Blue Capital Reinsurance (BCRHF) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 17, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	BLUE CAPITAL REINSURANCE HOLDINGS LTD.
Entity Central Index Key	1,582,086
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 162,074,874
Entity Common Stock, Shares Outstanding		8,756,071
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 4.7	$ 6.1
Reinsurance premiums receivable	7.7	15.9
Deferred reinsurance acquisition costs	0.1	0.1
Funds held by ceding companies	191.4	195.3
Other assets	0.8	0.2
Total Assets	204.7	217.6
Liabilities
Loss and loss adjustment expense reserves	11.1	4
Unearned reinsurance premiums	0.9	1.3
Debt	0	13
Reinsurance balances payable	7.1	7.6
Other liabilities (See Note 11)	2.3	4.1
Total Liabilities	21.4	30
Commitments and Contingent Liabilities (See Note 12)	0	0
Shareholders’ Equity
Common Shares at $1.00 par value per share - 100,000,000 shares authorized; 8,756,071 (2015: 8,752,335) shares issued and outstanding	8.8	8.8
Additional paid-in capital	165.5	165.3
Retained earnings	9	13.5
Total Shareholders’ Equity	183.3	187.6
Total Liabilities and Shareholders’ Equity	$ 204.7	$ 217.6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares authorized (in shares)	100,000,000	100,000,000
Common shares issued (in shares)	8,756,071	8,752,335
Common shares outstanding (in shares)	8,756,071	8,752,335

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Reinsurance premiums written	$ 43.2	$ 38.6	$ 45
Change in net unearned reinsurance premiums	0.4	(0.3)	(1.1)
Net reinsurance premiums earned	43.6	38.3	43.9
Net (loss) income from derivative instruments	(1)	(0.2)	0.7
Total revenues	42.6	38.1	44.6
Underwriting expenses:
Loss and loss adjustment expenses	13.7	2.6	17.1
Reinsurance acquisition costs	9.6	8.6	7.7
General and administrative expenses	5	6.1	4.7
Non-underwriting expenses:
Interest expenses	0	0.1	0
Total expenses	28.3	17.4	29.5
Net income	14.3	20.7	15.1
Comprehensive income	$ 14.3	$ 20.7	$ 15.1
Per share data:
Basic and diluted earnings per Common Share (in dollars per share)	$ 1.63	$ 2.36	$ 1.72
Dividends declared per Common Share and RSU (in dollars per share)	$ 2.14	$ 1.56	$ 0.90

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Shares at par value	Additional paid-in capital	Retained earnings (deficit)
Balance at the start of the period at Dec. 31, 2013	$ 173.3	$ 8.8	$ 165.2	$ (0.7)
Increase Decrease in Shareholder's Equity
Net income	15.1	0	0	15.1
Dividends declared - Common Shares and RSUs	(7.9)	0	0	(7.9)
Balance at the end of the period at Dec. 31, 2014	180.5	8.8	165.2	6.5
Increase Decrease in Shareholder's Equity
Net income	20.7	0	0	20.7
Expense recognized for RSUs	0.1	0	0.1	0
Dividends declared - Common Shares and RSUs	(13.7)	0	0	(13.7)
Balance at the end of the period at Dec. 31, 2015	187.6	8.8	165.3	13.5
Increase Decrease in Shareholder's Equity
Net income	14.3	0	0	14.3
Expense recognized for RSUs	0.2	0	0.2	0
Dividends declared - Common Shares and RSUs	(18.8)	0	0	(18.8)
Balance at the end of the period at Dec. 31, 2016	$ 183.3	$ 8.8	$ 165.5	$ 9

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows provided by operations:
Net income	$ 14.3	$ 20.7	$ 15.1
Charges to reconcile net income to net cash from operations:
Expense recognized for RSUs	0.2	0.1	0
Net change in:
Loss and loss adjustment expense reserves	7.1	(3.9)	7.9
Unearned reinsurance premiums	(0.4)	0.2	1.1
Reinsurance balances payable	(0.5)	4.8	2.8
Deferred reinsurance acquisition costs	0	0	(0.1)
Reinsurance premiums receivable	8.2	(10)	(5.9)
Funds held by ceding companies	3.9	(11.7)	(183.6)
Other liabilities	(1.8)	3.1	(1.2)
Other assets	(0.6)	0	1.5
Net cash and cash equivalents provided by (used in) operations	30.4	3.3	(162.4)
Net cash and cash equivalents used in investing activities	0	0	0
Cash flows used in financing activities:
Dividends paid - Common Shares and RSUs	(18.8)	(13.7)	(7.9)
Borrowings under the Credit Agreements	0	9	8
Repayment of borrowings under the Credit Agreements	(13)	(4)	0
Net cash and cash equivalents (used in) provided by financing activities	(31.8)	(8.7)	0.1
Net decrease in cash and cash equivalents during the period	(1.4)	(5.4)	(162.3)
Cash and cash equivalents - beginning of period	6.1	11.5	173.8
Cash and cash equivalents - end of period	$ 4.7	$ 6.1	$ 11.5

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Basis of Presentation and Overview Blue Capital Reinsurance Holdings Ltd. (the "Company" or the "Registrant") is a Bermuda exempted limited liability company that, through its subsidiaries (collectively "Blue Capital"), provides collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities. The Company was incorporated under the laws of Bermuda on June 24, 2013, commenced operations on November 12, 2013 and has a limited operating history. The Company’s headquarters and principal executive offices are located at Waterloo House, 100 Pitts Bay Road, Pembroke, Bermuda HM 08, which is also our registered office. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues earned and expenses incurred during the period. Actual results could differ materially from those estimates. The significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, loss and loss adjustment expense ("LAE") reserves and written and earned reinsurance premiums. Certain prior period amounts, all of which are immaterial, have been reclassified to conform to the current period presentation. The Company’s Common Shares trade on the New York Stock Exchange under the symbol "BCRH" and on the Bermuda Stock Exchange under the symbol "BCRH.BH." Endurance announced on October 5, 2016 that it has entered into a definitive merger agreement (the "Proposed Merger") pursuant to which it will be acquired by Sompo Holdings, Inc. ("Sompo"). The Proposed Merger has been approved by each company's Board of Directors and Endurance's shareholders. The Proposed Merger is expected to close as soon as practicable following the satisfaction of customary closing conditions including regulatory approvals. Following the Proposed Merger, Sompo will be the ultimate beneficial owner of Endurance's shareholding in the Company. The Company operates as a single business segment through its wholly-owned subsidiaries: (i) Blue Capital Re Ltd. ("Blue Capital Re"), a Bermuda Class 3A insurer, which provides collateralized reinsurance; and (ii) Blue Capital Re ILS Ltd. ("Blue Capital Re ILS"), a Bermuda exempted limited liability company, which conducts hedging and other investment activities, including entering into industry loss warranties and related instruments, in support of Blue Capital Re’s operations. The Company’s business strategy is to build and maintain a diversified portfolio of reinsurance risks that will generate underwriting profits, which it intends principally to distribute to its shareholders through the payment of dividends, with returns commensurate with the amount of risk assumed. The Company seeks to provide its shareholders with the opportunity to own an alternative asset class whose returns are believed to have historically been largely uncorrelated to those of other asset classes, such as global equities and bonds. Subject to the discretion of the Company’s board of directors (the "Board"), the Company intends to distribute through dividends or repurchases of Common Shares a minimum of 90% of its annual Distributable Income to its holders of Common Shares and RSUs. "Distributable Income," a non-GAAP measure, means GAAP net income plus (minus) non-cash expenses (revenues) recorded in net income for the period. Subject to the discretion of the Board, the Company intends to make regular quarterly dividend payments for each of the first three quarters of each year, followed by Common Share repurchases or a fourth special dividend after the end of the year to meet its income distribution target for each calendar year. NOTE 1. Summary of Significant Accounting Policies, cont'd Through each of the following roles and relationships, Blue Capital leverages Endurance’s reinsurance underwriting expertise and infrastructure to conduct its business: (i) Blue Capital Management Ltd. (the "Manager"), a wholly-owned subsidiary of Endurance, manages Blue Capital Re’s and Blue Capital Re ILS’ reinsurance underwriting decisions; (ii) Blue Water Re Ltd., Endurance’s wholly-owned special purpose insurance and reinsurance vehicle, is a significant source of reinsurance business for Blue Capital Re; and (iii) certain employees of Endurance also serve as the Company’s Chief Executive Officer (the "CEO"), the Company’s Chief Financial Officer (the "CFO"), and as two of the Company’s five directors, including the role of Chairman of the Board. Endurance is a publicly traded company listed on the New York Stock Exchange and headquartered in Bermuda. See Note 11. The Company qualifies as an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Cash and Cash Equivalents Blue Capital’s cash and cash equivalents of $4.7 million and $6.1 million at December 31, 2016 and 2015 , respectively, consist of cash and fixed income investments with maturities of less than three months, as measured from the date of purchase. For all periods presented, the amortized cost of each of Blue Capital’s cash equivalents approximated their fair value. Amounts Held in Trust for the Benefit of Ceding Companies Blue Capital Re does not operate with a financial strength rating and, instead, fully collateralizes its reinsurance obligations through cash and cash equivalents held in various trust funds established for the benefit of ceding companies. As of December 31, 2016 , Blue Capital had pledged $3.1 million of its cash and cash equivalents to trust accounts established for the benefit of third parties ( $3.1 million ) and Blue Water Re (less than $0.1 million ). As of December 31, 2015 , Blue Capital Re and Blue Capital Re ILS had collectively pledged $5.1 million of their cash and cash equivalents to trust accounts established for the benefit of third parties ( $5.1 million ) and Blue Water Re (less than $0.1 million ). The cash and cash equivalents pledged to Blue Water Re represent funds that have not yet been formally transferred to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement (see below). These amounts are presented on the Company’s Consolidated Balance Sheets as "cash and cash equivalents." As of December 31, 2016 and 2015 , Blue Capital had transferred $191.4 million and $195.3 million of its cash and cash equivalents to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement. These amounts are presented on the Company’s Consolidated Balance Sheets as "funds held by ceding companies." Reinsurance Premiums and Acquisition Costs Blue Capital Re writes reinsurance contracts on both an excess-of-loss and a pro-rata basis. For excess-of-loss contracts, written premiums are typically based on the deposit or minimum premium specified in the reinsurance contract. For pro-rata contracts, written premiums are recognized based on estimates of ultimate premiums provided by either the ceding companies or the Manager. All of Blue Capital Re’s reinsurance contracts are currently being written on a losses-occurring basis, which means that all loss events occurring during the period of the contract are covered, regardless of the inception dates of the underlying policies. Any loss events occurring after the expiration of a losses-occurring contract are not covered. NOTE 1. Summary of Significant Accounting Policies, cont'd For reinsurance contracts which incorporate minimum premium amounts, Blue Capital Re typically writes the entire ultimate premium at inception, and earns the associated premium after the premium is written over the term of the contract. For reinsurance contracts which do not incorporate minimum premium amounts, Blue Capital Re typically writes the premium over the term of the contract, and earns the associated premium in the same periods that the premium is written. Subsequent adjustments of written premium, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when written. Unearned reinsurance premiums represent the portion of premiums written that are applicable to future reinsurance coverage provided by in-force contracts. Reinsurance premiums receivable are recorded at amounts due less any provision for doubtful accounts. As of December 31, 2016 and 2015 , Blue Capital Re did not require a provision for doubtful accounts. When a reinsurance contract provides for a reinstatement of coverage following a covered loss, the associated reinstatement premiums are recorded as both written and earned when Blue Capital Re determines that such a loss event has occurred. Deferred reinsurance acquisition costs are comprised of commissions, brokerage costs, premium taxes and excise taxes, each of which relates directly to the writing of reinsurance contracts. Deferred reinsurance acquisition costs are typically amortized over the underlying risk period of the related contracts. However, if the sum of a contract’s expected losses and LAE and deferred reinsurance acquisition costs exceeds related unearned premiums and any projected investment income, a premium deficiency is determined to exist. In this event, deferred reinsurance acquisition costs are immediately expensed to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred reinsurance acquisition costs, a liability is accrued for the excess deficiency. There were no premium deficiency adjustments recognized during the periods presented. Profit commissions incurred are included in reinsurance acquisition costs within the Company’s Consolidated Statement of Operations and Comprehensive Income. Accrued profit commissions payable are included in reinsurance balances payable within the Company’s Consolidated Balance Sheets. Reinsurance Balances Payable Reinsurance balances payable consist of: (i) losses and LAE that have been approved for payment; and (ii) profit commissions payable. As of December 31, 2016 and 2015 , Blue Capital Re had reinsurance balances payable of $7.1 million and $7.6 million , respectively. Ceded Reinsurance In the normal course of business, Blue Capital Re may purchase reinsurance in order to manage its exposures. The amount of reinsurance that Blue Capital Re may buy will vary from year to year depending on its risk appetite, as well as the availability and cost of the reinsurance coverage. Ceded reinsurance premiums will be accounted for on a basis consistent with those used in accounting for the underlying reinsurance premiums assumed and will be reported as a reduction of net reinsurance premiums written and earned. Under Blue Capital Re’s reinsurance security policy, its reinsurers are typically required to be rated "A-" (Excellent) or better by A.M. Best (or an equivalent rating with another recognized rating agency) at the time the policy is written. Blue Capital Re also considers reinsurers that are not rated or do not fall within this threshold on a case-by-case basis if collateralized up to policy limits, net of any premiums owed. The Manager will monitor the financial condition and ratings of Blue Capital’s reinsurers on an ongoing basis. NOTE 1. Summary of Significant Accounting Policies, cont'd As of December 31, 2016 , Blue Capital Re has never purchased any reinsurance. Derivative Instruments Current accounting guidance requires the recognition of all derivative financial instruments including embedded derivative instruments, as either assets or liabilities in the Consolidated Balance Sheets at fair value. The Company participates in derivative instruments in the form of industry loss warranty swaps as a way to access certain risks. Derivatives are recorded at fair value with changes in fair value and any gains or losses recognized in net income (loss) from derivative instruments in the Consolidated Statements of Operations and Comprehensive Income. Fair Value Hierarchy GAAP establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value of certain assets and liabilities into the three broad levels described below. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date, Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, and Level 3 inputs are unobservable inputs (i.e., on the basis of pricing models with significant unobservable inputs or non-binding broker quotes) for the asset or liability. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance also changes employers' accounting for an employee's use of shares to satisfy the employer's statutory income tax withholding obligation, and accounting for forfeitures. ASU 2016-09 is effective for public business entities for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. ASU 2016-09 is not expected to impact the Company's Consolidated Financial Statements.

Loss and LAE Reserve Movements

Loss and LAE Reserve Movements	12 Months Ended
	Dec. 31, 2016
Insurance Loss Reserves [Abstract]
Loss and LAE Reserve Movements	Loss and LAE Reserve Movements The following table summarizes Blue Capital Re’s loss and LAE reserve movements for the years ended December 31, 2016 , 2015 and 2014 : Year Ended Year Ended Year Ended ($ in millions) December 31, 2016 December 31, 2015 December 31, 2014 Gross and net unpaid loss and LAE reserves - beginning $ 4.0 $ 7.9 $ — Losses and LAE incurred: Current year losses 13.7 3.2 17.1 Prior year losses — (0.6 ) — Total incurred losses and LAE 13.7 2.6 17.1 Losses and LAE paid and approved for payment: Current year losses (4.7 ) (1.2 ) (9.2 ) Prior year losses (1.9 ) (5.3 ) — Total losses and LAE paid and approved for payment (6.6 ) (6.5 ) (9.2 ) Gross and net unpaid loss and LAE reserves - ending $ 11.1 $ 4.0 $ 7.9 Loss and LAE reserves are comprised of case reserves (which are based on claims that have been reported) and incurred but not reported ("IBNR") reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and may include a provision for expected future development on existing case reserves). Case reserves are set on the basis of loss reports received from third parties. IBNR reserves are estimated by management using various actuarial methods as well as a combination of the Manager’s own loss experience, historical industry loss experience and management and the Manager’s professional judgment. The uncertainties inherent in the reserving process and potential delays by cedants and brokers in the reporting of loss information, together with the potential for unforeseen adverse developments, may result in loss and LAE reserves ultimately being significantly greater or less than the reserve provided at the end of any given reporting period. The degree of uncertainty is further increased when a significant loss event takes place near the end of a reporting period. Loss and LAE reserve estimates are regularly reviewed and updated as new information becomes known. Any resulting adjustments are reflected in income in the period in which they become known. Blue Capital Re’s reserving process is highly dependent on loss information received from its cedants and the Manager. During 2016 , Blue Capital Re’s estimated ultimate loss for prior accident period accident years were reduced by less than $0.1 million ( 2015 - $0.6 million ) due to claims being settled for less than previously estimated. The Company’s loss and LAE reserves are generally derived from property catastrophe reinsurance contracts which provide protection to the ceding company against losses from earthquakes and hurricanes, as well as other natural and man-made catastrophes such as floods, tornadoes, storms and fires ("covered perils"). The predominant exposures covered by these contracts are losses stemming from property damage and business interruption resulting from a covered peril. The reinsurance contracts that the Company participates in have broadly similar characteristics including the type of coverage, market and claim duration and we operate as a single business segment. As such, the following information is not disaggregated beyond the segment level and is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have significantly different characteristics. NOTE 2. Loss and LAE Reserve Movements, cont'd Claims Development Tables The following table shows the development of the reserve for losses and loss expenses for the year ended December 31, 2016 . Loss and allocated loss adjustment expenses For the Year Ended December 31, 2016 Accident Year Incurred Cumulative Paid 2014 $ 16.5 $ 15.5 2015 3.2 2.1 2016 13.7 4.7 Total $ 33.4 $ 22.3 Total outstanding liabilities for unpaid losses and LAE $ 11.1 IBNR Reserves and Claims Frequency The following table shows Blue Capital Re's IBNR reserves and cumulative number of reported claims by accident year as of December 31, 2016 . A claim is defined as a reported loss from a cedant on an excess-of-loss reinsurance contract arising from a loss event for which the Company records a paid loss or case reserve. The claim frequency data excludes reported claim activity from pro-rata reinsurance contracts where losses are reported to the Company through periodic accounts and it is therefore impracticable to determine the frequency of reported claims. As of December 31, 2016 Accident Year Incurred losses and allocated loss adjustment expenses Total IBNR plus expected development on reported claims Cumulative number of reported claims (U.S dollars in millions) 2014 $ 16.5 $ 0.5 6 2015 3.2 0.4 4 2016 13.7 1.9 9 Significant Changes in Methodologies and Assumptions The Company incorporates a variety of actuarial methods and judgments in its reserving process. Two key inputs in the various actuarial methods employed by the Company are initial expected loss ratios and expected loss reporting patterns. These key inputs impact the potential variability in the estimate of the reserve for losses and LAE. The Company's loss and LAE reserves consider and reflect, in part, deviations resulting from differences between expected loss and actual loss reporting as well as judgments relating to the weights applied to the reserve levels indicated by the actuarial methods. Expected loss reporting patterns are based upon internal and external historical data and assumptions regarding claims reporting trends over a period of time that extends beyond the Company's own operating history. Differences between actual reported losses and expected losses are anticipated to occur in any individual period and such deviations may influence future initial expected loss ratios and/or expected loss reporting patterns as recent actual experience becomes part of the historical data utilized as part of the ongoing reserve estimation process. NOTE 2. Loss and LAE Reserve Movements, cont'd For the year ended December 31, 2016 , as part of the Company's periodic review of key inputs and parameters it uses to establish its reserve for losses and LAE and in order to recognize accumulated historical experience and other relevant industry information, the Company made minor adjustments to the loss reporting patterns used. For the year ended December 31, 2016 , the Company did not materially alter initial expected loss ratios for business related to prior years for the reinsurance reserve categories as the variances in reported losses in 2015 for those reserve categories were within the range of possible results anticipated by the Company. Supplementary Schedule A Claims Development Tables The following tables show the development of the reserve for losses and LAE by accident year at December 31, 2016 . Information presented for the years ended December 31, 2014 and 2015 is unaudited. Incurred losses and allocated LAE For the years ended December 31, Accident year 2014 2015 2016 2014 $ 17.1 $ 16.5 $ 16.5 2015 — 3.2 3.2 2016 — — 13.7 Total $ 33.4 Cumulative paid losses and allocated LAE For the years ended December 31, Accident year 2014 2015 2016 2014 $ 9.2 $ 14.5 $ 15.5 2015 — 1.2 2.1 2016 — — 4.7 Total $ 22.3 Total loss and LAE reserves at December 31, 2016 $ 11.1 Claims Duration The following table shows the unaudited historical average annual percentage payout of incurred claims for Blue Capital Re, by age as of December 31, 2016 . Average annual percentage payout of incurred claims by age Year 1 Year 2 Year 3 42.8 % 30.7 % 5.9 %

Written and Earned Reinsurance

Written and Earned Reinsurance Premiums	12 Months Ended
	Dec. 31, 2016
Reinsurance Disclosures [Abstract]
Written and Earned Reinsurance Premiums	Written and Earned Reinsurance Premiums Written premiums represent business bound from ceding companies and net earned premiums represent the portion of net written premiums (gross written premiums less any ceded reinsurance) which is recognized as revenue over the period of time that coverage is provided. See Note 1. NOTE 3. Written and Earned Reinsurance Premiums, cont'd Blue Capital seeks to diversify its exposure across geographic zones around the world in order to obtain a prudent spread of risk. The spread of these exposures is also a function of market conditions and opportunities. The following table sets forth a breakdown of Blue Capital’s gross reinsurance premiums written by geographic area of risks insured for the years ended December 31, 2016 , 2015 and 2014 : Year Ended Year Ended Year Ended ($ in millions) December 31, 2016 December 31, 2015 December 31, 2014 Worldwide (1) $ 34.8 81 % $ 24.1 62 % $ 30.5 68 % USA: Nationwide 3.4 8 % 5.6 15 % 4.7 11 % Florida 2.8 6 % 2.4 6 % 3.7 8 % Gulf region 0.8 2 % 1.7 4 % 1.5 3 % California 0.4 1 % 0.7 2 % 1.2 3 % Midwest region and other 0.4 1 % 0.6 2 % 1.0 2 % Mid-Atlantic region 0.4 1 % 0.4 1 % 1.0 2 % Worldwide, excluding U.S. (2) 0.2 — % 3.1 8 % 1.4 3 % Total gross premiums written $ 43.2 100 % $ 38.6 100 % $ 45.0 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S. The following table sets forth a breakdown of Blue Capital’s net reinsurance premiums earned by geographic area of risks insured for the years ended December 31, 2016 , 2015 and 2014 : Year Ended Year Ended Year Ended ($ in millions) December 31, 2016 December 31, 2015 December 31, 2014 Worldwide (1) $ 35.0 80 % $ 24.1 63 % $ 30.5 69 % USA: Nationwide 3.5 8 % 5.6 15 % 4.6 11 % Florida 2.6 6 % 2.3 6 % 2.8 7 % Gulf region 0.8 2 % 1.8 5 % 1.4 3 % California 0.4 1 % 0.7 2 % 1.2 3 % Midwest region and other 0.4 1 % 0.6 1 % 1.0 2 % Mid-Atlantic region 0.4 1 % 0.4 1 % 1.0 2 % Worldwide, excluding U.S. (2) 0.5 1 % 2.8 7 % 1.4 3 % Total net premiums earned $ 43.6 100 % $ 38.3 100 % $ 43.9 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Inward Industry Loss Warranty ("ILW") Swaps In February 2016 , Blue Capital Re ILS entered into an inward ILW swap (the "2016 Inward ILW Swap") with a third-party under which qualifying loss payments are triggered by reference to the level of losses incurred by the insurance industry as a whole, rather than by losses incurred by the insured. In return for a fixed payment received of $0.4 million , Blue Capital Re ILS is required to make a floating payment in the event of certain losses incurred from specified natural catastrophes in the U.S., NOTE 4. Derivative Instruments, cont'd Europe, Japan, Australia and New Zealand from February 2016 to February 2017 . Blue Capital Re ILS's maximum payment obligation under the 2016 Inward ILW Swap is $2.7 million . Through December 31, 2016 , Blue Capital Re ILS was not aware of any industry loss event occurring that would have triggered a payment obligation under the 2016 Inward ILW Swap. In February 2015 , Blue Capital Re ILS entered into an inward ILW swap (the "2015 Inward ILW Swap") with a third-party under which qualifying loss payments are triggered by reference to the level of losses incurred by the insurance industry as a whole, rather than by losses incurred by the insured. In return for a fixed payment received of $0.6 million , Blue Capital Re ILS was required to make a floating payment in the event of certain losses incurred from specified natural catastrophes in the U.S., Europe, Japan, Australia and New Zealand from February 2015 to February 2016 . Blue Capital Re ILS’ maximum payment obligation under the 2015 Inward ILW Swap was $5.2 million . During the term of the 2015 Inward ILW Swap, Blue Capital Re ILS was not aware of any industry loss event occurring that would have triggered a payment obligation under the 2015 Inward ILW Swap. In December 2013 , Blue Capital Re ILS entered into an inward ILW swap (the "2013 Inward ILW Swap") with a third-party under which qualifying loss payments were triggered by reference to the level of losses incurred by the insurance industry as a whole, rather than by losses incurred by the insured. In return for a fixed payment received of $1.5 million , Blue Capital Re ILS was required to make a floating payment in the event of certain losses incurred from specified natural catastrophes in the U.S., Europe, Japan, Australia and New Zealand from November 2013 to December 2014 . Blue Capital Re ILS’ maximum payment obligation under the 2013 Inward ILW Swap was $10.0 million . During the term of the 2013 Inward ILW Swap, no industry loss event occurred which would have triggered a payment obligation by Blue Capital Re ILS. The Inward ILW Swaps are valued on the basis of models developed by the Manager, which represent unobservable (Level 3) inputs. As of December 31, 2016 and 2015 , the fair values of the Inward ILW Swaps were less than $0.1 million and $0.1 million , respectively, and are recorded as an "other liability" on the Company's December 31, 2016 and 2015 Consolidated Balance Sheets. During the years ended December 31, 2016 , 2015 and 2014 , Blue Capital Re ILS recognized income from derivative instruments of $0.4 million , $0.5 million and $1.4 million , respectively, pursuant to the Inward ILW Swaps. Outward ILW Swap s In April 2016 , Blue Capital Re ILS entered into various outward ILW swaps (the “2016 Outward ILW Swaps”) with third parties in order to purchase protection against natural catastrophes across multiple geographic zones from April 2016 to April 2017 . In return for fixed payments totaling $2.0 million , Blue Capital Re ILS is entitled to receive floating payments in the event of certain losses incurred by the insurance industry as a whole. The maximum aggregate recovery to Blue Capital Re ILS from the 2016 Outward ILW Swaps is $14.5 million . Through December 31, 2016 , Blue Capital Re ILS was not aware of any industry loss event occurring which would have triggered a recovery under the 2016 Outward ILW Swaps. In June 2015 , Blue Capital Re ILS entered into an outward ILW swap (the "2015 Outward ILW Swap") with a third-party in order to purchase protection against U.S. wind exposures from June 2015 to December 2015 . In return for a fixed payment made of $0.7 million , Blue Capital Re ILS was entitled to receive a floating payment in the event of certain losses incurred by the insurance industry as a whole. The maximum recovery to Blue Capital Re ILS under the 2015 Outward ILW Swap was $3.7 million . During the term of the 2015 Outward ILW Swap, Blue Capital Re ILS was not aware of any industry loss event occurring which would have triggered a recovery under the 2015 Outward ILW Swap. In June 2014 , Blue Capital Re ILS entered into an outward ILW swap (the "2014 Outward ILW Swap") with a third-party in order to purchase protection against U.S. wind exposures from June 2014 to December 2014 . In return for a fixed payment made of $0.7 million , Blue Capital Re ILS was entitled to receive a floating payment in the event of certain losses incurred by the insurance industry as a whole. The maximum recovery to Blue Capital Re ILS under the 2014 Outward ILW Swap was $3.7 million . During the term of the 2014 Outward ILW Swap, no industry loss event occurred which would have triggered a recovery by Blue Capital Re ILS. NOTE 4. Derivative Instruments, cont'd The Outward ILW Swaps are valued on the basis of modeling developed by the Manager, which represents unobservable (Level 3) inputs. As of December 31, 2016 and 2015 , the fair values of the Outward ILW Swaps were $0.5 million and $ nil , respectively, and were recorded as an “other asset” on the Company's December 31, 2016 and 2015 Consolidated Balance Sheets. During the year ended December 31, 2016 , 2015 and 2014 , Blue Capital Re ILS recognized a loss from derivative instruments of $1.4 million , $0.7 million and $0.7 million , respectively, pursuant to the Outward ILW Swaps.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Shares The Company’s share capital consists of Common Shares with a $1.00 par value per share. Holders of Common Shares are entitled to one vote for each share held , subject to any voting limitations imposed by the Company’s Bye-Laws. As of December 31, 2016 and 2015 , the Company had 8,756,071 and 8,752,335 Common Shares outstanding, respectively. During 2016 and 2015 , the Company issued a total of 3,736 and 2,335 Common Shares, respectively, in satisfaction of vested restricted share unit ("RSU") obligations. See Note 8. Dividends to Holders of Common Shares and RSUs The Company declared and paid quarterly cash dividends of $0.30 per Common Share and RSU during each of the first three quarters of the year ended December 31, 2016 , 2015 and 2014 . In addition, in February 2016 and 2015 , the Company declared special dividends with respect to its 2015 and 2014 Distributable Income of $1.24 and $0.66 , respectively, per Common Share and RSU. The total amount of such dividends declared and paid during 2016 , 2015 and 2014 was $18.8 million , $13.7 million and $7.9 million , respectively. On February 1, 2017, the Company declared a special dividend of $0.59 per Common Share and RSU, which is payable on March 15, 2017 to holders of record on February 28, 2017. The total amount of the special dividend to be paid in March 2017 is $5.2 million . There are restrictions on the payment of dividends by the Company, Blue Capital Re and Blue Capital Re ILS. See Note 10. Any future determination to pay dividends to holders of Common Shares and RSUs will be at the discretion of the Board and will be dependent upon many factors, including the Company’s results of operations, cash flows, financial position, capital requirements, general business opportunities, and legal, regulatory and contractual restrictions. Common Share Repurchase Authorization As of December 31, 2016 , the Company had no Common Share repurchase authorization as part of publicly announced plans or programs.

Basic and Diluted Earnings (Los

Basic and Diluted Earnings (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Basic and Diluted Earnings (Loss) Per Common Share	Basic and Diluted Earnings Per Common Share The Company applies the two-class method of calculating its earnings per Common Share. In applying the two-class method, any outstanding RSUs are considered to be participating securities. See Note 8. For all periods presented in which RSUs were outstanding, the two-class method was used to determine basic and diluted earnings per Common Share since this method yielded a more dilutive result than the treasury stock method. For purposes of determining basic and diluted earnings per Common Share, a portion of net income is allocated to outstanding RSUs, which serves to reduce the Company’s earnings per Common Share numerators. Net losses are not allocated to outstanding RSUs and, therefore, do not impact the Company’s loss per Common Share numerators. NOTE 6. Basic and Diluted Earnings Per Common Share, cont'd The following table outlines the Company’s computation of its basic and diluted earnings per Common Share for the years ended December 31, 2016 , 2015 and 2014 : ($ in millions) Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Net income $ 14.3 $ 20.7 $ 15.1 Less: net earnings allocated to participating securities (1) — — — Earnings per Common Share numerator $ 14.3 $ 20.7 $ 15.1 Average Common Shares outstanding (in thousands of shares) 8,754 8,751 8,750 Basic and diluted earnings per Common Share $ 1.63 $ 2.36 $ 1.72 (1) For all periods presented, the net earnings allocated to participating securities totaled less than $0.1 million .

Credit Agreement

Credit Agreement	12 Months Ended
	Dec. 31, 2016
Line of Credit Facility [Abstract]
Credit Agreement	Credit Agreement On May 6, 2016, the Company entered into a credit facility (the "2016 Credit Facility") with Endurance Investment Holdings Ltd. (the "Lender"), a wholly-owned subsidiary of Endurance. The 2016 Credit Facility provides the Company with an unsecured $20.0 million revolving credit facility for working capital and general corporate purposes and expires on September 30, 2018. The 2016 Credit Facility replaces the 2014 Credit Agreement and related Guarantee Agreement which expired on April 29, 2016. Borrowings under the 2016 Credit Facility bear interest, set at the time of the borrowing, at a rate equal to the applicable LIBOR rate plus 150 basis points. A one-time fee of $20,000 was due to the Lender in connection with establishing the 2016 Credit Facility. The 2016 Credit Facility contains covenants that limit the Company’s ability, among other things, to grant liens on its assets, sell assets, merge or consolidate, or incur debt. If the Company fails to comply with any of these covenants, the Lender could revoke the facility and exercise remedies against the Company. In addition, in the event of a default in the performance of any of the agreements or covenants under certain management agreements with the Manager by the Company, the Lender has the right to terminate the 2016 Credit Facility. As of December 31, 2016 , the Company was in compliance with all of its respective covenants associated with the 2016 Credit Facility. On May 1, 2015, the Company renewed its 364 -day unsecured credit agreement (the "2014 Credit Agreement", together with the 2016 Credit Facility the "Credit Agreements"), which permitted it to borrow up to $20.0 million on a revolving basis for working capital and general corporate purposes. Borrowings under the 2014 Credit Agreement incurred interest, set at the time of the borrowing, at a rate equal to the 3 -month LIBOR rate plus 100 basis points. The Company was also subject to an ongoing annual commitment and guarantor fee of 0.375% of the facility’s total capacity. Endurance served as a guarantor of the Company’s obligations under the 2014 Credit Agreement and received an annual guarantee fee from the Company equal to 0.125% of the facility’s total capacity. See Note 11. The 2014 Credit Agreement, which expired on April 29, 2016, contained covenants that limited the Company’s ability to, among other things, grant liens on its assets, sell assets, merge or consolidate, incur debt and enter into certain transactions with affiliates. The 2014 Credit Agreement also contained covenants that required: (i) the Company to maintain a debt to total capitalization ratio of less than or equal to 22.5% ; (ii) the Company to maintain a consolidated tangible net worth of no less than 70% of its consolidated tangible net worth as of May 2, 2014 (the original closing date of the Credit Agreement); (iii) Endurance to maintain a debt to total capitalization ratio of less than 35.0% ; (iv) Endurance to maintain a consolidated tangible net worth of no less than $1.8 billion ; and (v) each of Endurance’s regulated insurance subsidiaries that has a claims paying rating from A.M. Best to maintain a rating of at least "B++." If the Company or Endurance failed to comply with any of these covenants, the lender could have revoked the facility and exercised remedies against the Company or Endurance. As of December 31, 2016 and 2015 , the Company had $ nil and $13.0 million of outstanding borrowings, respectively, under the Credit Agreements. With respect to the Company’s outstanding borrowings at December 31, 2015 , $4.0 million was repaid on February 2, 2016 and was subject to an annual interest rate of 1.33% , $5.0 million was repaid on February 22, 2016 and was subject to an annual interest rate of 1.48% , and $4.0 million was repaid on March 11, 2016 and was subject to an annual interest rate of 1.51% . NOTE 7. Credit Agreement, cont'd During the years ended December 31, 2016 , 2015 and 2014 , the Company paid interest on its borrowings under the Credit Agreements of less than $0.1 million , $0.1 million and less than $0.1 million , respectively. During the years ended December 31, 2016 , 2015 and 2014 , the Company incurred less than $0.1 million , $0.1 million and $0.1 million , respectively, in facility and structuring fees in connection with the Credit Agreement. These fees are included within ''general and administrative expenses'' in the Company's Consolidated Statements of Operations and Comprehensive Income.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Company’s 2013 Long-Term Incentive Plan (the "2013 LTIP"), which was adopted by the Board in September 2013, permits the issuance of up to one percent of the aggregate Common Shares outstanding to participants. Incentive awards that may be granted under the 2013 LTIP include RSUs, restricted Common Shares, incentive share options (on a limited basis), non-qualified share options, share appreciation rights, deferred share units, performance compensation awards, performance units, cash incentive awards and other equity-based and equity-related awards. At the discretion of the Board’s Compensation and Nominating Committee, incentive awards, the value of which are based on Common Shares, may be made to the Company’s directors, future employees and consultants pursuant to the 2013 LTIP. For all periods presented, the Company’s outstanding share-based incentive awards consisted solely of RSUs. RSUs are phantom (as opposed to actual) Common Shares which, depending on the individual award, vest in equal tranches over a one to five -year period, subject to the recipient maintaining a continuous relationship with the Company through the applicable vesting date. RSUs are payable in Common Shares upon vesting (the amount of which may be reduced by applicable statutory income tax withholdings at the recipient’s option). RSUs do not require the payment of an exercise price and are not entitled to voting rights, but they are entitled to receive payments equivalent to any dividends and distributions declared on the Common Shares underlying the RSUs. During 2016 , the Company awarded a total of 7,095 RSUs ( 2015 : 9,800 ) to its directors. The RSUs earn ratably each year based on continued service as a director over a three -year vesting period. The grant date fair value of the RSUs was $0.1 million ( 2015 : $0.2 million ). In determining the grant date fair value associated with the RSUs, the Company assumed a forfeiture rate of zero . The forfeiture assumption associated with the RSUs may be adjusted, if necessary, based on future experience. During 2016 , 3,736 ( 2015 : 2,335 ) of the RSUs vested. The fair value of the vesting RSUs was $0.1 million ( 2015 : less than $0.1 million ). See Note 5. There were no forfeitures of RSUs in 2016 . During the years ended December 31, 2016 , 2015 and 2014 , the Company recognized $0.2 million , $0.1 million and less than $0.1 million of RSU expense, respectively. The Company expects to incur future RSU expense associated with its currently outstanding RSUs of $0.1 million during 2017 and less than $0.1 million during each of 2018 and 2019 . As of December 31, 2016 and 2015 , there were 13,158 and 9,799 RSUs outstanding under the 2013 LTIP, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company and its subsidiaries are domiciled in Bermuda and each have received an assurance from the Bermuda government exempting them from all local income, withholding and capital gains taxes until March 31, 2035. At the present time, no such taxes are levied in Bermuda. The Company and its subsidiaries intend to conduct substantially all of their operations in Bermuda in a manner such that they will not be engaged in a trade or business in the U.S. However, because there is no definitive authority regarding activities that constitute being engaged in a trade or business in the U.S. for federal income tax purposes, the Company cannot assure that the U.S. Internal Revenue Service will not contend, perhaps successfully, that the Company or any of its subsidiaries is engaged in a trade or business in the U.S. A foreign corporation deemed to be so engaged would be subject to U.S. federal income tax, NOTE 9. Income Taxes, cont'd as well as branch profits tax, on its income that is treated as effectively connected with the conduct of that trade or business unless the corporation is entitled to relief under an applicable tax treaty.

Regulation and Capital Requirem

Regulation and Capital Requirements	12 Months Ended
	Dec. 31, 2016
Regulatory Capital Requirements [Abstract]
Regulation and Capital Requirements	Regulation and Capital Requirements Blue Capital Re is registered under The Insurance Act 1978 of Bermuda and related regulations, as amended (the "Insurance Act"), as a Class 3A insurer. Class 3A insurers benefit from an expedited application process, less regulatory stringency and minimal capital and surplus requirements. As a result of the approvals received from the Bermuda Monetary Authority (the "BMA") and the terms of Blue Capital Re’s business plan, Blue Capital Re’s reinsurance contracts must be fully-collateralized. The Insurance Act limits the maximum amount of annual dividends and distributions that may be paid by Blue Capital Re and provides that the value of the assets of an insurer must exceed the value of its liabilities by an amount greater than its prescribed minimum solvency margin. If Blue Capital Re were to fail to meet its minimum solvency margin on the last day of any financial year, it would be prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA. Blue Capital Re’s minimum solvency margin has been set by the BMA to be $1.0 million at all times, so long as: (i) Blue Capital Re only enters into contracts of reinsurance that are fully collateralized; and (ii) each transaction represents no material deviation from the original business plan filed with BMA at the time of Blue Capital Re’s registration. The Insurance Act also limits the maximum amount of annual dividends and distributions that may be paid by Blue Capital Re. Annual distributions that would result in a reduction of Blue Capital Re’s prior year-end balance of combined statutory capital and surplus by more than 25% requires the approval of the BMA. Additionally, Blue Capital Re may not reduce its total capital by 15% or more, as set out in its previous year’s financial statements, unless it has received the prior approval of the BMA. Total capital consists of the insurer’s paid in share capital, its contributed surplus (sometimes called additional paid in capital) and any other fixed capital designated by the BMA as capital. With respect to the years ended December 31, 2016 and 2015 , Blue Capital Re had the ability to pay dividends of up to $45.9 million and $50.6 million to its parent without BMA approval. The Insurance Act further provides a minimum liquidity ratio and requires general business insurers and reinsurers to maintain the value of their relevant assets at not less than 75% of the amount of their relevant liabilities. Blue Capital Re exceeded its minimum liquidity requirements at December 31, 2016 and 2015 by $189.7 million and $207.0 million , respectively. Blue Capital Re’s 2016 , 2015 and 2014 statutory net income was $19.1 million , $26.6 million and $19.3 million , respectively. Blue Capital Re's statutory capital and surplus at December 31, 2016 and 2015 was $183.5 million and $202.4 million , respectively. The Bermuda Companies Act 1981, as amended, also limits the Company’s, Blue Capital Re’s and Blue Capital Re ILS’ ability to pay dividends and make distributions to its shareholders. None of the Company, Blue Capital Re or Blue Capital Re ILS is permitted to declare or pay a dividend, or make a distribution out of contributed surplus, if it is, or would after the payment be, unable to pay its liabilities as they become due, or if the realizable value of its assets would be less than its liabilities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Through each of the following roles and relationships, Blue Capital leverages Endurance's reinsurance underwriting expertise and infrastructure to conduct its business: (i) the Manager, a wholly-owned subsidiary of Endurance, manages Blue Capital Re’s and Blue Capital Re ILS’ reinsurance underwriting decisions; (ii) Blue Water Re is a significant source of reinsurance business for Blue Capital Re; (iii) the Manager’s Chief Executive Officer serves as a director and the Company's CEO; (iv) the Manager's Treasurer serves as the Company’s CFO; and (v) Endurance’s Chief Financial Officer serves as Chairman of the Board. NOTE 11. Related Party Transactions, cont'd All of the compensation that employees of Endurance are entitled to as directors of the Company is assigned directly to Endurance. As of December 31, 2016 , Endurance owned 33.3% of the Company’s outstanding Common Shares. Services Provided to Blue Capital by Endurance Endurance provides services to Blue Capital through the following arrangements: BW Retrocessional Agreement . Through a retrocessional contract dated December 31, 2013 (the "BW Retrocessional Agreement"), between Blue Capital Re and Blue Water Re, Blue Water Re has the option to cede to Blue Capital Re up to 100% of its participation in the ceded reinsurance business it writes, provided that such business is in accordance with the Company’s underwriting guidelines. Pursuant to the BW Retrocessional Agreement, Blue Capital Re may participate in: (i) retrocessional, quota share or other agreements between Blue Water Re and Endurance or other third-party reinsurers, which provides it with the opportunity to participate in a diversified portfolio of risks on a proportional basis; and (ii) fronting agreements between Blue Water Re and Endurance or other well capitalized third-party rated reinsurers, which allows Blue Capital Re to transact business with counterparties who prefer to enter into contracts with rated reinsurers. For all periods presented, all of the reinsurance business of Blue Capital Re was originated pursuant to the BW Retrocessional Agreement. Investment Management Agreement . The Company has entered into an Investment Management Agreement with the Manager. Pursuant to the terms of the Investment Management Agreement, the Manager has full discretionary authority, including the delegation of the provision of its services, to manage the Company’s assets, subject to the Company’s underwriting guidelines, the terms of the Investment Management Agreement and the oversight of the Board. Underwriting and Insurance Management Agreement . The Company, Blue Capital Re and the Manager have entered into an Underwriting and Insurance Management Agreement (the "Underwriting and Insurance Management Agreement"). Pursuant to the Underwriting and Insurance Management Agreement, the Manager provides underwriting, risk management, claims management, ceded retrocession agreements management and actuarial and reinsurance accounting services to Blue Capital Re. The Manager has full discretionary authority to manage the underwriting decisions of Blue Capital Re, subject to the Company’s underwriting guidelines, the terms of the Underwriting and Insurance Management Agreement and the oversight of the Company’s and Blue Capital Re’s boards of directors. Administrative Services Agreement. The Company has entered into an Administrative Services Agreement with the Manager, as amended on November 13, 2014 (the "Administrative Services Agreement"). Pursuant to the terms of the Administrative Services Agreement, the Manager provides Blue Capital with support services, including the services of our CEO and CFO, as well as finance and accounting, internal audit, claims management and policy wording, modeling software licenses, office space, information technology, human resources and administrative support. Fees Incurred Pursuant to the Aforementioned Agreements During the year ended December 31, 2016 , the Company incurred general and administrative expenses of $2.7 million pursuant to the Investment Management Agreement, $0.6 million pursuant to the Administrative Services Agreement and $0.5 million pursuant to the Underwriting and Insurance Management Agreement. During the year ended December 31, 2015 , the Company incurred general and administrative expenses of $2.7 million pursuant to the Investment Management Agreement, $0.6 million pursuant to the Administrative Services Agreement and $1.3 million pursuant to the Underwriting and Insurance Management Agreement. NOTE 11. Related Party Transactions, cont'd During the year ended December 31, 2014 , the Company incurred general and administrative expenses of $2.7 million pursuant to the Investment Management Agreement, $0.6 million pursuant to the Administrative Services Agreement and less than $0.1 million pursuant to the Underwriting and Insurance Management Agreement. During each of the years ended December 31, 2016 , 2015 and 2014 , the Company incurred fees of less than $0.1 million pursuant to Endurance's guarantee of the Company’s obligations with respect to the 2014 Credit Agreement. See Note 7. As of December 31, 2016 and 2015 , the Company owed Endurance $1.8 million and $2.9 million for the services performed pursuant to the aforementioned agreements, respectively.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities Commitments As of December 31, 2016 and 2015 , Blue Capital had no commitments for operating leases or capital expenditures and does not expect any material expenditures of this type during the foreseeable future. The Company and its subsidiaries may not terminate the Investment Management Agreement, the Underwriting and Insurance Management Agreement or the Administrative Services Agreement until the fifth anniversary of the completion of the IPO, whether or not the Manager’s performance results are satisfactory. Upon any termination or non-renewal of either of the Investment Management Agreement or the Underwriting and Insurance Management Agreement (other than for a material breach by, or the insolvency of, the Manager), the Company must pay a one-time termination fee to the Manager equal to 5% of its GAAP shareholders’ equity (approximately $9.2 million as of December 31, 2016 ). Litigation Blue Capital Re, as a reinsurer, is subject to litigation and arbitration proceedings in the normal course of its business. Such proceedings often involve reinsurance contract disputes, which are typical for the reinsurance industry. Blue Capital Re’s estimates of possible losses incurred in connection with such legal proceedings are provided for as loss and LAE on its Consolidated Statements of Operations and Comprehensive Income and are included within loss and LAE reserves on its Consolidated Balance Sheets. The Company and its subsidiaries had no unresolved legal proceedings at December 31, 2016 and 2015 . Concentrations of Credit and Counterparty Risk Blue Capital Re ILS’ derivative instruments are subject to counterparty risk. The Company and the Manager routinely monitor this risk. Blue Capital Re markets retrocessional and reinsurance policies worldwide through brokers. Credit risk exists to the extent that any of these brokers is unable to fulfill its contractual obligations to Blue Capital Re. For example, Blue Capital Re is required to pay amounts owed on claims under policies to brokers, and these brokers, in turn, pay these amounts to the ceding companies that have reinsured a portion of their liabilities with Blue Capital Re. In some jurisdictions, if a broker fails to make such a payment, Blue Capital Re might remain liable to the ceding company for the deficiency. In addition, in certain jurisdictions, when the ceding company pays premiums for these policies to brokers, these premiums are considered to have been paid and the ceding insurer is no longer liable to Blue Capital Re for those amounts, whether or not the premiums have actually been received. Blue Capital Re remains liable for losses it incurs to the extent that any third-party reinsurer is unable or unwilling to make timely payments under reinsurance agreements. Blue Capital Re would also be liable in the event that its ceding companies were unable to collect amounts due from underlying third-party reinsurers.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP requires disclosure of fair value information for certain financial instruments. For those financial instruments in which quoted market prices are not available, fair values are estimated by discounting future cash flows using current market rates or quoted market prices for similar obligations. These estimates are not necessarily indicative of amounts that could be realized in a current market exchange. Blue Capital carries its assets and liabilities that constitute financial instruments on its Consolidated Balance Sheets at fair value with the exception of its debt. At December 31, 2016 and 2015 , the fair value of the Company’s outstanding borrowings under the Credit Agreements, each of which were of a short duration, approximated their carrying value of $ nil and $13.0 million , respectively. See Note 7.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (Unaudited)	SELECTED QUARTERLY FINANCIAL DATA (Unaudited) Selected quarterly financial data for 2016 and 2015 is shown in the following table. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the consolidated results of operations for the interim periods. 2016 Three Months Ended 2015 Three Months Ended Millions, except per share amounts Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Net reinsurance premiums earned $ 11.5 $ 10.4 $ 11.4 $ 10.3 $ 9.3 $ 9.5 $ 9.7 $ 9.8 Net (loss) income from derivative instruments (0.5 ) (0.5 ) (0.1 ) 0.1 0.1 (0.3 ) — — Total revenues 11.0 9.9 11.3 10.4 9.4 9.2 9.7 9.8 Underwriting expenses 7.0 6.6 9.3 5.4 4.0 4.7 4.2 4.4 Interest expense — — — — — 0.1 — — Total expenses 7.0 6.6 9.3 5.4 4.0 4.8 4.2 4.4 Net income $ 4.0 $ 3.3 $ 2.0 $ 5.0 $ 5.4 $ 4.4 $ 5.5 $ 5.4 Amounts per Common Share: Basic and diluted earnings $ 0.46 $ 0.38 $ 0.22 $ 0.57 $ 0.62 $ 0.50 $ 0.63 $ 0.61

Schedule II - CONDENSED FINANCI

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT	SCHEDULE II BLUE CAPITAL REINSURANCE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS December 31, (In millions of U.S. dollars) 2016 2015 Assets: Cash and cash equivalents $ 0.8 $ 0.1 Investment in subsidiary, on the equity method of accounting 183.5 202.6 Intercompany receivables 0.6 0.5 Other assets 0.2 0.1 Total Assets $ 185.1 $ 203.3 Liabilities: Debt — 13.0 Accounts payable and accrued expenses 1.8 2.7 Total Liabilities 1.8 15.7 Shareholders’ Equity: 183.3 187.6 Total Liabilities and Shareholders’ Equity $ 185.1 $ 203.3 CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended Year Ended Year Ended (In millions of U.S. dollars) December 31, 2016 December 31, 2015 December 31, 2014 Revenues $ — $ — $ — Expenses 4.8 5.9 4.4 Parent only net loss (4.8 ) (5.9 ) (4.4 ) Equity in earnings of subsidiaries 19.1 26.6 19.5 Net income and comprehensive income $ 14.3 $ 20.7 $ 15.1 SCHEDULE II (continued) BLUE CAPITAL REINSURANCE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS Year Ended Year Ended Year Ended (In millions of U.S. dollars) December 31, 2016 December 31, 2015 December 31, 2014 Cash flows used in operations: Net income $ 14.3 $ 20.7 $ 15.1 Charges (credits) to reconcile net income to net cash from operations: Equity in earnings of subsidiary (19.1 ) (26.6 ) (19.5 ) Expense recognized for RSUs 0.2 0.1 — Net change in: Intercompany receivables (0.1 ) 2.0 (2.5 ) Other assets (0.1 ) — — Accounts payable and accrued expenses (0.9 ) 2.0 0.1 Net cash used in operations (5.7 ) (1.8 ) (6.8 ) Cash flows provided by investing activities: Dividends received from subsidiary 38.2 3.0 — Contribution of capital from (to) subsidiary — 6.5 (6.0 ) Net cash provided by (used in) investing activities 38.2 9.5 (6.0 ) Cash flows used in financing activities: Borrowings under the Credit Agreement — 9.0 8.0 Repayment of borrowings (13.0 ) (4.0 ) — Dividends paid - Common Shares and RSUs (18.8 ) (13.7 ) (7.9 ) Net cash (used in) provided by financing activities (31.8 ) (8.7 ) 0.1 Net increase (decrease) in cash and cash equivalents during the year 0.7 (1.0 ) (12.7 ) Cash and cash equivalents - beginning of period 0.1 1.1 13.8 Cash and cash equivalents - end of period $ 0.8 $ 0.1 $ 1.1

Schedule III - SUPPLEMENTARY IN

Schedule III - SUPPLEMENTARY INSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2016
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	SCHEDULE III BLUE CAPITAL REINSURANCE HOLDINGS LTD. SUPPLEMENTARY INSURANCE INFORMATION (In millions of U.S. dollars) Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Deferred policy acquisition costs Reserves for unpaid claims and claim adjustment expenses Unearned premiums Other policy claims and benefits payable Net premiums earned Net investment income Claims and claims adjustment expenses Amortization of policy acquisition costs Other underwriting expenses Net premiums written December 31, 2016 $ 0.1 $ 11.1 $ 0.9 $ — $ 43.6 $ — $ 13.7 $ 9.6 $ 5.0 $ 43.2 December 31, 2015 0.1 4.0 1.3 — 38.3 — 2.6 8.6 6.1 38.6 December 31, 2014 0.1 7.9 1.1 — 43.9 — 17.1 7.7 4.7 45.0

Schedule IV - REINSURANCE

Schedule IV - REINSURANCE	12 Months Ended
	Dec. 31, 2016
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block]	BLUE CAPITAL REINSURANCE HOLDINGS LTD. REINSURANCE (In millions of U.S. dollars) Column A Column B Column C Column D Column E Column F Premiums Written Gross Ceded to Other Companies Assumed from Other Companies Net Amount Percentage of Amount Assumed to Net Year Ended December 31, 2016 Property and liability insurance $ 43.2 $ — $ 43.2 $ 43.2 100 % Year Ended December 31, 2015 Property and liability insurance $ 38.6 $ — $ 38.6 $ 38.6 100 % Year Ended December 31, 2014 Property and liability insurance $ 45.0 $ — $ 45.0 $ 45.0 100 %

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Blue Capital Reinsurance Holdings Ltd. (the "Company" or the "Registrant") is a Bermuda exempted limited liability company that, through its subsidiaries (collectively "Blue Capital"), provides collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities. The Company was incorporated under the laws of Bermuda on June 24, 2013, commenced operations on November 12, 2013 and has a limited operating history. The Company’s headquarters and principal executive offices are located at Waterloo House, 100 Pitts Bay Road, Pembroke, Bermuda HM 08, which is also our registered office. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues earned and expenses incurred during the period. Actual results could differ materially from those estimates. The significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, loss and loss adjustment expense ("LAE") reserves and written and earned reinsurance premiums. Certain prior period amounts, all of which are immaterial, have been reclassified to conform to the current period presentation.
Cash and Cash Equivalents	Blue Capital’s cash and cash equivalents of $4.7 million and $6.1 million at December 31, 2016 and 2015 , respectively, consist of cash and fixed income investments with maturities of less than three months, as measured from the date of purchase. For all periods presented, the amortized cost of each of Blue Capital’s cash equivalents approximated their fair value.
Amounts Held in Trust for the Benefit of Ceding Companies	Blue Capital Re does not operate with a financial strength rating and, instead, fully collateralizes its reinsurance obligations through cash and cash equivalents held in various trust funds established for the benefit of ceding companies. As of December 31, 2016 , Blue Capital had pledged $3.1 million of its cash and cash equivalents to trust accounts established for the benefit of third parties ( $3.1 million ) and Blue Water Re (less than $0.1 million ). As of December 31, 2015 , Blue Capital Re and Blue Capital Re ILS had collectively pledged $5.1 million of their cash and cash equivalents to trust accounts established for the benefit of third parties ( $5.1 million ) and Blue Water Re (less than $0.1 million ). The cash and cash equivalents pledged to Blue Water Re represent funds that have not yet been formally transferred to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement (see below). These amounts are presented on the Company’s Consolidated Balance Sheets as "cash and cash equivalents." As of December 31, 2016 and 2015 , Blue Capital had transferred $191.4 million and $195.3 million of its cash and cash equivalents to a trust account established by Blue Water Re for its benefit pursuant to the BW Retrocessional Agreement. These amounts are presented on the Company’s Consolidated Balance Sheets as "funds held by ceding companies."
Reinsurance Premiums and Acquisition Costs	Blue Capital Re writes reinsurance contracts on both an excess-of-loss and a pro-rata basis. For excess-of-loss contracts, written premiums are typically based on the deposit or minimum premium specified in the reinsurance contract. For pro-rata contracts, written premiums are recognized based on estimates of ultimate premiums provided by either the ceding companies or the Manager. All of Blue Capital Re’s reinsurance contracts are currently being written on a losses-occurring basis, which means that all loss events occurring during the period of the contract are covered, regardless of the inception dates of the underlying policies. Any loss events occurring after the expiration of a losses-occurring contract are not covered. NOTE 1. Summary of Significant Accounting Policies, cont'd For reinsurance contracts which incorporate minimum premium amounts, Blue Capital Re typically writes the entire ultimate premium at inception, and earns the associated premium after the premium is written over the term of the contract. For reinsurance contracts which do not incorporate minimum premium amounts, Blue Capital Re typically writes the premium over the term of the contract, and earns the associated premium in the same periods that the premium is written. Subsequent adjustments of written premium, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when written. Unearned reinsurance premiums represent the portion of premiums written that are applicable to future reinsurance coverage provided by in-force contracts. Reinsurance premiums receivable are recorded at amounts due less any provision for doubtful accounts. As of December 31, 2016 and 2015 , Blue Capital Re did not require a provision for doubtful accounts. When a reinsurance contract provides for a reinstatement of coverage following a covered loss, the associated reinstatement premiums are recorded as both written and earned when Blue Capital Re determines that such a loss event has occurred. Deferred reinsurance acquisition costs are comprised of commissions, brokerage costs, premium taxes and excise taxes, each of which relates directly to the writing of reinsurance contracts. Deferred reinsurance acquisition costs are typically amortized over the underlying risk period of the related contracts. However, if the sum of a contract’s expected losses and LAE and deferred reinsurance acquisition costs exceeds related unearned premiums and any projected investment income, a premium deficiency is determined to exist. In this event, deferred reinsurance acquisition costs are immediately expensed to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred reinsurance acquisition costs, a liability is accrued for the excess deficiency. There were no premium deficiency adjustments recognized during the periods presented. Profit commissions incurred are included in reinsurance acquisition costs within the Company’s Consolidated Statement of Operations and Comprehensive Income. Accrued profit commissions payable are included in reinsurance balances payable within the Company’s Consolidated Balance Sheets.
Ceded Reinsurance	Reinsurance Balances Payable Reinsurance balances payable consist of: (i) losses and LAE that have been approved for payment; and (ii) profit commissions payable. As of December 31, 2016 and 2015 , Blue Capital Re had reinsurance balances payable of $7.1 million and $7.6 million , respectively. Ceded Reinsurance In the normal course of business, Blue Capital Re may purchase reinsurance in order to manage its exposures. The amount of reinsurance that Blue Capital Re may buy will vary from year to year depending on its risk appetite, as well as the availability and cost of the reinsurance coverage. Ceded reinsurance premiums will be accounted for on a basis consistent with those used in accounting for the underlying reinsurance premiums assumed and will be reported as a reduction of net reinsurance premiums written and earned. Under Blue Capital Re’s reinsurance security policy, its reinsurers are typically required to be rated "A-" (Excellent) or better by A.M. Best (or an equivalent rating with another recognized rating agency) at the time the policy is written. Blue Capital Re also considers reinsurers that are not rated or do not fall within this threshold on a case-by-case basis if collateralized up to policy limits, net of any premiums owed. The Manager will monitor the financial condition and ratings of Blue Capital’s reinsurers on an ongoing basis. NOTE 1. Summary of Significant Accounting Policies, cont'd As of December 31, 2016 , Blue Capital Re has never purchased any reinsurance.
Derivative Instruments	Current accounting guidance requires the recognition of all derivative financial instruments including embedded derivative instruments, as either assets or liabilities in the Consolidated Balance Sheets at fair value. The Company participates in derivative instruments in the form of industry loss warranty swaps as a way to access certain risks. Derivatives are recorded at fair value with changes in fair value and any gains or losses recognized in net income (loss) from derivative instruments in the Consolidated Statements of Operations and Comprehensive Income.
Fair Value Hierarchy	GAAP establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value of certain assets and liabilities into the three broad levels described below. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date, Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, and Level 3 inputs are unobservable inputs (i.e., on the basis of pricing models with significant unobservable inputs or non-binding broker quotes) for the asset or liability.
Recent Accounting Pronouncements	In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. Entities will be required to recognize the income tax effects of awards in the income statement when the awards vest or are settled. The guidance also changes employers' accounting for an employee's use of shares to satisfy the employer's statutory income tax withholding obligation, and accounting for forfeitures. ASU 2016-09 is effective for public business entities for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. ASU 2016-09 is not expected to impact the Company's Consolidated Financial Statements.

Loss and LAE Reserve Movements

Loss and LAE Reserve Movements (Tables)	12 Months Ended
	Dec. 31, 2016
Insurance Loss Reserves [Abstract]
Summary of loss and LAE reserve movements	The following table summarizes Blue Capital Re’s loss and LAE reserve movements for the years ended December 31, 2016 , 2015 and 2014 : Year Ended Year Ended Year Ended ($ in millions) December 31, 2016 December 31, 2015 December 31, 2014 Gross and net unpaid loss and LAE reserves - beginning $ 4.0 $ 7.9 $ — Losses and LAE incurred: Current year losses 13.7 3.2 17.1 Prior year losses — (0.6 ) — Total incurred losses and LAE 13.7 2.6 17.1 Losses and LAE paid and approved for payment: Current year losses (4.7 ) (1.2 ) (9.2 ) Prior year losses (1.9 ) (5.3 ) — Total losses and LAE paid and approved for payment (6.6 ) (6.5 ) (9.2 ) Gross and net unpaid loss and LAE reserves - ending $ 11.1 $ 4.0 $ 7.9
Claims development, IBNR reserves and claims frequency	The following tables show the development of the reserve for losses and LAE by accident year at December 31, 2016 . Information presented for the years ended December 31, 2014 and 2015 is unaudited. Incurred losses and allocated LAE For the years ended December 31, Accident year 2014 2015 2016 2014 $ 17.1 $ 16.5 $ 16.5 2015 — 3.2 3.2 2016 — — 13.7 Total $ 33.4 Cumulative paid losses and allocated LAE For the years ended December 31, Accident year 2014 2015 2016 2014 $ 9.2 $ 14.5 $ 15.5 2015 — 1.2 2.1 2016 — — 4.7 Total $ 22.3 Total loss and LAE reserves at December 31, 2016 $ 11.1 The following table shows Blue Capital Re's IBNR reserves and cumulative number of reported claims by accident year as of December 31, 2016 . A claim is defined as a reported loss from a cedant on an excess-of-loss reinsurance contract arising from a loss event for which the Company records a paid loss or case reserve. The claim frequency data excludes reported claim activity from pro-rata reinsurance contracts where losses are reported to the Company through periodic accounts and it is therefore impracticable to determine the frequency of reported claims. As of December 31, 2016 Accident Year Incurred losses and allocated loss adjustment expenses Total IBNR plus expected development on reported claims Cumulative number of reported claims (U.S dollars in millions) 2014 $ 16.5 $ 0.5 6 2015 3.2 0.4 4 2016 13.7 1.9 9 The following table shows the development of the reserve for losses and loss expenses for the year ended December 31, 2016 . Loss and allocated loss adjustment expenses For the Year Ended December 31, 2016 Accident Year Incurred Cumulative Paid 2014 $ 16.5 $ 15.5 2015 3.2 2.1 2016 13.7 4.7 Total $ 33.4 $ 22.3 Total outstanding liabilities for unpaid losses and LAE $ 11.1
Short-duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]	The following table shows the unaudited historical average annual percentage payout of incurred claims for Blue Capital Re, by age as of December 31, 2016 . Average annual percentage payout of incurred claims by age Year 1 Year 2 Year 3 42.8 % 30.7 % 5.9 %

Written and Earned Reinsuranc26

Written and Earned Reinsurance Premiums (Tables)	12 Months Ended
	Dec. 31, 2016
Reinsurance Disclosures [Abstract]
Schedules of gross reinsurance premiums written and net premiums earned by geographic area	The following table sets forth a breakdown of Blue Capital’s gross reinsurance premiums written by geographic area of risks insured for the years ended December 31, 2016 , 2015 and 2014 : Year Ended Year Ended Year Ended ($ in millions) December 31, 2016 December 31, 2015 December 31, 2014 Worldwide (1) $ 34.8 81 % $ 24.1 62 % $ 30.5 68 % USA: Nationwide 3.4 8 % 5.6 15 % 4.7 11 % Florida 2.8 6 % 2.4 6 % 3.7 8 % Gulf region 0.8 2 % 1.7 4 % 1.5 3 % California 0.4 1 % 0.7 2 % 1.2 3 % Midwest region and other 0.4 1 % 0.6 2 % 1.0 2 % Mid-Atlantic region 0.4 1 % 0.4 1 % 1.0 2 % Worldwide, excluding U.S. (2) 0.2 — % 3.1 8 % 1.4 3 % Total gross premiums written $ 43.2 100 % $ 38.6 100 % $ 45.0 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S. The following table sets forth a breakdown of Blue Capital’s net reinsurance premiums earned by geographic area of risks insured for the years ended December 31, 2016 , 2015 and 2014 : Year Ended Year Ended Year Ended ($ in millions) December 31, 2016 December 31, 2015 December 31, 2014 Worldwide (1) $ 35.0 80 % $ 24.1 63 % $ 30.5 69 % USA: Nationwide 3.5 8 % 5.6 15 % 4.6 11 % Florida 2.6 6 % 2.3 6 % 2.8 7 % Gulf region 0.8 2 % 1.8 5 % 1.4 3 % California 0.4 1 % 0.7 2 % 1.2 3 % Midwest region and other 0.4 1 % 0.6 1 % 1.0 2 % Mid-Atlantic region 0.4 1 % 0.4 1 % 1.0 2 % Worldwide, excluding U.S. (2) 0.5 1 % 2.8 7 % 1.4 3 % Total net premiums earned $ 43.6 100 % $ 38.3 100 % $ 43.9 100 % (1) "Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S. (2) "Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S.

Basic and Diluted Earnings (L27

Basic and Diluted Earnings (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings (loss) per Common Share	The following table outlines the Company’s computation of its basic and diluted earnings per Common Share for the years ended December 31, 2016 , 2015 and 2014 : ($ in millions) Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Net income $ 14.3 $ 20.7 $ 15.1 Less: net earnings allocated to participating securities (1) — — — Earnings per Common Share numerator $ 14.3 $ 20.7 $ 15.1 Average Common Shares outstanding (in thousands of shares) 8,754 8,751 8,750 Basic and diluted earnings per Common Share $ 1.63 $ 2.36 $ 1.72 (1) For all periods presented, the net earnings allocated to participating securities totaled less than $0.1 million .

SELECTED QUARTERLY FINANCIAL 28

SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Selected quarterly financial data for 2016 and 2015 is shown in the following table. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the consolidated results of operations for the interim periods. 2016 Three Months Ended 2015 Three Months Ended Millions, except per share amounts Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Net reinsurance premiums earned $ 11.5 $ 10.4 $ 11.4 $ 10.3 $ 9.3 $ 9.5 $ 9.7 $ 9.8 Net (loss) income from derivative instruments (0.5 ) (0.5 ) (0.1 ) 0.1 0.1 (0.3 ) — — Total revenues 11.0 9.9 11.3 10.4 9.4 9.2 9.7 9.8 Underwriting expenses 7.0 6.6 9.3 5.4 4.0 4.7 4.2 4.4 Interest expense — — — — — 0.1 — — Total expenses 7.0 6.6 9.3 5.4 4.0 4.8 4.2 4.4 Net income $ 4.0 $ 3.3 $ 2.0 $ 5.0 $ 5.4 $ 4.4 $ 5.5 $ 5.4 Amounts per Common Share: Basic and diluted earnings $ 0.46 $ 0.38 $ 0.22 $ 0.57 $ 0.62 $ 0.50 $ 0.63 $ 0.61

Basis of Presentation and Sum29

Basis of Presentation and Summary of Significant Accounting Policies - Basis of presentation (Details)	12 Months Ended
	Dec. 31, 2016Director
Basis of Presentation
Total number of the directors of the company	5
Minimum
Basis of Presentation
Percentage of distributable income intends to distribute in form of cash dividends	90.00%
Endurance
Basis of Presentation
Total number of the directors of the company	2

Basis of Presentation and Sum30

Basis of Presentation and Summary of Significant Accounting Policies - Accounting policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash and Cash Equivalents
Cash and cash equivalents	$ 4,700,000	$ 6,100,000	$ 11,500,000	$ 173,800,000
Amounts Held in Trust for the Benefit of Ceding Companies
Funds held by ceding companies	191,400,000	195,300,000
Reinsurance Premiums and Acquisition Costs
Premium deficiency adjustments	0	0	$ 0
Reinsurance Balances Payable
Reinsurance balances payable	7,100,000	7,600,000
Cash and Cash Equivalents
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts	3,100,000	5,100,000
Third Parties | Cash and Cash Equivalents
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts	3,100,000	5,100,000
Blue Water Re | Cash and Cash Equivalents
Amounts Held in Trust for the Benefit of Ceding Companies
Funds held by ceding companies	191,400,000	195,300,000
Blue Water Re | Cash and Cash Equivalents | Maximum
Amounts Held in Trust for the Benefit of Ceding Companies
Financial instruments pledged to trust accounts	$ 100,000	$ 100,000

Loss and LAE Reserve Movement31

Loss and LAE Reserve Movements (Rollfoward) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loss and LAE Reserve Movements
Gross unpaid loss and LAE reserves - beginning	$ 4
Current year losses and LAE incurred	13.7	$ 2.6	$ 17.1
Gross unpaid loss and LAE reserves - ending	11.1	4
Blue Capital Re
Loss and LAE Reserve Movements
Gross unpaid loss and LAE reserves - beginning	4	7.9	0
Reinsurance recoverable on unpaid losses - beginning	0	0	0
Net unpaid loss and LAE reserves - beginning	4	7.9	0
Current year losses and LAE incurred	13.7	3.2	17.1
Prior year losses and LAE incurred	0	(0.6)	0
Total incurred losses and LAE	13.7	2.6	17.1
Current year losses and LAE paid and approved for payment	(4.7)	(1.2)	(9.2)
Prior year losses and LAE paid and approved for payment	(1.9)	(5.3)	0
Total losses and LAE paid and approved for payment	(6.6)	(6.5)	(9.2)
Net unpaid loss and LAE reserves - ending	11.1	4	7.9
Reinsurance recoverable on unpaid losses - ending	0	0	0
Gross unpaid loss and LAE reserves - ending	11.1	$ 4	$ 7.9
Maximum | Blue Capital Re
Loss and LAE Reserve Movements
Prior year losses and LAE incurred	$ 0.1

Loss and LAE Reserve Movement32

Loss and LAE Reserve Movements (Claims Development, IBNR Reserves and Claims Frequency) (Details) - Blue Capital Re $ in Millions	Dec. 31, 2016USD ($)Claims	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Claims Development [Line Items]
Incurred	$ 33.4
Cumulative paid	22.3
Total outstanding liabilities for unpaid losses and LAE	11.1
2,014
Claims Development [Line Items]
Incurred	16.5	$ 16.5	$ 17.1
Cumulative paid	15.5	14.5	$ 9.2
Total IBNR plus expected development on reported claims	$ 0.5
Cumulative number of reported claims | Claims	6
2,015
Claims Development [Line Items]
Incurred	$ 3.2	3.2
Cumulative paid	2.1	$ 1.2
Total IBNR plus expected development on reported claims	$ 0.4
Cumulative number of reported claims | Claims	4
2,016
Claims Development [Line Items]
Incurred	$ 13.7
Cumulative paid	4.7
Total IBNR plus expected development on reported claims	$ 1.9
Cumulative number of reported claims | Claims	9

Loss and LAE Reserve Movement33

Loss and LAE Reserve Movements (HIstorical Claims Duration) (Details) - Blue Capital Re	Dec. 31, 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	42.80%
Year 2	30.70%
Year 3	5.90%

Written and Earned Reinsuranc34

Written and Earned Reinsurance Premiums (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gross reinsurance premiums written										$ 43.2	$ 38.6	$ 45
Percentage of gross reinsurance premiums written by geographic area of risks insured										100.00%	100.00%	100.00%
Net reinsurance premiums earned		$ 11.5	$ 10.4	$ 11.4	$ 10.3	$ 9.3	$ 9.5	$ 9.7	$ 9.8	$ 43.6	$ 38.3	$ 43.9
Percentage of net earned reinsurance premiums by geographic area of risks insured										100.00%	100.00%	100.00%
Worldwide
Gross reinsurance premiums written	[1]									$ 34.8	$ 24.1	$ 30.5
Percentage of gross reinsurance premiums written by geographic area of risks insured	[1]									81.00%	62.00%	68.00%
Net reinsurance premiums earned	[1]									$ 35	$ 24.1	$ 30.5
Percentage of net earned reinsurance premiums by geographic area of risks insured	[1]									80.00%	63.00%	69.00%
USA: Nationwide
Gross reinsurance premiums written										$ 3.4	$ 5.6	$ 4.7
Percentage of gross reinsurance premiums written by geographic area of risks insured										8.00%	15.00%	11.00%
Net reinsurance premiums earned										$ 3.5	$ 5.6	$ 4.6
Percentage of net earned reinsurance premiums by geographic area of risks insured										8.00%	15.00%	11.00%
USA: Florida
Gross reinsurance premiums written										$ 2.8	$ 2.4	$ 3.7
Percentage of gross reinsurance premiums written by geographic area of risks insured										6.00%	6.00%	8.00%
Net reinsurance premiums earned										$ 2.6	$ 2.3	$ 2.8
Percentage of net earned reinsurance premiums by geographic area of risks insured										6.00%	6.00%	7.00%
USA: Gulf Region
Gross reinsurance premiums written										$ 0.8	$ 1.7	$ 1.5
Percentage of gross reinsurance premiums written by geographic area of risks insured										2.00%	4.00%	3.00%
Net reinsurance premiums earned										$ 0.8	$ 1.8	$ 1.4
Percentage of net earned reinsurance premiums by geographic area of risks insured										2.00%	5.00%	3.00%
USA: California
Gross reinsurance premiums written										$ 0.4	$ 0.7	$ 1.2
Percentage of gross reinsurance premiums written by geographic area of risks insured										1.00%	2.00%	3.00%
Net reinsurance premiums earned										$ 0.4	$ 0.7	$ 1.2
Percentage of net earned reinsurance premiums by geographic area of risks insured										1.00%	2.00%	3.00%
USA: Midwest Region and Other
Gross reinsurance premiums written										$ 0.4	$ 0.6	$ 1
Percentage of gross reinsurance premiums written by geographic area of risks insured										1.00%	2.00%	2.00%
Net reinsurance premiums earned										$ 0.4	$ 0.6	$ 1
Percentage of net earned reinsurance premiums by geographic area of risks insured										1.00%	1.00%	2.00%
USA: Mid-Atlantic Region
Gross reinsurance premiums written										$ 0.4	$ 0.4	$ 1
Percentage of gross reinsurance premiums written by geographic area of risks insured										1.00%	1.00%	2.00%
Net reinsurance premiums earned										$ 0.4	$ 0.4	$ 1
Percentage of net earned reinsurance premiums by geographic area of risks insured										1.00%	1.00%	2.00%
Worldwide, excluding U.S.
Gross reinsurance premiums written	[2]									$ 0.2	$ 3.1	$ 1.4
Percentage of gross reinsurance premiums written by geographic area of risks insured	[2]									0.00%	8.00%	3.00%
Net reinsurance premiums earned	[2]									$ 0.5	$ 2.8	$ 1.4
Percentage of net earned reinsurance premiums by geographic area of risks insured	[2]									1.00%	7.00%	3.00%
[1]	"Worldwide" comprises reinsurance contracts that cover risks in more than one geographic area and do not specifically exclude the U.S.
[2]	"Worldwide, excluding U.S." comprises reinsurance contracts that cover risks in more than one geographic area but specifically exclude the U.S.

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	1 Months Ended						3 Months Ended								12 Months Ended
	Apr. 30, 2016	Feb. 29, 2016	Jun. 30, 2015	Feb. 28, 2015	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments
Net (loss) income from derivative instruments							$ (0.5)	$ (0.5)	$ (0.1)	$ 0.1	$ 0.1	$ (0.3)	$ 0	$ 0	$ (1)	$ (0.2)	$ 0.7
Blue Capital Re ILS | Inward Swap
Derivative Instruments
Net (loss) income from derivative instruments															0.4	0.5	1.4
Fixed-rate payment on swap		$ 0.4		$ 0.6		$ 1.5
Maximum payment obligation under each swap		$ 2.7		$ 5.2		$ 10
Blue Capital Re ILS | Outward Swap
Derivative Instruments
Net (loss) income from derivative instruments															1.4	0.7	$ 0.7
Fixed-rate payment on swap	$ 2		$ 0.7		$ 0.7
Maximum recovery under each swap	$ 14.5		$ 3.7		$ 3.7
Blue Capital Re ILS | Outward Swap | Level 3
Derivative Instruments
Fair value of swap							0.5				0				0.5	0
Maximum | Blue Capital Re ILS | Inward Swap | Level 3
Derivative Instruments
Fair value of swap							$ 0.1				$ 0.1				$ 0.1	$ 0.1

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Feb. 01, 2017	Feb. 29, 2016	Feb. 28, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Dividends declared per Common Share and RSU (in dollars per share)		$ 1.24	$ 0.66	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 2.14	$ 1.56	$ 0.90
Total amount of dividends													$ 18,800,000	$ 13,700,000	$ 7,900,000
Common shares, par value (in dollars per share)													$ 1	$ 1
Voting rights of common stock													one vote for each share held
Common shares outstanding (in shares)													8,756,071	8,752,335
Common Shares issued (in shares)													3,736	2,335
Dividends paid per Common Share and RSU (in dollars per share)				$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3
Dividends paid													$ 18,800,000	$ 13,700,000	$ 7,900,000
Common Shares authorized for repurchase as part of publicly announced plans or programs													$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per Common Share and RSU (in dollars per share)	$ 0.59
Total amount of dividends	$ 5,200,000

Basic and Diluted Earnings (L37

Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic and Diluted Earnings Per Common Share
Net income		$ 4	$ 3.3	$ 2	$ 5	$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 14.3	$ 20.7	$ 15.1
Less: net earnings allocated to participating securities (1)	[1]									0	0	0
Earnings per Common Share numerator										$ 14.3	$ 20.7	$ 15.1
Average Common Shares outstanding (in thousands of shares)										8,754	8,751	8,750
Basic and diluted earnings per Common Share (in dollars per share)		$ 0.46	$ 0.38	$ 0.22	$ 0.57	$ 0.62	$ 0.50	$ 0.63	$ 0.61	$ 1.63	$ 2.36	$ 1.72
Maximum
Basic and Diluted Earnings Per Common Share
Less: net earnings allocated to participating securities (1)										$ 0.1	$ 0.1	$ 0.1
[1]	For all periods presented, the net earnings allocated to participating securities totaled less than $0.1 million.

Credit Agreement (Details)

Credit Agreement (Details) - USD ($)	May 06, 2016	May 01, 2015	May 02, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Credit agreement
Debt				$ 0	$ 13,000,000
Repayments of Lines of Credit				13,000,000	4,000,000	$ 0
2016 Credit Facility [Member] | Endurance Investments Holdings Ltd. [Member]
Credit agreement
Maximum borrowing capacity	$ 20,000,000
Facility and structuring fees in connection with the Credit Agreement	$ 20,000
2016 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Endurance Investments Holdings Ltd. [Member]
Credit agreement
Basis spread (as a percent)	1.50%
Revolving credit facility
Credit agreement
Term of facility		364 days
Maximum borrowing capacity		$ 20,000,000
Facility and structuring fees in connection with the Credit Agreement					100,000	100,000
Annual commitment and guarantor fee (as a percent)		0.375%
Interest paid					$ 100,000
Minimum net worth to be maintained as of closing date per debt covenant			70.00%
Revolving credit facility | Maximum
Credit agreement
Facility and structuring fees in connection with the Credit Agreement				100,000
Interest paid				$ 100,000		$ 100,000
Debt to total capitalization ratio required per debt covenant				22.50%
Revolving credit facility | Endurance
Credit agreement
Percentage of annual guarantee fee entitled by guarantor for serving guarantee			0.125%
Minimum Net Worth Required for Compliance				$ 1,800,000,000
Revolving credit facility | Endurance | Maximum
Credit agreement
Debt to total capitalization ratio required per debt covenant				35.00%
Revolving credit facility | London Interbank Offered Rate (LIBOR) [Member]
Credit agreement
Variable rate basis (in number of months)		3
Basis spread (as a percent)		1.00%
Revolving credit facility | Borrowings Due February 2, 2016 [Member]
Credit agreement
Outstanding borrowings				$ 4,000,000
Annual effective interest rate				1.3289%
Revolving credit facility | Borrowings Due February 22, 2016 [Member]
Credit agreement
Outstanding borrowings				$ 5,000,000
Annual effective interest rate				1.483%
Revolving credit facility | Borrowings Due March 11, 2016 [Member]
Credit agreement
Outstanding borrowings				$ 4,000,000
Annual effective interest rate				1.51%

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-Based Compensation
Percentage of aggregate common shares outstanding	1.00%
RSUs awarded (in shares)	7,095	9,800
Total grant date fair value of the RSUs awarded	$ 0.1	$ 0.2
Number of RSUs vested	3,736	2,335
Fair value of RSUs vested	$ 0.1
Maximum
Share-Based Compensation
Fair value of RSUs vested		$ 0.1
2013 LTIP
Estimated future expense
Incentive awards outstanding (in shares)	13,158	9,799
2013 LTIP | RSUs
Share-Based Compensation
Expenses recognized	$ 0.2	$ 0.1
Estimated future expense
2,017	$ 0.1
2013 LTIP | RSUs | Directors
Share-Based Compensation
Vesting period	3 years
Forfeiture rate (as a percent)	0.00%
2013 LTIP | Minimum | RSUs
Share-Based Compensation
Vesting period	1 year
2013 LTIP | Maximum | RSUs
Share-Based Compensation
Vesting period	5 years
Expenses recognized			$ 0.1
Estimated future expense
2,018	$ 0.1
2,019	$ 0.1

Regulation and Capital Requir40

Regulation and Capital Requirements (Details) - Blue Capital Re - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Regulation and Capital Requirements
Minimum solvency margin	$ 1
Statutory Accounting Practices Reduction Percentage Of Total Capital From Prior Year Requiring Approval	15.00%
Threshold reduction percentage in total capital without prior statutory approval	25.00%
Amount available for dividend payments to parent without regulatory approval	$ 45.9	$ 50.6
Minimum liquidity ratio (as a percent)	75.00%
Amount by which value of relevant assets exceeded the value of relevant liabilities	$ 189.7	207
Statutory net income	19.1	26.6	$ 19.3
Statutory capital and surplus	$ 183.5	$ 202.4

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Management Agreement
Related party transactions
General and administrative expenses	$ 2.7	$ 2.7	$ 2.7
Administrative Services Agreement
Related party transactions
General and administrative expenses	0.6	0.6	0.6
Underwriting and Insurance Management Agreement
Related party transactions
General and administrative expenses	$ 0.5	1.3
Underwriting and Insurance Management Agreement | Maximum
Related party transactions
General and administrative expenses			0.1
Endurance
Related party transactions
Percent of ownership in the company	33.30%
Amount due to for services performed	$ 1.8	2.9
Endurance | Credit Agreement | Maximum
Related party transactions
Fees and expenses incurred by related party	$ 0.1	$ 0.1	$ 0.1
Blue Capital Re | Blue Water Re | BW Retrocessional Agreement | Maximum
Related party transactions
Percentage of participation in the ceded reinsurance business of the related party for which option to cede exists	100.00%

Commitments and Contingent Li42

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Commitments and contingent liabilities
Commitments for operating leases	$ 0	$ 0
Commitments for capital expenditures	$ 0	$ 0
Investment Management Agreement Or Underwriting and Insurance Management Agreement
Commitments and contingent liabilities
One-time termination fee as a percent of shareholders' equity	5.00%
Amount of one-time termination fee payable	$ 9.2

Fair Value of Financial Instr43

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Debt	$ 0	$ 13

SELECTED QUARTERLY FINANCIAL 44

SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Net reinsurance premiums earned	$ 11.5	$ 10.4	$ 11.4	$ 10.3	$ 9.3	$ 9.5	$ 9.7	$ 9.8	$ 43.6	$ 38.3	$ 43.9
Net (loss) income from derivative instruments	(0.5)	(0.5)	(0.1)	0.1	0.1	(0.3)	0	0	(1)	(0.2)	0.7
Total revenues	11	9.9	11.3	10.4	9.4	9.2	9.7	9.8	42.6	38.1	44.6
Expenses
Underwriting expenses	7	6.6	9.3	5.4	4	4.7	4.2	4.4
Interest expenses	0	0	0	0	0	0.1	0	0	0	0.1	0
Total expenses	7	6.6	9.3	5.4	4	4.8	4.2	4.4	28.3	17.4	29.5
Net income	$ 4	$ 3.3	$ 2	$ 5	$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 14.3	$ 20.7	$ 15.1
Per share data:
Basic and diluted earnings per Common Share (in dollars per share)	$ 0.46	$ 0.38	$ 0.22	$ 0.57	$ 0.62	$ 0.50	$ 0.63	$ 0.61	$ 1.63	$ 2.36	$ 1.72

Schedule II - CONDENSED FINAN45

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 4.7	$ 6.1	$ 11.5	$ 173.8
Other assets	0.8	0.2
Total Assets	204.7	217.6
Liabilities
Debt	0	13
Total Liabilities	21.4	30
Shareholders’ Equity:	183.3	187.6	180.5	173.3
Total Liabilities and Shareholders’ Equity	204.7	217.6
Registrant
Assets
Cash and cash equivalents	0.8	0.1	$ 1.1	$ 13.8
Investment in subsidiary, on the equity method of accounting	183.5	202.6
Intercompany receivables	0.6	0.5
Other assets	0.2	0.1
Total Assets	185.1	203.3
Liabilities
Debt	0	13
Accounts payable and accrued expenses	1.8	2.7
Total Liabilities	1.8	15.7
Shareholders’ Equity:	183.3	187.6
Total Liabilities and Shareholders’ Equity	$ 185.1	$ 203.3

Schedule II - CONDENSED FINAN46

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Income Statements, Captions [Line Items]
Revenues	$ 11	$ 9.9	$ 11.3	$ 10.4	$ 9.4	$ 9.2	$ 9.7	$ 9.8	$ 42.6	$ 38.1	$ 44.6
Net income	$ 4	$ 3.3	$ 2	$ 5	$ 5.4	$ 4.4	$ 5.5	$ 5.4	14.3	20.7	15.1
Comprehensive income									14.3	20.7	15.1
Registrant
Condensed Income Statements, Captions [Line Items]
Revenues									0	0	0
Expenses									4.8	5.9	4.4
Parent only net loss									(4.8)	(5.9)	(4.4)
Equity in earnings of subsidiaries									19.1	26.6	19.5
Net income									14.3	20.7	15.1
Comprehensive income									$ 14.3	$ 20.7	$ 15.1

Schedule II - CONDENSED FINAN47

Schedule II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows used in operations:
Net income	$ 4	$ 3.3	$ 2	$ 5	$ 5.4	$ 4.4	$ 5.5	$ 5.4	$ 14.3	$ 20.7	$ 15.1
Charges (credits) to reconcile net income to net cash from operations:
Expense recognized for RSUs									0.2	0.1	0
Net change in:
Other assets									(0.6)	0	1.5
Net cash and cash equivalents provided by (used in) operations									30.4	3.3	(162.4)
Cash flows used in financing activities:
Borrowings under the Credit Agreements									0	9	8
Repayment of borrowings									(13)	(4)	0
Dividends paid - Common Shares and RSUs									(18.8)	(13.7)	(7.9)
Net increase (decrease) in cash and cash equivalents during the year									(1.4)	(5.4)	(162.3)
Cash and cash equivalents - beginning of period				6.1				11.5	6.1	11.5	173.8
Cash and cash equivalents - end of period	4.7				6.1				4.7	6.1	11.5
Registrant
Cash flows used in operations:
Net income									14.3	20.7	15.1
Charges (credits) to reconcile net income to net cash from operations:
Equity in earnings of subsidiary									(19.1)	(26.6)	(19.5)
Expense recognized for RSUs									0.2	0.1	0
Net change in:
Intercompany receivables									(0.1)	2	(2.5)
Other assets									(0.1)	0	0
Accounts payable and accrued expenses									(0.9)	2	0.1
Net cash and cash equivalents provided by (used in) operations									(5.7)	(1.8)	(6.8)
Cash flows provided by investing activities:
Dividends received from subsidiary									38.2	3	0
Contribution of capital from (to) subsidiary									0	6.5	(6)
Net cash provided by (used in) investing activities									38.2	9.5	(6)
Cash flows used in financing activities:
Borrowings under the Credit Agreements									0	9	8
Repayment of borrowings									(13)	(4)	0
Dividends paid - Common Shares and RSUs									(18.8)	(13.7)	(7.9)
Net cash (used in) provided by financing activities									(31.8)	(8.7)	0.1
Net increase (decrease) in cash and cash equivalents during the year									0.7	(1)	(12.7)
Cash and cash equivalents - beginning of period				$ 0.1				$ 1.1	0.1	1.1	13.8
Cash and cash equivalents - end of period	$ 0.8				$ 0.1				$ 0.8	$ 0.1	$ 1.1

Schedule III - SUPPLEMENTARY 48

Schedule III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 0.1	$ 0.1	$ 0.1
Reserves for unpaid claims and claim adjustment expenses	11.1	4	7.9
Unearned premiums	0.9	1.3	1.1
Other policy claims and benefits payable	0	0	0
Net premiums earned	43.6	38.3	43.9
Net investment income	0	0	0
Claims and claims adjustment expenses	13.7	2.6	17.1
Amortization of policy acquisition costs	9.6	8.6	7.7
Other underwriting expenses	5	6.1	4.7
Net premiums written	$ 43.2	$ 38.6	$ 45

Schedule IV - REINSURANCE (Deta

Schedule IV - REINSURANCE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross	$ 43.2	$ 38.6	$ 45
Property and liability insurance
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Gross	43.2	38.6	45
Ceded to Other Companies	0	0	0
Assumed from Other Companies	43.2	38.6	45
Net Amount	$ 43.2	$ 38.6	$ 45
Percentage of Amount Assumed to Net	100.00%	100.00%	100.00%