Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 06, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-41862 | ||
Entity Registrant Name | Hamilton Insurance Group, Ltd. | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-1153847 | ||
Entity Address, Address Line One | Wellesley House North, 1st Floor | ||
Entity Address, Address Line Two | 90 Pitts Bay Road | ||
Entity Address, City or Town | Pembroke | ||
Entity Address, Postal Zip Code | HM 08 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 405-5200 | ||
Title of 12(b) Security | Class B common shares, par value $0.01 per share | ||
Trading Symbol | HG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 56,692,387 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for the 2024 Annual General Meeting of Shareholders are incorporated by reference into Part III of this report. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001593275 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1277 |
Auditor Name | Ernst & Young Ltd |
Auditor Location | Hamilton, Bermuda |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investments, at fair value | $ 2,260,146 | $ 1,545,587 |
Investments in Two Sigma Funds, at fair value (cost 2023: $770,191; 2022: $731,100) | 851,470 | 740,736 |
Total investments | 3,111,616 | 2,286,323 |
Cash and cash equivalents | 794,509 | 1,076,420 |
Restricted cash and cash equivalents | 106,351 | 130,783 |
Premiums receivable | 658,363 | 522,670 |
Paid losses recoverable | 145,202 | 90,655 |
Deferred acquisition costs | 156,895 | 115,147 |
Unpaid losses and loss adjustment expenses recoverable | 1,161,077 | 1,177,863 |
Receivables for investments sold | 42,419 | 371 |
Prepaid reinsurance | 194,306 | 164,313 |
Intangible assets | 90,996 | 86,958 |
Other assets | 209,621 | 167,462 |
Total assets | 6,671,355 | 5,818,965 |
Liabilities, non-controlling interest, and shareholders’ equity | ||
Reserve for losses and loss adjustment expenses | 3,030,037 | 2,856,275 |
Unearned premiums | 911,222 | 718,188 |
Reinsurance balances payable | 272,310 | 244,320 |
Payable for investments purchased | 66,606 | 48,095 |
Term loan, net of issuance costs | 149,830 | 149,715 |
Accounts payable and accrued expenses | 186,887 | 138,050 |
Payables to related parties | 6,480 | 20 |
Total liabilities | 4,623,372 | 4,154,663 |
Non-controlling interest – TS Hamilton Fund | 133 | 119 |
Shareholders' Equity | ||
Common shares: | 1,101 | 1,030 |
Additional paid-in capital | 1,249,817 | 1,120,242 |
Accumulated other comprehensive loss | (4,441) | (4,441) |
Retained earnings | 801,373 | 547,352 |
Total shareholders' equity | 2,047,850 | 1,664,183 |
Total liabilities, non-controlling interest, and shareholders’ equity | 6,671,355 | 5,818,965 |
Total fixed maturities | ||
Assets | ||
Investments, at fair value | 1,831,268 | 1,259,476 |
Total short-term investments | ||
Assets | ||
Investments, at fair value | 428,878 | 286,111 |
Class A | ||
Shareholders' Equity | ||
Common shares: | 286 | 305 |
Class B | ||
Shareholders' Equity | ||
Common shares: | 560 | 420 |
Class C | ||
Shareholders' Equity | ||
Common shares: | $ 255 | $ 305 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Nov. 30, 2020 |
Investments, amortized cost | $ 2,294,936 | $ 1,633,814 | |||
Investments in Two Sigma Funds, cost | $ 770,191 | $ 731,100 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 150,000,000 | 135,000,000 | 135,000,000 | 135,000,000 | 135,000,000 |
Common stock issued (in shares) | 110,225,103 | 103,087,859 | 102,563,042 | 102,540,769 | 102,454,307 |
Common stock outstanding (in shares) | 110,225,103 | 103,087,859 | 102,563,042 | 102,540,769 | 102,454,307 |
Total fixed maturities | |||||
Investments, amortized cost | $ 1,867,499 | $ 1,348,684 | |||
Total short-term investments | |||||
Investments, amortized cost | $ 427,437 | $ 285,130 | |||
Class A | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 28,644,807 | 53,993,690 | 53,793,690 | 53,793,690 | 53,793,690 |
Common stock issued (in shares) | 28,644,807 | 30,520,078 | 30,320,078 | 30,320,078 | 30,320,078 |
Common stock outstanding (in shares) | 28,644,807 | 30,520,078 | 30,320,078 | 30,320,078 | 30,320,078 |
Class B | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 72,337,352 | 50,480,684 | 46,898,612 | 46,898,612 | 81,206,310 |
Common stock issued (in shares) | 56,036,067 | 42,042,155 | 37,935,266 | 37,912,993 | 72,134,229 |
Common stock outstanding (in shares) | 56,036,067 | 42,042,155 | 37,935,266 | 37,912,993 | 72,134,229 |
Class C | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 25,544,229 | 30,525,626 | 34,307,698 | 34,307,698 | 0 |
Common stock issued (in shares) | 25,544,229 | 30,525,626 | 34,307,698 | 34,307,698 | 0 |
Common stock outstanding (in shares) | 25,544,229 | 30,525,626 | 34,307,698 | 34,307,698 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Revenues | ||||
Gross premiums written | $ 121,813 | $ 1,951,038 | $ 1,646,673 | $ 1,446,551 |
Reinsurance premiums ceded | (23,892) | (470,600) | (424,809) | (361,123) |
Net premiums written | 97,921 | 1,480,438 | 1,221,864 | 1,085,428 |
Net change in unearned premiums | 710 | (161,905) | (78,150) | (142,879) |
Net premiums earned | 98,631 | 1,318,533 | 1,143,714 | 942,549 |
Net realized and unrealized gains (losses) on investments | (33,526) | 209,399 | 86,357 | 352,193 |
Net investment income (loss) | (3,222) | 30,456 | (21,487) | (43,217) |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) | (36,748) | 239,855 | 64,870 | 308,976 |
Net gain on sale of equity method investment | 0 | 211 | 6,991 | 54,557 |
Other income (loss) | 2,131 | 18,631 | 11,316 | 21,011 |
Net foreign exchange gains (losses) | 16 | (6,185) | 6,137 | 6,442 |
Total revenues | 64,030 | 1,571,045 | 1,233,028 | 1,333,535 |
Expenses | ||||
Losses and loss adjustment expenses | 56,650 | 714,603 | 758,333 | 640,560 |
Acquisition costs | 23,992 | 309,148 | 271,189 | 229,213 |
General and administrative expenses | 15,682 | 259,856 | 177,682 | 172,294 |
Impairment of goodwill | 0 | 0 | 24,082 | 936 |
Amortization of intangible assets | 1,200 | 10,783 | 12,832 | 13,431 |
Interest expense | 1,061 | 21,434 | 15,741 | 14,897 |
Total expenses | 98,585 | 1,315,824 | 1,259,859 | 1,071,331 |
Income (loss) before income tax | (34,555) | 255,221 | (26,831) | 262,204 |
Income tax expense (benefit) | 1,335 | (25,066) | 3,104 | 12,365 |
Net income (loss) | (35,890) | 280,287 | (29,935) | 249,839 |
Net income (loss) attributable to non-controlling interest | (3) | 21,560 | 68,064 | 61,660 |
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | $ (35,887) | $ 258,727 | $ (97,999) | $ 188,179 |
Per share data | ||||
Basic income (loss) per share attributable to common shareholders | $ (0.35) | $ 2.47 | $ (0.95) | $ 1.83 |
Diluted income (loss) per share attributable to common shareholders | $ (0.35) | $ 2.44 | $ (0.95) | $ 1.82 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common shares | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings |
Balance, beginning of period at Nov. 30, 2020 | $ 1,024 | $ 1,104,803 | $ (4,441) | $ 495,364 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchases of common shares | (34) | (18) | |||
Share compensation expense | 830 | ||||
Net income (loss) | 78,616 | ||||
Net income attributable to non-controlling interest | (15,195) | ||||
Balance, end of period at Dec. 31, 2020 | $ 1,660,949 | 1,024 | 1,105,599 | (4,441) | 558,767 |
Balance, beginning of period at Nov. 30, 2020 | 1,024 | 1,104,803 | (4,441) | 495,364 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares | 5 | 1,008 | |||
Repurchases of common shares | (4) | (5,489) | (1,887) | ||
Share compensation expense | 8,883 | 0 | |||
Net income (loss) | 249,839 | 249,839 | |||
Net income attributable to non-controlling interest | (61,660) | (61,660) | |||
Balance, end of period at Nov. 30, 2021 | 1,787,445 | 1,025 | 1,109,205 | (4,441) | 681,656 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares | 0 | 0 | |||
Repurchases of common shares | 0 | 0 | 0 | ||
Share compensation expense | 1,043 | 0 | |||
Net income (loss) | (35,890) | (35,890) | |||
Net income attributable to non-controlling interest | 3 | 3 | |||
Balance, end of period at Dec. 31, 2021 | 1,752,601 | 1,025 | 1,110,248 | (4,441) | 645,769 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares | 7 | 308 | |||
Repurchases of common shares | (2) | (1,098) | (418) | ||
Share compensation expense | 10,784 | 0 | |||
Net income (loss) | (29,935) | (29,935) | |||
Net income attributable to non-controlling interest | (68,064) | (68,064) | |||
Balance, end of period at Dec. 31, 2022 | 1,664,183 | 1,030 | 1,120,242 | (4,441) | 547,352 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares | 73 | 82,924 | |||
Repurchases of common shares | (2) | (1,896) | (537) | ||
Share compensation expense | 48,547 | (4,169) | |||
Net income (loss) | 280,287 | 280,287 | |||
Net income attributable to non-controlling interest | (21,560) | (21,560) | |||
Balance, end of period at Dec. 31, 2023 | $ 2,047,850 | $ 1,101 | $ 1,249,817 | $ (4,441) | $ 801,373 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Operating activities | ||||
Net income (loss) | $ (35,890) | $ 280,287 | $ (29,935) | $ 249,839 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 961 | 12,410 | 14,994 | 13,898 |
Share compensation expense | 1,043 | 44,378 | 10,784 | 8,883 |
Net realized (gains) losses on investments | (11,302) | (84,302) | (251,662) | (278,691) |
Change in net unrealized (gains) losses on investments | 44,828 | (125,097) | 165,305 | (73,502) |
Impairment of goodwill | 0 | 0 | 24,082 | 936 |
Net gain on sale of equity method investment | 0 | (211) | (6,991) | (54,557) |
Other items | (110) | (6,529) | 12,494 | 7,103 |
Change in: | ||||
Premiums receivable | 8,723 | (135,693) | (60,397) | (13,394) |
Paid losses recoverable | (3,170) | (54,547) | (11,408) | (47,976) |
Deferred acquisition costs | (2,739) | (41,748) | (16,323) | (40,735) |
Prepaid reinsurance | (603) | (29,993) | (11,764) | 8,593 |
Unpaid losses and loss adjustment expenses recoverable | 5,730 | 16,786 | (65,320) | (42,210) |
Other assets | (21,457) | (42,669) | (41,894) | (14,855) |
Reserve for losses and loss adjustment expenses | 36,464 | 173,762 | 440,784 | 324,399 |
Unearned premiums | 461 | 193,034 | 96,733 | 141,465 |
Reinsurance balances payable | (27,483) | 27,990 | (42,476) | (23,813) |
Accounts payable and accrued expenses and other | (29,369) | 55,297 | (36,079) | 61,146 |
Net cash provided by (used in) operating activities | (33,913) | 283,155 | 190,927 | 226,529 |
Investing activities | ||||
Proceeds from redemptions from Two Sigma Funds | 184,480 | 2,591,705 | 2,592,289 | 2,113,989 |
Contributions to Two Sigma Funds | (137,453) | (2,554,888) | (2,464,902) | (1,870,057) |
Net proceeds from sale of equity method investment | 0 | 0 | 0 | 57,428 |
Purchases of fixed maturity investments | (54,445) | (1,221,576) | (705,144) | (655,693) |
Proceeds from sales, redemptions and maturity of fixed maturity investments | 51,370 | 688,978 | 420,702 | 347,418 |
Purchases of short-term investments | (357,857) | (1,506,241) | (1,551,834) | (2,035,529) |
Proceeds from sales of short-term investments | 413,054 | 1,389,409 | 1,843,007 | 2,163,920 |
Change in receivables for investments sold | 58,412 | (42,048) | (345) | 20,178 |
Change in payables for investments purchased | (114,041) | 18,511 | 12,920 | 11,814 |
Other | (432) | (15,938) | (13,591) | (15,644) |
Net cash provided by (used in) investing activities | 43,088 | (652,088) | 133,102 | 137,824 |
Financing activities | ||||
Issuance of common shares | 0 | 73 | 7 | 5 |
Repurchases of common shares and options | 0 | (2,435) | (1,518) | (7,380) |
Contribution of additional paid-in capital | 0 | 82,924 | 308 | 1,008 |
Term loan, net of issuance costs | 0 | 0 | (345) | 0 |
Withdrawal of non-controlling interest | (23) | (21,546) | (68,069) | (61,629) |
Net cash provided by (used in) financing activities | (23) | 59,016 | (69,617) | (67,996) |
Effect of exchange rate changes on cash and cash equivalents | 46 | 3,574 | (11,335) | (1,508) |
Net increase (decrease) in cash and cash equivalents | 9,198 | (306,343) | 243,077 | 294,849 |
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 954,928 | 1,207,203 | 964,126 | 660,079 |
Cash and cash equivalents and restricted cash and cash equivalents, end of period | 964,126 | 900,860 | 1,207,203 | 954,928 |
Net income taxes paid | 170 | 4,211 | 9,971 | 12,344 |
Interest paid | $ 475 | $ 21,608 | $ 15,655 | $ 11,803 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Hamilton Insurance Group, Ltd. ("Hamilton Group", the "Group" or the "Company"), the ultimate group holding company, was incorporated on September 4, 2013, under the laws of Bermuda. On November 14, 2023, the Company consummated an initial public offering ("IPO") of its Class B common shares, which are listed on the NYSE. The Company’s net proceeds from the IPO were $80.6 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the IPO. Our Bermuda operations are led by Hamilton Re, Ltd. ("Hamilton Re"), a registered Class 4 insurer incorporated in Bermuda. Hamilton Re writes property, casualty, and specialty insurance and reinsurance on a global basis. Hamilton Re US is a tax partnership that was formed pursuant to an arrangement between Hamilton Re and its Bermuda-incorporated affiliate, Hamilton ILS Holdings Limited. The tax partnership is treated as a U.S. corporation for U.S. tax purposes and is registered with the U.S. Internal Revenue Service, such that capital and profits allocated to Hamilton Re US are subject to applicable U.S. taxation. Ada Capital Management Limited ("ACML"), a wholly owned insurance agent incorporated and regulated in Bermuda, is authorized to underwrite on behalf of Ada Re, Ltd. ("Ada Re"). Our London operations are comprised of Hamilton Managing Agency Limited ("HMA"), a Lloyd’s managing agency, which manages our wholly aligned Syndicate 4000 and certain other third-party funded Lloyd’s Syndicates. Syndicate 4000 operates in the Lloyd’s market and underwrites property, casualty and specialty insurance and reinsurance business on a subscription basis. Our Dublin operations are comprised of Hamilton Insurance Designated Activity Company ("HIDAC"), a Dublin-based insurer with a U.K. branch and extensive licensing in the United States, including excess and surplus lines and reinsurance in all 50 states. Hamilton Managing General Agency Americas LLC ("HMGA Americas") is licensed throughout the United States and underwrites on behalf of the Group's London, Dublin and Bermuda operations solely in respect of Hamilton Re US, providing access from the U.S. to the Lloyd's market, the Group's rated Irish carrier and the Group's Bermuda balance sheet, respectively. Hamilton Select Insurance Inc. ("Hamilton Select") is a U.S. domestic excess and surplus lines carrier incorporated in Delaware and licensed to write excess and surplus business in all 50 states. Two Sigma Hamilton Fund, LLC ("TS Hamilton Fund"), is a Delaware limited liability company. In 2013, Hamilton Re entered into a limited liability company agreement with TS Hamilton Fund and Two Sigma Principals, LLC (the "Managing Member") as the managing member of TS Hamilton Fund. Effective July 1, 2023, Hamilton Re has committed to an investment in TS Hamilton Fund in an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Group’s net tangible assets (previously equal to a minimum of 95% of the consolidated net tangible assets of Hamilton Group). TS Hamilton Fund has engaged Two Sigma Investments, LP ("Two Sigma"), a related party Delaware limited partnership, to serve as its investment manager. Two Sigma is a United States Securities and Exchange Commission registered investment adviser specializing in quantitative analysis (see Note 3, Investments for further details). Unconsolidated Related Parties Ada Re is a special purpose insurer funded by third party investors and formed to provide fully collateralized reinsurance and retrocession to both Hamilton Group and third party cedants. Turing Re Ltd. ("Turing Re"), a Bermuda special purpose insurer funded by investors, provides collateralized reinsurance capacity for Hamilton Re’s property treaty business. Easton Re is an industry loss index-triggered catastrophe bond that provides the Company's operating platforms with multi-year risk transfer capacity to protect against named storm risk in the United States and earthquake risk in the United States and Canada. See Note 8, Reinsurance, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies a. Basis of Presentation These audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Hamilton Group, Hamilton Re, Hamilton U.K. Holdings Limited, Hamilton Select, HMGA Americas, ACML, and TS Hamilton Fund (collectively the "Company"). All significant intercompany transactions and balances have been eliminated on consolidation . Certain comparative information has been reclassified to conform to the current year presentation. b. Use of Estimates 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates recorded in the Company’s financial statements include, but are not limited to, premiums written, provisions for estimated future credit losses, the reserve for losses and loss adjustment expenses and the fair value of investments. c. Change in Year End On January 17, 2022, the Company changed its fiscal year from November 30 to December 31. The current year consolidated financial statements and accompanying footnotes cover the calendar year ended December 31, 2023. As a result, our comparative prior periods consist of the twelve month period from January 1, 2022 to December 31, 2022, the one-month transition period ended December 31, 2021, and the twelve month period from December 1, 2020 to November 30, 2021. The transition period has been separately disclosed in the Company's Statements of Operations and Comprehensive Income (Loss), Statements of Shareholders' Equity, Statements of Cash Flows and throughout the footnotes. d. Fair Value Measurements Details on assets and liabilities that have been included under the requirements of authoritative guidance on fair value measurements to illustrate the bases for determining the fair values of these items held by the Company are included in Note 4, Fair Value and each respective section of this significant accounting policies note. Where the Company has elected to account for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurements and Disclosures , the Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations. See Note 2k, Investments for further detail. e. Premiums and Acquisition Costs Premiums written and ceded on a losses occurring basis are earned pro-rata over the terms of the related contracts and policies. For contracts written on a risks-attaching basis, premiums written and ceded are earned over the terms of the underlying contracts and policies. Premiums written and ceded include estimates based on information received from insureds, brokers and ceding companies, and any subsequent differences arising on such estimates are recorded in the periods in which they are determined. The portion of the premiums written and ceded applicable to the unexpired terms of the underlying contracts and policies are recorded as unearned premiums and prepaid reinsurance premiums, respectively. Amounts are computed by pro-rata methods based on statistical data or reports received from insureds, brokers or ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition expenses are costs that vary with, and are directly related to, the successful acquisition of new or renewal business and consist principally of commissions, brokerage and premium tax expenses. These costs are deferred and amortized over the periods in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated losses and loss adjustment expenses, based on historical and current experience, and anticipated net investment income related to the premiums are considered in determining the recoverability of deferred acquisition costs. f. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of fixed maturity and short-term investments, cash and cash equivalents, premiums receivable and reinsurance balances recoverable. Cash and cash equivalents are held with financial institutions of high credit quality, and fixed maturity and short-term investments primarily consist of U.S. government, U.S. government agencies, and high credit quality issuers of corporate and debt securities. The Company limits the amount of credit exposure with any one financial institution or issuer and believe that no significant concentration of credit risk exists with respect to cash and investments. g. Reinsurance In the normal course of business, the Company seeks to reduce the potential amount of loss arising from claims events by reinsuring certain levels of risk with other reinsurers. Ceded reinsurance contracts do not relieve the Company of its primary obligation to policyholders. Prepaid reinsurance represents the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in place. Amounts recoverable from reinsurers are estimated based on the terms and conditions of the reinsurance contracts, in a manner consistent with the underlying liabilities insured or reinsured by the Company. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the periods in which they are determined. Amounts recoverable from reinsurers are recorded net of an allowance for expected credit losses. See Note 8, Reinsurance , for further details. Retroactive reinsurance agreements are reinsurance agreements under which a reinsurer agrees to reimburse the Company as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability which is amortized into income as a reduction of losses and loss adjustment expenses over the estimated ceded reserve settlement period. The amount of the deferred gain is recalculated each period based on actual loss payments and updated estimates of ultimate losses. If cumulative adverse development occurs subsequent to signing of a retroactive reinsurance agreement, it may result in significant losses from operations until periods when the recalculated deferred gain is recognized as a benefit to earnings. If the consideration paid for a retroactive reinsurance agreement exceeds the ultimate losses collectible under the agreement, the net loss on the retroactive reinsurance agreement is immediately recognized in income. h. Credit Loss Provisions The Company routinely evaluates its premiums receivable and paid and unpaid losses recoverable for potential specific credit or collection issues that might indicate an impairment. Premiums receivable and paid and unpaid losses recoverable are presented net of the resulting credit provisions, with the corresponding debits offset against gross premiums written or losses and loss adjustment expenses, as applicable, in the consolidated statement of operations and comprehensive income (loss). The method for calculating the best estimate of losses depends on the size, nature, and risk characteristics of the related underwriting receivable. Such an estimate requires consideration of historical loss experience, current economic conditions, and judgments about the probable effects of relevant observable data, including historical information, counterparty financial strength ratings and the extent of collateralization. The underlying assumptions, estimates and assessments are updated periodically to reflect the Company's view of current conditions. Changes in estimates may significantly affect the allowance and provision for losses. It is possible that the Company's actual credit loss experience will differ materially from current estimates. Adjustments, if any, are recorded in earnings in the periods in which they become known. See Note 8, Reinsurance , for further details. i. Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses includes reserves for unpaid reported losses and for losses incurred but not reported ("IBNR"). The reserve for unpaid reported losses and loss adjustment expenses is established by management based on reports from insureds, brokers and ceding companies and represents the estimated ultimate cost of events or conditions that have been reported to or specifically identified by the Company. The reserve for IBNR losses and loss adjustment expenses is established by management based on estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claim severity and frequency, the expected duration of the respective claims development period, inadequacies in the data provided by industry participants, the potential for further reporting lags, significant uncertainty as it relates to legal issues under the relevant terms of insurance and reinsurance contracts, and other factors, which may vary significantly as claims are settled. Accordingly, ultimate losses and loss adjustment expenses may differ materially from the amounts recorded in the financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are recorded in earnings in the periods in which they become known. See Note 9, Reserve for Losses and Loss Adjustment Expenses , for further details. j. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents include money market funds and highly liquid short-term deposits and securities with maturities of 90 days or less at the time of purchase. Bank deposits are not considered to be fair value measurements and as such are not subject to the authoritative guidance on fair value measurement disclosures. Money market funds are classified as Level 1 as these instruments are considered actively traded; however, certificates of deposit are classified as Level 2. Restricted cash and cash equivalents typically relates to funds held in trust supporting a portion of the Lloyd's capital requirements and other underwriting obligations. See Note 3, Investments , for further details. k. Investments Investments - Trading The Company elects the fair value option for its fixed maturity investments, short-term investments and certain other invested assets (excluding those that are accounted for using specialized investment company accounting as noted below). All changes in the fair value of investments are recorded within net realized and unrealized gains (losses) on investments in the consolidated statements of operations. See Note 4, Fair Value , for further details. All investment transactions are recorded on a trade-date basis and are valued using pricing data received from third parties. Realized gains or losses on sales of investments are determined on a weighted average basis. Investment income is recognized when earned and includes interest and dividend income, recorded as of the ex-dividend date, together with the amortization of premium and discount on fixed maturities and short-term investments computed using the effective yield method. Net investment income includes related investment expenses. Short-Term Investments Short-term investments comprise securities with a maturity greater than three months but less than one year from the date of purchase. Investments in Two Sigma Funds TS Hamilton Fund invests in Two Sigma Funds ("Two Sigma Funds"), which are stated at their estimated fair values, which generally represent the Company’s proportionate interest in the members’ equity of the Two Sigma Funds as reported by the respective funds based on the net asset value ("NAV") provided by the fund administrator. The Company accounts for its investment in Two Sigma Funds under the variable interest model at NAV as a practical expedient for fair value in the consolidated balance sheets. Increases or decreases in such fair values are recorded within net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Realized gains or losses upon any withdrawals of investments in the Two Sigma Funds are calculated using the weighted average method. The assets and liabilities of the Two Sigma Funds are recorded at fair value, or at amounts approximating fair value. The Company records contributions and withdrawals related to its investments in the Two Sigma Funds on the transaction date. The specialized investment company accounting, as described above, is retained in the Company’s audited consolidated financial statements upon consolidation of TS Hamilton Fund. l. Foreign Exchange Monetary assets and liabilities denominated in foreign currencies are revalued into the functional currency of each entity using the exchange rates in effect at the balance sheet date, with the resulting foreign exchange gains and losses included in earnings. Revenues and expenses denominated in foreign currencies are revalued at the exchange rates in effect on the transaction date. The Company’s reporting currency as at December 31, 2023 is the U.S. dollar ("USD"). The functional currency of the Company's U.K. subsidiaries changed from GBP to USD on January 1, 2017. The accumulated other comprehensive loss recorded prior to the change in functional currency will remain on the balance sheet until such time as the U.K. operations are sold, or substantially liquidated. m. Stock-Based Compensation The Company issues restricted stock units, performance stock units and warrants and may issue other equity-based awards to its employees. The Black-Scholes pricing model is used to determine the fair value of warrants. When using the Black-Scholes model, the volatility assumption is derived from the historical volatility of the share prices of a selection of publicly traded insurance companies of a similar business nature to the Company. No allowance is made for any potential illiquidity associated with the private nature of the Company’s shares at the time of grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected lives of the awards are estimated at their maximum term. Compensation cost is measured at the grant date fair value and expensed over the period for which the employee is required to provide services in exchange for the award. For awards subject to graded vesting, the awards are separated into vesting tranches, which are amortized over their respective vesting periods. The fair value of awards with performance conditions is remeasured at each reporting period with any changes in the expected outcome of the performance conditions recorded in compensation expense by a cumulative catch-up adjustment to apply the revised estimate. Forfeitures are recognized as they occur. See Note 13, Stock Incentive Plans, for further details of the accounting treatment for the Value Appreciation Pool ("VAP"). n. Intangible Assets The Company accounts for goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles - Goodwill and Other . A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill or other intangible assets, according to their nature. Goodwill and other intangible assets with indefinite useful lives are not amortized. Other intangible assets with a finite life are amortized over the estimated useful lives of the assets. All recorded goodwill was written down in the year ended December 31, 2022, primarily as a result of the annual impairment assessment, and the Company has no recorded goodwill at December 31, 2023 or 2022. The Company's indefinite lived intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances warrant. Finite lived intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable and tested for impairment if appropriate. If indefinite lived intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense recorded in the Company's consolidated statement of operations. As part of the annual impairment test of finite lived intangible assets, the Company has the option to first assess qualitative factors to determine whether it's necessary to perform a quantitative impairment test. Under this option, the Company would not be required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit's fair value is less than its carrying amount. If finite lived intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense recorded in the Company's consolidated statement of operations. o. Variable Interest Entities The Company accounts for variable interest entities ("VIE") in accordance with GAAP guidance, which requires the consolidation of all VIEs by the primary beneficiary: the investor that has the power to direct the activities of the VIE and will absorb a majority of the VIE’s expected losses or residual returns. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. The Company also reassesses its determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. p. Non-Controlling Interest The share classes related to the redeemable non-controlling interest portion of TS Hamilton Fund are not considered liabilities in accordance with GAAP and have redemption features that are not solely within the control of TS Hamilton Fund. Therefore, the redeemable non-controlling interest in TS Hamilton Fund is presented in the mezzanine section on the Company’s consolidated balance sheets. The net income or loss attributable to non-controlling interest is presented separately in the Company’s consolidated statements of operations. See Note 5, Variable Interest Entities , for further details. q. Earnings Per Share The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share . Basic earnings per share are based on weighted average common shares outstanding during the period and exclude any dilutive effects of restricted stock units and warrants. Diluted earnings per share includes the estimated impact under the Treasury Stock method where all dilutive restricted stock grants to vest and all dilutive warrants to be exercised during the period. r. Income Taxes The Company records deferred income taxes that reflect the tax effect of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the fiscal period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is not more likely than not that all, or some portion, of the benefits related to deferred tax assets will be realized. The valuation allowance assessment considers tax planning strategies, where applicable. s. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 Leases (as subsequently clarified in various Updates) which updated accounting guidance that applies to any entity that enters into a lease that does not meet certain scope exceptions. The guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The Company adopted this guidance in the first quarter of 2022 by recording a gross-up of the balance sheet in recognition of an operating lease liability for future lease payments and the associated right-of-use asset for the right to use the underlying asset over the lease term. This guidance did not have a material impact on the Company’s results of operations, financial position, cash flows or disclosures. In June 2016, the FASB issued ASU 2016-13 Measurement of Credit Losses on Financial Instruments (as subsequently clarified in various Updates), which requires the application of an incurred loss impairment methodology that reflects expected credit losses and requires consideration of a broad range of reasonable and supportable information to record credit loss estimates. The Company adopted this guidance in the first quarter of 2022, and because it did not have a material impact on the Company’s results of operations, financial position, or cash flows, the Company did not record a cumulative effective adjustment to opening retained earnings as of January 1, 2022. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting which enhances the qualitative and quantitative disclosures related to reportable segments. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. This guidance will not have a material impact on the Company's results of operations, financial position, or cash flows. In December 2023, the FASB issued ASU 2023-09 Income Taxes which enhances the quantitative annual disclosures related to tax rate reconciliations and income taxes paid and requires additional qualitative discussion of applicable tax jurisdictions and the nature of certain reconciling items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance will not have a material impact on the Company's results of operations, financial position, or cash flows. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Fixed Maturity and Short-Term Investments - Trading The Company’s fixed maturity and short-term investments at December 31, 2023 and 2022 are as follows: 2023 ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities: U.S. government treasuries $ 717,134 $ 5,137 $ (14,021) $ 708,250 U.S. states, territories and municipalities 4,656 — (286) 4,370 Non-U.S. sovereign governments and supranationals 55,662 2,175 (1,591) 56,246 Corporate 877,493 8,443 (22,060) 863,876 Residential mortgage-backed securities - Agency 180,661 435 (12,583) 168,513 Residential mortgage-backed securities - Non-agency 5,639 16 (671) 4,984 Commercial mortgage-backed securities - Non-agency 11,473 — (1,050) 10,423 Other asset-backed securities 14,781 20 (195) 14,606 Total fixed maturities 1,867,499 16,226 (52,457) 1,831,268 Short-term investments 427,437 1,441 — 428,878 Total $ 2,294,936 $ 17,667 $ (52,457) $ 2,260,146 2022 ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities: U.S. government treasuries $ 498,841 $ 99 $ (27,089) $ 471,851 U.S. states, territories and municipalities 4,741 — (434) 4,307 Non-U.S. sovereign governments and supranationals 14,191 363 (1,602) 12,952 Corporate 690,900 363 (43,786) 647,477 Residential mortgage-backed securities - Agency 111,234 — (14,824) 96,410 Residential mortgage-backed securities - Non-agency 5,147 — (772) 4,375 Commercial mortgage-backed securities - Non-agency 10,283 — (1,064) 9,219 Other asset-backed securities 13,347 1 (463) 12,885 Total fixed maturities 1,348,684 826 (90,034) 1,259,476 Short-term investments 285,130 986 (5) 286,111 Total $ 1,633,814 $ 1,812 $ (90,039) $ 1,545,587 Contractual Maturities Summary The following table presents contractual maturities of fixed maturity securities at December 31, 2023. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. 2023 ($ in thousands) Amortized Cost Fair Value Due less than one year $ 147,221 $ 144,123 Due after one through five years 1,284,934 1,266,461 Due after five through ten years 217,827 217,683 Due after ten years 4,963 4,475 Mortgage-backed 197,773 183,920 Asset-backed 14,781 14,606 Total $ 1,867,499 $ 1,831,268 Investments in Two Sigma Funds The Company’s investments in Two Sigma Funds at December 31, 2023 and 2022 are as follows: 2023 2022 ($ in thousands) Cost Net Unrealized Gains (Losses) Fair Value Cost Net Unrealized Gains (Losses) Fair Value Two Sigma Futures Portfolio, LLC (FTV) $ 433,911 $ (38,105) $ 395,806 $ 438,625 $ (95,213) $ 343,412 Two Sigma Spectrum Portfolio, LLC (STV) 193,299 88,228 281,527 171,135 57,982 229,117 Two Sigma Equity Spectrum Portfolio, LLC (ESTV) 142,981 31,156 174,137 121,340 46,867 168,207 Total $ 770,191 $ 81,279 $ 851,470 $ 731,100 $ 9,636 $ 740,736 The Company, through its investments in FTV, STV and ESTV, seeks to achieve absolute dollar-denominated returns on a substantial capital base, primarily by combining multiple hedged and leveraged systematic investment strategies with proprietary risk management and execution techniques. These systematic strategies include, but are not limited to, technical and statistically-based, fundamental-based, event-based, market condition-based and spread-based strategies as well as contributor-based and/or sentiment-based strategies and blended strategies. FTV primarily utilizes systematic strategies to gain broad macro exposure to FX, fixed income, equity and credit indices and commodities, predominantly by trading futures, spots, forwards, options, swaps, cash bonds and exchange traded products. STV primarily utilizes systematic strategies to trade U.S.-listed equity securities and related instruments and derivatives. ESTV primarily utilizes systematic strategies to trade non-U.S.-listed equity securities and related instruments and derivatives. At December 31, 2023, the Company owns a 21.1%, 16.2% and 8.8% interest in each of the FTV, STV and ESTV funds, respectively. The following table summarizes certain investments of FTV, STV and ESTV where TS Hamilton Fund’s proportionate share of the fair value of the investment represents more than 5% of TS Hamilton Fund’s members’ equity at December 31, 2023: 2023 ($ in thousands) Principal / Shares (1) Fair Value (1) % of Members' Equity State Street Treasury Obligations Money Market Fund 145,005 $ 145,005 8.4 % U.S. Treasury Securities, 0.0000% - 4.7500%, due 1/9/2024 - 11/15/2053 910,278 $ 903,301 52.1 % U.S. Treasury Securities, 4.3750% - 4.7500%, due 12/15/2026 - 11/15/2053 (43,211) $ (45,640) (2.6) % (1) Values represent TS Hamilton Fund’s proportionate share of the aggregate of FTV, STV and ESTV total holdings. Two Sigma and the Managing Member are related parties to the Company as described further in Note 1, Organization . Effective July 1, 2023, a revised investment management agreement with Two Sigma requires TS Hamilton Fund to incur a management fee of 2.5% of the non-managing members' equity in the net asset value of the TS Hamilton Fund per annum (previously 3%). The management fee for the years ended December 31, 2023 and 2022, the month ended December 31, 2021 and the year ended November 30, 2021 was $45.2 million, $53.1 million, $4.3 million and $48.7 million, respectively. Under the terms of the revised limited liability company agreement between Hamilton Re and the Managing Member, the Managing Member remains entitled to an incentive allocation equal to 30% of TS Hamilton Fund’s net profits, subject to high watermark provisions, and adjusted for withdrawals and any incentive allocation to the Managing Member. In the event there is a net loss during a quarter and a net profit during any subsequent quarter, the Managing Member is entitled to a modified incentive allocation whereby the regular incentive allocation will be reduced by 50% until subsequent cumulative net profits are credited in an amount equal to 200% of the previously allocated net losses. The Managing Member is also entitled to receive a revised additional incentive allocation as of the end of each fiscal year (or on any date Hamilton Re withdraws all or a portion of its capital), in an amount equal to 25% of the Excess Profits (previously 20%). "Excess Profits" for any given fiscal year (or other such accounting period) means the net profits over 10% for such fiscal year (previously 15%), net of management fees and expenses and gross of incentive allocations, but only after recouping previously unrecouped net losses. To the extent Hamilton Re contributes capital other than at the beginning of a fiscal year or withdraws capital other than at the end of a fiscal year, the additional incentive allocation hurdle with respect to such capital is prorated. The aggregate incentive allocation (inclusive of the additional incentive allocation) for the years ended December 31, 2023 and 2022, the month ended December 31, 2021 and the year ended November 30, 2021 was $21.5 million, $68.0 million, $Nil and $61.6 million, respectively. Hamilton Re has a commitment with TS Hamilton Fund to maintain an amount up to the lesser of (i) $1.8 billion or (ii) 60% of Hamilton Insurance Group’s net tangible assets in TS Hamilton Fund, such lesser amount, the "Minimum Commitment Amount", for a three-year period (the "Initial Term") and for rolling three-year periods thereafter (each such three-year period the "Commitment Period"), subject to certain circumstances and the liquidity options described below, with the Commitment Period ending on June 30, 2026. The Commitment Period consists of a three-year rolling term that automatically renews on an annual basis unless Hamilton Re or the Managing Member provide advance notice of non-renewal. The TS Hamilton Fund generally has two liquidity options, subject to Hamilton Re’s minimum investment commitment, which are as follows: • Monthly liquidity - Subject to certain conditions, Hamilton Re may request a whole or partial withdrawal of its capital account, no later than fifteen days prior to the end of a calendar month, effective as of the last day of such calendar month. • Daily liquidity - Subject to certain limited circumstances, including the need to meet obligations pursuant to Hamilton Re’s underwriting operations, Hamilton Re may request a withdrawal of all or a portion of its capital account upon at least one At its discretion, the Managing Member may permit or require Hamilton Re to withdraw all or any portion of its respective capital account at other times, or waive or reduce certain notice periods, or allow a notice to be revoked. The Managing Member may withdraw all or any portion of its capital account at any time. Total Net Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss) The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Net realized and unrealized gains (losses) on investments: Net realized gains (losses) on investments $ 84,302 $ 251,662 $ 11,302 $ 278,691 Change in net unrealized gains (losses) on investments 125,097 (165,305) (44,828) 73,502 Net realized and unrealized gains (losses) on investments 209,399 86,357 (33,526) 352,193 Net investment income (loss): Fixed maturities 47,970 22,375 1,042 11,277 Short-term investments 295 155 28 838 TS Hamilton Fund 16,084 10,395 199 2,124 Cash and cash equivalents 12,523 2,634 40 252 Other 1,580 (1,397) 2 636 Interest and other 78,452 34,162 1,311 15,127 Loss on equity method investment — — — (7,285) Management fees (47,049) (54,581) (4,442) (49,927) Other expenses (947) (1,068) (91) (1,132) Net investment income (loss) 30,456 (21,487) (3,222) (43,217) Total net realized and unrealized gains (losses) on investments and net investment income (loss) $ 239,855 $ 64,870 $ (36,748) $ 308,976 Net Realized Gains (Losses) on Investments The components of net realized gains (losses) on investments are as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Fixed maturities and short-term investments $ (16,628) $ (14,968) $ (8,706) $ 5,703 TS Hamilton Fund 100,930 266,630 20,008 272,988 Net realized gains (losses) on investments $ 84,302 $ 251,662 $ 11,302 $ 278,691 Net Unrealized Gains (Losses) on Investments The components of net unrealized gains (losses) on investments are as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Fixed maturities and short-term investments $ 52,751 $ (87,254) $ 6,743 $ (27,624) TS Hamilton Fund 72,346 (78,051) (51,571) 101,126 Net unrealized gains (losses) on investments $ 125,097 $ (165,305) $ (44,828) $ 73,502 Pledged Assets At December 31, 2023 and 2022, pledged investments at fair value were comprised of $232.2 million and $274.0 million, respectively, securing a portion of the capital requirements for business written at Lloyd's, $54.1 million and $39.0 million, respectively, held in trust accounts for the benefit of U.S. state regulatory authorities and $37.2 million and $Nil, respectively, securing other underwriting obligations. In addition, certain investments were pledged as security for letter of credit facilities as described further in Note 11, Debt and Credit Facilities . At December 31, 2023 and 2022, restricted cash and cash equivalents balances were comprised of $97.4 million and $126.8 million, respectively, securing other underwriting obligations, $7.2 million and $2.1 million, respectively, securing a portion of the capital requirements for business written at Lloyd's, $1.5 million and $1.3 million, respectively, in trust accounts for the benefit of regulatory authorities, and $0.3 million and $0.6 million, respectively, of escrow funds. Total cash and cash equivalents and restricted cash and cash equivalents of $900.9 million presented in the statement of cash flows was comprised of cash and cash equivalents of $794.5 million and restricted cash and cash equivalents of $106.4 million on the balance sheet at December 31, 2023. Total cash and cash equivalents and restricted cash and cash equivalents of $1.2 billion presented in the statement of cash flows was comprised of cash and cash equivalents of $1.1 billion and restricted cash and cash equivalents of $130.8 million on the balance sheet at December 31, 2022. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments Subject to Fair Value Measurements Accounting guidance over fair value measurements requires that a fair value measurement reflect the assumptions market participants would use in pricing an asset or liability based on the best information available. Assumptions include the risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the "exit price"). Instruments that the Company owns are marked to bid prices. Basis of Fair Value Measurements Fair value measurement accounting guidance also establishes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The three levels of the fair value hierarchy are: • Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and • Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Assets Recorded at Fair Value - Fixed Maturity and Short-term Investments The following section describes the valuation methodologies used to determine the fair value of the Company’s fixed maturity and short-term investments by asset class: • U.S. government treasuries : fair value based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances and benchmark yields; • U.S. states, territories and municipalities : fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Non-U.S. sovereign governments and supranationals : fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads, and then, where applicable, converted to U.S. dollars using an exchange rate from a nationally recognized source; • Corporate : fair value based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads; • Asset-backed and mortgage-backed securities : fair value based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads; and • Short-term investments : fair value based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances and benchmark yields. The following table presents the financial instruments measured on a recurring basis at fair value at December 31, 2023 and 2022: 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government treasuries $ — $ 708,250 $ — $ 708,250 U.S. states, territories and municipalities — 4,370 — 4,370 Non-U.S. sovereign governments and supranationals — 56,246 — 56,246 Corporate — 863,876 — 863,876 Residential mortgage-backed securities - Agency — 168,513 — 168,513 Residential mortgage-backed securities - Non-agency — 4,984 — 4,984 Commercial mortgage-backed securities - Non-agency — 10,423 — 10,423 Other asset-backed securities — 14,606 — 14,606 Total fixed maturities — 1,831,268 — 1,831,268 Short-term investments — 428,878 — 428,878 Total $ — $ 2,260,146 $ — $ 2,260,146 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government treasuries $ — $ 471,851 $ — $ 471,851 U.S. states, territories and municipalities — 4,307 — 4,307 Non-U.S. sovereign governments and supranationals — 12,952 — 12,952 Corporate — 647,477 — 647,477 Residential mortgage-backed securities - Agency — 96,410 — 96,410 Residential mortgage-backed securities - Non-agency — 4,375 — 4,375 Commercial mortgage-backed securities - Non-agency — 9,219 — 9,219 Other asset-backed securities — 12,885 — 12,885 Total fixed maturities — 1,259,476 — 1,259,476 Short-term investments — 286,111 — 286,111 Total $ — $ 1,545,587 $ — $ 1,545,587 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities TS Hamilton Fund TS Hamilton Fund meets the definition of a VIE principally because the Managing Member does not hold substantive equity at risk in the entity but controls all of the decision making authority over it. Therefore, the Company assessed its ownership in the VIE to determine if it is the primary beneficiary. The Managing Member is a related party to the Company and collectively they hold all of the variable interest. The Company performed an assessment of all relevant facts and circumstances and determined that it is the entity within the related party group for whom substantially all of the activities of the VIE are conducted. As a result, the Company concluded that it is the primary beneficiary of TS Hamilton Fund. Activity in the non-controlling interest of TS Hamilton Fund was as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Balance - beginning of period $ 119 $ 124 $ 150 $ 119 Withdrawals (21,546) (68,069) (23) (61,629) Equity in earnings 14 14 (3) 31 Incentive allocation 21,546 68,050 — 61,629 Balance - end of period $ 133 $ 119 $ 124 $ 150 The following table represents the total assets and total liabilities of TS Hamilton Fund at December 31, 2023 and 2022. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment. ($ in thousands) 2023 2022 Assets Cash and cash equivalents $ 479,255 $ 800,239 Short-term investments 428,878 264,104 Investments in Two Sigma Funds, at fair value 851,470 740,736 Receivables for investments sold 41,087 — Interest and dividends receivable 966 2,076 Total assets 1,801,656 1,807,155 Liabilities Accounts payable and accrued expenses 191 291 Withdrawal payable 6,480 145,738 Payable for investments purchased 62,440 48,095 Total liabilities 69,111 194,124 Total net assets managed by TS Hamilton Fund $ 1,732,545 $ 1,613,031 The withdrawal payable of $6.5 million and $145.7 million at December 31, 2023 and 2022, respectively, includes a redemption of $Nil and $145.7 million, respectively, due to Hamilton Re. The net balance is reported on the Company's consolidated balance sheet in "Payables to related parties". |
Change in Fiscal Year End Compa
Change in Fiscal Year End Comparative Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Change in Fiscal Year End Comparative Reporting | Change in Fiscal Year End Comparative Reporting The Company changed its fiscal year end as discussed in Note 2, Summary of Significant Accounting Policies . The following condensed consolidated statements of operations and comprehensive income (loss), condensed consolidated statements of cash flows and consolidated statements of shareholders' equity present the resulting one month transition period ended December 31, 2021 and the comparative results for the one month ended December 31, 2020. The Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the one month period ended December 31, 2021 and 2020 are as follows: One Month Ended December 31, ($ in thousands, except per share information) 2021 2020 (unaudited) Revenues Net premiums earned $ 98,631 $ 67,498 Net investment income (loss), net of income attributable to non-controlling interest (36,745) 72,048 Other income (loss) 2,147 3,757 Total revenues 64,033 143,303 Expenses Losses and loss adjustment expenses 56,650 44,925 Acquisition costs 23,992 17,534 General and administrative expenses 15,682 15,189 Other expenses 2,261 1,570 Total expenses 98,585 79,218 Income (loss) before income tax (34,552) 64,085 Income tax expense 1,335 664 Net income (loss) attributable to common shareholders $ (35,887) $ 63,421 Per share data Basic earnings (loss) per share attributable to common shareholders $ (0.35) $ 0.62 Diluted earnings (loss) per share attributable to common shareholders $ (0.35) $ 0.61 The Condensed Consolidated Statements of Cash Flows for the one month period ended December 31, 2021 and 2020 are as follows: One Month Ended December 31, ($ in thousands) 2021 2020 (unaudited) Net cash used in operating activities $ (33,913) $ (20,765) Net cash from investing activities 43,088 2,141 Net cash used in financing activities (23) (53) Effect of exchange rate changes on cash and cash equivalents 46 1,409 Net increase (decrease) in cash and cash equivalents 9,198 (17,268) Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 954,928 660,079 Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 964,126 $ 642,811 The Consolidated Statements of Shareholders' Equity for the one month period ended December 31, 2021 and 2020 are as follows: One Month Ended December 31, ($ in thousands) 2021 2020 (unaudited) Common shares Balance, beginning and end of period $ 1,025 $ 1,024 Additional paid-in capital Balance, beginning of period 1,109,205 1,104,803 Repurchases of common shares — (34) Share compensation expense 1,043 830 Balance, end of period 1,110,248 1,105,599 Accumulated other comprehensive loss Balance, beginning and end of period (4,441) (4,441) Retained earnings Balance, beginning of period 681,656 495,364 Net income (loss) (35,890) 78,616 Net income attributable to non-controlling interest 3 (15,195) Repurchases of common shares — (18) Balance, end of period 645,769 558,767 Total shareholders’ equity $ 1,752,601 $ 1,660,949 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table provides a summary of the Company's goodwill and intangible assets: ($ in thousands) Goodwill Intangible Assets Intangible Assets not Subject to Amortization Total Net balance, November 30, 2021 $ 24,884 $ 54,920 $ 37,208 $ 117,012 Plus: additions — 800 — 800 Less: amortization — (1,200) — (1,200) Net balance, December 31, 2021 24,884 54,520 37,208 116,612 Plus: additions (802) 8,062 — 7,260 Less: impairment (24,082) — — (24,082) Less: amortization — (12,832) — (12,832) Net balance, December 31, 2022 — 49,750 37,208 86,958 Plus: additions — 14,821 — 14,821 Less: amortization — (10,783) — (10,783) Net balance, December 31, 2023 $ — $ 53,788 $ 37,208 $ 90,996 Gross balance, December 31, 2023 $ — $ 109,722 $ 37,208 $ 146,930 Accumulated amortization — (55,934) — (55,934) Net balance, December 31, 2023 $ — $ 53,788 $ 37,208 $ 90,996 As at December 31, 2023, there was no goodwill recorded on the balance sheet. In the year ended December 31, 2022, the Company conducted its annual evaluation of recorded goodwill for impairment using both a market model and an income model and concluded that the associated reporting units’ fair value did not exceed their carrying value, and consequently recorded an impairment to goodwill of $24.1 million in the International segment. Impairment charges are recorded in the consolidated statement of operations for the year ended December 31, 2022 in the line "Impairment of goodwill". The following tables present the components of goodwill and intangible assets at December 31, 2023 and 2022: 2023 ($ in thousands) Gross Balance Accumulated Amortization and Impairment Net Balance Intangible assets subject to amortization Coverholder and broker relationships $ 44,515 $ (19,255) $ 25,260 Internally developed software 44,519 (15,991) 28,528 Value of business acquired 13,309 (13,309) — Managing general agency contracts 7,379 (7,379) — Intangible assets not subject to amortization Lloyd's syndicate capacity 35,583 — 35,583 Licenses 1,625 — 1,625 $ 146,930 $ (55,934) $ 90,996 2022 ($ in thousands) Gross Balance Accumulated Amortization and Impairment Net Balance Intangible assets subject to amortization Coverholder and broker relationships $ 44,515 $ (14,804) $ 29,711 Internally developed software 29,698 (10,293) 19,405 Value of business acquired 13,309 (12,675) 634 Managing general agency contracts 7,379 (7,379) — Intangible assets not subject to amortization Lloyd's syndicate capacity 35,583 — 35,583 Licenses 1,625 — 1,625 $ 132,109 $ (45,151) $ 86,958 The Company's finite-lived intangible assets are amortized on a straight-line basis over their useful lives. As of December 31, 2023, the estimated weighted average amortization period by class consisted of coverholder and broker relationships (10 years) and internally-developed software (5 years). Costs incurred to renew or extend the assets' useful lives are expensed straight-line over the remaining life of the related asset or asset class. The weighted-average amortization period is 2.9 years and the estimated amortization expense for each of the five succeeding fiscal years and thereafter related to these assets is as follows: ($ in thousands) Year Ending December 31, Estimated Amortization Expense 2024 $ 13,151 2025 12,109 2026 9,962 2027 8,880 2028 6,686 Thereafter 3,000 Total $ 53,788 Intangible assets not subject to amortization consist of Lloyd's syndicate capacity and insurance licenses. The Company did not recognize any impairment losses as a result of the annual impairment review of indefinite-lived assets for the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain loss and loss adjustment expenses, generally in excess of various retentions or on a proportional basis. Amounts recoverable under reinsurance contracts are recorded as assets. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. The following tables set forth the effect of reinsurance and retrocessional activity on premiums written and earned and on losses and loss adjustment expenses incurred: Premiums Written Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Assumed $ 838,547 $ 709,194 $ 40,938 $ 624,470 Direct 1,112,491 937,479 80,875 822,081 Ceded (470,600) (424,809) (23,892) (361,123) Net $ 1,480,438 $ 1,221,864 $ 97,921 $ 1,085,428 Premiums Earned Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Assumed $ 742,378 $ 670,272 $ 57,731 $ 574,155 Direct 1,016,762 886,488 64,190 737,982 Ceded (440,607) (413,046) (23,290) (369,588) Net $ 1,318,533 $ 1,143,714 $ 98,631 $ 942,549 Losses and Loss Adjustment Expenses Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Gross losses and loss adjustment expenses $ 972,347 $ 1,133,469 $ 78,691 $ 768,255 Losses and loss adjustment expenses ceded (257,744) (375,136) (22,041) (127,695) Net $ 714,603 $ 758,333 $ 56,650 $ 640,560 Allowance for Expected Credit Losses Premiums receivable, paid losses recoverable, and unpaid losses and loss adjustment expenses recoverable comprise the Company's most significant credit exposures not carried at fair value. The Company has not historically experienced significant credit losses. In determining an allowance for these assets, the Company considers historical information in combination with counterparty financial strength ratings and the extent to which balances are collateralized. The Company assesses the risk of future default by evaluating current market conditions for the likelihood of default and calculates its provision for current expected credit losses under the probability of default and loss given default methodology. Premiums Receivable Premiums receivable are estimated based on policy terms and reports received from the underlying counterparties, supplemented by management's judgment. Due to the nature of the (re)insurance business, the Company routinely receives reports and premiums subsequent to the inception of the coverage period. At December 31, 2023, the Company’s premiums receivable balance, net of credit provisions of $3.0 million, was $658.4 million. At December 31, 2022, the Company’s premiums receivable balance, net of credit provisions of $2.9 million, was $522.7 million. Reinsurance Balances Recoverable Reinsurance balances recoverable is comprised of amounts due from reinsurers based on the claim liabilities associated with the reinsured policy. The Company accrues amounts due from reinsurers based on estimated ultimate contract losses. At December 31, 2023, the Company’s paid and unpaid reinsurance recoverable balances net of credit provisions were $145.2 million and $1.2 billion, respectively, with a total corresponding provision for current expected credit losses of $0.7 million. At December 31, 2022, the Company’s paid and unpaid reinsurance recoverable balances net of credit provisions were $90.7 million and $1.2 billion, respectively, with a total corresponding provision for current expected credit losses of $0.8 million. At December 31, 2023 and 2022, the distribution of the Company’s paid losses recoverable and unpaid losses and loss adjustment expenses recoverable as categorized by major rating agencies were as follows: Classification 2023 2022 Collateralized 28.5 % 33.8 % A- or better 71.0 % 65.6 % Below A- 0.5 % 0.6 % Total 100.0 % 100.0 % At December 31, 2023 and 2022, the three largest balances by reinsurer accounted fo r 27%, 20% and 12%, and 31%, 17% and 11%, respectively, of paid and unpaid losses recoverable and loss adjustment expenses recoverable. Loss Portfolio Transfer On February 6, 2020, the Company entered into a loss portfolio transfer agreement (the "LPT"), under which the insurance liabilities arising from certain casualty risks for the Lloyd's Years of Account ("YOA") 2016, 2017 and 2018 were retroceded to a third party in exchange for total premium of $72.1 million. This transaction was accounted for as retroactive reinsurance under which cumulative ceded losses exceeding the LPT premium are recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves in proportion to cumulative losses collected over the estimated ultimate reinsurance recoverable. The amount of the deferral is recalculated each reporting period based on updated ultimate loss estimates. Consequently, cumulative adverse development subsequent to the signing of the LPT may result in significant losses from operations until periods when the deferred gain is recognized as a benefit to earnings. At December 31, 2023 and 2022, the balance of reinsurance recoverable on unpaid losses due under this LPT was $49.8 million and $59.2 million, respectively. Amortization of the deferred gain was income of $4.2 million, $1.9 million, $0.4 million and $18.0 million during the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, respectively, which was recorded through losses and loss adjustment expenses in accordance with the actual loss payments and updated estimates of ultimate losses of the subject business. Catastrophe Bond Reinsurance In December 2020, Hamilton Group sponsored an industry loss index-triggered catastrophe bond through the issuance of Series 2020-1 Class A Principal-at-Risk Variable Rate Notes by Singapore-domiciled Easton Re Pte, Ltd. ("Easton Re"), which provided the Company's operating platforms with multi-year risk transfer capacity of $150 million to protect against named storm and earthquake risk in the United States. The risk period for Easton Re was from January 1, 2021 to December 31, 2023. The Company recorded reinsurance premiums ceded of $7.2 million, $6.3 million, $Nil and $7.8 million during the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, respectively. In December 2023, Hamilton Group sponsored a new industry loss index-triggered catastrophe bond through the issuance of Series 2024-1 Class A Principal-at-Risk Variable Rate Notes by Bermuda-domiciled Easton Re Ltd. (also "Easton Re"), which provide the Company's operating platforms with multi-year risk transfer capacity of $200 million to protect against named storm risk in the United States and earthquake risk in the United States and Canada. The risk period for Easton Re is from January 1, 2024 to December 31, 2026. See Note 1, Organization for further details. |
Reserve for Losses and Loss Adj
Reserve for Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Reserve for Losses and Loss Adjustment Expenses | Reserve for Losses and Loss Adjustment Expenses The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE"): Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Gross unpaid losses and loss adjustment expenses, $ 2,856,275 $ 2,415,491 $ 2,379,027 $ 2,054,628 Reinsurance recoverable on unpaid losses 1,177,863 1,112,543 1,118,273 1,076,063 Net unpaid losses and loss adjustment expenses, 1,678,412 1,302,948 1,260,754 978,565 Net losses and loss adjustment expenses incurred in respect Current year 730,220 778,936 56,650 628,781 Prior years (15,617) (20,603) — 11,779 Total incurred 714,603 758,333 56,650 640,560 Net losses and loss adjustment expenses paid in respect of Current year 62,811 61,649 3,767 55,979 Prior years 501,987 315,537 11,082 255,543 Total paid 564,798 377,186 14,849 311,522 Foreign currency revaluation and other 40,743 (5,683) 393 (46,849) Net unpaid losses and loss adjustment expenses, 1,868,960 1,678,412 1,302,948 1,260,754 Reinsurance recoverable on unpaid losses 1,161,077 1,177,863 1,112,543 1,118,273 Gross unpaid losses and loss adjustment expenses, $ 3,030,037 $ 2,856,275 $ 2,415,491 $ 2,379,027 Net favorable prior year development of $15.6 million for the year ended December 31, 2023 was comprised of $10.4 million and $5.2 million of favorable prior year development on attritional and catastrophe losses, respectively. See below for further details: • Net favorable development of $18.6 million on specialty contracts, driven by lower loss estimates across various classes; partially offset by • Net unfavorable development of $4.6 million on property contracts, primarily driven by higher than expected claims related to Winterstorm Elliott and development on certain attritional claims, including claims arising from exited classes of business; • Net unfavorable development of $3.4 million on casualty lines of business, reflecting modest unfavorable development on certain classes of business; and • In addition, casualty business protected by the LPT discussed in Note 8, Reinsurance, benefited from $4.2 million in amortization of the associated deferred gain and favorable development in the underlying reserves of $0.8 million, for a total net positive earnings impact of $5.0 million. Net favorable prior year development of $20.6 million for the year ended December 31, 2022 was comprised of $17.4 million and $3.2 million of favorable prior year development on catastrophe and attritional losses, respectively. See below for further details: • Net favorable development of $36.9 million on specialty contracts, driven by reductions in loss estimates across multiple classes; • Net favorable development of $0.4 million on property contracts, related to $9.5 million of favorable development on Hurricane Ida that was partially offset by $7.0 million of unfavorable attritional loss development and $2.1 million of unfavorable development on various other catastrophes; partially offset by • Net unfavorable development of $23.7 million on casualty lines of business, primarily related to discontinued business; and • In addition, casualty business protected by the LPT discussed in Note 8, Reinsurance , recorded favorable gross development which was partially offset by amortization of the associated deferred gain, resulting in a net positive earnings impact of $7.0 million. There was no prior year development for the month ended December 31, 2021. Net unfavorable prior year development of $11.8 million for the year ended November 30, 2021 was comprised of $19.9 million of unfavorable prior year development on catastrophe losses, partially offset by $8.1 million of favorable prior year development on attritional losses. See below for further details: • Net unfavorable development of $23.2 million on property contracts, driven by increases in loss estimates for Covid-19 and Hurricanes Laura, Sally, and Zeta; • Net unfavorable development of $15.2 million on casualty contracts, driven by increased loss estimates; partially offset by • Net favorable development of $33.4 million on specialty contracts, driven by lower than expected loss experience; • Net favorable development of $7.8 million on loss adjustment reserves related to the 2019 business acquisition; and • In addition, casualty business protected by the LPT discussed in Note 8, Reinsurance, recorded unfavorable gross development which was partially offset by amortization of the associated deferred gain, resulting in a net negative earnings impact of $14.6 million. Reinsurance recoverable on unpaid losses related to the LPT discussed in Note 8, Reinsurance was recognized in the reconciliation of beginning and ending gross and net loss and LAE reserves. The Company amortized acquisition costs of $309.1 million, $271.2 million, $24.0 million and $229.2 million for the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, respectively. Ukraine Conflict The estimate of net reserves for losses and loss adjustment expenses related to the ongoing Ukraine conflict is subject to significant uncertainty. As at December 31, 2023 and 2022, recorded reserves relating to the Ukraine conflict totaled $64.9 million and $79.3 million, respectively. Covid-19 Our Covid-19 losses also remain subject to significant uncertainty. Actual ultimate losses for these events may differ materially from the Company's current estimates. As at December 31, 2023 and 2022, recorded reserves relating to Covid-19 totaled $14.1 million and $39.0 million, respectively. While the Company believes, based on current facts and circumstances, that its estimates of net reserves for losses and loss adjustment expenses are adequate for losses and loss adjustment expenses that have been incurred at December 31, 2023, the Company will continue to monitor its assumptions as new information becomes available and will adjust its estimate of net reserves for losses and loss adjustment expenses as appropriate. Actual ultimate losses for these events may differ materially from the Company's current estimates. Reserving The Company's reserve for losses and loss adjustment expenses consists of case reserves and IBNR reserves. Case reserves are reserves for reported losses and loss adjustment expenses that have not yet been settled. IBNR are reserves for incurred but not reported losses and loss adjustment expenses, and include reserves for reported losses in excess of case reserves. Case Reserves For reinsurance business, the Company typically receives loss notifications from its cedants in the form of loss bordereaux or individual loss notifications. These notifications generally include varying amounts of information about the nature and quantum of the loss, including paid amounts and estimates of outstanding loss. The Company records the estimates of outstanding loss from its cedants as case reserves. Typically there is a timing lag between the cedant establishing a reserve and notifying the loss to the Company. In addition, different cedants have different claims handling practices which result in case reserve estimates that vary in the level of embedded prudence. For insurance business, the Company records a case reserve for the estimated amount of settlement. This amount is based on the judgment of the Company’s claims team and takes into account the class of business, nature of the claim and, if appropriate, the advice of specialist legal counsel and external loss adjusters, and includes the estimated expenses of settling the claim, such as legal and other fees. The Company may sometimes use third party claims administrators to handle claims and set case reserves, within defined authority levels and service level agreements. In syndicated markets such as Lloyd’s, the Company’s case reserve will be based in part on information provided by the lead insurer, where the Company is not an agreement party. Any adjustments to case reserves are accounted for as changes in estimates and recorded in the period in which such changes are identified. IBNR Reserves The Company establishes IBNR reserves for large events based on a number of different factors, including discussions with brokers and cedants, proprietary loss modelling and pricing software, estimates of market loss and market share, experience from historical large events and other information that can guide the estimates of loss reserves. The Company's actuaries may use other approaches in addition to those described, and supplement these methods with judgement where they deem appropriate, depending upon the characteristics of the class of business and available data. These estimates are reviewed periodically as new information emerges. IBNR reserves for attritional losses are established using actuarial loss reserving techniques. These techniques include the loss development factor method, Bornheutter Ferguson method, the Initial Expected Loss Ratio method, and other techniques. These techniques rely on estimates of paid and reported loss development patterns and estimates of the loss ratio at the inception of the contract. The Company’s actuaries review the estimates of IBNR reserves on a quarterly basis and adjust the estimates as new information becomes available. Any such adjustments are accounted for as changes in estimates and recorded in the periods in which they become known. To establish IBNR reserves for attritional losses, contracts are grouped into cohorts, or reserving classes, that have similar coverage, inception period and loss reporting characteristics. The paid and reported losses for these reserving classes are tracked over time against expectations and against the actuarial loss reserving indications and IBNR reserve selected for each cohort. Claims Development and Frequency For incurred and paid accident year claims denominated in foreign currency, the Company used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred and paid accident year claims development information included in the following tables. In determining the cumulative number of reported claims, the Company measures claim counts on its insurance business by individual claimant where information is available. The claim counts include all claims reported where the Company has identified a potential liability for the claim even if there is no existing reserve. Reinsurance business is typically written under either proportional (quota share arrangements) or non-proportional arrangements (excess of loss or other facultative covers). The Company typically does not have direct access to claim frequency information underlying its assumed quota share arrangements, given the nature of that business. In addition, multiple claims are often aggregated by the ceding company before being reported to the Company. The Company generally does not use claim frequency information in the determination of loss reserves or for other internal purposes relating to proportional business. In addition, the nature, size, terms and conditions of contracts entered into by the Company may change from one accident year to the next and the quantum of contractual or policy limits, and accordingly, the potential amount of losses and loss adjustment expenses associated with a reported claim, can range from nominal to significant, and therefore the Company does not believe providing claims frequency information is practicable as it relates to its proportional business. The Company has developed claims frequency information associated with its non-proportional reinsurance contracts. In determining claims frequency for its excess-of-loss reinsurance contracts, claims counts include all claims reported by each insured where a reserve for losses and loss adjustment expenses has been recorded. The Company has assumed that claims below the loss layer of a contract are excluded; if an insured's claim impacts multiple layers of a contract, the Company considers each impact to be a separate claim, and for an insured loss impacting more than one operating subsidiary, each impact is considered a separate claim. Claims Development The information provided herein about incurred and paid accident year claims development, net of reinsurance, for the periods ended prior to December 31, 2023 and the annual percentage payouts of incurred claims by age, net of reinsurance, is presented as supplementary information. The following tables show the paid and incurred loss development by broad classification based on groupings of contracts that are similar in coverage and duration: International Property ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $1 $1 $1 $— $— $— $— $— $— $— 2 2016 7,527 6,551 6,212 6,351 6,011 7,155 7,261 7,349 $31 903 2017 38,379 42,986 44,911 41,819 41,260 41,224 41,230 230 1,164 2018 24,037 26,191 24,873 24,537 24,542 24,466 1,655 1,120 2019 32,695 33,895 36,609 36,672 36,687 1,746 1,421 2020 134,743 144,201 143,676 143,418 10,630 2,201 2021 113,813 124,917 121,907 14,221 1,529 2022 81,324 74,560 20,374 1,031 2023 53,085 36,154 492 Total $502,702 $85,041 9,863 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $— $— $— $— $— $— $— $— 2016 171 3,428 4,567 6,668 7,049 6,891 7,003 7,277 2017 9,249 29,283 34,363 40,193 39,984 40,832 40,900 2018 1,322 12,036 17,340 20,053 20,905 21,964 2019 8,307 21,106 20,940 25,818 32,942 2020 24,365 90,859 115,587 132,191 2021 23,564 63,784 101,064 2022 9,996 46,856 2023 5,502 Total $388,696 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $114,006 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 2 3 4 5 6 7 8 16 % 42 % 20 % 13 % 7 % 2 % — % 4 % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. International Casualty ($ in thousands, except claim count) The following table discloses losses incurred, losses paid and claims data excluding the impact of the loss portfolio transfer discussed in further detail in Note 8, Reinsurance. Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $— $— $— $— $— $— $— $— $— — 2016 171 278 243 342 342 342 388 367 222 32 2017 648 5,187 7,354 6,332 5,857 5,121 5,079 413 73 2018 697 5,890 5,686 4,941 4,351 4,453 374 543 2019 19,882 19,199 18,867 18,112 16,817 1,638 2,645 2020 28,692 24,123 17,870 19,426 2,543 3,546 2021 101,549 109,013 107,024 85,506 3,370 2022 144,543 145,030 109,483 3,382 2023 145,783 121,965 3,238 Total $443,979 $322,144 16,829 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $— $— $— $— $— $— $— $— 2016 — — 82 — — — — — 2017 — 22 629 2,285 2,406 3,964 4,043 2018 35 439 2,266 3,167 3,800 4,011 2019 177 2,719 6,813 13,332 14,992 2020 3,363 8,420 12,480 16,706 2021 795 11,243 20,080 2022 3,240 9,452 2023 5,240 Total $74,524 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $369,455 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 2 3 4 5 6 7 8 3 % 8 % 13 % 29 % 9 % 18 % 1 % — % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. International Specialty ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $93 $138 $218 $212 $144 $149 $94 $100 $— 65 2016 2,534 4,771 5,383 5,232 5,370 3,668 3,367 3,325 31 766 2017 22,378 17,430 16,943 15,256 22,030 25,397 27,714 730 1,300 2018 31,724 30,606 29,176 33,129 37,834 42,995 704 1,587 2019 108,035 109,971 104,017 97,777 95,702 6,521 2,728 2020 119,790 116,242 106,774 105,314 10,628 2,864 2021 124,844 136,998 138,471 43,598 2,939 2022 129,423 119,581 51,235 2,478 2023 178,429 132,862 1,289 Total $711,631 $246,309 16,016 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $16 $62 $119 $147 $150 $150 $94 $94 2016 248 2,141 4,000 3,098 3,446 3,600 3,265 3,265 2017 2,427 8,992 16,986 21,763 21,256 23,043 25,858 2018 2,054 17,155 30,652 30,839 35,614 40,792 2019 14,076 59,152 77,532 78,807 86,733 2020 12,218 53,425 84,864 94,657 2021 9,743 45,838 67,950 2022 9,001 41,596 2023 17,943 Total $378,888 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $332,743 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 2 3 4 5 6 7 8 10 % 33 % 23 % 6 % 7 % 10 % 8 % (2) % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Bermuda Property ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $19,416 $20,563 $19,374 $17,894 $17,723 $17,727 $17,662 $17,424 $17,440 $17,437 $— 49 2015 29,519 17,011 12,664 12,195 7,828 6,494 6,468 6,439 5,668 — 41 2016 56,248 39,028 37,689 36,081 35,212 36,424 35,698 35,155 4 107 2017 100,840 98,208 93,419 81,078 79,511 83,438 83,626 615 272 2018 69,118 83,023 79,102 79,015 74,200 70,863 429 233 2019 23,664 48,629 58,264 59,009 57,180 2,033 140 2020 113,895 122,350 127,424 125,957 7,839 280 2021 147,349 163,291 158,148 16,755 205 2022 183,258 209,851 49,850 229 2023 103,207 53,581 68 Total $867,092 $131,106 1,624 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $8,047 $14,310 $15,920 $16,592 $17,005 $17,240 $17,313 $17,377 $17,419 $17,419 2015 1,775 4,664 5,163 5,297 5,417 5,608 5,630 5,646 5,647 2016 12,840 25,596 29,623 31,685 32,882 33,985 34,609 34,741 2017 24,533 90,864 71,190 82,940 71,795 75,524 78,356 2018 12,631 71,557 85,660 67,547 65,583 67,410 2019 2,401 32,433 38,002 46,504 49,705 2020 13,253 48,246 75,445 104,870 2021 16,080 71,293 106,089 2022 35,261 109,215 2023 26,199 Total $599,651 Outstanding liabilities for accident year 2013 and prior, net of reinsurance $40 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $267,481 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 (unaudited) 2 (unaudited) 3 (unaudited) 4 (unaudited) 5 (unaudited) 6 (unaudited) 7 (unaudited) 8 (unaudited) 9 (unaudited) 18 % 45 % 12 % 9 % (3) % 3 % 3 % — % — % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Bermuda Casualty ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $13,350 $13,408 $18,549 $12,871 $18,254 $19,966 $16,478 $16,552 $16,631 $24,475 $1,569 7 2015 19,729 18,378 31,722 30,525 38,780 39,509 50,742 49,692 41,835 9,062 35 2016 44,749 50,174 54,551 54,883 57,099 56,571 60,536 55,193 6,917 7 2017 85,123 96,716 101,802 105,869 113,845 126,429 138,131 12,038 37 2018 101,827 116,054 123,517 122,003 132,004 133,735 23,448 29 2019 85,787 96,535 101,905 101,020 105,609 36,330 18 2020 82,179 84,742 88,638 88,825 37,197 21 2021 69,924 79,272 80,188 48,917 7 2022 110,673 110,424 93,694 3 2023 170,569 153,732 25 Total $948,984 $422,904 189 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $776 $2,026 $3,330 $4,687 $6,223 $10,512 $12,847 $13,336 $13,846 $23,812 2015 708 2,111 3,569 11,246 16,953 18,828 25,671 34,198 30,726 2016 1,541 5,169 12,678 20,504 27,103 35,482 39,381 41,115 2017 3,792 10,961 22,829 50,471 70,548 91,855 106,013 2018 3,782 22,800 50,903 66,889 70,939 87,677 2019 3,965 11,094 23,445 36,161 53,528 2020 5,417 14,495 19,713 35,047 2021 1,934 4,523 11,255 2022 696 4,744 2023 2,025 Total $395,942 Outstanding liabilities for accident year 2013 and prior, net of reinsurance $47 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $553,089 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 (unaudited) 2 (unaudited) 3 (unaudited) 4 (unaudited) 5 (unaudited) 6 (unaudited) 7 (unaudited) 8 (unaudited) 9 3 % 7 % 11 % 15 % 11 % 13 % 10 % 9 % (4) % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Bermuda Specialty ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $11,857 $12,478 $10,293 $8,377 $9,123 $8,865 $8,730 $8,612 $8,540 $8,594 $— 19 2015 27,712 26,686 19,347 19,240 17,467 16,820 15,383 15,672 15,289 31 39 2016 38,154 34,919 28,984 23,211 19,854 16,865 15,849 15,853 650 58 2017 57,663 44,254 36,329 29,628 24,489 26,829 27,340 961 74 2018 58,959 52,742 48,477 45,178 38,695 39,937 1,494 88 2019 62,474 56,425 48,991 49,175 48,529 3,908 101 2020 63,432 56,970 52,262 54,681 5,184 111 2021 53,898 46,105 35,653 12,686 31 2022 117,717 114,398 85,491 57 2023 62,287 52,847 20 Total $422,561 $163,252 598 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $2,218 $7,196 $6,767 $6,362 $7,454 $7,503 $7,519 $8,208 $8,313 $8,418 2015 3,330 8,638 13,136 13,115 14,192 14,397 14,432 14,767 14,832 2016 2,938 8,661 5,632 10,814 13,116 13,589 13,810 14,413 2017 2,217 10,194 14,114 16,417 17,726 22,638 24,384 2018 7,607 19,326 25,826 28,223 27,789 33,653 2019 6,373 20,505 29,083 36,472 45,062 2020 9,160 25,585 32,653 43,226 2021 3,862 7,248 15,938 2022 3,465 17,086 2023 5,028 Total $222,040 Outstanding liabilities for accident year 2013 and prior, net of reinsurance $624 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $201,145 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 (unaudited) 2 (unaudited) 3 (unaudited) 4 (unaudited) 5 (unaudited) 6 (unaudited) 7 (unaudited) 8 (unaudited) 9 (unaudited) 11 % 23 % 15 % 13 % 9 % 11 % 3 % 4 % 1 % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Reconciliation December 31, ($ in thousands) 2023 Net outstanding liabilities International - Property $ 114,006 International - Casualty 369,455 International - Specialty 332,743 Bermuda - Property 267,481 Bermuda - Casualty 553,089 Bermuda - Specialty 201,145 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 1,837,919 Reinsurance recoverable on unpaid claims International - Property 57,200 International - Casualty 642,090 International - Specialty 181,977 Bermuda - Property 45,112 Bermuda - Casualty 169,672 Bermuda - Specialty 65,026 Total reinsurance recoverable on unpaid claims 1,161,077 Other insurance lines 4,619 Unallocated loss adjustment expenses 26,422 31,041 Total gross liability for unpaid losses and loss adjustment expenses $ 3,030,037 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has determined its reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations and has identified two reportable business segments - International and Bermuda. Each of the Company's identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker: the Chief Executive Officer of the consolidated group. The Company evaluates reportable segment performance based on their respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As the Company does not manage its assets by reportable segment, investment income and assets are not allocated to reportable segments. The Company's core business is underwriting and its underwriting results are reflected in its reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. The Company considers many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments. Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), net gain on sale of equity method investment, other income (loss) not incurred by the reportable segments, net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, impairment of goodwill, amortization of intangible assets, interest expense, and income tax expense (benefit). ($ in thousands) For the Year Ended December 31, 2023 International Bermuda Corporate Total Gross premiums written $ 1,105,522 $ 845,516 $ — $ 1,951,038 Net premiums written $ 770,399 $ 710,039 $ — $ 1,480,438 Net premiums earned $ 703,508 $ 615,025 $ — $ 1,318,533 Third party fee income 9,685 8,549 — 18,234 Losses and loss adjustment expenses 362,137 352,466 — 714,603 Acquisition costs 186,698 122,450 — 309,148 Other underwriting expenses 127,402 55,763 — 183,165 Underwriting income (loss) $ 36,956 $ 92,895 $ — $ 129,851 Net realized and unrealized gains (losses) on investments 209,399 209,399 Net investment income (loss) 30,456 30,456 Net gain on sale of equity method investment 211 211 Other income (loss), excluding third party fee income 397 397 Net foreign exchange gains (losses) (6,185) (6,185) Corporate expenses (76,691) (76,691) Amortization of intangible assets (10,783) (10,783) Interest expense (21,434) (21,434) Income (loss) before income tax 255,221 Income tax (expense) benefit 25,066 25,066 Net income (loss) 280,287 Net income (loss) attributable to non-controlling interest 21,560 21,560 Net income (loss) attributable to common shareholders $ 258,727 Key Ratios Attritional loss ratio - current year 53.2 % 51.1 % 52.2 % Attritional loss ratio - prior year development (3.5) % 2.3 % (0.8) % Catastrophe loss ratio - current year 1.5 % 5.1 % 3.2 % Catastrophe loss ratio - prior year development 0.3 % (1.2) % (0.4) % Loss and loss adjustment expense ratio 51.5 % 57.3 % 54.2 % Acquisition cost ratio 26.5 % 19.9 % 23.4 % Other underwriting expense ratio 16.7 % 7.7 % 12.5 % Combined ratio 94.7 % 84.9 % 90.1 % ($ in thousands) For the Year Ended December 31, 2022 International Bermuda Corporate Total Gross premiums written $ 933,241 $ 713,432 $ — $ 1,646,673 Net premiums written $ 635,773 $ 586,091 $ — $ 1,221,864 Net premiums earned $ 623,047 $ 520,667 $ — $ 1,143,714 Third party fee income 11,430 201 — 11,631 Losses and loss adjustment expenses 335,484 422,849 — 758,333 Acquisition costs 170,571 100,618 — 271,189 Other underwriting expenses 108,239 49,301 — 157,540 Underwriting income (loss) $ 20,183 $ (51,900) $ — $ (31,717) Net realized and unrealized gains (losses) on investments 86,357 86,357 Net investment income (loss) (21,487) (21,487) Net gain on sale of equity method investment 6,991 6,991 Other income (loss), excluding third party fee income (315) (315) Net foreign exchange gains (losses) 6,137 6,137 Corporate expenses (20,142) (20,142) Impairment of goodwill (24,082) (24,082) Amortization of intangible assets (12,832) (12,832) Interest expense (15,741) (15,741) Income (loss) before income tax (26,831) Income tax (expense) benefit (3,104) (3,104) Net income (loss) (29,935) Net income (loss) attributable to non-controlling interest 68,064 68,064 Net income (loss) attributable to common shareholders $ (97,999) Key Ratios Attritional loss ratio - current year 50.9 % 52.9 % 51.8 % Attritional loss ratio - prior year development (4.8) % 5.1 % (0.3) % Catastrophe loss ratio - current year 7.2 % 27.1 % 16.3 % Catastrophe loss ratio - prior year development 0.5 % (3.9) % (1.5) % Loss and loss adjustment expense ratio 53.8 % 81.2 % 66.3 % Acquisition cost ratio 27.4 % 19.3 % 23.7 % Other underwriting expense ratio 15.5 % 9.4 % 12.8 % Combined ratio 96.7 % 109.9 % 102.8 % ($ in thousands) One Month Ended December 31, 2021 International Bermuda Corporate Total Gross premiums written $ 87,294 $ 34,519 $ — $ 121,813 Net premiums written $ 67,599 $ 30,322 $ — $ 97,921 Net premiums earned $ 62,372 $ 36,259 $ — $ 98,631 Third party fee income 1,386 (37) — 1,349 Losses and loss adjustment expenses 33,888 22,762 — 56,650 Acquisition costs 17,192 6,800 — 23,992 Other underwriting expenses 10,377 3,480 — 13,857 Underwriting income (loss) $ 2,301 $ 3,180 $ — $ 5,481 Net realized and unrealized gains (losses) on investments (33,526) (33,526) Net investment income (loss) (3,222) (3,222) Other income (loss), excluding third party fee income 782 782 Net foreign exchange gains (losses) 16 16 Corporate expenses (1,825) (1,825) Amortization of intangible assets (1,200) (1,200) Interest expense (1,061) (1,061) Income (loss) before income tax (34,555) Income tax (expense) benefit (1,335) (1,335) Net income (loss) (35,890) Net income (loss) attributable to non-controlling interest (3) (3) Net income (loss) attributable to common shareholders $ (35,887) Key Ratios Attritional loss ratio - current year 46.1 % 51.3 % 48.0 % Attritional loss ratio - prior year development — % — % — % Catastrophe loss ratio - current year 8.2 % 11.5 % 9.4 % Catastrophe loss ratio - prior year development — % — % — % Loss and loss adjustment expense ratio 54.3 % 62.8 % 57.4 % Acquisition cost ratio 27.6 % 18.8 % 24.3 % Other underwriting expense ratio 14.4 % 9.7 % 12.7 % Combined ratio 96.3 % 91.3 % 94.4 % ($ in thousands) For the Year Ended November 30, 2021 International Bermuda Corporate Total Gross premiums written $ 892,292 $ 554,259 $ — $ 1,446,551 Net premiums written $ 640,816 $ 444,612 $ — $ 1,085,428 Net premiums earned $ 557,139 $ 385,410 $ — $ 942,549 Third party fee income 20,672 350 — 21,022 Losses and loss adjustment expenses 352,859 287,701 — 640,560 Acquisition costs 154,969 74,244 — 229,213 Other underwriting expenses 112,055 37,767 — 149,822 Underwriting income (loss) $ (42,072) $ (13,952) $ — $ (56,024) Net realized and unrealized gains (losses) on investments 352,193 352,193 Net investment income (loss) (43,217) (43,217) Net gain on sale of equity method investment 54,557 54,557 Other income (loss), excluding third party fee income (11) (11) Net foreign exchange gains (losses) 6,442 6,442 Corporate expenses (22,472) (22,472) Impairment of goodwill (936) (936) Amortization of intangible assets (13,431) (13,431) Interest expense (14,897) (14,897) Income (loss) before income tax 262,204 Income tax (expense) benefit (12,365) (12,365) Net income (loss) 249,839 Net income (loss) attributable to non-controlling interest 61,660 61,660 Net income (loss) attributable to common shareholders $ 188,179 Key Ratios Attritional loss ratio - current year 50.4 % 52.0 % 51.1 % Attritional loss ratio - prior year development 0.1 % (2.3) % (0.9) % Catastrophe loss ratio - current year 10.7 % 22.8 % 15.7 % Catastrophe loss ratio - prior year development 2.1 % 2.1 % 2.1 % Loss and loss adjustment expense ratio 63.3 % 74.6 % 68.0 % Acquisition cost ratio 27.8 % 19.3 % 24.3 % Other underwriting expense ratio 16.4 % 9.7 % 13.7 % Combined ratio 107.5 % 103.6 % 106.0 % The following table presents gross premiums written by the geographical location of the Company's subsidiaries: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 International Lloyd's of London $ 677,415 $ 561,432 $ 49,405 $ 559,914 Ireland 349,896 345,088 37,889 332,378 U.S. 78,211 26,721 — — Total International 1,105,522 933,241 87,294 892,292 Bermuda 845,516 713,432 34,519 554,259 Total $ 1,951,038 $ 1,646,673 $ 121,813 $ 1,446,551 |
Debt and Credit Facilities
Debt and Credit Facilities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | Debt and Credit Facilities Debt On June 23, 2022, Hamilton Group renewed its unsecured $150 million term loan credit arrangement, as amended from time to time (the "Facility"), with various lenders as arranged by Wells Fargo Securities, LLC. All or a portion of the loan issued under the renegotiated Facility bears interest at either (a) the Base Rate plus the Applicable Margin or (b) the Adjusted Term Secured Overnight Financing Rate ("SOFR") plus the Applicable Margin, at Hamilton Group's discretion. In the event of default, an additional 2% interest in excess of (a) or (b) will be levied, not to exceed the highest rate permissible under applicable law, and certain types of loans may not be available for borrowing by Hamilton Group under the Facility. The Facility matures on June 23, 2025, unless accelerated pursuant to the terms of the Facility, and it contains usual and customary representations, warranties, conditions and covenants for bank loan facilities of this type. The Facility also contains certain financial covenants which cap the ratio of consolidated debt to capital and require that Hamilton Group maintain a certain minimum consolidated net worth. The net worth requirement is recalculated effective as of the end of each fiscal quarter. As of December 31, 2023, the outstanding loan balance was $150.0 million, the fair value was $151.0 million, the unamortized issuance costs were $0.2 million, and the Company was in compliance with all covenants . Debt issuance costs are amortized over the period during which the Facility is outstanding, as an offset to investment income. The Company amortized debt issuance costs of $0.1 million or less in each of the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021. The Company’s debt is classified as Level 3 within the fair value hierarchy because it is valued using an income approach, which utilizes a discounted cash flow technique that considers the credit profile of the Company. Credit Facilities The Company has several available letter of credit facilities and a revolving loan facility provided by commercial banks. The letter of credit facilities are utilized to provide collateral to reinsureds of Hamilton Re and its affiliates to the extent required under reinsurance agreements and to support capital requirements at Lloyd’s. On December 5, 2018 and December 27, 2018, Hamilton Re Ltd entered into a Master Agreement for Issuance of Payment Instruments and a Facility Letter for Issuance of Payment Instruments respectively, with CitiBank Europe Plc ("CitiBank Europe"), under which CitiBank Europe agreed to provide an uncommitted secured letter of credit facility for the issuance of standby letters of credit or similar instruments in multiple currencies. On August 8, 2023, letter of credit capacity under this facility was increased to $200 million. At all times during which it is a party to the facility, Hamilton Re is obligated to pledge to CitiBank Europe cash and/or securities with a value that equals or exceeds the aggregate face amount of its then-outstanding letters of credit. The Master Agreement contains events of default customary for facilities of this type. In the facility letter, Hamilton Re makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other undertakings. On June 23, 2022, Hamilton Group and Hamilton Re amended and restated their unsecured credit agreement with a syndication of lenders (the "Unsecured Facility"). Under the Unsecured Facility, the lenders have agreed to provide up to an aggregate of $415 million of letter of credit capacity for Hamilton Re, up to $150 million of which may be utilized for revolving loans to be issued to Hamilton Group. At December 31, 2023, there were no loan amounts outstanding under this facility. Letters of credit issued under the facility bear interest at a rate of 150 basis points, while revolving loans, if issued, are subject to a fee of SOFR plus a margin of 185 basis points. To the extent such loans are issued, the available letter of credit capacity shall decrease proportionally, such that the aggregate credit exposure for the lenders under the credit agreement is $415 million. Amounts unutilized under the facility are subject to a fee of 22.5 basis points. Capacity is provided by Wells Fargo, National Association, Truist Bank, BMO Harris Bank N.A., Commerzbank AG, New York Branch, HSBC Bank USA, N. A., and Barclays Bank PLC. Unless renewed or otherwise terminated in accordance with its terms, the Unsecured Facility is scheduled to terminate on June 23, 2025. On August 11, 2023, Hamilton Re and HIDAC amended their committed letter of credit facility agreement with Bank of Montreal ("BMO"), with Hamilton Group as guarantor, under which BMO agreed to make available a secured letter of credit facility of $50 million for a term that will expire on August 13, 2024. The facility bears a fee of 40 basis points for letters of credit issued and 15 basis points on any unutilized portion of the facility. On October 26, 2023, Hamilton Re amended its letter of credit facility agreement with UBS AG ("UBS") under which UBS and certain of its affiliates agreed to make available to Hamilton Re a secured letter of credit facility of $100 million for a term that will expire on October 26, 2024. The facility bears a fee of 140 basis points on the total available capacity. In addition, on October 27, 2023, Hamilton Re amended the unsecured letter of credit facility agreement that it utilizes to provide Funds at Lloyd's ("FAL") ("FAL LOC Facility") to support the FAL requirements of Syndicate 4000. Capacity is provided by Barclays Bank PLC, ING Bank N.V., London Branch, and Bank of Montreal, London Branch. The FAL LOC Facility was increased to $230 million for an additional one year term that expires on October 27, 2024. The facility bears a fee of 162.5 basis points on the borrowed amount. The Company’s obligations under its credit facilities require Hamilton Group, Hamilton Re and the other parties thereto to comply with various financial and reporting covenants. All applicable entities were in compliance with all such covenants at December 31, 2023. Certain of the Company's credit facilities are secured by pledged interests in the TS Hamilton Fund, the Company's fixed income security portfolio, or cash. The Company’s credit facilities at December 31, 2023, and associated securities pledged, were as follows: ($ in thousands) 2023 Available letter of credit and revolving loan facilities - commitments $ 995,000 Available letter of credit and revolving loan facilities - in use 694,681 Security pledged under letter of credit and revolving loan facilities: Pledged interests in TS Hamilton Fund $ 241,711 Pledged interests in fixed income portfolio 229,387 Cash 1,624 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Capital | Share Capital Authorized and Issued Hamilton Group’s share capital at December 31, 2023 and 2022 is comprised as follows: ($ in thousands, except share information) Authorized: Common shares of $0.01 par value each (2023: 150,000,000 and 2022: 135,000,000) Issued, outstanding and fully paid: 2023 2022 Class A common shares (2023: 28,644,807 and 2022: 30,520,078) $ 286 $ 305 Class B common shares (2023: 56,036,067 and 2022: 42,042,155) 560 420 Class C common shares (2023: 25,544,229 and 2022: 30,525,626) 255 305 Total $ 1,101 $ 1,030 The following is a summary of the activity related to common shares authorized: Class A Class B Class C Unclassified Total Balance - November 30, 2020 53,793,690 81,206,310 — — 135,000,000 Share class conversions — (34,307,698) 34,307,698 — — Balance - November 30, 2021 53,793,690 46,898,612 34,307,698 — 135,000,000 Balance - December 31, 2021 53,793,690 46,898,612 34,307,698 — 135,000,000 Share class conversions 200,000 3,582,072 (3,782,072) — — Balance - December 31, 2022 53,993,690 50,480,684 30,525,626 — 135,000,000 Increased in authorized share capital — 15,000,000 — — 15,000,000 Share class conversions (25,348,883) 6,856,668 (4,981,397) 23,473,612 — Balance - December 31, 2023 28,644,807 72,337,352 25,544,229 23,473,612 150,000,000 The following is a summary of the activity related to common shares issued and outstanding: Class A Class B Class C Total Balance - November 30, 2020 30,320,078 72,134,229 — 102,454,307 Share class conversions — (34,307,698) 34,307,698 — Vesting of awards — 439,936 — 439,936 Employee and director share purchases — 65,808 — 65,808 Director share awards granted — 46,086 — 46,086 Share repurchases — (465,368) — (465,368) Balance - November 30, 2021 30,320,078 37,912,993 34,307,698 102,540,769 Director share awards granted — 22,273 — 22,273 Balance - December 31, 2021 30,320,078 37,935,266 34,307,698 102,563,042 Share class conversions 200,000 3,582,072 (3,782,072) — Vesting of awards — 580,935 — 580,935 Employee and director share purchases — 22,750 — 22,750 Director share awards granted — 25,805 — 25,805 Share repurchases — (104,673) — (104,673) Balance - December 31, 2022 30,520,078 42,042,155 30,525,626 103,087,859 Share class conversions (1,875,271) 6,856,668 (4,981,397) — IPO shares issued — 6,250,000 — 6,250,000 Vesting of awards — 735,013 — 735,013 Exercise of warrants — 271,097 — 271,097 Director share awards granted — 44,892 — 44,892 Share repurchases — (163,758) — (163,758) Balance - December 31, 2023 28,644,807 56,036,067 25,544,229 110,225,103 In general, holders of Class A common shares and Class B common shares have one vote for each common share held while the Class C common shares have no voting rights, except as required by law. However, each holder of Class A common shares and Class B common shares is limited to voting (directly, indirectly or constructively, as determined for U.S. federal income tax purposes) that number of common shares equal to 9.5% of the total combined voting power of all classes of shares of the Company (or, in the case of a class vote by the holders of the Class B common shares, such as in respect of the election or removal of directors other than for directors who are appointed by certain shareholders pursuant to the Shareholders Agreement and the Bye-laws, a maximum of 14.92% of the total combined voting power). In addition, the Board of Directors may limit a shareholder’s voting rights when it deems it appropriate to do so to avoid certain material adverse tax, legal or regulatory consequences to the Company or any direct or indirect shareholder or its affiliates. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans The Company was authorized to issue restricted stock units ("RSUs"), performance stock units ("PSUs"), restricted stock awards ("RSAs"), warrants, stock options ("options"), stock appreciation rights, and stock bonus awards to its employees and directors under the 2013 Equity Incentive Plan. In connection with the Company's IPO, the Company's Board of Directors adopted, and the shareholders approved, the 2023 Equity Incentive Plan, under which the Company is authorized to issue RSUs, PSUs, RSAs, options (including incentive stock options and non-qualified stock options), stock appreciation rights, stock bonus awards, other stock-based awards, or any combination thereof. The 2023 Equity Incentive Plan became effective upon the completion of the IPO and replaced the 2013 Equity Incentive Plan. No new awards will be granted under the 2013 Equity Incentive Plan. The total number of Class B common shares available for issuance under the 2023 Equity Incentive Plan will be increased on the first day of each fiscal year for a period of not more than nine years, commencing on the first day of the second fiscal year following the date on which the 2023 Equity Incentive Plan is adopted in an amount equal to the lesser of (i) two percent (2%) of the outstanding Class B common shares on the last day of the immediately preceding fiscal year, and (ii) such number of Class B common shares as determined by the Company's Board of Directors (or a committee thereof) in its discretion. As of December 31, 2023, 8,194,773 Class B common shares are available for issuance of awards of all types. The following table presents the compensation expense recognized relating to each award type: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Share-based compensation expense: RSUs $ 11,358 $ 10,884 $ 911 $ 8,068 VAP RSUs 30,352 — — — PSUs 2,668 (100) 132 815 Total share-based compensation expense: 44,378 10,784 1,043 8,883 Tax benefit (1,251) (1,074) (76) (621) Share-based compensation expense, net of taxes: $ 43,127 $ 9,710 $ 967 $ 8,262 The following table presents the unrecognized compensation expense relating to each award type as at December 31, 2023 and the weighted-average period in years over which it is expected to be recognized. December 31, 2023 ($ in thousands, except for weighted-average recognition period) Unrecognized Share-based Compensation Expense Weighted-Average Recognition Period Unrecognized share-based compensation expense: RSUs $ 8,037 2.0 VAP RSUs 14,605 0.8 PSUs 7,136 2.3 Total unrecognized share-based compensation expense: $ 29,778 Restricted Stock Units During the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021 , the Company granted employees and directors RSUs with a total estimated fair value of $14.2 million, $11.8 million, $Nil, and $9.6 million, respectively, which generally vest over a three-year period. The following table presents a roll forward of the Company’s RSUs based on expected vesting: Year Ended December 31, 2023 Number of RSUs Weighted-Average Grant Date Fair Value Balance, beginning of year 1,360,769 $14.75 Granted 1,026,113 $13.87 Vested (658,654) $15.18 Forfeited (67,250) $14.16 Balance, end of year 1,660,978 $14.06 Value Appreciation Pool Restricted Stock Units The Value Appreciation Pool ("VAP") was a long-term incentive compensation plan that rewarded employees with 10% of any increase in the multiple of the Company's estimated fair market value to GAAP shareholders' equity between the December 1, 2020 VAP inception date, and either an interim trigger event or the ultimate plan maturity on December 31, 2025. A total of 10.0 million units were available for issuance under this plan. With effect from March 10, 2023, the VAP was revised to include an Underpin, such that if the ratio of the Company's estimated fair market value to GAAP shareholders' equity on the trigger event date was less than 1.15, the value of the award was to be calculated with reference to a minimum ratio of 1.15 in order to provide for a minimum payment in respect of the award. As a then-nonpublic entity, the VAP was initially measured as a liability award at intrinsic value and therefore no compensation cost was recorded over the period December 1, 2020 to March 31, 2023. On May 15, 2023, the Company became a public entity as defined in ASC 718, Stock Compensation , and the VAP was remeasured at fair value. The resulting catch-up expense relating to the period December 1, 2020 to May 15, 2023 was recorded as an adjustment to opening retained earnings. The fair value of the compensation cost was re-estimated at each subsequent reporting date and recognized over the period for which the employee was required to provide services in exchange for the award, with any changes recorded in compensation expense by a cumulative catch-up adjustment. In the fourth quarter of 2023, the Company consummated an IPO of its Class B common shares and, on November 10, 2023, closed its first day of trading. Completion of the IPO is one of the specified VAP trigger events and the Underpin came into effect for all VAP participants (528 at the time of the IPO). The fair value of the VAP on November 10, 2023, as calculated with reference to the terms of the VAP plan, was $5.16 per VAP unit and there were 9.5 million units issued and outstanding on that date. In accordance with the Compensation Committee's decision that VAP award would be settled in shares if triggered by an IPO, the VAP became subject to equity award accounting and the total trigger event date VAP value of $49.1 million was divided by the 30-day post IPO average closing market share price of $15.32 to determine the number of RSUs (the "VAP RSUs") granted in extinguishment of the VAP units. The VAP RSUs vest in two tranches, subject to continued service: 50% on each of the first and second anniversaries of the November 10, 2023 trigger event. Participants who leave prior to vesting forfeit any previously unsettled portion of their awards. During the year ended December 31, 2023, the Company recorded compensation expense of $34.5 million. $4.2 million of this expense was recorded as an adjustment to retained earnings in "Share compensation expense" in the second quarter of 2023. The following table presents a roll forward of the Company’s VAP RSUs based upon expected vesting: Year Ended December 31, 2023 Number of Weighted-Average Grant Date Fair Value Balance, beginning of year — $— Granted 3,193,525 $15.32 Forfeited (46,018) $15.32 Balance, end of year 3,147,507 $15.32 Performance Stock Units During the years ended December 31, 2023 and 2022, and the year ended November 30, 2021, the Company granted PSUs that vest and settle on the third January 1st following their grant dates and entitle participants to between 0-200% of the target award. Settlement of the PSUs is subject to achievement of defined performance metrics and to each participant's continued employment through each vesting date. The performance payout calculation is subject to specified adjustments and is ultimately adjustable at the discretion of the Compensation Committee. During the year ended December 31, 2023, the Company also granted PSUs that vest and settle on November 10, 2026, subject to achievement of defined performance metrics and the participant's continued employment through each vesting date. All other significant terms and conditions are consistent with the PSUs described above. There were no PSUs granted during the month ended December 31, 2021. During the year ended November 30, 2018, the Company also granted PSUs that vest in equal installments on the third, fourth and fifth January 1st following their respective grant dates, subject to achievement of defined performance metrics and the participant's continued employment through each vesting date. All other significant terms and conditions are consistent with the PSUs described above. The following table presents a grant-date summary of the PSUs awarded to certain employees of the Company: Years Ended Years Ended December 31, November 30, ($ in thousands) 2023 2022 2021 2020 2019 Performance units granted 516,542 206,166 188,796 228,135 123,207 Potential maximum share payout 1,033,084 412,332 377,592 456,270 246,414 Aggregate grant date fair value $ 7,392 $ 2,732 $ 2,502 $ 4,022 $ 2,209 The following table presents an inception-to-date roll forward of the Company’s unvested PSUs based upon expected vesting percentages: Grant Period Years Ended Years Ended December 31, November 30, 2023 2022 2021 2020 2019 2018 Unvested PSUs at target, grant date 516,542 206,166 188,796 228,135 123,207 258,951 Vested — — — (51,469) (10,904) (74,673) Forfeited — (24,494) (58,960) (137,109) (97,245) (161,240) Change in expected performance factor — (36,334) (97,377) (39,557) (15,058) (23,038) Unvested PSUs at current expected performance percentage 516,542 145,338 32,459 — — — Warrants The Company's outstanding warrants were issued in 2014, have a 10-year term and are all vested and exercisable. Each warrant entitles the holder to purchase one common share of Hamilton Group at an exercise price of $10.00. The following table presents a summary of the Company's outstanding and exercisable warrants: (Intrinsic value in $ in thousands) Number of Warrants Weighted-Average Exercise Price Weighted-Average Grant Date Fair Value Total Intrinsic Value Weighted-Average Remaining Contractual Term Warrants outstanding and exercisable, beginning of year 1,152,500 $ 10.00 $ 4.44 $ 4,287 1.3 Exercised (342,500) $ 10.00 $ 4.27 $ 2,398 Warrants outstanding and exercisable, end of year 810,000 $ 10.00 $ 4.52 $ 4,010 0.3 Board of Directors' Fees The Company pays a portion of its board of directors fees in shares at each director's option. Expense relating to stock-settled directors' fees for the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021 was $0.6 million, $0.7 million, less than $0.1 million, and $0.7 million, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income (loss) per common share: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands, except share information) 2023 2022 2021 2021 Numerator: Net income (loss) attributable to common shareholders $ 258,727 $ (97,999) $ (35,887) $ 188,179 Denominator: Weighted average common shares outstanding - basic 104,563 103,062 102,563 102,597 Effect of dilutive securities 1,640 — — 936 Weighted average common shares outstanding - diluted 106,203 103,062 102,563 103,533 Income (loss) per common share - basic: $ 2.47 $ (0.95) $ (0.35) $ 1.83 Income (loss) per common share - diluted: $ 2.44 $ (0.95) $ (0.35) $ 1.82 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Hamilton Group and its Bermuda domiciled subsidiaries were not subject to income tax in Bermuda in 2023 and prior. On December 27, 2023, Bermuda enacted a 15% corporate income tax that will generally become effective on January 1, 2025. The legislation defers the effective date until 2030 for Bermuda companies that meet certain requirements. Hamilton Group expects to meet the requirements to remain exempt until 2030. The legislation includes a provision referred to as the economic transition adjustment, which is intended to provide a fair and equitable transition into the tax regime with respect to which the Company has recorded a deferred tax asset in the fourth quarter of 2023 of $35.1 million which it expects to utilize to reduce future taxes paid. The Company expects to incur increased taxes in Bermuda beginning in 2030. Hamilton Group has global subsidiaries and branches that are subject to tax in the jurisdictions in which they operate. The jurisdictions in which Hamilton Group’s subsidiaries and branches are currently subject to tax are the United Kingdom, Ireland and the United States. The Company and some of its subsidiaries file income tax returns in the U.S. federal jurisdiction, various U.S. states, and certain foreign jurisdictions. Income (loss) before taxes by tax jurisdiction is as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Jurisdiction Domestic: Bermuda $ 247,113 $ 66,823 $ (30,921) $ 312,901 Foreign: United States (2,263) (23,540) 470 38,268 United Kingdom 12,362 (67,213) (956) (85,416) Ireland (1,991) (2,901) (2,173) (4,108) Dubai — — (975) 559 Income (loss) before income tax $ 255,221 $ (26,831) $ (34,555) $ 262,204 Income tax expense (benefit) consists of the following components: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Current - Bermuda $ 10,376 $ 2,625 $ 1,033 $ 10,488 Current - United States 537 1,818 165 2,418 Current - United Kingdom 61 48 221 (1,754) Current - Ireland 92 (122) — 48 Total current tax 11,066 4,369 1,419 11,200 Deferred - Bermuda (35,063) — — — Deferred - United States — 705 73 (776) Deferred - United Kingdom (1,087) (1,927) (153) 1,984 Deferred - Ireland 18 (43) (4) (43) Total deferred tax (36,132) (1,265) (84) 1,165 Total income tax expense (benefit) $ (25,066) $ 3,104 $ 1,335 $ 12,365 The following table presents a reconciliation of taxes calculated using the 0% Bermudian statutory rate (the tax rate at which the majority of Hamilton Group's worldwide operations are taxed) to the income tax expense (benefit) on pre-tax income (loss): Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Expected tax provision at Bermuda statutory tax rate of 0% $ — $ — $ — $ — Permanent differences: Taxes on earnings subject to rate other than 2,182 (18,077) (355) (8,706) Change in valuation allowance (3,567) 17,060 1,437 20,458 Impairment of goodwill — 4,161 — — Other permanent adjustments (42) (112) — 294 Other prior year adjustments 376 28 (545) (93) Tax rate changes 273 (2,655) — (10,076) Withholding tax 10,377 2,625 (236) 10,488 Bermuda economic transition adjustment (35,063) — — — State income tax 398 74 1,034 — Total income tax expense (benefit): $ (25,066) $ 3,104 $ 1,335 $ 12,365 Cash taxes paid by Hamilton Group are primarily comprised of withholding taxes on investment income from TS Hamilton Fund in the amount of $4.2 million, $10.0 million, $0.2 million, and $12.3 million for the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, respectively. Deferred tax assets and liabilities are valued at the tax rate at which they are expected to be recognized. In December 2023, Ireland enacted a tax rate of 15% with an effective date of January 1, 2024, an increase from the current corporation tax rate of 12.5%. In June 2021, the U.K. enacted a tax rate of 25% with an effective date of April 1, 2023, an increase from the previous corporation tax rate of 19%. Accordingly, for the years ended December 31, 2023 and November 30, 2021, the Company revalued all of its deferred tax assets and liabilities that are expected to reverse after December 31, 2023 in Ireland and after April 1, 2023 in the U.K. The revaluation of the deferred tax assets resulted in a tax expense (benefit) of $0.3 million, $(2.7) million, $Nil and $(10.1) million for the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, respectively. The financial statement impact of the rate changes were offset in each period by a valuation allowance, resulting in a related net tax expense (benefit) after valuation allowance of $0.1 million, $(0.2) million, $Nil, and $3.8 million for the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, respectively. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for tax purposes. The following table presents Hamilton Group’s significant deferred tax assets and liabilities at December 31, 2023 and 2022: ($ in thousands) 2023 2022 Deferred tax assets: U.S. net operating loss carryforwards $ 7,121 $ 4,645 Ireland net operating loss carryforwards 275 404 U.K. net operating loss carryforwards 50,845 59,752 Bermuda intangible assets 28,500 — Reserve for losses and loss adjustment expenses 7,935 — Loss portfolio transfer 2,356 5,292 Share-based compensation 7,524 3,564 Unearned premium reserve 4,384 2,325 U.K. deferred interest 5,278 1,731 Unrealized investment income (43) 1,454 Deferred acquisition costs 1,557 830 Other 2,685 3,517 Total deferred tax assets 118,417 83,514 Deferred tax liabilities: U.K. intangible assets (15,364) (16,431) Depreciation (2,573) (2,421) Other (5,254) (1,999) Total deferred tax liabilities (23,191) (20,851) Net deferred tax asset (liability) before valuation allowance 95,226 62,663 Valuation allowance (75,528) (79,095) Net deferred tax asset (liability) $ 19,698 $ (16,432) Hamilton Group records a valuation allowance against deferred tax assets if it becomes more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in income tax expense (benefit) in the period of change. When evaluating the Company’s ability to realize the benefit of its deferred tax assets and liabilities, the Company considers the relevant impact of all available positive and negative evidence, including historical operating results and forecasts of future taxable income. A significant piece of objectively verifiable negative evidence considered in the Company’s evaluation is current period pre-tax loss. Based on all available evidence, management has concluded that a valuation allowance of $75.5 million should be recorded as of December 31, 2023. Future realization of the Company’s deferred tax asset will ultimately depend on the existence of objectively verifiable positive evidence including sufficient taxable income of the appropriate character (ordinary income versus capital gains) within the applicable carry-forward periods provided under the tax law. The Company had the following net operating loss carry-forwards, inclusive of cumulative currency translation adjustments, as of December 31, 2023: ($ in thousands) 2023 Tax jurisdiction Losses Carried Forward Tax Expiration Bermuda $ — $ — n/a Ireland 1,831 275 No expiry United States 33,910 7,121 2040-2043 United Kingdom $ 203,381 $ 50,845 No expiry Recognition of the benefit of a given tax position is based upon whether a company determines that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. At December 31, 2023, the Company believes that it has no uncertain tax positions that, if challenged on technical merits, would cause a material effect on the Company's audited consolidated financial statements. Hamilton Group classifies all interest and penalties on unrecognized tax benefits as part of income tax expense (benefit). During the years ended December 31, 2023 and 2022, the month ended December 31, 2021, and the year ended November 30, 2021, the Company did not recognize any net interest income or expense on unrecognized tax benefits. There was no accrued interest as of December 31, 2023. With few exceptions, Hamilton Group is no longer subject to tax examinations by U.S. federal or state examinations before 2020 or non-U.S. tax examinations before 2020. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Concentrations of Credit Risks Credit risk arises out of the failure of a counterparty to perform according to the terms of the contract. Instruments which potentially subject the Company to concentration of credit risk consist primarily of fixed maturity and short-term investments, cash and cash equivalents, premiums receivable and reinsurance balances recoverable. The Company limits the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government and U.S. Government related entities, none of the Company’s fixed maturity and short-term investments exceeded 10% of shareholders’ equity at December 31, 2023. The Company evaluates the financial condition of its reinsurers, whom primarily consist of highly rated reinsurers and may require collateralization of those recoverable balances. See Note 2h, Credit Loss Provisions and Note 8, Reinsurance , for further details. Operating Leases The Company leases office space under operating leases in Bermuda, the United States, the United Kingdom, and Ireland. These leases expire at various dates through 2028, with a weighted average lease term of 2.0 years. As a result of the Company's January 1, 2022 adoption of ASU 2016-02 Leases , the balance sheet reflects a $6.9 million and $7.8 million right of use asset in " Other assets Accounts payable and accrued expenses Future minimum lease payments under the leases are expected to be as follows: ($ in thousands) Minimum Lease Payments Year ended December 31, 2024 $ 3,078 2025 1,979 2026 1,203 2027 967 2028 20 Thereafter — Total undiscounted lease liabilities 7,247 Less: present value discount (516) Total recorded lease liability at present value $ 6,731 Lloyd's Capital Requirements Lloyd’s bases the capital funding requirements of the Company's corporate member, Hamilton Corporate Member Limited ("HCML"), on their latest approved Economic Capital Assessments which are determined by reference to their business plans, internal capital models, and actual performance, among other factors, as well as any other relevant corporate member obligations or receivables. Capital is in the form of Funds at Lloyd's ("FAL") which is generally available to settle the obligations of the corporate members. Syndicate 4000 is solely supported by HCML for the 2020 underwriting YOA and all years thereafter. For the 2020 underwriting YOA onwards, the Company's operations consist of a managing agent, Hamilton Managing Agency Limited, which manages the affairs of Syndicate 4000 on behalf of HCML. At December 31, 2023, the total available capital in support of the capital requirements for Syndicate 4000 is comprised of the following FAL: ($ in thousands) 2023 Unsecured LOC capacity $ 230,000 Fixed income securities 232,211 Cash 7,153 Total $ 469,364 Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications. Future events could occur that lead to the execution of these provisions against the Company. Management currently believes that the likelihood of such an event is remote. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Turing Re In 2017, Hamilton Re established Turing Re, a special purpose insurer, to provide collateralized reinsurance capacity for Hamilton Re’s property treaty business. The following tables summarize the impact of transactions with Turing Re: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Reinsurance premiums ceded $ 70 $ (208) $ (79) $ (556) Net premiums earned 70 (208) (79) (2,095) Losses and loss adjustment expenses (575) (888) 16 (7,935) Acquisition costs 72 (30) 13 664 Net gain (loss) on related party reinsurance $ (433) $ (1,126) $ (50) $ (9,366) ($ in thousands) December 31, 2023 December 31, 2022 Paid losses recoverable $ 371 $ 818 Unpaid losses and loss adjustment expenses recoverable 1,528 8,699 Reinsurance balances payable $ 367 $ 1,085 Ada Capital Management Limited In 2020, the Company established ACML, an insurance agent authorized to underwrite on behalf of Ada Re, as more fully described in Note 1, Organization . The following tables summarize the impact of transactions with Ada Re: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Reinsurance premiums ceded $ (19,524) $ (11,999) $ 1 $ (16,417) Net premiums earned (21,744) (9,780) (1,124) (15,292) Other income (loss) 8,549 201 (37) 350 Losses and loss adjustment expenses 8,702 5,719 841 10,197 Acquisition costs 5,125 1,769 206 2,755 Net gain (loss) on related party reinsurance $ 632 $ (2,091) $ (114) $ (1,990) ($ in thousands) December 31, 2023 December 31, 2022 Paid losses recoverable $ 4,319 $ 3,506 Deferred acquisition costs — (413) Unpaid losses and loss adjustment expenses recoverable 11,149 9,004 Prepaid reinsurance — 2,219 Other assets 8,765 869 Reinsurance balances payable $ 3,759 $ 6,586 Insurance Advisory Partners LLC Antonio Ursano, Jr. has served as a director of the Company since October 15, 2023. Mr. Ursano previously served as the Group Chief Financial Officer of the Company from September 2019 to July 2021. He is also the Managing Partner and Co-Founder of Insurance Advisory Partners LLC. The Company retained Insurance Advisory Partners LLC ("IAP") to act as financial advisor to us with respect to evaluating various strategic and financial alternatives including any capital raise by us, including the IPO. The Company agreed to paid IAP a retainer of $0.1 million and a transaction fee of $1.0 million in connection with the IPO. The Company also reimbursed IAP for all reasonable and documented out-of-pocket expenses incurred in connection with specified matters, and have provided for indemnification of IAP. The advisory agreement expired on January 8, 2024 and was not renewed. |
Statutory Requirements
Statutory Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Statutory Requirements | Statutory Requirements The Company is subject to the laws and statutory requirements of each jurisdiction in which the Company and its subsidiaries operate. These laws establish the Company's applicable minimum required statutory capital and surplus requirements and govern its ability to pay dividends. The minimum required statutory capital and surplus is the amount of statutory capital and surplus necessary to satisfy regulatory requirements based on the Company’s current operations. The difference between statutory financial statements and statements prepared in accordance with GAAP varies by jurisdiction; however, the primary difference is that statutory financial statements generally do not reflect goodwill or intangible assets. Group The Bermuda Monetary Authority ("BMA") is the Company's group supervisor and its group capital and solvency requirements determine the minimum capital thresholds that Hamilton Group must meet. Hamilton Group is dependent on dividends from its subsidiaries to pay its operating and financing expenses. The actual and minimum required statutory capital and surplus for the Company’s principal operating subsidiaries by regulatory jurisdiction at December 31, 2023 and 2022 were as follows: Bermuda (1) United Kingdom (2) Ireland (3) United States (4) ($ in thousands) 2023 2022 2023 2022 2023 2022 2023 2022 Required statutory capital and surplus $ 579,916 $ 522,116 $ 129,995 $ 117,083 $ 68,643 $ 65,077 $ 23,410 $ 11,145 Actual statutory capital and surplus $ 1,882,833 $ 1,579,773 $ 539,016 $ 481,087 $ 127,082 $ 133,320 $ 53,988 $ 58,711 ____________ (1) Minimum statutory capital and surplus at December 31, 2023 for the Bermuda operating subsidiary is required to be maintained at the greater of a minimum solvency margin ("MSM"), as disclosed in the table above, and the Enhanced Capital Requirement ("ECR"), where applicable. (2) Minimum statutory capital and surplus at December 31, 2023 for the U.K. operating entities is determined by reference to the entities' Solvency Capital Requirement and the Solvency II capital regime. U.K. operations are subject to Lloyd’s requirements where underwriting members hold acceptable FAL and/or Syndicates hold acceptable Funds In Syndicate ("FIS") for their own account, in support of the total actual statutory capital and surplus amount. Actual statutory capital and surplus is comprised of an Economic Capital Assessment ("ECA"), derived from an approved Solvency II basis Internal model, less any accumulated trading surpluses or plus any accumulated trading deficits, as calculated on a Solvency II basis. (3) The Company's Irish operations are subject to the Solvency II regime, which requires insurance companies to hold assets that cover at least the best estimate of insurance liabilities, a risk margin, plus a risk-based Solvency Capital Requirement designed to protect against extreme stress events. (4) Minimum statutory capital and surplus at December 31, 2023 for U.S. operating subsidiaries is determined with reference to the Company Action Level Risk-Based Capital requirements. The statutory net income (loss) for the Company’s principal operating subsidiaries by regulatory jurisdiction was as follows: Years Ended Year Ended December 31, November 31, ($ in thousands) 2023 2022 2021 Bermuda $ 270,309 $ 1,993 $ 261,516 United Kingdom 59,778 25,470 (22,676) Ireland (1,911) (32,331) (17,383) United States $ (13,250) $ (9,962) $ — Bermuda Operations Hamilton Re is subject to the requirements of the Insurance Act 1978, amendments thereto and Related Regulations of Bermuda (the "Insurance Act"). As a Class 4 (re)insurer, Hamilton Re must maintain capital at the greater of their MSM and their ECR, which are established by reference to the Bermuda Solvency Capital Requirement ("BSCR") model. The Insurance Act also requires Hamilton Re to maintain certain measures of solvency and liquidity. Independent of the Insurance Act, the BMA has also established a target capital level ("TCL") for Class 4 (re)insurers, equal to 120% of their ECR. The TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased regulatory oversight. Hamilton Re's actual capital and surplus levels exceed the TCL at December 31, 2023. Hamilton Re's BSCR for the year ended December 31, 2023 must be filed with the BMA by April 30, 2024. As a result, the required statutory capital and surplus disclosed as of December 31, 2023 is based on the MSM. At December 31, 2023, the actual statutory capital and surplus of Hamilton Re was $1.9 billion and the MSM was $579.9 million. Hamilton Re received approval from the BMA to treat its investment in TS Hamilton Fund as a "Relevant Asset" for the purpose of computing its "Liquidity Ratio" (under which relevant assets must be maintained at not less than 75% of relevant liabilities) in respect of 2024 and 2023. Hamilton Re is in compliance with the Liquidity Ratio at December 31, 2023. Under the Insurance Act, Hamilton Re is restricted as to the payment of dividends and/or distributions for amounts greater than 25% of the prior year’s statutory capital and surplus. In addition, before reducing its total statutory capital by 15% or more (as set out in its previous year's statutory financial statements), as a Class 4 Bermuda insurance subsidiary, Hamilton Re must apply to the BMA for permission to do so. For the year ended December 31, 2023, Hamilton Re had capacity to pay dividends of $394.9 million without prior approval under Bermuda law, of which $44.0 million of dividends were paid during the year. It is estimated that Hamilton Re will have capacity to pay dividends of $470.7 million in 2024. United Kingdom Operations A U.K. company’s ability to propose and pay dividends is dependent upon U.K. law and may require the approval of a local regulatory body where a minimum capital requirement applies. As discussed in Note 16, Commitments and Contingencies , Lloyd’s bases the capital funding requirements of the Company's corporate members on their latest approved Economic Capital Assessments. As of December 31, 2023, actual levels of solvency, liquidity, and capital were in compliance with the Lloyd's requirements. Following distributions received from Hamilton Syndicate 4000, profits arising in HCML are available for distribution subject to U.K. law. Profits arising in HMA, which is subject to Lloyds' oversight and regulation by both the Prudential Regulation Authority ("PRA") and the Financial Conduct Authority ("FCA"), are available for distribution subject to U.K. law and the preservation of a minimum capital requirement calculated with reference to Lloyd's capital tests. The PRA regulatory requirements impose no explicit restrictions on the U.K. subsidiaries' ability to pay a dividend, but the Company must notify the PRA 28 days prior to any proposed dividend payment. Dividends may only be distributed from profits available for distribution. It is estimated that Hamilton's U.K. subsidiaries will have capacity to pay dividends of $0.9 million in 2024. Ireland Operations HIDAC is regulated by the Central Bank of Ireland ("CBI") pursuant to the Insurance Acts 1909 to 2018 (as amended), the Central Bank Acts 1942 to 2018 and all statutory instruments relating to insurance made or adopted under the European Communities Acts 1972 to 2012, including the European Union (Insurance and Reinsurance) Regulations, 2015 (as amended) and the Solvency II regime. HIDAC is required to maintain the Minimum Capital Requirement ("MCR") and the Solvency Capital Requirement ("SCR") at all times. Capital requirements are calculated by reference to Solvency II definitions. If an entity falls below the MCR or SCR, the CBI is authorized to take action to restore the financial position of the subsidiary. HIDAC was at all times in compliance with these requirements for the year ended December 31, 2023. The amount of dividends that HIDAC is permitted to distribute is restricted to accumulated realized profits that have not been capitalized or distributed, less accumulated realized losses that have not been written off. The solvency and capital requirements must still be met subsequent to any distribution. As at December 31, 2023, HIDAC did not have retained profits available for distribution. United States Operations The Company’s U.S. insurance subsidiary is registered in Delaware and subject to restrictions on statutory net income and statutory surplus as determined in accordance with the relevant statutory accounting requirements established by the National Association of Insurance Commissioners, subject to state modifications thereof. They are also required to file annual statements with insurance regulatory authorities prepared in accordance with statutory accounting principles prescribed or permitted by such authorities. The U.S. insurance subsidiary is also generally required to maintain minimum levels of solvency and liquidity as determined by law and regulation, comply with regulatory capital requirements and licensing rules. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures Attune In 2016, the Company entered into an agreement to form Attune Holdings LLC ("Attune"), a related party and a corporate joint venture with a technology-enabled platform in which the Company had a 33.33% ownership. On September 20, 2021, a purchaser acquired for cash certain units of Attune. $65.2 million of the net consideration was allocated to Class A shares held by the Company. The Company's net gain on sale of $54.6 million was calculated with reference to the post-escrow funds received and was recorded in the consolidated statement of operations for the year ended November 30, 2021 as a net gain on sale of equity method investment. Proceeds of sale were settled on closing, with a portion of the balance owing to the Company held in escrow for the benefit of the purchaser pursuant to terms of the escrow agreements. In the years ended December 31, 2023 and 2022, escrow funds of $0.2 million and $7.0 million, respectively, were received and recorded in the consolidated statement of operations as an incremental net gain on sale of equity method investment. As of December 31, 2023, escrow funds of $0.3 million were recorded in "Restricted cash and cash equivalents" and "Accounts payable and accrued expenses" on the consolidated balance sheets. Prior to the sale on September 20, 2021, changes in the investment in Attune for the period ended September 20, 2021 were as follows: ($ in thousands) 2021 Balance - beginning of period $ 6,656 Contributions 3,500 Loss on equity method investment (7,285) Sale of investment in Attune (2,871) Balance - end of period $ — |
Schedule I - Summary of Investm
Schedule I - Summary of Investments | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments | ($ in thousands) December 31, 2023 Type of investment Cost or Fair Amount at which shown in the balance sheet Fixed maturities: Bonds: U.S. government treasuries $ 717,134 $ 708,250 $ 708,250 U.S. states, territories and municipalities 4,656 4,370 4,370 Non-U.S. sovereign governments and supranationals 55,662 56,246 56,246 Corporate 877,493 863,876 863,876 Residential mortgage-backed securities - Agency 180,661 168,513 168,513 Residential mortgage-backed securities - Non-agency 5,639 4,984 4,984 Commercial mortgage-backed securities - Non-agency 11,473 10,423 10,423 Other asset-backed securities 14,781 14,606 14,606 Total fixed maturities $ 1,867,499 1,831,268 1,831,268 Investments in Two Sigma Funds 851,470 851,470 Short-term investments 428,878 428,878 Total investments $ 3,111,616 $ 3,111,616 |
Schedule II - Parent Company
Schedule II - Parent Company | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Parent Company | ($ in thousands) December 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 24,898 $ 10,608 Investment in subsidiaries 2,077,926 1,693,442 Intercompany loan receivable 113,423 106,500 Interest receivable on intercompany loan 5,555 5,181 Other assets 4,821 4,676 Total assets $ 2,226,623 $ 1,820,407 Liabilities and Shareholders' Equity Liabilities Due to subsidiaries $ 25,201 $ 6,509 Term loan payable 149,830 149,715 Accounts payable and accrued liabilities 3,742 — Total liabilities 178,773 156,224 Shareholders' Equity Common shares Class A 286 305 Class B 560 420 Class C 255 305 Additional paid-in capital 1,249,817 1,120,242 Accumulated other comprehensive loss (4,441) (4,441) Retained earnings 801,373 547,352 Total shareholders' equity 2,047,850 1,664,183 Total liabilities and shareholders' equity $ 2,226,623 $ 1,820,407 (1) The condensed financial information should be read in conjunction with the consolidated U.S. GAAP financial statements and notes thereto. Years Ended Month Ended Year Ended ($ in thousands) December 31, 2023 December 31, 2022 December 2021 November 30, 2021 Revenues Intercompany loan interest $ 7,296 $ 6,784 $ 552 $ 6,526 Net foreign exchange gains (losses) 24 (131) 17 20 Other income (loss) 626 65 (7) (66) Total revenues 7,946 6,718 562 6,480 Expenses General and administrative expenses 52,280 20,524 1,475 21,743 Interest expense 15,500 9,858 580 8,315 Total expenses 67,780 30,382 2,055 30,058 Net income (loss) before equity in earnings of subsidiaries (59,834) (23,664) (1,493) (23,578) Equity in earnings of subsidiaries 274,538 (211,335) (34,394) 181,757 Dividend income 44,023 137,000 — 30,000 Net income (loss) attributable to common shareholders $ 258,727 $ (97,999) $ (35,887) $ 188,179 (1) The condensed financial information should be read in conjunction with the consolidated U.S. GAAP financial statements and notes thereto. Years Ended Month Ended Year Ended ($ in thousands) December 31, 2023 December 31, 2022 December 31, 2021 November 30, 2021 Cash flows provided by (used in) operating activities Net income (loss) attributable to common shareholders $ 258,727 $ (97,999) $ (35,887) $ 188,179 Less: dividend income and equity in earnings of subsidiaries (318,561) 74,335 34,394 (211,757) Net income (loss) before equity in earnings of subsidiaries (59,834) (23,664) (1,493) (23,578) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Net realized and unrealized (gains) losses on investments — — — — Other operating inflows (outflows) 63,035 7,033 1,509 (9,294) Net cash provided by (used) in operating activities 3,201 (16,631) 16 (32,872) Cash flows provided by (used in) investing activities Other investing inflows (outflows) (146) (706) — (1,371) Dividends from subsidiaries 44,023 137,000 — 30,000 Capital contributions to subsidiaries (113,350) (118,839) — (6,673) Net cash provided by (used in) investing activities (69,473) 17,455 — 21,956 Cash flows provided by (used in) financing activities Other financing inflows (outflows) — (345) — — Repurchase of common shares (2,435) (1,518) — (7,380) Issuance of common shares 82,997 315 — 1,012 Net cash provided by (used in) financing activities 80,562 (1,548) — (6,368) Net increase (decrease) in cash and cash equivalents 14,290 (724) 16 (17,284) Cash and cash equivalents, beginning of period 10,608 11,332 11,316 28,600 Cash and cash equivalents, end of period $ 24,898 $ 10,608 $ 11,332 $ 11,316 (1) The condensed financial information should be read in conjunction with the consolidated U.S. GAAP financial statements and notes thereto. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule IV - Reinsurance | December 31, 2023 Year Ended December 31, 2023 ($ in thousands) Deferred policy acquisition costs Future policy benefits, losses, claims and Unearned premiums Net premiums earned Total net realized and unrealized gains (losses) on investments and net investment income (loss) 1 Benefits, claims, losses, and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net premiums written International $ 84,983 $ 1,717,422 $ 547,629 $ 703,508 $ 362,137 $ 186,698 $ 127,402 $ 770,399 Bermuda 71,912 1,312,615 363,593 615,025 352,466 122,450 55,763 710,039 Total $ 156,895 $ 3,030,037 $ 911,222 $ 1,318,533 $ 239,855 $ 714,603 $ 309,148 $ 183,165 $ 1,480,438 December 31, 2022 Year Ended December 31, 2022 ($ in thousands) Deferred policy acquisition costs Future policy benefits, losses, claims and Unearned premiums Net premiums earned Total net realized and unrealized gains (losses) on investments and net investment income (loss) 1 Benefits, claims, losses, and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net premiums written International $ 68,257 $ 1,582,410 $ 453,254 $ 623,047 $ 335,484 $ 170,571 $ 108,239 $ 635,773 Bermuda 46,890 1,273,865 264,934 520,667 422,849 100,618 49,301 586,091 Total $ 115,147 $ 2,856,275 $ 718,188 $ 1,143,714 $ 64,870 $ 758,333 $ 271,189 $ 157,540 $ 1,221,864 December 31, 2021 Month Ended December 31, 2021 ($ in thousands) Deferred policy acquisition costs Future policy benefits, losses, claims and Unearned premiums Net premiums earned Total net realized and unrealized gains (losses) on investments and net investment income (loss) 1 Benefits, claims, losses, and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net premiums written International n/a n/a n/a $ 62,372 $ 33,888 $ 17,192 $ 10,377 $ 67,599 Bermuda n/a n/a n/a 36,259 22,762 6,800 3,480 30,322 Total n/a n/a n/a $ 98,631 $ (36,748) $ 56,650 $ 23,992 $ 13,857 $ 97,921 November 30, 2021 Year Ended November 30, 2021 ($ in thousands) Deferred policy acquisition costs Future policy benefits, losses, claims and Unearned premiums Net premiums earned Total net realized and unrealized gains (losses) on investments and net investment income (loss) 1 Benefits, claims, losses, and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net premiums written International $ 65,065 $ 1,371,233 $ 411,024 $ 557,139 $ 352,859 $ 154,969 $ 112,055 $ 640,816 Bermuda 31,020 1,007,794 209,970 385,410 287,701 74,244 37,767 444,612 Total $ 96,085 $ 2,379,027 $ 620,994 $ 942,549 $ 308,976 $ 640,560 $ 229,213 $ 149,822 $ 1,085,428 (1) The Company does not manage its investments by reportable segment and therefore total net realized and unrealized gains (losses) on investments and net investment income (loss) is not allocated to each reportable segment. ($ in thousands) Gross premiums earned Ceded to other companies Assumed from other companies Net Percentage of amount assumed to net Year ended December 31, 2023 Premiums earned $ 1,016,762 $ 440,607 $ 742,378 $ 1,318,533 56 % Year ended December 31, 2022 Premiums earned 886,488 413,046 670,272 1,143,714 59 % Month ended December 31, 2021 Premiums earned 64,190 23,290 57,731 98,631 59 % Year ended November 30, 2021 Premiums earned 737,982 369,588 574,155 942,549 61 % |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | ($ in thousands) Opening Balance Additions Deductions Closing Balance December 31, 2023 Allowance for expected credit losses (1) $ 3,633 $ 54 $ — $ 3,687 December 31, 2022 Allowance for expected credit losses (1) — 3,633 — 3,633 December 31, 2021 Allowance for expected credit losses (1) — — — — November 30, 2021 Allowance for expected credit losses (1) — — — — (1) Deducted from Premiums Receivable, Paid and Unpaid losses and loss adjustment expenses recoverable. |
Schedule VI - Supplemental Insu
Schedule VI - Supplemental Insurance Information Concerning Property - Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule VI - Supplemental Insurance Information Concerning Property - Casualty Insurance Operations | ($ in thousands) Affiliation with Registrant Deferred policy Reserves for unpaid claims and claim adjustments expenses Discount, if any, deducted Unearned premiums Net premiums earned Total net realized and unrealized gains (losses) on investments and net investment income (loss) Consolidated subsidiaries Year ended December 31, 2023 $ 156,895 $ 3,030,037 $ — $ 911,222 $ 1,318,533 $ 239,855 Year ended December 31, 2022 115,147 2,856,275 — 718,188 1,143,714 64,870 Month ended December 31, 2021 n/a n/a — n/a 98,631 (36,748) Year ended November 30, 2021 96,085 2,379,027 — 620,994 942,549 308,976 Claims and claims adjustment expenses incurred related to ($ in thousands) Affiliation with Registrant Current Year Prior Year Amortization of deferred policy acquisition costs Paid claims and claim adjusted expenses Net premiums written Consolidated subsidiaries Year ended December 31, 2023 $ 730,220 $ (15,617) $ 309,148 $ 564,798 $ 1,480,438 Year ended December 31, 2022 778,936 (20,603) 271,189 377,186 1,221,864 Month ended December 31, 2021 56,650 — 23,992 14,849 97,921 Year ended November 30, 2021 628,781 11,779 229,213 311,522 1,085,428 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Hamilton Group, Hamilton Re, Hamilton U.K. Holdings Limited, Hamilton Select, HMGA Americas, ACML, and TS Hamilton Fund (collectively the "Company"). All significant intercompany transactions and balances have been eliminated on consolidation |
Basis of Presentation and Non-Controlling Interest | Basis of Presentation These audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Hamilton Group, Hamilton Re, Hamilton U.K. Holdings Limited, Hamilton Select, HMGA Americas, ACML, and TS Hamilton Fund (collectively the "Company"). All significant intercompany transactions and balances have been eliminated on consolidation . Certain comparative information has been reclassified to conform to the current year presentation. Non-Controlling Interest The share classes related to the redeemable non-controlling interest portion of TS Hamilton Fund are not considered liabilities in accordance with GAAP and have redemption features that are not solely within the control of TS Hamilton Fund. Therefore, the redeemable non-controlling interest in TS Hamilton Fund is presented in the mezzanine section on the Company’s consolidated balance sheets. The net income or loss attributable to non-controlling interest is presented separately in the Company’s consolidated statements of operations. See Note 5, Variable Interest Entities , for further details. |
Use of Estimates | Use of Estimates 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 at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates recorded in the Company’s financial statements include, but are not limited to, premiums written, provisions for estimated future credit losses, the reserve for losses and loss adjustment expenses and the fair value of investments. |
Change in Year End | Change in Year End On January 17, 2022, the Company changed its fiscal year from November 30 to December 31. The current year consolidated financial statements and accompanying footnotes cover the calendar year ended December 31, 2023. As a result, our comparative prior periods consist of the twelve month period from January 1, 2022 to December 31, 2022, the one-month transition period ended December 31, 2021, and the twelve month period from December 1, 2020 to November 30, 2021. The transition period has been separately disclosed in the Company's Statements of Operations and Comprehensive Income (Loss), Statements of Shareholders' Equity, Statements of Cash Flows and throughout the footnotes. |
Fair Value Measurements | Fair Value Measurements Details on assets and liabilities that have been included under the requirements of authoritative guidance on fair value measurements to illustrate the bases for determining the fair values of these items held by the Company are included in Note 4, Fair Value and each respective section of this significant accounting policies note. Where the Company has elected to account for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurements and Disclosures , the Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations. See Note 2k, Investments |
Premiums and Acquisition Costs | Premiums and Acquisition Costs Premiums written and ceded on a losses occurring basis are earned pro-rata over the terms of the related contracts and policies. For contracts written on a risks-attaching basis, premiums written and ceded are earned over the terms of the underlying contracts and policies. Premiums written and ceded include estimates based on information received from insureds, brokers and ceding companies, and any subsequent differences arising on such estimates are recorded in the periods in which they are determined. The portion of the premiums written and ceded applicable to the unexpired terms of the underlying contracts and policies are recorded as unearned premiums and prepaid reinsurance premiums, respectively. Amounts are computed by pro-rata methods based on statistical data or reports received from insureds, brokers or ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition expenses are costs that vary with, and are directly related to, the successful acquisition of new or renewal business and consist principally of commissions, brokerage and premium tax expenses. These costs are deferred and amortized over the periods in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated losses and loss adjustment expenses, based on historical and current experience, and anticipated net investment income related to the premiums are considered in determining the recoverability of deferred acquisition costs. |
Concentration of Credit Risk | Concentrations of Credit Risk |
Reinsurance | Reinsurance In the normal course of business, the Company seeks to reduce the potential amount of loss arising from claims events by reinsuring certain levels of risk with other reinsurers. Ceded reinsurance contracts do not relieve the Company of its primary obligation to policyholders. Prepaid reinsurance represents the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in place. Amounts recoverable from reinsurers are estimated based on the terms and conditions of the reinsurance contracts, in a manner consistent with the underlying liabilities insured or reinsured by the Company. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the periods in which they are determined. Amounts recoverable from reinsurers are recorded net of an allowance for expected credit losses. See Note 8, Reinsurance , for further details. |
Credit Loss Provisions | Credit Loss Provisions The Company routinely evaluates its premiums receivable and paid and unpaid losses recoverable for potential specific credit or collection issues that might indicate an impairment. Premiums receivable and paid and unpaid losses recoverable are presented net of the resulting credit provisions, with the corresponding debits offset against gross premiums written or losses and loss adjustment expenses, as applicable, in the consolidated statement of operations and comprehensive income (loss). The method for calculating the best estimate of losses depends on the size, nature, and risk characteristics of the related underwriting receivable. Such an estimate requires consideration of historical loss experience, current economic conditions, and judgments about the probable effects of relevant observable data, including historical information, counterparty financial strength ratings and the extent of collateralization. The underlying assumptions, estimates and assessments are updated periodically to reflect the Company's view of current conditions. Changes in estimates may significantly affect the allowance and provision for losses. It is possible that the Company's actual credit loss experience will differ materially from current estimates. Adjustments, if any, are recorded in earnings in the periods in which they become known. See Note 8, Reinsurance |
Reserve for Losses and Loss Adjustment Expenses | Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses includes reserves for unpaid reported losses and for losses incurred but not reported ("IBNR"). The reserve for unpaid reported losses and loss adjustment expenses is established by management based on reports from insureds, brokers and ceding companies and represents the estimated ultimate cost of events or conditions that have been reported to or specifically identified by the Company. The reserve for IBNR losses and loss adjustment expenses is established by management based on estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claim severity and frequency, the expected duration of the respective claims development period, inadequacies in the data provided by industry participants, the potential for further reporting lags, significant uncertainty as it relates to legal issues under the relevant terms of insurance and reinsurance contracts, and other factors, which may vary significantly as claims are settled. Accordingly, ultimate losses and loss adjustment expenses may differ materially from the amounts recorded in the financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are recorded in earnings in the periods in which they become known. See Note 9, Reserve for Losses and Loss Adjustment Expenses , for further details. |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents include money market funds and highly liquid short-term deposits and securities with maturities of 90 days or less at the time of purchase. Bank deposits are not considered to be fair value measurements and as such are not subject to the authoritative guidance on fair value measurement disclosures. Money market funds are classified as Level 1 as these instruments are considered actively traded; however, certificates of deposit are classified as Level 2. Restricted cash and cash equivalents typically relates to funds held in trust supporting a portion of the Lloyd's capital requirements and other underwriting obligations. See Note 3, Investments , for further details. |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents include money market funds and highly liquid short-term deposits and securities with maturities of 90 days or less at the time of purchase. Bank deposits are not considered to be fair value measurements and as such are not subject to the authoritative guidance on fair value measurement disclosures. Money market funds are classified as Level 1 as these instruments are considered actively traded; however, certificates of deposit are classified as Level 2. Restricted cash and cash equivalents typically relates to funds held in trust supporting a portion of the Lloyd's capital requirements and other underwriting obligations. See Note 3, Investments , for further details. |
Investments | Investments Investments - Trading The Company elects the fair value option for its fixed maturity investments, short-term investments and certain other invested assets (excluding those that are accounted for using specialized investment company accounting as noted below). All changes in the fair value of investments are recorded within net realized and unrealized gains (losses) on investments in the consolidated statements of operations. See Note 4, Fair Value , for further details. All investment transactions are recorded on a trade-date basis and are valued using pricing data received from third parties. Realized gains or losses on sales of investments are determined on a weighted average basis. Investment income is recognized when earned and includes interest and dividend income, recorded as of the ex-dividend date, together with the amortization of premium and discount on fixed maturities and short-term investments computed using the effective yield method. Net investment income includes related investment expenses. Short-Term Investments Short-term investments comprise securities with a maturity greater than three months but less than one year from the date of purchase. Investments in Two Sigma Funds TS Hamilton Fund invests in Two Sigma Funds ("Two Sigma Funds"), which are stated at their estimated fair values, which generally represent the Company’s proportionate interest in the members’ equity of the Two Sigma Funds as reported by the respective funds based on the net asset value ("NAV") provided by the fund administrator. The Company accounts for its investment in Two Sigma Funds under the variable interest model at NAV as a practical expedient for fair value in the consolidated balance sheets. Increases or decreases in such fair values are recorded within net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Realized gains or losses upon any withdrawals of investments in the Two Sigma Funds are calculated using the weighted average method. The assets and liabilities of the Two Sigma Funds are recorded at fair value, or at amounts approximating fair value. The Company records contributions and withdrawals related to its investments in the Two Sigma Funds on the transaction date. The specialized investment company accounting, as described above, is retained in the Company’s audited consolidated financial statements upon consolidation of TS Hamilton Fund. |
Foreign Exchange | Foreign Exchange Monetary assets and liabilities denominated in foreign currencies are revalued into the functional currency of each entity using the exchange rates in effect at the balance sheet date, with the resulting foreign exchange gains and losses included in earnings. Revenues and expenses denominated in foreign currencies are revalued at the exchange rates in effect on the transaction date. The Company’s reporting currency as at December 31, 2023 is the U.S. dollar ("USD"). The functional currency of the Company's U.K. subsidiaries changed from GBP to USD on January 1, 2017. The accumulated other comprehensive loss recorded prior to the change in functional currency will remain on the balance sheet until such time as the U.K. operations are sold, or substantially liquidated. |
Stock-Based Compensation | Stock-Based Compensation The Company issues restricted stock units, performance stock units and warrants and may issue other equity-based awards to its employees. The Black-Scholes pricing model is used to determine the fair value of warrants. When using the Black-Scholes model, the volatility assumption is derived from the historical volatility of the share prices of a selection of publicly traded insurance companies of a similar business nature to the Company. No allowance is made for any potential illiquidity associated with the private nature of the Company’s shares at the time of grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected lives of the awards are estimated at their maximum term. Compensation cost is measured at the grant date fair value and expensed over the period for which the employee is required to provide services in exchange for the award. For awards subject to graded vesting, the awards are separated into vesting tranches, which are amortized over their respective vesting periods. The fair value of awards with performance conditions is remeasured at each reporting period with any changes in the expected outcome of the performance conditions recorded in compensation expense by a cumulative catch-up adjustment to apply the revised estimate. Forfeitures are recognized as they occur. See Note 13, Stock Incentive Plans, |
Intangible Assets | Intangible Assets The Company accounts for goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles - Goodwill and Other . A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill or other intangible assets, according to their nature. Goodwill and other intangible assets with indefinite useful lives are not amortized. Other intangible assets with a finite life are amortized over the estimated useful lives of the assets. All recorded goodwill was written down in the year ended December 31, 2022, primarily as a result of the annual impairment assessment, and the Company has no recorded goodwill at December 31, 2023 or 2022. The Company's indefinite lived intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances warrant. Finite lived intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable and tested for impairment if appropriate. If indefinite lived intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense recorded in the Company's consolidated statement of operations. |
Variable Interest Entities | Variable Interest Entities The Company accounts for variable interest entities ("VIE") in accordance with GAAP guidance, which requires the consolidation of all VIEs by the primary beneficiary: the investor that has the power to direct the activities of the VIE and will absorb a majority of the VIE’s expected losses or residual returns. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. The Company also reassesses its determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. |
Earnings Per Share | Earnings Per Share The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share . Basic earnings per share are based on weighted average common shares outstanding during the period and exclude any dilutive effects of restricted stock units and warrants. Diluted earnings per share includes the estimated impact under the Treasury Stock method where all dilutive restricted stock grants to vest and all dilutive warrants to be exercised during the period. |
Income Taxes | Income Taxes The Company records deferred income taxes that reflect the tax effect of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the fiscal period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is not more likely than not that all, or some portion, of the benefits related to deferred tax assets will be realized. The valuation allowance assessment considers tax planning strategies, where applicable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 Leases (as subsequently clarified in various Updates) which updated accounting guidance that applies to any entity that enters into a lease that does not meet certain scope exceptions. The guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The Company adopted this guidance in the first quarter of 2022 by recording a gross-up of the balance sheet in recognition of an operating lease liability for future lease payments and the associated right-of-use asset for the right to use the underlying asset over the lease term. This guidance did not have a material impact on the Company’s results of operations, financial position, cash flows or disclosures. In June 2016, the FASB issued ASU 2016-13 Measurement of Credit Losses on Financial Instruments (as subsequently clarified in various Updates), which requires the application of an incurred loss impairment methodology that reflects expected credit losses and requires consideration of a broad range of reasonable and supportable information to record credit loss estimates. The Company adopted this guidance in the first quarter of 2022, and because it did not have a material impact on the Company’s results of operations, financial position, or cash flows, the Company did not record a cumulative effective adjustment to opening retained earnings as of January 1, 2022. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting which enhances the qualitative and quantitative disclosures related to reportable segments. The guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. This guidance will not have a material impact on the Company's results of operations, financial position, or cash flows. In December 2023, the FASB issued ASU 2023-09 Income Taxes which enhances the quantitative annual disclosures related to tax rate reconciliations and income taxes paid and requires additional qualitative discussion of applicable tax jurisdictions and the nature of certain reconciling items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance will not have a material impact on the Company's results of operations, financial position, or cash flows. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fixed Maturity and Short-Term Investments | The Company’s fixed maturity and short-term investments at December 31, 2023 and 2022 are as follows: 2023 ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities: U.S. government treasuries $ 717,134 $ 5,137 $ (14,021) $ 708,250 U.S. states, territories and municipalities 4,656 — (286) 4,370 Non-U.S. sovereign governments and supranationals 55,662 2,175 (1,591) 56,246 Corporate 877,493 8,443 (22,060) 863,876 Residential mortgage-backed securities - Agency 180,661 435 (12,583) 168,513 Residential mortgage-backed securities - Non-agency 5,639 16 (671) 4,984 Commercial mortgage-backed securities - Non-agency 11,473 — (1,050) 10,423 Other asset-backed securities 14,781 20 (195) 14,606 Total fixed maturities 1,867,499 16,226 (52,457) 1,831,268 Short-term investments 427,437 1,441 — 428,878 Total $ 2,294,936 $ 17,667 $ (52,457) $ 2,260,146 2022 ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities: U.S. government treasuries $ 498,841 $ 99 $ (27,089) $ 471,851 U.S. states, territories and municipalities 4,741 — (434) 4,307 Non-U.S. sovereign governments and supranationals 14,191 363 (1,602) 12,952 Corporate 690,900 363 (43,786) 647,477 Residential mortgage-backed securities - Agency 111,234 — (14,824) 96,410 Residential mortgage-backed securities - Non-agency 5,147 — (772) 4,375 Commercial mortgage-backed securities - Non-agency 10,283 — (1,064) 9,219 Other asset-backed securities 13,347 1 (463) 12,885 Total fixed maturities 1,348,684 826 (90,034) 1,259,476 Short-term investments 285,130 986 (5) 286,111 Total $ 1,633,814 $ 1,812 $ (90,039) $ 1,545,587 |
Schedule of Contractual Maturities of Fixed Maturity Securities | The following table presents contractual maturities of fixed maturity securities at December 31, 2023. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. 2023 ($ in thousands) Amortized Cost Fair Value Due less than one year $ 147,221 $ 144,123 Due after one through five years 1,284,934 1,266,461 Due after five through ten years 217,827 217,683 Due after ten years 4,963 4,475 Mortgage-backed 197,773 183,920 Asset-backed 14,781 14,606 Total $ 1,867,499 $ 1,831,268 |
Schedule of Investments in Two Sigma Funds | The Company’s investments in Two Sigma Funds at December 31, 2023 and 2022 are as follows: 2023 2022 ($ in thousands) Cost Net Unrealized Gains (Losses) Fair Value Cost Net Unrealized Gains (Losses) Fair Value Two Sigma Futures Portfolio, LLC (FTV) $ 433,911 $ (38,105) $ 395,806 $ 438,625 $ (95,213) $ 343,412 Two Sigma Spectrum Portfolio, LLC (STV) 193,299 88,228 281,527 171,135 57,982 229,117 Two Sigma Equity Spectrum Portfolio, LLC (ESTV) 142,981 31,156 174,137 121,340 46,867 168,207 Total $ 770,191 $ 81,279 $ 851,470 $ 731,100 $ 9,636 $ 740,736 |
Schedule of Certain Investments of FTV, STV and ESTV | The following table summarizes certain investments of FTV, STV and ESTV where TS Hamilton Fund’s proportionate share of the fair value of the investment represents more than 5% of TS Hamilton Fund’s members’ equity at December 31, 2023: 2023 ($ in thousands) Principal / Shares (1) Fair Value (1) % of Members' Equity State Street Treasury Obligations Money Market Fund 145,005 $ 145,005 8.4 % U.S. Treasury Securities, 0.0000% - 4.7500%, due 1/9/2024 - 11/15/2053 910,278 $ 903,301 52.1 % U.S. Treasury Securities, 4.3750% - 4.7500%, due 12/15/2026 - 11/15/2053 (43,211) $ (45,640) (2.6) % (1) |
Schedule of Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss) | The components of total net realized and unrealized gains (losses) on investments and net investment income (loss) are as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Net realized and unrealized gains (losses) on investments: Net realized gains (losses) on investments $ 84,302 $ 251,662 $ 11,302 $ 278,691 Change in net unrealized gains (losses) on investments 125,097 (165,305) (44,828) 73,502 Net realized and unrealized gains (losses) on investments 209,399 86,357 (33,526) 352,193 Net investment income (loss): Fixed maturities 47,970 22,375 1,042 11,277 Short-term investments 295 155 28 838 TS Hamilton Fund 16,084 10,395 199 2,124 Cash and cash equivalents 12,523 2,634 40 252 Other 1,580 (1,397) 2 636 Interest and other 78,452 34,162 1,311 15,127 Loss on equity method investment — — — (7,285) Management fees (47,049) (54,581) (4,442) (49,927) Other expenses (947) (1,068) (91) (1,132) Net investment income (loss) 30,456 (21,487) (3,222) (43,217) Total net realized and unrealized gains (losses) on investments and net investment income (loss) $ 239,855 $ 64,870 $ (36,748) $ 308,976 |
Schedule of Realized Gain (Loss) on Investments | The components of net realized gains (losses) on investments are as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Fixed maturities and short-term investments $ (16,628) $ (14,968) $ (8,706) $ 5,703 TS Hamilton Fund 100,930 266,630 20,008 272,988 Net realized gains (losses) on investments $ 84,302 $ 251,662 $ 11,302 $ 278,691 |
Schedule of Unrealized Gain (Loss) on Investments | The components of net unrealized gains (losses) on investments are as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Fixed maturities and short-term investments $ 52,751 $ (87,254) $ 6,743 $ (27,624) TS Hamilton Fund 72,346 (78,051) (51,571) 101,126 Net unrealized gains (losses) on investments $ 125,097 $ (165,305) $ (44,828) $ 73,502 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table presents the financial instruments measured on a recurring basis at fair value at December 31, 2023 and 2022: 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government treasuries $ — $ 708,250 $ — $ 708,250 U.S. states, territories and municipalities — 4,370 — 4,370 Non-U.S. sovereign governments and supranationals — 56,246 — 56,246 Corporate — 863,876 — 863,876 Residential mortgage-backed securities - Agency — 168,513 — 168,513 Residential mortgage-backed securities - Non-agency — 4,984 — 4,984 Commercial mortgage-backed securities - Non-agency — 10,423 — 10,423 Other asset-backed securities — 14,606 — 14,606 Total fixed maturities — 1,831,268 — 1,831,268 Short-term investments — 428,878 — 428,878 Total $ — $ 2,260,146 $ — $ 2,260,146 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government treasuries $ — $ 471,851 $ — $ 471,851 U.S. states, territories and municipalities — 4,307 — 4,307 Non-U.S. sovereign governments and supranationals — 12,952 — 12,952 Corporate — 647,477 — 647,477 Residential mortgage-backed securities - Agency — 96,410 — 96,410 Residential mortgage-backed securities - Non-agency — 4,375 — 4,375 Commercial mortgage-backed securities - Non-agency — 9,219 — 9,219 Other asset-backed securities — 12,885 — 12,885 Total fixed maturities — 1,259,476 — 1,259,476 Short-term investments — 286,111 — 286,111 Total $ — $ 1,545,587 $ — $ 1,545,587 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Activity In and Total Assets and Total Liabilities of TS Hamilton Fund | Activity in the non-controlling interest of TS Hamilton Fund was as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Balance - beginning of period $ 119 $ 124 $ 150 $ 119 Withdrawals (21,546) (68,069) (23) (61,629) Equity in earnings 14 14 (3) 31 Incentive allocation 21,546 68,050 — 61,629 Balance - end of period $ 133 $ 119 $ 124 $ 150 The following table represents the total assets and total liabilities of TS Hamilton Fund at December 31, 2023 and 2022. Creditors or beneficial interest holders of TS Hamilton Fund have no recourse to the general credit of the Company as the Company’s obligation is limited to the amount of its committed investment. ($ in thousands) 2023 2022 Assets Cash and cash equivalents $ 479,255 $ 800,239 Short-term investments 428,878 264,104 Investments in Two Sigma Funds, at fair value 851,470 740,736 Receivables for investments sold 41,087 — Interest and dividends receivable 966 2,076 Total assets 1,801,656 1,807,155 Liabilities Accounts payable and accrued expenses 191 291 Withdrawal payable 6,480 145,738 Payable for investments purchased 62,440 48,095 Total liabilities 69,111 194,124 Total net assets managed by TS Hamilton Fund $ 1,732,545 $ 1,613,031 |
Change in Fiscal Year End Com_2
Change in Fiscal Year End Comparative Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Statement of Comprehensive Income | The Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the one month period ended December 31, 2021 and 2020 are as follows: One Month Ended December 31, ($ in thousands, except per share information) 2021 2020 (unaudited) Revenues Net premiums earned $ 98,631 $ 67,498 Net investment income (loss), net of income attributable to non-controlling interest (36,745) 72,048 Other income (loss) 2,147 3,757 Total revenues 64,033 143,303 Expenses Losses and loss adjustment expenses 56,650 44,925 Acquisition costs 23,992 17,534 General and administrative expenses 15,682 15,189 Other expenses 2,261 1,570 Total expenses 98,585 79,218 Income (loss) before income tax (34,552) 64,085 Income tax expense 1,335 664 Net income (loss) attributable to common shareholders $ (35,887) $ 63,421 Per share data Basic earnings (loss) per share attributable to common shareholders $ (0.35) $ 0.62 Diluted earnings (loss) per share attributable to common shareholders $ (0.35) $ 0.61 |
Schedule of Condensed Cash Flow Statement | The Condensed Consolidated Statements of Cash Flows for the one month period ended December 31, 2021 and 2020 are as follows: One Month Ended December 31, ($ in thousands) 2021 2020 (unaudited) Net cash used in operating activities $ (33,913) $ (20,765) Net cash from investing activities 43,088 2,141 Net cash used in financing activities (23) (53) Effect of exchange rate changes on cash and cash equivalents 46 1,409 Net increase (decrease) in cash and cash equivalents 9,198 (17,268) Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 954,928 660,079 Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 964,126 $ 642,811 |
Schedule of Stockholders Equity | The Consolidated Statements of Shareholders' Equity for the one month period ended December 31, 2021 and 2020 are as follows: One Month Ended December 31, ($ in thousands) 2021 2020 (unaudited) Common shares Balance, beginning and end of period $ 1,025 $ 1,024 Additional paid-in capital Balance, beginning of period 1,109,205 1,104,803 Repurchases of common shares — (34) Share compensation expense 1,043 830 Balance, end of period 1,110,248 1,105,599 Accumulated other comprehensive loss Balance, beginning and end of period (4,441) (4,441) Retained earnings Balance, beginning of period 681,656 495,364 Net income (loss) (35,890) 78,616 Net income attributable to non-controlling interest 3 (15,195) Repurchases of common shares — (18) Balance, end of period 645,769 558,767 Total shareholders’ equity $ 1,752,601 $ 1,660,949 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Intangible Assets | The following table provides a summary of the Company's goodwill and intangible assets: ($ in thousands) Goodwill Intangible Assets Intangible Assets not Subject to Amortization Total Net balance, November 30, 2021 $ 24,884 $ 54,920 $ 37,208 $ 117,012 Plus: additions — 800 — 800 Less: amortization — (1,200) — (1,200) Net balance, December 31, 2021 24,884 54,520 37,208 116,612 Plus: additions (802) 8,062 — 7,260 Less: impairment (24,082) — — (24,082) Less: amortization — (12,832) — (12,832) Net balance, December 31, 2022 — 49,750 37,208 86,958 Plus: additions — 14,821 — 14,821 Less: amortization — (10,783) — (10,783) Net balance, December 31, 2023 $ — $ 53,788 $ 37,208 $ 90,996 Gross balance, December 31, 2023 $ — $ 109,722 $ 37,208 $ 146,930 Accumulated amortization — (55,934) — (55,934) Net balance, December 31, 2023 $ — $ 53,788 $ 37,208 $ 90,996 The following tables present the components of goodwill and intangible assets at December 31, 2023 and 2022: 2023 ($ in thousands) Gross Balance Accumulated Amortization and Impairment Net Balance Intangible assets subject to amortization Coverholder and broker relationships $ 44,515 $ (19,255) $ 25,260 Internally developed software 44,519 (15,991) 28,528 Value of business acquired 13,309 (13,309) — Managing general agency contracts 7,379 (7,379) — Intangible assets not subject to amortization Lloyd's syndicate capacity 35,583 — 35,583 Licenses 1,625 — 1,625 $ 146,930 $ (55,934) $ 90,996 2022 ($ in thousands) Gross Balance Accumulated Amortization and Impairment Net Balance Intangible assets subject to amortization Coverholder and broker relationships $ 44,515 $ (14,804) $ 29,711 Internally developed software 29,698 (10,293) 19,405 Value of business acquired 13,309 (12,675) 634 Managing general agency contracts 7,379 (7,379) — Intangible assets not subject to amortization Lloyd's syndicate capacity 35,583 — 35,583 Licenses 1,625 — 1,625 $ 132,109 $ (45,151) $ 86,958 |
Schedule of Estimated Amortization Expense | The weighted-average amortization period is 2.9 years and the estimated amortization expense for each of the five succeeding fiscal years and thereafter related to these assets is as follows: ($ in thousands) Year Ending December 31, Estimated Amortization Expense 2024 $ 13,151 2025 12,109 2026 9,962 2027 8,880 2028 6,686 Thereafter 3,000 Total $ 53,788 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Effects of Reinsurance | The following tables set forth the effect of reinsurance and retrocessional activity on premiums written and earned and on losses and loss adjustment expenses incurred: Premiums Written Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Assumed $ 838,547 $ 709,194 $ 40,938 $ 624,470 Direct 1,112,491 937,479 80,875 822,081 Ceded (470,600) (424,809) (23,892) (361,123) Net $ 1,480,438 $ 1,221,864 $ 97,921 $ 1,085,428 Premiums Earned Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Assumed $ 742,378 $ 670,272 $ 57,731 $ 574,155 Direct 1,016,762 886,488 64,190 737,982 Ceded (440,607) (413,046) (23,290) (369,588) Net $ 1,318,533 $ 1,143,714 $ 98,631 $ 942,549 Losses and Loss Adjustment Expenses Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Gross losses and loss adjustment expenses $ 972,347 $ 1,133,469 $ 78,691 $ 768,255 Losses and loss adjustment expenses ceded (257,744) (375,136) (22,041) (127,695) Net $ 714,603 $ 758,333 $ 56,650 $ 640,560 |
Schedule of Paid and Unpaid Losses and Loss Adjustment Expenses Recoverable | At December 31, 2023 and 2022, the distribution of the Company’s paid losses recoverable and unpaid losses and loss adjustment expenses recoverable as categorized by major rating agencies were as follows: Classification 2023 2022 Collateralized 28.5 % 33.8 % A- or better 71.0 % 65.6 % Below A- 0.5 % 0.6 % Total 100.0 % 100.0 % |
Reserve for Losses and Loss A_2
Reserve for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses | The following table presents a reconciliation of unpaid losses and loss adjustment expenses ("LAE"): Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Gross unpaid losses and loss adjustment expenses, $ 2,856,275 $ 2,415,491 $ 2,379,027 $ 2,054,628 Reinsurance recoverable on unpaid losses 1,177,863 1,112,543 1,118,273 1,076,063 Net unpaid losses and loss adjustment expenses, 1,678,412 1,302,948 1,260,754 978,565 Net losses and loss adjustment expenses incurred in respect Current year 730,220 778,936 56,650 628,781 Prior years (15,617) (20,603) — 11,779 Total incurred 714,603 758,333 56,650 640,560 Net losses and loss adjustment expenses paid in respect of Current year 62,811 61,649 3,767 55,979 Prior years 501,987 315,537 11,082 255,543 Total paid 564,798 377,186 14,849 311,522 Foreign currency revaluation and other 40,743 (5,683) 393 (46,849) Net unpaid losses and loss adjustment expenses, 1,868,960 1,678,412 1,302,948 1,260,754 Reinsurance recoverable on unpaid losses 1,161,077 1,177,863 1,112,543 1,118,273 Gross unpaid losses and loss adjustment expenses, $ 3,030,037 $ 2,856,275 $ 2,415,491 $ 2,379,027 |
Schedule of Short-Duration Insurance Contracts, Claims Development | The following tables show the paid and incurred loss development by broad classification based on groupings of contracts that are similar in coverage and duration: International Property ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $1 $1 $1 $— $— $— $— $— $— $— 2 2016 7,527 6,551 6,212 6,351 6,011 7,155 7,261 7,349 $31 903 2017 38,379 42,986 44,911 41,819 41,260 41,224 41,230 230 1,164 2018 24,037 26,191 24,873 24,537 24,542 24,466 1,655 1,120 2019 32,695 33,895 36,609 36,672 36,687 1,746 1,421 2020 134,743 144,201 143,676 143,418 10,630 2,201 2021 113,813 124,917 121,907 14,221 1,529 2022 81,324 74,560 20,374 1,031 2023 53,085 36,154 492 Total $502,702 $85,041 9,863 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $— $— $— $— $— $— $— $— 2016 171 3,428 4,567 6,668 7,049 6,891 7,003 7,277 2017 9,249 29,283 34,363 40,193 39,984 40,832 40,900 2018 1,322 12,036 17,340 20,053 20,905 21,964 2019 8,307 21,106 20,940 25,818 32,942 2020 24,365 90,859 115,587 132,191 2021 23,564 63,784 101,064 2022 9,996 46,856 2023 5,502 Total $388,696 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $114,006 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 2 3 4 5 6 7 8 16 % 42 % 20 % 13 % 7 % 2 % — % 4 % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. International Casualty ($ in thousands, except claim count) The following table discloses losses incurred, losses paid and claims data excluding the impact of the loss portfolio transfer discussed in further detail in Note 8, Reinsurance. Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $— $— $— $— $— $— $— $— $— — 2016 171 278 243 342 342 342 388 367 222 32 2017 648 5,187 7,354 6,332 5,857 5,121 5,079 413 73 2018 697 5,890 5,686 4,941 4,351 4,453 374 543 2019 19,882 19,199 18,867 18,112 16,817 1,638 2,645 2020 28,692 24,123 17,870 19,426 2,543 3,546 2021 101,549 109,013 107,024 85,506 3,370 2022 144,543 145,030 109,483 3,382 2023 145,783 121,965 3,238 Total $443,979 $322,144 16,829 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $— $— $— $— $— $— $— $— 2016 — — 82 — — — — — 2017 — 22 629 2,285 2,406 3,964 4,043 2018 35 439 2,266 3,167 3,800 4,011 2019 177 2,719 6,813 13,332 14,992 2020 3,363 8,420 12,480 16,706 2021 795 11,243 20,080 2022 3,240 9,452 2023 5,240 Total $74,524 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $369,455 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 2 3 4 5 6 7 8 3 % 8 % 13 % 29 % 9 % 18 % 1 % — % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. International Specialty ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $93 $138 $218 $212 $144 $149 $94 $100 $— 65 2016 2,534 4,771 5,383 5,232 5,370 3,668 3,367 3,325 31 766 2017 22,378 17,430 16,943 15,256 22,030 25,397 27,714 730 1,300 2018 31,724 30,606 29,176 33,129 37,834 42,995 704 1,587 2019 108,035 109,971 104,017 97,777 95,702 6,521 2,728 2020 119,790 116,242 106,774 105,314 10,628 2,864 2021 124,844 136,998 138,471 43,598 2,939 2022 129,423 119,581 51,235 2,478 2023 178,429 132,862 1,289 Total $711,631 $246,309 16,016 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2015 $— $16 $62 $119 $147 $150 $150 $94 $94 2016 248 2,141 4,000 3,098 3,446 3,600 3,265 3,265 2017 2,427 8,992 16,986 21,763 21,256 23,043 25,858 2018 2,054 17,155 30,652 30,839 35,614 40,792 2019 14,076 59,152 77,532 78,807 86,733 2020 12,218 53,425 84,864 94,657 2021 9,743 45,838 67,950 2022 9,001 41,596 2023 17,943 Total $378,888 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $332,743 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 2 3 4 5 6 7 8 10 % 33 % 23 % 6 % 7 % 10 % 8 % (2) % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Bermuda Property ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $19,416 $20,563 $19,374 $17,894 $17,723 $17,727 $17,662 $17,424 $17,440 $17,437 $— 49 2015 29,519 17,011 12,664 12,195 7,828 6,494 6,468 6,439 5,668 — 41 2016 56,248 39,028 37,689 36,081 35,212 36,424 35,698 35,155 4 107 2017 100,840 98,208 93,419 81,078 79,511 83,438 83,626 615 272 2018 69,118 83,023 79,102 79,015 74,200 70,863 429 233 2019 23,664 48,629 58,264 59,009 57,180 2,033 140 2020 113,895 122,350 127,424 125,957 7,839 280 2021 147,349 163,291 158,148 16,755 205 2022 183,258 209,851 49,850 229 2023 103,207 53,581 68 Total $867,092 $131,106 1,624 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $8,047 $14,310 $15,920 $16,592 $17,005 $17,240 $17,313 $17,377 $17,419 $17,419 2015 1,775 4,664 5,163 5,297 5,417 5,608 5,630 5,646 5,647 2016 12,840 25,596 29,623 31,685 32,882 33,985 34,609 34,741 2017 24,533 90,864 71,190 82,940 71,795 75,524 78,356 2018 12,631 71,557 85,660 67,547 65,583 67,410 2019 2,401 32,433 38,002 46,504 49,705 2020 13,253 48,246 75,445 104,870 2021 16,080 71,293 106,089 2022 35,261 109,215 2023 26,199 Total $599,651 Outstanding liabilities for accident year 2013 and prior, net of reinsurance $40 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $267,481 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 (unaudited) 2 (unaudited) 3 (unaudited) 4 (unaudited) 5 (unaudited) 6 (unaudited) 7 (unaudited) 8 (unaudited) 9 (unaudited) 18 % 45 % 12 % 9 % (3) % 3 % 3 % — % — % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Bermuda Casualty ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $13,350 $13,408 $18,549 $12,871 $18,254 $19,966 $16,478 $16,552 $16,631 $24,475 $1,569 7 2015 19,729 18,378 31,722 30,525 38,780 39,509 50,742 49,692 41,835 9,062 35 2016 44,749 50,174 54,551 54,883 57,099 56,571 60,536 55,193 6,917 7 2017 85,123 96,716 101,802 105,869 113,845 126,429 138,131 12,038 37 2018 101,827 116,054 123,517 122,003 132,004 133,735 23,448 29 2019 85,787 96,535 101,905 101,020 105,609 36,330 18 2020 82,179 84,742 88,638 88,825 37,197 21 2021 69,924 79,272 80,188 48,917 7 2022 110,673 110,424 93,694 3 2023 170,569 153,732 25 Total $948,984 $422,904 189 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $776 $2,026 $3,330 $4,687 $6,223 $10,512 $12,847 $13,336 $13,846 $23,812 2015 708 2,111 3,569 11,246 16,953 18,828 25,671 34,198 30,726 2016 1,541 5,169 12,678 20,504 27,103 35,482 39,381 41,115 2017 3,792 10,961 22,829 50,471 70,548 91,855 106,013 2018 3,782 22,800 50,903 66,889 70,939 87,677 2019 3,965 11,094 23,445 36,161 53,528 2020 5,417 14,495 19,713 35,047 2021 1,934 4,523 11,255 2022 696 4,744 2023 2,025 Total $395,942 Outstanding liabilities for accident year 2013 and prior, net of reinsurance $47 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $553,089 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 (unaudited) 2 (unaudited) 3 (unaudited) 4 (unaudited) 5 (unaudited) 6 (unaudited) 7 (unaudited) 8 (unaudited) 9 3 % 7 % 11 % 15 % 11 % 13 % 10 % 9 % (4) % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. Bermuda Specialty ($ in thousands, except claim count) Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended As of December 31, 2023 November 30, December 31, IBNR (1) Cumulative Number of Reported Claims Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $11,857 $12,478 $10,293 $8,377 $9,123 $8,865 $8,730 $8,612 $8,540 $8,594 $— 19 2015 27,712 26,686 19,347 19,240 17,467 16,820 15,383 15,672 15,289 31 39 2016 38,154 34,919 28,984 23,211 19,854 16,865 15,849 15,853 650 58 2017 57,663 44,254 36,329 29,628 24,489 26,829 27,340 961 74 2018 58,959 52,742 48,477 45,178 38,695 39,937 1,494 88 2019 62,474 56,425 48,991 49,175 48,529 3,908 101 2020 63,432 56,970 52,262 54,681 5,184 111 2021 53,898 46,105 35,653 12,686 31 2022 117,717 114,398 85,491 57 2023 62,287 52,847 20 Total $422,561 $163,252 598 (1) Total of incurred but not reported liabilities plus expected development on reported claims Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance For the years ended November 30, December 31, Accident 2014 (unaudited) 2015 (unaudited) 2016 (unaudited) 2017 (unaudited) 2018 (unaudited) 2019 (unaudited) 2020 (unaudited) 2021 (unaudited) 2022 (unaudited) 2023 2014 $2,218 $7,196 $6,767 $6,362 $7,454 $7,503 $7,519 $8,208 $8,313 $8,418 2015 3,330 8,638 13,136 13,115 14,192 14,397 14,432 14,767 14,832 2016 2,938 8,661 5,632 10,814 13,116 13,589 13,810 14,413 2017 2,217 10,194 14,114 16,417 17,726 22,638 24,384 2018 7,607 19,326 25,826 28,223 27,789 33,653 2019 6,373 20,505 29,083 36,472 45,062 2020 9,160 25,585 32,653 43,226 2021 3,862 7,248 15,938 2022 3,465 17,086 2023 5,028 Total $222,040 Outstanding liabilities for accident year 2013 and prior, net of reinsurance $624 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance $201,145 Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (1) Years 1 (unaudited) 2 (unaudited) 3 (unaudited) 4 (unaudited) 5 (unaudited) 6 (unaudited) 7 (unaudited) 8 (unaudited) 9 (unaudited) 11 % 23 % 15 % 13 % 9 % 11 % 3 % 4 % 1 % (1) Unaudited supplementary information is a weighted average derived from the incurred losses and allocated loss adjustment expenses, net of reinsurance triangle and cumulative paid losses and allocated loss adjustment expenses, net of reinsurance triangle. |
Schedule of Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability | Reconciliation December 31, ($ in thousands) 2023 Net outstanding liabilities International - Property $ 114,006 International - Casualty 369,455 International - Specialty 332,743 Bermuda - Property 267,481 Bermuda - Casualty 553,089 Bermuda - Specialty 201,145 Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance 1,837,919 Reinsurance recoverable on unpaid claims International - Property 57,200 International - Casualty 642,090 International - Specialty 181,977 Bermuda - Property 45,112 Bermuda - Casualty 169,672 Bermuda - Specialty 65,026 Total reinsurance recoverable on unpaid claims 1,161,077 Other insurance lines 4,619 Unallocated loss adjustment expenses 26,422 31,041 Total gross liability for unpaid losses and loss adjustment expenses $ 3,030,037 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | ($ in thousands) For the Year Ended December 31, 2023 International Bermuda Corporate Total Gross premiums written $ 1,105,522 $ 845,516 $ — $ 1,951,038 Net premiums written $ 770,399 $ 710,039 $ — $ 1,480,438 Net premiums earned $ 703,508 $ 615,025 $ — $ 1,318,533 Third party fee income 9,685 8,549 — 18,234 Losses and loss adjustment expenses 362,137 352,466 — 714,603 Acquisition costs 186,698 122,450 — 309,148 Other underwriting expenses 127,402 55,763 — 183,165 Underwriting income (loss) $ 36,956 $ 92,895 $ — $ 129,851 Net realized and unrealized gains (losses) on investments 209,399 209,399 Net investment income (loss) 30,456 30,456 Net gain on sale of equity method investment 211 211 Other income (loss), excluding third party fee income 397 397 Net foreign exchange gains (losses) (6,185) (6,185) Corporate expenses (76,691) (76,691) Amortization of intangible assets (10,783) (10,783) Interest expense (21,434) (21,434) Income (loss) before income tax 255,221 Income tax (expense) benefit 25,066 25,066 Net income (loss) 280,287 Net income (loss) attributable to non-controlling interest 21,560 21,560 Net income (loss) attributable to common shareholders $ 258,727 Key Ratios Attritional loss ratio - current year 53.2 % 51.1 % 52.2 % Attritional loss ratio - prior year development (3.5) % 2.3 % (0.8) % Catastrophe loss ratio - current year 1.5 % 5.1 % 3.2 % Catastrophe loss ratio - prior year development 0.3 % (1.2) % (0.4) % Loss and loss adjustment expense ratio 51.5 % 57.3 % 54.2 % Acquisition cost ratio 26.5 % 19.9 % 23.4 % Other underwriting expense ratio 16.7 % 7.7 % 12.5 % Combined ratio 94.7 % 84.9 % 90.1 % ($ in thousands) For the Year Ended December 31, 2022 International Bermuda Corporate Total Gross premiums written $ 933,241 $ 713,432 $ — $ 1,646,673 Net premiums written $ 635,773 $ 586,091 $ — $ 1,221,864 Net premiums earned $ 623,047 $ 520,667 $ — $ 1,143,714 Third party fee income 11,430 201 — 11,631 Losses and loss adjustment expenses 335,484 422,849 — 758,333 Acquisition costs 170,571 100,618 — 271,189 Other underwriting expenses 108,239 49,301 — 157,540 Underwriting income (loss) $ 20,183 $ (51,900) $ — $ (31,717) Net realized and unrealized gains (losses) on investments 86,357 86,357 Net investment income (loss) (21,487) (21,487) Net gain on sale of equity method investment 6,991 6,991 Other income (loss), excluding third party fee income (315) (315) Net foreign exchange gains (losses) 6,137 6,137 Corporate expenses (20,142) (20,142) Impairment of goodwill (24,082) (24,082) Amortization of intangible assets (12,832) (12,832) Interest expense (15,741) (15,741) Income (loss) before income tax (26,831) Income tax (expense) benefit (3,104) (3,104) Net income (loss) (29,935) Net income (loss) attributable to non-controlling interest 68,064 68,064 Net income (loss) attributable to common shareholders $ (97,999) Key Ratios Attritional loss ratio - current year 50.9 % 52.9 % 51.8 % Attritional loss ratio - prior year development (4.8) % 5.1 % (0.3) % Catastrophe loss ratio - current year 7.2 % 27.1 % 16.3 % Catastrophe loss ratio - prior year development 0.5 % (3.9) % (1.5) % Loss and loss adjustment expense ratio 53.8 % 81.2 % 66.3 % Acquisition cost ratio 27.4 % 19.3 % 23.7 % Other underwriting expense ratio 15.5 % 9.4 % 12.8 % Combined ratio 96.7 % 109.9 % 102.8 % ($ in thousands) One Month Ended December 31, 2021 International Bermuda Corporate Total Gross premiums written $ 87,294 $ 34,519 $ — $ 121,813 Net premiums written $ 67,599 $ 30,322 $ — $ 97,921 Net premiums earned $ 62,372 $ 36,259 $ — $ 98,631 Third party fee income 1,386 (37) — 1,349 Losses and loss adjustment expenses 33,888 22,762 — 56,650 Acquisition costs 17,192 6,800 — 23,992 Other underwriting expenses 10,377 3,480 — 13,857 Underwriting income (loss) $ 2,301 $ 3,180 $ — $ 5,481 Net realized and unrealized gains (losses) on investments (33,526) (33,526) Net investment income (loss) (3,222) (3,222) Other income (loss), excluding third party fee income 782 782 Net foreign exchange gains (losses) 16 16 Corporate expenses (1,825) (1,825) Amortization of intangible assets (1,200) (1,200) Interest expense (1,061) (1,061) Income (loss) before income tax (34,555) Income tax (expense) benefit (1,335) (1,335) Net income (loss) (35,890) Net income (loss) attributable to non-controlling interest (3) (3) Net income (loss) attributable to common shareholders $ (35,887) Key Ratios Attritional loss ratio - current year 46.1 % 51.3 % 48.0 % Attritional loss ratio - prior year development — % — % — % Catastrophe loss ratio - current year 8.2 % 11.5 % 9.4 % Catastrophe loss ratio - prior year development — % — % — % Loss and loss adjustment expense ratio 54.3 % 62.8 % 57.4 % Acquisition cost ratio 27.6 % 18.8 % 24.3 % Other underwriting expense ratio 14.4 % 9.7 % 12.7 % Combined ratio 96.3 % 91.3 % 94.4 % ($ in thousands) For the Year Ended November 30, 2021 International Bermuda Corporate Total Gross premiums written $ 892,292 $ 554,259 $ — $ 1,446,551 Net premiums written $ 640,816 $ 444,612 $ — $ 1,085,428 Net premiums earned $ 557,139 $ 385,410 $ — $ 942,549 Third party fee income 20,672 350 — 21,022 Losses and loss adjustment expenses 352,859 287,701 — 640,560 Acquisition costs 154,969 74,244 — 229,213 Other underwriting expenses 112,055 37,767 — 149,822 Underwriting income (loss) $ (42,072) $ (13,952) $ — $ (56,024) Net realized and unrealized gains (losses) on investments 352,193 352,193 Net investment income (loss) (43,217) (43,217) Net gain on sale of equity method investment 54,557 54,557 Other income (loss), excluding third party fee income (11) (11) Net foreign exchange gains (losses) 6,442 6,442 Corporate expenses (22,472) (22,472) Impairment of goodwill (936) (936) Amortization of intangible assets (13,431) (13,431) Interest expense (14,897) (14,897) Income (loss) before income tax 262,204 Income tax (expense) benefit (12,365) (12,365) Net income (loss) 249,839 Net income (loss) attributable to non-controlling interest 61,660 61,660 Net income (loss) attributable to common shareholders $ 188,179 Key Ratios Attritional loss ratio - current year 50.4 % 52.0 % 51.1 % Attritional loss ratio - prior year development 0.1 % (2.3) % (0.9) % Catastrophe loss ratio - current year 10.7 % 22.8 % 15.7 % Catastrophe loss ratio - prior year development 2.1 % 2.1 % 2.1 % Loss and loss adjustment expense ratio 63.3 % 74.6 % 68.0 % Acquisition cost ratio 27.8 % 19.3 % 24.3 % Other underwriting expense ratio 16.4 % 9.7 % 13.7 % Combined ratio 107.5 % 103.6 % 106.0 % |
Schedule of Revenue from External Customers by Geographic Areas | The following table presents gross premiums written by the geographical location of the Company's subsidiaries: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 International Lloyd's of London $ 677,415 $ 561,432 $ 49,405 $ 559,914 Ireland 349,896 345,088 37,889 332,378 U.S. 78,211 26,721 — — Total International 1,105,522 933,241 87,294 892,292 Bermuda 845,516 713,432 34,519 554,259 Total $ 1,951,038 $ 1,646,673 $ 121,813 $ 1,446,551 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | The Company’s credit facilities at December 31, 2023, and associated securities pledged, were as follows: ($ in thousands) 2023 Available letter of credit and revolving loan facilities - commitments $ 995,000 Available letter of credit and revolving loan facilities - in use 694,681 Security pledged under letter of credit and revolving loan facilities: Pledged interests in TS Hamilton Fund $ 241,711 Pledged interests in fixed income portfolio 229,387 Cash 1,624 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Share Capital | Hamilton Group’s share capital at December 31, 2023 and 2022 is comprised as follows: ($ in thousands, except share information) Authorized: Common shares of $0.01 par value each (2023: 150,000,000 and 2022: 135,000,000) Issued, outstanding and fully paid: 2023 2022 Class A common shares (2023: 28,644,807 and 2022: 30,520,078) $ 286 $ 305 Class B common shares (2023: 56,036,067 and 2022: 42,042,155) 560 420 Class C common shares (2023: 25,544,229 and 2022: 30,525,626) 255 305 Total $ 1,101 $ 1,030 |
Schedule of Activity Related to Common Shares | The following is a summary of the activity related to common shares authorized: Class A Class B Class C Unclassified Total Balance - November 30, 2020 53,793,690 81,206,310 — — 135,000,000 Share class conversions — (34,307,698) 34,307,698 — — Balance - November 30, 2021 53,793,690 46,898,612 34,307,698 — 135,000,000 Balance - December 31, 2021 53,793,690 46,898,612 34,307,698 — 135,000,000 Share class conversions 200,000 3,582,072 (3,782,072) — — Balance - December 31, 2022 53,993,690 50,480,684 30,525,626 — 135,000,000 Increased in authorized share capital — 15,000,000 — — 15,000,000 Share class conversions (25,348,883) 6,856,668 (4,981,397) 23,473,612 — Balance - December 31, 2023 28,644,807 72,337,352 25,544,229 23,473,612 150,000,000 The following is a summary of the activity related to common shares issued and outstanding: Class A Class B Class C Total Balance - November 30, 2020 30,320,078 72,134,229 — 102,454,307 Share class conversions — (34,307,698) 34,307,698 — Vesting of awards — 439,936 — 439,936 Employee and director share purchases — 65,808 — 65,808 Director share awards granted — 46,086 — 46,086 Share repurchases — (465,368) — (465,368) Balance - November 30, 2021 30,320,078 37,912,993 34,307,698 102,540,769 Director share awards granted — 22,273 — 22,273 Balance - December 31, 2021 30,320,078 37,935,266 34,307,698 102,563,042 Share class conversions 200,000 3,582,072 (3,782,072) — Vesting of awards — 580,935 — 580,935 Employee and director share purchases — 22,750 — 22,750 Director share awards granted — 25,805 — 25,805 Share repurchases — (104,673) — (104,673) Balance - December 31, 2022 30,520,078 42,042,155 30,525,626 103,087,859 Share class conversions (1,875,271) 6,856,668 (4,981,397) — IPO shares issued — 6,250,000 — 6,250,000 Vesting of awards — 735,013 — 735,013 Exercise of warrants — 271,097 — 271,097 Director share awards granted — 44,892 — 44,892 Share repurchases — (163,758) — (163,758) Balance - December 31, 2023 28,644,807 56,036,067 25,544,229 110,225,103 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Expense Recognized | The following table presents the compensation expense recognized relating to each award type: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Share-based compensation expense: RSUs $ 11,358 $ 10,884 $ 911 $ 8,068 VAP RSUs 30,352 — — — PSUs 2,668 (100) 132 815 Total share-based compensation expense: 44,378 10,784 1,043 8,883 Tax benefit (1,251) (1,074) (76) (621) Share-based compensation expense, net of taxes: $ 43,127 $ 9,710 $ 967 $ 8,262 |
Schedule of Compensation Expense Unrecognized | The following table presents the unrecognized compensation expense relating to each award type as at December 31, 2023 and the weighted-average period in years over which it is expected to be recognized. December 31, 2023 ($ in thousands, except for weighted-average recognition period) Unrecognized Share-based Compensation Expense Weighted-Average Recognition Period Unrecognized share-based compensation expense: RSUs $ 8,037 2.0 VAP RSUs 14,605 0.8 PSUs 7,136 2.3 Total unrecognized share-based compensation expense: $ 29,778 |
Schedule of Restricted Stock Unit Activity | The following table presents a roll forward of the Company’s RSUs based on expected vesting: Year Ended December 31, 2023 Number of RSUs Weighted-Average Grant Date Fair Value Balance, beginning of year 1,360,769 $14.75 Granted 1,026,113 $13.87 Vested (658,654) $15.18 Forfeited (67,250) $14.16 Balance, end of year 1,660,978 $14.06 The following table presents a roll forward of the Company’s VAP RSUs based upon expected vesting: Year Ended December 31, 2023 Number of Weighted-Average Grant Date Fair Value Balance, beginning of year — $— Granted 3,193,525 $15.32 Forfeited (46,018) $15.32 Balance, end of year 3,147,507 $15.32 |
Schedule of Unvested PSU Activity | The following table presents a grant-date summary of the PSUs awarded to certain employees of the Company: Years Ended Years Ended December 31, November 30, ($ in thousands) 2023 2022 2021 2020 2019 Performance units granted 516,542 206,166 188,796 228,135 123,207 Potential maximum share payout 1,033,084 412,332 377,592 456,270 246,414 Aggregate grant date fair value $ 7,392 $ 2,732 $ 2,502 $ 4,022 $ 2,209 The following table presents an inception-to-date roll forward of the Company’s unvested PSUs based upon expected vesting percentages: Grant Period Years Ended Years Ended December 31, November 30, 2023 2022 2021 2020 2019 2018 Unvested PSUs at target, grant date 516,542 206,166 188,796 228,135 123,207 258,951 Vested — — — (51,469) (10,904) (74,673) Forfeited — (24,494) (58,960) (137,109) (97,245) (161,240) Change in expected performance factor — (36,334) (97,377) (39,557) (15,058) (23,038) Unvested PSUs at current expected performance percentage 516,542 145,338 32,459 — — — |
Schedule of Outstanding and Exercisable Warrants | The following table presents a summary of the Company's outstanding and exercisable warrants: (Intrinsic value in $ in thousands) Number of Warrants Weighted-Average Exercise Price Weighted-Average Grant Date Fair Value Total Intrinsic Value Weighted-Average Remaining Contractual Term Warrants outstanding and exercisable, beginning of year 1,152,500 $ 10.00 $ 4.44 $ 4,287 1.3 Exercised (342,500) $ 10.00 $ 4.27 $ 2,398 Warrants outstanding and exercisable, end of year 810,000 $ 10.00 $ 4.52 $ 4,010 0.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Income (Loss) per Common Share | The following table sets forth the computation of basic and diluted income (loss) per common share: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands, except share information) 2023 2022 2021 2021 Numerator: Net income (loss) attributable to common shareholders $ 258,727 $ (97,999) $ (35,887) $ 188,179 Denominator: Weighted average common shares outstanding - basic 104,563 103,062 102,563 102,597 Effect of dilutive securities 1,640 — — 936 Weighted average common shares outstanding - diluted 106,203 103,062 102,563 103,533 Income (loss) per common share - basic: $ 2.47 $ (0.95) $ (0.35) $ 1.83 Income (loss) per common share - diluted: $ 2.44 $ (0.95) $ (0.35) $ 1.82 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Taxes by Tax Jurisdiction | Income (loss) before taxes by tax jurisdiction is as follows: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Jurisdiction Domestic: Bermuda $ 247,113 $ 66,823 $ (30,921) $ 312,901 Foreign: United States (2,263) (23,540) 470 38,268 United Kingdom 12,362 (67,213) (956) (85,416) Ireland (1,991) (2,901) (2,173) (4,108) Dubai — — (975) 559 Income (loss) before income tax $ 255,221 $ (26,831) $ (34,555) $ 262,204 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following components: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Current - Bermuda $ 10,376 $ 2,625 $ 1,033 $ 10,488 Current - United States 537 1,818 165 2,418 Current - United Kingdom 61 48 221 (1,754) Current - Ireland 92 (122) — 48 Total current tax 11,066 4,369 1,419 11,200 Deferred - Bermuda (35,063) — — — Deferred - United States — 705 73 (776) Deferred - United Kingdom (1,087) (1,927) (153) 1,984 Deferred - Ireland 18 (43) (4) (43) Total deferred tax (36,132) (1,265) (84) 1,165 Total income tax expense (benefit) $ (25,066) $ 3,104 $ 1,335 $ 12,365 |
Reconciliation of Taxes | The following table presents a reconciliation of taxes calculated using the 0% Bermudian statutory rate (the tax rate at which the majority of Hamilton Group's worldwide operations are taxed) to the income tax expense (benefit) on pre-tax income (loss): Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Expected tax provision at Bermuda statutory tax rate of 0% $ — $ — $ — $ — Permanent differences: Taxes on earnings subject to rate other than 2,182 (18,077) (355) (8,706) Change in valuation allowance (3,567) 17,060 1,437 20,458 Impairment of goodwill — 4,161 — — Other permanent adjustments (42) (112) — 294 Other prior year adjustments 376 28 (545) (93) Tax rate changes 273 (2,655) — (10,076) Withholding tax 10,377 2,625 (236) 10,488 Bermuda economic transition adjustment (35,063) — — — State income tax 398 74 1,034 — Total income tax expense (benefit): $ (25,066) $ 3,104 $ 1,335 $ 12,365 |
Schedule of Deferred Tax Assets and Liabilities | The following table presents Hamilton Group’s significant deferred tax assets and liabilities at December 31, 2023 and 2022: ($ in thousands) 2023 2022 Deferred tax assets: U.S. net operating loss carryforwards $ 7,121 $ 4,645 Ireland net operating loss carryforwards 275 404 U.K. net operating loss carryforwards 50,845 59,752 Bermuda intangible assets 28,500 — Reserve for losses and loss adjustment expenses 7,935 — Loss portfolio transfer 2,356 5,292 Share-based compensation 7,524 3,564 Unearned premium reserve 4,384 2,325 U.K. deferred interest 5,278 1,731 Unrealized investment income (43) 1,454 Deferred acquisition costs 1,557 830 Other 2,685 3,517 Total deferred tax assets 118,417 83,514 Deferred tax liabilities: U.K. intangible assets (15,364) (16,431) Depreciation (2,573) (2,421) Other (5,254) (1,999) Total deferred tax liabilities (23,191) (20,851) Net deferred tax asset (liability) before valuation allowance 95,226 62,663 Valuation allowance (75,528) (79,095) Net deferred tax asset (liability) $ 19,698 $ (16,432) |
Summary of Operating Loss Carryforwards | The Company had the following net operating loss carry-forwards, inclusive of cumulative currency translation adjustments, as of December 31, 2023: ($ in thousands) 2023 Tax jurisdiction Losses Carried Forward Tax Expiration Bermuda $ — $ — n/a Ireland 1,831 275 No expiry United States 33,910 7,121 2040-2043 United Kingdom $ 203,381 $ 50,845 No expiry |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under the leases are expected to be as follows: ($ in thousands) Minimum Lease Payments Year ended December 31, 2024 $ 3,078 2025 1,979 2026 1,203 2027 967 2028 20 Thereafter — Total undiscounted lease liabilities 7,247 Less: present value discount (516) Total recorded lease liability at present value $ 6,731 |
Schedule of Capital Requirements | At December 31, 2023, the total available capital in support of the capital requirements for Syndicate 4000 is comprised of the following FAL: ($ in thousands) 2023 Unsecured LOC capacity $ 230,000 Fixed income securities 232,211 Cash 7,153 Total $ 469,364 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables summarize the impact of transactions with Turing Re: Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Reinsurance premiums ceded $ 70 $ (208) $ (79) $ (556) Net premiums earned 70 (208) (79) (2,095) Losses and loss adjustment expenses (575) (888) 16 (7,935) Acquisition costs 72 (30) 13 664 Net gain (loss) on related party reinsurance $ (433) $ (1,126) $ (50) $ (9,366) ($ in thousands) December 31, 2023 December 31, 2022 Paid losses recoverable $ 371 $ 818 Unpaid losses and loss adjustment expenses recoverable 1,528 8,699 Reinsurance balances payable $ 367 $ 1,085 Years Ended Month Ended Year Ended December 31, December 31, November 30, ($ in thousands) 2023 2022 2021 2021 Reinsurance premiums ceded $ (19,524) $ (11,999) $ 1 $ (16,417) Net premiums earned (21,744) (9,780) (1,124) (15,292) Other income (loss) 8,549 201 (37) 350 Losses and loss adjustment expenses 8,702 5,719 841 10,197 Acquisition costs 5,125 1,769 206 2,755 Net gain (loss) on related party reinsurance $ 632 $ (2,091) $ (114) $ (1,990) ($ in thousands) December 31, 2023 December 31, 2022 Paid losses recoverable $ 4,319 $ 3,506 Deferred acquisition costs — (413) Unpaid losses and loss adjustment expenses recoverable 11,149 9,004 Prepaid reinsurance — 2,219 Other assets 8,765 869 Reinsurance balances payable $ 3,759 $ 6,586 |
Statutory Requirements (Tables)
Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Statutory Accounting Practices | The actual and minimum required statutory capital and surplus for the Company’s principal operating subsidiaries by regulatory jurisdiction at December 31, 2023 and 2022 were as follows: Bermuda (1) United Kingdom (2) Ireland (3) United States (4) ($ in thousands) 2023 2022 2023 2022 2023 2022 2023 2022 Required statutory capital and surplus $ 579,916 $ 522,116 $ 129,995 $ 117,083 $ 68,643 $ 65,077 $ 23,410 $ 11,145 Actual statutory capital and surplus $ 1,882,833 $ 1,579,773 $ 539,016 $ 481,087 $ 127,082 $ 133,320 $ 53,988 $ 58,711 ____________ (1) Minimum statutory capital and surplus at December 31, 2023 for the Bermuda operating subsidiary is required to be maintained at the greater of a minimum solvency margin ("MSM"), as disclosed in the table above, and the Enhanced Capital Requirement ("ECR"), where applicable. (2) Minimum statutory capital and surplus at December 31, 2023 for the U.K. operating entities is determined by reference to the entities' Solvency Capital Requirement and the Solvency II capital regime. U.K. operations are subject to Lloyd’s requirements where underwriting members hold acceptable FAL and/or Syndicates hold acceptable Funds In Syndicate ("FIS") for their own account, in support of the total actual statutory capital and surplus amount. Actual statutory capital and surplus is comprised of an Economic Capital Assessment ("ECA"), derived from an approved Solvency II basis Internal model, less any accumulated trading surpluses or plus any accumulated trading deficits, as calculated on a Solvency II basis. (3) The Company's Irish operations are subject to the Solvency II regime, which requires insurance companies to hold assets that cover at least the best estimate of insurance liabilities, a risk margin, plus a risk-based Solvency Capital Requirement designed to protect against extreme stress events. (4) Minimum statutory capital and surplus at December 31, 2023 for U.S. operating subsidiaries is determined with reference to the Company Action Level Risk-Based Capital requirements. The statutory net income (loss) for the Company’s principal operating subsidiaries by regulatory jurisdiction was as follows: Years Ended Year Ended December 31, November 31, ($ in thousands) 2023 2022 2021 Bermuda $ 270,309 $ 1,993 $ 261,516 United Kingdom 59,778 25,470 (22,676) Ireland (1,911) (32,331) (17,383) United States $ (13,250) $ (9,962) $ — |
Divestitures (Tables)
Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Changes in Investment | Prior to the sale on September 20, 2021, changes in the investment in Attune for the period ended September 20, 2021 were as follows: ($ in thousands) 2021 Balance - beginning of period $ 6,656 Contributions 3,500 Loss on equity method investment (7,285) Sale of investment in Attune (2,871) Balance - end of period $ — |
Organization (Details)
Organization (Details) - USD ($) $ in Millions | Nov. 14, 2023 | Jul. 01, 2023 | Jun. 30, 2023 |
Schedule of Equity Method Investments [Line Items] | |||
Net proceeds from the IPO | $ 80.6 | ||
Two Sigma Hamilton Fund, LLC | Hamilton Re | |||
Schedule of Equity Method Investments [Line Items] | |||
Commitment for investment in Two Sigma Funds | $ 1,800 | ||
Investment in Two Sigma Funds, as a percentage of net tangible assets | 60% | 95% |
Investments - Schedule of Fixed
Investments - Schedule of Fixed Maturity and Short-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 2,294,936 | $ 1,633,814 |
Gross Unrealized Gains | 17,667 | 1,812 |
Gross Unrealized Losses | (52,457) | (90,039) |
Investments, at fair value | 2,260,146 | 1,545,587 |
U.S. government treasuries | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 717,134 | 498,841 |
Gross Unrealized Gains | 5,137 | 99 |
Gross Unrealized Losses | (14,021) | (27,089) |
Investments, at fair value | 708,250 | 471,851 |
U.S. states, territories and municipalities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 4,656 | 4,741 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (286) | (434) |
Investments, at fair value | 4,370 | 4,307 |
Non-U.S. sovereign governments and supranationals | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 55,662 | 14,191 |
Gross Unrealized Gains | 2,175 | 363 |
Gross Unrealized Losses | (1,591) | (1,602) |
Investments, at fair value | 56,246 | 12,952 |
Corporate | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 877,493 | 690,900 |
Gross Unrealized Gains | 8,443 | 363 |
Gross Unrealized Losses | (22,060) | (43,786) |
Investments, at fair value | 863,876 | 647,477 |
Residential mortgage-backed securities - Agency | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 180,661 | 111,234 |
Gross Unrealized Gains | 435 | 0 |
Gross Unrealized Losses | (12,583) | (14,824) |
Investments, at fair value | 168,513 | 96,410 |
Residential mortgage-backed securities - Non-agency | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 5,639 | 5,147 |
Gross Unrealized Gains | 16 | 0 |
Gross Unrealized Losses | (671) | (772) |
Investments, at fair value | 4,984 | 4,375 |
Commercial mortgage-backed securities - Non-agency | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 11,473 | 10,283 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,050) | (1,064) |
Investments, at fair value | 10,423 | 9,219 |
Other asset-backed securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 14,781 | 13,347 |
Gross Unrealized Gains | 20 | 1 |
Gross Unrealized Losses | (195) | (463) |
Investments, at fair value | 14,606 | 12,885 |
Total fixed maturities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,867,499 | 1,348,684 |
Gross Unrealized Gains | 16,226 | 826 |
Gross Unrealized Losses | (52,457) | (90,034) |
Investments, at fair value | 1,831,268 | 1,259,476 |
Total short-term investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 427,437 | 285,130 |
Gross Unrealized Gains | 1,441 | 986 |
Gross Unrealized Losses | 0 | (5) |
Investments, at fair value | $ 428,878 | $ 286,111 |
Investments - Schedule of Contr
Investments - Schedule of Contractual Maturities of Fixed Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Amortized Cost | $ 2,294,936 | $ 1,633,814 |
Fair Value | ||
Fair Value | 2,260,146 | 1,545,587 |
Total fixed maturities | ||
Amortized Cost | ||
Amortized Cost | 1,867,499 | 1,348,684 |
Fair Value | ||
Fair Value | 1,831,268 | $ 1,259,476 |
Fixed Maturities, Excluding Mortgage-backed and Asset-backed Securities | ||
Amortized Cost | ||
Due less than one year | 147,221 | |
Due after one through five years | 1,284,934 | |
Due after five through ten years | 217,827 | |
Due after ten years | 4,963 | |
Fair Value | ||
Due less than one year | 144,123 | |
Due after one through five years | 1,266,461 | |
Due after five through ten years | 217,683 | |
Due after ten years | 4,475 | |
Mortgage-backed | ||
Amortized Cost | ||
Mortgage/Asset-backed | 197,773 | |
Fair Value | ||
Mortgage/Asset-backed | 183,920 | |
Asset-backed | ||
Amortized Cost | ||
Mortgage/Asset-backed | 14,781 | |
Fair Value | ||
Mortgage/Asset-backed | $ 14,606 |
Investments - Schedule of Inves
Investments - Schedule of Investments in Two Sigma Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Cost | $ 770,191 | $ 731,100 |
Investments in Two Sigma Funds, at fair value | 851,470 | 740,736 |
Two Sigma Funds | ||
Marketable Securities [Line Items] | ||
Net Unrealized Gains (Losses) | 81,279 | 9,636 |
Investments in Two Sigma Funds, at fair value | 851,470 | 740,736 |
Two Sigma Futures Portfolio, LLC (FTV) | ||
Marketable Securities [Line Items] | ||
Cost | 433,911 | 438,625 |
Net Unrealized Gains (Losses) | (38,105) | (95,213) |
Investments in Two Sigma Funds, at fair value | 395,806 | 343,412 |
Two Sigma Spectrum Portfolio, LLC (STV) | ||
Marketable Securities [Line Items] | ||
Cost | 193,299 | 171,135 |
Net Unrealized Gains (Losses) | 88,228 | 57,982 |
Investments in Two Sigma Funds, at fair value | 281,527 | 229,117 |
Two Sigma Equity Spectrum Portfolio, LLC (ESTV) | ||
Marketable Securities [Line Items] | ||
Cost | 142,981 | 121,340 |
Net Unrealized Gains (Losses) | 31,156 | 46,867 |
Investments in Two Sigma Funds, at fair value | $ 174,137 | $ 168,207 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 01, 2023 | Dec. 31, 2021 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | |
Net Investment Income [Line Items] | ||||||||
Management fees | $ 4,442 | $ 47,049 | $ 54,581 | $ 49,927 | ||||
Restricted cash and cash equivalents | 106,351 | 130,783 | ||||||
Cash, cash equivalents and restricted cash | 964,126 | 900,860 | 1,207,203 | 954,928 | $ 642,811 | $ 660,079 | ||
Cash and cash equivalents | 794,509 | 1,076,420 | ||||||
Capital Requirements | Asset Pledged as Collateral | ||||||||
Net Investment Income [Line Items] | ||||||||
Investments, fair value | 232,200 | 274,000 | ||||||
Restricted cash and cash equivalents | 7,200 | 2,100 | ||||||
Trust Accounts | Asset Pledged as Collateral | ||||||||
Net Investment Income [Line Items] | ||||||||
Investments, fair value | 54,100 | 39,000 | ||||||
Restricted cash and cash equivalents | 1,500 | 1,300 | ||||||
Underwriting Obligations | Asset Pledged as Collateral | ||||||||
Net Investment Income [Line Items] | ||||||||
Investments, fair value | 37,200 | 0 | ||||||
Restricted cash and cash equivalents | 97,400 | 126,800 | ||||||
Escrow Funds | Asset Pledged as Collateral | ||||||||
Net Investment Income [Line Items] | ||||||||
Restricted cash and cash equivalents | 300 | 600 | ||||||
TS Hamilton Fund | ||||||||
Net Investment Income [Line Items] | ||||||||
Management fee percentage | 2.50% | 3% | ||||||
Management fees | 4,300 | 45,200 | 53,100 | 48,700 | ||||
Incentive allocation | 30% | |||||||
Incentive allocation, reduction (as a percent) | 50% | |||||||
Incentive allocation, cumulative net profits (as a percent) | 200% | |||||||
Incentive allocation, excess profits (as a percent) | 25% | 20% | ||||||
Incentive allocation, net profits (as a percent) | 10% | 15% | ||||||
Incentive allocation | $ 0 | 21,500 | 68,000 | $ 61,600 | ||||
Cash and cash equivalents | $ 479,255 | $ 800,239 | ||||||
TS Hamilton Fund | Hamilton Re | ||||||||
Net Investment Income [Line Items] | ||||||||
Initial term | 3 years | |||||||
Capital account withdrawal, monthly liquidity, number of calendar days prior to month end | 15 days | |||||||
Capital account withdrawal, daily liquidity, number of business day's written notice | 1 day | |||||||
Two Sigma Futures Portfolio, LLC (FTV) | ||||||||
Net Investment Income [Line Items] | ||||||||
Percentage of ownership in funds | 21.10% | |||||||
Two Sigma Spectrum Portfolio, LLC (STV) | ||||||||
Net Investment Income [Line Items] | ||||||||
Percentage of ownership in funds | 16.20% | |||||||
Two Sigma Equity Spectrum Portfolio, LLC (ESTV) | ||||||||
Net Investment Income [Line Items] | ||||||||
Percentage of ownership in funds | 8.80% | |||||||
Two Sigma Hamilton Fund, LLC | Hamilton Re | ||||||||
Net Investment Income [Line Items] | ||||||||
Commitment for investment in Two Sigma Funds | $ 1,800,000 | |||||||
Investment in Two Sigma Funds, as a percentage of net tangible assets | 60% | 95% |
Investments - Schedule of Certa
Investments - Schedule of Certain Investments (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Investment Income [Line Items] | ||
Investments in Two Sigma Funds, at fair value | $ 851,470 | $ 740,736 |
TS Hamilton Fund | ||
Net Investment Income [Line Items] | ||
Investments in Two Sigma Funds, at fair value | $ 851,470 | $ 740,736 |
State Street Treasury Obligations Money Market Fund | TS Hamilton Fund | Long | ||
Net Investment Income [Line Items] | ||
Principal / Shares | 145,005 | |
Investments in Two Sigma Funds, at fair value | $ 145,005 | |
State Street Treasury Obligations Money Market Fund | Members' Equity | Investment Concentration Risk | TS Hamilton Fund | Long | ||
Net Investment Income [Line Items] | ||
% of Members' Equity | 8.40% | |
U.S. Treasury Securities, 0.0000% - 4.7500%, due 1/9/2024 - 11/15/2053 | TS Hamilton Fund | Long | ||
Net Investment Income [Line Items] | ||
Principal / Shares | 910,278 | |
Investments in Two Sigma Funds, at fair value | $ 903,301 | |
U.S. Treasury Securities, 0.0000% - 4.7500%, due 1/9/2024 - 11/15/2053 | Members' Equity | Investment Concentration Risk | TS Hamilton Fund | Long | ||
Net Investment Income [Line Items] | ||
% of Members' Equity | 52.10% | |
U.S. Treasury Securities, 4.3750% - 4.7500%, due 12/15/2026 - 11/15/2053 | TS Hamilton Fund | Short | ||
Net Investment Income [Line Items] | ||
Principal / Shares | 43,211 | |
Investments in Two Sigma Funds, at fair value | $ 45,640 | |
U.S. Treasury Securities, 4.3750% - 4.7500%, due 12/15/2026 - 11/15/2053 | Members' Equity | Investment Concentration Risk | TS Hamilton Fund | Short | ||
Net Investment Income [Line Items] | ||
% of Members' Equity | 2.60% |
Investments - Schedule of Reali
Investments - Schedule of Realized and Unrealized Gains (Losses) on Investments and Net Investment Income (Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Net realized and unrealized gains (losses) on investments: | ||||
Net realized gains (losses) on investments | $ 11,302 | $ 84,302 | $ 251,662 | $ 278,691 |
Change in net unrealized gains (losses) on investments | (44,828) | 125,097 | (165,305) | 73,502 |
Net realized and unrealized gains (losses) on investments | (33,526) | 209,399 | 86,357 | 352,193 |
Net investment income (loss): | ||||
Interest and other | 1,311 | 78,452 | 34,162 | 15,127 |
Loss on equity method investment | 0 | 0 | 0 | (7,285) |
Management fees | (4,442) | (47,049) | (54,581) | (49,927) |
Other expenses | (91) | (947) | (1,068) | (1,132) |
Net investment income (loss) | (3,222) | 30,456 | (21,487) | (43,217) |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) | (36,748) | 239,855 | 64,870 | 308,976 |
Total fixed maturities | ||||
Net investment income (loss): | ||||
Interest and other | 1,042 | 47,970 | 22,375 | 11,277 |
Total short-term investments | ||||
Net investment income (loss): | ||||
Interest and other | 28 | 295 | 155 | 838 |
TS Hamilton Fund | ||||
Net realized and unrealized gains (losses) on investments: | ||||
Net realized gains (losses) on investments | 20,008 | 100,930 | 266,630 | 272,988 |
Change in net unrealized gains (losses) on investments | (51,571) | 72,346 | (78,051) | 101,126 |
Net investment income (loss): | ||||
Interest and other | 199 | 16,084 | 10,395 | 2,124 |
Cash and cash equivalents | ||||
Net investment income (loss): | ||||
Interest and other | 40 | 12,523 | 2,634 | 252 |
Other | ||||
Net investment income (loss): | ||||
Interest and other | 2 | 1,580 | (1,397) | 636 |
Fixed maturities and short-term investments | ||||
Net realized and unrealized gains (losses) on investments: | ||||
Net realized gains (losses) on investments | (8,706) | (16,628) | (14,968) | 5,703 |
Change in net unrealized gains (losses) on investments | $ 6,743 | $ 52,751 | $ (87,254) | $ (27,624) |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | $ 2,260,146 | $ 1,545,587 |
U.S. government treasuries | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 708,250 | 471,851 |
U.S. states, territories and municipalities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 4,370 | 4,307 |
Non-U.S. sovereign governments and supranationals | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 56,246 | 12,952 |
Corporate | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 863,876 | 647,477 |
Residential mortgage-backed securities - Agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 168,513 | 96,410 |
Residential mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 4,984 | 4,375 |
Commercial mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 10,423 | 9,219 |
Other asset-backed securities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 14,606 | 12,885 |
Total fixed maturities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 1,831,268 | 1,259,476 |
Total short-term investments | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 428,878 | 286,111 |
Level 1 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | U.S. government treasuries | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | U.S. states, territories and municipalities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Non-U.S. sovereign governments and supranationals | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Corporate | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Residential mortgage-backed securities - Agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Residential mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Commercial mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Other asset-backed securities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Total fixed maturities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 1 | Total short-term investments | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 2 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 2,260,146 | 1,545,587 |
Level 2 | U.S. government treasuries | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 708,250 | 471,851 |
Level 2 | U.S. states, territories and municipalities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 4,370 | 4,307 |
Level 2 | Non-U.S. sovereign governments and supranationals | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 56,246 | 12,952 |
Level 2 | Corporate | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 863,876 | 647,477 |
Level 2 | Residential mortgage-backed securities - Agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 168,513 | 96,410 |
Level 2 | Residential mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 4,984 | 4,375 |
Level 2 | Commercial mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 10,423 | 9,219 |
Level 2 | Other asset-backed securities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 14,606 | 12,885 |
Level 2 | Total fixed maturities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 1,831,268 | 1,259,476 |
Level 2 | Total short-term investments | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 428,878 | 286,111 |
Level 3 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | U.S. government treasuries | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | U.S. states, territories and municipalities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Non-U.S. sovereign governments and supranationals | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Corporate | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Residential mortgage-backed securities - Agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Residential mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Commercial mortgage-backed securities - Non-agency | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Other asset-backed securities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Total fixed maturities | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level 3 | Total short-term investments | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Investments, at fair value | $ 0 | $ 0 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Activity in the Non-Controlling Interest (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance - beginning of period | $ 119 | |||
Balance - end of period | 133 | $ 119 | ||
TS Hamilton Fund | ||||
Equity, Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance - beginning of period | $ 150 | 119 | 124 | $ 119 |
Withdrawals | (23) | (21,546) | (68,069) | (61,629) |
Equity in earnings | (3) | 14 | 14 | 31 |
Incentive allocation | 0 | 21,546 | 68,050 | 61,629 |
Balance - end of period | $ 124 | $ 133 | $ 119 | $ 150 |
Variable Interest Entities - _2
Variable Interest Entities - Schedule of Total Assets and Total Liabilities of TS Hamilton Fund (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 794,509 | $ 1,076,420 |
Short-term investments | 2,260,146 | 1,545,587 |
Investments in Two Sigma Funds, at fair value | 851,470 | 740,736 |
Receivables for investments sold | 42,419 | 371 |
Total assets | 6,671,355 | 5,818,965 |
Liabilities | ||
Accounts payable and accrued expenses | 186,887 | 138,050 |
Payable for investments purchased | 66,606 | 48,095 |
Total liabilities | 4,623,372 | 4,154,663 |
Redemption payable | 0 | 145,700 |
Total short-term investments | ||
Assets | ||
Short-term investments | 428,878 | 286,111 |
TS Hamilton Fund | ||
Assets | ||
Cash and cash equivalents | 479,255 | 800,239 |
Investments in Two Sigma Funds, at fair value | 851,470 | 740,736 |
Receivables for investments sold | 41,087 | 0 |
Interest and dividends receivable | 966 | 2,076 |
Total assets | 1,801,656 | 1,807,155 |
Liabilities | ||
Accounts payable and accrued expenses | 191 | 291 |
Withdrawal payable | 6,480 | 145,738 |
Payable for investments purchased | 62,440 | 48,095 |
Total liabilities | 69,111 | 194,124 |
Total net assets managed by TS Hamilton Fund | 1,732,545 | 1,613,031 |
TS Hamilton Fund | Total short-term investments | ||
Assets | ||
Short-term investments | $ 428,878 | $ 264,104 |
Change in Fiscal Year End Com_3
Change in Fiscal Year End Comparative Reporting - Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Revenues | |||||
Net premiums earned | $ 98,631 | $ 67,498 | $ 1,318,533 | $ 1,143,714 | $ 942,549 |
Net investment income (loss), net of income attributable to non-controlling interest | (36,745) | 72,048 | |||
Other income (loss) | 2,147 | 3,757 | |||
Total revenues | 64,033 | 143,303 | |||
Expenses | |||||
Losses and loss adjustment expenses | 56,650 | 44,925 | 714,603 | 758,333 | 640,560 |
Acquisition costs | 23,992 | 17,534 | 309,148 | 271,189 | 229,213 |
General and administrative expenses | 15,682 | 15,189 | 259,856 | 177,682 | 172,294 |
Other expenses | 2,261 | 1,570 | |||
Total expenses | 98,585 | 79,218 | 1,315,824 | 1,259,859 | 1,071,331 |
Income (loss) before income tax | (34,552) | 64,085 | |||
Income tax expense (benefit) | 1,335 | 664 | $ (25,066) | $ 3,104 | $ 12,365 |
Net income (loss) attributable to common shareholders | $ (35,887) | $ 63,421 | |||
Per share data | |||||
Basic earnings (loss) per share attributable to common shareholders (in dollars per share) | $ (0.35) | $ 0.62 | $ 2.47 | $ (0.95) | $ 1.83 |
Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) | $ (0.35) | $ 0.61 | $ 2.44 | $ (0.95) | $ 1.82 |
Change in Fiscal Year End Com_4
Change in Fiscal Year End Comparative Reporting - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net cash used in operating activities | $ (33,913) | $ (20,765) | $ 283,155 | $ 190,927 | $ 226,529 |
Net cash from investing activities | 43,088 | 2,141 | (652,088) | 133,102 | 137,824 |
Net cash used in financing activities | (23) | (53) | 59,016 | (69,617) | (67,996) |
Effect of exchange rate changes on cash and cash equivalents | 46 | 1,409 | 3,574 | (11,335) | (1,508) |
Net increase (decrease) in cash and cash equivalents | 9,198 | (17,268) | (306,343) | 243,077 | 294,849 |
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 954,928 | 660,079 | 1,207,203 | 964,126 | 660,079 |
Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ 964,126 | $ 642,811 | $ 900,860 | $ 1,207,203 | $ 954,928 |
Change in Fiscal Year End Com_5
Change in Fiscal Year End Comparative Reporting - Consolidated Statements of Shareholders' Equity (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | $ 1,787,445 | $ 1,664,183 | $ 1,752,601 | ||
Net income (loss) | (35,890) | 280,287 | (29,935) | $ 249,839 | |
Net income attributable to non-controlling interest | 3 | (21,560) | (68,064) | (61,660) | |
Balance, end of period | 1,752,601 | $ 1,660,949 | 2,047,850 | 1,664,183 | 1,787,445 |
Common shares | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | 1,025 | 1,024 | 1,030 | 1,025 | 1,024 |
Repurchases of common shares | 0 | (2) | (2) | (4) | |
Balance, end of period | 1,025 | 1,024 | 1,101 | 1,030 | 1,025 |
Additional paid-in capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | 1,109,205 | 1,104,803 | 1,120,242 | 1,110,248 | 1,104,803 |
Repurchases of common shares | 0 | (34) | (1,896) | (1,098) | (5,489) |
Share compensation expense | 1,043 | 830 | 48,547 | 10,784 | 8,883 |
Balance, end of period | 1,110,248 | 1,105,599 | 1,249,817 | 1,120,242 | 1,109,205 |
Accumulated other comprehensive income (loss) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | (4,441) | (4,441) | (4,441) | (4,441) | (4,441) |
Balance, end of period | (4,441) | (4,441) | (4,441) | (4,441) | (4,441) |
Retained earnings | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | 681,656 | 495,364 | 547,352 | 645,769 | 495,364 |
Repurchases of common shares | 0 | (18) | (537) | (418) | (1,887) |
Share compensation expense | 0 | (4,169) | 0 | 0 | |
Net income (loss) | (35,890) | 78,616 | 280,287 | (29,935) | 249,839 |
Net income attributable to non-controlling interest | 3 | (15,195) | (21,560) | (68,064) | (61,660) |
Balance, end of period | $ 645,769 | $ 558,767 | $ 801,373 | $ 547,352 | $ 681,656 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Goodwill | ||||
Beginning Balance | $ 24,884 | $ 0 | $ 24,884 | |
Plus: additions | (802) | |||
Less: impairment | 0 | 0 | (24,082) | $ (936) |
Ending Balance | 24,884 | 0 | 0 | 24,884 |
Gross Balance | 0 | |||
Intangible Assets Subject to Amortization | ||||
Beginning balance | 54,920 | 49,750 | 54,520 | |
Plus: additions | 800 | 14,821 | 8,062 | |
Less: amortization | (1,200) | (10,783) | (12,832) | (13,431) |
Ending balance | 54,520 | 53,788 | 49,750 | 54,920 |
Gross Balance | 109,722 | |||
Accumulated amortization | (55,934) | (45,151) | ||
Intangible Assets not Subject to Amortization | ||||
Beginning balance | 37,208 | 37,208 | 37,208 | |
Ending balance | 37,208 | 37,208 | 37,208 | 37,208 |
Plus: additions | 800 | 14,821 | 7,260 | |
Gross balance | 146,930 | |||
Intangible assets | $ 116,612 | $ 90,996 | $ 86,958 | $ 117,012 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Goodwill [Line Items] | ||||
Impairment of goodwill | $ 0 | $ 0 | $ 24,082 | $ 936 |
Weighted-average amortization period | 2 years 10 months 24 days | |||
Coverholder and broker relationships | ||||
Goodwill [Line Items] | ||||
Useful life | 10 years | |||
Internally developed software | ||||
Goodwill [Line Items] | ||||
Useful life | 5 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Components of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 |
Goodwill [Line Items] | ||||
Gross Balance | $ 109,722 | |||
Gross Balance | 37,208 | $ 37,208 | $ 37,208 | $ 37,208 |
Gross Balance | 146,930 | 132,109 | ||
Accumulated amortization | (55,934) | (45,151) | ||
Total | 53,788 | 49,750 | $ 54,520 | $ 54,920 |
Net Balance | 90,996 | 86,958 | ||
Lloyd's syndicate capacity | ||||
Goodwill [Line Items] | ||||
Gross Balance | 35,583 | 35,583 | ||
Licenses | ||||
Goodwill [Line Items] | ||||
Gross Balance | 1,625 | 1,625 | ||
Coverholder and broker relationships | ||||
Goodwill [Line Items] | ||||
Gross Balance | 44,515 | 44,515 | ||
Accumulated amortization | (19,255) | (14,804) | ||
Total | 25,260 | 29,711 | ||
Internally developed software | ||||
Goodwill [Line Items] | ||||
Gross Balance | 44,519 | 29,698 | ||
Accumulated amortization | (15,991) | (10,293) | ||
Total | 28,528 | 19,405 | ||
Value of business acquired | ||||
Goodwill [Line Items] | ||||
Gross Balance | 13,309 | 13,309 | ||
Accumulated amortization | (13,309) | (12,675) | ||
Total | 0 | 634 | ||
Managing general agency contracts | ||||
Goodwill [Line Items] | ||||
Gross Balance | 7,379 | 7,379 | ||
Accumulated amortization | (7,379) | (7,379) | ||
Total | $ 0 | $ 0 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2024 | $ 13,151 | |||
2025 | 12,109 | |||
2026 | 9,962 | |||
2027 | 8,880 | |||
2028 | 6,686 | |||
Thereafter | 3,000 | |||
Total | $ 53,788 | $ 49,750 | $ 54,520 | $ 54,920 |
Reinsurance - Schedule of Effec
Reinsurance - Schedule of Effect of Reinsurance (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Premiums Written | |||||
Assumed | $ 40,938 | $ 838,547 | $ 709,194 | $ 624,470 | |
Direct | 80,875 | 1,112,491 | 937,479 | 822,081 | |
Reinsurance premiums ceded | (23,892) | (470,600) | (424,809) | (361,123) | |
Net premiums written | 97,921 | 1,480,438 | 1,221,864 | 1,085,428 | |
Premiums Earned | |||||
Assumed | 57,731 | 742,378 | 670,272 | 574,155 | |
Direct | 64,190 | 1,016,762 | 886,488 | 737,982 | |
Ceded | (23,290) | (440,607) | (413,046) | (369,588) | |
Net premiums earned | 98,631 | $ 67,498 | 1,318,533 | 1,143,714 | 942,549 |
Losses and Loss Adjustment Expenses | |||||
Gross losses and loss adjustment expenses | 78,691 | 972,347 | 1,133,469 | 768,255 | |
Losses and loss adjustment expenses ceded | (22,041) | (257,744) | (375,136) | (127,695) | |
Total incurred | $ 56,650 | $ 44,925 | $ 714,603 | $ 758,333 | $ 640,560 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 06, 2020 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Ceded Credit Risk [Line Items] | ||||||||
Premiums receivable balance, credit provisions | $ 3,000 | $ 3,000 | $ 2,900 | |||||
Premiums receivable | 658,363 | 658,363 | 522,670 | |||||
Paid losses recoverable | 145,202 | 145,202 | 90,655 | |||||
Unpaid losses and loss adjustment expenses recoverable | 1,161,077 | $ 1,112,543 | 1,161,077 | 1,177,863 | $ 1,118,273 | $ 1,076,063 | ||
Reinsurance recoverable, provisions | 700 | 700 | 800 | |||||
Ceded to other companies | 23,892 | 470,600 | 424,809 | 361,123 | ||||
Related Party | ||||||||
Ceded Credit Risk [Line Items] | ||||||||
Ceded to other companies | 0 | 7,200 | 6,300 | 7,800 | ||||
Risk transfer capacity | 200,000 | $ 150,000 | ||||||
Reinsurance Contract [Axis]: Loss Portfolio Transfer Agreement | ||||||||
Ceded Credit Risk [Line Items] | ||||||||
Unpaid losses and loss adjustment expenses recoverable | $ 49,800 | 49,800 | 59,200 | |||||
Ceded to other companies | $ 72,100 | |||||||
Amortization of the deferred gain | $ 400 | $ 4,200 | $ 1,900 | $ 18,000 | ||||
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | ||||||||
Ceded Credit Risk [Line Items] | ||||||||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 100% | 100% | ||||||
Reinsurer One | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | ||||||||
Ceded Credit Risk [Line Items] | ||||||||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 27% | 31% | ||||||
Reinsurer Two | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | ||||||||
Ceded Credit Risk [Line Items] | ||||||||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 20% | 17% | ||||||
Reinsurer Three | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk | ||||||||
Ceded Credit Risk [Line Items] | ||||||||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 12% | 11% |
Reinsurance - Schedule of Paid
Reinsurance - Schedule of Paid and Unpaid Losses and Loss Adjustment Expenses Recoverable (Details) - Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments - Reinsurer Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 100% | 100% |
A- or better | ||
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 71% | 65.60% |
Below A- | ||
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 0.50% | 0.60% |
Collateralized | ||
Ceded Credit Risk [Line Items] | ||
% of total paid and unpaid losses and loss adjustment expenses recoverable | 28.50% | 33.80% |
Reserve for Losses and Loss A_3
Reserve for Losses and Loss Adjustment Expenses - Schedule of Reconciliation of Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||||
Gross unpaid losses and loss adjustment expenses, beginning of period | $ 2,379,027 | $ 2,054,628 | $ 2,856,275 | $ 2,415,491 | $ 2,054,628 |
Reinsurance recoverable on unpaid losses | 1,118,273 | 1,076,063 | 1,177,863 | 1,112,543 | 1,076,063 |
Net unpaid losses and loss adjustment expenses, beginning of period | 1,260,754 | 978,565 | 1,678,412 | 1,302,948 | 978,565 |
Net losses and loss adjustment expenses incurred in respect of losses occurring in: | |||||
Current year | 56,650 | 730,220 | 778,936 | 628,781 | |
Prior years | 0 | (15,617) | (20,603) | 11,779 | |
Total incurred | 56,650 | $ 44,925 | 714,603 | 758,333 | 640,560 |
Net losses and loss adjustment expenses paid in respect of losses occurring in: | |||||
Current year | 3,767 | 62,811 | 61,649 | 55,979 | |
Prior years | 11,082 | 501,987 | 315,537 | 255,543 | |
Total paid | 14,849 | 564,798 | 377,186 | 311,522 | |
Foreign currency revaluation and other | 393 | 40,743 | (5,683) | (46,849) | |
Net unpaid losses and loss adjustment expenses, end of period | 1,302,948 | 1,868,960 | 1,678,412 | 1,260,754 | |
Reinsurance recoverable on unpaid losses | 1,112,543 | 1,161,077 | 1,177,863 | 1,118,273 | |
Gross unpaid losses and loss adjustment expenses, end of period | $ 2,415,491 | $ 3,030,037 | $ 2,856,275 | $ 2,379,027 |
Reserve for Losses and Loss A_4
Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | $ 0 | $ (15,617) | $ (20,603) | $ 11,779 | ||
Acquisition costs | 23,992 | $ 17,534 | 309,148 | 271,189 | 229,213 | |
Reserve for losses and loss adjustment expenses | $ 2,415,491 | 3,030,037 | 2,856,275 | 2,379,027 | $ 2,054,628 | |
Ukrainian Conflict | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Reserve for losses and loss adjustment expenses | 64,900 | 79,300 | ||||
Covid-19 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Reserve for losses and loss adjustment expenses | 14,100 | 39,000 | ||||
Specialty Contracts | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | (18,600) | (36,900) | (33,400) | |||
Property Contracts | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | 4,600 | (400) | 23,200 | |||
Casualty Lines of Business | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | 3,400 | 23,700 | 15,200 | |||
Casualty Lines of Business | Reinsurance Contract [Axis]: Loss Portfolio Transfer Agreement | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | (5,000) | (7,000) | 14,600 | |||
Amortization of deferred gain | 4,200 | |||||
Favorable development in the underlying reserve | 800 | |||||
Hurricane Ida | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | (9,500) | |||||
Attritional Losses | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | 7,000 | |||||
Other Catastrophes | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | 2,100 | |||||
Adjustment Reserves | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | (7,800) | |||||
Attritional Losses | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | (5,200) | (3,200) | (8,100) | |||
Catastrophe Losses | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Net prior year development, unfavorable (favorable) | $ (10,400) | $ (17,400) | $ 19,900 |
Reserve for Losses and Loss A_5
Reserve for Losses and Loss Adjustment Expenses - Incurred and Paid Accident Year Claims Development, Net of Reinsurance (Details) $ in Thousands | Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Nov. 30, 2019 USD ($) | Nov. 30, 2018 USD ($) | Nov. 30, 2017 USD ($) | Nov. 30, 2016 USD ($) | Nov. 30, 2015 USD ($) | Nov. 30, 2014 USD ($) |
International - Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 502,702 | |||||||||
IBNR | $ 85,041 | |||||||||
Cumulative Number of Reported Claims | claim | 9,863 | |||||||||
International - Property | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ 1 | $ 1 | |
IBNR | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 2 | |||||||||
International - Property | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 7,349 | 7,261 | 7,155 | 6,011 | 6,351 | 6,212 | 6,551 | 7,527 | ||
IBNR | $ 31 | |||||||||
Cumulative Number of Reported Claims | claim | 903 | |||||||||
International - Property | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 41,230 | 41,224 | 41,260 | 41,819 | 44,911 | 42,986 | 38,379 | |||
IBNR | $ 230 | |||||||||
Cumulative Number of Reported Claims | claim | 1,164 | |||||||||
International - Property | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 24,466 | 24,542 | 24,537 | 24,873 | 26,191 | 24,037 | ||||
IBNR | $ 1,655 | |||||||||
Cumulative Number of Reported Claims | claim | 1,120 | |||||||||
International - Property | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 36,687 | 36,672 | 36,609 | 33,895 | 32,695 | |||||
IBNR | $ 1,746 | |||||||||
Cumulative Number of Reported Claims | claim | 1,421 | |||||||||
International - Property | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 143,418 | 143,676 | 144,201 | 134,743 | ||||||
IBNR | $ 10,630 | |||||||||
Cumulative Number of Reported Claims | claim | 2,201 | |||||||||
International - Property | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 121,907 | 124,917 | 113,813 | |||||||
IBNR | $ 14,221 | |||||||||
Cumulative Number of Reported Claims | claim | 1,529 | |||||||||
International - Property | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 74,560 | 81,324 | ||||||||
IBNR | $ 20,374 | |||||||||
Cumulative Number of Reported Claims | claim | 1,031 | |||||||||
International - Property | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 53,085 | |||||||||
IBNR | $ 36,154 | |||||||||
Cumulative Number of Reported Claims | claim | 492 | |||||||||
International - Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 443,979 | |||||||||
IBNR | $ 322,144 | |||||||||
Cumulative Number of Reported Claims | claim | 16,829 | |||||||||
International - Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
IBNR | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 0 | |||||||||
International - Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 367 | 388 | 342 | 342 | 342 | 243 | 278 | 171 | ||
IBNR | $ 222 | |||||||||
Cumulative Number of Reported Claims | claim | 32 | |||||||||
International - Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,079 | 5,121 | 5,857 | 6,332 | 7,354 | 5,187 | 648 | |||
IBNR | $ 413 | |||||||||
Cumulative Number of Reported Claims | claim | 73 | |||||||||
International - Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 4,453 | 4,351 | 4,941 | 5,686 | 5,890 | 697 | ||||
IBNR | $ 374 | |||||||||
Cumulative Number of Reported Claims | claim | 543 | |||||||||
International - Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 16,817 | 18,112 | 18,867 | 19,199 | 19,882 | |||||
IBNR | $ 1,638 | |||||||||
Cumulative Number of Reported Claims | claim | 2,645 | |||||||||
International - Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 19,426 | 17,870 | 24,123 | 28,692 | ||||||
IBNR | $ 2,543 | |||||||||
Cumulative Number of Reported Claims | claim | 3,546 | |||||||||
International - Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 107,024 | 109,013 | 101,549 | |||||||
IBNR | $ 85,506 | |||||||||
Cumulative Number of Reported Claims | claim | 3,370 | |||||||||
International - Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 145,030 | 144,543 | ||||||||
IBNR | $ 109,483 | |||||||||
Cumulative Number of Reported Claims | claim | 3,382 | |||||||||
International - Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 145,783 | |||||||||
IBNR | $ 121,965 | |||||||||
Cumulative Number of Reported Claims | claim | 3,238 | |||||||||
International - Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 711,631 | |||||||||
IBNR | $ 246,309 | |||||||||
Cumulative Number of Reported Claims | claim | 16,016 | |||||||||
International - Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 100 | 94 | 149 | 144 | 212 | 218 | 138 | 93 | 0 | |
IBNR | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 65 | |||||||||
International - Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 3,325 | 3,367 | 3,668 | 5,370 | 5,232 | 5,383 | 4,771 | 2,534 | ||
IBNR | $ 31 | |||||||||
Cumulative Number of Reported Claims | claim | 766 | |||||||||
International - Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 27,714 | 25,397 | 22,030 | 15,256 | 16,943 | 17,430 | 22,378 | |||
IBNR | $ 730 | |||||||||
Cumulative Number of Reported Claims | claim | 1,300 | |||||||||
International - Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 42,995 | 37,834 | 33,129 | 29,176 | 30,606 | 31,724 | ||||
IBNR | $ 704 | |||||||||
Cumulative Number of Reported Claims | claim | 1,587 | |||||||||
International - Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 95,702 | 97,777 | 104,017 | 109,971 | 108,035 | |||||
IBNR | $ 6,521 | |||||||||
Cumulative Number of Reported Claims | claim | 2,728 | |||||||||
International - Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 105,314 | 106,774 | 116,242 | 119,790 | ||||||
IBNR | $ 10,628 | |||||||||
Cumulative Number of Reported Claims | claim | 2,864 | |||||||||
International - Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 138,471 | 136,998 | 124,844 | |||||||
IBNR | $ 43,598 | |||||||||
Cumulative Number of Reported Claims | claim | 2,939 | |||||||||
International - Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 119,581 | 129,423 | ||||||||
IBNR | $ 51,235 | |||||||||
Cumulative Number of Reported Claims | claim | 2,478 | |||||||||
International - Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 178,429 | |||||||||
IBNR | $ 132,862 | |||||||||
Cumulative Number of Reported Claims | claim | 1,289 | |||||||||
Bermuda - Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 867,092 | |||||||||
IBNR | $ 131,106 | |||||||||
Cumulative Number of Reported Claims | claim | 1,624 | |||||||||
Bermuda - Property | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 17,437 | 17,440 | 17,424 | 17,662 | 17,727 | 17,723 | 17,894 | 19,374 | 20,563 | $ 19,416 |
IBNR | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 49 | |||||||||
Bermuda - Property | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,668 | 6,439 | 6,468 | 6,494 | 7,828 | 12,195 | 12,664 | 17,011 | 29,519 | |
IBNR | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 41 | |||||||||
Bermuda - Property | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 35,155 | 35,698 | 36,424 | 35,212 | 36,081 | 37,689 | 39,028 | 56,248 | ||
IBNR | $ 4 | |||||||||
Cumulative Number of Reported Claims | claim | 107 | |||||||||
Bermuda - Property | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 83,626 | 83,438 | 79,511 | 81,078 | 93,419 | 98,208 | 100,840 | |||
IBNR | $ 615 | |||||||||
Cumulative Number of Reported Claims | claim | 272 | |||||||||
Bermuda - Property | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 70,863 | 74,200 | 79,015 | 79,102 | 83,023 | 69,118 | ||||
IBNR | $ 429 | |||||||||
Cumulative Number of Reported Claims | claim | 233 | |||||||||
Bermuda - Property | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 57,180 | 59,009 | 58,264 | 48,629 | 23,664 | |||||
IBNR | $ 2,033 | |||||||||
Cumulative Number of Reported Claims | claim | 140 | |||||||||
Bermuda - Property | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 125,957 | 127,424 | 122,350 | 113,895 | ||||||
IBNR | $ 7,839 | |||||||||
Cumulative Number of Reported Claims | claim | 280 | |||||||||
Bermuda - Property | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 158,148 | 163,291 | 147,349 | |||||||
IBNR | $ 16,755 | |||||||||
Cumulative Number of Reported Claims | claim | 205 | |||||||||
Bermuda - Property | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 209,851 | 183,258 | ||||||||
IBNR | $ 49,850 | |||||||||
Cumulative Number of Reported Claims | claim | 229 | |||||||||
Bermuda - Property | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 103,207 | |||||||||
IBNR | $ 53,581 | |||||||||
Cumulative Number of Reported Claims | claim | 68 | |||||||||
Bermuda - Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 948,984 | |||||||||
IBNR | $ 422,904 | |||||||||
Cumulative Number of Reported Claims | claim | 189 | |||||||||
Bermuda - Casualty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 24,475 | 16,631 | 16,552 | 16,478 | 19,966 | 18,254 | 12,871 | 18,549 | 13,408 | 13,350 |
IBNR | $ 1,569 | |||||||||
Cumulative Number of Reported Claims | claim | 7 | |||||||||
Bermuda - Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 41,835 | 49,692 | 50,742 | 39,509 | 38,780 | 30,525 | 31,722 | 18,378 | 19,729 | |
IBNR | $ 9,062 | |||||||||
Cumulative Number of Reported Claims | claim | 35 | |||||||||
Bermuda - Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 55,193 | 60,536 | 56,571 | 57,099 | 54,883 | 54,551 | 50,174 | 44,749 | ||
IBNR | $ 6,917 | |||||||||
Cumulative Number of Reported Claims | claim | 7 | |||||||||
Bermuda - Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 138,131 | 126,429 | 113,845 | 105,869 | 101,802 | 96,716 | 85,123 | |||
IBNR | $ 12,038 | |||||||||
Cumulative Number of Reported Claims | claim | 37 | |||||||||
Bermuda - Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 133,735 | 132,004 | 122,003 | 123,517 | 116,054 | 101,827 | ||||
IBNR | $ 23,448 | |||||||||
Cumulative Number of Reported Claims | claim | 29 | |||||||||
Bermuda - Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 105,609 | 101,020 | 101,905 | 96,535 | 85,787 | |||||
IBNR | $ 36,330 | |||||||||
Cumulative Number of Reported Claims | claim | 18 | |||||||||
Bermuda - Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 88,825 | 88,638 | 84,742 | 82,179 | ||||||
IBNR | $ 37,197 | |||||||||
Cumulative Number of Reported Claims | claim | 21 | |||||||||
Bermuda - Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 80,188 | 79,272 | 69,924 | |||||||
IBNR | $ 48,917 | |||||||||
Cumulative Number of Reported Claims | claim | 7 | |||||||||
Bermuda - Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 110,424 | 110,673 | ||||||||
IBNR | $ 93,694 | |||||||||
Cumulative Number of Reported Claims | claim | 3 | |||||||||
Bermuda - Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 170,569 | |||||||||
IBNR | $ 153,732 | |||||||||
Cumulative Number of Reported Claims | claim | 25 | |||||||||
Bermuda - Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 422,561 | |||||||||
IBNR | $ 163,252 | |||||||||
Cumulative Number of Reported Claims | claim | 598 | |||||||||
Bermuda - Specialty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 8,594 | 8,540 | 8,612 | 8,730 | 8,865 | 9,123 | 8,377 | 10,293 | 12,478 | $ 11,857 |
IBNR | $ 0 | |||||||||
Cumulative Number of Reported Claims | claim | 19 | |||||||||
Bermuda - Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15,289 | 15,672 | 15,383 | 16,820 | 17,467 | 19,240 | 19,347 | 26,686 | $ 27,712 | |
IBNR | $ 31 | |||||||||
Cumulative Number of Reported Claims | claim | 39 | |||||||||
Bermuda - Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 15,853 | 15,849 | 16,865 | 19,854 | 23,211 | 28,984 | 34,919 | $ 38,154 | ||
IBNR | $ 650 | |||||||||
Cumulative Number of Reported Claims | claim | 58 | |||||||||
Bermuda - Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 27,340 | 26,829 | 24,489 | 29,628 | 36,329 | 44,254 | $ 57,663 | |||
IBNR | $ 961 | |||||||||
Cumulative Number of Reported Claims | claim | 74 | |||||||||
Bermuda - Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 39,937 | 38,695 | 45,178 | 48,477 | 52,742 | $ 58,959 | ||||
IBNR | $ 1,494 | |||||||||
Cumulative Number of Reported Claims | claim | 88 | |||||||||
Bermuda - Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 48,529 | 49,175 | 48,991 | 56,425 | $ 62,474 | |||||
IBNR | $ 3,908 | |||||||||
Cumulative Number of Reported Claims | claim | 101 | |||||||||
Bermuda - Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 54,681 | 52,262 | 56,970 | $ 63,432 | ||||||
IBNR | $ 5,184 | |||||||||
Cumulative Number of Reported Claims | claim | 111 | |||||||||
Bermuda - Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 35,653 | 46,105 | $ 53,898 | |||||||
IBNR | $ 12,686 | |||||||||
Cumulative Number of Reported Claims | claim | 31 | |||||||||
Bermuda - Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 114,398 | $ 117,717 | ||||||||
IBNR | $ 85,491 | |||||||||
Cumulative Number of Reported Claims | claim | 57 | |||||||||
Bermuda - Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 62,287 | |||||||||
IBNR | $ 52,847 | |||||||||
Cumulative Number of Reported Claims | claim | 20 |
Reserve for Losses and Loss A_6
Reserve for Losses and Loss Adjustment Expenses - Cumulative Paid Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2014 |
Claims Development [Line Items] | ||||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 1,837,919 | |||||||||
International - Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 388,696 | |||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 114,006 | |||||||||
International - Property | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
International - Property | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 7,277 | 7,003 | 6,891 | 7,049 | 6,668 | 4,567 | 3,428 | 171 | ||
International - Property | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 40,900 | 40,832 | 39,984 | 40,193 | 34,363 | 29,283 | 9,249 | |||
International - Property | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 21,964 | 20,905 | 20,053 | 17,340 | 12,036 | 1,322 | ||||
International - Property | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 32,942 | 25,818 | 20,940 | 21,106 | 8,307 | |||||
International - Property | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 132,191 | 115,587 | 90,859 | 24,365 | ||||||
International - Property | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 101,064 | 63,784 | 23,564 | |||||||
International - Property | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 46,856 | 9,996 | ||||||||
International - Property | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 5,502 | |||||||||
International - Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 74,524 | |||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 369,455 | |||||||||
International - Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
International - Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 0 | 0 | 0 | 0 | 0 | 82 | 0 | 0 | ||
International - Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 4,043 | 3,964 | 2,406 | 2,285 | 629 | 22 | 0 | |||
International - Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 4,011 | 3,800 | 3,167 | 2,266 | 439 | 35 | ||||
International - Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 14,992 | 13,332 | 6,813 | 2,719 | 177 | |||||
International - Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 16,706 | 12,480 | 8,420 | 3,363 | ||||||
International - Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 20,080 | 11,243 | 795 | |||||||
International - Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 9,452 | 3,240 | ||||||||
International - Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 5,240 | |||||||||
International - Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 378,888 | |||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 332,743 | |||||||||
International - Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 94 | 94 | 150 | 150 | 147 | 119 | 62 | 16 | 0 | |
International - Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 3,265 | 3,265 | 3,600 | 3,446 | 3,098 | 4,000 | 2,141 | 248 | ||
International - Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 25,858 | 23,043 | 21,256 | 21,763 | 16,986 | 8,992 | 2,427 | |||
International - Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 40,792 | 35,614 | 30,839 | 30,652 | 17,155 | 2,054 | ||||
International - Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 86,733 | 78,807 | 77,532 | 59,152 | 14,076 | |||||
International - Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 94,657 | 84,864 | 53,425 | 12,218 | ||||||
International - Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 67,950 | 45,838 | 9,743 | |||||||
International - Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 41,596 | 9,001 | ||||||||
International - Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 17,943 | |||||||||
Bermuda - Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 599,651 | |||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 267,481 | |||||||||
Bermuda - Property | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Outstanding liabilities for accident year 2013 and prior, net of reinsurance | 40 | |||||||||
Bermuda - Property | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 17,419 | 17,419 | 17,377 | 17,313 | 17,240 | 17,005 | 16,592 | 15,920 | 14,310 | $ 8,047 |
Bermuda - Property | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 5,647 | 5,646 | 5,630 | 5,608 | 5,417 | 5,297 | 5,163 | 4,664 | 1,775 | |
Bermuda - Property | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 34,741 | 34,609 | 33,985 | 32,882 | 31,685 | 29,623 | 25,596 | 12,840 | ||
Bermuda - Property | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 78,356 | 75,524 | 71,795 | 82,940 | 71,190 | 90,864 | 24,533 | |||
Bermuda - Property | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 67,410 | 65,583 | 67,547 | 85,660 | 71,557 | 12,631 | ||||
Bermuda - Property | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 49,705 | 46,504 | 38,002 | 32,433 | 2,401 | |||||
Bermuda - Property | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 104,870 | 75,445 | 48,246 | 13,253 | ||||||
Bermuda - Property | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 106,089 | 71,293 | 16,080 | |||||||
Bermuda - Property | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 109,215 | 35,261 | ||||||||
Bermuda - Property | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 26,199 | |||||||||
Bermuda - Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 395,942 | |||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 553,089 | |||||||||
Bermuda - Casualty | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Outstanding liabilities for accident year 2013 and prior, net of reinsurance | 47 | |||||||||
Bermuda - Casualty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 23,812 | 13,846 | 13,336 | 12,847 | 10,512 | 6,223 | 4,687 | 3,330 | 2,026 | 776 |
Bermuda - Casualty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 30,726 | 34,198 | 25,671 | 18,828 | 16,953 | 11,246 | 3,569 | 2,111 | 708 | |
Bermuda - Casualty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 41,115 | 39,381 | 35,482 | 27,103 | 20,504 | 12,678 | 5,169 | 1,541 | ||
Bermuda - Casualty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 106,013 | 91,855 | 70,548 | 50,471 | 22,829 | 10,961 | 3,792 | |||
Bermuda - Casualty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 87,677 | 70,939 | 66,889 | 50,903 | 22,800 | 3,782 | ||||
Bermuda - Casualty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 53,528 | 36,161 | 23,445 | 11,094 | 3,965 | |||||
Bermuda - Casualty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 35,047 | 19,713 | 14,495 | 5,417 | ||||||
Bermuda - Casualty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 11,255 | 4,523 | 1,934 | |||||||
Bermuda - Casualty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 4,744 | 696 | ||||||||
Bermuda - Casualty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 2,025 | |||||||||
Bermuda - Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 222,040 | |||||||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 201,145 | |||||||||
Bermuda - Specialty | 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Outstanding liabilities for accident year 2013 and prior, net of reinsurance | 624 | |||||||||
Bermuda - Specialty | 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 8,418 | 8,313 | 8,208 | 7,519 | 7,503 | 7,454 | 6,362 | 6,767 | 7,196 | $ 2,218 |
Bermuda - Specialty | 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 14,832 | 14,767 | 14,432 | 14,397 | 14,192 | 13,115 | 13,136 | 8,638 | $ 3,330 | |
Bermuda - Specialty | 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 14,413 | 13,810 | 13,589 | 13,116 | 10,814 | 5,632 | 8,661 | $ 2,938 | ||
Bermuda - Specialty | 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 24,384 | 22,638 | 17,726 | 16,417 | 14,114 | 10,194 | $ 2,217 | |||
Bermuda - Specialty | 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 33,653 | 27,789 | 28,223 | 25,826 | 19,326 | $ 7,607 | ||||
Bermuda - Specialty | 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 45,062 | 36,472 | 29,083 | 20,505 | $ 6,373 | |||||
Bermuda - Specialty | 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 43,226 | 32,653 | 25,585 | $ 9,160 | ||||||
Bermuda - Specialty | 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 15,938 | 7,248 | $ 3,862 | |||||||
Bermuda - Specialty | 2022 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | 17,086 | $ 3,465 | ||||||||
Bermuda - Specialty | 2023 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance | $ 5,028 |
Reserve for Losses and Loss A_7
Reserve for Losses and Loss Adjustment Expenses - Average Annual Percentage Payout (Details) | Dec. 31, 2023 |
International - Property | |
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 16% |
2 | 42% |
3 | 20% |
4 | 13% |
5 | 7% |
6 | 2% |
7 | 0% |
8 | 4% |
International - Casualty | |
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 3% |
2 | 8% |
3 | 13% |
4 | 29% |
5 | 9% |
6 | 18% |
7 | 1% |
8 | 0% |
International - Specialty | |
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 10% |
2 | 33% |
3 | 23% |
4 | 6% |
5 | 7% |
6 | 10% |
7 | 8% |
8 | (2.00%) |
Bermuda - Property | |
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 18% |
2 | 45% |
3 | 12% |
4 | 9% |
5 | (3.00%) |
6 | 3% |
7 | 3% |
8 | 0% |
9 | 0% |
Bermuda - Casualty | |
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 3% |
2 | 7% |
3 | 11% |
4 | 15% |
5 | 11% |
6 | 13% |
7 | 10% |
8 | 9% |
9 | (4.00%) |
Bermuda - Specialty | |
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items] | |
1 | 11% |
2 | 23% |
3 | 15% |
4 | 13% |
5 | 9% |
6 | 11% |
7 | 3% |
8 | 4% |
9 | 1% |
Reserve for Losses and Loss A_8
Reserve for Losses and Loss Adjustment Expenses - Amounts of Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Nov. 30, 2020 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | $ 1,837,919 | ||||
Unpaid losses and loss adjustment expenses recoverable | 1,161,077 | $ 1,177,863 | $ 1,112,543 | $ 1,118,273 | $ 1,076,063 |
Other insurance lines | 4,619 | ||||
Unallocated loss adjustment expenses | 26,422 | ||||
Unpaid losses and loss adjustment expenses recoverable | 31,041 | ||||
Reserve for losses and loss adjustment expenses | 3,030,037 | $ 2,856,275 | $ 2,415,491 | $ 2,379,027 | $ 2,054,628 |
International - Property | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 114,006 | ||||
Unpaid losses and loss adjustment expenses recoverable | 57,200 | ||||
International - Casualty | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 369,455 | ||||
Unpaid losses and loss adjustment expenses recoverable | 642,090 | ||||
International - Specialty | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 332,743 | ||||
Unpaid losses and loss adjustment expenses recoverable | 181,977 | ||||
Bermuda - Property | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 267,481 | ||||
Unpaid losses and loss adjustment expenses recoverable | 45,112 | ||||
Bermuda - Casualty | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 553,089 | ||||
Unpaid losses and loss adjustment expenses recoverable | 169,672 | ||||
Bermuda - Specialty | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liabilities for unpaid losses and loss adjustment expenses, net of reinsurance | 201,145 | ||||
Unpaid losses and loss adjustment expenses recoverable | $ 65,026 |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
Gross premiums written | $ 121,813 | $ 1,951,038 | $ 1,646,673 | $ 1,446,551 | |
Net premiums written | 97,921 | 1,480,438 | 1,221,864 | 1,085,428 | |
Net premiums earned | 98,631 | $ 67,498 | 1,318,533 | 1,143,714 | 942,549 |
Third party fee income | 1,349 | 18,234 | 11,631 | 21,022 | |
Losses and loss adjustment expenses | 56,650 | 44,925 | 714,603 | 758,333 | 640,560 |
Acquisition costs | 23,992 | 17,534 | 309,148 | 271,189 | 229,213 |
Other underwriting expenses | 13,857 | 183,165 | 157,540 | 149,822 | |
Underwriting income (loss) | 5,481 | 129,851 | (31,717) | (56,024) | |
Net realized and unrealized gains (losses) on investments | (33,526) | 209,399 | 86,357 | 352,193 | |
Net investment income (loss) | (3,222) | 30,456 | (21,487) | (43,217) | |
Net gain on sale of equity method investment | 0 | 211 | 6,991 | 54,557 | |
Other income (loss), excluding third party fee income | 782 | 397 | (315) | (11) | |
Net foreign exchange gains (losses) | 16 | (6,185) | 6,137 | 6,442 | |
Corporate expenses | (1,825) | (76,691) | (20,142) | (22,472) | |
Less: impairment | 0 | 0 | (24,082) | (936) | |
Amortization of intangible assets | (1,200) | (10,783) | (12,832) | (13,431) | |
Interest expense | (1,061) | (21,434) | (15,741) | (14,897) | |
Income (loss) before income tax | (34,555) | 255,221 | (26,831) | 262,204 | |
Income tax expense (benefit) | (1,335) | $ (664) | 25,066 | (3,104) | (12,365) |
Net income (loss) | (35,890) | 280,287 | (29,935) | 249,839 | |
Net income (loss) attributable to non-controlling interest | (3) | 21,560 | 68,064 | 61,660 | |
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | $ (35,887) | $ 258,727 | $ (97,999) | $ 188,179 | |
Attritional loss ratio - current year | 48% | 52.20% | 51.80% | 51.10% | |
Attritional loss ratio - prior year development | 0% | (0.80%) | (0.30%) | (0.90%) | |
Catastrophe loss ratio - current year | 9.40% | 3.20% | 16.30% | 15.70% | |
Catastrophe loss ratio - prior year development | 0% | (0.40%) | (1.50%) | 2.10% | |
Loss and loss adjustment expense ratio | 57.40% | 54.20% | 66.30% | 68% | |
Acquisition cost ratio | 24.30% | 23.40% | 23.70% | 24.30% | |
Other underwriting expense ratio | 12.70% | 12.50% | 12.80% | 13.70% | |
Combined ratio | 94.40% | 90.10% | 102.80% | 106% | |
Operating Segments | International | |||||
Segment Reporting Information [Line Items] | |||||
Gross premiums written | $ 87,294 | $ 1,105,522 | $ 933,241 | $ 892,292 | |
Net premiums written | 67,599 | 770,399 | 635,773 | 640,816 | |
Net premiums earned | 62,372 | 703,508 | 623,047 | 557,139 | |
Third party fee income | 1,386 | 9,685 | 11,430 | 20,672 | |
Losses and loss adjustment expenses | 33,888 | 362,137 | 335,484 | 352,859 | |
Acquisition costs | 17,192 | 186,698 | 170,571 | 154,969 | |
Other underwriting expenses | 10,377 | 127,402 | 108,239 | 112,055 | |
Underwriting income (loss) | $ 2,301 | $ 36,956 | $ 20,183 | $ (42,072) | |
Attritional loss ratio - current year | 46.10% | 53.20% | 50.90% | 50.40% | |
Attritional loss ratio - prior year development | 0% | (3.50%) | (4.80%) | 0.10% | |
Catastrophe loss ratio - current year | 8.20% | 1.50% | 7.20% | 10.70% | |
Catastrophe loss ratio - prior year development | 0% | 0.30% | 0.50% | 2.10% | |
Loss and loss adjustment expense ratio | 54.30% | 51.50% | 53.80% | 63.30% | |
Acquisition cost ratio | 27.60% | 26.50% | 27.40% | 27.80% | |
Other underwriting expense ratio | 14.40% | 16.70% | 15.50% | 16.40% | |
Combined ratio | 96.30% | 94.70% | 96.70% | 107.50% | |
Operating Segments | Bermuda | |||||
Segment Reporting Information [Line Items] | |||||
Gross premiums written | $ 34,519 | $ 845,516 | $ 713,432 | $ 554,259 | |
Net premiums written | 30,322 | 710,039 | 586,091 | 444,612 | |
Net premiums earned | 36,259 | 615,025 | 520,667 | 385,410 | |
Third party fee income | (37) | 8,549 | 201 | 350 | |
Losses and loss adjustment expenses | 22,762 | 352,466 | 422,849 | 287,701 | |
Acquisition costs | 6,800 | 122,450 | 100,618 | 74,244 | |
Other underwriting expenses | 3,480 | 55,763 | 49,301 | 37,767 | |
Underwriting income (loss) | $ 3,180 | $ 92,895 | $ (51,900) | $ (13,952) | |
Attritional loss ratio - current year | 51.30% | 51.10% | 52.90% | 52% | |
Attritional loss ratio - prior year development | 0% | 2.30% | 5.10% | (2.30%) | |
Catastrophe loss ratio - current year | 11.50% | 5.10% | 27.10% | 22.80% | |
Catastrophe loss ratio - prior year development | 0% | (1.20%) | (3.90%) | 2.10% | |
Loss and loss adjustment expense ratio | 62.80% | 57.30% | 81.20% | 74.60% | |
Acquisition cost ratio | 18.80% | 19.90% | 19.30% | 19.30% | |
Other underwriting expense ratio | 9.70% | 7.70% | 9.40% | 9.70% | |
Combined ratio | 91.30% | 84.90% | 109.90% | 103.60% | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Gross premiums written | $ 0 | $ 0 | $ 0 | $ 0 | |
Net premiums written | 0 | 0 | 0 | 0 | |
Net premiums earned | 0 | 0 | 0 | 0 | |
Third party fee income | 0 | 0 | 0 | 0 | |
Losses and loss adjustment expenses | 0 | 0 | 0 | 0 | |
Acquisition costs | 0 | 0 | 0 | 0 | |
Other underwriting expenses | 0 | 0 | 0 | 0 | |
Underwriting income (loss) | 0 | 0 | 0 | 0 | |
Net realized and unrealized gains (losses) on investments | (33,526) | 209,399 | 86,357 | 352,193 | |
Net investment income (loss) | (3,222) | 30,456 | (21,487) | (43,217) | |
Net gain on sale of equity method investment | 211 | 6,991 | 54,557 | ||
Other income (loss), excluding third party fee income | 782 | 397 | (315) | (11) | |
Net foreign exchange gains (losses) | 16 | (6,185) | 6,137 | 6,442 | |
Corporate expenses | (1,825) | (76,691) | (20,142) | (22,472) | |
Less: impairment | (24,082) | (936) | |||
Amortization of intangible assets | (1,200) | (10,783) | (12,832) | (13,431) | |
Interest expense | (1,061) | (21,434) | (15,741) | (14,897) | |
Income tax expense (benefit) | (1,335) | 25,066 | (3,104) | (12,365) | |
Net income (loss) attributable to non-controlling interest | $ (3) | $ 21,560 | $ 68,064 | $ 61,660 |
Segment Reporting - Summary of
Segment Reporting - Summary of Gross Premiums Written by Geographical Location of Subsidiaries (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | $ 121,813 | $ 1,951,038 | $ 1,646,673 | $ 1,446,551 |
Total International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 87,294 | 1,105,522 | 933,241 | 892,292 |
Lloyd's of London | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 49,405 | 677,415 | 561,432 | 559,914 |
Ireland | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 37,889 | 349,896 | 345,088 | 332,378 |
U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | 0 | 78,211 | 26,721 | 0 |
Bermuda | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Gross premiums written | $ 34,519 | $ 845,516 | $ 713,432 | $ 554,259 |
Debt and Credit Facilities - Na
Debt and Credit Facilities - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 27, 2023 | Oct. 26, 2023 | Aug. 11, 2023 | Jun. 23, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Aug. 08, 2023 | |
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, outstanding | $ 694,681,000 | ||||||||
Interest expense | $ 1,061,000 | 21,434,000 | $ 15,741,000 | $ 14,897,000 | |||||
Unsecured Debt | Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Face amount | $ 150,000,000 | ||||||||
Increase in interest rate in event of default | 2% | ||||||||
Outstanding loan balance | 150,000,000 | ||||||||
Fair value of debt | 151,000,000 | ||||||||
Unamortized issuance costs | 200,000 | ||||||||
Amortization of debt issuance costs | $ 100,000 | 100,000 | $ 100,000 | $ 100,000 | |||||
Line of Credit | Uncommitted Secured Letter Of Credit Facility | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||||
Line of Credit | Unsecured Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 415,000,000 | ||||||||
Line of credit facility, outstanding | $ 0 | ||||||||
Unused commitment fee percentage | 0.225% | ||||||||
Line of Credit | Unsecured Facility | Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | ||||||||
Line of Credit | Unsecured Facility | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Stated interest rate | 1.50% | ||||||||
Line of Credit | Bank of Montreal, Letter of Credit Facility | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | ||||||||
Unused commitment fee percentage | 0.15% | ||||||||
Commitment fee percentage | 0.40% | ||||||||
Line of Credit | UBS Letter of Credit Facility | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||||||||
Commitment fee percentage | 1.40% | ||||||||
Line of Credit | Unsecured Facility, Lloyd's | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 230,000,000 | ||||||||
Commitment fee percentage | 1.625% | ||||||||
Term of debt agreement | 1 year | ||||||||
Secured Overnight Financing Rate (SOFR) | Line of Credit | Unsecured Facility | Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable rate | 1.85% |
Debt and Credit Facilities - Sc
Debt and Credit Facilities - Schedule of Credit Facilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Line of Credit Facility [Line Items] | |
Available letter of credit and revolving loan facilities - commitments | $ 995,000 |
Available letter of credit and revolving loan facilities - in use | 694,681 |
TS Hamilton Fund | |
Line of Credit Facility [Line Items] | |
Security pledged under letter of credit and revolving loan facilities: | 241,711 |
Fixed Income Portfolio | |
Line of Credit Facility [Line Items] | |
Security pledged under letter of credit and revolving loan facilities: | 229,387 |
Cash | |
Line of Credit Facility [Line Items] | |
Security pledged under letter of credit and revolving loan facilities: | $ 1,624 |
Share Capital - Schedule of Sha
Share Capital - Schedule of Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Nov. 30, 2020 |
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 150,000,000 | 135,000,000 | 135,000,000 | 135,000,000 | 135,000,000 |
Common stock issued (in shares) | 110,225,103 | 103,087,859 | 102,563,042 | 102,540,769 | 102,454,307 |
Common stock outstanding (in shares) | 110,225,103 | 103,087,859 | 102,563,042 | 102,540,769 | 102,454,307 |
Common stock | $ 1,101 | $ 1,030 | |||
Class A | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 28,644,807 | 53,993,690 | 53,793,690 | 53,793,690 | 53,793,690 |
Common stock issued (in shares) | 28,644,807 | 30,520,078 | 30,320,078 | 30,320,078 | 30,320,078 |
Common stock outstanding (in shares) | 28,644,807 | 30,520,078 | 30,320,078 | 30,320,078 | 30,320,078 |
Common stock | $ 286 | $ 305 | |||
Class B | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 72,337,352 | 50,480,684 | 46,898,612 | 46,898,612 | 81,206,310 |
Common stock issued (in shares) | 56,036,067 | 42,042,155 | 37,935,266 | 37,912,993 | 72,134,229 |
Common stock outstanding (in shares) | 56,036,067 | 42,042,155 | 37,935,266 | 37,912,993 | 72,134,229 |
Common stock | $ 560 | $ 420 | |||
Class C | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock authorized (in shares) | 25,544,229 | 30,525,626 | 34,307,698 | 34,307,698 | 0 |
Common stock issued (in shares) | 25,544,229 | 30,525,626 | 34,307,698 | 34,307,698 | 0 |
Common stock outstanding (in shares) | 25,544,229 | 30,525,626 | 34,307,698 | 34,307,698 | 0 |
Common stock | $ 255 | $ 305 |
Share Capital - Schedule of Com
Share Capital - Schedule of Common Stock Authorized (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares - beginning of period (in shares) | 135,000,000 | 135,000,000 | 135,000,000 |
Share class conversions (in shares) | 0 | 0 | 0 |
Increase in authorized share capital (in shares) | 15,000,000 | ||
Common shares - end of period (in shares) | 150,000,000 | 135,000,000 | 135,000,000 |
Class A | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares - beginning of period (in shares) | 53,993,690 | 53,793,690 | 53,793,690 |
Share class conversions (in shares) | (25,348,883) | 200,000 | 0 |
Increase in authorized share capital (in shares) | 0 | ||
Common shares - end of period (in shares) | 28,644,807 | 53,993,690 | 53,793,690 |
Class B | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares - beginning of period (in shares) | 50,480,684 | 46,898,612 | 81,206,310 |
Share class conversions (in shares) | 6,856,668 | 3,582,072 | (34,307,698) |
Increase in authorized share capital (in shares) | 15,000,000 | ||
Common shares - end of period (in shares) | 72,337,352 | 50,480,684 | 46,898,612 |
Class C | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares - beginning of period (in shares) | 30,525,626 | 34,307,698 | 0 |
Share class conversions (in shares) | (4,981,397) | (3,782,072) | 34,307,698 |
Increase in authorized share capital (in shares) | 0 | ||
Common shares - end of period (in shares) | 25,544,229 | 30,525,626 | 34,307,698 |
Unclassified | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common shares - beginning of period (in shares) | 0 | 0 | 0 |
Share class conversions (in shares) | 23,473,612 | 0 | 0 |
Increase in authorized share capital (in shares) | 0 | ||
Common shares - end of period (in shares) | 23,473,612 | 0 | 0 |
Share Capital - Schedule of C_2
Share Capital - Schedule of Common Stock Issued and Outstanding (Details) - shares | 1 Months Ended | 12 Months Ended | 24 Months Ended | 37 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued - beginning of period (in shares) | 102,540,769 | 103,087,859 | 102,563,042 | 102,454,307 | 102,563,042 | 102,454,307 |
Common shares outstanding - beginning of period (in shares) | 102,540,769 | 103,087,859 | 102,563,042 | 102,454,307 | 102,563,042 | 102,454,307 |
Share class conversions (in shares) | 0 | 0 | 0 | |||
IPO share issued (in shares) | 6,250,000 | |||||
Vesting of awards (in shares) | 735,013 | 580,935 | 439,936 | |||
Exercise of warrants (in shares) | 271,097 | |||||
Employee and director share purchases (in shares) | 22,750 | 65,808 | ||||
Director share awards granted (in shares) | 22,273 | 44,892 | 25,805 | 46,086 | ||
Share repurchases (in shares) | (163,758) | (104,673) | (465,368) | |||
Common shares issued - end of period (in shares) | 102,563,042 | 110,225,103 | 103,087,859 | 102,540,769 | 110,225,103 | 110,225,103 |
Common shares outstanding - end of period (in shares) | 102,563,042 | 110,225,103 | 103,087,859 | 102,540,769 | 110,225,103 | 110,225,103 |
Class A | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued - beginning of period (in shares) | 30,320,078 | 30,520,078 | 30,320,078 | 30,320,078 | 30,320,078 | 30,320,078 |
Common shares outstanding - beginning of period (in shares) | 30,320,078 | 30,520,078 | 30,320,078 | 30,320,078 | 30,320,078 | 30,320,078 |
Share class conversions (in shares) | (1,875,271) | 200,000 | 0 | |||
IPO share issued (in shares) | 0 | |||||
Vesting of awards (in shares) | 0 | 0 | 0 | |||
Exercise of warrants (in shares) | 0 | |||||
Employee and director share purchases (in shares) | 0 | 0 | ||||
Director share awards granted (in shares) | 0 | 0 | 0 | 0 | ||
Share repurchases (in shares) | 0 | 0 | 0 | |||
Common shares issued - end of period (in shares) | 30,320,078 | 28,644,807 | 30,520,078 | 30,320,078 | 28,644,807 | 28,644,807 |
Common shares outstanding - end of period (in shares) | 30,320,078 | 28,644,807 | 30,520,078 | 30,320,078 | 28,644,807 | 28,644,807 |
Class B | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued - beginning of period (in shares) | 37,912,993 | 42,042,155 | 37,935,266 | 72,134,229 | 37,935,266 | 72,134,229 |
Common shares outstanding - beginning of period (in shares) | 37,912,993 | 42,042,155 | 37,935,266 | 72,134,229 | 37,935,266 | 72,134,229 |
Share class conversions (in shares) | 6,856,668 | 3,582,072 | (34,307,698) | |||
IPO share issued (in shares) | 6,250,000 | |||||
Vesting of awards (in shares) | 735,013 | 580,935 | 439,936 | |||
Exercise of warrants (in shares) | 271,097 | |||||
Employee and director share purchases (in shares) | 22,750 | 65,808 | ||||
Director share awards granted (in shares) | 22,273 | 44,892 | 25,805 | 46,086 | ||
Share repurchases (in shares) | (163,758) | (104,673) | (465,368) | |||
Common shares issued - end of period (in shares) | 37,935,266 | 56,036,067 | 42,042,155 | 37,912,993 | 56,036,067 | 56,036,067 |
Common shares outstanding - end of period (in shares) | 37,935,266 | 56,036,067 | 42,042,155 | 37,912,993 | 56,036,067 | 56,036,067 |
Class C | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued - beginning of period (in shares) | 34,307,698 | 30,525,626 | 34,307,698 | 0 | 34,307,698 | 0 |
Common shares outstanding - beginning of period (in shares) | 34,307,698 | 30,525,626 | 34,307,698 | 0 | 34,307,698 | 0 |
Share class conversions (in shares) | (4,981,397) | (3,782,072) | 34,307,698 | |||
IPO share issued (in shares) | 0 | |||||
Vesting of awards (in shares) | 0 | 0 | 0 | |||
Exercise of warrants (in shares) | 0 | |||||
Employee and director share purchases (in shares) | 0 | 0 | ||||
Director share awards granted (in shares) | 0 | 0 | 0 | 0 | ||
Share repurchases (in shares) | 0 | 0 | 0 | |||
Common shares issued - end of period (in shares) | 34,307,698 | 25,544,229 | 30,525,626 | 34,307,698 | 25,544,229 | 25,544,229 |
Common shares outstanding - end of period (in shares) | 34,307,698 | 25,544,229 | 30,525,626 | 34,307,698 | 25,544,229 | 25,544,229 |
Share Capital - Narrative (Deta
Share Capital - Narrative (Details) | Dec. 31, 2023 |
Class of Stock [Line Items] | |
Percent of combined voting power, Class A and Class B | 9.50% |
Class B | |
Class of Stock [Line Items] | |
Percent of combined voting power, Class A and Class B | 14.92% |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Nov. 10, 2023 participant $ / shares shares | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Nov. 30, 2021 USD ($) | Mar. 10, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants outstanding, term | 10 years | ||||||
Exercise price (in dollars per share) | $ / shares | $ 10 | $ 10 | |||||
Compensation expense | $ 1,043 | $ 44,378 | $ 10,784 | $ 8,883 | |||
RSUs | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Total estimated fair value | 0 | $ 14,200 | 11,800 | 9,600 | |||
Vesting period | 3 years | ||||||
Granted (in USD per share) | $ / shares | $ 13.87 | ||||||
Compensation expense | 911 | $ 11,358 | 10,884 | 8,068 | |||
VAP RSUs | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Percent of increase in Company fair market value awarded to employees | 10% | ||||||
Units available for issuance (in shares) | shares | 10,000,000 | ||||||
Ratio of fair market value to shareholders' equity | 1.15 | ||||||
Number of VAP participants | participant | 528 | ||||||
Granted (in USD per share) | $ / shares | $ 5.16 | $ 15.32 | |||||
Units issued and outstanding (in shares) | shares | 9,500,000 | ||||||
Total trigger event date fair value | $ 49,100 | ||||||
Days post IPO | 30 days | ||||||
Closing market share price (in dollars per share) | $ / shares | $ 15.32 | ||||||
Compensation expense, including adjustment to retained earnings | $ 34,500 | ||||||
Compensation expense, adjustment to retained earnings | $ 4,200 | ||||||
Compensation expense | 0 | $ 30,352 | 0 | 0 | |||
VAP RSUs | Share-Based Payment Arrangement, Tranche One | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Vesting percentage | 50% | ||||||
VAP RSUs | Share-Based Payment Arrangement, Tranche Two | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Vesting percentage | 50% | ||||||
PSUs | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Compensation expense | 132 | $ 2,668 | (100) | 815 | |||
PSUs | Minimum | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Vesting percentage | 0% | ||||||
PSUs | Maximum | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Vesting percentage | 200% | ||||||
Stock-Settled Directors' Fees | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Compensation expense | $ 100 | $ 600 | $ 700 | $ 700 | |||
2023 Equity Incentive Plan | Class B | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Increase in shares available for issuance, term | 9 years | ||||||
Percentage of outstanding shares | 2% | ||||||
Shares available for issuance (in shares) | shares | 8,194,773 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation expense: | $ 1,043 | $ 44,378 | $ 10,784 | $ 8,883 |
Tax benefit | (76) | (1,251) | (1,074) | (621) |
Share-based compensation expense, net of taxes: | 967 | 43,127 | 9,710 | 8,262 |
RSUs | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation expense: | 911 | 11,358 | 10,884 | 8,068 |
VAP RSUs | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation expense: | 0 | 30,352 | 0 | 0 |
PSUs | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation expense: | $ 132 | $ 2,668 | $ (100) | $ 815 |
Stock Incentive Plans - Sched_2
Stock Incentive Plans - Schedule of Unrecognized Compensation Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized Share-based Compensation Expense | $ 29,778 |
RSUs | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized Share-based Compensation Expense | $ 8,037 |
Weighted-Average Recognition Period (in years) | 2 years |
VAP RSUs | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized Share-based Compensation Expense | $ 14,605 |
Weighted-Average Recognition Period (in years) | 9 months 18 days |
PSUs | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized Share-based Compensation Expense | $ 7,136 |
Weighted-Average Recognition Period (in years) | 2 years 3 months 18 days |
Stock Incentive Plans - Sched_3
Stock Incentive Plans - Schedule of Share-Based Payment Arrangement, Activity (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Nov. 10, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Number of RSUs | |||||
Granted (in shares) | 22,273 | 44,892 | 25,805 | 46,086 | |
Vested (in shares) | (735,013) | (580,935) | (439,936) | ||
RSUs | |||||
Number of RSUs | |||||
Balance, beginning of year (in shares) | 1,360,769 | ||||
Granted (in shares) | 1,026,113 | ||||
Vested (in shares) | (658,654) | ||||
Forfeited (in shares) | (67,250) | ||||
Balance, end of year (in shares) | 1,660,978 | 1,360,769 | |||
Weighted-Average Grant Date Fair Value | |||||
Balance, beginning of year (in USD per share) | $ 14.75 | ||||
Granted (in USD per share) | 13.87 | ||||
Vested (in USD per share) | 15.18 | ||||
Forfeited (in USD per share) | 14.16 | ||||
Balance, end of year (in USD per share) | $ 14.06 | $ 14.75 | |||
VAP RSUs | |||||
Number of RSUs | |||||
Balance, beginning of year (in shares) | 0 | ||||
Granted (in shares) | 3,193,525 | ||||
Forfeited (in shares) | (46,018) | ||||
Balance, end of year (in shares) | 3,147,507 | 0 | |||
Weighted-Average Grant Date Fair Value | |||||
Balance, beginning of year (in USD per share) | $ 0 | ||||
Granted (in USD per share) | $ 5.16 | 15.32 | |||
Forfeited (in USD per share) | 15.32 | ||||
Balance, end of year (in USD per share) | $ 15.32 | $ 0 |
Stock Incentive Plans - Sched_4
Stock Incentive Plans - Schedule of Grant-date Summary of PSUs Awarded (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Performance units granted (in shares) | 22,273 | 44,892 | 25,805 | 46,086 | ||
PSUs | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Performance units granted (in shares) | 516,542 | 206,166 | 188,796 | 228,135 | 123,207 | |
Potential maximum share payout (in shares) | 1,033,084 | 412,332 | 377,592 | 456,270 | 246,414 | |
Aggregate grant date fair value | $ 7,392 | $ 2,732 | $ 2,502 | $ 4,022 | $ 2,209 |
Stock Incentive Plans - PSU Act
Stock Incentive Plans - PSU Activity (Details) - shares | 12 Months Ended | 24 Months Ended | 37 Months Ended | 49 Months Ended | 61 Months Ended | 73 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vested (in shares) | (735,013) | (580,935) | (439,936) | |||||
PSUs | 2023 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Balance, beginning of year (in shares) | 516,542 | |||||||
Vested (in shares) | 0 | |||||||
Forfeited (in shares) | 0 | |||||||
Change in expected performance factor (in shares) | 0 | |||||||
Balance, end of year (in shares) | 516,542 | 516,542 | 516,542 | 516,542 | 516,542 | 516,542 | 516,542 | |
PSUs | 2022 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Balance, beginning of year (in shares) | 206,166 | 206,166 | ||||||
Vested (in shares) | 0 | |||||||
Forfeited (in shares) | (24,494) | |||||||
Change in expected performance factor (in shares) | (36,334) | |||||||
Balance, end of year (in shares) | 145,338 | 145,338 | 145,338 | 145,338 | 145,338 | 145,338 | ||
PSUs | 2021 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Balance, beginning of year (in shares) | 188,796 | 188,796 | ||||||
Vested (in shares) | 0 | |||||||
Forfeited (in shares) | (58,960) | |||||||
Change in expected performance factor (in shares) | (97,377) | |||||||
Balance, end of year (in shares) | 32,459 | 32,459 | 32,459 | 32,459 | 32,459 | 32,459 | ||
PSUs | 2020 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Balance, beginning of year (in shares) | 228,135 | |||||||
Vested (in shares) | (51,469) | |||||||
Forfeited (in shares) | (137,109) | |||||||
Change in expected performance factor (in shares) | (39,557) | |||||||
Balance, end of year (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||
PSUs | 2019 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Balance, beginning of year (in shares) | 123,207 | |||||||
Vested (in shares) | (10,904) | |||||||
Forfeited (in shares) | (97,245) | |||||||
Change in expected performance factor (in shares) | (15,058) | |||||||
Balance, end of year (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||
PSUs | 2018 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Balance, beginning of year (in shares) | 258,951 | |||||||
Vested (in shares) | (74,673) | |||||||
Forfeited (in shares) | (161,240) | |||||||
Change in expected performance factor (in shares) | (23,038) | |||||||
Balance, end of year (in shares) | 0 | 0 | 0 | 0 | 0 | 0 |
Stock Incentive Plans - Sched_5
Stock Incentive Plans - Schedule of Outstanding and Exercisable Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrants, Outstanding [Roll Forward] | ||
Warrants outstanding and exercisable, beginning of year, Number of Warrants (in shares) | 1,152,500 | |
Warrants outstanding and exercisable, beginning of year, Weighted-Average Exercise Price (in USD per share) | $ 10 | |
Warrants outstanding and exercisable, beginning of year, Weighted Average Grant Date Fair Value (in USD per share) | $ 4.44 | |
Warrants outstanding and exercisable, beginning of year, Total Intrinsic Value | $ 4,287 | |
Exercised, Number of Warrants (in shares) | (342,500) | |
Exercised, Weighted-Average Exercise Price (in USD per share) | $ 10 | |
Exercised, Weighted-Average Grant Date Fair Value (in USD per share) | $ 4.27 | |
Exercised, Total Intrinsic Value | $ 2,398 | |
Warrants outstanding and exercisable, end of year, Number of Warrants (in shares) | 810,000 | |
Warrants outstanding and exercisable, end of year, Weighted-Average Exercise Price (in USD per share) | $ 10 | |
Warrants outstanding and exercisable, end of year, Weighted Average Grant Date Fair Value (in USD per share) | $ 4.52 | |
Warrants outstanding and exercisable, end of year, Total Intrinsic Value | $ 4,010 | |
Warrants outstanding, term | 3 months 18 days | 1 year 3 months 18 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Numerator: | |||||
Net income (loss) attributable to common shareholders | $ (35,887) | $ 258,727 | $ (97,999) | $ 188,179 | |
Denominator: | |||||
Weighted average common shares outstanding - basic (in shares) | 102,563,000 | 104,563,000 | 103,062,000 | 102,597,000 | |
Effect of dilutive securities (in shares) | 0 | 1,640,000 | 0 | 936,000 | |
Weighted average common shares outstanding - diluted (in shares) | 102,563,000 | 106,203,000 | 103,062,000 | 103,533,000 | |
Income (loss) per common share - basic (in dollars per share) | $ (0.35) | $ 0.62 | $ 2.47 | $ (0.95) | $ 1.83 |
Income (loss) per common share - diluted (in dollars per share) | $ (0.35) | $ 0.61 | $ 2.44 | $ (0.95) | $ 1.82 |
Anti-dilutive shares excluded from the calculation of diluted income (loss) per share (in shares) | 2,700,000 | 400,000 | 3,000,000 | 100,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax benefit | $ 84 | $ 36,132 | $ 1,265 | $ (1,165) |
Net income taxes paid | 170 | 4,211 | 9,971 | 12,344 |
Tax rate changes | 0 | 273 | (2,655) | (10,076) |
Net tax expense (benefit) of tax rate changes, after valuation allowance | 0 | 100 | (200) | 3,800 |
Valuation allowance | 75,528 | 79,095 | ||
Bermuda | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax benefit | $ 0 | $ 35,063 | $ 0 | $ 0 |
Income Taxes - Income (Loss) be
Income Taxes - Income (Loss) before Taxes by Tax Jurisdiction (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | ||||
Income (loss) before income tax | $ (34,555) | $ 255,221 | $ (26,831) | $ 262,204 |
Bermuda | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income (loss) before income tax, domestic | (30,921) | 247,113 | 66,823 | 312,901 |
United States | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income (loss) before income tax, foreign | 470 | (2,263) | (23,540) | 38,268 |
United Kingdom | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income (loss) before income tax, foreign | (956) | 12,362 | (67,213) | (85,416) |
Ireland | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income (loss) before income tax, foreign | (2,173) | (1,991) | (2,901) | (4,108) |
Dubai | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income (loss) before income tax, foreign | $ (975) | $ 0 | $ 0 | $ 559 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | |||||
Total current tax | $ 1,419 | $ 11,066 | $ 4,369 | $ 11,200 | |
Total deferred tax | (84) | (36,132) | (1,265) | 1,165 | |
Total income tax expense (benefit) | 1,335 | $ 664 | (25,066) | 3,104 | 12,365 |
Bermuda | |||||
Operating Loss Carryforwards [Line Items] | |||||
Total current tax | 1,033 | 10,376 | 2,625 | 10,488 | |
Total deferred tax | 0 | (35,063) | 0 | 0 | |
United States | |||||
Operating Loss Carryforwards [Line Items] | |||||
Total current tax | 165 | 537 | 1,818 | 2,418 | |
Total deferred tax | 73 | 0 | 705 | (776) | |
United Kingdom | |||||
Operating Loss Carryforwards [Line Items] | |||||
Total current tax | 221 | 61 | 48 | (1,754) | |
Total deferred tax | (153) | (1,087) | (1,927) | 1,984 | |
Ireland | |||||
Operating Loss Carryforwards [Line Items] | |||||
Total current tax | 0 | 92 | (122) | 48 | |
Total deferred tax | $ (4) | $ 18 | $ (43) | $ (43) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Expected tax provision at Bermuda statutory tax rate of 0% | $ 0 | $ 0 | $ 0 | $ 0 | |
Permanent differences: | |||||
Taxes on earnings subject to rate other than Bermuda statutory rate | (355) | 2,182 | (18,077) | (8,706) | |
Change in valuation allowance | 1,437 | (3,567) | 17,060 | 20,458 | |
Impairment of goodwill | 0 | 0 | 4,161 | 0 | |
Other permanent adjustments | 0 | (42) | (112) | 294 | |
Other prior year adjustments | (545) | 376 | 28 | (93) | |
Tax rate changes | 0 | 273 | (2,655) | (10,076) | |
Withholding tax | (236) | 10,377 | 2,625 | 10,488 | |
Bermuda economic transition adjustment | 0 | (35,063) | 0 | 0 | |
State income tax | 1,034 | 398 | 74 | 0 | |
Total income tax expense (benefit) | $ 1,335 | $ 664 | $ (25,066) | $ 3,104 | $ 12,365 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Bermuda intangible assets | $ 28,500 | $ 0 |
Reserve for losses and loss adjustment expenses | 7,935 | 0 |
Loss portfolio transfer | 2,356 | 5,292 |
Share-based compensation | 7,524 | 3,564 |
Unearned premium reserve | 4,384 | 2,325 |
U.K. deferred interest | 5,278 | 1,731 |
Unrealized investment income | (43) | |
Unrealized investment income | 1,454 | |
Deferred acquisition costs | 1,557 | 830 |
Other | 2,685 | 3,517 |
Total deferred tax assets | 118,417 | 83,514 |
Deferred tax liabilities: | ||
U.K. intangible assets | (15,364) | (16,431) |
Depreciation | (2,573) | (2,421) |
Other | (5,254) | (1,999) |
Total deferred tax liabilities | (23,191) | (20,851) |
Net deferred tax asset (liability) before valuation allowance | 95,226 | 62,663 |
Valuation allowance | (75,528) | (79,095) |
Net deferred tax asset (liability) | 19,698 | |
Net deferred tax asset (liability) | (16,432) | |
United States | ||
Deferred tax assets: | ||
Operating loss carryforwards | 7,121 | 4,645 |
Ireland | ||
Deferred tax assets: | ||
Operating loss carryforwards | 275 | 404 |
United Kingdom | ||
Deferred tax assets: | ||
Operating loss carryforwards | $ 50,845 | $ 59,752 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Bermuda | ||
Operating Loss Carryforwards [Line Items] | ||
Losses Carried Forward | $ 0 | |
Operating loss carryforwards | 0 | |
Ireland | ||
Operating Loss Carryforwards [Line Items] | ||
Losses Carried Forward | 1,831 | |
Operating loss carryforwards | 275 | $ 404 |
United States | ||
Operating Loss Carryforwards [Line Items] | ||
Losses Carried Forward | 33,910 | |
Operating loss carryforwards | 7,121 | 4,645 |
United Kingdom | ||
Operating Loss Carryforwards [Line Items] | ||
Losses Carried Forward | 203,381 | |
Operating loss carryforwards | $ 50,845 | $ 59,752 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Weighted average lease term | 2 years | |||
Right of use asset | $ 6,900 | $ 7,800 | ||
Lease liability | $ 6,731 | 7,800 | ||
Weighted average discount rate | 3.75% | |||
Operating lease, expense | $ 300 | $ 3,800 | $ 3,800 | $ 4,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Commitment and Contingencies _2
Commitment and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 3,078 | |
2025 | 1,979 | |
2026 | 1,203 | |
2027 | 967 | |
2028 | 20 | |
Thereafter | 0 | |
Total undiscounted lease liabilities | 7,247 | |
Less: present value discount | (516) | |
Total recorded lease liability at present value | $ 6,731 | $ 7,800 |
Commitment and Contingencies _3
Commitment and Contingencies - Schedule of Capital Requirements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Other Commitments [Line Items] | |
Total | $ 469,364 |
Capital Requirements Supported By Line Of Credit | |
Other Commitments [Line Items] | |
Total | 230,000 |
Capital Requirements Supported By Fixed Income Securities | |
Other Commitments [Line Items] | |
Total | 232,211 |
Capital Requirements Supported By Cash | |
Other Commitments [Line Items] | |
Total | $ 7,153 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Nov. 30, 2020 | |
Related Party Transaction [Line Items] | ||||||
Reinsurance premiums ceded | $ (23,892) | $ (470,600) | $ (424,809) | $ (361,123) | ||
Net premiums earned | (98,631) | $ (67,498) | (1,318,533) | (1,143,714) | (942,549) | |
Other income (loss) | 2,131 | 18,631 | 11,316 | 21,011 | ||
Losses and loss adjustment expenses | 56,650 | 44,925 | 714,603 | 758,333 | 640,560 | |
Acquisition costs | 23,992 | $ 17,534 | 309,148 | 271,189 | 229,213 | |
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | (35,887) | 258,727 | (97,999) | 188,179 | ||
Paid losses recoverable | 145,202 | 90,655 | ||||
Deferred acquisition costs | (156,895) | (115,147) | ||||
Unpaid losses and loss adjustment expenses recoverable | 1,112,543 | 1,161,077 | 1,177,863 | 1,118,273 | $ 1,076,063 | |
Prepaid reinsurance | 194,306 | 164,313 | ||||
Other assets | 209,621 | 167,462 | ||||
Reinsurance balances payable | 272,310 | 244,320 | ||||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Reinsurance premiums ceded | 0 | (7,200) | (6,300) | (7,800) | ||
Turing Re | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Reinsurance premiums ceded | 70 | |||||
Reinsurance premiums ceded | (79) | (208) | (556) | |||
Net premiums earned | (79) | 70 | (208) | (2,095) | ||
Losses and loss adjustment expenses | 16 | (575) | (888) | (7,935) | ||
Acquisition costs | 13 | 72 | (30) | 664 | ||
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | (50) | (433) | (1,126) | (9,366) | ||
Paid losses recoverable | 371 | 818 | ||||
Unpaid losses and loss adjustment expenses recoverable | 1,528 | 8,699 | ||||
Reinsurance balances payable | 367 | 1,085 | ||||
Ada Capital Management Limited | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Reinsurance premiums ceded | 1 | |||||
Reinsurance premiums ceded | (19,524) | (11,999) | (16,417) | |||
Net premiums earned | (1,124) | (21,744) | (9,780) | (15,292) | ||
Other income (loss) | (37) | 8,549 | 201 | 350 | ||
Losses and loss adjustment expenses | 841 | 8,702 | 5,719 | 10,197 | ||
Acquisition costs | 206 | 5,125 | 1,769 | 2,755 | ||
Net income (loss) and other comprehensive income (loss) attributable to common shareholders | $ (114) | 632 | (2,091) | $ (1,990) | ||
Paid losses recoverable | 4,319 | 3,506 | ||||
Deferred acquisition costs | 0 | (413) | ||||
Unpaid losses and loss adjustment expenses recoverable | 11,149 | 9,004 | ||||
Prepaid reinsurance | 0 | 2,219 | ||||
Other assets | 8,765 | 869 | ||||
Reinsurance balances payable | $ 3,759 | $ 6,586 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Related Party $ in Millions | Nov. 14, 2023 USD ($) |
Insurance Advisory Partners LLC, Retainer | |
Related Party Transaction [Line Items] | |
Related party transaction fee | $ 0.1 |
Insurance Advisory Partners LLC, Transaction Fee | |
Related Party Transaction [Line Items] | |
Related party transaction fee | $ 1 |
Statutory Requirements - Statut
Statutory Requirements - Statutory Accounting Practices (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Required statutory capital and surplus | $ 579,916 | $ 522,116 | |
Actual statutory capital and surplus | 1,882,833 | 1,579,773 | |
Statutory net income (loss) | 270,309 | 1,993 | $ 261,516 |
United Kingdom | |||
Statutory Accounting Practices [Line Items] | |||
Required statutory capital and surplus | 129,995 | 117,083 | |
Actual statutory capital and surplus | 539,016 | 481,087 | |
Statutory net income (loss) | 59,778 | 25,470 | (22,676) |
Ireland | |||
Statutory Accounting Practices [Line Items] | |||
Required statutory capital and surplus | 68,643 | 65,077 | |
Actual statutory capital and surplus | 127,082 | 133,320 | |
Statutory net income (loss) | (1,911) | (32,331) | (17,383) |
United States | |||
Statutory Accounting Practices [Line Items] | |||
Required statutory capital and surplus | 23,410 | 11,145 | |
Actual statutory capital and surplus | 53,988 | 58,711 | |
Statutory net income (loss) | $ (13,250) | $ (9,962) | $ 0 |
Statutory Requirements - Narrat
Statutory Requirements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2022 | |
Hamilton Re | |||
Statutory Accounting Practices [Line Items] | |||
Dividend payments without regulatory approval | $ 394,900 | ||
Dividends paid | 44,000 | ||
Forecast | Hamilton Re | |||
Statutory Accounting Practices [Line Items] | |||
Dividend payments without regulatory approval | $ 470,700 | ||
Forecast | U.K. Subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Dividend payments without regulatory approval | $ 900 | ||
Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Actual statutory capital and surplus | 1,882,833 | $ 1,579,773 | |
Required statutory capital and surplus | 579,916 | $ 522,116 | |
Bermuda | Hamilton Re | |||
Statutory Accounting Practices [Line Items] | |||
Actual statutory capital and surplus | 1,900,000 | ||
Required statutory capital and surplus | $ 579,900 |
Divestitures - Narratives (Deta
Divestitures - Narratives (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net gain on sale of equity method investment | $ 0 | $ 211 | $ 6,991 | $ 54,557 | ||
Attune Holdings LLC | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net consideration | $ 65,200 | |||||
Net gain on sale of equity method investment | $ 54,600 | 200 | $ 7,000 | |||
Escrow funds | $ 300 | |||||
Attune Holdings LLC | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage | 33.33% |
Divestitures - Schedule of Chan
Divestitures - Schedule of Changes in Investment (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Sep. 20, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Changes in Equity Method Investment [Roll Forward] | |||||
Loss on equity method investment | $ 0 | $ 0 | $ 0 | $ (7,285) | |
Attune Holdings LLC | |||||
Changes in Equity Method Investment [Roll Forward] | |||||
Balance - beginning of period | $ 6,656 | ||||
Contributions | 3,500 | ||||
Loss on equity method investment | (7,285) | ||||
Sale of investment in Attune | (2,871) | ||||
Balance - end of period | $ 0 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | $ 3,111,616 |
Amount at which shown in the balance sheet | 3,111,616 |
Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,867,499 |
Fair Value | 1,831,268 |
Amount at which shown in the balance sheet | 1,831,268 |
Investments in Two Sigma Funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 851,470 |
Amount at which shown in the balance sheet | 851,470 |
Total short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 428,878 |
Amount at which shown in the balance sheet | 428,878 |
U.S. government treasuries | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 717,134 |
Fair Value | 708,250 |
Amount at which shown in the balance sheet | 708,250 |
U.S. states, territories and municipalities | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 4,656 |
Fair Value | 4,370 |
Amount at which shown in the balance sheet | 4,370 |
Non-U.S. sovereign governments and supranationals | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 55,662 |
Fair Value | 56,246 |
Amount at which shown in the balance sheet | 56,246 |
Corporate | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 877,493 |
Fair Value | 863,876 |
Amount at which shown in the balance sheet | 863,876 |
Residential mortgage-backed securities - Agency | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 180,661 |
Fair Value | 168,513 |
Amount at which shown in the balance sheet | 168,513 |
Residential mortgage-backed securities - Non-agency | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 5,639 |
Fair Value | 4,984 |
Amount at which shown in the balance sheet | 4,984 |
Commercial mortgage-backed securities - Non-agency | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 11,473 |
Fair Value | 10,423 |
Amount at which shown in the balance sheet | 10,423 |
Other asset-backed securities | Total fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 14,781 |
Fair Value | 14,606 |
Amount at which shown in the balance sheet | $ 14,606 |
Schedule II - Condensed Balance
Schedule II - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2020 |
Assets | |||||
Cash and cash equivalents | $ 794,509 | $ 1,076,420 | |||
Other assets | 209,621 | 167,462 | |||
Total assets | 6,671,355 | 5,818,965 | |||
Liabilities | |||||
Payables to related parties | 6,480 | 20 | |||
Term loan, net of issuance costs | 149,830 | 149,715 | |||
Accounts payable and accrued expenses | 186,887 | 138,050 | |||
Total liabilities | 4,623,372 | 4,154,663 | |||
Shareholders' Equity | |||||
Common shares: | 1,101 | 1,030 | |||
Additional paid-in capital | 1,249,817 | 1,120,242 | |||
Accumulated other comprehensive loss | (4,441) | (4,441) | |||
Retained earnings | 801,373 | 547,352 | |||
Total shareholders' equity | 2,047,850 | 1,664,183 | $ 1,752,601 | $ 1,787,445 | $ 1,660,949 |
Total liabilities, non-controlling interest, and shareholders’ equity | 6,671,355 | 5,818,965 | |||
Class A | |||||
Shareholders' Equity | |||||
Common shares: | 286 | 305 | |||
Class B | |||||
Shareholders' Equity | |||||
Common shares: | 560 | 420 | |||
Class C | |||||
Shareholders' Equity | |||||
Common shares: | 255 | 305 | |||
Parent Company | |||||
Assets | |||||
Cash and cash equivalents | 24,898 | 10,608 | |||
Investment in subsidiaries | 2,077,926 | 1,693,442 | |||
Intercompany loan receivable | 113,423 | 106,500 | |||
Interest receivable on intercompany loan | 5,555 | 5,181 | |||
Other assets | 4,821 | 4,676 | |||
Total assets | 2,226,623 | 1,820,407 | |||
Liabilities | |||||
Payables to related parties | 25,201 | 6,509 | |||
Term loan, net of issuance costs | 149,830 | 149,715 | |||
Accounts payable and accrued expenses | 3,742 | 0 | |||
Total liabilities | 178,773 | 156,224 | |||
Shareholders' Equity | |||||
Additional paid-in capital | 1,249,817 | 1,120,242 | |||
Accumulated other comprehensive loss | (4,441) | (4,441) | |||
Retained earnings | 801,373 | 547,352 | |||
Total shareholders' equity | 2,047,850 | 1,664,183 | |||
Total liabilities, non-controlling interest, and shareholders’ equity | 2,226,623 | 1,820,407 | |||
Parent Company | Class A | |||||
Shareholders' Equity | |||||
Common shares: | 286 | 305 | |||
Parent Company | Class B | |||||
Shareholders' Equity | |||||
Common shares: | 560 | 420 | |||
Parent Company | Class C | |||||
Shareholders' Equity | |||||
Common shares: | $ 255 | $ 305 |
Schedule II - Condensed Stateme
Schedule II - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Condensed Statement of Income Captions [Line Items] | |||||
Net foreign exchange gains (losses) | $ 16 | $ (6,185) | $ 6,137 | $ 6,442 | |
Other income (loss) | 2,131 | 18,631 | 11,316 | 21,011 | |
Total revenues | 64,030 | 1,571,045 | 1,233,028 | 1,333,535 | |
Expenses | |||||
General and administrative expenses | 15,682 | $ 15,189 | 259,856 | 177,682 | 172,294 |
Interest expense | 1,061 | 21,434 | 15,741 | 14,897 | |
Total expenses | 98,585 | 79,218 | 1,315,824 | 1,259,859 | 1,071,331 |
Net income (loss) attributable to common shareholders | (35,887) | $ 63,421 | |||
Parent Company | |||||
Condensed Statement of Income Captions [Line Items] | |||||
Intercompany loan interest | 552 | 7,296 | 6,784 | 6,526 | |
Net foreign exchange gains (losses) | 17 | 24 | (131) | 20 | |
Other income (loss) | (7) | 626 | 65 | (66) | |
Total revenues | 562 | 7,946 | 6,718 | 6,480 | |
Expenses | |||||
General and administrative expenses | 1,475 | 52,280 | 20,524 | 21,743 | |
Interest expense | 580 | 15,500 | 9,858 | 8,315 | |
Total expenses | 2,055 | 67,780 | 30,382 | 30,058 | |
Income (loss) before income tax | (1,493) | (59,834) | (23,664) | (23,578) | |
Equity in earnings of subsidiaries | (34,394) | 274,538 | (211,335) | 181,757 | |
Dividend income | 0 | 44,023 | 137,000 | 30,000 | |
Net income (loss) attributable to common shareholders | $ (35,887) | $ 258,727 | $ (97,999) | $ 188,179 |
Schedule II - Consolidated Stat
Schedule II - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
Operating activities | |||||
Net income (loss) attributable to common shareholders | $ (35,887) | $ 63,421 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||
Net realized and unrealized (gains) losses on investments | 33,526 | $ (209,399) | $ (86,357) | $ (352,193) | |
Net cash provided by (used in) operating activities | (33,913) | (20,765) | 283,155 | 190,927 | 226,529 |
Cash flows provided by (used in) investing activities | |||||
Other investing inflows (outflows) | (432) | (15,938) | (13,591) | (15,644) | |
Net cash provided by (used in) investing activities | 43,088 | 2,141 | (652,088) | 133,102 | 137,824 |
Cash flows provided by (used in) financing activities | |||||
Repurchases of common shares and options | 0 | (2,435) | (1,518) | (7,380) | |
Issuance of common shares | 0 | 73 | 7 | 5 | |
Net cash provided by (used in) financing activities | (23) | (53) | 59,016 | (69,617) | (67,996) |
Net increase (decrease) in cash and cash equivalents | 9,198 | (17,268) | (306,343) | 243,077 | 294,849 |
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 954,928 | 660,079 | 1,207,203 | 964,126 | 660,079 |
Cash and cash equivalents and restricted cash and cash equivalents, end of period | 964,126 | 642,811 | 900,860 | 1,207,203 | 954,928 |
Parent Company | |||||
Operating activities | |||||
Net income (loss) attributable to common shareholders | (35,887) | 258,727 | (97,999) | 188,179 | |
Less: dividend income and equity in earnings of subsidiaries | 34,394 | (318,561) | 74,335 | (211,757) | |
Net income (loss) before equity in earnings of subsidiaries | (1,493) | (59,834) | (23,664) | (23,578) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||
Net realized and unrealized (gains) losses on investments | 0 | 0 | 0 | 0 | |
Other operating inflows (outflows) | 1,509 | 63,035 | 7,033 | (9,294) | |
Net cash provided by (used in) operating activities | 16 | 3,201 | (16,631) | (32,872) | |
Cash flows provided by (used in) investing activities | |||||
Other investing inflows (outflows) | 0 | (146) | (706) | (1,371) | |
Dividends from subsidiaries | 0 | 44,023 | 137,000 | 30,000 | |
Capital contributions to subsidiaries | 0 | (113,350) | (118,839) | (6,673) | |
Net cash provided by (used in) investing activities | 0 | (69,473) | 17,455 | 21,956 | |
Cash flows provided by (used in) financing activities | |||||
Other financing inflows (outflows) | 0 | 0 | (345) | 0 | |
Repurchases of common shares and options | 0 | (2,435) | (1,518) | (7,380) | |
Issuance of common shares | 0 | 82,997 | 315 | 1,012 | |
Net cash provided by (used in) financing activities | 0 | 80,562 | (1,548) | (6,368) | |
Net increase (decrease) in cash and cash equivalents | 16 | 14,290 | (724) | (17,284) | |
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 11,316 | $ 28,600 | 10,608 | 11,332 | 28,600 |
Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ 11,332 | $ 24,898 | $ 10,608 | $ 11,316 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred policy acquisition costs | $ 156,895 | $ 115,147 | $ 96,085 | |
Future policy benefits, losses, claims and loss adjustment expenses | 3,030,037 | 2,856,275 | 2,379,027 | |
Unearned premiums | 911,222 | 718,188 | 620,994 | |
Net premiums earned | $ 98,631 | 1,318,533 | 1,143,714 | 942,549 |
Total realized and unrealized gains (losses) on investments and net investment income (loss) | (36,748) | 239,855 | 64,870 | 308,976 |
Benefits, claims, losses, and settlement expenses | 56,650 | 714,603 | 758,333 | 640,560 |
Amortization of deferred policy acquisition costs | 23,992 | 309,148 | 271,189 | 229,213 |
Other operating expenses | 13,857 | 183,165 | 157,540 | 149,822 |
Net premiums written | 97,921 | 1,480,438 | 1,221,864 | 1,085,428 |
International | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred policy acquisition costs | 84,983 | 68,257 | 65,065 | |
Future policy benefits, losses, claims and loss adjustment expenses | 1,717,422 | 1,582,410 | 1,371,233 | |
Unearned premiums | 547,629 | 453,254 | 411,024 | |
Net premiums earned | 62,372 | 703,508 | 623,047 | 557,139 |
Benefits, claims, losses, and settlement expenses | 33,888 | 362,137 | 335,484 | 352,859 |
Amortization of deferred policy acquisition costs | 17,192 | 186,698 | 170,571 | 154,969 |
Other operating expenses | 10,377 | 127,402 | 108,239 | 112,055 |
Net premiums written | 67,599 | 770,399 | 635,773 | 640,816 |
Bermuda | ||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Deferred policy acquisition costs | 71,912 | 46,890 | 31,020 | |
Future policy benefits, losses, claims and loss adjustment expenses | 1,312,615 | 1,273,865 | 1,007,794 | |
Unearned premiums | 363,593 | 264,934 | 209,970 | |
Net premiums earned | 36,259 | 615,025 | 520,667 | 385,410 |
Benefits, claims, losses, and settlement expenses | 22,762 | 352,466 | 422,849 | 287,701 |
Amortization of deferred policy acquisition costs | 6,800 | 122,450 | 100,618 | 74,244 |
Other operating expenses | 3,480 | 55,763 | 49,301 | 37,767 |
Net premiums written | $ 30,322 | $ 710,039 | $ 586,091 | $ 444,612 |
Schedule IV - Reinsurance Premi
Schedule IV - Reinsurance Premium (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |||||
Direct | $ 64,190 | $ 1,016,762 | $ 886,488 | $ 737,982 | |
Ceded | 23,290 | 440,607 | 413,046 | 369,588 | |
Assumed | 57,731 | 742,378 | 670,272 | 574,155 | |
Net premiums earned | $ 98,631 | $ 67,498 | $ 1,318,533 | $ 1,143,714 | $ 942,549 |
Percentage of amount assumed to net | 59% | 56% | 59% | 61% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Opening Balance | $ 0 | $ 3,633 | $ 0 | $ 0 |
Additions | 0 | 54 | 3,633 | 0 |
Deductions | 0 | 0 | 0 | 0 |
Closing Balance | $ 0 | $ 3,687 | $ 3,633 | $ 0 |
Schedule VI - Supplemental In_2
Schedule VI - Supplemental Insurance Information Concerning Property - Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | ||||
Deferred policy acquisition costs | $ 156,895 | $ 115,147 | $ 96,085 | |
Reserves for unpaid claims and claim adjustments expenses | 3,030,037 | 2,856,275 | 2,379,027 | |
Discount, if any, deducted | $ 0 | 0 | 0 | 0 |
Unearned premiums | 911,222 | 718,188 | 620,994 | |
Net premiums earned | 98,631 | 1,318,533 | 1,143,714 | 942,549 |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) | (36,748) | 239,855 | 64,870 | 308,976 |
Claims and claims adjustment expenses incurred related to, Current Year | 56,650 | 730,220 | 778,936 | 628,781 |
Claims and claims adjustment expenses incurred related to, Prior Year | 0 | (15,617) | (20,603) | 11,779 |
Amortization of deferred policy acquisition costs | 23,992 | 309,148 | 271,189 | 229,213 |
Paid claims and claim adjusted expenses | 14,849 | 564,798 | 377,186 | 311,522 |
Net premiums written | $ 97,921 | $ 1,480,438 | $ 1,221,864 | $ 1,085,428 |