0001363829-19-000155 | 10-Q | XBRL Viewer

Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Total Losses and Loss Adjustment Expense Liabilities, and Reconciliation of Beginning and Ending Balances

The following tables summarize the liability for losses and LAE by segment:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,256,578		$	84,382	$	905,415		$	8,350	$	5,254,725
IBNR	3,729,552			140,800		906,965			15,974		4,793,291
Fair value adjustments - acquired companies	(183,702		)	4,189		(568		)	—		(180,081		)
Fair value adjustments - fair value option	(182,828		)	—		—			—		(182,828		)
ULAE	320,091			2,308		27,801			—		350,200
Total	$	7,939,691		$	231,679	$	1,839,613		$	24,324	$	10,035,307

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	5,281,047		$	231,679	$	1,839,613		$	24,324	$	7,376,663
Loss and loss adjustment expenses, at fair value	2,658,644			—		—			—		2,658,644
Total	$	7,939,691		$	231,679	$	1,839,613		$	24,324	$	10,035,307



	December 31, 2018
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,271,769		$	94,885	$	796,194		$	6,052	$	5,168,900
IBNR	3,527,767			140,521		787,894			12,809		4,468,991
Fair value adjustments - acquired companies	(217,527		)	3,476		(467		)	—		(214,518		)
Fair value adjustments - fair value option	(374,752		)	—		—			—		(374,752		)
ULAE	333,405			2,402		25,076			—		360,883
Total	$	7,540,662		$	241,284	$	1,608,697		$	18,861	$	9,409,504

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	4,666,607		$	241,284	$	1,608,697		$	18,861	$	6,535,449
Loss and loss adjustment expenses, at fair value	2,874,055			—		—			—		2,874,055
Total	$	7,540,662		$	241,284	$	1,608,697		$	18,861	$	9,409,504

The table below provides a reconciliation of the beginning and ending liability for losses and LAE:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	9,833,886		$	8,608,387		$	9,409,504		$	7,398,088
Less: reinsurance reserves recoverable	2,059,998			1,866,969			1,867,841			1,870,033
Less: deferred charge assets on retroactive reinsurance	99,094			71,393			86,585			80,192
Net balance as of beginning of period	7,674,794			6,670,025			7,455,078			5,447,863
Net incurred losses and LAE:
Current period	213,701			219,050			634,114			468,064
Prior periods	8,716			(65,076)			117,045			(201,737		)
Total net incurred losses and LAE	222,417			153,974			751,159			266,327
Net paid losses:
Current period	(42,927		)	(24,266)			(116,597		)	(62,843		)
Prior periods	(410,655		)	(296,709)			(1,300,585		)	(937,846		)
Total net paid losses	(453,582		)	(320,975)			(1,417,182		)	(1,000,689		)
Effect of exchange rate movement	(83,277		)	(26,825		)	(95,270		)	(108,659		)
Acquired on purchase of subsidiaries	—			22,713			686			366,519
Assumed business	445,000			103,615			1,110,881			1,631,166
Net balance as of September 30	7,805,352			6,602,527			7,805,352			6,602,527
Plus: reinsurance reserves recoverable	2,062,687			1,846,187			2,062,687			1,846,187
Plus: deferred charge assets on retroactive reinsurance	167,268			87,019			167,268			87,019
Balance as of September 30	$	10,035,307		$	8,535,733		$	10,035,307		$	8,535,733

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Non-life Run-off segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019		2018
Balance as of beginning of period	$	7,803,663		$	7,025,750		7,540,662		$	5,949,472
Less: reinsurance reserves recoverable	1,534,427			1,462,139			1,366,123		1,377,485
Less: deferred charge assets on retroactive insurance	99,094			71,393			86,585		80,192
Net balance as of beginning of period	6,170,142			5,492,218			6,087,954		4,491,795
Net incurred losses and LAE:
Current period	23,845			10,017			107,291		15,476
Prior periods	6,738			(72,795		)	28,226		(221,366		)
Total net incurred losses and LAE	30,583			(62,778		)	135,517		(205,890		)
Net paid losses:
Current period	(14,374		)	(2,713		)	(53,265	)	(3,304		)
Prior periods	(274,071		)	(193,057		)	(913,352	)	(641,361		)
Total net paid losses	(288,445		)	(195,770		)	(966,617	)	(644,665		)
Effect of exchange rate movement	(73,231		)	(26,352		)	(84,372	)	(102,030		)
Acquired on purchase of subsidiaries	—			22,713			686		173,538
Assumed business	445,000			103,615			1,110,881		1,620,898
Net balance as of September 30	6,284,049			5,333,646			6,284,049		5,333,646
Plus: reinsurance reserves recoverable	1,488,374			1,412,090			1,488,374		1,412,090
Plus: deferred charge assets on retroactive reinsurance	167,268			87,019			167,268		87,019
Balance as of September 30	$	7,939,691		$	6,832,755		7,939,691		$	6,832,755

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Atrium segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	222,576		$	234,232		$	241,284		$	240,873
Less: reinsurance reserves recoverable	29,606			38,253			38,768			40,531
Net balance as of beginning of period	192,970			195,979			202,516			200,342
Net incurred losses and LAE:
Current period	27,093			20,033			63,189			56,514
Prior periods	1,307			(2,180		)	(4,527		)	(4,563		)
Total net incurred losses and LAE	28,400			17,853			58,662			51,951
Net paid losses:
Current period	(9,387		)	(8,080		)	(24,531		)	(25,699		)
Prior periods	(10,618		)	(8,230		)	(35,564		)	(27,488		)
Total net paid losses	(20,005		)	(16,310		)	(60,095		)	(53,187		)
Effect of exchange rate movement	(1,405		)	(137		)	(1,123		)	(1,721		)
Net balance as of September 30	199,960			197,385			199,960			197,385
Plus: reinsurance reserves recoverable	31,719			45,382			31,719			45,382
Balance as of September 30	$	231,679		$	242,767		$	231,679		$	242,767

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for our StarStone segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	1,784,021		$	1,348,405		$	1,608,697		$	1,207,743
Less: reinsurance reserves recoverable	495,965			366,577			462,950			452,017
Net balance as of beginning of period	1,288,056			981,828			1,145,747			755,726
Net incurred losses and LAE:
Current period	159,165			189,000			450,464			396,074
Prior periods	622			9,899			93,448			24,192
Total net incurred losses and LAE	159,787			198,899			543,912			420,266
Net paid losses:
Current period	(17,847		)	(13,473		)	(36,542		)	(33,840		)
Prior periods	(124,336		)	(95,422		)	(346,323		)	(268,997		)
Total net paid losses	(142,183		)	(108,895		)	(382,865		)	(302,837		)
Effect of exchange rate movement	(8,641		)	(336		)	(9,775		)	(4,908		)
Acquired on purchase of subsidiaries	—			—			—			192,981
Assumed business	—			—			—			10,268
Net balance as of September 30	1,297,019			1,071,496			1,297,019			1,071,496
Plus: reinsurance reserves recoverable	542,594			388,715			542,594			388,715
Balance as of September 30	$	1,839,613		$	1,460,211		$	1,839,613		$	1,460,211

Schedule of Incurred Losses

The tables below provide the net incurred losses and LAE by segment:



	Three Months Ended September 30, 2019
	Non-life Run-off			Atrium			StarStone			Other			Total
Net losses paid	$	288,445		$	20,005		$	142,183		$	2,949		$	453,582
Net change in case and LAE reserves	(173,104		)	(91		)	(14,872		)	944			(187,123		)
Net change in IBNR reserves	(148,521		)	8,702			31,946			(246		)	(108,119		)
Increase (reduction) in estimates of net ultimate losses	(33,180		)	28,616			159,257			3,647			158,340
Increase (reduction) in provisions for unallocated LAE	(12,158		)	—			(11		)	—			(12,169		)
Amortization of deferred charge assets	17,009			—			—			—			17,009
Amortization of fair value adjustments	17,538			(216		)	541			—			17,863
Changes in fair value - fair value option	41,374			—			—			—			41,374
Net incurred losses and LAE	$	30,583		$	28,400		$	159,787		$	3,647		$	222,417



	Three Months Ended September 30, 2018
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	195,770		$	16,310		$	108,895		$	320,975
Net change in case and LAE reserves	(128,662		)	(546		)	17,549			(111,659		)
Net change in IBNR reserves	(102,148		)	2,818			71,160			(28,170		)
Increase (reduction) in estimates of net ultimate losses	(35,040		)	18,582			197,604			181,146
Increase (reduction) in provisions for unallocated LAE	(24,460		)	(2		)	1,582			(22,880		)
Amortization of deferred charge assets	1,582			—			—			1,582
Amortization of fair value adjustments	4,247			(727		)	(287		)	3,233
Changes in fair value - fair value option	(9,107		)	—			—			(9,107		)
Net incurred losses and LAE	$	(62,778	)	$	17,853		$	198,899		$	153,974



	Nine Months Ended September 30, 2019
	Non-life Run-off			Atrium			StarStone		Other		Total
Net losses paid	$	966,617		$	60,095		$	382,865	$	7,605	$	1,417,182
Net change in case and LAE reserves	(370,639		)	(245		)	34,197		2,298		(334,389		)
Net change in IBNR reserves	(619,648		)	(1,916		)	123,715		3,165		(494,684		)
Increase (reduction) in estimates of net ultimate losses	(23,670		)	57,934			540,777		13,068		588,109
Increase (reduction) in provisions for unallocated LAE	(38,229		)	—			2,825		—		(35,404		)
Amortization of deferred charge assets	28,006			—			—		—		28,006
Amortization of fair value adjustments	34,033			728			310		—		35,071
Changes in fair value - fair value option	135,377			—			—		—		135,377
Net incurred losses and LAE	$	135,517		$	58,662		$	543,912	$	13,068	$	751,159



	Nine Months Ended September 30, 2018
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	644,665		$	53,187		$	302,837		$	1,000,689
Net change in case and LAE reserves	(376,512		)	(98		)	38,915			(337,695		)
Net change in IBNR reserves	(413,898		)	2,964			75,031			(335,903		)
Increase (reduction) in estimates of net ultimate losses	(145,745		)	56,053			416,783			327,091
Increase (reduction) in provisions for unallocated LAE	(48,723		)	—			4,012			(44,711		)
Amortization of deferred charge assets	10,381			—			—			10,381
Amortization of fair value adjustments	10,312			(4,102		)	(529		)	5,681
Changes in fair value - fair value option	(32,115		)	—			—			(32,115		)
Net incurred losses and LAE	$	(205,890	)	$	51,951		$	420,266		$	266,327

Net incurred losses and LAE in the Non-life Run-off segment were as follows:



	Three Months Ended September 30,
	2019									2018
	Prior Period			Current Period			Total			Prior Period			Current Period		Total
Net losses paid	$	274,071		$	14,374		$	288,445		$	193,057		$	2,713	$	195,770
Net change in case and LAE reserves	(175,830		)	2,726			(173,104		)	(128,827		)	165		(128,662		)
Net change in IBNR reserves	(155,315		)	6,794			(148,521		)	(109,287		)	7,139		(102,148		)
Increase (reduction) in estimates of net ultimate losses	(57,074		)	23,894			(33,180		)	(45,057		)	10,017		(35,040		)
Reduction in provisions for unallocated LAE	(12,109		)	(49		)	(12,158		)	(24,460		)	—		(24,460		)
Amortization of deferred charge assets	17,009			—			17,009			1,582			—		1,582
Amortization of fair value adjustments	17,538			—			17,538			4,247			—		4,247
Changes in fair value - fair value option	41,374			—			41,374			(9,107		)	—		(9,107		)
Net incurred losses and LAE	$	6,738		$	23,845		$	30,583		$	(72,795	)	$	10,017	$	(62,778	)



	Nine Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	913,352		$	53,265	$	966,617		$	641,361		$	3,304	$	644,665
Net change in case and LAE reserves	(394,780		)	24,141		(370,639		)	(377,735		)	1,223		(376,512		)
Net change in IBNR reserves	(649,053		)	29,405		(619,648		)	(424,847		)	10,949		(413,898		)
Increase (reduction) in estimates of net ultimate losses	(130,481		)	106,811		(23,670		)	(161,221		)	15,476		(145,745		)
Increase (reduction) in provisions for unallocated LAE	(38,709		)	480		(38,229		)	(48,723		)	—		(48,723		)
Amortization of deferred charge assets	28,006			—		28,006			10,381			—		10,381
Amortization of fair value adjustments	34,033			—		34,033			10,312			—		10,312
Changes in fair value - fair value option	135,377			—		135,377			(32,115		)	—		(32,115		)
Net incurred losses and LAE	$	28,226		$	107,291	$	135,517		$	(221,366	)	$	15,476	$	(205,890	)

Net incurred losses and LAE in the Atrium segment were as follows:



	Three Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	10,618		$	9,387	$	20,005		$	8,230		$	8,080	$	16,310
Net change in case and LAE reserves	(2,860		)	2,769		(91		)	(4,142		)	3,596		(546		)
Net change in IBNR reserves	(6,235		)	14,937		8,702			(5,539		)	8,357		2,818
Increase (reduction) in estimates of net ultimate losses	1,523			27,093		28,616			(1,451		)	20,033		18,582
Reduction in provisions for unallocated LAE	—			—		—			(2		)	—		(2		)
Amortization of fair value adjustments	(216		)	—		(216		)	(727		)	—		(727		)
Net incurred losses and LAE	$	1,307		$	27,093	$	28,400		$	(2,180	)	$	20,033	$	17,853



	Nine Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	35,564		$	24,531	$	60,095		$	27,488		$	25,699	$	53,187
Net change in case and LAE reserves	(13,032		)	12,787		(245		)	(9,695		)	9,597		(98		)
Net change in IBNR reserves	(27,787		)	25,871		(1,916		)	(18,254		)	21,218		2,964
Increase (reduction) in estimates of net ultimate losses	(5,255		)	63,189		57,934			(461		)	56,514		56,053
Amortization of fair value adjustments	728			—		728			(4,102		)	—		(4,102		)
Net incurred losses and LAE	$	(4,527	)	$	63,189	$	58,662		$	(4,563	)	$	56,514	$	51,951

Net incurred losses and LAE in the StarStone segment were as follows:



	Three Months Ended September 30,
	2019									2018
	Prior Period			Current Period			Total			Prior Period			Current Period		Total
Net losses paid	$	124,336		$	17,847		$	142,183		$	95,422		$	13,473	$	108,895
Net change in case and LAE reserves	(9,672		)	(5,200		)	(14,872		)	(19,919		)	37,468		17,549
Net change in IBNR reserves	(112,123		)	144,069			31,946			(63,294		)	134,454		71,160
Increase in estimates of net ultimate losses	2,541			156,716			159,257			12,209			185,395		197,604
Increase (reduction) in provisions for unallocated LAE	(2,460		)	2,449			(11		)	(2,023		)	3,605		1,582
Amortization of fair value adjustments	541			—			541			(287		)	—		(287		)
Net incurred losses and LAE	$	622		$	159,165		$	159,787		$	9,899		$	189,000	$	198,899



	Nine Months Ended September 30,
	2019							2018
	Prior Period			Current Period		Total		Prior Period			Current Period		Total
Net losses paid	$	346,323		$	36,542	$	382,865	$	268,997		$	33,840	$	302,837
Net change in case and LAE reserves	(14,922		)	49,119		34,197		(55,541		)	94,456		38,915
Net change in IBNR reserves	(233,528		)	357,243		123,715		(183,422		)	258,453		75,031
Increase in estimates of net ultimate losses	97,873			442,904		540,777		30,034			386,749		416,783
Increase (reduction) in provisions for unallocated LAE	(4,735		)	7,560		2,825		(5,313		)	9,325		4,012
Amortization of fair value adjustments	310			—		310		(529		)	—		(529		)
Net incurred losses and LAE	$	93,448		$	450,464	$	543,912	$	24,192		$	396,074	$	420,266

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Available-for-sale, at fair value	$ 415,967	$ 151,609
Funds held - directly managed	1,243,448	1,198,154
Equities, at fair value	728,426	367,125
Other investments, at fair value	2,396,852	1,957,757
Equity method investments	282,463	204,507
Total investments (Note 4 and Note 9)	12,294,559	11,242,061
Cash and cash equivalents	832,608	602,096
Restricted cash and cash equivalents	508,305	380,488
Premiums receivable	577,528	787,468
Deferred tax assets (Note 18)	8,231	10,124
Prepaid reinsurance premiums	172,672	198,990
Reinsurance balances recoverable (Note 6)	1,533,534	1,290,072
Reinsurance balances recoverable, at fair value (Note 6 and Note 9)	731,904	739,591
Funds held by reinsured companies	393,269	321,267
Deferred acquisition costs	180,025	121,101
Goodwill and intangible assets (Note 12)	217,049	218,725
Other assets	763,670	644,287
TOTAL ASSETS	18,213,354	16,556,270
LIABILITIES
Losses and loss adjustment expenses (Note 8)	7,376,663	6,535,449
Losses and loss adjustment expenses, at fair value (Note 8 and Note 9)	2,658,644	2,874,055
Policy benefits for life and annuity contracts (Note 10)	0	105,080
Unearned premiums	805,981	842,618
Insurance and reinsurance balances payable	378,381	388,086
Deferred tax liabilities (Note 18)	9,150	10,542
Debt obligations (Note 13)	1,210,675	861,539
Other liabilities	688,583	566,369
TOTAL LIABILITIES	13,128,077	12,183,738
COMMITMENTS AND CONTINGENCIES (Note 20)
REDEEMABLE NONCONTROLLING INTEREST (Note 14)	434,787	458,543
SHAREHOLDERS’ EQUITY (Note 15)
Treasury shares, at cost	(421,559)	(421,559)
Additional paid-in capital	1,830,507	1,804,664
Accumulated other comprehensive income	5,490	10,440
Retained earnings	2,691,482	1,976,539
Total Enstar Group Limited Shareholders’ Equity	4,637,800	3,901,933
Noncontrolling interest (Note 14)	12,690	12,056
TOTAL SHAREHOLDERS’ EQUITY	4,650,490	3,913,989
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	18,213,354	16,556,270
Voting Ordinary shares (issued and outstanding 2019: 17,980,528; 2018: 17,950,315)
SHAREHOLDERS’ EQUITY (Note 15)
Ordinary shares	17,981	17,950
Non-voting convertible ordinary Series C Shares (issued and outstanding 2019 and 2018: 2,599,672)
SHAREHOLDERS’ EQUITY (Note 15)
Ordinary shares	2,600	2,600
Non-voting convertible ordinary Series E Shares (issued and outstanding 2019 and 2018: 910,010)
SHAREHOLDERS’ EQUITY (Note 15)
Ordinary shares	910	910
Series C Preferred Shares (issued and held in treasury 2019 and 2018: 388,571)
SHAREHOLDERS’ EQUITY (Note 15)
Preferred Shares	389	389
Series D Preferred Shares (issued and outstanding 2019 and 2018: 16,000)
SHAREHOLDERS’ EQUITY (Note 15)
Preferred Shares	400,000	400,000
Series E Preferred Shares (issued and outstanding 2019 and 2018: 4,400)
SHAREHOLDERS’ EQUITY (Note 15)
Preferred Shares	110,000	110,000
Short-term Investments
ASSETS
Trading, at fair value	76,859	114,116
Available-for-sale, at fair value	9,589	0
Fixed maturity investments
ASSETS
Trading, at fair value	7,150,544	7,248,793
Available-for-sale, at fair value	$ 406,378	$ 151,609

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
NET EARNINGS (LOSS)	$ 126,559	$ (22,321)	$ 730,355	$ (62,894)
Other comprehensive income, net of tax:
Unrealized holding gains (losses) on fixed income available-for-sale investments arising during the period	(267)	(1,310)	4,640	(3,007)
Reclassification adjustment for net realized gains (losses) included in net earnings	(34)	2	(4,191)	53
Unrealized gains (losses) arising during the period, net of reclassification adjustments	(301)	(1,308)	449	(2,954)
Total cumulative translation adjustment	(2,551)	(143)	(4,390)	1,258
Increase in defined benefit pension liability	(952)	0	(952)	0
Total other comprehensive loss	(3,804)	(1,451)	(4,893)	(1,696)
Comprehensive income (loss)	122,755	(23,772)	725,462	(64,590)
Comprehensive loss attributable to noncontrolling interest	206	11,505	4,912	19,494
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	$ 122,961	$ (12,267)	$ 730,374	$ (45,096)

Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - Kayla Re $ in Thousands	May 14, 2018 USD ($)
ASSETS
Fixed maturities, trading, at fair value	$ 126,393
Other investments	626,476
Total investments	752,869
Cash and cash equivalents	5,657
Premiums receivable	10,965
Deferred acquisition costs	275
Other assets	614
TOTAL ASSETS	770,380
LIABILITIES
Losses and LAE	4,059
Unearned premium	10,984
Insurance and reinsurance balances payable	13
Other liabilities	9,004
TOTAL LIABILITIES	24,060
NET ASSETS ACQUIRED AT FAIR VALUE	$ 746,320

Derivative and Hedging Instruments - Other Derivatives (Details) $ in Millions	Nov. 07, 2019 AUD ($)
Subsequent Event \| Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative	$ 120.0

Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

1. SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

These unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these financial statements reflect all adjustments consisting of normal recurring items considered necessary for a fair presentation under U.S. GAAP. The results of operations for any interim period are not necessarily indicative of results of the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. All significant inter-company transactions and balances have been eliminated. In these notes, the terms "we," "us," "our," or "the Company" refer to Enstar Group Limited and its consolidated subsidiaries. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our actual results may differ materially from these estimates. Results of changes in estimates are reflected in earnings in the period in which the change is made. Accounting policies that we believe are most dependent on assumptions and estimates are considered to be our critical accounting policies and are related to the determination of:


•	liability for losses and loss adjustment expenses ("LAE");


•	liability for policy benefits for life contracts;


•	reinsurance balances recoverable on paid and unpaid losses;


•	valuation allowances on reinsurance balances recoverable and deferred tax assets;


•	impairment charges, including other-than-temporary impairments on investment securities classified as available-for-sale, and impairments on goodwill, intangible assets and deferred charge asset;


•	gross and net premiums written and net premiums earned;


•	fair value measurements of investments;


•	fair value estimates associated with accounting for acquisitions;


•	fair value estimates associated with loss portfolio transfer reinsurance agreements for which we have elected the fair value option; and

•

redeemable noncontrolling interests.

New Accounting Standards Adopted in 2019

Accounting Standards Update ("ASU") 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, the Financial Accounting Standards Board (the "FASB") issued ASU 2018-02, which gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income (“AOCI”) that are deemed stranded in AOCI as a result of the Tax Cuts and Jobs Act (the "Tax Act") enacted in the United States at the end of 2017. The amendments in this guidance eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. We adopted the new standard on January 1, 2019, and that adoption did not have a material impact on our consolidated financial statements and related disclosures.

ASUs 2016-02, 2018-10, 2018-11 and 2019-01, Leases

In February 2016, the FASB issued ASU 2016-02, which is codified in Accounting Standards Codification ("ASC") 842 - Leases, amending the guidance on the classification, measurement and disclosure of leases for both lessors and lessees. The ASU requires lessees to recognize a right-of-use asset and an offsetting lease liability on the balance sheet and to disclose qualitative and quantitative information about leasing arrangements. Subsequently, in July 2018, the FASB issued ASU 2018-10, which clarifies how to apply certain aspects of ASC 842. The amendments in the ASU address a number of issues in the new leases guidance, including (1) the rate implicit in the lease, (2) impairment of the net investment in the lease, (3) lessee reassessment of lease classification, (4) lessor reassessment of lease term and purchase options, (5) variable payments that depend on an index or rate, and (6) certain transition adjustments.

In July 2018, the FASB also issued ASU 2018-11, which adds a transition option for all entities and a practical expedient only for lessors to ASU 2016-02. The transition option, which we elected on adoption of the guidance, allows entities to choose not to apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. Under the transition option, entities can instead opt to continue to apply the legacy guidance in ASC 840 - Leases, including its disclosure requirements, in the comparative periods presented in the year they adopt the new leases standard. This means that entities that elect this option will only provide annual disclosures for the comparative periods because ASC 840 does not require interim disclosures. Entities that elect this transition option are still required to adopt the new leases standard using the modified retrospective transition method, but they will recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The practical expedient provides lessors with an option to not separate the non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the revenue recognition standard in ASC 606 if the associated non-lease components are the predominant components.

In addition, in March 2019, the FASB issued ASU 2019-01 to clarify that in the year of initial adoption of ASC 842, entities are not subject to the transition disclosure requirements in ASC 250-10-50-3 related to the effect of an accounting change on certain interim period financial information. Prior to this clarification, the transition guidance in ASC 842 only excluded the annual disclosures required in ASC 250-10-50-1(b)(2).

We adopted ASU 2016-02 and the related amendments on January 1, 2019 using the modified retrospective transition method as required by the standard and recognized a right-of-use asset and an associated lease liability of $51.6 million on our consolidated balance sheet, relating primarily to office space and facilities that we have leased to conduct our business operations. Refer to Note 20 - "Commitments and Contingencies" for further details.

Recently Issued Accounting Pronouncements Not Yet Adopted

Note 2 - "Significant Accounting Policies" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 describes accounting pronouncements that were not adopted as of December 31, 2018. Those pronouncements have not yet been adopted unless discussed above in "New Accounting Standards Adopted in 2019". In addition, the following relevant accounting pronouncements were issued by the FASB during the nine months ended September 30, 2019 and are yet to be adopted.

ASU 2019-07 - Codification Updates to SEC Sections

In July 2019, the FASB issued ASU 2019-07 in response to the Securities and Exchange Commission's ("SEC's") disclosure update and simplification initiative. The ASU clarifies or improves the disclosure and presentation requirements of a variety of Codification Topics by aligning them with the SEC’s regulations, thereby eliminating redundancies and making the Codification easier to apply. We do not expect the disclosure and presentation amendments included in this ASU, which are to be applied prospectively, to have a material impact on our consolidated financial statements and related disclosures.

ASU 2019-05 - Targeted Transition Relief for ASC 326 - Financial Instruments - Credit Losses

In May 2019, the FASB issued ASU 2019-05, which amends ASU 2016-13 on credit losses as codified in ASC 326 to provide entities with an option to irrevocably elect the fair value option for certain financial assets previously measured on an amortized cost basis. Entities that avail themselves of this transition relief will have the option to irrevocably elect the fair value option in ASC 825-10 on an instrument-by-instrument basis for eligible instruments, upon the adoption of ASC 326. The fair value option election, however, does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in ASC 820-10 and ASC 825-10 to

the eligible instruments for which it has elected the fair value option.

The amendments in this ASU are effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for entities that have already adopted ASU 2016-13. The ASU requires that these amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance as of the date that an entity adopts ASU 2016-13.

We expect to adopt ASU 2019-05 on January 1, 2020 concurrently with our adoption of ASU 2016-13. However, since we do not intend to elect the fair value option for balances recoverable from our reinsurers as well as the balances retained by our insureds under funds held arrangements which are within the scope of ASC 326, we do not expect the adoption of ASU 2019-05 to have a material impact on our consolidated financial statements and related disclosures. This is attributable to the fact that our other financial instruments that are currently measured at amortized cost and which will be eligible for the fair value option election under ASU 2019-05 do not constitute a material proportion of our total assets.

ASU 2019-04 - Codification Improvements to ASC 326 - Financial Instruments - Credit Losses, ASC 815 - Derivatives and Hedging and ASC 825 - Financial Instruments

In April 2019, the FASB issued ASU 2019-04, which amends (1) ASU 2016-13 on credit losses as codified in ASC 326, (2) ASU 2017-12 on hedging activities as codified in ASC 815, and (3) ASU 2016-01 on recognizing and measuring financial instruments as codified in ASC 825-10. The amendments in ASU 2019-04 clarify the scope of these standards and address certain issues related to their implementation. Specifically, the amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments. With respect to the hedge accounting standard, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements. On recognizing and measuring financial instruments, the ASU addresses the scope of ASC 825, the requirement for re-measurement under ASC 820 when using the measurement alternative, certain disclosure requirements, and the specification of equity securities that have to be remeasured at historical exchange rates.

The amendments to the credit losses and hedging standards have the same effective dates and transition requirements as the initial standards, unless an entity has already adopted those standards.

We expect to adopt ASU 2016-13 and all the related amendments including ASU 2019-04 on January 1, 2020 using the modified retrospective approach such that the impact of the initial adoption of the standard is recognized through a cumulative effect adjustment to opening retained earnings, as required by the standard. Based on the detailed preliminary analysis of all of our financial assets measured at amortized cost and which are within the scope of ASU 2016-13 and the related amendments, we do not expect the initial adoption of the standard to have a material impact on our consolidated financial statements, although we will be required to amend and in certain cases, significantly enhance our qualitative disclosures around the following specific items - (1) the credit risk inherent within our portfolios of financial assets and how we monitor credit quality, (2) how we determine the estimation of expected credit losses, (3) changes in the estimate of expected credit losses that have occurred during each reporting period, in addition to (4) providing a rollforward analysis of our allowance for credit losses. While our initial assessment of the quantitative impact of the adoption of ASU 2016-13 and its related amendments is not expected to be material based on our detailed preliminary analysis as of September 30, 2019, the overall impact of the standard will be dependent on the composition of our financial assets within the scope of the standard as of January 1, 2020, when we adopt the standard, the prevailing economic conditions and forecasts as well as changes to any of our assumptions and judgments at the time of initial adoption. Our efforts around the implementation of ASU 2016-13 and its related amendments are currently on track and we continue to refine and make certain adjustments to our models, methodologies, assumptions and judgments ahead of the initial adoption of the standard on January 1, 2020.

For entities that have already adopted ASU 2017-12, which we did during the quarter ended September 30, 2017, the amendments included in ASU 2019-04 are effective as of the beginning of the next annual period which is January 1, 2020 for us, although early adoption is permitted. The ASU requires entities to either retrospectively apply the amendments as of the date they adopted ASU 2017-12, or prospectively, as of the date they adopt the amendments, with certain exceptions.

The amendments included in ASU 2019-04 related to the recognition and measurement of financial instruments are effective for interim and annual reporting periods beginning after December 15, 2019 although early adoption is permitted for entities that have already adopted ASU 2016-01 which we did on January 1, 2018. The ASU requires

entities to apply these amendments on a modified retrospective basis, except for those related to equity securities without readily determinable fair values that are measured using the measurement alternative, which entities are required to apply prospectively.

We expect to adopt ASU 2019-04 on January 1, 2020 using the modified retrospective approach required by the standard however, we do not expect that adoption to have a material impact on our consolidated financial statements in view of the composition of our current balance sheet, specifically our financial instruments within the scope of ASU 2016-01 and ASU 2016-13 as well as our existing hedging strategies which largely relate to net investment and cash flow hedging activities. The adoption of ASU 2016-13 and its related amendments including ASU 2019-04, will however require us to amend and in certain cases, significantly enhance the qualitative disclosures included within our consolidated financial statements as detailed above.

Investments - Funds Held Directly Managed Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Funds held by reinsured companies	$ 393,269	$ 321,267

Deferred Charge Assets - Reconciliation of Deferred Charge Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning carrying value	$ 99,094,000	$ 71,393,000	$ 86,585,000	$ 80,192,000
Recorded during the period	85,183,000	17,208,000	108,689,000	17,208,000
Amortization	(17,009,000)	(1,582,000)	(28,006,000)	(10,381,000)
Ending carrying value	$ 167,268,000	$ 87,019,000	167,268,000	$ 87,019,000
Impairment loss of deferred charge assets			$ 0

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Dec. 27, 2018 USD ($)	May 14, 2018 USD ($) $ / shares shares	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Oct. 30, 2019 USD ($)	Aug. 05, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 13, 2018
Business Acquisition [Line Items]
Excess of purchase price over fair value of net assets acquired			$ 114,807		$ 114,807				$ 114,807
Ownership percentage			47.40%		47.40%				47.40%
Assumed business			$ 445,000	$ 103,615	$ 1,110,881	$ 1,631,166
Funds held by reinsured companies			$ 393,269		$ 393,269				$ 321,267
Maiden Re North America
Business Acquisition [Line Items]
Net consideration payable	$ 286,400
Gross loss and loss adjustment expense reserves assumed	1,000,000
Assumed business	72,100
Funds held by reinsured companies		$ 70,400
Loss reserve development, in excess of	100,000
Reinsurance cover, excess of loss reinsurance	$ (25,000)							$ 25,000
Kayla Re
Business Acquisition [Line Items]
Shares issued (in shares) \| shares		2,007,017
Excess of purchase price over fair value of net assets acquired		$ 41,736
Acquisition purchase price, per share (in dollars per share) \| $ / shares		$ 206.65
Percent of voting interests acquired		51.80%
Price-to-book multiple		1.05
Equity interest in acquiree, remeasurement gain				16,007
Contractual preexisting relationships, remeasurement gain (loss)				$ 15,600
Gross loss and loss adjustment expense reserves assumed		$ 4,059
Ordinary Shares \| Kayla Re
Business Acquisition [Line Items]
Shares issued (in shares) \| shares		1,501,778
Series E Non-Voting Convertible Ordinary Shares \| Kayla Re
Business Acquisition [Line Items]
Shares issued (in shares) \| shares		505,239
Kayla Re
Business Acquisition [Line Items]
Ownership percentage										48.20%
Subsequent Event \| BorgWarner Morse TEC
Business Acquisition [Line Items]
Liability for asbestos and environmental claims							$ 800,000

Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

LOSSES AND LOSS ADJUSTMENT EXPENSES

8. LOSSES AND LOSS ADJUSTMENT EXPENSES

The liability for losses and loss adjustment expenses ("LAE"), also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses and includes losses that have been incurred but not reported ("IBNR") for our Non-life Run-off, Atrium and StarStone segments and our other activities, using a variety of actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated loss adjustment expenses ("ALAE"), and unallocated loss adjustment expenses ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR represents reserves for loss and LAE that have been incurred but not yet reported to us. This includes amounts for unreported claims, development on known claims and reopened claims. Our loss reserves cover multiple lines of business, which include asbestos, environmental, general casualty, workers' compensation, marine, aviation and transit, construction defects, professional indemnity/directors and officers, motor, property and other non-life lines of business. Refer to Note 10 - "Losses and Loss Adjustment Expenses" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 for more information on establishing the liability for losses and LAE.

The following tables summarize the liability for losses and LAE by segment:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,256,578		$	84,382	$	905,415		$	8,350	$	5,254,725
IBNR	3,729,552			140,800		906,965			15,974		4,793,291
Fair value adjustments - acquired companies	(183,702		)	4,189		(568		)	—		(180,081		)
Fair value adjustments - fair value option	(182,828		)	—		—			—		(182,828		)
ULAE	320,091			2,308		27,801			—		350,200
Total	$	7,939,691		$	231,679	$	1,839,613		$	24,324	$	10,035,307

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	5,281,047		$	231,679	$	1,839,613		$	24,324	$	7,376,663
Loss and loss adjustment expenses, at fair value	2,658,644			—		—			—		2,658,644
Total	$	7,939,691		$	231,679	$	1,839,613		$	24,324	$	10,035,307



	December 31, 2018
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,271,769		$	94,885	$	796,194		$	6,052	$	5,168,900
IBNR	3,527,767			140,521		787,894			12,809		4,468,991
Fair value adjustments - acquired companies	(217,527		)	3,476		(467		)	—		(214,518		)
Fair value adjustments - fair value option	(374,752		)	—		—			—		(374,752		)
ULAE	333,405			2,402		25,076			—		360,883
Total	$	7,540,662		$	241,284	$	1,608,697		$	18,861	$	9,409,504

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	4,666,607		$	241,284	$	1,608,697		$	18,861	$	6,535,449
Loss and loss adjustment expenses, at fair value	2,874,055			—		—			—		2,874,055
Total	$	7,540,662		$	241,284	$	1,608,697		$	18,861	$	9,409,504

The overall increase in the liability for losses and LAE between December 31, 2018 and September 30, 2019 was primarily attributable to the AmTrust RITC Transactions, the Amerisure loss portfolio transfer and the Maiden reinsurance agreement in our Non-life Run-off segment, as described in Note 3 - "Significant New Business", and net incurred losses in our StarStone segment.

The table below provides a reconciliation of the beginning and ending liability for losses and LAE:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	9,833,886		$	8,608,387		$	9,409,504		$	7,398,088
Less: reinsurance reserves recoverable	2,059,998			1,866,969			1,867,841			1,870,033
Less: deferred charge assets on retroactive reinsurance	99,094			71,393			86,585			80,192
Net balance as of beginning of period	7,674,794			6,670,025			7,455,078			5,447,863
Net incurred losses and LAE:
Current period	213,701			219,050			634,114			468,064
Prior periods	8,716			(65,076)			117,045			(201,737		)
Total net incurred losses and LAE	222,417			153,974			751,159			266,327
Net paid losses:
Current period	(42,927		)	(24,266)			(116,597		)	(62,843		)
Prior periods	(410,655		)	(296,709)			(1,300,585		)	(937,846		)
Total net paid losses	(453,582		)	(320,975)			(1,417,182		)	(1,000,689		)
Effect of exchange rate movement	(83,277		)	(26,825		)	(95,270		)	(108,659		)
Acquired on purchase of subsidiaries	—			22,713			686			366,519
Assumed business	445,000			103,615			1,110,881			1,631,166
Net balance as of September 30	7,805,352			6,602,527			7,805,352			6,602,527
Plus: reinsurance reserves recoverable	2,062,687			1,846,187			2,062,687			1,846,187
Plus: deferred charge assets on retroactive reinsurance	167,268			87,019			167,268			87,019
Balance as of September 30	$	10,035,307		$	8,535,733		$	10,035,307		$	8,535,733

The tables below provide the net incurred losses and LAE by segment:



	Three Months Ended September 30, 2019
	Non-life Run-off			Atrium			StarStone			Other			Total
Net losses paid	$	288,445		$	20,005		$	142,183		$	2,949		$	453,582
Net change in case and LAE reserves	(173,104		)	(91		)	(14,872		)	944			(187,123		)
Net change in IBNR reserves	(148,521		)	8,702			31,946			(246		)	(108,119		)
Increase (reduction) in estimates of net ultimate losses	(33,180		)	28,616			159,257			3,647			158,340
Increase (reduction) in provisions for unallocated LAE	(12,158		)	—			(11		)	—			(12,169		)
Amortization of deferred charge assets	17,009			—			—			—			17,009
Amortization of fair value adjustments	17,538			(216		)	541			—			17,863
Changes in fair value - fair value option	41,374			—			—			—			41,374
Net incurred losses and LAE	$	30,583		$	28,400		$	159,787		$	3,647		$	222,417



	Three Months Ended September 30, 2018
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	195,770		$	16,310		$	108,895		$	320,975
Net change in case and LAE reserves	(128,662		)	(546		)	17,549			(111,659		)
Net change in IBNR reserves	(102,148		)	2,818			71,160			(28,170		)
Increase (reduction) in estimates of net ultimate losses	(35,040		)	18,582			197,604			181,146
Increase (reduction) in provisions for unallocated LAE	(24,460		)	(2		)	1,582			(22,880		)
Amortization of deferred charge assets	1,582			—			—			1,582
Amortization of fair value adjustments	4,247			(727		)	(287		)	3,233
Changes in fair value - fair value option	(9,107		)	—			—			(9,107		)
Net incurred losses and LAE	$	(62,778	)	$	17,853		$	198,899		$	153,974



	Nine Months Ended September 30, 2019
	Non-life Run-off			Atrium			StarStone		Other		Total
Net losses paid	$	966,617		$	60,095		$	382,865	$	7,605	$	1,417,182
Net change in case and LAE reserves	(370,639		)	(245		)	34,197		2,298		(334,389		)
Net change in IBNR reserves	(619,648		)	(1,916		)	123,715		3,165		(494,684		)
Increase (reduction) in estimates of net ultimate losses	(23,670		)	57,934			540,777		13,068		588,109
Increase (reduction) in provisions for unallocated LAE	(38,229		)	—			2,825		—		(35,404		)
Amortization of deferred charge assets	28,006			—			—		—		28,006
Amortization of fair value adjustments	34,033			728			310		—		35,071
Changes in fair value - fair value option	135,377			—			—		—		135,377
Net incurred losses and LAE	$	135,517		$	58,662		$	543,912	$	13,068	$	751,159



	Nine Months Ended September 30, 2018
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	644,665		$	53,187		$	302,837		$	1,000,689
Net change in case and LAE reserves	(376,512		)	(98		)	38,915			(337,695		)
Net change in IBNR reserves	(413,898		)	2,964			75,031			(335,903		)
Increase (reduction) in estimates of net ultimate losses	(145,745		)	56,053			416,783			327,091
Increase (reduction) in provisions for unallocated LAE	(48,723		)	—			4,012			(44,711		)
Amortization of deferred charge assets	10,381			—			—			10,381
Amortization of fair value adjustments	10,312			(4,102		)	(529		)	5,681
Changes in fair value - fair value option	(32,115		)	—			—			(32,115		)
Net incurred losses and LAE	$	(205,890	)	$	51,951		$	420,266		$	266,327

Non-Life Run-off Segment

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Non-life Run-off segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019		2018
Balance as of beginning of period	$	7,803,663		$	7,025,750		7,540,662		$	5,949,472
Less: reinsurance reserves recoverable	1,534,427			1,462,139			1,366,123		1,377,485
Less: deferred charge assets on retroactive insurance	99,094			71,393			86,585		80,192
Net balance as of beginning of period	6,170,142			5,492,218			6,087,954		4,491,795
Net incurred losses and LAE:
Current period	23,845			10,017			107,291		15,476
Prior periods	6,738			(72,795		)	28,226		(221,366		)
Total net incurred losses and LAE	30,583			(62,778		)	135,517		(205,890		)
Net paid losses:
Current period	(14,374		)	(2,713		)	(53,265	)	(3,304		)
Prior periods	(274,071		)	(193,057		)	(913,352	)	(641,361		)
Total net paid losses	(288,445		)	(195,770		)	(966,617	)	(644,665		)
Effect of exchange rate movement	(73,231		)	(26,352		)	(84,372	)	(102,030		)
Acquired on purchase of subsidiaries	—			22,713			686		173,538
Assumed business	445,000			103,615			1,110,881		1,620,898
Net balance as of September 30	6,284,049			5,333,646			6,284,049		5,333,646
Plus: reinsurance reserves recoverable	1,488,374			1,412,090			1,488,374		1,412,090
Plus: deferred charge assets on retroactive reinsurance	167,268			87,019			167,268		87,019
Balance as of September 30	$	7,939,691		$	6,832,755		7,939,691		$	6,832,755

Net incurred losses and LAE in the Non-life Run-off segment were as follows:



	Three Months Ended September 30,
	2019									2018
	Prior Period			Current Period			Total			Prior Period			Current Period		Total
Net losses paid	$	274,071		$	14,374		$	288,445		$	193,057		$	2,713	$	195,770
Net change in case and LAE reserves	(175,830		)	2,726			(173,104		)	(128,827		)	165		(128,662		)
Net change in IBNR reserves	(155,315		)	6,794			(148,521		)	(109,287		)	7,139		(102,148		)
Increase (reduction) in estimates of net ultimate losses	(57,074		)	23,894			(33,180		)	(45,057		)	10,017		(35,040		)
Reduction in provisions for unallocated LAE	(12,109		)	(49		)	(12,158		)	(24,460		)	—		(24,460		)
Amortization of deferred charge assets	17,009			—			17,009			1,582			—		1,582
Amortization of fair value adjustments	17,538			—			17,538			4,247			—		4,247
Changes in fair value - fair value option	41,374			—			41,374			(9,107		)	—		(9,107		)
Net incurred losses and LAE	$	6,738		$	23,845		$	30,583		$	(72,795	)	$	10,017	$	(62,778	)

Net change in case and LAE reserves comprises the movement during the period in specific case reserve liabilities as a result of claims settlements or changes advised to us by our policyholders and attorneys, less changes in case reserves recoverable advised by us to our reinsurers as a result of the settlement or movement of assumed claims. Net change in IBNR represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

Three Months Ended September 30, 2019

The increase in net incurred losses and LAE for the three months ended September 30, 2019 of $30.6 million included net incurred losses and LAE of $23.8 million related to current period net earned premium, primarily for the run-off business acquired with the AmTrust RITC Transactions and the acquisition of Maiden Reinsurance North America, Inc. ("Maiden Re North America"). Excluding current period net incurred losses and LAE of $23.8 million, the increase in net incurred losses and LAE liabilities relating to prior periods was $6.7 million, which was attributable to an increase in the fair value of liabilities of $41.4 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option primarily as a result of a decrease in corporate bond yields, amortization of fair value adjustments over the estimated payout period relating to companies acquired of $17.5 million and the amortization of the deferred charge assets of $17.0 million, partially offset by a reduction in estimates of net ultimate losses of $57.1 million and a reduction in provisions for unallocated LAE of $12.1 million relating to 2019 run-off activity. The reduction in estimates of net ultimate losses relating to prior periods of $57.1 million for the three months ended September 30, 2019 included a net reduction in case and IBNR reserves of $331.1 million, partially offset by net losses paid of $274.1 million.

Three Months Ended September 30, 2018

The reduction in net incurred losses and LAE for the three months ended September 30, 2018 of $62.8 million included net incurred losses and LAE of $10.0 million related to current period net earned premium. Excluding current period net incurred losses and LAE of $10.0 million, the reduction in net incurred losses and LAE liabilities relating to prior periods was $72.8 million, which was attributable to a reduction in estimates of net ultimate losses of $45.1 million and a reduction in provisions for unallocated LAE of $24.5 million, relating to 2018 run-off activity, and a reduction in the fair value of liabilities of $9.1 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option, partially offset by the amortization of fair value adjustments over the estimated payout period relating to companies acquired amounting to $4.2 million and the amortization of the deferred charge assets of $1.6 million. The reduction in estimates of net ultimate losses relating to prior periods of $45.1 million for the three months ended September 30, 2018 included a net reduction in case and IBNR reserves of $238.1 million, partially offset by net losses paid of $193.1 million.



	Nine Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	913,352		$	53,265	$	966,617		$	641,361		$	3,304	$	644,665
Net change in case and LAE reserves	(394,780		)	24,141		(370,639		)	(377,735		)	1,223		(376,512		)
Net change in IBNR reserves	(649,053		)	29,405		(619,648		)	(424,847		)	10,949		(413,898		)
Increase (reduction) in estimates of net ultimate losses	(130,481		)	106,811		(23,670		)	(161,221		)	15,476		(145,745		)
Increase (reduction) in provisions for unallocated LAE	(38,709		)	480		(38,229		)	(48,723		)	—		(48,723		)
Amortization of deferred charge assets	28,006			—		28,006			10,381			—		10,381
Amortization of fair value adjustments	34,033			—		34,033			10,312			—		10,312
Changes in fair value - fair value option	135,377			—		135,377			(32,115		)	—		(32,115		)
Net incurred losses and LAE	$	28,226		$	107,291	$	135,517		$	(221,366	)	$	15,476	$	(205,890	)

Nine Months Ended September 30, 2019

The increase in net incurred losses and LAE for the nine months ended September 30, 2019 of $135.5 million included net incurred losses and LAE of $107.3 million related to current period net earned premium, primarily for the run-off business acquired with the AmTrust RITC Transactions and the acquisition of Maiden Re North America. Excluding current period net incurred losses and LAE of $107.3 million, the increase in net incurred losses and LAE liabilities relating to prior periods was $28.2 million, which was attributable to an increase in the fair value of liabilities of $135.4 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option primarily as a result of a decrease in corporate bond yields, amortization of fair value adjustments over the estimated payout period relating to companies acquired of $34.0 million and amortization of the deferred charge assets of $28.0 million, partially offset by a reduction in estimates of net ultimate losses of $130.5 million and a reduction in provisions for unallocated LAE of $38.7 million, relating to 2019 run-off activity. The reduction in estimates of net ultimate losses relating to prior periods of $130.5 million for the nine months ended September 30, 2019 included a net change in case and IBNR reserves of $1,043.8 million, partially offset by net losses paid of $913.4 million.

Nine Months Ended September 30, 2018

The reduction in net incurred losses and LAE for the nine months ended September 30, 2018 of $205.9 million included net incurred losses and LAE of $15.5 million related to current period net earned premium. Excluding current period net incurred losses and LAE of $15.5 million, net incurred losses and LAE liabilities relating to prior periods were reduced by $221.4 million, which was attributable to a reduction in estimates of net ultimate losses of $161.2 million, a reduction in provisions for unallocated LAE of $48.7 million, relating to 2018 run-off activity and a reduction in the fair value of liabilities of $32.1 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option, partially offset by amortization of the deferred charge assets of $10.4 million and amortization of fair value adjustments over the estimated payout period relating to companies acquired amounting to $10.3 million. The reduction in estimates of net ultimate losses relating to prior periods of $161.2 million for the nine months ended September 30, 2018 included a net change in case and IBNR reserves of $802.6 million, partially offset by net losses paid of $641.4 million.

Atrium

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Atrium segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	222,576		$	234,232		$	241,284		$	240,873
Less: reinsurance reserves recoverable	29,606			38,253			38,768			40,531
Net balance as of beginning of period	192,970			195,979			202,516			200,342
Net incurred losses and LAE:
Current period	27,093			20,033			63,189			56,514
Prior periods	1,307			(2,180		)	(4,527		)	(4,563		)
Total net incurred losses and LAE	28,400			17,853			58,662			51,951
Net paid losses:
Current period	(9,387		)	(8,080		)	(24,531		)	(25,699		)
Prior periods	(10,618		)	(8,230		)	(35,564		)	(27,488		)
Total net paid losses	(20,005		)	(16,310		)	(60,095		)	(53,187		)
Effect of exchange rate movement	(1,405		)	(137		)	(1,123		)	(1,721		)
Net balance as of September 30	199,960			197,385			199,960			197,385
Plus: reinsurance reserves recoverable	31,719			45,382			31,719			45,382
Balance as of September 30	$	231,679		$	242,767		$	231,679		$	242,767

Net incurred losses and LAE in the Atrium segment were as follows:



	Three Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	10,618		$	9,387	$	20,005		$	8,230		$	8,080	$	16,310
Net change in case and LAE reserves	(2,860		)	2,769		(91		)	(4,142		)	3,596		(546		)
Net change in IBNR reserves	(6,235		)	14,937		8,702			(5,539		)	8,357		2,818
Increase (reduction) in estimates of net ultimate losses	1,523			27,093		28,616			(1,451		)	20,033		18,582
Reduction in provisions for unallocated LAE	—			—		—			(2		)	—		(2		)
Amortization of fair value adjustments	(216		)	—		(216		)	(727		)	—		(727		)
Net incurred losses and LAE	$	1,307		$	27,093	$	28,400		$	(2,180	)	$	20,033	$	17,853



	Nine Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	35,564		$	24,531	$	60,095		$	27,488		$	25,699	$	53,187
Net change in case and LAE reserves	(13,032		)	12,787		(245		)	(9,695		)	9,597		(98		)
Net change in IBNR reserves	(27,787		)	25,871		(1,916		)	(18,254		)	21,218		2,964
Increase (reduction) in estimates of net ultimate losses	(5,255		)	63,189		57,934			(461		)	56,514		56,053
Amortization of fair value adjustments	728			—		728			(4,102		)	—		(4,102		)
Net incurred losses and LAE	$	(4,527	)	$	63,189	$	58,662		$	(4,563	)	$	56,514	$	51,951

StarStone

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for our StarStone segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	1,784,021		$	1,348,405		$	1,608,697		$	1,207,743
Less: reinsurance reserves recoverable	495,965			366,577			462,950			452,017
Net balance as of beginning of period	1,288,056			981,828			1,145,747			755,726
Net incurred losses and LAE:
Current period	159,165			189,000			450,464			396,074
Prior periods	622			9,899			93,448			24,192
Total net incurred losses and LAE	159,787			198,899			543,912			420,266
Net paid losses:
Current period	(17,847		)	(13,473		)	(36,542		)	(33,840		)
Prior periods	(124,336		)	(95,422		)	(346,323		)	(268,997		)
Total net paid losses	(142,183		)	(108,895		)	(382,865		)	(302,837		)
Effect of exchange rate movement	(8,641		)	(336		)	(9,775		)	(4,908		)
Acquired on purchase of subsidiaries	—			—			—			192,981
Assumed business	—			—			—			10,268
Net balance as of September 30	1,297,019			1,071,496			1,297,019			1,071,496
Plus: reinsurance reserves recoverable	542,594			388,715			542,594			388,715
Balance as of September 30	$	1,839,613		$	1,460,211		$	1,839,613		$	1,460,211

Net incurred losses and LAE in the StarStone segment were as follows:



	Three Months Ended September 30,
	2019									2018
	Prior Period			Current Period			Total			Prior Period			Current Period		Total
Net losses paid	$	124,336		$	17,847		$	142,183		$	95,422		$	13,473	$	108,895
Net change in case and LAE reserves	(9,672		)	(5,200		)	(14,872		)	(19,919		)	37,468		17,549
Net change in IBNR reserves	(112,123		)	144,069			31,946			(63,294		)	134,454		71,160
Increase in estimates of net ultimate losses	2,541			156,716			159,257			12,209			185,395		197,604
Increase (reduction) in provisions for unallocated LAE	(2,460		)	2,449			(11		)	(2,023		)	3,605		1,582
Amortization of fair value adjustments	541			—			541			(287		)	—		(287		)
Net incurred losses and LAE	$	622		$	159,165		$	159,787		$	9,899		$	189,000	$	198,899

Three Months Ended September 30, 2019 and 2018

Net incurred losses and LAE for the three months ended September 30, 2019 and 2018 were $159.8 million and $198.9 million, respectively. Net unfavorable prior year loss development was $0.6 million for the three months ended September 30, 2019 compared to net unfavorable prior year loss development of $9.9 million for the three months ended September 30, 2018. Excluding prior year loss development, net incurred losses and LAE for the three months ended September 30, 2019 and 2018 were $159.2 million and $189.0 million, respectively.



	Nine Months Ended September 30,
	2019							2018
	Prior Period			Current Period		Total		Prior Period			Current Period		Total
Net losses paid	$	346,323		$	36,542	$	382,865	$	268,997		$	33,840	$	302,837
Net change in case and LAE reserves	(14,922		)	49,119		34,197		(55,541		)	94,456		38,915
Net change in IBNR reserves	(233,528		)	357,243		123,715		(183,422		)	258,453		75,031
Increase in estimates of net ultimate losses	97,873			442,904		540,777		30,034			386,749		416,783
Increase (reduction) in provisions for unallocated LAE	(4,735		)	7,560		2,825		(5,313		)	9,325		4,012
Amortization of fair value adjustments	310			—		310		(529		)	—		(529		)
Net incurred losses and LAE	$	93,448		$	450,464	$	543,912	$	24,192		$	396,074	$	420,266

Nine Months Ended September 30, 2019 and 2018

Net incurred losses and LAE for the nine months ended September 30, 2019 and 2018 were $543.9 million and $420.3 million, respectively. The increase in net incurred losses was primarily due to lower reinsurance recoveries due to lower ceded business principally due to the non-renewal of the KaylaRe quota share and subsequent consolidation and elimination upon acquisition and net unfavorable prior year loss development. Net unfavorable prior year loss development was $93.4 million for the nine months ended September 30, 2019 compared to net unfavorable prior year loss development of $24.2 million for the nine months ended September 30, 2018. Excluding prior year loss development, net incurred losses and LAE for the nine months ended September 30, 2019 and 2018 were $450.5 million and $396.1 million, respectively. Net unfavorable prior year loss development for the nine months ended September 30, 2019 was primarily related to unfavorable development on the U.S. casualty line of business, reflecting an increase in the frequency and severity of losses and social inflation and lines of business which we have either exited or which are subject to remediation as part of our underwriting repositioning.

10. POLICY BENEFITS FOR LIFE CONTRACTS

On May 31, 2019, we completed the transfer of our remaining life assurance policies written by our wholly-owned subsidiary Alpha Insurance SA to a subsidiary of Monument Insurance Group Limited ("Monument"). Our life and annuities operations do not qualify for inclusion in our reportable segments and are therefore included within other activities. The related assets, as well as the results from these operations, were not significant to our consolidated operations and therefore have not been classified as a discontinued operation. In addition, our transfer of these life assurance polices to Monument was not classified as a held-for-sale business transaction since the underlying contracts did not meet the definition of a business. We have an equity method investment in Monument, as described further in Note 19 - "Related Party Transactions".

Life assurance polices subjected us to mortality, longevity and morbidity risks and which are accounted for as life and annuity premiums earned. Life benefit reserves were established using assumptions for investment yields, mortality, morbidity, lapse and expenses, including a provision for adverse deviation. We established and reviewed our life reserves regularly based upon cash flow projections. We established and maintained our life reinsurance reserves at a level that we estimated would, when taken together with future premium payments and investment income expected to be earned on associated premiums, be sufficient to support all future cash flow benefit obligations and third-party servicing obligations as they become payable. Policy benefits for life contracts as of December 31, 2018 were $105.1 million. Refer to Note 2 - "Significant Accounting Policies" - (d) Policy Benefits for Life and Annuity Contracts" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 for a description of the assumptions used and the process for establishing our assumptions and estimates.

Investments - Funds Held Directly Managed Components (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Funds Held, Directly Managed [Line Items]
Funds held - directly managed	$ 1,243,448	$ 1,198,154
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Debt securities, trading	1,230,454	1,183,374
Funds held - directly managed, other assets	$ 12,994	$ 14,780

Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reinsurance balances recoverable
Beginning fair value	$ 312,163	$ 145,927	$ 321,973	$ 176,723
Purchases	29,392	18,180	41,477	64,129
Sales	(3,098)	(35,184)	(7,077)	(103,417)
Total realized and unrealized gains (losses)	(8,367)	(6,452)	(7,720)	(9,628)
Transfer into Level 3 from Level 2	277	3,797	27,923	26,032
Transfer out of Level 3 into Level 2	(10,534)	(7,580)	(56,743)	(35,151)
Ending fair value	319,833	118,688	319,833	118,688
Corporate
Reinsurance balances recoverable
Beginning fair value	5,006	27,823	37,386	67,178
Purchases	82	205	172	12,008
Sales	(116)	(3,731)	(3,157)	(64,641)
Total realized and unrealized gains (losses)	(103)	92	114	29
Transfer into Level 3 from Level 2	277	292	3,535	15,551
Transfer out of Level 3 into Level 2	(2,865)	(1,302)	(35,769)	(6,746)
Ending fair value	2,281	23,379	2,281	23,379
Residential mortgage-backed
Reinsurance balances recoverable
Beginning fair value	102	0	0	3,080
Purchases	0	0	0	0
Sales	0	0	0	(1,184)
Total realized and unrealized gains (losses)	(1)	1	(1)	(32)
Transfer into Level 3 from Level 2	0	1,794	102	1,794
Transfer out of Level 3 into Level 2	(101)	0	(101)	(1,863)
Ending fair value	0	1,795	0	1,795
Commercial mortgage-backed
Reinsurance balances recoverable
Beginning fair value	1,370	15,326	7,389	21,494
Purchases	0	1,599	0	3,402
Sales	(176)	(3,271)	(784)	(4,998)
Total realized and unrealized gains (losses)	148	(726)	65	(674)
Transfer into Level 3 from Level 2	0	0	1,515	4,897
Transfer out of Level 3 into Level 2	(1,340)	(3,545)	(8,183)	(14,738)
Ending fair value	2	9,383	2	9,383
Asset-backed
Reinsurance balances recoverable
Beginning fair value	25,839	46,608	9,121	27,892
Purchases	0	16,376	0	45,967
Sales	(429)	(28,182)	(759)	(31,994)
Total realized and unrealized gains (losses)	(746)	(346)	(7)	(417)
Transfer into Level 3 from Level 2	0	(1)	22,771	2,078
Transfer out of Level 3 into Level 2	(6,228)	(2,733)	(12,690)	(11,804)
Ending fair value	18,436	31,722	18,436	31,722
Equities
Reinsurance balances recoverable
Beginning fair value	229,394	2,016	228,710	0
Purchases	6,691	0	6,691	2,000
Sales	(2,016)	0	(2,016)	0
Total realized and unrealized gains (losses)	(2,378)	0	(1,694)	16
Transfer into Level 3 from Level 2	0	1,712	0	1,712
Transfer out of Level 3 into Level 2	0	0	0	0
Ending fair value	231,691	3,728	231,691	3,728
Other Investments
Reinsurance balances recoverable
Beginning fair value	50,452	54,154	39,367	57,079
Purchases	22,619	0	34,614	752
Sales	(361)	0	(361)	(600)
Total realized and unrealized gains (losses)	(5,287)	(5,473)	(6,197)	(8,550)
Transfer into Level 3 from Level 2	0	0	0	0
Transfer out of Level 3 into Level 2	0	0	0	0
Ending fair value	$ 67,423	$ 48,681	$ 67,423	$ 48,681

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effects of Reinsurance [Line Items]
Gross, premiums written	$ 267,706	$ 333,278	$ 827,194	$ 1,039,076
Ceded, premiums written	(57,241)	(70,811)	(164,017)	(300,242)
Net, premiums written	210,465	262,467	663,177	738,834
Gross, premiums earned	348,501	342,566	1,087,115	940,590
Ceded premium earned	(78,176)	(77,969)	(204,940)	(276,962)
Net, premiums earned	270,325	264,597	882,175	663,628
Operating Segments \| Non-life Run-off
Effects of Reinsurance [Line Items]
Gross, premiums written	301	9,912	(24,785)	16,354
Ceded, premiums written	(4,109)	(5,134)	(1,610)	(13,137)
Net, premiums written	(3,808)	4,778	(26,395)	3,217
Gross, premiums earned	27,190	17,746	166,707	54,044
Ceded premium earned	(10,353)	(7,304)	(24,726)	(26,815)
Net, premiums earned	16,837	10,442	141,981	27,229
Operating Segments \| Atrium
Effects of Reinsurance [Line Items]
Gross, premiums written	48,746	39,995	146,519	130,997
Ceded, premiums written	(4,961)	(2,854)	(19,273)	(17,779)
Net, premiums written	43,785	37,141	127,246	113,218
Gross, premiums earned	48,340	42,505	133,610	121,974
Ceded premium earned	(5,427)	(5,528)	(13,745)	(15,252)
Net, premiums earned	42,913	36,977	119,865	106,722
Operating Segments \| StarStone
Effects of Reinsurance [Line Items]
Gross, premiums written	221,157	282,525	706,634	888,867
Ceded, premiums written	(48,166)	(62,799)	(143,111)	(269,339)
Net, premiums written	172,991	219,726	563,523	619,528
Gross, premiums earned	268,633	281,467	769,774	761,694
Ceded premium earned	(62,361)	(65,112)	(166,317)	(234,892)
Net, premiums earned	206,272	216,355	603,457	526,802
Other
Effects of Reinsurance [Line Items]
Gross, premiums written	(2,498)	846	(1,174)	2,858
Ceded, premiums written	(5)	(24)	(23)	13
Net, premiums written	(2,503)	822	(1,197)	2,871
Gross, premiums earned	4,338	848	17,024	2,878
Ceded premium earned	(35)	(25)	(152)	(3)
Net, premiums earned	$ 4,303	$ 823	$ 16,872	$ 2,875

Losses and Loss Adjustment Expenses - Net (Reduction) Increase in Ultimate Losses and Loss Adjustment Expense Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Prior Period
Net losses paid	$ 410,655	$ 296,709	$ 1,300,585	$ 937,846
Net incurred losses and LAE, prior period	8,716	(65,076)	117,045	(201,737)
Current Period
Net losses paid	42,927	24,266	116,597	62,843
Net incurred losses and LAE, current period	213,701	219,050	634,114	468,064
Total
Net losses paid	453,582	320,975	1,417,182	1,000,689
Net change in case and LAE reserves	(187,123)	(111,659)	(334,389)	(337,695)
Net change in IBNR reserves	(108,119)	(28,170)	(494,684)	(335,903)
Increase (reduction) in estimates of net ultimate losses	158,340	181,146	588,109	327,091
Increase (reduction) in provisions for unallocated LAE	(12,169)	(22,880)	(35,404)	(44,711)
Amortization of deferred charges	17,009	1,582	28,006	10,381
Amortization of fair value adjustments	17,863	3,233	35,071	5,681
Changes in fair value - fair value option	41,374	(9,107)	135,377	(32,115)
Total net incurred losses and LAE	222,417	153,974	751,159	266,327
Non-life Run-off
Prior Period
Net losses paid	274,071	193,057	913,352	641,361
Net change in case and LAE reserves	(175,830)	(128,827)	(394,780)	(377,735)
Net change in IBNR reserves	(155,315)	(109,287)	(649,053)	(424,847)
Increase (reduction) in estimates of net ultimate losses	(57,074)	(45,057)	(130,481)	(161,221)
Reduction in provisions for unallocated LAE	(12,109)	(24,460)	(38,709)	(48,723)
Amortization of deferred charge assets	17,009	1,582	28,006	10,381
Amortization of fair value adjustments	17,538	4,247	34,033	10,312
Changes in fair value - fair value option	41,374	(9,107)	135,377	(32,115)
Net incurred losses and LAE, prior period	6,738	(72,795)	28,226	(221,366)
Current Period
Net losses paid	14,374	2,713	53,265	3,304
Net change in case and LAE reserves	2,726	165	24,141	1,223
Net change in IBNR reserves	6,794	7,139	29,405	10,949
Increase (reduction) in estimates of net ultimate losses	23,894	10,017	106,811	15,476
Reduction in provisions for unallocated LAE	(49)	0	480	0
Amortization of deferred charge assets	0	0	0	0
Amortization of fair value adjustments	0	0	0	0
Changes in fair value - fair value option	0	0	0	0
Net incurred losses and LAE, current period	23,845	10,017	107,291	15,476
Total
Net losses paid	288,445	195,770	966,617	644,665
Net change in case and LAE reserves	(173,104)	(128,662)	(370,639)	(376,512)
Net change in IBNR reserves	(148,521)	(102,148)	(619,648)	(413,898)
Increase (reduction) in estimates of net ultimate losses	(33,180)	(35,040)	(23,670)	(145,745)
Increase (reduction) in provisions for unallocated LAE	(12,158)	(24,460)	(38,229)	(48,723)
Amortization of deferred charges	17,009	1,582	28,006	10,381
Amortization of fair value adjustments	17,538	4,247	34,033	10,312
Changes in fair value - fair value option	41,374	(9,107)	135,377	(32,115)
Total net incurred losses and LAE	30,583	(62,778)	135,517	(205,890)
Atrium
Prior Period
Net losses paid	10,618	8,230	35,564	27,488
Net change in case and LAE reserves	(2,860)	(4,142)	(13,032)	(9,695)
Net change in IBNR reserves	(6,235)	(5,539)	(27,787)	(18,254)
Increase (reduction) in estimates of net ultimate losses	1,523	(1,451)	(5,255)	(461)
Reduction in provisions for unallocated LAE	0	(2)
Amortization of fair value adjustments	(216)	(727)	728	(4,102)
Net incurred losses and LAE, prior period	1,307	(2,180)	(4,527)	(4,563)
Current Period
Net losses paid	9,387	8,080	24,531	25,699
Net change in case and LAE reserves	2,769	3,596	12,787	9,597
Net change in IBNR reserves	14,937	8,357	25,871	21,218
Increase (reduction) in estimates of net ultimate losses	27,093	20,033	63,189	56,514
Reduction in provisions for unallocated LAE	0	0
Amortization of fair value adjustments	0	0	0	0
Net incurred losses and LAE, current period	27,093	20,033	63,189	56,514
Total
Net losses paid	20,005	16,310	60,095	53,187
Net change in case and LAE reserves	(91)	(546)	(245)	(98)
Net change in IBNR reserves	8,702	2,818	(1,916)	2,964
Increase (reduction) in estimates of net ultimate losses	28,616	18,582	57,934	56,053
Increase (reduction) in provisions for unallocated LAE	0	(2)	0	0
Amortization of fair value adjustments	(216)	(727)	728	(4,102)
Total net incurred losses and LAE	28,400	17,853	58,662	51,951
StarStone
Prior Period
Net losses paid	124,336	95,422	346,323	268,997
Net change in case and LAE reserves	(9,672)	(19,919)	(14,922)	(55,541)
Net change in IBNR reserves	(112,123)	(63,294)	(233,528)	(183,422)
Increase (reduction) in estimates of net ultimate losses	2,541	12,209	97,873	30,034
Reduction in provisions for unallocated LAE	(2,460)	(2,023)	(4,735)	(5,313)
Amortization of fair value adjustments	541	(287)	310	(529)
Net incurred losses and LAE, prior period	622	9,899	93,448	24,192
Current Period
Net losses paid	17,847	13,473	36,542	33,840
Net change in case and LAE reserves	(5,200)	37,468	49,119	94,456
Net change in IBNR reserves	144,069	134,454	357,243	258,453
Increase (reduction) in estimates of net ultimate losses	156,716	185,395	442,904	386,749
Reduction in provisions for unallocated LAE	2,449	3,605	7,560	9,325
Amortization of fair value adjustments	0	0	0	0
Net incurred losses and LAE, current period	159,165	189,000	450,464	396,074
Total
Net losses paid	142,183	108,895	382,865	302,837
Net change in case and LAE reserves	(14,872)	17,549	34,197	38,915
Net change in IBNR reserves	31,946	71,160	123,715	75,031
Increase (reduction) in estimates of net ultimate losses	159,257	197,604	540,777	416,783
Increase (reduction) in provisions for unallocated LAE	(11)	1,582	2,825	4,012
Amortization of fair value adjustments	541	(287)	310	(529)
Total net incurred losses and LAE	159,787	198,899	543,912	420,266
Operating Segments \| Non-life Run-off
Total
Net losses paid	288,445	195,770
Net change in case and LAE reserves	(173,104)	(128,662)
Net change in IBNR reserves	(148,521)	(102,148)
Increase (reduction) in estimates of net ultimate losses	(33,180)	(35,040)
Increase (reduction) in provisions for unallocated LAE	(12,158)	(24,460)
Amortization of deferred charges	17,009	1,582
Amortization of fair value adjustments	17,538	4,247
Changes in fair value - fair value option	41,374	(9,107)
Total net incurred losses and LAE	30,583	(62,778)	135,517	(205,890)
Operating Segments \| Atrium
Total
Net losses paid	20,005	16,310
Net change in case and LAE reserves	(91)	(546)
Net change in IBNR reserves	8,702	2,818
Increase (reduction) in estimates of net ultimate losses	28,616	18,582
Increase (reduction) in provisions for unallocated LAE	0	(2)
Amortization of deferred charges	0	0	0	0
Amortization of fair value adjustments	(216)	(727)
Changes in fair value - fair value option	0	0	0	0
Total net incurred losses and LAE	28,400	17,853	58,662	51,951
Operating Segments \| StarStone
Total
Net losses paid	142,183	108,895
Net change in case and LAE reserves	(14,872)	17,549
Net change in IBNR reserves	31,946	71,160
Increase (reduction) in estimates of net ultimate losses	159,257	197,604
Increase (reduction) in provisions for unallocated LAE	(11)	1,582
Amortization of deferred charges	0	0	0	0
Amortization of fair value adjustments	541	(287)
Changes in fair value - fair value option	0	0	0	0
Total net incurred losses and LAE	159,787	198,899	543,912	420,266
Other
Total
Net losses paid	2,949		7,605
Net change in case and LAE reserves	944		2,298
Net change in IBNR reserves	(246)		3,165
Increase (reduction) in estimates of net ultimate losses	3,647		13,068
Increase (reduction) in provisions for unallocated LAE	0		0
Amortization of deferred charges	0		0
Amortization of fair value adjustments	0		0
Changes in fair value - fair value option	0		0
Total net incurred losses and LAE	$ 3,647	$ 0	$ 13,068	$ 0

Commitments and Contingencies - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 4,010	$ 10,696
Sublease income	(183)	(451)
Total lease cost	$ 3,827	$ 10,245

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2019 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Acquisitions - Results of Operations of Acquiree (Details) - Kayla Re $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Business Acquisition [Line Items]
Premiums earned	$ 10,188
Incurred losses and LAE	(9,190)
Acquisition costs	(332)
Underwriting income	666
Net investment income	1,972
Net unrealized gains	(6,621)
General and administrative expenses	(573)
Earnings of acquiree since acquisition date	$ (4,556)

Investments - Net Realized and Unrealized Gains (Losses) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net realized gains (losses) on sale:
Total net realized gains on sale	$ 31,186	$ (10,037)	$ 57,580	$ (18,643)
Net unrealized gains (losses):
Total net unrealized gains	116,999	(47,186)	821,107	(236,028)
Net realized and unrealized gains	148,185	(57,223)	878,687	(254,671)
Sales of available-for-sale securities	12,800	400	96,400	10,900
Fixed maturity securities
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale	56	0	4,505	27
Gross realized losses on fixed maturity securities, available-for-sale	(22)	(2)	(314)	(80)
Net realized gains (losses) on fixed maturity securities	33,042	(8,797)	53,973	(19,310)
Net unrealized gains (losses):
Net unrealized gains (losses) on trading securities	82,000	(13,423)	424,872	(159,691)
Funds held - directly managed
Net realized gains (losses) on sale:
Net realized gains (losses) on fixed maturity securities	1,991	(1,904)	629	(2,849)
Net unrealized gains (losses):
Net unrealized gains (losses) on trading securities	20,895	(405)	95,124	(45,430)
Equity securities
Net realized gains (losses) on sale:
Net realized gains (losses) on equity investments	(3,881)	666	(1,213)	3,569
Net unrealized gains (losses):
Equity investments	10,057	1,830	31,266	6,152
Other Investments
Net unrealized gains (losses):
Change in fair value of other investments	$ 4,047	$ (35,188)	$ 269,845	$ (37,059)

Share-Based Compensation and Pensions

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

SHARE-BASED COMPENSATION AND PENSIONS

17. SHARE-BASED COMPENSATION AND PENSIONS

We provide various employee benefits including share-based compensation, an employee share purchase plan, an annual incentive compensation program, and pension plans. These are described in Note 19 - "Share-Based Compensation and Pensions" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018.

The table below provides the expenses related to the share-based compensation plans and other share-based compensation plans and pension plans:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Share-based compensation plans:
Restricted shares and restricted share units	$	1,778	$	1,800		$	4,910		$	6,149
Performance share units	5,678		2,416			18,133			7,338
Cash-settled stock appreciation rights	102		(350		)	(109		)	898
Other share-based compensation plans:
Northshore incentive plan	1,029		943			3,061			2,390
Deferred compensation and ordinary share plan for non-employee directors	116		119			992			1,048
Employee share purchase plan	102		115			309			325
Total share-based compensation	$	8,805	$	5,043		$	27,296		$	18,148

During the three months ended September 30, 2019, we revised the performance multiplier on all 2017 Performance Share Units from Threshold to above Target due to the financial performance of the Company. The performance multipliers on the 2018 and 2019 Performance Share Units were held at Target.

The table below provides the expenses related to our pension plans:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Pension plans:
Defined contribution plans	$	2,851	$	2,818	$	8,646	$	8,640
Defined benefit plan	160		151		510		453
Total pension costs	$	3,011	$	2,969	$	9,156	$	9,093

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Related Party Transactions

The RNCI on our balance sheet relating to these Trident co-investment transactions was as follows:



	September 30, 2019	December 31, 2018
Redeemable Noncontrolling Interest	416,662	439,428

The following table presents the amounts included in our consolidated balance sheet related to our related party transactions with Stone Point and its affiliated entities:



	September 30, 2019		December 31, 2018
Short-term investments, available-for-sale, at fair value	$	3,219	$	—
Fixed maturities, trading, at fair value	313,943		176,193
Fixed maturities, available-for-sale, at fair value	113,507		—
Equities, at fair value	124,723		57,319
Other investments, at fair value:
Hedge funds	19,621		19,535
Fixed income funds	456,156		324,561
Private equity funds	60,215		52,925
CLO equities	45,549		15,372
CLO equity funds	89,493		37,260
Private Debt	—		10,387
Real estate fund	—		8,025
Cash and cash equivalents	27,819		11,739
Other assets	553		5,216
Other liabilities	5,235		4,240

The following table presents the amounts included in net earnings related to our related party transactions with Stone Point and its affiliated entities:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
Net investment income	$	2,257		$	1,601	$	5,009	$	5,429
Net realized and unrealized (losses) gains	(3,442		)	8,783		26,305		16,787
Total net (losses) earnings	$	(1,185	)	$	10,384	$	31,314	$	22,216

Our consolidated statement of earnings included the following amounts related to transactions between us and KaylaRe and KaylaRe Ltd. that occurred prior to our full acquisition:



	Nine Months Ended
	September 30, 2018
Management fee income	$	1,453

Transactions under KaylaRe-StarStone QS:
Ceded premium earned	(52,651		)
Net incurred losses	31,654
Acquisition costs	18,774

Total net loss	$	(770	)

Our consolidated balance sheet included the following balances related to transactions between us and Hillhouse Capital and its affiliated entities:



	September 30, 2019			December 31, 2018
Investments in funds managed by Hillhouse Capital, held by equity method investees	$	287,132		$	75,192
Our ownership of equity method investments	47.4		%	47.4		%
Our indirect investment in funds managed by Hillhouse Capital	$	136,101		$	35,641

Direct investment in funds managed by Hillhouse Capital:
InRe Fund	$	807,177		$	678,420
Other funds	208,004			166,646
	$	1,015,181		$	845,066

Our investment in the common and preferred shares of Monument, carried in equity method investments on our consolidated balance sheet was as follows:



	September 30, 2019		December 31, 2018
Investment in Monument	$	54,720	$	42,193

Our investment in the common shares of Clear Spring, carried in equity method investments on our consolidated balance sheet, was as follows:



	September 30, 2019		December 31, 2018
Investment in Clear Spring	$	10,685	$	10,070

Our consolidated balance sheet included the following balances related to transactions between us and Clear Spring:



	September 30, 2019		December 31, 2018
Balances under StarStone ceding quota share:
Reinsurance balances recoverable	$	26,959	$	23,718
Prepaid insurance premiums	1,439		13,821
Ceded payable	5,409		14,153
Ceded acquisition costs	365		3,233

Balances under assuming quota share:
Losses and LAE	6,370		5,778
Unearned reinsurance premiums	360		3,455
Funds held	8,973		10,242

Our consolidated statement of earnings included the following amounts related to transactions between us and Clear Spring:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018

Transactions under StarStone ceding quota share:
Ceded premium earned	$	(3,548	)	$	(6,926	)	$	(13,304	)	$	(21,564	)
Ceded incurred losses and LAE	1,063			3,823			8,051			12,429
Ceded acquisition costs	243			981			305			4,892

Transactions under assuming quota share:
Premium earned	887			3,482			3,326			5,391
Net incurred losses and LAE	(576		)	(2,346		)	(2,013		)	(3,107		)
Acquisition costs	(88		)	(721		)	(79		)	(1,275		)

Total net loss	$	(2,019	)	$	(1,707	)	$	(3,714	)	$	(3,234	)

Our indirect investment in the shares of AmTrust, carried in equities on our consolidated balance sheet was as follows:



	September 30, 2019		December 31, 2018
Investment in AmTrust	$	203,007	$	200,000

We recorded the following amounts, related to dividend income, included in net earnings related to our investment in AmTrust:



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2019		2019

Net investment income	$	1,900	5,550

Our indirect investment in the shares of Citco, carried in equity method investments on our consolidated balance sheet, was as follows:



	September 30, 2019		December 31, 2018
Investment in Citco	$	51,374	$	50,812

Our investment in the common shares of Enhanzed Re, carried in equity method investments on our consolidated balance sheet was as follows:



	September 30, 2019		December 31, 2018
Investment in Enhanzed Re	$	145,163	$	94,800

Investments - Funds Held Directly Managed - Fixed Maturity Components (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Funds held - Directly Managed - Fair Value Option
Schedule of Funds Held, Directly Managed [Line Items]
Fixed maturity investments, at amortized cost	$ 183,645	$ 179,670
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,661	(2,733)
Change in fair value - embedded derivative accounting	0	0
Debt securities, trading	189,306	176,937
Funds held - Directly Managed - Variable Return
Schedule of Funds Held, Directly Managed [Line Items]
Fixed maturity investments, at amortized cost	992,370	1,044,377
Net unrealized gains (losses):
Change in fair value - fair value option accounting	0	0
Change in fair value - embedded derivative accounting	48,778	(37,940)
Debt securities, trading	1,041,148	1,006,437
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Fixed maturity investments, at amortized cost	1,176,015	1,224,047
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,661	(2,733)
Change in fair value - embedded derivative accounting	48,778	(37,940)
Debt securities, trading	$ 1,230,454	$ 1,183,374

Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

16. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted net earnings per ordinary share:



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019		2018			2019		2018
Numerator:
Net earnings (loss) attributable to Enstar Group Limited ordinary shareholders	$	117,743	$	(15,965	)	$	708,336	$	(48,931	)
Denominator:
Weighted average ordinary shares outstanding — basic	21,488,216		21,440,914			21,476,586		20,444,634
Effect of dilutive securities:
Share-based compensation plans	169,162		143,833			204,288		129,313
Warrants	63,119		80,609			60,625		79,597
Weighted average ordinary shares outstanding — diluted	21,720,497		21,665,356			21,741,499		20,653,544

Earnings (losses) per ordinary share attributable to Enstar Group Limited:
Basic	$	5.48	$	(0.74	)	$	32.98	$	(2.39	)
Diluted⁽¹⁾	$	5.42	$	(0.74	)	$	32.58	$	(2.39	)

⁽¹⁾During a period of loss, the basic weighted average ordinary shares outstanding is used in the denominator of the diluted loss per ordinary share computation as the effect of including potentially dilutive securities would be anti-dilutive.

Acquisitions - Purchase Price and Fair Value of Assets Acquired (Detail) $ / shares in Units, $ in Thousands		3 Months Ended
	May 14, 2018 USD ($) $ / shares shares	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 13, 2018 USD ($)
Purchase Price
Excess of purchase price over fair value of net assets acquired			$ 114,807	$ 114,807
Fair Value of Previously Held Equity Method Investment
Carrying value of previously held equity method investment prior to the close of the transaction			$ 282,463	$ 204,507
Kayla Re
Purchase Price
Fair value of Enstar ordinary shares issued	$ 414,750
Fair value of previously held equity method investment	336,137
Adjustment for the fair value of preexisting relationships	37,169
Total purchase price	788,056
Net assets acquired at fair value (excluding preexisting relationships)	746,320
Excess of purchase price over fair value of net assets acquired	$ 41,736
Fair Value of Enstar Ordinary Shares Issued
Number of Enstar Ordinary shares issued (in shares) \| shares	2,007,017
Closing price of Enstar Ordinary shares (in dollars per share) \| $ / shares	$ 206.65
Fair Value of Previously Held Equity Method Investment
Price-to-book multiple	1.05
Gain recognized on remeasurement of previously held equity method investment to fair value		$ 16,007
Kayla Re
Fair Value of Previously Held Equity Method Investment
Carrying value of previously held equity method investment prior to the close of the transaction					$ 320,130

Investments - Asset Types - Fixed Maturity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	$ 415,967	$ 151,609
Total fair value	8,873,824	8,697,892
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	20,773	573
Total fair value	506,826	510,245
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Total fair value	295,957	300,631
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	31,370	73,185
Total fair value	715,094	793,810
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	291,230	75,359
Total fair value	5,189,885	4,839,840
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	1,769	2,480
Total fair value	161,364	130,265
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	6,460	12
Total fair value	408,507	773,557
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Total fair value	887,337	713,063
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	64,365
Total fair value	708,854	636,481
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	292,500	656,600
Senior Secured Debt Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	27,500	20,400
Short-term investments, trading
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	76,859	114,116
Debt securities, fair value	9,589	0
Short-term investments, trading \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	35,173	45,885
Debt securities, fair value	6,370
Short-term investments, trading \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	311	2,275
Debt securities, fair value	0
Short-term investments, trading \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	14,314	19,064
Debt securities, fair value	0
Short-term investments, trading \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	27,061	44,900
Debt securities, fair value	3,219
Short-term investments, trading \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0
Short-term investments, trading \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0
Short-term investments, trading \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0
Short-term investments, trading \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	1,992
Debt securities, fair value	0
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	7,150,544	7,248,793
Debt securities, fair value	406,378	151,609
Fixed maturity investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	318,225	389,735
Debt securities, fair value	14,403	573
Fixed maturity investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	295,646	298,356
Debt securities, fair value	0	0
Fixed maturity investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	648,900	679,525
Debt securities, fair value	31,370	73,185
Fixed maturity investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	4,258,528	4,081,793
Debt securities, fair value	288,011	75,359
Fixed maturity investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	107,247	73,856
Debt securities, fair value	1,769	2,480
Fixed maturity investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	311,846	682,962
Debt securities, fair value	6,460	12
Fixed maturity investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	647,005	488,598
Debt securities, fair value	0	0
Fixed maturity investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	563,147	553,968
Debt securities, fair value	64,365	0
Funds held - directly managed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,230,454	1,183,374
Funds held - directly managed \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	132,655	74,052
Funds held - directly managed \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Funds held - directly managed \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	20,510	22,036
Funds held - directly managed \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	613,066	637,788
Funds held - directly managed \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	52,348	53,929
Funds held - directly managed \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	90,201	90,583
Funds held - directly managed \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	240,332	224,465
Funds held - directly managed \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 81,342	$ 80,521

Debt Obligations and Credit Facilities - Amounts Outstanding and Accrued Interest (Detail) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Dec. 27, 2018	Sep. 16, 2014	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	May 28, 2019	Dec. 31, 2018	Mar. 10, 2017
Debt Instrument [Line Items]
Debt, amortized cost			$ 1,210,675		$ 1,210,675			$ 861,539
Interest expense on debt obligations			14,934	$ 4,556	38,696	$ 20,822
Funds withheld balances and other			16	84	326	751
Total interest expense			14,950	$ 4,640	39,022	$ 21,573
Senior Notes
Debt Instrument [Line Items]
Debt, amortized cost			$ 841,812		$ 841,812			348,054
Senior Notes \| 4.50% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate			4.50%		4.50%				4.50%
Term					5 years
Debt, amortized cost			$ 348,527		$ 348,527			348,054
Senior Notes \| 4.95% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate			4.95%		4.95%		4.95%
Term					10 years
Debt, amortized cost			$ 493,285		$ 493,285			0
Line of Credit \| EGL Revolving Credit Facility
Debt Instrument [Line Items]
Term		5 years			5 years
Debt, amortized cost			20,000		$ 20,000			15,000
Line of Credit \| 2018 EGL Term Loan Facility
Debt Instrument [Line Items]
Term	3 years				3 years
Debt, amortized cost			$ 348,863		$ 348,863			$ 498,485

Investments - Contractual Maturities (Details) - Short-Term Investments and Fixed Maturities $ in Thousands	Sep. 30, 2019 USD ($)
Amortized Cost
One year or less	$ 443,741
More than one year through two years	627,938
More than two years through five years	1,999,134
More than five years through ten years	2,013,150
More than ten years	1,549,806
Trading securities, amortized cost	8,605,605
Fair Value
One year or less	437,763
More than one year through two years	627,114
More than two years through five years	2,016,593
More than five years through ten years	2,089,642
More than ten years	1,698,014
Trading securities, debt	$ 8,873,824
% of Total Fair Value
One year or less	5.00%
More than one year through two years	7.10%
More than two years through five years	22.70%
More than five years through ten years	23.50%
More than ten years	19.10%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 401,266
Fair Value
Securities without single maturity date	$ 408,507
% of Total Fair Value
Securities without single maturity date	4.60%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 859,507
Fair Value
Securities without single maturity date	$ 887,337
% of Total Fair Value
Securities without single maturity date	10.00%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 711,063
Fair Value
Securities without single maturity date	$ 708,854
% of Total Fair Value
Securities without single maturity date	8.00%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Summary of Operations by Segment



	Three Months Ended September 30, 2019
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	301		$	48,746		$	221,157		$	(2,498	)	$	267,706

Net premiums written	$	(3,808	)	$	43,785		$	172,991		$	(2,503	)	$	210,465

Net premiums earned	$	16,837		$	42,913		$	206,272		$	4,303		$	270,325
Net incurred losses and LAE	(30,583		)	(28,400		)	(159,787		)	(3,647		)	(222,417		)
Acquisition costs	4,634			(14,466		)	(40,273		)	(177		)	(50,282		)
Operating expenses	(51,395		)	(3,742		)	(31,084		)	—			(86,221		)
Underwriting income (loss)	(60,507		)	(3,695		)	(24,872		)	479			(88,595		)
Net investment income (loss)	73,752			1,736			12,131			(2,147		)	85,472
Net realized and unrealized gains	138,174			582			9,159			270			148,185
Fees and commission income	4,196			2,391			—			—			6,587
Other income (expense)	(285		)	35			76			1,000			826
Corporate expenses	(11,983		)	(2,896		)	—			(12,824		)	(27,703		)
Interest income (expense)	(17,964		)	—			—			3,014			(14,950		)
Net foreign exchange gains (losses)	13,056			(924		)	1,475			24			13,631
EARNINGS (LOSS) BEFORE INCOME TAXES	138,439			(2,771		)	(2,031		)	(10,184		)	123,453
Income tax expense	(13,382		)	(222		)	(993		)	—			(14,597		)
Earnings from equity method investments	17,703			—			—			—			17,703
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	142,760			(2,993		)	(3,024		)	(10,184		)	126,559
Net loss (earnings) attributable to noncontrolling interest	(1,439		)	1,228			320			—			109
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	141,321			(1,765		)	(2,704		)	(10,184		)	126,668
Dividends on preferred shares	—			—			—			(8,925		)	(8,925		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	141,321		$	(1,765	)	$	(2,704	)	$	(19,109	)	$	117,743

Underwriting ratios:
Loss ratio				66.2		%	77.5		%
Acquisition expense ratio				33.7		%	19.5		%
Operating expense ratio				8.7		%	15.1		%
Combined ratio				108.6		%	112.1		%



	Three Months Ended September 30, 2018
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	9,912		$	39,995		$	282,525		$	846		$	333,278

Net premiums written	$	4,778		$	37,141		$	219,726		$	822		$	262,467

Net premiums earned	$	10,442		$	36,977		$	216,355		$	823		$	264,597
Net incurred losses and LAE	62,778			(17,853		)	(198,899		)	—			(153,974		)
Life and Annuity Policy Benefits	—			—			—			(423		)	(423		)
Acquisition costs	160			(13,215		)	(41,079		)	(108		)	(54,242		)
Operating expenses	(37,473		)	(3,952		)	(38,000		)	—			(79,425		)
Underwriting income (loss)	35,907			1,957			(61,623		)	292			(23,467		)
Net investment income (loss)	59,247			1,597			9,504			(918		)	69,430
Net realized and unrealized gains (losses)	(58,506		)	194			989			100			(57,223		)
Fees and commission income	3,708			3,242			—			—			6,950
Other income (expense)	8,106			7			117			(4		)	8,226
Corporate expenses	(11,433		)	(2,770		)	—			(8,925		)	(23,128		)
Interest income (expense)	(5,951		)	—			—			1,311			(4,640		)
Net foreign exchange gains (losses)	17			(262		)	(585		)	(210		)	(1,040		)
EARNINGS (LOSS) BEFORE INCOME TAXES	31,095			3,965			(51,598		)	(8,354		)	(24,892		)
Income tax benefit (expense)	(125		)	(737		)	118			(2		)	(746		)
Earnings from equity method investments	3,317			—			—			—			3,317
NET EARNINGS (LOSS)	34,287			3,228			(51,480		)	(8,356		)	(22,321		)
Net loss (earnings) attributable to noncontrolling interest	(1,659		)	(1,266		)	14,414			—			11,489
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	32,628			1,962			(37,066		)	(8,356		)	(10,832		)
Dividend on preferred shares	—			—			—			(5,133		)	(5,133		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	32,628		$	1,962		$	(37,066	)	$	(13,489	)	$	(15,965	)

Underwriting ratios:
Loss ratio				48.3		%	91.9		%
Acquisition expense ratio				35.7		%	19.0		%
Operating expense ratio				10.7		%	17.6		%
Combined ratio				94.7		%	128.5		%



	Nine Months Ended September 30, 2019
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	(24,785	)	$	146,519		$	706,634		$	(1,174	)	$	827,194

Net premiums written	$	(26,395	)	$	127,246		$	563,523		$	(1,197	)	$	663,177

Net premiums earned	$	141,981		$	119,865		$	603,457		$	16,872		$	882,175
Net incurred losses and LAE	(135,517		)	(58,662		)	(543,912		)	(13,068		)	(751,159		)
Life and Annuity Policy Benefits	—			—			—			(2,290		)	(2,290		)
Acquisition costs	(40,033		)	(41,023		)	(129,315		)	(554		)	(210,925		)
Operating expenses	(139,595		)	(9,968		)	(100,430		)	—			(249,993		)
Underwriting income (loss)	(173,164		)	10,212			(170,200		)	960			(332,192		)
Net investment income (loss)	206,337			5,500			36,341			(6,278		)	241,900
Net realized and unrealized gains	815,902			5,464			51,472			5,849			878,687
Fees and commission income	13,673			5,773			—			—			19,446
Other income	15,136			106			455			1,971			17,668
Corporate expenses	(47,287		)	(10,186		)	—			(36,051		)	(93,524		)
Interest income (expense)	(45,699		)	—			(475		)	7,152			(39,022		)
Net foreign exchange gains (losses)	20,426			(1		)	(355		)	(2		)	20,068
EARNINGS (LOSS) BEFORE INCOME TAXES	805,324			16,868			(82,762		)	(26,399		)	713,031
Income tax expense	(23,501		)	(1,930		)	(1,348		)	(85		)	(26,864		)
Earnings (loss) from equity method investments	44,406			—			(218		)	—			44,188
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	826,229			14,938			(84,328		)	(26,484		)	730,355
Net loss (earnings) attributable to noncontrolling interest	(6,351		)	(6,127		)	17,448			—			4,970
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	819,878			8,811			(66,880		)	(26,484		)	735,325
Dividends on preferred shares	—			—			—			(26,989		)	(26,989		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	819,878		$	8,811		$	(66,880	)	$	(53,473	)	$	708,336

Underwriting ratios:
Loss ratio				48.9		%	90.1		%
Acquisition expense ratio				34.2		%	21.4		%
Operating expense ratio				8.4		%	16.7		%
Combined ratio				91.5		%	128.2		%



	Nine Months Ended September 30, 2018
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	16,354		$	130,997		$	888,867		$	2,858		$	1,039,076

Net premiums written	$	3,217		$	113,218		$	619,528		$	2,871		$	738,834

Net premiums earned	$	27,229		$	106,722		$	526,802		$	2,875		$	663,628
Net incurred losses and LAE	205,890			(51,951		)	(420,266		)	—			(266,327		)
Life and Annuity Policy Benefits	—			—			—			(217		)	(217		)
Acquisition costs	(4,524		)	(37,996		)	(94,775		)	(389		)	(137,684		)
Operating expenses	(114,254		)	(12,259		)	(106,699		)	—			(233,212		)
Underwriting income (loss)	114,341			4,516			(94,938		)	2,269			26,188
Net investment income	168,189			4,067			25,950			4,012			202,218
Net realized and unrealized losses	(230,829		)	(1,889		)	(15,150		)	(6,803		)	(254,671		)
Fees and commission income	13,093			10,540			—			—			23,633
Other income (expense)	1,330			127			(432		)	(207		)	818
Corporate expenses	(33,453		)	(5,083		)	—			(28,677		)	(67,213		)
Interest income (expense)	(24,562		)	—			(547		)	3,536			(21,573		)
Net foreign exchange gains (losses)	(202		)	(1,262		)	(1,063		)	1,138			(1,389		)
EARNINGS (LOSS) BEFORE INCOME TAXES	7,907			11,016			(86,180		)	(24,732		)	(91,989		)
Income tax expense	(227		)	(1,756		)	(2,568		)	(13		)	(4,564		)
Earnings from equity method investments	33,659			—			—			—			33,659
NET EARNINGS (LOSS)	41,339			9,260			(88,748		)	(24,745		)	(62,894		)
Net loss (earnings) attributable to noncontrolling interest	(4,182		)	(3,798		)	27,076			—			19,096
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	37,157			5,462			(61,672		)	(24,745		)	(43,798		)
Dividends on preferred shares	—			—			—			(5,133		)	(5,133		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	37,157		$	5,462		$	(61,672	)	$	(29,878	)	$	(48,931	)

Underwriting ratios:
Loss ratio				48.7		%	79.8		%
Acquisition expense ratio				35.6		%	18.0		%
Operating expense ratio				11.5		%	20.2		%
Combined ratio				95.8		%	118.0		%

Summary of Company's Assets by Segment

Invested assets are managed on a subsidiary-by-subsidiary basis, and investment income and realized and unrealized gains (losses) on investments are recognized in each segment as earned. Our total assets by segment were as follows:



	September 30,			December 31,
	2019			2018
Assets by Segment:
Non-life Run-off	$	14,691,105		$	13,362,749
Atrium	568,515			591,722
StarStone	3,524,111			3,416,132
Other	(570,377		)	(814,333		)
Total assets	$	18,213,354		$	16,556,270

Investments - Other Investments, at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Other Investments [Line Items]
Other investments, at fair value	$ 2,396,852		$ 2,396,852		$ 1,957,757
Valuation lag period			3 months
Additional subscriptions			$ (733,473)	$ (784,316)
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	997,593		997,593		852,584
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	554,067		554,067		403,858
Equity funds
Other Investments [Line Items]
Other investments, at fair value	373,814		373,814		333,681
Private equities and private equity funds
Other Investments [Line Items]
Other investments, at fair value	305,756		305,756		248,628
Unfunded commitments	368,600		368,600
CLO equities
Other Investments [Line Items]
Other investments, at fair value	67,109		67,109		39,052
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	89,493		89,493		37,260
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	0		0		33,381
Other
Other Investments [Line Items]
Other investments, at fair value	9,020		9,020		$ 9,313
Other investments
Other Investments [Line Items]
Unrealized gain on investment	$ 4,047	$ (35,188)	269,845	$ (37,059)
Additional subscriptions			$ (272,100)

Derivative and Hedging Instruments - Investments in Call Options on Equities (Details) - Not designated as hedging instrument - Call options on equity - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Unrealized gain (loss) on equity securities	$ 0.1	$ (0.4)	$ 1.3	$ (5.4)
Cost		$ 10.0		$ 10.0
Fair value of derivatives	$ 1.9		$ 1.9		$ 0.6

Related Party Transactions - Stone Point Capital LLC (Details) $ in Thousands			3 Months Ended			9 Months Ended
	Apr. 01, 2019 USD ($)	Oct. 01, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jul. 31, 2012 shares	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 06, 2013 general_partner
Related Party Transaction [Line Items]
Redeemable noncontrolling interest			$ 434,787			$ 434,787		$ 458,543	$ 479,606
Related Party, Consolidated Balance Sheet [Abstract]
Available-for-sale, at fair value			415,967			415,967		151,609
Equities, at fair value			728,426			728,426		367,125
Other investments, at fair value			2,396,852			2,396,852		1,957,757
Cash and cash equivalents			832,608	$ 553,419		832,608	$ 553,419	602,096
Other assets			763,670			763,670		644,287
Other liabilities			688,583			688,583		566,369
Related Party, Consolidated Statement of Earnings [Abstract]
Net realized and unrealized gains (losses)			148,185	(57,223)		878,687	(254,671)
NET EARNINGS (LOSS)			126,559	(22,321)		730,355	(62,894)
Short-term Investments
Related Party, Consolidated Balance Sheet [Abstract]
Available-for-sale, at fair value			9,589			9,589		0
Trading, at fair value			76,859			76,859		114,116
Fixed Maturities
Related Party, Consolidated Balance Sheet [Abstract]
Available-for-sale, at fair value			406,378			406,378		151,609
Trading, at fair value			7,150,544			7,150,544		7,248,793
Hedge funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			997,593			997,593		852,584
Fixed income funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			554,067			554,067		403,858
Private equities and private equity funds
Related Party, Consolidated Balance Sheet [Abstract]
Equities, at fair value			231,691			231,691		228,710
Other investments, at fair value			305,756			305,756		248,628
CLO equities
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			67,109			67,109		39,052
CLO equity funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			89,493			89,493		37,260
StonePoint And Affiliated Entities
Related Party, Consolidated Balance Sheet [Abstract]
Equities, at fair value			124,723			124,723		57,319
Cash and cash equivalents			27,819			27,819		11,739
Other assets			553			553		5,216
Other liabilities			5,235			5,235		4,240
Related Party, Consolidated Statement of Earnings [Abstract]
Net realized and unrealized gains (losses)			(3,442)	8,783		26,305	16,787
Interest income			2,257	1,601		5,009	5,429
NET EARNINGS (LOSS)			(1,185)	$ 10,384		31,314	$ 22,216
StonePoint And Affiliated Entities \| Short-term Investments
Related Party, Consolidated Balance Sheet [Abstract]
Available-for-sale, at fair value			3,219			3,219		0
StonePoint And Affiliated Entities \| Fixed Maturities
Related Party, Consolidated Balance Sheet [Abstract]
Available-for-sale, at fair value			113,507			113,507		0
Trading, at fair value			313,943			313,943		176,193
StonePoint And Affiliated Entities \| Hedge funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			19,621			19,621		19,535
StonePoint And Affiliated Entities \| Fixed income funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			456,156			456,156		324,561
StonePoint And Affiliated Entities \| Private equities and private equity funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			60,215			60,215		52,925
StonePoint And Affiliated Entities \| CLO equities
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			45,549			45,549		15,372
StonePoint And Affiliated Entities \| CLO equity funds
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			89,493			89,493		37,260
StonePoint And Affiliated Entities \| Private Debt
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			0			0		10,387
StonePoint And Affiliated Entities \| Real estate fund
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value			0			0		8,025
Trident \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, shares acquired \| shares					1,635,986
Number of newly elected board of directors \| general_partner										1
Number of general partners \| general_partner										4
Redeemable noncontrolling interest			$ 416,662			$ 416,662		439,428
Trident \| North Bay
Related Party Transaction [Line Items]
Payments to acquire investments		$ 53,100
Stone Point \| Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage			9.10%			9.10%
North Bay Shareholders \| North Bay
Related Party Transaction [Line Items]
Payments to acquire investments	$ 48,000	$ 135,000
Mitchell International \| Affiliated Entity
Related Party, Consolidated Balance Sheet [Abstract]
Other investments, at fair value								$ 25,000

Premiums Written and Earned

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

PREMIUMS WRITTEN AND EARNED

6. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

The following tables provide the total reinsurance balances recoverable:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	945,687		$	9,049	$	343,089		$	1,297,825
IBNR	631,722			22,056		201,815			855,593
Fair value adjustments - acquired companies	(12,134		)	614		(2,310		)	(13,830		)
Fair value adjustments - fair value option	(76,901		)	—		—			(76,901		)
Total reinsurance reserves recoverable	1,488,374			31,719		542,594			2,062,687
Paid losses recoverable	145,129			1,762		55,860			202,751
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	901,599		$	33,481	$	598,454		$	1,533,534
Reinsurance balances recoverable on paid and unpaid losses - fair value option	731,904			—		—			731,904
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438



	December 31, 2018
	Non-life Run-off			Atrium			StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	901,772		$	18,891		$	263,065		$	1,183,728
IBNR	609,434			19,247			201,784			830,465
Fair value adjustments - acquired companies	(14,344		)	630			(1,899		)	(15,613		)
Fair value adjustments - fair value option	(130,739		)	—			—			(130,739		)
Total reinsurance reserves recoverable	1,366,123			38,768			462,950			1,867,841
Paid losses recoverable	138,265			(256		)	23,813			161,822
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	764,797		$	38,512		$	486,763		$	1,290,072
Reinsurance balances recoverable on paid and unpaid losses - fair value option	739,591			—			—			739,591
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663

Our insurance and reinsurance run-off subsidiaries and assumed portfolios, prior to acquisition, used retrocessional agreements to reduce their exposure to the risk of insurance and reinsurance assumed. On an annual basis, both Atrium and StarStone purchase a tailored outwards reinsurance program designed to manage their risk profiles. The majority of Atrium’s and StarStone's third-party reinsurance cover is with highly rated reinsurers or is collateralized by pledged assets or letters of credit.

The fair value adjustments, determined on acquisition of insurance and reinsurance subsidiaries, are based on the estimated timing of loss and LAE recoveries and an assumed interest rate equivalent to a risk free rate for securities with similar duration to the acquired reinsurance balances recoverable plus a spread for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements. The determination of the fair value adjustments on the retroactive reinsurance contracts for which we have elected the fair value option is described in Note 9 - "Fair Value Measurements".

As of September 30, 2019 and December 31, 2018, we had reinsurance balances recoverable of $2,265.4 million and $2,029.7 million, respectively. The increase of $235.8 million in reinsurance balances recoverable was primarily

related to the AmTrust RITC transactions, which closed during the first quarter of 2019, and reserve increases in StarStone, which was partially offset by cash collections and commutations in the first nine months of 2019.

Top Ten Reinsurers



	September 30, 2019
	Non-life Run-off		Atrium		StarStone		Total		% of Total
Top 10 reinsurers	$	1,130,720	$	24,560	$	376,529	$	1,531,809	67.6	%
Other reinsurers > $1 million	489,231		8,315		219,132		716,678		31.6	%
Other reinsurers < $1 million	13,552		606		2,793		16,951		0.8	%
Total	$	1,633,503	$	33,481	$	598,454	$	2,265,438	100.0	%



	December 31, 2018
	Non-life Run-off		Atrium		StarStone		Total		% of Total
Top 10 reinsurers	$	1,124,079	$	25,239	$	263,192	$	1,412,510	69.6	%
Other reinsurers > $1 million	364,098		12,091		220,123		596,312		29.4	%
Other reinsurers < $1 million	16,211		1,182		3,448		20,841		1.0	%
Total	$	1,504,388	$	38,512	$	486,763	$	2,029,663	100.0	%



	September 30, 2019		December 31, 2018
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		7
Number of top 10 non-rated reinsurers ⁽¹⁾	2		3

Reinsurers rated A- or better in top 10	$	1,302,270	$	1,096,272
Collaterized non-rated reinsurers in top 10 ⁽¹⁾	229,539		316,238
Total top 10 reinsurance recoverables	$	1,531,809	$	1,412,510

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of September 30, 2019:

Hannover Ruck SE ⁽²⁾	$	305,890	$	279,723
Lloyd's Syndicates ⁽³⁾	$	397,379	$	334,509

⁽¹⁾For the two non-rated reinsurers as of September 30, 2019 and three non-rated reinsurers as of December 31, 2018, we hold security in the form of pledged assets in trust or letters of credit issued to us in the full amount of the recoverable.

⁽²⁾ Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best.

⁽³⁾ Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best.

Provisions for Uncollectible Reinsurance Balances Recoverable

We evaluate and monitor concentration of credit risk among our reinsurers, and provisions are made for amounts considered potentially uncollectible.

The following table shows our reinsurance balances recoverable by rating of reinsurer and our provisions for uncollectible reinsurance balances recoverable ("provisions for bad debt"). The majority of the provisions for bad debt relate to the Non-life Run-off segment.



	September 30, 2019								December 31, 2018
	Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross		Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,895,174	$	53,360	$	1,841,814	2.8	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	394,262		—		394,262		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	130,448		101,086		29,362		77.5	%	143,079		105,213		37,866		73.5	%
Total	$	2,419,884	$	154,446	$	2,265,438	6.4	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

11. PREMIUMS WRITTEN AND EARNED

The following table provides a summary of premiums written and earned in our Non-life Run-off, Atrium and StarStone segments and Other activities:



	Three Months Ended September 30,												Nine Months Ended September 30,
	2019						2018						2019						2018
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	301		$	27,190		$	9,912		$	17,746		$	(24,785	)	$	166,707		$	16,354		$	54,044
Ceded	(4,109		)	(10,353		)	(5,134		)	(7,304		)	(1,610		)	(24,726		)	(13,137		)	(26,815		)
Net	$	(3,808	)	$	16,837		$	4,778		$	10,442		$	(26,395	)	$	141,981		$	3,217		$	27,229
Atrium
Gross	$	48,746		$	48,340		$	39,995		$	42,505		$	146,519		$	133,610		$	130,997		$	121,974
Ceded	(4,961		)	(5,427		)	(2,854		)	(5,528		)	(19,273		)	(13,745		)	(17,779		)	(15,252		)
Net	$	43,785		$	42,913		$	37,141		$	36,977		$	127,246		$	119,865		$	113,218		$	106,722
StarStone
Gross	$	221,157		$	268,633		$	282,525		$	281,467		$	706,634		$	769,774		$	888,867		$	761,694
Ceded	(48,166		)	(62,361		)	(62,799		)	(65,112		)	(143,111		)	(166,317		)	(269,339		)	(234,892		)
Net	$	172,991		$	206,272		$	219,726		$	216,355		$	563,523		$	603,457		$	619,528		$	526,802
Other
Gross	$	(2,498	)	$	4,338		$	846		$	848		$	(1,174	)	$	17,024		$	2,858		$	2,878
Ceded	(5		)	(35		)	(24		)	(25		)	(23		)	(152		)	13			(3		)
Net	$	(2,503	)	$	4,303		$	822		$	823		$	(1,197	)	$	16,872		$	2,871		$	2,875
Total
Gross	$	267,706		$	348,501		$	333,278		$	342,566		$	827,194		$	1,087,115		$	1,039,076		$	940,590
Ceded	(57,241		)	(78,176		)	(70,811		)	(77,969		)	(164,017		)	(204,940		)	(300,242		)	(276,962		)
Total	$	210,465		$	270,325		$	262,467		$	264,597		$	663,177		$	882,175		$	738,834		$	663,628

Gross premiums written for the three months ended September 30, 2019 and 2018 were $267.7 million and $333.3 million, respectively, a decrease of $65.6 million. Gross premiums written for the nine months ended September 30, 2019 and 2018 were $827.2 million and $1,039.1 million, respectively, a decrease of $211.9 million. The decrease was primarily due to a decrease in gross written premiums in our StarStone segment due to our strategy to exit certain lines of business, and reductions in gross written premiums in our Non-life Run-off segment for which associated unearned premium was also released.

Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effects of Reinsurance [Line Items]
Net incurred losses and LAE	$ 222,417	$ 153,974	$ 751,159	$ 266,327
Net incurred losses and LAE, current period	213,701	219,050	634,114	468,064
Prior periods	8,716	(65,076)	117,045	(201,737)
Net losses paid	410,655	296,709	1,300,585	937,846
Non-life Run-off
Effects of Reinsurance [Line Items]
Net incurred losses and LAE	30,583	(62,778)	135,517	(205,890)
Net incurred losses and LAE, current period	23,845	10,017	107,291	15,476
Prior periods	6,738	(72,795)	28,226	(221,366)
Changes in fair value - fair value option	41,374	(9,107)	135,377	(32,115)
Amortization of fair value adjustments	17,538	4,247	34,033	10,312
Increase (reduction) in estimates of net ultimate losses	(57,074)	(45,057)	(130,481)	(161,221)
Amortization of deferred charge assets	17,009	1,582	28,006	10,381
Increase (reduction) in provisions for unallocated LAE	(12,109)	(24,460)	(38,709)	(48,723)
Net change in case and IBNR reserves	331,100	238,100	1,043,800	802,600
Net losses paid	274,071	193,057	913,352	641,361
StarStone
Effects of Reinsurance [Line Items]
Net incurred losses and LAE	159,787	198,899	543,912	420,266
Net incurred losses and LAE, current period	159,165	189,000	450,464	396,074
Prior periods	622	9,899	93,448	24,192
Amortization of fair value adjustments	541	(287)	310	(529)
Increase (reduction) in estimates of net ultimate losses	2,541	12,209	97,873	30,034
Increase (reduction) in provisions for unallocated LAE	(2,460)	(2,023)	(4,735)	(5,313)
Net losses paid	$ 124,336	$ 95,422	$ 346,323	$ 268,997

Commitments and Contingencies - Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 2,945	$ 9,138
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$ 1,353	$ 53,581

Related Party Transactions - Clear Spring (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Capitalized amount of investment	$ 56,000
Ownership percentage		47.40%		47.40%			47.40%
Carrying value of previously held equity method investment prior to the close of the transaction		$ 282,463		$ 282,463			$ 204,507
Balances under StarStone ceding quota share:
Reinsurance balances recoverable		2,265,438		2,265,438			2,029,663
Losses and LAE
Losses and LAE		10,035,307	$ 8,535,733	10,035,307	$ 8,535,733	$ 9,833,886	9,409,504	$ 8,608,387	$ 7,398,088
Unearned reinsurance premiums		805,981		805,981			842,618
Funds held		393,269		393,269			321,267
Transactions under StarStone ceding quota share:
Ceded premium earned		(78,176)	(77,969)	(204,940)	(276,962)
Acquisition costs		(50,282)	(54,242)	(210,925)	(137,684)
Transactions under assuming quota share:
Net incurred losses and LAE		222,417	153,974	751,159	266,327
Net earnings (loss)		$ 126,559	(22,321)	$ 730,355	(62,894)
Clear Spring \| Equity Method Investee
Related Party Transaction [Line Items]
Ownership percentage		20.00%		20.00%
Balances under StarStone ceding quota share:
Reinsurance balances recoverable		$ 26,959		$ 26,959			23,718
Prepaid insurance premiums		1,439		1,439			13,821
Ceded payable		5,409		5,409			14,153
Ceded acquisition costs		365		365			3,233
Clear Spring \| Affiliated Entity
Transactions under assuming quota share:
Net earnings (loss)		(2,019)	(1,707)	(3,714)	(3,234)
Starstone \| Clear Spring
Related Party Transaction [Line Items]
Carrying value of previously held equity method investment prior to the close of the transaction		10,685		10,685			10,070
Percentage of business reinsured	33.30%
Starstone \| Clear Spring \| Affiliated Entity
Transactions under StarStone ceding quota share:
Ceded premium earned		(3,548)	(6,926)	(13,304)	(21,564)
Ceded incurred losses and LAE		1,063	3,823	8,051	12,429
Acquisition costs		(243)	(981)	(305)	(4,892)
Starstone \| Cavello Bay
Related Party Transaction [Line Items]
Percentage of business reinsured	25.00%
Cavello Bay \| Clear Spring
Losses and LAE
Losses and LAE		6,370		6,370			5,778
Unearned reinsurance premiums		360		360			3,455
Funds held		8,973		8,973			$ 10,242
Cavello Bay \| Clear Spring \| Affiliated Entity
Transactions under StarStone ceding quota share:
Acquisition costs		(88)	(721)	(79)	(1,275)
Transactions under assuming quota share:
Premium earned		887	3,482	3,326	5,391
Net incurred losses and LAE		$ (576)	$ (2,346)	$ (2,013)	$ (3,107)

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,573,000)

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 45,174
Present value of lease liabilities	$ 46,683
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 51,600
Present value of lease liabilities		$ 51,600

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Losses and LAE liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital	8.50%	8.50%
Duration	7 years 6 months 7 days	7 years 3 months 29 days
Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.00%
Duration	7 years 10 months 9 days	7 years 11 months 23 days
Measurement Input, Entity Credit Risk \| Losses and LAE liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performance risk	0.20%	0.20%

Goodwill and Intangible Assets - Summary of Gross Carrying Value, Accumulated Amortization and Net Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Intangible assets with a definite life:
Gross Carrying Value	$ 42,000	$ 42,000
Accumulated Amortization	(26,789)	(25,113)
Net Carrying Value	15,211	16,887
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	87,031	87,031
Lloyd’s syndicate capacity
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	37,031	37,031
Licenses
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	19,900	19,900
Management contract
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	30,100	30,100
Distribution channel
Intangible assets with a definite life:
Gross Carrying Value	20,000	20,000
Accumulated Amortization	(7,777)	(6,776)
Net Carrying Value	12,223	13,224
Technology
Intangible assets with a definite life:
Gross Carrying Value	15,000	15,000
Accumulated Amortization	(14,928)	(14,778)
Net Carrying Value	72	222
Brand
Intangible assets with a definite life:
Gross Carrying Value	7,000	7,000
Accumulated Amortization	(4,084)	(3,559)
Net Carrying Value	$ 2,916	$ 3,441

Reinsurance Balances Recoverable on Paid and Unpaid Losses

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

6. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

The following tables provide the total reinsurance balances recoverable:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	945,687		$	9,049	$	343,089		$	1,297,825
IBNR	631,722			22,056		201,815			855,593
Fair value adjustments - acquired companies	(12,134		)	614		(2,310		)	(13,830		)
Fair value adjustments - fair value option	(76,901		)	—		—			(76,901		)
Total reinsurance reserves recoverable	1,488,374			31,719		542,594			2,062,687
Paid losses recoverable	145,129			1,762		55,860			202,751
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	901,599		$	33,481	$	598,454		$	1,533,534
Reinsurance balances recoverable on paid and unpaid losses - fair value option	731,904			—		—			731,904
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438



	December 31, 2018
	Non-life Run-off			Atrium			StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	901,772		$	18,891		$	263,065		$	1,183,728
IBNR	609,434			19,247			201,784			830,465
Fair value adjustments - acquired companies	(14,344		)	630			(1,899		)	(15,613		)
Fair value adjustments - fair value option	(130,739		)	—			—			(130,739		)
Total reinsurance reserves recoverable	1,366,123			38,768			462,950			1,867,841
Paid losses recoverable	138,265			(256		)	23,813			161,822
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	764,797		$	38,512		$	486,763		$	1,290,072
Reinsurance balances recoverable on paid and unpaid losses - fair value option	739,591			—			—			739,591
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663

Top Ten Reinsurers



	September 30, 2019
	Non-life Run-off		Atrium		StarStone		Total		% of Total
Top 10 reinsurers	$	1,130,720	$	24,560	$	376,529	$	1,531,809	67.6	%
Other reinsurers > $1 million	489,231		8,315		219,132		716,678		31.6	%
Other reinsurers < $1 million	13,552		606		2,793		16,951		0.8	%
Total	$	1,633,503	$	33,481	$	598,454	$	2,265,438	100.0	%



	December 31, 2018
	Non-life Run-off		Atrium		StarStone		Total		% of Total
Top 10 reinsurers	$	1,124,079	$	25,239	$	263,192	$	1,412,510	69.6	%
Other reinsurers > $1 million	364,098		12,091		220,123		596,312		29.4	%
Other reinsurers < $1 million	16,211		1,182		3,448		20,841		1.0	%
Total	$	1,504,388	$	38,512	$	486,763	$	2,029,663	100.0	%



	September 30, 2019		December 31, 2018
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		7
Number of top 10 non-rated reinsurers ⁽¹⁾	2		3

Reinsurers rated A- or better in top 10	$	1,302,270	$	1,096,272
Collaterized non-rated reinsurers in top 10 ⁽¹⁾	229,539		316,238
Total top 10 reinsurance recoverables	$	1,531,809	$	1,412,510

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of September 30, 2019:

Hannover Ruck SE ⁽²⁾	$	305,890	$	279,723
Lloyd's Syndicates ⁽³⁾	$	397,379	$	334,509

⁽²⁾ Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best.

⁽³⁾ Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best.

Provisions for Uncollectible Reinsurance Balances Recoverable

We evaluate and monitor concentration of credit risk among our reinsurers, and provisions are made for amounts considered potentially uncollectible.



	September 30, 2019								December 31, 2018
	Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross		Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,895,174	$	53,360	$	1,841,814	2.8	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	394,262		—		394,262		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	130,448		101,086		29,362		77.5	%	143,079		105,213		37,866		73.5	%
Total	$	2,419,884	$	154,446	$	2,265,438	6.4	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

11. PREMIUMS WRITTEN AND EARNED

The following table provides a summary of premiums written and earned in our Non-life Run-off, Atrium and StarStone segments and Other activities:



	Three Months Ended September 30,												Nine Months Ended September 30,
	2019						2018						2019						2018
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	301		$	27,190		$	9,912		$	17,746		$	(24,785	)	$	166,707		$	16,354		$	54,044
Ceded	(4,109		)	(10,353		)	(5,134		)	(7,304		)	(1,610		)	(24,726		)	(13,137		)	(26,815		)
Net	$	(3,808	)	$	16,837		$	4,778		$	10,442		$	(26,395	)	$	141,981		$	3,217		$	27,229
Atrium
Gross	$	48,746		$	48,340		$	39,995		$	42,505		$	146,519		$	133,610		$	130,997		$	121,974
Ceded	(4,961		)	(5,427		)	(2,854		)	(5,528		)	(19,273		)	(13,745		)	(17,779		)	(15,252		)
Net	$	43,785		$	42,913		$	37,141		$	36,977		$	127,246		$	119,865		$	113,218		$	106,722
StarStone
Gross	$	221,157		$	268,633		$	282,525		$	281,467		$	706,634		$	769,774		$	888,867		$	761,694
Ceded	(48,166		)	(62,361		)	(62,799		)	(65,112		)	(143,111		)	(166,317		)	(269,339		)	(234,892		)
Net	$	172,991		$	206,272		$	219,726		$	216,355		$	563,523		$	603,457		$	619,528		$	526,802
Other
Gross	$	(2,498	)	$	4,338		$	846		$	848		$	(1,174	)	$	17,024		$	2,858		$	2,878
Ceded	(5		)	(35		)	(24		)	(25		)	(23		)	(152		)	13			(3		)
Net	$	(2,503	)	$	4,303		$	822		$	823		$	(1,197	)	$	16,872		$	2,871		$	2,875
Total
Gross	$	267,706		$	348,501		$	333,278		$	342,566		$	827,194		$	1,087,115		$	1,039,076		$	940,590
Ceded	(57,241		)	(78,176		)	(70,811		)	(77,969		)	(164,017		)	(204,940		)	(300,242		)	(276,962		)
Total	$	210,465		$	270,325		$	262,467		$	264,597		$	663,177		$	882,175		$	738,834		$	663,628

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	May 28, 2019	Dec. 31, 2018	Mar. 10, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, amortized cost	$ 1,210,675		$ 861,539
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, amortized cost	$ 841,812		348,054
4.50% Senior Notes due 2022 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.50%			4.50%
Debt, amortized cost	$ 348,527		348,054
Debt, fair value	$ 362,600
Senior Notes Due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.95%	4.95%
Debt, amortized cost	$ 493,285		$ 0
Debt, fair value	$ 530,700

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at beginning of period	$ 9,833,886	$ 8,608,387	$ 9,409,504	$ 7,398,088
Less: reinsurance reserves recoverable	2,059,998	1,866,969	1,867,841	1,870,033
Less: deferred charges on retroactive reinsurance	99,094	71,393	86,585	80,192
Net balance as at beginning of period	7,674,794	6,670,025	7,455,078	5,447,863
Net incurred losses and LAE:
Current period	213,701	219,050	634,114	468,064
Prior periods	8,716	(65,076)	117,045	(201,737)
Total net incurred losses and LAE	222,417	153,974	751,159	266,327
Net paid losses:
Current period	(42,927)	(24,266)	(116,597)	(62,843)
Prior periods	(410,655)	(296,709)	(1,300,585)	(937,846)
Net losses paid	(453,582)	(320,975)	(1,417,182)	(1,000,689)
Effect of exchange rate movement	(83,277)	(26,825)	(95,270)	(108,659)
Acquired on purchase of subsidiaries	0	22,713	686	366,519
Assumed business	445,000	103,615	1,110,881	1,631,166
Net balance as of September 30	7,805,352	6,602,527	7,805,352	6,602,527
Plus: reinsurance reserves recoverable	2,062,687	1,846,187	2,062,687	1,846,187
Plus: deferred charges on retroactive reinsurance	167,268	87,019	167,268	87,019
Balance as of September 30	10,035,307	8,535,733	10,035,307	8,535,733
Non-life Run-off
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at beginning of period	7,803,663	7,025,750	7,540,662	5,949,472
Less: reinsurance reserves recoverable	1,534,427	1,462,139	1,366,123	1,377,485
Less: deferred charges on retroactive reinsurance	99,094	71,393	86,585	80,192
Net balance as at beginning of period	6,170,142	5,492,218	6,087,954	4,491,795
Net incurred losses and LAE:
Current period	23,845	10,017	107,291	15,476
Prior periods	6,738	(72,795)	28,226	(221,366)
Total net incurred losses and LAE	30,583	(62,778)	135,517	(205,890)
Net paid losses:
Current period	(14,374)	(2,713)	(53,265)	(3,304)
Prior periods	(274,071)	(193,057)	(913,352)	(641,361)
Net losses paid	(288,445)	(195,770)	(966,617)	(644,665)
Effect of exchange rate movement	(73,231)	(26,352)	(84,372)	(102,030)
Acquired on purchase of subsidiaries	0	22,713	686	173,538
Assumed business	445,000	103,615	1,110,881	1,620,898
Net balance as of September 30	6,284,049	5,333,646	6,284,049	5,333,646
Plus: reinsurance reserves recoverable	1,488,374	1,412,090	1,488,374	1,412,090
Plus: deferred charges on retroactive reinsurance	167,268	87,019	167,268	87,019
Balance as of September 30	7,939,691	6,832,755	7,939,691	6,832,755
Atrium
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at beginning of period	222,576	234,232	241,284	240,873
Less: reinsurance reserves recoverable	29,606	38,253	38,768	40,531
Net balance as at beginning of period	192,970	195,979	202,516	200,342
Net incurred losses and LAE:
Current period	27,093	20,033	63,189	56,514
Prior periods	1,307	(2,180)	(4,527)	(4,563)
Total net incurred losses and LAE	28,400	17,853	58,662	51,951
Net paid losses:
Current period	(9,387)	(8,080)	(24,531)	(25,699)
Prior periods	(10,618)	(8,230)	(35,564)	(27,488)
Net losses paid	(20,005)	(16,310)	(60,095)	(53,187)
Effect of exchange rate movement	(1,405)	(137)	(1,123)	(1,721)
Net balance as of September 30	199,960	197,385	199,960	197,385
Plus: reinsurance reserves recoverable	31,719	45,382	31,719	45,382
Balance as of September 30	231,679	242,767	231,679	242,767
StarStone
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at beginning of period	1,784,021	1,348,405	1,608,697	1,207,743
Less: reinsurance reserves recoverable	495,965	366,577	462,950	452,017
Net balance as at beginning of period	1,288,056	981,828	1,145,747	755,726
Net incurred losses and LAE:
Current period	159,165	189,000	450,464	396,074
Prior periods	622	9,899	93,448	24,192
Total net incurred losses and LAE	159,787	198,899	543,912	420,266
Net paid losses:
Current period	(17,847)	(13,473)	(36,542)	(33,840)
Prior periods	(124,336)	(95,422)	(346,323)	(268,997)
Net losses paid	(142,183)	(108,895)	(382,865)	(302,837)
Effect of exchange rate movement	(8,641)	(336)	(9,775)	(4,908)
Acquired on purchase of subsidiaries	0	0	0	192,981
Assumed business	0	0	0	10,268
Net balance as of September 30	1,297,019	1,071,496	1,297,019	1,071,496
Plus: reinsurance reserves recoverable	542,594	388,715	542,594	388,715
Balance as of September 30	$ 1,839,613	$ 1,460,211	$ 1,839,613	$ 1,460,211

Noncontrolling Interests

9 Months Ended

Sep. 30, 2019

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

14. NONCONTROLLING INTERESTS

We have both redeemable noncontrolling interest and noncontrolling interest on our consolidated balance sheets. Redeemable noncontrolling interest with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at redemption value, which is fair value. The change in fair value is recognized through retained earnings as if the balance sheet date were also the redemption date. In addition, we also have noncontrolling interest, which does not have redemption features and is classified within equity in the consolidated balance sheets.

Redeemable Noncontrolling Interest

Redeemable noncontrolling interest ("RNCI") as of September 30, 2019 and December 31, 2018 comprises the ownership interests held by the Trident V Funds ("Trident") (39.3%) and Dowling Capital Partners, L.P. ("Dowling") (1.7%) in our subsidiary North Bay Holdings Limited ("North Bay"). North Bay owns our investments in StarStone and Atrium.

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI:



	Nine Months Ended			For The Year Ended
	September 30, 2019			December 31, 2018
Balance at beginning of period	$	458,543		$	479,606
Capital contributions	—			55,377
Dividends paid	(11,556		)	(3,852		)
Net losses attributable to RNCI	(5,651		)	(64,794		)
Accumulated other comprehensive earnings (losses) attributable to RNCI	58			(240		)
Change in redemption value of RNCI	(6,607		)	(7,554		)
Balance at end of period	$	434,787		$	458,543

We carried the RNCI at its estimated redemption value, which is fair value, as of September 30, 2019. The decrease was primarily attributable to a decrease in the net assets due to dividends paid and net losses related to StarStone during the nine months ended September 30, 2019.

Refer to Note 19 - "Related Party Transactions" and Note 20 - "Commitments and Contingencies" for additional information regarding RNCI.

Noncontrolling Interest

As of September 30, 2019 and December 31, 2018, we had $12.7 million and $12.1 million, respectively, of noncontrolling interest ("NCI") related to external interests in two of our non-life run-off subsidiaries. A reconciliation of the beginning and ending carrying amount of the equity attributable to NCI is included in the unaudited condensed consolidated statement of changes in shareholders equity.

Premiums Written and Earned - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Insurance [Abstract]
Gross, premiums written	$ 267,706	$ 333,278	$ 827,194	$ 1,039,076
Decrease in gross premiums written	$ 65,600		$ 211,900

Deferred Charge Assets

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

DEFERRED CHARGE ASSETS

7. DEFERRED CHARGE ASSETS

Deferred charge assets relate to retroactive reinsurance policies providing indemnification of losses and LAE with respect to past loss events in the Non-life Run-off segment. For insurance and reinsurance contracts for which we do not elect the fair value option, a deferred charge asset is recorded for the excess, if any, of the estimated ultimate losses payable over the premiums received at the initial measurement. Deferred charge assets are included in other assets on our consolidated balance sheets. The following table presents a reconciliation of the deferred charge assets:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Beginning carrying value	$	99,094		$	71,393		$	86,585		$	80,192
Recorded during the period	85,183			17,208			108,689			17,208
Amortization	(17,009		)	(1,582		)	(28,006		)	(10,381		)
Ending carrying value	$	167,268		$	87,019		$	167,268		$	87,019

Deferred charge assets are amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in earnings as a component of losses and LAE. Deferred charge assets amortization is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss payments. Changes in the estimated amount and the timing of payments of unpaid losses may have an effect on the unamortized deferred charge assets and the amount of periodic amortization. Deferred charge assets are assessed at each reporting period for impairment. If the asset is determined to be impaired, it is written down in the period in which the determination is made. For the nine months ended September 30, 2019, we completed our assessment for impairment of deferred charge assets and concluded that there had been no impairment of our carried deferred charge assets amount.

Further information on deferred charge assets recorded during the nine months ended September 30, 2019, is included in Note 3 - "Significant New Business".

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) reinsurer	Dec. 31, 2018 USD ($) reinsurer
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 2,265,438	$ 2,029,663
Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,531,809
Top 10 Total \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,302,270	$ 1,096,272
Number of external reinsurers \| reinsurer	8	7
Top Ten Reinsurers, Four Non-Rated Reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 229,539	$ 316,238
Number of external reinsurers \| reinsurer	2	3
Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 2,265,438	$ 2,029,663
Concentration risk percentage	100.00%	100.00%
Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,531,809	$ 1,412,510
Concentration risk percentage	67.60%	69.60%
Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 716,678	$ 596,312
Concentration risk percentage	31.60%	29.40%
Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 16,951	$ 20,841
Concentration risk percentage	0.80%	1.00%
Non-life Run-off
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,633,503	$ 1,504,388
Non-life Run-off \| Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,633,503	1,504,388
Non-life Run-off \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,130,720	1,124,079
Non-life Run-off \| Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	489,231	364,098
Non-life Run-off \| Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	13,552	16,211
Atrium
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	33,481	38,512
Atrium \| Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	33,481	38,512
Atrium \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	24,560	25,239
Atrium \| Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	8,315	12,091
Atrium \| Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	606	1,182
StarStone
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	598,454	486,763
StarStone \| Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	598,454	486,763
StarStone \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	376,529	263,192
StarStone \| Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	219,132	220,123
StarStone \| Reinsurance balances recoverable \| Other reinsurers $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	2,793	3,448
Equity Method Investee \| Hannover Ruck \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	305,890	279,723
Equity Method Investee \| Lloyds of London \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 397,379	$ 334,509

Related Party Transactions - Citco (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Indirect investment acquired		$ 733,473	$ 784,316
Other investments		$ 2,396,852		$ 1,957,757
Trident \| Citco \| Affiliated Entity
Related Party Transaction [Line Items]
Indirect investment acquired	$ 50,000
Ownership percentage		3.40%
Citco
Related Party Transaction [Line Items]
Other investments		$ 51,374		$ 50,812

Significant New Business - Additional Information (Detail) $ in Thousands, £ in Millions, $ in Millions							3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 10, 2019 AUD ($)	Sep. 10, 2019 USD ($)	Aug. 05, 2019 USD ($)	Apr. 11, 2019 USD ($)	Feb. 14, 2019 USD ($) Agreement	Feb. 14, 2019 GBP (£) Agreement	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Guarantor Obligations [Line Items]
Assumed business							$ 445,000	$ 103,615	$ 1,110,881	$ 1,631,166
Deferred charge asset							$ 167,268	$ 87,019	$ 167,268	$ 87,019		$ 99,094	$ 86,585	$ 71,393	$ 80,192
Munich Re
Guarantor Obligations [Line Items]
Net loss reserves	$ 228.2	$ 156,200
Maiden Re Bermuda
Guarantor Obligations [Line Items]
Assumed business			$ 530,200
Reinsurance premium consideration			445,000
Deferred charge asset			85,200
Amerisure
Guarantor Obligations [Line Items]
Assumed business				$ 48,300
Reinsurance premium consideration				$ 45,500
Percentage of quota share assumed				50.00%
Deferred charge asset				$ 2,900
AmTrust RITC
Guarantor Obligations [Line Items]
Net loss reserves					$ 620,400	£ 486.8
Assumed business					$ 897,100	£ 703.8
Number of share agreements \| Agreement					4	4
Cash consideration					$ 688,200	£ 539.9
Deferred charge asset					$ 20,600
Minimum \| Maiden Re Bermuda
Guarantor Obligations [Line Items]
Assumed business			2,200,000
Maximum \| Maiden Re Bermuda
Guarantor Obligations [Line Items]
Assumed business			$ 600,000
Scenario, Forecast \| Zurich
Guarantor Obligations [Line Items]
Assumed business											$ 500,000

Debt Obligations and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Amounts of Loans Payable Outstanding, and Accrued Interest

Our debt obligations were as follows:



Facility	Origination Date	Term	September 30, 2019		December 31, 2018
4.50% Senior Notes due 2022	March 10, 2017	5 years	$	348,527	$	348,054
4.95% Senior Notes due 2029	May 28, 2019	10 years	493,285		—
Total senior notes			841,812		348,054
EGL Revolving Credit Facility	August 16, 2018	5 years	20,000		15,000
2018 EGL Term Loan Facility	December 27, 2018	3 years	348,863		498,485
Total debt obligations			$	1,210,675	$	861,539

Interest Expense

The table below provides a summary of the total interest expense:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Interest expense on debt obligations	$	14,934	$	4,556	$	38,696	$	20,822
Funds withheld balances and other	16		84		326		751
Total interest expense	$	14,950	$	4,640	$	39,022	$	21,573

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate expense (benefit)	10.30%	(3.50%)	3.50%	(7.80%)
Statutory rate			0.00%
Unrecognized tax benefits	$ 0		$ 0		$ 0

Deferred Charge Assets (Tables)

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

Deferred Policy Acquisition Costs

The following table presents a reconciliation of the deferred charge assets:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Beginning carrying value	$	99,094		$	71,393		$	86,585		$	80,192
Recorded during the period	85,183			17,208			108,689			17,208
Amortization	(17,009		)	(1,582		)	(28,006		)	(10,381		)
Ending carrying value	$	167,268		$	87,019		$	167,268		$	87,019

Related Party Transactions - KaylaRe (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	May 14, 2018	Dec. 15, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	May 13, 2018	Dec. 31, 2016
Related Party Transaction [Line Items]
Ownership percentage			47.40%		47.40%		47.40%
Related Party, Consolidated Statement of Earnings [Abstract]
Management fee income						$ 1,453
Ceded premium earned			$ (78,176)	$ (77,969)	$ (204,940)	(276,962)
Net incurred losses and LAE			222,417	153,974	751,159	266,327
Acquisition costs			50,282	54,242	210,925	137,684
Net earnings (loss)			$ 126,559	$ (22,321)	$ 730,355	(62,894)
Kayla Re
Related Party Transaction [Line Items]
Initial capital raise		$ 620,000
KaylaRe transactions with Starstone
Related Party, Consolidated Statement of Earnings [Abstract]
Ceded premium earned						(52,651)
Net incurred losses and LAE						31,654
Acquisition costs						18,774
Kayla Re
Related Party Transaction [Line Items]
Ownership percentage								48.20%
Kayla Re
Related Party Transaction [Line Items]
Shares issued (in shares)	2,007,017
Ordinary Shares \| Kayla Re
Related Party Transaction [Line Items]
Shares issued (in shares)	1,501,778
Ordinary Shares \| Kayla Re \| Hillhouse
Related Party Transaction [Line Items]
Shares issued (in shares)	1,204,353
Ordinary Shares \| Kayla Re \| Trident
Related Party Transaction [Line Items]
Shares issued (in shares)	285,986
Non-voting convertible ordinary Series E Shares (issued and outstanding 2019 and 2018: 910,010) \| Kayla Re
Related Party Transaction [Line Items]
Shares issued (in shares)	505,239
Non-voting convertible ordinary Series E Shares (issued and outstanding 2019 and 2018: 910,010) \| Kayla Re \| Hillhouse
Related Party Transaction [Line Items]
Shares issued (in shares)	505,239
Non-voting convertible ordinary Series E Shares (issued and outstanding 2019 and 2018: 910,010) \| Kayla Re \| Minority Shareholder
Related Party Transaction [Line Items]
Shares issued (in shares)	11,439
Starstone \| Kayla Re
Related Party Transaction [Line Items]
Percentage of business reinsured					35.00%
Fitzwilliam \| Subsidiaries \| Kayla Re
Related Party Transaction [Line Items]
Ceded reinsurance receivables									$ 177,200
Affiliated Entity \| Kayla Re
Related Party, Consolidated Statement of Earnings [Abstract]
Net earnings (loss)						$ (770)

Share-Based Compensation and Pensions (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 8,805	$ 5,043	$ 27,296	$ 18,148
Pension plans:
Defined contribution plans	2,851	2,818	8,646	8,640
Defined benefit plan	160	151	510	453
Total pension costs	3,011	2,969	9,156	9,093
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,778	1,800	4,910	6,149
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	5,678	2,416	18,133	7,338
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	102	(350)	(109)	898
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	102	115	309	325
Long Term Incentive Plans \| Time-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,029	943	3,061	2,390
Restricted Stock Units (RSUs) \| Director \| Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation and ordinary share plan for non-employee directors	$ 116	$ 119	$ 992	$ 1,048

Share Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					9 Months Ended
	Nov. 05, 2019	Aug. 05, 2019	May 03, 2019	Feb. 21, 2019	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Total dividends paid					$ 26,989	$ 5,133
Series D Preferred Stock
Class of Stock [Line Items]
Declared cash dividends (in dollars per share)		$ 437.50	$ 437.50	$ 437.50
Declared cash dividends (in dollars per depositary share)		$ 0.43750	$ 0.43750	$ 0.43750
Total dividends paid		$ 7,000	$ 7,000	$ 7,000
Series E Preferred Stock
Class of Stock [Line Items]
Declared cash dividends (in dollars per share)		$ 437.50	$ 437.50	$ 486.11
Declared cash dividends (in dollars per depositary share)		$ 0.43750	$ 0.43750	$ 0.48611
Total dividends paid		$ 1,925	$ 1,925	$ 2,139
Subsequent Event \| Series D Preferred Stock
Class of Stock [Line Items]
Declared cash dividends (in dollars per share)	$ 437.50
Declared cash dividends (in dollars per depositary share)	$ 0.43750
Total dividends paid	$ 0
Subsequent Event \| Series E Preferred Stock
Class of Stock [Line Items]
Declared cash dividends (in dollars per share)	$ 437.50
Declared cash dividends (in dollars per depositary share)	$ 0.43750
Total dividends paid	$ 0

Share Capital (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Dividends Declared

The following table details the dividends that have been declared and paid on our Series D and E Preferred Shares for the period from January 1, 2019 to November 6, 2019:



				Dividend per:
Preferred Share Series	Date Declared	Record Date	Date Paid or Payable	Preferred Share		Depositary Share		Total dividends paid and declared in the nine months ended September 30, 2019
				(in U.S. dollars)				(in thousands of U.S. dollars)
Series D	February 21, 2019	February 15, 2019	March 1, 2019	$	437.50	$	0.43750	$	7,000
Series E	February 21, 2019	February 15, 2019	March 1, 2019	$	486.11	$	0.48611	2,139
Series D	May 3, 2019	May 15, 2019	June 1, 2019	$	437.50	$	0.43750	7,000
Series E	May 3, 2019	May 15, 2019	June 1, 2019	$	437.50	$	0.43750	1,925
Series D	August 5, 2019	August 15, 2019	September 3, 2019	$	437.50	$	0.43750	7,000
Series E	August 5, 2019	August 15, 2019	September 3, 2019	$	437.50	$	0.43750	1,925
Series D	November 5, 2019	November 15, 2019	December 2, 2019	$	437.50	$	0.43750	—
Series E	November 5, 2019	November 15, 2019	December 2, 2019	$	437.50	$	0.43750	—
								$	26,989

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Nov. 05, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Entity File Number	001-33289
Entity Registrant Name	Enstar Group LTD
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Windsor Place
Entity Address, Address Line Two	3rd Floor
Entity Address, Address Line Three	22 Queen Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM JX
Entity Address, Country	BM
City Area Code	441
Local Phone Number	292-3645
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Central Index Key	0001363829
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $1.00 per share
Trading Symbol	ESGR
Security Exchange Name	NASDAQ
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRP
Security Exchange Name	NASDAQ
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRO
Security Exchange Name	NASDAQ
Voting Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,993,168
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,509,682

Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The fair values of the underlying asset types of our short-term investments and fixed maturity investments, classified as trading and available-for-sale, and the fixed maturity investments included within our funds held - directly managed balance were as follows:



	September 30, 2019
	Short-term investments, trading		Short-term investments, available-for-sale		Fixed maturities, trading		Fixed maturities, available-for-sale		Fixed maturities, funds held - directly managed		Total
U.S. government and agency	$	35,173	$	6,370	$	318,225	$	14,403	$	132,655	$	506,826
U.K. government	311		—		295,646		—		—		295,957
Other government	14,314		—		648,900		31,370		20,510		715,094
Corporate	27,061		3,219		4,258,528		288,011		613,066		5,189,885
Municipal	—		—		107,247		1,769		52,348		161,364
Residential mortgage-backed	—		—		311,846		6,460		90,201		408,507
Commercial mortgage-backed	—		—		647,005		—		240,332		887,337
Asset-backed	—		—		563,147		64,365		81,342		708,854
Total fixed maturity and short-term investments	$	76,859	$	9,589	$	7,150,544	$	406,378	$	1,230,454	$	8,873,824



	December 31, 2018
	Short-term investments, trading		Fixed maturities, trading		Fixed maturities, available-for-sale		Fixed maturities, funds held - directly managed		Total
U.S. government and agency	$	45,885	$	389,735	$	573	$	74,052	$	510,245
U.K. government	2,275		298,356		—		—		300,631
Other government	19,064		679,525		73,185		22,036		793,810
Corporate	44,900		4,081,793		75,359		637,788		4,839,840
Municipal	—		73,856		2,480		53,929		130,265
Residential mortgage-backed	—		682,962		12		90,583		773,557
Commercial mortgage-backed	—		488,598		—		224,465		713,063
Asset-backed	1,992		553,968		—		80,521		636,481
Total fixed maturity and short-term investments	$	114,116	$	7,248,793	$	151,609	$	1,183,374	$	8,697,892

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

The contractual maturities of our short-term investments and fixed maturity investments, classified as trading and available-for-sale, and the fixed maturity investments included within our funds held - directly managed balance are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



As of September 30, 2019	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	443,741	$	437,763	5.0	%
More than one year through two years	627,938		627,114		7.1	%
More than two years through five years	1,999,134		2,016,593		22.7	%
More than five years through ten years	2,013,150		2,089,642		23.5	%
More than ten years	1,549,806		1,698,014		19.1	%
Residential mortgage-backed	401,266		408,507		4.6	%
Commercial mortgage-backed	859,507		887,337		10.0	%
Asset-backed	711,063		708,854		8.0	%
	$	8,605,605	$	8,873,824	100.0	%

Credit Ratings Company's Fixed Maturity and Short-Term Investments Available-for-Sale

The following table sets forth the credit ratings of our short-term investments and fixed maturity investments, classified as trading and available-for-sale, and the fixed maturity investments included within our funds held - directly managed balance as of September 30, 2019:



	Amortized Cost		Fair Value		% of Total		AAA Rated			AA Rated			A Rated			BBB Rated			Non- Investment Grade			Not Rated

U.S. government and agency	$	495,484	$	506,826	5.7	%	$	506,826		$	—		$	—		$	—		$	—		$	—
U.K. government	275,156		295,957		3.3	%	—			295,957			—			—			—			—
Other government	703,795		715,094		8.1	%	303,279			154,187			66,423			156,230			34,975			—
Corporate	5,011,697		5,189,885		58.5	%	127,149			558,260			2,569,000			1,626,305			296,641			12,530
Municipal	147,637		161,364		1.8	%	11,548			76,177			51,347			22,292			—			—
Residential mortgage-backed	401,266		408,507		4.6	%	310,759			45,094			2,304			2,313			40,718			7,319
Commercial mortgage-backed	859,507		887,337		10.0	%	606,878			103,702			92,312			67,072			6,743			10,630
Asset-backed	711,063		708,854		8.0	%	302,808			83,926			187,062			118,084			16,120			854
Total	$	8,605,605	$	8,873,824	100.0	%	$	2,169,247		$	1,317,303		$	2,968,448		$	1,992,296		$	395,197		$	31,333
% of total fair value							24.4		%	14.8		%	33.4		%	22.5		%	4.5		%	0.4		%

Amortized Cost and Estimated Fair Values of Company's Fixed Maturity and Short-Term Investments Classified as Available-for-Sale

The amortized cost and fair values of our short-term investments and fixed maturity investments classified as available-for-sale were as follows:



As of September 30, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (Non-OTTI)			Fair Value
U.S. government and agency	$	20,784	$	9	$	(20	)	$	20,773
Other government	30,453		1,265		(348		)	31,370
Corporate	291,477		772		(1,019		)	291,230
Municipal	1,758		12		(1		)	1,769
Residential mortgage-backed	6,474		2		(16		)	6,460
Asset-backed	64,383		12		(30		)	64,365
	$	415,329	$	2,072	$	(1,434	)	$	415,967



As of December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (Non-OTTI)			Fair Value
U.S. government and agency	$	576	$	—	$	(3	)	$	573
Other government	72,811		1,219		(845		)	73,185
Corporate	75,535		1,006		(1,182		)	75,359
Municipal	2,499		—		(19		)	2,480
Residential mortgage-backed	12		—		—			12
	$	151,433	$	2,225	$	(2,049	)	$	151,609

Summary of Investments Classified as Available-for-Sale in Unrealized Loss Position as Well as Aggregate Fair Value and Gross Unrealized Loss by Length of Time

The following tables summarize our short-term investments and fixed maturity investments classified as available-for-sale that are in a gross unrealized loss position:



	12 Months or Greater					Less Than 12 Months					Total
As of September 30, 2019	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency	$	—	$	—		$	8,506	$	(20	)	$	8,506	$	(20	)
Other government	2,650		(334		)	1,682		(14		)	4,332		(348		)
Corporate	2,473		(466		)	172,403		(553		)	174,876		(1,019		)
Municipal	127		(1		)	142		—			269		(1		)
Residential mortgage-backed	2		—			5,117		(16		)	5,119		(16		)
Asset-backed	—		—			30,570		(30		)	30,570		(30		)
Total fixed maturity and short-term investments	$	5,252	$	(801	)	$	218,420	$	(633	)	$	223,672	$	(1,434	)



	12 Months or Greater					Less Than 12 Months					Total
As of December 31, 2018	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency	$	573	$	(3	)	$	—	$	—		$	573	$	(3	)
Other government	7,351		(345		)	11,000		(500		)	18,351		(845		)
Corporate	11,888		(629		)	25,227		(553		)	37,115		(1,182		)
Municipal	1,783		(18		)	283		(1		)	2,066		(19		)
Residential mortgage-backed	12		—			—		—			12		—
Total fixed maturity and short-term investments	$	21,607	$	(995	)	$	36,510	$	(1,054	)	$	58,117	$	(2,049	)

Schedule of Equity Securities

The following table summarizes our equity investments:



	September 30, 2019		December 31, 2018
Publicly traded equity investments in common and preferred stocks	$	312,711	$	138,415
Exchange-traded funds	184,024		—
Privately held equity investments in common and preferred stocks	231,691		228,710
	$	728,426	$	367,125

Other Investments

The following table summarizes our other investments carried at fair value:



	September 30, 2019		December 31, 2018
Hedge funds	$	997,593	$	852,584
Fixed income funds	554,067		403,858
Equity funds	373,814		333,681
Private equity funds	305,756		248,628
CLO equities	67,109		39,052
CLO equity funds	89,493		37,260
Private credit funds	—		33,381
Other	9,020		9,313
	$	2,396,852	$	1,957,757

The table below details the estimated date by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of September 30, 2019:



	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	330,127	$	—	$	498,919	$	102,600	$	65,947	$	997,593	Monthly to Bi-annually
Fixed income funds	551,028		—		—		—		3,039		554,067		Daily to Quarterly
Equity funds	373,814		—		—		—		—		373,814		Daily to Quarterly
Private equity funds	—		—		—		—		305,756		305,756		N/A
CLO equities	67,109		—		—		—		—		67,109		N/A
CLO equity funds	63,895		—		25,598		—		—		89,493		Quarterly to Bi-annually
Other	1,870		—		—				7,150		9,020		N/A
	$	1,387,843	$	—	$	524,517	$	102,600	$	381,892	$	2,396,852

Equity Method Investments

The following table summarizes our equity method investments:



	September 30, 2019						December 31, 2018
	Investment		Ownership %		Carrying Value		Investment		Ownership %		Carrying Value
Enhanzed Re	$	123,240	47.4	%	$	145,163	$	94,800	47.4	%	$	94,800
Citco	50,000		31.9	%	51,374		50,000		31.9	%	50,812
Monument	26,600		26.6	%	54,720		26,600		26.6	%	42,193
Clear Spring	11,210		20.0	%	10,685		11,210		20.0	%	10,070
Other	24,963		~30%		20,521		15,250		~30%		6,632
	$	236,013			$	282,463	$	197,860			$	204,507

Funds Held, Directly Managed, Carrying Values of Assets

The following table summarizes the components of the funds held - directly managed:



	September 30, 2019		December 31, 2018
Fixed maturity investments, trading	$	1,230,454	$	1,183,374
Other assets	12,994		14,780
	$	1,243,448	$	1,198,154

Funds Held, Directly Managed, Fair Value to Amortized Cost

The following table summarizes the fixed maturity investment components of funds held - directly managed:



	September 30, 2019						December 31, 2018
	Funds held - Directly Managed - Fair Value Option		Funds held - Directly Managed - Variable Return		Total		Funds held - Directly Managed - Fair Value Option			Funds held - Directly Managed - Variable Return			Total
Fixed maturity investments, at amortized cost	$	183,645	$	992,370	$	1,176,015	$	179,670		$	1,044,377		$	1,224,047
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,661		—		5,661		(2,733		)	—			(2,733		)
Change in fair value - embedded derivative accounting	—		48,778		48,778		—			(37,940		)	(37,940		)
Fixed maturity investments within funds held - directly managed, at fair value	$	189,306	$	1,041,148	$	1,230,454	$	176,937		$	1,006,437		$	1,183,374

Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Fixed maturity investments	$	58,182		$	48,062		$	175,127		$	140,097
Short-term investments and cash and cash equivalents	3,673			3,247			11,985			8,425
Funds held	10,092			1,502			17,547			8,651
Funds held - directly managed	9,381			9,776			28,742			27,990
Investment income from fixed maturities and cash and cash equivalents	81,328			62,587			233,401			185,163
Equity investments	4,416			946			11,218			3,788
Other investments	2,642			8,324			7,259			14,600
Life settlements and other	—			—			—			6,509
Investment income from equities and other investments	7,058			9,270			18,477			24,897
Gross investment income	88,386			71,857			251,878			210,060
Investment expenses	(2,914		)	(2,427		)	(9,978		)	(7,842		)
Net investment income	$	85,472		$	69,430		$	241,900		$	202,218

Realized Gain (Loss) on Investments

Components of net realized and unrealized gains and losses were as follows:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale	$	56		$	—		$	4,505		$	27
Gross realized losses on fixed maturity securities, available-for-sale	(22		)	(2		)	(314		)	(80		)
Net realized gains (losses) on fixed maturity securities, trading	33,042			(8,797		)	53,973			(19,310		)
Net realized gains (losses) on funds held - directly managed	1,991			(1,904		)	629			(2,849		)
Net realized gains (losses) on equity investments	(3,881		)	666			(1,213		)	3,569
Total net realized gains (losses) on sale	$	31,186		$	(10,037	)	$	57,580		$	(18,643	)
Net unrealized gains (losses):
Fixed maturity securities, trading	$	82,000		$	(13,423	)	$	424,872		$	(159,691	)
Fixed maturity securities in funds held - directly managed portfolios	20,895			(405		)	95,124			(45,430		)
Equity investments	10,057			1,830			31,266			6,152
Other Investments	4,047			(35,188		)	269,845			(37,059		)
Total net unrealized gains (losses)	116,999			(47,186		)	821,107			(236,028		)
Net realized and unrealized gains (losses)	$	148,185		$	(57,223	)	$	878,687		$	(254,671	)

Unrealized Gain (Loss) on Investments

Components of net realized and unrealized gains and losses were as follows:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale	$	56		$	—		$	4,505		$	27
Gross realized losses on fixed maturity securities, available-for-sale	(22		)	(2		)	(314		)	(80		)
Net realized gains (losses) on fixed maturity securities, trading	33,042			(8,797		)	53,973			(19,310		)
Net realized gains (losses) on funds held - directly managed	1,991			(1,904		)	629			(2,849		)
Net realized gains (losses) on equity investments	(3,881		)	666			(1,213		)	3,569
Total net realized gains (losses) on sale	$	31,186		$	(10,037	)	$	57,580		$	(18,643	)
Net unrealized gains (losses):
Fixed maturity securities, trading	$	82,000		$	(13,423	)	$	424,872		$	(159,691	)
Fixed maturity securities in funds held - directly managed portfolios	20,895			(405		)	95,124			(45,430		)
Equity investments	10,057			1,830			31,266			6,152
Other Investments	4,047			(35,188		)	269,845			(37,059		)
Total net unrealized gains (losses)	116,999			(47,186		)	821,107			(236,028		)
Net realized and unrealized gains (losses)	$	148,185		$	(57,223	)	$	878,687		$	(254,671	)

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $508.3 million and $380.5 million, as of September 30, 2019 and December 31, 2018, respectively, was as follows:



	September 30, 2019		December 31, 2018
Collateral in trust for third party agreements	$	3,965,101	$	4,336,752
Assets on deposit with regulatory authorities	424,587		579,048
Collateral for secured letter of credit facilities	129,463		127,841
Funds at Lloyd's ⁽¹⁾	758,810		354,589
	$	5,277,961	$	5,398,230

⁽¹⁾Our businesses include three Lloyd's syndicates. Lloyd's determines the required capital principally through the annual business plan of each syndicate. This capital is referred to as "Funds at Lloyd's" and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources. We also utilize unsecured letters of credit for Funds at Lloyd's, as described in Note 13 - "Debt Obligations and Credit Facilities".

Debt Obligations and Credit Facilities

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

DEBT OBLIGATIONS AND CREDIT FACILITIES

13. DEBT OBLIGATIONS AND CREDIT FACILITIES

We primarily utilize debt facilities for acquisitions and significant new business and, from time to time, for general corporate purposes. Our debt obligations were as follows:



Facility	Origination Date	Term	September 30, 2019		December 31, 2018
4.50% Senior Notes due 2022	March 10, 2017	5 years	$	348,527	$	348,054
4.95% Senior Notes due 2029	May 28, 2019	10 years	493,285		—
Total senior notes			841,812		348,054
EGL Revolving Credit Facility	August 16, 2018	5 years	20,000		15,000
2018 EGL Term Loan Facility	December 27, 2018	3 years	348,863		498,485
Total debt obligations			$	1,210,675	$	861,539

The table below provides a summary of the total interest expense:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Interest expense on debt obligations	$	14,934	$	4,556	$	38,696	$	20,822
Funds withheld balances and other	16		84		326		751
Total interest expense	$	14,950	$	4,640	$	39,022	$	21,573

Senior Notes

4.50% Senior Notes due 2022

On March 10, 2017, we issued the 2022 Senior Notes for an aggregate principal amount of $350.0 million. The 2022 Senior Notes pay 4.5% interest semi-annually and mature on March 10, 2022. The 2022 Senior Notes are unsecured and unsubordinated obligations that rank equal to any of our other unsecured and unsubordinated obligations, senior to any future obligations that are expressly subordinated to the 2022 Senior Notes, effectively subordinate to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally subordinate to all liabilities of our subsidiaries.

The 2022 Senior Notes are rated BBB- and are redeemable at our option on a make whole basis at any time prior to the date that is one month prior to the maturity of the 2022 Senior Notes. On or after the date that is one month prior to the maturity of the Senior Notes, the notes are redeemable at a redemption price equal to 100% of the principal amount of the notes to be redeemed.

We incurred costs of $2.9 million in issuing the 2022 Senior Notes. These costs included underwriters’ fees, legal and accounting fees, and other fees, and are capitalized and presented as a direct deduction from the principal amount of debt obligations in the consolidated balance sheets. These costs are amortized over the term of the 2022 Senior Notes and are included in interest expense in our consolidated statements of earnings. The unamortized costs as of September 30, 2019 and December 31, 2018 were $1.5 million and $1.9 million, respectively.

4.95% Senior Notes due 2029

On May 28, 2019, we issued the 2029 Senior Notes for an aggregate principal amount of $500.0 million. The 2029 Senior Notes pay 4.95% interest semi-annually and mature on June 1, 2029. The 2029 Senior Notes are unsecured and unsubordinated obligations that rank equal to any of our other unsecured and unsubordinated obligations, senior to any future obligations that are expressly subordinated to the 2029 Senior Notes, effectively subordinate to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness, and contractually subordinate to all liabilities of our subsidiaries.

The 2029 Senior Notes are rated BBB- and are redeemable at our option on a make whole basis at any time prior to the date that is three months prior to the maturity of the 2029 Senior Notes. On or after the date that is three months prior to the maturity of the 2029 Senior Notes, the notes are redeemable at a redemption price equal to 100% of the principal amount of the notes to be redeemed.

We incurred costs of $6.8 million in issuing the 2029 Senior Notes. These costs included underwriters’ fees, legal and accounting fees, and other fees, and are capitalized and presented as a direct deduction from the principal amount of debt obligations in the consolidated balance sheets. These costs are amortized over the term of the 2029 Senior Notes and are included in interest expense in our consolidated statements of earnings. The unamortized costs as of September 30, 2019 were $6.7 million.

EGL Revolving Credit Facility

On August 16, 2018, we and certain of our subsidiaries, as borrowers and guarantors, entered into a five-year unsecured $600.0 million revolving credit agreement. The credit agreement expires in August 2023 and we have the option to increase the commitments under the facility by up to an aggregate of $400.0 million. Borrowings under the facility will bear interest at a rate based on the Company's long term senior unsecured debt ratings. In connection with our entry into the credit agreement, we terminated and fully repaid our previous revolving credit agreement, which was originated on September 16, 2014 and was most recently amended on July 17, 2018.

As of September 30, 2019, we were permitted to borrow up to an aggregate of $600.0 million under the facility. As of September 30, 2019, there was $580.0 million of available unutilized capacity under the facility. Subsequent to September 30, 2019, we fully repaid all the outstanding amounts under the facility, bringing the unutilized capacity under this facility to $600.0 million.

2018 EGL Term Loan Facility

On December 27, 2018, we entered into and fully utilized a three-year $500.0 million unsecured term loan (the "2018 EGL Term Loan Facility"). The proceeds were partially used to fund the acquisition of Maiden Re North America. We have the option to increase the principal amount of the term loan credit facility up to an aggregate amount of $150 million from the existing lenders or through the addition of new lenders, subject to the terms of the term loan credit agreement.

Interest is payable at least every three months at either ABR or LIBOR plus a margin set forth in the term loan credit agreement. The margin could vary based upon any change in our long term senior unsecured debt rating assigned by S&P or Fitch. During the existence of an event of default, the interest rate may increase and the agent may, and at the request of the required lenders shall, demand early repayment.

We incurred costs of $1.5 million associated with closing the 2018 EGL Term Loan Facility. These costs included bank, legal and accounting fees, and other fees, and are capitalized and presented as a direct deduction from the principal amount of debt obligations in the consolidated balance sheets. These costs are amortized over the term of the facility and are included in interest expense in our consolidated statements of earnings. The unamortized costs as of September 30, 2019 and December 31, 2018 were $1.1 million and $1.5 million, respectively.

We repaid $50.0 million outstanding under the 2018 EGL Term Loan Facility using some of the proceeds from the issuance of our 2029 Senior Notes in May 2019, and we repaid an additional $100.0 million in September 2019 using available funds on hand.

Refer to Note 15 - "Debt Obligations and Credit Facilities" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 for further information on the terms of the above facilities.

Unsecured Letters of Credit

We utilize unsecured letters of credit to support our insurance and reinsurance performance obligations.

Funds at Lloyd's

On February 8, 2018, we amended and restated our unsecured letter of credit agreement for Funds at Lloyd's ("FAL Facility") to issue up to $325.0 million of letters of credit, with provision to increase the facility up to $400.0 million, subject to lenders' approval. On February 12, 2019, we increased the facility up to $375.0 million and maintained the provision to increase the facility to $400.0 million. On November 6, 2019, we amended and restated the FAL Facility to extend its term by one year while maintaining the size of the facility at $375.0 million with a provision to increase it to $400.0 million. The FAL Facility is available to satisfy our Funds at Lloyd's requirements and expires in 2023. As of September 30, 2019, our combined Funds at Lloyd's were comprised of cash and investments of $758.8 million and unsecured letters of credit of $368.0 million.

$170 million Letter of Credit Facility

On December 26, 2018, we entered into an unsecured letter of credit facility to issue up to $170.0 million of letters of credit, which we use from time to time to support various reinsurance obligations of our subsidiaries. Pursuant to the facility agreement, we have the option to increase commitments under the facility in an aggregate amount up to $60.0 million. As of September 30, 2019 and December 31, 2018, we had issued an aggregate amount of letters of credit under this facility of $127.4 million and $78.4 million, respectively.

$600 million Letter of Credit Facility

On August 5, 2019, we entered into an unsecured $600.0 million letter of credit facility agreement, pursuant to which we may increase the commitments in an aggregate amount up to $75.0 million. The facility has been initially utilized to post letters of credit in the amount of $445.0 million to collateralize Enstar's reinsurance obligations relating to the Maiden Re adverse development cover transaction, described in Note 4 - "Significant New Business". As of September 30, 2019, we had issued an aggregate amount of letters of credit under this facility of $445.0 million.

Segment Information - Summary of Company's Assets by Segment (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 18,213,354	$ 16,556,270
Operating Segments \| Non-life Run-off
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	14,691,105	13,362,749
Operating Segments \| Atrium
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	568,515	591,722
Operating Segments \| StarStone
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,524,111	3,416,132
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ (570,377)	$ (814,333)

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Provisions for Uncollectible Reinsurance Balances Recoverable by Rating of Reinsurer (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Gross	$ 2,419,884	$ 2,186,395
Provisions for Bad Debt	154,446	156,732
Net	$ 2,265,438	$ 2,029,663
Provisions as a % of Gross	6.40%	7.20%
Reinsurers rated A- or above
Effects of Reinsurance [Line Items]
Gross	$ 1,895,174	$ 1,612,464
Provisions for Bad Debt	53,360	51,519
Net	$ 1,841,814	$ 1,560,945
Provisions as a % of Gross	2.80%	3.20%
Secured \| Reinsurers rated below A-
Effects of Reinsurance [Line Items]
Gross	$ 394,262	$ 430,852
Provisions for Bad Debt	0	0
Net	$ 394,262	$ 430,852
Provisions as a % of Gross	0.00%	0.00%
Unsecured \| Reinsurers rated below A-
Effects of Reinsurance [Line Items]
Gross	$ 130,448	$ 143,079
Provisions for Bad Debt	101,086	105,213
Net	$ 29,362	$ 37,866
Provisions as a % of Gross	77.50%	73.50%

Earnings Per Share - Comparison of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net earnings (losses) attributable to Enstar Group Limited	$ 117,743	$ (15,965)	$ 708,336	$ (48,931)
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	21,488,216	21,440,914	21,476,586	20,444,634
Effect of dilutive securities:
Share-based compensation plans (in shares)	169,162	143,833	204,288	129,313
Warrants (in shares)	63,119	80,609	60,625	79,597
Weighted-average ordinary shares outstanding — diluted (in shares)	21,720,497	21,665,356	21,741,499	20,653,544
Earnings (Loss) per ordinary share attributable to Enstar Group Limited:
Basic (in dollars per share)	$ 5.48	$ (0.74)	$ 32.98	$ (2.39)
Diluted (in dollars per share)	$ 5.42	$ (0.74)	$ 32.58	$ (2.39)

Commitments and Contingencies - Leases - Lease Terms (Details)	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	6 years 4 months 24 days
Weighted-average discount rate	6.20%

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Short-term investments, available-for-sale, at fair value, amortized cost	$ 415,329	$ 151,433
SHAREHOLDERS’ EQUITY
Ordinary shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares issued (in shares)	21,490,210	21,459,997
Ordinary shares outstanding (in shares)	21,490,210	21,459,997
Treasury shares at cost (in shares)	388,571	388,571
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	17,980,528	17,950,315
Ordinary shares outstanding (in shares)	17,980,528	17,950,315
Series C Non-Voting Convertible Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	2,599,672	2,599,672
Ordinary shares outstanding (in shares)	2,599,672	2,599,672
Series E Non-Voting Convertible Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	910,010	910,010
Ordinary shares outstanding (in shares)	910,010	910,010
Series C Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	388,571	388,571
Series D Preferred Stock
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	16,000	16,000
Preferred shares outstanding (in shares)	16,000	16,000
Series E Preferred Stock
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	4,400	4,400
Preferred shares outstanding (in shares)	4,400	4,400
Short-term Investments
ASSETS
Short-term investments, available-for-sale, at fair value, amortized cost	$ 9,591	$ 0
Fixed maturity investments
ASSETS
Short-term investments, available-for-sale, at fair value, amortized cost	$ 405,738	$ 151,433

Segment Information - Summary of Operations by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Gross premiums written	$ 267,706	$ 333,278	$ 827,194	$ 1,039,076
Net premiums written	210,465	262,467	663,177	738,834
Net premiums earned	270,325	264,597	882,175	663,628
Net incurred losses and LAE	(222,417)	(153,974)	(751,159)	(266,327)
Life and Annuity Policy Benefits	0	(423)	(2,290)	(217)
Acquisition costs	(50,282)	(54,242)	(210,925)	(137,684)
Operating expenses	(86,221)	(79,425)	(249,993)	(233,212)
Underwriting income (loss)	(88,595)	(23,467)	(332,192)	26,188
Net investment income	85,472	69,430	241,900	202,218
Net realized and unrealized gains (losses)	148,185	(57,223)	878,687	(254,671)
Fees and commission income	6,587	6,950	19,446	23,633
Other income (expense)	826	8,226	17,668	818
Corporate expenses	(27,703)	(23,128)	(93,524)	(67,213)
Interest income (expense)	(14,950)	(4,640)	(39,022)	(21,573)
Net foreign exchange losses	13,631	(1,040)	20,068	(1,389)
EARNINGS (LOSS) BEFORE INCOME TAXES	123,453	(24,892)	713,031	(91,989)
Income tax benefit (expense)	(14,597)	(746)	(26,864)	(4,564)
Earnings from equity method investments	17,703	3,317	44,188	33,659
NET EARNINGS (LOSS)	126,559	(22,321)	730,355	(62,894)
Net loss (earnings) attributable to noncontrolling interest	109	11,489	4,970	19,096
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	126,668	(10,832)	735,325	(43,798)
Dividends on preferred shares	(8,925)	(5,133)	(26,989)	(5,133)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	117,743	(15,965)	708,336	(48,931)
Non-life Run-off
Segment Reporting Information [Line Items]
Net incurred losses and LAE	(30,583)	62,778	(135,517)	205,890
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED		32,628
Dividends on preferred shares		0
Atrium
Segment Reporting Information [Line Items]
Net incurred losses and LAE	$ (28,400)	(17,853)	$ (58,662)	$ (51,951)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED		1,962
Dividends on preferred shares		$ 0
Underwriting Ratios [Abstract]
Loss ratio	66.20%	48.30%	48.90%	48.70%
Acquisition expense ratio	33.70%	35.70%	34.20%	35.60%
Operating expense ratio	8.70%	10.70%	8.40%	11.50%
Combined ratio	108.60%	94.70%	91.50%	95.80%
StarStone
Segment Reporting Information [Line Items]
Net incurred losses and LAE	$ (159,787)	$ (198,899)	$ (543,912)	$ (420,266)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED		(37,066)
Dividends on preferred shares		$ 0
Underwriting Ratios [Abstract]
Loss ratio	77.50%	91.90%	90.10%	79.80%
Acquisition expense ratio	19.50%	19.00%	21.40%	18.00%
Operating expense ratio	15.10%	17.60%	16.70%	20.20%
Combined ratio	112.10%	128.50%	128.20%	118.00%
Operating Segments \| Non-life Run-off
Segment Reporting Information [Line Items]
Gross premiums written	$ 301	$ 9,912	$ (24,785)	$ 16,354
Net premiums written	(3,808)	4,778	(26,395)	3,217
Net premiums earned	16,837	10,442	141,981	27,229
Net incurred losses and LAE	(30,583)	62,778	(135,517)	205,890
Life and Annuity Policy Benefits		0	0	0
Acquisition costs	4,634	160	(40,033)	(4,524)
Operating expenses	(51,395)	(37,473)	(139,595)	(114,254)
Underwriting income (loss)	(60,507)	35,907	(173,164)	114,341
Net investment income	73,752	59,247	206,337	168,189
Net realized and unrealized gains (losses)	138,174	(58,506)	815,902	(230,829)
Fees and commission income	4,196	3,708	13,673	13,093
Other income (expense)	(285)	8,106	15,136	1,330
Corporate expenses	(11,983)	(11,433)	(47,287)	(33,453)
Interest income (expense)	(17,964)	(5,951)	(45,699)	(24,562)
Net foreign exchange losses	13,056	17	20,426	(202)
EARNINGS (LOSS) BEFORE INCOME TAXES	138,439	31,095	805,324	7,907
Income tax benefit (expense)	(13,382)	(125)	(23,501)	(227)
Earnings from equity method investments	17,703	3,317	44,406	33,659
NET EARNINGS (LOSS)	142,760	34,287	826,229	41,339
Net loss (earnings) attributable to noncontrolling interest	(1,439)	(1,659)	(6,351)	(4,182)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	141,321		819,878	37,157
Dividends on preferred shares	0		0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	141,321	32,628	819,878	37,157
Operating Segments \| Atrium
Segment Reporting Information [Line Items]
Gross premiums written	48,746	39,995	146,519	130,997
Net premiums written	43,785	37,141	127,246	113,218
Net premiums earned	42,913	36,977	119,865	106,722
Net incurred losses and LAE	(28,400)	(17,853)	(58,662)	(51,951)
Life and Annuity Policy Benefits		0	0	0
Acquisition costs	(14,466)	(13,215)	(41,023)	(37,996)
Operating expenses	(3,742)	(3,952)	(9,968)	(12,259)
Underwriting income (loss)	(3,695)	1,957	10,212	4,516
Net investment income	1,736	1,597	5,500	4,067
Net realized and unrealized gains (losses)	582	194	5,464	(1,889)
Fees and commission income	2,391	3,242	5,773	10,540
Other income (expense)	35	7	106	127
Corporate expenses	(2,896)	(2,770)	(10,186)	(5,083)
Interest income (expense)	0	0	0	0
Net foreign exchange losses	(924)	(262)	(1)	(1,262)
EARNINGS (LOSS) BEFORE INCOME TAXES	(2,771)	3,965	16,868	11,016
Income tax benefit (expense)	(222)	(737)	(1,930)	(1,756)
Earnings from equity method investments	0	0	0	0
NET EARNINGS (LOSS)	(2,993)	3,228	14,938	9,260
Net loss (earnings) attributable to noncontrolling interest	1,228	(1,266)	(6,127)	(3,798)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	(1,765)		8,811	5,462
Dividends on preferred shares	0		0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	(1,765)	1,962	8,811	5,462
Operating Segments \| StarStone
Segment Reporting Information [Line Items]
Gross premiums written	221,157	282,525	706,634	888,867
Net premiums written	172,991	219,726	563,523	619,528
Net premiums earned	206,272	216,355	603,457	526,802
Net incurred losses and LAE	(159,787)	(198,899)	(543,912)	(420,266)
Life and Annuity Policy Benefits		0	0	0
Acquisition costs	(40,273)	(41,079)	(129,315)	(94,775)
Operating expenses	(31,084)	(38,000)	(100,430)	(106,699)
Underwriting income (loss)	(24,872)	(61,623)	(170,200)	(94,938)
Net investment income	12,131	9,504	36,341	25,950
Net realized and unrealized gains (losses)	9,159	989	51,472	(15,150)
Fees and commission income	0	0	0	0
Other income (expense)	76	117	455	(432)
Corporate expenses	0	0	0	0
Interest income (expense)	0	0	(475)	(547)
Net foreign exchange losses	1,475	(585)	(355)	(1,063)
EARNINGS (LOSS) BEFORE INCOME TAXES	(2,031)	(51,598)	(82,762)	(86,180)
Income tax benefit (expense)	(993)	118	(1,348)	(2,568)
Earnings from equity method investments	0	0	(218)	0
NET EARNINGS (LOSS)	(3,024)	(51,480)	(84,328)	(88,748)
Net loss (earnings) attributable to noncontrolling interest	320	14,414	17,448	27,076
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	(2,704)		(66,880)	(61,672)
Dividends on preferred shares	0		0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	(2,704)	(37,066)	(66,880)	(61,672)
Other
Segment Reporting Information [Line Items]
Gross premiums written	(2,498)	846	(1,174)	2,858
Net premiums written	(2,503)	822	(1,197)	2,871
Net premiums earned	4,303	823	16,872	2,875
Net incurred losses and LAE	(3,647)	0	(13,068)	0
Life and Annuity Policy Benefits		(423)	(2,290)	(217)
Acquisition costs	(177)	(108)	(554)	(389)
Operating expenses	0	0	0	0
Underwriting income (loss)	479	292	960	2,269
Net investment income	(2,147)	(918)	(6,278)	4,012
Net realized and unrealized gains (losses)	270	100	5,849	(6,803)
Fees and commission income	0	0	0	0
Other income (expense)	1,000	(4)	1,971	(207)
Corporate expenses	(12,824)	(8,925)	(36,051)	(28,677)
Interest income (expense)	3,014	1,311	7,152	3,536
Net foreign exchange losses	24	(210)	(2)	1,138
EARNINGS (LOSS) BEFORE INCOME TAXES	(10,184)	(8,354)	(26,399)	(24,732)
Income tax benefit (expense)	0	(2)	(85)	(13)
Earnings from equity method investments	0	0	0	0
NET EARNINGS (LOSS)	(10,184)	(8,356)	(26,484)	(24,745)
Net loss (earnings) attributable to noncontrolling interest	0	0	0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	(10,184)	(8,356)	(26,484)	(24,745)
Dividends on preferred shares	(8,925)	(5,133)	(26,989)	(5,133)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ (19,109)	$ (13,489)	$ (53,473)	$ (29,878)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES:
Net earnings (loss)	$ 730,355	$ (62,894)
Adjustments to reconcile net earnings (loss) to cash flows provided by operating activities:
Realized losses (gains) on sale of investments	(57,580)	18,643
Unrealized losses (gains) on investments	(821,107)	236,028
Depreciation and other amortization	24,799	27,543
Earnings from equity method investments	(44,188)	(33,659)
Sales and maturities of trading securities	4,491,827	3,586,530
Purchases of trading securities	(4,062,687)	(4,375,988)
Other non-cash items	26,098	12,978
Changes in:
Reinsurance balances recoverable	(236,657)	(305,434)
Funds held by reinsured companies	(72,002)	(78,646)
Losses and loss adjustment expenses	632,661	1,103,802
Policy benefits for life and annuity contracts	(103,080)	(5,928)
Insurance and reinsurance balances payable	(9,815)	144,805
Unearned premiums	(36,637)	159,827
Premiums receivable	209,945	(137,752)
Other operating assets and liabilities	(31,698)	(198,900)
Net cash flows provided by operating activities	640,234	90,955
INVESTING ACTIVITIES:
Acquisitions, net of cash acquired	1,071	2,317
Sales and maturities of available-for-sale securities	105,312	48,889
Purchase of available-for-sale securities	(370,464)	(10,385)
Purchase of other investments	(733,473)	(784,316)
Proceeds from other investments	461,372	340,298
Purchase of equity method investments	(38,403)	0
Other investing activities	(4,455)	(8,155)
Net cash flows used in investing activities	(579,040)	(411,352)
FINANCING ACTIVITIES:
Issuance of preferred shares, net of issuance costs	0	389,219
Dividends on preferred shares	(26,989)	(5,133)
Contribution by noncontrolling interest	0	49
Dividends paid to noncontrolling interest	(11,556)	0
Purchase of noncontrolling shareholders' interest in subsidiaries	(47)	0
Receipt of loans	1,070,808	441,022
Repayment of loans	(722,574)	(689,819)
Net cash flows provided by financing activities	309,642	135,338
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS	(12,507)	232
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	358,329	(184,827)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	982,584	1,212,836
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,340,913	1,028,009
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	(219)	16,268
Interest paid	33,742	24,618
Reconciliation to Consolidated Balance Sheets:
Cash, cash equivalents and restricted cash	$ 1,340,913	$ 1,028,009

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table presents a reconciliation of the beginning and ending goodwill and intangible assets during the nine months ended September 30, 2019:



			Intangible assets
	Goodwill		Intangible assets with a definite life			Intangible assets with an indefinite life		Total			Total
Balance as of January 1, 2019	$	114,807	$	16,887		$	87,031	$	103,918		$	218,725
Amortization	—		(1,676		)	—		(1,676		)	(1,676		)
Balance as of September 30, 2019	$	114,807	$	15,211		$	87,031	$	102,242		$	217,049

Intangible Assets Amortization

The following table provides a summary of the amortization recorded on the intangible assets:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Intangible asset amortization	$	546	$	570	$	1,676	$	3,030

Schedule of Finite-Lived Intangible Assets

The gross carrying value, accumulated amortization and net carrying value of intangible assets by type was as follows:



	September 30, 2019							December 31, 2018
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets with a definite life:
Distribution channel	$	20,000	$	(7,777	)	$	12,223	$	20,000	$	(6,776	)	$	13,224
Technology	15,000		(14,928		)	72		15,000		(14,778		)	222
Brand	7,000		(4,084		)	2,916		7,000		(3,559		)	3,441
Total	$	42,000	$	(26,789	)	$	15,211	$	42,000	$	(25,113	)	$	16,887
Intangible assets with an indefinite life:
Lloyd’s syndicate capacity	$	37,031	$	—		$	37,031	$	37,031	$	—		$	37,031
Licenses	19,900		—			19,900		19,900		—			19,900
Management contract	30,100		—			30,100		30,100		—			30,100
Total	$	87,031	$	—		$	87,031	$	87,031	$	—		$	87,031

Schedule of Indefinite-Lived Intangible Assets

The gross carrying value, accumulated amortization and net carrying value of intangible assets by type was as follows:



	September 30, 2019							December 31, 2018
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets with a definite life:
Distribution channel	$	20,000	$	(7,777	)	$	12,223	$	20,000	$	(6,776	)	$	13,224
Technology	15,000		(14,928		)	72		15,000		(14,778		)	222
Brand	7,000		(4,084		)	2,916		7,000		(3,559		)	3,441
Total	$	42,000	$	(26,789	)	$	15,211	$	42,000	$	(25,113	)	$	16,887
Intangible assets with an indefinite life:
Lloyd’s syndicate capacity	$	37,031	$	—		$	37,031	$	37,031	$	—		$	37,031
Licenses	19,900		—			19,900		19,900		—			19,900
Management contract	30,100		—			30,100		30,100		—			30,100
Total	$	87,031	$	—		$	87,031	$	87,031	$	—		$	87,031

Income Taxation	9 Months Ended
Income Taxation	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXATION	18. INCOME TAXATION Interim Tax Calculation Method We use the estimated annual effective tax rate method for computing our interim tax provision. This method applies our best estimate of the effective tax rate expected for the full year to our year-to-date earnings before income taxes. We provide for income tax expense or benefit based upon our pre-tax earnings and the provisions of currently enacted tax laws. Certain items deemed to be unusual, infrequent or not reliably estimated are excluded from the estimated annual effective tax rate. In the event such items are identified, the actual tax expense or benefit is reported in the same period as the related item. Certain other items are not included in the estimated annual effective tax rate, such as changes in the assessment of valuation allowance on deferred tax assets and uncertain tax positions, if any. Interim Tax Expense The effective tax rates on income for the three months ended September 30, 2019 and 2018 were 10.3% and (3.5)%, respectively. The effective tax rates on income for the nine months ended September 30, 2019 and 2018 were 3.5% and (7.8)%, respectively. The effective tax rate on income differs from the statutory rate of 0% due to tax on foreign operations, primarily the United States and the United Kingdom. We have foreign operating subsidiaries and branch operations principally located in the United States, United Kingdom, Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. Deferred income tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. If the earnings were to be distributed, as dividends or other distributions, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to un-remitted earnings as management has no current intention of remitting these earnings. For our United Kingdom subsidiaries, there are no withholding taxes imposed. For our other foreign subsidiaries, it would not be practicable to compute such amounts due to a variety of factors, including the amount, timing, and manner of any repatriation. Because we operate in many jurisdictions, our net earnings are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate. Assessment of Valuation Allowance on Deferred Tax Asset We have estimated the future taxable income of our foreign subsidiaries and have provided a valuation allowance in respect of loss carryforwards where we do not expect to realize a benefit. We have considered all available evidence using a "more than likely than not" standard in determining the amount of the valuation allowance. During the three and nine months ended September 30, 2019, we had no change in our assessment of our valuation allowance on deferred tax assets. Accounting for Uncertainty in Income Taxes There were no unrecognized tax benefits relating to uncertain tax positions as of September 30, 2019 and December 31, 2018. Tax Examinations Our operating subsidiaries may be subject to audit by various tax authorities and may have different statutes of limitations expiration dates. With limited exceptions, our major subsidiaries that operate in the United States, United Kingdom and Australia are no longer subject to tax examinations for years before 2014.

Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

Summary of Reinsurance Reserves Recoverable and Uncollectible Reinsurance Balances Recoverable

The following tables provide the total reinsurance balances recoverable:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	945,687		$	9,049	$	343,089		$	1,297,825
IBNR	631,722			22,056		201,815			855,593
Fair value adjustments - acquired companies	(12,134		)	614		(2,310		)	(13,830		)
Fair value adjustments - fair value option	(76,901		)	—		—			(76,901		)
Total reinsurance reserves recoverable	1,488,374			31,719		542,594			2,062,687
Paid losses recoverable	145,129			1,762		55,860			202,751
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	901,599		$	33,481	$	598,454		$	1,533,534
Reinsurance balances recoverable on paid and unpaid losses - fair value option	731,904			—		—			731,904
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438



	December 31, 2018
	Non-life Run-off			Atrium			StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	901,772		$	18,891		$	263,065		$	1,183,728
IBNR	609,434			19,247			201,784			830,465
Fair value adjustments - acquired companies	(14,344		)	630			(1,899		)	(15,613		)
Fair value adjustments - fair value option	(130,739		)	—			—			(130,739		)
Total reinsurance reserves recoverable	1,366,123			38,768			462,950			1,867,841
Paid losses recoverable	138,265			(256		)	23,813			161,822
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	764,797		$	38,512		$	486,763		$	1,290,072
Reinsurance balances recoverable on paid and unpaid losses - fair value option	739,591			—			—			739,591
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663



	September 30, 2019								December 31, 2018
	Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross		Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,895,174	$	53,360	$	1,841,814	2.8	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	394,262		—		394,262		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	130,448		101,086		29,362		77.5	%	143,079		105,213		37,866		73.5	%
Total	$	2,419,884	$	154,446	$	2,265,438	6.4	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

The following table provides a summary of premiums written and earned in our Non-life Run-off, Atrium and StarStone segments and Other activities:



	Three Months Ended September 30,												Nine Months Ended September 30,
	2019						2018						2019						2018
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	301		$	27,190		$	9,912		$	17,746		$	(24,785	)	$	166,707		$	16,354		$	54,044
Ceded	(4,109		)	(10,353		)	(5,134		)	(7,304		)	(1,610		)	(24,726		)	(13,137		)	(26,815		)
Net	$	(3,808	)	$	16,837		$	4,778		$	10,442		$	(26,395	)	$	141,981		$	3,217		$	27,229
Atrium
Gross	$	48,746		$	48,340		$	39,995		$	42,505		$	146,519		$	133,610		$	130,997		$	121,974
Ceded	(4,961		)	(5,427		)	(2,854		)	(5,528		)	(19,273		)	(13,745		)	(17,779		)	(15,252		)
Net	$	43,785		$	42,913		$	37,141		$	36,977		$	127,246		$	119,865		$	113,218		$	106,722
StarStone
Gross	$	221,157		$	268,633		$	282,525		$	281,467		$	706,634		$	769,774		$	888,867		$	761,694
Ceded	(48,166		)	(62,361		)	(62,799		)	(65,112		)	(143,111		)	(166,317		)	(269,339		)	(234,892		)
Net	$	172,991		$	206,272		$	219,726		$	216,355		$	563,523		$	603,457		$	619,528		$	526,802
Other
Gross	$	(2,498	)	$	4,338		$	846		$	848		$	(1,174	)	$	17,024		$	2,858		$	2,878
Ceded	(5		)	(35		)	(24		)	(25		)	(23		)	(152		)	13			(3		)
Net	$	(2,503	)	$	4,303		$	822		$	823		$	(1,197	)	$	16,872		$	2,871		$	2,875
Total
Gross	$	267,706		$	348,501		$	333,278		$	342,566		$	827,194		$	1,087,115		$	1,039,076		$	940,590
Ceded	(57,241		)	(78,176		)	(70,811		)	(77,969		)	(164,017		)	(204,940		)	(300,242		)	(276,962		)
Total	$	210,465		$	270,325		$	262,467		$	264,597		$	663,177		$	882,175		$	738,834		$	663,628

Reinsurance Balances Recoverable by Reinsurer



	September 30, 2019
	Non-life Run-off		Atrium		StarStone		Total		% of Total
Top 10 reinsurers	$	1,130,720	$	24,560	$	376,529	$	1,531,809	67.6	%
Other reinsurers > $1 million	489,231		8,315		219,132		716,678		31.6	%
Other reinsurers < $1 million	13,552		606		2,793		16,951		0.8	%
Total	$	1,633,503	$	33,481	$	598,454	$	2,265,438	100.0	%



	December 31, 2018
	Non-life Run-off		Atrium		StarStone		Total		% of Total
Top 10 reinsurers	$	1,124,079	$	25,239	$	263,192	$	1,412,510	69.6	%
Other reinsurers > $1 million	364,098		12,091		220,123		596,312		29.4	%
Other reinsurers < $1 million	16,211		1,182		3,448		20,841		1.0	%
Total	$	1,504,388	$	38,512	$	486,763	$	2,029,663	100.0	%



	September 30, 2019		December 31, 2018
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		7
Number of top 10 non-rated reinsurers ⁽¹⁾	2		3

Reinsurers rated A- or better in top 10	$	1,302,270	$	1,096,272
Collaterized non-rated reinsurers in top 10 ⁽¹⁾	229,539		316,238
Total top 10 reinsurance recoverables	$	1,531,809	$	1,412,510

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of September 30, 2019:

Hannover Ruck SE ⁽²⁾	$	305,890	$	279,723
Lloyd's Syndicates ⁽³⁾	$	397,379	$	334,509

⁽²⁾ Hannover Ruck SE is rated AA- by Standard & Poor’s and A+ by A.M. Best.

⁽³⁾ Lloyd's Syndicates are rated A+ by Standard & Poor's and A by A.M. Best.

Policy Benefits for Life Contracts

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

POLICY BENEFITS FOR LIFE CONTRACTS

8. LOSSES AND LOSS ADJUSTMENT EXPENSES

The following tables summarize the liability for losses and LAE by segment:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,256,578		$	84,382	$	905,415		$	8,350	$	5,254,725
IBNR	3,729,552			140,800		906,965			15,974		4,793,291
Fair value adjustments - acquired companies	(183,702		)	4,189		(568		)	—		(180,081		)
Fair value adjustments - fair value option	(182,828		)	—		—			—		(182,828		)
ULAE	320,091			2,308		27,801			—		350,200
Total	$	7,939,691		$	231,679	$	1,839,613		$	24,324	$	10,035,307

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	5,281,047		$	231,679	$	1,839,613		$	24,324	$	7,376,663
Loss and loss adjustment expenses, at fair value	2,658,644			—		—			—		2,658,644
Total	$	7,939,691		$	231,679	$	1,839,613		$	24,324	$	10,035,307



	December 31, 2018
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,271,769		$	94,885	$	796,194		$	6,052	$	5,168,900
IBNR	3,527,767			140,521		787,894			12,809		4,468,991
Fair value adjustments - acquired companies	(217,527		)	3,476		(467		)	—		(214,518		)
Fair value adjustments - fair value option	(374,752		)	—		—			—		(374,752		)
ULAE	333,405			2,402		25,076			—		360,883
Total	$	7,540,662		$	241,284	$	1,608,697		$	18,861	$	9,409,504

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	4,666,607		$	241,284	$	1,608,697		$	18,861	$	6,535,449
Loss and loss adjustment expenses, at fair value	2,874,055			—		—			—		2,874,055
Total	$	7,540,662		$	241,284	$	1,608,697		$	18,861	$	9,409,504

The table below provides a reconciliation of the beginning and ending liability for losses and LAE:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	9,833,886		$	8,608,387		$	9,409,504		$	7,398,088
Less: reinsurance reserves recoverable	2,059,998			1,866,969			1,867,841			1,870,033
Less: deferred charge assets on retroactive reinsurance	99,094			71,393			86,585			80,192
Net balance as of beginning of period	7,674,794			6,670,025			7,455,078			5,447,863
Net incurred losses and LAE:
Current period	213,701			219,050			634,114			468,064
Prior periods	8,716			(65,076)			117,045			(201,737		)
Total net incurred losses and LAE	222,417			153,974			751,159			266,327
Net paid losses:
Current period	(42,927		)	(24,266)			(116,597		)	(62,843		)
Prior periods	(410,655		)	(296,709)			(1,300,585		)	(937,846		)
Total net paid losses	(453,582		)	(320,975)			(1,417,182		)	(1,000,689		)
Effect of exchange rate movement	(83,277		)	(26,825		)	(95,270		)	(108,659		)
Acquired on purchase of subsidiaries	—			22,713			686			366,519
Assumed business	445,000			103,615			1,110,881			1,631,166
Net balance as of September 30	7,805,352			6,602,527			7,805,352			6,602,527
Plus: reinsurance reserves recoverable	2,062,687			1,846,187			2,062,687			1,846,187
Plus: deferred charge assets on retroactive reinsurance	167,268			87,019			167,268			87,019
Balance as of September 30	$	10,035,307		$	8,535,733		$	10,035,307		$	8,535,733

The tables below provide the net incurred losses and LAE by segment:



	Three Months Ended September 30, 2019
	Non-life Run-off			Atrium			StarStone			Other			Total
Net losses paid	$	288,445		$	20,005		$	142,183		$	2,949		$	453,582
Net change in case and LAE reserves	(173,104		)	(91		)	(14,872		)	944			(187,123		)
Net change in IBNR reserves	(148,521		)	8,702			31,946			(246		)	(108,119		)
Increase (reduction) in estimates of net ultimate losses	(33,180		)	28,616			159,257			3,647			158,340
Increase (reduction) in provisions for unallocated LAE	(12,158		)	—			(11		)	—			(12,169		)
Amortization of deferred charge assets	17,009			—			—			—			17,009
Amortization of fair value adjustments	17,538			(216		)	541			—			17,863
Changes in fair value - fair value option	41,374			—			—			—			41,374
Net incurred losses and LAE	$	30,583		$	28,400		$	159,787		$	3,647		$	222,417



	Three Months Ended September 30, 2018
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	195,770		$	16,310		$	108,895		$	320,975
Net change in case and LAE reserves	(128,662		)	(546		)	17,549			(111,659		)
Net change in IBNR reserves	(102,148		)	2,818			71,160			(28,170		)
Increase (reduction) in estimates of net ultimate losses	(35,040		)	18,582			197,604			181,146
Increase (reduction) in provisions for unallocated LAE	(24,460		)	(2		)	1,582			(22,880		)
Amortization of deferred charge assets	1,582			—			—			1,582
Amortization of fair value adjustments	4,247			(727		)	(287		)	3,233
Changes in fair value - fair value option	(9,107		)	—			—			(9,107		)
Net incurred losses and LAE	$	(62,778	)	$	17,853		$	198,899		$	153,974



	Nine Months Ended September 30, 2019
	Non-life Run-off			Atrium			StarStone		Other		Total
Net losses paid	$	966,617		$	60,095		$	382,865	$	7,605	$	1,417,182
Net change in case and LAE reserves	(370,639		)	(245		)	34,197		2,298		(334,389		)
Net change in IBNR reserves	(619,648		)	(1,916		)	123,715		3,165		(494,684		)
Increase (reduction) in estimates of net ultimate losses	(23,670		)	57,934			540,777		13,068		588,109
Increase (reduction) in provisions for unallocated LAE	(38,229		)	—			2,825		—		(35,404		)
Amortization of deferred charge assets	28,006			—			—		—		28,006
Amortization of fair value adjustments	34,033			728			310		—		35,071
Changes in fair value - fair value option	135,377			—			—		—		135,377
Net incurred losses and LAE	$	135,517		$	58,662		$	543,912	$	13,068	$	751,159



	Nine Months Ended September 30, 2018
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	644,665		$	53,187		$	302,837		$	1,000,689
Net change in case and LAE reserves	(376,512		)	(98		)	38,915			(337,695		)
Net change in IBNR reserves	(413,898		)	2,964			75,031			(335,903		)
Increase (reduction) in estimates of net ultimate losses	(145,745		)	56,053			416,783			327,091
Increase (reduction) in provisions for unallocated LAE	(48,723		)	—			4,012			(44,711		)
Amortization of deferred charge assets	10,381			—			—			10,381
Amortization of fair value adjustments	10,312			(4,102		)	(529		)	5,681
Changes in fair value - fair value option	(32,115		)	—			—			(32,115		)
Net incurred losses and LAE	$	(205,890	)	$	51,951		$	420,266		$	266,327

Non-Life Run-off Segment

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Non-life Run-off segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019		2018
Balance as of beginning of period	$	7,803,663		$	7,025,750		7,540,662		$	5,949,472
Less: reinsurance reserves recoverable	1,534,427			1,462,139			1,366,123		1,377,485
Less: deferred charge assets on retroactive insurance	99,094			71,393			86,585		80,192
Net balance as of beginning of period	6,170,142			5,492,218			6,087,954		4,491,795
Net incurred losses and LAE:
Current period	23,845			10,017			107,291		15,476
Prior periods	6,738			(72,795		)	28,226		(221,366		)
Total net incurred losses and LAE	30,583			(62,778		)	135,517		(205,890		)
Net paid losses:
Current period	(14,374		)	(2,713		)	(53,265	)	(3,304		)
Prior periods	(274,071		)	(193,057		)	(913,352	)	(641,361		)
Total net paid losses	(288,445		)	(195,770		)	(966,617	)	(644,665		)
Effect of exchange rate movement	(73,231		)	(26,352		)	(84,372	)	(102,030		)
Acquired on purchase of subsidiaries	—			22,713			686		173,538
Assumed business	445,000			103,615			1,110,881		1,620,898
Net balance as of September 30	6,284,049			5,333,646			6,284,049		5,333,646
Plus: reinsurance reserves recoverable	1,488,374			1,412,090			1,488,374		1,412,090
Plus: deferred charge assets on retroactive reinsurance	167,268			87,019			167,268		87,019
Balance as of September 30	$	7,939,691		$	6,832,755		7,939,691		$	6,832,755

Net incurred losses and LAE in the Non-life Run-off segment were as follows:



	Three Months Ended September 30,
	2019									2018
	Prior Period			Current Period			Total			Prior Period			Current Period		Total
Net losses paid	$	274,071		$	14,374		$	288,445		$	193,057		$	2,713	$	195,770
Net change in case and LAE reserves	(175,830		)	2,726			(173,104		)	(128,827		)	165		(128,662		)
Net change in IBNR reserves	(155,315		)	6,794			(148,521		)	(109,287		)	7,139		(102,148		)
Increase (reduction) in estimates of net ultimate losses	(57,074		)	23,894			(33,180		)	(45,057		)	10,017		(35,040		)
Reduction in provisions for unallocated LAE	(12,109		)	(49		)	(12,158		)	(24,460		)	—		(24,460		)
Amortization of deferred charge assets	17,009			—			17,009			1,582			—		1,582
Amortization of fair value adjustments	17,538			—			17,538			4,247			—		4,247
Changes in fair value - fair value option	41,374			—			41,374			(9,107		)	—		(9,107		)
Net incurred losses and LAE	$	6,738		$	23,845		$	30,583		$	(72,795	)	$	10,017	$	(62,778	)

Three Months Ended September 30, 2019

Three Months Ended September 30, 2018



	Nine Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	913,352		$	53,265	$	966,617		$	641,361		$	3,304	$	644,665
Net change in case and LAE reserves	(394,780		)	24,141		(370,639		)	(377,735		)	1,223		(376,512		)
Net change in IBNR reserves	(649,053		)	29,405		(619,648		)	(424,847		)	10,949		(413,898		)
Increase (reduction) in estimates of net ultimate losses	(130,481		)	106,811		(23,670		)	(161,221		)	15,476		(145,745		)
Increase (reduction) in provisions for unallocated LAE	(38,709		)	480		(38,229		)	(48,723		)	—		(48,723		)
Amortization of deferred charge assets	28,006			—		28,006			10,381			—		10,381
Amortization of fair value adjustments	34,033			—		34,033			10,312			—		10,312
Changes in fair value - fair value option	135,377			—		135,377			(32,115		)	—		(32,115		)
Net incurred losses and LAE	$	28,226		$	107,291	$	135,517		$	(221,366	)	$	15,476	$	(205,890	)

Nine Months Ended September 30, 2019

Nine Months Ended September 30, 2018

Atrium

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the Atrium segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	222,576		$	234,232		$	241,284		$	240,873
Less: reinsurance reserves recoverable	29,606			38,253			38,768			40,531
Net balance as of beginning of period	192,970			195,979			202,516			200,342
Net incurred losses and LAE:
Current period	27,093			20,033			63,189			56,514
Prior periods	1,307			(2,180		)	(4,527		)	(4,563		)
Total net incurred losses and LAE	28,400			17,853			58,662			51,951
Net paid losses:
Current period	(9,387		)	(8,080		)	(24,531		)	(25,699		)
Prior periods	(10,618		)	(8,230		)	(35,564		)	(27,488		)
Total net paid losses	(20,005		)	(16,310		)	(60,095		)	(53,187		)
Effect of exchange rate movement	(1,405		)	(137		)	(1,123		)	(1,721		)
Net balance as of September 30	199,960			197,385			199,960			197,385
Plus: reinsurance reserves recoverable	31,719			45,382			31,719			45,382
Balance as of September 30	$	231,679		$	242,767		$	231,679		$	242,767

Net incurred losses and LAE in the Atrium segment were as follows:



	Three Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	10,618		$	9,387	$	20,005		$	8,230		$	8,080	$	16,310
Net change in case and LAE reserves	(2,860		)	2,769		(91		)	(4,142		)	3,596		(546		)
Net change in IBNR reserves	(6,235		)	14,937		8,702			(5,539		)	8,357		2,818
Increase (reduction) in estimates of net ultimate losses	1,523			27,093		28,616			(1,451		)	20,033		18,582
Reduction in provisions for unallocated LAE	—			—		—			(2		)	—		(2		)
Amortization of fair value adjustments	(216		)	—		(216		)	(727		)	—		(727		)
Net incurred losses and LAE	$	1,307		$	27,093	$	28,400		$	(2,180	)	$	20,033	$	17,853



	Nine Months Ended September 30,
	2019								2018
	Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	35,564		$	24,531	$	60,095		$	27,488		$	25,699	$	53,187
Net change in case and LAE reserves	(13,032		)	12,787		(245		)	(9,695		)	9,597		(98		)
Net change in IBNR reserves	(27,787		)	25,871		(1,916		)	(18,254		)	21,218		2,964
Increase (reduction) in estimates of net ultimate losses	(5,255		)	63,189		57,934			(461		)	56,514		56,053
Amortization of fair value adjustments	728			—		728			(4,102		)	—		(4,102		)
Net incurred losses and LAE	$	(4,527	)	$	63,189	$	58,662		$	(4,563	)	$	56,514	$	51,951

StarStone

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for our StarStone segment:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Balance as of beginning of period	$	1,784,021		$	1,348,405		$	1,608,697		$	1,207,743
Less: reinsurance reserves recoverable	495,965			366,577			462,950			452,017
Net balance as of beginning of period	1,288,056			981,828			1,145,747			755,726
Net incurred losses and LAE:
Current period	159,165			189,000			450,464			396,074
Prior periods	622			9,899			93,448			24,192
Total net incurred losses and LAE	159,787			198,899			543,912			420,266
Net paid losses:
Current period	(17,847		)	(13,473		)	(36,542		)	(33,840		)
Prior periods	(124,336		)	(95,422		)	(346,323		)	(268,997		)
Total net paid losses	(142,183		)	(108,895		)	(382,865		)	(302,837		)
Effect of exchange rate movement	(8,641		)	(336		)	(9,775		)	(4,908		)
Acquired on purchase of subsidiaries	—			—			—			192,981
Assumed business	—			—			—			10,268
Net balance as of September 30	1,297,019			1,071,496			1,297,019			1,071,496
Plus: reinsurance reserves recoverable	542,594			388,715			542,594			388,715
Balance as of September 30	$	1,839,613		$	1,460,211		$	1,839,613		$	1,460,211

Net incurred losses and LAE in the StarStone segment were as follows:



	Three Months Ended September 30,
	2019									2018
	Prior Period			Current Period			Total			Prior Period			Current Period		Total
Net losses paid	$	124,336		$	17,847		$	142,183		$	95,422		$	13,473	$	108,895
Net change in case and LAE reserves	(9,672		)	(5,200		)	(14,872		)	(19,919		)	37,468		17,549
Net change in IBNR reserves	(112,123		)	144,069			31,946			(63,294		)	134,454		71,160
Increase in estimates of net ultimate losses	2,541			156,716			159,257			12,209			185,395		197,604
Increase (reduction) in provisions for unallocated LAE	(2,460		)	2,449			(11		)	(2,023		)	3,605		1,582
Amortization of fair value adjustments	541			—			541			(287		)	—		(287		)
Net incurred losses and LAE	$	622		$	159,165		$	159,787		$	9,899		$	189,000	$	198,899

Three Months Ended September 30, 2019 and 2018



	Nine Months Ended September 30,
	2019							2018
	Prior Period			Current Period		Total		Prior Period			Current Period		Total
Net losses paid	$	346,323		$	36,542	$	382,865	$	268,997		$	33,840	$	302,837
Net change in case and LAE reserves	(14,922		)	49,119		34,197		(55,541		)	94,456		38,915
Net change in IBNR reserves	(233,528		)	357,243		123,715		(183,422		)	258,453		75,031
Increase in estimates of net ultimate losses	97,873			442,904		540,777		30,034			386,749		416,783
Increase (reduction) in provisions for unallocated LAE	(4,735		)	7,560		2,825		(5,313		)	9,325		4,012
Amortization of fair value adjustments	310			—		310		(529		)	—		(529		)
Net incurred losses and LAE	$	93,448		$	450,464	$	543,912	$	24,192		$	396,074	$	420,266

Nine Months Ended September 30, 2019 and 2018

10. POLICY BENEFITS FOR LIFE CONTRACTS

Related Party Transactions

9 Months Ended

Sep. 30, 2019

RELATED PARTY TRANSACTIONS

19. RELATED PARTY TRANSACTIONSStone Point Capital LLC

Through several private transactions occurring from May 2012 to July 2012 and an additional private transaction that closed in May 2018, investment funds managed by Stone Point Capital LLC ("Stone Point") have acquired an aggregate of 1,635,986 of our voting ordinary shares (which now constitutes approximately 9.1% of our outstanding voting ordinary shares). On November 6, 2013, we appointed James D. Carey to our Board of Directors. Mr. Carey is the sole member of an entity that is one of four general partners of the entities serving as general partners for Trident, is a member of the investment committees of such general partners, and is a member and senior principal of Stone Point, the manager of the Trident funds.

In addition, we have entered into certain agreements with Trident with respect to Trident’s co-investments in the Atrium, Arden, and StarStone acquisitions. These include investors’ agreements and shareholders’ agreements, which provide for, among other things: (i) our right to redeem Trident’s equity interest in the Atrium/Arden and StarStone transactions in cash at fair market value at any time following September 6, 2020 and April 1, 2021, respectively; and (ii) Trident’s right to have its equity interest in the Atrium/Arden and StarStone transactions redeemed by us at fair market value (which we may satisfy in either cash or our ordinary shares) following September 6, 2020 and April 1, 2021, respectively. Pursuant to the terms of the shareholders’ agreements, Mr. Carey serves as a Trident representative on the boards of the holding companies established in connection with the Atrium/Arden and StarStone co-investment transactions. Trident also has a second representative on these boards who is a Stone Point employee.

We, in partnership with StarStone's other shareholders, have recently completed two transactions to provide capital support to StarStone in the form of:

(i) a contribution to its contributed surplus account and a loss portfolio transfer, effective October 1, 2018. To fund the transaction, the North Bay shareholders contributed an aggregate amount of $135.0 million to North Bay in proportion to their ownership interests. Trident’s proportionate contribution of $53.1 million was temporarily funded by North Bay and was reimbursed in the first quarter of 2019; and

(ii) a loss portfolio transfer, effective April 1, 2019, for which shareholders agreed to contribute an aggregate amount of $48.0 million.

The RNCI on our balance sheet relating to these Trident co-investment transactions was as follows:



	September 30, 2019	December 31, 2018
Redeemable Noncontrolling Interest	416,662	439,428

As of September 30, 2019, we had the following relationships with Stone Point and its affiliates:


•	Investments in funds (carried within other investments) managed by Stone Point, with respect to which we recognized net unrealized gains (losses);


•	Investments in registered investment companies affiliated with entities owned by Trident or otherwise affiliated with Stone Point, with respect to which we recognized net unrealized gains (losses) and interest income;


•	Separate accounts managed by Eagle Point Credit Management, PRIMA Capital Advisors and SKY Harbor Capital Management, which are affiliates of entities owned by Trident, with respect to which we incurred management fees;


•	Investments in funds (carried within other investments) managed by Sound Point Capital, an entity in which Mr. Carey has an indirect minority ownership interest and serves as a director, with respect to which we recognized net unrealized gains (losses);


•	Sound Point Capital has acted as collateral manager for certain of our direct investments in CLO debt and equity securities, with respect to which we recognized net unrealized gains (losses) and interest income;


•	Marble Point Capital, which is an affiliate of an entity owned by Trident, has acted as collateral manager for certain of our direct investments in CLO equity securities, with respect to which we recognized net unrealized gains (losses) and interest income;


•	A separate account managed by Sound Point Capital, with respect to which we incurred management fees; and

•

In the fourth quarter of 2018, we invested $25.0 million in Mitchell TopCo Holdings, the parent company of Mitchell International and Genex Services, as a co-investor alongside Stone Point.

The following table presents the amounts included in our consolidated balance sheet related to our related party transactions with Stone Point and its affiliated entities:



	September 30, 2019		December 31, 2018
Short-term investments, available-for-sale, at fair value	$	3,219	$	—
Fixed maturities, trading, at fair value	313,943		176,193
Fixed maturities, available-for-sale, at fair value	113,507		—
Equities, at fair value	124,723		57,319
Other investments, at fair value:
Hedge funds	19,621		19,535
Fixed income funds	456,156		324,561
Private equity funds	60,215		52,925
CLO equities	45,549		15,372
CLO equity funds	89,493		37,260
Private Debt	—		10,387
Real estate fund	—		8,025
Cash and cash equivalents	27,819		11,739
Other assets	553		5,216
Other liabilities	5,235		4,240

The following table presents the amounts included in net earnings related to our related party transactions with Stone Point and its affiliated entities:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
Net investment income	$	2,257		$	1,601	$	5,009	$	5,429
Net realized and unrealized (losses) gains	(3,442		)	8,783		26,305		16,787
Total net (losses) earnings	$	(1,185	)	$	10,384	$	31,314	$	22,216

KaylaRe

On December 15, 2016, KaylaRe completed an initial capital raise of $620.0 million. We originally owned approximately 48.2% of KaylaRe's common shares and recorded our investment in KaylaRe using the equity method basis of accounting, as we concluded that we were not required to consolidate based on the guidance in ASC 810 - Consolidation.

On May 14, 2018, the Company acquired all of the outstanding shares and warrants of KaylaRe, following the receipt of all required regulatory approvals. In consideration for the acquired shares and warrants of KaylaRe, the Company issued an aggregate of 2,007,017 ordinary shares, comprising 1,501,778 voting ordinary shares and 505,239 Series E non-voting ordinary shares to the shareholders of KaylaRe as follows: (i) 1,204,353 voting ordinary shares and 505,239 Series E Shares to a fund managed by Hillhouse Capital Management, Ltd. ("Hillhouse Capital"); (ii) 285,986 voting ordinary shares to Trident; and (iii) 11,439 voting ordinary shares to the minority shareholder. In addition, the Shareholders Agreement between Enstar and the other KaylaRe shareholders was effectively terminated. Effective May 14, 2018, we consolidated KaylaRe into our consolidated financial statements, and any balances between KaylaRe and Enstar are now eliminated upon consolidation. Refer to Note 3 - "Acquisitions" in the notes to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. Effective September 30, 2019, KaylaRe and KaylaRe Ltd. merged with Cavello Bay Reinsurance Limited, a wholly owned subsidiary of the Company, with Cavello Bay Reinsurance Limited as the surviving company.

Our subsidiary, Enstar Limited, acts as insurance and reinsurance manager to KaylaRe's subsidiary, KaylaRe Ltd., for which it received fee income. Affiliates of Enstar have also entered into various reinsurance agreements with KaylaRe Ltd. We provide administrative services to KaylaRe and KaylaRe Ltd.

Through a Quota Share Agreement dated December 15, 2016 (the "KaylaRe-StarStone QS"), several of our StarStone affiliates entered into a Quota Share Treaty with KaylaRe Ltd. pursuant to which KaylaRe Ltd. reinsures 35% of all business written by these StarStone affiliates for risks attaching from January 1, 2016, net of the StarStone affiliates’ external reinsurance programs. The reinsurance of StarStone's U.S. and U.K. affiliates was non-renewed as of January 1, 2018 and January 1, 2019, respectively.

In addition, Fitzwilliam Insurance Limited ("Fitzwilliam"), one of our non-life run-off subsidiaries, ceded $177.2 million of loss reserves to KaylaRe Ltd. in 2016. Under the terms of this reinsurance agreement, Fitzwilliam is entitled to receive a profit commission calculated with reference to reserve savings made during the currency of this agreement. Our Non-life Run-off subsidiaries did not cede any additional business to KaylaRe Ltd. during three and nine months ended September 30, 2019 and 2018.

Our consolidated statement of earnings included the following amounts related to transactions between us and KaylaRe and KaylaRe Ltd. that occurred prior to our full acquisition:



	Nine Months Ended
	September 30, 2018
Management fee income	$	1,453

Transactions under KaylaRe-StarStone QS:
Ceded premium earned	(52,651		)
Net incurred losses	31,654
Acquisition costs	18,774

Total net loss	$	(770	)

Hillhouse

Investment funds managed by Hillhouse Capital, collectively own approximately 9.7% of Enstar’s voting ordinary shares. These funds also own non-voting ordinary shares and warrants to purchase additional non-voting ordinary shares, which together with their voting ordinary shares, represent an approximate 17.0% economic interest in Enstar. Jie Liu, a Partner of Hillhouse Capital, is a member of our Board.

As of September 30, 2019 and December 31, 2018 our equity method investee, Enhanzed Re, had investments in a fund managed by Hillhouse Capital, as described below.

As of September 30, 2019, our carrying value of the InRe Fund, L.P. ("InRe Fund"), which is managed by Hillhouse Capital, was $807.2 million and the fund was invested in approximately 20% in fixed income securities, 6% in North American equities, 71% in international equities and 3% in financing, derivatives and other items

Our consolidated balance sheet included the following balances related to transactions between us and Hillhouse Capital and its affiliated entities:



	September 30, 2019			December 31, 2018
Investments in funds managed by Hillhouse Capital, held by equity method investees	$	287,132		$	75,192
Our ownership of equity method investments	47.4		%	47.4		%
Our indirect investment in funds managed by Hillhouse Capital	$	136,101		$	35,641

Direct investment in funds managed by Hillhouse Capital:
InRe Fund	$	807,177		$	678,420
Other funds	208,004			166,646
	$	1,015,181		$	845,066

The increase in the direct investment in funds managed by Hillhouse was primarily due to unrealized gains for the nine months ended September 30, 2019. We incurred fees of approximately $45.6 million, included within the funds' reported NAV, for the nine months ended September 30, 2019 in relation to the direct investment in funds managed by Hillhouse Capital and its affiliated entities as described above.

Monument

Monument Insurance Group Limited ("Monument") was established in March 2016 to focus primarily on the acquisition of European life re-insurance companies or life business portfolios in run-off and to efficiently manage the run-off of the assumed businesses and portfolios. Enstar has invested a total of $26.6 million in the common and preferred shares of Monument and owns approximately 26.6% of the total economic interest in Monument. We have accounted for our equity interest in Monument as an equity method investment as we have significant influence over its operating and financial policies.

On May 31, 2019, we completed the previously announced transfer of our remaining life assurance policies written by our wholly-owned subsidiary Alpha Insurance SA to a subsidiary of Monument. In this transaction, we transferred policy benefits for life and annuity contracts with a carrying value of $99.1 million (or approximately €88.8 million) and total assets with a fair value of $101.6 million (or approximately €91.1 million) to a subsidiary of Monument.

Our investment in the common and preferred shares of Monument, carried in equity method investments on our consolidated balance sheet was as follows:



	September 30, 2019		December 31, 2018
Investment in Monument	$	54,720	$	42,193

Clear Spring (formerly SeaBright)

Effective January 1, 2017, we sold SeaBright Insurance Company (“SeaBright Insurance”) and its licenses to Delaware Life Insurance Company ("Delaware Life"), a subsidiary of Guggenheim Partners, LLC. Following the sale, SeaBright Insurance was renamed Clear Spring Property and Casualty Company (“Clear Spring”). Clear Spring was subsequently capitalized with $56.0 million of equity, with Enstar retaining a 20% indirect equity interest in Clear Spring. We have accounted for our equity interest in Clear Spring as an equity method investment as we have significant influence over its operating and financial policies.

Our investment in the common shares of Clear Spring, carried in equity method investments on our consolidated balance sheet, was as follows:



	September 30, 2019		December 31, 2018
Investment in Clear Spring	$	10,685	$	10,070

Effective January 1, 2017, StarStone National Insurance Company (“StarStone National”) entered into a quota share treaty with Clear Spring pursuant to which Clear Spring reinsures 33.3% of core workers compensation business written by StarStone National. This agreement was terminated as of December 31, 2018.

Effective January 1, 2017, we also entered into a quota share treaty with Clear Spring pursuant to which an Enstar subsidiary reinsures 25% of all workers compensation business written by Clear Spring. This is recorded as other activities.

Our consolidated balance sheet included the following balances related to transactions between us and Clear Spring:



	September 30, 2019		December 31, 2018
Balances under StarStone ceding quota share:
Reinsurance balances recoverable	$	26,959	$	23,718
Prepaid insurance premiums	1,439		13,821
Ceded payable	5,409		14,153
Ceded acquisition costs	365		3,233

Balances under assuming quota share:
Losses and LAE	6,370		5,778
Unearned reinsurance premiums	360		3,455
Funds held	8,973		10,242

Our consolidated statement of earnings included the following amounts related to transactions between us and Clear Spring:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018

Transactions under StarStone ceding quota share:
Ceded premium earned	$	(3,548	)	$	(6,926	)	$	(13,304	)	$	(21,564	)
Ceded incurred losses and LAE	1,063			3,823			8,051			12,429
Ceded acquisition costs	243			981			305			4,892

Transactions under assuming quota share:
Premium earned	887			3,482			3,326			5,391
Net incurred losses and LAE	(576		)	(2,346		)	(2,013		)	(3,107		)
Acquisition costs	(88		)	(721		)	(79		)	(1,275		)

Total net loss	$	(2,019	)	$	(1,707	)	$	(3,714	)	$	(3,234	)

AmTrust

In November 2018, pursuant to a Subscription Agreement with Evergreen Parent L.P. ("Evergreen"), K-Z Evergreen, LLC and Trident Pine Acquisition LP ("Trident Pine"), we purchased equity in Evergreen in the aggregate amount of $200.0 million. Evergreen is an entity formed by private equity funds managed by Stone Point and the Karfunkel-Zyskind family that acquired the approximately 45% of the issued and outstanding shares of common stock of AmTrust Financial Services, Inc. ("AmTrust") that the Karfunkel-Zyskind Family and certain of its affiliates and related parties did not already own or control. The equity interest was in the form of three separate classes of equity securities issued at the same price and in the same proportion as the equity interest purchased by Trident Pine. Following the closing of the transaction, Enstar owns approximately 7.5% of the equity interest in Evergreen and Trident Pine owns approximately 21.8%. Evergreen owns all of the equity interest in AmTrust. In addition, upon the successful closing of the transaction we received a fee of $3.5 million, half of which was payable upon closing and the other on the first anniversary of the closing. The fee was recorded in other income within our consolidated statements of earnings for the year ended December 31, 2018.

In connection with the Maiden Re Bermuda adverse development cover transaction described above in Note 3 - "Significant New Business", we have also entered into a Master Collateral Agreement with Maiden Re Bermuda, AmTrust and certain subsidiaries of AmTrust, pursuant to which our reinsurance performance obligations in that transaction are collateralized.

Our indirect investment in the shares of AmTrust, carried in equities on our consolidated balance sheet was as follows:



	September 30, 2019		December 31, 2018
Investment in AmTrust	$	203,007	$	200,000

We recorded the following amounts, related to dividend income, included in net earnings related to our investment in AmTrust:



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2019		2019

Net investment income	$	1,900	5,550

Citco

In June 2018, our subsidiary made a $50.0 million indirect investment in the shares of Citco III Limited ("Citco"), a fund administrator with global operations. Pursuant to an investment agreement and in consideration for participation therein, a related party of Hillhouse Capital provided investment support to our subsidiary. In a private transaction that preceded our co-investment opportunity, certain Citco shareholders, including Trident, agreed to sell all or a portion of their interests in Citco. As of September 30, 2019, Trident owned an approximate 3.4% interest in Citco. Mr. Carey currently serves as an observer to the board of directors of Citco in connection with Trident's investment therein.

Our indirect investment in the shares of Citco, carried in equity method investments on our consolidated balance sheet, was as follows:



	September 30, 2019		December 31, 2018
Investment in Citco	$	51,374	$	50,812

Enhanzed Re

Enhanzed Reinsurance Ltd. ("Enhanzed Re") is a joint venture between Enstar, Allianz SE ("Allianz") and Hillhouse Capital that was capitalized in December 2018. Enhanzed Re is a Bermuda-based Class 4 and Class E reinsurer and will reinsure life, non-life run-off, and property and casualty insurance business, initially sourced from

Allianz SE and Enstar. Enstar, Allianz and Hillhouse Capital affiliates have made equity investment commitments in aggregate of $470.0 million to Enhanzed Re. Enstar, Allianz and an affiliate of Hillhouse Capital own 47.4%, 24.9% and 27.7%, respectively, of Enhanzed Re's total equity. As of September 30, 2019, Enstar has contributed $123.2 million of its total capital commitment to Enhanzed Re and had an uncalled amount of $100.0 million. We have accounted for our equity interest in Enhanzed Re as an equity method investment as we have significant influence over its operating and financial policies.

Enstar acts as the (re)insurance manager for Enhanzed Re, while Hillhouse Capital acts as the primary investment manager, and an affiliate of Allianz SE provides investment management services to Enhanzed Re. Enhanzed Re writes business from affiliates of its operating sponsors, Allianz SE and Enstar. It also underwrites other business to maximize diversification by risk and geography.

Our investment in the common shares of Enhanzed Re, carried in equity method investments on our consolidated balance sheet was as follows:



	September 30, 2019		December 31, 2018
Investment in Enhanzed Re	$	145,163	$	94,800

We received fee income of $0.2 million and $0.4 million from Enhanzed Re, recorded within other income on our consolidated statement of earnings, for the three and nine months ended September 30, 2019, respectively.

Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

9. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price at which to sell an asset or transfer a liability (i.e. the "exit price") in an orderly transaction between market participants. We use a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The hierarchy is broken down into three levels as follows:


•	Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments.


•	Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.


•	Level 3 - Valuations based on unobservable inputs where there is little or no market activity. Unadjusted third party pricing sources or management's assumptions and internal valuation models may be used to determine the fair values.

In addition, certain of our other investments are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy above. We have categorized our investments that are recorded at fair value on a recurring basis among levels based on the observability of inputs, or at fair value using NAV per share (or its equivalent) as follows:



	September 30, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
Investments:
Fixed maturity investments:
U.S. government and agency	$	—	$	506,826	$	—	$	—	$	506,826
U.K. government	—		295,957		—		—		295,957
Other government	—		715,094		—		—		715,094
Corporate	—		5,187,604		2,281		—		5,189,885
Municipal	—		161,364		—		—		161,364
Residential mortgage-backed	—		408,507		—		—		408,507
Commercial mortgage-backed	—		887,335		2		—		887,337
Asset-backed	—		690,418		18,436		—		708,854
	$	—	$	8,853,105	$	20,719	$	—	$	8,873,824

Other assets included within funds held - directly managed	12,994		—		—		—		12,994

Equities:
Publicly traded equity investments	$	282,437	$	30,274	$	—	$	—	$	312,711
Exchange-traded funds	184,024		—		—		—		184,024
Privately held equity investments	—		—		231,691		—		231,691
	$	466,461	$	30,274	$	231,691	$	—	$	728,426

Other investments:
Hedge funds	$	—	$	—	$	—	$	997,593	$	997,593
Fixed income funds	—		473,671		—		80,396		554,067
Equity funds	—		101,909		—		271,905		373,814
Private equity funds	—		—		—		305,756		305,756
CLO equities	—		—		67,109		—		67,109
CLO equity funds	—		—		—		89,493		89,493
Other	—		1,870		314		6,836		9,020
	$	—	$	577,450	$	67,423	$	1,751,979	$	2,396,852
Total Investments	$	479,455	$	9,460,829	$	319,833	$	1,751,979	$	12,012,096

Cash and cash equivalents	$	360,381	$	147,828	$	—	$	—	$	508,209

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	731,904	$	—	$	731,904

Other Assets:
Derivative Instruments	$	—	$	5,292	$	—	$	—	$	5,292
	$	—	$	5,292	$	—	$	—	$	5,292

Losses and LAE:	$	—	$	—	$	2,658,644	$	—	$	2,658,644

Other Liabilities:
Derivative Instruments	$	—	$	2,007	$	—	$	—	$	2,007
	$	—	$	2,007	$	—	$	—	$	2,007



	December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
Investments:
Fixed maturity investments:
U.S. government and agency	$	—	$	510,245	$	—	$	—	$	510,245
U.K government	—		300,631		—		—		300,631
Other government	—		793,810		—		—		793,810
Corporate	—		4,802,454		37,386		—		4,839,840
Municipal	—		130,265		—		—		130,265
Residential mortgage-backed	—		773,557		—		—		773,557
Commercial mortgage-backed	—		705,674		7,389		—		713,063
Asset-backed	—		627,360		9,121		—		636,481
	$	—	$	8,643,996	$	53,896	$	—	$	8,697,892

Other assets included within funds held - directly managed	$	—	$	14,780	$	—	$	—	$	14,780

Equities:
Publicly traded equity investments	$	102,102	$	36,313	$	—	$	—	$	138,415
Privately held equity investments	—		—		228,710		—		228,710
	$	102,102	$	36,313	$	228,710	$	—	$	367,125

Other investments:
Hedge funds	$	—	$	—	$	—	$	852,584	$	852,584
Fixed income funds	—		290,864		—		112,994		403,858
Equity funds	—		100,440		—		233,241		333,681
Private equity funds	—		—		—		248,628		248,628
CLO equities	—		—		39,052		—		39,052
CLO equity funds	—		—		—		37,260		37,260
Private credit funds	—		—		—		33,381		33,381
Other	—		578		315		8,420		9,313
	$	—	$	391,882	$	39,367	$	1,526,508	$	1,957,757
Total Investments	$	102,102	$	9,086,971	$	321,973	$	1,526,508	$	11,037,554

Cash and cash equivalents	$	243,839	$	21,146	$	—	$	—	$	264,985

Reinsurance recoverable:	$	—	$	—	$	739,591	$	—	$	739,591

Other Assets:
Derivative Instruments	$	—	$	6,701	$	—	$	—	$	6,701
	$	—	$	6,701	$	—	$	—	$	6,701

Losses and LAE:	$	—	$	—	$	2,874,055	$	—	$	2,874,055

Other Liabilities:
Derivative Instruments	$	—	$	983	$	—	$	—	$	983
	$	—	$	983	$	—	$	—	$	983

Valuation Methodologies of Financial Instruments Measured at Fair Value

Fixed Maturity Investments and Funds Held - Directly Managed

The fair values for all securities in the fixed maturity investments and funds held - directly managed portfolios are independently provided by the investment accounting service providers, investment managers and investment custodians, each of which utilize internationally recognized independent pricing services. We record the unadjusted price provided by the investment accounting service providers, investment managers or investment custodians and validate this price through a process that includes, but is not limited to: (i) comparison of prices against alternative pricing sources; (ii) quantitative analysis (e.g. comparing the quarterly return for each managed portfolio to its target benchmark); (iii) evaluation of methodologies used by external parties to estimate fair value, including a review of the inputs used for pricing; and (iv) comparing the price to our knowledge of the current investment market. Our internal price validation procedures and review of fair value methodology documentation provided by independent pricing services have not historically resulted in adjustment in the prices obtained from the pricing service.

The independent pricing services used by the investment accounting service providers, investment managers and investment custodians obtain actual transaction prices for securities that have quoted prices in active markets. Where we utilize single unadjusted broker-dealer quotes, they are generally provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. For determining the fair value of securities that are not actively traded, in general, pricing services use "matrix pricing" in which the independent pricing service uses observable market inputs including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment speeds, default rates and such other inputs as are available from market sources to determine a reasonable fair value. In addition, pricing services use valuation models, using observable data, such as an Option Adjusted Spread model, to develop prepayment and interest rate scenarios. The Option Adjusted Spread model is commonly used to estimate fair value for securities such as mortgage-backed and asset-backed securities.

The following describes the techniques generally used to determine the fair value of our fixed maturity investments by asset class, including the investments underlying the funds held - directly managed.

•

U.S. government and agency securities consist of securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Non-U.S. government securities consist of bonds issued by non-U.S. governments and agencies along with supranational organizations. The significant inputs used to determine the fair value of these securities include the spread above the risk-free yield curve, reported trades and broker-dealer quotes. These are considered to be observable market inputs and, therefore, the fair values of these securities are classified as Level 2.

•

Corporate securities consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes, benchmark yields, and industry and market indicators. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2. Where pricing is unavailable from pricing services, such as in periods of low trading activity or when transactions are not orderly, we obtain non-binding quotes from broker-dealers. Where significant inputs are unable to be corroborated with market observable information, we classify the securities as Level 3.


•	Municipal securities consist primarily of bonds issued by U.S.-domiciled state and municipal entities. The fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes and benchmark yields. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2.

•

Asset-backed securities consist primarily of investment-grade bonds backed by pools of loans with a variety of underlying collateral. Residential and commercial mortgage-backed securities include both agency and non-agency originated securities. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. The significant inputs used to determine the fair value of these securities include the spread above the risk-free yield curve, reported trades, benchmark yields, prepayment speeds and default rates. The fair values of these securities are classified as Level 2 if the significant inputs are market observable. Where significant inputs are unable to be corroborated with market observable

information, we classify the securities as Level 3.

Equities

Our investments in equities consist of a combination of publicly and privately traded investments. Our publicly traded equity investments in common and preferred stocks predominantly trade on the major exchanges and are managed by our external advisors. Our publicly traded equities are widely diversified and there is no significant concentration in any specific industry. Our exchange-traded funds trade on major exchanges. We use an internationally recognized pricing service to estimate the fair value of our publicly traded equities and exchange-traded funds. We have categorized the majority of our publicly traded equity investments, other than preferred stock, and our exchange-traded funds as Level 1 investments because the fair values of these investments are based on unadjusted quoted prices in active markets for identical assets. One equity security is trading in an inactive market and, as a result has been classified as Level 2. The fair value estimates of our investments in publicly traded preferred stock are based on observable market data and, as a result, have been categorized as Level 2.

Our privately held equity investments in common and preferred stocks are direct investments in companies that we believe offer attractive risk adjusted returns and/or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. The market for these investments is illiquid and there is no active market. The Company uses a combination of cost, internal models, reported values from co-investors/managers and observable inputs, such as capital raises and capital transactions between new and existing shareholders to calculate the fair value of the privately held equity investments. The fair value estimates of our investments in privately held equities are based on unobservable market data and, as a result, have been categorized as Level 3.

Other investments, at fair value

We have ongoing due diligence processes with respect to the other investments carried at fair value in which we invest and their managers. These processes are designed to assist us in assessing the quality of information provided by, or on behalf of, each fund and in determining whether such information continues to be reliable or whether further review is warranted. Certain funds do not provide full transparency of their underlying holdings; however, we obtain the audited financial statements for funds annually, and regularly review and discuss the fund performance with the fund managers to corroborate the reasonableness of the reported net asset values ("NAV").

The use of NAV as an estimate of the fair value for investments in certain entities that calculate NAV is a permitted practical expedient. Due to the time lag in the NAV reported by certain fund managers we adjust the valuation for capital calls and distributions. Other investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. Other investments for which we do not use NAV as a practical expedient have been valued using prices from independent pricing services, investment managers and broker-dealers.

The following describes the techniques generally used to determine the fair value of our other investments.


•	For our investments in hedge funds, we measure fair value by obtaining the most recently available NAV as advised by the external fund manager or third-party administrator. The fair values of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy.

•

Our investments in fixed income funds and equity funds are valued based on a combination of prices from independent pricing services, external fund managers or third-party administrators. For the publicly available prices we have classified the investments as Level 2. For the non-publicly available prices we are using NAV as a practical expedient and therefore these have not been categorized within the fair value hierarchy.


•	For our investments in private equity funds, we measure fair value by obtaining the most recently available NAV from the external fund manager or third-party administrator. The fair values of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy.

•

We measure the fair value of our direct investment in CLO equities based on valuations provided by our external CLO equity manager. If the investment does not involve an external CLO equity manager, the fair value of the investment is based on valuations provided by the broker or lead underwriter of the investment (the "broker"). Our CLO equity investments have been classified as Level 3 due to the use of unobservable inputs in the

valuation and the limited number of relevant trades in secondary markets.

In providing valuations, the CLO equity manager and brokers use observable and unobservable inputs. Of the significant unobservable market inputs used, the default and loss severity rates involve the most judgment and create the most sensitivity. A significant increase or decrease in either of these significant inputs in isolation would result in lower or higher fair value estimates for direct investments in CLO equities and, in general, a change in default rate assumptions will be accompanied by a directionally similar change in loss severity rate assumptions. Collateral spreads and estimated maturity dates are less subjective inputs because they are based on the historical average of actual spreads and the weighted-average life of the current underlying portfolios, respectively. A significant increase or decrease in either of these significant inputs in isolation would result in higher or lower fair value estimates for direct investments in CLO equities. In general, these inputs have no significant interrelationship with each other or with default and loss severity rates.

On a quarterly basis, we receive the valuation from the external CLO manager and brokers and then review the underlying cash flows and key assumptions used by them. We review and update the significant unobservable inputs based on information obtained from secondary markets. These inputs are our responsibility and we assess the reasonableness of the inputs (and if necessary, update the inputs) through communicating with industry participants, monitoring of the transactions in which we participate (for example, to evaluate default and loss severity rate trends), and reviewing market conditions, historical results, and emerging trends that may impact future cash flows.

If valuations from the external CLO equity manager or brokers are not available, we use an income approach based on certain observable and unobservable inputs to value these investments. An income approach is also used to corroborate the reasonableness of the valuations provided by the external manager and brokers. Where an income approach is followed, the valuation is based on available trade information, such as expected cash flows and market assumptions on default and loss severity rates. Other inputs used in the valuation process include asset spreads, loan prepayment speeds, collateral spreads and estimated maturity dates.


•	For our investments in CLO equity funds, we measure fair value by obtaining the most recently available NAV as advised by the external fund manager or third party administrator. The fair value of this investment is measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy.


•	For our investments in private credit funds, we measure fair value by obtaining the most recently available NAV from the external fund manager or third-party administrator. The fair values of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy.

•

Included within other are investments in real estate debt funds, for which we measure fair value by obtaining the most recently available NAV from the external fund manager or third-party administrator. The fair value of these investments are measured using the NAV as a practical expedient and therefore have not been categorized within the fair value hierarchy.

Insurance Contracts - Fair Value Option

The Company uses an internal model to calculate the fair value of the liability for losses and loss adjustment expenses and reinsurance balances recoverable on paid and unpaid losses for certain retroactive reinsurance contracts where we have elected the fair value option in our Non-life Run-off segment. The fair value was calculated as the aggregate of discounted cash flows plus a risk margin. The discounted cash flow approach uses (i) estimated nominal cash flows based upon an appropriate payment pattern developed in accordance with standard actuarial techniques and (ii) a discount rate based upon a high quality rated corporate bond plus a credit spread for non-performance risk. The model uses corporate bond rates across the yield curve depending on the estimated timing of the future cash flows and specific to the currency of the risk. The risk margin was calculated using the present value of the cost of capital. The cost of capital approach uses (i) projected capital requirements, (ii) multiplied by the risk cost of capital representing the return required for non-hedgeable risk based upon the weighted average cost of capital less investment income and (iii) discounted using the weighted average cost of capital.

Derivative Instruments

The fair values of our foreign currency exchange contracts, as described in Note 5 - "Derivatives and Hedging Instruments" are classified as Level 2. The fair values are based upon prices in active markets for identical contracts.

Level 3 Measurements and Changes in Leveling

Transfers into or out of levels are recorded at their fair values as of the end of the reporting period, consistent with the date of determination of fair value.

Investments

The following tables present a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs:



	Three Months Ended September 30, 2019
	Fixed maturity investments												Privately-held Equities			Other Investments			Total
	Corporate			Residential mortgage-backed			Commercial mortgage-backed			Asset-backed			Privately-held Equities			Other Investments			Total
Beginning fair value	$	5,006		$	102		$	1,370		$	25,839		$	229,394		$	50,452		$	312,163
Purchases	82			—			—			—			6,691			22,619			29,392
Sales	(116		)	—			(176		)	(429		)	(2,016		)	(361		)	(3,098		)
Total realized and unrealized gains (losses)	(103		)	(1		)	148			(746		)	(2,378		)	(5,287		)	(8,367		)
Transfer into Level 3 from Level 2	277			—			—			—			—			—			277
Transfer out of Level 3 into Level 2	(2,865		)	(101		)	(1,340		)	(6,228		)	—			—			(10,534		)
Ending fair value	$	2,281		$	—		$	2		$	18,436		$	231,691		$	67,423		$	319,833



	Three Months Ended September 30, 2018
	Fixed maturity investments											Privately-held Equities		Other Investments			Total
	Corporate			Residential mortgage-backed		Commercial mortgage-backed			Asset-backed			Privately-held Equities		Other Investments			Total
Beginning fair value	$	27,823		$	—	$	15,326		$	46,608		$	2,016	$	54,154		$	145,927
Purchases	205			—		1,599			16,376			—		—			18,180
Sales	(3,731		)	—		(3,271		)	(28,182		)	—		—			(35,184		)
Total realized and unrealized gains (losses)	92			1		(726		)	(346		)	—		(5,473		)	(6,452		)
Transfer into Level 3 from Level 2	292			1,794		—			(1		)	1,712		—			3,797
Transfer out of Level 3 into Level 2	(1,302		)	—		(3,545		)	(2,733		)	—		—			(7,580		)
Ending fair value	$	23,379		$	1,795	$	9,383		$	31,722		$	3,728	$	48,681		$	118,688



	Nine Months Ended September 30, 2019
	Fixed maturity investments												Privately-held Equities			Other Investments			Total
	Corporate			Residential mortgage-backed			Commercial mortgage-backed			Asset-backed			Privately-held Equities			Other Investments			Total
Beginning fair value	$	37,386		$	—		$	7,389		$	9,121		$	228,710		$	39,367		$	321,973
Purchases	172			—			—			—			6,691			34,614			41,477
Sales	(3,157		)	—			(784		)	(759		)	(2,016		)	(361		)	(7,077		)
Total realized and unrealized gains (losses)	114			(1		)	65			(7		)	(1,694		)	(6,197		)	(7,720		)
Transfer into Level 3 from Level 2	3,535			102			1,515			22,771			—			—			27,923
Transfer out of Level 3 into Level 2	(35,769		)	(101		)	(8,183		)	(12,690		)	—			—			(56,743		)
Ending fair value	$	2,281		$	—		$	2		$	18,436		$	231,691		$	67,423		$	319,833



	Nine Months Ended September 30, 2018
	Fixed maturity investments												Privately-held Equities		Other Investments			Total
	Corporate			Residential mortgage-backed			Commercial mortgage-backed			Asset-backed			Privately-held Equities		Other Investments			Total
Beginning fair value	$	67,178		$	3,080		$	21,494		$	27,892		$	—	$	57,079		$	176,723
Purchases	12,008			—			3,402			45,967			2,000		752			64,129
Sales	(64,641		)	(1,184		)	(4,998		)	(31,994		)	—		(600		)	(103,417		)
Total realized and unrealized gains (losses)	29			(32		)	(674		)	(417		)	16		(8,550		)	(9,628		)
Transfer into Level 3 from Level 2	15,551			1,794			4,897			2,078			1,712		—			26,032
Transfer out of Level 3 into Level 2	(6,746		)	(1,863		)	(14,738		)	(11,804		)	—		—			(35,151		)
Ending fair value	$	23,379		$	1,795		$	9,383		$	31,722		$	3,728	$	48,681		$	118,688

Net realized and unrealized gains related to Level 3 assets in the tables above are included in net realized and unrealized gains (losses) in our unaudited condensed consolidated statements of earnings.

The securities transferred from Level 2 to Level 3 were transferred due to insufficient market observable inputs for the valuation of the specific assets. The transfers from Level 3 to Level 2 were based upon us obtaining market observable information regarding the valuations of the specific assets.

Insurance Contracts - Fair Value Option

The following tables present a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs:



	Three Months Ended
	September 30, 2019									September 30, 2018
	Liability for losses and LAE			Reinsurance balances recoverable			Net			Liability for losses and LAE			Reinsurance balances recoverable			Net
Beginning fair value	$	2,772,501		$	743,304		$	2,029,197		$	3,221,366		$	837,373		$	2,383,993
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(7,386		)	2,354			(9,740		)	(13,898		)	1,085			(14,983		)
Reduction in unallocated LAE	(6,724		)	—			(6,724		)	(6,075		)	—			(6,075		)
Change in fair value	57,743			16,369			41,374			(10,573		)	(1,466		)	(9,107		)
Total incurred losses and LAE	43,633			18,723			24,910			(30,546		)	(381		)	(30,165		)
Paid losses	(100,654		)	(21,816		)	(78,838		)	(149,132		)	(41,819		)	(107,313		)
Effect of exchange rate movements	(56,836		)	(8,307		)	(48,529		)	(21,967		)	(2,620		)	(19,347		)
Ending fair value	$	2,658,644		$	731,904		$	1,926,740		$	3,019,721		$	792,553		$	2,227,168

Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings. The following table presents the components of the net change in fair value:



	Three Months Ended
	September 30, 2019		September 30, 2018
Changes in fair value due to changes in:
Duration	$	3,850	$	19,006
Corporate bond yield	37,524		(28,113		)
Change in fair value	$	41,374	$	(9,107	)



	Nine Months Ended
	September 30, 2019									September 30, 2018
	Liability for losses and LAE			Reinsurance balances recoverable on paid and unpaid losses			Net			Liability for losses and LAE			Reinsurance balances recoverable on paid and unpaid losses			Net
Beginning fair value	$	2,874,055		$	739,591		$	2,134,464		$	1,794,669		$	542,224		$	1,252,445
Assumed business	—			—			—			1,890,061			372,780			1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(20,342		)	4,059			(24,401		)	(57,678		)	3,469			(61,147		)
Reduction in unallocated LAE	(15,076		)	—			(15,076		)	(17,491		)	—			(17,491		)
Change in fair value	189,422			54,045			135,377			(50,182		)	(18,067		)	(32,115		)
Total incurred losses and LAE	154,004			58,104			95,900			(125,351		)	(14,598		)	(110,753		)
Paid losses	(308,267		)	(58,139		)	(250,128		)	(453,180		)	(95,354		)	(357,826		)
Effect of exchange rate movements	(61,148		)	(7,652		)	(53,496		)	(86,478		)	(12,499		)	(73,979		)
Ending fair value	$	2,658,644		$	731,904		$	1,926,740		$	3,019,721		$	792,553		$	2,227,168



	Nine Months Ended
	September 30, 2019		September 30, 2018
Changes in fair value due to changes in:
Duration	$	18,736	$	40,825
Corporate bond yield	116,641		(76,623		)
Risk cost of capital	—		3,683
Change in fair value	$	135,377	$	(32,115	)

Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis:



		September 30, 2019	December 31, 2018
Valuation Technique	Unobservable (U) and Observable (O) Inputs	Weighted Average
Internal model	Corporate bond yield (O)	A rated	A rated
Internal model	Credit spread for non-performance risk (U)	0.2%	0.2%
Internal model	Risk cost of capital (U)	5.1%	5.0%
Internal model	Weighted average cost of capital (U)	8.5%	8.5%
Internal model	Duration - liability (U)	7.52 years	7.33 years
Internal model	Duration - reinsurance balances recoverable (U)	7.86 years	7.98 years

The fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses may increase or decrease due to changes in the corporate bond rate, the credit spread for non-performance risk, the risk cost of capital, the weighted average cost of capital and the estimated payment pattern as described below:

•

An increase in the corporate bond rate or credit spread for non-performance risk would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a decrease in the corporate bond rate or credit spread for non-performance risk would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses.

•

An increase in the weighted average cost of capital would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a decrease in the weighted average cost of capital would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses.


•	An increase in the risk cost of capital would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a decrease in the risk cost of capital would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses.

•

The duration of the liability and recoverable is adjusted every period to reflect actual net payments during the period and expected future payments. An acceleration of the estimated payment pattern, a decrease in duration, would result in an increase in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses. Conversely, a deceleration of the estimated payment pattern, an increase in duration, would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses.

In addition, the estimate of the capital required to support the liabilities is based upon current industry standards for capital adequacy. If the required capital per unit of risk increases, then the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses would increase. Conversely, a decrease in required capital would result in a decrease in the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses.

Disclosure of Fair Values for Financial Instruments Carried at Cost

As of September 30, 2019, our 4.50% Senior Notes due 2022 (the "2022 Senior Notes") and our 4.95% Senior Notes due 2029 (the "2029 Senior Notes" and, together with the 2022 Senior Notes, the "Senior Notes") were carried at amortized cost of $348.5 million and $493.3 million, respectively, while the fair value based on observable market pricing from a third party pricing service was $362.6 million and $530.7 million, respectively. The Senior Notes are classified as Level 2.

Disclosure of fair value of amounts relating to insurance contracts is not required, except those for which we elected the fair value option, as described above. Our remaining assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature approximates fair value as of September 30, 2019 and December 31, 2018.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Share Capital

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

SHARE CAPITAL

15. SHARE CAPITAL

Refer to Note 17 - "Share Capital" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 for additional information on our share capital.

Dividends Declared and Paid

The following table details the dividends that have been declared and paid on our Series D and E Preferred Shares for the period from January 1, 2019 to November 6, 2019:



				Dividend per:
Preferred Share Series	Date Declared	Record Date	Date Paid or Payable	Preferred Share		Depositary Share		Total dividends paid and declared in the nine months ended September 30, 2019
				(in U.S. dollars)				(in thousands of U.S. dollars)
Series D	February 21, 2019	February 15, 2019	March 1, 2019	$	437.50	$	0.43750	$	7,000
Series E	February 21, 2019	February 15, 2019	March 1, 2019	$	486.11	$	0.48611	2,139
Series D	May 3, 2019	May 15, 2019	June 1, 2019	$	437.50	$	0.43750	7,000
Series E	May 3, 2019	May 15, 2019	June 1, 2019	$	437.50	$	0.43750	1,925
Series D	August 5, 2019	August 15, 2019	September 3, 2019	$	437.50	$	0.43750	7,000
Series E	August 5, 2019	August 15, 2019	September 3, 2019	$	437.50	$	0.43750	1,925
Series D	November 5, 2019	November 15, 2019	December 2, 2019	$	437.50	$	0.43750	—
Series E	November 5, 2019	November 15, 2019	December 2, 2019	$	437.50	$	0.43750	—
								$	26,989

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INCOME
Net premiums earned	$ 270,325	$ 264,597	$ 882,175	$ 663,628
Fees and commission income	6,587	6,950	19,446	23,633
Net investment income	85,472	69,430	241,900	202,218
Net realized and unrealized gains (losses)	148,185	(57,223)	878,687	(254,671)
Other income	826	8,226	17,668	818
Total income	511,395	291,980	2,039,876	635,626
EXPENSES
Net incurred losses and loss adjustment expenses	222,417	153,974	751,159	266,327
Life and annuity policy benefits	0	423	2,290	217
Acquisition costs	50,282	54,242	210,925	137,684
General and administrative expenses	113,924	102,553	343,517	300,425
Interest expense	14,950	4,640	39,022	21,573
Net foreign exchange (gains) losses	(13,631)	1,040	(20,068)	1,389
Total expenses	387,942	316,872	1,326,845	727,615
EARNINGS (LOSS) BEFORE INCOME TAXES	123,453	(24,892)	713,031	(91,989)
Income tax expense	(14,597)	(746)	(26,864)	(4,564)
Earnings from equity method investments	17,703	3,317	44,188	33,659
NET EARNINGS (LOSS)	126,559	(22,321)	730,355	(62,894)
Net loss (earnings) attributable to noncontrolling interest	109	11,489	4,970	19,096
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	126,668	(10,832)	735,325	(43,798)
Dividends on preferred shares	(8,925)	(5,133)	(26,989)	(5,133)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 117,743	$ (15,965)	$ 708,336	$ (48,931)
Earnings (Loss) per ordinary share attributable to Enstar Group Limited:
Basic (in dollars per share)	$ 5.48	$ (0.74)	$ 32.98	$ (2.39)
Diluted (in dollars per share)	$ 5.42	$ (0.74)	$ 32.58	$ (2.39)
Weighted average ordinary shares outstanding:
Basic (in shares)	21,488,216	21,440,914	21,476,586	20,444,634
Diluted (in shares)	21,720,497	21,665,356	21,741,499	20,653,544

Investments - Available-for-sale Portfolios - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 415,329	$ 151,433
Gross Unrealized Gains	2,072	2,225
Gross Unrealized Losses Non-OTTI	(1,434)	(2,049)
Debt securities, fair value	415,967	151,609
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,784	576
Gross Unrealized Gains	9	0
Gross Unrealized Losses Non-OTTI	(20)	(3)
Debt securities, fair value	20,773	573
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30,453	72,811
Gross Unrealized Gains	1,265	1,219
Gross Unrealized Losses Non-OTTI	(348)	(845)
Debt securities, fair value	31,370	73,185
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	291,477	75,535
Gross Unrealized Gains	772	1,006
Gross Unrealized Losses Non-OTTI	(1,019)	(1,182)
Debt securities, fair value	291,230	75,359
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,758	2,499
Gross Unrealized Gains	12	0
Gross Unrealized Losses Non-OTTI	(1)	(19)
Debt securities, fair value	1,769	2,480
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,474	12
Gross Unrealized Gains	2	0
Gross Unrealized Losses Non-OTTI	(16)	0
Debt securities, fair value	6,460	$ 12
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	64,383
Gross Unrealized Gains	12
Gross Unrealized Losses Non-OTTI	(30)
Debt securities, fair value	$ 64,365

Commitments and Contingencies - Leases - Balance Sheet Information (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 45,174
Current lease liabilities	9,907
Non-current lease liabilities	$ 36,776

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable		$ 2,265,438		$ 2,029,663
Increase (decrease) in reinsurance recoverable		$ 236,657	$ 305,434
Non-Life Run-Off and StarStone Segment
Effects of Reinsurance [Line Items]
Increase (decrease) in reinsurance recoverable	$ 235,800

Investments - Restricted Assets (Detail) $ in Thousands	9 Months Ended
Investments - Restricted Assets (Detail) $ in Thousands	Sep. 30, 2019 USD ($) Segment	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 508,305	$ 380,488	$ 474,590
Collateral in trust for third party agreements	3,965,101	4,336,752
Assets on deposit with regulatory authorities	424,587	579,048
Funds at Lloyd's	758,810	354,589
Restricted assets, total	$ 5,277,961	5,398,230
Number of syndicates \| Segment	3
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 129,463	$ 127,841

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

12. GOODWILL AND INTANGIBLE ASSETS

The following table presents a reconciliation of the beginning and ending goodwill and intangible assets during the nine months ended September 30, 2019:



			Intangible assets
	Goodwill		Intangible assets with a definite life			Intangible assets with an indefinite life		Total			Total
Balance as of January 1, 2019	$	114,807	$	16,887		$	87,031	$	103,918		$	218,725
Amortization	—		(1,676		)	—		(1,676		)	(1,676		)
Balance as of September 30, 2019	$	114,807	$	15,211		$	87,031	$	102,242		$	217,049

Refer to Note 14 - "Goodwill and Intangible Assets" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 for more information on goodwill and intangible assets.

The following table provides a summary of the amortization recorded on the intangible assets:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Intangible asset amortization	$	546	$	570	$	1,676	$	3,030

The gross carrying value, accumulated amortization and net carrying value of intangible assets by type was as follows:



	September 30, 2019							December 31, 2018
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets with a definite life:
Distribution channel	$	20,000	$	(7,777	)	$	12,223	$	20,000	$	(6,776	)	$	13,224
Technology	15,000		(14,928		)	72		15,000		(14,778		)	222
Brand	7,000		(4,084		)	2,916		7,000		(3,559		)	3,441
Total	$	42,000	$	(26,789	)	$	15,211	$	42,000	$	(25,113	)	$	16,887
Intangible assets with an indefinite life:
Lloyd’s syndicate capacity	$	37,031	$	—		$	37,031	$	37,031	$	—		$	37,031
Licenses	19,900		—			19,900		19,900		—			19,900
Management contract	30,100		—			30,100		30,100		—			30,100
Total	$	87,031	$	—		$	87,031	$	87,031	$	—		$	87,031

Investments - Other Than Temporary Impairment (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Other than temporary impairment losses, available-for-sale securities	$ 0	$ 0
Available-for-sale Securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Credit losses	$ 0		$ 0

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

21. SEGMENT INFORMATION

We have three reportable segments of business that are each managed, operated and separately reported: (i) Non-life Run-off; (ii) Atrium; and (iii) StarStone. Our other activities, which do not qualify as a reportable segment, include our corporate expenses, debt servicing costs, holding company income and expenses, foreign exchange, our remaining life business and other miscellaneous items. These segments are described in Note 1 - "Description of Business" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018.

The following tables set forth selected and unaudited condensed consolidated statement of earnings results by segment:



	Three Months Ended September 30, 2019
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	301		$	48,746		$	221,157		$	(2,498	)	$	267,706

Net premiums written	$	(3,808	)	$	43,785		$	172,991		$	(2,503	)	$	210,465

Net premiums earned	$	16,837		$	42,913		$	206,272		$	4,303		$	270,325
Net incurred losses and LAE	(30,583		)	(28,400		)	(159,787		)	(3,647		)	(222,417		)
Acquisition costs	4,634			(14,466		)	(40,273		)	(177		)	(50,282		)
Operating expenses	(51,395		)	(3,742		)	(31,084		)	—			(86,221		)
Underwriting income (loss)	(60,507		)	(3,695		)	(24,872		)	479			(88,595		)
Net investment income (loss)	73,752			1,736			12,131			(2,147		)	85,472
Net realized and unrealized gains	138,174			582			9,159			270			148,185
Fees and commission income	4,196			2,391			—			—			6,587
Other income (expense)	(285		)	35			76			1,000			826
Corporate expenses	(11,983		)	(2,896		)	—			(12,824		)	(27,703		)
Interest income (expense)	(17,964		)	—			—			3,014			(14,950		)
Net foreign exchange gains (losses)	13,056			(924		)	1,475			24			13,631
EARNINGS (LOSS) BEFORE INCOME TAXES	138,439			(2,771		)	(2,031		)	(10,184		)	123,453
Income tax expense	(13,382		)	(222		)	(993		)	—			(14,597		)
Earnings from equity method investments	17,703			—			—			—			17,703
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	142,760			(2,993		)	(3,024		)	(10,184		)	126,559
Net loss (earnings) attributable to noncontrolling interest	(1,439		)	1,228			320			—			109
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	141,321			(1,765		)	(2,704		)	(10,184		)	126,668
Dividends on preferred shares	—			—			—			(8,925		)	(8,925		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	141,321		$	(1,765	)	$	(2,704	)	$	(19,109	)	$	117,743

Underwriting ratios:
Loss ratio				66.2		%	77.5		%
Acquisition expense ratio				33.7		%	19.5		%
Operating expense ratio				8.7		%	15.1		%
Combined ratio				108.6		%	112.1		%



	Three Months Ended September 30, 2018
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	9,912		$	39,995		$	282,525		$	846		$	333,278

Net premiums written	$	4,778		$	37,141		$	219,726		$	822		$	262,467

Net premiums earned	$	10,442		$	36,977		$	216,355		$	823		$	264,597
Net incurred losses and LAE	62,778			(17,853		)	(198,899		)	—			(153,974		)
Life and Annuity Policy Benefits	—			—			—			(423		)	(423		)
Acquisition costs	160			(13,215		)	(41,079		)	(108		)	(54,242		)
Operating expenses	(37,473		)	(3,952		)	(38,000		)	—			(79,425		)
Underwriting income (loss)	35,907			1,957			(61,623		)	292			(23,467		)
Net investment income (loss)	59,247			1,597			9,504			(918		)	69,430
Net realized and unrealized gains (losses)	(58,506		)	194			989			100			(57,223		)
Fees and commission income	3,708			3,242			—			—			6,950
Other income (expense)	8,106			7			117			(4		)	8,226
Corporate expenses	(11,433		)	(2,770		)	—			(8,925		)	(23,128		)
Interest income (expense)	(5,951		)	—			—			1,311			(4,640		)
Net foreign exchange gains (losses)	17			(262		)	(585		)	(210		)	(1,040		)
EARNINGS (LOSS) BEFORE INCOME TAXES	31,095			3,965			(51,598		)	(8,354		)	(24,892		)
Income tax benefit (expense)	(125		)	(737		)	118			(2		)	(746		)
Earnings from equity method investments	3,317			—			—			—			3,317
NET EARNINGS (LOSS)	34,287			3,228			(51,480		)	(8,356		)	(22,321		)
Net loss (earnings) attributable to noncontrolling interest	(1,659		)	(1,266		)	14,414			—			11,489
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	32,628			1,962			(37,066		)	(8,356		)	(10,832		)
Dividend on preferred shares	—			—			—			(5,133		)	(5,133		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	32,628		$	1,962		$	(37,066	)	$	(13,489	)	$	(15,965	)

Underwriting ratios:
Loss ratio				48.3		%	91.9		%
Acquisition expense ratio				35.7		%	19.0		%
Operating expense ratio				10.7		%	17.6		%
Combined ratio				94.7		%	128.5		%



	Nine Months Ended September 30, 2019
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	(24,785	)	$	146,519		$	706,634		$	(1,174	)	$	827,194

Net premiums written	$	(26,395	)	$	127,246		$	563,523		$	(1,197	)	$	663,177

Net premiums earned	$	141,981		$	119,865		$	603,457		$	16,872		$	882,175
Net incurred losses and LAE	(135,517		)	(58,662		)	(543,912		)	(13,068		)	(751,159		)
Life and Annuity Policy Benefits	—			—			—			(2,290		)	(2,290		)
Acquisition costs	(40,033		)	(41,023		)	(129,315		)	(554		)	(210,925		)
Operating expenses	(139,595		)	(9,968		)	(100,430		)	—			(249,993		)
Underwriting income (loss)	(173,164		)	10,212			(170,200		)	960			(332,192		)
Net investment income (loss)	206,337			5,500			36,341			(6,278		)	241,900
Net realized and unrealized gains	815,902			5,464			51,472			5,849			878,687
Fees and commission income	13,673			5,773			—			—			19,446
Other income	15,136			106			455			1,971			17,668
Corporate expenses	(47,287		)	(10,186		)	—			(36,051		)	(93,524		)
Interest income (expense)	(45,699		)	—			(475		)	7,152			(39,022		)
Net foreign exchange gains (losses)	20,426			(1		)	(355		)	(2		)	20,068
EARNINGS (LOSS) BEFORE INCOME TAXES	805,324			16,868			(82,762		)	(26,399		)	713,031
Income tax expense	(23,501		)	(1,930		)	(1,348		)	(85		)	(26,864		)
Earnings (loss) from equity method investments	44,406			—			(218		)	—			44,188
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	826,229			14,938			(84,328		)	(26,484		)	730,355
Net loss (earnings) attributable to noncontrolling interest	(6,351		)	(6,127		)	17,448			—			4,970
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	819,878			8,811			(66,880		)	(26,484		)	735,325
Dividends on preferred shares	—			—			—			(26,989		)	(26,989		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	819,878		$	8,811		$	(66,880	)	$	(53,473	)	$	708,336

Underwriting ratios:
Loss ratio				48.9		%	90.1		%
Acquisition expense ratio				34.2		%	21.4		%
Operating expense ratio				8.4		%	16.7		%
Combined ratio				91.5		%	128.2		%



	Nine Months Ended September 30, 2018
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	16,354		$	130,997		$	888,867		$	2,858		$	1,039,076

Net premiums written	$	3,217		$	113,218		$	619,528		$	2,871		$	738,834

Net premiums earned	$	27,229		$	106,722		$	526,802		$	2,875		$	663,628
Net incurred losses and LAE	205,890			(51,951		)	(420,266		)	—			(266,327		)
Life and Annuity Policy Benefits	—			—			—			(217		)	(217		)
Acquisition costs	(4,524		)	(37,996		)	(94,775		)	(389		)	(137,684		)
Operating expenses	(114,254		)	(12,259		)	(106,699		)	—			(233,212		)
Underwriting income (loss)	114,341			4,516			(94,938		)	2,269			26,188
Net investment income	168,189			4,067			25,950			4,012			202,218
Net realized and unrealized losses	(230,829		)	(1,889		)	(15,150		)	(6,803		)	(254,671		)
Fees and commission income	13,093			10,540			—			—			23,633
Other income (expense)	1,330			127			(432		)	(207		)	818
Corporate expenses	(33,453		)	(5,083		)	—			(28,677		)	(67,213		)
Interest income (expense)	(24,562		)	—			(547		)	3,536			(21,573		)
Net foreign exchange gains (losses)	(202		)	(1,262		)	(1,063		)	1,138			(1,389		)
EARNINGS (LOSS) BEFORE INCOME TAXES	7,907			11,016			(86,180		)	(24,732		)	(91,989		)
Income tax expense	(227		)	(1,756		)	(2,568		)	(13		)	(4,564		)
Earnings from equity method investments	33,659			—			—			—			33,659
NET EARNINGS (LOSS)	41,339			9,260			(88,748		)	(24,745		)	(62,894		)
Net loss (earnings) attributable to noncontrolling interest	(4,182		)	(3,798		)	27,076			—			19,096
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	37,157			5,462			(61,672		)	(24,745		)	(43,798		)
Dividends on preferred shares	—			—			—			(5,133		)	(5,133		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	37,157		$	5,462		$	(61,672	)	$	(29,878	)	$	(48,931	)

Underwriting ratios:
Loss ratio				48.7		%	79.8		%
Acquisition expense ratio				35.6		%	18.0		%
Operating expense ratio				11.5		%	20.2		%
Combined ratio				95.8		%	118.0		%

Assets by Segment



	September 30,			December 31,
	2019			2018
Assets by Segment:
Non-life Run-off	$	14,691,105		$	13,362,749
Atrium	568,515			591,722
StarStone	3,524,111			3,416,132
Other	(570,377		)	(814,333		)
Total assets	$	18,213,354		$	16,556,270

Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions

2. ACQUISITIONS

BorgWarner Morse TEC

On October 30, 2019, we completed the acquisition of BorgWarner Morse TEC ("Morse TEC") from BorgWarner Inc ("BorgWarner") through our subsidiary, Enstar Holdings (US) LLC. Morse TEC holds approximately $0.8 billion in liabilities associated with personal injury asbestos claims and environmental claims arising from BorgWarner's legacy manufacturing operations. We will disclose further information on this transaction in our Annual Report on Form 10-K for the year ended December 31, 2019.

KaylaRe

Overview

On May 14, 2018, the Company acquired all of the outstanding shares and warrants of KaylaRe Holdings, Ltd. ("KaylaRe"). In consideration for the acquired shares and warrants of KaylaRe, the Company issued an aggregate of 2,007,017 ordinary shares to the shareholders of KaylaRe, comprising 1,501,778 voting ordinary shares and 505,239 Series E non-voting ordinary shares. Effective May 14, 2018, we consolidated KaylaRe into our consolidated financial statements, and any balances between KaylaRe and Enstar are now eliminated upon consolidation. Effective September 30, 2019, KaylaRe and KaylaRe's subsidiary, KaylaRe Ltd. merged with Cavello Bay Reinsurance Limited, a wholly owned subsidiary of the Company, with Cavello Bay Reinsurance Limited as the surviving company.

Refer to Note 19 - "Related Party Transactions" for additional information relating to KaylaRe.

Purchase Price

The components of the consideration paid to acquire all of the outstanding shares and warrants of KaylaRe were as follows:



Fair value of Enstar ordinary shares issued	$	414,750
Fair value of previously held equity method investment	336,137
Adjustment for the fair value of preexisting relationships	37,169
Total purchase price	$	788,056
Net assets acquired at fair value (excluding preexisting relationships)	$	746,320
Excess of purchase price over fair value of net assets acquired	$	41,736

The purchase price was allocated to the acquired assets and liabilities of KaylaRe based on their estimated fair values at the acquisition date. We recognized goodwill of $41.7 million on the transaction, primarily attributable to (i) the capital synergies from integrating KaylaRe into our group capital structure, (ii) investment management capabilities on a total return basis, and (iii) the incremental acquired capital to be utilized for future non-life run-off transactions.

Fair Value of Enstar Ordinary Shares Issued

The fair value of the Enstar ordinary shares issued was based on the closing price of $206.65 as at May 14, 2018, the date the transaction closed.



Number of Enstar Ordinary shares issued	2,007,017
Closing price of Enstar Ordinary shares as of May 14, 2018	$	206.65
Fair value of Enstar Ordinary shares issued to shareholders of KaylaRe	$	414,750

Fair Value of Previously Held Equity Method Investment

Prior to the close of the transaction, Enstar held a 48.2% interest in KaylaRe, which was accounted for as an equity method investment in accordance with ASC 323 - Investments - Equity Method and Joint Ventures. The acquisition of the remaining 51.8% equity interest in KaylaRe was considered a step acquisition, whereby we remeasured the previously held equity method investment to fair value. We considered multiple factors in determining the fair value of the previously held equity method investment, including: (i) the price negotiated with the selling shareholders for the 51.8% equity interest in KaylaRe, (ii) recent market transactions for similar companies, and (iii) current trading multiples for comparable companies. Based on this analysis, we determined a valuation multiple of 1.05 to KaylaRe's carrying book value to be appropriate to remeasure the previously held equity method investment at fair value. This resulted in the recognition of a gain of $16.0 million on completion of the step acquisition of KaylaRe, which was recorded in earnings from equity method investments for the three months ended June 30, 2018.



Carrying value of previously held equity method investment prior to the close of the transaction	$	320,130
Price-to-book multiple	1.05
Fair value of previously held equity method investment prior to the close of the transaction	$	336,137

Gain recognized on remeasurement of previously held equity method investment to fair value	$	16,007

Adjustment for the Fair Value of Preexisting Relationships

Enstar had contractual preexisting relationships with KaylaRe, which were deemed to be effectively settled at fair value on the acquisition date. The difference between the carrying value and the fair value of the preexisting relationships was included as part of the purchase price in accordance with ASC 805 - Business Combinations. The fair value of the balances relating to preexisting reinsurance relationships with KaylaRe was determined using a discounted cash flow approach and, where applicable, consideration was given to stated contractual settlement provisions, when determining the loss to be recorded on the deemed settlement of these preexisting relationships. The fair values of the balances arising from the non-reinsurance preexisting relationships with KaylaRe were deemed to equal their carrying values given their short-term nature and the expectation that they would all be settled within the next twelve months.

As a result of effectively settling all contractual preexisting relationships with KaylaRe, the Company recognized a loss of $15.6 million, which was recorded in other income (loss) in the three months ended June 30, 2018, as summarized below:



ASSETS	Carrying value			Fair value			Loss on deemed settlement
Funds held by reinsured companies	$	386,793		$	386,793		$	—
Deferred acquisition costs/Value of business acquired	33,549			40,268			6,719
TOTAL ASSETS	420,342			427,061			6,719
LIABILITIES
Losses and LAE	339,747			333,205			(6,542		)
Unearned premiums	105,602			105,602			—
Insurance and reinsurance balances payable	25,897			23,559			(2,338		)
Other liabilities	1,864			1,864			—
TOTAL LIABILITIES	473,110			464,230			(8,880		)
NET ASSETS (LIABILITIES)	$	(52,768	)	$	(37,169	)	$	15,599

Fair Value of Net Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed (excluding preexisting relationships) in the KaylaRe transaction at the acquisition date, which have all been allocated to the Non-life Run-off segment.



ASSETS
Fixed maturities, trading, at fair value	$	126,393
Other investments, at fair value	626,476
Total investments	752,869
Cash and cash equivalents	5,657
Premiums receivable	10,965
Deferred acquisition costs	275
Other assets	614
TOTAL ASSETS	$	770,380
LIABILITIES
Losses and LAE	$	4,059
Unearned premiums	10,984
Insurance and reinsurance balances payable	13
Other liabilities	9,004
TOTAL LIABILITIES	24,060
NET ASSETS ACQUIRED AT FAIR VALUE	$	746,320

The table below summarizes the results of the KaylaRe operations, which are included in our consolidated statement of earnings from the acquisition date to September 30, 2018:



Premiums earned	$	10,188
Incurred losses and LAE	(9,190		)
Acquisition costs	(332		)
Underwriting income	666
Net investment income	1,972
Net unrealized gains	(6,621		)
General and administrative expenses	(573		)
Net loss	$	(4,556	)

Maiden Re North America

On December 27, 2018, we completed the acquisition of Maiden Reinsurance North America, Inc. (“Maiden Re North America”) from a subsidiary of Maiden Holdings, Ltd. The net consideration payable was $286.4 million, subject to post-closing adjustments, and we assumed $1.0 billion of gross loss and loss adjustment expense reserves upon closing. As part of the acquisition, we also novated and assumed certain reinsurance agreements from Maiden Reinsurance Ltd., assuming total gross unaffiliated reserves of $72.1 million for total assets of $70.4 million on a funds held basis. Maiden Reinsurance Ltd. also provided us with a reinsurance cover for loss reserve development in excess of $100.0 million in excess of the net loss and loss adjustment expenses recorded as of June 30, 2018, up to a maximum $25.0 million. In connection with completing the adverse development cover transaction described in Note 3 - "Significant New Business", we and the Maiden companies agreed to finalize the Maiden Re North America purchase price without post-closing adjustment, and to cancel the excess of loss reinsurance cover of $25.0 million. There was no impact to our consolidated statement of earnings or balance sheet as a result of these actions.

Related Party Transactions - AmTrust (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Purchase amount of equity interest				$ 38,403	$ 0
Management fee income					1,453
Net Investment Earnings [Abstract]
Net investment income		$ 85,472	$ 69,430	241,900	$ 202,218
AmTrust Financial Services, Inc.
Related Party Transaction [Line Items]
Investment in related party		203,000		203,000		$ 200,000
AmTrust Financial Services, Inc. \| Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage	45.00%
Trident Pine \| Evergreen Parent L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Capital units ownership percentage	21.80%
Evergreen Parent L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Purchase amount of equity interest	$ 200,000
Capital units ownership percentage	7.50%
Management fee income						$ 3,500
AmTrust Financial Services, Inc. \| Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party		203,007		203,007
Net Investment Earnings [Abstract]
Net investment income		$ 1,900		$ 5,550

Investments

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

4. INVESTMENTS

We hold: (i) trading portfolios of fixed maturity investments, short-term investments and equities, carried at fair value; (ii) available-for-sale portfolios of fixed maturity investments and short-term investments, carried at fair value; (iii) other investments, carried at fair value; (iv) equity method investments; and (v) funds held - directly managed.

Fixed Maturity Investments

Asset Types



	September 30, 2019
	Short-term investments, trading		Short-term investments, available-for-sale		Fixed maturities, trading		Fixed maturities, available-for-sale		Fixed maturities, funds held - directly managed		Total
U.S. government and agency	$	35,173	$	6,370	$	318,225	$	14,403	$	132,655	$	506,826
U.K. government	311		—		295,646		—		—		295,957
Other government	14,314		—		648,900		31,370		20,510		715,094
Corporate	27,061		3,219		4,258,528		288,011		613,066		5,189,885
Municipal	—		—		107,247		1,769		52,348		161,364
Residential mortgage-backed	—		—		311,846		6,460		90,201		408,507
Commercial mortgage-backed	—		—		647,005		—		240,332		887,337
Asset-backed	—		—		563,147		64,365		81,342		708,854
Total fixed maturity and short-term investments	$	76,859	$	9,589	$	7,150,544	$	406,378	$	1,230,454	$	8,873,824



	December 31, 2018
	Short-term investments, trading		Fixed maturities, trading		Fixed maturities, available-for-sale		Fixed maturities, funds held - directly managed		Total
U.S. government and agency	$	45,885	$	389,735	$	573	$	74,052	$	510,245
U.K. government	2,275		298,356		—		—		300,631
Other government	19,064		679,525		73,185		22,036		793,810
Corporate	44,900		4,081,793		75,359		637,788		4,839,840
Municipal	—		73,856		2,480		53,929		130,265
Residential mortgage-backed	—		682,962		12		90,583		773,557
Commercial mortgage-backed	—		488,598		—		224,465		713,063
Asset-backed	1,992		553,968		—		80,521		636,481
Total fixed maturity and short-term investments	$	114,116	$	7,248,793	$	151,609	$	1,183,374	$	8,697,892

Included within residential and commercial mortgage-backed securities as of September 30, 2019 were securities issued by U.S. governmental agencies with a fair value of $292.5 million (December 31, 2018: $656.6 million). Included within corporate securities as of September 30, 2019 were senior secured loans of $27.5 million (December 31, 2018: $20.4 million).

Contractual Maturities



As of September 30, 2019	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	443,741	$	437,763	5.0	%
More than one year through two years	627,938		627,114		7.1	%
More than two years through five years	1,999,134		2,016,593		22.7	%
More than five years through ten years	2,013,150		2,089,642		23.5	%
More than ten years	1,549,806		1,698,014		19.1	%
Residential mortgage-backed	401,266		408,507		4.6	%
Commercial mortgage-backed	859,507		887,337		10.0	%
Asset-backed	711,063		708,854		8.0	%
	$	8,605,605	$	8,873,824	100.0	%

Credit Ratings



	Amortized Cost		Fair Value		% of Total		AAA Rated			AA Rated			A Rated			BBB Rated			Non- Investment Grade			Not Rated

U.S. government and agency	$	495,484	$	506,826	5.7	%	$	506,826		$	—		$	—		$	—		$	—		$	—
U.K. government	275,156		295,957		3.3	%	—			295,957			—			—			—			—
Other government	703,795		715,094		8.1	%	303,279			154,187			66,423			156,230			34,975			—
Corporate	5,011,697		5,189,885		58.5	%	127,149			558,260			2,569,000			1,626,305			296,641			12,530
Municipal	147,637		161,364		1.8	%	11,548			76,177			51,347			22,292			—			—
Residential mortgage-backed	401,266		408,507		4.6	%	310,759			45,094			2,304			2,313			40,718			7,319
Commercial mortgage-backed	859,507		887,337		10.0	%	606,878			103,702			92,312			67,072			6,743			10,630
Asset-backed	711,063		708,854		8.0	%	302,808			83,926			187,062			118,084			16,120			854
Total	$	8,605,605	$	8,873,824	100.0	%	$	2,169,247		$	1,317,303		$	2,968,448		$	1,992,296		$	395,197		$	31,333
% of total fair value							24.4		%	14.8		%	33.4		%	22.5		%	4.5		%	0.4		%

Unrealized Gains and Losses Available-for-sale Fixed Maturity Investments

The amortized cost and fair values of our short-term investments and fixed maturity investments classified as available-for-sale were as follows:



As of September 30, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (Non-OTTI)			Fair Value
U.S. government and agency	$	20,784	$	9	$	(20	)	$	20,773
Other government	30,453		1,265		(348		)	31,370
Corporate	291,477		772		(1,019		)	291,230
Municipal	1,758		12		(1		)	1,769
Residential mortgage-backed	6,474		2		(16		)	6,460
Asset-backed	64,383		12		(30		)	64,365
	$	415,329	$	2,072	$	(1,434	)	$	415,967



As of December 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (Non-OTTI)			Fair Value
U.S. government and agency	$	576	$	—	$	(3	)	$	573
Other government	72,811		1,219		(845		)	73,185
Corporate	75,535		1,006		(1,182		)	75,359
Municipal	2,499		—		(19		)	2,480
Residential mortgage-backed	12		—		—			12
	$	151,433	$	2,225	$	(2,049	)	$	151,609

Gross Unrealized Losses on Available-for-sale Fixed Maturity Investments

The following tables summarize our short-term investments and fixed maturity investments classified as available-for-sale that are in a gross unrealized loss position:



	12 Months or Greater					Less Than 12 Months					Total
As of September 30, 2019	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency	$	—	$	—		$	8,506	$	(20	)	$	8,506	$	(20	)
Other government	2,650		(334		)	1,682		(14		)	4,332		(348		)
Corporate	2,473		(466		)	172,403		(553		)	174,876		(1,019		)
Municipal	127		(1		)	142		—			269		(1		)
Residential mortgage-backed	2		—			5,117		(16		)	5,119		(16		)
Asset-backed	—		—			30,570		(30		)	30,570		(30		)
Total fixed maturity and short-term investments	$	5,252	$	(801	)	$	218,420	$	(633	)	$	223,672	$	(1,434	)



	12 Months or Greater					Less Than 12 Months					Total
As of December 31, 2018	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency	$	573	$	(3	)	$	—	$	—		$	573	$	(3	)
Other government	7,351		(345		)	11,000		(500		)	18,351		(845		)
Corporate	11,888		(629		)	25,227		(553		)	37,115		(1,182		)
Municipal	1,783		(18		)	283		(1		)	2,066		(19		)
Residential mortgage-backed	12		—			—		—			12		—
Total fixed maturity and short-term investments	$	21,607	$	(995	)	$	36,510	$	(1,054	)	$	58,117	$	(2,049	)

As of September 30, 2019 and December 31, 2018, the number of securities classified as available-for-sale in an unrealized loss position was 203 and 88, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 15 and 42, respectively.

Other-Than-Temporary Impairment on Available-for-sale Fixed Maturity Investments

For the nine months ended September 30, 2019 and 2018, we did not recognize any other-than-temporary impairment losses on our available-for-sale securities. We determined that no credit losses existed as of September 30, 2019 or December 31, 2018. A description of our other-than-temporary impairment process is included in Note 2 - "Significant Accounting Policies" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. There were no changes to our process during the nine months ended September 30, 2019.

Equity Investments

The following table summarizes our equity investments:



	September 30, 2019		December 31, 2018
Publicly traded equity investments in common and preferred stocks	$	312,711	$	138,415
Exchange-traded funds	184,024		—
Privately held equity investments in common and preferred stocks	231,691		228,710
	$	728,426	$	367,125

Equity investments include publicly traded common and preferred stocks, exchange-traded funds and privately held common and preferred stocks. Our publicly traded equity investments in common and preferred stocks predominantly trade on major exchanges and are managed by our external advisors. Our investments in exchange-traded funds trade on a major exchange. Our publicly traded equity investments are widely diversified, and there is no significant concentration in any specific industry.

Our privately held equity investments in common and preferred stocks are direct investments in companies and each investment may have its own unique terms and conditions and there may be restrictions on disposals. The market for these investments is illiquid, and there is no active market. Included within the above balance as of September 30, 2019 and December 31, 2018 is an indirect investment in AmTrust, with a fair value of $203.0 million and $200.0 million, respectively. Refer to Note 19 - "Related Party Transactions" for additional information about our investment in AmTrust.

Other Investments, at fair value

The following table summarizes our other investments carried at fair value:



	September 30, 2019		December 31, 2018
Hedge funds	$	997,593	$	852,584
Fixed income funds	554,067		403,858
Equity funds	373,814		333,681
Private equity funds	305,756		248,628
CLO equities	67,109		39,052
CLO equity funds	89,493		37,260
Private credit funds	—		33,381
Other	9,020		9,313
	$	2,396,852	$	1,957,757

The valuation of our other investments is described in Note 9 - "Fair Value Measurements". Due to a lag in the valuations of certain funds reported by the managers, we may record changes in valuation with up to a three-month lag. We regularly review and discuss fund performance with the fund managers to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. The following is a description of the nature of each of these investment categories:


•	Hedge funds may invest in a wide range of instruments, including debt and equity securities, and utilize various sophisticated strategies to achieve their objectives. We invest in a mixture of fixed income, equity and multi-strategy hedge funds.


•	Fixed income funds comprise a number of positions in diversified fixed income funds that are managed by third-party managers. Underlying investments vary from high-grade corporate bonds to non-investment grade senior secured loans and bonds, but are generally invested in liquid fixed income markets. These funds have regularly published prices.


•	Equity funds invest in a diversified portfolio of U.S. and international publicly-traded equity securities.


•	Private equity funds invest primarily in the financial services industry.


•	CLO equities comprise investments in the equity tranches of term-financed securitizations of diversified pools of corporate bank loans.


•	CLO equity funds invest primarily in the equity tranches of term-financed securitizations of diversified pools of corporate bank loans.


•	Private credit funds invest in direct senior or collateralized loans.


•	Others comprise various investments including real estate debt funds that invest primarily in European real estate, call options on equities and a fund that provides loans to educational institutions throughout the United States and its territories.

The increase in our other investments carried at fair value between September 30, 2019 and December 31, 2018 was primarily attributable to unrealized gains of $269.8 million and net additional subscriptions of $272.1 million to fixed income funds, private credit funds, CLO equities and CLO equity funds.

As of September 30, 2019, we had unfunded commitments of $368.6 million to private equity funds.

Certain of our other investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which limits our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes or side pockets, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request, whereas a side-pocket is a designated account for which the investor loses its redemption rights. Certain other investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if certain other investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those other investments. The table below details the estimated date by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of September 30, 2019:



	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	330,127	$	—	$	498,919	$	102,600	$	65,947	$	997,593	Monthly to Bi-annually
Fixed income funds	551,028		—		—		—		3,039		554,067		Daily to Quarterly
Equity funds	373,814		—		—		—		—		373,814		Daily to Quarterly
Private equity funds	—		—		—		—		305,756		305,756		N/A
CLO equities	67,109		—		—		—		—		67,109		N/A
CLO equity funds	63,895		—		25,598		—		—		89,493		Quarterly to Bi-annually
Other	1,870		—		—				7,150		9,020		N/A
	$	1,387,843	$	—	$	524,517	$	102,600	$	381,892	$	2,396,852

Equity Method Investments

The following table summarizes our equity method investments:



	September 30, 2019						December 31, 2018
	Investment		Ownership %		Carrying Value		Investment		Ownership %		Carrying Value
Enhanzed Re	$	123,240	47.4	%	$	145,163	$	94,800	47.4	%	$	94,800
Citco	50,000		31.9	%	51,374		50,000		31.9	%	50,812
Monument	26,600		26.6	%	54,720		26,600		26.6	%	42,193
Clear Spring	11,210		20.0	%	10,685		11,210		20.0	%	10,070
Other	24,963		~30%		20,521		15,250		~30%		6,632
	$	236,013			$	282,463	$	197,860			$	204,507

Refer to Note 19 - "Related Party Transactions" for further information regarding our investments in Enhanzed Re, Citco, Monument and Clear Spring.

As of September 30, 2019, we had unfunded commitments of $124.3 million related to equity method investments.

Funds Held

Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. We either have (i) funds held by reinsured companies, which are carried at amortized cost and on which we receive a fixed crediting rate, or (ii) funds held - directly managed, which are carried at fair value and on which we receive the underlying return on the portfolio. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses). The funds held balance is credited with investment income and losses payable are deducted.

Funds Held - Directly Managed

Funds held - directly managed, where we receive the underlying return on the investment portfolio, are carried at fair value, either because we elected the fair value option at the inception of the reinsurance contract, or because it represents the aggregate of funds held at amortized cost and the fair value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The change in the fair value of the embedded derivative is included in net unrealized gains (losses). The following table summarizes the components of the funds held - directly managed:



	September 30, 2019		December 31, 2018
Fixed maturity investments, trading	$	1,230,454	$	1,183,374
Other assets	12,994		14,780
	$	1,243,448	$	1,198,154

The following table summarizes the fixed maturity investment components of funds held - directly managed:



	September 30, 2019						December 31, 2018
	Funds held - Directly Managed - Fair Value Option		Funds held - Directly Managed - Variable Return		Total		Funds held - Directly Managed - Fair Value Option			Funds held - Directly Managed - Variable Return			Total
Fixed maturity investments, at amortized cost	$	183,645	$	992,370	$	1,176,015	$	179,670		$	1,044,377		$	1,224,047
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,661		—		5,661		(2,733		)	—			(2,733		)
Change in fair value - embedded derivative accounting	—		48,778		48,778		—			(37,940		)	(37,940		)
Fixed maturity investments within funds held - directly managed, at fair value	$	189,306	$	1,041,148	$	1,230,454	$	176,937		$	1,006,437		$	1,183,374

Refer to the sections above for details of the fixed maturity investments within our funds held - directly managed portfolios.

Funds Held by Reinsured Companies

Funds held by reinsured companies, where we received a fixed crediting rate, are carried at cost on our consolidated balance sheets. As of September 30, 2019 and December 31, 2018, we had funds held by reinsured companies of $393.3 million and $321.3 million, respectively.

Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Fixed maturity investments	$	58,182		$	48,062		$	175,127		$	140,097
Short-term investments and cash and cash equivalents	3,673			3,247			11,985			8,425
Funds held	10,092			1,502			17,547			8,651
Funds held - directly managed	9,381			9,776			28,742			27,990
Investment income from fixed maturities and cash and cash equivalents	81,328			62,587			233,401			185,163
Equity investments	4,416			946			11,218			3,788
Other investments	2,642			8,324			7,259			14,600
Life settlements and other	—			—			—			6,509
Investment income from equities and other investments	7,058			9,270			18,477			24,897
Gross investment income	88,386			71,857			251,878			210,060
Investment expenses	(2,914		)	(2,427		)	(9,978		)	(7,842		)
Net investment income	$	85,472		$	69,430		$	241,900		$	202,218

Net Realized and Unrealized Gains and Losses

Components of net realized and unrealized gains and losses were as follows:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale	$	56		$	—		$	4,505		$	27
Gross realized losses on fixed maturity securities, available-for-sale	(22		)	(2		)	(314		)	(80		)
Net realized gains (losses) on fixed maturity securities, trading	33,042			(8,797		)	53,973			(19,310		)
Net realized gains (losses) on funds held - directly managed	1,991			(1,904		)	629			(2,849		)
Net realized gains (losses) on equity investments	(3,881		)	666			(1,213		)	3,569
Total net realized gains (losses) on sale	$	31,186		$	(10,037	)	$	57,580		$	(18,643	)
Net unrealized gains (losses):
Fixed maturity securities, trading	$	82,000		$	(13,423	)	$	424,872		$	(159,691	)
Fixed maturity securities in funds held - directly managed portfolios	20,895			(405		)	95,124			(45,430		)
Equity investments	10,057			1,830			31,266			6,152
Other Investments	4,047			(35,188		)	269,845			(37,059		)
Total net unrealized gains (losses)	116,999			(47,186		)	821,107			(236,028		)
Net realized and unrealized gains (losses)	$	148,185		$	(57,223	)	$	878,687		$	(254,671	)

The gross realized gains and losses on available-for-sale investments included in the table above resulted from sales of $12.8 million and $0.4 million for the three months ended September 30, 2019 and 2018, respectively, and $96.4 million and $10.9 million for the nine months ended September 30, 2019 and 2018, respectively.

Restricted Assets

We utilize trust accounts to collateralize business with our insurance and reinsurance counterparties. We are also required to maintain investments and cash and cash equivalents on deposit with regulatory authorities and Lloyd's to support our insurance and reinsurance operations. The investments and cash and cash equivalents on deposit are available to settle insurance and reinsurance liabilities. Collateral generally takes the form of assets held in trust, letters of credit or funds held. The assets used as collateral are primarily highly rated fixed maturity securities. The carrying value of our restricted assets, including restricted cash of $508.3 million and $380.5 million, as of September 30, 2019 and December 31, 2018, respectively, was as follows:



	September 30, 2019		December 31, 2018
Collateral in trust for third party agreements	$	3,965,101	$	4,336,752
Assets on deposit with regulatory authorities	424,587		579,048
Collateral for secured letter of credit facilities	129,463		127,841
Funds at Lloyd's ⁽¹⁾	758,810		354,589
	$	5,277,961	$	5,398,230

The increase in the Funds at Lloyd's was primarily due to the loss portfolio transfer reinsurance transactions as described in Note 3 - "Significant New Business".

Investments - Gross Unrealized Losses (Detail) $ in Thousands	Sep. 30, 2019 USD ($) Security	Dec. 31, 2018 USD ($) Security
Fair Value
12 Months or Greater	$ 5,252	$ 21,607
Less Than 12 Months	218,420	36,510
Total	223,672	58,117
Gross Unrealized Losses
12 Months or Greater	(801)	(995)
Less Than 12 Months	(633)	(1,054)
Total	$ (1,434)	$ (2,049)
Number of securities classified as available-for-sale in an unrealized loss position \| Security	203	88
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| Security	15	42
U.S. government and agency
Fair Value
12 Months or Greater	$ 0	$ 573
Less Than 12 Months	8,506	0
Total	8,506	573
Gross Unrealized Losses
12 Months or Greater	0	(3)
Less Than 12 Months	(20)	0
Total	(20)	(3)
Other government
Fair Value
12 Months or Greater	2,650	7,351
Less Than 12 Months	1,682	11,000
Total	4,332	18,351
Gross Unrealized Losses
12 Months or Greater	(334)	(345)
Less Than 12 Months	(14)	(500)
Total	(348)	(845)
Corporate
Fair Value
12 Months or Greater	2,473	11,888
Less Than 12 Months	172,403	25,227
Total	174,876	37,115
Gross Unrealized Losses
12 Months or Greater	(466)	(629)
Less Than 12 Months	(553)	(553)
Total	(1,019)	(1,182)
Municipal
Fair Value
12 Months or Greater	127	1,783
Less Than 12 Months	142	283
Total	269	2,066
Gross Unrealized Losses
12 Months or Greater	(1)	(18)
Less Than 12 Months	0	(1)
Total	(1)	(19)
Residential mortgage-backed
Fair Value
12 Months or Greater	2	12
Less Than 12 Months	5,117	0
Total	5,119	12
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(16)	0
Total	(16)	$ 0
Asset-backed
Fair Value
12 Months or Greater	0
Less Than 12 Months	30,570
Total	30,570
Gross Unrealized Losses
12 Months or Greater	0
Less Than 12 Months	(30)
Total	$ (30)

Goodwill and Intangible Assets - Intangible Asset Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 546	$ 570	$ 1,676	$ 3,030

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Asbestos and Environmental Liabilities, Insurance Recoveries, Future Estimated Expenses and Fair Value Adjustments

The carrying value of the asbestos and environmental liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo was as follows:



	September 30, 2019			December 31, 2018
Other liabilities:
Direct asbestos liabilities	$	245,787		$	265,975
Direct environmental liabilities	1,586			2,152
Estimated future expenses	16,739			19,843
Fair value adjustments	(83,750		)	(84,650		)
	180,362			203,320
Other assets:
Insurance recoveries related to direct asbestos and environmental liabilities	168,507			183,676
Fair value adjustments	(47,270		)	(47,868		)
	121,237			135,808

Net liabilities relating to direct asbestos and environmental exposures	$	59,125		$	67,512

Lease, Cost and Other Lease Information

Weighted-average remaining lease term and discount rate used for our operating leases are as follows:



	September 30, 2019
Weighted-average remaining lease term	6.4 years
Weighted-average discount rate	6.2	%

The table below provides a summary of the components of our lease cost including the gross sublease income received under sublease arrangements related to certain office spaces that we have leased to conduct our business operations:



	Three Months Ended September 30,			Nine Months Ended September 30,
	2019			2019
Operating lease cost	$	4,010		$	10,696
Sublease income	(183		)	(451		)
Total lease cost	$	3,827		$	10,245

The table below provides a summary of the cash flow information and non-cash activity related to our operating leases:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019		2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	2,945	$	9,138
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	1,353	$	53,581

Assets and Liabilities, Lessee

The table below provides a summary of the leases recorded on our consolidated balance sheets:



	Balance sheet classification	September 30, 2019
Right-of-use assets	Other assets	$	45,174
Current lease liabilities	Other liabilities	9,907
Non-current lease liabilities	Other liabilities	36,776

Lessee, Operating Lease, Liability, Maturity

The table below provides a summary of the maturity of the operating lease liabilities:



	September 30, 2019
2019	$	2,503
2020	13,030
2021	9,729
2022	7,856
2023	6,943
2024 and beyond	17,625
Total lease payments	57,686
Less: Imputed interest	(11,003		)
Present value of lease liabilities	$	46,683

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Preparation

Basis of Consolidation

Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these financial statements reflect all adjustments consisting of normal recurring items considered necessary for a fair presentation under U.S. GAAP. The results of operations for any interim period are not necessarily indicative of results of the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. All significant inter-company transactions and balances have been eliminated. In these notes, the terms "we," "us," "our," or "the Company" refer to Enstar Group Limited and its consolidated subsidiaries.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings.

Use of Estimates


•	liability for losses and loss adjustment expenses ("LAE");


•	liability for policy benefits for life contracts;


•	reinsurance balances recoverable on paid and unpaid losses;


•	valuation allowances on reinsurance balances recoverable and deferred tax assets;


•	impairment charges, including other-than-temporary impairments on investment securities classified as available-for-sale, and impairments on goodwill, intangible assets and deferred charge asset;


•	gross and net premiums written and net premiums earned;


•	fair value measurements of investments;


•	fair value estimates associated with accounting for acquisitions;


•	fair value estimates associated with loss portfolio transfer reinsurance agreements for which we have elected the fair value option; and

•

redeemable noncontrolling interests.

New Accounting Standards Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted

New Accounting Standards Adopted in 2019

Accounting Standards Update ("ASU") 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

ASUs 2016-02, 2018-10, 2018-11 and 2019-01, Leases

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2019-07 - Codification Updates to SEC Sections

ASU 2019-05 - Targeted Transition Relief for ASC 326 - Financial Instruments - Credit Losses

the eligible instruments for which it has elected the fair value option.

ASU 2019-04 - Codification Improvements to ASC 326 - Financial Instruments - Credit Losses, ASC 815 - Derivatives and Hedging and ASC 825 - Financial Instruments

The amendments to the credit losses and hedging standards have the same effective dates and transition requirements as the initial standards, unless an entity has already adopted those standards.

Related Party Transactions - Monument (Details) $ in Thousands, € in Millions	9 Months Ended		43 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	May 31, 2019 USD ($)	May 31, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Contributed amount of common and preferred shares	$ 38,403	$ 0
Ownership percentage	47.40%		47.40%			47.40%
Carrying value of previously held equity method investment prior to the close of the transaction	$ 282,463		$ 282,463			$ 204,507
Monument
Related Party Transaction [Line Items]
Contributed amount of common and preferred shares			$ 26,600
Ownership percentage	26.60%		26.60%			26.60%
Carrying value of previously held equity method investment prior to the close of the transaction	$ 54,720		$ 54,720			$ 42,193
Transfer Of Life Assurance Policies \| Subsidiary Of Monument
Related Party Transaction [Line Items]
Policy benefits transferred				$ 99,100	€ 88.8
Total assets transferred				$ (101,600)	€ (91.1)

Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

20. COMMITMENTS AND CONTINGENCIES

Concentrations of Credit Risk

We believe that there are no significant concentrations of credit risk associated with our cash and cash equivalents, fixed maturity investments, or other investments. Cash, cash equivalents and fixed maturity investments are managed pursuant to guidelines that follow prudent standards of diversification and limit the allowable holdings of a single issue and issuers. Other investments are managed pursuant to guidelines that emphasize diversification and liquidity. Pursuant to these guidelines, we manage and monitor risk across a variety of investment funds and vehicles, markets and counterparties. We are also subject to custodial credit risk on our investments, which we manage by diversifying our holdings amongst large financial institutions that are highly regulated.

We have exposure to credit risk on certain of our assets pledged to ceding companies under insurance contracts. In addition, we are potentially exposed should any insurance intermediaries be unable to fulfill their contractual obligations with respect to payments of balances owed to and by us.

Credit risk exists in relation to reinsurance balances recoverable. We remain liable to the extent that retrocessionaires do not meet their contractual obligations and, therefore, we evaluate and monitor concentration of credit risk among our reinsurers. These amounts are discussed in Note 6 - "Reinsurance Balances Recoverable on Paid and Unpaid Losses".

We are also subject to credit risk in relation to funds held by reinsured companies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. The funds balance is credited with investment income and losses payable are deducted. We are subject to credit risk if the reinsured company is unable to honor the value of the funds held balances, such as in the event of insolvency. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us to the reinsured for losses payable and other amounts contractually due. We routinely monitor the creditworthiness of reinsured companies with whom we have funds held arrangements. We have a significant concentration of $1,049.8 million to one reinsured company which has financial strength credit ratings of A+ from A.M. Best and AA from Standard & Poor's.

We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government instruments and the funds held counterparty noted above, exceeded 10% of shareholders’ equity as of September 30, 2019. Our credit exposure to the U.S. government was $799.3 million as of September 30, 2019.

Legal Proceedings

We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation, are included in the liability for losses and LAE in our consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the insurance and reinsurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to asbestos and environmental and other claims.

Unfunded Investment Commitments

As of September 30, 2019, we had unfunded commitments of $368.6 million and $124.3 million to private equity funds and equity method investments, respectively.

Guarantees

As of September 30, 2019 and December 31, 2018, parental guarantees and capital instruments supporting subsidiaries' insurance obligations were $675.7 million and $614.5 million, respectively. We also have a FAL facility, which on February 12, 2019, we increased to issue up to $375.0 million of letters of credit, and maintained the provision to increase the facility up to $400.0 million. The FAL Facility is available to satisfy our Funds at Lloyd’s requirements and expires in 2022. As of September 30, 2019 there were $368.0 million letters of credit issued under this facility which have a parental guarantee.

Asbestos Personal Injury Liabilities

We acquired DCo LLC ("DCo") on December 30, 2016, as described in Note 3 - "Acquisitions" of our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. DCo continues to process asbestos personal injury claims in the normal course of business and is separately managed.

Other liabilities on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future claims, determined using standard actuarial techniques for asbestos-related exposures. Other liabilities also include amounts for environmental liabilities associated with DCo's properties.

Other assets on our consolidated balance sheets include estimated insurance recoveries relating to these liabilities. The recorded asset represents our assessment of the capacity of the insurance agreements to provide for the payment of anticipated defense and indemnity costs for pending claims and projected future demands. The recognition of these recoveries is based on an assessment of the right to recover under the respective contracts and on the financial strength of the insurers. The recorded asset does not represent the limits of our insurance coverage, but rather the amount we would expect to recover if the accrued indemnity and defense costs were paid in full.

Included within other assets and other liabilities are the fair value adjustments that were initially recognized when DCo was acquired. These fair value adjustments continue to be amortized in proportion to the original expected payout patterns for the future claims and recoveries. The carrying value of the asbestos and environmental liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo was as follows:



	September 30, 2019			December 31, 2018
Other liabilities:
Direct asbestos liabilities	$	245,787		$	265,975
Direct environmental liabilities	1,586			2,152
Estimated future expenses	16,739			19,843
Fair value adjustments	(83,750		)	(84,650		)
	180,362			203,320
Other assets:
Insurance recoveries related to direct asbestos and environmental liabilities	168,507			183,676
Fair value adjustments	(47,270		)	(47,868		)
	121,237			135,808

Net liabilities relating to direct asbestos and environmental exposures	$	59,125		$	67,512

Redeemable Noncontrolling Interest

We have the right to purchase the RNCI interests from the RNCI holders at certain times in the future (each such right, a "call right"), and the RNCI holders have the right to sell their RNCI interests to us at certain times in the future (each such right, a "put right"). The RNCI rights held by Trident are described in Note 19 - "Related Party Transactions". Dowling has a right to participate if Trident exercises its put right.

Leases

We adopted the new leasing standard and the related amendments on January 1, 2019 using the modified retrospective transition method as required by the standard, and based on the detailed analysis of our operating lease arrangements we have recognized a right-of-use asset and an offsetting lease liability on our consolidated balance sheet, relating primarily to office space and facilities that we have leased to conduct our business operations. On an ongoing basis we determine whether an arrangement is a lease or contains a lease at inception and also complete an assessment to determine the classification of each lease as either a finance lease or an operating lease. Our leases are all currently classified as operating leases.

Our leases have remaining lease terms of one year to 38 years, some of which include options to extend the lease term for up to five years and some of which include options to terminate the lease within one year. We consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Only those renewal options that we believe we are reasonably certain to exercise are taken into account when determining lease terms. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As most of our leases do not provide an implicit discount rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components. For real estate leases, we account for lease components together with non-lease components such as common-area maintenance costs as a single lease component.

As part of our adoption of the new leasing standard, we elected the practical expedient package as well as the hindsight practical expedient permitted by the FASB in ASC 842. The practical expedient package covers the application of the new leasing standard to leases that commenced before January 1, 2019, the effective date of the standard and gives an entity the option of not reassessing, (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. The hindsight practical expedient permits an entity to consider changes in facts and circumstances from commencement through to the effective date of the new standard when determining the lease term and assessing any potential impairment of the recorded right-of-use asset. All these practical expedients were consistently applied to our leases as required by the leasing standard.



	Three Months Ended September 30,			Nine Months Ended September 30,
	2019			2019
Operating lease cost	$	4,010		$	10,696
Sublease income	(183		)	(451		)
Total lease cost	$	3,827		$	10,245

The table below provides a summary of the cash flow information and non-cash activity related to our operating leases:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019		2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	2,945	$	9,138
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	1,353	$	53,581

The table below provides a summary of the leases recorded on our consolidated balance sheets:



	Balance sheet classification	September 30, 2019
Right-of-use assets	Other assets	$	45,174
Current lease liabilities	Other liabilities	9,907
Non-current lease liabilities	Other liabilities	36,776

Weighted-average remaining lease term and discount rate used for our operating leases are as follows:



	September 30, 2019
Weighted-average remaining lease term	6.4 years
Weighted-average discount rate	6.2	%

The table below provides a summary of the maturity of the operating lease liabilities:



	September 30, 2019
2019	$	2,503
2020	13,030
2021	9,729
2022	7,856
2023	6,943
2024 and beyond	17,625
Total lease payments	57,686
Less: Imputed interest	(11,003		)
Present value of lease liabilities	$	46,683

Noncontrolling Interests - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Noncontrolling interest (Note 14)	$ 12,690	$ 12,056
Trident \| Subsidiaries
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)		39.30%
Dowling \| Subsidiaries
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)		1.70%
Trident \| Subsidiaries
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)	39.30%
Dowling \| Subsidiaries
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)	1.70%

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Ordinary Shares Voting Ordinary Shares	Ordinary Shares Series C Non-Voting Convertible Ordinary Shares	Ordinary Shares Series E Non-Voting Convertible Ordinary Shares	Preferred Stock Series C Preferred Shares	Preferred Stock Series D Preferred Stock	Preferred Stock Series E Preferred Stock	Treasury Shares (Series C Preferred Shares)	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Currency translation adjustment	Defined benefit pension liability	Unrealized gains (losses) on available-for-sale investments	Retained Earnings	Noncontrolling Interest (excludes Redeemable Noncontrolling Interest)
Balance, beginning of period at Dec. 31, 2017		$ 16,402	$ 2,600	$ 405	$ 389	$ 0	$ 0	$ (421,559)	$ 1,395,067	$ 10,468	$ 11,171	$ (3,143)	$ 2,440	$ 2,132,912	$ 9,264
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		1,532		505		400,000			413,679
Issuance costs of preferred shares									(10,781)
Amortization of share-based compensation									14,762
Change in other comprehensive income (loss)	$ (1,696)										1,270		(2,568)
Change in defined benefit pension liability	0
Net earnings (losses) attributable to Enstar Group Limited	(48,931)													(62,894)
Net loss (earnings) attributable to noncontrolling interest	19,096													19,096	1,000
Dividend on preferred shares														(5,133)
Change in redemption value of redeemable noncontrolling interests														785
Contribution of capital															49
Balance, end of period at Sep. 30, 2018		17,934	2,600	910	389	400,000	0	(421,559)	1,812,727	9,170	12,441	(3,143)	(128)	2,083,193	10,313
Balance, beginning of period at Jun. 30, 2018		17,930	2,600	910	389	400,000	0	(421,559)	1,808,063	10,604	12,581	(3,143)	1,166	2,098,484	9,727
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		4		0		0			475
Issuance costs of preferred shares									(263)
Amortization of share-based compensation									4,452
Change in other comprehensive income (loss)	(1,451)										(140)		(1,294)
Change in defined benefit pension liability	0
Net earnings (losses) attributable to Enstar Group Limited	(15,965)													(22,321)
Net loss (earnings) attributable to noncontrolling interest	11,489													11,489	586
Dividend on preferred shares														(5,133)
Change in redemption value of redeemable noncontrolling interests														674
Balance, end of period at Sep. 30, 2018		17,934	2,600	910	389	400,000	0	(421,559)	1,812,727	9,170	12,441	(3,143)	(128)	2,083,193	10,313
Balance, beginning of period at Dec. 31, 2018	3,913,989	17,950	2,600	910	389	400,000	110,000	(421,559)	1,804,664	10,440	10,986	(987)	441	1,976,539	12,056
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		31		0		0			1,497
Amortization of share-based compensation									24,346
Change in other comprehensive income (loss)	(4,893)										(4,399)		400
Change in defined benefit pension liability	(952)											(951)
Net earnings (losses) attributable to Enstar Group Limited	708,336													730,355
Net loss (earnings) attributable to noncontrolling interest	4,970													4,970	681
Dividend on preferred shares														(26,989)
Change in redemption value of redeemable noncontrolling interests														6,607
Purchase of noncontrolling shareholders' interest in subsidiaries															(47)
Balance, end of period at Sep. 30, 2019	4,650,490	17,981	2,600	910	389	400,000	110,000	(421,559)	1,830,507	5,490	6,587	(1,938)	841	2,691,482	12,690
Balance, beginning of period at Jun. 30, 2019		17,975	2,600	910	389	400,000	110,000	(421,559)	1,822,202	9,196	9,147	(987)	1,036	2,573,117	12,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		6		0		0			576
Amortization of share-based compensation									7,729
Change in other comprehensive income (loss)	(3,804)										(2,560)		(195)
Change in defined benefit pension liability	(952)											(951)
Net earnings (losses) attributable to Enstar Group Limited	117,743													126,559
Net loss (earnings) attributable to noncontrolling interest	109													109
Dividend on preferred shares														(8,925)
Change in redemption value of redeemable noncontrolling interests														622
Balance, end of period at Sep. 30, 2019	$ 4,650,490	$ 17,981	$ 2,600	$ 910	$ 389	$ 400,000	$ 110,000	$ (421,559)	$ 1,830,507	$ 5,490	$ 6,587	$ (1,938)	$ 841	$ 2,691,482	$ 12,690

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2019

Noncontrolling Interest [Abstract]

Carrying Amount of Equity Attributable to Noncontrolling Interest

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI:



	Nine Months Ended			For The Year Ended
	September 30, 2019			December 31, 2018
Balance at beginning of period	$	458,543		$	479,606
Capital contributions	—			55,377
Dividends paid	(11,556		)	(3,852		)
Net losses attributable to RNCI	(5,651		)	(64,794		)
Accumulated other comprehensive earnings (losses) attributable to RNCI	58			(240		)
Change in redemption value of RNCI	(6,607		)	(7,554		)
Balance at end of period	$	434,787		$	458,543

Related Party Transactions - Enhanced Re Header (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Management fee income			$ 1,453
Equity method investments	$ 282,463	$ 282,463		$ 204,507
Ownership percentage	47.40%	47.40%		47.40%
Enstar \| Enhanzed Re
Related Party Transaction [Line Items]
Equity method investments	$ 123,200	$ 123,200
Ownership percentage	47.40%	47.40%
Uncalled amount of investment	$ 100,000	$ 100,000
Allianz \| Enhanzed Re
Related Party Transaction [Line Items]
Ownership percentage	24.90%	24.90%
Hillhouse \| Enhanzed Re
Related Party Transaction [Line Items]
Ownership percentage	27.70%	27.70%
Enhanzed Re
Related Party Transaction [Line Items]
Equity method investments	$ 145,163	$ 145,163		$ 94,800
Ownership percentage	47.40%	47.40%		47.40%
Enhanzed Re \| Affiliated Entity
Related Party Transaction [Line Items]
Management fee income	$ 200	$ 400
Equity method investments	$ 470,000	$ 470,000

Derivative and Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Estimated Fair Value and Unrealized Gains (Losses) on Derivative Instruments

The following table presents the gross notional amounts and estimated fair values recorded within other assets and other liabilities related to our qualifying foreign currency forward exchange rate contracts:



	September 30, 2019						December 31, 2018
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
Foreign currency forward - AUD	$	61,269	$	191	$	—	$	42,258	$	1,377	$	—
Foreign currency forward - EUR	109,051		2,426		—		66,422		238		300
Foreign currency forward - GBP	288,840		376		1,254		—		—		—
Total qualifying hedges	$	459,160	$	2,993	$	1,254	$	108,680	$	1,615	$	300

The following table presents the amounts of the net gains and losses deferred in the cumulative translation adjustment ("CTA") account, which is a component of accumulated other comprehensive income (loss) ("AOCI"), in shareholders' equity, relating to our foreign currency forward exchange rate contracts:



	Amount of Gains (Losses) Deferred in AOCI
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Foreign currency forward - AUD	$	1,673	$	678	$	1,819	$	2,286
Foreign currency forward - EUR	4,780		52		5,076		52
Foreign currency forward - GBP	8,260		—		6,669		—
Net gains on qualifying derivative hedges	$	14,713	$	730	$	13,564	$	2,338

The following table presents the gross notional amounts and estimated fair values recorded within other assets and other liabilities related to our non-qualifying foreign currency forward hedging relationships:



	September 30, 2019						December 31, 2018
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
Foreign currency forward - AUD	$	23,414	$	136	$	63	$	45,427	$	1,952	$	310
Foreign currency forward - CAD	117,816		172		—		55,050		1,441		—
Foreign currency forward - EUR	62,486		1,547		158		54,282		139		301
Foreign currency forward - GBP	29,130		444		532		256,959		1,554		72
Total non-qualifying hedges	$	232,846	$	2,299	$	753	$	411,718	$	5,086	$	683

The following table presents the amounts of the net gains (losses) included in earnings related to our non-qualifying foreign currency forward contracts:



	Gains (Losses) on non-qualifying-hedges included in net earnings
	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Foreign currency forward - AUD	$	1,148	$	957		$	1,710		$	3,453
Foreign currency forward - CAD	1,582		(1,782		)	(910		)	5,465
Foreign currency forward - EUR	2,473		458			3,344			1,815
Foreign currency forward - GBP	10,659		4,154			12,970			$	8,389
Net gains on non-qualifying hedges	$	15,862	$	3,787		$	17,114		$	19,122

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Related Party Transactions - Hillhouse (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Other investments	$ 2,396,852		$ 1,957,757
Ownership percentage	47.40%		47.40%
Additional subscriptions	$ 733,473	$ 784,316
Hillhouse Affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage	9.70%
Economic interest percentage	17.00%
Hillhouse
Related Party Transaction [Line Items]
Other investments	$ 1,015,181		$ 845,066
Hillhouse \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments	136,101		35,641
Fees incurred	45,600
Hillhouse \| Kayla Re \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments	287,132		75,192
InRe Fund \| Hillhouse \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments	807,177		678,420
Other Funds \| Hillhouse \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments	$ 208,004		$ 166,646
Fixed Income Securities \| Hillhouse InRe Fund, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments, percentage of funds	20.00%
North American Equities \| Hillhouse InRe Fund, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments, percentage of funds	6.00%
International Equities \| Hillhouse InRe Fund, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments, percentage of funds	71.00%
Financing, Derivatives And Other Items \| Hillhouse InRe Fund, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Other investments, percentage of funds	3.00%

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reinsurance balances recoverable
Beginning fair value	$ 312,163	$ 145,927	$ 321,973	$ 176,723
Assumed business	29,392	18,180	41,477	64,129
Incurred losses and LAE:
Change in fair value	(8,367)	(6,452)	(7,720)	(9,628)
Ending fair value	319,833	118,688	319,833	118,688
Net
Beginning fair value	2,029,197	2,383,993	2,134,464	1,252,445
Assumed business			0	1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(9,740)	(14,983)	(24,401)	(61,147)
Reduction in unallocated LAE	(6,724)	(6,075)	(15,076)	(17,491)
Change in fair value	41,374	(9,107)	135,377	(32,115)
Total incurred losses and LAE	24,910	(30,165)	95,900	(110,753)
Paid losses	(78,838)	(107,313)	(250,128)	(357,826)
Effect of exchange rate movements	(48,529)	(19,347)	(53,496)	(73,979)
Ending fair value	1,926,740	2,227,168	1,926,740	2,227,168
Losses and LAE liabilities
Liability for losses and LAE
Beginning fair value	2,772,501	3,221,366	2,874,055	1,794,669
Assumed business			0	1,890,061
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(7,386)	(13,898)	(20,342)	(57,678)
Reduction in unallocated LAE	(6,724)	(6,075)	(15,076)	(17,491)
Change in fair value	57,743	(10,573)	189,422	(50,182)
Total incurred losses and LAE	43,633	(30,546)	154,004	(125,351)
Paid losses	(100,654)	(149,132)	(308,267)	(453,180)
Effect of exchange rate movements	(56,836)	(21,967)	(61,148)	(86,478)
Ending fair value	2,658,644	3,019,721	2,658,644	3,019,721
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	743,304	837,373	739,591	542,224
Assumed business			0	372,780
Incurred losses and LAE:
Reduction in estimates of ultimate losses	2,354	1,085	4,059	3,469
Reduction in unallocated LAE	0	0	0	0
Change in fair value	16,369	(1,466)	54,045	(18,067)
Total incurred losses and LAE	18,723	(381)	58,104	(14,598)
Paid losses	(21,816)	(41,819)	(58,139)	(95,354)
Effect of exchange rate movements	(8,307)	(2,620)	(7,652)	(12,499)
Ending fair value	731,904	792,553	731,904	792,553
Duration
Incurred losses and LAE:
Change in fair value	3,850	19,006	18,736	40,825
Corporate bond yield
Incurred losses and LAE:
Change in fair value	$ 37,524	$ (28,113)	116,641	(76,623)
Risk cost of capital
Incurred losses and LAE:
Change in fair value			$ 0	$ 3,683

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Comparison of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted net earnings per ordinary share:



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019		2018			2019		2018
Numerator:
Net earnings (loss) attributable to Enstar Group Limited ordinary shareholders	$	117,743	$	(15,965	)	$	708,336	$	(48,931	)
Denominator:
Weighted average ordinary shares outstanding — basic	21,488,216		21,440,914			21,476,586		20,444,634
Effect of dilutive securities:
Share-based compensation plans	169,162		143,833			204,288		129,313
Warrants	63,119		80,609			60,625		79,597
Weighted average ordinary shares outstanding — diluted	21,720,497		21,665,356			21,741,499		20,653,544

Earnings (losses) per ordinary share attributable to Enstar Group Limited:
Basic	$	5.48	$	(0.74	)	$	32.98	$	(2.39	)
Diluted⁽¹⁾	$	5.42	$	(0.74	)	$	32.58	$	(2.39	)

Losses and Loss Adjustment Expenses - Balance Sheet Summary by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	$ 5,254,725		$ 5,168,900
IBNR	4,793,291		4,468,991
Fair value adjustments - acquired companies	(180,081)		(214,518)
Fair value adjustments - fair value option	(182,828)		(374,752)
ULAE	350,200		360,883
Total	10,035,307	$ 9,833,886	9,409,504	$ 8,535,733	$ 8,608,387	$ 7,398,088
Loss and loss adjustment expenses	7,376,663		6,535,449
Loss and loss adjustment expenses, at fair value	2,658,644		2,874,055
Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	7,939,691	7,803,663	7,540,662	6,832,755	7,025,750	5,949,472
Atrium
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	231,679	222,576	241,284	242,767	234,232	240,873
StarStone
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	1,839,613	$ 1,784,021	1,608,697	$ 1,460,211	$ 1,348,405	$ 1,207,743
Operating Segments \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	4,256,578		4,271,769
IBNR	3,729,552		3,527,767
Fair value adjustments - acquired companies	(183,702)		(217,527)
Fair value adjustments - fair value option	(182,828)		(374,752)
ULAE	320,091		333,405
Total	7,939,691		7,540,662
Loss and loss adjustment expenses	5,281,047		4,666,607
Loss and loss adjustment expenses, at fair value	2,658,644		2,874,055
Operating Segments \| Atrium
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	84,382		94,885
IBNR	140,800		140,521
Fair value adjustments - acquired companies	4,189		3,476
Fair value adjustments - fair value option	0		0
ULAE	2,308		2,402
Total	231,679		241,284
Loss and loss adjustment expenses	231,679		241,284
Loss and loss adjustment expenses, at fair value	0		0
Operating Segments \| StarStone
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	905,415		796,194
IBNR	906,965		787,894
Fair value adjustments - acquired companies	(568)		(467)
Fair value adjustments - fair value option	0		0
ULAE	27,801		25,076
Total	1,839,613		1,608,697
Loss and loss adjustment expenses	1,839,613		1,608,697
Loss and loss adjustment expenses, at fair value	0		0
Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	8,350		6,052
IBNR	15,974		12,809
Fair value adjustments - acquired companies	0		0
Fair value adjustments - fair value option	0		0
ULAE	0		0
Total	24,324		18,861
Loss and loss adjustment expenses	24,324		18,861
Loss and loss adjustment expenses, at fair value	$ 0		$ 0

Debt Obligations and Credit Facilities - Additional Information (Detail) - USD ($)						1 Months Ended		5 Months Ended	9 Months Ended
	Nov. 06, 2019	May 28, 2019	Dec. 27, 2018	Mar. 10, 2017	Sep. 16, 2014	Sep. 30, 2019	May 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Nov. 07, 2019	Aug. 05, 2019	Feb. 12, 2019	Dec. 31, 2018	Dec. 26, 2018	Aug. 16, 2018	Feb. 08, 2018
Line of Credit Facility [Line Items]
Repayment of loans									$ 722,574,000	$ 689,819,000
Cash and investments						$ 758,800,000			758,800,000
2018 Facility Agreement
Line of Credit Facility [Line Items]
Letters of credit						$ 127,400,000			$ 127,400,000					$ 78,400,000
Senior Notes \| 4.50% Senior Notes due 2022
Line of Credit Facility [Line Items]
Outstanding amount of debt				$ 350,000,000.0
Stated interest rate				4.50%		4.50%			4.50%
Redemption price percentage				100.00%
Payments of debt issuance costs				$ 2,900,000
Unamortized costs						$ 1,500,000			$ 1,500,000					1,900,000
Term of debt									5 years
Senior Notes \| Senior Notes Due 2029
Line of Credit Facility [Line Items]
Outstanding amount of debt		$ 500,000,000.0
Stated interest rate		4.95%				4.95%			4.95%
Redemption price percentage		100.00%
Payments of debt issuance costs		$ 6,800,000
Unamortized costs						$ 6,700,000			$ 6,700,000
Term of debt									10 years
Line of Credit \| 2018 EGL Revolving Credit Facility
Line of Credit Facility [Line Items]
Term of debt					5 years				5 years
Maximum borrowing capacity						600,000,000.0			$ 600,000,000.0							$ 600,000,000.0
Optional increase in borrowing capacity																$ 400,000,000.0
Line of credit facility, remaining borrowing capacity						580,000,000.0			580,000,000.0
Line of Credit \| 2018 EGL Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity											$ 600,000,000.0
Line of Credit \| 2018 EGL Term Loan Facility
Line of Credit Facility [Line Items]
Payments of debt issuance costs			$ 1,500,000
Unamortized costs						1,100,000			$ 1,100,000					$ 1,500,000
Term of debt			3 years						3 years
Maximum borrowing capacity			$ 500,000,000.0
Optional increase in borrowing capacity			$ 150,000,000
Interest payment period			3 months
Repayment of loans						100,000,000.0	$ 50,000,000.0
Letters of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity															$ 170,000,000
Letters of Credit \| Line of Credit \| FAL Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						368,000,000.0			$ 368,000,000.0								$ 325,000,000.0
Optional increase in borrowing capacity													$ 400,000,000.0
Higher borrowing capacity option													$ 375,000,000.0
Letters of credit						368,000,000.0			368,000,000.0
Letters of Credit \| Line of Credit \| FAL Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Optional increase in borrowing capacity	$ 400,000,000.0
Term extension	1 year
Higher borrowing capacity option	$ 375,000,000.0
Letters of Credit \| Line of Credit \| 2018 Facility Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity															170,000,000.0
Optional increase in borrowing capacity															$ 60,000,000.0
Letters of Credit \| Line of Credit \| Maiden Facility Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity												$ 600,000,000
Optional increase in borrowing capacity												$ 75,000,000.0
Letters of credit						$ 445,000,000.0			$ 445,000,000.0
Scenario, Forecast \| Maiden Facility Agreement
Line of Credit Facility [Line Items]
Proceeds from credit facility agreement								$ 445,000,000.0

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment	$ 236,013	$ 197,860
Ownership %	47.40%	47.40%
Equity method investments	$ 282,463	$ 204,507
Enhanzed Re
Schedule of Equity Method Investments [Line Items]
Investment	$ 123,240	$ 94,800
Ownership %	47.40%	47.40%
Equity method investments	$ 145,163	$ 94,800
Citco
Schedule of Equity Method Investments [Line Items]
Investment	$ 50,000	$ 50,000
Ownership %	31.90%	31.90%
Equity method investments	$ 51,374	$ 50,812
Monument
Schedule of Equity Method Investments [Line Items]
Investment	$ 26,600	$ 26,600
Ownership %	26.60%	26.60%
Equity method investments	$ 54,720	$ 42,193
Clear Spring
Schedule of Equity Method Investments [Line Items]
Investment	$ 11,210	$ 11,210
Ownership %	20.00%	20.00%
Equity method investments	$ 10,685	$ 10,070
Other
Schedule of Equity Method Investments [Line Items]
Investment	$ 24,963	$ 15,250
Ownership %	30.00%	30.00%
Equity method investments	$ 20,521	$ 6,632
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Unfunded commitments	$ 124,300

Noncontrolling Interests - Carrying Amount of Equity Attributable to Noncontrolling Interest (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 458,543	$ 479,606
Capital contributions	0	55,377
Dividends paid	(11,556)	(3,852)
Net losses attributable to RNCI	(5,651)	(64,794)
Accumulated other comprehensive earnings (losses) attributable to RNCI	58	(240)
Change in redemption value of RNCI	(6,607)	(7,554)
Balance at end of period	$ 434,787	$ 458,543

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels

We have categorized our investments that are recorded at fair value on a recurring basis among levels based on the observability of inputs, or at fair value using NAV per share (or its equivalent) as follows:



	September 30, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
Investments:
Fixed maturity investments:
U.S. government and agency	$	—	$	506,826	$	—	$	—	$	506,826
U.K. government	—		295,957		—		—		295,957
Other government	—		715,094		—		—		715,094
Corporate	—		5,187,604		2,281		—		5,189,885
Municipal	—		161,364		—		—		161,364
Residential mortgage-backed	—		408,507		—		—		408,507
Commercial mortgage-backed	—		887,335		2		—		887,337
Asset-backed	—		690,418		18,436		—		708,854
	$	—	$	8,853,105	$	20,719	$	—	$	8,873,824

Other assets included within funds held - directly managed	12,994		—		—		—		12,994

Equities:
Publicly traded equity investments	$	282,437	$	30,274	$	—	$	—	$	312,711
Exchange-traded funds	184,024		—		—		—		184,024
Privately held equity investments	—		—		231,691		—		231,691
	$	466,461	$	30,274	$	231,691	$	—	$	728,426

Other investments:
Hedge funds	$	—	$	—	$	—	$	997,593	$	997,593
Fixed income funds	—		473,671		—		80,396		554,067
Equity funds	—		101,909		—		271,905		373,814
Private equity funds	—		—		—		305,756		305,756
CLO equities	—		—		67,109		—		67,109
CLO equity funds	—		—		—		89,493		89,493
Other	—		1,870		314		6,836		9,020
	$	—	$	577,450	$	67,423	$	1,751,979	$	2,396,852
Total Investments	$	479,455	$	9,460,829	$	319,833	$	1,751,979	$	12,012,096

Cash and cash equivalents	$	360,381	$	147,828	$	—	$	—	$	508,209

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	731,904	$	—	$	731,904

Other Assets:
Derivative Instruments	$	—	$	5,292	$	—	$	—	$	5,292
	$	—	$	5,292	$	—	$	—	$	5,292

Losses and LAE:	$	—	$	—	$	2,658,644	$	—	$	2,658,644

Other Liabilities:
Derivative Instruments	$	—	$	2,007	$	—	$	—	$	2,007
	$	—	$	2,007	$	—	$	—	$	2,007



	December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
Investments:
Fixed maturity investments:
U.S. government and agency	$	—	$	510,245	$	—	$	—	$	510,245
U.K government	—		300,631		—		—		300,631
Other government	—		793,810		—		—		793,810
Corporate	—		4,802,454		37,386		—		4,839,840
Municipal	—		130,265		—		—		130,265
Residential mortgage-backed	—		773,557		—		—		773,557
Commercial mortgage-backed	—		705,674		7,389		—		713,063
Asset-backed	—		627,360		9,121		—		636,481
	$	—	$	8,643,996	$	53,896	$	—	$	8,697,892

Other assets included within funds held - directly managed	$	—	$	14,780	$	—	$	—	$	14,780

Equities:
Publicly traded equity investments	$	102,102	$	36,313	$	—	$	—	$	138,415
Privately held equity investments	—		—		228,710		—		228,710
	$	102,102	$	36,313	$	228,710	$	—	$	367,125

Other investments:
Hedge funds	$	—	$	—	$	—	$	852,584	$	852,584
Fixed income funds	—		290,864		—		112,994		403,858
Equity funds	—		100,440		—		233,241		333,681
Private equity funds	—		—		—		248,628		248,628
CLO equities	—		—		39,052		—		39,052
CLO equity funds	—		—		—		37,260		37,260
Private credit funds	—		—		—		33,381		33,381
Other	—		578		315		8,420		9,313
	$	—	$	391,882	$	39,367	$	1,526,508	$	1,957,757
Total Investments	$	102,102	$	9,086,971	$	321,973	$	1,526,508	$	11,037,554

Cash and cash equivalents	$	243,839	$	21,146	$	—	$	—	$	264,985

Reinsurance recoverable:	$	—	$	—	$	739,591	$	—	$	739,591

Other Assets:
Derivative Instruments	$	—	$	6,701	$	—	$	—	$	6,701
	$	—	$	6,701	$	—	$	—	$	6,701

Losses and LAE:	$	—	$	—	$	2,874,055	$	—	$	2,874,055

Other Liabilities:
Derivative Instruments	$	—	$	983	$	—	$	—	$	983
	$	—	$	983	$	—	$	—	$	983

Reconciliation for Assets Measured at Fair Value on a Recurring Basis

The following tables present a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs:



	Three Months Ended September 30, 2019
	Fixed maturity investments												Privately-held Equities			Other Investments			Total
	Corporate			Residential mortgage-backed			Commercial mortgage-backed			Asset-backed			Privately-held Equities			Other Investments			Total
Beginning fair value	$	5,006		$	102		$	1,370		$	25,839		$	229,394		$	50,452		$	312,163
Purchases	82			—			—			—			6,691			22,619			29,392
Sales	(116		)	—			(176		)	(429		)	(2,016		)	(361		)	(3,098		)
Total realized and unrealized gains (losses)	(103		)	(1		)	148			(746		)	(2,378		)	(5,287		)	(8,367		)
Transfer into Level 3 from Level 2	277			—			—			—			—			—			277
Transfer out of Level 3 into Level 2	(2,865		)	(101		)	(1,340		)	(6,228		)	—			—			(10,534		)
Ending fair value	$	2,281		$	—		$	2		$	18,436		$	231,691		$	67,423		$	319,833



	Three Months Ended September 30, 2018
	Fixed maturity investments											Privately-held Equities		Other Investments			Total
	Corporate			Residential mortgage-backed		Commercial mortgage-backed			Asset-backed			Privately-held Equities		Other Investments			Total
Beginning fair value	$	27,823		$	—	$	15,326		$	46,608		$	2,016	$	54,154		$	145,927
Purchases	205			—		1,599			16,376			—		—			18,180
Sales	(3,731		)	—		(3,271		)	(28,182		)	—		—			(35,184		)
Total realized and unrealized gains (losses)	92			1		(726		)	(346		)	—		(5,473		)	(6,452		)
Transfer into Level 3 from Level 2	292			1,794		—			(1		)	1,712		—			3,797
Transfer out of Level 3 into Level 2	(1,302		)	—		(3,545		)	(2,733		)	—		—			(7,580		)
Ending fair value	$	23,379		$	1,795	$	9,383		$	31,722		$	3,728	$	48,681		$	118,688



	Nine Months Ended September 30, 2019
	Fixed maturity investments												Privately-held Equities			Other Investments			Total
	Corporate			Residential mortgage-backed			Commercial mortgage-backed			Asset-backed			Privately-held Equities			Other Investments			Total
Beginning fair value	$	37,386		$	—		$	7,389		$	9,121		$	228,710		$	39,367		$	321,973
Purchases	172			—			—			—			6,691			34,614			41,477
Sales	(3,157		)	—			(784		)	(759		)	(2,016		)	(361		)	(7,077		)
Total realized and unrealized gains (losses)	114			(1		)	65			(7		)	(1,694		)	(6,197		)	(7,720		)
Transfer into Level 3 from Level 2	3,535			102			1,515			22,771			—			—			27,923
Transfer out of Level 3 into Level 2	(35,769		)	(101		)	(8,183		)	(12,690		)	—			—			(56,743		)
Ending fair value	$	2,281		$	—		$	2		$	18,436		$	231,691		$	67,423		$	319,833



	Nine Months Ended September 30, 2018
	Fixed maturity investments												Privately-held Equities		Other Investments			Total
	Corporate			Residential mortgage-backed			Commercial mortgage-backed			Asset-backed			Privately-held Equities		Other Investments			Total
Beginning fair value	$	67,178		$	3,080		$	21,494		$	27,892		$	—	$	57,079		$	176,723
Purchases	12,008			—			3,402			45,967			2,000		752			64,129
Sales	(64,641		)	(1,184		)	(4,998		)	(31,994		)	—		(600		)	(103,417		)
Total realized and unrealized gains (losses)	29			(32		)	(674		)	(417		)	16		(8,550		)	(9,628		)
Transfer into Level 3 from Level 2	15,551			1,794			4,897			2,078			1,712		—			26,032
Transfer out of Level 3 into Level 2	(6,746		)	(1,863		)	(14,738		)	(11,804		)	—		—			(35,151		)
Ending fair value	$	23,379		$	1,795		$	9,383		$	31,722		$	3,728	$	48,681		$	118,688

The following tables present a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs:



	Three Months Ended
	September 30, 2019									September 30, 2018
	Liability for losses and LAE			Reinsurance balances recoverable			Net			Liability for losses and LAE			Reinsurance balances recoverable			Net
Beginning fair value	$	2,772,501		$	743,304		$	2,029,197		$	3,221,366		$	837,373		$	2,383,993
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(7,386		)	2,354			(9,740		)	(13,898		)	1,085			(14,983		)
Reduction in unallocated LAE	(6,724		)	—			(6,724		)	(6,075		)	—			(6,075		)
Change in fair value	57,743			16,369			41,374			(10,573		)	(1,466		)	(9,107		)
Total incurred losses and LAE	43,633			18,723			24,910			(30,546		)	(381		)	(30,165		)
Paid losses	(100,654		)	(21,816		)	(78,838		)	(149,132		)	(41,819		)	(107,313		)
Effect of exchange rate movements	(56,836		)	(8,307		)	(48,529		)	(21,967		)	(2,620		)	(19,347		)
Ending fair value	$	2,658,644		$	731,904		$	1,926,740		$	3,019,721		$	792,553		$	2,227,168



	Three Months Ended
	September 30, 2019		September 30, 2018
Changes in fair value due to changes in:
Duration	$	3,850	$	19,006
Corporate bond yield	37,524		(28,113		)
Change in fair value	$	41,374	$	(9,107	)



	Nine Months Ended
	September 30, 2019									September 30, 2018
	Liability for losses and LAE			Reinsurance balances recoverable on paid and unpaid losses			Net			Liability for losses and LAE			Reinsurance balances recoverable on paid and unpaid losses			Net
Beginning fair value	$	2,874,055		$	739,591		$	2,134,464		$	1,794,669		$	542,224		$	1,252,445
Assumed business	—			—			—			1,890,061			372,780			1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(20,342		)	4,059			(24,401		)	(57,678		)	3,469			(61,147		)
Reduction in unallocated LAE	(15,076		)	—			(15,076		)	(17,491		)	—			(17,491		)
Change in fair value	189,422			54,045			135,377			(50,182		)	(18,067		)	(32,115		)
Total incurred losses and LAE	154,004			58,104			95,900			(125,351		)	(14,598		)	(110,753		)
Paid losses	(308,267		)	(58,139		)	(250,128		)	(453,180		)	(95,354		)	(357,826		)
Effect of exchange rate movements	(61,148		)	(7,652		)	(53,496		)	(86,478		)	(12,499		)	(73,979		)
Ending fair value	$	2,658,644		$	731,904		$	1,926,740		$	3,019,721		$	792,553		$	2,227,168



	Nine Months Ended
	September 30, 2019		September 30, 2018
Changes in fair value due to changes in:
Duration	$	18,736	$	40,825
Corporate bond yield	116,641		(76,623		)
Risk cost of capital	—		3,683
Change in fair value	$	135,377	$	(32,115	)

Reconciliation for Liabilities Measured at Fair Value on a Recurring Basis

The following tables present a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs:



	Three Months Ended
	September 30, 2019									September 30, 2018
	Liability for losses and LAE			Reinsurance balances recoverable			Net			Liability for losses and LAE			Reinsurance balances recoverable			Net
Beginning fair value	$	2,772,501		$	743,304		$	2,029,197		$	3,221,366		$	837,373		$	2,383,993
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(7,386		)	2,354			(9,740		)	(13,898		)	1,085			(14,983		)
Reduction in unallocated LAE	(6,724		)	—			(6,724		)	(6,075		)	—			(6,075		)
Change in fair value	57,743			16,369			41,374			(10,573		)	(1,466		)	(9,107		)
Total incurred losses and LAE	43,633			18,723			24,910			(30,546		)	(381		)	(30,165		)
Paid losses	(100,654		)	(21,816		)	(78,838		)	(149,132		)	(41,819		)	(107,313		)
Effect of exchange rate movements	(56,836		)	(8,307		)	(48,529		)	(21,967		)	(2,620		)	(19,347		)
Ending fair value	$	2,658,644		$	731,904		$	1,926,740		$	3,019,721		$	792,553		$	2,227,168



	Three Months Ended
	September 30, 2019		September 30, 2018
Changes in fair value due to changes in:
Duration	$	3,850	$	19,006
Corporate bond yield	37,524		(28,113		)
Change in fair value	$	41,374	$	(9,107	)



	Nine Months Ended
	September 30, 2019									September 30, 2018
	Liability for losses and LAE			Reinsurance balances recoverable on paid and unpaid losses			Net			Liability for losses and LAE			Reinsurance balances recoverable on paid and unpaid losses			Net
Beginning fair value	$	2,874,055		$	739,591		$	2,134,464		$	1,794,669		$	542,224		$	1,252,445
Assumed business	—			—			—			1,890,061			372,780			1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(20,342		)	4,059			(24,401		)	(57,678		)	3,469			(61,147		)
Reduction in unallocated LAE	(15,076		)	—			(15,076		)	(17,491		)	—			(17,491		)
Change in fair value	189,422			54,045			135,377			(50,182		)	(18,067		)	(32,115		)
Total incurred losses and LAE	154,004			58,104			95,900			(125,351		)	(14,598		)	(110,753		)
Paid losses	(308,267		)	(58,139		)	(250,128		)	(453,180		)	(95,354		)	(357,826		)
Effect of exchange rate movements	(61,148		)	(7,652		)	(53,496		)	(86,478		)	(12,499		)	(73,979		)
Ending fair value	$	2,658,644		$	731,904		$	1,926,740		$	3,019,721		$	792,553		$	2,227,168



	Nine Months Ended
	September 30, 2019		September 30, 2018
Changes in fair value due to changes in:
Duration	$	18,736	$	40,825
Corporate bond yield	116,641		(76,623		)
Risk cost of capital	—		3,683
Change in fair value	$	135,377	$	(32,115	)

Quantitative Information

Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis:



		September 30, 2019	December 31, 2018
Valuation Technique	Unobservable (U) and Observable (O) Inputs	Weighted Average
Internal model	Corporate bond yield (O)	A rated	A rated
Internal model	Credit spread for non-performance risk (U)	0.2%	0.2%
Internal model	Risk cost of capital (U)	5.1%	5.0%
Internal model	Weighted average cost of capital (U)	8.5%	8.5%
Internal model	Duration - liability (U)	7.52 years	7.33 years
Internal model	Duration - reinsurance balances recoverable (U)	7.86 years	7.98 years

Acquisitions - Loss on Settlement of Contractual Preexisting Relationships (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	May 14, 2018	Dec. 31, 2017
ASSETS
Funds held by reinsured companies	$ 393,269		$ 321,267
Deferred acquisition costs/Value of business acquired	167,268	$ 99,094	86,585	$ 87,019	$ 71,393		$ 80,192
TOTAL ASSETS	18,213,354		16,556,270
LIABILITIES
Losses and LAE	10,035,307	$ 9,833,886	9,409,504	$ 8,535,733	$ 8,608,387		$ 7,398,088
Unearned premiums	805,981		842,618
Insurance and reinsurance balances payable	378,381		388,086
Other liabilities	688,583		566,369
TOTAL LIABILITIES	13,128,077		12,183,738
NET ASSETS (LIABILITIES)	$ 4,650,490		$ 3,913,989
Kayla Re \| Fair Value Adjustments
ASSETS
Funds held by reinsured companies						$ 0
Deferred acquisition costs/Value of business acquired						6,719
TOTAL ASSETS						6,719
LIABILITIES
Losses and LAE						(6,542)
Unearned premiums						0
Insurance and reinsurance balances payable						(2,338)
Other liabilities						0
TOTAL LIABILITIES						(8,880)
NET ASSETS (LIABILITIES)						15,599
Kayla Re \| Carrying Value
ASSETS
Funds held by reinsured companies						386,793
Deferred acquisition costs/Value of business acquired						33,549
TOTAL ASSETS						420,342
LIABILITIES
Losses and LAE						339,747
Unearned premiums						105,602
Insurance and reinsurance balances payable						25,897
Other liabilities						1,864
TOTAL LIABILITIES						473,110
NET ASSETS (LIABILITIES)						(52,768)
Kayla Re \| Fair Value
ASSETS
Funds held by reinsured companies						386,793
Deferred acquisition costs/Value of business acquired						40,268
TOTAL ASSETS						427,061
LIABILITIES
Losses and LAE						333,205
Unearned premiums						105,602
Insurance and reinsurance balances payable						23,559
Other liabilities						1,864
TOTAL LIABILITIES						464,230
NET ASSETS (LIABILITIES)						$ (37,169)

Investments - Equities - Equity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Equities, at fair value	$ 728,426	$ 367,125
Publicly traded equity investments in common and preferred stocks
Investment [Line Items]
Equities, at fair value	312,711	138,415
Exchange-traded funds
Investment [Line Items]
Equities, at fair value	184,024	0
Privately held equity investments in common and preferred stocks
Investment [Line Items]
Equities, at fair value	231,691	228,710
AmTrust Financial Services, Inc.
Investment [Line Items]
Fair value of indirect investment	$ 203,000	$ 200,000

Commitments and Contingencies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Feb. 12, 2019	Dec. 31, 2018
Guarantor Obligations [Line Items]
Funds held by reinsured companies	$ 393,269,000		$ 321,267,000
Lease optional renewal period	5 years
Lease optional termination period	1 year
Limited Parental Guarantee
Guarantor Obligations [Line Items]
Parental guarantees	$ 675,700,000		$ 614,500,000
US
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	799,300,000
Reinsurance Recoverables \| Reinsurer Concentration Risk
Guarantor Obligations [Line Items]
Funds held by reinsured companies	1,049,800,000
Line of Credit \| FAL Facility \| Letters of Credit
Guarantor Obligations [Line Items]
Higher borrowing capacity option		$ 375,000,000.0
Optional increase in borrowing capacity		$ 400,000,000.0
Letters of credit issued	368,000,000.0
Private equities and private equity funds
Guarantor Obligations [Line Items]
Commitments, unfunded	368,600,000
Equity Method Investments
Guarantor Obligations [Line Items]
Commitments, unfunded	$ 124,300,000
Maximum
Guarantor Obligations [Line Items]
Weighted-average remaining lease term	38 years
Minimum
Guarantor Obligations [Line Items]
Weighted-average remaining lease term	1 year

Significant New Business	9 Months Ended
Significant New Business	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT NEW BUSINESS	3. SIGNIFICANT NEW BUSINESS Munich Re On September 10, 2019, we signed an agreement with subsidiaries of Munich Reinsurance Company ("Munich Re"), pursuant to which we will acquire certain portfolios from their Australian branches of Great Lakes Insurance SE and HSB Engineering Insurance Limited, primarily of long tail insurance business. In the transaction, which is subject to regulatory and Federal Court of Australia approval, we will receive total assets of approximately AUD$228.2 million (approximately $156.2 million) for assuming the associated net insurance reserves. We are pursuing a portfolio transfer of the insurance business under Division 3A of Part III of Australia’s Insurance Act 1973 (Cth), which would provide legal finality for Munich Re. This transaction is expected to close in 2020. Zurich On October 1, 2019, we completed the previously announced reinsurance transaction with Zurich Insurance Group ("Zurich"), pursuant to which we reinsured certain of Zurich's U.S. asbestos and environmental liability insurance portfolios. In the transaction, we assumed approximately $0.5 billion of gross reserves, relating to 1986 and prior year business. Maiden On August 5, 2019, we and Maiden Reinsurance Ltd. (“Maiden Re Bermuda”) completed a transaction pursuant to the previously announced Master Agreement with Maiden Holdings, Ltd. and Maiden Re Bermuda to provide adverse development cover reinsurance to Maiden Re Bermuda, effective January 1, 2019. In the transaction, Maiden Re Bermuda ceded and we assumed as retrocessionaire Maiden Re Bermuda's liability under its quota share agreement with the Bermuda subsidiary ("AmTrust Bermuda") of AmTrust Financial Services, Inc. (“AmTrust”). The adverse development cover reinsurance is for losses incurred on or prior to December 31, 2018 in excess of a $2.2 billion retention up to a $600.0 million limit, in exchange for consideration of $445.0 million. We assumed total gross reserves of $530.2 million for reinsurance premium of $445.0 million and recorded a deferred charge of $85.2 million. Enstar's reinsurance performance obligations in the transaction are collateralized in accordance with a Master Collateral Agreement among Enstar, Maiden Re Bermuda, AmTrust and certain subsidiaries of AmTrust. The retention, limit and premium were reduced from the previously announced transaction following the parties’ agreement to include only losses under the Bermuda quota share agreement between Maiden Re Bermuda and AmTrust Bermuda. Amerisure On April 11, 2019, we completed a loss portfolio transfer reinsurance agreement with Amerisure Mutual Insurance Company ("Amerisure") and Allianz Risk Transfer (Bermuda) Limited (“ART Bermuda”). In the transaction, Amerisure ceded, and each of Enstar and ART Bermuda severally assumed, a 50% quota share of the construction defect losses incurred by Amerisure and certain of its subsidiaries on or before December 31, 2012. Under the agreement, which was effective as of January 1, 2019, we assumed $48.3 million of gross reserves in exchange for consideration of $45.5 million and recorded a deferred charge asset of $2.9 million. AmTrust RITC Transactions On February 14, 2019, we completed four RITC transactions with Syndicates 1206, 1861, 2526 and 5820 (collectively the "AmTrust RITC Transactions"), managed by AmTrust Syndicates Limited, under which we reinsured to close the 2016 and prior underwriting years. We assumed, among other items, gross loss reserves of £703.8 million ($897.1 million) and net loss reserves of £486.8 million ($620.4 million) relating to the portfolios in exchange for consideration of £539.9 million ($688.2 million) and recorded a deferred charge asset of $20.6 million. We have an investment in AmTrust, as described further in Note 19 - "Related Party Transactions".

Premiums Written and Earned (Tables)

9 Months Ended

Sep. 30, 2019

Insurance [Abstract]

Schedule of Net Premiums Written and Earned

The following tables provide the total reinsurance balances recoverable:



	September 30, 2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	945,687		$	9,049	$	343,089		$	1,297,825
IBNR	631,722			22,056		201,815			855,593
Fair value adjustments - acquired companies	(12,134		)	614		(2,310		)	(13,830		)
Fair value adjustments - fair value option	(76,901		)	—		—			(76,901		)
Total reinsurance reserves recoverable	1,488,374			31,719		542,594			2,062,687
Paid losses recoverable	145,129			1,762		55,860			202,751
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	901,599		$	33,481	$	598,454		$	1,533,534
Reinsurance balances recoverable on paid and unpaid losses - fair value option	731,904			—		—			731,904
Total	$	1,633,503		$	33,481	$	598,454		$	2,265,438



	December 31, 2018
	Non-life Run-off			Atrium			StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	901,772		$	18,891		$	263,065		$	1,183,728
IBNR	609,434			19,247			201,784			830,465
Fair value adjustments - acquired companies	(14,344		)	630			(1,899		)	(15,613		)
Fair value adjustments - fair value option	(130,739		)	—			—			(130,739		)
Total reinsurance reserves recoverable	1,366,123			38,768			462,950			1,867,841
Paid losses recoverable	138,265			(256		)	23,813			161,822
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	764,797		$	38,512		$	486,763		$	1,290,072
Reinsurance balances recoverable on paid and unpaid losses - fair value option	739,591			—			—			739,591
Total	$	1,504,388		$	38,512		$	486,763		$	2,029,663



	September 30, 2019								December 31, 2018
	Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross		Gross		Provisions for Bad Debt		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,895,174	$	53,360	$	1,841,814	2.8	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	394,262		—		394,262		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	130,448		101,086		29,362		77.5	%	143,079		105,213		37,866		73.5	%
Total	$	2,419,884	$	154,446	$	2,265,438	6.4	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

The following table provides a summary of premiums written and earned in our Non-life Run-off, Atrium and StarStone segments and Other activities:



	Three Months Ended September 30,												Nine Months Ended September 30,
	2019						2018						2019						2018
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	301		$	27,190		$	9,912		$	17,746		$	(24,785	)	$	166,707		$	16,354		$	54,044
Ceded	(4,109		)	(10,353		)	(5,134		)	(7,304		)	(1,610		)	(24,726		)	(13,137		)	(26,815		)
Net	$	(3,808	)	$	16,837		$	4,778		$	10,442		$	(26,395	)	$	141,981		$	3,217		$	27,229
Atrium
Gross	$	48,746		$	48,340		$	39,995		$	42,505		$	146,519		$	133,610		$	130,997		$	121,974
Ceded	(4,961		)	(5,427		)	(2,854		)	(5,528		)	(19,273		)	(13,745		)	(17,779		)	(15,252		)
Net	$	43,785		$	42,913		$	37,141		$	36,977		$	127,246		$	119,865		$	113,218		$	106,722
StarStone
Gross	$	221,157		$	268,633		$	282,525		$	281,467		$	706,634		$	769,774		$	888,867		$	761,694
Ceded	(48,166		)	(62,361		)	(62,799		)	(65,112		)	(143,111		)	(166,317		)	(269,339		)	(234,892		)
Net	$	172,991		$	206,272		$	219,726		$	216,355		$	563,523		$	603,457		$	619,528		$	526,802
Other
Gross	$	(2,498	)	$	4,338		$	846		$	848		$	(1,174	)	$	17,024		$	2,858		$	2,878
Ceded	(5		)	(35		)	(24		)	(25		)	(23		)	(152		)	13			(3		)
Net	$	(2,503	)	$	4,303		$	822		$	823		$	(1,197	)	$	16,872		$	2,871		$	2,875
Total
Gross	$	267,706		$	348,501		$	333,278		$	342,566		$	827,194		$	1,087,115		$	1,039,076		$	940,590
Ceded	(57,241		)	(78,176		)	(70,811		)	(77,969		)	(164,017		)	(204,940		)	(300,242		)	(276,962		)
Total	$	210,465		$	270,325		$	262,467		$	264,597		$	663,177		$	882,175		$	738,834		$	663,628

Investments - Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Investment Income [Line Items]
Gross investment income	$ 88,386	$ 71,857	$ 251,878	$ 210,060
Investment expenses	(2,914)	(2,427)	(9,978)	(7,842)
Net investment income	85,472	69,430	241,900	202,218
Fixed maturity investments
Net Investment Income [Line Items]
Gross investment income	58,182	48,062	175,127	140,097
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	3,673	3,247	11,985	8,425
Funds held
Net Investment Income [Line Items]
Gross investment income	10,092	1,502	17,547	8,651
Funds held - directly managed
Net Investment Income [Line Items]
Gross investment income	9,381	9,776	28,742	27,990
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	81,328	62,587	233,401	185,163
Equity securities
Net Investment Income [Line Items]
Gross investment income	4,416	946	11,218	3,788
Other investments
Net Investment Income [Line Items]
Gross investment income	2,642	8,324	7,259	14,600
Life settlements and other
Net Investment Income [Line Items]
Gross investment income	0	0	0	6,509
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	$ 7,058	$ 9,270	$ 18,477	$ 24,897

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Acquisitions

The components of the consideration paid to acquire all of the outstanding shares and warrants of KaylaRe were as follows:



Fair value of Enstar ordinary shares issued	$	414,750
Fair value of previously held equity method investment	336,137
Adjustment for the fair value of preexisting relationships	37,169
Total purchase price	$	788,056
Net assets acquired at fair value (excluding preexisting relationships)	$	746,320
Excess of purchase price over fair value of net assets acquired	$	41,736

The fair value of the Enstar ordinary shares issued was based on the closing price of $206.65 as at May 14, 2018, the date the transaction closed.



Number of Enstar Ordinary shares issued	2,007,017
Closing price of Enstar Ordinary shares as of May 14, 2018	$	206.65
Fair value of Enstar Ordinary shares issued to shareholders of KaylaRe	$	414,750



Carrying value of previously held equity method investment prior to the close of the transaction	$	320,130
Price-to-book multiple	1.05
Fair value of previously held equity method investment prior to the close of the transaction	$	336,137

Gain recognized on remeasurement of previously held equity method investment to fair value	$	16,007

Fair Values of Assets Acquired and Liabilities Assumed



ASSETS	Carrying value			Fair value			Loss on deemed settlement
Funds held by reinsured companies	$	386,793		$	386,793		$	—
Deferred acquisition costs/Value of business acquired	33,549			40,268			6,719
TOTAL ASSETS	420,342			427,061			6,719
LIABILITIES
Losses and LAE	339,747			333,205			(6,542		)
Unearned premiums	105,602			105,602			—
Insurance and reinsurance balances payable	25,897			23,559			(2,338		)
Other liabilities	1,864			1,864			—
TOTAL LIABILITIES	473,110			464,230			(8,880		)
NET ASSETS (LIABILITIES)	$	(52,768	)	$	(37,169	)	$	15,599



ASSETS
Fixed maturities, trading, at fair value	$	126,393
Other investments, at fair value	626,476
Total investments	752,869
Cash and cash equivalents	5,657
Premiums receivable	10,965
Deferred acquisition costs	275
Other assets	614
TOTAL ASSETS	$	770,380
LIABILITIES
Losses and LAE	$	4,059
Unearned premiums	10,984
Insurance and reinsurance balances payable	13
Other liabilities	9,004
TOTAL LIABILITIES	24,060
NET ASSETS ACQUIRED AT FAIR VALUE	$	746,320

Results of Operations of Acquiree

The table below summarizes the results of the KaylaRe operations, which are included in our consolidated statement of earnings from the acquisition date to September 30, 2018:



Premiums earned	$	10,188
Incurred losses and LAE	(9,190		)
Acquisition costs	(332		)
Underwriting income	666
Net investment income	1,972
Net unrealized gains	(6,621		)
General and administrative expenses	(573		)
Net loss	$	(4,556	)

Commitments and Contingencies - Asbestos and Environmental Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other liabilities:
TOTAL LIABILITIES	$ 13,128,077	$ 12,183,738
Other assets:
TOTAL ASSETS	18,213,354	16,556,270
Dana properties
Other liabilities:
Estimated future expenses	16,739	19,843
Fair value adjustments	(83,750)	(84,650)
TOTAL LIABILITIES	180,362	203,320
Other assets:
Insurance recoveries related to direct asbestos and environmental liabilities	168,507	183,676
Fair value adjustments	(47,270)	(47,868)
TOTAL ASSETS	121,237	135,808
Net liabilities relating to direct asbestos and environmental exposures	59,125	67,512
Direct Asbestos Liabilities \| Dana properties
Other liabilities:
Liability for asbestos and environmental claims	245,787	265,975
Direct Environmental Liabilities \| Dana properties
Other liabilities:
Liability for asbestos and environmental claims	$ 1,586	$ 2,152

Derivative and Hedging Instruments

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE AND HEDGING INSTRUMENTS

5. DERIVATIVES AND HEDGING INSTRUMENTS

Foreign Currency Hedging of Net Investments in Foreign Operations

We use foreign currency forward exchange rate contracts in qualifying hedging relationships to hedge the foreign currency exchange rate risk associated with certain of our net investments in foreign operations. As of September 30, 2019 and December 31, 2018, we had forward currency contracts in place, which we had designated as hedges of our net investments in foreign operations.



	September 30, 2019						December 31, 2018
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
Foreign currency forward - AUD	$	61,269	$	191	$	—	$	42,258	$	1,377	$	—
Foreign currency forward - EUR	109,051		2,426		—		66,422		238		300
Foreign currency forward - GBP	288,840		376		1,254		—		—		—
Total qualifying hedges	$	459,160	$	2,993	$	1,254	$	108,680	$	1,615	$	300



	Amount of Gains (Losses) Deferred in AOCI
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Foreign currency forward - AUD	$	1,673	$	678	$	1,819	$	2,286
Foreign currency forward - EUR	4,780		52		5,076		52
Foreign currency forward - GBP	8,260		—		6,669		—
Net gains on qualifying derivative hedges	$	14,713	$	730	$	13,564	$	2,338

Non-derivative Hedging Instruments of Net Investments in Foreign Operations

From time to time we may make non-US dollar denominated draw-downs against our revolving credit facilities and designate such draw-downs as non-derivative hedges of our net investments in certain subsidiaries whose functional currencies are designated in currencies other than US dollars, which is our functional currency. Our prior Euro-denominated borrowings under our revolving credit facilities were repaid in full during the three months ended September 30, 2018 and replaced by a Euro-denominated foreign currency forward exchange rate contract in a qualifying hedging arrangement. The net gains deferred in the CTA account in AOCI relating to these qualifying Euro-loan derivative hedging instruments for the three and nine months ended September 30, 2018 were $0.7 million and $3.1 million, respectively.

Derivatives Not Designated or Not Qualifying as Hedging Instruments

From time to time, we may also utilize foreign currency forward contracts and interest rate swaps as part of our overall foreign currency risk management strategy or to obtain exposure to a particular financial market, as well as for yield enhancement or risk mitigation in non-qualifying hedging relationships. We may also utilize equity call option instruments either to obtain exposure to a particular equity instrument or for yield enhancement in non-qualifying hedging relationships.

Foreign Currency Forward Contracts



	September 30, 2019						December 31, 2018
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
Foreign currency forward - AUD	$	23,414	$	136	$	63	$	45,427	$	1,952	$	310
Foreign currency forward - CAD	117,816		172		—		55,050		1,441		—
Foreign currency forward - EUR	62,486		1,547		158		54,282		139		301
Foreign currency forward - GBP	29,130		444		532		256,959		1,554		72
Total non-qualifying hedges	$	232,846	$	2,299	$	753	$	411,718	$	5,086	$	683

The following table presents the amounts of the net gains (losses) included in earnings related to our non-qualifying foreign currency forward contracts:



	Gains (Losses) on non-qualifying-hedges included in net earnings
	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Foreign currency forward - AUD	$	1,148	$	957		$	1,710		$	3,453
Foreign currency forward - CAD	1,582		(1,782		)	(910		)	5,465
Foreign currency forward - EUR	2,473		458			3,344			1,815
Foreign currency forward - GBP	10,659		4,154			12,970			$	8,389
Net gains on non-qualifying hedges	$	15,862	$	3,787		$	17,114		$	19,122

Investments in Call Options on Equities

During the three and nine months ended September 30, 2019, we recorded unrealized gains included within net earnings of less than $0.1 million and $1.3 million, respectively, and during the three and nine months ended September 30, 2018, we recorded unrealized losses included within net earnings of $0.4 million and $5.4 million, respectively, on the call options on equities that we purchased in 2018 at a cost of $10.0 million. These call options on equities had a fair value of $1.9 million and $0.6 million as of September 30, 2019 and December 31, 2018, respectively.

Other Derivatives

Subsequent to September 30, 2019, we entered into a forward interest rate swap, with a notional amount of AUD$120.0 million, to partially mitigate the risk associated with declining interest rates until the receipt of the assets related to the Munich Re transaction, as discussed in Note 3 - "Significant New Business", which is expected to close in 2020.

Share-Based Compensation and Pensions (Tables)

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Schedule of Compensation Cost for Share-based Compensation Plans

The table below provides the expenses related to the share-based compensation plans and other share-based compensation plans and pension plans:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Share-based compensation plans:
Restricted shares and restricted share units	$	1,778	$	1,800		$	4,910		$	6,149
Performance share units	5,678		2,416			18,133			7,338
Cash-settled stock appreciation rights	102		(350		)	(109		)	898
Other share-based compensation plans:
Northshore incentive plan	1,029		943			3,061			2,390
Deferred compensation and ordinary share plan for non-employee directors	116		119			992			1,048
Employee share purchase plan	102		115			309			325
Total share-based compensation	$	8,805	$	5,043		$	27,296		$	18,148

The table below provides the expenses related to our pension plans:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Pension plans:
Defined contribution plans	$	2,851	$	2,818	$	8,646	$	8,640
Defined benefit plan	160		151		510		453
Total pension costs	$	3,011	$	2,969	$	9,156	$	9,093

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 114,807
Goodwill, Ending balance	114,807
Finite-lived Intangible Assets [Roll Forward]
Intangible assets with a definite life - other, Beginning balance	16,887
Intangible assets with a definite life - other, Amortization	(1,676)
Intangible assets with a definite life - other, Ending balance	15,211
Indefinite-lived Intangible Assets [Roll Forward]
Intangible assets with an indefinite life, Beginning balance	87,031
Intangible assets with an indefinite life, Ending balance	87,031
Intangible Assets [Roll Forward]
Intangible assets, Beginning Balance	103,918
Intangible assets with a definite life - other, Amortization	(1,676)
Intangible assets, Ending Balance	102,242
Goodwill and Intangible Assets [Roll Forward]
Goodwill and intangible assets, Beginning Balance	218,725
Goodwill and intangible assets, Ending balance	$ 217,049

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Total Reinsurance Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Effects of Reinsurance [Line Items]
Outstanding losses	$ 1,297,825		$ 1,183,728
IBNR	855,593		830,465
Fair value adjustments - acquired companies	(13,830)		(15,613)
Fair value adjustments - fair value option	(76,901)		(130,739)
Total reinsurance reserves recoverable	2,062,687	$ 2,059,998	1,867,841	$ 1,846,187	$ 1,866,969	$ 1,870,033
Paid losses recoverable	202,751		161,822
Net	2,265,438		2,029,663
Reinsurance balances recoverable on paid and unpaid losses	1,533,534		1,290,072
Reinsurance balances recoverable on paid and unpaid losses - fair value option	731,904		739,591
Non-life Run-off
Effects of Reinsurance [Line Items]
Outstanding losses	945,687		901,772
IBNR	631,722		609,434
Fair value adjustments - acquired companies	(12,134)		(14,344)
Fair value adjustments - fair value option	(76,901)		(130,739)
Total reinsurance reserves recoverable	1,488,374	1,534,427	1,366,123	1,412,090	1,462,139	1,377,485
Paid losses recoverable	145,129		138,265
Net	1,633,503		1,504,388
Reinsurance balances recoverable on paid and unpaid losses	901,599		764,797
Reinsurance balances recoverable on paid and unpaid losses - fair value option	731,904		739,591
Atrium
Effects of Reinsurance [Line Items]
Outstanding losses	9,049		18,891
IBNR	22,056		19,247
Fair value adjustments - acquired companies	614		630
Fair value adjustments - fair value option	0		0
Total reinsurance reserves recoverable	31,719	29,606	38,768	45,382	38,253	40,531
Paid losses recoverable	1,762		(256)
Net	33,481		38,512
Reinsurance balances recoverable on paid and unpaid losses	33,481		38,512
Reinsurance balances recoverable on paid and unpaid losses - fair value option	0		0
StarStone
Effects of Reinsurance [Line Items]
Outstanding losses	343,089		263,065
IBNR	201,815		201,784
Fair value adjustments - acquired companies	(2,310)		(1,899)
Fair value adjustments - fair value option	0		0
Total reinsurance reserves recoverable	542,594	$ 495,965	462,950	$ 388,715	$ 366,577	$ 452,017
Paid losses recoverable	55,860		23,813
Net	598,454		486,763
Reinsurance balances recoverable on paid and unpaid losses	598,454		486,763
Reinsurance balances recoverable on paid and unpaid losses - fair value option	$ 0		$ 0

Policy Benefits for Life Contracts (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Insurance [Abstract]
Policy benefits for life contracts	$ 0	$ 105,080

Commitments and Contingencies - Leases - Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 2,503
2020	13,030
2021	9,729
2022	7,856
2023	6,943
2024 and beyond	17,625
Total lease payments	57,686
Less: Imputed interest	(11,003)
Present value of lease liabilities	$ 46,683

Derivative and Hedging Instruments - Foreign Currency Hedging of Net Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Total cumulative translation adjustment	$ 2,551	$ 143	$ 4,390	$ (1,258)
Designated as Hedging Instrument \| Foreign exchange forward
Derivative [Line Items]
Gross Notional Amount	459,160		459,160		$ 108,680
Assets	2,993		2,993		1,615
Liabilities	1,254		1,254		300
Net gains on qualifying derivative hedges	14,713	730	13,564	2,338
Designated as Hedging Instrument \| Foreign exchange forward \| AUD
Derivative [Line Items]
Gross Notional Amount	61,269		61,269		42,258
Assets	191		191		1,377
Liabilities	0		0		0
Net gains on qualifying derivative hedges	1,673	678	1,819	2,286
Designated as Hedging Instrument \| Foreign exchange forward \| EUR
Derivative [Line Items]
Gross Notional Amount	109,051		109,051		66,422
Assets	2,426		2,426		238
Liabilities	0		0		300
Net gains on qualifying derivative hedges	4,780	52	5,076	52
Designated as Hedging Instrument \| Foreign exchange forward \| GBP
Derivative [Line Items]
Gross Notional Amount	288,840		288,840		0
Assets	376		376		0
Liabilities	1,254		1,254		0
Net gains on qualifying derivative hedges	8,260		6,669	0
Not designated as hedging instrument \| Foreign exchange forward
Derivative [Line Items]
Gross Notional Amount	232,846		232,846		411,718
Assets	2,299		2,299		5,086
Liabilities	753		753		683
Gains (Losses) on non-qualifying-hedges included in net earnings	15,862	3,787	17,114	19,122
Not designated as hedging instrument \| Foreign exchange forward \| AUD
Derivative [Line Items]
Gross Notional Amount	23,414		23,414		45,427
Assets	136		136		1,952
Liabilities	63		63		310
Gains (Losses) on non-qualifying-hedges included in net earnings	1,148	957	1,710	3,453
Not designated as hedging instrument \| Foreign exchange forward \| CAD
Derivative [Line Items]
Gross Notional Amount	117,816		117,816		55,050
Assets	172		172		1,441
Liabilities	0		0		0
Gains (Losses) on non-qualifying-hedges included in net earnings	1,582	5,465	(910)	(1,782)
Not designated as hedging instrument \| Foreign exchange forward \| EUR
Derivative [Line Items]
Gross Notional Amount	62,486		62,486		54,282
Assets	1,547		1,547		139
Liabilities	158		158		301
Gains (Losses) on non-qualifying-hedges included in net earnings	2,473	458	3,344	1,815
Not designated as hedging instrument \| Foreign exchange forward \| GBP
Derivative [Line Items]
Gross Notional Amount	29,130		29,130		256,959
Assets	444		444		1,554
Liabilities	532		532		$ 72
Gains (Losses) on non-qualifying-hedges included in net earnings	$ 10,659	4,154	$ 12,970	8,389
Net Investment Hedging
Derivative [Line Items]
Total cumulative translation adjustment		$ (700)		$ (3,100)

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments:
Equities, at fair value	$ 728,426	$ 367,125
Total investments	8,873,824	8,697,892
Reinsurance recoverable	(76,901)	(130,739)
Other Assets:
Losses and LAE	2,658,644	2,874,055
U.S. government and agency
Investments:
Total investments	506,826	510,245
U.K. government
Investments:
Total investments	295,957	300,631
Corporate
Investments:
Total investments	5,189,885	4,839,840
Municipal
Investments:
Total investments	161,364	130,265
Residential mortgage-backed
Investments:
Total investments	408,507	773,557
Commercial mortgage-backed
Investments:
Total investments	887,337	713,063
Asset-backed
Investments:
Total investments	708,854	636,481
Recurring
Investments:
Equities, at fair value	728,426	367,125
Total investments	12,012,096	11,037,554
Cash and cash equivalents	508,209	264,985
Other Assets:
Losses and LAE	2,658,644	2,874,055
Recurring \| Fixed Maturities
Investments:
Fixed maturity investments	8,873,824	8,697,892
Recurring \| Other investments
Investments:
Other investments	2,396,852	1,957,757
Recurring \| Reinsurance recoverable
Investments:
Reinsurance recoverable	731,904	739,591
Recurring \| Derivative instruments, assets
Other Assets:
Derivative Instruments	5,292	6,701
Recurring \| Derivative instruments, liabilities
Other Liabilities:
Derivative Instruments	2,007	983
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Equities, at fair value	466,461	102,102
Total investments	479,455	102,102
Cash and cash equivalents	360,381	243,839
Other Assets:
Losses and LAE	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Reinsurance recoverable
Investments:
Reinsurance recoverable	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, assets
Other Assets:
Derivative Instruments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, liabilities
Other Liabilities:
Derivative Instruments	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Investments:
Equities, at fair value	30,274	36,313
Total investments	9,460,829	9,086,971
Cash and cash equivalents	147,828	21,146
Other Assets:
Losses and LAE	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	8,853,105	8,643,996
Recurring \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	577,450	391,882
Recurring \| Significant Other Observable Inputs (Level 2) \| Reinsurance recoverable
Investments:
Reinsurance recoverable	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, assets
Other Assets:
Derivative Instruments	5,292	6,701
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, liabilities
Other Liabilities:
Derivative Instruments	2,007	983
Recurring \| Significant Unobservable Inputs (Level 3)
Investments:
Equities, at fair value	231,691	228,710
Total investments	319,833	321,973
Cash and cash equivalents	0	0
Other Assets:
Losses and LAE	2,658,644	2,874,055
Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	20,719	53,896
Recurring \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	67,423	39,367
Recurring \| Significant Unobservable Inputs (Level 3) \| Reinsurance recoverable
Investments:
Reinsurance recoverable	731,904	739,591
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, assets
Other Assets:
Derivative Instruments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, liabilities
Other Liabilities:
Derivative Instruments	0	0
Recurring \| Fair Value Based on NAV as Practical Expedient
Investments:
Total investments	1,751,979	1,526,508
Cash and cash equivalents	0	0
Recurring \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	1,751,979	1,526,508
Recurring \| U.S. government and agency \| Fixed Maturities
Investments:
Fixed maturity investments	506,826	510,245
Recurring \| U.S. government and agency \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| U.S. government and agency \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	506,826	510,245
Recurring \| U.S. government and agency \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| U.K. government \| Fixed Maturities
Investments:
Fixed maturity investments	295,957	300,631
Recurring \| U.K. government \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| U.K. government \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	295,957	300,631
Recurring \| U.K. government \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Other government \| Fixed Maturities
Investments:
Fixed maturity investments	715,094	793,810
Recurring \| Other government \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Other government \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	715,094	793,810
Recurring \| Other government \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Corporate \| Fixed Maturities
Investments:
Fixed maturity investments	5,189,885	4,839,840
Recurring \| Corporate \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Corporate \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	5,187,604	4,802,454
Recurring \| Corporate \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	2,281	37,386
Recurring \| Municipal \| Fixed Maturities
Investments:
Fixed maturity investments	161,364	130,265
Recurring \| Municipal \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Municipal \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	161,364	130,265
Recurring \| Municipal \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Residential mortgage-backed \| Fixed Maturities
Investments:
Fixed maturity investments	408,507	773,557
Recurring \| Residential mortgage-backed \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Residential mortgage-backed \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	408,507	773,557
Recurring \| Residential mortgage-backed \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Commercial mortgage-backed \| Fixed Maturities
Investments:
Fixed maturity investments	887,337	713,063
Recurring \| Commercial mortgage-backed \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Commercial mortgage-backed \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	887,335	705,674
Recurring \| Commercial mortgage-backed \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	2	7,389
Recurring \| Asset-backed \| Fixed Maturities
Investments:
Fixed maturity investments	708,854	636,481
Recurring \| Asset-backed \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Asset-backed \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	690,418	627,360
Recurring \| Asset-backed \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	18,436	9,121
Recurring \| Funds held - directly managed \| Fixed Maturities
Investments:
Fixed maturity investments	12,994	14,780
Recurring \| Funds held - directly managed \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturities
Investments:
Fixed maturity investments	12,994	0
Recurring \| Funds held - directly managed \| Significant Other Observable Inputs (Level 2) \| Fixed Maturities
Investments:
Fixed maturity investments	0	14,780
Recurring \| Funds held - directly managed \| Significant Unobservable Inputs (Level 3) \| Fixed Maturities
Investments:
Fixed maturity investments	0	0
Recurring \| Publicly traded equity investments
Investments:
Equities, at fair value	312,711	138,415
Recurring \| Publicly traded equity investments \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Equities, at fair value	282,437	102,102
Recurring \| Publicly traded equity investments \| Significant Other Observable Inputs (Level 2)
Investments:
Equities, at fair value	30,274	36,313
Recurring \| Publicly traded equity investments \| Significant Unobservable Inputs (Level 3)
Investments:
Equities, at fair value	0	0
Recurring \| Exchange-traded funds
Investments:
Equities, at fair value	184,024
Recurring \| Exchange-traded funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Equities, at fair value	184,024
Recurring \| Exchange-traded funds \| Significant Other Observable Inputs (Level 2)
Investments:
Equities, at fair value	0
Recurring \| Exchange-traded funds \| Significant Unobservable Inputs (Level 3)
Investments:
Equities, at fair value	0
Recurring \| Private equities and private equity funds
Investments:
Equities, at fair value	231,691	228,710
Recurring \| Private equities and private equity funds \| Other investments
Investments:
Other investments	305,756	248,628
Recurring \| Private equities and private equity funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Equities, at fair value	0	0
Recurring \| Private equities and private equity funds \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| Private equities and private equity funds \| Significant Other Observable Inputs (Level 2)
Investments:
Equities, at fair value	0	0
Recurring \| Private equities and private equity funds \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	0	0
Recurring \| Private equities and private equity funds \| Significant Unobservable Inputs (Level 3)
Investments:
Equities, at fair value	231,691	228,710
Recurring \| Private equities and private equity funds \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	0	0
Recurring \| Private equities and private equity funds \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	305,756	248,628
Recurring \| Hedge funds \| Other investments
Investments:
Other investments	997,593	852,584
Recurring \| Hedge funds \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| Hedge funds \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	0	0
Recurring \| Hedge funds \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	0	0
Recurring \| Hedge funds \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	997,593	852,584
Recurring \| Fixed income funds \| Other investments
Investments:
Other investments	554,067	403,858
Recurring \| Fixed income funds \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| Fixed income funds \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	473,671	290,864
Recurring \| Fixed income funds \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	0	0
Recurring \| Fixed income funds \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	80,396	112,994
Recurring \| Equity funds \| Other investments
Investments:
Other investments	373,814	333,681
Recurring \| Equity funds \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| Equity funds \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	101,909	100,440
Recurring \| Equity funds \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	0	0
Recurring \| Equity funds \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	271,905	233,241
Recurring \| CLO equities \| Other investments
Investments:
Other investments	67,109	39,052
Recurring \| CLO equities \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| CLO equities \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	0	0
Recurring \| CLO equities \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	67,109	39,052
Recurring \| CLO equities \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	0	0
Recurring \| CLO equity fund \| Other investments
Investments:
Other investments	89,493	37,260
Recurring \| CLO equity fund \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| CLO equity fund \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	0	0
Recurring \| CLO equity fund \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	0	0
Recurring \| CLO equity fund \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	89,493	37,260
Recurring \| Private credit funds \| Other investments
Investments:
Other investments		33,381
Recurring \| Private credit funds \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments		0
Recurring \| Private credit funds \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments		0
Recurring \| Private credit funds \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments		0
Recurring \| Private credit funds \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments		33,381
Recurring \| Other \| Other investments
Investments:
Other investments	9,020	9,313
Recurring \| Other \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other investments
Investments:
Other investments	0	0
Recurring \| Other \| Significant Other Observable Inputs (Level 2) \| Other investments
Investments:
Other investments	1,870	578
Recurring \| Other \| Significant Unobservable Inputs (Level 3) \| Other investments
Investments:
Other investments	314	315
Recurring \| Other \| Fair Value Based on NAV as Practical Expedient \| Other investments
Investments:
Other investments	$ 6,836	$ 8,420

Investments - Credit Ratings (Details) $ in Thousands	9 Months Ended
Investments - Credit Ratings (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 8,605,605
Fair Value	8,873,824
Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 395,197
Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	100.00%
Marketable Securities \| Credit Rating Concentration Risk \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	4.50%
AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,169,247
AAA Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	24.40%
AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,317,303
AA Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	14.80%
A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,968,448
A Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	33.40%
BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,992,296
BBB Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	22.50%
Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 31,333
Not Rated \| Marketable Securities \| Credit Rating Concentration Risk
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	0.40%
U.S. government and agency
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 495,484
Fair Value	506,826
U.S. government and agency \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 0
U.S. government and agency \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	5.70%
U.S. government and agency \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 506,826
U.S. government and agency \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
U.S. government and agency \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
U.S. government and agency \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
U.S. government and agency \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
U.K. government
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	275,156
Fair Value	295,957
U.K. government \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 0
U.K. government \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	3.30%
U.K. government \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 0
U.K. government \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	295,957
U.K. government \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
U.K. government \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
U.K. government \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
Other government
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	703,795
Fair Value	715,094
Other government \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 34,975
Other government \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	8.10%
Other government \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 303,279
Other government \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	154,187
Other government \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	66,423
Other government \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	156,230
Other government \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
Corporate
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	5,011,697
Fair Value	5,189,885
Corporate \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 296,641
Corporate \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	58.50%
Corporate \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 127,149
Corporate \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	558,260
Corporate \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	2,569,000
Corporate \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	1,626,305
Corporate \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	12,530
Municipal
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	147,637
Fair Value	161,364
Municipal \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 0
Municipal \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	1.80%
Municipal \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 11,548
Municipal \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	76,177
Municipal \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	51,347
Municipal \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	22,292
Municipal \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	0
Residential mortgage-backed
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	401,266
Fair Value	408,507
Residential mortgage-backed \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 40,718
Residential mortgage-backed \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	4.60%
Residential mortgage-backed \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 310,759
Residential mortgage-backed \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	45,094
Residential mortgage-backed \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	2,304
Residential mortgage-backed \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	2,313
Residential mortgage-backed \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	7,319
Commercial mortgage-backed
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	859,507
Fair Value	887,337
Commercial mortgage-backed \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 6,743
Commercial mortgage-backed \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	10.00%
Commercial mortgage-backed \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 606,878
Commercial mortgage-backed \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	103,702
Commercial mortgage-backed \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	92,312
Commercial mortgage-backed \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	67,072
Commercial mortgage-backed \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	10,630
Asset-backed
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	711,063
Fair Value	708,854
Asset-backed \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 16,120
Asset-backed \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
% of Total Investments	8.00%
Asset-backed \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 302,808
Asset-backed \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	83,926
Asset-backed \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	187,062
Asset-backed \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	118,084
Asset-backed \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 854