COVER
COVER - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-31721 | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0395986 | ||
Entity Address, Address Line One | 92 Pitts Bay Road | ||
Entity Address, City or Town | Pembroke | ||
Entity Address, Country | BM | ||
Entity Address, Postal Zip Code | HM 08 | ||
City Area Code | 441 | ||
Local Phone Number | 496-2600 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.1 | ||
Entity Common Stock, Shares Outstanding | 84,802,318 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to the annual meeting of shareholders to be held on May 6, 2022 are incorporated by reference in response to items 10, 11, 12, 13 and 14 in Part III of this Form 10-K. The definitive proxy statement will be filed with the Securities and Exchange Commission not later than 120 days after the registrant's fiscal year ended December 31, 2021. | ||
Entity Registrant Name | AXIS CAPITAL HOLDINGS LTD | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001214816 | ||
Current Fiscal Year End Date | --12-31 | ||
Common stocks | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common shares, par value $0.0125 per share | ||
Trading Symbol | AXS | ||
Security Exchange Name | NYSE | ||
Series E 5.50% Preferred Shares | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/100th interest in a 5.50% Series E preferred shares | ||
Trading Symbol | AXS PRE | ||
Security Exchange Name | NYSE |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 5230 |
Auditor Name | Deloitte Ltd. |
Auditor Location | Hamilton, Bermuda |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities, available for sale, at fair value (Amortized cost 2021: $12,241,782; 2020: $11,566,930 Allowance for expected credit losses 2021: $313; 2020: $323) | $ 12,313,200 | $ 12,041,799 |
Fixed maturities, held to maturity, at amortized cost (Fair value 2021: $445,033 Allowance for expected credit losses 2021: $nil) | 446,016 | 0 |
Equity securities, at fair value (Cost 2021: $528,864; 2020: $421,744) | 655,675 | 518,445 |
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2021: $nil; 2020: $nil) | 594,088 | 593,290 |
Other investments, at fair value | 947,982 | 829,156 |
Equity method investments | 146,293 | 114,209 |
Short-term investments, at fair value | 31,063 | 161,897 |
Total investments | 15,134,317 | 14,258,796 |
Cash and cash equivalents | 844,592 | 902,831 |
Restricted cash and cash equivalents | 473,098 | 600,401 |
Accrued interest receivable | 64,350 | 65,020 |
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2021: $7,567; 2020: $8,836) | 2,622,676 | 2,738,342 |
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2021: $29,554; 2020: $23,711) | 5,017,611 | 4,496,641 |
Reinsurance recoverable on paid losses and loss expenses | 642,215 | 434,201 |
Deferred acquisition costs | 465,593 | 431,439 |
Prepaid reinsurance premiums | 1,377,358 | 1,194,455 |
Receivable for investments sold | 4,555 | 2,150 |
Goodwill | 100,801 | 100,801 |
Intangible assets | 208,717 | 219,633 |
Value of business acquired | 0 | 3,854 |
Operating lease right-of-use assets | 103,295 | 123,579 |
Other assets | 309,792 | 305,544 |
Total assets | 27,368,970 | 25,877,687 |
Liabilities | ||
Reserve for losses and loss expenses | 14,653,094 | 13,926,766 |
Unearned premiums | 4,090,676 | 3,685,886 |
Insurance and reinsurance balances payable | 1,324,620 | 1,092,042 |
Debt | 1,310,975 | 1,309,695 |
Payable for investments purchased | 31,543 | 104,777 |
Operating lease liabilities | 119,512 | 140,263 |
Other liabilities | 427,894 | 322,564 |
Total liabilities | 21,958,314 | 20,581,993 |
Commitments and Contingencies | ||
Shareholders' equity | ||
Preferred shares | 550,000 | 550,000 |
Common shares (shares issued 2021: 176,580; 2020: 176,580 shares outstanding 2021: 84,774; 2020: 84,353) | 2,206 | 2,206 |
Additional paid-in capital | 2,346,179 | 2,330,054 |
Accumulated other comprehensive income | 56,536 | 414,395 |
Retained earnings | 6,204,745 | 5,763,607 |
Treasury shares, at cost (2021: 91,806; 2020: 92,227) | (3,749,010) | (3,764,568) |
Total shareholders’ equity | 5,410,656 | 5,295,694 |
Total liabilities and shareholders’ equity | $ 27,368,970 | $ 25,877,687 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available for sale, amortized cost | $ 12,241,782 | $ 11,566,930 |
Allowance for expected credit losses on fixed maturities, available for sale | 313 | 323 |
Fixed maturities, held to maturity, fair value | 445,033 | 0 |
Fixed maturities, held to maturity, allowance for credit loss | 0 | |
Equity securities, cost | 528,864 | 421,744 |
Credit losses associated with commercial mortgage loans | 0 | 0 |
Allowance for credit losses on premium balances receivable | 7,567 | 8,836 |
Allowance for credit losses on reinsurance recoverable for unpaid losses and loss expenses | $ 29,554 | $ 23,711 |
Common shares, shares issued (in shares) | 176,580 | 176,580 |
Common shares, shares outstanding (in shares) | 84,774 | 84,353 |
Treasury shares (in shares) | 91,806 | 92,227 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Net premiums earned | $ 4,709,850 | $ 4,371,309 | $ 4,587,178 |
Net investment income | 454,301 | 349,601 | 478,572 |
Other insurance related income | 23,295 | (8,089) | 16,444 |
Net investment gains: | |||
Allowance for expected credit losses | 11 | (323) | 0 |
Impairment losses | (22) | (1,486) | 0 |
Other-than-temporary impairment ("OTTI") losses | 0 | 0 | (6,984) |
Other realized and unrealized investment gains | 134,290 | 130,942 | 98,217 |
Total net investment gains | 134,279 | 129,133 | 91,233 |
Total revenues | 5,321,725 | 4,841,954 | 5,173,427 |
Expenses | |||
Net losses and loss expenses | 3,008,783 | 3,281,252 | 3,044,798 |
Acquisition costs | 921,834 | 929,517 | 1,024,582 |
General and administrative expenses | 663,304 | 579,790 | 634,831 |
Foreign exchange losses (gains) | 315 | 81,069 | (12,041) |
Interest expense and financing costs | 62,302 | 75,049 | 68,107 |
Reorganization expenses | 0 | 7,881 | 37,384 |
Amortization of value of business acquired | 3,854 | 5,139 | 26,722 |
Amortization of intangible assets | 12,424 | 11,390 | 11,597 |
Total expenses | 4,672,816 | 4,971,087 | 4,835,980 |
Income before income taxes and interest in income of equity method investments | 648,909 | (129,133) | 337,447 |
Income tax (expense) benefit | (62,384) | 12,321 | (23,692) |
Interest in income (loss) of equity method investments | 32,084 | (3,612) | 9,718 |
Net income (loss) | 618,609 | (120,424) | 323,473 |
Preferred share dividends | 30,250 | 30,250 | 41,112 |
Net income (loss) available (attributable) to common shareholders | $ 588,359 | $ (150,674) | $ 282,361 |
Earnings (loss) per common share: | |||
Earnings (loss) per common share (in dollars per share) | $ 6.95 | $ (1.79) | $ 3.37 |
Earnings (loss) per diluted common share (in dollars per share) | $ 6.90 | $ (1.79) | $ 3.34 |
Weighted average common shares outstanding (in shares) | 84,707 | 84,262 | 83,894 |
Weighted average diluted common shares outstanding (in shares) | 85,291 | 84,262 | 84,473 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 618,609 | $ (120,424) | $ 323,473 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) arising during the year, net of reclassification adjustment | (358,480) | 239,114 | 349,886 |
Foreign currency translation adjustment | 621 | 3,571 | (1,066) |
Total other comprehensive income (loss), net of tax | (357,859) | 242,685 | 348,820 |
Comprehensive income | 260,750 | 122,261 | 672,293 |
Unrealized gains (losses) on available for sale investments | |||
Other comprehensive income (loss), net of tax: | |||
Adjustment for reclassification of net realized (gains) losses, impairment losses and OTTI losses recognized in net income (loss) | (87,114) | (78,012) | (24,729) |
Unrealized gains (losses) arising during the year, net of reclassification adjustment | (358,480) | 239,114 | 349,886 |
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | Unrealized gains (losses) on available for sale investments | |||
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) arising during the year | (271,447) | 317,166 | 374,615 |
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized | Unrealized gains (losses) on available for sale investments | |||
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) arising during the year | $ 81 | $ (40) | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common shares (par value) | Additional paid-in capital | Accumulated other comprehensive income (loss) | Unrealized gains (losses) on available-for-sale investments, net of tax | Cumulative foreign currency translation adjustments, net of tax | Retained earnings | Treasury shares, at cost | |
Balance at beginning of year at Dec. 31, 2018 | $ 775,000 | $ 2,206 | $ 2,308,583 | $ (177,110) | $ (168,365) | $ (8,745) | $ 5,912,812 | $ (3,791,420) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares repurchased | 0 | |||||||||
Treasury shares reissued | (21,046) | 22,779 | ||||||||
Share-based compensation expense | 29,675 | |||||||||
Unrealized gains (losses) arising during the year, net of reclassification adjustment | $ 349,886 | 349,886 | ||||||||
Foreign currency translation adjustment | (1,066) | (1,066) | ||||||||
Net income (loss) | 323,473 | 323,473 | ||||||||
Preferred share dividends | [1] | (41,112) | ||||||||
Common share dividends | [1] | (138,487) | ||||||||
Shares repurchased | (10,165) | |||||||||
Balance at end of year at Dec. 31, 2019 | 5,544,008 | 775,000 | 2,206 | 2,317,212 | 171,710 | 181,521 | (9,811) | 6,056,686 | (3,778,806) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares repurchased | (225,000) | |||||||||
Treasury shares reissued | (22,732) | 24,620 | ||||||||
Share-based compensation expense | 35,574 | |||||||||
Unrealized gains (losses) arising during the year, net of reclassification adjustment | 239,114 | 239,114 | ||||||||
Foreign currency translation adjustment | 3,571 | 3,571 | ||||||||
Net income (loss) | (120,424) | (120,424) | ||||||||
Preferred share dividends | [1] | (30,250) | ||||||||
Common share dividends | [1] | (142,405) | ||||||||
Shares repurchased | (10,382) | |||||||||
Balance at end of year at Dec. 31, 2020 | 5,295,694 | 550,000 | 2,206 | 2,330,054 | 414,395 | 420,635 | (6,240) | 5,763,607 | (3,764,568) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares repurchased | 0 | |||||||||
Treasury shares reissued | (24,655) | 25,800 | ||||||||
Share-based compensation expense | 40,780 | |||||||||
Unrealized gains (losses) arising during the year, net of reclassification adjustment | (358,480) | (358,480) | ||||||||
Foreign currency translation adjustment | 621 | 621 | ||||||||
Net income (loss) | 618,609 | 618,609 | ||||||||
Preferred share dividends | [1] | (30,250) | ||||||||
Common share dividends | [1] | (147,221) | ||||||||
Shares repurchased | (10,242) | |||||||||
Balance at end of year at Dec. 31, 2021 | $ 5,410,656 | $ 550,000 | $ 2,206 | $ 2,346,179 | $ 56,536 | $ 62,155 | $ (5,619) | $ 6,204,745 | $ (3,749,010) | |
[1] | Refer to Note 14 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 618,609 | $ (120,424) | $ 323,473 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net investment gains | (134,279) | (129,133) | (91,233) |
Net realized and unrealized gains on other investments | (180,329) | (16,059) | (60,038) |
Amortization of fixed maturities | 35,839 | 32,893 | 18,499 |
Interest in (income) loss of equity method investments | (32,084) | 3,612 | (9,718) |
Amortization of value of business acquired | 3,854 | 5,139 | 26,722 |
Other amortization and depreciation | 66,977 | 65,797 | 75,229 |
Share-based compensation expense, net of cash payments | 37,744 | 29,005 | 32,491 |
Non-cash foreign exchange gains | 0 | 0 | (6,043) |
Changes in: | |||
Accrued interest receivable | 633 | 13,097 | 2,140 |
Reinsurance recoverable on unpaid losses and loss expenses | (527,362) | (618,040) | (359,543) |
Reinsurance recoverable on paid losses and loss expenses | (207,429) | (105,820) | (52,533) |
Deferred acquisition costs | (34,386) | 60,828 | 74,331 |
Prepaid reinsurance premiums | (185,646) | (94,122) | (88,789) |
Reserve for losses and loss expenses | 737,342 | 1,178,292 | 467,428 |
Unearned premiums | 409,858 | 62,999 | (7,958) |
Insurance and reinsurance balances, net | 349,502 | 72,503 | (51,075) |
Other items | 155,979 | (97,064) | (94,379) |
Net cash provided by operating activities | 1,114,822 | 343,503 | 199,004 |
Purchases of: | |||
Fixed maturities, available for sale | (12,133,755) | (10,494,198) | (9,994,025) |
Fixed maturities, held to maturity | (196,775) | 0 | 0 |
Equity securities | (137,247) | (117,883) | (58,022) |
Mortgage loans | (145,832) | (199,259) | (194,020) |
Other investments | (263,712) | (166,602) | (218,178) |
Short-term investments | (159,056) | (365,170) | (179,230) |
Proceeds from the sale of: | |||
Fixed maturities, available for sale | 9,203,241 | 9,784,137 | 8,018,658 |
Equity securities | 24,862 | 119,381 | 36,016 |
Other investments | 324,810 | 166,976 | 249,129 |
Short-term investments | 177,672 | 171,976 | 266,057 |
Proceeds from redemption of fixed maturities, available for sale | 1,817,482 | 1,526,396 | 1,282,796 |
Proceeds from redemption of fixed maturities, held to maturity | 155,809 | 0 | 0 |
Proceeds from redemption of short-term investments | 111,417 | 69,707 | 19,366 |
Proceeds from the repayment of mortgage loans | 145,621 | 39,121 | 60,244 |
Purchase of other assets | (38,732) | (44,661) | (63,106) |
Net cash provided by (used in) investing activities | (1,114,195) | 489,921 | (774,315) |
Cash flows from financing activities: | |||
Net proceeds from issuance of senior notes | 0 | 0 | 717,509 |
Redemption of senior notes | 0 | (500,000) | (250,000) |
Repurchase of preferred shares | 0 | (225,000) | 0 |
Taxes paid on withholding shares | (10,242) | (10,382) | (10,165) |
Dividends paid - common shares | (145,603) | (141,590) | (137,209) |
Dividends paid - preferred shares | (30,250) | (31,831) | (42,625) |
Net cash provided by (used in) financing activities | (186,095) | (908,803) | 277,510 |
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash | (74) | 2,154 | 44,238 |
Decrease in cash, cash equivalents and restricted cash | (185,542) | (73,225) | (253,563) |
Cash, cash equivalents and restricted cash - beginning of year | 1,503,232 | 1,576,457 | 1,830,020 |
Cash, cash equivalents and restricted cash - end of year | 1,317,690 | 1,503,232 | 1,576,457 |
Supplemental disclosures of cash flow information: | |||
Income taxes paid | 45,083 | 4,414 | 39,949 |
Interest paid | $ 59,400 | $ 54,108 | $ 59,563 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement of Cash Flows [Abstract] | |
Fair value of securities transferred from available for sale to fixed maturities, held to maturity | $ 405 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | AXIS Capital Holdings Limited ("AXIS Capital" and together with its wholly owned subsidiaries the "Company"), was incorporated on December 9, 2002, under the laws of Bermuda. The Company provides a broad range of insurance and reinsurance products on a worldwide basis. The Company's principal operating subsidiaries, located in Bermuda, the United States ("U.S."), Europe, Singapore and Canada are described below: • AXIS Specialty Limited ("AXIS Specialty Bermuda"), a Bermuda domiciled company is licensed to provide specialty insurance and treaty reinsurance products on a worldwide basis. In addition, AXIS Specialty Bermuda conducts insurance and reinsurance business through its branch in Singapore, AXIS Specialty Limited (Singapore Branch). • AXIS Insurance Company, domiciled in Illinois and AXIS Reinsurance Company, domiciled in New York, together with AXIS Reinsurance Company (Canadian Branch) are licensed to offer a range of specialty insurance and treaty reinsurance products to a variety of niche markets on a worldwide basis. AXIS Surplus Insurance Company, domiciled in Illinois, is eligible to write insurance on a surplus lines basis. • AXIS Specialty Europe SE ("AXIS Specialty Europe") is a European public limited liability company, incorporated as a non-life insurer under the laws of Ireland. It is a Societas Europaea (SE), or European society company registered in accordance with company law of the E.U. AXIS Specialty Europe also conducts insurance business through its branch in the United Kingdom ("U.K."), AXIS Specialty Europe SE ("UK Branch"). Pursuant to the U.K.'s withdrawal from the European Union on January 31, 2020, AXIS Specialty Europe expects to be fully regulated by the Prudential Regulation Authority ("PRA") as a third-country branch in the U.K. Until AXIS Specialty Europe's application to the PRA for authorization of a third-country branch in the U.K. is approved, AXIS Specialty Europe trades in the U.K. under the PRA and the U.K. Financial Conduct Authority ("FCA") Temporary Permissions Regime. Effective January 1, 2019, Compagnie Belge d’Assurances Aviation NV/SA ("Aviabel") merged into AXIS Specialty Europe by way of merger by absorption and dissolved without going into liquidation (the "Aviabel Merger"). In connection with the Aviabel Merger, AXIS Specialty Europe established new branches in Belgium and the Netherlands, AXIS Specialty Europe SE (Belgium Branch) and AXIS Specialty Europe SE (Netherlands Branch), respectively. Effective January 1, 2019, AXIS Specialty Europe conducts insurance business through its new branches in Belgium and the Netherlands. Effective December 31, 2021, AXIS Specialty Europe SE (Netherlands Branch) closed and was deregistered from the local commercial register. • AXIS Re SE is a European public limited liability company, incorporated as a reinsurer under the laws of Ireland. AXIS Re SE is also a Societas Europaea (SE). AXIS Re SE also conducts reinsurance business through its branch in Switzerland, AXIS Re SE, Dublin (Zurich Branch). • The Company operates in the Lloyd's of London ("Lloyd's") market through its corporate members AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited, which provide 70% and 30%, respectively of AXIS Syndicate 1686's ("Syndicate 1686") capital support. AXIS Syndicate 1686 is managed by AXIS Managing Agency Ltd. ("AXIS Managing Agency"). • On October 2, 2017, AXIS Specialty UK Holdings Limited, a wholly owned subsidiary of the Company, acquired a 100% ownership interest in Novae Group plc ("Novae"). AXIS Corporate Capital UK II Limited was the sole corporate member of Novae Syndicate 2007 ("Syndicate 2007"). Effective January 1, 2018, AXIS Managing Agency commenced management and oversight of Syndicate 2007. Effective January 1, 2019, Syndicate 2007 ceased accepting new business and was placed into run-off. Effective January 1, 2021, the Reinsurance to Close of the 2018 year of account of Syndicate 2007 was completed. • AXIS Ventures Limited ("AXIS Ventures") and AXIS Reinsurance Managers Limited ("AXIS Reinsurance Managers"), regulated by the BMA as insurance managers, generate fee income from services provided to strategic capital partners. Effective September 23, 2020, AXIS Ventures deregistered as an insurance manager with the BMA. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and include AXIS Capital Holdings Limited and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars. Use of Estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the consolidated financial statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses; • gross premiums written and net premiums earned; • fair value measurements of financial assets and liabilities; and • the allowance for credit losses associated with fixed maturities, available for sale. The Company's significant accounting policies are as follows: a) Investments Fixed Maturities, Available for Sale, at Fair Value and Fixed Maturities, Held to Maturity, at Amortized Cost Fixed maturities classified as available for sale are reported at fair value (refer to Note 6 ' Fair Value Measurements ') and are presented net of an allowance for expected credit losses. The change in fair values of fixed maturities, net of tax is recognized in accumulated other comprehensive income (loss) ("AOCI") in the consolidated statement of changes in shareholders’ equity. Fixed maturities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity or redemption. Fixed maturities classified as held to maturity are reported at amortized cost and are presented net of an allowance for expected credit losses. Net investment income includes interest income and the amortization of market premiums and discounts and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of fixed maturities are recorded on a trade-date basis and realized gains (losses) on sales of fixed maturities are determined based on the specific identification method. Realized gains (losses) on fixed maturities are included in net investment gains (losses) in the consolidated statements of operations. The Company recognizes investment income from fixed maturities based on the constant effective yield method, which includes an adjustment for estimated principal repayments, if applicable. The effective yield used to determine the amortization of fixed maturities subject to prepayment risk (e.g. asset-backed, mortgage-backed and other structured securities) is recalculated and adjusted periodically based on historical and/or projected future cash flows. Adjustments to the yield for highly rated prepayable fixed maturities are accounted for using the retrospective method. Adjustments to the yield for other prepayable fixed maturities are accounted for using the prospective method. Credit Losses - Fixed Maturities, Available for Sale Fixed maturities, available for sale are impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturities, available for sale securities for impairment losses. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, if a fixed maturity, available for sale security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and is included in net investment gains (losses). In instances where the Company intends to hold the impaired fixed maturity, available for sale security the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. If the Company does not anticipate to fully recover the amortized cost , an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on fixed maturities, available for sale represent credit impairments by considering the following factors: a. the extent to which the fair value is less than amortized cost; b. adverse conditions related to the security, industry, or geographical area; c. downgrades in the security's credit rating by a credit rating agency; and d. failure of the issuer to make scheduled principal or interest payments. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss exists. If a security is assessed to be credit impaired, it is subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss (i.e. related to interest rates, market conditions, etc.) is recognized in other comprehensive income. The Company reports accrued interest receivable related to available for sale debt securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains (losses) in the period in which they are deemed uncollectible. Prior to the adoption of ASU 2016-13 On a quarterly basis, the Company assessed whether unrealized losses on fixed maturities, available for sale represented impairments that were other-than-temporary. If a fixed maturity, available for sale security was impaired and the Company intended to sell the security or it was more likely than not that the Company would be required to sell the security before its anticipated recovery, the impairment was considered other-than-temporary. In these instances, the full amount of the impairment was charged to net income (loss) and was included in net investment gains (losses) in the consolidated statements of operations. In instances where the Company intended to hold the impaired fixed maturity, available for sale security the Company estimated the anticipated credit loss on the security and this component of the impairment was charged to net income (loss) and was included in net investment gains (losses) in the consolidated statements of operations. The non-credit component of the impairment was recognized in other comprehensive income. Credit Losses - Fixed Maturities, Held to Maturity A fixed maturity, held to maturity security is impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturity, held to maturity securities for impairment losses. The Company's fixed maturity, held to maturity securities portfolio consists of asset-backed securities ("ABS") and corporate debt securities. The Company's ABS, held to maturity consists of CLO debt tranched securities. The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. The allowance for expected credit losses is recognized in net investment gains (losses) in the consolidated statements of operations. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Equity Securities, at Fair Value Equity securities are reported at fair value. The change in the fair values of equity securities, net of tax is recognized in net investment gains (losses) in the consolidated statements of operations. Net investment income includes dividend income and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of equity securities are recorded on a trade-date basis and realized gains (losses) on sales of equity securities are determined based on the specific identification method. Realized gains (losses) on equity securities are included in net investment gains (losses) in the consolidated statements of operations. Mortgage Loans, Held for Investment, at Fair Value Mortgage loans, held for investment are reported at amortized cost which is calculated as the unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses. Interest income and prepayment fees are recognized when earned. Interest income is recognized based on an effective yield method which gives effect to the amortization of premiums and accretion of discounts. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, mortgage loans, held for investment are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. These projections take into account the Company’s experience with credit quality indicators, loan losses, defaults, loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. The allowance for expected credit losses is recognized in net investment gains (losses). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Other Investments Other investments are recorded at fair value (refer to Note 6 ' Fair Value Measurements '). Changes in fair value and realized gains (losses) are reported in net investment income in the consolidated statements of operations. Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income (loss) or loss of the investee. Adjustments are based on the most recently available financial information from the investee. Changes in the carrying value of these investments are recorded in net income as interest in income (loss) of equity method investments. Short-term Investments Short-term investments primarily comprise highly liquid debt securities with maturities greater than three months but less than one year from the date of purchase. These investments are carried at amortized cost, which approximates fair value. b) Cash and Cash Equivalents Cash equivalents include money-market funds, fixed interest deposits and reverse repurchase agreements with a maturity of under 90 days when purchased. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Restricted cash primarily relates to funds held in trust to support obligations in regulatory jurisdictions where the Company operates as a non-admitted carrier and to support the underwriting activities at Lloyd's. c) Premiums and Acquisition Costs Premiums Insurance premiums written are recorded in accordance with the terms of the underlying policies. Reinsurance premiums are recorded at the inception of the contract based on estimates received from ceding companies. For multi-year contracts insurance and reinsurance premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. Premiums are recognized on an annual basis for multi-year contracts where the cedant has the ability to unilaterally commute or cancel coverage within the term of the contract. Any adjustments to insurance and reinsurance premium estimates are recognized in the period in which they are determined. Insurance and reinsurance premiums are earned evenly over the period during which the Company is exposed to the underlying risk, which is generally one to two years with the exception of multi-year contracts. Unearned premiums represent the portion of premiums which relate to the unexpired risks under contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The recognition of reinstatement premiums is based on estimates of losses and loss expenses, which reflects management’s judgment, as described in Note 2(d) ' Losses and Loss Expenses ' below. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, insurance and reinsurance premium balances receivable are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Prior to the adoption of ASU 2016-13 Insurance and reinsurance premium balances receivable were reviewed in detail at least quarterly and a provision was established for amounts considered uncollectible. Acquisition Costs Acquisition costs vary with and are directly related to the successful acquisition efforts of acquiring new or renewing existing insurance and reinsurance contracts and consist primarily of fees and commissions paid to brokers and premium taxes. In addition, certain of our contracts include profit commission provisions or other adjustable features that are estimated based on expected losses and loss expenses for those contracts. Acquisition costs are shown net of commissions on reinsurance purchased. Net acquisition costs are deferred and charged to net income (loss) as the related premium is earned. Insurance and reinsurance premium balances receivable is presented net of acquisition costs when contract terms provide for the right of offset. Anticipated losses and loss expenses, other costs and investment income related to these premiums are considered in assessing the recoverability of deferred acquisition costs. Deferred acquisition cost amounts that are assessed to be irrecoverable are recognized in net income (loss) in the period in which the determination is made. Compensation expenses for personnel involved in contract acquisition, and advertising costs, are charged to net income (loss) when incurred. d) Losses and Loss Expenses Reserve for losses and loss expenses represents an estimate of the unpaid portion of the ultimate liability for losses and loss expenses for insured and reinsured events that have occurred at or before the balance sheet date. These amounts reflect claims that have been reported ("case reserves") and claims that have been incurred but have not yet been reported ("IBNR") and are reduced for estimated amounts of salvage and subrogation recoveries. The Company reviews its reserve for losses and loss expenses on a quarterly basis. Case reserves are primarily established based on amounts reported by clients and/or their brokers. Management estimates IBNR after reviewing detailed actuarial analyses and applying informed judgment regarding qualitative factors that may not be fully captured in the actuarial estimates. A variety of actuarial methods are utilized in this process, including the Expected Loss Ratio, Chain Ladder and Bornhuetter-Ferguson methods. The estimate is highly dependent on management’s judgment as to which method(s) are most appropriate for a particular accident/underwriting year and line of business. Historical claims data may be supplemented with industry benchmarks when applying these methodologies. Any adjustments to estimates of reserve for losses and loss expenses are recognized in the period in which they are determined. While the Company believes that its reserves for losses and loss expenses are adequate, this estimate requires significant judgment and new information, events or circumstances may result in ultimate losses that are materially greater or less than provided for in the consolidated balance sheets. e) Reinsurance In the normal course of business, the Company purchases treaty and facultative reinsurance protection to limit its ultimate losses from catastrophic events and to reduce its loss aggregation risk. The premiums paid to reinsurers (i.e. ceded premiums written) are recognized over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded which relate to the unexpired term of the contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. Reinsurance recoverable on unpaid losses and loss expenses ("reinsurance recoverables") related to case reserves is estimated on a case-by-case basis by applying the terms of applicable reinsurance cover to individual case reserve estimates. Reinsurance recoverables related to IBNR is generally developed as part of the Company's loss reserving process, therefore, its estimation is subject to similar risks and uncertainties as the estimation of IBNR. Estimates of amounts to be ceded under excess of loss reinsurance contracts also take into account pricing information for those contracts and require greater judgment than estimates for proportional contracts. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, reinsurance recoverable balances are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that we deem are unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers current and forecasted economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Prior to the adoption of ASU 2016-13 Reinsurance recoverable balances were reviewed in detail on a quarterly basis and a provision was established for amounts considered uncollectible. Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retroactive elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into income over the settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in net income in the period in which the change is determined so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction. f) Foreign Exchange The functional currency of the Company and the majority of its subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in functional currency using the rates of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are remeasured to functional currency at the rates of exchange in effect at the balance sheet date with the resulting foreign exchange losses (gains) generally being recognized in the consolidated statements of operations. Foreign exchange losses (gains) related to available for sale investments denominated in foreign currency represent an unrealized appreciation (depreciation) in the market value of the securities and are included in AOCI. Non-monetary assets and liabilities denominated in foreign currency are not subsequently remeasured. The Company’s reporting currency is the U.S. dollar. Assets and liabilities of the Company's subsidiaries and branches where the functional currency is not the U.S. dollar, are translated into U.S. dollars using the rates of exchange in effect at the balance sheet date, and revenue and expenses are translated using the weighted average foreign exchange rates for the period. The effect of translation adjustments is reported as a separate component of AOCI in the consolidated statements of change shareholders’ equity. g) Share-based Compensation The Company is authorized to issue restricted shares, restricted stock units, performance restricted stock units, stock options, stock appreciation rights and other equity-based awards to its employees and directors. The Company's plan includes share-settled and cash-settled service and performance awards. Restricted Stock Units - Share-Settled and Cash-Settled The fair value of share-settled and cash-settled service awards is based on market value of the Company's common shares measured at the grant date and is expensed over the requisite service period. The fair value of the cash-settled service awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur. Performance Restricted Stock Units - Share-Settled and Cash-Settled The fair value of share-settled performance awards which include a market condition is measured on the grant date using a Monte Carlo simulation model which requires inputs including share price, expected volatility, expected term, expected dividend yield and risk-free interest rates. The fair value of share-settled and cash-settled performance awards which include a performance condition is based on market value of the Company's common shares measured at the grant date. The fair value of share-settled and cash-settled performance awards is recognized on a straight-line basis over the requisite service period. The fair value of the cash-settled performance awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur. h) Derivative Instruments The Company may enter into derivative instruments such as futures, options, interest rate swaps and foreign currency forward contracts as part of its overall foreign currency risk management strategy, to obtain exposure to a particular financial market or for yield enhancement. From time to time the Company may also enter into insurance and reinsurance contracts that meet the Financial Accounting Standards Board's ("FASB") definition of a derivative contract. The Company measures all derivative instruments at fair value (refer to Note 6 ' Fair Value Measurements ') and recognizes these instruments as either assets or liabilities in the consolidated balance sheets. Subsequent changes in fair value and any realized gains or losses are recognized in the consolidated statements of operations. i) Goodwill and Intangible Assets The Company recognizes goodwill and other intangible assets in connection with certain acquisitions. Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired in these acquisitions and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful live of the intangible asset. Other intangible assets with an indefinite life are not amortized. The Company tests goodwill and indefinite intangible assets for potential impairment during the fourth quarter each year and between annual tests if an event occurs or changes in circumstances indicate that the asset is impaired. Such events or circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations. For the purpose of evaluating goodwill for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. For the purpose of evaluating indefinite lived intangibles for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. If the Company elects to perform a qualitative assessment, it first assesses qualitative factors to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. If the Company determines that it is more likely than not that the indefinite lived intangible asset is impaired, the Company performs the quantitative impairment test. For the purposes of evaluating goodwill and indefinite lived intangible assets for impairment, the Company has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. The Company may resume performing the qualitative assessment in any subsequent period. For other definite lived intangible assets the Company tests for recoverability whenever events or changes in circumstances indicate its carrying amount may not be recoverable. The Company recognizes an impairment loss if the carrying amount of the asset is not recoverable and exceeds its fair value. The carrying amount of a definite lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If goodwill or an intangible asset is impaired, the carrying value of the asset is reduced to fair value and a corresponding expense is recorded in the consolidated statements of operations. j) Income Taxes Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to net income, or in certain cases to AOCI, based on enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities used in the consolidated balance sheets and those used in the various jurisdictional tax returns. When the assessment indicates that it is more likely than not that a portion of a deferred tax asset will not be realized in the foreseeable future, a valuation allowance against deferred tax assets is recorded. The Company recognizes the tax benefits of uncertain tax positions only when the position is more-likely-than-not to be sustained on audit by the relevant taxing authorities. k) Treasury Shares Common shares repurchased by the Company and not subsequently canceled are classified as treasury shares and are recorded at cost. This results in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the average cost method to determine the cost of shares reissued from treasury. l) Leases The Company recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term related to office property and equipment leases. The Company accounts for non-lease components separately from lease components. As a result, the non-lease components associated with the Company's leases are not included in the lease liabilities and right-of-use assets in the Company's consolidated balance sheets. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | AXIS Capital's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets. Insurance The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability, accident and health, and discontinued lines - Novae. Reinsurance The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are catastrophe, property, credit and surety, professional lines, motor, liability, engineering, agriculture, marine and aviation, accident and health, and discontinued lines - Novae. The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets: At and year ended December 31, 2021 Insurance Reinsurance Total Gross premiums written $ 4,863,232 $ 2,822,752 $ 7,685,984 Net premiums written 2,894,885 2,031,739 4,926,624 Net premiums earned 2,651,339 2,058,511 4,709,850 Other insurance related income 1,662 21,633 23,295 Net losses and loss expenses (1,514,998) (1,493,785) (3,008,783) Acquisition costs (484,344) (437,490) (921,834) Underwriting-related general and administrative expenses (429,282) (107,552) (536,834) Underwriting income $ 224,377 $ 41,317 265,694 Net investment income 454,301 Net investment gains 134,279 Corporate expenses (126,470) Foreign exchange losses (315) Interest expense and financing costs (62,302) Reorganization expenses — Amortization of value of business acquired (3,854) Amortization of intangible assets (12,424) Income before income taxes and interest in income of equity method investments 648,909 Income tax expense (62,384) Interest in income of equity method investments 32,084 Net income 618,609 Preferred share dividends 30,250 Net income available to common shareholders $ 588,359 Net losses and loss expenses ratio 57.1 % 72.6 % 63.9 % Acquisition cost ratio 18.3 % 21.3 % 19.6 % General and administrative expense ratio 16.2 % 5.1 % 14.0 % Combined ratio 91.6 % 99.0 % 97.5 % Goodwill and intangible assets $ 309,518 $ — $ 309,518 At and year ended December 31, 2020 Insurance Reinsurance Total Gross premiums written $ 4,018,399 $ 2,808,539 $ 6,826,938 Net premiums written 2,357,501 1,978,908 4,336,409 Net premiums earned 2,299,038 2,072,271 4,371,309 Other insurance related income (loss) 2,647 (10,736) (8,089) Net losses and loss expenses (1,697,014) (1,584,238) (3,281,252) Acquisition costs (461,533) (467,984) (929,517) Underwriting-related general and administrative expenses (378,839) (99,129) (477,968) Underwriting income (loss) $ (235,701) $ (89,816) (325,517) Net investment income 349,601 Net investment gains 129,133 Corporate expenses (101,822) Foreign exchange losses (81,069) Interest expense and financing costs (75,049) Reorganization expenses (7,881) Amortization of value of business acquired (5,139) Amortization of intangible assets (11,390) Income (loss) before income taxes and interest in income (loss) of equity method investments (129,133) Income tax benefit 12,321 Interest in income (loss) of equity method investments (3,612) Net income (loss) (120,424) Preferred share dividends 30,250 Net income (loss) available (attributable) to common shareholders $ (150,674) Net losses and loss expenses ratio 73.8 % 76.4 % 75.1 % Acquisition cost ratio 20.1 % 22.6 % 21.3 % General and administrative expense ratio 16.5 % 4.8 % 13.2 % Combined ratio 110.4 % 103.8 % 109.6 % Goodwill and intangible assets $ 320,434 $ — $ 320,434 At and year ended December 31, 2019 Insurance Reinsurance Total Gross premiums written $ 3,675,931 $ 3,222,927 $ 6,898,858 Net premiums written 2,209,155 2,280,460 4,489,615 Net premiums earned 2,190,084 2,397,094 4,587,178 Other insurance related income 2,858 13,586 16,444 Net losses and loss expenses (1,278,679) (1,766,119) (3,044,798) Acquisition costs (468,281) (556,301) (1,024,582) Underwriting-related general and administrative expenses (401,963) (103,772) (505,735) Underwriting income (loss) $ 44,019 $ (15,512) 28,507 Net investment income 478,572 Net investment gains 91,233 Corporate expenses (129,096) Foreign exchange gains 12,041 Interest expense and financing costs (68,107) Reorganization expenses (37,384) Amortization of value of business acquired (26,722) Amortization of intangible assets (11,597) Income before income taxes and interest in income of equity method investments 337,447 Income tax expense (23,692) Interest in income of equity method investments 9,718 Net income 323,473 Preferred share dividends 41,112 Net income available to common shareholders $ 282,361 Net losses and loss expenses ratio 58.4 % 73.7 % 66.4 % Acquisition cost ratio 21.4 % 23.2 % 22.3 % General and administrative expense ratio 18.3 % 4.3 % 13.9 % Combined ratio 98.1 % 101.2 % 102.6 % Goodwill and intangible assets $ 332,553 $ — $ 332,553 The following table presents gross premiums written by the geographical location of the Company's subsidiaries: Years ended December 31, 2021 2020 2019 Bermuda $ 542,693 $ 602,432 $ 738,258 Ireland 1,667,496 1,516,596 1,679,646 U.S. 4,002,748 3,398,108 3,090,547 Lloyd's of London 1,473,047 1,309,802 1,390,407 Gross premiums written $ 7,685,984 $ 6,826,938 $ 6,898,858 The following table presents net premiums earned by segment and line of business: Years ended December 31, 2021 2020 2019 Insurance Property $ 662,977 $ 605,650 $ 633,550 Marine 354,193 293,746 281,764 Terrorism 47,995 47,378 47,345 Aviation 84,882 70,910 55,028 Credit and political risk 96,604 105,869 91,698 Professional lines 898,307 715,276 661,250 Liability 354,518 313,291 264,667 Accident and health 151,134 143,723 144,499 Discontinued lines - Novae 729 3,195 10,283 Total Insurance 2,651,339 2,299,038 2,190,084 Reinsurance Catastrophe 238,775 244,934 267,591 Property 231,080 256,244 311,625 Credit and surety 158,549 187,721 208,717 Professional lines 220,448 207,605 206,328 Motor 247,092 255,916 398,565 Liability 431,012 396,906 373,664 Engineering 28,238 60,521 63,899 Agriculture 82,744 73,696 188,925 Marine and aviation 58,678 53,516 59,209 Accident and health 361,197 333,996 319,619 Discontinued lines - Novae 698 1,216 (1,048) Total Reinsurance 2,058,511 2,072,271 2,397,094 Total $ 4,709,850 $ 4,371,309 $ 4,587,178 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | The table below provides details of goodwill and intangible assets related to the Company's insurance segment: Goodwill Intangible Intangible Total At December 31, 2019 Gross amount $ 97,092 $ 120,784 $ 404,304 $ 622,180 Accumulated amortization n/a n/a (247,804) (247,804) Accumulated translation adjustment 4,911 — — 4,911 102,003 120,784 156,500 379,287 Amortization n/a n/a (37,742) (37,742) Impairment charges — — — — At December 31, 2020 Gross amount 97,092 120,784 394,604 612,480 Accumulated amortization n/a n/a (275,846) (275,846) Accumulated translation adjustment 4,911 — — 4,911 102,003 120,784 118,758 341,545 Amortization n/a n/a (16,055) (16,055) Impairment charges (1,202) — — (1,202) At December 31, 2021 Gross amount 95,890 120,784 394,604 611,278 Accumulated amortization n/a n/a (291,901) (291,901) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,784 102,703 324,288 Amortization n/a n/a (14,770) (14,770) Impairment charges — — — — $ 100,801 $ 120,784 $ 87,933 $ 309,518 n/a – not applicable Intangible Assets with an Indefinite Life Intangible assets with an indefinite life include U.S. state licenses that provide a legal right to transact business indefinitely and the value of Lloyd's syndicate capacity, which represents the right to underwrite a certain allocated limit of premium in the Lloyd's market. Impairment Review For the year ended December 31, 2021, the Company's impairment review of goodwill and indefinite lived intangibles did not result in the recognition of an impairment loss. For the year ended December 31, 2020, an impairment loss of $1 million was recognized related to the exit from certain program business. For the year ended December 31, 2019, the Company's impairment review of goodwill and indefinite lived intangibles did not result in the recognition of an impairment loss. The tables below provide details of the gross amount and accumulated amortization by category of VOBA and intangible assets: VOBA and intangible assets At December 31, 2021 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists - Ternian (1) 13,330 (8,997) 4,333 VOBA - Novae (2) 256,942 (256,942) — Coverholders (2) 63,565 (22,514) 41,051 Large brokers (2) 46,641 (13,215) 33,426 SME brokers (2) 14,126 (5,003) 9,123 $ 515,388 $ (306,671) $ 208,717 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. VOBA and intangible assets At December 31, 2020 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Customer relationships and customers lists - Ternian (1) 13,330 (7,665) 5,665 VOBA - Novae (2) 256,942 (253,088) 3,854 Syndicate capacity (2) 94,748 n/a 94,748 Coverholders (2) 63,565 (17,216) 46,349 Large brokers (2) 46,641 (10,106) 36,535 SME brokers (2) 14,126 (3,826) 10,300 $ 515,388 $ (291,901) $ 223,487 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. The table below provides details of estimated amortization expense of intangible assets with a finite life: Total 2022 $ 10,916 2023 10,916 2024 10,916 2025 9,921 2026 9,583 After 2026 35,681 Total remaining amortization expense 87,933 Indefinite lived intangible assets 120,784 Total intangible assets $ 208,717 The estimated remaining average useful life of finite lived intangible assets is 9 years. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | a) Fixed Maturities and Equity Securities Fixed Maturities The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale: Amortized Allowance for expected credit losses Gross Gross Fair At December 31, 2021 Available for sale U.S. government and agency $ 2,693,319 $ — $ 9,776 $ (20,647) $ 2,682,448 Non-U.S. government 794,705 — 10,158 (9,685) 795,178 Corporate debt 4,446,585 (236) 87,075 (38,112) 4,495,312 Agency RMBS (1) 1,065,973 — 17,397 (8,781) 1,074,589 CMBS (2) 1,223,051 — 29,827 (4,687) 1,248,191 Non-agency RMBS 185,854 (77) 2,410 (2,023) 186,164 ABS (3) 1,628,739 — 3,406 (9,665) 1,622,480 Municipals (4) 203,556 — 5,928 (646) 208,838 Total fixed maturities, available for sale $ 12,241,782 $ (313) $ 165,977 $ (94,246) $ 12,313,200 At December 31, 2020 Available for sale U.S. government and agency $ 1,881,489 $ — $ 38,969 $ (1,759) $ 1,918,699 Non-U.S. government 632,875 — 38,826 (428) 671,273 Corporate debt 4,408,351 (303) 254,261 (6,358) 4,655,951 Agency RMBS (1) 1,244,727 — 42,170 (688) 1,286,209 CMBS (2) 1,268,273 — 87,598 (2,284) 1,353,587 Non-agency RMBS 136,198 (20) 4,604 (678) 140,104 ABS (3) 1,712,236 — 14,527 (6,685) 1,720,078 Municipals (4) 282,781 — 13,148 (31) 295,898 Total fixed maturities, available for sale $ 11,566,930 $ (323) $ 494,103 $ (18,911) $ 12,041,799 (1) Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies. (2) Commercial mortgage-backed securities ("CMBS"). (3) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"). (4) Municipals include bonds issued by states, municipalities and political subdivisions. The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity: Amortized cost Allowance for expected credit losses Net carrying value Gross Gross unrealized losses Fair value At December 31, 2021 Held to maturity Corporate debt $ 37,700 $ — $ 37,700 $ 18 $ (146) $ 37,572 ABS (1) 408,316 — 408,316 81 (936) 407,461 Total fixed maturities, held to maturity $ 446,016 $ — $ 446,016 $ 99 $ (1,082) $ 445,033 (1) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs"). On March 1, 2021, the Company transferred ABS securities with total fair value of $405 million from fixed maturities, available for sale to fixed maturities, held to maturity. These securities, which the Company has the intent and ability to hold to maturity, were transferred in order to better align the accounting classification with their management strategy. The net unrealized gain at the date of the transfer, March 1, 2021, continues to be reported in the carrying value of the transferred securities and is amortized over the remaining life of the securities using the effective yield method. Fixed maturities, held to maturity of $446 million at December 31, 2021 were presented net of an allowance for expected credit losses of $nil. The Company's ABS, held to maturity consist of CLO debt tranched securities. The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At December 31, 2021, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $nil. To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At December 31, 2021, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity was $nil. Equity Securities The following table provides the cost and fair values of the Company's equity securities: Cost Gross Gross Fair At December 31, 2021 Equity securities Common stocks $ 1,264 $ 585 $ (485) $ 1,364 Preferred stocks 115 64 — 179 Exchange-traded funds 203,455 134,037 (677) 336,815 Bond mutual funds 324,030 544 (7,257) 317,317 Total equity securities $ 528,864 $ 135,230 $ (8,419) $ 655,675 At December 31, 2020 Equity securities Common stocks $ 10,810 $ 689 $ (557) $ 10,942 Preferred stocks 6,301 1,767 — 8,068 Exchange-traded funds 147,794 74,314 (390) 221,718 Bond mutual funds 256,839 20,878 — 277,717 Total equity securities $ 421,744 $ 97,648 $ (947) $ 518,445 In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by Variable Interest Entities ("VIEs"). These structured securities include RMBS, CMBS and ABS. The Company also invests in limited partnerships which represent 71% of the Company's other investments. The investments in limited partnerships include hedge funds, direct lending funds, private equity funds, real estate funds and CLO equity tranched securities, which are variable interests issued by VIEs (refer to Note 5(c) ' Other Investments '). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs therefore the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. The Company has not provided financial or other support to these structured securities other than the original investment. Contractual Maturities of Fixed Maturities Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The table below provides the contractual maturities of fixed maturities classified as available for sale: Amortized Fair % of Total At December 31, 2021 Maturity Due in one year or less $ 503,716 $ 505,602 4.1 % Due after one year through five years 4,878,151 4,908,640 39.9 % Due after five years through ten years 2,478,542 2,488,478 20.2 % Due after ten years 277,756 279,056 2.3 % 8,138,165 8,181,776 66.5 % Agency RMBS 1,065,973 1,074,589 8.7 % CMBS 1,223,051 1,248,191 10.1 % Non-agency RMBS 185,854 186,164 1.5 % ABS 1,628,739 1,622,480 13.2 % Total $ 12,241,782 $ 12,313,200 100.0 % At December 31, 2020 Maturity Due in one year or less $ 436,287 $ 444,527 3.6 % Due after one year through five years 4,165,696 4,335,219 36.0 % Due after five years through ten years 2,344,859 2,489,050 20.7 % Due after ten years 258,654 273,025 2.3 % 7,205,496 7,541,821 62.6 % Agency RMBS 1,244,727 1,286,209 10.7 % CMBS 1,268,273 1,353,587 11.2 % Non-agency RMBS 136,198 140,104 1.2 % ABS 1,712,236 1,720,078 14.3 % Total $ 11,566,930 $ 12,041,799 100.0 % ABS classified as held to maturity with a net carrying value of $408 million (2020: $nil) do not have a single maturity date and cannot be allocated over several maturity groupings. Corporate debt classified as held to maturity with a net carrying value of $34 million (2020: $nil) is due between five years and ten years and Corporate debt classified as held to maturity with a net carrying value of $4 million ((2020: $nil) is due after ten years. Gross Unrealized Losses The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized At December 31, 2021 Fixed maturities, available for sale U.S. government and agency $ 101,776 $ (4,852) $ 2,014,880 $ (15,795) $ 2,116,656 $ (20,647) Non-U.S. government 11,011 (1,830) 463,498 (7,855) 474,509 (9,685) Corporate debt 152,962 (6,542) 1,681,859 (31,570) 1,834,821 (38,112) Agency RMBS 41,024 (1,678) 503,988 (7,103) 545,012 (8,781) CMBS 30,128 (1,001) 347,515 (3,686) 377,643 (4,687) Non-agency RMBS 4,481 (523) 109,937 (1,500) 114,418 (2,023) ABS 43,466 (1,152) 1,040,363 (8,513) 1,083,829 (9,665) Municipals 5,293 (137) 35,649 (509) 40,942 (646) Total fixed maturities, available for sale $ 390,141 $ (17,715) $ 6,197,689 $ (76,531) $ 6,587,830 $ (94,246) At December 31, 2020 Fixed maturities, available for sale U.S. government and agency $ — $ — $ 251,606 $ (1,759) $ 251,606 $ (1,759) Non-U.S. government 16,115 (262) 3,652 (166) 19,767 (428) Corporate debt 63,640 (2,244) 233,970 (4,114) 297,610 (6,358) Agency RMBS 6,580 (20) 78,672 (668) 85,252 (688) CMBS 19,736 (1,012) 70,656 (1,272) 90,392 (2,284) Non-agency RMBS 5,109 (598) 9,558 (80) 14,667 (678) ABS 325,436 (4,011) 360,402 (2,674) 685,838 (6,685) Municipals — — 11,881 (31) 11,881 (31) Total fixed maturities, available for sale $ 436,616 $ (8,147) $ 1,020,397 $ (10,764) $ 1,457,013 $ (18,911) Fixed Maturities At December 31, 2021, 2,333 fixed maturities (2020: 719) were in an unrealized loss position of $94 million (2020: $19 million) of which $8 million (2020: $7 million) was related to securities below investment grade or not rated. At December 31, 2021, 344 fixed maturities (2020: 249) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $390 million (2020: $437 million). The unrealized losses of $94 million (2020: $19 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity. At December 31, 2021, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs. b) Mortgage Loans The following table provides details of the Company's mortgage loans held for investment: December 31, 2021 December 31, 2020 Carrying value % of Total Carrying value % of Total Mortgage loans held for investment: Commercial $ 594,088 100 % $ 593,290 100 % Total mortgage loans held for investment $ 594,088 100 % $ 593,290 100 % The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated annually, on a rolling basis. The Company has a high quality mortgage loan portfolio with a weighted average debt service coverage rat io of 2.5x (2020: 2.4x) and a weighted average loan-to-value ratio of 60% (2020: 60%) . At December 31, 2021 and 2020, there were no credit losses or past due amounts associated with the commercial mortgage loans held by the Company. c) Other Investments The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category: Fair value Redemption frequency Redemption At December 31, 2021 Long/short equity funds $ 3,476 — % Annually 60 days Multi-strategy funds 56,012 6 % Quarterly 60-90 days Direct lending funds 289,867 31 % Quarterly (1) 90 days Private equity funds 249,974 26 % n/a n/a Real estate funds 238,222 25 % Quarterly (2) 45 days CLO-Equities 5,910 1 % n/a n/a Other privately held investments 104,521 11 % n/a n/a Overseas deposits — — % n/a n/a Total other investments $ 947,982 100 % At December 31, 2020 Long/short equity funds $ 25,300 3 % Annually 60 days Multi-strategy funds 121,420 15 % Quarterly, Semi-annually 60-95 days Direct lending funds 272,131 33 % Quarterly (1) 90 days Private equity funds 124,706 15 % n/a n/a Real estate funds 164,250 20 % Quarterly (2) 45 days CLO-Equities 6,173 1 % n/a n/a Other privately held investments 70,011 8 % n/a n/a Overseas deposits 45,165 5 % n/a n/a Total other investments $ 829,156 100 % n/a – not applicable (1) Applies to one fund with a fair value of $47 million (2020: $38 million). (2) Applies to one fund with a fair value of $73 million (2020: $61 million). The investment strategies for the above funds are as follows: • Long/short equity funds : Seek to achieve attractive returns primarily by executing an equity trading strategy involving long and short investments in publicly-traded equity securities. • Multi-strategy funds : Seek to achieve above-market returns by pursuing multiple investment strategies to diversify risks and reduce volatility. This category includes funds of hedge funds which invest in a large pool of hedge funds across a diversified range of hedge fund strategies. • Direct lending funds : Seek to achieve attractive risk-adjusted returns, including current income generation, by investing in funds which provide financing directly to borrowers. • Private equity funds : Seek to achieve attractive risk-adjusted returns by investing in private transactions over the course of several years. • Real estate funds : Seek to achieve attractive risk-adjusted returns by making and managing investments in real estate and real estate securities and businesses. Two common redemption restrictions which may impact the Company's ability to redeem hedge funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund’s net assets which may otherwise hinder the general partner or investment manager’s ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During 2021 and 2020, neither of these restrictions impacted the Company's redemption requests. At December 31, 2021, $3 million (2020: $25 million), representing 6% (2020: 17%) of total hedge funds, relate to holdings where the Company is still within the lockup period. The expiration of this lockup period is March 2022 . At December 31, 2021, the Company had $224 million (2020: $151 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from four At December 31, 2021, the Company had $23 million (2020: $20 million) of unfunded commitments as a limited partner in multi-strategy hedge funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At December 31, 2021, the Company had $173 million (2020: $201 million) of unfunded commitments as a limited partner in funds which invest in real estate and real estate securities and businesses. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund. At December 31, 2021, the Company had $178 million (2020: $166 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over five years. During 2015, the Company made a $50 million commitment as a limited partner of a bank revolver opportunity fund. The fund has an investment term of seven years and the General Partners have the option to extend the term by up to two years. At December 31, 2021, this commitment remains unfunded. It is not anticipated that the full amount of this fund will be drawn. d) Equity Method Investments During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Through long-term service agreements, the Company will serve as Harrington Re's reinsurance underwriting manager and Blackstone will serve as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally. Harrington is not a VIE that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Harrington under the equity method of accounting. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs. e) Net Investment Income Net investment income was derived from the following sources: Year ended December 31, 2021 2020 2019 Fixed maturities $ 262,049 $ 317,121 $ 384,053 Other investments 181,906 16,059 60,038 Equity securities 12,752 9,328 10,434 Mortgage loans 17,427 15,432 14,712 Cash and cash equivalents 4,454 13,582 26,882 Short-term investments 664 2,749 7,053 Gross investment income 479,252 374,271 503,172 Investment expenses (24,951) (24,670) (24,600) Net investment income $ 454,301 $ 349,601 $ 478,572 f) Net Investment Gains (Losses) The following table provides an analysis of net investment gains (losses): Year ended December 31, 2021 2020 2019 Gross realized investment gains Fixed maturities and short-term investments $ 137,729 $ 186,726 $ 93,160 Equity securities 5,413 25,648 3,449 Gross realized investment gains 143,142 212,374 96,609 Gross realized investment losses Fixed maturities and short-term investments (42,613) (94,607) (56,515) Equity securities (696) (5,840) (323) Gross realized investment losses (43,309) (100,447) (56,838) Change in allowance for expected credit losses 11 (323) — Impairment losses (1) (22) (1,486) — OTTI losses — — (6,984) Change in fair value of investment derivatives (2) 4,346 (2,434) (1,823) Net unrealized gains (losses) on equity securities 30,111 21,449 60,269 Net investment gains $ 134,279 $ 129,133 $ 91,233 (1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery. (2) Refer to Note 7 'Derivative Instruments'. The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale: Year ended December 31, 2021 2020 2019 Balance at beginning of period $ 323 $ — $ — Expected credit losses on securities where credit losses were not previously recognized 95 22,570 — Additions (reductions) for expected credit losses on securities where credit losses were previously recognized 50 (11,542) — Impairments of securities which the Company intends to sell or more likely than not will be required to sell — — — Securities sold/redeemed/matured (155) (10,705) — Balance at end of period $ 313 $ 323 $ — The following table summarizes the OTTI charge recognized in net income by asset class: Year ended December 31, 2021 2020 2019 Fixed maturities: Non-U.S. government $ — $ — $ 90 Corporate debt — — 6,894 Non-agency CMBS — — — Total OTTI recognized in net income $ — $ — $ 6,984 Fixed Maturities The Company evaluates available for sale securities for expected credit losses when fair value is below amortized cost. If the Company intends to sell or will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income. If the Company does not intend to sell or will not be required to sell the security before its anticipated recovery, an allowance for expected credit losses is established and the portion of the loss that relates to credit losses is recorded in net income. Effective January 1, 2020, the Company adopted the targeted changes to the impairment model for available for sale securities. The updated guidance amends the previous OTTI impairment model by requiring the recognition of impairments related to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss exists. A summary of credit loss activity by asset class, the significant inputs and the methodology used to estimate credit losses are described below. U.S. Government, U.S. Agency and U.S. Agency RMBS Unrealized losses on securities issued or backed, either explicitly or implicitly by the U.S. government are not analyzed for credit losses. The Company has concluded that the possibility of a credit loss on these securities is highly unlikely due to the explicit U.S. government guarantee related to certain securities (e.g. Government National Mortgage Association issuances) and the implicit guarantee related to other securities that has been validated by past actions (e.g. U.S. government bailout of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation during the 2008 credit crisis). Although these securities are not analyzed for credit losses, they are evaluated for intention to sell and likely requirement to sell. Non-U.S. Government Non-U.S. government securities are evaluated for expected credit losses primarily through qualitative assessments of the likelihood of credit losses using information such as severity of unrealized losses, credit ratings and price volatility. At December 31, 2021, the gross unrealized losses of $10 million were mainly due to foreign exchange losses. At December 31, 2021, the Company does not anticipate any credit losses on its non-U.S. government fixed maturities. At December 31, 2020, the gross unrealized losses were less than $1 million and were mainly due to foreign exchange losses. At December 31, 2020, the Company did not anticipate any credit losses on its non-U.S. government fixed maturities. Corporate Debt To estimate expected credit losses for corporate debt securities, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, probability of default and projected recovery rates. The Company's default and loss severity rates are based on credit rating, credit analysis and macroeconomic forecasts. In 2021 and 2020, the allowance for expected credit losses on corporate debt securities mainly related to loss severity where the forecasted recovery to amortized cost was uncertain. CMBS The Company's investments in CMBS are diversified and primarily rated AA or better. At December 31, 2021, CMBS had a weighted average estimated subordination percentage of 37% (2020: 29%). Based on discounted cash flows at December 31, 2021 and 2020, the current level of subordination is sufficient to cover the estimated loan losses on the underlying collateral of the CMBS. Non-agency RMBS To estimate expected credit losses for non-agency RMBS, the Company's projected cash flows incorporated underlying data from widely accepted third-party data sources along with certain internal assumptions and judgments regarding the future performance of the security. These assumptions included default, delinquency, loss severity and prepayment rates. The assumptions used to calculate credit losses in 2021 have not changed significantly since December 31, 2020. At December 31, 2021, the fair value of the Company's non-agency RMBS was $186 million (2020: $140 million), consisting primarily of $87 million (2020: $85 million) of Prime and $74 million (2020: $23 million) of Alt-A MBS. At December 31, 2021, the allowance for expected credit losses on non-agency RMBS related to loss severity where the forecasted recovery to amortized cost is uncertain. ABS The Company's investments in ABS consist mainly of CLO debt tranched securities ("CLO Debt") purchased primarily as new issues between 2018 and 2021. Substantially all of these new issues had credit ratings of AA or better. The Company utilizes a scenario-based approach to review its CLO Debt portfolio based on the current asset market price. The Company also reviews subordination levels of these securities to determine their ability to absorb credit losses of underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At December 31, 2021 and 2020, the Company does not anticipate any credit losses on its CLO Debt. g) Restricted Assets In order to support the Company's obligations in regulatory jurisdictions where it operates as a non-admitted carrier, the Company provides collateral in the form of assets held in trust and, to a lesser extent, letters of credit (refer to Note 10(b) ' Debt and Financing Arrangement s'). In addition, the Company operates in the Lloyd’s market through its corporate members, AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited, which provide 70% and 30%, respectively of Syndicate 1686's capital support. Lloyd’s sets capital requirements for corporate members annually through the application of a capital model that is based on regulatory rules pursuant to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking up and pursuit of business of Insurance and Reinsurance (Solvency II) ("Solvency II"). The capital provided to support underwriting, or Funds at Lloyd’s ("FAL"), may be satisfied by cash, certain investments and letters of credit provided by approved banks (refer to Note 11 'Commitments and Contingencies' and Note 21 ' Statutory Financial Information' ). At December 31, 2021 collateral held in trust for third-party agreements of $2,413 million (2020: $1,903 million) in cluded $507 million (2020: $297 million) of fixed maturities and equity securities, and cash of $326 million (2020: $178 million) held on deposit to support the underwriting activities of Syndicate 1686. The Company's restricte d investments and cash pr imarily consist of high-quality fixed maturity and short-term investment securities. The table below provides the fair values of the Company's restr icted investments and cash: At December 31, 2021 2020 Collateral in Trust for inter-company agreements $ 886,903 $ 1,153,157 Collateral for secured letter of credit facility 402,478 434,845 Funds at Lloyd's 936,862 1,155,832 Collateral in Trust for third-party agreements 2,412,882 1,903,274 Securities on deposit or in trust with regulatory authorities 729,072 265,959 Total restricted investments and cash $ 5,368,197 $ 4,913,067 h) Reverse Repurchase Agreements At December 31, 2021, the Company held no (2020: $91 million) reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. At maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | Fair Value Hierarchy Fair value is defined as the price to sell an asset or transfer a liability (i.e. the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows: • Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. • Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy. Valuation Techniques The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below. Fixed Maturities At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below. U.S. Government and Agency U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2. Non-U.S. Government Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2. Corporate Debt Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3. Agency RMBS Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2. CMBS CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3. Non-agency RMBS Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3. ABS ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers t o estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3. Municipals Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2. Equity Securities Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks, preferred stocks and exchange-traded funds are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2. Other Investments The fair value of an indirect investment in CLO-Equities is estimated using an income approach valuation technique, specifically an externally developed discounted cash flow model due to the lack of observable and relevant trades in secondary markets. As the significant inputs used to price this security are unobservable, the fair value of the indirect investment in CLO-Equities is classified as Level 3. Other privately held investments include convertible preferred shares, common shares, convertible notes, investments in limited partnerships and a variable yield security. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair value of these investments is derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that account for the industry and development stage for each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies. As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. At December 31 2020, overseas deposits included investments in private funds held by Syndicate 2007 where the underlying investments were primarily U.S. government, non-U.S. government and corporate debt securities. The funds did not trade on an exchange, therefore, they were not included in available for sale investments. As the significant inputs used to price the underlying investments were observable market inputs, the fair values of overseas deposits were classified as Level 2. Short-term Investments Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2. Derivative Instruments Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2. Other underwriting-related derivatives include insurance and reinsurance contracts that are accounted for as derivatives. These derivative contracts are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models. As the significant inputs used to price these derivatives are unobservable, the fair values of these contracts are classified as Level 3. Cash-settled Awards Cash-settled awards comprise restricted stock units that form part of the Company's compensation program. Although the fair values of these awards are determined using observable quoted market prices in active markets, the restricted stock units are not actively traded. As the significant inputs used to price these securities are observable market inputs, the fair values of these liabilities are classified as Level 2. The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated: Quoted prices in active markets Significant other observable Significant unobservable inputs (Level 3) Fair value based on NAV practical expedient Total fair value At December 31, 2021 Assets Fixed maturities, available for sale U.S. government and agency $ 2,632,541 $ 49,907 $ — $ — $ 2,682,448 Non-U.S. government — 795,178 — — 795,178 Corporate debt — 4,452,418 42,894 — 4,495,312 Agency RMBS — 1,074,589 — — 1,074,589 CMBS — 1,248,191 — — 1,248,191 Non-agency RMBS — 186,164 — — 186,164 ABS — 1,622,480 — — 1,622,480 Municipals — 208,838 — — 208,838 2,632,541 9,637,765 42,894 — 12,313,200 Equity securities Common stocks 1,364 — — — 1,364 Preferred stocks 179 — — — 179 Exchange-traded funds 336,815 — — — 336,815 Bond mutual funds — 317,317 — — 317,317 338,358 317,317 — — 655,675 Other investments Hedge funds (1) — — — 59,488 59,488 Direct lending funds — — — 289,867 289,867 Private equity funds — — — 249,974 249,974 Real estate funds — — — 238,222 238,222 CLO-Equities — — 5,910 — 5,910 Other privately held investments — — 104,521 — 104,521 Overseas deposits — — — — — — — 110,431 837,551 947,982 Short-term investments — 31,063 — — 31,063 Other assets Derivative instruments (refer to Note 7) — 3,116 — — 3,116 Total Assets $ 2,970,899 $ 9,989,261 $ 153,325 $ 837,551 $ 13,951,036 Liabilities Derivative instruments (refer to Note 7) $ — $ 14,987 $ 5,630 $ — $ 20,617 Cash-settled awards (refer to Note 16) — 9,091 — — 9,091 Total Liabilities $ — $ 24,078 $ 5,630 $ — $ 29,708 (1) Includes Long/short equity and Multi-strategy funds. Quoted prices in active markets Significant other observable Significant unobservable inputs (Level 3) Fair value based on NAV practical expedient Total fair value At December 31, 2020 Assets Fixed maturities, available for sale U.S. government and agency $ 1,861,240 $ 57,459 $ — $ — $ 1,918,699 Non-U.S. government — 671,273 — — 671,273 Corporate debt — 4,653,447 2,504 — 4,655,951 Agency RMBS — 1,286,209 — — 1,286,209 CMBS — 1,351,847 1,740 — 1,353,587 Non-agency RMBS — 140,104 — — 140,104 ABS — 1,709,413 10,665 — 1,720,078 Municipals — 295,898 — — 295,898 1,861,240 10,165,650 14,909 — 12,041,799 Equity securities Common stocks 10,942 — — — 10,942 Preferred stocks 8,068 — — — 8,068 Exchange-traded funds 221,718 — — — 221,718 Bond mutual funds — 277,717 — — 277,717 240,728 277,717 — — 518,445 Other investments Hedge funds (1) — — — 146,720 146,720 Direct lending funds — — — 272,131 272,131 Private equity funds — — — 124,706 124,706 Real estate funds — — — 164,250 164,250 CLO-Equities — — 6,173 — 6,173 Other privately held investments — — 70,011 — 70,011 Overseas deposits — 45,165 — — 45,165 — 45,165 76,184 707,807 829,156 Short-term investments — 161,897 — — 161,897 Other assets Derivative instruments (refer to Note 7) — 18,875 — — 18,875 Total Assets $ 2,101,968 $ 10,669,304 $ 91,093 $ 707,807 $ 13,570,172 Liabilities Derivative instruments (refer to Note 7) $ — $ 2,364 $ 9,122 $ — $ 11,486 Cash-settled awards (refer to Note 16) — 13,273 — — 13,273 Total Liabilities $ — $ 15,637 $ 9,122 $ — $ 24,759 (1) Includes Long/short equity and Multi-strategy funds. The following table quantifies the significant unobservable inputs used in estimating fair values at December 31, 2021 of investments classified as Level 3 in the fair value hierarchy: Fair value Valuation technique Unobservable input Amount /Range Weighted Other investments - CLO-Equities $ 5,910 Discounted cash flow Default rate 4.5% 4.5% Loss severity rate 50.0% 50.0% Collateral spread 3.0% 3.0% Estimated maturity date 6 years 6 years Other investments - Other privately $ 20,867 Discounted cash flow Discount rate 2.5% 2.5% Default rate 0.5% 0.5% Loss absorption yield 1.0% 1.0% Estimated maturity date 2 - 4 years 3 years Derivatives - Other underwriting- $ (5,630) Discounted cash flow Discount rate 1.3% 1.3% Note: Fixed maturities of $43 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $84 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies. Other Investments - CLO-Equities The CLO-Equities market continues to be relatively inactive with only a small number of transactions being observed, particularly related to transactions involving CLO-Equities held by the Company. Accordingly, the fair value of the Company's indirect investment in CLO-Equities is determined using a discounted cash flow model prepared by an external investment manager. The default and loss severity rates are the most judgmental unobservable market inputs to the discounted cash flow model to which the valuation of the Company's indirect investment in CLO-Equities is most sensitive. A significant increase (decrease) in either of these significant inputs in isolation would result in a lower (higher) fair value estimate for the investment in CLO-Equities and, in general, a change in default rate assumptions would be accompanied by a directionally similar change in loss severity rate assumptions. Collateral spreads and estimated maturity dates are less judgmental inputs as they are based on the historical average of actual spreads and the weighted average life of the current underlying portfolios, respectively. A significant increase (decrease) in either of these significant inputs in isolation would result in a higher (lower) fair value estimate for the investment in CLO-Equities. In general, these inputs have no significant interrelationship with each other or with default and loss severity rates. On a quarterly basis, the Company's valuation process for its indirect investment in CLO-Equities includes a review of the underlying cash flows and key assumptions used in the discounted cash flow model. The above significant unobservable inputs are reviewed and updated based on information obtained from secondary markets, including information received from the managers of the Company's CLO-Equities investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact future cash flows. In addition, the assumptions the Company uses in its models are updated through regular communication with industry participants and ongoing monitoring of the deals in which the Company participates. Other Investments - Other Privately Held Securities Other privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of the variable yield security was determined using an externally developed discounted cash flow model. This model includes inputs that are specific to that investment. The inputs used in the fair value measurement include an appropriate discount rate, default rate, loss absorption rate and estimated maturity date. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this investment. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for this investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows. Derivatives - Other Underwriting-related Derivatives Other underwriting-related derivatives are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair values of these derivatives are determined using internally developed discounted cash flow models which use appropriate discount rates. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of these derivatives. A significant increase (decrease) in this input in isolation could result in a significantly lower (higher) fair value measurement for the derivative contracts. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as contract specific information that may impact future cash flows. The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis: Opening Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing Change in unrealized gains/(losses) (3) Year ended December 31, 2021 Fixed maturities, available for sale Corporate debt $ 2,504 $ — $ — $ — $ (642) $ 41,800 $ — $ (768) $ 42,894 $ — CMBS 1,740 — — — 13 — — (1,753) — — ABS 10,665 — (10,200) — 35 — — (500) — — 14,909 — (10,200) — (594) 41,800 — (3,021) 42,894 — Other investments CLO-Equities 6,173 — — 2,819 — — — (3,082) 5,910 2,819 Other privately held investments 70,011 — — 42,653 — 21,760 (26,980) (2,923) 104,521 25,273 76,184 — — 45,472 — 21,760 (26,980) (6,005) 110,431 28,092 Total assets $ 91,093 $ — $ (10,200) $ 45,472 $ (594) $ 63,560 $ (26,980) $ (9,026) $ 153,325 $ 28,092 Other liabilities Derivative instruments $ 9,122 $ — $ — $ (2,742) $ — $ — $ — $ (750) $ 5,630 $ (1,769) Total liabilities $ 9,122 $ — $ — $ (2,742) $ — $ — $ — $ (750) $ 5,630 $ (1,769) Year ended December 31, 2020 Fixed maturities, available for sale Corporate debt $ 2,297 $ — $ — $ — $ 207 $ — $ — $ — $ 2,504 $ — CMBS 5,235 — — — (11) — — (3,484) 1,740 — ABS 489 9,091 — — 116 969 — — 10,665 — 8,021 9,091 — — 312 969 — (3,484) 14,909 — Other investments CLO-Equities 14,328 — — (6,017) — — — (2,138) 6,173 (5,319) Other privately held investments 36,934 — — 6,040 — 27,037 — — 70,011 6,040 51,262 — — 23 — 27,037 — (2,138) 76,184 721 Total assets $ 59,283 $ 9,091 $ — $ 23 $ 312 $ 28,006 $ — $ (5,622) $ 91,093 $ 721 Other liabilities Derivative instruments $ 9,672 $ — $ — $ 9,421 $ — $ — $ — $ (9,971) $ 9,122 $ (550) Total liabilities $ 9,672 $ — $ — $ 9,421 $ — $ — $ — $ (9,971) $ 9,122 $ (550) (1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income. (2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI"). (3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date. Transfers into Level 3 from Level 2 There were no transfers into Level 3 from Level 2 during 2021. The transfers into Level 3 from Level 2 during 2020 were primarily due to the lack of observable market inputs and multiple quotes from pricing vendors and broker-dealers for certain fixed maturities. Transfers out of Level 3 into Level 2 The transfers out of Level 3 into Level 2 during 2021 were primarily due to the availability of observable market inputs and multiple quotes from pricing vendors for certain fixed maturities. There were no transfers out of Level 3 into Level 2 during 2020. Measuring the Fair Value of Other Investments Using Net Asset Valuations The fair values of hedge funds, direct lending funds, private equity funds and real estate funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP. For hedge funds, direct lending funds, private equity funds and real estate funds, valuation statements are typically released on a reporting lag, therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At December 31, 2021 and 2020, all funds measured at fair value using NAVs are reported on a lag. The Company often does not have access to financial information relating to the underlying securities held within the funds. Therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values). The fair values of hedge funds, direct lending funds, private equity funds and real estate funds are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy. Financial Instruments Disclosed, But Not Carried, at Fair Value The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts. At December 31, 2021, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2. At December 31, 2021, the Company's fixed maturities held to maturity, were recorded at amortized cost with a carrying value of $446 million (2020: $nil) and a fair value of $445 million (2020: $nil). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2. At December 31, 2021, the carrying value of mortgage loans, held for investment approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | The following table provides the balance sheet classifications of derivatives recorded at fair value: December 31, 2021 December 31, 2020 Derivative Derivative asset fair value (1) Derivative liability fair value (1) Derivative Derivative asset fair value (1) Derivative liability fair value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 184,187 $ 13 $ 1,463 $ 105,781 $ 2 $ 2,364 Relating to underwriting portfolio: Foreign exchange forward contracts 1,258,836 3,103 13,524 1,197,012 18,873 — Other underwriting-related contracts 50,000 — 5,630 75,000 — 9,122 Total derivatives $ 3,116 $ 20,617 $ 18,875 $ 11,486 (1) Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets. The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk. None of the Company's derivative instruments are designated as hedges under current accounting guidance. Offsetting Assets and Liabilities The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements: December 31, 2021 December 31, 2020 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 9,047 $ (5,931) $ 3,116 $ 27,765 $ (8,890) $ 18,875 Derivative liabilities $ 26,548 $ (5,931) $ 20,617 $ 20,376 $ (8,890) $ 11,486 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets. Refer to Note 5 'Investments' for information on reverse repurchase agreements. a) Relating to Investment Portfolio Foreign Currency Risk The Company's investment portfolio is exposed to foreign currency risk therefore the fair values of its investments are partially influenced by changes in foreign exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes. Interest Rate Risk The Company's investment portfolio includes a large percentage of fixed maturities which exposes it to significant interest rate risk. As part of overall management of this risk, the Company may use interest rate swaps. b) Relating to Underwriting Portfolio Foreign Currency Risk The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures Other Underwriting-related Risks The Company enters into insurance and reinsurance contracts that are accounted for as derivatives. These insurance or reinsurance contracts provide indemnification to an insured or cedant as a result of a change in a variable as opposed to an identifiable insurable event. The Company considers these contracts to be part of its underwriting operations. The following table provides the total unrealized and realized gains (losses) recognized in net income for derivatives not designated as hedges: Consolidated statement of operations line item that includes gain (loss) recognized Amount of gain (loss) recognized in 2021 2020 2019 Relating to investment portfolio: Foreign exchange forward contracts Net investment gains (losses) $ 4,346 $ (2,434) $ 1,854 Interest rate swaps Net investment gains (losses) — — (3,677) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange gains (losses) (50,738) 44,166 (10,678) Other underwriting-related contracts Other insurance related income (loss) 2,742 (9,035) 1,789 Total $ (43,650) $ 32,697 $ (10,712) |
RESERVE FOR LOSSES AND LOSS EXP
RESERVE FOR LOSSES AND LOSS EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Loss Reserves [Abstract] | |
RESERVE FOR LOSSES AND LOSS EXPENSES | Reserving Methodology Sources of Information The Company's loss reserving process begins with the collection and analysis of paid and incurred claim data for each of the Company's segments. The segmental data is disaggregated by reserve class and further disaggregated by underwriting year and accident year. Underwriting year or accident year information is used to analyze the Company's business and to estimate reserves for losses and loss expenses. Reserve classes are selected to ensure that the underlying contracts have homogeneous loss development characteristics, while remaining large enough to make the estimation of trends credible. The Company's reserve classes are reviewed on a regular basis and adjusted over time as the Company's business evolves. The paid and incurred claim data serves as a key input to many of the methods employed by the Company's actuaries. The following tables map the Company's lines of business to reserve classes and the expected claim tails: Insurance segment Reserve class and tail Property and other Marine Aviation Credit and political risk Professional lines Liability Short Short Short/Medium Medium Medium Long Reported lines of business Property X Marine X Terrorism X Aviation X Credit and political risk X Professional lines X Liability X Accident and health X Discontinued lines - Novae X X X Reinsurance segment Reserve class and tail Property and other Credit and surety Professional lines Motor Liability Short Medium Medium Long Long Reported lines of business Catastrophe X Property X Credit and surety X Professional lines X Motor X Liability X Engineering X Agriculture X Marine and aviation X Accident and health X Discontinued lines - Novae X X X Actuarial Analysis Multiple actuarial methods are available to estimate ultimate losses. Each method has its own assumptions and its own advantages and disadvantages, with no single estimation method being better than the others in all situations and no one set of assumption variables being meaningful for all reserve classes. The relative strengths and weaknesses of the particular estimation methods when applied to a particular group of claims can also change over time. The following is a brief description of the reserve estimation methods commonly employed by the Company's actuaries including a discussion of their particular strengths and weaknesses: • Expected Loss Ratio Method ("ELR Method") : This method estimates ultimate losses for an accident year or underwriting year by applying an expected loss ratio ("ELR") to the earned or written premium for that year. Generally, expected loss ratios are based on one or more of (a) an analysis of historical loss experience to date, (b) pricing information and (c) industry data, adjusted as appropriate, to reflect changes in rates, loss and exposure trends, and terms and conditions. This method is insensitive to actual incurred losses for the accident year or underwriting year in question and is, therefore, often useful in the early stages of development when very few losses have been incurred. Conversely, the lack of sensitivity to incurred/paid losses for the accident year or underwriting year in question means that this method is usually inappropriate in later stages of an accident year or underwriting year’s development. • Loss Development Method (also referred to as the "Chain Ladder Method" or "Link Ratio Method") : This method assumes that the losses incurred/paid for each accident year or underwriting year at a particular development stage follow a relatively similar pattern. It assumes that on average, every accident year or underwriting year will display the same percentage of ultimate losses incurred/paid at the same point in time after the inception of that year. The percentages incurred/paid are established for each development stage (e.g. 12 months, 24 months, etc.) after examining averages from historical loss development data and/or external industry benchmark information. Ultimate losses are then estimated by multiplying the actual incurred/paid losses by the reciprocal of the established incurred/paid percentage. The strengths of this method are that it reacts to loss emergence/payments and that it makes full use of historical claim emergence/payment experience. However, this method has weaknesses when the underlying assumption of stable loss development/payment patterns is not valid. This could be the consequence of changes in business mix, claim inflation trends or claim reporting practices and/or the presence of large claims, among other things. Furthermore, this method tends to produce volatile estimates of ultimate losses where there is volatility in the underlying incurred/paid patterns. In particular, where the expected percentage of incurred/paid losses is low, small deviations between actual and expected claims can lead to very volatile estimates of ultimate losses. As a result, this method is often unsuitable at early development stages for an accident year or underwriting year. • Bornhuetter-Ferguson Method ("BF Method") : This method can be seen as a combination of the ELR and Loss Development Methods, under which the Loss Development Method is given progressively more weight as an accident year or underwriting year matures. The main advantage of the BF Method is that it provides a more stable estimate of ultimate losses than the Loss Development Method at earlier stages of development, while remaining more responsive to emerging loss development than the ELR Method. In addition, the BF Method allows for the incorporation of external market information through the use of expected loss ratios, whereas the Loss Development Method does not incorporate such information. As part of the loss reserving process, the Company's actuaries employ the estimation method(s) that they believe will produce the most reliable estimate of ultimate losses, at that particular evaluation date, for each reserve class and accident year or underwriting year combination. Often, this is a blend (i.e. weighted average) of the results of two or more appropriate actuarial methods. These ultimate loss estimates are generally utilized to evaluate the adequacy of ultimate loss estimates for previous accident or underwriting years, established in the prior reporting period. For the initial estimate of the current accident or underwriting year, the available claim data is typically insufficient to produce a reliable estimate of ultimate losses. As a result, initial estimates for an accident or underwriting year are generally based on the ELR Method for longer tailed lines and a BF Method for shorter tailed lines. The initial ELR for each reserve class is established by the Company's actuaries at the start of the year as part of the planning process, taking into consideration prior accident years’ or underwriting years' experience and industry benchmarks, adjusted after considering factors such as loss and exposure trends, rate differences, changes in contract terms and conditions, business mix changes and other known differences between the current year and prior accident or underwriting years. The initial expected loss ratios for a given accident or underwriting year may be modified over time if the underlying assumptions, such as loss development or premium rate changes, differ from the original assumptions. Key Actuarial Assumptions The use of the above actuarial methods requires the Company to make certain explicit assumptions, the most significant of which are: (1) expected loss ratios and (2) loss development patterns. The Company relies on historical loss experience in establishing expected loss ratios and selecting loss development patterns. In establishing expected loss ratios for the insurance segment, consideration is given to a number of other factors, including exposure trends, rate adequacy on new and renewal business, ceded reinsurance costs, changes in claims emergence and the Company's underwriters’ view of terms and conditions in the market environment. For the reinsurance segment, expected loss ratios are based on a contract-by-contract review, which considers information provided by clients together with estimates provided by the Company's underwriters and actuaries about the impact of changes in pricing, terms and conditions and coverage. Market experience for some lines of business as compiled and analyzed by an independent actuarial firm is also considered, as appropriate. Claim Tail Analysis Short-tail Business Short-tail business generally includes exposures for which losses are usually known and paid within a relatively short period of time after the underlying loss event has occurred. Short-tail business includes the underlying exposures in the property and other, marine, and aviation (hull and war business) reserve classes in the insurance segment, and the underlying exposures in the property and other reserve class in the reinsurance segment. The key actuarial assumptions for short-tail business are primarily developed with reference to the Company's historical loss experience for expected loss ratios and loss development patterns utilized to establish estimates of ultimate losses for an accident year. Due to the relatively short reporting and settlement patterns for short-tail business, more weight is generally placed on experience-based methods and other qualitative considerations in establishing reserves for recent and more mature accident years. The majority of development for an accident year or underwriting year is expected to be recognized in the subsequent one Medium-tail Business Medium-tail business generally has claim reporting and settlement periods that are longer than those of short-tail reserve classes. Medium-tail business includes the underlying exposures in the professional lines, credit and political risk and aviation (liability business) reserve classes in the insurance segment, and the credit and surety reserve class in the reinsurance segment. The Company considers credit and political risk business to have a medium-tail, due to the complex nature of claims and the potential additional time that may be required to realize subrogation assets. Refer to 'Net incurred and Paid Claims Development Tables by Accident Year – Insurance segment – Insurance Professional Lines', 'Net incurred and Paid Claims Development Tables by Accident Year – Reinsurance segment – Reinsurance Professional Lines', 'Net incurred and Paid Claims Development Tables by Accident Year – Insurance segment – Insurance Credit and Political Risk' and Net incurred and Paid Claims Development Tables by Accident Year – Reinsurance segment – Reinsurance Credit and Surety' for further details on key actuarial assumptions associated with these reserve classes. Long-tail Business In contrast to short and medium-tail business, the claim tail for long-tail business is expected to be notably longer, as claims are often reported and ultimately paid or settled years, or even decades, after the related loss events occur. Long-tail business includes the underlying exposures in the liability reserve class in the insurance segment and the liability and motor reserve classes in the reinsurance segment. As a general rule, estimates of accident year or underwriting year ultimate losses for long-tail business are notably more uncertain than those for short and medium-tail business. To date, key actuarial assumptions for long-tail business have been derived from a combination of industry benchmarks supplemented with Company historical loss experience. While industry benchmarks that the Company believes reflect the nature and coverage of its business are considered, actual loss experience may differ from the benchmarks based on industry averages. Due to the length of the development tail for this business, reserve estimates for most accident years and underwriting years are predominantly based on the BF Method or ELR Method and the consideration of qualitative factors. Reserving for Significant Catastrophic Events The Company cannot estimate losses from widespread catastrophic events, such as hurricanes and earthquakes, using the traditional actuarial methods described above. The magnitude and complexity of losses associated with certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. As a result, actual losses for these events may ultimately differ materially from current estimates. Net reserves for losses and loss expenses related to the COVID-19 pandemic represents the Company's best estimate of losses and loss expenses that have been incurred at December 31, 2021. The determination of these net reserves for losses and loss expenses was based on the Company's ground-up assessment of coverage from individual contracts and treaties across all lines of business, and included a review of modeling analyses and market information, where appropriate. In addition, the Company considered information received from clients, brokers and loss adjusters together with global shelter-in-place orders and the outcomes of recent court judgments, including the UK Supreme Court ruling on January 15, 2021. The estimate of net reserves for losses and loss expenses related to the COVID-19 pandemic is subject to significant uncertainty. This uncertainty is driven by the inherent difficulty in making assumptions around the impact of the COVID-19 pandemic due to the lack of comparable events, the ongoing nature of the event, and its far-reaching impacts on world-wide economies and the health of the population. These assumptions include: • the nature and the duration of the pandemic; • the effects on health, the economy and the Company's customers; • the response of government bodies including legislative, regulatory or judicial actions and social influences that could alter the interpretation of the Company's contracts; • the coverage provided under the Company's contracts; • the coverage provided by the Company's ceded reinsurance; and • the evaluation of the loss and impact of loss mitigation actions. While the Company believes its estimate of net reserves for losses and loss expenses is adequate for losses and loss expenses that have been incurred at December 31, 2021 based on current facts and circumstances, the Company continues to monitor the appropriateness of these assumptions as new information comes to light, and adjustments are made to the estimate of ultimate losses related to the COVID-19 pandemic if there are developments that are different from previous expectations. Adjustments are recorded in the period in which they are identified. Actual losses for this event may ultimately differ materially from the Company's current estimates. Net reserves for losses and loss expenses related to catastrophes other than the COVID-19 pandemic represent the Company's best estimate of losses and loss expenses that have been incurred at December 31, 2021. The determination of these net reserves for losses and loss expenses is estimated by management after a catastrophe occurs by completing an in-depth analysis of individual contracts which may potentially have been impacted by the catastrophic event. This in-depth analysis may rely on several sources of information including: • estimates of the size of insured industry losses from the catastrophic event and the Company's corresponding market share; • a review of the Company's portfolio of contracts to identify those contracts which may be exposed to the catastrophic event; • a review of modeled loss estimates based on information previously reported by customers and brokers, including exposure data obtained during the underwriting process; • discussions of the impact of the event with customers and brokers; and • catastrophe bulletins published by various independent statistical reporting agencies. A blend of these information sources is generally used to arrive at aggregate estimates of the ultimate losses arising from these catastrophic events. While the Company believes its estimate of net reserves for losses and loss expenses is adequate for losses and loss expenses that have been incurred at December 31, 2021 based on current facts and circumstances, the Company monitors changes in paid and incurred losses in relation to each significant catastrophe in subsequent reporting periods and adjustments are made to estimates of ultimate losses for each event if there are developments that are different from previous expectations. Adjustments are recorded in the period in which they are identified. Actual losses for these events may ultimately differ materially from the Company's current estimates. Selection of Reported Reserves – Management’s Best Estimate The Company's loss reserving process involves the collaboration of its underwriting, claims, actuarial, legal, ceded reinsurance and finance departments, including various segmental committee meetings and culminates with the approval of a single point best estimate by the Company's Group Reserving Committee, which comprises senior management. In selecting this best estimate, management considers actuarial estimates and applies informed judgment regarding qualitative factors that may not be fully captured in these actuarial estimates. Such factors include, but are not limited to, the timing of the emergence of claims, volume and complexity of claims, social and judicial trends, potential severity of individual claims and the extent of Company historical loss data versus industry information. While these qualitative factors are considered in arriving at the point estimate, no specific provisions for qualitative factors are established. Reserve for Losses and Loss Expenses Reserve for losses and loss expenses comprise the following: At December 31, 2021 2020 Reserve for reported losses and loss expenses $ 5,539,971 $ 5,331,900 Reserve for losses incurred but not reported 9,113,123 8,594,866 Reserve for losses and loss expenses $ 14,653,094 $ 13,926,766 Reserve Roll-forward The following table presents a reconciliation of the Company's beginning and ending gross reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses: Year ended December 31, 2021 2020 2019 Gross reserve for losses and loss expenses, beginning of year $ 13,926,766 $ 12,752,081 $ 12,280,769 Less reinsurance recoverable on unpaid losses, beginning of year (4,496,641) (3,877,756) (3,501,669) Net reserve for unpaid losses and loss expenses, beginning of year 9,430,125 8,874,325 8,779,100 Net incurred losses and loss expenses related to: Current year 3,041,193 3,297,161 3,123,698 Prior years (32,410) (15,909) (78,900) 3,008,783 3,281,252 3,044,798 Net paid losses and loss expenses related to: Current year (490,011) (571,442) (598,988) Prior years (2,274,240) (2,365,959) (2,371,637) (2,764,251) (2,937,401) (2,970,625) Foreign exchange and other (39,174) 211,949 21,052 Net reserve for unpaid losses and loss expenses, end of year 9,635,483 9,430,125 8,874,325 Reinsurance recoverable on unpaid losses, end of year 5,017,611 4,496,641 3,877,756 Gross reserve for losses and loss expenses, end of year $ 14,653,094 $ 13,926,766 $ 12,752,081 The Company writes business with loss experience generally characterized as low frequency and high severity in nature, which can result in volatility in its financial results. During 2021, 2020 and 2019, the Company recognized catastrophe and weather-related losses, net of reinstatement premiums, of $443 million, $774 million and $336 million. At December 31, 2021, foreign exchange and other included a reduction in reinsurance recoverable on unpaid losses of $49 million related to the Reinsurance to Close of the 2018 year of account of Syndicate 2007. On December 15, 2019, the Company entered into a quota share retrocessional agreement with Harrington Re, a related party, which was deemed to have met the established criteria for retroactive reinsurance accounting. The Company recognized reinsurance recoverable on unpaid losses of $59 million related to this reinsurance agreement. This transaction was conducted at market rates consistent with negotiated arms-length contracts. Estimates for Significant Catastrophe Events At December 31, 2021, net reserve for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events includ e Hurricane Ida, U.S. Winter Storms Uri and Viola, and July European Floods in 2021 , the COVID-19 pandemic, Hurricanes Laura, Sally, Zeta and Delta, Midwest derecho and wildfires across the West Coast of the United States in 2020, Japanese Typhoons Hagibis, Faxai and Tapah, Hurricane Dorian and Australia Wildfires in 2019 and Hurricanes Michael and Florence, California Wildfires and Typhoon Jebi in 2018. As a result, actual losses for these events may ultimately differ materially from current estimates. Prior Year Reserve Development The Company's net favorable prior year reserve development arises from changes to estimates for losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment: Favorable (Adverse) Insurance Reinsurance Total Year ended December 31, 2021 $ 18,360 $ 14,049 $ 32,410 Year ended December 31, 2020 8,937 6,972 15,909 Year ended December 31, 2019 53,302 25,598 78,900 The following sections provide further details on net prior year reserve development by segment, reserving class and accident year. Insurance Segment : Favorable (Adverse) Years ended December 31, 2021 2020 2019 Property and other $ 86,876 $ 46,791 $ 11,042 Marine 28,430 16,780 33,260 Aviation 14,106 6,416 3,741 Credit and political risk 10,363 (745) 18,810 Professional lines (78,588) (35,661) 11,721 Liability (42,827) (24,644) (25,272) Total $ 18,360 $ 8,937 $ 53,302 In 2021, we recognized $18 million of net favorable prior year reserve development, the principal components of which were: • $87 million of net favorable prior year reserve development on property and other business primarily due to decreases in loss estimates attributable to specific large claims related to the 2011 and 2012 accident years, and better than expected loss emergence attributable to the 2018 to 2020 catastrophe events, the global property book of business related to 2017 to 2019 accident years, and the accident and health book of business related to the 2019 and 2020 accident years. • $28 million of net favorable prior year reserve development on marine business primarily due to better than expected loss emergence attributable to cargo, offshore energy and specie books of business mainly related to the 2017, 2018 and 2020 accident years and decreases in loss estimates attributable to specific large claims related to 2012 accident year. • $14 million of net favorable prior year reserve development on aviation business primarily due to better than expected loss emergence mainly related to the 2020 accident year. • $10 million of net favorable prior year reserve development on credit and political risk business primarily due to better than expected loss emergence mainly related to the 2018 and 2019 accident years. • $79 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within runoff lines of business mainly related to the 2016 to 2019 accident years, the U.S. commercial management solutions book of business mainly related to the 2017 and 2019 accident years and the global cyber and technology book of business mainly related to the 2019 accident year. • $43 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the program book of business mainly related to the 2018 and 2019 accident years. In 2020, we recognized $9 million of net favorable prior year reserve development, the principal components of which were: • $47 million of net favorable prior year reserve development on property and other business primarily due to better than expected loss emergence mainly related to the 2018 and 2019 accident years, and better than expected loss emergence attributable to the 2017 to 2019 catastrophe events. • $17 million of net fa vorable prior year reserve development on marine business primarily due to better than expected loss emergence mainly related to the 2018 accident year. • $36 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the European professional indemnity and financial institutions books of business and the U.S. commercial management solutions book of business mainly related to the 2018 and 2019 accident years and an increase in the loss estimate attributable to a specific large claim related to the 2009 accident year. • $25 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the primary casualty, U.S. excess casualty and program books of business mainly related to the 2017 and 2018 accident years. In 2019 , we recognized $53 million of net favorable prior year reserve development, the principal components of which were: • $33 million of net favorable prior year reserve development on marine business primarily due to better than expected loss emergence mainly related to the 2015 to 2017 accident years. • $19 million of net fav orable prior year reserve development on credit and political risk business primarily due to better than expected loss emergence mainly related to recent accident years. • $12 million of net favorable prior year reserve development on professional lines business reflecting generally favorable experience on older accident years as the Company continued to transition to more experience based actuarial methods. • $11 million of net favorable prior year reserve development on property and other business primarily due to better than expected loss emergence related to the 2017 catastrophe events and SuperStorm Sandy, partially offset by reserve strengthening within the International book of business mainly related to the 2018 accident year. • $25 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the U.S. excess casualty and U.S. primary casualty books of business mainly driven by the higher frequency and severity of auto claims and the higher frequency of general liability claims mainly related to the 2015 and 2017 accident years. Reinsurance Segment : Favorable (Adverse) Years ended December 31, 2021 2020 2019 Property and other $ 8,282 $ (5,935) $ (133,448) Credit and surety 3,436 36,829 53,223 Professional lines (23,718) (15,352) 3,668 Motor 43,968 21,086 70,872 Liability (17,919) (29,656) 31,283 Total $ 14,049 $ 6,972 $ 25,598 In 2021, we recognized $14 million of net favorable prior year reserve development, the principal components of which were: • $44 million of net favorable prior year reserve development on motor business primarily due to proportional and non-proportional treaty business mainly related to 2016 and older accident years. • $8 million of net favorable prior year reserve development on property and other business primarily due to decreases in loss estimates attributable to specific large claims within the property and engineering lines of business related to the 2018 accident year, decreases in the loss estimates attributable to specific large claims within the property line of business related to the 2009, 2017 and 2019 accident years, better than expected loss emergence attributable to the 2017 to 2019 catastrophe events, and to the accident and health book of business mainly related to the 2019 and 2020 accident years, partially offset by reserve strengthening attributable to the 2020 catastrophe events and within the engineering line of business mainly related to the 2016, 2017 and 2019 accident years. • $24 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. and European books of business related to the 2015 to 2018 accident years and increases in the loss estimates attributable to specific large claims related to the 2015 to 2017 accident years. • $18 million of net adverse prior year reserve development on liability business primarily due to increases in loss estimates attributable to specific large claims related to the 2017 and 2018 accident years and reserve strengthening within the commercial auto liability and U.S. multiline/regional books of business related to the 2018 accident year. In 2020, we rec ognized $7 million of net favorable prior year reserve development, the principal components of which were: • $37 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence related to several accident years. • $21 million of net favorable prior year reserve development on motor business primarily due to non-proportional treaty business mainly related to older accident years, partially offset by increases in loss estimates for proportional treaty business mainly related to the 2018 accident year. • $30 million of net advers e prior year reserve development on liability business due to reserve strengthening within the U.S. casualty, the U.S. multiline/regional and the European books of business mainly related to the 2016 to 2019 accident years and an increase in the loss estimate attributable to a specific large claim related to the 2009 accident year. • $15 million of net adverse prior year reserve development on professional lines business due to an increase in the loss estimate attributable to a specific large claim related to the 2016 accident year and reserve strengthening within the European book of business mainly related to the 2016 to 2018 accident years. • $6 million of net adverse prior year reserve development on property and other business primarily due to an increase in the loss estimate attributable to a specific large claim within the marine and aviation line of business related to the 2019 accident year, reserve strengthening within the engineering line of business mainly related to the 2016 to 2018 accident years, partially offset by net favorable prior year reserve development within the property line of business due to better than expected loss emergence attributable to the 2019 catastrophe events. In 2019, we recognized $26 million of net favorable prior year reserve development, the principal components of which were: • $71 million of net favorable prior year reserve development on motor business primarily due to the impact of the increase in the Ogden Rate and changes in related actuarial assumptions on several accident years. • $53 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence mainly related to accident years 2015 to 2017. • $31 million of net favorable prior year reserve development on liability business primarily due to increased weight given by management to experience based indications on older accident years. • $133 million of net adverse prior year reserve development on property and other business primarily due to an increase in loss estimates attributable to Hurricanes Irma and Michael consistent with industry trends, an increase in the loss estimate attributable to Typhoon Jebi consistent with updated industry insured loss estimates, and reserve strengthening within the U.S. regional and commercial proportional property books of business and the European proportional property book of business. Net Incurred and Paid Claims Development Tables by Accident Year The following tables present net incurred and paid claims development by accident year, total incurred-but-not-reported liabilities plus expected development on reported claims, cumulative reported claims frequency and average annual percentage payout of incurred claims by age for each reserve class. The loss development tables are presented on an accident year basis for each reserve class in the insurance and reinsurance segments. The Company does not discount reserves for losses and loss expenses. Non-U.S. dollar denominated loss data is converted to U.S. dollar at the rates of exchang |
REINSURANCE
REINSURANCE | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
REINSURANCE | In the normal course of business, the Company purchases treaty and facultative reinsurance protection to limit ultimate losses from catastrophic events and reduce loss aggregation risk. Facultative reinsurance provides cover for all or a portion of the losses incurred for a single policy and the Company separately negotiates each facultative contract. Treaty reinsurance provides cover for a specified type or category of risks. The Company's treaty reinsurance agreements provide this cover on either an excess of loss or a proportional basis. Excess of loss covers provide a contractually set amount of coverage after a specified loss amount has been reached. These treaties can provide cover for a number of lines of business within one contract. Under proportional reinsurance, the Company cedes an agreed percentage of the premiums and the losses and loss expenses on the policies it underwrites. These treaties provide the Company with a specified percentage of coverage from the first dollar of loss. All of these reinsurance contracts provide the Company with the right to recover a specified amount of losses and loss expenses from reinsurers. To the extent that reinsurers do not meet their obligations under these agreements due to solvency issues, contractual disputes over contract language or coverage and/or other reasons, the Company remains liable. The Company predominantly cedes its business to reinsurers rated A- or better by A.M. Best. The following table presents gross and net premiums written and earned: Year ended December 31, 2021 2020 2019 Premiums Premiums Premiums Premiums Premiums Premiums Gross $ 7,685,984 $ 7,281,709 $ 6,826,938 $ 6,768,733 $ 6,898,858 $ 6,910,677 Ceded (2,759,360) (2,571,859) (2,490,529) (2,397,424) (2,409,243) (2,323,499) Net $ 4,926,624 $ 4,709,850 $ 4,336,409 $ 4,371,309 $ 4,489,615 $ 4,587,178 For the year ended December 31, 2021, the Company recognized ceded losses and loss expenses of $1,782 million (2020: $1,914 million; 2019: $1,602 million). At December 31, 2021, the Company's allowance for expected credit losses was $30 million (2020: $24 million; 2019: $18 million). |
DEBT AND FINANCING ARRANGEMENTS
DEBT AND FINANCING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT AND FINANCING ARRANGEMENTS | a) Debt The following table summarizes the Company's debt: Year ended December 31, 2021 2020 5.150% Senior Notes $ 246,632 $ 246,559 4.000% Senior Notes 347,665 347,324 3.900% Senior Notes 296,172 295,748 Junior Subordinated Notes 420,506 420,064 Total Debt $ 1,310,975 $ 1,309,695 The tables below provide the key terms of the Company's debt: Description Issuance Date Aggregate Principal Issue Price Net Proceeds Maturity Date 5.150% Senior Notes March 13, 2014 $ 250,000 99.474 % $ 246,000 April 1, 2045 4.000% Senior Notes December 6, 2017 $ 350,000 99.780 % $ 347,000 December 6, 2027 3.900% Senior Notes June 19, 2019 $ 300,000 99.360 % $ 296,000 July 15, 2029 Junior Subordinated Notes December 10, 2019 $ 425,000 99.000 % $ 420,750 January 15, 2040 Description Interest Rate Interest Payments Due 5.150% Senior Notes 5.150 % Semi-annually in arrears on April 1 and October 1 of each year 4.000% Senior Notes 4.000 % Semi-annually in arrears on June 6 and December 6 of each year 3.900% Senior Notes 3.900 % Semi-annually in arrears on January 15 and July 15 of each year Junior Subordinated Notes (1) 4.900 % Semi-annually on January 15 and July 15 of each year (1) The Junior Subordinated Notes accrue interest from the date of issuance to, but excluding, January 15, 2030 (the "Par Call Date") at the fixed rate of 4.900% and from, and including, the Par Call Date, at a rate equal to the Five-Year Treasury Rate as of the Reset Interest Determination Date, plus 3.186%. Interest of the Junior Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2020. 5.150% Senior Notes The 5.150% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC under the 5.150% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. On April 3, 2019, AXIS Capital and AXIS Specialty Finance PLC entered into a first supplemental indenture (the "First Supplemental Indenture") among AXIS Specialty Finance PLC, as issuer, AXIS Capital, as guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), to the senior indenture (the "Indenture") relating to the 5.150% Senior Notes. The changes were made to permit the 5.150% Senior Notes to qualify as Tier 3 ancillary capital under eligible capital requirements of the Bermuda Monetary Authority. Because this amendment does not materially adversely affect the interests of the holders of the 5.150% Senior Notes, the First Supplemental Indenture was entered into without consent of any holders of the 5.150% Senior Notes. The First Supplemental Indenture relates to the 5.150% Senior Notes only and does not affect any other series of securities issued under the Indenture. 4.000% Senior Notes The 4.000% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC under the 4.000% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. 3.900% Senior Notes The 3.900% Senior Notes are ranked as unsecured senior obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC under the 3.900% Senior Notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. The Company has the option to redeem the Senior Notes at any time and from time to time, in whole or in part, at a ''make-whole'' redemption price, which is equal to the greater of the aggregate principal amount or the sum of the present values of the remaining scheduled payments of principal and interest. The related indentures contain various covenants, including limitations on liens on the stock of restricted subsidiaries, restrictions as to the disposition of the stock of restricted subsidiaries and limitations on mergers and consolidations. The Company was in compliance with all the covenants contained in the indentures at December 31, 2021. Interest expense recognized in relation to the Senior Notes includes interest payable, amortization of the offering discounts and amortization of debt offering expenses. The offering discounts and debt offering expenses are amortized over the period of time during which the Senior Notes are outstanding. For the year ended December 31, 2021, the Company incurred interest expense of $40 million (2020: $52 million, 2019: $67 million). Junior Subordinated Notes The 4.900% Fixed-Rate Reset Junior Notes are ranked as unsecured junior subordinated obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary. AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC under the Junior Notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital. Interest expense recognized in relation to the Junior Notes includes interest payable and amortization of debt offering expenses. The debt offering expenses are amortized over the period of time during which the Junior Notes are outstanding. For the year ended December 31, 2021, the Company incurred interest expense of $21 million (2020: $21 million). Scheduled Debt Maturity The following table provides the scheduled maturity of the Company's debt obligations at December 31, 2021: Year ended December 31, 2022 $ — 2023 — 2024 — 2025 — 2026 — After 2026 1,325,000 Unamortized discount and debt issuance expenses (14,025) Total senior notes and notes payable $ 1,310,975 b) Letter of Credit Facility On November 20, 2013, certain of AXIS Capital’s operating subsidiaries (the "Participating Subsidiaries") entered into an amendment to extend the term of the Company's secured $750 million letter of credit facility with Citibank Europe plc ("Citibank") (the "$750 million Facility") pursuant to a Master Reimbursement Agreement and other ancillary documents (together, the "LOC Facility Documents"). Under the terms of the $750 million Facility, letters of credit to a maximum aggregate amount of $750 million are available for issuance on behalf of the Participating Subsidiaries. These letters of credit are principally used to support the reinsurance obligations of the Participating Subsidiaries. The $750 million Facility is subject to certain covenants, including the requirement to maintain sufficient collateral, as defined in the LOC Facility Documents to cover all of the obligations under the $750 million Facility. Such obligations include contingent reimbursement obligations for outstanding letters of credit and fees payable to Citibank. In the event of default, Citibank may exercise certain remedies, including the exercise of control over pledged collateral and the termination of the availability of the $750 million Facility to any or all of the Participating Subsidiaries. On March 31, 2015, the Participating Subsidiaries entered into an amendment to reduce the maximum aggregate utilization capacity of the $750 million Facility to $500 million (the "$500 million Facility"). All other material terms and conditions remained unchanged. On March 27, 2017, the Participating Subsidiaries amended their existing $500 million Facility to include an additional $250 million of secured letter of credit capacity (the "$250 million Facility") pursuant to a Committed Facility Letter and an amendment to the Master Reimbursement Agreement. Under the terms of the amended $750 million Facility, letters of credit to a maximum aggregate amount of $250 million are available for issuance on behalf of the Participating Subsidiaries once the $500 million Facility has been fully utilized. On December 24, 2019, the expiration date of the $500 million Facility was extended to December 31, 2023. On March 28, 2020, the expiration date of the $250 million Facility was extended to March 31, 2021. On March 31, 2021, the Participating Subsidiaries amended their existing secured $750 million Facility to extend the expiration date of the $250 million Facility to March 31, 2022, with each letter of credit provided pursuant to such credit facility having a tenor not to extend beyond March 31, 2023, to reduce the utilization capacity available under the $250 million Facility to $150 million, reducing the maximum aggregate utilization capacity of the credit facility from $750 million to $650 million, and to make administrative changes to the remaining $500 million Facility. At December 31, 2021, letters of credit outstanding under the LOC Facility were $356 million (2020: $339 million). At December 31, 2021, the Participating Subsidiaries were in compliance with all LOC Facility covenants. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | a) Concentrations of Credit Risk Credit Risk Aggregation The Company monitors and manages the aggregation of credit risk on a group-wide basis allowing it to consider exposure management strategies for individual companies, countries, regions, sectors and any other relevant inter-dependencies. The Company's credit exposures are aggregated based on the origin of risk. Credit risk aggregation is also managed through minimizing overlaps in underwriting, financing and investing activities. As part of its credit aggregation framework, the Company also assigns aggregate credit limits by country and by single counterparty (or parent of affiliated counterparties). These limits are based on and adjusted for a variety of factors including the prevailing economic environment and the nature of the underlying credit exposures. The Company's credit aggregation measurement and reporting process is facilitated by its credit risk exposure database, which contains relevant information on counterparty details and credit risk exposures. The database is accessible by management throughout the Company, therefore providing transparency to allow for the implementation of active exposure management strategies. The Company also licenses third-party tools to provide credit risk assessments. The Company monitors all its credit aggregations and, where appropriate, adjusts its internal risk limits and/or takes specific actions to reduce our risk exposures. The assets that potentially subject the Company to concentrations of credit risk consist principally of cash and investments, reinsurance recoverable on unpaid and paid claims, and insurance and reinsurance premiums balances receivable, as described below: (i) Cash and Investments In order to mitigate concentration and operational risks related to cash and cash equivalents, the Company limits the maximum amount of cash that can be deposited with a single counterparty and limits acceptable counterparties based on current rating, outlook and other relevant factors. The Company's fixed maturity investment portfolio, which represents approximately $12.8 billion or 47% o f its total assets, is exposed to potential losses arising from the diminished creditworthiness of issuers of bonds. The Company's investment portfolio is managed by external investment managers in accordance with its investment guidelines. The Company limits credit risk through diversification and issuer exposure limits graded by ratings and, with respect to custodians, through contractual and other legal remedies. Excluding U.S. government and agency securities, the Company limits its concentration of credit risk to a ny single corporate issuer to less than 2% of its investment grade fixed maturities portfolio for securities rated A- or above and less than 1% of its investment grade fixed maturities portfolio for securities rated below A-. At December 31, 2021, the Company was in compliance with these limits. (ii) Reinsurance Recoverable on Unpaid and Paid Losses and Loss Expenses The Company is exposed to the credit risk associated with reinsurance recoverable on unpaid and paid losses and loss expenses to the extent that any of its reinsurers fail to meet their obligations under reinsurance contracts. To help mitigate this risk, the Company's purchase of reinsurance is subject to financial security requirements specified by its Reinsurance Security Committee. This Committee maintains a list of approved reinsurers, performs credit risk assessments for potential new reinsurers, regularly monitors approved reinsurers with consideration for events which may have a material impact on their creditworthiness, recommends counterparty tolerance levels for different types of ceded business and monitors concentrations of credit risk. This assessment considers a wide range of individual attributes, including a review of the counterparty’s financial strength, industry position and other qualitative factors. Generally, the Committee requires that reinsurers who do not meet specified requirements provide collateral. At December 31, 2021, the three largest balances by reinsurer accounted for 13%, 10% and 5% (2020: 13%, 10% and 7%) of reinsurance recoverable on unpaid and paid losses and loss expenses. At December 31, 2021, 85.7% (December 31, 2020: 87.6%) of the Company's reinsurance recoverable on unpaid and paid losses and loss expenses were collectible from reinsurers rated the equivalent of A- or better by A.M. Best. (iii) Insurance and Reinsurance Premium Balances Receivable The diversity of the Company's client base limits credit risk associated with its insurance and reinsurance premium balances receivable. In addition, for insurance contracts the Company has contractual rights to cancel coverage for non-payment of premiums and for reinsurance contracts the Company has contractual rights to offset premium balances receivable against corresponding payments for losses and loss expenses. Brokers and other intermediaries collect premiums from customers on behalf of the Company. The Company has procedures in place to manage and monitor credit risk from intermediaries with a focus on day-to-day monitoring of the largest positions. These contractual rights contribute to the mitigation of credit risk, together with the monitoring of aged premium balances receivable. In light of these mitigating factors and considering that a significant portion of premium balances receivable are not currently due based on the terms of the underlying contracts, the Company does not utilize specific credit quality indicators to monitor its premium balances receivable. At December 31, 2021, the Company recorded an allowance for credit losses expected to be recognized over the life of the premium balances receivable of $8 million (2020: $9 million). For the year ended December 31, 2021, bad debt expense was $nil (2020: $nil; 2019: $nil). b) Brokers The Company produces its business through brokers and direct relationships with insurance companies. For the year ended December 31, 2021, three brokers accounted for 45% (2020: 47%; 2019: 47%) of gross premiums written. Marsh & McLennan Companies Inc. accounted for 18% (2020: 19%; 2019: 18%), Aon plc accounted for 17% (2020: 17%; 2019: 19%), and Willis Tower Watson PLC accounted for 10% (2020: 11%; 2019: 10%). No other broker and no single insured or reinsured accounted for more than 10% of gross premiums written in any of the last three years. c) Reinsurance Purchase Commitment In the normal course of business, the Company purchases reinsurance and retrocessional (collectively referred to as "reinsurance") protection for its insurance and reinsurance business. Minimum reinsurance premiums are contractually due in advance on a quarterly basis. At December 31, 2021, the Company had outstanding reinsurance purchase commitments of $10 million (2020: $13 million), all of which is due before January 1, 2024. Actual payments under the reinsurance contracts will depend on the underlying subject premium and may exceed the minimum reinsurance premiums. d) Legal Proceedings From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in reserve for losses and loss expenses in the Company's consolidated balance sheets. The Company is not party to any material legal proceedings arising outside the ordinary course of business. e) Investments At December 31, 2021 the Company ha s $649 million (2020: $588 million ) of unfunded investment commitments related to its other investment portfolio, which are callable by investment managers (refer to Note 5(c) ' Investments '). At December 31, 2021 the Company has $33 million (2020: $46 million) of unfunded investment commitments to purchase commercial mortgage loans and $19 million ( 2020 : $nil) of unfunded investment commitments to purchase corporate debt. f) Funds at Lloyd's The Company operates in the Lloyd’s market through its corporate members, AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited, which provide 70% and 30%, respectively of Syndicate 1686's capital support. Lloyd’s sets capital requirements for corporate members annually through the application of a capital model that is based on regulatory rules pursuant to Solvency II. The capital provided to support underwriting or FAL may be satisfied by cash, certain investments and letters of credit provided by approved banks. At December 31, 2021, investments and cash of $0.9 billion (2020: $1.2 billion) were restricted to satisfy the Company's FAL requirements (refer to Note 5 'Investments' and Note 21 ' Statutory Financial Information' ). |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | In the ordinary course of business, the Company renews and enters into new leases for office property and equipment, which expire at various dates. At the lease inception date, the Company assesses whether a contract is or contains a lease. At the commencement date, the Company determines the classification of each separate lease component as either a finance lease or an operating lease. The Company's leases are all currently classified as operating leases. For operating leases that have a lease term of more than 12 months, the Company recognizes a lease liability and a right-of-use asset in the Company's consolidated balance sheets at the present value of the lease payments at the lease commencement date. At the commencement date, the Company determines lease terms by assuming the exercise of those renewal options that are deemed to be reasonably certain. The exercise of lease renewal options is at the sole discretion of the Company. As the lease contracts generally do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on information available at the commencement date to determine the present value of lease payments. The incremental borrowing rate is based on a borrowing with a term that is similar to the term of the associated lease. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the term of the borrowing. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the commencement date. The following table presents the Company’s total lease expense and the cash flows arising from lease transactions: Year ended December 31, 2021 2020 2019 Lease cost: Operating lease expense $ 21,864 $ 24,726 $ 27,549 Short-term lease expense (1) 1,127 299 1,132 Sublease income (2) (3,116) (3,578) (1,144) Total lease expense $ 19,875 $ 21,447 $ 27,537 Other information: Operating cash outflows from operating leases $ 22,726 $ 20,452 $ 25,004 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ (1,739) $ 36,742 — Weighted-average remaining lease term - operating leases (4) 10.0 years 10.2 years 9.0 years Weighted-average discount rate - operating lease (5) 4.1% 4.2 % 4.7 % (1) Short-term lease expense is recognized on a straight-line basis over the lease term. (2) Sublease income largely relates to office properties in New York and London. (3) In 2021, the Company modified a lease agreement to reflect a reduction in the floor space it occupies in its office property in Zurich. (4) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date. (5) Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date. The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2021: Year ended December 31, Expected cash flows 2022 $ 23,262 2023 19,725 2024 13,556 2025 12,924 2026 10,770 Later years 66,705 Discount (27,430) Total discounted operating lease liabilities $ 119,512 The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2020: Year ended December 31, Expected cash flows 2021 $ 22,817 2022 23,598 2023 20,190 2024 14,478 2025 13,849 Later years 78,987 Discount (33,656) Total discounted operating lease liabilities $ 140,263 On February 1, 2020, the commencement date, the Company reflected a 15 year lease for a new office property in Alpharetta, Georgia in the Company's consolidated balance sheet. Consequently, this lease is also reflected in the maturity table above. The total contractual lease costs over the 15 year lease is $40 million. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | The following table presents a comparison of earnings (loss) per common share and earnings (loss) per diluted common share: At and year ended December 31, 2021 2020 2019 Earnings (loss) per common share Net income (loss) $ 618,609 $ (120,424) $ 323,473 Less: Preferred share dividends 30,250 30,250 41,112 Net income (loss) available (attributable) to common shareholders $ 588,359 $ (150,674) $ 282,361 Weighted average common shares outstanding 84,707 84,262 83,894 Earnings (loss) per common share $ 6.95 $ (1.79) $ 3.37 Earnings (loss) per diluted common share Net income (loss) available (attributable) to common shareholders $ 588,359 $ (150,674) $ 282,361 Weighted average common shares outstanding 84,707 84,262 83,894 Share-based compensation plans (1) 584 — 579 Weighted average diluted common shares outstanding 85,291 84,262 84,473 Earnings (loss) per diluted common share $ 6.90 $ (1.79) $ 3.34 Weighted average anti-dilutive shares excluded from the dilutive computation 656 922 154 (1) Due to the net loss recognized for the year ended December 31, 2020, the share equivalents were anti-dilutive. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | a) Common Shares The Company's authorized share capital is 800,000,000 common shares, par value of $0.0125 per share. The following table presents changes in common shares issued and outstanding: Year ended December 31, 2021 2020 2019 Shares issued, balance at beginning of year 176,580 176,580 176,580 Shares issued — — — Total shares issued at end of year 176,580 176,580 176,580 Treasury shares, balance at beginning of year (92,227) (92,621) (92,994) Shares repurchased (205) (194) (176) Shares reissued 626 588 549 Total treasury shares at end of year (91,806) (92,227) (92,621) Total shares outstanding 84,774 84,353 83,959 Treasury Shares On December 2, 2021, the Company's Board of Directors authorized a new share repurchase plan for up to $100 million of the Company's common shares through December 31, 2022. The new plan is effective January 1, 2022. The following table presents common shares repurchased from shares held in Treasury: Year ended December 31, 2021 2020 2019 In the open market: Total shares — — — Total cost $ — $ — $ — Average price per share (1) $ — $ — $ — From employees: (2) Total shares 205 194 176 Total cost $ 10,242 $ 10,382 $ 10,165 Average price per share (1) $ 49.93 $ 53.43 $ 57.66 Total shares repurchased: Total shares 205 194 176 Total cost $ 10,242 $ 10,382 $ 10,165 Average price per share (1) $ 49.93 $ 53.43 $ 57.66 (1) Calculated using whole numbers. (2) Shares are repurchased from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units. b) Preferred Shares Series D Preferred Shares On May 20, 2013, the Company issued $225 million of 5.50% Series D preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. The Company could redeem the Series D preferred shares on or after June 1, 2018 at a redemption price of $25.00 per share. Dividends on the Series D preferred shares were non-cumulative. Holders of the Series D preferred shares are entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the first day of March, June, September and December of each year, commencing on September 1, 2013. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum. On January 17, 2020, the Company redeemed all 9,000,000 Series D preferred shares, for an aggregate liquidation preference of $225 million. Series E Preferred Shares On November 7, 2016, the Company issued $550 million of 5.50% Series E preferred shares, par value $0.0125 per share, with a liquidation preference of $2,500 per share. The Company could redeem the Series E preferred shares on or after November 7, 2021 at a redemption price of $2,500 per share. Dividends on the Series E preferred shares are non-cumulative. Holders of the Series E preferred shares are entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on January 15, 2017. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum. Dividends The following table presents dividends declared and paid related to the Company's common and preferred shares: Per share data Dividends declared Dividends paid in year of declaration Dividends paid in year following declaration Year ended December 31, 2021 Common shares $ 1.69 $ 1.26 $ 0.43 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2020 Common shares $ 1.65 $ 1.23 $ 0.42 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2019 Common shares $ 1.61 $ 1.20 $ 0.41 Series D preferred shares (1) $ 1.21 $ 1.03 $ 0.18 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 (1) On January 17, 2020, the Company redeemed all 9,000,000 Series D preferred shares, for an aggregate liquidation preference of $225 million. The final dividend related to the Series D preferred shares was declared in 2019. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | The Company maintains defined contribution plans to provide retirement benefits to eligible employees. Contributions to the plans, which are managed externally, are based on eligible compensation. For eligible U.S. employees, the Company provides a non-qualified deferred compensation plan that enables employees to make contributions to the plan that are in excess of those permitted under the Company's 401(k) Plan. In addition, employees are permitted to make additional contributions from any bonus received and to benefit from discretionary employer contribution to the Plan. For the year ended December 31, 2021, total pension expenses were $34 million (2020: $29 million and 2019: $28 million) for the above retirement benefits. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | In May 2017, shareholders approved the establishment of the AXIS Capital Holdings Limited 2017 Long-Term Equity Compensation Plan (the "2017 Plan"). The 2017 Plan provides for, among other things, the issuance of restricted shares, restricted stock units (share-settled awards and cash-settled awards), performance units (share-settled awards and cash-settled awards), stock options, stock appreciation rights and other equity-based awards to the Company's employees and directors. The 2017 Plan authorizes the issuance of a total of 3,400,000 common shares. On May 7, 2021, at the Annual General Meeting of Shareholders of the Company, the Company’s shareholders approved an amendment to the Company’s 2017 Plan to increase by 1,600,000 the number of common shares authorized for issuance under the Plan. The Company's 2017 Plan replaced its 2007 Long-Term Equity Compensation Plan ("2007 Plan") when it expired in May 2017. All remaining shares available for grant pursuant to the 2007 Plan have been canceled. Awards made pursuant to the 2007 Plan prior to its expiration remain in effect in accordance with the terms of the 2007 Plan. At December 31, 2021, 2,507,634 equity-based awards remained available for grant pursuant to the 2017 Plan. Restricted Stock Units - Share-Settled The grant date fair value of share-settled restricted stock units granted pursuant to the 2017 Plan is established at the fair market value of the Company's common shares at the date of grant. These awards either cliff vest at the end of a three year period, vest in accordance with a three year graded vesting schedule in three annual installments beginning on the grant date, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Restricted Stock Units - Cash-Settled The grant date fair value of cash-settled restricted stock units granted pursuant to the 2017 Plan is established at the fair market value of the Company's common shares at the date of grant. These awards are liability awards and generally cliff vest at the end of a three year period, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Performance Restricted Stock Units - Share-Settled and Cash-Settled Performance restricted stock units granted pursuant to the 2017 Plan represent the right to receive a specified number of common shares in the future, based on the achievement of established performance criteria and continued service during the applicable performance period. The grant date fair value of performance restricted stock units granted in 2021 was measured on the grant date using a Monte Carlo simulation model. The grant date fair value of performance restricted stock units granted prior to 2021 was established at the fair market value of the Company's common shares at the date of grant. Awards granted pursuant to the 2017 Plan generally cliff vest at the end of a three year period. Compensation expense is recognized on a straight-line basis over the applicable requisite service period and awards granted prior to 2021 are subject to periodic adjustment based on the achievement of established performance criteria during the applicable performance period. Effective 2017, performance restricted stock units granted are share-settled awards. Acceleration Provisions Grants provided under the 2017 Plan generally allow for accelerated vesting provisions on the employee’s death, permanent disability, or certain terminations following a change in control of the Company occurring within two years of the change in control event. Notwithstanding these vesting provisions, the Compensation Committee of the Company's Board of Directors has broad authority to accelerate vesting at its discretion. Retirement Plan In 2016, the Company established the AXIS Executive Restricted Stock Unit Retirement Plan (the "Plan") to reward certain eligible long-term employees of the Company for their dedicated service. The Plan was implemented in 2017. Subject to certain conditions being met, eligible employees do not forfeit all of their outstanding share-settled restricted stock units or cash-settled restricted stock units on or following their retirement. Absent the Plan, outstanding restricted stock units are generally forfeited on termination of employment. a) Performance Restricted Stock Units Performance Restricted Stock Units granted in 2021 Performance restricted stock units granted in 2021 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target. Performance restricted stock units granted in 2021 were share-settled awards. Valuation assumptions The grant date fair value of performance restricted stock units granted in 2021 was measured on the grant date using a Monte Carlo simulation model. The following table provides details of the significant inputs used in the Monte Carlo simulation model: Year ended December 31, 2021 Expected volatility 32.99% Expected term (in years) 3.0 Expected dividend yield n/a Risk-free interest rate 0.17% Beginning share price: The beginning share price was based on the average closing share price over the 10 trading days preceding and including the start of the performance period. Ending share price: The ending share price was based on the average closing share price over the 10 trading days preceding and including the end of the performance period. Expected volatility: The expected volatility was estimated based on the Company's historical share price volatility. Expected term: Performance is measured from January 1, 2021 to December 31, 2023. Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units. Risk-free interest rate: The risk free rate was estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units. Compensation expense associated with performance restricted stock units granted in 2021 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model. The fair value of these awards is recognized on a straight-line basis over the requisite service period. Performance Restricted Stock Units g ranted in 2020 and 2019 Performance restricted stock units granted in 2020 and 2019 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 75% to 125% of target. Performance restricted stock units granted in 2020 and 2019 were share-settled awards. Compensation expense associated with performance restricted stock units granted in 2020 and 2019 is determined based on market value of the Company's common shares measured at the grant date. The fair value of these awards is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period. Performance Restricted Stock Units g ranted in 2018 Performance restricted stock units granted in 2018 included a performance condition which was growth in the Company’s book value per diluted common share adjusted for dividends over three years compared to its peer group. Growth in book value per diluted common share adjusted for dividends was calculated in accordance with the terms of the applicable award agreements. Where performance goals were achieved, these awards cliff vested at the end of the three-year performance period within a range of 0% to 200% of target. Performance restricted stock units granted in 2018 were share-settled awards. Compensation expense associated with performance restricted stock units granted in 2018 was determined based on market value of the Company's common shares measured at the grant date. The fair value of these awards was recognized on a straight-line basis over the requisite service period and was subject to periodic adjustment based on the achievement of established performance criteria during the performance period. b) Share-Settled Awards The following table provides an activity summary of the Company's share-settled restricted stock units: Share-Settled Performance Share-Settled Service Number of Weighted average grant date Number of Weighted average Nonvested restricted stock units - December 31, 2019 258 $ 53.31 1,273 $ 54.32 Granted 97 62.26 894 58.98 Vested (27) 64.01 (561) 55.29 Forfeited (39) 48.89 (105) 57.54 Nonvested restricted stock units - December 31, 2020 289 55.92 1,501 56.50 Granted 122 49.04 1,250 48.04 Vested (66) 48.89 (561) 56.42 Forfeited (34) 55.68 (128) 53.37 Nonvested restricted stock units - December 31, 2021 311 $ 54.75 2,062 $ 51.59 c) Cash-Settled Awards The following table provides an activity summary of the Company's cash-settled restricted stock units: Cash-Settled Performance Restricted Stock Units Cash-Settled Service Restricted Stock Units Number of Number of Nonvested restricted stock units - December 31, 2019 6 853 Granted — 1 Vested (6) (332) Forfeited — (51) Nonvested restricted stock units - December 31, 2020 — 471 Granted — — Vested — (233) Forfeited — (23) Nonvested restricted stock units - December 31, 2021 — 215 The following table provides additional information related to share-based compensation: Year ended December 31, 2021 2020 2019 Share-based compensation expense (1) $ 49,415 $ 47,789 $ 52,218 Tax benefits associated with share-based compensation expense $ 7,613 $ 8,061 $ 8,913 Liability for cash-settled restricted stock units (2) $ 9,091 $ 13,273 $ 21,731 Fair value of restricted stock units vested (3) $ 42,967 $ 50,757 $ 51,206 Unrecognized share-based compensation expense $ 80,805 $ 74,014 $ 75,770 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense 2.4 years 2.4 years 2.3 years (1) Related to share-settled restricted stock units and cash-settled restricted stock units. (2) Included in other liabilities in the consolidated balance sheets. (3) Fair value is based on the closing price of the Company's common shares on the vest date. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | A member of the Company’s Board of Directors, Mr. Charles Davis, is the Chief Executive Officer of Stone Point Capital, LLC ("Stone Point"). In the ordinary course of business, the Company engages SKY Harbor Capital Management, LLC, an affiliate of Stone Point, to provide asset management services for certain high yield debt portfolios. For the year ended December 31, 2021, total fees paid to SKY Harbor Capital Management, LLC, were $2 million (2020: $3 million; 2019: $3 million). In addition, the Company has an investment of $47 million in t he Freedom Consumer Credit Fund, LLC - Series B. The manager of this fund is Freedom Financial Asset Management, LLC ("Freedom") which is an indirect subsidiary of Pantheon Partners, LLC ("Pantheon"). Investment funds managed by Stone Point own approximately 14.5% of Pantheon. For the year ended December 31, 2021, fees paid to Freedom were $3 million (2020: $2 million; 2019: $3 million). The Company has an investment of $79 million in Stone Point's private equity fund, Trident VIII L.P. ("Trident VIII") and co-investments of $25 million with Trident VIII. For the year ended December 31, 2021, fees pai d to Stone Point in relation to Trident VIII were $4 million (2020 : $1 million ; 2019: $nil ). The Company has an investment of $20 million with Rialto Real Estate IV-Property and co-investments of $16 million with Rialto Real Estate Fund IV-Property, a fund managed by a portfolio company of Stone Point's private equity fund, Trident VII L.P. For the year ended December 31, 2021, fees paid to Rialto were $1 million (2020: $nil; 2019: $nil). The Company has an investment of $12 million in Stone Point Credit Corporation. For the year ended December 31, 2021, the Company has not paid any fees to Stone Point in relation to Stone Point Credit Corporation. During his tenure as the Company's Chair, Mr. Butt received consulting fees for the year ended December 31, 2020 of $0.4 million (2019: $0.4 million) pursuant to the terms of a consulting agreement between Mr. Butt and the Company which terminated on December 31, 2020. The Company's investment portfolio includes certain investments where it is considered to have the ability to exercise significant influence over the operating and financial policies of the investee. Significant influence is generally deemed to exist where the Company has an investment of 20% or more in the common stock of a corporation or an investment greater than 3% to 5% in closed end funds, limited partnerships, LLCs or similar investment vehicles. At December 31, 2021, the Company h as $555 million (2020: $404 million) of investments where it is deemed to have the ability to exercise such significant influence. The Company generally pays management and performance fees to the investment managers of these investments. The Company considers all fees paid to the investment managers to be at market rates consistent with negotiated arms-length contracts. Harrington and Harrington Re commenced operations in 2016 (refer to Note 5 ' Investments '). The Company has the ability to exercise significant influence over the operating and financial policies of Harrington and Harrington Re. In the normal course of business, the Company enters into certain reinsurance transactions with Harrington Re. For the year ended December 31, 2021, the Company ceded reinsurance premiums of $283 million (2020: $256 million; 2019: $247 million) and ceded losses of $188 million (2020: $187 million; 2019: $157 million) to Harrington Re. In addition, Harrington Re paid certain acquisition costs and administrative fees to the Company. At December 31, 2021, the amount of reinsurance recoverable on unpaid and paid losses was $717 million (2020: $641 million) and the amount of ceded reinsurance payable included in insurance and reinsurance balances payable was $189 million (2020: $188 million) in the consolidated balance sheets. All transactions were conducted at market rates consistent with negotiated arms-length contracts. On June 29, 2021, the Company invested $10 million in 7.25% fixed to floating rate, senior unsecured notes due 2031, issued by Harrington. |
REORGANIZATION EXPENSES
REORGANIZATION EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
REORGANIZATION EXPENSES | For the year ended December 31, 2021, reorganization expenses were $nil (2020: $8 million and 2019: $37 million), respectively, related to the Company's transformation program which was launched in 2017. This program encompasses the integration of Novae, which commenced in the fourth quarter of 2017, the realignment of the Company's accident and health business, together with other initiatives designed to increase efficiency and enhance profitability while delivering a customer-centric operating model. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Under current Bermuda law, AXIS Capital's Bermuda domiciled subsidiaries are not required to pay any taxes in Bermuda on income or capital gains. The Company has received an assurance from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, it will be exempt from taxation in Bermuda until March 2035. The Company's primary Bermuda subsidiary has an operating branch in Singapore, which is subject to the relevant taxes in that jurisdiction. The Singapore branch is not under examination in that tax jurisdiction but remains subject to examination for tax years 2018 through 2021. AXIS Capital's U.S. subsidiaries are subject to federal, state and local corporate income taxes, and other taxes applicable to U.S. corporations. The provision for federal income taxes has been determined under the principles of the consolidated tax provisions of the U.S. Internal Revenue Code and regulations. Should the U.S. subsidiaries pay a dividend outside the U.S. group, withholding taxes will apply. The Company's U.S. subsidiaries are not under examination but remain subject to examination for tax year s 2018 through 2021. In Canada, AXIS Capital's U.S. reinsurance company operates through a branch and its U.S. service company has an unlimited liability company subsidiary based in Canada. The Canadian operations are subject to the relevant taxes in that jurisdiction and remain subject to examination for tax years 2017 through 2021. AXIS Capital had subsidiaries in Ireland, the U.K., and Brazil in 2021. The Company ceased operations in Luxembourg in December 2019 and in Dubai in March 2021. Effective January 1, 2021, AXIS Capital's Irish operations had branches in the U.K., Switzerland, Belgium and the Netherlands. The Company ceased operations in the Netherlands in December 31, 2021. There are ongoing audits in Ireland, with respect to 2016, 2017 and 2019 tax years, and Belgium, with respect to 2018 and 2019 tax years. There are no other ongoing audits of AXIS Capital's subsidiaries or branches, but they remain subject to examination in all applicable jurisdictions for tax years 2017 through 2021. In the U.K., the Company operates through Lloyd’s syndicates whose income is subject to tax in the U.K., payable by its corporate members. The income from operations at Lloyd’s is also subject to taxes in other jurisdictions in which Lloyd's operates, including the U.S. Under a Closing Agreement between Lloyd’s and the IRS, Lloyd's corporate members pay U.S. income tax on U.S. connected income written by Lloyd’s syndicates. To the extent that the Lloyd’s syndicates incur taxes outside the U.K., they may claim a credit for foreign taxes incurred, limited to the U.K. equivalent tax on the same income. The following table provides an analysis of income tax expense (benefit) and net tax assets: Year ended December 31, 2021 2020 2019 Current income tax expense (benefit) U.S. $ 35,229 $ (1,122) $ 12,601 Europe (6,082) 365 22,425 Other — — 469 Deferred income tax expense (benefit) U.S. (3,369) (3,098) 17,665 Europe 36,606 (8,466) (29,468) Total income tax expense (benefit) $ 62,384 $ (12,321) $ 23,692 Net current tax receivables $ 27,883 $ 12,205 $ 13,130 Net deferred tax assets (liabilities) 12,860 (1,625) 18,621 Net tax assets $ 40,743 $ 10,580 $ 31,751 Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The following table provides details of the significant components of deferred tax assets and liabilities: At December 31, 2021 2020 Deferred tax assets: Discounting of net reserves for losses and loss expenses $ 53,415 $ 47,912 Unearned premiums 53,342 46,049 Operating and capital loss carryforwards (1) 85,358 80,008 Accruals not currently deductible 38,294 28,096 Tax credits 2,709 11,142 Other deferred tax assets 5,040 4,352 Deferred tax assets before valuation allowance 238,158 217,559 Valuation allowance (16,918) (20,778) Deferred tax assets net of valuation allowance 221,240 196,781 Deferred tax liabilities: Deferred acquisition costs (34,845) (37,098) Net unrealized investments gains (23,866) (39,459) Intangible assets (52,722) (46,132) Equalization reserves (2,365) (2,825) Acquisition adjustments (79,464) (60,261) Other deferred tax liabilities (15,118) (12,631) Deferred tax liabilities (208,380) (198,406) Net deferred tax assets (liabilities) $ 12,860 $ (1,625) (1) At December 31, 2021 and 2020, the total operating loss carryforwards includes Lloyd's deferred year of account losses of $nil and $39 million, respectively. The following table summarizes total operating and capital loss carryforwards and tax credits: At December 31, 2021 2020 Operating and Capital Loss Carryforwards (1) Singapore (branch) operating loss carryforward $ 76,287 $ 110,504 U.K. operating loss carryforward (2) 308,491 357,226 Ireland operating loss carryforward 11,850 404 Ireland capital loss carryforward 716 716 Switzerland operating loss carryforward 15,989 — Belgian operating loss carryforward — 1,850 Tax Credits (1) Ireland foreign tax credit $ 338 $ 2,386 U.K. foreign tax credit 2,372 8,756 (1) At December 31, 2021, all remaining operating and capital loss carryforwards and tax credits can be carried forward indefinitely. (2) At December 31, 2021 and 2020, the U.K. operating loss carryforward includes Lloyd's deferred year of account losses of $nil and $206 million, respective ly. The following table shows an analysis of the movement in the Company's valuation allowance: At December 31, 2021 2020 Income tax expense: Valuation allowance - beginning of year $ 20,778 $ 18,560 Operating loss carryforwards (3,422) 661 Foreign tax credit (2,048) 293 U.K. branch assets and other foreign rate differentials 1,610 1,264 Valuation allowance - end of year $ 16,918 $ 20,778 At December 31, 2021 and 2020, the Company had a full valuation allowance on operating loss carryforwards relating to operations in Singapore, un-utilized foreign tax credits available in Ireland and certain other deferred tax assets related to branch operations. Although realization is not assured, management believes it is more likely than not that the tax benefit of the recorded net deferred tax assets will be realized. In evaluating the Company's ability to recover these tax assets within the jurisdiction from which they arise, it considered all available positive and negative evidence, including historical results, operating loss carry-back potential and scheduled reversals of deferred tax liabilities. The Company believes its U.S. and U.K. operations will produce significant taxable income in future periods and have deferred tax liabilities that will reverse in future periods, such that the Company believes sufficient ordinary taxable income is available to utilize all remaining ordinary deferred tax assets. A deferred tax liability has not been recorded on undistributed earnings as the U.S. group satisfies the indefinite reversal criteria. At December 31, 2021 and 2020, there were no unrecognized tax benefits. The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions as well as a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes: Year ended December 31, 2021 2020 2019 Income (loss) before income taxes Bermuda (domestic) $ 431,310 $ (45,951) $ 179,418 Foreign 249,686 (86,794) 167,747 Total income (loss) before income taxes $ 680,996 $ (132,745) $ 347,165 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected rates: U.S. 4.8 % 5.6 % 8.1 % Europe 2.0 % 9.2 % 0.4 % Valuation allowance (0.5 %) (1.7 %) 1.3 % Change in enacted tax rate (1) 1.5 % (1.7 %) 0.0 % Other 1.4 % (2.1 %) (3.0 %) Actual tax rate 9.2 % 9.3 % 6.8 % (1) At December 31, 2021, the change in enacted tax rate included a change in the UK tax rate from 19% to 25% and in Belgium from 29.58% to 25%. At December 31, 2020, the change in enacted tax rate included a change in UK tax rate from 17% to 19%. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | The following table presents the tax effects allocated to each component of other comprehensive income (loss): Before tax amount Income tax (expense) benefit Net of tax amount Year ended December 31, 2021 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ (310,710) $ 39,263 $ (271,447) Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized 81 — 81 Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) (94,749) 7,635 (87,114) Unrealized gains (losses) arising during the year, net of reclassification adjustment (405,378) 46,898 (358,480) Foreign currency translation adjustment 621 — 621 Total other comprehensive income (loss), net of tax $ (404,757) $ 46,898 $ (357,859) Year ended December 31, 2020 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ 360,357 $ (43,191) $ 317,166 Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized (40) — (40) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) (90,380) 12,368 (78,012) Unrealized gains (losses) arising during the year, net of reclassification adjustment 269,937 (30,823) 239,114 Foreign currency translation adjustment 3,571 — 3,571 Total other comprehensive income (loss), net of tax $ 273,508 $ (30,823) $ 242,685 Year ended December 31, 2019 Available for sale investments: Unrealized gains (losses) arising during the year $ 414,982 $ (40,367) $ 374,615 Adjustment for reclassification of net realized (gains) losses and OTTI losses recognized in net income (loss) (29,618) 4,889 (24,729) Unrealized gains (losses) arising during the year, net of reclassification adjustment 385,364 (35,478) 349,886 Foreign currency translation adjustment (1,066) — (1,066) Total other comprehensive income (loss), net of tax $ 384,298 $ (35,478) $ 348,820 The following table presents details of amounts reclassified from accumulated other comprehensive income ("AOCI") to net income (loss): Amounts reclassified from AOCI (1) AOCI components Consolidated statement of operations line item that includes reclassification adjustment Years ended December 31, 2021 2020 2019 Unrealized gains (losses) on available for sale investments Other realized gains (losses) $ 94,771 $ 91,866 $ 36,602 Impairment losses (22) (1,486) — OTTI losses — — (6,984) Total before tax 94,749 90,380 29,618 Income tax (expense) benefit (7,635) (12,368) (4,889) Net of tax $ 87,114 $ 78,012 $ 24,729 Foreign currency translation adjustments (2) Foreign exchange gains (losses) $ — $ — $ 6,043 Income tax (expense) benefit — — — Net of tax $ — $ — $ 6,043 (1) Amounts in parentheses are charges to net income (loss). (2) The Company released the cumulative translation adjustment related to Aviabel Re S.A of $6 million from AOCI in the consolidation balance sheet to foreign exchange losses (gains) in the consolidated statement of operations associated with the liquidation of that entity on December 18, 2019. |
STATUTORY FINANCIAL INFORMATION
STATUTORY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
STATUTORY FINANCIAL INFORMATION [Abstract] | |
STATUTORY FINANCIAL INFORMATION | The Company's insurance and reinsurance operations are subject to insurance and reinsurance laws and regulations in the jurisdictions in which they operate, the most significant of which include Bermuda, Ireland, and the U.S. In addition, the Company is regulated by Lloyd's. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval from insurance regulatory authorities. The statutory capital and surplus in each of the Company's most significant regulatory jurisdictions is shown in the following table: Bermuda Ireland U.S. At December 31, 2021 2020 2021 2020 2021 2020 Required statutory capital and surplus $ 1,517,485 $ 1,584,854 $ 755,270 $ 778,493 $ 626,973 $ 542,824 Available statutory capital and surplus $ 3,067,879 $ 3,004,077 $ 1,147,194 $ 1,085,317 $ 1,885,383 $ 1,685,684 Bermuda Under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (the "Act"), the Company's Bermuda subsidiary, AXIS Specialty Bermuda is required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR"). The MSM is the greater of $100 million, 50% of net premiums written, 15% of net reserve for losses and loss expenses, and 25% of the ECR. The Company's ECR is calc ulated based on a standard risk-based capital model developed by the Bermuda Monetary Authority ("BMA"). In 2016, the BMA implemented an Economic Balance Sheet ("EBS") framework which is used as the basis to determine the ECR. At December 31, 2021 and 2020, the required and available statutory capital and surplus were based on this EBS framework. Under the Act, AXIS Specialty Bermuda is restricted as to the payment of dividends for amounts greater than 25% of the prior year’s statutory capital and surplus, whereby an affidavit signed by at least two members of the Board of Directors is required, attesting that any dividend in excess of this amount would not cause the Company to fail to meet its relevant margins. At December 31, 2021, the maximum dividend AXIS Specialty Bermuda could pay, without a signed affidavit, having met minimum levels of statutory capital and surplus requirements, was approximately $782 million (2020: $792 million). Ireland Effective January 1, 2016, the Company's Irish subsidiaries, AXIS Specialty Europe and AXIS Re SE, are required to maintain the Minimum Capital Requirement ("MCR") and the Solvency Capital Requirement ("SCR") at all times. The capital requirements are calculated by reference to Solvency II definitions. If an entity falls below the MCR or SCR, the Central Bank of Ireland is authorized to take action to restore the financial position of the Comp any's Irish subsidiaries. During 2021 and 2020, the Company's Irish subsidiaries were in compliance with these requirements. The Company's Irish subsidiaries may declare dividends subject to meeting their solvency and capital requirements. The maximum dividend is limited to "excess eligible own funds" which is defined as excess Solvency II capital over the SCR and may also be limited to "profits available for distribution'', which is defined as accumulated realized profits less accumulated realized losses and statutory reserves . In response to the ongoing COVID-19 pandemic, the Central Bank of Ireland requires the Company's Irish subsidiaries to notify the regulator prior to any distribution being made. The Central Bank of Ireland then has 30 days to request further information from the Company's Irish subsidiaries and where no further communication is received from the regulator the Company's Irish subsidiaries are free to proceed with the dividend distribution . A t December 31, 2021, the maximum dividend the Company's Irish subsidiaries could pay, having met their solvency and capital requirements was approximately $25 million (2020: $11 million). United States The Company's U.S. operations required statutory capital and surplus is determined using the risk-based capital formula ("RBC"), which is the National Association of Insurance Commissioners' (the "Commissioner") method of measuring the minimum capital appropriate for U.S. reporting entities to support its overall business operations in consideration of its size and risk profile. If a company falls below the authorized control level as determined under the RBC, the Commissioner is authorized to take whatever regulatory actions may be considered necessary to protect policyholders and creditors. The maximum dividend that may be paid by the Company's U.S. insurance subsidiaries is restricted by the regulatory requirements of the domiciliary states. Generally, the maximum dividend that may be paid by each of the Company's U.S. insurance subsidiaries is limited to unassigned surplus (statutory equivalent of retained earnings) and may also be limited to statutory net income, net investment income or 10% of total statutory capital and surplus. At December 31, 2021, the maximum dividend that the Company's U.S. insurance operations could pay without regulatory approval was approximately $120 million (2020: $110 million). Lloyd's of London The Company operates in the Lloyd’s market through its corporate members, AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited, which provide 70% and 30%, respectively, of Syndicate 1686's capital support. Effective August 4, 2017, AXIS Managing Agency assumed management of Syndicate 1686. Corporate members of Lloyd’s and Lloyd’s syndicates are bound by the rules of Lloyd’s, which are prescribed by Bye-laws and Requirements made by the Council of Lloyd’s under powers conferred by the Lloyd’s Act 1982. These rules prescribe members’ membership subscription, the level of their contribution to the Lloyd’s Central Fund and the assets they must deposit with Lloyd’s in support of their underwriting. The Council of Lloyd’s has broad powers to sanction breaches of its rules, including the power to restrict or prohibit a member’s participation on Lloyd’s syndicates. The capital provided to support underwriting, or FAL, is not available for distribution for the payment of dividends or for working capital requirements. Corporate members may also be required to maintain funds under the control of Lloyd’s in excess of their capital requirements and such funds also may not be available for distribution for the payment of dividends. Lloyd’s sets the corporate members’ required capital annually and reviews funds held compared to latest capital requirements on a quarterly basis. This process is supported by the application of a capital model that is based on regulatory rules pursuant to Solvency II. FAL may be satisfied by cash, certain investments and letter s of credit provided by approved banks. At December 31, 2021, fixed maturities and short-term investments with a fair value of $658 million (2020: $746 million) and cash of $19 million (2020: $12 million), respectively, were restricted to satisfy AXIS Corporate Capital UK Limited FAL requirements. At December 31, 2021, fixed maturities and short-term investments with a fair value of $225 million (2020: $361 million), equity securities with a fair value of $28 million (2020: $23 million), and cash of $6 million (2020: $14 million) were restricted to satisfy AXIS Corporate Capital UK II Limited FAL requirements (refer to Note 5 ' Investments '). Corporate members can apply to Lloyd's to release accumulated funds, whether syndicate profits or interest on FAL, which are in excess of the agreed FAL requirements on a quarterly basis. At December 31, 2021 and 2020, actual capital and assets exceeded the FAL requirements for Syndicates 1686 and 2007. During 2021, net funds of $60 million (2020: $32 million) were released from FAL. Both AXIS Corporate Capital UK Limited and AXIS Corporate Capital UK II Limited continue to support the FAL requirements of Syndicates 1686. Branch Offices The Company's operating subsidiaries in Bermuda and the U.S. maintain branch offices in Singapore and Canada, respectively. The Company's Irish operating subsidiaries maintain branch offices in Switzerland, the U.K. and Belgium. The Company's Irish operating subsidiaries also maintained a branch office in the Netherlands until December 31, 2021. As branch offices are not considered separate entities for regulatory purposes, the required and actual statutory capital and surplus amounts for each jurisdiction in the table above, include amounts related to the applicable branch offices. The Company's branch offices in Singapore and Canada are subject to additional minimum capital or asset requirements in their countries of domicile. At December 31, 2021 and 2020, the actual capital/assets for each of these branches exceeded the relevant local regulatory requirements. Total statutory net income (loss) of the Co mpany's operating subsidiaries was $569 million , $85 million, and $364 million for 2021, 2020 and 2019, respectively. The differences between statutory financial statements and statements prepared in accordance with U.S. GAAP vary by jurisdiction, however, the primary differences are that statutory financial statements may not reflect deferred acquisition costs, certain net deferred tax assets, goodwill and intangible assets, unrealized gains (losses) on fixed maturities or certain unauthorized reinsurance recoverable balances. |
SCHEDULE I - SUMMARY OF INVESTM
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | AXIS CAPITAL HOLDINGS LIMITED SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES At December 31, 2021 Amortized cost Fair value Amount shown on the balance sheet (in thousands) Type of investment: Fixed maturities, available for sale, at fair value U.S. government and agency $ 2,693,319 $ 2,682,448 $ 2,682,448 Non-U.S. government 794,705 795,178 795,178 Corporate debt 4,446,585 4,495,312 4,495,312 Agency RMBS 1,065,973 1,074,589 1,074,589 CMBS 1,223,051 1,248,191 1,248,191 Non-agency RMBS 185,854 186,164 186,164 ABS 1,628,739 1,622,480 1,622,480 Municipals 203,556 208,838 208,838 Total fixed maturities, available for sale $ 12,241,782 12,313,200 12,313,200 Fixed maturities, held to maturity, at amortized cost Corporate debt $ 37,700 37,572 37,700 ABS 408,316 407,461 408,316 Total fixed maturities, held to maturity $ 446,016 445,033 446,016 Mortgage loans, held for investment, at fair value 594,088 594,088 Short-term investments, at fair value 31,063 31,063 Equity securities, at fair value 655,675 655,675 Other investments, at fair value (1) 539,299 947,982 Equity method investments (2) — 146,293 Total investments $ 14,578,358 $ 15,134,317 (1) Other investments exclude investments where the Company is considered to have the ability to exercise significant influence over the operating and financial policies of the investees. (2) Equity method investments are excluded as the Company has the ability to exercise significant influence over the operating and financial policies of the investees. |
SCHEDULE II - CONDENSED FINANCI
SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE II - FOOTNOTES | AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2021 AND 2020 2021 2020 (in thousands) Assets Investments in subsidiaries $ 5,676,653 $ 5,633,176 Cash and cash equivalents 1,531 1,711 Other assets 6,525 5,832 Total assets $ 5,684,709 $ 5,640,719 Liabilities Intercompany payable $ 192,618 $ 289,486 Dividends payable 51,775 50,153 Other liabilities 29,660 5,386 Total liabilities 274,053 345,025 Shareholders’ equity Preferred shares 550,000 550,000 Common shares (shares issued 2021: 176,580; 2020: 176,580 shares outstanding 2021: 84,774; 2020: 84,353) 2,206 2,206 Additional paid-in capital 2,346,179 2,330,054 Accumulated other comprehensive income 56,536 414,395 Retained earnings 6,204,745 5,763,607 Treasury shares, at cost (2021: 91,806; 2020: 92,227) (3,749,010) (3,764,568) Total shareholders’ equity 5,410,656 5,295,694 Total liabilities and shareholders’ equity $ 5,684,709 $ 5,640,719 (1) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. (2) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. (3) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital. (4) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital. SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 2021 2020 2019 (in thousands) Revenues Net investment income $ — $ 750 $ 1,800 Total revenues — 750 1,800 Expenses General and administrative expenses 62,843 37,629 53,335 Total expenses 62,843 37,629 53,335 Income (loss) before equity in net income (loss) of subsidiaries (62,843) (36,879) (51,535) Equity in net income (loss) of subsidiaries 681,452 (83,545) 375,008 Net income (loss) 618,609 (120,424) 323,473 Preferred share dividends 30,250 30,250 41,112 Net income (loss) available (attributable) to common shareholders $ 588,359 $ (150,674) $ 282,361 Comprehensive income $ 260,750 $ 122,261 $ 672,293 SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 2021 2020 2019 (in thousands) Cash flows from operating activities: Net income (loss) $ 618,609 $ (120,424) $ 323,473 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in net (income) loss of subsidiaries (681,452) 83,545 (375,008) Change in intercompany payable (96,868) 73,575 (32,081) Dividends received from subsidiaries 300,000 350,000 250,000 Other items 45,626 20,715 23,619 Net cash provided by operating activities 185,915 407,411 190,003 Cash flows from financing activities: Taxes paid on withholding shares (10,242) (10,382) (10,165) Dividends paid - common shares (145,603) (141,590) (137,209) Repurchase of preferred shares — (225,000) — Dividends paid - preferred shares (30,250) (31,831) (42,625) Net cash used in financing activities (186,095) (408,803) (189,999) Increase (decrease) in cash, cash equivalents and restricted cash (180) (1,392) 4 Cash, cash equivalents and restricted cash - beginning of year 1,711 3,103 3,099 Cash, cash equivalents and restricted cash - end of year $ 1,531 $ 1,711 $ 3,103 |
SCHEDULE III - SUPPLEMENTARY IN
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION | AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY INSURANCE INFORMATION At and year ended December 31, 2021 (in thousands) Deferred Reserve Unearned Net Net investment income (1) Net losses Acquisition Other operating expenses (2) Net Insurance $ 212,681 $ 7,803,529 $ 2,716,240 $ 2,651,339 $ — $ 1,514,998 $ 484,344 $ 429,282 $ 2,894,885 Reinsurance 252,912 6,849,565 1,374,436 2,058,511 — 1,493,785 437,490 107,552 2,031,739 Corporate — — — — 454,301 — — 126,470 — Total $ 465,593 $ 14,653,094 $ 4,090,676 $ 4,709,850 $ 454,301 $ 3,008,783 $ 921,834 $ 663,304 $ 4,926,624 At and year ended December 31, 2020 (in thousands) Deferred Reserve Unearned Net Net investment income (1) Net losses Acquisition Other operating expenses (2) Net Insurance $ 176,749 $ 7,310,498 $ 2,295,763 $ 2,299,038 $ — $ 1,697,014 $ 461,533 $ 378,839 $ 2,357,501 Reinsurance 254,690 6,616,268 1,390,123 2,072,271 — 1,584,238 467,984 99,129 1,978,908 Corporate — — — — 349,601 — — 101,822 — Total $ 431,439 $ 13,926,766 $ 3,685,886 $ 4,371,309 $ 349,601 $ 3,281,252 $ 929,517 $ 579,790 $ 4,336,409 At and year ended December 31, 2019 (in thousands) Deferred Reserve Unearned Net Net investment income (1) Net losses Acquisition Other operating expenses (2) Net Insurance $ 191,925 $ 6,496,568 $ 2,115,664 $ 2,190,084 $ — $ 1,278,679 $ 468,281 $ 401,963 $ 2,209,155 Reinsurance 300,194 6,255,513 1,510,582 2,397,094 — 1,766,119 556,301 103,772 2,280,460 Corporate — — — — 478,572 — — 129,096 — Total $ 492,119 $ 12,752,081 $ 3,626,246 $ 4,587,178 $ 478,572 $ 3,044,798 $ 1,024,582 $ 634,831 $ 4,489,615 (1) The Company evaluates underwriting results of its reportable segments separately from the performance of its investment portfolio therefore, the Company believes it is appropriate to exclude net investment income from its underwriting profitability measure. (2) Amounts related to the Company's reportable segments reflect underwriting-related general and administrative expenses, which includes those general and administrative expenses that are incremental and/or directly attributable to the Company's underwriting operations. Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, presented in the table above, also includes corporate expenses of $126 million, $102 million, and $129 million for the years ended December 31, 2021, 2020 and 2019, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses. |
SCHEDULE IV - SUPPLEMENTARY REI
SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION | AXIS CAPITAL HOLDINGS LIMITED SUPPLEMENTARY REINSURANCE INFORMATION YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (in thousands) GROSS CEDED TO ASSUMED NET PERCENTAGE 2021 Property and Casualty $ 4,233,758 $ 2,700,693 $ 2,874,687 $ 4,407,752 65.2 % Accident and Health 171,694 58,667 405,845 518,872 78.2 % Total $ 4,405,452 $ 2,759,360 $ 3,280,532 $ 4,926,624 66.6 % 2020 Property and Casualty $ 3,455,690 $ 2,446,890 $ 2,840,834 $ 3,849,634 73.8 % Accident and Health 154,511 43,639 375,903 486,775 77.2 % Total $ 3,610,201 $ 2,490,529 $ 3,216,737 $ 4,336,409 74.2 % 2019 Property and Casualty $ 3,134,462 $ 2,311,001 $ 3,187,623 $ 4,011,084 79.5 % Accident and Health 141,535 98,242 435,238 478,531 91.0 % Total $ 3,275,997 $ 2,409,243 $ 3,622,861 $ 4,489,615 80.7 % |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and include AXIS Capital Holdings Limited and its wholly-owned subsidiaries.Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars. |
Consolidation/VIEs | All inter-company accounts and transactions have been eliminated. |
Use of Estimates | The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the consolidated financial statements reflect its best estimates and assumptions, actual results could differ from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses; • gross premiums written and net premiums earned; • fair value measurements of financial assets and liabilities; and • the allowance for credit losses associated with fixed maturities, available for sale. |
Investments | Fixed Maturities, Available for Sale, at Fair Value and Fixed Maturities, Held to Maturity, at Amortized Cost Fixed maturities classified as available for sale are reported at fair value (refer to Note 6 ' Fair Value Measurements ') and are presented net of an allowance for expected credit losses. The change in fair values of fixed maturities, net of tax is recognized in accumulated other comprehensive income (loss) ("AOCI") in the consolidated statement of changes in shareholders’ equity. Fixed maturities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity or redemption. Fixed maturities classified as held to maturity are reported at amortized cost and are presented net of an allowance for expected credit losses. Net investment income includes interest income and the amortization of market premiums and discounts and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of fixed maturities are recorded on a trade-date basis and realized gains (losses) on sales of fixed maturities are determined based on the specific identification method. Realized gains (losses) on fixed maturities are included in net investment gains (losses) in the consolidated statements of operations. The Company recognizes investment income from fixed maturities based on the constant effective yield method, which includes an adjustment for estimated principal repayments, if applicable. The effective yield used to determine the amortization of fixed maturities subject to prepayment risk (e.g. asset-backed, mortgage-backed and other structured securities) is recalculated and adjusted periodically based on historical and/or projected future cash flows. Adjustments to the yield for highly rated prepayable fixed maturities are accounted for using the retrospective method. Adjustments to the yield for other prepayable fixed maturities are accounted for using the prospective method. Credit Losses - Fixed Maturities, Available for Sale Fixed maturities, available for sale are impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturities, available for sale securities for impairment losses. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, if a fixed maturity, available for sale security is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income (loss) and is included in net investment gains (losses). In instances where the Company intends to hold the impaired fixed maturity, available for sale security the Company determines whether the decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. If the Company does not anticipate to fully recover the amortized cost , an allowance for expected credit losses is established. The allowance for expected credit losses is limited to the difference between a security's amortized cost basis and its fair value. The allowance for expected credit losses is charged to net income (loss) and is included in net investment gains (losses). On a quarterly basis, the Company assesses whether unrealized losses on fixed maturities, available for sale represent credit impairments by considering the following factors: a. the extent to which the fair value is less than amortized cost; b. adverse conditions related to the security, industry, or geographical area; c. downgrades in the security's credit rating by a credit rating agency; and d. failure of the issuer to make scheduled principal or interest payments. The length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss exists. If a security is assessed to be credit impaired, it is subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist. The non-credit impairment amount of the loss (i.e. related to interest rates, market conditions, etc.) is recognized in other comprehensive income. The Company reports accrued interest receivable related to available for sale debt securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains (losses) in the period in which they are deemed uncollectible. Prior to the adoption of ASU 2016-13 On a quarterly basis, the Company assessed whether unrealized losses on fixed maturities, available for sale represented impairments that were other-than-temporary. If a fixed maturity, available for sale security was impaired and the Company intended to sell the security or it was more likely than not that the Company would be required to sell the security before its anticipated recovery, the impairment was considered other-than-temporary. In these instances, the full amount of the impairment was charged to net income (loss) and was included in net investment gains (losses) in the consolidated statements of operations. In instances where the Company intended to hold the impaired fixed maturity, available for sale security the Company estimated the anticipated credit loss on the security and this component of the impairment was charged to net income (loss) and was included in net investment gains (losses) in the consolidated statements of operations. The non-credit component of the impairment was recognized in other comprehensive income. Credit Losses - Fixed Maturities, Held to Maturity A fixed maturity, held to maturity security is impaired if the fair value of the investment is below amortized cost. On a quarterly basis, the Company evaluates all fixed maturity, held to maturity securities for impairment losses. The Company's fixed maturity, held to maturity securities portfolio consists of asset-backed securities ("ABS") and corporate debt securities. The Company's ABS, held to maturity consists of CLO debt tranched securities. The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. The allowance for expected credit losses is recognized in net investment gains (losses) in the consolidated statements of operations. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Equity Securities, at Fair Value Equity securities are reported at fair value. The change in the fair values of equity securities, net of tax is recognized in net investment gains (losses) in the consolidated statements of operations. Net investment income includes dividend income and is presented net of investment expenses. Investment income is recognized when earned. Purchases and sales of equity securities are recorded on a trade-date basis and realized gains (losses) on sales of equity securities are determined based on the specific identification method. Realized gains (losses) on equity securities are included in net investment gains (losses) in the consolidated statements of operations. Mortgage Loans, Held for Investment, at Fair Value Mortgage loans, held for investment are reported at amortized cost which is calculated as the unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses. Interest income and prepayment fees are recognized when earned. Interest income is recognized based on an effective yield method which gives effect to the amortization of premiums and accretion of discounts. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, mortgage loans, held for investment are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. These projections take into account the Company’s experience with credit quality indicators, loan losses, defaults, loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. The allowance for expected credit losses is recognized in net investment gains (losses). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Other Investments Other investments are recorded at fair value (refer to Note 6 ' Fair Value Measurements '). Changes in fair value and realized gains (losses) are reported in net investment income in the consolidated statements of operations. Equity Method Investments Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of net income (loss) or loss of the investee. Adjustments are based on the most recently available financial information from the investee. Changes in the carrying value of these investments are recorded in net income as interest in income (loss) of equity method investments. Short-term Investments Short-term investments primarily comprise highly liquid debt securities with maturities greater than three months but less than one year from the date of purchase. These investments are carried at amortized cost, which approximates fair value. |
Cash and Cash Equivalents | Cash equivalents include money-market funds, fixed interest deposits and reverse repurchase agreements with a maturity of under 90 days when purchased. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Restricted cash primarily relates to funds held in trust to support obligations in regulatory jurisdictions where the Company operates as a non-admitted carrier and to support the underwriting activities at Lloyd's. |
Premiums - Gross Premiums Written | Insurance premiums written are recorded in accordance with the terms of the underlying policies. Reinsurance premiums are recorded at the inception of the contract based on estimates received from ceding companies. For multi-year contracts insurance and reinsurance premiums are recorded at the inception of the contract based on management’s best estimate of total premiums to be received. Premiums are recognized on an annual basis for multi-year contracts where the cedant has the ability to unilaterally commute or cancel coverage within the term of the contract. Any adjustments to insurance and reinsurance premium estimates are recognized in the period in which they are determined. |
Premiums - Net Premiums Earned | Insurance and reinsurance premiums are earned evenly over the period during which the Company is exposed to the underlying risk, which is generally one to two years with the exception of multi-year contracts. Unearned premiums represent the portion of premiums which relate to the unexpired risks under contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. The recognition of reinstatement premiums is based on estimates of losses and loss expenses, which reflects management’s judgment, as described in Note 2(d) ' Losses and Loss Expenses ' below. |
Premiums - Receivables | Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, insurance and reinsurance premium balances receivable are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Prior to the adoption of ASU 2016-13 |
Acquisition Costs | Acquisition costs vary with and are directly related to the successful acquisition efforts of acquiring new or renewing existing insurance and reinsurance contracts and consist primarily of fees and commissions paid to brokers and premium taxes. In addition, certain of our contracts include profit commission provisions or other adjustable features that are estimated based on expected losses and loss expenses for those contracts. Acquisition costs are shown net of commissions on reinsurance purchased. Net acquisition costs are deferred and charged to net income (loss) as the related premium is earned. Insurance and reinsurance premium balances receivable is presented net of acquisition costs when contract terms provide for the right of offset. Anticipated losses and loss expenses, other costs and investment income related to these premiums are considered in assessing the recoverability of deferred acquisition costs. Deferred acquisition cost amounts that are assessed to be irrecoverable are recognized in net income (loss) in the period in which the determination is made. Compensation expenses for personnel involved in contract acquisition, and advertising costs, are charged to net income (loss) when incurred. |
Losses and Loss Expenses | Reserve for losses and loss expenses represents an estimate of the unpaid portion of the ultimate liability for losses and loss expenses for insured and reinsured events that have occurred at or before the balance sheet date. These amounts reflect claims that have been reported ("case reserves") and claims that have been incurred but have not yet been reported ("IBNR") and are reduced for estimated amounts of salvage and subrogation recoveries. The Company reviews its reserve for losses and loss expenses on a quarterly basis. Case reserves are primarily established based on amounts reported by clients and/or their brokers. Management estimates IBNR after reviewing detailed actuarial analyses and applying informed judgment regarding qualitative factors that may not be fully captured in the actuarial estimates. A variety of actuarial methods are utilized in this process, including the Expected Loss Ratio, Chain Ladder and Bornhuetter-Ferguson methods. The estimate is highly dependent on management’s judgment as to which method(s) are most appropriate for a particular accident/underwriting year and line of business. Historical claims data may be supplemented with industry benchmarks when applying these methodologies. |
Reinsurance | In the normal course of business, the Company purchases treaty and facultative reinsurance protection to limit its ultimate losses from catastrophic events and to reduce its loss aggregation risk. The premiums paid to reinsurers (i.e. ceded premiums written) are recognized over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded which relate to the unexpired term of the contracts in force. Reinstatement premiums are recognized and earned at the time a loss event occurs and losses are recorded, where the coverage limits for the remaining life of the contract are reinstated under pre-defined contract terms. Reinsurance recoverable on unpaid losses and loss expenses ("reinsurance recoverables") related to case reserves is estimated on a case-by-case basis by applying the terms of applicable reinsurance cover to individual case reserve estimates. Reinsurance recoverables related to IBNR is generally developed as part of the Company's loss reserving process, therefore, its estimation is subject to similar risks and uncertainties as the estimation of IBNR. Estimates of amounts to be ceded under excess of loss reinsurance contracts also take into account pricing information for those contracts and require greater judgment than estimates for proportional contracts. Following the adoption of Accounting Standard Update ("ASU") 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments, " on January 1, 2020, reinsurance recoverable balances are reviewed for impairment at least quarterly and are presented net of an allowance for expected credit losses. A case-specific allowance for expected credit losses against reinsurance recoverables that we deem are unlikely to be collected in full, is estimated based on the Company's analysis of amounts due, historical delinquencies and write-offs. In addition, a default analysis is used to estimate an allowance for expected credit losses on the remainder of the reinsurance recoverable balance. The principal components of the default analysis are reinsurance recoverable balances by reinsurer and default factors applied to estimate uncollectible amounts based on reinsurers’ credit ratings and the length of collection periods. The default factors are based on a model developed by a major rating agency. The default analysis considers current and forecasted economic conditions. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of reinsurance recoverable balances, together with associated allowances for expected credit losses, are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs. Prior to the adoption of ASU 2016-13 Reinsurance recoverable balances were reviewed in detail on a quarterly basis and a provision was established for amounts considered uncollectible. Retroactive Reinsurance Retroactive reinsurance reimburses a ceding company for liabilities incurred as a result of past insurable events covered under contracts subject to the reinsurance. In certain instances, reinsurance contracts cover losses both on a prospective basis and on a retroactive basis and where practical the Company bifurcates the prospective and retroactive elements of these reinsurance contracts and accounts for each element separately. Initial gains in connection with retroactive reinsurance contracts are deferred and amortized into income over the settlement period while losses are recognized immediately. When changes in the estimated amount recoverable from the reinsurer or in the timing of receipts related to that amount occur, a cumulative amortization adjustment is recognized in net income in the period in which the change is determined so that the deferred gain reflects the balance that would have existed had the revised estimate been available at the inception of the reinsurance transaction. |
Foreign Exchange | The functional currency of the Company and the majority of its subsidiaries is the U.S. dollar. All foreign currency transactions are initially measured and recorded in functional currency using the rates of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are remeasured to functional currency at the rates of exchange in effect at the balance sheet date with the resulting foreign exchange losses (gains) generally being recognized in the consolidated statements of operations. Foreign exchange losses (gains) related to available for sale investments denominated in foreign currency represent an unrealized appreciation (depreciation) in the market value of the securities and are included in AOCI. Non-monetary assets and liabilities denominated in foreign currency are not subsequently remeasured. The Company’s reporting currency is the U.S. dollar. Assets and liabilities of the Company's subsidiaries and branches where the functional currency is not the U.S. dollar, are translated into U.S. dollars using the rates of exchange in effect at the balance sheet date, and revenue and expenses are translated using the weighted average foreign exchange rates for the period. The effect of translation adjustments is reported as a separate component of AOCI in the consolidated statements of change shareholders’ equity. |
Share-based Compensation | The Company is authorized to issue restricted shares, restricted stock units, performance restricted stock units, stock options, stock appreciation rights and other equity-based awards to its employees and directors. The Company's plan includes share-settled and cash-settled service and performance awards. Restricted Stock Units - Share-Settled and Cash-Settled The fair value of share-settled and cash-settled service awards is based on market value of the Company's common shares measured at the grant date and is expensed over the requisite service period. The fair value of the cash-settled service awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur. Performance Restricted Stock Units - Share-Settled and Cash-Settled The fair value of share-settled performance awards which include a market condition is measured on the grant date using a Monte Carlo simulation model which requires inputs including share price, expected volatility, expected term, expected dividend yield and risk-free interest rates. The fair value of share-settled and cash-settled performance awards which include a performance condition is based on market value of the Company's common shares measured at the grant date. The fair value of share-settled and cash-settled performance awards is recognized on a straight-line basis over the requisite service period. The fair value of the cash-settled performance awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur. |
Derivative Instruments | The Company may enter into derivative instruments such as futures, options, interest rate swaps and foreign currency forward contracts as part of its overall foreign currency risk management strategy, to obtain exposure to a particular financial market or for yield enhancement. From time to time the Company may also enter into insurance and reinsurance contracts that meet the Financial Accounting Standards Board's ("FASB") definition of a derivative contract. The Company measures all derivative instruments at fair value (refer to Note 6 ' Fair Value Measurements ') and recognizes these instruments as either assets or liabilities in the consolidated balance sheets. Subsequent changes in fair value and any realized gains or losses are recognized in the consolidated statements of operations. |
Goodwill and Intangible Assets | The Company recognizes goodwill and other intangible assets in connection with certain acquisitions. Goodwill represents the excess of the purchase price paid over the fair value of the net assets acquired in these acquisitions and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful live of the intangible asset. Other intangible assets with an indefinite life are not amortized. The Company tests goodwill and indefinite intangible assets for potential impairment during the fourth quarter each year and between annual tests if an event occurs or changes in circumstances indicate that the asset is impaired. Such events or circumstances may include an economic downturn in a geographic market or a change in the assessment of future operations. For the purpose of evaluating goodwill for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. For the purpose of evaluating indefinite lived intangibles for impairment, the Company may first perform a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. If the Company elects to perform a qualitative assessment, it first assesses qualitative factors to determine whether it is more likely than not that an indefinite lived intangible asset is impaired. If the Company determines that it is more likely than not that the indefinite lived intangible asset is impaired, the Company performs the quantitative impairment test. For the purposes of evaluating goodwill and indefinite lived intangible assets for impairment, the Company has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. The Company may resume performing the qualitative assessment in any subsequent period. For other definite lived intangible assets the Company tests for recoverability whenever events or changes in circumstances indicate its carrying amount may not be recoverable. The Company recognizes an impairment loss if the carrying amount of the asset is not recoverable and exceeds its fair value. The carrying amount of a definite lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If goodwill or an intangible asset is impaired, the carrying value of the asset is reduced to fair value and a corresponding expense is recorded in the consolidated statements of operations. |
Income Taxes | Certain subsidiaries and branches of the Company operate in jurisdictions where they are subject to taxation. Current and deferred income taxes are charged or credited to net income, or in certain cases to AOCI, based on enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the tax becomes accruable or realizable. Deferred income taxes are provided for all temporary differences between the bases of assets and liabilities used in the consolidated balance sheets and those used in the various jurisdictional tax returns. When the assessment indicates that it is more likely than not that a portion of a deferred tax asset will not be realized in the foreseeable future, a valuation allowance against deferred tax assets is recorded. The Company recognizes the tax benefits of uncertain tax positions only when the position is more-likely-than-not to be sustained on audit by the relevant taxing authorities. |
Treasury Shares | Common shares repurchased by the Company and not subsequently canceled are classified as treasury shares and are recorded at cost. This results in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the average cost method to determine the cost of shares reissued from treasury. |
Leases | The Company recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term related to office property and equipment leases. The Company accounts for non-lease components separately from lease components. As a result, the non-lease components associated with the Company's leases are not included in the lease liabilities and right-of-use assets in the Company's consolidated balance sheets. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
UNDERWRITING RESULTS OF REPORTABLE SEGMENTS | The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets: At and year ended December 31, 2021 Insurance Reinsurance Total Gross premiums written $ 4,863,232 $ 2,822,752 $ 7,685,984 Net premiums written 2,894,885 2,031,739 4,926,624 Net premiums earned 2,651,339 2,058,511 4,709,850 Other insurance related income 1,662 21,633 23,295 Net losses and loss expenses (1,514,998) (1,493,785) (3,008,783) Acquisition costs (484,344) (437,490) (921,834) Underwriting-related general and administrative expenses (429,282) (107,552) (536,834) Underwriting income $ 224,377 $ 41,317 265,694 Net investment income 454,301 Net investment gains 134,279 Corporate expenses (126,470) Foreign exchange losses (315) Interest expense and financing costs (62,302) Reorganization expenses — Amortization of value of business acquired (3,854) Amortization of intangible assets (12,424) Income before income taxes and interest in income of equity method investments 648,909 Income tax expense (62,384) Interest in income of equity method investments 32,084 Net income 618,609 Preferred share dividends 30,250 Net income available to common shareholders $ 588,359 Net losses and loss expenses ratio 57.1 % 72.6 % 63.9 % Acquisition cost ratio 18.3 % 21.3 % 19.6 % General and administrative expense ratio 16.2 % 5.1 % 14.0 % Combined ratio 91.6 % 99.0 % 97.5 % Goodwill and intangible assets $ 309,518 $ — $ 309,518 At and year ended December 31, 2020 Insurance Reinsurance Total Gross premiums written $ 4,018,399 $ 2,808,539 $ 6,826,938 Net premiums written 2,357,501 1,978,908 4,336,409 Net premiums earned 2,299,038 2,072,271 4,371,309 Other insurance related income (loss) 2,647 (10,736) (8,089) Net losses and loss expenses (1,697,014) (1,584,238) (3,281,252) Acquisition costs (461,533) (467,984) (929,517) Underwriting-related general and administrative expenses (378,839) (99,129) (477,968) Underwriting income (loss) $ (235,701) $ (89,816) (325,517) Net investment income 349,601 Net investment gains 129,133 Corporate expenses (101,822) Foreign exchange losses (81,069) Interest expense and financing costs (75,049) Reorganization expenses (7,881) Amortization of value of business acquired (5,139) Amortization of intangible assets (11,390) Income (loss) before income taxes and interest in income (loss) of equity method investments (129,133) Income tax benefit 12,321 Interest in income (loss) of equity method investments (3,612) Net income (loss) (120,424) Preferred share dividends 30,250 Net income (loss) available (attributable) to common shareholders $ (150,674) Net losses and loss expenses ratio 73.8 % 76.4 % 75.1 % Acquisition cost ratio 20.1 % 22.6 % 21.3 % General and administrative expense ratio 16.5 % 4.8 % 13.2 % Combined ratio 110.4 % 103.8 % 109.6 % Goodwill and intangible assets $ 320,434 $ — $ 320,434 At and year ended December 31, 2019 Insurance Reinsurance Total Gross premiums written $ 3,675,931 $ 3,222,927 $ 6,898,858 Net premiums written 2,209,155 2,280,460 4,489,615 Net premiums earned 2,190,084 2,397,094 4,587,178 Other insurance related income 2,858 13,586 16,444 Net losses and loss expenses (1,278,679) (1,766,119) (3,044,798) Acquisition costs (468,281) (556,301) (1,024,582) Underwriting-related general and administrative expenses (401,963) (103,772) (505,735) Underwriting income (loss) $ 44,019 $ (15,512) 28,507 Net investment income 478,572 Net investment gains 91,233 Corporate expenses (129,096) Foreign exchange gains 12,041 Interest expense and financing costs (68,107) Reorganization expenses (37,384) Amortization of value of business acquired (26,722) Amortization of intangible assets (11,597) Income before income taxes and interest in income of equity method investments 337,447 Income tax expense (23,692) Interest in income of equity method investments 9,718 Net income 323,473 Preferred share dividends 41,112 Net income available to common shareholders $ 282,361 Net losses and loss expenses ratio 58.4 % 73.7 % 66.4 % Acquisition cost ratio 21.4 % 23.2 % 22.3 % General and administrative expense ratio 18.3 % 4.3 % 13.9 % Combined ratio 98.1 % 101.2 % 102.6 % Goodwill and intangible assets $ 332,553 $ — $ 332,553 |
GROSS PREMIUMS WRITTEN BY GEOGRAPHICAL LOCATION OF SUBSIDIARIES | The following table presents gross premiums written by the geographical location of the Company's subsidiaries: Years ended December 31, 2021 2020 2019 Bermuda $ 542,693 $ 602,432 $ 738,258 Ireland 1,667,496 1,516,596 1,679,646 U.S. 4,002,748 3,398,108 3,090,547 Lloyd's of London 1,473,047 1,309,802 1,390,407 Gross premiums written $ 7,685,984 $ 6,826,938 $ 6,898,858 |
NET PREMIUMS EARNED BY SEGMENT AND LINE OF BUSINESS | The following table presents net premiums earned by segment and line of business: Years ended December 31, 2021 2020 2019 Insurance Property $ 662,977 $ 605,650 $ 633,550 Marine 354,193 293,746 281,764 Terrorism 47,995 47,378 47,345 Aviation 84,882 70,910 55,028 Credit and political risk 96,604 105,869 91,698 Professional lines 898,307 715,276 661,250 Liability 354,518 313,291 264,667 Accident and health 151,134 143,723 144,499 Discontinued lines - Novae 729 3,195 10,283 Total Insurance 2,651,339 2,299,038 2,190,084 Reinsurance Catastrophe 238,775 244,934 267,591 Property 231,080 256,244 311,625 Credit and surety 158,549 187,721 208,717 Professional lines 220,448 207,605 206,328 Motor 247,092 255,916 398,565 Liability 431,012 396,906 373,664 Engineering 28,238 60,521 63,899 Agriculture 82,744 73,696 188,925 Marine and aviation 58,678 53,516 59,209 Accident and health 361,197 333,996 319,619 Discontinued lines - Novae 698 1,216 (1,048) Total Reinsurance 2,058,511 2,072,271 2,397,094 Total $ 4,709,850 $ 4,371,309 $ 4,587,178 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS | The table below provides details of goodwill and intangible assets related to the Company's insurance segment: Goodwill Intangible Intangible Total At December 31, 2019 Gross amount $ 97,092 $ 120,784 $ 404,304 $ 622,180 Accumulated amortization n/a n/a (247,804) (247,804) Accumulated translation adjustment 4,911 — — 4,911 102,003 120,784 156,500 379,287 Amortization n/a n/a (37,742) (37,742) Impairment charges — — — — At December 31, 2020 Gross amount 97,092 120,784 394,604 612,480 Accumulated amortization n/a n/a (275,846) (275,846) Accumulated translation adjustment 4,911 — — 4,911 102,003 120,784 118,758 341,545 Amortization n/a n/a (16,055) (16,055) Impairment charges (1,202) — — (1,202) At December 31, 2021 Gross amount 95,890 120,784 394,604 611,278 Accumulated amortization n/a n/a (291,901) (291,901) Accumulated translation adjustment 4,911 — — 4,911 100,801 120,784 102,703 324,288 Amortization n/a n/a (14,770) (14,770) Impairment charges — — — — $ 100,801 $ 120,784 $ 87,933 $ 309,518 n/a – not applicable |
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS | The tables below provide details of the gross amount and accumulated amortization by category of VOBA and intangible assets: VOBA and intangible assets At December 31, 2021 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists - Ternian (1) 13,330 (8,997) 4,333 VOBA - Novae (2) 256,942 (256,942) — Coverholders (2) 63,565 (22,514) 41,051 Large brokers (2) 46,641 (13,215) 33,426 SME brokers (2) 14,126 (5,003) 9,123 $ 515,388 $ (306,671) $ 208,717 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. VOBA and intangible assets At December 31, 2020 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Customer relationships and customers lists - Ternian (1) 13,330 (7,665) 5,665 VOBA - Novae (2) 256,942 (253,088) 3,854 Syndicate capacity (2) 94,748 n/a 94,748 Coverholders (2) 63,565 (17,216) 46,349 Large brokers (2) 46,641 (10,106) 36,535 SME brokers (2) 14,126 (3,826) 10,300 $ 515,388 $ (291,901) $ 223,487 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. |
SCHEDULE OF INDEFINITE-LIVED INTANGIBLE ASSETS | The tables below provide details of the gross amount and accumulated amortization by category of VOBA and intangible assets: VOBA and intangible assets At December 31, 2021 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Syndicate capacity (2) 94,748 n/a 94,748 Customer relationships and customers lists - Ternian (1) 13,330 (8,997) 4,333 VOBA - Novae (2) 256,942 (256,942) — Coverholders (2) 63,565 (22,514) 41,051 Large brokers (2) 46,641 (13,215) 33,426 SME brokers (2) 14,126 (5,003) 9,123 $ 515,388 $ (306,671) $ 208,717 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. VOBA and intangible assets At December 31, 2020 Gross amount Accumulated amortization Total U.S. state licenses $ 26,036 n/a $ 26,036 Customer relationships and customers lists - Ternian (1) 13,330 (7,665) 5,665 VOBA - Novae (2) 256,942 (253,088) 3,854 Syndicate capacity (2) 94,748 n/a 94,748 Coverholders (2) 63,565 (17,216) 46,349 Large brokers (2) 46,641 (10,106) 36,535 SME brokers (2) 14,126 (3,826) 10,300 $ 515,388 $ (291,901) $ 223,487 n/a – not applicable (1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above. (2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including Value of Business Acquired ("VOBA"), distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above. |
FUTURE AMORTIZATION EXPENSE | The table below provides details of estimated amortization expense of intangible assets with a finite life: Total 2022 $ 10,916 2023 10,916 2024 10,916 2025 9,921 2026 9,583 After 2026 35,681 Total remaining amortization expense 87,933 Indefinite lived intangible assets 120,784 Total intangible assets $ 208,717 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
AMORTIZED COST AND FAIR VALUES OF FIXED MATURITIES | The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale: Amortized Allowance for expected credit losses Gross Gross Fair At December 31, 2021 Available for sale U.S. government and agency $ 2,693,319 $ — $ 9,776 $ (20,647) $ 2,682,448 Non-U.S. government 794,705 — 10,158 (9,685) 795,178 Corporate debt 4,446,585 (236) 87,075 (38,112) 4,495,312 Agency RMBS (1) 1,065,973 — 17,397 (8,781) 1,074,589 CMBS (2) 1,223,051 — 29,827 (4,687) 1,248,191 Non-agency RMBS 185,854 (77) 2,410 (2,023) 186,164 ABS (3) 1,628,739 — 3,406 (9,665) 1,622,480 Municipals (4) 203,556 — 5,928 (646) 208,838 Total fixed maturities, available for sale $ 12,241,782 $ (313) $ 165,977 $ (94,246) $ 12,313,200 At December 31, 2020 Available for sale U.S. government and agency $ 1,881,489 $ — $ 38,969 $ (1,759) $ 1,918,699 Non-U.S. government 632,875 — 38,826 (428) 671,273 Corporate debt 4,408,351 (303) 254,261 (6,358) 4,655,951 Agency RMBS (1) 1,244,727 — 42,170 (688) 1,286,209 CMBS (2) 1,268,273 — 87,598 (2,284) 1,353,587 Non-agency RMBS 136,198 (20) 4,604 (678) 140,104 ABS (3) 1,712,236 — 14,527 (6,685) 1,720,078 Municipals (4) 282,781 — 13,148 (31) 295,898 Total fixed maturities, available for sale $ 11,566,930 $ (323) $ 494,103 $ (18,911) $ 12,041,799 (1) Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies. (2) Commercial mortgage-backed securities ("CMBS"). (3) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"). (4) Municipals include bonds issued by states, municipalities and political subdivisions. |
DEBT SECURITIES, HELD-TO-MATURITY | The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity: Amortized cost Allowance for expected credit losses Net carrying value Gross Gross unrealized losses Fair value At December 31, 2021 Held to maturity Corporate debt $ 37,700 $ — $ 37,700 $ 18 $ (146) $ 37,572 ABS (1) 408,316 — 408,316 81 (936) 407,461 Total fixed maturities, held to maturity $ 446,016 $ — $ 446,016 $ 99 $ (1,082) $ 445,033 (1) Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs"). |
COST AND FAIR VALUE OF EQUITY SECURITIES | The following table provides the cost and fair values of the Company's equity securities: Cost Gross Gross Fair At December 31, 2021 Equity securities Common stocks $ 1,264 $ 585 $ (485) $ 1,364 Preferred stocks 115 64 — 179 Exchange-traded funds 203,455 134,037 (677) 336,815 Bond mutual funds 324,030 544 (7,257) 317,317 Total equity securities $ 528,864 $ 135,230 $ (8,419) $ 655,675 At December 31, 2020 Equity securities Common stocks $ 10,810 $ 689 $ (557) $ 10,942 Preferred stocks 6,301 1,767 — 8,068 Exchange-traded funds 147,794 74,314 (390) 221,718 Bond mutual funds 256,839 20,878 — 277,717 Total equity securities $ 421,744 $ 97,648 $ (947) $ 518,445 |
CONTRACTUAL MATURITIES OF FIXED MATURITIES | The table below provides the contractual maturities of fixed maturities classified as available for sale: Amortized Fair % of Total At December 31, 2021 Maturity Due in one year or less $ 503,716 $ 505,602 4.1 % Due after one year through five years 4,878,151 4,908,640 39.9 % Due after five years through ten years 2,478,542 2,488,478 20.2 % Due after ten years 277,756 279,056 2.3 % 8,138,165 8,181,776 66.5 % Agency RMBS 1,065,973 1,074,589 8.7 % CMBS 1,223,051 1,248,191 10.1 % Non-agency RMBS 185,854 186,164 1.5 % ABS 1,628,739 1,622,480 13.2 % Total $ 12,241,782 $ 12,313,200 100.0 % At December 31, 2020 Maturity Due in one year or less $ 436,287 $ 444,527 3.6 % Due after one year through five years 4,165,696 4,335,219 36.0 % Due after five years through ten years 2,344,859 2,489,050 20.7 % Due after ten years 258,654 273,025 2.3 % 7,205,496 7,541,821 62.6 % Agency RMBS 1,244,727 1,286,209 10.7 % CMBS 1,268,273 1,353,587 11.2 % Non-agency RMBS 136,198 140,104 1.2 % ABS 1,712,236 1,720,078 14.3 % Total $ 11,566,930 $ 12,041,799 100.0 % |
FIXED MATURITIES AND EQUITIES IN AN UNREALIZED LOSS POSITION | The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized At December 31, 2021 Fixed maturities, available for sale U.S. government and agency $ 101,776 $ (4,852) $ 2,014,880 $ (15,795) $ 2,116,656 $ (20,647) Non-U.S. government 11,011 (1,830) 463,498 (7,855) 474,509 (9,685) Corporate debt 152,962 (6,542) 1,681,859 (31,570) 1,834,821 (38,112) Agency RMBS 41,024 (1,678) 503,988 (7,103) 545,012 (8,781) CMBS 30,128 (1,001) 347,515 (3,686) 377,643 (4,687) Non-agency RMBS 4,481 (523) 109,937 (1,500) 114,418 (2,023) ABS 43,466 (1,152) 1,040,363 (8,513) 1,083,829 (9,665) Municipals 5,293 (137) 35,649 (509) 40,942 (646) Total fixed maturities, available for sale $ 390,141 $ (17,715) $ 6,197,689 $ (76,531) $ 6,587,830 $ (94,246) At December 31, 2020 Fixed maturities, available for sale U.S. government and agency $ — $ — $ 251,606 $ (1,759) $ 251,606 $ (1,759) Non-U.S. government 16,115 (262) 3,652 (166) 19,767 (428) Corporate debt 63,640 (2,244) 233,970 (4,114) 297,610 (6,358) Agency RMBS 6,580 (20) 78,672 (668) 85,252 (688) CMBS 19,736 (1,012) 70,656 (1,272) 90,392 (2,284) Non-agency RMBS 5,109 (598) 9,558 (80) 14,667 (678) ABS 325,436 (4,011) 360,402 (2,674) 685,838 (6,685) Municipals — — 11,881 (31) 11,881 (31) Total fixed maturities, available for sale $ 436,616 $ (8,147) $ 1,020,397 $ (10,764) $ 1,457,013 $ (18,911) |
MORTGAGE LOANS NET OF VALUATION ALLOWANCE | The following table provides details of the Company's mortgage loans held for investment: December 31, 2021 December 31, 2020 Carrying value % of Total Carrying value % of Total Mortgage loans held for investment: Commercial $ 594,088 100 % $ 593,290 100 % Total mortgage loans held for investment $ 594,088 100 % $ 593,290 100 % |
PORTFOLIO OF OTHER INVESTMENTS | The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category: Fair value Redemption frequency Redemption At December 31, 2021 Long/short equity funds $ 3,476 — % Annually 60 days Multi-strategy funds 56,012 6 % Quarterly 60-90 days Direct lending funds 289,867 31 % Quarterly (1) 90 days Private equity funds 249,974 26 % n/a n/a Real estate funds 238,222 25 % Quarterly (2) 45 days CLO-Equities 5,910 1 % n/a n/a Other privately held investments 104,521 11 % n/a n/a Overseas deposits — — % n/a n/a Total other investments $ 947,982 100 % At December 31, 2020 Long/short equity funds $ 25,300 3 % Annually 60 days Multi-strategy funds 121,420 15 % Quarterly, Semi-annually 60-95 days Direct lending funds 272,131 33 % Quarterly (1) 90 days Private equity funds 124,706 15 % n/a n/a Real estate funds 164,250 20 % Quarterly (2) 45 days CLO-Equities 6,173 1 % n/a n/a Other privately held investments 70,011 8 % n/a n/a Overseas deposits 45,165 5 % n/a n/a Total other investments $ 829,156 100 % n/a – not applicable (1) Applies to one fund with a fair value of $47 million (2020: $38 million). (2) Applies to one fund with a fair value of $73 million (2020: $61 million). |
NET INVESTMENT INCOME | Net investment income was derived from the following sources: Year ended December 31, 2021 2020 2019 Fixed maturities $ 262,049 $ 317,121 $ 384,053 Other investments 181,906 16,059 60,038 Equity securities 12,752 9,328 10,434 Mortgage loans 17,427 15,432 14,712 Cash and cash equivalents 4,454 13,582 26,882 Short-term investments 664 2,749 7,053 Gross investment income 479,252 374,271 503,172 Investment expenses (24,951) (24,670) (24,600) Net investment income $ 454,301 $ 349,601 $ 478,572 |
NET REALIZED INVESTMENT GAINS (LOSSES) | The following table provides an analysis of net investment gains (losses): Year ended December 31, 2021 2020 2019 Gross realized investment gains Fixed maturities and short-term investments $ 137,729 $ 186,726 $ 93,160 Equity securities 5,413 25,648 3,449 Gross realized investment gains 143,142 212,374 96,609 Gross realized investment losses Fixed maturities and short-term investments (42,613) (94,607) (56,515) Equity securities (696) (5,840) (323) Gross realized investment losses (43,309) (100,447) (56,838) Change in allowance for expected credit losses 11 (323) — Impairment losses (1) (22) (1,486) — OTTI losses — — (6,984) Change in fair value of investment derivatives (2) 4,346 (2,434) (1,823) Net unrealized gains (losses) on equity securities 30,111 21,449 60,269 Net investment gains $ 134,279 $ 129,133 $ 91,233 (1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery. (2) Refer to Note 7 'Derivative Instruments'. |
ALLOWANCE FOR CREDIT LOSS | The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale: Year ended December 31, 2021 2020 2019 Balance at beginning of period $ 323 $ — $ — Expected credit losses on securities where credit losses were not previously recognized 95 22,570 — Additions (reductions) for expected credit losses on securities where credit losses were previously recognized 50 (11,542) — Impairments of securities which the Company intends to sell or more likely than not will be required to sell — — — Securities sold/redeemed/matured (155) (10,705) — Balance at end of period $ 313 $ 323 $ — |
OTTI RECOGNIZED IN EARNINGS BY ASSET CLASS | The following table summarizes the OTTI charge recognized in net income by asset class: Year ended December 31, 2021 2020 2019 Fixed maturities: Non-U.S. government $ — $ — $ 90 Corporate debt — — 6,894 Non-agency CMBS — — — Total OTTI recognized in net income $ — $ — $ 6,984 |
RESTRICTED INVESTMENTS | The table below provides the fair values of the Company's restr icted investments and cash: At December 31, 2021 2020 Collateral in Trust for inter-company agreements $ 886,903 $ 1,153,157 Collateral for secured letter of credit facility 402,478 434,845 Funds at Lloyd's 936,862 1,155,832 Collateral in Trust for third-party agreements 2,412,882 1,903,274 Securities on deposit or in trust with regulatory authorities 729,072 265,959 Total restricted investments and cash $ 5,368,197 $ 4,913,067 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS | The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated: Quoted prices in active markets Significant other observable Significant unobservable inputs (Level 3) Fair value based on NAV practical expedient Total fair value At December 31, 2021 Assets Fixed maturities, available for sale U.S. government and agency $ 2,632,541 $ 49,907 $ — $ — $ 2,682,448 Non-U.S. government — 795,178 — — 795,178 Corporate debt — 4,452,418 42,894 — 4,495,312 Agency RMBS — 1,074,589 — — 1,074,589 CMBS — 1,248,191 — — 1,248,191 Non-agency RMBS — 186,164 — — 186,164 ABS — 1,622,480 — — 1,622,480 Municipals — 208,838 — — 208,838 2,632,541 9,637,765 42,894 — 12,313,200 Equity securities Common stocks 1,364 — — — 1,364 Preferred stocks 179 — — — 179 Exchange-traded funds 336,815 — — — 336,815 Bond mutual funds — 317,317 — — 317,317 338,358 317,317 — — 655,675 Other investments Hedge funds (1) — — — 59,488 59,488 Direct lending funds — — — 289,867 289,867 Private equity funds — — — 249,974 249,974 Real estate funds — — — 238,222 238,222 CLO-Equities — — 5,910 — 5,910 Other privately held investments — — 104,521 — 104,521 Overseas deposits — — — — — — — 110,431 837,551 947,982 Short-term investments — 31,063 — — 31,063 Other assets Derivative instruments (refer to Note 7) — 3,116 — — 3,116 Total Assets $ 2,970,899 $ 9,989,261 $ 153,325 $ 837,551 $ 13,951,036 Liabilities Derivative instruments (refer to Note 7) $ — $ 14,987 $ 5,630 $ — $ 20,617 Cash-settled awards (refer to Note 16) — 9,091 — — 9,091 Total Liabilities $ — $ 24,078 $ 5,630 $ — $ 29,708 (1) Includes Long/short equity and Multi-strategy funds. Quoted prices in active markets Significant other observable Significant unobservable inputs (Level 3) Fair value based on NAV practical expedient Total fair value At December 31, 2020 Assets Fixed maturities, available for sale U.S. government and agency $ 1,861,240 $ 57,459 $ — $ — $ 1,918,699 Non-U.S. government — 671,273 — — 671,273 Corporate debt — 4,653,447 2,504 — 4,655,951 Agency RMBS — 1,286,209 — — 1,286,209 CMBS — 1,351,847 1,740 — 1,353,587 Non-agency RMBS — 140,104 — — 140,104 ABS — 1,709,413 10,665 — 1,720,078 Municipals — 295,898 — — 295,898 1,861,240 10,165,650 14,909 — 12,041,799 Equity securities Common stocks 10,942 — — — 10,942 Preferred stocks 8,068 — — — 8,068 Exchange-traded funds 221,718 — — — 221,718 Bond mutual funds — 277,717 — — 277,717 240,728 277,717 — — 518,445 Other investments Hedge funds (1) — — — 146,720 146,720 Direct lending funds — — — 272,131 272,131 Private equity funds — — — 124,706 124,706 Real estate funds — — — 164,250 164,250 CLO-Equities — — 6,173 — 6,173 Other privately held investments — — 70,011 — 70,011 Overseas deposits — 45,165 — — 45,165 — 45,165 76,184 707,807 829,156 Short-term investments — 161,897 — — 161,897 Other assets Derivative instruments (refer to Note 7) — 18,875 — — 18,875 Total Assets $ 2,101,968 $ 10,669,304 $ 91,093 $ 707,807 $ 13,570,172 Liabilities Derivative instruments (refer to Note 7) $ — $ 2,364 $ 9,122 $ — $ 11,486 Cash-settled awards (refer to Note 16) — 13,273 — — 13,273 Total Liabilities $ — $ 15,637 $ 9,122 $ — $ 24,759 |
LEVEL 3 FAIR VALUE MEASUREMENT INPUTS | The following table quantifies the significant unobservable inputs used in estimating fair values at December 31, 2021 of investments classified as Level 3 in the fair value hierarchy: Fair value Valuation technique Unobservable input Amount /Range Weighted Other investments - CLO-Equities $ 5,910 Discounted cash flow Default rate 4.5% 4.5% Loss severity rate 50.0% 50.0% Collateral spread 3.0% 3.0% Estimated maturity date 6 years 6 years Other investments - Other privately $ 20,867 Discounted cash flow Discount rate 2.5% 2.5% Default rate 0.5% 0.5% Loss absorption yield 1.0% 1.0% Estimated maturity date 2 - 4 years 3 years Derivatives - Other underwriting- $ (5,630) Discounted cash flow Discount rate 1.3% 1.3% Note: Fixed maturities of $43 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $84 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies. |
CHANGES IN LEVEL 3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS, ASSETS | The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis: Opening Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing Change in unrealized gains/(losses) (3) Year ended December 31, 2021 Fixed maturities, available for sale Corporate debt $ 2,504 $ — $ — $ — $ (642) $ 41,800 $ — $ (768) $ 42,894 $ — CMBS 1,740 — — — 13 — — (1,753) — — ABS 10,665 — (10,200) — 35 — — (500) — — 14,909 — (10,200) — (594) 41,800 — (3,021) 42,894 — Other investments CLO-Equities 6,173 — — 2,819 — — — (3,082) 5,910 2,819 Other privately held investments 70,011 — — 42,653 — 21,760 (26,980) (2,923) 104,521 25,273 76,184 — — 45,472 — 21,760 (26,980) (6,005) 110,431 28,092 Total assets $ 91,093 $ — $ (10,200) $ 45,472 $ (594) $ 63,560 $ (26,980) $ (9,026) $ 153,325 $ 28,092 Other liabilities Derivative instruments $ 9,122 $ — $ — $ (2,742) $ — $ — $ — $ (750) $ 5,630 $ (1,769) Total liabilities $ 9,122 $ — $ — $ (2,742) $ — $ — $ — $ (750) $ 5,630 $ (1,769) Year ended December 31, 2020 Fixed maturities, available for sale Corporate debt $ 2,297 $ — $ — $ — $ 207 $ — $ — $ — $ 2,504 $ — CMBS 5,235 — — — (11) — — (3,484) 1,740 — ABS 489 9,091 — — 116 969 — — 10,665 — 8,021 9,091 — — 312 969 — (3,484) 14,909 — Other investments CLO-Equities 14,328 — — (6,017) — — — (2,138) 6,173 (5,319) Other privately held investments 36,934 — — 6,040 — 27,037 — — 70,011 6,040 51,262 — — 23 — 27,037 — (2,138) 76,184 721 Total assets $ 59,283 $ 9,091 $ — $ 23 $ 312 $ 28,006 $ — $ (5,622) $ 91,093 $ 721 Other liabilities Derivative instruments $ 9,672 $ — $ — $ 9,421 $ — $ — $ — $ (9,971) $ 9,122 $ (550) Total liabilities $ 9,672 $ — $ — $ 9,421 $ — $ — $ — $ (9,971) $ 9,122 $ (550) (1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income. (2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI"). |
CHANGES IN LEVEL 3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS, LIABILITIES | The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis: Opening Transfers Transfers Included in net income (1) Included in OCI (2) Purchases Sales Settlements/ Closing Change in unrealized gains/(losses) (3) Year ended December 31, 2021 Fixed maturities, available for sale Corporate debt $ 2,504 $ — $ — $ — $ (642) $ 41,800 $ — $ (768) $ 42,894 $ — CMBS 1,740 — — — 13 — — (1,753) — — ABS 10,665 — (10,200) — 35 — — (500) — — 14,909 — (10,200) — (594) 41,800 — (3,021) 42,894 — Other investments CLO-Equities 6,173 — — 2,819 — — — (3,082) 5,910 2,819 Other privately held investments 70,011 — — 42,653 — 21,760 (26,980) (2,923) 104,521 25,273 76,184 — — 45,472 — 21,760 (26,980) (6,005) 110,431 28,092 Total assets $ 91,093 $ — $ (10,200) $ 45,472 $ (594) $ 63,560 $ (26,980) $ (9,026) $ 153,325 $ 28,092 Other liabilities Derivative instruments $ 9,122 $ — $ — $ (2,742) $ — $ — $ — $ (750) $ 5,630 $ (1,769) Total liabilities $ 9,122 $ — $ — $ (2,742) $ — $ — $ — $ (750) $ 5,630 $ (1,769) Year ended December 31, 2020 Fixed maturities, available for sale Corporate debt $ 2,297 $ — $ — $ — $ 207 $ — $ — $ — $ 2,504 $ — CMBS 5,235 — — — (11) — — (3,484) 1,740 — ABS 489 9,091 — — 116 969 — — 10,665 — 8,021 9,091 — — 312 969 — (3,484) 14,909 — Other investments CLO-Equities 14,328 — — (6,017) — — — (2,138) 6,173 (5,319) Other privately held investments 36,934 — — 6,040 — 27,037 — — 70,011 6,040 51,262 — — 23 — 27,037 — (2,138) 76,184 721 Total assets $ 59,283 $ 9,091 $ — $ 23 $ 312 $ 28,006 $ — $ (5,622) $ 91,093 $ 721 Other liabilities Derivative instruments $ 9,672 $ — $ — $ 9,421 $ — $ — $ — $ (9,971) $ 9,122 $ (550) Total liabilities $ 9,672 $ — $ — $ 9,421 $ — $ — $ — $ (9,971) $ 9,122 $ (550) (1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income. (2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI"). |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET | The following table provides the balance sheet classifications of derivatives recorded at fair value: December 31, 2021 December 31, 2020 Derivative Derivative asset fair value (1) Derivative liability fair value (1) Derivative Derivative asset fair value (1) Derivative liability fair value (1) Relating to investment portfolio: Foreign exchange forward contracts $ 184,187 $ 13 $ 1,463 $ 105,781 $ 2 $ 2,364 Relating to underwriting portfolio: Foreign exchange forward contracts 1,258,836 3,103 13,524 1,197,012 18,873 — Other underwriting-related contracts 50,000 — 5,630 75,000 — 9,122 Total derivatives $ 3,116 $ 20,617 $ 18,875 $ 11,486 (1) Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets. |
RECONCILIATION OF GROSS DERIVATIVE ASSETS TO NET AMOUNTS PRESENTED IN BALANCE SHEETS | The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements: December 31, 2021 December 31, 2020 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 9,047 $ (5,931) $ 3,116 $ 27,765 $ (8,890) $ 18,875 Derivative liabilities $ 26,548 $ (5,931) $ 20,617 $ 20,376 $ (8,890) $ 11,486 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets. |
RECONCILIATION OF GROSS DERIVATIVE LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS | The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements: December 31, 2021 December 31, 2020 Gross amounts Gross amounts offset Net amounts (1) Gross amounts Gross amounts offset Net amounts (1) Derivative assets $ 9,047 $ (5,931) $ 3,116 $ 27,765 $ (8,890) $ 18,875 Derivative liabilities $ 26,548 $ (5,931) $ 20,617 $ 20,376 $ (8,890) $ 11,486 (1) Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets. |
TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS | The following table provides the total unrealized and realized gains (losses) recognized in net income for derivatives not designated as hedges: Consolidated statement of operations line item that includes gain (loss) recognized Amount of gain (loss) recognized in 2021 2020 2019 Relating to investment portfolio: Foreign exchange forward contracts Net investment gains (losses) $ 4,346 $ (2,434) $ 1,854 Interest rate swaps Net investment gains (losses) — — (3,677) Relating to underwriting portfolio: Foreign exchange forward contracts Foreign exchange gains (losses) (50,738) 44,166 (10,678) Other underwriting-related contracts Other insurance related income (loss) 2,742 (9,035) 1,789 Total $ (43,650) $ 32,697 $ (10,712) |
RESERVE FOR LOSSES AND LOSS E_2
RESERVE FOR LOSSES AND LOSS EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance Loss Reserves [Abstract] | |
SCHEDULE OF THE LINES OF BUSINESS CATEGORIES AND THE EXPECTED CLAIM TAILS | The following tables map the Company's lines of business to reserve classes and the expected claim tails: Insurance segment Reserve class and tail Property and other Marine Aviation Credit and political risk Professional lines Liability Short Short Short/Medium Medium Medium Long Reported lines of business Property X Marine X Terrorism X Aviation X Credit and political risk X Professional lines X Liability X Accident and health X Discontinued lines - Novae X X X Reinsurance segment Reserve class and tail Property and other Credit and surety Professional lines Motor Liability Short Medium Medium Long Long Reported lines of business Catastrophe X Property X Credit and surety X Professional lines X Motor X Liability X Engineering X Agriculture X Marine and aviation X Accident and health X Discontinued lines - Novae X X X |
COMPONENTS OF RESERVE FOR LOSSES AND LOSS EXPENSES | Reserve for losses and loss expenses comprise the following: At December 31, 2021 2020 Reserve for reported losses and loss expenses $ 5,539,971 $ 5,331,900 Reserve for losses incurred but not reported 9,113,123 8,594,866 Reserve for losses and loss expenses $ 14,653,094 $ 13,926,766 |
RECONCILIATION OF BEGINNING AND ENDING GROSS RESERVE FOR LOSSES AND LOSS EXPENSES AND NET RESERVE FOR UNPAID LOSSES AND LOSS EXPENSES | The following table presents a reconciliation of the Company's beginning and ending gross reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses: Year ended December 31, 2021 2020 2019 Gross reserve for losses and loss expenses, beginning of year $ 13,926,766 $ 12,752,081 $ 12,280,769 Less reinsurance recoverable on unpaid losses, beginning of year (4,496,641) (3,877,756) (3,501,669) Net reserve for unpaid losses and loss expenses, beginning of year 9,430,125 8,874,325 8,779,100 Net incurred losses and loss expenses related to: Current year 3,041,193 3,297,161 3,123,698 Prior years (32,410) (15,909) (78,900) 3,008,783 3,281,252 3,044,798 Net paid losses and loss expenses related to: Current year (490,011) (571,442) (598,988) Prior years (2,274,240) (2,365,959) (2,371,637) (2,764,251) (2,937,401) (2,970,625) Foreign exchange and other (39,174) 211,949 21,052 Net reserve for unpaid losses and loss expenses, end of year 9,635,483 9,430,125 8,874,325 Reinsurance recoverable on unpaid losses, end of year 5,017,611 4,496,641 3,877,756 Gross reserve for losses and loss expenses, end of year $ 14,653,094 $ 13,926,766 $ 12,752,081 |
NET PRIOR YEAR RESERVE DEVELOPMENT BY SEGMENT | The following table presents net prior year reserve development by segment: Favorable (Adverse) Insurance Reinsurance Total Year ended December 31, 2021 $ 18,360 $ 14,049 $ 32,410 Year ended December 31, 2020 8,937 6,972 15,909 Year ended December 31, 2019 53,302 25,598 78,900 Insurance Segment : Favorable (Adverse) Years ended December 31, 2021 2020 2019 Property and other $ 86,876 $ 46,791 $ 11,042 Marine 28,430 16,780 33,260 Aviation 14,106 6,416 3,741 Credit and political risk 10,363 (745) 18,810 Professional lines (78,588) (35,661) 11,721 Liability (42,827) (24,644) (25,272) Total $ 18,360 $ 8,937 $ 53,302 Reinsurance Segment : Favorable (Adverse) Years ended December 31, 2021 2020 2019 Property and other $ 8,282 $ (5,935) $ (133,448) Credit and surety 3,436 36,829 53,223 Professional lines (23,718) (15,352) 3,668 Motor 43,968 21,086 70,872 Liability (17,919) (29,656) 31,283 Total $ 14,049 $ 6,972 $ 25,598 |
NET INCURRED AND PAID CLAIMS DEVELOPMENT TABLES BY ACCIDENT YEAR | Insurance property and other Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 392,832 $ 402,013 $ 383,920 $ 363,521 $ 359,326 $ 353,602 $ 352,761 $ 342,723 $ 342,406 $ 335,903 $ 8 29,793 2013 310,545 300,371 273,448 269,504 269,153 279,588 275,919 275,403 276,632 1,069 53,020 2014 362,013 356,814 346,144 330,094 329,003 327,406 322,723 319,317 2,739 62,221 2015 279,805 272,498 261,501 257,068 254,221 256,252 245,590 988 48,317 2016 353,241 380,615 371,911 358,721 352,464 355,523 3,631 93,582 2017 905,430 830,525 822,660 811,219 807,759 3,783 698,013 2018 725,996 784,554 764,189 754,009 17,643 740,146 2019 451,522 446,574 437,227 17,971 674,310 2020 741,881 711,366 97,496 699,571 2021 452,055 121,860 293,463 Total $ 4,695,381 Insurance property and other Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 77,684 $ 214,440 $ 278,538 $ 301,512 $ 309,042 $ 314,210 $ 314,282 $ 316,388 $ 316,614 $ 316,722 2013 76,142 199,585 238,483 249,534 260,576 263,605 265,442 269,290 273,752 2014 133,186 260,405 307,040 314,197 318,414 319,601 316,305 316,319 2015 100,169 204,138 228,910 243,213 243,895 250,620 242,516 2016 125,806 292,009 332,043 340,568 341,693 348,739 2017 256,234 629,722 745,770 775,507 773,007 2018 288,200 585,855 685,681 699,094 2019 197,452 328,183 382,521 2020 220,838 486,815 2021 174,401 Total 4,013,886 All outstanding liabilities before 2012, net of reinsurance 7,291 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 688,786 Insurance marine Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 89,643 $ 83,026 $ 68,936 $ 71,000 $ 72,020 $ 74,541 $ 72,698 $ 62,100 $ 65,122 $ 64,686 $ 2,932 4,135 2013 79,514 100,613 95,940 97,010 82,261 81,822 80,781 79,950 80,797 1,218 2,356 2014 59,719 44,469 48,205 44,152 45,634 46,932 40,617 38,112 2,693 2,169 2015 159,499 140,502 135,999 128,687 116,686 121,677 122,084 1,057 2,232 2016 86,403 78,726 76,441 71,066 69,814 68,897 2,105 2,867 2017 206,441 169,508 167,118 163,222 154,218 12,183 4,038 2018 182,358 203,260 191,806 185,628 27,926 4,426 2019 169,706 167,184 171,244 29,024 4,668 2020 171,330 155,167 55,833 4,491 2021 199,007 130,108 3,447 Total $ 1,239,840 Insurance marine Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 10,706 $ 38,466 $ 44,734 $ 49,474 $ 50,284 $ 52,631 $ 54,621 $ 55,654 $ 55,830 $ 58,122 2013 18,873 43,866 54,648 62,825 65,493 76,517 76,660 77,937 79,163 2014 6,362 15,154 26,542 26,682 35,631 40,256 41,344 35,155 2015 21,446 54,640 107,512 110,367 111,761 113,293 120,216 2016 12,490 31,822 57,267 63,245 64,019 65,143 2017 14,634 67,622 91,342 115,634 122,148 2018 26,752 85,409 115,600 126,986 2019 36,293 75,653 116,160 2020 38,554 72,095 2021 20,043 Total 815,231 All outstanding liabilities before 2012, net of reinsurance 5,859 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 430,468 Insurance aviation Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 12,782 $ 10,670 $ 10,795 $ 8,709 $ 7,760 $ 7,703 $ 7,590 $ 7,383 $ 7,302 $ 7,205 $ 36 886 2013 15,654 16,334 15,207 15,249 15,586 15,471 16,763 16,670 16,451 260 1,043 2014 20,437 23,038 24,357 21,798 21,857 19,097 17,350 16,716 121 1,374 2015 29,786 28,512 29,845 29,579 27,522 28,001 27,517 179 2,053 2016 29,180 33,517 33,679 31,745 32,473 32,545 325 1,945 2017 55,401 61,524 66,263 68,549 69,799 (458) 4,466 2018 57,877 63,348 61,678 61,338 2,610 4,214 2019 44,106 41,658 41,123 2,003 2,778 2020 37,391 25,380 6,355 1,584 2021 43,585 22,283 1,268 Total $ 341,659 Insurance aviation Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 956 $ 2,863 $ 4,153 $ 5,950 $ 6,823 $ 7,044 $ 7,157 $ 7,093 $ 7,091 $ 7,098 2013 4,401 7,330 9,748 11,450 13,561 14,170 14,487 15,948 15,974 2014 3,989 8,028 11,698 13,856 14,493 14,856 15,027 15,086 2015 8,086 16,166 20,968 23,227 24,686 25,993 26,107 2016 10,416 19,289 26,274 27,838 29,074 29,926 2017 21,176 40,035 50,585 58,920 61,312 2018 21,235 40,068 47,287 50,347 2019 18,052 28,771 31,628 2020 6,324 12,954 2021 7,532 Total 257,964 All outstanding liabilities before 2012, net of reinsurance 4,508 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 88,203 Insurance credit and political risk Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 32,602 $ 15,672 $ 12,435 $ 12,447 $ 10,322 $ 47 $ 199 $ 199 $ 199 $ 49 $ 5 4 2013 26,439 25,684 9,759 9,880 14,942 14,067 12,377 12,739 12,614 462 2 2014 38,825 70,713 67,109 68,324 69,589 71,275 70,747 69,113 — 6 2015 30,329 30,368 27,524 26,012 25,930 24,851 24,189 880 2 2016 45,760 44,711 42,221 42,792 26,577 25,597 1,081 1 2017 48,555 33,148 27,634 19,804 17,592 8,590 3 2018 43,738 36,562 35,546 27,656 13,354 2 2019 51,407 79,778 73,471 16,248 19 2020 60,927 69,263 31,314 37 2021 42,600 39,624 8 Total $ 362,144 Insurance credit and political risk Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ — $ — $ — $ — $ 40 $ 42 $ 44 $ 44 $ 44 $ 44 2013 745 2,235 3,726 5,216 11,769 13,828 13,828 13,828 12,151 2014 1,924 39,952 61,108 57,858 57,858 64,051 70,224 70,224 2015 — 23,309 23,309 23,309 23,309 23,309 23,309 2016 — 24,516 24,516 24,516 24,516 24,516 2017 421 4,173 9,529 12,034 11,252 2018 5,552 13,897 15,971 12,432 2019 16,431 46,924 54,239 2020 10,013 91,352 2021 2,769 Total 302,288 All outstanding liabilities before 2012, net of reinsurance (874) Liabilities for claims and claim adjustment expenses, net of reinsurance $ 58,982 Insurance professional lines Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 329,064 $ 376,334 $ 377,681 $ 376,619 $ 363,769 $ 365,781 $ 354,414 $ 352,476 $ 334,321 $ 337,000 $ 20,571 8,348 2013 384,382 398,008 399,307 366,094 355,419 357,807 335,888 339,108 335,453 36,146 9,473 2014 413,511 412,262 422,079 392,916 372,390 354,972 348,326 351,729 51,739 9,858 2015 378,217 377,970 383,614 358,613 345,416 328,723 329,377 47,302 10,532 2016 350,015 352,753 359,176 360,698 370,847 374,148 58,192 11,909 2017 394,239 398,881 440,090 436,589 453,259 103,291 13,870 2018 363,496 379,463 433,040 460,903 130,876 16,765 2019 406,170 428,019 467,030 206,644 16,954 2020 440,967 432,895 283,686 11,622 2021 509,463 448,897 8,271 Total $ 4,051,257 Insurance professional lines Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 7,825 $ 41,505 $ 100,434 $ 184,776 $ 231,582 $ 254,682 $ 274,150 $ 282,494 $ 298,902 $ 304,095 2013 17,718 73,251 130,081 176,433 213,979 243,890 264,537 277,239 291,767 2014 23,579 70,688 130,348 192,845 224,461 243,586 253,387 277,463 2015 20,291 67,886 138,136 170,009 204,121 243,082 258,963 2016 15,913 71,229 147,678 192,832 234,825 261,321 2017 21,052 71,877 139,143 206,193 240,455 2018 20,945 82,982 155,101 222,374 2019 28,206 99,158 169,088 2020 26,640 95,558 2021 34,035 Total 2,155,119 All outstanding liabilities before 2012, net of reinsurance 113,232 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 2,009,370 Insurance liability Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Cumulative number of reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 70,859 $ 71,690 $ 74,135 $ 71,474 $ 68,658 $ 75,698 $ 72,727 $ 67,238 $ 64,542 $ 61,993 $ 10,249 3,355 2013 93,234 95,309 95,175 88,243 93,682 95,983 91,943 89,902 94,201 13,218 3,690 2014 107,136 124,313 129,774 130,674 132,021 131,477 132,585 132,064 14,321 5,265 2015 128,437 127,424 137,652 165,160 182,891 188,218 187,146 26,055 6,390 2016 124,322 130,209 128,940 127,572 120,333 120,309 27,993 7,208 2017 167,803 165,661 185,998 202,508 206,833 36,274 8,471 2018 168,202 169,241 192,289 205,961 51,462 8,292 2019 192,358 193,526 222,820 83,628 7,567 2020 225,407 225,866 171,715 5,285 2021 233,055 198,167 4,171 Total $ 1,690,248 Insurance liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 1,631 $ 5,514 $ 15,411 $ 30,145 $ 37,139 $ 42,740 $ 46,541 $ 48,034 $ 48,316 $ 48,505 2013 2,360 23,281 33,320 42,051 60,005 66,964 71,983 73,314 78,023 2014 1,414 18,643 49,839 71,596 84,376 93,576 103,050 106,215 2015 5,438 22,444 39,702 92,744 120,313 141,002 150,848 2016 6,323 23,289 36,382 56,455 66,371 79,594 2017 5,561 29,610 59,306 116,157 144,267 2018 9,460 34,931 72,398 119,446 2019 7,887 39,986 83,943 2020 8,163 25,245 2021 13,413 Total 849,499 All outstanding liabilities before 2012, net of reinsurance 61,635 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 902,384 Reinsurance property and other Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 555,785 $ 523,613 $ 508,032 $ 477,396 $ 461,542 $ 456,536 $ 457,952 $ 454,701 $ 454,280 $ 451,567 $ 81 2013 580,230 562,186 531,304 510,944 504,945 504,433 501,123 500,490 497,825 585 2014 542,903 525,809 499,636 487,065 485,213 484,443 481,582 481,788 3,587 2015 478,050 465,733 460,576 455,252 451,295 456,549 453,142 1,568 2016 618,765 637,746 624,507 620,858 622,706 623,977 8,053 2017 1,099,195 1,080,897 1,103,419 1,110,521 1,105,803 40,302 2018 884,369 1,010,076 1,014,311 1,019,138 44,435 2019 951,665 949,822 924,338 78,420 2020 859,634 893,869 163,285 2021 783,134 425,137 Total $ 7,234,581 Reinsurance property and other Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 122,945 $ 294,809 $ 367,575 $ 390,051 $ 404,621 $ 414,306 $ 416,360 $ 428,889 $ 430,468 $ 434,420 2013 107,774 325,596 442,216 472,619 482,360 483,785 484,429 484,128 487,971 2014 102,421 353,313 435,322 452,832 458,981 463,976 461,202 468,080 2015 71,550 266,150 369,339 401,731 414,291 420,783 436,720 2016 128,812 378,387 522,648 565,778 584,602 592,193 2017 252,454 723,271 866,481 938,025 965,116 2018 196,679 646,904 793,481 859,649 2019 162,093 590,010 708,467 2020 209,072 483,680 2021 165,582 Total 5,601,878 All outstanding liabilities before 2012, net of reinsurance 20,247 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,652,950 Reinsurance credit and surety Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 158,822 $ 148,841 $ 151,401 $ 148,622 $ 140,246 $ 132,213 $ 128,662 $ 125,625 $ 123,383 $ 122,058 $ 1,642 2013 165,106 153,538 144,733 140,863 136,675 125,376 125,497 128,319 127,065 2,445 2014 137,007 136,403 143,576 139,862 128,434 127,133 123,430 122,149 990 2015 160,874 166,772 161,575 157,491 138,575 139,565 140,788 3,998 2016 142,299 141,963 149,807 124,115 116,440 114,123 2,592 2017 139,346 133,506 127,691 118,941 116,204 6,021 2018 112,256 121,246 115,905 112,859 13,156 2019 75,066 69,366 69,399 10,705 2020 77,354 84,115 40,625 2021 52,278 36,571 Total $ 1,061,038 Reinsurance credit and surety Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 49,736 $ 85,902 $ 99,969 $ 105,808 $ 109,335 $ 111,111 $ 112,430 $ 114,392 $ 114,809 $ 113,870 2013 32,474 77,279 92,165 98,755 106,422 108,318 113,284 115,494 113,741 2014 35,632 61,490 86,580 95,711 103,309 107,724 108,232 108,039 2015 32,944 82,167 100,347 117,426 119,333 123,042 123,907 2016 42,110 73,643 92,792 102,465 103,591 102,153 2017 37,387 74,473 91,162 102,901 101,047 2018 39,079 69,040 73,748 85,470 2019 19,382 31,841 46,028 2020 25,386 34,330 2021 4,477 Total 833,062 All outstanding liabilities before 2012, net of reinsurance 21,326 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 249,302 Reinsurance professional lines Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 209,815 $ 216,364 $ 221,821 $ 224,214 $ 222,937 $ 212,941 $ 214,341 $ 207,151 $ 203,653 $ 205,581 $ 8,110 2013 209,516 214,662 215,862 214,075 213,590 206,226 182,005 169,783 165,978 8,416 2014 219,544 219,610 219,552 219,509 233,896 230,376 229,236 227,369 5,971 2015 212,183 212,226 214,606 225,365 232,164 229,418 236,208 19,277 2016 195,328 196,480 200,309 228,398 256,207 256,242 32,832 2017 155,335 156,019 162,447 179,072 189,356 35,316 2018 146,729 149,373 156,429 167,128 47,916 2019 139,177 139,131 143,214 68,827 2020 141,974 143,135 105,608 2021 149,925 131,625 Total $ 1,884,136 Reinsurance professional lines Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 778 $ 10,404 $ 29,657 $ 53,696 $ 86,064 $ 107,351 $ 132,030 $ 146,093 $ 155,739 $ 165,580 2013 1,066 12,089 30,544 65,027 81,721 105,054 123,498 128,867 133,276 2014 2,019 13,079 48,891 74,640 109,356 147,361 159,081 178,781 2015 3,134 13,506 41,565 79,285 112,030 132,153 152,907 2016 1,771 20,566 52,689 95,450 125,448 154,200 2017 2,814 14,961 39,960 62,975 89,223 2018 271 2,616 31,352 57,170 2019 371 13,696 33,902 2020 3,825 14,109 2021 4,337 Total 983,485 All outstanding liabilities before 2012, net of reinsurance 68,013 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 968,664 Reinsurance motor Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 182,633 $ 173,749 $ 162,106 $ 154,440 $ 149,527 $ 139,917 $ 136,989 $ 128,719 $ 129,001 $ 125,068 $ 9,380 2013 167,165 165,656 153,715 144,202 140,724 137,925 128,823 125,709 121,852 5,645 2014 187,744 190,577 185,889 183,176 178,705 175,289 171,880 171,540 4,531 2015 228,839 226,222 230,494 232,237 220,530 219,179 216,102 8,044 2016 252,697 273,424 275,311 264,703 256,311 253,527 7,507 2017 375,025 388,304 377,357 377,101 377,449 26,571 2018 368,844 372,104 384,410 380,446 42,305 2019 349,016 348,877 349,747 51,861 2020 225,728 229,582 71,686 2021 188,428 111,017 Total $ 2,413,741 Reinsurance motor Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 29,565 $ 54,803 $ 70,098 $ 80,217 $ 86,965 $ 91,200 $ 93,594 $ 94,827 $ 86,130 $ 97,432 2013 34,395 55,392 70,078 80,600 86,524 92,307 95,445 86,532 99,978 2014 43,918 76,923 97,479 106,072 116,724 126,849 122,682 143,954 2015 58,581 96,745 118,018 135,958 152,558 154,002 177,260 2016 61,686 108,670 133,970 152,721 166,826 191,945 2017 73,425 139,560 171,933 208,687 232,316 2018 85,158 148,084 215,555 227,804 2019 90,829 186,943 206,602 2020 44,268 100,288 2021 42,173 Total 1,519,752 All outstanding liabilities before 2012, net of reinsurance 230,586 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,124,575 Reinsurance liability Incurred claims and allocated claim adjustment expenses, net of reinsurance At December 31, 2021 For the years ended December 31, Total of incurred-but-not-reported liabilities plus expected development on reported claims Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 166,836 $ 163,315 $ 167,715 $ 172,661 $ 173,827 $ 171,269 $ 164,524 $ 158,528 $ 160,665 $ 163,062 $ 11,222 2013 171,714 175,587 182,564 184,591 184,252 177,391 157,366 156,069 154,459 12,187 2014 199,798 203,282 205,011 200,935 199,736 197,580 188,082 183,909 19,068 2015 215,061 215,460 216,437 216,257 214,011 214,132 203,913 28,578 2016 240,882 246,322 251,424 254,716 264,749 268,888 50,187 2017 275,897 271,104 280,632 290,024 299,740 73,074 2018 265,519 270,527 275,980 288,528 90,968 2019 263,805 273,309 275,176 135,114 2020 284,232 285,083 189,324 2021 304,922 265,558 Total $ 2,427,680 Reinsurance liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2012 unaudited 2013 unaudited 2014 unaudited 2015 unaudited 2016 unaudited 2017 unaudited 2018 unaudited 2019 unaudited 2020 unaudited 2021 2012 $ 3,541 $ 12,803 $ 28,392 $ 58,815 $ 78,291 $ 101,234 $ 115,695 $ 126,071 $ 134,357 $ 136,365 2013 5,974 22,242 52,338 69,069 88,280 102,617 113,154 123,710 128,124 2014 7,094 28,672 48,445 70,214 89,502 110,095 130,304 137,659 2015 7,271 27,460 54,556 80,911 109,056 131,010 141,808 2016 11,884 37,742 69,655 112,028 143,293 167,276 2017 12,477 42,227 78,771 121,223 159,265 2018 19,361 50,121 85,510 128,405 2019 19,326 45,415 80,066 2020 16,950 49,233 2021 10,998 Total 1,139,199 All outstanding liabilities before 2012, net of reinsurance 114,137 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 1,402,618 |
AVERAGE ANNUAL PERCENTAGE PAYOUT OF INCURRED CLAIMS BY AGE, NET OF REINSURANCE | Insurance property and other Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 35.3% 40.8% 13.7% 3.8% 1.3% 1.5% (0.9%) 0.7% 0.9% —% Insurance marine Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 17.2% 29.2% 23.6% 7.2% 5.8% 6.4% 3.0% (4.3%) 0.9% 3.5% Insurance aviation Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 27.6% 26.1% 15.9% 11.1% 6.9% 3.3% 1.2% 2.8% 0.1% 0.1% Insurance credit and political risk Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 7.5% 52.2% 11.3% 1.2% 21.5% 5.9% 3.3% —% (6.7%) —% Insurance professional lines Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 5.3% 13.9% 17.3% 15.4% 10.6% 8.0% 4.9% 4.4% 4.6% 1.5% Insurance liability Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3.5% 12.3% 15.3% 20.7% 12.8% 9.1% 6.0% 2.1% 2.8% 0.3% Reinsurance property and other Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 21.1% 42.3% 17.8% 6.0% 2.5% 1.2% 0.9% 1.4% 0.6% 0.9% Reinsurance credit and surety Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 28.9% 26.2% 14.1% 8.4% 2.7% 1.6% 1.5% 1.0% (0.6%) (0.8%) Reinsurance professional lines Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 1.2% 5.8% 13.2% 14.9% 13.4% 12.2% 9.3% 6.2% 3.7% 4.8% Reinsurance motor Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 23.8% 19.9% 11.0% 7.2% 6.0% 4.9% 3.2% 2.0% 2.0% 9.0% Reinsurance liability Average annual percentage payout of incurred claims by age, net of reinsurance (unaudited) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 4.5% 9.9% 12.8% 14.2% 12.2% 10.9% 8.0% 5.7% 4.0% 1.2% |
RECONCILIATION OF DEVELOPMENT TABLES TO CONSOLIDATED BALANCE SHEET | The following table reconciles the reserve for losses and loss expenses at December 31, 2021, included in the loss development tables to the reserve for losses and loss expenses reported in the consolidated balance sheet: Reconciliation of the disclosure of incurred and paid claims development to the liability At December 31, 2021 Net outstanding liabilities Reinsurance recoverable on unpaid claims Gross outstanding liabilities Insurance segment Property and other $ 688,786 $ 417,814 $ 1,106,600 Marine 430,468 182,584 613,052 Aviation 88,203 58,067 146,270 Credit and political risk 58,982 (23,381) 35,601 Professional lines 2,009,370 1,494,488 3,503,858 Liability 902,384 1,321,469 2,223,853 Total insurance segment 4,178,193 3,451,041 7,629,234 Reinsurance segment Property and other 1,652,950 584,201 2,237,151 Credit and surety 249,302 66,965 316,267 Professional lines 968,664 251,341 1,220,005 Motor 1,124,575 229,195 1,353,770 Liability 1,402,618 434,868 1,837,486 Total reinsurance segment 5,398,109 1,566,570 6,964,679 Total $ 9,576,302 $ 5,017,611 14,593,913 Unallocated claims adjustment expenses 159,676 Foreign exchange and other (1) 48,373 Ceded reserves related to retroactive transactions (148,868) Total liability for unpaid claims and claims adjustment expense $ 14,653,094 (1) Non-U.S. dollar denominated loss data is converted to U.S dollar at the rates of exchange in effect at the balance sheet date for material underlying currencies. Fluctuations in currency exchange rates may cause material shifts in loss development. Reserves for losses and loss expenses disclosed in the consolidated balance sheets are also remeasured using rates of exchange in effect at the balance sheet date. |
REINSURANCE (Tables)
REINSURANCE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |
BREAKDOWN OF GROSS AND NET PREMIUMS WRITTEN AND EARNED | The following table presents gross and net premiums written and earned: Year ended December 31, 2021 2020 2019 Premiums Premiums Premiums Premiums Premiums Premiums Gross $ 7,685,984 $ 7,281,709 $ 6,826,938 $ 6,768,733 $ 6,898,858 $ 6,910,677 Ceded (2,759,360) (2,571,859) (2,490,529) (2,397,424) (2,409,243) (2,323,499) Net $ 4,926,624 $ 4,709,850 $ 4,336,409 $ 4,371,309 $ 4,489,615 $ 4,587,178 |
DEBT AND FINANCING ARRANGEMEN_2
DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | The following table summarizes the Company's debt: Year ended December 31, 2021 2020 5.150% Senior Notes $ 246,632 $ 246,559 4.000% Senior Notes 347,665 347,324 3.900% Senior Notes 296,172 295,748 Junior Subordinated Notes 420,506 420,064 Total Debt $ 1,310,975 $ 1,309,695 The tables below provide the key terms of the Company's debt: Description Issuance Date Aggregate Principal Issue Price Net Proceeds Maturity Date 5.150% Senior Notes March 13, 2014 $ 250,000 99.474 % $ 246,000 April 1, 2045 4.000% Senior Notes December 6, 2017 $ 350,000 99.780 % $ 347,000 December 6, 2027 3.900% Senior Notes June 19, 2019 $ 300,000 99.360 % $ 296,000 July 15, 2029 Junior Subordinated Notes December 10, 2019 $ 425,000 99.000 % $ 420,750 January 15, 2040 Description Interest Rate Interest Payments Due 5.150% Senior Notes 5.150 % Semi-annually in arrears on April 1 and October 1 of each year 4.000% Senior Notes 4.000 % Semi-annually in arrears on June 6 and December 6 of each year 3.900% Senior Notes 3.900 % Semi-annually in arrears on January 15 and July 15 of each year Junior Subordinated Notes (1) 4.900 % Semi-annually on January 15 and July 15 of each year (1) The Junior Subordinated Notes accrue interest from the date of issuance to, but excluding, January 15, 2030 (the "Par Call Date") at the fixed rate of 4.900% and from, and including, the Par Call Date, at a rate equal to the Five-Year Treasury Rate as of the Reset Interest Determination Date, plus 3.186%. Interest of the Junior Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2020. |
SCHEDULED DEBT MATURITY | The following table provides the scheduled maturity of the Company's debt obligations at December 31, 2021: Year ended December 31, 2022 $ — 2023 — 2024 — 2025 — 2026 — After 2026 1,325,000 Unamortized discount and debt issuance expenses (14,025) Total senior notes and notes payable $ 1,310,975 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
SUMMARY OF LEASE EXPENSE AND RELATED CASH FLOWS | The following table presents the Company’s total lease expense and the cash flows arising from lease transactions: Year ended December 31, 2021 2020 2019 Lease cost: Operating lease expense $ 21,864 $ 24,726 $ 27,549 Short-term lease expense (1) 1,127 299 1,132 Sublease income (2) (3,116) (3,578) (1,144) Total lease expense $ 19,875 $ 21,447 $ 27,537 Other information: Operating cash outflows from operating leases $ 22,726 $ 20,452 $ 25,004 Right-of-use assets obtained in exchange for new operating lease liabilities (3) $ (1,739) $ 36,742 — Weighted-average remaining lease term - operating leases (4) 10.0 years 10.2 years 9.0 years Weighted-average discount rate - operating lease (5) 4.1% 4.2 % 4.7 % (1) Short-term lease expense is recognized on a straight-line basis over the lease term. (2) Sublease income largely relates to office properties in New York and London. (3) In 2021, the Company modified a lease agreement to reflect a reduction in the floor space it occupies in its office property in Zurich. (4) Weighted-average remaining lease term was calculated on the basis of the remaining lease term and the lease liability balance for each lease at the reporting date. (5) Weighted-average discount was calculated on the basis of the discount rate that was used to calculate the lease liability balance for each lease at the reporting date and the remaining balance of the lease payments for each lease at the reporting date. |
MATURITY SCHEDULE AND MINIMUM LEASE PAYMENTS | The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2021: Year ended December 31, Expected cash flows 2022 $ 23,262 2023 19,725 2024 13,556 2025 12,924 2026 10,770 Later years 66,705 Discount (27,430) Total discounted operating lease liabilities $ 119,512 The following table presents the scheduled maturity of the Company's operating lease liabilities at December 31, 2020: Year ended December 31, Expected cash flows 2021 $ 22,817 2022 23,598 2023 20,190 2024 14,478 2025 13,849 Later years 78,987 Discount (33,656) Total discounted operating lease liabilities $ 140,263 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED EARNINGS PER COMMON SHARE | The following table presents a comparison of earnings (loss) per common share and earnings (loss) per diluted common share: At and year ended December 31, 2021 2020 2019 Earnings (loss) per common share Net income (loss) $ 618,609 $ (120,424) $ 323,473 Less: Preferred share dividends 30,250 30,250 41,112 Net income (loss) available (attributable) to common shareholders $ 588,359 $ (150,674) $ 282,361 Weighted average common shares outstanding 84,707 84,262 83,894 Earnings (loss) per common share $ 6.95 $ (1.79) $ 3.37 Earnings (loss) per diluted common share Net income (loss) available (attributable) to common shareholders $ 588,359 $ (150,674) $ 282,361 Weighted average common shares outstanding 84,707 84,262 83,894 Share-based compensation plans (1) 584 — 579 Weighted average diluted common shares outstanding 85,291 84,262 84,473 Earnings (loss) per diluted common share $ 6.90 $ (1.79) $ 3.34 Weighted average anti-dilutive shares excluded from the dilutive computation 656 922 154 (1) Due to the net loss recognized for the year ended December 31, 2020, the share equivalents were anti-dilutive. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
COMMON SHARES ISSUED AND OUTSTANDING | The following table presents changes in common shares issued and outstanding: Year ended December 31, 2021 2020 2019 Shares issued, balance at beginning of year 176,580 176,580 176,580 Shares issued — — — Total shares issued at end of year 176,580 176,580 176,580 Treasury shares, balance at beginning of year (92,227) (92,621) (92,994) Shares repurchased (205) (194) (176) Shares reissued 626 588 549 Total treasury shares at end of year (91,806) (92,227) (92,621) Total shares outstanding 84,774 84,353 83,959 |
SHARE REPURCHASES | The following table presents common shares repurchased from shares held in Treasury: Year ended December 31, 2021 2020 2019 In the open market: Total shares — — — Total cost $ — $ — $ — Average price per share (1) $ — $ — $ — From employees: (2) Total shares 205 194 176 Total cost $ 10,242 $ 10,382 $ 10,165 Average price per share (1) $ 49.93 $ 53.43 $ 57.66 Total shares repurchased: Total shares 205 194 176 Total cost $ 10,242 $ 10,382 $ 10,165 Average price per share (1) $ 49.93 $ 53.43 $ 57.66 (1) Calculated using whole numbers. |
SUMMARY OF DIVIDENDS DECLARED AND PAID | The following table presents dividends declared and paid related to the Company's common and preferred shares: Per share data Dividends declared Dividends paid in year of declaration Dividends paid in year following declaration Year ended December 31, 2021 Common shares $ 1.69 $ 1.26 $ 0.43 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2020 Common shares $ 1.65 $ 1.23 $ 0.42 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 Year ended December 31, 2019 Common shares $ 1.61 $ 1.20 $ 0.41 Series D preferred shares (1) $ 1.21 $ 1.03 $ 0.18 Series E preferred shares $ 137.50 $ 103.13 $ 34.38 (1) On January 17, 2020, the Company redeemed all 9,000,000 Series D preferred shares, for an aggregate liquidation preference of $225 million. The final dividend related to the Series D preferred shares was declared in 2019. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
ADDITIONAL INFORMATION RELATED TO SHARE BASED COMPENSATION | The following table provides details of the significant inputs used in the Monte Carlo simulation model: Year ended December 31, 2021 Expected volatility 32.99% Expected term (in years) 3.0 Expected dividend yield n/a Risk-free interest rate 0.17% The following table provides additional information related to share-based compensation: Year ended December 31, 2021 2020 2019 Share-based compensation expense (1) $ 49,415 $ 47,789 $ 52,218 Tax benefits associated with share-based compensation expense $ 7,613 $ 8,061 $ 8,913 Liability for cash-settled restricted stock units (2) $ 9,091 $ 13,273 $ 21,731 Fair value of restricted stock units vested (3) $ 42,967 $ 50,757 $ 51,206 Unrecognized share-based compensation expense $ 80,805 $ 74,014 $ 75,770 Expected weighted average period associated with the recognition of unrecognized share-based compensation expense 2.4 years 2.4 years 2.3 years (1) Related to share-settled restricted stock units and cash-settled restricted stock units. (2) Included in other liabilities in the consolidated balance sheets. (3) Fair value is based on the closing price of the Company's common shares on the vest date. |
RECONCILIATION OF BEGINNING AND ENDING BALANCE OF NONVESTED RESTRICTED STOCK (INCLUDING RSUS) TO BE SETTLED IN SHARES AND CASH | The following table provides an activity summary of the Company's share-settled restricted stock units: Share-Settled Performance Share-Settled Service Number of Weighted average grant date Number of Weighted average Nonvested restricted stock units - December 31, 2019 258 $ 53.31 1,273 $ 54.32 Granted 97 62.26 894 58.98 Vested (27) 64.01 (561) 55.29 Forfeited (39) 48.89 (105) 57.54 Nonvested restricted stock units - December 31, 2020 289 55.92 1,501 56.50 Granted 122 49.04 1,250 48.04 Vested (66) 48.89 (561) 56.42 Forfeited (34) 55.68 (128) 53.37 Nonvested restricted stock units - December 31, 2021 311 $ 54.75 2,062 $ 51.59 The following table provides an activity summary of the Company's cash-settled restricted stock units: Cash-Settled Performance Restricted Stock Units Cash-Settled Service Restricted Stock Units Number of Number of Nonvested restricted stock units - December 31, 2019 6 853 Granted — 1 Vested (6) (332) Forfeited — (51) Nonvested restricted stock units - December 31, 2020 — 471 Granted — — Vested — (233) Forfeited — (23) Nonvested restricted stock units - December 31, 2021 — 215 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS | The following table provides an analysis of income tax expense (benefit) and net tax assets: Year ended December 31, 2021 2020 2019 Current income tax expense (benefit) U.S. $ 35,229 $ (1,122) $ 12,601 Europe (6,082) 365 22,425 Other — — 469 Deferred income tax expense (benefit) U.S. (3,369) (3,098) 17,665 Europe 36,606 (8,466) (29,468) Total income tax expense (benefit) $ 62,384 $ (12,321) $ 23,692 Net current tax receivables $ 27,883 $ 12,205 $ 13,130 Net deferred tax assets (liabilities) 12,860 (1,625) 18,621 Net tax assets $ 40,743 $ 10,580 $ 31,751 |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The following table provides details of the significant components of deferred tax assets and liabilities: At December 31, 2021 2020 Deferred tax assets: Discounting of net reserves for losses and loss expenses $ 53,415 $ 47,912 Unearned premiums 53,342 46,049 Operating and capital loss carryforwards (1) 85,358 80,008 Accruals not currently deductible 38,294 28,096 Tax credits 2,709 11,142 Other deferred tax assets 5,040 4,352 Deferred tax assets before valuation allowance 238,158 217,559 Valuation allowance (16,918) (20,778) Deferred tax assets net of valuation allowance 221,240 196,781 Deferred tax liabilities: Deferred acquisition costs (34,845) (37,098) Net unrealized investments gains (23,866) (39,459) Intangible assets (52,722) (46,132) Equalization reserves (2,365) (2,825) Acquisition adjustments (79,464) (60,261) Other deferred tax liabilities (15,118) (12,631) Deferred tax liabilities (208,380) (198,406) Net deferred tax assets (liabilities) $ 12,860 $ (1,625) (1) At December 31, 2021 and 2020, the total operating loss carryforwards includes Lloyd's deferred year of account losses of $nil and $39 million, respectively. |
SUMMARY OF TAX CREDITS | The following table summarizes total operating and capital loss carryforwards and tax credits: At December 31, 2021 2020 Operating and Capital Loss Carryforwards (1) Singapore (branch) operating loss carryforward $ 76,287 $ 110,504 U.K. operating loss carryforward (2) 308,491 357,226 Ireland operating loss carryforward 11,850 404 Ireland capital loss carryforward 716 716 Switzerland operating loss carryforward 15,989 — Belgian operating loss carryforward — 1,850 Tax Credits (1) Ireland foreign tax credit $ 338 $ 2,386 U.K. foreign tax credit 2,372 8,756 (1) At December 31, 2021, all remaining operating and capital loss carryforwards and tax credits can be carried forward indefinitely. |
SUMMARY OF OPERATING AND CAPITAL LOSS CARRYFORWARDS | The following table summarizes total operating and capital loss carryforwards and tax credits: At December 31, 2021 2020 Operating and Capital Loss Carryforwards (1) Singapore (branch) operating loss carryforward $ 76,287 $ 110,504 U.K. operating loss carryforward (2) 308,491 357,226 Ireland operating loss carryforward 11,850 404 Ireland capital loss carryforward 716 716 Switzerland operating loss carryforward 15,989 — Belgian operating loss carryforward — 1,850 Tax Credits (1) Ireland foreign tax credit $ 338 $ 2,386 U.K. foreign tax credit 2,372 8,756 (1) At December 31, 2021, all remaining operating and capital loss carryforwards and tax credits can be carried forward indefinitely. |
VALUATION ALLOWANCE ROLL FORWARD | The following table shows an analysis of the movement in the Company's valuation allowance: At December 31, 2021 2020 Income tax expense: Valuation allowance - beginning of year $ 20,778 $ 18,560 Operating loss carryforwards (3,422) 661 Foreign tax credit (2,048) 293 U.K. branch assets and other foreign rate differentials 1,610 1,264 Valuation allowance - end of year $ 16,918 $ 20,778 |
EFFECTIVE TAX RATE RECONCILIATION | The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions as well as a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes: Year ended December 31, 2021 2020 2019 Income (loss) before income taxes Bermuda (domestic) $ 431,310 $ (45,951) $ 179,418 Foreign 249,686 (86,794) 167,747 Total income (loss) before income taxes $ 680,996 $ (132,745) $ 347,165 Reconciliation of effective tax rate (% of income before income taxes) Expected tax rate 0.0 % 0.0 % 0.0 % Foreign taxes at local expected rates: U.S. 4.8 % 5.6 % 8.1 % Europe 2.0 % 9.2 % 0.4 % Valuation allowance (0.5 %) (1.7 %) 1.3 % Change in enacted tax rate (1) 1.5 % (1.7 %) 0.0 % Other 1.4 % (2.1 %) (3.0 %) Actual tax rate 9.2 % 9.3 % 6.8 % (1) At December 31, 2021, the change in enacted tax rate included a change in the UK tax rate from 19% to 25% and in Belgium from 29.58% to 25%. At December 31, 2020, the change in enacted tax rate included a change in UK tax rate from 17% to 19%. |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
TAX EFFECTS ALLOCATED TO EACH COMPONENT OF OTHER COMPREHENSIVE INCOME (LOSS) | The following table presents the tax effects allocated to each component of other comprehensive income (loss): Before tax amount Income tax (expense) benefit Net of tax amount Year ended December 31, 2021 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ (310,710) $ 39,263 $ (271,447) Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized 81 — 81 Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) (94,749) 7,635 (87,114) Unrealized gains (losses) arising during the year, net of reclassification adjustment (405,378) 46,898 (358,480) Foreign currency translation adjustment 621 — 621 Total other comprehensive income (loss), net of tax $ (404,757) $ 46,898 $ (357,859) Year ended December 31, 2020 Available for sale investments: Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized $ 360,357 $ (43,191) $ 317,166 Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized (40) — (40) Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) (90,380) 12,368 (78,012) Unrealized gains (losses) arising during the year, net of reclassification adjustment 269,937 (30,823) 239,114 Foreign currency translation adjustment 3,571 — 3,571 Total other comprehensive income (loss), net of tax $ 273,508 $ (30,823) $ 242,685 Year ended December 31, 2019 Available for sale investments: Unrealized gains (losses) arising during the year $ 414,982 $ (40,367) $ 374,615 Adjustment for reclassification of net realized (gains) losses and OTTI losses recognized in net income (loss) (29,618) 4,889 (24,729) Unrealized gains (losses) arising during the year, net of reclassification adjustment 385,364 (35,478) 349,886 Foreign currency translation adjustment (1,066) — (1,066) Total other comprehensive income (loss), net of tax $ 384,298 $ (35,478) $ 348,820 |
RECLASSIFICATIONS OUT OF AOCI INTO NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | The following table presents details of amounts reclassified from accumulated other comprehensive income ("AOCI") to net income (loss): Amounts reclassified from AOCI (1) AOCI components Consolidated statement of operations line item that includes reclassification adjustment Years ended December 31, 2021 2020 2019 Unrealized gains (losses) on available for sale investments Other realized gains (losses) $ 94,771 $ 91,866 $ 36,602 Impairment losses (22) (1,486) — OTTI losses — — (6,984) Total before tax 94,749 90,380 29,618 Income tax (expense) benefit (7,635) (12,368) (4,889) Net of tax $ 87,114 $ 78,012 $ 24,729 Foreign currency translation adjustments (2) Foreign exchange gains (losses) $ — $ — $ 6,043 Income tax (expense) benefit — — — Net of tax $ — $ — $ 6,043 (1) Amounts in parentheses are charges to net income (loss). (2) The Company released the cumulative translation adjustment related to Aviabel Re S.A of $6 million from AOCI in the consolidation balance sheet to foreign exchange losses (gains) in the consolidated statement of operations associated with the liquidation of that entity on December 18, 2019. |
STATUTORY FINANCIAL INFORMATI_2
STATUTORY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
STATUTORY FINANCIAL INFORMATION [Abstract] | |
STATUTORY CAPITAL AND SURPLUS BY JURISDICTION | The statutory capital and surplus in each of the Company's most significant regulatory jurisdictions is shown in the following table: Bermuda Ireland U.S. At December 31, 2021 2020 2021 2020 2021 2020 Required statutory capital and surplus $ 1,517,485 $ 1,584,854 $ 755,270 $ 778,493 $ 626,973 $ 542,824 Available statutory capital and surplus $ 3,067,879 $ 3,004,077 $ 1,147,194 $ 1,085,317 $ 1,885,383 $ 1,685,684 |
ORGANIZATION (Details)
ORGANIZATION (Details) | 12 Months Ended | |
Dec. 31, 2021 | Oct. 02, 2017 | |
Novae | ||
Business Acquisition [Line Items] | ||
Interests acquired | 100.00% | |
Axis Corporate Capital UK Limited | ||
Business Acquisition [Line Items] | ||
Capital support, percentage | 70.00% | |
Axis Corporate Capital UK Limited II | ||
Business Acquisition [Line Items] | ||
Capital support, percentage | 30.00% |
SEGMENT INFORMATION - Segment r
SEGMENT INFORMATION - Segment results (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)reportableSegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable segments | reportableSegment | 2 | ||
Segment Information [Line Items] | |||
Gross premiums written | $ 7,685,984 | $ 6,826,938 | $ 6,898,858 |
Net premiums written | 4,926,624 | 4,336,409 | 4,489,615 |
Net premiums earned | 4,709,850 | 4,371,309 | 4,587,178 |
Other insurance related income | 23,295 | (8,089) | 16,444 |
Net losses and loss expenses | (3,008,783) | (3,281,252) | (3,044,798) |
Acquisition costs | (921,834) | (929,517) | (1,024,582) |
Underwriting-related general and administrative expenses | (663,304) | (579,790) | (634,831) |
Net investment income | 454,301 | 349,601 | 478,572 |
Net investment gains | 134,279 | 129,133 | 91,233 |
Foreign exchange losses | (315) | (81,069) | 12,041 |
Interest expense and financing costs | (62,302) | (75,049) | (68,107) |
Reorganization expenses | 0 | (7,881) | (37,384) |
Amortization of value of business acquired | (3,854) | (5,139) | (26,722) |
Amortization of intangible assets | (12,424) | (11,390) | (11,597) |
Income before income taxes and interest in income of equity method investments | 648,909 | (129,133) | 337,447 |
Income tax expense | (62,384) | 12,321 | (23,692) |
Interest in income of equity method investments | 32,084 | (3,612) | 9,718 |
Net income (loss) | 618,609 | (120,424) | 323,473 |
Preferred share dividends | 30,250 | 30,250 | 41,112 |
Net income (loss) available (attributable) to common shareholders | 588,359 | (150,674) | 282,361 |
Goodwill and intangible assets | 309,518 | ||
Operating Segments | |||
Segment Information [Line Items] | |||
Gross premiums written | 7,685,984 | 6,826,938 | 6,898,858 |
Net premiums written | 4,926,624 | 4,336,409 | 4,489,615 |
Net premiums earned | 4,709,850 | 4,371,309 | 4,587,178 |
Other insurance related income | 23,295 | (8,089) | 16,444 |
Net losses and loss expenses | (3,008,783) | (3,281,252) | (3,044,798) |
Acquisition costs | (921,834) | (929,517) | (1,024,582) |
Underwriting-related general and administrative expenses | (536,834) | (477,968) | (505,735) |
Underwriting income (loss) | $ 265,694 | $ (325,517) | $ 28,507 |
Net losses and loss expenses ratio | 63.90% | 75.10% | 66.40% |
Acquisition cost ratio | 19.60% | 21.30% | 22.30% |
General and administrative expense ratio | 14.00% | 13.20% | 13.90% |
Combined ratio | 97.50% | 109.60% | 102.60% |
Goodwill and intangible assets | $ 309,518 | $ 320,434 | $ 332,553 |
Operating Segments | Insurance | |||
Segment Information [Line Items] | |||
Gross premiums written | 4,863,232 | 4,018,399 | 3,675,931 |
Net premiums written | 2,894,885 | 2,357,501 | 2,209,155 |
Net premiums earned | 2,651,339 | 2,299,038 | 2,190,084 |
Other insurance related income | 1,662 | 2,647 | 2,858 |
Net losses and loss expenses | (1,514,998) | (1,697,014) | (1,278,679) |
Acquisition costs | (484,344) | (461,533) | (468,281) |
Underwriting-related general and administrative expenses | (429,282) | (378,839) | (401,963) |
Underwriting income (loss) | $ 224,377 | $ (235,701) | $ 44,019 |
Net losses and loss expenses ratio | 57.10% | 73.80% | 58.40% |
Acquisition cost ratio | 18.30% | 20.10% | 21.40% |
General and administrative expense ratio | 16.20% | 16.50% | 18.30% |
Combined ratio | 91.60% | 110.40% | 98.10% |
Goodwill and intangible assets | $ 309,518 | $ 320,434 | $ 332,553 |
Operating Segments | Reinsurance | |||
Segment Information [Line Items] | |||
Gross premiums written | 2,822,752 | 2,808,539 | 3,222,927 |
Net premiums written | 2,031,739 | 1,978,908 | 2,280,460 |
Net premiums earned | 2,058,511 | 2,072,271 | 2,397,094 |
Other insurance related income | 21,633 | (10,736) | 13,586 |
Net losses and loss expenses | (1,493,785) | (1,584,238) | (1,766,119) |
Acquisition costs | (437,490) | (467,984) | (556,301) |
Underwriting-related general and administrative expenses | (107,552) | (99,129) | (103,772) |
Underwriting income (loss) | $ 41,317 | $ (89,816) | $ (15,512) |
Net losses and loss expenses ratio | 72.60% | 76.40% | 73.70% |
Acquisition cost ratio | 21.30% | 22.60% | 23.20% |
General and administrative expense ratio | 5.10% | 4.80% | 4.30% |
Combined ratio | 99.00% | 103.80% | 101.20% |
Goodwill and intangible assets | $ 0 | $ 0 | $ 0 |
Significant Reconciling Items | |||
Segment Information [Line Items] | |||
Net investment income | 454,301 | 349,601 | 478,572 |
Net investment gains | 134,279 | 129,133 | 91,233 |
Foreign exchange losses | (315) | (81,069) | 12,041 |
Interest expense and financing costs | (62,302) | (75,049) | (68,107) |
Reorganization expenses | 0 | (7,881) | (37,384) |
Amortization of value of business acquired | (3,854) | (5,139) | (26,722) |
Amortization of intangible assets | (12,424) | (11,390) | (11,597) |
Corporate | |||
Segment Information [Line Items] | |||
Underwriting-related general and administrative expenses | $ (126,470) | $ (101,822) | $ (129,096) |
SEGMENT INFORMATION - Gross pre
SEGMENT INFORMATION - Gross premiums written (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written | $ 7,685,984 | $ 6,826,938 | $ 6,898,858 |
Bermuda | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written | 542,693 | 602,432 | 738,258 |
Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written | 1,667,496 | 1,516,596 | 1,679,646 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written | 4,002,748 | 3,398,108 | 3,090,547 |
Lloyd's of London | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written | $ 1,473,047 | $ 1,309,802 | $ 1,390,407 |
SEGMENT INFORMATION - Net premi
SEGMENT INFORMATION - Net premiums earned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Information [Line Items] | |||
Net premiums earned | $ 4,709,850 | $ 4,371,309 | $ 4,587,178 |
Operating Segments | |||
Segment Information [Line Items] | |||
Net premiums earned | 4,709,850 | 4,371,309 | 4,587,178 |
Operating Segments | Insurance | |||
Segment Information [Line Items] | |||
Net premiums earned | 2,651,339 | 2,299,038 | 2,190,084 |
Operating Segments | Insurance | Property | |||
Segment Information [Line Items] | |||
Net premiums earned | 662,977 | 605,650 | 633,550 |
Operating Segments | Insurance | Marine | |||
Segment Information [Line Items] | |||
Net premiums earned | 354,193 | 293,746 | 281,764 |
Operating Segments | Insurance | Terrorism | |||
Segment Information [Line Items] | |||
Net premiums earned | 47,995 | 47,378 | 47,345 |
Operating Segments | Insurance | Aviation | |||
Segment Information [Line Items] | |||
Net premiums earned | 84,882 | 70,910 | 55,028 |
Operating Segments | Insurance | Credit and political risk | |||
Segment Information [Line Items] | |||
Net premiums earned | 96,604 | 105,869 | 91,698 |
Operating Segments | Insurance | Professional lines | |||
Segment Information [Line Items] | |||
Net premiums earned | 898,307 | 715,276 | 661,250 |
Operating Segments | Insurance | Liability | |||
Segment Information [Line Items] | |||
Net premiums earned | 354,518 | 313,291 | 264,667 |
Operating Segments | Insurance | Accident and health | |||
Segment Information [Line Items] | |||
Net premiums earned | 151,134 | 143,723 | 144,499 |
Operating Segments | Insurance | Discontinued lines - Novae | |||
Segment Information [Line Items] | |||
Net premiums earned | 729 | 3,195 | 10,283 |
Operating Segments | Reinsurance | |||
Segment Information [Line Items] | |||
Net premiums earned | 2,058,511 | 2,072,271 | 2,397,094 |
Operating Segments | Reinsurance | Property | |||
Segment Information [Line Items] | |||
Net premiums earned | 231,080 | 256,244 | 311,625 |
Operating Segments | Reinsurance | Catastrophe | |||
Segment Information [Line Items] | |||
Net premiums earned | 238,775 | 244,934 | 267,591 |
Operating Segments | Reinsurance | Credit and surety | |||
Segment Information [Line Items] | |||
Net premiums earned | 158,549 | 187,721 | 208,717 |
Operating Segments | Reinsurance | Professional lines | |||
Segment Information [Line Items] | |||
Net premiums earned | 220,448 | 207,605 | 206,328 |
Operating Segments | Reinsurance | Liability | |||
Segment Information [Line Items] | |||
Net premiums earned | 431,012 | 396,906 | 373,664 |
Operating Segments | Reinsurance | Accident and health | |||
Segment Information [Line Items] | |||
Net premiums earned | 361,197 | 333,996 | 319,619 |
Operating Segments | Reinsurance | Discontinued lines - Novae | |||
Segment Information [Line Items] | |||
Net premiums earned | 698 | 1,216 | (1,048) |
Operating Segments | Reinsurance | Motor | |||
Segment Information [Line Items] | |||
Net premiums earned | 247,092 | 255,916 | 398,565 |
Operating Segments | Reinsurance | Engineering | |||
Segment Information [Line Items] | |||
Net premiums earned | 28,238 | 60,521 | 63,899 |
Operating Segments | Reinsurance | Agriculture | |||
Segment Information [Line Items] | |||
Net premiums earned | 82,744 | 73,696 | 188,925 |
Operating Segments | Reinsurance | Marine and aviation | |||
Segment Information [Line Items] | |||
Net premiums earned | $ 58,678 | $ 53,516 | $ 59,209 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Analysis of goodwill and intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | |||
Goodwill, gross | $ 95,890 | $ 97,092 | $ 97,092 |
Accumulated translation adjustment | 4,911 | 4,911 | 4,911 |
Goodwill, net of accumulated translation adjustment | 100,801 | 102,003 | 102,003 |
Impairment charges | 0 | (1,202) | 0 |
Goodwill | 100,801 | 100,801 | |
Intangible assets with an indefinite life | |||
Gross amount | 120,784 | 120,784 | 120,784 |
Accumulated translation adjustment | 0 | 0 | 0 |
Intangible assets with an indefinite life, net | 120,784 | 120,784 | 120,784 |
Impairment charges | 0 | 0 | |
Intangible assets with a finite life | |||
Gross amount | 394,604 | 394,604 | 404,304 |
Accumulated amortization | (291,901) | (275,846) | (247,804) |
Accumulated translation adjustment | 0 | 0 | 0 |
Finite-lived intangible assets and VOBA, net, before amortization, acquisitions, and impairment | 102,703 | 118,758 | 156,500 |
Amortization | (14,770) | (16,055) | (37,742) |
Impairment charges | 0 | 0 | |
Intangible assets with a finite life, net | 87,933 | ||
Total | |||
Gross amount | 611,278 | 612,480 | 622,180 |
Accumulated amortization | (291,901) | (275,846) | (247,804) |
Accumulated translation adjustment | 4,911 | 4,911 | 4,911 |
Intangible assets, net, before amortization, acquisitions, and impairment | 324,288 | 341,545 | 379,287 |
Amortization | (14,770) | $ (16,055) | $ (37,742) |
Goodwill and intangible assets net balance | $ 309,518 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment charges | $ 0 | $ 1,202 | $ 0 |
Useful life of finite lived intangible assets | 9 years |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Gross amount and accumulated amortization by category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | $ 515,388 | $ 515,388 |
Accumulated amortization | (306,671) | (291,901) |
Total intangible assets | 208,717 | 223,487 |
Customer relationships and customers lists - Ternian | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 13,330 | 13,330 |
Accumulated amortization | (8,997) | (7,665) |
Total intangible assets | 4,333 | 5,665 |
Coverholders | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 63,565 | 63,565 |
Accumulated amortization | (22,514) | (17,216) |
Total intangible assets | 41,051 | 46,349 |
Large brokers | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 46,641 | 46,641 |
Accumulated amortization | (13,215) | (10,106) |
Total intangible assets | 33,426 | 36,535 |
SME brokers | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 14,126 | 14,126 |
Accumulated amortization | (5,003) | (3,826) |
Total intangible assets | 9,123 | 10,300 |
U.S. state licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 26,036 | 26,036 |
Total intangible assets | 26,036 | 26,036 |
Syndicate capacity | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 94,748 | 94,748 |
Total intangible assets | 94,748 | 94,748 |
Novae | VOBA - Novae | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 256,942 | 256,942 |
Accumulated amortization | (256,942) | (253,088) |
Total intangible assets | $ 0 | $ 3,854 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Estimated amortization expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2022 | $ 10,916 | ||
2023 | 10,916 | ||
2024 | 10,916 | ||
2025 | 9,921 | ||
2026 | 9,583 | ||
After 2026 | 35,681 | ||
Total remaining amortization expense | 87,933 | ||
Indefinite lived intangible assets | 120,784 | $ 120,784 | $ 120,784 |
Intangible assets | $ 208,717 | $ 219,633 |
INVESTMENTS - Amortized cost or
INVESTMENTS - Amortized cost or cost and fair values (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Available for sale | ||||
Amortized cost | $ 12,241,782 | $ 11,566,930 | ||
Allowance for expected credit losses | (313) | (323) | $ 0 | $ 0 |
Gross unrealized gains | 165,977 | 494,103 | ||
Gross unrealized losses | (94,246) | (18,911) | ||
Fair value | 12,313,200 | 12,041,799 | ||
U.S. government and agency | ||||
Available for sale | ||||
Amortized cost | 2,693,319 | 1,881,489 | ||
Allowance for expected credit losses | 0 | 0 | ||
Gross unrealized gains | 9,776 | 38,969 | ||
Gross unrealized losses | (20,647) | (1,759) | ||
Fair value | 2,682,448 | 1,918,699 | ||
Non-U.S. government | ||||
Available for sale | ||||
Amortized cost | 794,705 | 632,875 | ||
Allowance for expected credit losses | 0 | 0 | ||
Gross unrealized gains | 10,158 | 38,826 | ||
Gross unrealized losses | (9,685) | (428) | ||
Fair value | 795,178 | 671,273 | ||
Corporate debt | ||||
Available for sale | ||||
Amortized cost | 4,446,585 | 4,408,351 | ||
Allowance for expected credit losses | (236) | (303) | ||
Gross unrealized gains | 87,075 | 254,261 | ||
Gross unrealized losses | (38,112) | (6,358) | ||
Fair value | 4,495,312 | 4,655,951 | ||
Agency RMBS | ||||
Available for sale | ||||
Amortized cost | 1,065,973 | 1,244,727 | ||
Allowance for expected credit losses | 0 | 0 | ||
Gross unrealized gains | 17,397 | 42,170 | ||
Gross unrealized losses | (8,781) | (688) | ||
Fair value | 1,074,589 | 1,286,209 | ||
CMBS | ||||
Available for sale | ||||
Amortized cost | 1,223,051 | 1,268,273 | ||
Allowance for expected credit losses | 0 | 0 | ||
Gross unrealized gains | 29,827 | 87,598 | ||
Gross unrealized losses | (4,687) | (2,284) | ||
Fair value | 1,248,191 | 1,353,587 | ||
Non-agency RMBS | ||||
Available for sale | ||||
Amortized cost | 185,854 | 136,198 | ||
Allowance for expected credit losses | (77) | (20) | ||
Gross unrealized gains | 2,410 | 4,604 | ||
Gross unrealized losses | (2,023) | (678) | ||
Fair value | 186,164 | 140,104 | ||
ABS | ||||
Available for sale | ||||
Amortized cost | 1,628,739 | 1,712,236 | ||
Allowance for expected credit losses | 0 | 0 | ||
Gross unrealized gains | 3,406 | 14,527 | ||
Gross unrealized losses | (9,665) | (6,685) | ||
Fair value | 1,622,480 | 1,720,078 | ||
Municipals | ||||
Available for sale | ||||
Amortized cost | 203,556 | 282,781 | ||
Allowance for expected credit losses | 0 | 0 | ||
Gross unrealized gains | 5,928 | 13,148 | ||
Gross unrealized losses | (646) | (31) | ||
Fair value | $ 208,838 | $ 295,898 |
INVESTMENTS - Fixed Maturities
INVESTMENTS - Fixed Maturities Held To Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||
Amortized cost | $ 446,016 | $ 0 |
Allowance for expected credit losses | 0 | |
Net carrying value | 446,016 | |
Gross unrealized gains | 99 | |
Gross unrealized losses | (1,082) | |
Fair value | 445,033 | $ 0 |
Corporate debt | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||
Amortized cost | 37,700 | |
Allowance for expected credit losses | 0 | |
Net carrying value | 37,700 | |
Gross unrealized gains | 18 | |
Gross unrealized losses | (146) | |
Fair value | 37,572 | |
ABS | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract] | ||
Amortized cost | 408,316 | |
Allowance for expected credit losses | 0 | |
Net carrying value | 408,316 | |
Gross unrealized gains | 81 | |
Gross unrealized losses | (936) | |
Fair value | $ 407,461 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value of securities transferred from available for sale to fixed maturities, held to maturity | $ 405,000 | |
Debt securities held to maturity | 446,016 | |
Allowance for expected credit losses | 0 | |
ABS | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities held to maturity | 408,316 | |
Allowance for expected credit losses | 0 | |
Held to maturity securities with no single maturity date | 408,000 | $ 0 |
Corporate debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities held to maturity | 37,700 | |
Allowance for expected credit losses | 0 | |
Held to maturity securities due after five years through ten years | 34,000 | 0 |
Held to maturity securities due after ten years | $ 4,000 | $ 0 |
INVESTMENTS - Equity securities
INVESTMENTS - Equity securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | $ 528,864 | $ 421,744 |
Gross unrealized gains | 135,230 | 97,648 |
Gross unrealized losses | (8,419) | (947) |
Fair value | $ 655,675 | 518,445 |
Limited Partner | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Percentage of investment composition (as a percent) | 71.00% | |
Common stocks | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | $ 1,264 | 10,810 |
Gross unrealized gains | 585 | 689 |
Gross unrealized losses | (485) | (557) |
Fair value | 1,364 | 10,942 |
Preferred stocks | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 115 | 6,301 |
Gross unrealized gains | 64 | 1,767 |
Gross unrealized losses | 0 | 0 |
Fair value | 179 | 8,068 |
Exchange-traded funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 203,455 | 147,794 |
Gross unrealized gains | 134,037 | 74,314 |
Gross unrealized losses | (677) | (390) |
Fair value | 336,815 | 221,718 |
Bond mutual funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity Securities, FV-NI, Cost | 324,030 | 256,839 |
Gross unrealized gains | 544 | 20,878 |
Gross unrealized losses | (7,257) | 0 |
Fair value | $ 317,317 | $ 277,717 |
INVESTMENTS - Contractual matur
INVESTMENTS - Contractual maturities of fixed maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Due in one year or less | $ 503,716 | $ 436,287 |
Due after one year through five years | 4,878,151 | 4,165,696 |
Due after five years through ten years | 2,478,542 | 2,344,859 |
Due after ten years | 277,756 | 258,654 |
Total fixed maturities with a single maturity date (amortized cost) | 8,138,165 | 7,205,496 |
Total | 12,241,782 | 11,566,930 |
Fair value | ||
Due in one year or less | 505,602 | 444,527 |
Due after one year through five years | 4,908,640 | 4,335,219 |
Due after five years through ten years | 2,488,478 | 2,489,050 |
Due after ten years | 279,056 | 273,025 |
Total fixed maturities with a single maturity date (fair value) | 8,181,776 | 7,541,821 |
Fair value | $ 12,313,200 | $ 12,041,799 |
% of Total fair value | ||
Due in one year or less | 4.10% | 3.60% |
Due after one year through five years | 39.90% | 36.00% |
Due after five years through ten years | 20.20% | 20.70% |
Due after ten years | 2.30% | 2.30% |
Fixed maturities with a single maturity date (% of total fair value) | 66.50% | 62.60% |
Total | 100.00% | 100.00% |
Agency RMBS | ||
Amortized cost | ||
Fixed maturities without a single maturity date | $ 1,065,973 | $ 1,244,727 |
Total | 1,065,973 | 1,244,727 |
Fair value | ||
Fixed maturities without a single maturity date (fair value) | 1,074,589 | 1,286,209 |
Fair value | $ 1,074,589 | $ 1,286,209 |
% of Total fair value | ||
Fixed maturities without a single maturity date (% of total fair value) | 8.70% | 10.70% |
CMBS | ||
Amortized cost | ||
Fixed maturities without a single maturity date | $ 1,223,051 | $ 1,268,273 |
Total | 1,223,051 | 1,268,273 |
Fair value | ||
Fixed maturities without a single maturity date (fair value) | 1,248,191 | 1,353,587 |
Fair value | $ 1,248,191 | $ 1,353,587 |
% of Total fair value | ||
Fixed maturities without a single maturity date (% of total fair value) | 10.10% | 11.20% |
Non-agency RMBS | ||
Amortized cost | ||
Fixed maturities without a single maturity date | $ 185,854 | $ 136,198 |
Total | 185,854 | 136,198 |
Fair value | ||
Fixed maturities without a single maturity date (fair value) | 186,164 | 140,104 |
Fair value | $ 186,164 | $ 140,104 |
% of Total fair value | ||
Fixed maturities without a single maturity date (% of total fair value) | 1.50% | 1.20% |
ABS | ||
Amortized cost | ||
Fixed maturities without a single maturity date | $ 1,628,739 | $ 1,712,236 |
Total | 1,628,739 | 1,712,236 |
Fair value | ||
Fixed maturities without a single maturity date (fair value) | 1,622,480 | 1,720,078 |
Fair value | $ 1,622,480 | $ 1,720,078 |
% of Total fair value | ||
Fixed maturities without a single maturity date (% of total fair value) | 13.20% | 14.30% |
INVESTMENTS - Gross unrealized
INVESTMENTS - Gross unrealized losses (Details) $ in Thousands | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Fixed maturities, available for sale | ||
Fair value | ||
12 months or greater | $ 390,141 | $ 436,616 |
Less than 12 months | 6,197,689 | 1,020,397 |
Total | 6,587,830 | 1,457,013 |
Unrealized losses | ||
12 months or greater | (17,715) | (8,147) |
Less than 12 months | (76,531) | (10,764) |
Total | $ (94,246) | $ (18,911) |
Number of positions in an unrealized loss | security | 2,333 | 719 |
Continuous unrealized loss position | security | 344 | 249 |
Fixed maturities, available for sale | Below Investment Grade or Not Rated | ||
Unrealized losses | ||
Total | $ (8,000) | $ (7,000) |
U.S. government and agency | ||
Fair value | ||
12 months or greater | 101,776 | 0 |
Less than 12 months | 2,014,880 | 251,606 |
Total | 2,116,656 | 251,606 |
Unrealized losses | ||
12 months or greater | (4,852) | 0 |
Less than 12 months | (15,795) | (1,759) |
Total | (20,647) | (1,759) |
Non-U.S. government | ||
Fair value | ||
12 months or greater | 11,011 | 16,115 |
Less than 12 months | 463,498 | 3,652 |
Total | 474,509 | 19,767 |
Unrealized losses | ||
12 months or greater | (1,830) | (262) |
Less than 12 months | (7,855) | (166) |
Total | (9,685) | (428) |
Corporate debt | ||
Fair value | ||
12 months or greater | 152,962 | 63,640 |
Less than 12 months | 1,681,859 | 233,970 |
Total | 1,834,821 | 297,610 |
Unrealized losses | ||
12 months or greater | (6,542) | (2,244) |
Less than 12 months | (31,570) | (4,114) |
Total | (38,112) | (6,358) |
Agency RMBS | ||
Fair value | ||
12 months or greater | 41,024 | 6,580 |
Less than 12 months | 503,988 | 78,672 |
Total | 545,012 | 85,252 |
Unrealized losses | ||
12 months or greater | (1,678) | (20) |
Less than 12 months | (7,103) | (668) |
Total | (8,781) | (688) |
CMBS | ||
Fair value | ||
12 months or greater | 30,128 | 19,736 |
Less than 12 months | 347,515 | 70,656 |
Total | 377,643 | 90,392 |
Unrealized losses | ||
12 months or greater | (1,001) | (1,012) |
Less than 12 months | (3,686) | (1,272) |
Total | (4,687) | (2,284) |
Non-agency RMBS | ||
Fair value | ||
12 months or greater | 4,481 | 5,109 |
Less than 12 months | 109,937 | 9,558 |
Total | 114,418 | 14,667 |
Unrealized losses | ||
12 months or greater | (523) | (598) |
Less than 12 months | (1,500) | (80) |
Total | (2,023) | (678) |
ABS | ||
Fair value | ||
12 months or greater | 43,466 | 325,436 |
Less than 12 months | 1,040,363 | 360,402 |
Total | 1,083,829 | 685,838 |
Unrealized losses | ||
12 months or greater | (1,152) | (4,011) |
Less than 12 months | (8,513) | (2,674) |
Total | (9,665) | (6,685) |
Municipals | ||
Fair value | ||
12 months or greater | 5,293 | 0 |
Less than 12 months | 35,649 | 11,881 |
Total | 40,942 | 11,881 |
Unrealized losses | ||
12 months or greater | (137) | 0 |
Less than 12 months | (509) | (31) |
Total | $ (646) | $ (31) |
INVESTMENTS - Mortgage loans (D
INVESTMENTS - Mortgage loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage loans held for investment: | ||
Commercial | $ 594,088,000 | $ 593,290,000 |
Total mortgage loans held for investment | $ 594,088,000 | $ 593,290,000 |
Commercial, percent | 100.00% | 100.00% |
Total mortgage loans held for investment, percent | 100.00% | 100.00% |
Debt service coverage ratio, in excess of | 2.5 | 2.4 |
Loan-to-value ratio, percent (less than) | 60.00% | 60.00% |
Credit losses on commercial mortgage loans | $ 0 | $ 0 |
INVESTMENTS - Other Investments
INVESTMENTS - Other Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)fund | Dec. 31, 2020USD ($) | Dec. 31, 2015USD ($) | |
Other Investments [Line Items] | |||
Fair value | $ 947,982 | $ 829,156 | |
Percentage of total fair value | 100.00% | 100.00% | |
Unfunded commitments related to other investments | $ 649,000 | $ 588,000 | |
Long/short equity funds | |||
Other Investments [Line Items] | |||
Fair value | $ 3,476 | $ 25,300 | |
Percentage of total fair value | 0.00% | 3.00% | |
Redemption notice period | 60 days | 60 days | |
Multi-strategy funds | |||
Other Investments [Line Items] | |||
Fair value | $ 56,012 | $ 121,420 | |
Percentage of total fair value | 6.00% | 15.00% | |
Multi-strategy funds | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Redemption notice period | 2 years | ||
Unfunded commitments related to other investments | $ 23,000 | $ 20,000 | |
Multi-strategy funds | Minimum | |||
Other Investments [Line Items] | |||
Redemption notice period | 60 days | 60 days | |
Multi-strategy funds | Maximum | |||
Other Investments [Line Items] | |||
Redemption notice period | 90 days | 95 days | |
Direct lending funds | |||
Other Investments [Line Items] | |||
Fair value | $ 289,867 | $ 272,131 | |
Percentage of total fair value | 31.00% | 33.00% | |
Redemption notice period | 90 days | 90 days | |
Direct lending funds | Quarterly Redemption | |||
Other Investments [Line Items] | |||
Fair value | $ 47,000 | $ 38,000 | |
Number of funds | fund | 1 | ||
Direct lending funds | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Unfunded commitments related to other investments | $ 224,000 | 151,000 | |
Optional extension of investment term | 3 years | ||
Direct lending funds | Minimum | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Investment term | 4 years | ||
Direct lending funds | Maximum | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Investment term | 10 years | ||
Private equity funds | |||
Other Investments [Line Items] | |||
Fair value | $ 249,974 | $ 124,706 | |
Percentage of total fair value | 26.00% | 15.00% | |
Private equity funds | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Unfunded commitments related to other investments | $ 178,000 | $ 166,000 | |
Investment term | 5 years | ||
Real estate funds | |||
Other Investments [Line Items] | |||
Fair value | $ 238,222 | $ 164,250 | |
Percentage of total fair value | 25.00% | 20.00% | |
Redemption notice period | 45 days | 45 days | |
Real estate funds | Quarterly Redemption | |||
Other Investments [Line Items] | |||
Fair value | $ 73,000 | $ 61,000 | |
Number of funds | fund | 1 | ||
Real estate funds | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Unfunded commitments related to other investments | $ 173,000 | 201,000 | |
Real estate funds | Minimum | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Investment term | 2 years | ||
CLO-Equities | |||
Other Investments [Line Items] | |||
Fair value | $ 5,910 | $ 6,173 | |
Percentage of total fair value | 1.00% | 1.00% | |
Other privately held investments | |||
Other Investments [Line Items] | |||
Fair value | $ 104,521 | $ 70,011 | |
Percentage of total fair value | 11.00% | 8.00% | |
Overseas deposits | |||
Other Investments [Line Items] | |||
Fair value | $ 0 | $ 45,165 | |
Percentage of total fair value | 0.00% | 5.00% | |
Hedge funds | Lockup Redemption Restriction | |||
Other Investments [Line Items] | |||
Fair value of other investments subject to redemption restrictions | $ 3,000 | $ 25,000 | |
Percentage of fair value of other investments subject to redemption restrictions | 6.00% | 17.00% | |
Bank Revolver Opportunity Funds | Other Redemption Restriction | |||
Other Investments [Line Items] | |||
Unfunded commitments related to other investments | $ 50,000 | ||
Investment term | 7 years | ||
Optional extension of investment term | 2 years |
INVESTMENTS - Equity method inv
INVESTMENTS - Equity method investments (Details) - Harrington Reinsurance Holdings Limited $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Payments to acquire equity method investments | $ 108 |
Equity method investment, ownership percentage | 19.00% |
Equity method investment, difference between carrying amount and underlying equity | $ 5 |
INVESTMENTS - Net Investment In
INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 479,252 | $ 374,271 | $ 503,172 |
Investment expenses | (24,951) | (24,670) | (24,600) |
Net investment income | 454,301 | 349,601 | 478,572 |
Fixed maturities, available for sale | |||
Net Investment Income [Line Items] | |||
Gross investment income | 262,049 | 317,121 | 384,053 |
Other investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 181,906 | 16,059 | 60,038 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 12,752 | 9,328 | 10,434 |
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Gross investment income | 17,427 | 15,432 | 14,712 |
Cash and cash equivalents | |||
Net Investment Income [Line Items] | |||
Gross investment income | 4,454 | 13,582 | 26,882 |
Short-term investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 664 | $ 2,749 | $ 7,053 |
INVESTMENTS - Net Investment ga
INVESTMENTS - Net Investment gains (losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross realized investment gains | |||
Fixed maturities and short-term investments | $ 137,729 | $ 186,726 | $ 93,160 |
Equity securities | 5,413 | 25,648 | 3,449 |
Gross realized investment gains | 143,142 | 212,374 | 96,609 |
Gross realized investment losses | |||
Fixed maturities and short-term investments | (42,613) | (94,607) | (56,515) |
Equity securities | (696) | (5,840) | (323) |
Gross realized investment losses | (43,309) | (100,447) | (56,838) |
Allowance for expected credit losses | 11 | (323) | 0 |
Impairment losses | (22) | (1,486) | 0 |
OTTI losses | 0 | 0 | (6,984) |
Change in fair value of investment derivatives | 4,346 | (2,434) | (1,823) |
Net unrealized gains (losses) on equity securities | 30,111 | 21,449 | 60,269 |
Total net investment gains | $ 134,279 | $ 129,133 | $ 91,233 |
INVESTMENTS - Credit loss table
INVESTMENTS - Credit loss table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance at end of period | $ 323 | $ 0 | $ 0 |
Expected credit losses on securities where credit losses were not previously recognized | 95 | 22,570 | 0 |
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized | 50 | (11,542) | 0 |
Impairments of securities which the Company intends to sell or more likely than not will be required to sell | 0 | 0 | 0 |
Securities sold/redeemed/matured | (155) | (10,705) | 0 |
Balance at end of period | $ 313 | $ 323 | $ 0 |
INVESTMENTS - OTTI recognized i
INVESTMENTS - OTTI recognized in earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items] | |||
Total OTTI recognized in net income | $ 0 | $ 0 | $ 6,984 |
Non-U.S. government | |||
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items] | |||
Total OTTI recognized in net income | 0 | 0 | 90 |
Corporate debt | |||
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items] | |||
Total OTTI recognized in net income | 0 | 0 | 6,894 |
CMBS | |||
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net [Line Items] | |||
Total OTTI recognized in net income | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Securities narrat
INVESTMENTS - Securities narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value | $ 12,313,200 | $ 12,041,799 |
Non-U.S. government | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized losses | 9,685 | 428 |
Fair value | 795,178 | 671,273 |
Non-U.S. government | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized losses | 1,000 | |
CMBS | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized losses | 4,687 | 2,284 |
Fair value | $ 1,248,191 | $ 1,353,587 |
CMBS | Weighted average | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Subordination percentage input for determining credit losses | 37.00% | 29.00% |
Non-agency RMBS | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized losses | $ 2,023 | $ 678 |
Fair value | 186,164 | 140,104 |
Non-agency RMBS | Prime | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value | 87,000 | 85,000 |
Non-agency RMBS | Alt A | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value | $ 74,000 | $ 23,000 |
INVESTMENTS - Restricted assets
INVESTMENTS - Restricted assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Investments [Line Items] | ||
Collateral in Trust for inter-company agreements | $ 886,903 | $ 1,153,157 |
Collateral for secured letter of credit facility | 402,478 | 434,845 |
Funds at Lloyd's | 936,862 | 1,155,832 |
Collateral in Trust for third-party agreements | 2,412,882 | 1,903,274 |
Securities on deposit or in trust with regulatory authorities | 729,072 | 265,959 |
Total restricted investments and cash | 5,368,197 | 4,913,067 |
Syndicate 1686 | Debt And Equity Securities | ||
Restricted Investments [Line Items] | ||
Collateral in Trust for third-party agreements | 507,000 | 297,000 |
Syndicate 1686 | Cash | ||
Restricted Investments [Line Items] | ||
Pledged cash for third party insurance and reinsurance agreements | $ 326,000 | $ 178,000 |
Axis Corporate Capital UK Limited | ||
Restricted Investments [Line Items] | ||
Capital support, percentage | 70.00% | |
Axis Corporate Capital UK Limited II | ||
Restricted Investments [Line Items] | ||
Capital support, percentage | 30.00% |
INVESTMENTS - Reverse repurchas
INVESTMENTS - Reverse repurchase agreements (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Value of reverse repurchase agreements | $ 0 | $ 91,000,000 |
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal | 102.00% |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair value on a recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | $ 12,313,200 | $ 12,041,799 |
Equity securities | 655,675 | 518,445 |
Other investments | 947,982 | 829,156 |
Short-term investments | 31,063 | 161,897 |
Derivative instruments | 3,116 | 18,875 |
Total Assets | 13,951,036 | 13,570,172 |
Derivative instruments | 20,617 | 11,486 |
Cash-settled awards | 9,091 | 13,273 |
Total Liabilities | 29,708 | 24,759 |
U.S. government and agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 2,682,448 | 1,918,699 |
Non-U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 795,178 | 671,273 |
Corporate debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 4,495,312 | 4,655,951 |
Agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 1,074,589 | 1,286,209 |
CMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 1,248,191 | 1,353,587 |
Non-agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 186,164 | 140,104 |
ABS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 1,622,480 | 1,720,078 |
Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 208,838 | 295,898 |
Common stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 1,364 | 10,942 |
Preferred Shares | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 179 | 8,068 |
Exchange-traded funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 336,815 | 221,718 |
Bond mutual funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 317,317 | 277,717 |
Hedge funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 59,488 | 146,720 |
Direct lending funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 289,867 | 272,131 |
Private equity funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 249,974 | 124,706 |
Real estate funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 238,222 | 164,250 |
CLO-Equities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 5,910 | 6,173 |
Other privately held investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 104,521 | 70,011 |
Overseas deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 45,165 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 2,632,541 | 1,861,240 |
Equity securities | 338,358 | 240,728 |
Other investments | 0 | 0 |
Short-term investments | 0 | 0 |
Derivative instruments | 0 | 0 |
Total Assets | 2,970,899 | 2,101,968 |
Derivative instruments | 0 | 0 |
Cash-settled awards | 0 | 0 |
Total Liabilities | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | U.S. government and agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 2,632,541 | 1,861,240 |
Quoted prices in active markets for identical assets (Level 1) | Non-U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Corporate debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | CMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Non-agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | ABS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Common stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 1,364 | 10,942 |
Quoted prices in active markets for identical assets (Level 1) | Preferred Shares | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 179 | 8,068 |
Quoted prices in active markets for identical assets (Level 1) | Exchange-traded funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 336,815 | 221,718 |
Quoted prices in active markets for identical assets (Level 1) | Bond mutual funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Hedge funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Direct lending funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Private equity funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Real estate funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | CLO-Equities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Other privately held investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Quoted prices in active markets for identical assets (Level 1) | Overseas deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 9,637,765 | 10,165,650 |
Equity securities | 317,317 | 277,717 |
Other investments | 0 | 45,165 |
Short-term investments | 31,063 | 161,897 |
Derivative instruments | 3,116 | 18,875 |
Total Assets | 9,989,261 | 10,669,304 |
Derivative instruments | 14,987 | 2,364 |
Cash-settled awards | 9,091 | 13,273 |
Total Liabilities | 24,078 | 15,637 |
Significant other observable inputs (Level 2) | U.S. government and agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 49,907 | 57,459 |
Significant other observable inputs (Level 2) | Non-U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 795,178 | 671,273 |
Significant other observable inputs (Level 2) | Corporate debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 4,452,418 | 4,653,447 |
Significant other observable inputs (Level 2) | Agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 1,074,589 | 1,286,209 |
Significant other observable inputs (Level 2) | CMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 1,248,191 | 1,351,847 |
Significant other observable inputs (Level 2) | Non-agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 186,164 | 140,104 |
Significant other observable inputs (Level 2) | ABS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 1,622,480 | 1,709,413 |
Significant other observable inputs (Level 2) | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 208,838 | 295,898 |
Significant other observable inputs (Level 2) | Common stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant other observable inputs (Level 2) | Preferred Shares | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant other observable inputs (Level 2) | Exchange-traded funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant other observable inputs (Level 2) | Bond mutual funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 317,317 | 277,717 |
Significant other observable inputs (Level 2) | Hedge funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | Direct lending funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | Private equity funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | Real estate funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | CLO-Equities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | Other privately held investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant other observable inputs (Level 2) | Overseas deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 45,165 |
Significant unobservable inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 42,894 | 14,909 |
Equity securities | 0 | 0 |
Other investments | 110,431 | 76,184 |
Short-term investments | 0 | 0 |
Derivative instruments | 0 | 0 |
Total Assets | 153,325 | 91,093 |
Derivative instruments | 5,630 | 9,122 |
Cash-settled awards | 0 | 0 |
Total Liabilities | 5,630 | 9,122 |
Significant unobservable inputs (Level 3) | U.S. government and agency | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Significant unobservable inputs (Level 3) | Non-U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Significant unobservable inputs (Level 3) | Corporate debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 42,894 | 2,504 |
Significant unobservable inputs (Level 3) | Agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Significant unobservable inputs (Level 3) | CMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 1,740 |
Significant unobservable inputs (Level 3) | Non-agency RMBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Significant unobservable inputs (Level 3) | ABS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 10,665 |
Significant unobservable inputs (Level 3) | Municipals | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturities, available for sale | 0 | 0 |
Significant unobservable inputs (Level 3) | Common stocks | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant unobservable inputs (Level 3) | Preferred Shares | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant unobservable inputs (Level 3) | Exchange-traded funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant unobservable inputs (Level 3) | Bond mutual funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Significant unobservable inputs (Level 3) | Hedge funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant unobservable inputs (Level 3) | Direct lending funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant unobservable inputs (Level 3) | Private equity funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant unobservable inputs (Level 3) | Real estate funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Significant unobservable inputs (Level 3) | CLO-Equities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 5,910 | 6,173 |
Significant unobservable inputs (Level 3) | Other privately held investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 104,521 | 70,011 |
Significant unobservable inputs (Level 3) | Overseas deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair value based on NAV practical expedient | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 837,551 | 707,807 |
Total Assets | 837,551 | 707,807 |
Fair value based on NAV practical expedient | Hedge funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 59,488 | 146,720 |
Fair value based on NAV practical expedient | Direct lending funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 289,867 | 272,131 |
Fair value based on NAV practical expedient | Private equity funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 249,974 | 124,706 |
Fair value based on NAV practical expedient | Real estate funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 238,222 | 164,250 |
Fair value based on NAV practical expedient | CLO-Equities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair value based on NAV practical expedient | Other privately held investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair value based on NAV practical expedient | Overseas deposits | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Level
FAIR VALUE MEASUREMENTS - Level 3 fair value inputs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | $ 947,982 | $ 829,156 |
Net derivative liability | (20,617) | (11,486) |
Fixed maturities, available for sale | 12,313,200 | 12,041,799 |
CLO-Equities | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | 5,910 | 6,173 |
Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | 104,521 | 70,011 |
Significant unobservable inputs (Level 3) | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | 110,431 | 76,184 |
Net derivative liability | (5,630) | (9,122) |
Fixed maturities, available for sale | 42,894 | 14,909 |
Significant unobservable inputs (Level 3) | CLO-Equities | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | 5,910 | 6,173 |
Significant unobservable inputs (Level 3) | Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | $ 104,521 | $ 70,011 |
Significant unobservable inputs (Level 3) | Other privately held investments | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated maturity date (years) | 3 years | |
Significant unobservable inputs (Level 3) | Other privately held investments | Minimum | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated maturity date (years) | 2 years | |
Significant unobservable inputs (Level 3) | Other privately held investments | Maximum | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated maturity date (years) | 4 years | |
Significant unobservable inputs (Level 3) | Discount rate | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.013 | |
Significant unobservable inputs (Level 3) | Discount rate | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.013 | |
Significant unobservable inputs (Level 3) | Discount rate | Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.025 | |
Significant unobservable inputs (Level 3) | Discount rate | Other privately held investments | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.025 | |
Significant unobservable inputs (Level 3) | Default rate | Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.005 | |
Significant unobservable inputs (Level 3) | Default rate | Other privately held investments | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.005 | |
Significant unobservable inputs (Level 3) | Loss absorption yield | Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.010 | |
Significant unobservable inputs (Level 3) | Loss absorption yield | Other privately held investments | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.010 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Net derivative liability | $ (5,630) | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | CLO-Equities | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | $ 5,910 | |
Estimated maturity date (years) | 6 years | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | CLO-Equities | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Estimated maturity date (years) | 6 years | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | $ 20,867 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Default rate | CLO-Equities | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.045 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Default rate | CLO-Equities | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.045 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Loss severity rate | CLO-Equities | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.500 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Loss severity rate | CLO-Equities | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.500 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Collateral spread | CLO-Equities | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.030 | |
Significant unobservable inputs (Level 3) | Valuation Technique, Discounted Cash Flow | Collateral spread | CLO-Equities | Weighted average | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discounted cash flow | 0.030 | |
Significant unobservable inputs (Level 3) | Valuation, Market Approach | Other privately held investments | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair value | $ 84,000 |
FAIR VALUE MEASUREMENTS - Lev_2
FAIR VALUE MEASUREMENTS - Level 3 for financial instruments measured at fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | $ 91,093 | $ 59,283 |
Transfers into Level 3 | 0 | 9,091 |
Transfers out of Level 3 | (10,200) | 0 |
Included in net income | 45,472 | 23 |
Included in OCI | (594) | 312 |
Purchases | 63,560 | 28,006 |
Sales | (26,980) | 0 |
Settlements/ distributions | (9,026) | (5,622) |
Closing balance | 153,325 | 91,093 |
Change in unrealized gain/(losses) | 28,092 | 721 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 9,122 | 9,672 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in earnings | (2,742) | 9,421 |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements/ distributions | (750) | (9,971) |
Closing balance | 5,630 | 9,122 |
Change in unrealized gains/(losses) | (1,769) | (550) |
Fixed maturities, available for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 14,909 | 8,021 |
Transfers into Level 3 | 0 | 9,091 |
Transfers out of Level 3 | (10,200) | 0 |
Included in net income | 0 | 0 |
Included in OCI | (594) | 312 |
Purchases | 41,800 | 969 |
Sales | 0 | 0 |
Settlements/ distributions | (3,021) | (3,484) |
Closing balance | 42,894 | 14,909 |
Change in unrealized gain/(losses) | 0 | 0 |
Corporate debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 2,504 | 2,297 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in net income | 0 | 0 |
Included in OCI | (642) | 207 |
Purchases | 41,800 | 0 |
Sales | 0 | 0 |
Settlements/ distributions | (768) | 0 |
Closing balance | 42,894 | 2,504 |
Change in unrealized gain/(losses) | 0 | 0 |
CMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 1,740 | 5,235 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in net income | 0 | 0 |
Included in OCI | 13 | (11) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements/ distributions | (1,753) | (3,484) |
Closing balance | 0 | 1,740 |
Change in unrealized gain/(losses) | 0 | 0 |
ABS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 10,665 | 489 |
Transfers into Level 3 | 0 | 9,091 |
Transfers out of Level 3 | (10,200) | 0 |
Included in net income | 0 | 0 |
Included in OCI | 35 | 116 |
Purchases | 0 | 969 |
Sales | 0 | 0 |
Settlements/ distributions | (500) | 0 |
Closing balance | 0 | 10,665 |
Change in unrealized gain/(losses) | 0 | 0 |
Other investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 76,184 | 51,262 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in net income | 45,472 | 23 |
Included in OCI | 0 | 0 |
Purchases | 21,760 | 27,037 |
Sales | (26,980) | 0 |
Settlements/ distributions | (6,005) | (2,138) |
Closing balance | 110,431 | 76,184 |
Change in unrealized gain/(losses) | 28,092 | 721 |
CLO-Equities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 6,173 | 14,328 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in net income | 2,819 | (6,017) |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements/ distributions | (3,082) | (2,138) |
Closing balance | 5,910 | 6,173 |
Change in unrealized gain/(losses) | 2,819 | (5,319) |
Other privately held investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 70,011 | 36,934 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in net income | 42,653 | 6,040 |
Included in OCI | 0 | 0 |
Purchases | 21,760 | 27,037 |
Sales | (26,980) | 0 |
Settlements/ distributions | (2,923) | 0 |
Closing balance | 104,521 | 70,011 |
Change in unrealized gain/(losses) | 25,273 | 6,040 |
Derivative instruments | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening balance | 9,122 | 9,672 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in earnings | (2,742) | 9,421 |
Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements/ distributions | (750) | (9,971) |
Closing balance | 5,630 | 9,122 |
Change in unrealized gains/(losses) | $ (1,769) | $ (550) |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized cost | $ 446,016 | $ 0 |
Fair value | 445,033 | 0 |
Reported Value Measurement | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,311,000 | 1,310,000 |
Estimate of Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | $ 1,453,000 | $ 1,485,000 |
DERIVATIVE INSTRUMENTS - Balanc
DERIVATIVE INSTRUMENTS - Balance sheet classification of derivatives recorded at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative asset fair value | $ 3,116 | $ 18,875 |
Derivative liability fair value | 20,617 | 11,486 |
Not Designated as Hedging Instruments | Other assets | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative asset fair value | 3,116 | 18,875 |
Not Designated as Hedging Instruments | Other liabilities | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative liability fair value | 20,617 | 11,486 |
Not Designated as Hedging Instruments | Relating to investment portfolio: | Foreign exchange forward contracts | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative notional amount | 184,187 | 105,781 |
Not Designated as Hedging Instruments | Relating to investment portfolio: | Foreign exchange forward contracts | Other assets | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative asset fair value | 13 | 2 |
Not Designated as Hedging Instruments | Relating to investment portfolio: | Foreign exchange forward contracts | Other liabilities | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative liability fair value | 1,463 | 2,364 |
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Foreign exchange forward contracts | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative notional amount | 1,258,836 | 1,197,012 |
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Foreign exchange forward contracts | Other assets | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative asset fair value | 3,103 | 18,873 |
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Foreign exchange forward contracts | Other liabilities | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative liability fair value | 13,524 | 0 |
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Other underwriting-related contracts | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative notional amount | 50,000 | 75,000 |
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Other underwriting-related contracts | Other assets | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative asset fair value | 0 | 0 |
Not Designated as Hedging Instruments | Relating to underwriting portfolio: | Other underwriting-related contracts | Other liabilities | ||
Derivative Fair Values on Consolidated Balance Sheet [Line Items] | ||
Derivative liability fair value | $ 5,630 | $ 9,122 |
DERIVATIVE INSTRUMENTS - Offset
DERIVATIVE INSTRUMENTS - Offsetting assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative assets | ||
Gross amounts | $ 9,047 | $ 27,765 |
Gross amounts offset | (5,931) | (8,890) |
Net Amounts | 3,116 | 18,875 |
Derivative liabilities | ||
Gross amounts | 26,548 | 20,376 |
Gross amounts offset | (5,931) | (8,890) |
Net Amounts | $ 20,617 | $ 11,486 |
DERIVATIVE INSTRUMENTS - Unreal
DERIVATIVE INSTRUMENTS - Unrealized and realized gains (losses) recognized in earnings for derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items] | |||
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges | $ (43,650) | $ 32,697 | $ (10,712) |
Investment Portfolio | Foreign exchange forward contracts | Net investment gains (losses) | |||
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items] | |||
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges | 4,346 | (2,434) | 1,854 |
Investment Portfolio | Interest rate swaps | Net investment gains (losses) | |||
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items] | |||
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges | 0 | 0 | (3,677) |
Relating to underwriting portfolio: | Foreign exchange forward contracts | Foreign exchange gains (losses) | |||
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items] | |||
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges | (50,738) | 44,166 | (10,678) |
Relating to underwriting portfolio: | Other underwriting-related contracts | Other insurance related income (losses) | |||
Unrealized and Realized Gains (Losses) Recognized in Earnings for Derivatives Not Designated As Hedges [Line Items] | |||
Unrealized and realized gains (losses) recognized in earnings for derivatives not designated as hedges | $ 2,742 | $ (9,035) | $ 1,789 |
RESERVE FOR LOSSES AND LOSS E_3
RESERVE FOR LOSSES AND LOSS EXPENSES - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Aug. 05, 2019 | Mar. 20, 2017 | Mar. 19, 2017 | |
Minimum | ||||
Claims Development [Line Items] | ||||
Development for an accident year or underwriting year, recognition period | 1 year | |||
Maximum | ||||
Claims Development [Line Items] | ||||
Development for an accident year or underwriting year, recognition period | 3 years | |||
Motor Reserve Class | Reinsurance | ||||
Claims Development [Line Items] | ||||
Discount rate | (0.25%) | (0.75%) | 2.50% |
RESERVE FOR LOSSES AND LOSS E_4
RESERVE FOR LOSSES AND LOSS EXPENSES - Reserve for losses and loss expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Insurance Loss Reserves [Abstract] | ||||
Reserve for reported losses and loss expenses | $ 5,539,971 | $ 5,331,900 | ||
Reserve for losses incurred but not reported | 9,113,123 | 8,594,866 | ||
Reserve for losses and loss expenses | $ 14,653,094 | $ 13,926,766 | $ 12,752,081 | $ 12,280,769 |
RESERVE FOR LOSSES AND LOSS E_5
RESERVE FOR LOSSES AND LOSS EXPENSES - Reserve Roll-Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Beginning and Ending Gross Unpaid Losses and Loss Expenses | |||
Gross reserve for losses and loss expenses, beginning of year | $ 13,926,766 | $ 12,752,081 | $ 12,280,769 |
Less reinsurance recoverable on unpaid losses, beginning of year | (4,496,641) | (3,877,756) | (3,501,669) |
Net reserve for unpaid losses and loss expenses, beginning of year | 9,430,125 | 8,874,325 | 8,779,100 |
Net incurred losses and loss expenses related to: | |||
Current year | 3,041,193 | 3,297,161 | 3,123,698 |
Prior years | (32,410) | (15,909) | (78,900) |
Net incurred losses and loss expenses | 3,008,783 | 3,281,252 | 3,044,798 |
Net paid losses and loss expenses related to: | |||
Current year | (490,011) | (571,442) | (598,988) |
Prior years | (2,274,240) | (2,365,959) | (2,371,637) |
Net paid losses and loss expenses | (2,764,251) | (2,937,401) | (2,970,625) |
Foreign exchange and other | (39,174) | 211,949 | 21,052 |
Net reserve for unpaid losses and loss expenses, end of year | 9,635,483 | 9,430,125 | 8,874,325 |
Reinsurance recoverable on unpaid losses, end of year | 5,017,611 | 4,496,641 | 3,877,756 |
Gross reserve for losses and loss expenses, end of year | $ 14,653,094 | $ 13,926,766 | $ 12,752,081 |
RESERVE FOR LOSSES AND LOSS E_6
RESERVE FOR LOSSES AND LOSS EXPENSES - Incurred losses narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 15, 2019 | Dec. 31, 2018 | |
Additional Information Related to Net Incurred Losses [Line Items] | |||||
Net losses and loss expenses, net of reinstatement premiums | $ 3,041,193 | $ 3,297,161 | $ 3,123,698 | ||
Reinsurance recoverable on unpaid claims | 5,017,611 | 4,496,641 | 3,877,756 | $ 3,501,669 | |
Syndicate 2007 | |||||
Additional Information Related to Net Incurred Losses [Line Items] | |||||
Policyholder benefits and claims incurred, assumed and ceded | 49,000 | ||||
Reinsurance recoverable on unpaid claims | $ 59,000 | ||||
Catastrophe and Weather-related Events | |||||
Additional Information Related to Net Incurred Losses [Line Items] | |||||
Net losses and loss expenses, net of reinstatement premiums | $ 443,000 | $ 774,000 | $ 336,000 |
RESERVE FOR LOSSES AND LOSS E_7
RESERVE FOR LOSSES AND LOSS EXPENSES - Prior year development (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year favorable (unfavorable) adjustments | $ 32,410 | $ 15,909 | $ 78,900 |
Insurance | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 18,360 | 8,937 | 53,302 |
Reinsurance | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Prior year favorable (unfavorable) adjustments | $ 14,049 | $ 6,972 | $ 25,598 |
RESERVE FOR LOSSES AND LOSS E_8
RESERVE FOR LOSSES AND LOSS EXPENSES - Prior year reserve development by segment, reserving class and accident year (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | $ 32,410 | $ 15,909 | $ 78,900 |
Insurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 18,360 | 8,937 | 53,302 |
Insurance | Property and other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 86,876 | 46,791 | 11,042 |
Insurance | Marine | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 28,430 | 16,780 | 33,260 |
Insurance | Aviation | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 14,106 | 6,416 | 3,741 |
Insurance | Credit and political risk | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 10,363 | (745) | 18,810 |
Insurance | Professional lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | (78,588) | (35,661) | 11,721 |
Insurance | Liability | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | (42,827) | (24,644) | (25,272) |
Reinsurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 14,049 | 6,972 | 25,598 |
Reinsurance | Property and other | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 8,282 | (5,935) | (133,448) |
Reinsurance | Professional lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | (23,718) | (15,352) | 3,668 |
Reinsurance | Liability | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | (17,919) | (29,656) | 31,283 |
Reinsurance | Credit and surety | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | 3,436 | 36,829 | 53,223 |
Reinsurance | Motor | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year favorable (unfavorable) adjustments | $ 43,968 | $ 21,086 | $ 70,872 |
RESERVE FOR LOSSES AND LOSS E_9
RESERVE FOR LOSSES AND LOSS EXPENSES - Incurred claims and allocated claim adjustment expenses, net of reinsurance (Details) $ in Thousands | Dec. 31, 2021USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Insurance | Property and other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 4,695,381 | |||||||||
Insurance | Property and other | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 335,903 | $ 342,406 | $ 342,723 | $ 352,761 | $ 353,602 | $ 359,326 | $ 363,521 | $ 383,920 | $ 402,013 | $ 392,832 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 8 | |||||||||
Cumulative number of reported claims | claim | 29,793 | |||||||||
Insurance | Property and other | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 276,632 | 275,403 | 275,919 | 279,588 | 269,153 | 269,504 | 273,448 | 300,371 | 310,545 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 1,069 | |||||||||
Cumulative number of reported claims | claim | 53,020 | |||||||||
Insurance | Property and other | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 319,317 | 322,723 | 327,406 | 329,003 | 330,094 | 346,144 | 356,814 | 362,013 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2,739 | |||||||||
Cumulative number of reported claims | claim | 62,221 | |||||||||
Insurance | Property and other | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 245,590 | 256,252 | 254,221 | 257,068 | 261,501 | 272,498 | 279,805 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 988 | |||||||||
Cumulative number of reported claims | claim | 48,317 | |||||||||
Insurance | Property and other | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 355,523 | 352,464 | 358,721 | 371,911 | 380,615 | 353,241 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 3,631 | |||||||||
Cumulative number of reported claims | claim | 93,582 | |||||||||
Insurance | Property and other | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 807,759 | 811,219 | 822,660 | 830,525 | 905,430 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 3,783 | |||||||||
Cumulative number of reported claims | claim | 698,013 | |||||||||
Insurance | Property and other | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 754,009 | 764,189 | 784,554 | 725,996 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 17,643 | |||||||||
Cumulative number of reported claims | claim | 740,146 | |||||||||
Insurance | Property and other | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 437,227 | 446,574 | 451,522 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 17,971 | |||||||||
Cumulative number of reported claims | claim | 674,310 | |||||||||
Insurance | Property and other | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 711,366 | 741,881 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 97,496 | |||||||||
Cumulative number of reported claims | claim | 699,571 | |||||||||
Insurance | Property and other | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 452,055 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 121,860 | |||||||||
Cumulative number of reported claims | claim | 293,463 | |||||||||
Insurance | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 1,239,840 | |||||||||
Insurance | Marine | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 64,686 | 65,122 | 62,100 | 72,698 | 74,541 | 72,020 | 71,000 | 68,936 | 83,026 | 89,643 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2,932 | |||||||||
Cumulative number of reported claims | claim | 4,135 | |||||||||
Insurance | Marine | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 80,797 | 79,950 | 80,781 | 81,822 | 82,261 | 97,010 | 95,940 | 100,613 | 79,514 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 1,218 | |||||||||
Cumulative number of reported claims | claim | 2,356 | |||||||||
Insurance | Marine | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 38,112 | 40,617 | 46,932 | 45,634 | 44,152 | 48,205 | 44,469 | 59,719 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2,693 | |||||||||
Cumulative number of reported claims | claim | 2,169 | |||||||||
Insurance | Marine | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 122,084 | 121,677 | 116,686 | 128,687 | 135,999 | 140,502 | 159,499 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 1,057 | |||||||||
Cumulative number of reported claims | claim | 2,232 | |||||||||
Insurance | Marine | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 68,897 | 69,814 | 71,066 | 76,441 | 78,726 | 86,403 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2,105 | |||||||||
Cumulative number of reported claims | claim | 2,867 | |||||||||
Insurance | Marine | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 154,218 | 163,222 | 167,118 | 169,508 | 206,441 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 12,183 | |||||||||
Cumulative number of reported claims | claim | 4,038 | |||||||||
Insurance | Marine | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 185,628 | 191,806 | 203,260 | 182,358 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 27,926 | |||||||||
Cumulative number of reported claims | claim | 4,426 | |||||||||
Insurance | Marine | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 171,244 | 167,184 | 169,706 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 29,024 | |||||||||
Cumulative number of reported claims | claim | 4,668 | |||||||||
Insurance | Marine | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 155,167 | 171,330 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 55,833 | |||||||||
Cumulative number of reported claims | claim | 4,491 | |||||||||
Insurance | Marine | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 199,007 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 130,108 | |||||||||
Cumulative number of reported claims | claim | 3,447 | |||||||||
Insurance | Aviation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 341,659 | |||||||||
Insurance | Aviation | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 7,205 | 7,302 | 7,383 | 7,590 | 7,703 | 7,760 | 8,709 | 10,795 | 10,670 | 12,782 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 36 | |||||||||
Cumulative number of reported claims | claim | 886 | |||||||||
Insurance | Aviation | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 16,451 | 16,670 | 16,763 | 15,471 | 15,586 | 15,249 | 15,207 | 16,334 | 15,654 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 260 | |||||||||
Cumulative number of reported claims | claim | 1,043 | |||||||||
Insurance | Aviation | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 16,716 | 17,350 | 19,097 | 21,857 | 21,798 | 24,357 | 23,038 | 20,437 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 121 | |||||||||
Cumulative number of reported claims | claim | 1,374 | |||||||||
Insurance | Aviation | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 27,517 | 28,001 | 27,522 | 29,579 | 29,845 | 28,512 | 29,786 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 179 | |||||||||
Cumulative number of reported claims | claim | 2,053 | |||||||||
Insurance | Aviation | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 32,545 | 32,473 | 31,745 | 33,679 | 33,517 | 29,180 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 325 | |||||||||
Cumulative number of reported claims | claim | 1,945 | |||||||||
Insurance | Aviation | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 69,799 | 68,549 | 66,263 | 61,524 | 55,401 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ (458) | |||||||||
Cumulative number of reported claims | claim | 4,466 | |||||||||
Insurance | Aviation | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 61,338 | 61,678 | 63,348 | 57,877 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2,610 | |||||||||
Cumulative number of reported claims | claim | 4,214 | |||||||||
Insurance | Aviation | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 41,123 | 41,658 | 44,106 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 2,003 | |||||||||
Cumulative number of reported claims | claim | 2,778 | |||||||||
Insurance | Aviation | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 25,380 | 37,391 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 6,355 | |||||||||
Cumulative number of reported claims | claim | 1,584 | |||||||||
Insurance | Aviation | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 43,585 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 22,283 | |||||||||
Cumulative number of reported claims | claim | 1,268 | |||||||||
Insurance | Credit and political risk | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 362,144 | |||||||||
Insurance | Credit and political risk | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 49 | 199 | 199 | 199 | 47 | 10,322 | 12,447 | 12,435 | 15,672 | 32,602 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 5 | |||||||||
Cumulative number of reported claims | claim | 4 | |||||||||
Insurance | Credit and political risk | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 12,614 | 12,739 | 12,377 | 14,067 | 14,942 | 9,880 | 9,759 | 25,684 | 26,439 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 462 | |||||||||
Cumulative number of reported claims | claim | 2 | |||||||||
Insurance | Credit and political risk | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 69,113 | 70,747 | 71,275 | 69,589 | 68,324 | 67,109 | 70,713 | 38,825 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 0 | |||||||||
Cumulative number of reported claims | claim | 6 | |||||||||
Insurance | Credit and political risk | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 24,189 | 24,851 | 25,930 | 26,012 | 27,524 | 30,368 | 30,329 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 880 | |||||||||
Cumulative number of reported claims | claim | 2 | |||||||||
Insurance | Credit and political risk | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 25,597 | 26,577 | 42,792 | 42,221 | 44,711 | 45,760 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 1,081 | |||||||||
Cumulative number of reported claims | claim | 1 | |||||||||
Insurance | Credit and political risk | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 17,592 | 19,804 | 27,634 | 33,148 | 48,555 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 8,590 | |||||||||
Cumulative number of reported claims | claim | 3 | |||||||||
Insurance | Credit and political risk | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 27,656 | 35,546 | 36,562 | 43,738 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 13,354 | |||||||||
Cumulative number of reported claims | claim | 2 | |||||||||
Insurance | Credit and political risk | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 73,471 | 79,778 | 51,407 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 16,248 | |||||||||
Cumulative number of reported claims | claim | 19 | |||||||||
Insurance | Credit and political risk | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 69,263 | 60,927 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 31,314 | |||||||||
Cumulative number of reported claims | claim | 37 | |||||||||
Insurance | Credit and political risk | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 42,600 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 39,624 | |||||||||
Cumulative number of reported claims | claim | 8 | |||||||||
Insurance | Professional lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 4,051,257 | |||||||||
Insurance | Professional lines | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 337,000 | 334,321 | 352,476 | 354,414 | 365,781 | 363,769 | 376,619 | 377,681 | 376,334 | 329,064 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 20,571 | |||||||||
Cumulative number of reported claims | claim | 8,348 | |||||||||
Insurance | Professional lines | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 335,453 | 339,108 | 335,888 | 357,807 | 355,419 | 366,094 | 399,307 | 398,008 | 384,382 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 36,146 | |||||||||
Cumulative number of reported claims | claim | 9,473 | |||||||||
Insurance | Professional lines | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 351,729 | 348,326 | 354,972 | 372,390 | 392,916 | 422,079 | 412,262 | 413,511 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 51,739 | |||||||||
Cumulative number of reported claims | claim | 9,858 | |||||||||
Insurance | Professional lines | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 329,377 | 328,723 | 345,416 | 358,613 | 383,614 | 377,970 | 378,217 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 47,302 | |||||||||
Cumulative number of reported claims | claim | 10,532 | |||||||||
Insurance | Professional lines | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 374,148 | 370,847 | 360,698 | 359,176 | 352,753 | 350,015 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 58,192 | |||||||||
Cumulative number of reported claims | claim | 11,909 | |||||||||
Insurance | Professional lines | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 453,259 | 436,589 | 440,090 | 398,881 | 394,239 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 103,291 | |||||||||
Cumulative number of reported claims | claim | 13,870 | |||||||||
Insurance | Professional lines | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 460,903 | 433,040 | 379,463 | 363,496 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 130,876 | |||||||||
Cumulative number of reported claims | claim | 16,765 | |||||||||
Insurance | Professional lines | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 467,030 | 428,019 | 406,170 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 206,644 | |||||||||
Cumulative number of reported claims | claim | 16,954 | |||||||||
Insurance | Professional lines | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 432,895 | 440,967 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 283,686 | |||||||||
Cumulative number of reported claims | claim | 11,622 | |||||||||
Insurance | Professional lines | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 509,463 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 448,897 | |||||||||
Cumulative number of reported claims | claim | 8,271 | |||||||||
Insurance | Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 1,690,248 | |||||||||
Insurance | Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 61,993 | 64,542 | 67,238 | 72,727 | 75,698 | 68,658 | 71,474 | 74,135 | 71,690 | 70,859 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 10,249 | |||||||||
Cumulative number of reported claims | claim | 3,355 | |||||||||
Insurance | Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 94,201 | 89,902 | 91,943 | 95,983 | 93,682 | 88,243 | 95,175 | 95,309 | 93,234 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 13,218 | |||||||||
Cumulative number of reported claims | claim | 3,690 | |||||||||
Insurance | Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 132,064 | 132,585 | 131,477 | 132,021 | 130,674 | 129,774 | 124,313 | 107,136 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 14,321 | |||||||||
Cumulative number of reported claims | claim | 5,265 | |||||||||
Insurance | Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 187,146 | 188,218 | 182,891 | 165,160 | 137,652 | 127,424 | 128,437 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 26,055 | |||||||||
Cumulative number of reported claims | claim | 6,390 | |||||||||
Insurance | Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 120,309 | 120,333 | 127,572 | 128,940 | 130,209 | 124,322 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 27,993 | |||||||||
Cumulative number of reported claims | claim | 7,208 | |||||||||
Insurance | Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 206,833 | 202,508 | 185,998 | 165,661 | 167,803 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 36,274 | |||||||||
Cumulative number of reported claims | claim | 8,471 | |||||||||
Insurance | Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 205,961 | 192,289 | 169,241 | 168,202 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 51,462 | |||||||||
Cumulative number of reported claims | claim | 8,292 | |||||||||
Insurance | Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 222,820 | 193,526 | 192,358 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 83,628 | |||||||||
Cumulative number of reported claims | claim | 7,567 | |||||||||
Insurance | Liability | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 225,866 | 225,407 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 171,715 | |||||||||
Cumulative number of reported claims | claim | 5,285 | |||||||||
Insurance | Liability | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 233,055 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 198,167 | |||||||||
Cumulative number of reported claims | claim | 4,171 | |||||||||
Reinsurance | Property and other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | $ 7,234,581 | |||||||||
Reinsurance | Property and other | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 451,567 | 454,280 | 454,701 | 457,952 | 456,536 | 461,542 | 477,396 | 508,032 | 523,613 | 555,785 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 81 | |||||||||
Reinsurance | Property and other | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 497,825 | 500,490 | 501,123 | 504,433 | 504,945 | 510,944 | 531,304 | 562,186 | 580,230 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 585 | |||||||||
Reinsurance | Property and other | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 481,788 | 481,582 | 484,443 | 485,213 | 487,065 | 499,636 | 525,809 | 542,903 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 3,587 | |||||||||
Reinsurance | Property and other | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 453,142 | 456,549 | 451,295 | 455,252 | 460,576 | 465,733 | 478,050 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 1,568 | |||||||||
Reinsurance | Property and other | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 623,977 | 622,706 | 620,858 | 624,507 | 637,746 | 618,765 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 8,053 | |||||||||
Reinsurance | Property and other | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,105,803 | 1,110,521 | 1,103,419 | 1,080,897 | 1,099,195 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 40,302 | |||||||||
Reinsurance | Property and other | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,019,138 | 1,014,311 | 1,010,076 | 884,369 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 44,435 | |||||||||
Reinsurance | Property and other | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 924,338 | 949,822 | 951,665 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 78,420 | |||||||||
Reinsurance | Property and other | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 893,869 | 859,634 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 163,285 | |||||||||
Reinsurance | Property and other | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 783,134 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 425,137 | |||||||||
Reinsurance | Professional lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,884,136 | |||||||||
Reinsurance | Professional lines | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 205,581 | 203,653 | 207,151 | 214,341 | 212,941 | 222,937 | 224,214 | 221,821 | 216,364 | 209,815 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 8,110 | |||||||||
Reinsurance | Professional lines | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 165,978 | 169,783 | 182,005 | 206,226 | 213,590 | 214,075 | 215,862 | 214,662 | 209,516 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 8,416 | |||||||||
Reinsurance | Professional lines | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 227,369 | 229,236 | 230,376 | 233,896 | 219,509 | 219,552 | 219,610 | 219,544 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 5,971 | |||||||||
Reinsurance | Professional lines | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 236,208 | 229,418 | 232,164 | 225,365 | 214,606 | 212,226 | 212,183 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 19,277 | |||||||||
Reinsurance | Professional lines | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 256,242 | 256,207 | 228,398 | 200,309 | 196,480 | 195,328 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 32,832 | |||||||||
Reinsurance | Professional lines | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 189,356 | 179,072 | 162,447 | 156,019 | 155,335 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 35,316 | |||||||||
Reinsurance | Professional lines | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 167,128 | 156,429 | 149,373 | 146,729 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 47,916 | |||||||||
Reinsurance | Professional lines | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 143,214 | 139,131 | 139,177 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 68,827 | |||||||||
Reinsurance | Professional lines | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 143,135 | 141,974 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 105,608 | |||||||||
Reinsurance | Professional lines | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 149,925 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 131,625 | |||||||||
Reinsurance | Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 2,427,680 | |||||||||
Reinsurance | Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 163,062 | 160,665 | 158,528 | 164,524 | 171,269 | 173,827 | 172,661 | 167,715 | 163,315 | 166,836 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 11,222 | |||||||||
Reinsurance | Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 154,459 | 156,069 | 157,366 | 177,391 | 184,252 | 184,591 | 182,564 | 175,587 | 171,714 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 12,187 | |||||||||
Reinsurance | Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 183,909 | 188,082 | 197,580 | 199,736 | 200,935 | 205,011 | 203,282 | 199,798 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 19,068 | |||||||||
Reinsurance | Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 203,913 | 214,132 | 214,011 | 216,257 | 216,437 | 215,460 | 215,061 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 28,578 | |||||||||
Reinsurance | Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 268,888 | 264,749 | 254,716 | 251,424 | 246,322 | 240,882 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 50,187 | |||||||||
Reinsurance | Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 299,740 | 290,024 | 280,632 | 271,104 | 275,897 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 73,074 | |||||||||
Reinsurance | Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 288,528 | 275,980 | 270,527 | 265,519 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 90,968 | |||||||||
Reinsurance | Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 275,176 | 273,309 | 263,805 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 135,114 | |||||||||
Reinsurance | Liability | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 285,083 | 284,232 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 189,324 | |||||||||
Reinsurance | Liability | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 304,922 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 265,558 | |||||||||
Reinsurance | Credit and surety | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,061,038 | |||||||||
Reinsurance | Credit and surety | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 122,058 | 123,383 | 125,625 | 128,662 | 132,213 | 140,246 | 148,622 | 151,401 | 148,841 | 158,822 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 1,642 | |||||||||
Reinsurance | Credit and surety | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 127,065 | 128,319 | 125,497 | 125,376 | 136,675 | 140,863 | 144,733 | 153,538 | 165,106 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 2,445 | |||||||||
Reinsurance | Credit and surety | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 122,149 | 123,430 | 127,133 | 128,434 | 139,862 | 143,576 | 136,403 | 137,007 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 990 | |||||||||
Reinsurance | Credit and surety | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 140,788 | 139,565 | 138,575 | 157,491 | 161,575 | 166,772 | 160,874 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 3,998 | |||||||||
Reinsurance | Credit and surety | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 114,123 | 116,440 | 124,115 | 149,807 | 141,963 | 142,299 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 2,592 | |||||||||
Reinsurance | Credit and surety | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 116,204 | 118,941 | 127,691 | 133,506 | 139,346 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 6,021 | |||||||||
Reinsurance | Credit and surety | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 112,859 | 115,905 | 121,246 | 112,256 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 13,156 | |||||||||
Reinsurance | Credit and surety | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 69,399 | 69,366 | 75,066 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 10,705 | |||||||||
Reinsurance | Credit and surety | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 84,115 | 77,354 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 40,625 | |||||||||
Reinsurance | Credit and surety | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 52,278 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 36,571 | |||||||||
Reinsurance | Motor | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 2,413,741 | |||||||||
Reinsurance | Motor | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 125,068 | 129,001 | 128,719 | 136,989 | 139,917 | 149,527 | 154,440 | 162,106 | 173,749 | $ 182,633 |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 9,380 | |||||||||
Reinsurance | Motor | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 121,852 | 125,709 | 128,823 | 137,925 | 140,724 | 144,202 | 153,715 | 165,656 | $ 167,165 | |
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 5,645 | |||||||||
Reinsurance | Motor | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 171,540 | 171,880 | 175,289 | 178,705 | 183,176 | 185,889 | 190,577 | $ 187,744 | ||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 4,531 | |||||||||
Reinsurance | Motor | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 216,102 | 219,179 | 220,530 | 232,237 | 230,494 | 226,222 | $ 228,839 | |||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 8,044 | |||||||||
Reinsurance | Motor | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 253,527 | 256,311 | 264,703 | 275,311 | 273,424 | $ 252,697 | ||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 7,507 | |||||||||
Reinsurance | Motor | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 377,449 | 377,101 | 377,357 | 388,304 | $ 375,025 | |||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 26,571 | |||||||||
Reinsurance | Motor | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 380,446 | 384,410 | 372,104 | $ 368,844 | ||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 42,305 | |||||||||
Reinsurance | Motor | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 349,747 | 348,877 | $ 349,016 | |||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 51,861 | |||||||||
Reinsurance | Motor | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 229,582 | $ 225,728 | ||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | 71,686 | |||||||||
Reinsurance | Motor | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 188,428 | |||||||||
Total of incurred-but-not-reported liabilities plus expected development on reported claims | $ 111,017 |
RESERVE FOR LOSSES AND LOSS _10
RESERVE FOR LOSSES AND LOSS EXPENSES - Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | $ 9,576,302 | |||||||||
Insurance | ||||||||||
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 4,178,193 | |||||||||
Insurance | Property and other | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 4,013,886 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 7,291 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 688,786 | |||||||||
Insurance | Property and other | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 316,722 | $ 316,614 | $ 316,388 | $ 314,282 | $ 314,210 | $ 309,042 | $ 301,512 | $ 278,538 | $ 214,440 | $ 77,684 |
Insurance | Property and other | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 273,752 | 269,290 | 265,442 | 263,605 | 260,576 | 249,534 | 238,483 | 199,585 | 76,142 | |
Insurance | Property and other | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 316,319 | 316,305 | 319,601 | 318,414 | 314,197 | 307,040 | 260,405 | 133,186 | ||
Insurance | Property and other | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 242,516 | 250,620 | 243,895 | 243,213 | 228,910 | 204,138 | 100,169 | |||
Insurance | Property and other | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 348,739 | 341,693 | 340,568 | 332,043 | 292,009 | 125,806 | ||||
Insurance | Property and other | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 773,007 | 775,507 | 745,770 | 629,722 | 256,234 | |||||
Insurance | Property and other | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 699,094 | 685,681 | 585,855 | 288,200 | ||||||
Insurance | Property and other | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 382,521 | 328,183 | 197,452 | |||||||
Insurance | Property and other | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 486,815 | 220,838 | ||||||||
Insurance | Property and other | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 174,401 | |||||||||
Insurance | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 815,231 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 5,859 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 430,468 | |||||||||
Insurance | Marine | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 58,122 | 55,830 | 55,654 | 54,621 | 52,631 | 50,284 | 49,474 | 44,734 | 38,466 | 10,706 |
Insurance | Marine | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 79,163 | 77,937 | 76,660 | 76,517 | 65,493 | 62,825 | 54,648 | 43,866 | 18,873 | |
Insurance | Marine | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 35,155 | 41,344 | 40,256 | 35,631 | 26,682 | 26,542 | 15,154 | 6,362 | ||
Insurance | Marine | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 120,216 | 113,293 | 111,761 | 110,367 | 107,512 | 54,640 | 21,446 | |||
Insurance | Marine | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 65,143 | 64,019 | 63,245 | 57,267 | 31,822 | 12,490 | ||||
Insurance | Marine | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 122,148 | 115,634 | 91,342 | 67,622 | 14,634 | |||||
Insurance | Marine | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 126,986 | 115,600 | 85,409 | 26,752 | ||||||
Insurance | Marine | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 116,160 | 75,653 | 36,293 | |||||||
Insurance | Marine | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 72,095 | 38,554 | ||||||||
Insurance | Marine | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 20,043 | |||||||||
Insurance | Aviation | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 257,964 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 4,508 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 88,203 | |||||||||
Insurance | Aviation | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 7,098 | 7,091 | 7,093 | 7,157 | 7,044 | 6,823 | 5,950 | 4,153 | 2,863 | 956 |
Insurance | Aviation | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 15,974 | 15,948 | 14,487 | 14,170 | 13,561 | 11,450 | 9,748 | 7,330 | 4,401 | |
Insurance | Aviation | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 15,086 | 15,027 | 14,856 | 14,493 | 13,856 | 11,698 | 8,028 | 3,989 | ||
Insurance | Aviation | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 26,107 | 25,993 | 24,686 | 23,227 | 20,968 | 16,166 | 8,086 | |||
Insurance | Aviation | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 29,926 | 29,074 | 27,838 | 26,274 | 19,289 | 10,416 | ||||
Insurance | Aviation | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 61,312 | 58,920 | 50,585 | 40,035 | 21,176 | |||||
Insurance | Aviation | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 50,347 | 47,287 | 40,068 | 21,235 | ||||||
Insurance | Aviation | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 31,628 | 28,771 | 18,052 | |||||||
Insurance | Aviation | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 12,954 | 6,324 | ||||||||
Insurance | Aviation | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 7,532 | |||||||||
Insurance | Credit and political risk | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 302,288 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | (874) | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 58,982 | |||||||||
Insurance | Credit and political risk | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 44 | 44 | 44 | 44 | 42 | 40 | 0 | 0 | 0 | 0 |
Insurance | Credit and political risk | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 12,151 | 13,828 | 13,828 | 13,828 | 11,769 | 5,216 | 3,726 | 2,235 | 745 | |
Insurance | Credit and political risk | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 70,224 | 70,224 | 64,051 | 57,858 | 57,858 | 61,108 | 39,952 | 1,924 | ||
Insurance | Credit and political risk | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 23,309 | 23,309 | 23,309 | 23,309 | 23,309 | 23,309 | 0 | |||
Insurance | Credit and political risk | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 24,516 | 24,516 | 24,516 | 24,516 | 24,516 | 0 | ||||
Insurance | Credit and political risk | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 11,252 | 12,034 | 9,529 | 4,173 | 421 | |||||
Insurance | Credit and political risk | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 12,432 | 15,971 | 13,897 | 5,552 | ||||||
Insurance | Credit and political risk | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 54,239 | 46,924 | 16,431 | |||||||
Insurance | Credit and political risk | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 91,352 | 10,013 | ||||||||
Insurance | Credit and political risk | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,769 | |||||||||
Insurance | Professional lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,155,119 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 113,232 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 2,009,370 | |||||||||
Insurance | Professional lines | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 304,095 | 298,902 | 282,494 | 274,150 | 254,682 | 231,582 | 184,776 | 100,434 | 41,505 | 7,825 |
Insurance | Professional lines | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 291,767 | 277,239 | 264,537 | 243,890 | 213,979 | 176,433 | 130,081 | 73,251 | 17,718 | |
Insurance | Professional lines | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 277,463 | 253,387 | 243,586 | 224,461 | 192,845 | 130,348 | 70,688 | 23,579 | ||
Insurance | Professional lines | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 258,963 | 243,082 | 204,121 | 170,009 | 138,136 | 67,886 | 20,291 | |||
Insurance | Professional lines | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 261,321 | 234,825 | 192,832 | 147,678 | 71,229 | 15,913 | ||||
Insurance | Professional lines | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 240,455 | 206,193 | 139,143 | 71,877 | 21,052 | |||||
Insurance | Professional lines | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 222,374 | 155,101 | 82,982 | 20,945 | ||||||
Insurance | Professional lines | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 169,088 | 99,158 | 28,206 | |||||||
Insurance | Professional lines | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 95,558 | 26,640 | ||||||||
Insurance | Professional lines | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 34,035 | |||||||||
Insurance | Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 849,499 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 61,635 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 902,384 | |||||||||
Insurance | Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 48,505 | 48,316 | 48,034 | 46,541 | 42,740 | 37,139 | 30,145 | 15,411 | 5,514 | 1,631 |
Insurance | Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 78,023 | 73,314 | 71,983 | 66,964 | 60,005 | 42,051 | 33,320 | 23,281 | 2,360 | |
Insurance | Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 106,215 | 103,050 | 93,576 | 84,376 | 71,596 | 49,839 | 18,643 | 1,414 | ||
Insurance | Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 150,848 | 141,002 | 120,313 | 92,744 | 39,702 | 22,444 | 5,438 | |||
Insurance | Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 79,594 | 66,371 | 56,455 | 36,382 | 23,289 | 6,323 | ||||
Insurance | Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 144,267 | 116,157 | 59,306 | 29,610 | 5,561 | |||||
Insurance | Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 119,446 | 72,398 | 34,931 | 9,460 | ||||||
Insurance | Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 83,943 | 39,986 | 7,887 | |||||||
Insurance | Liability | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 25,245 | 8,163 | ||||||||
Insurance | Liability | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 13,413 | |||||||||
Reinsurance | ||||||||||
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 5,398,109 | |||||||||
Reinsurance | Property and other | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 5,601,878 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 20,247 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,652,950 | |||||||||
Reinsurance | Property and other | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 434,420 | 430,468 | 428,889 | 416,360 | 414,306 | 404,621 | 390,051 | 367,575 | 294,809 | 122,945 |
Reinsurance | Property and other | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 487,971 | 484,128 | 484,429 | 483,785 | 482,360 | 472,619 | 442,216 | 325,596 | 107,774 | |
Reinsurance | Property and other | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 468,080 | 461,202 | 463,976 | 458,981 | 452,832 | 435,322 | 353,313 | 102,421 | ||
Reinsurance | Property and other | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 436,720 | 420,783 | 414,291 | 401,731 | 369,339 | 266,150 | 71,550 | |||
Reinsurance | Property and other | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 592,193 | 584,602 | 565,778 | 522,648 | 378,387 | 128,812 | ||||
Reinsurance | Property and other | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 965,116 | 938,025 | 866,481 | 723,271 | 252,454 | |||||
Reinsurance | Property and other | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 859,649 | 793,481 | 646,904 | 196,679 | ||||||
Reinsurance | Property and other | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 708,467 | 590,010 | 162,093 | |||||||
Reinsurance | Property and other | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 483,680 | 209,072 | ||||||||
Reinsurance | Property and other | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 165,582 | |||||||||
Reinsurance | Professional lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 983,485 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 68,013 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 968,664 | |||||||||
Reinsurance | Professional lines | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 165,580 | 155,739 | 146,093 | 132,030 | 107,351 | 86,064 | 53,696 | 29,657 | 10,404 | 778 |
Reinsurance | Professional lines | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 133,276 | 128,867 | 123,498 | 105,054 | 81,721 | 65,027 | 30,544 | 12,089 | 1,066 | |
Reinsurance | Professional lines | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 178,781 | 159,081 | 147,361 | 109,356 | 74,640 | 48,891 | 13,079 | 2,019 | ||
Reinsurance | Professional lines | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 152,907 | 132,153 | 112,030 | 79,285 | 41,565 | 13,506 | 3,134 | |||
Reinsurance | Professional lines | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 154,200 | 125,448 | 95,450 | 52,689 | 20,566 | 1,771 | ||||
Reinsurance | Professional lines | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 89,223 | 62,975 | 39,960 | 14,961 | 2,814 | |||||
Reinsurance | Professional lines | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 57,170 | 31,352 | 2,616 | 271 | ||||||
Reinsurance | Professional lines | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 33,902 | 13,696 | 371 | |||||||
Reinsurance | Professional lines | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 14,109 | 3,825 | ||||||||
Reinsurance | Professional lines | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 4,337 | |||||||||
Reinsurance | Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,139,199 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 114,137 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,402,618 | |||||||||
Reinsurance | Liability | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 136,365 | 134,357 | 126,071 | 115,695 | 101,234 | 78,291 | 58,815 | 28,392 | 12,803 | 3,541 |
Reinsurance | Liability | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 128,124 | 123,710 | 113,154 | 102,617 | 88,280 | 69,069 | 52,338 | 22,242 | 5,974 | |
Reinsurance | Liability | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 137,659 | 130,304 | 110,095 | 89,502 | 70,214 | 48,445 | 28,672 | 7,094 | ||
Reinsurance | Liability | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 141,808 | 131,010 | 109,056 | 80,911 | 54,556 | 27,460 | 7,271 | |||
Reinsurance | Liability | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 167,276 | 143,293 | 112,028 | 69,655 | 37,742 | 11,884 | ||||
Reinsurance | Liability | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 159,265 | 121,223 | 78,771 | 42,227 | 12,477 | |||||
Reinsurance | Liability | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 128,405 | 85,510 | 50,121 | 19,361 | ||||||
Reinsurance | Liability | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 80,066 | 45,415 | 19,326 | |||||||
Reinsurance | Liability | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 49,233 | 16,950 | ||||||||
Reinsurance | Liability | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 10,998 | |||||||||
Reinsurance | Credit and surety | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 833,062 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 21,326 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 249,302 | |||||||||
Reinsurance | Credit and surety | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 113,870 | 114,809 | 114,392 | 112,430 | 111,111 | 109,335 | 105,808 | 99,969 | 85,902 | 49,736 |
Reinsurance | Credit and surety | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 113,741 | 115,494 | 113,284 | 108,318 | 106,422 | 98,755 | 92,165 | 77,279 | 32,474 | |
Reinsurance | Credit and surety | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 108,039 | 108,232 | 107,724 | 103,309 | 95,711 | 86,580 | 61,490 | 35,632 | ||
Reinsurance | Credit and surety | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 123,907 | 123,042 | 119,333 | 117,426 | 100,347 | 82,167 | 32,944 | |||
Reinsurance | Credit and surety | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 102,153 | 103,591 | 102,465 | 92,792 | 73,643 | 42,110 | ||||
Reinsurance | Credit and surety | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 101,047 | 102,901 | 91,162 | 74,473 | 37,387 | |||||
Reinsurance | Credit and surety | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 85,470 | 73,748 | 69,040 | 39,079 | ||||||
Reinsurance | Credit and surety | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 46,028 | 31,841 | 19,382 | |||||||
Reinsurance | Credit and surety | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 34,330 | 25,386 | ||||||||
Reinsurance | Credit and surety | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 4,477 | |||||||||
Reinsurance | Motor | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,519,752 | |||||||||
All outstanding liabilities before 2012, net of reinsurance | 230,586 | |||||||||
Liabilities for claims and claim adjustment expenses, net of reinsurance | 1,124,575 | |||||||||
Reinsurance | Motor | Accident Year 2012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 97,432 | 86,130 | 94,827 | 93,594 | 91,200 | 86,965 | 80,217 | 70,098 | 54,803 | $ 29,565 |
Reinsurance | Motor | Accident Year 2013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 99,978 | 86,532 | 95,445 | 92,307 | 86,524 | 80,600 | 70,078 | 55,392 | $ 34,395 | |
Reinsurance | Motor | Accident Year 2014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 143,954 | 122,682 | 126,849 | 116,724 | 106,072 | 97,479 | 76,923 | $ 43,918 | ||
Reinsurance | Motor | Accident Year 2015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 177,260 | 154,002 | 152,558 | 135,958 | 118,018 | 96,745 | $ 58,581 | |||
Reinsurance | Motor | Accident Year 2016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 191,945 | 166,826 | 152,721 | 133,970 | 108,670 | $ 61,686 | ||||
Reinsurance | Motor | Accident Year 2017 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 232,316 | 208,687 | 171,933 | 139,560 | $ 73,425 | |||||
Reinsurance | Motor | Accident Year 2018 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 227,804 | 215,555 | 148,084 | $ 85,158 | ||||||
Reinsurance | Motor | Accident Year 2019 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 206,602 | 186,943 | $ 90,829 | |||||||
Reinsurance | Motor | Accident Year 2020 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 100,288 | $ 44,268 | ||||||||
Reinsurance | Motor | Accident Year 2021 | ||||||||||
Claims Development [Line Items] | ||||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 42,173 |
RESERVE FOR LOSSES AND LOSS _11
RESERVE FOR LOSSES AND LOSS EXPENSES - Average annual percentage payout of incurred claims by age, net of reinsurance (Details) | Dec. 31, 2021 |
Insurance | Property and other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 35.30% |
Year 2 | 40.80% |
Year 3 | 13.70% |
Year 4 | 3.80% |
Year 5 | 1.30% |
Year 6 | 1.50% |
Year 7 | (0.90%) |
Year 8 | 0.70% |
Year 9 | 0.90% |
Year 10 | 0.00% |
Insurance | Marine | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 17.20% |
Year 2 | 29.20% |
Year 3 | 23.60% |
Year 4 | 7.20% |
Year 5 | 5.80% |
Year 6 | 6.40% |
Year 7 | 3.00% |
Year 8 | (4.30%) |
Year 9 | 0.90% |
Year 10 | 3.50% |
Insurance | Aviation | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 27.60% |
Year 2 | 26.10% |
Year 3 | 15.90% |
Year 4 | 11.10% |
Year 5 | 6.90% |
Year 6 | 3.30% |
Year 7 | 1.20% |
Year 8 | 2.80% |
Year 9 | 0.10% |
Year 10 | 0.10% |
Insurance | Credit and political risk | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 7.50% |
Year 2 | 52.20% |
Year 3 | 11.30% |
Year 4 | 1.20% |
Year 5 | 21.50% |
Year 6 | 5.90% |
Year 7 | 3.30% |
Year 8 | 0.00% |
Year 9 | (6.70%) |
Year 10 | 0.00% |
Insurance | Professional lines | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 5.30% |
Year 2 | 13.90% |
Year 3 | 17.30% |
Year 4 | 15.40% |
Year 5 | 10.60% |
Year 6 | 8.00% |
Year 7 | 4.90% |
Year 8 | 4.40% |
Year 9 | 4.60% |
Year 10 | 1.50% |
Insurance | Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 3.50% |
Year 2 | 12.30% |
Year 3 | 15.30% |
Year 4 | 20.70% |
Year 5 | 12.80% |
Year 6 | 9.10% |
Year 7 | 6.00% |
Year 8 | 2.10% |
Year 9 | 2.80% |
Year 10 | 0.30% |
Reinsurance | Property and other | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 21.10% |
Year 2 | 42.30% |
Year 3 | 17.80% |
Year 4 | 6.00% |
Year 5 | 2.50% |
Year 6 | 1.20% |
Year 7 | 0.90% |
Year 8 | 1.40% |
Year 9 | 0.60% |
Year 10 | 0.90% |
Reinsurance | Credit and surety | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 28.90% |
Year 2 | 26.20% |
Year 3 | 14.10% |
Year 4 | 8.40% |
Year 5 | 2.70% |
Year 6 | 1.60% |
Year 7 | 1.50% |
Year 8 | 1.00% |
Year 9 | (0.60%) |
Year 10 | (0.80%) |
Reinsurance | Professional lines | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 1.20% |
Year 2 | 5.80% |
Year 3 | 13.20% |
Year 4 | 14.90% |
Year 5 | 13.40% |
Year 6 | 12.20% |
Year 7 | 9.30% |
Year 8 | 6.20% |
Year 9 | 3.70% |
Year 10 | 4.80% |
Reinsurance | Motor | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 23.80% |
Year 2 | 19.90% |
Year 3 | 11.00% |
Year 4 | 7.20% |
Year 5 | 6.00% |
Year 6 | 4.90% |
Year 7 | 3.20% |
Year 8 | 2.00% |
Year 9 | 2.00% |
Year 10 | 9.00% |
Reinsurance | Liability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 4.50% |
Year 2 | 9.90% |
Year 3 | 12.80% |
Year 4 | 14.20% |
Year 5 | 12.20% |
Year 6 | 10.90% |
Year 7 | 8.00% |
Year 8 | 5.70% |
Year 9 | 4.00% |
Year 10 | 1.20% |
RESERVE FOR LOSSES AND LOSS _12
RESERVE FOR LOSSES AND LOSS EXPENSES - Reconciliation of development tables to consolidated balance sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Claims Development [Line Items] | ||||
Net outstanding liabilities | $ 9,576,302 | |||
Reinsurance recoverable on unpaid claims | 5,017,611 | $ 4,496,641 | $ 3,877,756 | $ 3,501,669 |
Gross outstanding liabilities | 14,593,913 | |||
Unallocated claims adjustment expenses | 159,676 | |||
Foreign exchange and other | 48,373 | |||
Ceded reserves related to retroactive transactions | (148,868) | |||
Reserve for losses and loss expenses | 14,653,094 | $ 13,926,766 | $ 12,752,081 | $ 12,280,769 |
Insurance | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 4,178,193 | |||
Reinsurance recoverable on unpaid claims | 3,451,041 | |||
Gross outstanding liabilities | 7,629,234 | |||
Insurance | Property and other | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 688,786 | |||
Reinsurance recoverable on unpaid claims | 417,814 | |||
Gross outstanding liabilities | 1,106,600 | |||
Insurance | Marine | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 430,468 | |||
Reinsurance recoverable on unpaid claims | 182,584 | |||
Gross outstanding liabilities | 613,052 | |||
Insurance | Aviation | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 88,203 | |||
Reinsurance recoverable on unpaid claims | 58,067 | |||
Gross outstanding liabilities | 146,270 | |||
Insurance | Credit and political risk | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 58,982 | |||
Reinsurance recoverable on unpaid claims | (23,381) | |||
Gross outstanding liabilities | 35,601 | |||
Insurance | Professional lines | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 2,009,370 | |||
Reinsurance recoverable on unpaid claims | 1,494,488 | |||
Gross outstanding liabilities | 3,503,858 | |||
Insurance | Liability | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 902,384 | |||
Reinsurance recoverable on unpaid claims | 1,321,469 | |||
Gross outstanding liabilities | 2,223,853 | |||
Reinsurance | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 5,398,109 | |||
Reinsurance recoverable on unpaid claims | 1,566,570 | |||
Gross outstanding liabilities | 6,964,679 | |||
Reinsurance | Property and other | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 1,652,950 | |||
Reinsurance recoverable on unpaid claims | 584,201 | |||
Gross outstanding liabilities | 2,237,151 | |||
Reinsurance | Credit and surety | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 249,302 | |||
Reinsurance recoverable on unpaid claims | 66,965 | |||
Gross outstanding liabilities | 316,267 | |||
Reinsurance | Professional lines | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 968,664 | |||
Reinsurance recoverable on unpaid claims | 251,341 | |||
Gross outstanding liabilities | 1,220,005 | |||
Reinsurance | Motor | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 1,124,575 | |||
Reinsurance recoverable on unpaid claims | 229,195 | |||
Gross outstanding liabilities | 1,353,770 | |||
Reinsurance | Liability | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 1,402,618 | |||
Reinsurance recoverable on unpaid claims | 434,868 | |||
Gross outstanding liabilities | $ 1,837,486 |
REINSURANCE (Details)
REINSURANCE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums written | |||
Gross | $ 7,685,984 | $ 6,826,938 | $ 6,898,858 |
Ceded | (2,759,360) | (2,490,529) | (2,409,243) |
Net | 4,926,624 | 4,336,409 | 4,489,615 |
Premiums earned | |||
Gross | 7,281,709 | 6,768,733 | 6,910,677 |
Ceded | (2,571,859) | (2,397,424) | (2,323,499) |
Net | 4,709,850 | 4,371,309 | 4,587,178 |
Reinsurance receivables: | |||
Ceded losses and loss expenses | 1,782,000 | 1,914,000 | 1,602,000 |
Allowance for credit losses on reinsurance recoverable for unpaid losses and loss expenses | $ 29,554 | $ 23,711 | $ 18,000 |
DEBT AND FINANCING ARRANGEMEN_3
DEBT AND FINANCING ARRANGEMENTS - Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 10, 2019 | Jun. 19, 2019 | Dec. 06, 2017 | Mar. 13, 2014 |
Debt Instrument [Line Items] | ||||||
Debt | $ 1,310,975 | $ 1,309,695 | ||||
Senior Notes | 5.150% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.15% | |||||
Debt | 246,632 | 246,559 | ||||
Senior Notes | 4.000% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.00% | |||||
Debt | 347,665 | 347,324 | ||||
Senior Notes | 3.900% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.90% | |||||
Debt | 296,172 | 295,748 | ||||
Junior Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.90% | |||||
Debt | $ 420,506 | $ 420,064 |
DEBT AND FINANCING ARRANGEMEN_4
DEBT AND FINANCING ARRANGEMENTS - Debt terms (Details) - USD ($) | Dec. 10, 2019 | Jun. 19, 2019 | Dec. 06, 2017 | Mar. 13, 2014 |
Senior Notes | 5.150% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.15% | |||
Aggregate Principal | $ 250,000,000 | |||
Issue Price | 99.474% | |||
Net Proceeds | $ 246,000,000 | |||
Senior Notes | 4.000% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.00% | |||
Aggregate Principal | $ 350,000,000 | |||
Issue Price | 99.78% | |||
Net Proceeds | $ 347,000,000 | |||
Senior Notes | 3.900% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.90% | |||
Aggregate Principal | $ 300,000,000 | |||
Issue Price | 99.36% | |||
Net Proceeds | $ 296,000,000 | |||
Senior Notes | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.15% | |||
Senior Notes | Senior Notes Axis Specialty Finance PLC 2017 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.00% | |||
Senior Notes | 3.9% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.90% | |||
Senior Notes | 3.9% Senior Notes | AXIS Specialty Finance LLC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.90% | |||
Junior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.90% | |||
Aggregate Principal | $ 425,000,000 | |||
Issue Price | 99.00% | |||
Net Proceeds | $ 420,750,000 | |||
Junior Subordinated Notes | AXIS Specialty Finance LLC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.90% | |||
Junior Subordinated Notes | Five-Year Treasury Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.186% |
DEBT AND FINANCING ARRANGEMEN_5
DEBT AND FINANCING ARRANGEMENTS - Senior and notes payable, Dekania Notes (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 10, 2019 | Jun. 19, 2019 | Dec. 06, 2017 | Mar. 13, 2014 | |
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense | $ 40 | $ 52 | $ 67 | ||||
Senior Notes | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.15% | ||||||
Senior Notes | Senior Notes Axis Specialty Finance PLC 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.00% | ||||||
Senior Notes | 3.9% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.90% | ||||||
Junior Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.90% | ||||||
Interest expense | $ 21 | $ 21 | |||||
AXIS Specialty Finance LLC | Senior Notes | 3.9% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.90% | ||||||
AXIS Specialty Finance LLC | Junior Subordinated Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.90% | ||||||
AXIS Specialty Finance LLC | Subsidiary Issuer | |||||||
Debt Instrument [Line Items] | |||||||
Percentage ownership in subsidiary | 100.00% | 100.00% | |||||
AXIS Specialty Finance PLC | Subsidiary Issuer | |||||||
Debt Instrument [Line Items] | |||||||
Percentage ownership in subsidiary | 100.00% | 100.00% | 100.00% |
DEBT AND FINANCING ARRANGEMEN_6
DEBT AND FINANCING ARRANGEMENTS - Debt maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Scheduled debt maturity | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
After 2026 | 1,325,000 | |
Unamortized discount and debt issuance expenses | (14,025) | |
Total senior notes and notes payable | $ 1,310,975 | $ 1,309,695 |
DEBT AND FINANCING ARRANGEMEN_7
DEBT AND FINANCING ARRANGEMENTS - Credit facilities (Details) - Letter of Credit Facility - Citibank - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 | Mar. 30, 2021 | Dec. 31, 2020 | Mar. 28, 2020 | Dec. 24, 2019 | Mar. 27, 2017 | Mar. 31, 2015 | Mar. 30, 2015 | Nov. 20, 2013 |
Line of Credit Facility [Line Items] | ||||||||||
Maximum capacity | $ 500,000,000 | $ 500,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Letters of credit outstanding | $ 356,000,000 | $ 339,000,000 | ||||||||
$500 million secured LOC | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum capacity | $ 500,000,000 | 500,000,000 | ||||||||
$250 million secured LOC | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum capacity | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||
Line of credit facility, utilization capacity | 150,000,000 | $ 250,000,000 | ||||||||
Line of credit facility, amount subject to administrative changes | 500,000,000 | |||||||||
$750 million secured LOC | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum capacity | 750,000,000 | |||||||||
Line of credit facility, aggregate utilization capacity | $ 650,000,000 | $ 750,000,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Cash and investments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fixed maturity investment portfolio | $ 12,800,000 |
Fixed maturity investment portfolio percentage | 47.00% |
Fixed maturity portfolio - corporate issuer concentration limit above A- | 2.00% |
Fixed maturity portfolio - corporate issuer concentration limit below A- | 1.00% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Reinsurance and premiums (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)broker | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Concentration Risk [Line Items] | |||
Allowance for estimated uncollectible premium balances receivable | $ 7,567 | $ 8,836 | |
Premiums receivable, bad debt expense charges | $ 0 | $ 0 | $ 0 |
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 1 | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 13.00% | 13.00% | |
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 2 | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 10.00% | 10.00% | |
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Reinsurer 3 | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 5.00% | 7.00% | |
Reinsurance Recoverable On Unpaid And Paid Losses | Reinsurer Concentration | Top Ten Reinsurers | AM Best, A- Rating | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 85.70% | 87.60% | |
Gross Premiums Written | Customer Concentration | |||
Concentration Risk [Line Items] | |||
Concentration risk, number of brokers exceeding threshold | broker | 3 | ||
Gross Premiums Written | Customer Concentration | Three Brokers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 45.00% | 47.00% | 47.00% |
Gross Premiums Written | Customer Concentration | Marsh & McLennan Companies Inc. | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 18.00% | 19.00% | 18.00% |
Gross Premiums Written | Customer Concentration | Aon plc | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 17.00% | 17.00% | 19.00% |
Gross Premiums Written | Customer Concentration | Willis Towers Watson PLC | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 10.00% | 11.00% | 10.00% |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Reinsurance purchase commitment, investments and funds at Lloyd's (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Purchase commitment | $ 10,000 | $ 13,000 |
Unfunded commitments related to other investments | 649,000 | 588,000 |
Collateral in Trust for third-party agreements | $ 2,412,882 | 1,903,274 |
Axis Corporate Capital UK Limited | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Capital support, percentage | 70.00% | |
Axis Corporate Capital UK Limited II | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Capital support, percentage | 30.00% | |
Corporate debt | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Purchase commitment | $ 19,000 | 0 |
CMBS | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Purchase commitment | 33,000 | 46,000 |
Lloyd's | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Collateral in Trust for third-party agreements | $ 900,000 | $ 1,200,000 |
LEASES - Lease costs (Details)
LEASES - Lease costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease cost: | |||
Operating lease expense | $ 21,864 | $ 24,726 | $ 27,549 |
Short-term lease expense | 1,127 | 299 | 1,132 |
Sublease income | (3,116) | (3,578) | (1,144) |
Total lease expense | 19,875 | 21,447 | 27,537 |
Other information: | |||
Operating cash outflows from operating leases | 22,726 | 20,452 | 25,004 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ (1,739) | $ 36,742 | $ 0 |
Weighted-average remaining lease term - operating leases | 10 years | 10 years 2 months 12 days | 9 years |
Weighted-average discount rate - operating lease | 4.10% | 4.20% | 4.70% |
LEASES - Operating lease liabil
LEASES - Operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 01, 2020 |
Year ended December 31, | |||
Expected cash flows, year one | $ 23,262 | $ 22,817 | |
Expected cash flows, year two | 19,725 | 23,598 | |
Expected cash flows, year three | 13,556 | 20,190 | |
Expected cash flows, year four | 12,924 | 14,478 | |
Expected cash flows, year five | 10,770 | 13,849 | |
Later years | 66,705 | 78,987 | |
Discount | (27,430) | (33,656) | |
Total discounted operating lease liabilities | $ 119,512 | $ 140,263 | $ 40,000 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 01, 2020 |
Leases [Abstract] | |||
Lease term | 15 years | ||
Operating lease liabilities | $ 119,512 | $ 140,263 | $ 40,000 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings (loss) per common share | |||
Net income (loss) | $ 618,609 | $ (120,424) | $ 323,473 |
Less: Preferred share dividends | 30,250 | 30,250 | 41,112 |
Net income (loss) available (attributable) to common shareholders | $ 588,359 | $ (150,674) | $ 282,361 |
Weighted average common shares outstanding (in shares) | 84,707 | 84,262 | 83,894 |
Earnings (loss) per common share (in dollars per share) | $ 6.95 | $ (1.79) | $ 3.37 |
Earnings (loss) per diluted common share | |||
Net income (loss) available (attributable) to common shareholders | $ 588,359 | $ (150,674) | $ 282,361 |
Weighted average common shares outstanding (in shares) | 84,707 | 84,262 | 83,894 |
Share-based compensation plans (in shares) | 584 | 0 | 579 |
Weighted average diluted common shares outstanding (in shares) | 85,291 | 84,262 | 84,473 |
Earnings (loss) per diluted common share (in dollars per share) | $ 6.90 | $ (1.79) | $ 3.34 |
Weighted average anti-dilutive shares excluded from the dilutive computation (in shares) | 656 | 922 | 154 |
SHAREHOLDERS' EQUITY - Common s
SHAREHOLDERS' EQUITY - Common shares (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Authorized share capital, common (in shares) | 800,000,000 | ||
Par value per share, common (in usd per share) | $ 0.0125 | ||
Common Shares Issued and Outstanding [Roll Forward] | |||
Shares issued, balance at beginning of year (in shares) | 176,580,000 | ||
Total shares issued at end of year (in shares) | 176,580,000 | 176,580,000 | |
Treasury Shares Issued and Outstanding [Roll Forward] | |||
Treasury shares, balance at beginning of year (in shares) | (92,227,000) | ||
Total treasury shares at end of year (in shares) | (91,806,000) | (92,227,000) | |
Total shares outstanding (in shares) | 84,774,000 | 84,353,000 | |
Common stocks | |||
Common Shares Issued and Outstanding [Roll Forward] | |||
Shares issued, balance at beginning of year (in shares) | 176,580,000 | 176,580,000 | 176,580,000 |
Shares issued (in shares) | 0 | 0 | 0 |
Total shares issued at end of year (in shares) | 176,580,000 | 176,580,000 | 176,580,000 |
Treasury Shares Issued and Outstanding [Roll Forward] | |||
Treasury shares, balance at beginning of year (in shares) | (92,227,000) | (92,621,000) | (92,994,000) |
Shares repurchased (in shares) | (205,000) | (194,000) | (176,000) |
Shares reissued from treasury (in shares) | 626,000 | 588,000 | 549,000 |
Total treasury shares at end of year (in shares) | (91,806,000) | (92,227,000) | (92,621,000) |
Total shares outstanding (in shares) | 84,774,000 | 84,353,000 | 83,959,000 |
SHAREHOLDERS' EQUITY - Share re
SHAREHOLDERS' EQUITY - Share repurchase activities (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 02, 2021 | |
Treasury Shares [Line Items] | ||||
New share repurchase plan | $ 100,000 | |||
Common stocks | ||||
Treasury Shares [Line Items] | ||||
Total shares (in shares) | 205 | 194 | 176 | |
Total cost | $ 10,242 | $ 10,382 | $ 10,165 | |
Average price per share (in usd per share) | $ 49.93 | $ 53.43 | $ 57.66 | |
Common stocks | In the open market: | ||||
Treasury Shares [Line Items] | ||||
Total shares (in shares) | 0 | 0 | 0 | |
Total cost | $ 0 | $ 0 | $ 0 | |
Average price per share (in usd per share) | $ 0 | $ 0 | $ 0 | |
Common stocks | From employees: | ||||
Treasury Shares [Line Items] | ||||
Total shares (in shares) | 205 | 194 | 176 | |
Total cost | $ 10,242 | $ 10,382 | $ 10,165 | |
Average price per share (in usd per share) | $ 49.93 | $ 53.43 | $ 57.66 |
SHAREHOLDERS' EQUITY - Preferre
SHAREHOLDERS' EQUITY - Preferred shares (Details) - USD ($) | Jan. 17, 2020 | Nov. 07, 2016 | May 20, 2013 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||
Preferred shares, aggregate liquidation value outstanding | $ 550,000,000 | $ 550,000,000 | |||
Series D 5.50% Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred shares, aggregate liquidation value issued | $ 225,000,000 | ||||
Preferred shares, dividend rate | 5.50% | ||||
Preferred shares, par value per share (in usd per share) | $ 0.0125 | ||||
Preferred shares, liquidation preference per share (in usd per share) | 25 | ||||
Preferred shares, redemption price per share (in usd per share) | $ 25 | ||||
Preferred shares, number of shares redeemed (in shares) | 9,000,000 | ||||
Preferred shares, aggregate liquidation value outstanding | $ 225,000,000 | ||||
Series E 5.50% Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred shares, aggregate liquidation value issued | $ 550,000,000 | ||||
Preferred shares, dividend rate | 5.50% | ||||
Preferred shares, par value per share (in usd per share) | $ 0.0125 | ||||
Preferred shares, liquidation preference per share (in usd per share) | 2,500 | ||||
Preferred shares, redemption price per share (in usd per share) | $ 2,500 |
SHAREHOLDERS' EQUITY - Dividend
SHAREHOLDERS' EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||
Common shares, dividends declared per share (in usd per share) | $ 1.69 | $ 1.65 | $ 1.61 | |
Common shares, dividends paid per share (in usd per share) | 1.26 | 1.23 | 1.20 | |
Dividends paid in year following declaration (in usd per share) | $ 0.43 | $ 0.42 | 0.41 | |
Preferred shares | $ 550,000 | $ 550,000 | ||
Series D preferred shares | ||||
Class of Stock [Line Items] | ||||
Preferred shares, dividend declared per share (in usd per share) | 1.21 | |||
Preferred shares, dividends paid per share (in usd per share) | 1.03 | |||
Dividends paid in year following declaration (in usd per share) | 0.18 | |||
Preferred shares, number of shares redeemed (in shares) | 9,000,000 | |||
Preferred shares | $ 225,000 | |||
Series E preferred shares | ||||
Class of Stock [Line Items] | ||||
Preferred shares, dividend declared per share (in usd per share) | $ 137.50 | $ 137.50 | 137.50 | |
Preferred shares, dividends paid per share (in usd per share) | 103.13 | 103.13 | 103.13 | |
Dividends paid in year following declaration (in usd per share) | $ 34.38 | $ 34.38 | $ 34.38 |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Total pension expenses | $ 34 | $ 29 | $ 28 |
SHARE-BASED COMPENSATION - Sign
SHARE-BASED COMPENSATION - Significant Inputs Used in the Monte Carlo Simulation Model (Details) - Performance Restricted Stock Units | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility (as a percent) | 32.99% |
Expected term (in years) | 3 years |
Risk-free interest rate (as a percent) | 0.17% |
SHARE-BASED COMPENSATION - Long
SHARE-BASED COMPENSATION - Long term equity compensation plan narrative (Details) | May 07, 2021shares | Dec. 31, 2021installmentshares | May 31, 2017shares |
Restricted Stock Units | Share Settled | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Number of installments | installment | 3 | ||
Restricted Stock Units | Share Settled | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Number of installments | installment | 4 | ||
Restricted Stock Units | Cash Settled | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units | Cash Settled | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2017 Long Term Equity Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares to be issued under the plan (in shares) | 3,400,000 | ||
Additional share awards granted under the plan (in shares) | 1,600,000 | ||
Number of awards available for grant under plan (in shares) | 2,507,634 | ||
2007 Long-term Equity Compensation Plan | Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share and cash settled awards (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Based Restricted Stock and Restricted Stock Units | Share Settled | ||
Number of restricted stock units | ||
Nonvested restricted stock - beginning of year (in shares) | 289 | 258 |
Granted (in shares) | 122 | 97 |
Vested (in shares) | (66) | (27) |
Forfeited (in shares) | (34) | (39) |
Nonvested restricted stock - end of year (in shares) | 311 | 289 |
Weighted average grant date fair value | ||
Nonvested restricted stock units - beginning of year (in usd per share) | $ 55.92 | $ 53.31 |
Granted (in usd per share) | 49.04 | 62.26 |
Vested (in usd per share) | 48.89 | 64.01 |
Forfeited (in usd per share) | 55.68 | 48.89 |
Nonvested restricted stock units - end of year (in usd per share) | $ 54.75 | $ 55.92 |
Performance Based Restricted Stock and Restricted Stock Units | Cash Settled | ||
Number of restricted stock units | ||
Nonvested restricted stock - beginning of year (in shares) | 0 | 6 |
Granted (in shares) | 0 | 0 |
Vested (in shares) | 0 | (6) |
Forfeited (in shares) | 0 | 0 |
Nonvested restricted stock - end of year (in shares) | 0 | 0 |
Restricted Stock Units | Share Settled | ||
Number of restricted stock units | ||
Nonvested restricted stock - beginning of year (in shares) | 1,501 | 1,273 |
Granted (in shares) | 1,250 | 894 |
Vested (in shares) | (561) | (561) |
Forfeited (in shares) | (128) | (105) |
Nonvested restricted stock - end of year (in shares) | 2,062 | 1,501 |
Weighted average grant date fair value | ||
Nonvested restricted stock units - beginning of year (in usd per share) | $ 56.50 | $ 54.32 |
Granted (in usd per share) | 48.04 | 58.98 |
Vested (in usd per share) | 56.42 | 55.29 |
Forfeited (in usd per share) | 53.37 | 57.54 |
Nonvested restricted stock units - end of year (in usd per share) | $ 51.59 | $ 56.50 |
Restricted Stock Units | Cash Settled | ||
Number of restricted stock units | ||
Nonvested restricted stock - beginning of year (in shares) | 471 | 853 |
Granted (in shares) | 0 | 1 |
Vested (in shares) | (233) | (332) |
Forfeited (in shares) | (23) | (51) |
Nonvested restricted stock - end of year (in shares) | 215 | 471 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional information related to share-based compensation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)trading_day | Dec. 31, 2020USD ($)trading_day | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liability for cash-settled restricted stock units | $ 9,091 | $ 13,273 | |
Trading days proceeding and performance period | trading_day | 10 | 10 | |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | $ 49,415 | $ 47,789 | $ 52,218 |
Tax benefits associated with share-based compensation expense | 7,613 | 8,061 | 8,913 |
Fair value of restricted stock units vested | 42,967 | 50,757 | 51,206 |
Unrecognized share-based compensation expense | $ 80,805 | $ 74,014 | $ 75,770 |
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense | 2 years 4 months 24 days | 2 years 4 months 24 days | 2 years 3 months 18 days |
Performance Restricted Stock Units | Performance Restricted Stock Units Granted In 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Restricted Stock Units | Performance Restricted Stock Units Granted In 2021 | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage (as a percent) | 0.00% | ||
Performance Restricted Stock Units | Performance Restricted Stock Units Granted In 2021 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage (as a percent) | 200.00% | ||
Performance Restricted Stock Units | Performance Restricted Stock Units granted in 2020 and 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Restricted Stock Units | Performance Restricted Stock Units granted in 2020 and 2019 | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage (as a percent) | 75.00% | ||
Performance Restricted Stock Units | Performance Restricted Stock Units granted in 2020 and 2019 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage (as a percent) | 125.00% | ||
Performance Restricted Stock Units | Performance Restricted Stock Units granted in 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance Restricted Stock Units | Performance Restricted Stock Units granted in 2018 | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage (as a percent) | 0.00% | ||
Performance Restricted Stock Units | Performance Restricted Stock Units granted in 2018 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage (as a percent) | 200.00% | ||
Cash Settled | Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liability for cash-settled restricted stock units | $ 9,091 | $ 13,273 | $ 21,731 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | Jun. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||||
Other investments | $ 947,982 | $ 829,156 | ||
Ceded premiums | 2,759,360 | 2,490,529 | $ 2,409,243 | |
Ceded losses and loss expenses | 1,782,000 | 1,914,000 | 1,602,000 | |
Insurance and reinsurance balances payable | 1,324,620 | 1,092,042 | ||
Stone Point Group | ||||
Related Party Transaction [Line Items] | ||||
Fees paid to related party | 2,000 | 3,000 | 3,000 | |
Freedom Consumer Credit Fund, LLC Series B | ||||
Related Party Transaction [Line Items] | ||||
Fees paid to related party | 3,000 | 2,000 | 3,000 | |
Other investments | 47,000 | |||
Stone Point Trident Fund VIII | ||||
Related Party Transaction [Line Items] | ||||
Fees paid to related party | 4,000 | 1,000 | 0 | |
Other investments | 79,000 | |||
Stone Point Trident VIII Co-Invest | ||||
Related Party Transaction [Line Items] | ||||
Other investments | 25,000 | |||
Chairman | ||||
Related Party Transaction [Line Items] | ||||
Fees paid to related party | 400 | 400 | ||
Significant influence | ||||
Related Party Transaction [Line Items] | ||||
Other investments | 555,000 | 404,000 | ||
Harrington Re | ||||
Related Party Transaction [Line Items] | ||||
Ceded premiums | 283,000 | 256,000 | 247,000 | |
Ceded losses and loss expenses | 188,000 | 187,000 | 157,000 | |
Reinsurance recoverable on unpaid and paid losses | 717,000 | 641,000 | ||
Insurance and reinsurance balances payable | 189,000 | 188,000 | ||
Ventures Re | ||||
Related Party Transaction [Line Items] | ||||
Ceded premiums | 192,000 | |||
Ceded losses and loss expenses | 140,000 | |||
Stone Point's Private Equity Fund | Investment In Related Party | ||||
Related Party Transaction [Line Items] | ||||
Other investments | 20,000 | |||
Stone Point Credit Corporation | Investment In Related Party | ||||
Related Party Transaction [Line Items] | ||||
Other investments | 12,000 | |||
Senior Unsecured Notes Due 2031 | Investment In Related Party | ||||
Related Party Transaction [Line Items] | ||||
Other investments | $ 10,000 | |||
Related party transaction floating rate (as a percent) | 7.25% | |||
Rialto Real Estate Fund IV-Property | ||||
Related Party Transaction [Line Items] | ||||
Fees paid to related party | 1,000 | $ 0 | $ 0 | |
Other investments | $ 16,000 | |||
Stone Point Group | Pantheon | ||||
Related Party Transaction [Line Items] | ||||
Percentage ownership by related parties | 14.50% |
REORGANIZATION EXPENSES (Detail
REORGANIZATION EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |||
Reorganization expenses | $ 0 | $ 7,881 | $ 37,384 |
INCOME TAXES - Income tax expen
INCOME TAXES - Income tax expense and net tax assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax expense [Line Items] | |||
Total income tax expense (benefit) | $ 62,384 | $ (12,321) | $ 23,692 |
Net current tax receivables | 27,883 | 12,205 | 13,130 |
Net deferred tax assets (liabilities) | (1,625) | ||
Net deferred tax assets (liabilities) | 12,860 | 18,621 | |
Net tax assets | 40,743 | 10,580 | 31,751 |
U.S. | |||
Income tax expense [Line Items] | |||
Current income tax expense (benefit) | 35,229 | (1,122) | 12,601 |
Deferred income tax expense (benefit) | (3,369) | (3,098) | 17,665 |
Europe | |||
Income tax expense [Line Items] | |||
Current income tax expense (benefit) | (6,082) | 365 | 22,425 |
Deferred income tax expense (benefit) | 36,606 | (8,466) | (29,468) |
Other | |||
Income tax expense [Line Items] | |||
Current income tax expense (benefit) | $ 0 | $ 0 | $ 469 |
INCOME TAXES - Deferred tax ass
INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | |||
Discounting of net reserves for losses and loss expenses | $ 53,415 | $ 47,912 | |
Unearned premiums | 53,342 | 46,049 | |
Operating and capital loss carryforwards | 85,358 | 80,008 | |
Accruals not currently deductible | 38,294 | 28,096 | |
Tax credits | 2,709 | 11,142 | |
Other deferred tax assets | 5,040 | 4,352 | |
Deferred tax assets before valuation allowance | 238,158 | 217,559 | |
Valuation allowance | (16,918) | (20,778) | |
Deferred tax assets net of valuation allowance | 221,240 | 196,781 | |
Deferred tax liabilities: | |||
Deferred acquisition costs | (34,845) | (37,098) | |
Net unrealized investments gains | (23,866) | (39,459) | |
Intangible assets | (52,722) | (46,132) | |
Equalization reserves | (2,365) | (2,825) | |
Acquisition adjustments | (79,464) | (60,261) | |
Other deferred tax liabilities | (15,118) | (12,631) | |
Deferred tax liabilities | (208,380) | (198,406) | |
Net deferred tax assets (liabilities) | (1,625) | ||
Net deferred tax assets (liabilities) | 12,860 | $ 18,621 | |
Lloyd's | |||
Deferred tax assets: | |||
Operating and capital loss carryforwards | $ 0 | $ 39,000 |
INCOME TAXES - Operating and ca
INCOME TAXES - Operating and capital loss carryforwards and tax credits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating and capital loss carryforwards | $ 85,358 | $ 80,008 |
Singapore | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating loss carryforwards | 76,287 | 110,504 |
United Kingdom | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating loss carryforwards | 308,491 | 357,226 |
Tax credit | 2,372 | 8,756 |
Ireland | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating loss carryforwards | 11,850 | 404 |
Tax credit | 338 | 2,386 |
Ireland | Capital loss carryforward | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Capital loss carryforwards | 716 | 716 |
Switzerland | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating loss carryforwards | 15,989 | 0 |
Belgium | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating loss carryforwards | 0 | 1,850 |
Lloyd's | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating and capital loss carryforwards | 0 | 39,000 |
Lloyd's | United Kingdom | ||
Operating Loss And Tax Credit Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 0 | $ 206,000 |
INCOME TAXES - Valuation allowa
INCOME TAXES - Valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Valuation allowance - beginning of year | $ 20,778 | |
Valuation allowance - end of year | 16,918 | $ 20,778 |
Operating loss carryforwards | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Change in valuation allowance | (3,422) | 661 |
Foreign tax credit | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Change in valuation allowance | (2,048) | 293 |
U.K. branch assets and other foreign rate differentials | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Change in valuation allowance | 1,610 | 1,264 |
Income tax expense | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Valuation allowance - beginning of year | 20,778 | 18,560 |
Valuation allowance - end of year | $ 16,918 | $ 20,778 |
INCOME TAXES - Effective tax ra
INCOME TAXES - Effective tax rate (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of effective tax rate (% of income before income taxes) [Line Items] | |||
Unrecognized tax benefits | $ 0 | $ 0 | |
Income (loss) before income taxes | |||
Bermuda (domestic) | 431,310,000 | (45,951,000) | $ 179,418,000 |
Foreign | 249,686,000 | (86,794,000) | 167,747,000 |
Total income (loss) before income taxes | $ 680,996,000 | $ (132,745,000) | $ 347,165,000 |
Reconciliation of effective tax rate (% of income before income taxes) | |||
Expected tax rate | 0.00% | 0.00% | 0.00% |
Valuation allowance | (0.50%) | (1.70%) | 1.30% |
Other | 1.40% | (2.10%) | (3.00%) |
Actual tax rate | 9.20% | 9.30% | 6.80% |
U.S. | |||
Reconciliation of effective tax rate (% of income before income taxes) | |||
Foreign taxes at local expected rates | 4.80% | 5.60% | 8.10% |
Europe | |||
Reconciliation of effective tax rate (% of income before income taxes) | |||
Foreign taxes at local expected rates | 2.00% | 9.20% | 0.40% |
Change in enacted tax rate | 1.50% | (1.70%) | 0.00% |
United Kingdom | Minimum | |||
Reconciliation of effective tax rate (% of income before income taxes) | |||
Change in enacted tax rate | 19.00% | 17.00% | |
United Kingdom | Maximum | |||
Reconciliation of effective tax rate (% of income before income taxes) | |||
Change in enacted tax rate | 25.00% | 19.00% | |
Belgium | Minimum | |||
Reconciliation of effective tax rate (% of income before income taxes) | |||
Change in enacted tax rate | 29.58% | ||
Belgium | Maximum | |||
Reconciliation of effective tax rate (% of income before income taxes) | |||
Change in enacted tax rate | 25.00% |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) - Component of other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Before tax amount | |||
Other comprehensive income (loss), before tax amount | $ (404,757) | $ 273,508 | $ 384,298 |
Income tax (expense) benefit | |||
Other comprehensive income (loss), tax (expense) benefit | 46,898 | (30,823) | (35,478) |
Net of tax amount | |||
Other comprehensive income (loss), net of tax amount | (357,859) | 242,685 | 348,820 |
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | |||
Before tax amount | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | (310,710) | 360,357 | |
Income tax (expense) benefit | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | 39,263 | (43,191) | |
Net of tax amount | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | (271,447) | 317,166 | |
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized | |||
Before tax amount | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | 81 | (40) | |
Income tax (expense) benefit | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | 0 | 0 | |
Net of tax amount | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | 81 | (40) | |
Unrealized gains (losses) on available for sale investments, net of tax: | |||
Before tax amount | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | 414,982 | ||
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) | (94,749) | (90,380) | (29,618) |
Other comprehensive income (loss), before tax amount | (405,378) | 269,937 | 385,364 |
Income tax (expense) benefit | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | (40,367) | ||
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) | 7,635 | 12,368 | 4,889 |
Other comprehensive income (loss), tax (expense) benefit | 46,898 | (30,823) | (35,478) |
Net of tax amount | |||
Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized | 374,615 | ||
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) | (87,114) | (78,012) | (24,729) |
Other comprehensive income (loss), net of tax amount | (358,480) | 239,114 | 349,886 |
Foreign currency translation adjustment | |||
Before tax amount | |||
Other comprehensive income (loss), before tax amount | 621 | 3,571 | (1,066) |
Income tax (expense) benefit | |||
Other comprehensive income (loss), tax (expense) benefit | 0 | 0 | 0 |
Net of tax amount | |||
Other comprehensive income (loss), net of tax amount | $ 621 | $ 3,571 | $ (1,066) |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of AOCI into net income (Details) - USD ($) $ in Thousands | Dec. 18, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items] | ||||
Impairment losses | $ (22) | $ (1,486) | $ 0 | |
Other-than-temporary impairment ("OTTI") losses | 0 | 0 | (6,984) | |
Income before income taxes and interest in income of equity method investments | 648,909 | (129,133) | 337,447 | |
Foreign exchange losses | (315) | (81,069) | 12,041 | |
Income tax (expense) benefit | (62,384) | 12,321 | (23,692) | |
Net income (loss) | 618,609 | (120,424) | 323,473 | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on available for sale investments | ||||
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items] | ||||
Other realized gains (losses) | 94,771 | 91,866 | 36,602 | |
Impairment losses | (22) | (1,486) | 0 | |
Other-than-temporary impairment ("OTTI") losses | 0 | 0 | (6,984) | |
Income before income taxes and interest in income of equity method investments | 94,749 | 90,380 | 29,618 | |
Income tax (expense) benefit | (7,635) | (12,368) | (4,889) | |
Net income (loss) | 87,114 | 78,012 | 24,729 | |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustment | ||||
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items] | ||||
Foreign exchange losses | 0 | 0 | 6,043 | |
Income tax (expense) benefit | 0 | 0 | 0 | |
Net income (loss) | $ 0 | $ 0 | $ 6,043 | |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustment | Aviabel | ||||
Reclassification out of accumulated comprehensive income into net income available to common shareholders [Line Items] | ||||
Foreign exchange losses | $ 6,000 |
STATUTORY FINANCIAL INFORMATI_3
STATUTORY FINANCIAL INFORMATION (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)board_member | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Statutory Financial Information [Line Items] | |||
Statutory net income | $ 569,000,000 | $ 85,000,000 | $ 364,000,000 |
Axis Corporate Capital UK Limited | |||
Statutory Financial Information [Line Items] | |||
Capital support, percentage | 70.00% | ||
Axis Corporate Capital UK Limited II | |||
Statutory Financial Information [Line Items] | |||
Capital support, percentage | 30.00% | ||
Axis Corporate Capital UK Limited | Fixed maturities and short-term investments | |||
Statutory Financial Information [Line Items] | |||
Financial instruments, as collateral, at fair value | $ 658,000,000 | 746,000,000 | |
Axis Corporate Capital UK Limited | Cash | |||
Statutory Financial Information [Line Items] | |||
Financial instruments, as collateral, at fair value | 19,000,000 | 12,000,000 | |
Axis Corporate Capital UK II Limited | |||
Statutory Financial Information [Line Items] | |||
Financial instruments, as collateral, released from restriction | 60,000,000 | 32,000,000 | |
Axis Corporate Capital UK II Limited | Fixed maturities and short-term investments | |||
Statutory Financial Information [Line Items] | |||
Financial instruments, as collateral, at fair value | 225,000,000 | 361,000,000 | |
Axis Corporate Capital UK II Limited | Cash | |||
Statutory Financial Information [Line Items] | |||
Financial instruments, as collateral, at fair value | 6,000,000 | 14,000,000 | |
Axis Corporate Capital UK II Limited | Equity securities | |||
Statutory Financial Information [Line Items] | |||
Financial instruments, as collateral, at fair value | 28,000,000 | 23,000,000 | |
Bermuda | |||
Statutory Financial Information [Line Items] | |||
Required statutory capital and surplus | 1,517,485,000 | 1,584,854,000 | |
Available statutory capital and surplus | 3,067,879,000 | 3,004,077,000 | |
Minimum solvency margin amount | $ 100,000,000 | ||
Minimum solvency margin percentage of net written premiums | 50.00% | ||
Minimum solvency margin percentage of net reserves | 15.00% | ||
Minimum solvency margin percentage of ECR | 25.00% | ||
Limit - prior year's total statutory capital surplus (Bermuda) | 25.00% | ||
Number of directors required to sign affidavits in order to pay dividend/distribution greater than 25% of prior year statutory capital and surplus | board_member | 2 | ||
Maximum dividend/distribution payable without regulatory approval | $ 782,000,000 | 792,000,000 | |
Ireland | |||
Statutory Financial Information [Line Items] | |||
Required statutory capital and surplus | 755,270,000 | 778,493,000 | |
Available statutory capital and surplus | 1,147,194,000 | 1,085,317,000 | |
Maximum dividend/distribution payable with regulatory approval | 25,000,000 | 11,000,000 | |
U.S. | |||
Statutory Financial Information [Line Items] | |||
Required statutory capital and surplus | 626,973,000 | 542,824,000 | |
Available statutory capital and surplus | 1,885,383,000 | 1,685,684,000 | |
Maximum dividend/distribution payable without regulatory approval | $ 120,000,000 | $ 110,000,000 | |
Maximum dividend limit - percentage of total statutory capital and surplus | 10.00% |
SCHEDULE I - SUMMARY OF INVES_2
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands | Dec. 31, 2021USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair value | $ 14,578,358 |
Amount shown on the balance sheet | 15,134,317 |
Fixed maturities, available for sale | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 12,241,782 |
Fair value | 12,313,200 |
Amount shown on the balance sheet | 12,313,200 |
Fixed maturities, available for sale | U.S. government and agency | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 2,693,319 |
Fair value | 2,682,448 |
Amount shown on the balance sheet | 2,682,448 |
Fixed maturities, available for sale | Non-U.S. government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 794,705 |
Fair value | 795,178 |
Amount shown on the balance sheet | 795,178 |
Fixed maturities, available for sale | Corporate debt | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 4,446,585 |
Fair value | 4,495,312 |
Amount shown on the balance sheet | 4,495,312 |
Fixed maturities, available for sale | Agency RMBS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 1,065,973 |
Fair value | 1,074,589 |
Amount shown on the balance sheet | 1,074,589 |
Fixed maturities, available for sale | CMBS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 1,223,051 |
Fair value | 1,248,191 |
Amount shown on the balance sheet | 1,248,191 |
Fixed maturities, available for sale | Non-agency RMBS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 185,854 |
Fair value | 186,164 |
Amount shown on the balance sheet | 186,164 |
Fixed maturities, available for sale | ABS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 1,628,739 |
Fair value | 1,622,480 |
Amount shown on the balance sheet | 1,622,480 |
Fixed maturities, available for sale | Municipals | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 203,556 |
Fair value | 208,838 |
Amount shown on the balance sheet | 208,838 |
Total fixed maturities, held to maturity | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 446,016 |
Fair value | 445,033 |
Amount shown on the balance sheet | 446,016 |
Total fixed maturities, held to maturity | Corporate debt | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 37,700 |
Fair value | 37,572 |
Amount shown on the balance sheet | 37,700 |
Total fixed maturities, held to maturity | ABS | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized cost | 408,316 |
Fair value | 407,461 |
Amount shown on the balance sheet | 408,316 |
Mortgage loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair value | 594,088 |
Amount shown on the balance sheet | 594,088 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair value | 31,063 |
Amount shown on the balance sheet | 31,063 |
Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair value | 655,675 |
Amount shown on the balance sheet | 655,675 |
Other Investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair value | 539,299 |
Amount shown on the balance sheet | 947,982 |
Equity method investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair value | 0 |
Amount shown on the balance sheet | $ 146,293 |
SCHEDULE II - CONDENSED BALANCE
SCHEDULE II - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 844,592 | $ 902,831 |
Other assets | 309,792 | 305,544 |
Total assets | 27,368,970 | 25,877,687 |
Liabilities | ||
Other liabilities | 427,894 | 322,564 |
Total liabilities | 21,958,314 | 20,581,993 |
Shareholders’ equity | ||
Preferred shares | 550,000 | 550,000 |
Common shares (shares issued 2021: 176,580; 2020: 176,580 shares outstanding 2021: 84,774; 2020: 84,353) | 2,206 | 2,206 |
Additional paid-in capital | 2,346,179 | 2,330,054 |
Accumulated other comprehensive income | 56,536 | 414,395 |
Retained earnings | 6,204,745 | 5,763,607 |
Treasury shares, at cost (2021: 91,806; 2020: 92,227) | (3,749,010) | (3,764,568) |
Total shareholders’ equity | 5,410,656 | 5,295,694 |
Total liabilities and shareholders’ equity | 27,368,970 | 25,877,687 |
AXIS Capital Holdings Limited | ||
Assets | ||
Investments in subsidiaries | 5,676,653 | 5,633,176 |
Cash and cash equivalents | 1,531 | 1,711 |
Other assets | 6,525 | 5,832 |
Total assets | 5,684,709 | 5,640,719 |
Liabilities | ||
Intercompany payable | 192,618 | 289,486 |
Dividends payable | 51,775 | 50,153 |
Other liabilities | 29,660 | 5,386 |
Total liabilities | 274,053 | 345,025 |
Shareholders’ equity | ||
Preferred shares | 550,000 | 550,000 |
Common shares (shares issued 2021: 176,580; 2020: 176,580 shares outstanding 2021: 84,774; 2020: 84,353) | 2,206 | 2,206 |
Additional paid-in capital | 2,346,179 | 2,330,054 |
Accumulated other comprehensive income | 56,536 | 414,395 |
Retained earnings | 6,204,745 | 5,763,607 |
Treasury shares, at cost (2021: 91,806; 2020: 92,227) | (3,749,010) | (3,764,568) |
Total shareholders’ equity | 5,410,656 | 5,295,694 |
Total liabilities and shareholders’ equity | $ 5,684,709 | $ 5,640,719 |
SCHEDULE II - CONDENSED BALAN_2
SCHEDULE II - CONDENSED BALANCE SHEETS - Additional Information (Details) - shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Information of Parent Company [Line Items] | ||
Common shares, shares issued (in shares) | 176,580 | 176,580 |
Common Stock, Shares, Outstanding | 84,774 | 84,353 |
Treasury shares (in shares) | 91,806 | 92,227 |
AXIS Capital Holdings Limited | ||
Condensed Financial Information of Parent Company [Line Items] | ||
Common shares, shares issued (in shares) | 176,580 | 176,580 |
Common Stock, Shares, Outstanding | 84,774 | 84,353 |
Treasury shares (in shares) | 91,806 | 92,227 |
SCHEDULE II - CONDENSED BALAN_3
SCHEDULE II - CONDENSED BALANCE SHEETS - Footnotes (Details) - USD ($) | Dec. 31, 2021 | Dec. 10, 2019 | Jun. 19, 2019 | Dec. 06, 2017 | Mar. 13, 2014 |
Senior Notes | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 5.15% | ||||
Senior Notes | Senior Notes Axis Specialty Finance PLC 2017 | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 4.00% | ||||
Senior Notes | 3.900% Senior Notes | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 3.90% | ||||
Aggregate Principal | $ 300,000,000 | ||||
Junior Subordinated Notes | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 4.90% | ||||
Aggregate Principal | $ 425,000,000 | ||||
AXIS Specialty Finance LLC | Junior Subordinated Notes | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 4.90% | ||||
Subsidiary Issuer | AXIS Specialty Finance PLC | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Percentage ownership in subsidiary | 100.00% | 100.00% | 100.00% | ||
Subsidiary Issuer | AXIS Specialty Finance LLC | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Percentage ownership in subsidiary | 100.00% | 100.00% | |||
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance PLC | Senior Notes | Senior Notes Due 2045 Axis Specialty Finance PLC 2014 | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 5.15% | ||||
Aggregate Principal | $ 250,000,000 | ||||
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance PLC | Senior Notes | Senior Notes Axis Specialty Finance PLC 2017 | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 4.00% | ||||
Aggregate Principal | $ 350,000,000 | ||||
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance LLC | Senior Notes | 3.900% Senior Notes | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 3.90% | ||||
Aggregate Principal | $ 300,000,000 | ||||
Full and Unconditional Guarantee of Debt | Subsidiary Issuer | AXIS Specialty Finance LLC | Junior Subordinated Notes | 2010 AXIS Specialty Finance LLC Senior Notes | |||||
Condensed Financial Information of Parent Company [Line Items] | |||||
Interest rate | 4.90% | ||||
Aggregate Principal | $ 425,000,000 |
SCHEDULE II - CONDENSED STATEME
SCHEDULE II - CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Total revenues | $ 5,321,725 | $ 4,841,954 | $ 5,173,427 |
Expenses | |||
Net income (loss) | 618,609 | (120,424) | 323,473 |
Preferred share dividends | 30,250 | 30,250 | 41,112 |
Net income (loss) available (attributable) to common shareholders | 588,359 | (150,674) | 282,361 |
Comprehensive income | 260,750 | 122,261 | 672,293 |
AXIS Capital Holdings Limited | |||
Revenues | |||
Net investment income | 0 | 750 | 1,800 |
Total revenues | 0 | 750 | 1,800 |
Expenses | |||
General and administrative expenses | 62,843 | 37,629 | 53,335 |
Total expenses | 62,843 | 37,629 | 53,335 |
Income (loss) before equity in net income (loss) of subsidiaries | (62,843) | (36,879) | (51,535) |
Equity in net income (loss) of subsidiaries | 681,452 | (83,545) | 375,008 |
Net income (loss) | 618,609 | (120,424) | 323,473 |
Preferred share dividends | 30,250 | 30,250 | 41,112 |
Net income (loss) available (attributable) to common shareholders | 588,359 | (150,674) | 282,361 |
Comprehensive income | $ 260,750 | $ 122,261 | $ 672,293 |
SCHEDULE II - CONDENSED STATE_2
SCHEDULE II - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 618,609 | $ (120,424) | $ 323,473 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Other items | 155,979 | (97,064) | (94,379) |
Net cash provided by operating activities | 1,114,822 | 343,503 | 199,004 |
Cash flows from financing activities: | |||
Taxes paid on withholding shares | (10,242) | (10,382) | (10,165) |
Dividends paid - common shares | (145,603) | (141,590) | (137,209) |
Repurchase of preferred shares | 0 | (225,000) | 0 |
Dividends paid - preferred shares | (30,250) | (31,831) | (42,625) |
Net cash used in financing activities | (186,095) | (908,803) | 277,510 |
Increase (decrease) in cash, cash equivalents and restricted cash | (185,542) | (73,225) | (253,563) |
Cash, cash equivalents and restricted cash - beginning of year | 1,503,232 | 1,576,457 | 1,830,020 |
Cash, cash equivalents and restricted cash - end of year | 1,317,690 | 1,503,232 | 1,576,457 |
AXIS Capital Holdings Limited | |||
Cash flows from operating activities: | |||
Net income | 618,609 | (120,424) | 323,473 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in net (income) loss of subsidiaries | (681,452) | 83,545 | (375,008) |
Change in intercompany payable | (96,868) | 73,575 | (32,081) |
Dividends received from subsidiaries | 300,000 | 350,000 | 250,000 |
Other items | 45,626 | 20,715 | 23,619 |
Net cash provided by operating activities | 185,915 | 407,411 | 190,003 |
Cash flows from financing activities: | |||
Taxes paid on withholding shares | (10,242) | (10,382) | (10,165) |
Dividends paid - common shares | (145,603) | (141,590) | (137,209) |
Repurchase of preferred shares | 0 | (225,000) | 0 |
Dividends paid - preferred shares | (30,250) | (31,831) | (42,625) |
Net cash used in financing activities | (186,095) | (408,803) | (189,999) |
Increase (decrease) in cash, cash equivalents and restricted cash | (180) | (1,392) | 4 |
Cash, cash equivalents and restricted cash - beginning of year | 1,711 | 3,103 | 3,099 |
Cash, cash equivalents and restricted cash - end of year | $ 1,531 | $ 1,711 | $ 3,103 |
SCHEDULE III - SUPPLEMENTARY _2
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs | $ 465,593 | $ 431,439 | $ 492,119 |
Reserve for losses and loss expenses | 14,653,094 | 13,926,766 | 12,752,081 |
Unearned premiums | 4,090,676 | 3,685,886 | 3,626,246 |
Net premiums earned | 4,709,850 | 4,371,309 | 4,587,178 |
Net investment income | 454,301 | 349,601 | 478,572 |
Net losses and loss expenses | 3,008,783 | 3,281,252 | 3,044,798 |
Acquisition costs | 921,834 | 929,517 | 1,024,582 |
Other operating expenses | 663,304 | 579,790 | 634,831 |
Net premiums written | 4,926,624 | 4,336,409 | 4,489,615 |
General and administrative expenses | 663,304 | 579,790 | 634,831 |
Operating Segments | |||
Supplementary Insurance Information [Line Items] | |||
General and administrative expenses | 536,834 | 477,968 | 505,735 |
Operating Segments | Insurance | |||
Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs | 212,681 | 176,749 | 191,925 |
Reserve for losses and loss expenses | 7,803,529 | 7,310,498 | 6,496,568 |
Unearned premiums | 2,716,240 | 2,295,763 | 2,115,664 |
Net premiums earned | 2,651,339 | 2,299,038 | 2,190,084 |
Net investment income | 0 | 0 | 0 |
Net losses and loss expenses | 1,514,998 | 1,697,014 | 1,278,679 |
Acquisition costs | 484,344 | 461,533 | 468,281 |
Other operating expenses | 429,282 | 378,839 | 401,963 |
Net premiums written | 2,894,885 | 2,357,501 | 2,209,155 |
General and administrative expenses | 429,282 | 378,839 | 401,963 |
Operating Segments | Reinsurance | |||
Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs | 252,912 | 254,690 | 300,194 |
Reserve for losses and loss expenses | 6,849,565 | 6,616,268 | 6,255,513 |
Unearned premiums | 1,374,436 | 1,390,123 | 1,510,582 |
Net premiums earned | 2,058,511 | 2,072,271 | 2,397,094 |
Net investment income | 0 | 0 | 0 |
Net losses and loss expenses | 1,493,785 | 1,584,238 | 1,766,119 |
Acquisition costs | 437,490 | 467,984 | 556,301 |
Other operating expenses | 107,552 | 99,129 | 103,772 |
Net premiums written | 2,031,739 | 1,978,908 | 2,280,460 |
General and administrative expenses | 107,552 | 99,129 | 103,772 |
Corporate | |||
Supplementary Insurance Information [Line Items] | |||
Deferred acquisition costs | 0 | 0 | 0 |
Reserve for losses and loss expenses | 0 | 0 | 0 |
Unearned premiums | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 |
Net investment income | 454,301 | 349,601 | 478,572 |
Net losses and loss expenses | 0 | 0 | 0 |
Acquisition costs | 0 | 0 | 0 |
Other operating expenses | 126,470 | 101,822 | 129,096 |
Net premiums written | 0 | 0 | 0 |
General and administrative expenses | $ 126,470 | $ 101,822 | $ 129,096 |
SCHEDULE IV - SUPPLEMENTARY R_2
SCHEDULE IV - SUPPLEMENTARY REINSURANCE INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplementary Insurance Information [Line Items] | |||
GROSS AMOUNT | $ 4,405,452 | $ 3,610,201 | $ 3,275,997 |
CEDED TO OTHER COMPANIES | 2,759,360 | 2,490,529 | 2,409,243 |
ASSUMED FROM OTHER COMPANIES | 3,280,532 | 3,216,737 | 3,622,861 |
NET AMOUNT | $ 4,926,624 | $ 4,336,409 | $ 4,489,615 |
PERCENTAGE OF AMOUNT ASSUMED TO NET | 66.60% | 74.20% | 80.70% |
Property and Casualty | |||
Supplementary Insurance Information [Line Items] | |||
GROSS AMOUNT | $ 4,233,758 | $ 3,455,690 | $ 3,134,462 |
CEDED TO OTHER COMPANIES | 2,700,693 | 2,446,890 | 2,311,001 |
ASSUMED FROM OTHER COMPANIES | 2,874,687 | 2,840,834 | 3,187,623 |
NET AMOUNT | $ 4,407,752 | $ 3,849,634 | $ 4,011,084 |
PERCENTAGE OF AMOUNT ASSUMED TO NET | 65.20% | 73.80% | 79.50% |
Accident and health | |||
Supplementary Insurance Information [Line Items] | |||
GROSS AMOUNT | $ 171,694 | $ 154,511 | $ 141,535 |
CEDED TO OTHER COMPANIES | 58,667 | 43,639 | 98,242 |
ASSUMED FROM OTHER COMPANIES | 405,845 | 375,903 | 435,238 |
NET AMOUNT | $ 518,872 | $ 486,775 | $ 478,531 |
PERCENTAGE OF AMOUNT ASSUMED TO NET | 78.20% | 77.20% | 91.00% |