Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33493 | ||
Entity Registrant Name | Greenlight Capital Re, Ltd. | ||
Entity Incorporation, State or Country Code | E9 | ||
Entity Address, Address Line One | 65 Market Street | ||
Entity Address, Address Line Two | Suite 1207, Jasmine Court | ||
Entity Address, Address Line Three | P.O. Box 31110 | ||
Entity Address, City or Town | Camana Bay | ||
Entity Address, Country | KY | ||
Entity Address, Postal Zip Code | KY1-1205 | ||
City Area Code | 205 | ||
Local Phone Number | 291-3440 | ||
Title of 12(b) Security | Ordinary shares | ||
Trading Symbol | GLRE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 277,684,405 | ||
Entity Common Stock, Shares Outstanding | 35,361,725 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the registrant’s 2024 annual meeting of shareholders, to be filed subsequently with the Securities and Exchange Commission, or the SEC, pursuant to Regulation 14A, under the Securities Exchange Act of 1934, as amended, or the Exchange Act, relating to the registrant’s annual general meeting of shareholders scheduled to be held on July 25, 2024 are incorporated by reference in Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0001385613 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Auditor [Line Items] | ||
Auditor Name | Deloitte Ltd. | BDO USA, LLP |
Auditor Location | Hamilton, Bermuda | Grand Rapids, Michigan, USA |
Auditor Firm ID | 5230 | 243 |
Solasglas Investments, LP | ||
Auditor [Line Items] | ||
Auditor Name | Ernst & Young Ltd. | |
Auditor Location | Grand Cayman, Cayman Islands | |
Auditor Firm ID | 1655 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments | ||
Investment in related party investment fund, at fair value | $ 258,890 | $ 178,197 |
Other investments | 73,293 | 70,279 |
Total investments | 332,183 | 248,476 |
Cash and cash equivalents | 51,082 | 38,238 |
Restricted cash and cash equivalents | 604,648 | 668,310 |
Reinsurance balances receivable (net of allowance for expected credit losses of 2023: $854 and 2022: $356) | 619,401 | 505,555 |
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2023: $487 and 2022: $62) | 25,687 | 13,239 |
Deferred acquisition costs | 79,956 | 82,391 |
Unearned premiums ceded | 17,261 | 18,153 |
Other assets | 5,089 | 6,019 |
Total assets | 1,735,307 | 1,580,381 |
Liabilities | ||
Loss and loss adjustment expense reserves | 661,554 | 555,468 |
Unearned premium reserves | 306,310 | 307,820 |
Reinsurance balances payable | 68,983 | 105,135 |
Funds withheld | 17,289 | 21,907 |
Other liabilities | 11,795 | 6,397 |
Debt | 73,281 | 80,534 |
Total liabilities | 1,139,212 | 1,077,261 |
Commitments and Contingencies (Note 16) | ||
Shareholders' equity | ||
Preferred share capital (par value $0.10; none issued) | 0 | 0 |
Ordinary share capital (par value $0.10; issued and outstanding, 35,336,732 (2022: Class A: par value $0.10; issued and outstanding, 28,569,346: Class B: 2022: par value $0.10; issued and outstanding, 6,254,715) | 3,534 | 3,482 |
Additional paid-in capital | 484,532 | 478,439 |
Retained earnings | 108,029 | 21,199 |
Total shareholders' equity | 596,095 | 503,120 |
Total liabilities and equity | $ 1,735,307 | $ 1,580,381 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for expected credit losses | $ 854 | $ 356 |
Loss and loss adjustment expenses recoverable, allowance | $ 487 | $ 62 |
Preferred share capital, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred share capital issued (in shares) | 0 | 0 |
Ordinary share capital, par value (in dollars per share) | $ 0.10 | |
Ordinary share capital authorized (in shares) | 125,000,000 | |
Ordinary share capital issued (in shares) | 35,336,732 | |
Ordinary share capital outstanding (in shares) | 35,336,732 | 0 |
Common Class A | ||
Ordinary share capital, par value (in dollars per share) | $ 0.10 | |
Ordinary share capital issued (in shares) | 28,569,346 | |
Ordinary share capital outstanding (in shares) | 0 | 28,569,346 |
Common Class B | ||
Ordinary share capital, par value (in dollars per share) | $ 0.10 | |
Ordinary share capital issued (in shares) | 6,254,715 | |
Ordinary share capital outstanding (in shares) | 0 | 6,254,715 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Gross premiums written | $ 636,810 | $ 563,171 | $ 565,393 |
Gross premiums ceded | (42,762) | (33,429) | (41) |
Net premiums written | 594,048 | 529,742 | 565,352 |
Change in net unearned premium reserves | (10,901) | (60,265) | (26,073) |
Net premiums earned | 583,147 | 469,477 | 539,279 |
Income from investment in related party investment fund (net of related party expenses of $7,954, $9,674, and $5,502, respectively) | 28,696 | 54,844 | 18,087 |
Net investment income | 37,367 | 14,139 | 32,065 |
Foreign exchange gains (losses) | 11,566 | (5,988) | (1,540) |
Other income (expense), net | 6,306 | (5,789) | 660 |
Total revenues | 667,082 | 526,683 | 588,551 |
Expenses | |||
Net loss and loss adjustment expenses incurred | 360,004 | 316,485 | 374,980 |
Acquisition costs | 168,877 | 143,148 | 144,960 |
General and administrative expenses | 43,240 | 31,606 | 29,369 |
Deposit interest expense | 2,687 | 6,717 | 11,655 |
Interest expense | 5,344 | 4,201 | 6,263 |
Total expenses | 580,152 | 502,157 | 567,227 |
Income before income tax | 86,930 | 24,526 | 21,324 |
Income tax (expense) benefit | (100) | 816 | (3,746) |
Net income | $ 86,830 | $ 25,342 | $ 17,578 |
Earnings per share | |||
Basic (in dollars per share) | $ 2.55 | $ 0.75 | $ 0.51 |
Diluted (in dollars per share) | $ 2.50 | $ 0.73 | $ 0.51 |
Weighted average number of ordinary shares used in the determination of earnings and loss per share | |||
Basic (in shares) | 34,067,974 | 33,908,156 | 34,204,364 |
Diluted (in shares) | 34,797,859 | 39,769,790 | 34,351,016 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Management fee | $ 7,954 | $ 9,674 | $ 5,502 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Ordinary share capital | Additional paid-in capital | Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment | Retained earnings (deficit) | Retained earnings (deficit) Cumulative Effect, Period of Adoption, Adjustment |
Balance - beginning of period at Dec. 31, 2020 | $ 3,452 | $ 488,488 | $ 0 | $ (27,083) | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issue of ordinary shares, net of forfeitures | 41 | |||||
Repurchase of ordinary shares | (109) | (9,891) | ||||
Share-based compensation expense | 3,187 | |||||
Net income | $ 17,578 | 17,578 | ||||
Balance - ending of period at Dec. 31, 2021 | $ 475,663 | 3,384 | 481,784 | (7,896) | (9,505) | 5,362 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2020-06 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issue of ordinary shares, net of forfeitures | 99 | |||||
Repurchase of ordinary shares | (1) | (34) | ||||
Share-based compensation expense | 4,585 | |||||
Net income | $ 25,342 | 25,342 | ||||
Balance - ending of period at Dec. 31, 2022 | 503,120 | 3,482 | 478,439 | $ 0 | 21,199 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issue of ordinary shares, net of forfeitures | 52 | |||||
Repurchase of ordinary shares | 0 | 0 | ||||
Share-based compensation expense | 6,093 | |||||
Net income | 86,830 | 86,830 | ||||
Balance - ending of period at Dec. 31, 2023 | $ 596,095 | $ 3,534 | $ 484,532 | $ 108,029 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 86,830 | $ 25,342 | $ 17,578 |
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities: | |||
Income from investments in related party investment fund | (28,696) | (54,844) | (18,087) |
Net realized gain on repurchase of convertible senior notes payable | (265) | (343) | 0 |
Net realized and unrealized losses (gains) on other investments | (1,738) | (9,858) | (33,770) |
Net realized and unrealized losses on derivatives | 577 | 0 | 0 |
Current expected credit losses recognized on reinsurance assets | 923 | 282 | 0 |
Share-based compensation expense | 6,145 | 4,684 | 3,228 |
Accretion of debt offering costs and change in interest accruals | (1,696) | 79 | 2,263 |
Depreciation expense | 0 | 0 | 16 |
Net change in: | |||
Reinsurance balances receivable | (114,344) | (100,456) | (75,133) |
Loss and loss adjustment expenses recoverable | (12,873) | (2,155) | 5,751 |
Deferred acquisition costs | 2,435 | (19,365) | (12,012) |
Unearned premiums ceded | 892 | (18,111) | (42) |
Loss and loss adjustment expense reserves | 106,086 | 31,458 | 29,831 |
Unearned premium reserves | (1,510) | 80,236 | 26,495 |
Reinsurance balances payable | (36,152) | 13,911 | (1,023) |
Funds withheld | (4,618) | 18,115 | (683) |
Other items, net | 5,511 | (774) | (708) |
Net cash provided by (used in) operating activities | 7,507 | (31,799) | (56,296) |
Cash flows from investing activities | |||
Proceeds from redemptions from related party investment fund | 78,997 | 125,365 | 115,835 |
Contributions to related party investment fund | (130,994) | (65,127) | (114,604) |
Purchases of investments | (7,136) | (13,223) | (4,996) |
Proceeds from maturity of term deposit | 6,000 | 0 | 20,755 |
Change in notes receivable | 0 | 0 | 6,101 |
Net cash provided by (used in) investing activities | (53,133) | 47,015 | 23,091 |
Cash flows from financing activities | |||
Proceeds from term loans | 75,000 | 0 | 0 |
Repayment of term loans | (947) | 0 | 0 |
Repayment of convertible senior notes payable | (62,147) | 0 | 0 |
Repurchases of convertible senior notes payable | (17,198) | (19,793) | 0 |
Repurchase of Class A ordinary shares | 0 | (35) | (10,000) |
Net cash used in financing activities | (5,292) | (19,828) | (10,000) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 100 | 59 | 0 |
Decrease in cash, cash equivalents and restricted cash | (50,818) | (4,553) | (43,205) |
Cash, cash equivalents and restricted cash at beginning of the period | 706,548 | 711,101 | 754,306 |
Cash, cash equivalents and restricted cash at end of the period | 655,730 | 706,548 | 711,101 |
Supplementary information | |||
Interest paid in cash | 5,121 | 4,124 | 4,000 |
Income tax paid (refund received) in cash | $ (1,022) | $ 664 | $ 3,703 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Organization Greenlight Capital Re, Ltd. (“GLRE” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. At December 31, 2023, the Company has the following wholly-owned subsidiaries: • Greenlight Reinsurance, Ltd. (“Greenlight Re”), domiciled in the Cayman Islands, is a Class D insurer license issued in accordance with the terms of The Insurance Act, 2010 (as amended) and underlying regulations thereto (the “Act”) and is subject to regulation by the Cayman Islands Monetary Authority (“CIMA”). Greenlight Re commenced underwriting in April 2006. • Greenlight Reinsurance Ireland, Designated Activity Company (“GRIL”), domiciled in Ireland since 2010, is authorized as a non-life reinsurance undertaking in accordance with the provisions of the European Union (Insurance and Reinsurance) Regulations 2015. GRIL provides multi-line property and casualty reinsurance capacity to the European broker market and provides GLRE with an additional platform to serve clients located in Europe and North America. • Greenlight Re Marketing (UK) Limited, domiciled in the United Kingdom (“U.K.”) since 2020, is a U.K. company formed to expand GLRE’s presence in the Lloyd’s of London market (“Lloyd’s”). • Greenlight Re Corporate Member Ltd. (“GCM”), domiciled in the U.K., is a corporate member that became a wholly-owned subsidiary of GLRE in 2023 and provides underwriting capacity for various Lloyd’s syndicates, including Greenlight Innovation Syndicate 3456 (“Syndicate 3456”). • Verdant Holding Company, Ltd., domiciled in the United States since 2008, is an investment holding company. • Viridis Re SPC, Ltd., domiciled in the Cayman Islands, is an exempted segregated portfolio company which was incorporated in the Cayman Islands in 2023 and is currently in the process of applying to CIMA for a Class B(iii) general insurer license. Additionally, through Syndicate 3456, Greenlight Re provides a (re)insurance platform to its growing portfolio of insurtech partnerships. Domiciled in the U.K. since 2022, Syndicate 3456 is authorized to underwrite under the Lloyd’s syndicate-in-a-box model. The ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.” 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”). The consolidated financial statements include the accounts of GLRE and the consolidated financial statements of its wholly-owned subsidiaries, and all significant intercompany transactions and balances have been eliminated on consolidation. Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the presentation of the current consolidated financial statements. The Company has reported separately the foreign exchange gains (losses) from “ Other income ” in the consolidated statements of operations. This resulted in no change to the previously reported total revenues or net income. The Company has also included the foreign exchange gains (losses) as part of the net change in working capital in the consolidated statements of cash flows. Further, the Company combined “Other assets, excluding depreciation” and “Other liabilities” and presented the sum as “Other items, net” in the consolidated statements of cash flows. These changes in presentation in the consolidated statements of cash flows have resulted in no change to the previously reported net cash provided by (used in) operating activities. Tabular dollar are in thousands, with the exception of per share amounts or otherwise noted. All amounts are reported in U.S. dollars. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are as follows: Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates. The Company’s principal estimates include: • loss and loss adjustment expense reserves; • premiums written and earned and related premium receivable, net of expected credit losses; • reinsurance recoverable on unpaid losses and loss adjustment expenses, including expected credit losses; and • valuation of investments, including impairments. Investments Investment in related party investment fund The Company records its investment in the related party investment fund based on fair value using the net asset value practical expedient, with the Company’s share of the fund’s net income (loss) reported as “ Income (loss) from investment in related party investment fund ” in the consolidated statements of operations. Other investments The Company’s other investments include short-term investments and private investments and unlisted equity securities without readily determinable fair values. Short-term investments are measured at amortized cost, which approximates fair value. These include certificate of deposit and other financial instruments with original maturities greater than three months but less than one year. The Company measures its private investments and unlisted equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from identical or similar investments of the same issuers (the “measurement alternative”), with such changes recognized in “ Net investment income (loss) ” in the consolidated statements of operations. The Company considers the need for impairment on a by-investment basis based on certain indicators. Under the measurement alternative, the Company makes two types of valuation adjustments: • When the Company observes an orderly transaction of an investee’s identical or similar equity securities, the Company adjusts the carrying value based on the observable price as of the transaction date. Once the Company records such an adjustment, the investment is considered an “asset measured at fair value on a nonrecurring basis.” • If the Company determines that the investment is impaired and the fair value is less than its carrying value, it writes down the investment to its fair value. Once the Company records such an adjustment, the investment is considered an “asset measured at fair value on a nonrecurring basis.” Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly liquid investments and certificates of deposit with original maturity dates of three months or less. Restricted cash and cash equivalents are presented separately in the consolidated balance sheets. Premium Revenue Recognition The Company writes excess of loss contracts and quota share contracts and estimates the ultimate premiums for the contract period. The Company bases these estimates on actuarial pricing models and information received from ceding companies. For excess of loss contracts, the Company writes the total ultimate estimated premiums at the contract’s inception. For quota share contracts, the Company writes premiums in the same periods in which the underlying insurance contracts are written, based on cession statements from cedents. The Company typically receives these statements monthly or quarterly, depending on the terms specified in each contract. For any reporting lag, the Company estimates premiums written based on the portion of the estimated ultimate premiums relating to the risks bound during the lag period. For multi-year contracts, 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 cedants have the ability to unilaterally commute or cancel coverage within the term of the contract. Management regularly reviews premium estimates. Such review includes the Company’s experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, a comparison of reported premiums to expected ultimate premiums, along with a review of the aging and collection of premiums. Management evaluates the appropriateness of the premium estimates on the basis of these reviews and records any adjustments to these estimates in the period in which they are determined. Changes in premium estimates, including premium receivable on both excess of loss and quota share contracts, are not unusual and may result in significant adjustments in any period. A portion of amounts included in “ Reinsurance balances receivable ” in the consolidated balance sheets represent estimated premiums written, net of commissions and brokerage, that are not currently due based on the terms of the underlying contracts. Additional premiums due on a contract with no remaining coverage period are earned in full when written. Certain contracts allow for reinstatement premiums in the event of a loss. Reinstatement premiums are written and earned when a triggering loss event occurs. Premiums written are generally recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the unexpired portion of reinsurance provided. Reinsurance Premiums Ceded The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other reinsurers (referred to as “retrocessionaires”). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent the Company does not hold sufficient security for its unpaid obligations. Ceded premiums are written during the period in which the risks incept and the associated expense is recognized over the contract period in proportion to the protection provided. Unearned premiums ceded represent the unexpired portion of reinsurance obtained. Acquisition Costs Policy acquisition costs vary with, and are directly related to, the successful production of new and renewal business and consist principally of commissions, taxes, and brokerage expenses. The Company presents acquisition costs incurred on reinsurance assumed net of commissions earned on reinsurance ceded. However, if the sum of a contract’s expected losses and loss expenses and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency is determined to exist. In this event, the Company writes off deferred acquisition costs to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred acquisition costs, the Company accrues a liability for the deficiency. The Company did not recognize any premium deficiency adjustments during the periods presented. Policy acquisition costs also include profit commissions, which the Company recognized on a basis consistent with its estimate of losses and loss expenses. Loss and Loss Adjustment Expense Reserves and Recoverable The Company’s loss and loss adjustment expense reserves (“LAE”) are composed of: ● case reserves for loss and LAE resulting from claims notified to the Company by its clients; and ● reserves for estimated loss and LAE incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer (“IBNR”), including unknown future developments on loss and LAE that are known to the insurer or reinsurer. The Company estimates these reserves based on reports from ceding companies, industry data, and historical experience analyzed using standard actuarial and statistical techniques. The analysis includes assessing currently available data, predictions of future developments, estimates of future trends, and other factors. These estimates are reviewed by the Company’s reserving committee at least quarterly and adjusted as necessary. The final settlement of losses may vary, perhaps materially, from the reserves recorded. The Company recognizes all adjustments to the estimates in the period they are determined. U.S. GAAP does not permit establishing loss reserves, which include case reserves and IBNR loss reserves, until the occurrence of an event that may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date are established. There is no allowance for the establishment of loss reserves to account for expected future loss events. The “ Loss and loss adjustment expenses recoverable ” in the consolidated balance sheets represents the amounts due from retrocessionaires for unpaid loss and LAE on retrocession agreements. Ceded IBNR recoverable amounts are estimated based on the Company’s actuarial estimates. These estimates are reviewed periodically and adjusted when deemed necessary. The Company may be unable to recover the loss and LAE recoverable amounts due as a result of the retrocessionaires’ inability to pay. The Company regularly evaluates the financial condition of its retrocessionaires and calculates an allowance for expected credit losses (see “Reinsurance Assets ” below). For losses stemming from exposure to natural perils, loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. Estimates for IBNR losses are added to the case reserves as the Company deems appropriate. To establish catastrophe IBNR loss estimates, the Company uses estimates communicated by ceding companies, industry data and information, knowledge of the business written, and management’s judgment. For contracts without significant exposure to natural perils, initial reserves for each contract are determined based on a combination of (i) the pricing analysis performed prior to binding the contract; (ii) the underwriter’s detailed knowledge of the cedent, its operations and future business plans; and (iii) the professional judgment and recommendation of the Chief Actuary. In the pricing analysis, the Company utilizes information from the client and industry data. This information typically includes, but is not limited to, data related to premiums, losses, exposure, business mix, industry performance, and associated trends covering as much history as deemed appropriate. The level of detail within the data obtained varies greatly depending on the underlying contract, line of business, client, and coverage provided. In all cases, the Company requests each client to provide data for each reporting period, which, depending on the contract, could be on a monthly or quarterly basis. The terms and conditions of each contract specify the data reporting requirements. Generally, the Company obtains regular updates of premium and loss-related information for the current and historical periods and utilizes them to update the initially expected loss ratio. There may be a lag between (i) claims being reported by the underlying insured to the Company’s cedent and (ii) claims being reported by the Company’s cedent to the Company. This lag may impact the Company’s loss reserve estimates. Client reports have pre-determined due dates (for example, fifteen days after each month-end). The timing of the reporting requirements is designed so that the Company receives premium and loss information as soon as practicable once the client has closed its books. Accordingly, there should be a short lag in such reporting. Additionally, most contracts that have the potential for large single-event losses have provisions that such loss notifications are provided to the Company immediately upon the occurrence of an event. Once the updated information is received, the Company uses various standard actuarial methods for its quarterly analysis. Such methods typically include the following: ● Paid loss development method: Ultimate losses are estimated by calculating past paid loss development factors and applying them to exposure periods with further expected paid loss development. This method assumes that losses are paid in a consistent pattern. It provides an objective test of reported loss projections because paid losses contain no reserve estimates. ● Reported loss development method: Ultimate losses are estimated by calculating past reported loss development factors and applying them to exposure periods with further expected reported loss development. This method incorporates changes in payments and case reserves. ● Expected loss ratio method: Ultimate losses are estimated by multiplying earned premiums by an expected loss ratio. The expected loss ratio is often determined using industry data, historical company data, past pricing or reserving analysis performed, and actuarial judgment. This method is typically used for lines of business and contracts where there are no (or insignificant) historical losses or where past loss experience is not considered applicable to the current period. ● Bornhuetter-Ferguson paid loss method: Ultimate losses are estimated by modifying expected loss ratios to the extent losses paid to date differ from what would have been expected based upon the selected paid loss development pattern. This method avoids some distortions that could result from a large development factor being applied to a small base of paid losses to calculate ultimate losses. ● Bornhuetter-Ferguson reported loss method: Ultimate losses are estimated by modifying expected loss ratios to the extent losses reported to date differ from what would have been expected based upon the selected reported loss development pattern. This method avoids some distortions that could result from a large development factor being applied to a small base of reported losses to calculate ultimate losses. ● Frequency / Severity method: Ultimate losses are estimated by multiplying the ultimate number of claims (i.e., the frequency multiplied by the exposure base) by the estimated average cost per claim (i.e., the severity). This approach enables trends and patterns in the rates of claims emergence (i.e., reporting) and settlement (i.e., closure) and the average cost of claims to be analyzed separately. In addition, the Company may supplement its analysis with other reserving methodologies that it deems relevant to specific contracts. For each contract, the Company utilizes reserving methodologies it considers appropriate to calculate a best estimate of reserves. Whether the Company uses a single methodology or a combination depends upon the portfolio segment being analyzed and the actuary’s judgment. The Company’s reserving methodology does not require a fixed weighting of the various methods used. Certain methods are considered more appropriate than others depending on the type, structure, age, maturity, and duration of the expected losses on the contract. For example, the Bornhuetter-Ferguson reported loss method might be more appropriate than a paid loss development method for relatively new contracts that have experienced little paid loss development. The Company’s gross aggregate reserves are the sum of the best estimate reserves of all portfolio exposures. Generally, IBNR loss reserves are calculated by estimating the ultimate incurred losses and subtracting cumulative paid claims and case reserves. Each quarter, the Company’s Reserving Committee, led by the Chief Actuary, meets to assess the adequacy of our loss reserves based on the reserve analysis and recommendations prepared by the Company’s reserving department. The Company does not typically experience material claims processing backlogs, although such backlogs may occur following a major catastrophic event. At December 31, 2023, and 2022, the Company did not have a material backlog in its claims processing. The Company did not make any significant changes to the actuarial methodology or assumptions relating to its loss and loss adjustment expense reserves for the years presented in the consolidated financial statements. Reinsurance Assets The Company calculates an allowance for expected credit losses for its reinsurance balances receivable and loss and LAE recoverable by applying a Probability of Default (“PD”) / Loss Given Default (“LGD”) model. The PD / LGD approach considers the Company’s collectibility history on its reinsurance assets and representative external loss history. In calculating the probability of default, the Company also considers the estimated duration of its reinsurance assets. The Company evaluates each counterparty’s creditworthiness based on credit ratings that independent agencies assign to the counterparty. The Company manages its credit risk in its reinsurance assets by transacting only with insurers and reinsurers that it considers financially sound. Credit ratings of the counterparties are forward-looking and consider various economic scenarios. The Company's evaluation of the required allowance for reinsurance balances receivable and loss and LAE recoverable considers the current economic environment as well as potential macroeconomic developments. For its retrocessional counterparties that are unrated, the Company may hold collateral in the form of funds withheld, trust accounts, or irrevocable letters of credit. In evaluating credit risk associated with reinsurance balances receivable, the Company considers its right to offset loss obligations against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of cedents and retrocessionaires to honor their respective obligations. Deposit Assets and Liabilities The Company applies deposit accounting to reinsurance contracts that do not transfer sufficient insurance risk to merit reinsurance accounting. Under deposit accounting, the Company recognizes an asset or liability based on its paid or received consideration. The deposit asset or liability balance is subsequently adjusted using the interest method with the corresponding income and expense recorded in the Company’s consolidated statements of operations under “ Other income (expense) ” and “ Deposit interest expense ,” respectively. The Company records deposit assets and liabilities in its consolidated balance sheets in “ Reinsurance balances receivable ” and “ Reinsurance balances payable ,” respectively. At December 31, 2023, deposit assets and liabilities were $0.9 million and $5.2 million, respectively (December 31, 2022: $3.1 million and $10.7 million, respectively). Net investment income (loss) The Company records interest income and interest expense on an accrual basis. Any realized and unrealized gains or losses from other investments are determined on the basis of the specific identification method (by reference to cost or amortized cost, as appropriate). Additionally, net investment income (loss) includes realized and unrealized gains (losses) on derivative instruments. Other Income (Expense), net In connection with the Company’s participation interest in Lloyd’s syndicates, the Lloyd’s syndicates invest a portion of the premiums withheld in investment funds and fixed-maturity securities. The Company records its share of income (or expense) from these assets as other income (expense) as reported by the syndicates on a quarterly lag basis due to the timing of the availability of these quarterly financial reports. Share-Based Compensation The Company recognizes share-based compensation costs based on the fair value at the award’s grant date. The Company measures compensation for restricted shares and restricted stock units (“RSUs”) based on the price of the Company’s common shares at the grant date. For restricted shares and RSUs with service and performance vesting conditions, the expense is recognized based on management’s estimate of the probability of the performance conditions being achieved based on historical results and expectations of future results. If the Company expects to meet the performance conditions, it attributes the expense to the period the requisite service is rendered. For restricted shares and RSUs with only service vesting conditions, the Company recognizes the associated expense on a straight-line basis over the vesting period, net of any estimated or expected forfeitures. The forfeiture rate is estimated based on the Company’s historical actual forfeitures relating to restricted shares and RSUs granted to employees. The forfeiture rate is reviewed annually and adjusted as necessary. The Company applies no forfeiture rate to restricted shares granted to directors, which vest over a maximum twelve-month period. Determining the fair value of share purchase options at the grant date requires significant estimation and judgment. The Company uses the Black-Scholes option-pricing model to assist in the calculation of fair value for share purchase options. The model requires estimating various inputs such as the term, forfeiture and dividend rates, and expected volatility. In determining the grant date fair value, the Company uses the entire ten-year life of the options as the estimated term and assumes no forfeitures and no dividends paid during the life of the options. The Company bases its estimate of expected volatility on the daily historical trading data of the Company’s ordinary shares from the date they commenced trading (May 24, 2007) to the grant date. For share purchase options issued under the employee stock incentive plan, the compensation cost is calculated and recognized over the vesting periods on a graded vesting basis. Convertible Notes Prior to the adoption of Accounting Standards Update (“ASU”) 2020-06 in January 2022, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”),” the Company determined that the senior convertible notes’ cash conversion option represented an embedded derivative and bifurcated it from the underlying contract for financial reporting purposes. For the debt component, the Company recorded a liability equivalent to the present value of comparable debt without the conversion features at the time of issuance. The remainder of the proceeds, which represented the embedded derivative, was included in “ Additional paid-in capital ” in the consolidated balance sheets. Upon adoption of ASU 2020-06, U.S. GAAP no longer permits entities to bifurcate embedded conversion features from the underlying contract. Therefore, effective January 1, 2022, the Company no longer presents the embedded conversion features separately in equity; instead, the Company’s senior convertible debt is presented as a single liability in the Company’s consolidated balance sheet. The adoption of ASU 2020-06 resulted in a decrease in the Company’s opening shareholders’ equity of $2.5 million, with a corresponding increase in the carrying value of the senior convertible notes. Costs incurred in issuing the convertible notes consisted primarily of underwriting, legal, accounting, and printing fees. These costs are amortized over the term of the debt and are included in “ Interest expense ” in the consolidated statements of operations. Foreign Exchange The reporting and functional currency of the Company and all its significant subsidiaries is the U.S. dollar. The Company records foreign currency transactions at the exchange rates in effect on the transaction date. Monetary assets and liabilities in foreign currencies are converted at the exchange rate in effect at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are carried at their historical exchange rates. Derivative instruments The Company recognizes derivative financial instruments in the consolidated balance sheets at their fair values. The Company’s derivatives do not qualify as hedges for financial reporting purposes. The Company records the associated assets and liabilities in its consolidated balance sheets on a gross basis. The Company does not offset these balances against collateral pledged or received. Other Assets The Company’s other assets consist primarily of prepaid expenses, right-of-use lease assets, derivative assets, taxes recoverable, and deferred tax assets. Other Liabilities The Company’s other liabilities consist primarily of accruals for legal and other professional fees, employee bonuses and severances, taxes payable, derivative liabilities, and lease liabilities. Comprehensive Income (Loss) The Company has no comprehensive income or loss other than the net income or loss disclosed in the consolidated statements of operations. Earnings (Loss) Per Share The Company has issued unvested restricted stock awards, some of which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid. These awards are considered “participating securities” for the purposes of calculating earnings (loss) per share. Basic earnings per share is calculated on the basis of the weighted average number of ordinary shares and participating securities outstanding during the period. Diluted earnings (or loss) per share includes the dilutive effect, if any, of the following: • Restricted Stock Units (“RSUs”) issued that convert to ordinary shares upon vesting; • Unvested restricted share awards which are not considered “participating securities”; • Additional potential ordinary shares issuable when in-the-money stock options are exercised, determined using the treasury stock method; • For periods prior to January 1, 2022, those ordinary shares with the potential to be issued in connection with convertible notes and other such convertible instruments, determined using the treasury stock method; and • Effective January 1, 2022, the dilutive effect of the convertible notes calculated using the if-converted method. Under the if-converted method, the convertible notes are assumed to be converted at the beginning of the period. The resulting common shares are included in the denominator of the diluted net income per common share calculation. Interest expense related to the convertible notes incurred in the period is added back to the numerator for purposes of the if-converted calculation. Diluted earnings (or loss) per share contemplates a conversion to ordinary shares of all convertible instruments only if they are dilutive. In the event of a net loss, all RSUs, stock options, shares potentially issuable in connection with convertible notes, and participating securities are excluded from the calculation of both basic and diluted loss per share as their inclusion would be anti-dilutive. Taxation The Company records current and deferred income taxes 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 reported in the consolidated balance sheets and those reported in the various jurisdictional tax returns. The Company records a valuation allowance to the extent that the Company considers it more likely than not that all or a portion of the deferred tax asset will not be realized in the future. Other than this valuation allowance, the Company has not taken any income tax positions subject to significant uncertainty that is reasonably likely to have a material impact on the Company. Segment Information Operating segments are based on the internal information that the Chief Operating Decision Maker uses for allocating the Company’s resources and assessing its performance. The Company has one operating segment, Property and Casualty Reinsurance. Recent Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic (740) - Improvements to Income Tax Disclosures . The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements. As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows. Recently Issued Accounting Standards Adopted There are none that would be relevant and material to the Company. |
INVESTMENT IN RELATED PARTY INV
INVESTMENT IN RELATED PARTY INVESTMENT FUND | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN RELATED PARTY INVESTMENT FUND | INVESTMENT IN RELATED PARTY INVESTMENT FUND The Company has entered into the Second Amended and Restated Exempted Limited Partnership Agreement (the “SILP LPA”) of Solasglas Investments, LP (“SILP”), with DME Advisors II, LLC (“DME II”), as General Partner, Greenlight Re, and GRIL, (together, the “GLRE Limited Partners”). SILP has entered into a SILP investment advisory agreement (“IAA”) with DME Advisors. LP (“DME Advisors”), pursuant to which DME Advisors is the investment manager for SILP. DME II and DME Advisors are related to the Company, and each is an affiliate of David Einhorn, Chairman of the Company’s Board of Directors (the “Chairman”). At December 31, 2023, the SILP LPA included the following proviso: “The Investment Portfolio of each Partner will not exceed the product of (a) such Partner’s surplus (Greenlight Re Surplus or GRIL Surplus, as the case may be) multiplied by (b) the Investment Cap (60%), and the General Partner will designate any portion of a Partner’s Investment Portfolio as Designated Securities to effectuate such limit.” The Company has concluded that SILP qualifies as a variable interest entity (“VIE”) under U.S. GAAP. In assessing its interest in SILP, the Company noted the following: • DME II serves as SILP’s general partner and has the power to appoint the investment manager. The Company does not have the power to appoint, change or replace the investment manager or the general partner except “for cause.” Neither of the GLRE Limited Partners can participate in the investment decisions of SILP as long as SILP adheres to the investment guidelines provided within the SILP LPA. For these reasons, the GLRE Limited Partners are not considered to have substantive participating rights or kick-out rights. • DME II holds an interest in excess of 10% of SILP’s net assets, which the Company considers to represent an obligation to absorb losses and a right to receive benefits of SILP that are significant to SILP. Consequently, the Company has concluded that DME II’s interests, not the Company’s, meet both the “power” and “benefits” criteria associated with VIE accounting guidance. Therefore DME II is SILP’s primary beneficiary. The Company presents its investment in SILP in its consolidated balance sheets in the caption “Investment in related party investment fund.” The Company’s maximum exposure to loss relating to SILP is limited to the net asset value of the GLRE Limited Partners’ investment in SILP. At December 31, 2023, the net asset value of the GLRE Limited Partners’ investment in SILP was $258.9 million (December 31, 2022: $178.2 million), representing 72.7% (December 31, 2022: 69.3%) of SILP’s total net assets. DME II held the remaining 27.3% (December 31, 2022: 30.7%) of SILP’s total net assets. The investment in SILP is recorded at the GLRE Limited Partners’ share of the net asset value of SILP as reported by SILP’s third-party administrator. The GLRE Limited Partners can redeem their assets from SILP for operational purposes by providing 3 business days’ notice to DME II. At December 31, 2023, the majority of SILP’s long investments were composed of cash and publicly-traded equity securities, which could be readily liquidated to meet the GLRE Limited Partners’ redemption requests. The Company’s share of the change in the net asset value of SILP for the years ended December 31, 2023, 2022, and 2021, was $28.7 million, $54.8 million, and $18.1 million, respectively, and shown in the caption “Income from investment in related party investment fund” in the Company’s consolidated statements of operations. The Company has determined that for its fiscal year ended December 31, 2023, the Company’s investment in SILP met at least one of the conditions of a significant subsidiary under SEC’s Regulation S-X, Rule 3-09. Accordingly, the audited financial statements for SILP have been attached as an exhibit (Exhibit 99.1) to this Form 10-K. The summarized financial statements of SILP are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LP December 31, 2023 December 31, 2022 Assets Investments, at fair value $ 453,358 $ 304,806 Derivative contracts, at fair value 11,167 17,547 Due from brokers 121,754 109,169 Interest and dividends receivable 1,143 527 Total assets 587,422 432,049 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (197,571) (159,382) Derivative contracts, at fair value (12,917) (12,443) Due to brokers (17,398) (2,050) Capital withdrawals payable (1,000) (75) Interest and dividends payable (2,315) (760) Accrued expenses and other liabilities (247) (159) Total liabilities (231,448) (174,869) Partners' capital $ 355,974 $ 257,180 GLRE’s share of Partners' capital $ 258,890 $ 178,197 Summarized Statements of Operations of Solasglas Investments, LP Year ended December 31 2023 2022 2021 Investment income Dividend income (net of withholding taxes) $ 1,869 $ 1,586 $ 641 Interest income 9,211 2,390 228 Total Investment income 11,080 3,976 869 Expenses Management fee (4,766) (3,580) (3,492) Interest (6,969) (1,950) (1,055) Dividends (2,802) (1,374) (1,147) Professional fees and other (1,750) (988) (1,221) Total expenses (16,287) (7,892) (6,915) Net investment income (loss) (5,207) (3,916) (6,046) Realized and change in unrealized gains (losses) Net realized gain (loss) (1,394) 75,172 (3,420) Net change in unrealized appreciation 55,279 11,886 35,482 Net gain (loss) on investment transactions 53,885 87,058 32,062 Net increase in Partners' capital $ 48,678 $ 83,142 $ 26,016 GLRE’s share of the increase in Partners' capital (1) $ 28,696 $ 54,844 $ 18,087 1 The net increase in Partners’ capital is net of management fees and performance allocation presented below: Year ended December 31 2023 2022 2021 Management fees $ 4,766 $ 3,580 $ 3,492 Performance allocation 3,188 6,094 2,010 Total $ 7,954 $ 9,674 $ 5,502 See Note 15 for further details on management fees and performance allocation. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
OTHER INVESTMENTS | OTHER INVESTMENTS Portfolio The Company’s other investments consist of the following: • Private investments, unlisted equities, and debt and convertible debt instruments, which consist primarily of Innovations-related investments supporting technology innovators in the (re)insurance market; and • Certificates of deposit with original maturities greater than three months. At December 31, 2023, the breakdown of the Company’s other investments was as follows: Cost Unrealized Unrealized Accrued interest Fair value / carrying value Private investments and unlisted equities $ 28,470 $ 49,424 $ (6,737) $ — $ 71,157 Debt and convertible debt securities 2,499 — (499) 136 2,136 Certificates of deposit — — — — — Total other investments $ 30,969 $ 49,424 $ (7,236) $ 136 $ 73,293 At December 31, 2022, the breakdown of the Company’s other investments was as follows:: Cost Unrealized Unrealized Fair value / carrying value Private investments and unlisted equities $ 22,787 $ 42,461 $ (2,815) $ 62,433 Debt and convertible debt securities 1,846 — — 1,846 Certificates of deposit 6,000 — — 6,000 Total other investments $ 30,633 $ 42,461 $ (2,815) $ 70,279 The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at December 31, 2023, 2022, and 2021, and the related adjustments recorded during the years then ended. Year ended December 31 2023 2022 2021 Carrying value (1) $ 71,157 $ 62,433 $ 47,049 Upward carrying value changes (2) $ 7,262 $ 11,277 $ 20,814 Downward carrying value changes and impairment (3) $ (5,003) $ (1,073) $ (500) (1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (2) The cumulative upward carrying value changes from inception to December 31, 2023, totaled $49.9 million. (3) The cumulative downward carrying value changes and impairments from inception to December 31, 2023, totaled $7.1 million. Net investment income The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “ Net investment income ” in the consolidated statements of operations (see Note 13): Year ended December 31 2023 2022 2021 Gross realized gains $ 7 $ — $ 14,210 Gross realized losses (811) — — Net realized gains (losses) $ (804) $ — $ 14,210 Change in unrealized gains 2,542 9,858 19,560 Net realized and unrealized gains on other investments $ 1,738 $ 9,858 $ 33,770 |
RESTRICTED CASH AND RESTRICTED
RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | RESTRICTED CASH AND CASH EQUIVALENTS The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows: December 31, 2023 December 31, 2022 Restricted cash and cash equivalents: Cash securing trust accounts $ 300,152 $ 463,659 Cash securing letters of credit issued 291,456 204,651 Cash securing Loan Facility 10,000 — Other 3,040 — Total restricted cash and cash equivalents 604,648 668,310 Cash and cash equivalents 51,082 38,238 Total cash, cash equivalents, and restricted cash $ 655,730 $ 706,548 Where the Company operates as a non-admitted carrier in certain foreign jurisdictions, regulatory trust accounts and letters of credit are issued to cedents. Additionally, the Company has provided cash collateral for the Loan Facility (see Note 9). |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Hierarchy The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on the extent to which the inputs are observable in the market. The categorization of financial instruments within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows: • Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. • Level 3: Unobservable inputs supported by little or no market activity and significant to the fair value of the assets and liabilities. The term “unobservable inputs” includes certain pricing models, discounted cash flow methodologies, and similar techniques. There have been no material change in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 for the years presented in these consolidated financial statements. Assets measured at fair value on a nonrecurring basis At December 31, 2023, the Company held $61.3 million (2022: $53.6 million) of private investments and unlisted equities measured at fair value on a nonrecurring basis. At December 31, 2023, the Company held $9.9 million (2022: $8.9 million) of private investments and unlisted equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and December 31, 2023, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total Fair values measured on a nonrecurring basis $ 26,438 $ 1,361 $ 33,490 $ 61,289 Assets measured at fair value on a recurring basis Derivative financial instruments The Company uses interest rate swaps in connection with its risk management activities to hedge 50% of the interest rate risk relating to the outstanding Term Loans (see Note 9). The interest rate swaps are carried at fair value and are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors. Accordingly, the interest rates swaps are classified as Level 2 within the fair value hierarchy. These derivative instruments are not designated as accounting hedges under U.S. GAAP. For the year ended December 31, 2023, the Company recognized unrealized loss for the above derivatives of $0.6 million (2022: $nil), which is included in “ Other liabilities ” in the consolidated balance sheets, in “ Interest expense ” in the consolidated statements of operations, and in “ Net realized and unrealized losses on derivatives ” in the consolidated statements of cash flows. Financial Instruments Disclosed, But Not Carried, at Fair Value The carrying value of debt and convertible debt securities within “ Other Investments ” (see “Private investments and unlisted equity securities without readily determinable fair values” above) and certificates of deposit with original maturities of one year or less approximates their fair values. The Company classifies these assets as Level 2 within the fair value hierarchy. At December 31, 2023, the carrying values of the Term Loans approximate their fair values. |
LOSS AND LOSS ADJUSTMENT EXPENS
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES | 12 Months Ended |
Dec. 31, 2023 | |
Insurance Loss Reserves [Abstract] | |
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES | LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES The Company’s loss and LAE reserves were composed of the following: December 31, 2023 December 31, 2022 Case reserves $ 189,050 $ 184,756 IBNR 472,504 370,712 Total $ 661,554 $ 555,468 Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business: Year ended December 31 Consolidated 2023 2022 2021 Gross balance at January 1 $ 555,468 $ 524,010 $ 494,179 Less: Losses recoverable (13,239) (11,100) (16,851) Net balance at January 1 542,229 512,910 477,328 Incurred losses related to: Current year 348,798 316,367 389,080 Prior years 11,206 118 (14,100) Total incurred 360,004 316,485 374,980 Paid losses related to: Current year (75,678) (78,517) (152,214) Prior years (198,613) (198,897) (185,549) Total paid (274,291) (277,414) (337,763) Foreign currency revaluation 7,926 (9,752) (1,635) Net balance at December 31 635,867 542,229 512,910 Add: Losses recoverable (see Note 8) 25,687 13,239 11,100 Gross balance at December 31 $ 661,554 $ 555,468 $ 524,010 Estimates for Significant Catastrophe Events At December 31, 2023 and 2022, the Company’s net reserves for losses and loss expenses include estimated amounts for several catastrophe and weather-related events (“CAT loss”). The magnitude and volume of losses arising from these events is inherently uncertain and, consequently, actual losses for these events may ultimately differ, potentially materially, from current estimates. During the year ended December 31, 2023, the Company recognized CAT loss, net of reinsurance, of $28.8 million for current year CAT loss events, driven mainly by the U.S. severe storms and the Mexican state-owned oil platform fire loss. This was partially offset by $10.7 million of net favorable prior year CAT development. For the year ended December 31, 2022, the Company recognized current year CAT loss of $39.7 million driven primarily by $13.6 million from the Russian-Ukrainian conflict and $19.5 million from hurricane Ian. This was partially offset by $5.0 million net favorable prior year CAT development. Prior Year Reserve Development Year ended December 31, 2023 During the year ended December 31, 2023, the Company experienced $11.2 million in net adverse development on prior year loss and LAE reserves. This was comprised of $39.8 million of reserve strengthening on casualty, workers’ compensation and auto classes of business due to current economic and social inflation trends (various underwriting years); homeowners business primary due to the deterioration in the CAT loss estimate relating to Winter Storm Elliott (2022 underwriting year), coupled with a final claim settlement on a professional liability contract (2008 underwriting year). This was partially offset by $28.6 million favorable loss development from property catastrophe events and better than expected loss emergence for mortgage, marine and energy, and specialty contracts from underwriting years 2020-2022. See the loss development tables by lines of business below under “Disclosure about Short-Duration Contracts” for more information on prior year loss reserve development. Year ended December 31, 2022 During the year ended December 31, 2022, the Company experienced $0.1 million in net adverse development on prior year loss and LAE reserves. This was comprised of $21.9 million of reserve strengthening on motor, health, casualty, professional liability, and workers’ compensation contracts from underwriting years 2014-2021, coupled with higher claim settlements on certain general liability contracts for 2015-2016 underwriting years. This was partially offset by $21.8 million favorable loss development from various pre-2021 years’ property catastrophe events, including COVID-19, and better than expected loss emergence for mortgage business (from 2017-2020 underwriting years), a multi-line combined workers’ compensation and commercial packages contract across multiple underwriting years, coupled with favorable development on a whole account contract (2020 underwriting year). Year ended December 31, 2021 During the year ended December 31, 2021, the Company experienced $14.1 million in net favorable development on prior year loss and LAE reserves. This was comprised of $37.4 million favorable loss development from better-than-expected loss emergence for motor, mortgage, and various specialty contracts (including crop, space, and marine and energy) from underwriting years 2015-2018, coupled with a multi-line contract that incepted in 2019. This was partially offset by $23.3 million adverse loss development primarily due to reserve strengthening on multi-line casualty, general liability and workers’ compensation contracts from underwriting years 2014-2019. Disclosures about Short-Duration Contracts The Company has one operating segment, Property & Casualty Reinsurance, and categorizes its business as Property, Casualty, and Other. The Company’s loss development tables presented below have been disaggregated by lines of business for the years ended from December 31, 2014, through 2023. For purposes of the loss development tables, the property business has been further disaggregated into "Property" and "Motor - Physical Damage." The casualty category has been disaggregated into "General Liability," "Motor Liability," "Professional Liability," and "Workers' Compensation." Contracts that cover more than one line of business, including Lloyd’s business, are grouped as "Multi-line." Other specialty business, including aviation, crop, cyber, and energy, which are individually insignificant to the Company’s overall business, have been grouped as "Other." As the Company’s accident and health business has become immaterial in recent years, the Company has grouped accident and health business with “Other” during 2023. Additionally, the Company has elected to present the loss development table for “Marine” separately from “Other” due to its growth in 2023. As a result, the historical incurred and paid claims development presented in the tables below differ from those disclosed in previously issued financial statements. Conforming changes were also made to the table above presenting t he changes in the outstanding loss and loss adjustment expense reserves for health claims as part of the “Consolidated” table for the years ended December 31, 2022, and 2021. The amounts shown in “ Net loss and loss adjustment expenses incurred ” in the consolidated statements of operations and the allocation between “Current year” and “Prior years” are unaffected by these revisions. For each category, the following tables present the incurred and paid claims development at December 31, 2023, net of retrocession, and the total of incurred but not reported liabilities plus expected development on reported claims included within the net incurred claims amount. The tables below present incurred and paid claims development for the years ended December 31, 2014 to 2022. They are presented as unaudited supplementary information. Totals may not sum due to rounding. Multiline Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 2,390 $ 2,390 $ 2,390 $ 2,609 $ 2,625 $ 2,586 $ 2,653 $ 3,010 $ 3,256 $ 3,092 $ 281 2015 27,899 28,038 30,458 31,955 30,858 32,259 34,983 36,788 37,545 5,091 2016 55,631 59,877 60,583 59,626 62,085 67,494 70,360 74,235 13,074 2017 83,105 79,246 83,008 84,836 89,340 91,342 96,168 17,367 2018 58,528 50,706 53,662 53,917 54,389 56,691 7,865 2019 45,764 49,131 48,342 46,976 48,622 8,068 2020 53,520 52,573 46,986 45,443 5,077 2021 80,697 77,969 78,332 20,877 2022 126,496 129,612 74,363 2023 122,247 95,652 Total $ 691,986 $ 247,715 Multiline Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ — $ — $ 145 $ 566 $ 1,092 $ 1,413 $ 1,995 $ 2,281 $ 2,546 $ 2,811 2015 28 2,810 9,925 16,023 18,973 24,685 27,318 30,086 32,454 2016 5,844 16,493 26,948 32,822 42,535 48,843 56,096 61,161 2017 9,534 27,250 39,438 53,819 63,733 71,551 78,801 2018 8,106 20,619 32,116 38,762 43,387 48,826 2019 10,996 23,326 30,238 36,884 40,554 2020 12,421 24,209 34,935 40,366 2021 13,674 33,315 57,454 2022 — 19,216 55,248 2023 26,595 Total 444,271 All outstanding liabilities before 2014, net of reinsurance 213 Liabilities for claims and claims adjustment expenses, net of reinsurance (Multiline) $ 247,929 General Liability Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 1,238 $ 1,229 $ 1,174 $ 1,033 $ 1,355 $ 1,000 $ 1,000 $ 3,606 $ 1,144 $ 1,024 $ 47 2015 1,699 1,690 1,756 1,979 2,152 2,190 2,294 1,866 1,862 243 2016 6,203 6,519 7,124 7,867 8,095 8,444 9,389 9,972 363 2017 5,429 6,523 7,377 8,447 9,954 7,538 9,971 2,488 2018 2,891 3,429 3,938 4,602 4,120 4,861 1,681 2019 1,001 986 1,033 650 819 480 2020 1,814 1,776 1,633 1,544 1,014 2021 5,152 12,059 11,417 10,852 2022 16,280 12,741 10,701 2023 48,721 46,961 Total $ 102,933 $ 74,830 General Liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 18 $ 146 $ 413 $ 548 $ 492 $ 762 $ 473 $ 1,014 $ 1,066 $ 977 2015 69 293 532 548 925 945 1,430 1,694 1,619 2016 122 1,589 3,277 4,670 6,109 6,565 9,191 9,609 2017 136 1,412 2,823 4,383 5,705 7,402 7,483 2018 165 1,286 2,285 2,800 2,691 3,180 2019 26 227 306 288 339 2020 71 71 126 530 2021 — 102 565 2022 408 2,039 2023 1,760 Total 28,103 All outstanding liabilities before 2014, net of reinsurance 22 Liabilities for claims and claims adjustment expenses, net of reinsurance (General Liability) $ 74,853 Motor Casualty Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 93,718 $ 92,844 $ 94,688 $ 94,131 $ 94,147 $ 94,192 $ 94,230 $ 94,226 $ 94,230 $ 94,156 $ 3 2015 128,199 130,410 129,745 132,853 134,951 133,632 128,536 128,567 128,332 6 2016 166,389 169,789 174,037 183,801 180,118 180,003 180,045 180,047 366 2017 187,029 188,754 199,258 191,064 188,718 188,207 188,459 432 2018 150,700 162,016 149,467 148,830 147,369 142,954 1,040 2019 168,124 193,243 189,971 190,477 188,497 1,120 2020 98,242 97,356 99,091 97,118 3,147 2021 102,390 104,647 101,415 4,481 2022 21,979 33,898 5,524 2023 8,786 6,502 Total $ 1,163,661 $ 22,620 Motor Casualty Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 49,994 $ 86,297 $ 89,348 $ 94,046 $ 94,105 $ 94,151 $ 94,150 $ 94,153 $ 94,153 $ 94,153 2015 81,093 125,645 129,174 129,351 129,454 128,121 128,280 128,309 128,326 2016 97,325 157,948 170,658 182,800 179,033 179,540 179,631 179,681 2017 115,204 170,157 188,225 186,105 187,047 187,270 188,027 2018 83,652 143,267 141,593 141,764 141,918 141,915 2019 99,043 170,332 184,519 186,678 187,377 2020 42,778 87,179 92,252 93,971 2021 56,700 90,786 96,934 2022 20,522 28,374 2023 2,284 Total 1,141,041 All outstanding liabilities before 2014, net of reinsurance 3 Liabilities for claims and claims adjustment expenses, net of reinsurance (Motor Casualty) $ 22,622 Motor Property Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 18,870 $ 18,797 $ 19,056 $ 19,000 $ 19,006 $ 19,004 $ 19,020 $ 19,036 $ 19,020 $ 18,974 $ 1 2015 22,035 22,516 23,005 23,263 23,396 23,246 22,901 22,712 22,653 6 2016 27,753 28,279 29,090 30,367 29,822 29,858 29,835 29,774 25 2017 39,436 39,621 41,394 39,720 39,643 39,334 39,228 83 2018 42,336 45,209 43,266 41,122 40,753 40,447 114 2019 43,099 48,007 49,140 48,782 48,276 227 2020 23,785 23,837 24,310 23,891 485 2021 25,743 28,845 28,651 828 2022 3,731 5,822 265 2023 1,463 954 Total $ 259,179 $ 2,989 Motor Property Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 10,305 $ 17,621 $ 18,370 $ 18,951 $ 18,957 $ 18,972 $ 18,972 $ 18,973 $ 18,973 $ 18,973 2015 13,859 22,123 22,615 22,705 22,749 22,625 22,642 22,646 22,647 2016 16,707 27,005 28,591 30,033 29,647 29,726 29,740 29,749 2017 23,091 37,058 39,711 38,971 39,115 39,132 39,146 2018 23,576 40,118 40,086 40,246 40,323 40,333 2019 25,103 43,672 47,346 47,881 48,049 2020 10,880 21,684 22,764 23,406 2021 14,955 26,605 27,823 2022 3,087 5,557 2023 508 Total 256,191 All outstanding liabilities before 2014, net of reinsurance (16) Liabilities for claims and claims adjustment expenses, net of reinsurance (Motor Property) $ 2,972 Property Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 41,738 $ 45,152 $ 46,844 $ 47,084 $ 46,873 $ 47,029 $ 46,996 $ 46,953 $ 46,931 $ 46,757 $ 86 2015 27,852 30,333 31,728 30,930 30,591 30,530 30,401 30,445 30,340 116 2016 25,618 26,093 23,970 23,441 23,173 22,992 23,047 23,052 221 2017 81,413 76,644 67,449 67,894 67,696 67,063 65,814 28 2018 27,920 29,795 24,548 23,847 23,283 22,813 2,318 2019 22,143 14,639 14,052 12,250 12,489 1,570 2020 29,591 25,633 21,978 21,724 4,441 2021 26,977 27,177 21,721 5,759 2022 41,296 48,528 7,655 2023 60,443 26,581 Total $ 353,681 $ 48,775 Property Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 20,230 $ 40,172 $ 43,639 $ 45,209 $ 46,299 $ 46,519 $ 46,617 $ 46,633 $ 46,669 $ 46,671 2015 12,939 25,442 28,830 29,798 30,004 30,107 30,129 30,221 30,224 2016 9,938 18,179 21,015 22,000 22,348 22,681 22,772 22,831 2017 43,272 55,549 62,893 64,125 65,293 65,404 65,786 2018 5,191 15,424 18,164 18,883 19,899 20,495 2019 4,051 6,969 8,369 9,857 10,919 2020 6,118 11,496 15,349 17,283 2021 4,968 13,256 15,963 2022 19,199 40,873 2023 33,862 Total 304,906 All outstanding liabilities before 2014, net of reinsurance 139 Liabilities for claims and claims adjustment expenses, net of reinsurance (Property) $ 48,914 Professional Liability Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 18,494 $ 17,917 $ 17,882 $ 20,340 $ 21,304 $ 21,615 $ 21,364 $ 20,817 $ 20,816 $ 20,619 $ 665 2015 18,115 18,105 20,614 21,973 22,167 21,468 21,296 22,158 21,234 1,188 2016 13,624 16,765 17,118 16,715 16,522 16,981 17,808 18,267 3,806 2017 10,219 9,906 9,728 9,950 10,334 11,207 12,360 2,894 2018 4,477 4,464 4,584 5,181 6,176 6,744 1,520 2019 586 611 762 922 922 209 2020 66 62 62 62 62 2021 158 165 150 150 2022 472 604 603 2023 4,524 4,437 Total $ 85,485 $ 15,534 Professional Liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 1,317 $ 5,232 $ 9,344 $ 13,631 $ 15,818 $ 15,828 $ 19,308 $ 19,270 $ 19,851 $ 19,953 2015 1,141 3,223 8,716 11,582 12,417 17,097 18,592 19,598 20,046 2016 334 2,139 4,814 7,744 10,412 11,513 13,550 14,461 2017 225 1,429 3,077 4,843 5,813 8,335 9,467 2018 241 1,140 1,982 3,234 4,580 5,224 2019 145 266 544 658 713 2020 — — — — 2021 — — — 2022 — — 2023 88 Total 69,951 All outstanding liabilities before 2014, net of reinsurance 233 Liabilities for claims and claims adjustment expenses, net of reinsurance (Professional Liability) $ 15,767 Workers' Compensation Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ — $ — $ — $ 3 $ — $ — $ — $ 160 $ — $ — $ — 2015 1,014 1,010 948 950 951 919 919 889 889 14 2016 4,342 4,275 4,266 3,975 3,778 3,716 3,646 3,645 63 2017 10,881 10,345 9,602 9,062 8,758 8,980 8,954 287 2018 13,604 13,494 13,048 12,554 12,921 12,863 533 2019 22,927 23,311 22,613 23,956 25,300 3,295 2020 44,845 40,826 43,633 47,359 9,757 2021 64,679 63,398 68,073 14,223 2022 33,284 33,279 16,687 2023 12,872 10,934 Total $ 213,234 $ 55,792 Workers' Compensation Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 28 251 564 688 777 832 851 870 875 2016 613 1,920 2,782 3,274 3,459 3,521 3,565 3,583 2017 2,028 5,356 7,399 8,004 8,380 8,552 8,667 2018 4,213 8,321 10,778 11,811 12,114 12,330 2019 5,473 13,600 17,655 20,148 22,006 2020 11,288 23,463 32,108 37,601 2021 23,210 42,854 53,850 2022 9,066 16,592 2023 1,938 Total 157,442 All outstanding liabilities before 2014, net of reinsurance — Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) $ 55,792 Financial Lines Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 500 $ 503 $ 580 $ 506 $ 1,096 $ 2,063 $ 2,228 $ 1,668 $ 1,959 $ 2,344 $ 65 2015 1,947 2,206 3,025 3,010 3,121 3,087 3,034 3,035 2,889 81 2016 4,820 6,670 6,289 7,470 7,470 6,694 6,676 6,613 155 2017 9,006 5,865 6,277 8,339 6,789 6,068 6,139 58 2018 4,069 4,429 6,646 4,838 4,775 4,605 351 2019 7,743 12,321 10,514 8,526 8,243 1,972 2020 18,655 19,833 17,623 17,475 6,616 2021 17,704 16,401 14,313 9,180 2022 23,985 22,189 17,637 2023 22,119 20,057 Total $ 106,928 $ 56,171 Financial Lines Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 90 $ 347 $ 429 $ 587 $ 1,210 $ 2,279 $ 2,483 $ 1,896 $ 2,216 $ 2,279 2015 223 851 1,399 1,963 2,476 2,650 2,745 2,815 2,808 2016 1,193 2,426 4,727 6,339 6,278 6,294 6,422 6,458 2017 187 2,894 4,604 5,585 5,684 5,994 6,081 2018 671 3,931 3,655 3,807 4,207 4,253 2019 2,949 4,013 4,765 6,129 6,271 2020 2,709 5,021 9,129 10,860 2021 500 2,196 5,133 2022 820 4,552 2023 2,062 Total 50,757 All outstanding liabilities before 2014, net of reinsurance 30 Liabilities for claims and claims adjustment expenses, net of reinsurance (Other) $ 56,202 Marine Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 3,388 $ 2,369 $ 545 $ 546 $ 544 $ 488 $ 488 $ 488 $ 488 $ 488 $ — 2015 1,717 3,435 2,744 678 680 — — — — — 2016 1,711 1,711 169 — — — — — — 2017 — — — — — — — — 2018 381 374 361 180 180 180 — 2019 360 234 12 93 93 38 2020 1,882 1,041 1,456 846 305 2021 5,612 5,001 4,301 2,252 2022 15,658 11,024 6,749 2023 20,894 17,806 Total $ 37,826 $ 27,150 Marine Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 101 $ 174 $ 545 $ 543 $ 516 $ 488 $ 488 $ 488 $ 488 $ 488 2015 — — — — — — — — — 2016 — — — — — — — — 2017 — — — — — — — 2018 — 180 180 180 180 180 2019 — 12 12 56 56 2020 1 96 477 541 2021 158 397 2,049 2022 691 4,274 2023 3,088 Total 10,676 All outstanding liabilities before 2014, net of reinsurance — Liabilities for claims and claims adjustment expenses, net of reinsurance (Other) $ 27,150 Other Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 33,755 $ 30,844 $ 30,164 $ 29,722 $ 29,475 $ 29,407 $ 29,398 $ 29,590 $ 29,394 $ 29,394 $ — 2015 35,226 34,658 35,245 34,725 34,672 34,713 34,672 34,709 34,604 26 2016 39,571 42,903 42,934 43,010 42,979 42,845 42,858 42,802 221 2017 46,913 48,351 48,412 48,715 48,706 48,655 48,627 294 2018 58,858 63,363 62,984 62,714 62,628 63,126 585 2019 43,395 43,803 42,688 42,637 41,870 288 2020 59,653 53,565 57,044 55,300 3,103 2021 62,533 60,443 60,302 7,389 2022 37,193 32,776 21,958 2023 46,729 43,236 Total $ 455,529 $ 77,100 Other Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 19,329 $ 28,919 $ 29,532 $ 29,452 $ 29,446 $ 29,406 $ 29,397 $ 29,397 $ 29,393 $ 29,393 2015 14,778 32,338 34,655 34,536 34,514 34,540 34,546 34,568 34,579 2016 22,160 40,667 42,170 42,200 42,352 42,404 42,527 42,581 2017 24,130 45,145 47,869 48,005 48,091 48,282 48,333 2018 35,161 60,488 61,714 61,997 62,085 62,541 2019 19,844 38,466 40,058 40,624 41,582 2020 23,936 48,917 51,111 52,197 2021 37,578 51,208 52,913 2022 5,617 10,818 2023 3,493 Total 378,430 All outstanding liabilities before 2014, net of reinsurance (8) Liabilities for claims and claims adjustment expenses, net of reinsurance (Other) $ 77,092 For incurred and paid claims denominated in currencies other than U.S. dollars, the above tables are presented using the foreign exchange rate in effect at the current year-end date. As a result, all prior year information has been restated to reflect December 31, 2023, foreign exchange rates. This treatment prevents changes in foreign currency exchange rates from distorting the claims development between the years presented. For assumed contracts, the Company does not generally receive claims information by accident year from the ceding insurers but instead receives claims information by the treaty year of the contract. Claims reported by the ceding insurer to the Company may have the covered losses occurring in an accident year other than the treaty year. Some incurred and paid claims have been allocated to the accident years for the loss development tables based on the proportion of premiums earned for each contract during such accident year. For example, a one-year quota-share reinsurance treaty incepting on October 1, 2020 (with underlying policies each having a one-year duration) would have a 24-month period over which the premiums would be earned. Therefore, claims would be allocated to accident years 2020, 2021 and 2022 based on the proportion of the premiums earned during each accident year. For illustration of this contract, any claims reported during 2020 would be allocated to the 2020 accident year. For losses reported during 2021, the claims would be allocated between 2020 and 2021 based on the percentage of premiums earned during 2020 and 2021. Similarly, for losses reported during 2022 and thereafter, the losses would be allocated to the 2020, 2021 and 2022 accident years based on the proportion of premiums earned during each of those years. However, natural catastrophes and certain other large losses are addressed separately and are assigned to the accident year in which they occurred. The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheet is as follows: December 31, 2023 Net outstanding liabilities Multiline $ 247,929 General Liability 74,853 Motor Casualty 22,622 Motor Property 2,972 Property 48,914 Professional Liability 15,767 Workers' Compensation 55,792 Financial Lines 56,202 Marine 27,150 Other 77,092 Liabilities for claims and claims adjustment expenses, net of reinsurance 629,293 Add: Reinsurance recoverable on unpaid claims 25,687 Add: Unallocated claims adjustment expenses 6,087 Add: Allowance for credit losses 487 Total gross liabilities for unpaid claims and claim adjustment expense $ 661,554 The average historical annual percentage payout of net incurred claims (excluding health) at December 31, 2023, is as follows: Years 1 2 3 4 5 6 7 8 9 10 (Unaudited - Supplementary Information) Multiline 11.2 % 17.3 % 16.0 % 11.6 % 9.8 % 9.9 % 9.2 % 8.1 % 4.7 % 2.2 % General Liability 4.7 % 13.6 % 13.1 % 12.5 % 18.2 % 27.5 % 6.9 % 3.0 % 0.4 % 0.1 % Motor Casualty 49.5 % 35.8 % 7.7 % 3.6 % 1.5 % 0.9 % 0.8 % 0.2 % — % — % Motor Property 53.3 % 40.8 % 4.9 % 1.0 % — % — % — % — % — % — % Property 49.0 % 34.4 % 8.2 % 3.2 % 2.7 % 0.9 % 1.0 % 0.5 % 0.1 % — % Professional Liability 2.7 % 9.8 % 14.3 % 12.7 % 8.7 % 7.3 % 5.6 % 2.3 % 2.6 % 34.0 % Workers' Compensation 30.9 % 35.2 % 20.4 % 9.2 % 3.0 % 0.9 % 0.2 % 0.2 % — % — % Financial Lines 18.5 % 33.8 % 23.6 % 12.0 % 4.1 % 3.7 % 1.7 % 1.5 % 1.1 % — % Marine 4.3 % 25.2 % 40.0 % 2.3 % 11.3 % 1.7 % 15.2 % — % — % — % Other 19.7 % 27.2 % 7.7 % 9.3 % 7.7 % 7.1 % 7.1 % 6.9 % 7.3 % — % The historical annual percentage payout pattern for health claims is excluded from the table above because health claims have short settlement periods, and including it would skew the results presented. |
RETROCESSION
RETROCESSION | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
RETROCESSION | RETROCESSION From time to time, the Company purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, reduce its net liability on individual risks, obtain additional underwriting capacity, and balance its underwriting portfolio. The Company records loss and loss adjustment expenses recoverable from retrocessionaires as assets. The following table provides a breakdown of ceded reinsurance: Year ended December 31 2023 2022 2021 Gross ceded premiums $ 42,762 $ 33,429 $ 41 Earned ceded premiums $ 43,653 $ 15,318 $ — Loss and loss adjustment expenses ceded $ 25,554 $ 6,615 $ (12) Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis: December 31, 2023 December 31, 2022 Gross Net of Collateral (1) Gross Net of Collateral (1) A- or better by A.M. Best $ 8,767 $ 8,767 $ 3,797 $ 3,792 Not rated 17,407 2,432 9,504 286 Total before provision 26,174 $ 11,199 $ 13,301 $ 4,078 Provision for credit losses (487) (62) Total loss and loss adjustment expenses recoverable, net $ 25,687 $ 13,239 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire. At December 31, 2023, we had 3 reinsurers (2022: 4) that accounted for 10% or more each of the total loss and loss adjustment expenses recoverable, net, for an aggregate gross amount of $20.4 million (2022: $11.1 million). |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES Debt Obligations The following table summarizes the Company’s outstanding debt obligations. December 31, 2023 December 31, 2022 Term loans $ 74,062 $ — Senior convertible notes — 79,610 Total principal amount 74,062 79,610 Accrued interest payable — 1,331 Less: deferred financing costs (781) (407) Total debt $ 73,281 $ 80,534 Term Loans On June 16, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with a group of banks (the “Banks”), for which CIBC Bank USA is acting as administrative agent. The Credit Agreement provides, subject to certain customary conditions, for a delayed draw term loan facility (the “Loan Facility”), in an aggregate amount of $75.0 million. Outstanding loans (“Term Loans”) under the Facility will (i) amortize in equal quarterly installments in an aggregate annual amount equal to 5.0% of the Term Loans and (ii) accrue interest at a rate equal to an adjusted term Secured Overnight Financing Rate (“SOFR”) plus 3.5% per annum. The Company posted $10.0 million of collateral as security for the Loan Facility. The Loan Facility matures on August 1, 2026. During the year ended December 31, 2023, the Company borrowed $75.0M from the Loan Facility of which $63.4 million was used to repay all of the outstanding Convertible Senior Notes (see below), with the remaining proceeds for general corporate purposes. The Company also made $0.9 million partial repayment on the Term Loans. The interest rate on the outstanding Terms Loans was 8.9% at December 31, 2023. To manage interest rate risk, the Company hedged 50% of the floating interest rate on the Term Loans (see Note 6). The Company was in compliance with all covenants relating to the Loan Facility at December 31, 2023. Senior Convertible Notes On August 7, 2018, the Company issued $100.0 million of senior unsecured convertible notes (the “Convertible Notes”), with a maturity date of August 1, 2023. The Convertible Notes paid interest at 4.0%, payable semi-annually on February 1 and August 1 of each year beginning February 1, 2019. The conversion price was $17.19 per ordinary share of the Company. During the year ended December 31, 2023 the Company repurchased and canceled $17.5 million (2022: $20.4 million) of the Convertible Notes, respectively, resulting in realized gains of $0.3 million (2022: $0.3 million), which is included in “ Other income (expense), net ” in the consolidated statements of operations. As noted above, the Company fully repaid the remaining outstanding Convertible Notes on August 1, 2023, from the proceeds of the new Term Loans. Financing Costs The Company incurred $0.9 million of issuance costs relating to the Credit Agreement, which are deferred and amortized through the maturity of the Loan Facility. The remaining unamortized deferred financing costs are reported separately in the above table. For the year ended December 31, 2023, the Company recognized interest expense of $5.3 million (2022: $4.2 million, 2021: $6.3 million) relating to the total debt, which included the interest coupon, the amortization of issuance costs and the change in fair value of the interest rate swap (see Note 6) . Credit Facilities At December 31, 2023, the Company had the following letter of credit (“LOC”) facilities: Capacity LOCs issued Termination Date Citibank Europe plc ("Citi LOC") 1 $ 289,000 $ 276,756 August 20, 2024 CIBC Bank USA ("CIBC LOC") 200,000 13,903 December 21, 2024 $ 489,000 $ 290,659 1) Includes $14.0 million of uncommitted capacity. The above LOCs issued are cash collateralized (see Note 5). The LOC facilities are subject to various customary affirmative, negative and financial covenants. At December 31, 2023, the Company was in compliance with all LOC facilities covenants. Citi LOC The Citi LOC facility automatically renews each year unless terminated by either party subject to a 120 days notice prior to termination date. CIBC LOC On December 22, 2023, through a subsidiary, the Company entered into a credit agreement with CIBC Bank USA for a $200.0 million committed LOC facility (the “CIBC LOC Facility”), with a $30.0 million sublimit for unsecured LOCs (the “CIBC Revolving Credit Facility”). Loans made under the CIBC Revolving Credit Facility, solely for supporting unsecured LOCs, will accrue interest at a rate of base rate plus 2.5% per annum in the event that the beneficiary draws down on an unsecured LOC and the Company does not provide cash collateral within the stipulated period. The CIBC LOC Facility is subject to an automatic extension of one year without prior written notice by the Company. The CIBC Revolving Credit Facility expires after one year. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL Ordinary Shares The following table is a summary of changes in ordinary shares issued and outstanding: 2023 2022 2021 Ordinary Class A Class B Class A Class B Class A Class B Balance – beginning of year — 28,569,346 6,254,715 27,589,731 6,254,715 28,260,075 6,254,715 Issue of shares, net of forfeitures 64,719 447,952 — 984,548 — 409,200 — Repurchase of shares — — — (4,933) — (1,079,544) — Re-designate Class B to Class A shares — 6,254,715 (6,254,715) — — — — Reclassify Class A to Ordinary shares 35,272,013 (35,272,013) — — — — — Balance – end of year 35,336,732 — — 28,569,346 6,254,715 27,589,731 6,254,715 The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share. On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the re-designation of Class B ordinary shares as Class A ordinary shares, and then reclassified Class A ordinary shares as “ordinary shares”, resulting in the elimination of the dual-class share structure. At December 31, 2023, the Company has an effective Form S-3 registration statement on file with the SEC for an aggregate principal amount of $200.0 million in securities. Share Repurchase Plan On May 2, 2023, the Board of Directors re-approved the share repurchase plan effective from July 1, 2023 until June 30, 2024, authorizing the Company to repurchase up to $25.0 million of ordinary shares or securities convertible into ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the year ended December 31, 2023, there was no repurchase of ordinary shares (2022: 4,933 at an average price of $7.04 per share). Preferred Shares The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At December 31, 2023, the Company has no issued and outstanding preferred shares. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the Greenlight Capital Re, Ltd. 2023 Omnibus Incentive Plan, or the 2023 Incentive Plan. The 2023 Incentive Plan replaces the Greenlight Capital Re, Ltd. Amended and Restated 2004 Stock Incentive Plan, or the 2004 Stock Incentive Plan. The aggregate number of ordinary shares that are available to be delivered pursuant to awards granted under the 2023 Incentive Plan is equal to the sum of (i) 2,000,000 shares, and (ii) any shares that remained or otherwise become available under the 2004 Stock Incentive Plan as of July 25, 2023. If, after July 25, 2023, any award granted under the 2023 Incentive Plan or the 2004 Stock Incentive Plan is forfeited or otherwise expires, terminates or is canceled , then the number of ordinary shares subject to such award that were not issued shall become available for issuance under the 2023 Incentive Plan. The 2023 Incentive Plan is administered by the Compensation Committee of the Board of Directors. At December 31, 2023, 3,296,771 (2022: 2,011,426) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan. Under this plan, the Company is authorized to issue restricted shares, RSUs, and stock options. Share-based awards contain restrictions relating to vesting (service-based and/or performance-based), forfeiture in the event of termination of employment, transferability, and other matters. Employee and Director Restricted Shares The following table summarizes the activity for unvested outstanding restricted share awards: Performance Restricted Shares Service Restricted Shares Number of Weighted Number of Weighted Balance at December 31, 2021 193,149 $ 10.10 753,407 $ 8.68 Granted 601,213 6.82 356,422 7.02 Vested — — (268,457) 9.38 Forfeited — — (8,476) 7.67 Balance at December 31, 2022 794,362 $ 7.62 832,896 7.76 Granted 357,766 10.84 242,957 10.58 Vested — — (599,942) 8.74 Forfeited (109,440) 9.37 (56,307) 8.44 Balance at December 31, 2023 1,042,688 $ 9.94 419,604 $ 9.18 For the year ended December 31, 2023, the Company issued to non-employee directors an aggregate of 65,394 (2022: 107,763) restricted ordinary shares as part of their remuneration for services to the Company (included in “Service Restricted Shares” column in the above table). They will vest on the earlier of (i) the first anniversary of the date of the share issuance and (ii) the Company’s next annual general meeting, subject to the grantee’s continued service with the Company. For the year ended December 31, 2023, the Company granted to employees (i) 357,766 (2022: 601,213) restricted shares with both performance and service-based vesting conditions (“Performance RSs”) and (ii) 177,563 (2022: 248,659) restricted shares with only service-based vesting conditions (“Service RSs”). Most of these Service RSs vest evenly each year on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSs will cliff vest at the end of a three-year performance period within a range of 25% and 100% of the awarded Performance RSs, with a target of 50%. Prior to fiscal year 2021, the Company issued ordinary shares to the Chief Executive Officer (“CEO”) pursuant to the Company’s stock incentive plan (“CEO RSs”). These shares contain performance and service conditions and certain restrictions relating to, among other things, vesting, forfeiture in the event of termination of the CEO’s employment, and transferability. The CEO RSs cliff vest five years after the date of issuance, subject to the performance condition being met and the CEO’s continued service with the Company. At December 31, 2023, there were 162,489 non-vested CEO RSs with a weighted average grant date fair value of $9.00 per share. As the performance conditions associated with these restricted shares have not been met, the Company recognized no compensation cost relating to the unvested CEO RSs for the years ended December 31, 2023, 2022, and 2021. During the year ended December 31, 2023, the Company modified certain share-based awards previously granted to the CEO in connection with the Separation Agreement (see Note 15), resulting in an incremental share-based compensation charge of $1.5 million (see below “Stock Compensation Expense”). At December 31, 2023, there was $3.0 million (2022: $3.3 million) of unrecognized compensation cost relating to non-vested restricted shares (excluding the above CEO RSs), which the Company expects to recognize over a weighted-average period of 1.4 years (2022: 1.4 years). For the year ended December 31, 2023, the total fair value of restricted shares vested was $5.2 million (2022: $2.5 million). Employee Restricted Stock Units The following table summarizes the activity for unvested outstanding RSUs: Performance RSUs Service RSUs Number of Weighted Number of Weighted Balance at December 31, 2021 — $ — 154,134 $ 8.59 Granted 105,008 6.82 54,207 6.82 Vested — — (35,389) 10.84 Forfeited — — — — Balance at December 31, 2022 105,008 $ 6.82 172,952 7.58 Granted 71,121 9.85 42,811 9.85 Vested — — (77,695) 6.74 Forfeited (21,684) 8.15 (27,643) 8.62 Balance at December 31, 2023 154,445 $ 8.03 110,425 $ 8.78 Prior to 2022, the RSUs issued to employees cliff vested three years after the date of issuance, subject to the grantee’s continued service with the Company. From 2022, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 25% and 100% of the awarded Performance RSUs, with a target of 50%. At December 31, 2023, the total compensation cost related to non-vested RSUs not yet recognized was $0.4 million (2022: $0.6 million), which the Company expects to recognize over a weighted-average period of 1.5 years (2022: 1.6 years). Employee and Director Stock Options The following table summarizes the stock option activity: Number of Weighted Weighted Intrinsic value Weighted average remaining contractual term Balance at December 31, 2021 735,627 22.35 10.23 — 4.7 years Expired (45,290) 23.80 11.04 Balance at December 31, 2022 690,337 22.25 10.18 — 4.0 years Expired (38,197) 26.44 13.09 Balance at December 31, 2023 652,140 $ 22.01 $ 10.01 $ — 3.2 years The following table summarizes information about options exercisable: December 31, 2023 December 31, 2022 December 31, 2021 Number of options exercisable 652,140 610,337 575,627 Weighted-average exercise price $ 22.01 $ 22.39 $ 22.67 Weighted-average remaining contractual term 3.2 3.9 4.5 Intrinsic value ($ in millions) $ — $ — $ — During the year ended December 31, 2023, 80,000 (2022: 80,000) options vested. They had a weighted average grant date fair value of $9.60 (2022: $9.60). All outstanding options are fully vested and exercisable. Stock Compensation Expense For the year ended December 31, 2023, the Company recorded $6.1 million (2022: $4.7 million, 2021: $3.2 million) of total stock compensation expense (net of forfeitures), including the incremental costs for modified grants. The stock compensation expense is included in “ General and administrative expenses ” in the consolidated statements of operations. Forfeiture recoveries were immaterial for the current and last two fiscal years. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles net income and weighted average shares used in computing basic and diluted net income per share: Year ended December 31 2023 2022 2021 Numerator for earnings per share Net income - basic $ 86,830 $ 25,342 $ 17,578 Add: interest on convertible notes — 4,201 — Less: gain on debt repurchases — (343) — Net income - diluted $ 86,830 $ 29,200 $ 17,578 Denominator for earnings per share Weighted average shares outstanding - basic 34,067,974 33,908,156 34,204,364 Effect of dilutive employee and director share-based awards 729,885 368,096 146,652 Shares potentially issuable in connection with convertible notes — 5,493,538 — Weighted average shares outstanding - diluted 34,797,859 39,769,790 34,351,016 Anti-dilutive stock options outstanding 652,140 690,337 735,627 Earnings per share Basic $ 2.55 $ 0.75 $ 0.51 Diluted 2.50 0.73 0.51 |
NET INVESTMENT INCOME
NET INVESTMENT INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Net Investment Income [Abstract] | |
NET INVESTMENT INCOME | NET INVESTMENT INCOME The following table provides a breakdown of net investment income: Year ended December 31 2023 2022 2021 Interest and dividend income, net of withholding taxes and other expenses $ 35,629 $ 4,466 $ (1,660) Net realized and unrealized gains on other investments (see Note 4) 1,738 9,673 33,725 Net investment-related income 37,367 14,139 32,065 Share of SILP's net income (see Note 3) 28,696 54,844 18,087 Total investment income $ 66,063 $ 68,983 $ 50,152 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Components of Income Taxes The following table shows the breakdown of the Company’s current and deferred income tax benefit (expense) on a consolidated basis: Year ended December 31 2023 2022 2021 Current tax (expense) benefit Europe $ (587) $ (30) $ (10) U.S. (100) 846 (3,734) Deferred tax (expense) benefit Europe (1,698) (442) (254) U.S. — — (2) Decrease in deferred tax valuation allowance 2,285 442 254 Income tax (expense) benefit $ (100) $ 816 $ (3,746) Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Act, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes a tax on profits, income, gains, or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the ordinary shares or related obligations, before February 1, 2025. Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service (“IRS”). Verdant’s taxable income is generally expected to be taxed at a marginal rate of 21% (2022: 21%). Verdant’s tax years 2019 and beyond remain open and may be subject to examination by the IRS. GRIL is incorporated in Ireland and therefore is subject to the Irish corporation tax rate of 12.5% on its trading income and 25% on its non-trading income. Greenlight Re UK and GCM are incorporated in the United Kingdom and therefore are subject to the U.K. corporate tax rate of 25% (2022 and 2021: 19%) on their respective profits. Deferred Tax Assets The following table provides details of the significant components of deferred tax assets: December 31, 2023 December 31, 2022 Deferred tax assets: Operating and capital loss carryforwards $ 1,087 $ 2,785 Deferred tax assets before valuation allowance 1,087 2,785 Valuation allowance — (2,285) Deferred tax assets, net of valuation allowance $ 1,087 $ 500 At December 31, 2023, the Company has determined that it is more likely than not that it will fully realize the recorded deferred tax asset in the future based on the expected timing of the reversal of the temporary differences and the likelihood of generating sufficient taxable income to realize the future tax benefit. Tax Loss Carryforwards |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Investment Advisory Agreement Each of DME, DME II, and DME Advisors is an affiliate of the Chairman and, therefore, is a related party to the Company. The Company has entered into the SILP LPA (as described in Note 3 of the consolidated financial statements). DME II receives a performance allocation equal to (with capitalized terms having the meaning provided under the SILP LPA) (a) 10% of the portion of the Positive Performance Change for each limited partner’s capital account that is less than or equal to the positive balance in such limited partner’s Carryforward Account, plus (b) 20% of the portion of the Positive Performance Change for each limited partner’s capital account that exceeds the positive balance in such limited partner’s Carryforward Account. The Carryforward Account for Greenlight Re and GRIL includes the amount of investment losses to be recouped, including any loss generated on the assets invested in SILP, subject to adjustments for redemptions. The loss carry-forward provision in the SILP LPA allows DME II to earn a reduced performance allocation of 10% of profits in years subsequent to any year in which SILP has incurred a loss until all losses are recouped, and an additional amount equal to 150% of the loss is earned. In accordance with the SILP LPA, DME Advisors constructs a levered investment portfolio as agreed by the Company (the “Investment Portfolio” as defined in the SILP LPA). On September 1, 2018, SILP entered into the IAA with DME Advisors, which entitles DME Advisors to a monthly management fee equal to 0.125% (1.5% on an annual basis) of each limited partner’s Investment Portfolio. The IAA has an initial term ending on August 31, 2023, subject to an automatic extension for successive three-year terms. For a detailed breakdown of management fees and performance compensation for the years ended December 31, 2023, 2022, and 2021, refer to Note 3. Pursuant to the SILP LPA and the IAA, the Company has agreed to indemnify DME, DME II, and DME Advisors for any expense, loss, liability, or damage arising out of any claim asserted or threatened in connection with DME Advisors serving as the Company’s or SILP’s investment advisor. The Company will reimburse DME, DME II, and DME Advisors for reasonable costs and expenses of investigating and defending such claims provided such claims were not caused due to gross negligence, breach of contract, or misrepresentation by DME, DME II, or DME Advisors. The Company incurred no indemnification amounts during the periods presented. Green Brick Partners, Inc. David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. (“GRBK”), a publicly-traded company. At December 31, 2023, SILP, along with certain affiliates of DME Advisors, collectively owned 27.1% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in SILP. At December 31, 2023, SILP held 2.7 million shares of GRBK. Service Agreement The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party. Collateral Assets Investment Management Agreement Effective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the SILP LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days’ prior written notice to the other parties. Separation Agreement with CEO On November 3, 2023, the Company entered into a Deed of Settlement and Release (“Separation Agreement”) with the CEO (Mr. Simon Burton) pursuant to which Mr. Burton’s employment with the Company would terminate by mutual consent, including resignation from the Board of Directors, effective as of December 31, 2023. The following is a summary of the material financial terms of the Separation Agreement: • $2.4 million cash severance payable over 18 months and $0.3 million salary continuance to April 30, 2024 (these have been accrued and included in “ Other liabilities ” in the consolidated balance sheets at December 31, 2023); • $1.5 million non-cash charge for accelerated vesting for Mr. Burton’s remaining 235,936 service restricted shares and modified vesting condition for Mr. Burton’s remaining 532,035 performance restricted shares in which the service condition is no longer a requirement for vesting (see Note 11) ; and • $1.6 million grant date fair value of performance restricted shares to be granted in March 2024. As a result of the above Separation Agreement, for the year ended December 31, 2023, the Company recognized a total charge of $4.3 million including the incremental share-based compensation cost for the modified grants, which is included in “ General and administrative expenses ” in the consolidated statements of operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES a) Concentration of Credit Risk Cash and cash equivalents The Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors. Investments The Company’s credit risk exposure to private debt and convertible debt securities within its “ Other investments ” are immaterial (see Note 4). Reinsurance balances receivable, net The following table shows the breakdown of reinsurance balances receivable: December 31, 2023 December 31, 2022 Amount % Amount % Premiums receivable $ 186,940 30.2 % $ 160,559 31.8 % Funds withheld: Funds held by cedants 50,075 8.1 % 45,351 9.0 % Premiums held by Lloyds' syndicates 264,278 42.7 % 188,056 37.2 % Funds at Lloyd’s 115,772 18.6 % 103,947 20.5 % Profit commission receivable 2,302 0.4 % 4,888 1.0 % Deposit assets 888 0.1 % 3,110 0.6 % Total before provision 620,255 100.1 % 505,911 100.1 % Provision for expected credit losses (854) (0.1) % (356) (0.1) % Reinsurance balances receivable, net $ 619,401 100.0 % $ 505,555 100.0 % The Company has posted deposits at Loyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456 (see Note 18). Lloyd’s has a credit rating of “A” (Excellent) from A.M. Best. Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customer on the Company’s behalf. The Company monitors its concentration of credit risks from brokers (see Note 17) . The diversity in the Company’s client base limits credit risk associated with premiums receivable and funds (premiums) held by cedents. Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses. Loss and loss adjustment expenses recoverable, net The Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 8 for analysis of concentration of credit risk relating to retrocessionaires. b) Lease Obligations The Company operates in the Cayman Islands, United Kingdom, and Ireland under various non-cancelable operating lease agreements. The Company’s weighted-average remaining operating lease term is approximately 2.5 years at December 31, 2023. As the lease contracts generally do not provide an implicit discount rate, the Company used the weighted-average discount rate of 6.0% to determine the present value of lease payments. This discount rate represents the Company’s incremental borrowing rate for a term similar to that of the associated lease based on information available at the commencement date. 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 borrowing term. At December 31, 2023, the right-of-use assets lease liabilities At December 31, 2023, the commitment for operating lease liabilities for future annual periods was as follows: Year ending December 31, 2024 $ 637 2025 653 2026 352 Total lease payments 1,642 Less Imputed Interest (142) Present value of lease liabilities $ 1,500 c) Litigation |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company has one operating segment: Property & Casualty Reinsurance. A significant portion of the Company’s business is sourced through reinsurance brokers. The following table sets forth the brokers and their subsidiaries that generated more than 10% of our premiums. Year ended December 31, Broker Premiums % of Total Premiums 2023 Guy Carpenter (Marsh) $ 122,766 19.3 % Aon Benfield 91,642 14.4 % 33.7 % 2022 Aon Benfield $ 159,421 28.3 % Gallagher Re 91,239 16.2 % 44.5 % 2021 Guy Carpenter (Marsh) $ 178,336 31.5 % Aon Benfield 139,044 24.6 % BMS Group 63,958 11.3 % 67.4 % The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business Year ended December 31 2023 2022 2021 Property Commercial $ 51,859 8.1 % $ 14,750 2.6 % $ 10,853 1.9 % Motor 671 0.1 2,346 0.4 29,953 5.3 Personal 60,761 9.5 68,227 12.1 12,141 2.1 Total Property 113,291 17.8 85,323 15.2 52,947 9.4 Casualty General Liability 96,535 15.2 60,276 10.7 18,037 3.2 Motor Liability 16,223 2.5 8,601 1.5 118,251 20.9 Professional Liability 11,953 1.9 1,921 0.3 316 0.1 Workers' Compensation 10,034 1.6 28,381 5.0 62,188 11.0 Multi-line 216,292 34.0 225,924 40.1 180,321 31.9 Total Casualty 351,037 55.1 325,103 57.7 379,113 67.1 Other Accident & Health 8,339 1.3 8,947 1.6 31,612 5.6 Financial 56,114 8.8 66,528 11.8 66,612 11.8 Marine 31,138 4.9 22,700 4.0 10,652 1.9 Other Specialty 76,891 12.1 54,570 9.7 24,457 4.3 Total Other 172,482 27.1 152,745 27.1 133,333 23.6 $ 636,810 100.0 % $ 563,171 100.0 % $ 565,393 100.0 % Gross Premiums Written by Geographic Area of Risks Insured Year ended December 31 2023 2022 2021 U.S. and Caribbean $ 254,792 40.0 % $ 295,428 52.4 % $ 316,015 55.9 % Worldwide (1) 321,578 50.5 242,561 43.1 240,285 42.5 Asia 46,936 7.4 20,334 3.6 4,609 0.8 Europe 13,504 2.1 4,848 0.9 4,484 0.8 $ 636,810 100.0 % $ 563,171 100.0 % $ 565,393 100.0 % (1) |
STATUTORY REQUIREMENTS
STATUTORY REQUIREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Requirements Information [Abstract] | |
STATUTORY REQUIREMENTS | STATUTORY REQUIREMENTS The Company’s reinsurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, principally in the Cayman Islands and in Ireland. Additionally, the Company’s Syndicate 3456 is regulated by Lloyd’s. These regulations include certain restrictions on the amount of dividends or other distribution, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities. The statutory capital and surplus and required minimum statutory capital and surplus of the Company’s most significant regulated reinsurance operations are detailed below: Cayman Islands Ireland At December 31, 2023 2022 2023 2022 Statutory capital and surplus 569,044 $ 474,985 58,721 68,881 Required statutory capital surplus 256,586 226,507 39,367 41,859 Excess statutory capital 312,458 $ 248,478 19,354 $ 27,022 The statutory net income for the Company’s most significant regulated reinsurance operations were as follows: Greenlight Re GRIL Year ended December 31, 2023 $ 85,464 $ 11,479 Year ended December 31, 2022 $ 32,290 $ 4,612 Year ended December 31, 2021 $ 15,912 $ 3,800 Cayman Islands Greenlight Re is subject to the Cayman Islands’ Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations, (2018 Revision) (the “Insurance Regulations”). Under this Insurance Regulations, Greenlight Re is required to maintain minimum statutory capital and surplus equal to the greater of: a) the Minimum Capital Requirement of $50.0 million and b) the Prescribed Capital Requirement (“PCR”) as defined in the Insurance Regulations. Greenlight Re is not required to prepare statutory financial statements for filing with CIMA. There were no material differences between Greenlight Re’s GAAP capital, surplus, and net income and its statutory capital, surplus, and net income at December 31, 2023 and 2022, and for the years then ended. Any dividends declared and paid from Greenlight Re to the Company requires CIMA’s approval. During the year ended December 31, 2023, $8.3 million of dividends (2022: $60.1 million, 2021: $4.0 million) were declared or paid by Greenlight Re to the Company. The dividends were approved by CIMA and resulted in the return of additional share capital to the Company. The dividends were used primarily to repurchase and repay the Company’s Convertible Notes (see Note 9). At December 31, 2023, $312.5 million (2022: $248.5 million) of Greenlight Re’s capital and surplus was available for distribution as dividends. Ireland Effective January 1, 2016, the Company’s Irish subsidiary (GRIL) is obligated to maintain at all times the Minimum Capital Requirement (“Irish MCR”) and the Solvency Capital Requirement (“SCR”) as calculated by reference to Solvency II definition. There were no material differences between the statutory financial statements and statements prepared in accordance with U.S. GAAP for GRIL at December 31, 2023 and 2022, and for the years then ended. The amount of dividends that GRIL is permitted to distribute is limited to its retained earnings. The Central Bank of Ireland has powers to intervene if a dividend payment were to breach regulatory capital requirements. At December 31, 2023 and 2022, none of GRIL’s capital and surplus was available for distribution as dividends. Lloyd’s of London The Company operates in the Lloyd’s market through its corporate member, GCM, which provides 100% of Syndicate 3456’s capital support. Syndicate 3456 is managed by a third party managing agency. GCM and Syndicate 3456 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 contributions to the Lloyd’s Central Fund and the assets they must deposit with Lloyd’s in support of their underwriting. Further, the Council of Lloyd’s has broad powers to sanctions breaches of its rules, including the power to restrict or prohibit a member’s participation on Lloyd’s syndicates. The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, known as “Funds at Lloyds” or “FAL”, in the form of cash, certain investment securities, or letters of credit. The FAL is not available for distributions for the payment of dividends or for working capital requirements. Further, 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. The amount of FAL for Syndicate 3456 is determined by Lloyd’s and is based on Syndicate 3456’s solvency and capital requirement based on an internal capital model. See Note 16 for total FAL for Syndicate 3456 and other syndicates in which the Company has a participation interest. |
SCHEDULE I SUMMARY OF INVESTMEN
SCHEDULE I SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES | SCHEDULE I GREENLIGHT CAPITAL RE, LTD. SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2023 (expressed in thousands of U.S. dollars) Type of Investment Cost Fair Value Balance Other investments: Private investments and unlisted equities $ 28,470 $ 71,157 $ 71,157 Debt and convertible debt securities 2,499 2,136 2,136 Total other investments 30,969 73,293 73,293 Total investments - other than investments in related parties $ 30,969 $ 73,293 $ 73,293 |
SCHEDULE II CONDENSED FINANCIAL
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE II GREENLIGHT CAPITAL RE, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS — PARENT COMPANY ONLY (expressed in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 1,924 $ 975 Investment in subsidiaries 667,732 554,438 Due from subsidiaries — 28,400 Other assets 628 753 Total assets $ 670,284 $ 584,566 Liabilities and equity Liabilities Debt $ 73,281 $ 80,534 Other liabilities 712 81 Due to subsidiaries 196 831 Total liabilities 74,189 81,446 Shareholders’ equity Share capital 3,534 3,482 Additional paid-in capital 484,532 478,439 Retained earnings 108,029 21,199 Total shareholders’ equity 596,095 503,120 Total liabilities and equity $ 670,284 $ 584,566 GREENLIGHT CAPITAL RE, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENT OF OPERATIONS — PARENT COMPANY ONLY (expressed in thousands of U.S. dollars) Year ended December 31 2023 2022 2021 Revenue Net investment income $ 5 $ 1 $ 22 Other income (expense) 239 366 — Total revenues 244 367 22 Expenses General and administrative expenses 9,042 6,887 4,263 Interest expense 5,344 4,201 6,263 Total expenses 14,386 11,088 10,526 Net income (loss) before equity in earnings of consolidated subsidiaries (14,142) (10,721) (10,504) Equity in earnings of consolidated subsidiaries 100,972 36,063 28,082 Consolidated net income $ 86,830 $ 25,342 $ 17,578 Comprehensive income $ 86,830 $ 25,342 $ 17,578 SCHEDULE II (continued) GREENLIGHT CAPITAL RE, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY ONLY (expressed in thousands of U.S. dollars) Year ended December 31 2023 2022 2021 Cash flows from operating activities Net income $ 86,830 $ 25,342 $ 17,578 Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities: Equity in earnings of consolidated subsidiaries (100,972) (36,063) (28,082) Net realized gain on repurchase of convertible senior notes payable (265) (343) — Net change in unrealized gains and losses on investments — — — Share-based compensation expense 5,550 4,028 2,813 Accretion of debt offering costs and change in interest accruals (1,696) 79 2,263 Net change in Due from subsidiaries 28,400 (28,400) — Other assets 125 (753) — Other liabilities 631 (69) 150 Due to subsidiaries (635) (2,071) 1,050 Net cash provided by (used in) operating activities 17,968 (38,250) (4,228) Cash flows from investing activities Change in notes receivable — — 10,706 Contributed surplus (to) from subsidiaries, net (11,727) 58,568 4,000 Net cash provided by (used in) investing activities (11,727) 58,568 14,706 Cash flows from financing activities Proceeds from term loans 75,000 — — Repayment of convertible senior notes payable (62,147) — — Repurchases of convertible senior notes payable (17,198) (19,793) — Repurchase of Class A ordinary shares — (35) (10,000) Net cash used in financing activities (4,345) (19,828) (10,000) Net increase (decrease) in cash and cash equivalents 1,896 490 478 Cash and cash equivalents at beginning of the year 975 485 7 Cash and cash equivalents at end of the year $ 2,871 $ 975 $ 485 Supplementary information Non cash consideration from (to) subsidiaries, net $ (595) $ (656) $ (415) |
SCHEDULE III SUPPLEMENTARY INSU
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION | SCHEDULE III GREENLIGHT CAPITAL RE, LTD. SUPPLEMENTARY INSURANCE INFORMATION AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, AND 2021 (expressed in thousands of U.S. dollars) Year Segment Deferred Reserves Unearned Net Total Net losses, Amortization Other Gross 2023 Property & Casualty $ 79,956 $ 661,554 $ 306,310 $ 583,147 $ 66,063 $ 360,004 $ 168,877 $ 43,240 $ 636,810 2022 Property & Casualty $ 82,391 $ 555,468 $ 307,820 $ 469,477 $ 68,983 $ 316,485 $ 143,148 $ 31,606 $ 563,171 2021 Property & Casualty $ 63,026 $ 524,010 $ 227,584 $ 539,279 $ 50,152 $ 374,980 $ 144,960 $ 29,369 $ 565,393 |
SCHEDULE IV SUPPLEMENTARY REINS
SCHEDULE IV SUPPLEMENTARY REINSURANCE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
SUPPLEMENTARY REINSURANCE INFORMATION | SCHEDULE IV GREENLIGHT CAPITAL RE, LTD. SUPPLEMENTARY REINSURANCE INFORMATION AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, AND 2021 (expressed in thousands of U.S. dollars) Year Segment Direct gross Premiums Premiums Net written premiums Percentage of 2023 Property & Casualty $ — $ 42,762 $ 636,810 $ 594,048 107 % 2022 Property & Casualty $ — $ 33,429 $ 563,171 $ 529,742 106 % 2021 Property & Casualty $ — $ 41 $ 565,393 $ 565,352 100 % |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net increase in Partners' capital | $ 86,830 | $ 25,342 | $ 17,578 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates. The Company’s principal estimates include: • loss and loss adjustment expense reserves; • premiums written and earned and related premium receivable, net of expected credit losses; • reinsurance recoverable on unpaid losses and loss adjustment expenses, including expected credit losses; and • valuation of investments, including impairments. |
Investments and Financial Instruments, Net investment income (loss) | Investments Investment in related party investment fund The Company records its investment in the related party investment fund based on fair value using the net asset value practical expedient, with the Company’s share of the fund’s net income (loss) reported as “ Income (loss) from investment in related party investment fund ” in the consolidated statements of operations. Other investments The Company’s other investments include short-term investments and private investments and unlisted equity securities without readily determinable fair values. Short-term investments are measured at amortized cost, which approximates fair value. These include certificate of deposit and other financial instruments with original maturities greater than three months but less than one year. The Company measures its private investments and unlisted equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from identical or similar investments of the same issuers (the “measurement alternative”), with such changes recognized in “ Net investment income (loss) ” in the consolidated statements of operations. The Company considers the need for impairment on a by-investment basis based on certain indicators. Under the measurement alternative, the Company makes two types of valuation adjustments: • When the Company observes an orderly transaction of an investee’s identical or similar equity securities, the Company adjusts the carrying value based on the observable price as of the transaction date. Once the Company records such an adjustment, the investment is considered an “asset measured at fair value on a nonrecurring basis.” • If the Company determines that the investment is impaired and the fair value is less than its carrying value, it writes down the investment to its fair value. Once the Company records such an adjustment, the investment is considered an “asset measured at fair value on a nonrecurring basis.” Net investment income (loss) The Company records interest income and interest expense on an accrual basis. Any realized and unrealized gains or losses from other investments are determined on the basis of the specific identification method (by reference to cost or amortized cost, as appropriate). Additionally, net investment income (loss) includes realized and unrealized gains (losses) on derivative instruments. |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly liquid investments and certificates of deposit with original maturity dates of three months or less. Restricted cash and cash equivalents are presented separately in the consolidated balance sheets. |
Premium Revenue Recognition | Premium Revenue Recognition The Company writes excess of loss contracts and quota share contracts and estimates the ultimate premiums for the contract period. The Company bases these estimates on actuarial pricing models and information received from ceding companies. For excess of loss contracts, the Company writes the total ultimate estimated premiums at the contract’s inception. For quota share contracts, the Company writes premiums in the same periods in which the underlying insurance contracts are written, based on cession statements from cedents. The Company typically receives these statements monthly or quarterly, depending on the terms specified in each contract. For any reporting lag, the Company estimates premiums written based on the portion of the estimated ultimate premiums relating to the risks bound during the lag period. For multi-year contracts, 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 cedants have the ability to unilaterally commute or cancel coverage within the term of the contract. Management regularly reviews premium estimates. Such review includes the Company’s experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, a comparison of reported premiums to expected ultimate premiums, along with a review of the aging and collection of premiums. Management evaluates the appropriateness of the premium estimates on the basis of these reviews and records any adjustments to these estimates in the period in which they are determined. Changes in premium estimates, including premium receivable on both excess of loss and quota share contracts, are not unusual and may result in significant adjustments in any period. A portion of amounts included in “ Reinsurance balances receivable ” in the consolidated balance sheets represent estimated premiums written, net of commissions and brokerage, that are not currently due based on the terms of the underlying contracts. Additional premiums due on a contract with no remaining coverage period are earned in full when written. Certain contracts allow for reinstatement premiums in the event of a loss. Reinstatement premiums are written and earned when a triggering loss event occurs. Premiums written are generally recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the unexpired portion of reinsurance provided. |
Reinsurance Premiums Ceded | Reinsurance Premiums Ceded The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other reinsurers (referred to as “retrocessionaires”). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent the Company does not hold sufficient security for its unpaid obligations. Ceded premiums are written during the period in which the risks incept and the associated expense is recognized over the contract period in proportion to the protection provided. Unearned premiums ceded represent the unexpired portion of reinsurance obtained. Reinsurance Assets The Company calculates an allowance for expected credit losses for its reinsurance balances receivable and loss and LAE recoverable by applying a Probability of Default (“PD”) / Loss Given Default (“LGD”) model. The PD / LGD approach considers the Company’s collectibility history on its reinsurance assets and representative external loss history. In calculating the probability of default, the Company also considers the estimated duration of its reinsurance assets. The Company evaluates each counterparty’s creditworthiness based on credit ratings that independent agencies assign to the counterparty. The Company manages its credit risk in its reinsurance assets by transacting only with insurers and reinsurers that it considers financially sound. Credit ratings of the counterparties are forward-looking and consider various economic scenarios. The Company's evaluation of the required allowance for reinsurance balances receivable and loss and LAE recoverable considers the current economic environment as well as potential macroeconomic developments. For its retrocessional counterparties that are unrated, the Company may hold collateral in the form of funds withheld, trust accounts, or irrevocable letters of credit. In evaluating credit risk associated with reinsurance balances receivable, the Company considers its right to offset loss obligations against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of cedents and retrocessionaires to honor their respective obligations. |
Acquisition Costs | Acquisition Costs Policy acquisition costs vary with, and are directly related to, the successful production of new and renewal business and consist principally of commissions, taxes, and brokerage expenses. The Company presents acquisition costs incurred on reinsurance assumed net of commissions earned on reinsurance ceded. However, if the sum of a contract’s expected losses and loss expenses and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency is determined to exist. In this event, the Company writes off deferred acquisition costs to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred acquisition costs, the Company accrues a liability for the deficiency. The Company did not recognize any premium deficiency adjustments during the periods presented. Policy acquisition costs also include profit commissions, which the Company recognized on a basis consistent with its estimate of losses and loss expenses. |
Loss and Loss Adjustment Expense Reserves and Recoverable | Loss and Loss Adjustment Expense Reserves and Recoverable The Company’s loss and loss adjustment expense reserves (“LAE”) are composed of: ● case reserves for loss and LAE resulting from claims notified to the Company by its clients; and ● reserves for estimated loss and LAE incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer (“IBNR”), including unknown future developments on loss and LAE that are known to the insurer or reinsurer. The Company estimates these reserves based on reports from ceding companies, industry data, and historical experience analyzed using standard actuarial and statistical techniques. The analysis includes assessing currently available data, predictions of future developments, estimates of future trends, and other factors. These estimates are reviewed by the Company’s reserving committee at least quarterly and adjusted as necessary. The final settlement of losses may vary, perhaps materially, from the reserves recorded. The Company recognizes all adjustments to the estimates in the period they are determined. U.S. GAAP does not permit establishing loss reserves, which include case reserves and IBNR loss reserves, until the occurrence of an event that may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date are established. There is no allowance for the establishment of loss reserves to account for expected future loss events. The “ Loss and loss adjustment expenses recoverable ” in the consolidated balance sheets represents the amounts due from retrocessionaires for unpaid loss and LAE on retrocession agreements. Ceded IBNR recoverable amounts are estimated based on the Company’s actuarial estimates. These estimates are reviewed periodically and adjusted when deemed necessary. The Company may be unable to recover the loss and LAE recoverable amounts due as a result of the retrocessionaires’ inability to pay. The Company regularly evaluates the financial condition of its retrocessionaires and calculates an allowance for expected credit losses (see “Reinsurance Assets ” below). For losses stemming from exposure to natural perils, loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. Estimates for IBNR losses are added to the case reserves as the Company deems appropriate. To establish catastrophe IBNR loss estimates, the Company uses estimates communicated by ceding companies, industry data and information, knowledge of the business written, and management’s judgment. For contracts without significant exposure to natural perils, initial reserves for each contract are determined based on a combination of (i) the pricing analysis performed prior to binding the contract; (ii) the underwriter’s detailed knowledge of the cedent, its operations and future business plans; and (iii) the professional judgment and recommendation of the Chief Actuary. In the pricing analysis, the Company utilizes information from the client and industry data. This information typically includes, but is not limited to, data related to premiums, losses, exposure, business mix, industry performance, and associated trends covering as much history as deemed appropriate. The level of detail within the data obtained varies greatly depending on the underlying contract, line of business, client, and coverage provided. In all cases, the Company requests each client to provide data for each reporting period, which, depending on the contract, could be on a monthly or quarterly basis. The terms and conditions of each contract specify the data reporting requirements. Generally, the Company obtains regular updates of premium and loss-related information for the current and historical periods and utilizes them to update the initially expected loss ratio. There may be a lag between (i) claims being reported by the underlying insured to the Company’s cedent and (ii) claims being reported by the Company’s cedent to the Company. This lag may impact the Company’s loss reserve estimates. Client reports have pre-determined due dates (for example, fifteen days after each month-end). The timing of the reporting requirements is designed so that the Company receives premium and loss information as soon as practicable once the client has closed its books. Accordingly, there should be a short lag in such reporting. Additionally, most contracts that have the potential for large single-event losses have provisions that such loss notifications are provided to the Company immediately upon the occurrence of an event. Once the updated information is received, the Company uses various standard actuarial methods for its quarterly analysis. Such methods typically include the following: ● Paid loss development method: Ultimate losses are estimated by calculating past paid loss development factors and applying them to exposure periods with further expected paid loss development. This method assumes that losses are paid in a consistent pattern. It provides an objective test of reported loss projections because paid losses contain no reserve estimates. ● Reported loss development method: Ultimate losses are estimated by calculating past reported loss development factors and applying them to exposure periods with further expected reported loss development. This method incorporates changes in payments and case reserves. ● Expected loss ratio method: Ultimate losses are estimated by multiplying earned premiums by an expected loss ratio. The expected loss ratio is often determined using industry data, historical company data, past pricing or reserving analysis performed, and actuarial judgment. This method is typically used for lines of business and contracts where there are no (or insignificant) historical losses or where past loss experience is not considered applicable to the current period. ● Bornhuetter-Ferguson paid loss method: Ultimate losses are estimated by modifying expected loss ratios to the extent losses paid to date differ from what would have been expected based upon the selected paid loss development pattern. This method avoids some distortions that could result from a large development factor being applied to a small base of paid losses to calculate ultimate losses. ● Bornhuetter-Ferguson reported loss method: Ultimate losses are estimated by modifying expected loss ratios to the extent losses reported to date differ from what would have been expected based upon the selected reported loss development pattern. This method avoids some distortions that could result from a large development factor being applied to a small base of reported losses to calculate ultimate losses. ● Frequency / Severity method: Ultimate losses are estimated by multiplying the ultimate number of claims (i.e., the frequency multiplied by the exposure base) by the estimated average cost per claim (i.e., the severity). This approach enables trends and patterns in the rates of claims emergence (i.e., reporting) and settlement (i.e., closure) and the average cost of claims to be analyzed separately. In addition, the Company may supplement its analysis with other reserving methodologies that it deems relevant to specific contracts. For each contract, the Company utilizes reserving methodologies it considers appropriate to calculate a best estimate of reserves. Whether the Company uses a single methodology or a combination depends upon the portfolio segment being analyzed and the actuary’s judgment. The Company’s reserving methodology does not require a fixed weighting of the various methods used. Certain methods are considered more appropriate than others depending on the type, structure, age, maturity, and duration of the expected losses on the contract. For example, the Bornhuetter-Ferguson reported loss method might be more appropriate than a paid loss development method for relatively new contracts that have experienced little paid loss development. The Company’s gross aggregate reserves are the sum of the best estimate reserves of all portfolio exposures. Generally, IBNR loss reserves are calculated by estimating the ultimate incurred losses and subtracting cumulative paid claims and case reserves. Each quarter, the Company’s Reserving Committee, led by the Chief Actuary, meets to assess the adequacy of our loss reserves based on the reserve analysis and recommendations prepared by the Company’s reserving department. The Company does not typically experience material claims processing backlogs, although such backlogs may occur following a major catastrophic event. At December 31, 2023, and 2022, the Company did not have a material backlog in its claims processing. The Company did not make any significant changes to the actuarial methodology or assumptions relating to its loss and loss adjustment expense reserves for the years presented in the consolidated financial statements. |
Reinsurance Assets | Reinsurance Premiums Ceded The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other reinsurers (referred to as “retrocessionaires”). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent the Company does not hold sufficient security for its unpaid obligations. Ceded premiums are written during the period in which the risks incept and the associated expense is recognized over the contract period in proportion to the protection provided. Unearned premiums ceded represent the unexpired portion of reinsurance obtained. Reinsurance Assets The Company calculates an allowance for expected credit losses for its reinsurance balances receivable and loss and LAE recoverable by applying a Probability of Default (“PD”) / Loss Given Default (“LGD”) model. The PD / LGD approach considers the Company’s collectibility history on its reinsurance assets and representative external loss history. In calculating the probability of default, the Company also considers the estimated duration of its reinsurance assets. The Company evaluates each counterparty’s creditworthiness based on credit ratings that independent agencies assign to the counterparty. The Company manages its credit risk in its reinsurance assets by transacting only with insurers and reinsurers that it considers financially sound. Credit ratings of the counterparties are forward-looking and consider various economic scenarios. The Company's evaluation of the required allowance for reinsurance balances receivable and loss and LAE recoverable considers the current economic environment as well as potential macroeconomic developments. For its retrocessional counterparties that are unrated, the Company may hold collateral in the form of funds withheld, trust accounts, or irrevocable letters of credit. In evaluating credit risk associated with reinsurance balances receivable, the Company considers its right to offset loss obligations against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of cedents and retrocessionaires to honor their respective obligations. |
Deposit Assets and Liabilities | Deposit Assets and Liabilities The Company applies deposit accounting to reinsurance contracts that do not transfer sufficient insurance risk to merit reinsurance accounting. Under deposit accounting, the Company recognizes an asset or liability based on its paid or received consideration. The deposit asset or liability balance is subsequently adjusted using the interest method with the corresponding income and expense recorded in the Company’s consolidated statements of operations under “ Other income (expense) ” and “ Deposit interest expense ,” respectively. The Company records deposit assets and liabilities in its consolidated balance sheets in “ Reinsurance balances receivable ” and “ Reinsurance balances payable |
Other Income (Expense), net | Other Income (Expense), net In connection with the Company’s participation interest in Lloyd’s syndicates, the Lloyd’s syndicates invest a portion of the premiums withheld in investment funds and fixed-maturity securities. The Company records its share of income (or expense) from these assets as other income (expense) as reported by the syndicates on a quarterly lag basis due to the timing of the availability of these quarterly financial reports. |
Share-Based Compensation | Share-Based Compensation The Company recognizes share-based compensation costs based on the fair value at the award’s grant date. The Company measures compensation for restricted shares and restricted stock units (“RSUs”) based on the price of the Company’s common shares at the grant date. For restricted shares and RSUs with service and performance vesting conditions, the expense is recognized based on management’s estimate of the probability of the performance conditions being achieved based on historical results and expectations of future results. If the Company expects to meet the performance conditions, it attributes the expense to the period the requisite service is rendered. For restricted shares and RSUs with only service vesting conditions, the Company recognizes the associated expense on a straight-line basis over the vesting period, net of any estimated or expected forfeitures. The forfeiture rate is estimated based on the Company’s historical actual forfeitures relating to restricted shares and RSUs granted to employees. The forfeiture rate is reviewed annually and adjusted as necessary. The Company applies no forfeiture rate to restricted shares granted to directors, which vest over a maximum twelve-month period. Determining the fair value of share purchase options at the grant date requires significant estimation and judgment. The Company uses the Black-Scholes option-pricing model to assist in the calculation of fair value for share purchase options. The model requires estimating various inputs such as the term, forfeiture and dividend rates, and expected volatility. In determining the grant date fair value, the Company uses the entire ten-year life of the options as the estimated term and assumes no forfeitures and no dividends paid during the life of the options. The Company bases its estimate of expected volatility on the daily historical trading data of the Company’s ordinary shares from the date they commenced trading (May 24, 2007) to the grant date. |
Convertible Notes | Convertible Notes Prior to the adoption of Accounting Standards Update (“ASU”) 2020-06 in January 2022, “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”),” the Company determined that the senior convertible notes’ cash conversion option represented an embedded derivative and bifurcated it from the underlying contract for financial reporting purposes. For the debt component, the Company recorded a liability equivalent to the present value of comparable debt without the conversion features at the time of issuance. The remainder of the proceeds, which represented the embedded derivative, was included in “ Additional paid-in capital ” in the consolidated balance sheets. Upon adoption of ASU 2020-06, U.S. GAAP no longer permits entities to bifurcate embedded conversion features from the underlying contract. Therefore, effective January 1, 2022, the Company no longer presents the embedded conversion features separately in equity; instead, the Company’s senior convertible debt is presented as a single liability in the Company’s consolidated balance sheet. The adoption of ASU 2020-06 resulted in a decrease in the Company’s opening shareholders’ equity of $2.5 million, with a corresponding increase in the carrying value of the senior convertible notes. Costs incurred in issuing the convertible notes consisted primarily of underwriting, legal, accounting, and printing fees. These costs are amortized over the term of the debt and are included in “ Interest expense ” in the consolidated statements of operations. |
Foreign Exchange | Foreign Exchange The reporting and functional currency of the Company and all its significant subsidiaries is the U.S. dollar. The Company records foreign currency transactions at the exchange rates in effect on the transaction date. Monetary assets and liabilities in foreign currencies are converted at the exchange rate in effect at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are carried at their historical exchange rates. |
Derivative Instruments | Derivative instruments The Company recognizes derivative financial instruments in the consolidated balance sheets at their fair values. |
Other Assets | Other Assets The Company’s other assets consist primarily of prepaid expenses, right-of-use lease assets, derivative assets, taxes recoverable, and deferred tax assets. |
Other Liabilities | Other Liabilities |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company has no comprehensive income or loss other than the net income or loss disclosed in the consolidated statements of operations. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company has issued unvested restricted stock awards, some of which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid. These awards are considered “participating securities” for the purposes of calculating earnings (loss) per share. Basic earnings per share is calculated on the basis of the weighted average number of ordinary shares and participating securities outstanding during the period. Diluted earnings (or loss) per share includes the dilutive effect, if any, of the following: • Restricted Stock Units (“RSUs”) issued that convert to ordinary shares upon vesting; • Unvested restricted share awards which are not considered “participating securities”; • Additional potential ordinary shares issuable when in-the-money stock options are exercised, determined using the treasury stock method; • For periods prior to January 1, 2022, those ordinary shares with the potential to be issued in connection with convertible notes and other such convertible instruments, determined using the treasury stock method; and • Effective January 1, 2022, the dilutive effect of the convertible notes calculated using the if-converted method. Under the if-converted method, the convertible notes are assumed to be converted at the beginning of the period. The resulting common shares are included in the denominator of the diluted net income per common share calculation. Interest expense related to the convertible notes incurred in the period is added back to the numerator for purposes of the if-converted calculation. Diluted earnings (or loss) per share contemplates a conversion to ordinary shares of all convertible instruments only if they are dilutive. In the event of a net loss, all RSUs, stock options, shares potentially issuable in connection with convertible notes, and participating securities are excluded from the calculation of both basic and diluted loss per share as their inclusion would be anti-dilutive. |
Taxation | Taxation The Company records current and deferred income taxes 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 reported in the consolidated balance sheets and those reported in the various jurisdictional tax returns. |
Segment Information | Segment Information Operating segments are based on the internal information that the Chief Operating Decision Maker uses for allocating the Company’s resources and assessing its performance. The Company has one operating segment, Property and Casualty Reinsurance. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Issued Accounting Standards Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic (740) - Improvements to Income Tax Disclosures . The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements. As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows. Recently Issued Accounting Standards Adopted There are none that would be relevant and material to the Company. |
INVESTMENT IN RELATED PARTY I_2
INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Financial Information of Investment | The Company has determined that for its fiscal year ended December 31, 2023, the Company’s investment in SILP met at least one of the conditions of a significant subsidiary under SEC’s Regulation S-X, Rule 3-09. Accordingly, the audited financial statements for SILP have been attached as an exhibit (Exhibit 99.1) to this Form 10-K. The summarized financial statements of SILP are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LP December 31, 2023 December 31, 2022 Assets Investments, at fair value $ 453,358 $ 304,806 Derivative contracts, at fair value 11,167 17,547 Due from brokers 121,754 109,169 Interest and dividends receivable 1,143 527 Total assets 587,422 432,049 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (197,571) (159,382) Derivative contracts, at fair value (12,917) (12,443) Due to brokers (17,398) (2,050) Capital withdrawals payable (1,000) (75) Interest and dividends payable (2,315) (760) Accrued expenses and other liabilities (247) (159) Total liabilities (231,448) (174,869) Partners' capital $ 355,974 $ 257,180 GLRE’s share of Partners' capital $ 258,890 $ 178,197 Summarized Statements of Operations of Solasglas Investments, LP Year ended December 31 2023 2022 2021 Investment income Dividend income (net of withholding taxes) $ 1,869 $ 1,586 $ 641 Interest income 9,211 2,390 228 Total Investment income 11,080 3,976 869 Expenses Management fee (4,766) (3,580) (3,492) Interest (6,969) (1,950) (1,055) Dividends (2,802) (1,374) (1,147) Professional fees and other (1,750) (988) (1,221) Total expenses (16,287) (7,892) (6,915) Net investment income (loss) (5,207) (3,916) (6,046) Realized and change in unrealized gains (losses) Net realized gain (loss) (1,394) 75,172 (3,420) Net change in unrealized appreciation 55,279 11,886 35,482 Net gain (loss) on investment transactions 53,885 87,058 32,062 Net increase in Partners' capital $ 48,678 $ 83,142 $ 26,016 GLRE’s share of the increase in Partners' capital (1) $ 28,696 $ 54,844 $ 18,087 1 The net increase in Partners’ capital is net of management fees and performance allocation presented below: Year ended December 31 2023 2022 2021 Management fees $ 4,766 $ 3,580 $ 3,492 Performance allocation 3,188 6,094 2,010 Total $ 7,954 $ 9,674 $ 5,502 See Note 15 for further details on management fees and performance allocation. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Other Investments | At December 31, 2023, the breakdown of the Company’s other investments was as follows: Cost Unrealized Unrealized Accrued interest Fair value / carrying value Private investments and unlisted equities $ 28,470 $ 49,424 $ (6,737) $ — $ 71,157 Debt and convertible debt securities 2,499 — (499) 136 2,136 Certificates of deposit — — — — — Total other investments $ 30,969 $ 49,424 $ (7,236) $ 136 $ 73,293 At December 31, 2022, the breakdown of the Company’s other investments was as follows:: Cost Unrealized Unrealized Fair value / carrying value Private investments and unlisted equities $ 22,787 $ 42,461 $ (2,815) $ 62,433 Debt and convertible debt securities 1,846 — — 1,846 Certificates of deposit 6,000 — — 6,000 Total other investments $ 30,633 $ 42,461 $ (2,815) $ 70,279 |
Schedule of Fair Value Hierarchy | The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at December 31, 2023, 2022, and 2021, and the related adjustments recorded during the years then ended. Year ended December 31 2023 2022 2021 Carrying value (1) $ 71,157 $ 62,433 $ 47,049 Upward carrying value changes (2) $ 7,262 $ 11,277 $ 20,814 Downward carrying value changes and impairment (3) $ (5,003) $ (1,073) $ (500) (1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (2) The cumulative upward carrying value changes from inception to December 31, 2023, totaled $49.9 million. (3) The cumulative downward carrying value changes and impairments from inception to December 31, 2023, totaled $7.1 million. |
Schedule of Gain (Loss) on Securities | The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “ Net investment income ” in the consolidated statements of operations (see Note 13): Year ended December 31 2023 2022 2021 Gross realized gains $ 7 $ — $ 14,210 Gross realized losses (811) — — Net realized gains (losses) $ (804) $ — $ 14,210 Change in unrealized gains 2,542 9,858 19,560 Net realized and unrealized gains on other investments $ 1,738 $ 9,858 $ 33,770 |
Unrealized Gain (Loss) on Investments | The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “ Net investment income ” in the consolidated statements of operations (see Note 13): Year ended December 31 2023 2022 2021 Gross realized gains $ 7 $ — $ 14,210 Gross realized losses (811) — — Net realized gains (losses) $ (804) $ — $ 14,210 Change in unrealized gains 2,542 9,858 19,560 Net realized and unrealized gains on other investments $ 1,738 $ 9,858 $ 33,770 |
RESTRICTED CASH AND RESTRICTE_2
RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the consolidated statements of cash flows: December 31, 2023 December 31, 2022 Restricted cash and cash equivalents: Cash securing trust accounts $ 300,152 $ 463,659 Cash securing letters of credit issued 291,456 204,651 Cash securing Loan Facility 10,000 — Other 3,040 — Total restricted cash and cash equivalents 604,648 668,310 Cash and cash equivalents 51,082 38,238 Total cash, cash equivalents, and restricted cash $ 655,730 $ 706,548 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Nonrecurring Basis | The following table summarizes the periods between the most recent fair value measurement dates and December 31, 2023, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total Fair values measured on a nonrecurring basis $ 26,438 $ 1,361 $ 33,490 $ 61,289 |
LOSS AND LOSS ADJUSTMENT EXPE_2
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The Company’s loss and LAE reserves were composed of the following: December 31, 2023 December 31, 2022 Case reserves $ 189,050 $ 184,756 IBNR 472,504 370,712 Total $ 661,554 $ 555,468 Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business: Year ended December 31 Consolidated 2023 2022 2021 Gross balance at January 1 $ 555,468 $ 524,010 $ 494,179 Less: Losses recoverable (13,239) (11,100) (16,851) Net balance at January 1 542,229 512,910 477,328 Incurred losses related to: Current year 348,798 316,367 389,080 Prior years 11,206 118 (14,100) Total incurred 360,004 316,485 374,980 Paid losses related to: Current year (75,678) (78,517) (152,214) Prior years (198,613) (198,897) (185,549) Total paid (274,291) (277,414) (337,763) Foreign currency revaluation 7,926 (9,752) (1,635) Net balance at December 31 635,867 542,229 512,910 Add: Losses recoverable (see Note 8) 25,687 13,239 11,100 Gross balance at December 31 $ 661,554 $ 555,468 $ 524,010 |
Schedule of Incurred and Paid Claims Development | The tables below present incurred and paid claims development for the years ended December 31, 2014 to 2022. They are presented as unaudited supplementary information. Totals may not sum due to rounding. Multiline Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 2,390 $ 2,390 $ 2,390 $ 2,609 $ 2,625 $ 2,586 $ 2,653 $ 3,010 $ 3,256 $ 3,092 $ 281 2015 27,899 28,038 30,458 31,955 30,858 32,259 34,983 36,788 37,545 5,091 2016 55,631 59,877 60,583 59,626 62,085 67,494 70,360 74,235 13,074 2017 83,105 79,246 83,008 84,836 89,340 91,342 96,168 17,367 2018 58,528 50,706 53,662 53,917 54,389 56,691 7,865 2019 45,764 49,131 48,342 46,976 48,622 8,068 2020 53,520 52,573 46,986 45,443 5,077 2021 80,697 77,969 78,332 20,877 2022 126,496 129,612 74,363 2023 122,247 95,652 Total $ 691,986 $ 247,715 Multiline Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ — $ — $ 145 $ 566 $ 1,092 $ 1,413 $ 1,995 $ 2,281 $ 2,546 $ 2,811 2015 28 2,810 9,925 16,023 18,973 24,685 27,318 30,086 32,454 2016 5,844 16,493 26,948 32,822 42,535 48,843 56,096 61,161 2017 9,534 27,250 39,438 53,819 63,733 71,551 78,801 2018 8,106 20,619 32,116 38,762 43,387 48,826 2019 10,996 23,326 30,238 36,884 40,554 2020 12,421 24,209 34,935 40,366 2021 13,674 33,315 57,454 2022 — 19,216 55,248 2023 26,595 Total 444,271 All outstanding liabilities before 2014, net of reinsurance 213 Liabilities for claims and claims adjustment expenses, net of reinsurance (Multiline) $ 247,929 General Liability Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 1,238 $ 1,229 $ 1,174 $ 1,033 $ 1,355 $ 1,000 $ 1,000 $ 3,606 $ 1,144 $ 1,024 $ 47 2015 1,699 1,690 1,756 1,979 2,152 2,190 2,294 1,866 1,862 243 2016 6,203 6,519 7,124 7,867 8,095 8,444 9,389 9,972 363 2017 5,429 6,523 7,377 8,447 9,954 7,538 9,971 2,488 2018 2,891 3,429 3,938 4,602 4,120 4,861 1,681 2019 1,001 986 1,033 650 819 480 2020 1,814 1,776 1,633 1,544 1,014 2021 5,152 12,059 11,417 10,852 2022 16,280 12,741 10,701 2023 48,721 46,961 Total $ 102,933 $ 74,830 General Liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 18 $ 146 $ 413 $ 548 $ 492 $ 762 $ 473 $ 1,014 $ 1,066 $ 977 2015 69 293 532 548 925 945 1,430 1,694 1,619 2016 122 1,589 3,277 4,670 6,109 6,565 9,191 9,609 2017 136 1,412 2,823 4,383 5,705 7,402 7,483 2018 165 1,286 2,285 2,800 2,691 3,180 2019 26 227 306 288 339 2020 71 71 126 530 2021 — 102 565 2022 408 2,039 2023 1,760 Total 28,103 All outstanding liabilities before 2014, net of reinsurance 22 Liabilities for claims and claims adjustment expenses, net of reinsurance (General Liability) $ 74,853 Motor Casualty Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 93,718 $ 92,844 $ 94,688 $ 94,131 $ 94,147 $ 94,192 $ 94,230 $ 94,226 $ 94,230 $ 94,156 $ 3 2015 128,199 130,410 129,745 132,853 134,951 133,632 128,536 128,567 128,332 6 2016 166,389 169,789 174,037 183,801 180,118 180,003 180,045 180,047 366 2017 187,029 188,754 199,258 191,064 188,718 188,207 188,459 432 2018 150,700 162,016 149,467 148,830 147,369 142,954 1,040 2019 168,124 193,243 189,971 190,477 188,497 1,120 2020 98,242 97,356 99,091 97,118 3,147 2021 102,390 104,647 101,415 4,481 2022 21,979 33,898 5,524 2023 8,786 6,502 Total $ 1,163,661 $ 22,620 Motor Casualty Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 49,994 $ 86,297 $ 89,348 $ 94,046 $ 94,105 $ 94,151 $ 94,150 $ 94,153 $ 94,153 $ 94,153 2015 81,093 125,645 129,174 129,351 129,454 128,121 128,280 128,309 128,326 2016 97,325 157,948 170,658 182,800 179,033 179,540 179,631 179,681 2017 115,204 170,157 188,225 186,105 187,047 187,270 188,027 2018 83,652 143,267 141,593 141,764 141,918 141,915 2019 99,043 170,332 184,519 186,678 187,377 2020 42,778 87,179 92,252 93,971 2021 56,700 90,786 96,934 2022 20,522 28,374 2023 2,284 Total 1,141,041 All outstanding liabilities before 2014, net of reinsurance 3 Liabilities for claims and claims adjustment expenses, net of reinsurance (Motor Casualty) $ 22,622 Motor Property Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 18,870 $ 18,797 $ 19,056 $ 19,000 $ 19,006 $ 19,004 $ 19,020 $ 19,036 $ 19,020 $ 18,974 $ 1 2015 22,035 22,516 23,005 23,263 23,396 23,246 22,901 22,712 22,653 6 2016 27,753 28,279 29,090 30,367 29,822 29,858 29,835 29,774 25 2017 39,436 39,621 41,394 39,720 39,643 39,334 39,228 83 2018 42,336 45,209 43,266 41,122 40,753 40,447 114 2019 43,099 48,007 49,140 48,782 48,276 227 2020 23,785 23,837 24,310 23,891 485 2021 25,743 28,845 28,651 828 2022 3,731 5,822 265 2023 1,463 954 Total $ 259,179 $ 2,989 Motor Property Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 10,305 $ 17,621 $ 18,370 $ 18,951 $ 18,957 $ 18,972 $ 18,972 $ 18,973 $ 18,973 $ 18,973 2015 13,859 22,123 22,615 22,705 22,749 22,625 22,642 22,646 22,647 2016 16,707 27,005 28,591 30,033 29,647 29,726 29,740 29,749 2017 23,091 37,058 39,711 38,971 39,115 39,132 39,146 2018 23,576 40,118 40,086 40,246 40,323 40,333 2019 25,103 43,672 47,346 47,881 48,049 2020 10,880 21,684 22,764 23,406 2021 14,955 26,605 27,823 2022 3,087 5,557 2023 508 Total 256,191 All outstanding liabilities before 2014, net of reinsurance (16) Liabilities for claims and claims adjustment expenses, net of reinsurance (Motor Property) $ 2,972 Property Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 41,738 $ 45,152 $ 46,844 $ 47,084 $ 46,873 $ 47,029 $ 46,996 $ 46,953 $ 46,931 $ 46,757 $ 86 2015 27,852 30,333 31,728 30,930 30,591 30,530 30,401 30,445 30,340 116 2016 25,618 26,093 23,970 23,441 23,173 22,992 23,047 23,052 221 2017 81,413 76,644 67,449 67,894 67,696 67,063 65,814 28 2018 27,920 29,795 24,548 23,847 23,283 22,813 2,318 2019 22,143 14,639 14,052 12,250 12,489 1,570 2020 29,591 25,633 21,978 21,724 4,441 2021 26,977 27,177 21,721 5,759 2022 41,296 48,528 7,655 2023 60,443 26,581 Total $ 353,681 $ 48,775 Property Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 20,230 $ 40,172 $ 43,639 $ 45,209 $ 46,299 $ 46,519 $ 46,617 $ 46,633 $ 46,669 $ 46,671 2015 12,939 25,442 28,830 29,798 30,004 30,107 30,129 30,221 30,224 2016 9,938 18,179 21,015 22,000 22,348 22,681 22,772 22,831 2017 43,272 55,549 62,893 64,125 65,293 65,404 65,786 2018 5,191 15,424 18,164 18,883 19,899 20,495 2019 4,051 6,969 8,369 9,857 10,919 2020 6,118 11,496 15,349 17,283 2021 4,968 13,256 15,963 2022 19,199 40,873 2023 33,862 Total 304,906 All outstanding liabilities before 2014, net of reinsurance 139 Liabilities for claims and claims adjustment expenses, net of reinsurance (Property) $ 48,914 Professional Liability Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 18,494 $ 17,917 $ 17,882 $ 20,340 $ 21,304 $ 21,615 $ 21,364 $ 20,817 $ 20,816 $ 20,619 $ 665 2015 18,115 18,105 20,614 21,973 22,167 21,468 21,296 22,158 21,234 1,188 2016 13,624 16,765 17,118 16,715 16,522 16,981 17,808 18,267 3,806 2017 10,219 9,906 9,728 9,950 10,334 11,207 12,360 2,894 2018 4,477 4,464 4,584 5,181 6,176 6,744 1,520 2019 586 611 762 922 922 209 2020 66 62 62 62 62 2021 158 165 150 150 2022 472 604 603 2023 4,524 4,437 Total $ 85,485 $ 15,534 Professional Liability Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 1,317 $ 5,232 $ 9,344 $ 13,631 $ 15,818 $ 15,828 $ 19,308 $ 19,270 $ 19,851 $ 19,953 2015 1,141 3,223 8,716 11,582 12,417 17,097 18,592 19,598 20,046 2016 334 2,139 4,814 7,744 10,412 11,513 13,550 14,461 2017 225 1,429 3,077 4,843 5,813 8,335 9,467 2018 241 1,140 1,982 3,234 4,580 5,224 2019 145 266 544 658 713 2020 — — — — 2021 — — — 2022 — — 2023 88 Total 69,951 All outstanding liabilities before 2014, net of reinsurance 233 Liabilities for claims and claims adjustment expenses, net of reinsurance (Professional Liability) $ 15,767 Workers' Compensation Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ — $ — $ — $ 3 $ — $ — $ — $ 160 $ — $ — $ — 2015 1,014 1,010 948 950 951 919 919 889 889 14 2016 4,342 4,275 4,266 3,975 3,778 3,716 3,646 3,645 63 2017 10,881 10,345 9,602 9,062 8,758 8,980 8,954 287 2018 13,604 13,494 13,048 12,554 12,921 12,863 533 2019 22,927 23,311 22,613 23,956 25,300 3,295 2020 44,845 40,826 43,633 47,359 9,757 2021 64,679 63,398 68,073 14,223 2022 33,284 33,279 16,687 2023 12,872 10,934 Total $ 213,234 $ 55,792 Workers' Compensation Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — 2015 28 251 564 688 777 832 851 870 875 2016 613 1,920 2,782 3,274 3,459 3,521 3,565 3,583 2017 2,028 5,356 7,399 8,004 8,380 8,552 8,667 2018 4,213 8,321 10,778 11,811 12,114 12,330 2019 5,473 13,600 17,655 20,148 22,006 2020 11,288 23,463 32,108 37,601 2021 23,210 42,854 53,850 2022 9,066 16,592 2023 1,938 Total 157,442 All outstanding liabilities before 2014, net of reinsurance — Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) $ 55,792 Financial Lines Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 500 $ 503 $ 580 $ 506 $ 1,096 $ 2,063 $ 2,228 $ 1,668 $ 1,959 $ 2,344 $ 65 2015 1,947 2,206 3,025 3,010 3,121 3,087 3,034 3,035 2,889 81 2016 4,820 6,670 6,289 7,470 7,470 6,694 6,676 6,613 155 2017 9,006 5,865 6,277 8,339 6,789 6,068 6,139 58 2018 4,069 4,429 6,646 4,838 4,775 4,605 351 2019 7,743 12,321 10,514 8,526 8,243 1,972 2020 18,655 19,833 17,623 17,475 6,616 2021 17,704 16,401 14,313 9,180 2022 23,985 22,189 17,637 2023 22,119 20,057 Total $ 106,928 $ 56,171 Financial Lines Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 90 $ 347 $ 429 $ 587 $ 1,210 $ 2,279 $ 2,483 $ 1,896 $ 2,216 $ 2,279 2015 223 851 1,399 1,963 2,476 2,650 2,745 2,815 2,808 2016 1,193 2,426 4,727 6,339 6,278 6,294 6,422 6,458 2017 187 2,894 4,604 5,585 5,684 5,994 6,081 2018 671 3,931 3,655 3,807 4,207 4,253 2019 2,949 4,013 4,765 6,129 6,271 2020 2,709 5,021 9,129 10,860 2021 500 2,196 5,133 2022 820 4,552 2023 2,062 Total 50,757 All outstanding liabilities before 2014, net of reinsurance 30 Liabilities for claims and claims adjustment expenses, net of reinsurance (Other) $ 56,202 Marine Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 3,388 $ 2,369 $ 545 $ 546 $ 544 $ 488 $ 488 $ 488 $ 488 $ 488 $ — 2015 1,717 3,435 2,744 678 680 — — — — — 2016 1,711 1,711 169 — — — — — — 2017 — — — — — — — — 2018 381 374 361 180 180 180 — 2019 360 234 12 93 93 38 2020 1,882 1,041 1,456 846 305 2021 5,612 5,001 4,301 2,252 2022 15,658 11,024 6,749 2023 20,894 17,806 Total $ 37,826 $ 27,150 Marine Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 101 $ 174 $ 545 $ 543 $ 516 $ 488 $ 488 $ 488 $ 488 $ 488 2015 — — — — — — — — — 2016 — — — — — — — — 2017 — — — — — — — 2018 — 180 180 180 180 180 2019 — 12 12 56 56 2020 1 96 477 541 2021 158 397 2,049 2022 691 4,274 2023 3,088 Total 10,676 All outstanding liabilities before 2014, net of reinsurance — Liabilities for claims and claims adjustment expenses, net of reinsurance (Other) $ 27,150 Other Incurred claims and allocated claim adjustment expenses, net of reinsurance December 31, 2023 For the years ended December 31, Total IBNR plus expected development on reported claims Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 33,755 $ 30,844 $ 30,164 $ 29,722 $ 29,475 $ 29,407 $ 29,398 $ 29,590 $ 29,394 $ 29,394 $ — 2015 35,226 34,658 35,245 34,725 34,672 34,713 34,672 34,709 34,604 26 2016 39,571 42,903 42,934 43,010 42,979 42,845 42,858 42,802 221 2017 46,913 48,351 48,412 48,715 48,706 48,655 48,627 294 2018 58,858 63,363 62,984 62,714 62,628 63,126 585 2019 43,395 43,803 42,688 42,637 41,870 288 2020 59,653 53,565 57,044 55,300 3,103 2021 62,533 60,443 60,302 7,389 2022 37,193 32,776 21,958 2023 46,729 43,236 Total $ 455,529 $ 77,100 Other Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance For the years ended December 31, Accident year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (Unaudited - Supplementary Information) 2014 $ 19,329 $ 28,919 $ 29,532 $ 29,452 $ 29,446 $ 29,406 $ 29,397 $ 29,397 $ 29,393 $ 29,393 2015 14,778 32,338 34,655 34,536 34,514 34,540 34,546 34,568 34,579 2016 22,160 40,667 42,170 42,200 42,352 42,404 42,527 42,581 2017 24,130 45,145 47,869 48,005 48,091 48,282 48,333 2018 35,161 60,488 61,714 61,997 62,085 62,541 2019 19,844 38,466 40,058 40,624 41,582 2020 23,936 48,917 51,111 52,197 2021 37,578 51,208 52,913 2022 5,617 10,818 2023 3,493 Total 378,430 All outstanding liabilities before 2014, net of reinsurance (8) Liabilities for claims and claims adjustment expenses, net of reinsurance (Other) $ 77,092 |
Schedule of Net Incurred and Paid Claims Development | The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheet is as follows: December 31, 2023 Net outstanding liabilities Multiline $ 247,929 General Liability 74,853 Motor Casualty 22,622 Motor Property 2,972 Property 48,914 Professional Liability 15,767 Workers' Compensation 55,792 Financial Lines 56,202 Marine 27,150 Other 77,092 Liabilities for claims and claims adjustment expenses, net of reinsurance 629,293 Add: Reinsurance recoverable on unpaid claims 25,687 Add: Unallocated claims adjustment expenses 6,087 Add: Allowance for credit losses 487 Total gross liabilities for unpaid claims and claim adjustment expense $ 661,554 |
Schedule of Historical Annual Percentage Payout of Net Incurred Claims | The average historical annual percentage payout of net incurred claims (excluding health) at December 31, 2023, is as follows: Years 1 2 3 4 5 6 7 8 9 10 (Unaudited - Supplementary Information) Multiline 11.2 % 17.3 % 16.0 % 11.6 % 9.8 % 9.9 % 9.2 % 8.1 % 4.7 % 2.2 % General Liability 4.7 % 13.6 % 13.1 % 12.5 % 18.2 % 27.5 % 6.9 % 3.0 % 0.4 % 0.1 % Motor Casualty 49.5 % 35.8 % 7.7 % 3.6 % 1.5 % 0.9 % 0.8 % 0.2 % — % — % Motor Property 53.3 % 40.8 % 4.9 % 1.0 % — % — % — % — % — % — % Property 49.0 % 34.4 % 8.2 % 3.2 % 2.7 % 0.9 % 1.0 % 0.5 % 0.1 % — % Professional Liability 2.7 % 9.8 % 14.3 % 12.7 % 8.7 % 7.3 % 5.6 % 2.3 % 2.6 % 34.0 % Workers' Compensation 30.9 % 35.2 % 20.4 % 9.2 % 3.0 % 0.9 % 0.2 % 0.2 % — % — % Financial Lines 18.5 % 33.8 % 23.6 % 12.0 % 4.1 % 3.7 % 1.7 % 1.5 % 1.1 % — % Marine 4.3 % 25.2 % 40.0 % 2.3 % 11.3 % 1.7 % 15.2 % — % — % — % Other 19.7 % 27.2 % 7.7 % 9.3 % 7.7 % 7.1 % 7.1 % 6.9 % 7.3 % — % |
RETROCESSION (Tables)
RETROCESSION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Reinsurance Disclosures [Abstract] | |
Ceded Credit Risk | The following table provides a breakdown of ceded reinsurance: Year ended December 31 2023 2022 2021 Gross ceded premiums $ 42,762 $ 33,429 $ 41 Earned ceded premiums $ 43,653 $ 15,318 $ — Loss and loss adjustment expenses ceded $ 25,554 $ 6,615 $ (12) |
Effects of Reinsurance | The following table shows a breakdown of losses recoverable on a gross and net of collateral basis: December 31, 2023 December 31, 2022 Gross Net of Collateral (1) Gross Net of Collateral (1) A- or better by A.M. Best $ 8,767 $ 8,767 $ 3,797 $ 3,792 Not rated 17,407 2,432 9,504 286 Total before provision 26,174 $ 11,199 $ 13,301 $ 4,078 Provision for credit losses (487) (62) Total loss and loss adjustment expenses recoverable, net $ 25,687 $ 13,239 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire. |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the Company’s outstanding debt obligations. December 31, 2023 December 31, 2022 Term loans $ 74,062 $ — Senior convertible notes — 79,610 Total principal amount 74,062 79,610 Accrued interest payable — 1,331 Less: deferred financing costs (781) (407) Total debt $ 73,281 $ 80,534 |
Schedule of Line of Credit Facilities | At December 31, 2023, the Company had the following letter of credit (“LOC”) facilities: Capacity LOCs issued Termination Date Citibank Europe plc ("Citi LOC") 1 $ 289,000 $ 276,756 August 20, 2024 CIBC Bank USA ("CIBC LOC") 200,000 13,903 December 21, 2024 $ 489,000 $ 290,659 1) Includes $14.0 million of uncommitted capacity. |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table is a summary of changes in ordinary shares issued and outstanding: 2023 2022 2021 Ordinary Class A Class B Class A Class B Class A Class B Balance – beginning of year — 28,569,346 6,254,715 27,589,731 6,254,715 28,260,075 6,254,715 Issue of shares, net of forfeitures 64,719 447,952 — 984,548 — 409,200 — Repurchase of shares — — — (4,933) — (1,079,544) — Re-designate Class B to Class A shares — 6,254,715 (6,254,715) — — — — Reclassify Class A to Ordinary shares 35,272,013 (35,272,013) — — — — — Balance – end of year 35,336,732 — — 28,569,346 6,254,715 27,589,731 6,254,715 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Shares and Restricted Stock Units Activity | The following table summarizes the activity for unvested outstanding restricted share awards: Performance Restricted Shares Service Restricted Shares Number of Weighted Number of Weighted Balance at December 31, 2021 193,149 $ 10.10 753,407 $ 8.68 Granted 601,213 6.82 356,422 7.02 Vested — — (268,457) 9.38 Forfeited — — (8,476) 7.67 Balance at December 31, 2022 794,362 $ 7.62 832,896 7.76 Granted 357,766 10.84 242,957 10.58 Vested — — (599,942) 8.74 Forfeited (109,440) 9.37 (56,307) 8.44 Balance at December 31, 2023 1,042,688 $ 9.94 419,604 $ 9.18 The following table summarizes the activity for unvested outstanding RSUs: Performance RSUs Service RSUs Number of Weighted Number of Weighted Balance at December 31, 2021 — $ — 154,134 $ 8.59 Granted 105,008 6.82 54,207 6.82 Vested — — (35,389) 10.84 Forfeited — — — — Balance at December 31, 2022 105,008 $ 6.82 172,952 7.58 Granted 71,121 9.85 42,811 9.85 Vested — — (77,695) 6.74 Forfeited (21,684) 8.15 (27,643) 8.62 Balance at December 31, 2023 154,445 $ 8.03 110,425 $ 8.78 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the stock option activity: Number of Weighted Weighted Intrinsic value Weighted average remaining contractual term Balance at December 31, 2021 735,627 22.35 10.23 — 4.7 years Expired (45,290) 23.80 11.04 Balance at December 31, 2022 690,337 22.25 10.18 — 4.0 years Expired (38,197) 26.44 13.09 Balance at December 31, 2023 652,140 $ 22.01 $ 10.01 $ — 3.2 years |
Schedule of Share-based Compensation, Options Exercisable | The following table summarizes information about options exercisable: December 31, 2023 December 31, 2022 December 31, 2021 Number of options exercisable 652,140 610,337 575,627 Weighted-average exercise price $ 22.01 $ 22.39 $ 22.67 Weighted-average remaining contractual term 3.2 3.9 4.5 Intrinsic value ($ in millions) $ — $ — $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Shares Outstanding for Calculation of Earnings (Loss) per Share | The following table reconciles net income and weighted average shares used in computing basic and diluted net income per share: Year ended December 31 2023 2022 2021 Numerator for earnings per share Net income - basic $ 86,830 $ 25,342 $ 17,578 Add: interest on convertible notes — 4,201 — Less: gain on debt repurchases — (343) — Net income - diluted $ 86,830 $ 29,200 $ 17,578 Denominator for earnings per share Weighted average shares outstanding - basic 34,067,974 33,908,156 34,204,364 Effect of dilutive employee and director share-based awards 729,885 368,096 146,652 Shares potentially issuable in connection with convertible notes — 5,493,538 — Weighted average shares outstanding - diluted 34,797,859 39,769,790 34,351,016 Anti-dilutive stock options outstanding 652,140 690,337 735,627 Earnings per share Basic $ 2.55 $ 0.75 $ 0.51 Diluted 2.50 0.73 0.51 |
NET INVESTMENT INCOME (Tables)
NET INVESTMENT INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Investment Income [Abstract] | |
Schedule of Net Investment Income (Loss) | The following table provides a breakdown of net investment income: Year ended December 31 2023 2022 2021 Interest and dividend income, net of withholding taxes and other expenses $ 35,629 $ 4,466 $ (1,660) Net realized and unrealized gains on other investments (see Note 4) 1,738 9,673 33,725 Net investment-related income 37,367 14,139 32,065 Share of SILP's net income (see Note 3) 28,696 54,844 18,087 Total investment income $ 66,063 $ 68,983 $ 50,152 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax (Expense) Benefit | The following table shows the breakdown of the Company’s current and deferred income tax benefit (expense) on a consolidated basis: Year ended December 31 2023 2022 2021 Current tax (expense) benefit Europe $ (587) $ (30) $ (10) U.S. (100) 846 (3,734) Deferred tax (expense) benefit Europe (1,698) (442) (254) U.S. — — (2) Decrease in deferred tax valuation allowance 2,285 442 254 Income tax (expense) benefit $ (100) $ 816 $ (3,746) |
Schedule of Deferred Tax Assets | The following table provides details of the significant components of deferred tax assets: December 31, 2023 December 31, 2022 Deferred tax assets: Operating and capital loss carryforwards $ 1,087 $ 2,785 Deferred tax assets before valuation allowance 1,087 2,785 Valuation allowance — (2,285) Deferred tax assets, net of valuation allowance $ 1,087 $ 500 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Gross Premiums Written by Brokers Greater than 10% of Premiums | The following table sets forth the brokers and their subsidiaries that generated more than 10% of our premiums. Year ended December 31, Broker Premiums % of Total Premiums 2023 Guy Carpenter (Marsh) $ 122,766 19.3 % Aon Benfield 91,642 14.4 % 33.7 % 2022 Aon Benfield $ 159,421 28.3 % Gallagher Re 91,239 16.2 % 44.5 % 2021 Guy Carpenter (Marsh) $ 178,336 31.5 % Aon Benfield 139,044 24.6 % BMS Group 63,958 11.3 % 67.4 % |
Schedule of Commitment for Operating Lease Liabilities for Future Annual Periods | At December 31, 2023, the commitment for operating lease liabilities for future annual periods was as follows: Year ending December 31, 2024 $ 637 2025 653 2026 352 Total lease payments 1,642 Less Imputed Interest (142) Present value of lease liabilities $ 1,500 |
Schedule Of Reinsurance Balance Receivable, Net | The following table shows the breakdown of reinsurance balances receivable: December 31, 2023 December 31, 2022 Amount % Amount % Premiums receivable $ 186,940 30.2 % $ 160,559 31.8 % Funds withheld: Funds held by cedants 50,075 8.1 % 45,351 9.0 % Premiums held by Lloyds' syndicates 264,278 42.7 % 188,056 37.2 % Funds at Lloyd’s 115,772 18.6 % 103,947 20.5 % Profit commission receivable 2,302 0.4 % 4,888 1.0 % Deposit assets 888 0.1 % 3,110 0.6 % Total before provision 620,255 100.1 % 505,911 100.1 % Provision for expected credit losses (854) (0.1) % (356) (0.1) % Reinsurance balances receivable, net $ 619,401 100.0 % $ 505,555 100.0 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Gross Premiums Written by Brokers Greater than 10% of Premiums | The following table sets forth the brokers and their subsidiaries that generated more than 10% of our premiums. Year ended December 31, Broker Premiums % of Total Premiums 2023 Guy Carpenter (Marsh) $ 122,766 19.3 % Aon Benfield 91,642 14.4 % 33.7 % 2022 Aon Benfield $ 159,421 28.3 % Gallagher Re 91,239 16.2 % 44.5 % 2021 Guy Carpenter (Marsh) $ 178,336 31.5 % Aon Benfield 139,044 24.6 % BMS Group 63,958 11.3 % 67.4 % |
Schedule of Gross Premiums Written by Line of Business | The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business Year ended December 31 2023 2022 2021 Property Commercial $ 51,859 8.1 % $ 14,750 2.6 % $ 10,853 1.9 % Motor 671 0.1 2,346 0.4 29,953 5.3 Personal 60,761 9.5 68,227 12.1 12,141 2.1 Total Property 113,291 17.8 85,323 15.2 52,947 9.4 Casualty General Liability 96,535 15.2 60,276 10.7 18,037 3.2 Motor Liability 16,223 2.5 8,601 1.5 118,251 20.9 Professional Liability 11,953 1.9 1,921 0.3 316 0.1 Workers' Compensation 10,034 1.6 28,381 5.0 62,188 11.0 Multi-line 216,292 34.0 225,924 40.1 180,321 31.9 Total Casualty 351,037 55.1 325,103 57.7 379,113 67.1 Other Accident & Health 8,339 1.3 8,947 1.6 31,612 5.6 Financial 56,114 8.8 66,528 11.8 66,612 11.8 Marine 31,138 4.9 22,700 4.0 10,652 1.9 Other Specialty 76,891 12.1 54,570 9.7 24,457 4.3 Total Other 172,482 27.1 152,745 27.1 133,333 23.6 $ 636,810 100.0 % $ 563,171 100.0 % $ 565,393 100.0 % |
Schedule of Gross Premiums Written by Geographic Area of Risks Insured | Gross Premiums Written by Geographic Area of Risks Insured Year ended December 31 2023 2022 2021 U.S. and Caribbean $ 254,792 40.0 % $ 295,428 52.4 % $ 316,015 55.9 % Worldwide (1) 321,578 50.5 242,561 43.1 240,285 42.5 Asia 46,936 7.4 20,334 3.6 4,609 0.8 Europe 13,504 2.1 4,848 0.9 4,484 0.8 $ 636,810 100.0 % $ 563,171 100.0 % $ 565,393 100.0 % (1) |
STATUTORY REQUIREMENTS (Tables)
STATUTORY REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statutory Requirements Information [Abstract] | |
Statutory Accounting Practices Disclosure | The statutory capital and surplus and required minimum statutory capital and surplus of the Company’s most significant regulated reinsurance operations are detailed below: Cayman Islands Ireland At December 31, 2023 2022 2023 2022 Statutory capital and surplus 569,044 $ 474,985 58,721 68,881 Required statutory capital surplus 256,586 226,507 39,367 41,859 Excess statutory capital 312,458 $ 248,478 19,354 $ 27,022 |
Statutory Net Income (Loss) | The statutory net income for the Company’s most significant regulated reinsurance operations were as follows: Greenlight Re GRIL Year ended December 31, 2023 $ 85,464 $ 11,479 Year ended December 31, 2022 $ 32,290 $ 4,612 Year ended December 31, 2021 $ 15,912 $ 3,800 |
SCHEDULE II CONDENSED FINANCI_2
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | GREENLIGHT CAPITAL RE, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS — PARENT COMPANY ONLY (expressed in thousands of U.S. dollars) December 31, 2023 December 31, 2022 Assets Cash and cash equivalents $ 1,924 $ 975 Investment in subsidiaries 667,732 554,438 Due from subsidiaries — 28,400 Other assets 628 753 Total assets $ 670,284 $ 584,566 Liabilities and equity Liabilities Debt $ 73,281 $ 80,534 Other liabilities 712 81 Due to subsidiaries 196 831 Total liabilities 74,189 81,446 Shareholders’ equity Share capital 3,534 3,482 Additional paid-in capital 484,532 478,439 Retained earnings 108,029 21,199 Total shareholders’ equity 596,095 503,120 Total liabilities and equity $ 670,284 $ 584,566 |
Schedule of Condensed Income Statement | GREENLIGHT CAPITAL RE, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENT OF OPERATIONS — PARENT COMPANY ONLY (expressed in thousands of U.S. dollars) Year ended December 31 2023 2022 2021 Revenue Net investment income $ 5 $ 1 $ 22 Other income (expense) 239 366 — Total revenues 244 367 22 Expenses General and administrative expenses 9,042 6,887 4,263 Interest expense 5,344 4,201 6,263 Total expenses 14,386 11,088 10,526 Net income (loss) before equity in earnings of consolidated subsidiaries (14,142) (10,721) (10,504) Equity in earnings of consolidated subsidiaries 100,972 36,063 28,082 Consolidated net income $ 86,830 $ 25,342 $ 17,578 Comprehensive income $ 86,830 $ 25,342 $ 17,578 |
Schedule of Condensed Cash Flow Statement | GREENLIGHT CAPITAL RE, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS — PARENT COMPANY ONLY (expressed in thousands of U.S. dollars) Year ended December 31 2023 2022 2021 Cash flows from operating activities Net income $ 86,830 $ 25,342 $ 17,578 Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities: Equity in earnings of consolidated subsidiaries (100,972) (36,063) (28,082) Net realized gain on repurchase of convertible senior notes payable (265) (343) — Net change in unrealized gains and losses on investments — — — Share-based compensation expense 5,550 4,028 2,813 Accretion of debt offering costs and change in interest accruals (1,696) 79 2,263 Net change in Due from subsidiaries 28,400 (28,400) — Other assets 125 (753) — Other liabilities 631 (69) 150 Due to subsidiaries (635) (2,071) 1,050 Net cash provided by (used in) operating activities 17,968 (38,250) (4,228) Cash flows from investing activities Change in notes receivable — — 10,706 Contributed surplus (to) from subsidiaries, net (11,727) 58,568 4,000 Net cash provided by (used in) investing activities (11,727) 58,568 14,706 Cash flows from financing activities Proceeds from term loans 75,000 — — Repayment of convertible senior notes payable (62,147) — — Repurchases of convertible senior notes payable (17,198) (19,793) — Repurchase of Class A ordinary shares — (35) (10,000) Net cash used in financing activities (4,345) (19,828) (10,000) Net increase (decrease) in cash and cash equivalents 1,896 490 478 Cash and cash equivalents at beginning of the year 975 485 7 Cash and cash equivalents at end of the year $ 2,871 $ 975 $ 485 Supplementary information Non cash consideration from (to) subsidiaries, net $ (595) $ (656) $ (415) |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Jan. 01, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) operating_segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Accounting Policies [Line Items] | |||||||
Deposit assets | $ 900 | $ 900 | $ 900 | $ 900 | $ 3,100 | ||
Deposit liabilities | 5,200 | 5,200 | 5,200 | 5,200 | 10,700 | ||
Senior notes | 596,095 | 596,095 | $ 596,095 | $ 596,095 | $ 475,663 | $ 503,120 | |
Number of operating segments | 1 | 1 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06 | Parent [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Senior notes | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | |||
RSUs | |||||||
Accounting Policies [Line Items] | |||||||
Cliff vesting period after date of issuance | 3 years | 3 years | |||||
Anti-dilutive stock options outstanding | |||||||
Accounting Policies [Line Items] | |||||||
Expiration period after the grant date | 10 years | ||||||
Expected dividend rate (as a percent) | 0% | ||||||
Director | RSUs | |||||||
Accounting Policies [Line Items] | |||||||
Expected forfeiture rate (as a percent) | 0% | ||||||
Cliff vesting period after date of issuance | 12 months |
INVESTMENT IN RELATED PARTY I_3
INVESTMENT IN RELATED PARTY INVESTMENT FUND - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment accounted for under the equity method | $ 258,900 | $ 178,200 | |
Income from investment in related party investment fund (net of related party expenses of $7,954, $9,674, and $5,502, respectively) | $ 28,696 | $ 54,844 | $ 18,087 |
Company 's investments | 10% | ||
Limited Partnership Agreement | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset redemption notice to general partner | 3 days | ||
Solasglas Investment LP (SILP) | |||
Schedule of Equity Method Investments [Line Items] | |||
LPA, investment cap percentage | 60% | ||
Equity method investment, ownership percentage | 43.40% | 35.40% | |
Solasglas Investment LP (SILP) | GLRE Limited Partners | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment accounted for under the equity method | $ 258,900 | $ 178,200 | |
Equity method investment, ownership percentage | 72.70% | 69.30% | |
SILP General Partner | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 27.30% | 30.70% |
INVESTMENT IN RELATED PARTY I_4
INVESTMENT IN RELATED PARTY INVESTMENT FUND - Summarized Statements of Assets, Liabilities and Net Assets of SILP (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investments, at fair value | $ 258,890 | $ 178,197 |
Total assets | 1,735,307 | 1,580,381 |
Liabilities | ||
Accrued expenses and other liabilities | (11,795) | (6,397) |
Liabilities | (1,139,212) | (1,077,261) |
Solasglas Investment LP (SILP) | ||
Assets | ||
Investments, at fair value | 453,358 | 304,806 |
Derivative contracts, at fair value | 11,167 | 17,547 |
Due from brokers | 121,754 | 109,169 |
Interest and dividends receivable | 1,143 | 527 |
Total assets | 587,422 | 432,049 |
Liabilities | ||
Investments sold short, at fair value | (197,571) | (159,382) |
Derivative contracts, at fair value | (12,917) | (12,443) |
Due to brokers | (17,398) | (2,050) |
Capital withdrawals payable | (1,000) | (75) |
Interest and dividends payable | (2,315) | (760) |
Accrued expenses and other liabilities | (247) | (159) |
Liabilities | (231,448) | (174,869) |
Partners' capital | $ 355,974 | $ 257,180 |
INVESTMENT IN RELATED PARTY I_5
INVESTMENT IN RELATED PARTY INVESTMENT FUND - Summarized Income Statements of SILP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses | |||
Management fee | $ (7,954) | $ (9,674) | $ (5,502) |
Total expenses | (580,152) | (502,157) | (567,227) |
Net investment income | 37,367 | 14,139 | 32,065 |
Realized and change in unrealized gains (losses) | |||
Net gain (loss) on investment transactions | 1,738 | 9,858 | 33,770 |
Net increase in Partners' capital | 86,830 | 25,342 | 17,578 |
Income from investment in related party investment fund (net of related party expenses of $7,954, $9,674, and $5,502, respectively) | 28,696 | 54,844 | 18,087 |
Management fees | 4,766 | 3,580 | 3,492 |
Incentive Fee Adjustment | 3,188 | 6,094 | 2,010 |
Total | 7,954 | 9,674 | 5,502 |
Solasglas Investment LP (SILP) | |||
Realized and change in unrealized gains (losses) | |||
Income from investment in related party investment fund (net of related party expenses of $7,954, $9,674, and $5,502, respectively) | 28,696 | 54,844 | 18,087 |
Solasglas Investment LP (SILP) | |||
Investment income | |||
Dividend income (net of withholding taxes) | 1,869 | 1,586 | 641 |
Interest income | 9,211 | 2,390 | 228 |
Total Investment income | 11,080 | 3,976 | 869 |
Expenses | |||
Management fee | (4,766) | (3,580) | (3,492) |
Interest expense | (6,969) | (1,950) | (1,055) |
Dividends | (2,802) | (1,374) | (1,147) |
Professional fees and other | (1,750) | (988) | (1,221) |
Total expenses | (16,287) | (7,892) | (6,915) |
Net investment income | (5,207) | (3,916) | (6,046) |
Realized and change in unrealized gains (losses) | |||
Net realized gain (loss) | (1,394) | 75,172 | (3,420) |
Net change in unrealized appreciation | 55,279 | 11,886 | 35,482 |
Net gain (loss) on investment transactions | 53,885 | 87,058 | 32,062 |
Net increase in Partners' capital | $ 48,678 | $ 83,142 | $ 26,016 |
OTHER INVESTMENTS - Schedule of
OTHER INVESTMENTS - Schedule of Other Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | $ 30,969 | $ 30,633 |
Unrealized gains | 49,424 | 42,461 |
Unrealized losses | (7,236) | (2,815) |
Accrued interest | 136 | |
Fair value / carrying value | 73,293 | 70,279 |
Private investments and unlisted equities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 28,470 | 22,787 |
Unrealized gains | 49,424 | 42,461 |
Unrealized losses | (6,737) | (2,815) |
Accrued interest | 0 | |
Fair value / carrying value | 71,157 | 62,433 |
Debt and convertible debt securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 2,499 | 1,846 |
Unrealized gains | 0 | 0 |
Unrealized losses | (499) | 0 |
Accrued interest | 136 | |
Fair value / carrying value | 2,136 | 1,846 |
Certificates of deposit | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 0 | 6,000 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Accrued interest | 0 | |
Fair value / carrying value | $ 0 | $ 6,000 |
OTHER INVESTMENTS - Nonrecurrin
OTHER INVESTMENTS - Nonrecurring Fair Value Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Cumulative upward carrying value | $ 49,900 | ||
Cumulative downward carrying value | (7,100) | ||
Fair Value, Nonrecurring | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Fair value / carrying value | 71,157 | $ 62,433 | $ 47,049 |
Cumulative upward carrying value | 7,262 | 11,277 | 20,814 |
Cumulative downward carrying value | $ (5,003) | $ (1,073) | $ (500) |
OTHER INVESTMENTS - Net Investm
OTHER INVESTMENTS - Net Investment Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Gross realized gains | $ 7 | $ 0 | $ 14,210 |
Gross realized losses | (811) | 0 | 0 |
Gross realized losses | (804) | 0 | 14,210 |
Change in unrealized gains | 2,542 | 9,858 | 19,560 |
Net gain (loss) on investment transactions | $ 1,738 | $ 9,858 | $ 33,770 |
RESTRICTED CASH AND RESTRICTE_3
RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash and cash equivalents | $ 604,648 | $ 668,310 | ||
Cash and cash equivalents | 51,082 | 38,238 | ||
Total cash, cash equivalents, and restricted cash | 655,730 | 706,548 | $ 711,101 | $ 754,306 |
Cash securing trust accounts | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash and cash equivalents | 300,152 | 463,659 | ||
Cash securing letters of credit issued | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash and cash equivalents | 291,456 | 204,651 | ||
Cash securing Loan Facility | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash and cash equivalents | 10,000 | 0 | ||
Other | ||||
Cash and Cash Equivalents [Line Items] | ||||
Total restricted cash and cash equivalents | $ 3,040 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Other investments | $ 73,293 | $ 70,279 |
Unrealized loss on derivatives | (600) | 0 |
Private investments and unlisted equities | ||
Derivative [Line Items] | ||
Other investments | 9,900 | 8,900 |
Fair Value, Nonrecurring | ||
Derivative [Line Items] | ||
Other investments measured at fair value | $ 61,300 | $ 53,600 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value On a Nonrecurring Basis (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 61,289 |
Measurement period one | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 26,438 |
Measurement period two | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,361 |
Measurement period three | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 33,490 |
LOSS AND LOSS ADJUSTMENT EXPE_3
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Change in Outstanding Loss and Loss Adjustment Expense Reserve For Health Claims (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Insurance Loss Reserves [Abstract] | ||||
Case reserves | $ 189,050 | $ 184,756 | ||
IBNR | 472,504 | 370,712 | ||
Total gross liabilities for unpaid claims and claim adjustment expense | 661,554 | 555,468 | $ 524,010 | $ 494,179 |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross balance at January 1 | 555,468 | 524,010 | 494,179 | |
Less: Losses recoverable | (13,239) | (11,100) | $ (16,851) | |
Net balance at January 1 | 542,229 | 512,910 | 477,328 | |
Incurred losses related to: | ||||
Current year | 348,798 | 316,367 | 389,080 | |
Prior years | 11,206 | 118 | (14,100) | |
Total incurred | 360,004 | 316,485 | 374,980 | |
Paid losses related to: | ||||
Current year | (75,678) | (78,517) | (152,214) | |
Prior years | (198,613) | (198,897) | (185,549) | |
Total paid | (274,291) | (277,414) | (337,763) | |
Foreign currency revaluation | 7,926 | (9,752) | (1,635) | |
Net balance at December 31 | 635,867 | 542,229 | 512,910 | |
Add: Losses recoverable (see Note 8) | 25,687 | 13,239 | 11,100 | |
Gross balance at December 31 | $ 661,554 | $ 555,468 | $ 524,010 |
LOSS AND LOSS ADJUSTMENT EXPE_4
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 operating_segment | Dec. 31, 2023 USD ($) | Dec. 31, 2023 segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Prior years | $ 11,206 | $ 118 | $ (14,100) | ||
Number of operating segments | 1 | 1 | |||
Turkey Earthquake, New Zealand Cyclone Gabrielle, U.S. Convective Storms | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | 28,800 | ||||
CAT Development | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | 10,700 | 5,000 | |||
CAT Losses | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | 39,700 | ||||
Russian Ukrainian | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | 13,600 | ||||
Hurricane Ian | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | 19,500 | ||||
Reinsurance Policy, Type [Axis]: Adverse Loss | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | (23,300) | ||||
Reinsurance Policy, Type [Axis]: Favorable Loss | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | (28,600) | (21,800) | $ (37,400) | ||
Reinsurance Policy, Type [Axis]: Newly Reported Loss | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | $ 39,800 | ||||
Reinsurance Policy, Type [Axis]: Reserve Strengthening | |||||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||||
Liability for unpaid claims and claims adjustment expense, period increase (decrease) | $ 21,900 |
LOSS AND LOSS ADJUSTMENT EXPE_5
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Loss Development Tables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Claims Development [Line Items] | ||||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | $ 629,293 | |||||||||
Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 691,986 | |||||||||
Total IBNR plus expected development on reported claims | 247,715 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 444,271 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 213 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 247,929 | |||||||||
General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 102,933 | |||||||||
Total IBNR plus expected development on reported claims | 74,830 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 28,103 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 22 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 74,853 | |||||||||
Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,163,661 | |||||||||
Total IBNR plus expected development on reported claims | 22,620 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,141,041 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 3 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 22,622 | |||||||||
Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 259,179 | |||||||||
Total IBNR plus expected development on reported claims | 2,989 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 256,191 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | (16) | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 2,972 | |||||||||
Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 353,681 | |||||||||
Total IBNR plus expected development on reported claims | 48,775 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 304,906 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 139 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 48,914 | |||||||||
Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 85,485 | |||||||||
Total IBNR plus expected development on reported claims | 15,534 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 69,951 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 233 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 15,767 | |||||||||
Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 213,234 | |||||||||
Total IBNR plus expected development on reported claims | 55,792 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 157,442 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 0 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 55,792 | |||||||||
Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 106,928 | |||||||||
Total IBNR plus expected development on reported claims | 56,171 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 50,757 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 30 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 56,202 | |||||||||
Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 37,826 | |||||||||
Total IBNR plus expected development on reported claims | 27,150 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 10,676 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | 0 | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 27,150 | |||||||||
Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 455,529 | |||||||||
Total IBNR plus expected development on reported claims | 77,100 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 378,430 | |||||||||
All outstanding liabilities before 2014, net of reinsurance | (8) | |||||||||
Liabilities for claims and claims adjustment expenses, net of reinsurance (Workers' Compensation) | 77,092 | |||||||||
2014 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 3,092 | $ 3,256 | $ 3,010 | $ 2,653 | $ 2,586 | $ 2,625 | $ 2,609 | $ 2,390 | $ 2,390 | $ 2,390 |
Total IBNR plus expected development on reported claims | 281 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,811 | 2,546 | 2,281 | 1,995 | 1,413 | 1,092 | 566 | 145 | 0 | 0 |
2014 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,024 | 1,144 | 3,606 | 1,000 | 1,000 | 1,355 | 1,033 | 1,174 | 1,229 | 1,238 |
Total IBNR plus expected development on reported claims | 47 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 977 | 1,066 | 1,014 | 473 | 762 | 492 | 548 | 413 | 146 | 18 |
2014 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 94,156 | 94,230 | 94,226 | 94,230 | 94,192 | 94,147 | 94,131 | 94,688 | 92,844 | 93,718 |
Total IBNR plus expected development on reported claims | 3 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 94,153 | 94,153 | 94,153 | 94,150 | 94,151 | 94,105 | 94,046 | 89,348 | 86,297 | 49,994 |
2014 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 18,974 | 19,020 | 19,036 | 19,020 | 19,004 | 19,006 | 19,000 | 19,056 | 18,797 | 18,870 |
Total IBNR plus expected development on reported claims | 1 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 18,973 | 18,973 | 18,973 | 18,972 | 18,972 | 18,957 | 18,951 | 18,370 | 17,621 | 10,305 |
2014 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 46,757 | 46,931 | 46,953 | 46,996 | 47,029 | 46,873 | 47,084 | 46,844 | 45,152 | 41,738 |
Total IBNR plus expected development on reported claims | 86 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 46,671 | 46,669 | 46,633 | 46,617 | 46,519 | 46,299 | 45,209 | 43,639 | 40,172 | 20,230 |
2014 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 20,619 | 20,816 | 20,817 | 21,364 | 21,615 | 21,304 | 20,340 | 17,882 | 17,917 | 18,494 |
Total IBNR plus expected development on reported claims | 665 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 19,953 | 19,851 | 19,270 | 19,308 | 15,828 | 15,818 | 13,631 | 9,344 | 5,232 | 1,317 |
2014 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 160 | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
2014 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 2,344 | 1,959 | 1,668 | 2,228 | 2,063 | 1,096 | 506 | 580 | 503 | 500 |
Total IBNR plus expected development on reported claims | 65 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,279 | 2,216 | 1,896 | 2,483 | 2,279 | 1,210 | 587 | 429 | 347 | 90 |
2014 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 488 | 488 | 488 | 488 | 488 | 544 | 546 | 545 | 2,369 | 3,388 |
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 488 | 488 | 488 | 488 | 488 | 516 | 543 | 545 | 174 | 101 |
2014 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 29,394 | 29,394 | 29,590 | 29,398 | 29,407 | 29,475 | 29,722 | 30,164 | 30,844 | 33,755 |
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 29,393 | 29,393 | 29,397 | 29,397 | 29,406 | 29,446 | 29,452 | 29,532 | 28,919 | $ 19,329 |
2015 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 37,545 | 36,788 | 34,983 | 32,259 | 30,858 | 31,955 | 30,458 | 28,038 | 27,899 | |
Total IBNR plus expected development on reported claims | 5,091 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 32,454 | 30,086 | 27,318 | 24,685 | 18,973 | 16,023 | 9,925 | 2,810 | 28 | |
2015 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,862 | 1,866 | 2,294 | 2,190 | 2,152 | 1,979 | 1,756 | 1,690 | 1,699 | |
Total IBNR plus expected development on reported claims | 243 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,619 | 1,694 | 1,430 | 945 | 925 | 548 | 532 | 293 | 69 | |
2015 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 128,332 | 128,567 | 128,536 | 133,632 | 134,951 | 132,853 | 129,745 | 130,410 | 128,199 | |
Total IBNR plus expected development on reported claims | 6 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 128,326 | 128,309 | 128,280 | 128,121 | 129,454 | 129,351 | 129,174 | 125,645 | 81,093 | |
2015 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 22,653 | 22,712 | 22,901 | 23,246 | 23,396 | 23,263 | 23,005 | 22,516 | 22,035 | |
Total IBNR plus expected development on reported claims | 6 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 22,647 | 22,646 | 22,642 | 22,625 | 22,749 | 22,705 | 22,615 | 22,123 | 13,859 | |
2015 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 30,340 | 30,445 | 30,401 | 30,530 | 30,591 | 30,930 | 31,728 | 30,333 | 27,852 | |
Total IBNR plus expected development on reported claims | 116 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 30,224 | 30,221 | 30,129 | 30,107 | 30,004 | 29,798 | 28,830 | 25,442 | 12,939 | |
2015 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 21,234 | 22,158 | 21,296 | 21,468 | 22,167 | 21,973 | 20,614 | 18,105 | 18,115 | |
Total IBNR plus expected development on reported claims | 1,188 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 20,046 | 19,598 | 18,592 | 17,097 | 12,417 | 11,582 | 8,716 | 3,223 | 1,141 | |
2015 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 889 | 889 | 919 | 919 | 951 | 950 | 948 | 1,010 | 1,014 | |
Total IBNR plus expected development on reported claims | 14 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 875 | 870 | 851 | 832 | 777 | 688 | 564 | 251 | 28 | |
2015 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 2,889 | 3,035 | 3,034 | 3,087 | 3,121 | 3,010 | 3,025 | 2,206 | 1,947 | |
Total IBNR plus expected development on reported claims | 81 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,808 | 2,815 | 2,745 | 2,650 | 2,476 | 1,963 | 1,399 | 851 | 223 | |
2015 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 680 | 678 | 2,744 | 3,435 | 1,717 | |
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
2015 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 34,604 | 34,709 | 34,672 | 34,713 | 34,672 | 34,725 | 35,245 | 34,658 | 35,226 | |
Total IBNR plus expected development on reported claims | 26 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 34,579 | 34,568 | 34,546 | 34,540 | 34,514 | 34,536 | 34,655 | 32,338 | $ 14,778 | |
2016 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 74,235 | 70,360 | 67,494 | 62,085 | 59,626 | 60,583 | 59,877 | 55,631 | ||
Total IBNR plus expected development on reported claims | 13,074 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 61,161 | 56,096 | 48,843 | 42,535 | 32,822 | 26,948 | 16,493 | 5,844 | ||
2016 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 9,972 | 9,389 | 8,444 | 8,095 | 7,867 | 7,124 | 6,519 | 6,203 | ||
Total IBNR plus expected development on reported claims | 363 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 9,609 | 9,191 | 6,565 | 6,109 | 4,670 | 3,277 | 1,589 | 122 | ||
2016 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 180,047 | 180,045 | 180,003 | 180,118 | 183,801 | 174,037 | 169,789 | 166,389 | ||
Total IBNR plus expected development on reported claims | 366 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 179,681 | 179,631 | 179,540 | 179,033 | 182,800 | 170,658 | 157,948 | 97,325 | ||
2016 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 29,774 | 29,835 | 29,858 | 29,822 | 30,367 | 29,090 | 28,279 | 27,753 | ||
Total IBNR plus expected development on reported claims | 25 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 29,749 | 29,740 | 29,726 | 29,647 | 30,033 | 28,591 | 27,005 | 16,707 | ||
2016 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 23,052 | 23,047 | 22,992 | 23,173 | 23,441 | 23,970 | 26,093 | 25,618 | ||
Total IBNR plus expected development on reported claims | 221 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 22,831 | 22,772 | 22,681 | 22,348 | 22,000 | 21,015 | 18,179 | 9,938 | ||
2016 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 18,267 | 17,808 | 16,981 | 16,522 | 16,715 | 17,118 | 16,765 | 13,624 | ||
Total IBNR plus expected development on reported claims | 3,806 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 14,461 | 13,550 | 11,513 | 10,412 | 7,744 | 4,814 | 2,139 | 334 | ||
2016 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 3,645 | 3,646 | 3,716 | 3,778 | 3,975 | 4,266 | 4,275 | 4,342 | ||
Total IBNR plus expected development on reported claims | 63 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 3,583 | 3,565 | 3,521 | 3,459 | 3,274 | 2,782 | 1,920 | 613 | ||
2016 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 6,613 | 6,676 | 6,694 | 7,470 | 7,470 | 6,289 | 6,670 | 4,820 | ||
Total IBNR plus expected development on reported claims | 155 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 6,458 | 6,422 | 6,294 | 6,278 | 6,339 | 4,727 | 2,426 | 1,193 | ||
2016 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 169 | 1,711 | 1,711 | ||
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
2016 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 42,802 | 42,858 | 42,845 | 42,979 | 43,010 | 42,934 | 42,903 | 39,571 | ||
Total IBNR plus expected development on reported claims | 221 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 42,581 | 42,527 | 42,404 | 42,352 | 42,200 | 42,170 | 40,667 | $ 22,160 | ||
2017 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 96,168 | 91,342 | 89,340 | 84,836 | 83,008 | 79,246 | 83,105 | |||
Total IBNR plus expected development on reported claims | 17,367 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 78,801 | 71,551 | 63,733 | 53,819 | 39,438 | 27,250 | 9,534 | |||
2017 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 9,971 | 7,538 | 9,954 | 8,447 | 7,377 | 6,523 | 5,429 | |||
Total IBNR plus expected development on reported claims | 2,488 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 7,483 | 7,402 | 5,705 | 4,383 | 2,823 | 1,412 | 136 | |||
2017 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 188,459 | 188,207 | 188,718 | 191,064 | 199,258 | 188,754 | 187,029 | |||
Total IBNR plus expected development on reported claims | 432 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 188,027 | 187,270 | 187,047 | 186,105 | 188,225 | 170,157 | 115,204 | |||
2017 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 39,228 | 39,334 | 39,643 | 39,720 | 41,394 | 39,621 | 39,436 | |||
Total IBNR plus expected development on reported claims | 83 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 39,146 | 39,132 | 39,115 | 38,971 | 39,711 | 37,058 | 23,091 | |||
2017 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 65,814 | 67,063 | 67,696 | 67,894 | 67,449 | 76,644 | 81,413 | |||
Total IBNR plus expected development on reported claims | 28 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 65,786 | 65,404 | 65,293 | 64,125 | 62,893 | 55,549 | 43,272 | |||
2017 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 12,360 | 11,207 | 10,334 | 9,950 | 9,728 | 9,906 | 10,219 | |||
Total IBNR plus expected development on reported claims | 2,894 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 9,467 | 8,335 | 5,813 | 4,843 | 3,077 | 1,429 | 225 | |||
2017 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 8,954 | 8,980 | 8,758 | 9,062 | 9,602 | 10,345 | 10,881 | |||
Total IBNR plus expected development on reported claims | 287 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 8,667 | 8,552 | 8,380 | 8,004 | 7,399 | 5,356 | 2,028 | |||
2017 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 6,139 | 6,068 | 6,789 | 8,339 | 6,277 | 5,865 | 9,006 | |||
Total IBNR plus expected development on reported claims | 58 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 6,081 | 5,994 | 5,684 | 5,585 | 4,604 | 2,894 | 187 | |||
2017 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
2017 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 48,627 | 48,655 | 48,706 | 48,715 | 48,412 | 48,351 | 46,913 | |||
Total IBNR plus expected development on reported claims | 294 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 48,333 | 48,282 | 48,091 | 48,005 | 47,869 | 45,145 | $ 24,130 | |||
2018 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 56,691 | 54,389 | 53,917 | 53,662 | 50,706 | 58,528 | ||||
Total IBNR plus expected development on reported claims | 7,865 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 48,826 | 43,387 | 38,762 | 32,116 | 20,619 | 8,106 | ||||
2018 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,861 | 4,120 | 4,602 | 3,938 | 3,429 | 2,891 | ||||
Total IBNR plus expected development on reported claims | 1,681 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 3,180 | 2,691 | 2,800 | 2,285 | 1,286 | 165 | ||||
2018 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 142,954 | 147,369 | 148,830 | 149,467 | 162,016 | 150,700 | ||||
Total IBNR plus expected development on reported claims | 1,040 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 141,915 | 141,918 | 141,764 | 141,593 | 143,267 | 83,652 | ||||
2018 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 40,447 | 40,753 | 41,122 | 43,266 | 45,209 | 42,336 | ||||
Total IBNR plus expected development on reported claims | 114 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 40,333 | 40,323 | 40,246 | 40,086 | 40,118 | 23,576 | ||||
2018 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 22,813 | 23,283 | 23,847 | 24,548 | 29,795 | 27,920 | ||||
Total IBNR plus expected development on reported claims | 2,318 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 20,495 | 19,899 | 18,883 | 18,164 | 15,424 | 5,191 | ||||
2018 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 6,744 | 6,176 | 5,181 | 4,584 | 4,464 | 4,477 | ||||
Total IBNR plus expected development on reported claims | 1,520 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 5,224 | 4,580 | 3,234 | 1,982 | 1,140 | 241 | ||||
2018 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 12,863 | 12,921 | 12,554 | 13,048 | 13,494 | 13,604 | ||||
Total IBNR plus expected development on reported claims | 533 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 12,330 | 12,114 | 11,811 | 10,778 | 8,321 | 4,213 | ||||
2018 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,605 | 4,775 | 4,838 | 6,646 | 4,429 | 4,069 | ||||
Total IBNR plus expected development on reported claims | 351 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 4,253 | 4,207 | 3,807 | 3,655 | 3,931 | 671 | ||||
2018 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 180 | 180 | 180 | 361 | 374 | 381 | ||||
Total IBNR plus expected development on reported claims | 0 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 180 | 180 | 180 | 180 | 180 | 0 | ||||
2018 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 63,126 | 62,628 | 62,714 | 62,984 | 63,363 | 58,858 | ||||
Total IBNR plus expected development on reported claims | 585 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 62,541 | 62,085 | 61,997 | 61,714 | 60,488 | $ 35,161 | ||||
2019 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 48,622 | 46,976 | 48,342 | 49,131 | 45,764 | |||||
Total IBNR plus expected development on reported claims | 8,068 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 40,554 | 36,884 | 30,238 | 23,326 | 10,996 | |||||
2019 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 819 | 650 | 1,033 | 986 | 1,001 | |||||
Total IBNR plus expected development on reported claims | 480 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 339 | 288 | 306 | 227 | 26 | |||||
2019 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 188,497 | 190,477 | 189,971 | 193,243 | 168,124 | |||||
Total IBNR plus expected development on reported claims | 1,120 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 187,377 | 186,678 | 184,519 | 170,332 | 99,043 | |||||
2019 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 48,276 | 48,782 | 49,140 | 48,007 | 43,099 | |||||
Total IBNR plus expected development on reported claims | 227 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 48,049 | 47,881 | 47,346 | 43,672 | 25,103 | |||||
2019 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 12,489 | 12,250 | 14,052 | 14,639 | 22,143 | |||||
Total IBNR plus expected development on reported claims | 1,570 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 10,919 | 9,857 | 8,369 | 6,969 | 4,051 | |||||
2019 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 922 | 922 | 762 | 611 | 586 | |||||
Total IBNR plus expected development on reported claims | 209 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 713 | 658 | 544 | 266 | 145 | |||||
2019 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 25,300 | 23,956 | 22,613 | 23,311 | 22,927 | |||||
Total IBNR plus expected development on reported claims | 3,295 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 22,006 | 20,148 | 17,655 | 13,600 | 5,473 | |||||
2019 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 8,243 | 8,526 | 10,514 | 12,321 | 7,743 | |||||
Total IBNR plus expected development on reported claims | 1,972 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 6,271 | 6,129 | 4,765 | 4,013 | 2,949 | |||||
2019 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 93 | 93 | 12 | 234 | 360 | |||||
Total IBNR plus expected development on reported claims | 38 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 56 | 56 | 12 | 12 | 0 | |||||
2019 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 41,870 | 42,637 | 42,688 | 43,803 | 43,395 | |||||
Total IBNR plus expected development on reported claims | 288 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 41,582 | 40,624 | 40,058 | 38,466 | $ 19,844 | |||||
2020 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 45,443 | 46,986 | 52,573 | 53,520 | ||||||
Total IBNR plus expected development on reported claims | 5,077 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 40,366 | 34,935 | 24,209 | 12,421 | ||||||
2020 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,544 | 1,633 | 1,776 | 1,814 | ||||||
Total IBNR plus expected development on reported claims | 1,014 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 530 | 126 | 71 | 71 | ||||||
2020 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 97,118 | 99,091 | 97,356 | 98,242 | ||||||
Total IBNR plus expected development on reported claims | 3,147 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 93,971 | 92,252 | 87,179 | 42,778 | ||||||
2020 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 23,891 | 24,310 | 23,837 | 23,785 | ||||||
Total IBNR plus expected development on reported claims | 485 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 23,406 | 22,764 | 21,684 | 10,880 | ||||||
2020 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 21,724 | 21,978 | 25,633 | 29,591 | ||||||
Total IBNR plus expected development on reported claims | 4,441 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 17,283 | 15,349 | 11,496 | 6,118 | ||||||
2020 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 62 | 62 | 62 | 66 | ||||||
Total IBNR plus expected development on reported claims | 62 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | 0 | ||||||
2020 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 47,359 | 43,633 | 40,826 | 44,845 | ||||||
Total IBNR plus expected development on reported claims | 9,757 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 37,601 | 32,108 | 23,463 | 11,288 | ||||||
2020 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 17,475 | 17,623 | 19,833 | 18,655 | ||||||
Total IBNR plus expected development on reported claims | 6,616 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 10,860 | 9,129 | 5,021 | 2,709 | ||||||
2020 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 846 | 1,456 | 1,041 | 1,882 | ||||||
Total IBNR plus expected development on reported claims | 305 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 541 | 477 | 96 | 1 | ||||||
2020 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 55,300 | 57,044 | 53,565 | 59,653 | ||||||
Total IBNR plus expected development on reported claims | 3,103 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 52,197 | 51,111 | 48,917 | $ 23,936 | ||||||
2021 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 78,332 | 77,969 | 80,697 | |||||||
Total IBNR plus expected development on reported claims | 20,877 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 57,454 | 33,315 | 13,674 | |||||||
2021 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 11,417 | 12,059 | 5,152 | |||||||
Total IBNR plus expected development on reported claims | 10,852 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 565 | 102 | ||||||||
2021 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 101,415 | 104,647 | 102,390 | |||||||
Total IBNR plus expected development on reported claims | 4,481 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 96,934 | 90,786 | 56,700 | |||||||
2021 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 28,651 | 28,845 | 25,743 | |||||||
Total IBNR plus expected development on reported claims | 828 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 27,823 | 26,605 | 14,955 | |||||||
2021 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 21,721 | 27,177 | 26,977 | |||||||
Total IBNR plus expected development on reported claims | 5,759 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 15,963 | 13,256 | 4,968 | |||||||
2021 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 150 | 165 | 158 | |||||||
Total IBNR plus expected development on reported claims | 150 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | 0 | |||||||
2021 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 68,073 | 63,398 | 64,679 | |||||||
Total IBNR plus expected development on reported claims | 14,223 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 53,850 | 42,854 | 23,210 | |||||||
2021 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 14,313 | 16,401 | 17,704 | |||||||
Total IBNR plus expected development on reported claims | 9,180 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 5,133 | 2,196 | 500 | |||||||
2021 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,301 | 5,001 | 5,612 | |||||||
Total IBNR plus expected development on reported claims | 2,252 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,049 | 397 | 158 | |||||||
2021 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 60,302 | 60,443 | 62,533 | |||||||
Total IBNR plus expected development on reported claims | 7,389 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 52,913 | 51,208 | $ 37,578 | |||||||
2022 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 129,612 | 126,496 | ||||||||
Total IBNR plus expected development on reported claims | 74,363 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 55,248 | 19,216 | ||||||||
2022 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 12,741 | 16,280 | ||||||||
Total IBNR plus expected development on reported claims | 10,701 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,039 | 408 | ||||||||
2022 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 33,898 | 21,979 | ||||||||
Total IBNR plus expected development on reported claims | 5,524 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 28,374 | 20,522 | ||||||||
2022 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 5,822 | 3,731 | ||||||||
Total IBNR plus expected development on reported claims | 265 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 5,557 | 3,087 | ||||||||
2022 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 48,528 | 41,296 | ||||||||
Total IBNR plus expected development on reported claims | 7,655 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 40,873 | 19,199 | ||||||||
2022 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 604 | 472 | ||||||||
Total IBNR plus expected development on reported claims | 603 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 0 | 0 | ||||||||
2022 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 33,279 | 33,284 | ||||||||
Total IBNR plus expected development on reported claims | 16,687 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 16,592 | 9,066 | ||||||||
2022 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 22,189 | 23,985 | ||||||||
Total IBNR plus expected development on reported claims | 17,637 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 4,552 | 820 | ||||||||
2022 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 11,024 | 15,658 | ||||||||
Total IBNR plus expected development on reported claims | 6,749 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 4,274 | 691 | ||||||||
2022 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 32,776 | 37,193 | ||||||||
Total IBNR plus expected development on reported claims | 21,958 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 10,818 | $ 5,617 | ||||||||
2023 | Multiline | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 122,247 | |||||||||
Total IBNR plus expected development on reported claims | 95,652 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 26,595 | |||||||||
2023 | General Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 48,721 | |||||||||
Total IBNR plus expected development on reported claims | 46,961 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,760 | |||||||||
2023 | Motor Casualty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 8,786 | |||||||||
Total IBNR plus expected development on reported claims | 6,502 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,284 | |||||||||
2023 | Motor Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 1,463 | |||||||||
Total IBNR plus expected development on reported claims | 954 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 508 | |||||||||
2023 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 60,443 | |||||||||
Total IBNR plus expected development on reported claims | 26,581 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 33,862 | |||||||||
2023 | Professional Liability | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 4,524 | |||||||||
Total IBNR plus expected development on reported claims | 4,437 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 88 | |||||||||
2023 | Workers' Compensation | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 12,872 | |||||||||
Total IBNR plus expected development on reported claims | 10,934 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 1,938 | |||||||||
2023 | Financial Lines | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 22,119 | |||||||||
Total IBNR plus expected development on reported claims | 20,057 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 2,062 | |||||||||
2023 | Marine | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 20,894 | |||||||||
Total IBNR plus expected development on reported claims | 17,806 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | 3,088 | |||||||||
2023 | Other | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and allocated claim adjustment expenses, net of reinsurance | 46,729 | |||||||||
Total IBNR plus expected development on reported claims | 43,236 | |||||||||
Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance | $ 3,493 |
LOSS AND LOSS ADJUSTMENT EXPE_6
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Reconciliation of the Net Incurred and Paid Claims Development (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Claims Development [Line Items] | ||||
Net outstanding liabilities | $ 629,293 | |||
Add: Reinsurance recoverable on unpaid claims | 25,687 | $ 13,239 | $ 11,100 | |
Add: Unallocated claims adjustment expenses | 6,087 | |||
Add: Allowance for credit losses | 487 | 62 | ||
Total gross liabilities for unpaid claims and claim adjustment expense | 661,554 | $ 555,468 | $ 524,010 | $ 494,179 |
Multiline | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 247,929 | |||
General Liability | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 74,853 | |||
Motor Casualty | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 22,622 | |||
Motor Property | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 2,972 | |||
Property | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 48,914 | |||
Professional Liability | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 15,767 | |||
Workers' Compensation | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 55,792 | |||
Financial Lines | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 56,202 | |||
Marine | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | 27,150 | |||
Other | ||||
Claims Development [Line Items] | ||||
Net outstanding liabilities | $ 77,092 |
LOSS AND LOSS ADJUSTMENT EXPE_7
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Historical Annual Percentage Payout of Net Incurred Claims (Details) | Dec. 31, 2023 |
Multiline | |
Claims Development [Line Items] | |
Year 1 | 11.20% |
Year 2 | 17.30% |
Year 3 | 16% |
Year 4 | 11.60% |
Year 5 | 9.80% |
Year 6 | 9.90% |
Year 7 | 9.20% |
Year 8 | 8.10% |
Year 9 | 4.70% |
Year 10 | 2.20% |
General Liability | |
Claims Development [Line Items] | |
Year 1 | 4.70% |
Year 2 | 13.60% |
Year 3 | 13.10% |
Year 4 | 12.50% |
Year 5 | 18.20% |
Year 6 | 27.50% |
Year 7 | 6.90% |
Year 8 | 3% |
Year 9 | 0.40% |
Year 10 | 0.10% |
Motor Casualty | |
Claims Development [Line Items] | |
Year 1 | 49.50% |
Year 2 | 35.80% |
Year 3 | 7.70% |
Year 4 | 3.60% |
Year 5 | 1.50% |
Year 6 | 0.90% |
Year 7 | 0.80% |
Year 8 | 0.20% |
Year 9 | 0% |
Year 10 | 0% |
Motor Property | |
Claims Development [Line Items] | |
Year 1 | 53.30% |
Year 2 | 40.80% |
Year 3 | 4.90% |
Year 4 | 1% |
Year 5 | 0% |
Year 6 | 0% |
Year 7 | 0% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Property | |
Claims Development [Line Items] | |
Year 1 | 49% |
Year 2 | 34.40% |
Year 3 | 8.20% |
Year 4 | 3.20% |
Year 5 | 2.70% |
Year 6 | 0.90% |
Year 7 | 1% |
Year 8 | 0.50% |
Year 9 | 0.10% |
Year 10 | 0% |
Professional Liability | |
Claims Development [Line Items] | |
Year 1 | 2.70% |
Year 2 | 9.80% |
Year 3 | 14.30% |
Year 4 | 12.70% |
Year 5 | 8.70% |
Year 6 | 7.30% |
Year 7 | 5.60% |
Year 8 | 2.30% |
Year 9 | 2.60% |
Year 10 | 34% |
Workers' Compensation | |
Claims Development [Line Items] | |
Year 1 | 30.90% |
Year 2 | 35.20% |
Year 3 | 20.40% |
Year 4 | 9.20% |
Year 5 | 3% |
Year 6 | 0.90% |
Year 7 | 0.20% |
Year 8 | 0.20% |
Year 9 | 0% |
Year 10 | 0% |
Financial Lines | |
Claims Development [Line Items] | |
Year 1 | 18.50% |
Year 2 | 33.80% |
Year 3 | 23.60% |
Year 4 | 12% |
Year 5 | 4.10% |
Year 6 | 3.70% |
Year 7 | 1.70% |
Year 8 | 1.50% |
Year 9 | 1.10% |
Year 10 | 0% |
Marine | |
Claims Development [Line Items] | |
Year 1 | 4.30% |
Year 2 | 25.20% |
Year 3 | 40% |
Year 4 | 2.30% |
Year 5 | 11.30% |
Year 6 | 1.70% |
Year 7 | 15.20% |
Year 8 | 0% |
Year 9 | 0% |
Year 10 | 0% |
Other | |
Claims Development [Line Items] | |
Year 1 | 19.70% |
Year 2 | 27.20% |
Year 3 | 7.70% |
Year 4 | 9.30% |
Year 5 | 7.70% |
Year 6 | 7.10% |
Year 7 | 7.10% |
Year 8 | 6.90% |
Year 9 | 7.30% |
Year 10 | 0% |
RETROCESSION - Ceded Reinsuranc
RETROCESSION - Ceded Reinsurance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reinsurance Disclosures [Abstract] | |||
Gross ceded premiums | $ 42,762 | $ 33,429 | $ 41 |
Earned ceded premiums | 43,653 | 15,318 | 0 |
Loss and loss adjustment expenses ceded | $ 25,554 | $ 6,615 | $ (12) |
RETROCESSION - Breakdown of Los
RETROCESSION - Breakdown of Losses Recoverable on a Gross and Net of Collateral Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Ceded Credit Risk [Line Items] | ||||
Provision for credit losses | $ (854) | $ (356) | ||
Total loss and loss adjustment expenses recoverable, net | 13,239 | $ 11,100 | $ 16,851 | |
Retrocession Portfolio | ||||
Ceded Credit Risk [Line Items] | ||||
Total before provision | 26,174 | 13,301 | ||
Provision for credit losses | (487) | (62) | ||
Total loss and loss adjustment expenses recoverable, net | 25,687 | 13,239 | ||
Net of Collateral | 11,199 | 4,078 | ||
A- or better by A.M. Best | Retrocession Portfolio | ||||
Ceded Credit Risk [Line Items] | ||||
Total before provision | 8,767 | 3,797 | ||
Net of Collateral | 8,767 | 3,792 | ||
Not rated | Retrocession Portfolio | ||||
Ceded Credit Risk [Line Items] | ||||
Total before provision | 17,407 | 9,504 | ||
Net of Collateral | $ 2,432 | $ 286 |
RETROCESSION - Narrative (Detai
RETROCESSION - Narrative (Details) - Reinsurance Concentration Risk - Total Loss and Loss Adjustment Expense Recoverability - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Three Reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Loss and loss adjustment expenses ceded | $ 20.4 | |
Four Reinsurers | ||
Ceded Credit Risk [Line Items] | ||
Loss and loss adjustment expenses ceded | $ 11.1 |
DEBT AND CREDIT FACILITIES (Det
DEBT AND CREDIT FACILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total principal amount | $ 74,062 | $ 79,610 |
Accrued interest payable | 0 | 1,331 |
Less: deferred financing costs | (781) | (407) |
Total | 73,281 | 80,534 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total principal amount | 74,062 | 0 |
Senior Convertible Notes | ||
Debt Instrument [Line Items] | ||
Total principal amount | $ 0 | $ 79,610 |
DEBT AND CREDIT FACILITIES - Na
DEBT AND CREDIT FACILITIES - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Jun. 16, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 21, 2023 | Aug. 07, 2018 | |
Debt Instrument [Line Items] | ||||||
Total principal amount | $ 74,062,000 | $ 79,610,000 | ||||
Repayment of term loans | 947,000 | 0 | $ 0 | |||
Gain (loss) on debt repurchase | 0 | 343,000 | 0 | |||
Capacity | $ 489,000,000 | |||||
Citibank Europe plc ("Citi LOC") | ||||||
Debt Instrument [Line Items] | ||||||
Termination period | 120 days | |||||
CIBC Bank USA ("CIBC LOC") | ||||||
Debt Instrument [Line Items] | ||||||
Capacity | $ 200,000,000 | |||||
Automatic extension period | 1 year | |||||
Line of credit facility, expiration period | 1 year | |||||
Senior Unsecured Convertible Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of lines of credit | $ 63,400,000 | |||||
Total principal amount | $ 100,000,000 | |||||
Debt interest rate (in percent) | 4% | |||||
Debt conversion price (in dollars per share) | $ 17.19 | |||||
Repayment of term loans | $ 17,500,000 | 20,400,000 | ||||
Gain (loss) on debt repurchase | 300,000 | 300,000 | ||||
Issuance costs | $ 900,000 | |||||
Recognized interest expense | 5,300,000 | $ 4,200,000 | $ 6,300,000 | |||
Term Loan | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of lines of credit | $ 900,000 | |||||
New Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from lines of credit | $ 75,000,000 | |||||
Debt instrument, amortization rate, percentage | 5% | |||||
Line of credit facility, collateral fees, amount | $ 10,000,000 | |||||
Debt, weighted average interest rate | 8.90% | |||||
New Term Loan Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||
Financial Standby Letter of Credit | Citibank Europe plc ("Citi LOC") | ||||||
Debt Instrument [Line Items] | ||||||
Capacity | $ 289,000,000 | |||||
Financial Standby Letter of Credit | CIBC Bank USA ("CIBC LOC") | ||||||
Debt Instrument [Line Items] | ||||||
Capacity | $ 200,000,000 | $ 30,000,000 | ||||
Financial Standby Letter of Credit | Base Rate | CIBC Bank USA ("CIBC LOC") | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate (in percent) | 2.50% |
DEBT AND CREDIT FACILITIES - Le
DEBT AND CREDIT FACILITIES - Letter of Credit (“LOC”) Facilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 21, 2023 |
Line of Credit Facility [Line Items] | ||
Capacity | $ 489,000,000 | |
CIBC Bank USA ("CIBC LOC") | ||
Line of Credit Facility [Line Items] | ||
Capacity | $ 200,000,000 | |
Financial Standby Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
LOCs issued | 290,659,000 | |
Financial Standby Letter of Credit | Citibank Europe plc ("Citi LOC") | ||
Line of Credit Facility [Line Items] | ||
Capacity | 289,000,000 | |
LOCs issued | 276,756,000 | |
Uncommitted capacity | 14,000,000 | |
Financial Standby Letter of Credit | CIBC Bank USA ("CIBC LOC") | ||
Line of Credit Facility [Line Items] | ||
Capacity | 200,000,000 | $ 30,000,000 |
LOCs issued | $ 13,903,000 |
SHARE CAPITAL - Voting Ordinary
SHARE CAPITAL - Voting Ordinary Shares Issued and Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Common Stock [Roll Forward] | |||
Balance – beginning of year (in shares) | 0 | ||
Issue of ordinary shares, net of forfeitures (in shares) | 64,719 | ||
Repurchase of ordinary shares (in shares) | 0 | ||
Re-designate Class B to Class A shares (in shares) | 0 | ||
Reclassify Class A to Ordinary shares (in shares) | 35,272,013 | ||
Balance – end of year (in shares) | 35,336,732 | 0 | |
Class A | |||
Increase (Decrease) in Common Stock [Roll Forward] | |||
Balance – beginning of year (in shares) | 28,569,346 | 27,589,731 | 28,260,075 |
Issue of ordinary shares, net of forfeitures (in shares) | 447,952 | 984,548 | 409,200 |
Repurchase of ordinary shares (in shares) | 0 | (4,933) | (1,079,544) |
Re-designate Class B to Class A shares (in shares) | 6,254,715 | 0 | 0 |
Reclassify Class A to Ordinary shares (in shares) | (35,272,013) | 0 | 0 |
Balance – end of year (in shares) | 0 | 28,569,346 | 27,589,731 |
Class B | |||
Increase (Decrease) in Common Stock [Roll Forward] | |||
Balance – beginning of year (in shares) | 6,254,715 | 6,254,715 | 6,254,715 |
Issue of ordinary shares, net of forfeitures (in shares) | 0 | 0 | 0 |
Repurchase of ordinary shares (in shares) | 0 | 0 | 0 |
Re-designate Class B to Class A shares (in shares) | (6,254,715) | 0 | 0 |
Reclassify Class A to Ordinary shares (in shares) | 0 | 0 | 0 |
Balance – end of year (in shares) | 0 | 6,254,715 | 6,254,715 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 02, 2023 | |
Class of Stock [Line Items] | ||||
Ordinary share capital authorized (in shares) | 125,000,000 | |||
Ordinary share capital, par value (in dollars per share) | $ 0.10 | |||
Aggregate principal amount of securities | $ 200 | |||
Stock repurchase program, authorized amount | $ 25 | |||
Repurchased of ordinary shares (in shares) | 0 | |||
Preferred share capital authorized (in shares) | 50,000,000 | |||
Preferred share capital, par value (in dollars per share) | $ 0.10 | $ 0.10 | ||
Class A | ||||
Class of Stock [Line Items] | ||||
Ordinary share capital, par value (in dollars per share) | $ 0.10 | |||
Repurchased of ordinary shares (in shares) | 0 | 4,933 | 1,079,544 | |
Average repurchase price per share (in dollars per share) | $ 7.04 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future issuance (in shares) | 3,296,771 | 2,011,426 | ||
Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 2,000,000 | |||
General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 6.1 | $ 4.7 | $ 3.2 | |
Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 1.5 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting period after date of issuance | 3 years | |||
Vesting percentage | 50% | |||
Unrecognized compensation costs related to non-vested awards | $ 3 | $ 3.3 | ||
Weighted average period for recognition | 1 year 4 months 24 days | 1 year 4 months 24 days | ||
Total fair value of awards vested | $ 5.2 | $ 2.5 | ||
Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25% | |||
Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100% | |||
Restricted Stock | Non-Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares issued pursuant to stock incentive plan (in shares) | 65,394 | 107,763 | ||
Restricted Stock | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting period after date of issuance | 5 years | |||
Performance Restricted Shares | Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested awards outstanding (in shares) | 162,489 | |||
Unvested weighted average grant date fair value (in dollars per share) | $ 9 | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting period after date of issuance | 3 years | 3 years | ||
Weighted average period for recognition | 1 year 6 months | 1 year 7 months 6 days | ||
Total compensation cost related to non-vested options not yet recognized | $ 0.4 | $ 0.6 | ||
Performance Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 71,121 | 105,008 | ||
Cliff vesting period after date of issuance | 3 years | |||
Vesting percentage | 50% | |||
Unvested awards outstanding (in shares) | 154,445 | 105,008 | 0 | |
Unvested weighted average grant date fair value (in dollars per share) | $ 8.03 | $ 6.82 | $ 0 | |
Performance Restricted Stock Units [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25% | |||
Performance Restricted Stock Units [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100% | |||
Anti-dilutive stock options outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options vested (in shares) | 80,000 | |||
Anti-dilutive stock options outstanding | Former Chief Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options vested (in shares) | 80,000 | |||
Weighted average grant date fair value of options vested (in dollars per share) | $ 9.60 | $ 9.60 | ||
Service Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 242,957 | 356,422 | ||
Unvested awards outstanding (in shares) | 419,604 | 832,896 | 753,407 | |
Unvested weighted average grant date fair value (in dollars per share) | $ 9.18 | $ 7.76 | $ 8.68 | |
Service Restricted Stock [Member] | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted (in shares) | 177,563 | 248,659 |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Performance Restricted Stock [Member] | ||
Number of non-vested shares | ||
Balance at beginning (in shares) | 794,362 | 193,149 |
Granted (in shares) | 357,766 | 601,213 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | (109,440) | 0 |
Balance at end (in shares) | 1,042,688 | 794,362 |
Weighted average grant date fair value | ||
Balance at beginning (in dollars per share) | $ 7.62 | $ 10.10 |
Granted (in dollars per share) | 10.84 | 6.82 |
Vested (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 9.37 | 0 |
Balance at end (in dollars per share) | $ 9.94 | $ 7.62 |
Service Restricted Stock [Member] | ||
Number of non-vested shares | ||
Balance at beginning (in shares) | 832,896 | 753,407 |
Granted (in shares) | 242,957 | 356,422 |
Vested (in shares) | (599,942) | (268,457) |
Forfeited (in shares) | (56,307) | (8,476) |
Balance at end (in shares) | 419,604 | 832,896 |
Weighted average grant date fair value | ||
Balance at beginning (in dollars per share) | $ 7.76 | $ 8.68 |
Granted (in dollars per share) | 10.58 | 7.02 |
Vested (in dollars per share) | 8.74 | 9.38 |
Forfeited (in dollars per share) | 8.44 | 7.67 |
Balance at end (in dollars per share) | $ 9.18 | $ 7.76 |
SHARE-BASED COMPENSATION - Re_2
SHARE-BASED COMPENSATION - Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Performance Restricted Stock Units [Member] | ||
Number of non-vested shares | ||
Balance at beginning (in shares) | 105,008 | 0 |
Granted (in shares) | 71,121 | 105,008 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | (21,684) | 0 |
Balance at end (in shares) | 154,445 | 105,008 |
Weighted average grant date fair value | ||
Balance at beginning (in dollars per share) | $ 6.82 | $ 0 |
Granted (in dollars per share) | 9.85 | 6.82 |
Vested (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 8.15 | 0 |
Balance at end (in dollars per share) | $ 8.03 | $ 6.82 |
Service Restricted Stock Units [Member] | ||
Number of non-vested shares | ||
Balance at beginning (in shares) | 172,952 | 154,134 |
Granted (in shares) | 42,811 | 54,207 |
Vested (in shares) | (77,695) | (35,389) |
Forfeited (in shares) | (27,643) | 0 |
Balance at end (in shares) | 110,425 | 172,952 |
Weighted average grant date fair value | ||
Balance at beginning (in dollars per share) | $ 7.58 | $ 8.59 |
Granted (in dollars per share) | 9.85 | 6.82 |
Vested (in dollars per share) | 6.74 | 10.84 |
Forfeited (in dollars per share) | 8.62 | 0 |
Balance at end (in dollars per share) | $ 8.78 | $ 7.58 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share Based Compensation Options Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average grant date fair value | |||
Intrinsic value | $ 0 | $ 0 | |
Stock Purchase Options | |||
Number of options outstanding | |||
Balance at beginning of period (in shares) | 690,337 | 735,627 | |
Expired (in shares) | (38,197) | (45,290) | |
Balance at end of period (in shares) | 652,140 | 690,337 | 735,627 |
Weighted average exercise price | |||
Balance at beginning of period (in dollars per share) | $ 22.25 | $ 22.35 | |
Expired (in dollars per share) | 26.44 | 23.80 | |
Balance at end of period (in dollars per share) | 22.01 | 22.25 | $ 22.35 |
Weighted average grant date fair value | |||
Balance at beginning of period (in dollars per share) | 10.18 | 10.23 | |
Expired (in dollars per share) | 13.09 | 11.04 | |
Balance at end of period (in dollars per share) | $ 10.01 | $ 10.18 | $ 10.23 |
Intrinsic value | $ 0 | ||
Weighted average remaining contractual term (in years) | 3 years 2 months 12 days | 4 years | 4 years 8 months 12 days |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Options Exercisable (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of options exercisable (in shares) | 652,140 | 610,337 | 575,627 |
Weighted-average exercise price (in dollars per share) | $ 22.01 | $ 22.39 | $ 22.67 |
Weighted-average remaining contractual term | 3 years 2 months 12 days | 3 years 10 months 24 days | 4 years 6 months |
Intrinsic value | $ 0 | $ 0 | $ 0 |
EARNINGS PER SHARE - Net Income
EARNINGS PER SHARE - Net Income (Loss) and Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator for earnings per share | |||
Net income - basic | $ 86,830 | $ 25,342 | $ 17,578 |
Add: interest on convertible notes | 0 | 4,201 | 0 |
Less: gain on debt repurchases | 0 | (343) | 0 |
Net income - diluted | $ 86,830 | $ 29,200 | $ 17,578 |
Denominator for earnings per share | |||
Weighted average shares outstanding - basic (in shares) | 34,067,974 | 33,908,156 | 34,204,364 |
Effect of dilutive employee and director share-based awards (in shares) | 729,885 | 368,096 | 146,652 |
Shares potentially issuable in connection with convertible notes (in shares) | 0 | 5,493,538 | 0 |
Diluted (in shares) | 34,797,859 | 39,769,790 | 34,351,016 |
Earnings per share | |||
Basic (in dollars per share) | $ 2.55 | $ 0.75 | $ 0.51 |
Diluted (in dollars per share) | $ 2.50 | $ 0.73 | $ 0.51 |
Anti-dilutive stock options outstanding | |||
Denominator for earnings per share | |||
Shares potentially issuable in connection with convertible notes excluded from calculation of diluted loss per share (in shares) | 652,140 | 690,337 | 735,627 |
NET INVESTMENT INCOME - Summary
NET INVESTMENT INCOME - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Abstract] | |||
Interest and dividend income, net of withholding taxes and other expenses | $ 35,629 | $ 4,466 | $ (1,660) |
Net realized and unrealized gains on other investments (see Note 4) | 1,738 | 9,673 | 33,725 |
Net investment-related income | 37,367 | 14,139 | 32,065 |
Income from investment in related party investment fund (net of related party expenses of $7,954, $9,674, and $5,502, respectively) | 28,696 | 54,844 | 18,087 |
Total investment income | $ 66,063 | $ 68,983 | $ 50,152 |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Examination [Line Items] | |||
Decrease in deferred tax valuation allowance | $ 2,285 | $ 442 | $ 254 |
Income tax (expense) benefit | (100) | 816 | (3,746) |
Internal Revenue Service (IRS) | Europe | |||
Income Tax Examination [Line Items] | |||
Current tax (expense) benefit | (587) | (30) | (10) |
Deferred tax (expense) benefit | (1,698) | (442) | (254) |
Internal Revenue Service (IRS) | UNITED STATES | |||
Income Tax Examination [Line Items] | |||
Current tax (expense) benefit | (100) | 846 | (3,734) |
Deferred tax (expense) benefit | $ 0 | $ 0 | $ (2) |
INCOME TAXES - Summary of Defer
INCOME TAXES - Summary of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Operating and capital loss carryforwards | $ 1,087 | $ 2,785 |
Deferred tax assets before valuation allowance | 1,087 | 2,785 |
Valuation allowance | 0 | (2,285) |
Deferred tax assets, net of valuation allowance | $ 1,087 | $ 500 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
GRIL | ||
Income Tax Examination [Line Items] | ||
Net operating loss carry forward | $ 8.7 | $ 20.4 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Nov. 03, 2023 | Jan. 01, 2019 | Sep. 01, 2018 | Dec. 31, 2023 | Dec. 31, 2023 | |
Chief Executive Officer | |||||
Related Party Transaction [Line Items] | |||||
Severance costs | $ 2,400,000 | ||||
Cash payable period | 18 months | ||||
Payments for postemployment | $ 300,000 | ||||
Stock compensation expense | $ 1,500,000 | ||||
Payments for restructuring | $ 4,300,000 | ||||
Chief Executive Officer | Restricted Stock | |||||
Related Party Transaction [Line Items] | |||||
Accelerated vesting in period (in shares) | 235,936 | ||||
Chief Executive Officer | Performance Restricted Shares | |||||
Related Party Transaction [Line Items] | |||||
Accelerated vesting in period (in shares) | 532,035 | ||||
Performance restricted shares, grant date fair value | $ 1,600,000 | ||||
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investment LP (SILP) | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage (in percent) | 27.10% | 27.10% | |||
Common stock held (in shares) | 2,700,000 | 2,700,000 | |||
Board of Directors Chairman | Limited Partnership Agreement | |||||
Related Party Transaction [Line Items] | |||||
Performance compensation reduced rate (in percent) | 10% | ||||
Performance compensation full rate (in percent) | 20% | ||||
Performance compensation reduced rate (in percent) | 10% | ||||
Loss carry forward recoupment required (in percent) | 150% | ||||
Board of Directors Chairman | Investment Advisory Agreement | |||||
Related Party Transaction [Line Items] | |||||
Investment management fee rate - monthly (in percent) | 0.125% | ||||
Investment management fee rate - annual (in percent) | 1.50% | ||||
Automatic agreement extension, term (in years) | 3 years | ||||
Board of Directors Chairman | Service Agreement | |||||
Related Party Transaction [Line Items] | |||||
Investor relations monthly fee | $ 5,000 | ||||
Contract termination prior notice period (in days) | 30 days | ||||
Board of Directors Chairman | Collateral Assets Investement Management Agreement | |||||
Related Party Transaction [Line Items] | |||||
Contract termination prior notice period (in days) | 30 days |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Breakdown of Reinsurance Balances Receivable (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Amount | ||
Premiums receivable | $ 186,940 | $ 160,559 |
Funds held by cedants | 50,075 | 45,351 |
Premiums held by Lloyds' syndicates | 264,278 | 188,056 |
Funds at Lloyd’s | 115,772 | 103,947 |
Profit commission receivable | 2,302 | 4,888 |
Deposit assets | 888 | 3,110 |
Total before provision | 620,255 | 505,911 |
Provision for credit losses | (854) | (356) |
Reinsurance balances receivable, net | $ 619,401 | $ 505,555 |
% | ||
Premiums receivable, percent | 0.302 | 0.318 |
Funds withheld by cedant, percent | 8.10% | 9% |
Premiums held by Lloyds' syndicates, percent | 0.427 | 0.372 |
Funds at Lloyd's, percent | 0.186 | 0.205 |
Profit commissions receivable, percent | 0.004 | 0.010 |
Deposit assets, percent | 0.001 | 0.006 |
Total before provision, percent | 1.001 | 1.001 |
Provision for expected credit losses, percent | (0.001) | (0.001) |
Reinsurance balances receivable, net, percent | 1 | 1 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Weighted-average remaining lease term on operating leases | 2 years 6 months | ||
Weighted-average discount rate on operating leases (as a percent) | 6% | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |
Operating lease right-of-use asset | $ 1,400 | $ 1,900 | |
Operating lease liability | 1,500 | 2,000 | |
Operating lease expense | $ 600 | $ 600 | $ 400 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Commitments under Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease, Liability Payments Due [Abstract] | ||
2024 | $ 637 | |
2025 | 653 | |
2026 | 352 | |
Total lease payments | 1,642 | |
Less Imputed Interest | (142) | |
Present value of lease liabilities | $ 1,500 | $ 2,000 |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Revenue by Major Customers (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 operating_segment | Dec. 31, 2023 segment | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Revenue, Major Customer [Line Items] | ||||||
Number of operating segments | 1 | 1 | ||||
Gross premiums written | $ 636,810 | $ 563,171 | $ 565,393 | |||
Gross premiums written (in percent) | 100% | 100% | 100% | |||
Broker Concentration Risk | Gross Premiums Written | ||||||
Revenue, Major Customer [Line Items] | ||||||
Gross premiums written (in percent) | 33.70% | 44.50% | 67.40% | |||
Broker Concentration Risk | Gross Premiums Written | Guy Carpenter (Marsh) | ||||||
Revenue, Major Customer [Line Items] | ||||||
Gross premiums written | 122,766 | $ 178,336 | ||||
Gross premiums written (in percent) | 19.30% | 31.50% | ||||
Broker Concentration Risk | Gross Premiums Written | Aon Benfield | ||||||
Revenue, Major Customer [Line Items] | ||||||
Gross premiums written | $ 91,642 | $ 159,421 | $ 139,044 | |||
Gross premiums written (in percent) | 14.40% | 28.30% | 24.60% | |||
Broker Concentration Risk | Gross Premiums Written | Gallagher Re | ||||||
Revenue, Major Customer [Line Items] | ||||||
Gross premiums written | $ 91,239 | |||||
Gross premiums written (in percent) | 16.20% | |||||
Broker Concentration Risk | Gross Premiums Written | BMS Group | ||||||
Revenue, Major Customer [Line Items] | ||||||
Gross premiums written | $ 63,958 | |||||
Gross premiums written (in percent) | 11.30% |
SEGMENT REPORTING - Schedule _2
SEGMENT REPORTING - Schedule of Gross Premiums Written by Line of Business (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 636,810 | $ 563,171 | $ 565,393 |
Gross premiums written (in percent) | 100% | 100% | 100% |
Total Property | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 113,291 | $ 85,323 | $ 52,947 |
Gross premiums written (in percent) | 17.80% | 15.20% | 9.40% |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 51,859 | $ 14,750 | $ 10,853 |
Gross premiums written (in percent) | 8.10% | 2.60% | 1.90% |
Motor | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 671 | $ 2,346 | $ 29,953 |
Gross premiums written (in percent) | 0.10% | 0.40% | 5.30% |
Personal | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 60,761 | $ 68,227 | $ 12,141 |
Gross premiums written (in percent) | 9.50% | 12.10% | 2.10% |
Total Casualty | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 351,037 | $ 325,103 | $ 379,113 |
Gross premiums written (in percent) | 55.10% | 57.70% | 67.10% |
General Liability | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 96,535 | $ 60,276 | $ 18,037 |
Gross premiums written (in percent) | 15.20% | 10.70% | 3.20% |
Motor Liability | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 16,223 | $ 8,601 | $ 118,251 |
Gross premiums written (in percent) | 2.50% | 1.50% | 20.90% |
Professional Liability | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 11,953 | $ 1,921 | $ 316 |
Gross premiums written (in percent) | 1.90% | 0.30% | 0.10% |
Workers' Compensation | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 10,034 | $ 28,381 | $ 62,188 |
Gross premiums written (in percent) | 1.60% | 5% | 11% |
Multi-line | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 216,292 | $ 225,924 | $ 180,321 |
Gross premiums written (in percent) | 34% | 40.10% | 31.90% |
Total Other | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 172,482 | $ 152,745 | $ 133,333 |
Gross premiums written (in percent) | 27.10% | 27.10% | 23.60% |
Accident & Health | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 8,339 | $ 8,947 | $ 31,612 |
Gross premiums written (in percent) | 1.30% | 1.60% | 5.60% |
Financial | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 56,114 | $ 66,528 | $ 66,612 |
Gross premiums written (in percent) | 8.80% | 11.80% | 11.80% |
Marine | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 31,138 | $ 22,700 | $ 10,652 |
Gross premiums written (in percent) | 4.90% | 4% | 1.90% |
Other Specialty | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written | $ 76,891 | $ 54,570 | $ 24,457 |
Gross premiums written (in percent) | 12.10% | 9.70% | 4.30% |
SEGMENT REPORTING - Geographic
SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 636,810 | $ 563,171 | $ 565,393 |
Gross premiums by geographical area as a proportion of total gross premiums (in percent) | 100% | 100% | 100% |
U.S. and Caribbean | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 254,792 | $ 295,428 | $ 316,015 |
Gross premiums by geographical area as a proportion of total gross premiums (in percent) | 40% | 52.40% | 55.90% |
Worldwide | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 321,578 | $ 242,561 | $ 240,285 |
Gross premiums by geographical area as a proportion of total gross premiums (in percent) | 50.50% | 43.10% | 42.50% |
Asia | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 46,936 | $ 20,334 | $ 4,609 |
Gross premiums by geographical area as a proportion of total gross premiums (in percent) | 7.40% | 3.60% | 0.80% |
Europe | |||
Revenue from External Customer [Line Items] | |||
Gross premiums written | $ 13,504 | $ 4,848 | $ 4,484 |
Gross premiums by geographical area as a proportion of total gross premiums (in percent) | 2.10% | 0.90% | 0.80% |
STATUTORY REQUIREMENTS - Statut
STATUTORY REQUIREMENTS - Statutory Capital and Surplus and Required Minimum Statutory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cayman Islands | Greenlight Reinsurance, Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 569,044 | $ 474,985 |
Required statutory capital surplus | 256,586 | 226,507 |
Excess statutory capital | 312,458 | 248,478 |
Ireland | GRIL | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 58,721 | 68,881 |
Required statutory capital surplus | 39,367 | 41,859 |
Excess statutory capital | $ 19,354 | $ 27,022 |
STATUTORY REQUIREMENTS - Stat_2
STATUTORY REQUIREMENTS - Statutory Net Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Greenlight Reinsurance, Ltd. | |||
Statutory Accounting Practices [Line Items] | |||
Net income (loss) | $ 85,464 | $ 32,290 | $ 15,912 |
GRIL | |||
Statutory Accounting Practices [Line Items] | |||
Net income (loss) | $ 11,479 | $ 4,612 | $ 3,800 |
STATUTORY REQUIREMENTS - Narrat
STATUTORY REQUIREMENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Greenlight Reinsurance, Ltd. | |||
Statutory Accounting Practices [Line Items] | |||
Dividends declared and paid | $ 8,300,000 | $ 60,100,000 | $ 4,000,000 |
Cayman Islands | Greenlight Reinsurance, Ltd. | |||
Statutory Accounting Practices [Line Items] | |||
Insurance regulations minimum capital requirement | 50,000,000 | ||
Amount of capital and surplus available for distribution as dividends | 312,500,000 | 248,500,000 | |
Ireland | GRIL | |||
Statutory Accounting Practices [Line Items] | |||
Amount of capital and surplus available for distribution as dividends | $ 0 | $ 0 |
SCHEDULE I SUMMARY OF INVESTM_2
SCHEDULE I SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 30,969 |
Fair Value | 73,293 |
Balance Sheet Value | 73,293 |
Private investments and unlisted equities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 28,470 |
Fair Value | 71,157 |
Balance Sheet Value | 71,157 |
Debt and convertible debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,499 |
Fair Value | 2,136 |
Balance Sheet Value | 2,136 |
Total other investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 30,969 |
Fair Value | 73,293 |
Balance Sheet Value | $ 73,293 |
SCHEDULE II CONDENSED FINANCI_3
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Cash and cash equivalents | $ 51,082 | $ 38,238 | |
Investments, at fair value | 258,890 | 178,197 | |
Other assets | 5,089 | 6,019 | |
Total assets | 1,735,307 | 1,580,381 | |
Liabilities | |||
Debt | 73,281 | 80,534 | |
Other liabilities | 11,795 | 6,397 | |
Total liabilities | 1,139,212 | 1,077,261 | |
Shareholders' equity | |||
Share capital | 3,534 | 3,482 | |
Additional paid-in capital | 484,532 | 478,439 | |
Retained earnings | 108,029 | 21,199 | |
Total shareholders’ equity | 596,095 | 503,120 | $ 475,663 |
Total liabilities and equity | 1,735,307 | 1,580,381 | |
Parent Company | |||
Assets | |||
Cash and cash equivalents | 1,924 | 975 | |
Investments, at fair value | 667,732 | 554,438 | |
Other assets | 628 | 753 | |
Total assets | 670,284 | 584,566 | |
Liabilities | |||
Debt | 73,281 | 80,534 | |
Other liabilities | 712 | 81 | |
Total liabilities | 74,189 | 81,446 | |
Shareholders' equity | |||
Share capital | 3,534 | 3,482 | |
Additional paid-in capital | 484,532 | 478,439 | |
Retained earnings | 108,029 | 21,199 | |
Total shareholders’ equity | 596,095 | 503,120 | |
Total liabilities and equity | 670,284 | 584,566 | |
Parent Company | Related Party | |||
Assets | |||
Due from subsidiaries | 0 | 28,400 | |
Liabilities | |||
Other liabilities | $ 196 | $ 831 |
SCHEDULE II CONDENSED FINANCI_4
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Net investment income | $ 37,367 | $ 14,139 | $ 32,065 |
Other income (expense) | 6,306 | (5,789) | 660 |
Total revenues | 667,082 | 526,683 | 588,551 |
Expenses | |||
General and administrative expenses | 43,240 | 31,606 | 29,369 |
Interest expense | 5,344 | 4,201 | 6,263 |
Total expenses | 580,152 | 502,157 | 567,227 |
Equity in earnings of consolidated subsidiaries | 28,696 | 54,844 | 18,087 |
Net income | 86,830 | 25,342 | 17,578 |
Parent Company | |||
Revenues | |||
Net investment income | 5 | 1 | 22 |
Other income (expense) | 239 | 366 | 0 |
Total revenues | 244 | 367 | 22 |
Expenses | |||
General and administrative expenses | 9,042 | 6,887 | 4,263 |
Interest expense | 5,344 | 4,201 | 6,263 |
Total expenses | 14,386 | 11,088 | 10,526 |
Net income (loss) before equity in earnings of consolidated subsidiaries | (14,142) | (10,721) | (10,504) |
Equity in earnings of consolidated subsidiaries | 100,972 | 36,063 | 28,082 |
Net income | 86,830 | 25,342 | 17,578 |
Comprehensive income | $ 86,830 | $ 25,342 | $ 17,578 |
SCHEDULE II CONDENSED FINANCI_5
SCHEDULE II CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net increase in Partners' capital | $ 86,830 | $ 25,342 | $ 17,578 |
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities: | |||
Equity in earnings of consolidated subsidiaries | (28,696) | (54,844) | (18,087) |
Net realized gain on repurchase of convertible senior notes payable | (265) | (343) | 0 |
Net change in unrealized gains and losses on investments | (1,738) | (9,858) | (33,770) |
Share-based compensation expense | 6,145 | 4,684 | 3,228 |
Net change in: | |||
Other liabilities | 5,511 | (774) | (708) |
Net cash provided by (used in) operating activities | 7,507 | (31,799) | (56,296) |
Cash flows from investing activities | |||
Change in notes receivable | 0 | 0 | 6,101 |
Net cash provided by (used in) investing activities | (53,133) | 47,015 | 23,091 |
Cash flows from financing activities | |||
Proceeds from term loans | 75,000 | 0 | 0 |
Repayment of convertible senior notes payable | (62,147) | 0 | 0 |
Repurchases of convertible senior notes payable | (17,198) | (19,793) | 0 |
Repurchase of Class A ordinary shares | 0 | (35) | (10,000) |
Net cash used in financing activities | (5,292) | (19,828) | (10,000) |
Decrease in cash, cash equivalents and restricted cash | (50,818) | (4,553) | (43,205) |
Cash, cash equivalents and restricted cash at beginning of the period | 706,548 | 711,101 | 754,306 |
Cash, cash equivalents and restricted cash at end of the period | 655,730 | 706,548 | 711,101 |
Parent Company | |||
Cash flows from operating activities | |||
Net increase in Partners' capital | 86,830 | 25,342 | 17,578 |
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities: | |||
Equity in earnings of consolidated subsidiaries | (100,972) | (36,063) | (28,082) |
Net realized gain on repurchase of convertible senior notes payable | (265) | (343) | 0 |
Net change in unrealized gains and losses on investments | 0 | 0 | 0 |
Share-based compensation expense | 5,550 | 4,028 | 2,813 |
Accretion of debt offering costs and change in interest accruals | (1,696) | 79 | 2,263 |
Net change in: | |||
Due from subsidiaries | 28,400 | (28,400) | 0 |
Other assets | 125 | (753) | 0 |
Other liabilities | 631 | (69) | 150 |
Due to subsidiaries | (635) | (2,071) | 1,050 |
Net cash provided by (used in) operating activities | 17,968 | (38,250) | (4,228) |
Cash flows from investing activities | |||
Change in notes receivable | 0 | 0 | 10,706 |
Contributed surplus (to) from subsidiaries, net | (11,727) | 58,568 | 4,000 |
Net cash provided by (used in) investing activities | (11,727) | 58,568 | 14,706 |
Cash flows from financing activities | |||
Proceeds from term loans | 75,000 | 0 | 0 |
Repurchases of convertible senior notes payable | (17,198) | (19,793) | 0 |
Repurchase of Class A ordinary shares | 0 | (35) | (10,000) |
Net cash used in financing activities | (4,345) | (19,828) | (10,000) |
Decrease in cash, cash equivalents and restricted cash | 1,896 | 490 | 478 |
Cash, cash equivalents and restricted cash at beginning of the period | 975 | 485 | 7 |
Cash, cash equivalents and restricted cash at end of the period | 2,871 | 975 | 485 |
Supplementary information | |||
Non cash consideration from (to) subsidiaries, net | $ (595) | $ (656) | $ (415) |
SCHEDULE III SUPPLEMENTARY IN_2
SCHEDULE III SUPPLEMENTARY INSURANCE INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |||
Deferred acquisition costs, net | $ 79,956 | $ 82,391 | $ 63,026 |
Reserves for losses and loss adjustment expenses – gross | 661,554 | 555,468 | 524,010 |
Unearned premiums – gross | 306,310 | 307,820 | 227,584 |
Net premiums earned | 583,147 | 469,477 | 539,279 |
Total investment related income (loss) | 66,063 | 68,983 | 50,152 |
Net losses, and loss adjustment expenses | 360,004 | 316,485 | 374,980 |
Amortization of deferred acquisition costs | 168,877 | 143,148 | 144,960 |
Other operating expenses | 43,240 | 31,606 | 29,369 |
Gross premiums written | $ 636,810 | $ 563,171 | $ 565,393 |
SCHEDULE IV SUPPLEMENTARY REI_2
SCHEDULE IV SUPPLEMENTARY REINSURANCE INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Gross premiums ceded | $ 42,762 | $ 33,429 | $ 41 |
Premiums assumed from other companies | 636,810 | 563,171 | 565,393 |
Net premiums written | 594,048 | 529,742 | 565,352 |
Property & Casualty | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct gross premiums | 0 | 0 | 0 |
Gross premiums ceded | 42,762 | 33,429 | 41 |
Premiums assumed from other companies | 636,810 | 563,171 | 565,393 |
Net premiums written | $ 594,048 | $ 529,742 | $ 565,352 |
Percentage of amount assumed to net | 107% | 106% | 100% |