income tax by jurisdiction (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Domestic | $ 21.5 | $ (151.7) | $ 178.5 |
Income (loss) before income tax benefit | 318.7 | (422.7) | 45.1 |
U.S. | |||
Income Taxes [Line Items] | |||
Foreign | 98.6 | (47) | 21.8 |
U.K. | |||
Income Taxes [Line Items] | |||
Foreign | 2.7 | (9.7) | 1.9 |
Sweden | |||
Income Taxes [Line Items] | |||
Foreign | 156.7 | (174.6) | (138.1) |
Luxembourg | |||
Income Taxes [Line Items] | |||
Foreign | 38.1 | (37.2) | (20.5) |
Other | |||
Income Taxes [Line Items] | |||
Foreign | $ 1.1 | $ (2.5) | $ 1.5 |
Income taxes - Components of in
Income taxes - Components of income tax expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax (expense) benefit: | |||
U.S. Federal | $ (17) | $ 1.6 | $ (3.5) |
State | (1.4) | (0.9) | (1.8) |
Non-U.S. | (13.9) | (3.2) | (18.2) |
Total current tax expense | (32.3) | (2.5) | (23.5) |
Deferred tax (expense) benefit: | |||
U.S. Federal | (3.7) | 20.7 | (13.1) |
State | (0.3) | 2 | (4.8) |
Non-U.S. | 81.3 | 16.5 | 52.1 |
Total deferred tax benefit | 77.3 | 39.2 | 34.2 |
Total income tax benefit | $ 45 | $ 36.7 | $ 10.7 |
Income taxes - Effective rate r
Income taxes - Effective rate reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax (expense) benefit at the 0% Bermuda statutory rate | $ 0 | $ 0 | $ 0 |
Differences in taxes resulting from: | |||
Non-Bermuda earnings | (73.1) | 52.9 | 17.6 |
Foreign currency effects | (9.1) | 10.7 | 19 |
Non-Taxable/Deductible Income | 7.6 | (1.4) | 7.2 |
Change in Valuation Allowance | (4.7) | (14.3) | 10.5 |
Tax on Safety Reserve | 2.3 | 2.4 | 8 |
Change in uncertain tax position | 0 | 8 | (0.9) |
State taxes expense | (1.4) | (0.7) | (1) |
Provision-to-return true up | 11.2 | 3.9 | 0 |
Non-Deductible expenses | 0.6 | 0 | (0.5) |
Other, net | (1.6) | (1.3) | (0.5) |
Total income tax benefit | $ 45 | $ 36.7 | $ 10.7 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | $ 224,900,000 | $ 140,500,000 | |
Provision for taxes related to BEAT | 0 | 0 | |
Provision for taxes related to GILTI | 0 | 0 | |
Valuation allowance | 112,400,000 | 114,300,000 | |
Unrecognized tax benefits | 2,300,000 | 2,300,000 | $ 10,700,000 |
Unrecognized tax benefits that would impact the effective tax rate | 1,600,000 | ||
Interest expense on unrecognized tax benefits | 0 | 0 | 100,000 |
Accrued interest on unrecognized tax benefits | 700,000 | 700,000 | |
Office of the Tax Commissioner, Bermuda | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | 100,800,000 | ||
Alternative minimum tax carryforwards | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards | 100,000 | ||
U.S. | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | 65,500,000 | ||
Non-Bermuda pre-tax income (loss) | 98,600,000 | (47,000,000) | 21,800,000 |
Valuation allowance | 7,200,000 | ||
U.S. | Foreign tax credits carryforwards | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards | 9,200,000 | ||
U.S. | Expiring 2024 | Foreign tax credits carryforwards | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards | 700,000 | ||
U.S. | Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards subject to annual limitation under IRS Code Section 382 | 59,000,000 | ||
U.S. | Foreign | Expiring between 2023 and 2025 | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards subject to annual limitation under IRS Code Section 382 | 1,400,000 | ||
U.S. | Foreign | Expire between 2036 and 2039 | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards subject to annual limitation under IRS Code Section 382 | 36,500,000 | ||
U.S. | Foreign | Do not expire | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards subject to annual limitation under IRS Code Section 382 | 21,100,000 | ||
Luxembourg | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | 122,100,000 | ||
Non-Bermuda pre-tax income (loss) | 38,100,000 | (37,200,000) | (20,500,000) |
Valuation allowance | 64,400,000 | ||
Luxembourg | Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 493,300,000 | ||
Bermuda | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax assets | 100,800,000 | ||
U.K. | |||
Operating Loss Carryforwards [Line Items] | |||
Non-Bermuda pre-tax income (loss) | 2,700,000 | (9,700,000) | 1,900,000 |
Net deferred tax liabilities | 5,200,000 | ||
Valuation allowance | 39,100,000 | ||
Sweden | |||
Operating Loss Carryforwards [Line Items] | |||
Non-Bermuda pre-tax income (loss) | 156,700,000 | (174,600,000) | (138,100,000) |
Net deferred tax liabilities | 57,600,000 | ||
Sweden | Foreign tax credits carryforwards | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforwards | 20,700,000 | ||
Other | |||
Operating Loss Carryforwards [Line Items] | |||
Non-Bermuda pre-tax income (loss) | 1,100,000 | $ (2,500,000) | $ 1,500,000 |
Net deferred tax liabilities | 700,000 | ||
Singapore | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 1,700,000 |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Non-U.S. net operating loss carryforwards | $ 309.6 | $ 301.1 |
Purchase accounting | 2.4 | 16.9 |
Tax credit carryforwards | 30.5 | 16 |
Unearned premiums | 21.7 | 22.1 |
U.S. federal net operating loss and capital carryforwards | 11.8 | 17.8 |
Discounting of loss and loss adjustment expense reserves | 17.5 | 9.3 |
Intangible assets | 57 | 0 |
Unrealized losses on investments | 8.5 | 9 |
Investment basis differences | 7.5 | 10.7 |
Foreign currency translation on investments | 5.2 | 0 |
Incentive compensation and benefit accruals | 4.3 | 5.8 |
Deferred interest | 4.2 | 4.3 |
Allowance for doubtful accounts | 3.7 | 4 |
Other items | 13.3 | 4 |
Total gross deferred tax assets | 497.2 | 421 |
Valuation allowance | (112.4) | (114.3) |
Total adjusted deferred tax asset | 384.8 | 306.7 |
Deferred tax liabilities: | ||
Safety reserve | 129.1 | 126.5 |
Deferred acquisition costs | 23.3 | 22.5 |
Intangible assets | 0 | 13.4 |
Foreign currency translation on investments | 0 | 0.9 |
Other Items | 7.5 | 2.9 |
Total deferred tax liabilities | 159.9 | 166.2 |
Net deferred tax assets | $ 224.9 | $ 140.5 |
Income taxes - Net operating lo
Income taxes - Net operating loss and capital loss carryforwards (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Operating Loss Carryforwards [Line Items] | |
No expiration date | $ 1,341.7 |
Total | 1,454.4 |
Gross deferred tax asset | 321.3 |
Valuation allowance | (101.5) |
Net deferred tax asset | 219.8 |
2024-2028 | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 1.4 |
2029-2043 | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 111.3 |
U.S. | Foreign | |
Operating Loss Carryforwards [Line Items] | |
No expiration date | 21.1 |
Total | 59 |
Gross deferred tax asset | 11.8 |
Valuation allowance | 0 |
Net deferred tax asset | 11.8 |
U.S. | 2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 1.4 |
U.S. | 2029-2043 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 36.5 |
Luxembourg | Foreign | |
Operating Loss Carryforwards [Line Items] | |
No expiration date | 676.8 |
Total | 751.6 |
Gross deferred tax asset | 187.5 |
Valuation allowance | (64.4) |
Net deferred tax asset | 123.1 |
Luxembourg | 2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
Luxembourg | 2029-2043 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 74.8 |
Sweden | Foreign | |
Operating Loss Carryforwards [Line Items] | |
No expiration date | 196.5 |
Total | 196.5 |
Gross deferred tax asset | 40.5 |
Valuation allowance | 0 |
Net deferred tax asset | 40.5 |
Sweden | 2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
Sweden | 2029-2043 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
U.K. | Foreign | |
Operating Loss Carryforwards [Line Items] | |
No expiration date | 142.8 |
Total | 142.8 |
Gross deferred tax asset | 35.4 |
Valuation allowance | (35.4) |
Net deferred tax asset | 0 |
U.K. | 2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
U.K. | 2029-2043 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
Singapore | Foreign | |
Operating Loss Carryforwards [Line Items] | |
No expiration date | 8.4 |
Total | 8.4 |
Gross deferred tax asset | 1.7 |
Valuation allowance | (1.7) |
Net deferred tax asset | 0 |
Singapore | 2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
Singapore | 2029-2043 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
Bermuda | Foreign | |
Operating Loss Carryforwards [Line Items] | |
No expiration date | 296.1 |
Total | 296.1 |
Gross deferred tax asset | 44.4 |
Valuation allowance | 0 |
Net deferred tax asset | 44.4 |
Bermuda | 2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | 0 |
Bermuda | 2029-2043 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Subject to expiration | $ 0 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of unrecognized tax benefits (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | $ 10.7 |
Changes in prior year tax positions | (8.3) |
Lapse in statute of limitations | (0.1) |
Ending balance | 2.3 |
Permanent differences | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | 9.7 |
Changes in prior year tax positions | (8) |
Lapse in statute of limitations | (0.1) |
Ending balance | 1.6 |
Temporary differences | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | 0.3 |
Changes in prior year tax positions | (0.3) |
Lapse in statute of limitations | 0 |
Ending balance | 0 |
Interest and penalties | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | 0.7 |
Changes in prior year tax positions | 0 |
Lapse in statute of limitations | 0 |
Ending balance | $ 0.7 |
Shareholders' equity - Common s
Shareholders' equity - Common shares issued and outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement In Common Stock Issued and Outstanding [Roll Forward] | |||
Common shares issued, beginning of year | 162,177,653 | ||
Common shares outstanding, beginning of year | 162,177,653 | ||
Issuance of common shares upon exercise of warrants | 4,025,899 | 0 | 0 |
Issuance of common shares upon exercise of options | 385,430 | ||
Common shares issued, end of year | 168,120,022 | 162,177,653 | |
Common shares outstanding, end of year | 168,120,022 | 162,177,653 | |
Common shares | |||
Movement In Common Stock Issued and Outstanding [Roll Forward] | |||
Common shares issued, beginning of year | 162,177,653 | 161,929,777 | 95,582,733 |
Common shares outstanding, beginning of year | 162,177,653 | 161,929,777 | 95,582,733 |
Issuance of common shares upon exercise of options | 385,430 | 0 | 220,000 |
Shares repurchased | 0 | (695,047) | 0 |
Issuance of common shares for Sirius Group acquisition | 0 | 0 | 58,331,196 |
Issuance of common shares to related party | 0 | 0 | 6,093,842 |
Common shares issued, end of year | 168,120,022 | 162,177,653 | 161,929,777 |
Common shares outstanding, end of year | 168,120,022 | 162,177,653 | 161,929,777 |
RSAs | Common shares | |||
Movement In Common Stock Issued and Outstanding [Roll Forward] | |||
Shares issued/granted, net of forfeitures and shares withheld | 1,531,040 | 942,923 | 3,133,969 |
Performance shares | Common shares | |||
Movement In Common Stock Issued and Outstanding [Roll Forward] | |||
Shares issued/granted, net of forfeitures and shares withheld | 0 | 0 | (1,431,963) |
Shareholders' equity - Narrativ
Shareholders' equity - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) period director $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Class of Stock [Line Items] | |||
Common shares authorized (in shares) | shares | 300,000,000 | ||
Common shares, par value (in dollars per share) | $ / shares | $ 0.10 | ||
Dividends paid to common shareholders | $ 0 | $ 0 | $ 0 |
Dividends paid to preference shareholders | 16 | 16 | $ 12.2 |
Common shares repurchased and retired | $ 5 | ||
Weighted average cost of common shares repurchased and retired (in dollars per share) | $ / shares | $ 7.17 | ||
Stock repurchase program, remaining authorized amount | $ 56.3 | ||
Common Shares, $0.10 par value | |||
Class of Stock [Line Items] | |||
Common shares repurchased and retired (in shares) | shares | 0 | 695,047 | 0 |
Common shares repurchased and retired | $ 0 | $ 0.1 | $ 0 |
Preference shares | |||
Class of Stock [Line Items] | |||
Preference shares, shares authorized (in shares) | shares | 30,000,000 | ||
Preference shares, par value (in dollars per share) | $ / shares | $ 0.10 | ||
Series B preference shares | |||
Class of Stock [Line Items] | |||
Preference shares, shares authorized (in shares) | shares | 8,000,000 | 8,000,000 | |
Preference shares, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.1 | |
Preference shares, shares outstanding (in shares) | shares | 8,000,000 | ||
Dividend rate | 8% | ||
Voting rights triggering event, number of dividend periods not paid | period | 6 | ||
Voting rights triggered, number of directors eligible to elect | director | 2 | ||
Dividend rate reset period | 5 years | ||
Each five-year anniversary triggering event, redemption percentage | 100% | ||
Rating agency triggering event, redemption percentage | 102% | ||
Capital disqualification triggering event, redemption percentage | 100% | ||
Tax triggering event, redemption percentage | 100% | ||
Dividends paid to preference shareholders | $ 16 | $ 16 | |
Series B preference shares | 5-year U.S. treasury rate | |||
Class of Stock [Line Items] | |||
Dividend rate basis spread on variable rate | 7.298% |
Share-based compensation and _3
Share-based compensation and employee benefit plans - Share-based compensation narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) period shares | Dec. 31, 2023 USD ($) period shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance (in shares) | shares | 15,808,431 | 15,808,431 | 17,018,916 | |
Share-based compensation expense | $ 21.4 | $ 26.8 | $ 22.6 | |
Unamortized share compensation expense | $ 23.3 | $ 23.3 | $ 24.2 | |
Unamortized share compensation expense, period of recognition | 1 year 9 months 18 days | 1 year 8 months 12 days | ||
Granted (in shares) | shares | 0 | |||
Weighted average remaining contractual term for options outstanding | 3 years 4 months 24 days | 4 years | ||
Weighted average remaining contractual term for options exercisable | 3 years 2 months 12 days | 1 year 7 months 6 days | ||
Aggregate intrinsic value of options outstanding | 13.9 | $ 13.9 | ||
Aggregate intrinsic value of options exercisable | $ 10.7 | 10.7 | ||
Proceeds from the exercise of stock options | $ 3 | $ 0 | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
RSUs | Tranche one | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights percentage | 33.33% | |||
RSUs | Tranche two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights percentage | 33.33% | |||
RSUs | Tranche three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights percentage | 33.33% | |||
Performance shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of performance periods | period | 4 | 4 |
Share-based compensation and _4
Share-based compensation and employee benefit plans - RSU and restricted share award activity (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
RSUs | |
Number of non- vested restricted shares | |
Beginning of period (in shares) | shares | 5,161,413 |
Granted (in shares) | shares | 1,104,858 |
Forfeited (in shares) | shares | (630,329) |
Vested (in shares) | shares | (2,764,256) |
End of period (in shares) | shares | 2,871,686 |
Weighted average grant date fair value | |
Beginning of period (in dollars per share) | $ / shares | $ 7.29 |
Granted (in dollars per share) | $ / shares | 9.66 |
Forfeited (in dollars per share) | $ / shares | 9.32 |
Vested (in dollars per share) | $ / shares | 7.44 |
End of period (in dollars per share) | $ / shares | $ 7.90 |
RSAs | |
Number of non- vested restricted shares | |
Beginning of period (in shares) | shares | 1,708,608 |
Granted (in shares) | shares | 116,485 |
Forfeited (in shares) | shares | (3,665) |
Vested (in shares) | shares | (1,171,901) |
End of period (in shares) | shares | 649,527 |
Weighted average grant date fair value | |
Beginning of period (in dollars per share) | $ / shares | $ 7.40 |
Granted (in dollars per share) | $ / shares | 9.37 |
Forfeited (in dollars per share) | $ / shares | 10.44 |
Vested (in dollars per share) | $ / shares | 7.76 |
End of period (in dollars per share) | $ / shares | $ 7.63 |
Share-based compensation and _5
Share-based compensation and employee benefit plans - Performance share unit activity (Details) - Performance shares | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of non- vested PSUs | |
Beginning of period (in shares) | 576,678 |
Granted (in shares) | 1,790,982 |
Forfeited (in shares) | (374,311) |
Vested (in shares) | (2,882) |
End of period (in shares) | 1,990,467 |
Number of non- vested PSUs probable of vesting | |
Beginning of period (in shares) | 576,678 |
Granted (in shares) | 1,790,982 |
Forfeited (in shares) | (374,311) |
Vested (in shares) | (2,882) |
End of period (in shares) | 1,990,467 |
Weighted average grant date fair value of PSUs probable of vesting | |
Beginning of period (in dollars per share) | $ / shares | $ 9.85 |
Granted (in dollars per share) | $ / shares | 9.56 |
Forfeited (in dollars per share) | $ / shares | 9.74 |
Vested (in dollars per share) | $ / shares | 10.36 |
End of period (in dollars per share) | $ / shares | $ 9.61 |
Share-based compensation and _6
Share-based compensation and employee benefit plans - Valuation assumptions for options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (in dollars per share) | $ 1.93 | $ 3.28 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Risk free interest rate | 3.57% | 1.55% |
Expected volatility | 32.30% | 34.17% |
Expected life (in years) | 6 years 3 months 18 days | 6 years 6 months |
Share-based compensation and _7
Share-based compensation and employee benefit plans - Options activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of options | ||
Beginning of period (in shares) | 5,342,739 | |
Granted (in shares) | 0 | |
Forfeited and expired (in shares) | (795,993) | |
Exercised (in shares) | (385,430) | |
End of period (in shares) | 4,161,316 | 5,342,739 |
Options exercisable (in shares) | 3,375,728 | |
Weighted average exercise price | ||
Beginning of period (in dollars per share) | $ 9.25 | |
Granted (in dollars per share) | 0 | |
Forfeited and expired (in dollars per share) | $ 15.15 | |
Exercised (in dollars per share) | 7.78 | |
End of period (in dollars per share) | 8.26 | $ 9.25 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 8.43 |
Share-based compensation and _8
Share-based compensation and employee benefit plans - Defined benefit plans narrative (Details) - SiriusPoint International - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 14.1 | $ 18.3 |
Funded (unfunded) status | 5.1 | 6 |
Accumulated benefit obligation | 15.3 | 13.5 |
Sweden | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded (unfunded) status | 6.5 | 7.6 |
Germany | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded (unfunded) status | $ (1.4) | $ (1.6) |
Share-based compensation and _9
Share-based compensation and employee benefit plans - Defined contribution plans narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Expenses related to defined contribution plans | $ 14.8 | $ 6.1 | $ 6.9 |
Earnings (loss) per share ava_3
Earnings (loss) per share available to SiriusPoint common shareholders - Computation of basic and diluted earnings per share available to SiriusPoint common shareholders (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average number of common shares outstanding: | |||
Basic number of common shares outstanding (in shares) | 163,341,448 | 160,228,588 | 148,667,770 |
Dilutive effect of warrants (in shares) | 899,249 | 0 | 0 |
Dilutive effect of Series A preference shares (in shares) | 1,594,281 | 0 | 0 |
Diluted number of common shares outstanding (in shares) | 169,607,348 | 160,228,588 | 150,156,466 |
Basic earnings (loss) per common share: | |||
Net income (loss) available to SiriusPoint common shareholders | $ 338.8 | $ (402.8) | $ 44.6 |
Net income allocated to SiriusPoint participating common shareholders | (24.3) | 0 | (3.4) |
Net income (loss) allocated to SiriusPoint common shareholders | $ 314.5 | $ (402.8) | $ 41.2 |
Basic earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.93 | $ (2.51) | $ 0.28 |
Diluted earnings (loss) per common share: | |||
Net income (loss) available to SiriusPoint common shareholders | $ 338.8 | $ (402.8) | $ 44.6 |
Net income allocated to SiriusPoint participating common shareholders | (24.3) | 0 | (3.4) |
Net income (loss) allocated to SiriusPoint common shareholders | $ 314.5 | $ (402.8) | $ 41.2 |
Diluted earnings (loss) per share available to SiriusPoint common shareholders (in dollars per share) | $ 1.85 | $ (2.51) | $ 0.27 |
Options | |||
Weighted-average number of common shares outstanding: | |||
Dilutive effect of share-based payment awards (in shares) | 595,908 | 0 | 0 |
Restricted share units | |||
Weighted-average number of common shares outstanding: | |||
Dilutive effect of share-based payment awards (in shares) | 3,176,462 | 0 | 1,488,696 |
Earnings (loss) per share ava_4
Earnings (loss) per share available to SiriusPoint common shareholders - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,697,116 | 4,257,266 | 7,087,095 |
Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 26,013,599 | 31,123,755 | 31,123,755 |
Upside rights | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,000,000 | ||
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 75,154 |
Related party transactions - Na
Related party transactions - Narrative (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Feb. 23, 2022 | Mar. 01, 2021 | Feb. 26, 2021 | Jan. 01, 2019 | |
Related Party Transaction [Line Items] | ||||||||
Gross premiums written | $ 3,427,400,000 | $ 3,409,700,000 | $ 2,236,500,000 | |||||
Insurance and reinsurance balances receivable, net | 1,966,300,000 | 1,876,900,000 | ||||||
Reinsurance balances payable | 1,736,700,000 | 813,600,000 | ||||||
Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Gross premiums written | 302,200,000 | 336,400,000 | ||||||
Insurance and reinsurance balances receivable, net | 61,800,000 | 59,600,000 | ||||||
Reinsurance balances payable | $ 0 | $ 4,600,000 | ||||||
Related Party | Management fees | Third Point LLC, 2020 LPA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 1.25% | |||||||
Related Party | Management fees | Third Point LLC, 2022 LPA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 1.25% | |||||||
Related Party | Management fees | Third Point LLC, 2022 Venture II LPA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 0.75% | |||||||
Related Party | Management fees | Third Point LLC, TPIPS IMA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 0.06% | |||||||
Related Party | Management fees | Third Point LLC, 2022 IMA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 0.50% | |||||||
Related Party | Performance fees | TP GP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 20% | |||||||
Related Party | Performance fees | TP Venture GP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 20% | |||||||
Related Party | Performance fees | TP Venture GP II | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 20% | |||||||
Related Party | Advisory fees | Third Point LLC, 2022 IMA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee amount | $ 1,500,000 | |||||||
Related Party | Inventive fees | Third Point LLC, 2022 IMA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Fee percentage | 15% |
Related party transactions - In
Related party transactions - Investments managed by related parties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Investments in related party investment funds, at fair value | $ 105.6 | $ 128.8 |
Total investments | 6,077.6 | 5,653.7 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Investments in related party investment funds, at fair value | 105.6 | 128.8 |
Third Point Optimized Credit Portfolio | 562 | 530.7 |
Total investments | 667.6 | 659.5 |
Related Party | Asset-backed securities withdrawn as redemption-in-kind | ||
Related Party Transaction [Line Items] | ||
Third Point Optimized Credit Portfolio | 0 | 59.9 |
Related Party | Third Point Enhanced LP | ||
Related Party Transaction [Line Items] | ||
Investments in related party investment funds, at fair value | 77.5 | 100.3 |
Related Party | Third Point Venture Offshore Fund I LP | ||
Related Party Transaction [Line Items] | ||
Investments in related party investment funds, at fair value | 25 | 26 |
Related Party | Third Point Venture Offshore Fund II LP | ||
Related Party Transaction [Line Items] | ||
Investments in related party investment funds, at fair value | $ 3.1 | $ 2.5 |
Related party transactions - Su
Related party transactions - Summary of management and performance fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Total management and performance fees to related parties | $ 6.1 | $ 6.1 | $ 93.6 |
Management and advisory fees | |||
Related Party Transaction [Line Items] | |||
Total management and performance fees to related parties | 5.2 | 7.3 | 17.9 |
Performance fees | |||
Related Party Transaction [Line Items] | |||
Total management and performance fees to related parties | $ 0.9 | $ (1.2) | $ 75.7 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Mar. 07, 2022 | Sep. 16, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Operating lease expense | $ 10,300,000 | $ 12,800,000 | $ 10,500,000 | ||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Interest rate | 8% | ||||
Amount drawn | $ 0 | ||||
Guy Carpenter & Company | Gross premiums written | Credit concentration risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration risk percentage | 12.10% | 13% | 18.50% | ||
Aon Corporation | Gross premiums written | Credit concentration risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration risk percentage | 18.30% | 24% | |||
Arthur J. Gallagher & Co. | Gross premiums written | Credit concentration risk | |||||
Related Party Transaction [Line Items] | |||||
Concentration risk percentage | 10.90% | ||||
Player's Health | |||||
Related Party Transaction [Line Items] | |||||
Amount lent under note agreement | $ 8,000,000 | ||||
Notes receivable, interest rate | 6% | ||||
Commitments to Extend Credit | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Commitment amount | $ 18,000,000 |
Commitments and contingencies_2
Commitments and contingencies - Lease balances (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use assets | $ 25.6 | $ 25.9 |
Operating lease liabilities | $ 28.4 | $ 30.3 |
Weighted average lease term (years) | 4 years 1 month 6 days | 5 years 6 months |
Weighted average discount rate | 2.90% | 3.10% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities |
Commitments and contingencies_3
Commitments and contingencies - Future minimum rental commitments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 6.7 | |
2025 | 5.8 | |
2026 | 5 | |
2027 | 4.1 | |
2028 and thereafter | 9.2 | |
Total future annual minimum rental payments | 30.8 | |
Less: present value discount | (2.4) | |
Total lease liability | $ 28.4 | $ 30.3 |
Statutory requirements - Narrat
Statutory requirements - Narrative (Details) £ in Millions, kr in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) subsidiary member | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 SEK (kr) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 SEK (kr) subsidiary member | |
Statutory Accounting Practices [Line Items] | |||||
Dividends declared | $ 15.4 | kr 167 | |||
Bermuda | |||||
Statutory Accounting Practices [Line Items] | |||||
Liquidity ratio, minimum percentage required | 75% | 75% | |||
Statutory maximum percentage of prior year statutory capital and surplus available for dividend payments without approval | 25% | 25% | |||
Number of members of the Board of Directors required to approve dividend payments in excess of the maximum percentage | member | 2 | 2 | |||
Amount available for dividend payments without regulatory approval | $ 810 | $ 713.5 | |||
United Kingdom | |||||
Statutory Accounting Practices [Line Items] | |||||
Lloyds approved net capacity | 145.2 | £ 114 | |||
Sweden | SiriusPoint International | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory net income (loss) | 152 | (69.6) | |||
Amount available for dividend payments | 628.1 | 437.4 | |||
Dividends paid | 8 | kr 84 | |||
Safety Reserve | 597.2 | kr 6,000 | |||
Deferred tax liability related to the Safety Reserve, payable if failing to maintain prescribed levels of premium writings and loss reserves | 123 | ||||
U.S. | SiriusPoint America | |||||
Statutory Accounting Practices [Line Items] | |||||
Amount available for dividend payments without regulatory approval | 62.6 | 9.9 | |||
Statutory net income (loss) | 51.1 | (56.2) | |||
Statutory surplus | 626.9 | 508.8 | |||
Earned surplus | 72 | 9.9 | |||
U.S. | SiriusPoint Specialty | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory net income (loss) | 15 | (8.1) | |||
Statutory surplus | 72.5 | 57 | |||
U.S. | Oakwood | |||||
Statutory Accounting Practices [Line Items] | |||||
Statutory net income (loss) | 0.6 | (0.2) | |||
Statutory surplus | $ 40 | $ 39.4 | |||
Bermuda | |||||
Statutory Accounting Practices [Line Items] | |||||
Number of insurance subsidiaries | subsidiary | 2 | 2 |
Statutory requirements - Summar
Statutory requirements - Summary of statutory information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Bermuda | SiriusPoint Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Estimated statutory capital and surplus | $ 3,289.2 | |
Required statutory economic capital and surplus | 1,342.8 | |
Statutory net income (loss) | $ 416.8 | (360.1) |
Bermuda | Alstead Re | ||
Statutory Accounting Practices [Line Items] | ||
Estimated statutory capital and surplus | 5.3 | |
Required statutory economic capital and surplus | 1.9 | |
Statutory net income (loss) | 0.7 | 0.9 |
U.S. | SiriusPoint Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Estimated statutory capital and surplus | 2,986.4 | |
Required statutory economic capital and surplus | 1,374.9 | |
U.S. | SiriusPoint America | ||
Statutory Accounting Practices [Line Items] | ||
Estimated statutory capital and surplus | 626.9 | 508.8 |
Required statutory economic capital and surplus | 177 | 153.5 |
Statutory net income (loss) | 51.1 | (56.2) |
U.S. | SiriusPoint Specialty | ||
Statutory Accounting Practices [Line Items] | ||
Estimated statutory capital and surplus | 72.5 | 57 |
Required statutory economic capital and surplus | 9.7 | 9.2 |
Statutory net income (loss) | 15 | (8.1) |
U.S. | Oakwood | ||
Statutory Accounting Practices [Line Items] | ||
Estimated statutory capital and surplus | 40 | 39.4 |
Required statutory economic capital and surplus | 0.3 | 0.3 |
Statutory net income (loss) | $ 0.6 | $ (0.2) |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Millions | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | $ 5,820.9 |
Fair value | 5,798.3 |
Balance sheet value | 5,798.3 |
Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 4,754.6 |
Fair value | 4,755.4 |
Balance sheet value | 4,755.4 |
Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 568.1 |
Fair value | 534.9 |
Balance sheet value | 534.9 |
Asset-backed securities | Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 882.2 |
Fair value | 880.7 |
Balance sheet value | 880.7 |
Asset-backed securities | Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 261.1 |
Fair value | 256.6 |
Balance sheet value | 256.6 |
Residential mortgage-backed securities | Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 903 |
Fair value | 902.8 |
Balance sheet value | 902.8 |
Residential mortgage-backed securities | Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 67 |
Fair value | 57.2 |
Balance sheet value | 57.2 |
Corporate debt securities | Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 1,569.6 |
Fair value | 1,573.1 |
Balance sheet value | 1,573.1 |
Corporate debt securities | Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 52.2 |
Fair value | 45.2 |
Balance sheet value | 45.2 |
U.S. government and government agency | Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 1,137.8 |
Fair value | 1,136.7 |
Balance sheet value | 1,136.7 |
U.S. government and government agency | Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 100.8 |
Fair value | 98.1 |
Balance sheet value | 98.1 |
Non-U.S. government and government agency | Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 58 |
Fair value | 58 |
Balance sheet value | 58 |
Non-U.S. government and government agency | Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 10.3 |
Fair value | 10 |
Balance sheet value | 10 |
Total short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 370.8 |
Fair value | 371.6 |
Balance sheet value | 371.6 |
Total equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 1.9 |
Fair value | 1.6 |
Balance sheet value | 1.6 |
Other long-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 125.5 |
Fair value | 134.8 |
Balance sheet value | 134.8 |
Commercial mortgage-backed securities | Debt securities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 204 |
Fair value | 204.1 |
Balance sheet value | 204.1 |
Commercial mortgage-backed securities | Debt securities, trading | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or amortized cost | 76.7 |
Fair value | 67.8 |
Balance sheet value | $ 67.8 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Total investments | $ 6,077.6 | $ 5,653.7 |
Cash and cash equivalents | 969.2 | 705.3 |
Deferred tax asset | 293.6 | 200.3 |
Other assets | 175.9 | 157.9 |
Total assets | 12,871.5 | 11,036.3 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 278.1 | 266.6 |
Liability-classified capital instruments | 67.3 | 60.4 |
Debt | 786.2 | 778 |
Total liabilities | 10,340.9 | 8,953.7 |
Shareholders’ equity | ||
Common shares | 16.8 | 16.2 |
Additional paid-in capital | 1,693 | 1,641.3 |
Retained earnings | 601 | 262.2 |
Accumulated other comprehensive loss | 3.1 | (45) |
Shareholders’ equity attributable to SiriusPoint shareholders | 2,513.9 | 2,074.7 |
Total liabilities, noncontrolling interests and shareholders’ equity | 12,871.5 | 11,036.3 |
Series B preference shares | ||
Shareholders’ equity | ||
Series B preference shares | 200 | 200 |
Parent Company | ||
Assets | ||
Total investments | 1.5 | 19.4 |
Cash and cash equivalents | 12.3 | 5.6 |
Investment in subsidiaries | 3,294.4 | 2,875.9 |
Deferred tax asset | 46 | 0 |
Amounts due from affiliates | 16.1 | 14.7 |
Other assets | 7.1 | 12.8 |
Total assets | 3,377.4 | 2,928.4 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 10 | 15.3 |
Liability-classified capital instruments | 67.3 | 60.4 |
Debt | 786.2 | 778 |
Total liabilities | 863.5 | 853.7 |
Shareholders’ equity | ||
Common shares | 16.8 | 16.2 |
Additional paid-in capital | 1,693 | 1,641.3 |
Retained earnings | 601 | 262.2 |
Accumulated other comprehensive loss | 3.1 | (45) |
Shareholders’ equity attributable to SiriusPoint shareholders | 2,513.9 | 2,074.7 |
Total liabilities, noncontrolling interests and shareholders’ equity | 3,377.4 | 2,928.4 |
Parent Company | Series B preference shares | ||
Shareholders’ equity | ||
Series B preference shares | $ 200 | $ 200 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant - Statements of Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Net investment income and net realized and unrealized investment gains (losses) | $ 272.7 | $ (322.7) | $ 312.5 |
Other revenues | 38.4 | 110.2 | 151.2 |
Total revenues | 2,737.3 | 2,105.6 | 2,180.7 |
Expenses | |||
Net corporate and other expenses | 258.2 | 312.8 | 266.6 |
Interest expense | 64.1 | 38.6 | 34 |
Foreign exchange (gains) losses | 34.9 | (66) | (44) |
Total expenses | 2,418.6 | 2,528.3 | 2,135.6 |
Income (loss) before income tax benefit | 318.7 | (422.7) | 45.1 |
Income tax (expense) benefit | 45 | 36.7 | 10.7 |
Net income (loss) available to SiriusPoint | 354.8 | (386.8) | 58.1 |
Dividends on Series B preference shares | (16) | (16) | (13.5) |
Net income (loss) available to SiriusPoint common shareholders, basic | 338.8 | (402.8) | 44.6 |
Net income (loss) available to SiriusPoint common shareholders, diluted | 338.8 | (402.8) | 44.6 |
Parent Company | |||
Revenues | |||
Net investment income and net realized and unrealized investment gains (losses) | (3.5) | 6.4 | 1.3 |
Other revenues | (59.8) | 30.6 | 100.2 |
Equity in earnings (losses) of subsidiaries | 471.6 | (360.2) | 90.1 |
Total revenues | 408.3 | (323.2) | 191.6 |
Expenses | |||
Net corporate and other expenses | 45.2 | 64.9 | 109.5 |
Interest expense | 45.2 | 38.6 | 34 |
Foreign exchange (gains) losses | 9.1 | (38.1) | (18.2) |
Total expenses | 99.5 | 65.4 | 125.3 |
Income (loss) before income tax benefit | 308.8 | (388.6) | 66.3 |
Income tax (expense) benefit | 46 | 1.8 | (8.2) |
Net income (loss) available to SiriusPoint | 354.8 | (386.8) | 58.1 |
Dividends on Series B preference shares | (16) | (16) | (13.5) |
Net income (loss) available to SiriusPoint common shareholders, basic | 338.8 | (402.8) | 44.6 |
Net income (loss) available to SiriusPoint common shareholders, diluted | $ 338.8 | $ (402.8) | $ 44.6 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant - Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income (loss) | |||
Net income (loss) available to SiriusPoint | $ 354.8 | $ (386.8) | $ 58.1 |
Other comprehensive income (loss) | |||
Change in foreign currency translation | 1.1 | (5) | (0.2) |
Unrealized gains (losses) from debt securities held as available for sale investments | 38.9 | (42.5) | 0 |
Comprehensive income (loss) available to SiriusPoint | 402.9 | (431.6) | 57.9 |
Parent Company | |||
Comprehensive income (loss) | |||
Net income (loss) available to SiriusPoint | 354.8 | (386.8) | 58.1 |
Other comprehensive income (loss) | |||
Change in foreign currency translation | 1.1 | (5) | (0.2) |
Unrealized gains (losses) from debt securities held as available for sale investments | 38.9 | (42.5) | 0 |
Reclassifications from accumulated other comprehensive income (loss) | 8.1 | 2.7 | 0 |
Total other comprehensive income (loss) | 48.1 | (44.8) | (0.2) |
Comprehensive income (loss) available to SiriusPoint | $ 402.9 | $ (431.6) | $ 57.9 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information of Registrant - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income (loss) available to SiriusPoint | $ 354.8 | $ (386.8) | $ 58.1 |
Adjustments to reconcile net income available to SiriusPoint to net cash provided by operating activities: | |||
Share compensation | 21.4 | 30.5 | 11.4 |
Net realized and unrealized loss on investments and derivatives | 5.9 | 207.6 | 3 |
Amortization of premium and accretion of discount, net | (67.1) | (17.2) | 9.5 |
Other revenues | 59.4 | (27.4) | (100.1) |
Other items, net | 23.7 | (28) | (16.5) |
Changes in assets and liabilities: | |||
Deferred tax asset | (84.4) | (53.9) | (44.8) |
Other assets | (28.8) | (36.9) | 34.8 |
Accounts payable, accrued expenses and other liabilities | 11.5 | 36.8 | (25.5) |
Net cash provided by operating activities | 581.3 | 293.3 | 1.6 |
Investing activities | |||
Proceeds from sales and maturities of investments | 4,590.7 | 4,110.7 | 2,687.9 |
Purchases of investments | (4,966.1) | (6,161.3) | (3,409.6) |
Acquisition of Sirius Group | 0 | 0 | 631.9 |
Net cash provided by (used in) investing activities | (332.2) | (1,304.3) | 208.6 |
Financing activities | |||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | 0 | 50.8 |
Settlement of Contingent Value Rights | (38.5) | 0 | 0 |
Net proceeds from exercise of options and warrants | 27.8 | 0 | 0 |
Cash dividends paid to preference shareholders | (16) | (16) | (12.2) |
Taxes paid on withholding shares | (11.5) | (7.1) | (0.5) |
Purchases of SiriusPoint common shares under share repurchase program | 0 | (5) | 0 |
Net cash provided by (used in) financing activities | (61.5) | (23.7) | 24.3 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 187.6 | (1,034.7) | 234.5 |
Cash, cash equivalents and restricted cash at beginning of year | 913.7 | 1,948.4 | 1,713.9 |
Cash, cash equivalents and restricted cash at end of year | 1,101.3 | 913.7 | 1,948.4 |
Parent Company | |||
Operating activities | |||
Net income (loss) available to SiriusPoint | 354.8 | (386.8) | 58.1 |
Adjustments to reconcile net income available to SiriusPoint to net cash provided by operating activities: | |||
Equity in (earnings) losses of subsidiaries | (471.6) | 360.2 | (90.1) |
Dividend received by parent | 101.2 | 125 | 74 |
Share compensation | 21.4 | 30.6 | 11.7 |
Net realized and unrealized loss on investments and derivatives | 3.5 | (6.4) | (1.3) |
Amortization of premium and accretion of discount, net | 17.3 | (0.5) | (0.7) |
Other revenues | 59.4 | (27.4) | (100.1) |
Other items, net | (8.5) | (38) | (25.4) |
Changes in assets and liabilities: | |||
Deferred tax asset | (46) | 0 | 0 |
Other assets | 5.7 | (0.1) | 0.8 |
Accounts payable, accrued expenses and other liabilities | (5.3) | (2.5) | 15.8 |
Amounts due from (to) affiliates | (1.4) | (28.3) | 86.1 |
Net cash provided by operating activities | 30.5 | 25.8 | 28.9 |
Investing activities | |||
Proceeds from sales and maturities of investments | 14.4 | 0 | 4.1 |
Purchases of investments | 0 | 0 | (11.8) |
Acquisition of Sirius Group | 0 | 0 | (51.6) |
Net cash provided by (used in) investing activities | 14.4 | 0 | (59.3) |
Financing activities | |||
Proceeds from issuance of SiriusPoint common shares, net of costs | 0 | 0 | 50.8 |
Settlement of Contingent Value Rights | (38.5) | 0 | 0 |
Net proceeds from exercise of options and warrants | 27.8 | 0 | 0 |
Cash dividends paid to preference shareholders | (16) | (16) | (12.2) |
Taxes paid on withholding shares | (11.5) | (7.1) | (0.5) |
Purchases of SiriusPoint common shares under share repurchase program | 0 | (5) | 0 |
Net cash provided by (used in) financing activities | (38.2) | (28.1) | 38.1 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6.7 | (2.3) | 7.7 |
Cash, cash equivalents and restricted cash at beginning of year | 5.6 | 7.9 | 0.2 |
Cash, cash equivalents and restricted cash at end of year | $ 12.3 | $ 5.6 | $ 7.9 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs and value of business acquired, net | $ 308.9 | $ 294.9 | $ 218.8 |
Loss and loss adjustment expense reserves | 5,608.1 | 5,268.7 | 4,841.4 |
Unearned premium | 1,627.3 | 1,521.1 | 1,198.4 |
Net premiums earned | 2,426.2 | 2,318.1 | 1,717 |
Net investment income and net realized and unrealized investment losses | 272.7 | (322.7) | 312.5 |
Loss and loss adjustment expenses incurred, net | 1,381.3 | 1,588.4 | 1,326.5 |
Acquisition costs, net | 472.7 | 461.9 | 387.8 |
Other underwriting expenses | 196.3 | 184.5 | 158.8 |
Net premiums written | 2,437.9 | 2,549.2 | 1,734.2 |
Corporate & Eliminations | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs and value of business acquired, net | 19 | 0.1 | 0.1 |
Loss and loss adjustment expense reserves | 1,419.3 | 688 | 894.6 |
Unearned premium | 36.7 | 0.4 | 12.5 |
Net premiums earned | 145.6 | 18.2 | (16.7) |
Net investment income and net realized and unrealized investment losses | 272.7 | (322.7) | 312.5 |
Loss and loss adjustment expenses incurred, net | 75.6 | 13.8 | 6.3 |
Acquisition costs, net | (75) | (121.6) | (64.6) |
Other underwriting expenses | 19.3 | 7.9 | 24.1 |
Net premiums written | 94.2 | 3.6 | (43.5) |
Reinsurance | Operating Segments | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs and value of business acquired, net | 159 | 175.7 | 147.5 |
Loss and loss adjustment expense reserves | 2,459.1 | 3,512.2 | 3,435.7 |
Unearned premium | 663.6 | 843.9 | 687.5 |
Net premiums earned | 1,031.4 | 1,213.1 | 1,210.9 |
Net investment income and net realized and unrealized investment losses | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | 490.3 | 855.9 | 999.6 |
Acquisition costs, net | 252.2 | 310.3 | 302.7 |
Other underwriting expenses | 82.7 | 113.8 | 105.5 |
Net premiums written | 1,061 | 1,199.6 | 1,124.9 |
Insurance & Services | Operating Segments | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs and value of business acquired, net | 130.9 | 119.1 | 71.2 |
Loss and loss adjustment expense reserves | 1,729.7 | 1,068.5 | 511.1 |
Unearned premium | 927 | 676.8 | 498.4 |
Net premiums earned | 1,249.2 | 1,086.8 | 522.8 |
Net investment income and net realized and unrealized investment losses | 0 | 0 | 0 |
Loss and loss adjustment expenses incurred, net | 815.4 | 718.7 | 320.6 |
Acquisition costs, net | 295.5 | 273.2 | 149.7 |
Other underwriting expenses | 94.3 | 62.8 | 29.2 |
Net premiums written | $ 1,282.7 | $ 1,346 | $ 652.8 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |||
Direct premiums written | $ 1,678.7 | $ 1,403.9 | $ 718 |
Ceded to other companies | 989.5 | 860.5 | 502.3 |
Assumed from other companies | 1,748.7 | 2,005.8 | 1,518.5 |
Net premiums written | $ 2,437.9 | $ 2,549.2 | $ 1,734.2 |
Percentage of amount assumed to net | 71.70% | 78.70% | 87.60% |
Schedule VI - Supplementary I_2
Schedule VI - Supplementary Information for Property-Casualty Insurance Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |||
Deferred acquisition costs and value of business acquired, net | $ 294.9 | $ 218.8 | |
Loss and loss adjustment expense reserves | 5,268.7 | 4,841.4 | |
Unearned premium reserves | $ 1,627.3 | 1,521.1 | 1,198.4 |
Net premiums earned | 2,426.2 | 2,318.1 | 1,717 |
Net investment income and net realized and unrealized investment gains (losses) | 272.7 | (322.7) | 312.5 |
Loss and loss expenses incurred related to current year | 1,555.5 | 1,609.7 | 1,369.1 |
Loss and loss expenses incurred related to prior year | (174.2) | (21.3) | (42.6) |
Acquisition costs, net | 472.7 | 461.9 | 387.8 |
Net paid losses and loss expenses | 1,184.7 | 1,255.3 | 1,450.1 |
Net premiums written | $ 2,437.9 | $ 2,549.2 | $ 1,734.2 |
Uncategorized Items - spnt-2023
Label | Element | Value |
Permanent Differences [Member] | ||
Unrecognized Tax Benefits | us-gaap_UnrecognizedTaxBenefits | $ 1,600,000 |
Temporary Differences [Member] | ||
Unrecognized Tax Benefits | us-gaap_UnrecognizedTaxBenefits | 0 |
Interest and Penalties [Member] | ||
Unrecognized Tax Benefits | us-gaap_UnrecognizedTaxBenefits | $ 700,000 |