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Schedule of Net Premiums Written and Earned

The following table provides the total reinsurance balances recoverable on paid and unpaid losses as of December 31, 2019 and 2018:



	2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	972,293		$	9,011	$	328,009		$	1,309,313
IBNR	673,059			19,286		211,404			903,749
Fair value adjustments - acquired companies	(13,652		)	519		(2,122		)	(15,255		)
Fair value adjustments - fair value option	(88,086		)	—		—			(88,086		)
Total reinsurance reserves recoverable	1,543,614			28,816		537,291			2,109,721
Paid losses recoverable	181,375			1,541		87,253			270,169
Total	$	1,724,989		$	30,357	$	624,544		$	2,379,890

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,029,471		$	30,357	$	624,544		$	1,684,372
Reinsurance balances recoverable on paid and unpaid losses - fair value option	695,518			—		—			695,518
Total	$	1,724,989		$	30,357	$	624,544		$	2,379,890



	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

The following table shows our reinsurance balances recoverable on paid and unpaid losses by rating of reinsurer and our provisions for uncollectible reinsurance balances recoverable on paid and unpaid losses ("provisions for bad debt") as of December 31, 2019 and 2018. The majority of the provisions for bad debt relate to the Non-life Run-off segment.



	2019								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	$	1,904,268	$	43,427	$	1,860,841	2.3	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	487,608		—		487,608		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	135,653		104,212		31,441		76.8	%	143,079		105,213		37,866		73.5	%
Total	$	2,527,529	$	147,639	$	2,379,890	5.8	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2019, 2018 and 2017:



	2019						2018						2017
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	(25,069	)	$	197,009		$	(8,910	)	$	25,230		$	14,102		$	23,950
Ceded	(269		)	(28,513		)	(307		)	(15,803		)	(7,620		)	(9,788		)
Net	$	(25,338	)	$	168,496		$	(9,217	)	$	9,427		$	6,482		$	14,162
Atrium
Gross	$	192,373		$	182,678		$	171,494		$	164,428		$	153,472		$	152,278
Ceded	(20,017		)	(18,619		)	(18,006		)	(18,113		)	(19,258		)	(17,531		)
Net	$	172,356		$	164,059		$	153,488		$	146,315		$	134,214		$	134,747
StarStone
Gross	$	917,555		$	1,021,827		$	1,121,135		$	1,010,816		$	895,160		$	865,159
Ceded	(182,126		)	(219,901		)	(315,573		)	(295,857		)	(430,259		)	(405,756		)
Net	$	735,429		$	801,926		$	805,562		$	714,959		$	464,901		$	459,403
Other
Gross	$	18,534		$	20,544		$	32,378		$	25,237		$	5,719		$	5,900
Ceded	(22		)	(164		)	(311		)	(363		)	(926		)	(1,091		)
Net	$	18,512		$	20,380		$	32,067		$	24,874		$	4,793		$	4,809
Total
Gross	$	1,103,393		$	1,422,058		$	1,316,097		$	1,225,711		$	1,068,453		$	1,047,287
Ceded	(202,434		)	(267,197		)	(334,197		)	(330,136		)	(458,063		)	(434,166		)
Net	$	900,959		$	1,154,861		$	981,900		$	895,575		$	610,390		$	613,121

Reinsurance Balances Recoverable on Paid and Unpaid Losses

12 Months Ended

Dec. 31, 2019

Reinsurance Balances Recoverable on Paid and Unpaid Losses

8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

The following table provides the total reinsurance balances recoverable on paid and unpaid losses as of December 31, 2019 and 2018:



	2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	972,293		$	9,011	$	328,009		$	1,309,313
IBNR	673,059			19,286		211,404			903,749
Fair value adjustments - acquired companies	(13,652		)	519		(2,122		)	(15,255		)
Fair value adjustments - fair value option	(88,086		)	—		—			(88,086		)
Total reinsurance reserves recoverable	1,543,614			28,816		537,291			2,109,721
Paid losses recoverable	181,375			1,541		87,253			270,169
Total	$	1,724,989		$	30,357	$	624,544		$	2,379,890

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,029,471		$	30,357	$	624,544		$	1,684,372
Reinsurance balances recoverable on paid and unpaid losses - fair value option	695,518			—		—			695,518
Total	$	1,724,989		$	30,357	$	624,544		$	2,379,890



	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 on paid and unpaid losses plus a spread to reflect 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 12 - "Fair Value Measurements".

As of December 31, 2019 and 2018, we had reinsurance balances recoverable on paid and unpaid losses of approximately $2,379.9 million and $2,029.7 million, respectively. The increase of $350.2 million in reinsurance balances recoverable on paid and unpaid losses was primarily due to the AmTrust RITC and Zurich reinsurance transactions, which closed during the first and fourth quarters of 2019, respectively, and reserve increases in StarStone and our non-life run-off segment, offset by commutations and cash collections made during the year ended December 31, 2019.

Top Ten Reinsurers



	December 31, 2019										December 31, 2018
	Non-life Run-off		Atrium		StarStone		Total		% of Total		Non-life Run-off		Atrium		StarStone		Total		% of Total
Top ten reinsurers	$	1,154,110	$	22,051	$	388,171	$	1,564,332	65.7	%	$	1,124,079	$	25,239	$	263,192	$	1,412,510	69.6	%
Other reinsurers > $1 million	551,636		7,761		233,871		793,268		33.4	%	364,098		12,091		220,123		596,312		29.4	%
Other reinsurers < $1 million	19,243		545		2,502		22,290		0.9	%	16,211		1,182		3,448		20,841		1.0	%
Total	$	1,724,989	$	30,357	$	624,544	$	2,379,890	100.0	%	$	1,504,388	$	38,512	$	486,763	$	2,029,663	100.0	%



	December 31, 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

Recoverables rated A- or better in top 10	$	1,292,207	$	1,096,272
Collaterized non-rated reinsurers recoverables in top 10 ⁽¹⁾	272,125		316,238
	$	1,564,332	$	1,412,510

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2019:

Hannover Ruck SE ⁽²⁾	$	261,295	$	279,723
Lloyd's Syndicates ⁽³⁾	$	411,030	$	334,509

⁽¹⁾For the two non-rated reinsurers as of December 31, 2019 and three non-rated reinsurers as at 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 on Paid and Unpaid Losses

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



	2019								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	$	1,904,268	$	43,427	$	1,860,841	2.3	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	487,608		—		487,608		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	135,653		104,212		31,441		76.8	%	143,079		105,213		37,866		73.5	%
Total	$	2,527,529	$	147,639	$	2,379,890	5.8	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

13. PREMIUMS WRITTEN AND EARNED

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2019, 2018 and 2017:



	2019						2018						2017
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	(25,069	)	$	197,009		$	(8,910	)	$	25,230		$	14,102		$	23,950
Ceded	(269		)	(28,513		)	(307		)	(15,803		)	(7,620		)	(9,788		)
Net	$	(25,338	)	$	168,496		$	(9,217	)	$	9,427		$	6,482		$	14,162
Atrium
Gross	$	192,373		$	182,678		$	171,494		$	164,428		$	153,472		$	152,278
Ceded	(20,017		)	(18,619		)	(18,006		)	(18,113		)	(19,258		)	(17,531		)
Net	$	172,356		$	164,059		$	153,488		$	146,315		$	134,214		$	134,747
StarStone
Gross	$	917,555		$	1,021,827		$	1,121,135		$	1,010,816		$	895,160		$	865,159
Ceded	(182,126		)	(219,901		)	(315,573		)	(295,857		)	(430,259		)	(405,756		)
Net	$	735,429		$	801,926		$	805,562		$	714,959		$	464,901		$	459,403
Other
Gross	$	18,534		$	20,544		$	32,378		$	25,237		$	5,719		$	5,900
Ceded	(22		)	(164		)	(311		)	(363		)	(926		)	(1,091		)
Net	$	18,512		$	20,380		$	32,067		$	24,874		$	4,793		$	4,809
Total
Gross	$	1,103,393		$	1,422,058		$	1,316,097		$	1,225,711		$	1,068,453		$	1,047,287
Ceded	(202,434		)	(267,197		)	(334,197		)	(330,136		)	(458,063		)	(434,166		)
Net	$	900,959		$	1,154,861		$	981,900		$	895,575		$	610,390		$	613,121

Gross premiums written for the year ended December 31, 2019 and 2018 were $1,103.4 million and $1,316.1 million, respectively, a decrease of $212.7 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 due to unearned premium acquired in various transactions.

Acquisitions - Results of Operations Of Acquiree (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Morse TEC
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net investment income	$ 488
General and administrative expenses	(1,459)
Other expenses	(1,512)
Earnings of acquiree since acquisition date	$ (2,483)
Maiden Re
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net investment income		$ 675
General and administrative expenses		(435)
Net unrealized gains		3,749
Earnings of acquiree since acquisition date		3,989
KaylaRe
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net investment income		3,096
General and administrative expenses		(2,164)
Net unrealized gains		(47,769)
Earnings of acquiree since acquisition date		(45,915)
Premiums earned		13,627
Incurred losses and LAE		(12,364)
Acquisition costs		(341)
Underwriting income		$ 922

Related Party Transactions - AmTrust (Details) - USD ($)	1 Months Ended		3 Months Ended								12 Months Ended
	Dec. 31, 2019	Nov. 30, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investment in common and preferred shares											$ 69,213,000	$ 155,440,000	$ 0
Other income												1,453,000	2,679,000
Net investment income			$ 79,376,000	$ 85,472,000	$ 77,732,000	$ 78,696,000	$ 68,453,000	$ 69,430,000	$ 66,469,000	$ 66,319,000	321,276,000	270,671,000	208,789,000
Net realized and unrealized gains (losses)			152,664,000	$ 148,185,000	$ 269,711,000	$ 460,791,000	(158,213,000)	$ (57,223,000)	$ (54,418,000)	$ (143,030,000)	1,031,351,000	(412,884,000)	$ 190,334,000
Evergreen Parent L.P. \| Affiliated entity
Related Party Transaction [Line Items]
Investment in common and preferred shares	$ 25,900,000	$ 200,000,000.0
Ownership of equity interest		8.50%
Other income												3,300,000
AmTrust Financial Services, Inc. \| Affiliated entity
Related Party Transaction [Line Items]
Indirect investment	$ 240,115,000		$ 240,115,000				$ 200,000,000				240,115,000	200,000,000
Net investment income											7,700,000	300,000
Net realized and unrealized gains (losses)											$ 10,100,000	$ 0
Evergreen Parent L.P. \| Trident Pine \| Affiliated entity
Related Party Transaction [Line Items]
Ownership of equity interest		21.80%
AmTrust Financial Services, Inc. \| Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired, percent		45.00%

Investments - Funds Held (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Funds Held, Directly Managed [Abstract]
Funds held - directly managed	$ 1,187,552	$ 1,198,154
Net unrealized gains (losses):
Funds held by reinsured companies	408,735	321,267
Funds held - Directly Managed - Fair Value Option
Funds Held, Directly Managed [Abstract]
Fixed maturity investments, trading	191,297	176,937
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	185,859	179,670
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,438	(2,733)
Change in fair value - embedded derivative accounting	0	0
Fixed maturity investments, trading	191,297	176,937
Funds held - Directly Managed - Variable Return
Funds Held, Directly Managed [Abstract]
Fixed maturity investments, trading	982,048	1,006,437
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	940,194	1,044,377
Net unrealized gains (losses):
Change in fair value - fair value option accounting	0	0
Change in fair value - embedded derivative accounting	41,854	(37,940)
Fixed maturity investments, trading	982,048	1,006,437
Funds Held - Directly Managed
Funds Held, Directly Managed [Abstract]
Fixed maturity investments, trading	1,173,345	1,183,374
Other assets	14,207	14,780
Funds held - directly managed	1,187,552	1,198,154
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	1,126,053	1,224,047
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,438	(2,733)
Change in fair value - embedded derivative accounting	41,854	(37,940)
Fixed maturity investments, trading	$ 1,173,345	$ 1,183,374

Unaudited Condensed Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME
Net premiums earned	$ 272,686	$ 270,325	$ 276,563	$ 335,287	$ 231,947	$ 264,597	$ 228,812	$ 170,219	$ 1,154,861	$ 895,575	$ 613,121
Fees and commission income	9,007	6,587	6,178	6,681	11,455	6,950	8,352	8,331	28,453	35,088	66,103
Net investment income	79,376	85,472	77,732	78,696	68,453	69,430	66,469	66,319	321,276	270,671	208,789
Net realized and unrealized gains (losses)	152,664	148,185	269,711	460,791	(158,213)	(57,223)	(54,418)	(143,030)	1,031,351	(412,884)	190,334
Other income (losses)	19,502	826	11,030	5,812	34,267	8,226	(9,351)	1,943	37,170	35,085	22,605
Total income	533,235	511,395	641,214	887,267	187,909	291,980	239,864	103,782	2,573,111	823,535	1,100,952
EXPENSES
Net incurred losses and loss adjustment expenses	121,416	222,417	216,338	312,404	187,698	153,974	92,819	19,534	872,575	454,025	193,551
Life and annuity policy benefits	(2,199)	0	2,194	96	786	423	(160)	(46)	91	1,003	4,015
Acquisition costs	95,026	50,282	66,855	93,788	55,106	54,242	53,334	30,108	305,951	192,790	96,906
General and administrative expenses	129,569	113,924	117,519	112,074	106,950	102,553	102,612	95,260	473,086	407,375	435,985
Interest expense	13,519	14,950	13,036	11,036	4,644	4,640	8,922	8,011	52,541	26,217	28,102
Net foreign exchange (gains) losses	12,189	(13,631)	(2,587)	(3,850)	1,279	1,040	(5,519)	5,868	(7,879)	2,668	17,537
Total expenses	369,520	387,942	413,355	525,548	356,463	316,872	252,008	158,735	1,696,365	1,084,078	792,445
EARNINGS (LOSS) BEFORE INCOME TAXES	163,715	123,453	227,859	361,719	(168,554)	(24,892)	(12,144)	(54,953)	876,746	(260,543)	308,507
Income tax benefit (expense)	22,427	(14,597)	(7,518)	(4,749)	10,688	(746)	(3,646)	(172)	(4,437)	6,124	6,395
Earnings from equity method investments	11,722	17,703	17,713	8,772	8,488	3,317	15,645	14,697	55,910	42,147	5,904
NET EARNINGS (LOSS)	197,864	126,559	238,054	365,742	(149,378)	(22,321)	(145)	(40,428)	928,219	(212,272)	331,799
Net loss (earnings) attributable to noncontrolling interest	4,900	109	2,713	2,148	42,955	11,489	8,389	(782)	9,870	62,051	(20,341)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	202,764	126,668	240,767	367,890	(106,423)	(10,832)	8,244	(41,210)	938,089	(150,221)	311,458
Dividends on preferred shares	(8,925)	(8,925)	(8,925)	(9,139)	(7,000)	(5,133)	0	0	(35,914)	(12,133)	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 193,839	$ 117,743	$ 231,842	$ 358,751	$ (113,423)	$ (15,965)	$ 8,244	$ (41,210)	$ 902,175	$ (162,354)	$ 311,458
Earnings Loss) per ordinary share attributable to Enstar Group Limited:
Basic (dollars per share)	$ 9.02	$ 5.48	$ 10.79	$ 16.71	$ (5.29)	$ (0.74)	$ 0.40	$ (2.12)	$ 42.00	$ (7.84)	$ 16.06
Diluted (dollars per share)	$ 8.89	$ 5.42	$ 10.70	$ 16.57	$ (5.29)	$ (0.74)	$ 0.40	$ (2.12)	$ 41.43	$ (7.84)	$ 15.95

Goodwill and Intangible Assets - Summary of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
2020	$ 2,033
2021	2,033
2022	2,033
2023	1,975
2024	1,333
2025 and thereafter	5,223
Total amortization	14,630	$ 16,887	$ 20,487
Atrium
Segment Reporting Information [Line Items]
2020	2,033
2021	2,033
2022	2,033
2023	1,975
2024	1,333
2025 and thereafter	5,223
Total amortization	14,630	16,665
StarStone
Segment Reporting Information [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
2025 and thereafter	0
Total amortization	$ 0	$ 222

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred Acquisition Costs	$ 153,505	$ 121,101	$ 64,984
Reserves for Unpaid Losses and Loss Adjustment Expenses	10,429,238	9,409,504	7,398,088
Unearned Premiums	746,775	842,618	583,197
Net Premiums Earned	1,153,589	891,708	608,312
Net Investment Income	320,780	269,093	198,602
Net Losses and Loss Expenses Incurred - Current Year	823,658	689,782	437,853
Net Loses and Loss Expenses Incurred - Prior Year	48,917	(235,757)	(244,302)
Net Paid Losses and Loss Expenses	(1,869,268)	(1,384,545)	(945,194)
Amortization of Deferred Acquisition Costs	305,774	192,790	96,028
Net Premiums Written	$ 899,687	$ 978,037	$ 605,597

Derivatives and Hedging Instruments - Foreign Currency Forward Contracts (Details) - Not Designated as Hedging Instrument - Foreign Exchange Forward - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Notional Amount	$ 153,563	$ 411,718
Assets	1,369	5,086
Liabilities	4,106	683
Gains (losses) on non-qualifying hedges charged to earnings	13,207	31,643
Australia, Dollars
Derivative [Line Items]
Gross Notional Amount	913	45,427
Assets	839	1,952
Liabilities	892	310
Gains (losses) on non-qualifying hedges charged to earnings	1,523	4,958
Canada, Dollars
Derivative [Line Items]
Gross Notional Amount	66,266	55,050
Assets	10	1,441
Liabilities	1,482	0
Gains (losses) on non-qualifying hedges charged to earnings	(2,079)	9,311
Euro Member Countries, Euro
Derivative [Line Items]
Gross Notional Amount	74,444	54,282
Assets	507	139
Liabilities	1,440	301
Gains (losses) on non-qualifying hedges charged to earnings	1,759	2,296
United Kingdom, Pounds
Derivative [Line Items]
Gross Notional Amount	11,940	256,959
Assets	13	1,554
Liabilities	292	72
Gains (losses) on non-qualifying hedges charged to earnings	$ 12,004	$ 15,078

Schedule II - Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Statement of Income Captions [Line Items]
NET EARNINGS	$ 202,764	$ 126,668	$ 240,767	$ 367,890	$ (106,423)	$ (10,832)	$ 8,244	$ (41,210)	$ 938,089	$ (150,221)	$ 311,458
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									934,820	(150,248)	345,474
Enstar Group Limited
Condensed Statement of Income Captions [Line Items]
NET EARNINGS									938,089	(150,221)	311,458
OTHER COMPREHENSIVE INCOME (LOSS) RELATING TO SUBSIDIARIES, NET OF TAX									(3,269)	(27)	34,016
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									$ 934,820	$ (150,248)	$ 345,474

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Comparison of Basic and Diluted Earnings per Share

Investments - Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Equity investments	$ 729,721	$ 367,125
Publicly traded equity investments in common and preferred stocks
Investment [Line Items]
Equity investments	327,875	138,415
Exchange-traded funds
Investment [Line Items]
Equity investments	133,047	0
Privately held equity investments in common and preferred stocks
Investment [Line Items]
Equity investments	268,799	$ 228,710
AmTrust Financial Services, Inc.
Investment [Line Items]
Indirect investment	$ 240,100

Debt Obligations and Credit Facilities - Amounts of Outstanding Debt and Accrued Interest (Details) - USD ($) $ in Thousands			3 Months Ended								12 Months Ended
	Dec. 27, 2018	Aug. 16, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Carrying value of debt			$ 1,191,207				$ 861,539				$ 1,191,207	$ 861,539
Receipt of loans											1,070,502	1,132,507	$ 874,100
Repayment of loans											(742,574)	(914,319)	(912,140)
Interest expense on debt obligations											51,245	25,205	25,619
Amortization of debt issuance costs											953	537	416
Funds withheld balances and other											343	475	2,067
Total interest expense			13,519	$ 14,950	$ 13,036	$ 11,036	4,644	$ 4,640	$ 8,922	$ 8,011	52,541	26,217	$ 28,102
Senior Notes
Line of Credit Facility [Line Items]
Carrying value of debt			842,216				348,054				$ 842,216	348,054
Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Term											5 years
Carrying value of debt			348,616				348,054				$ 348,616	348,054
Senior Notes \| Senior Notes Due 2029
Line of Credit Facility [Line Items]
Term											10 years
Carrying value of debt			493,600				0				$ 493,600	0
Loan facilities
Line of Credit Facility [Line Items]
Receipt of loans											1,070,500
Repayment of loans											$ (742,600)
Loan facilities \| EGL Revolving Credit Facility
Line of Credit Facility [Line Items]
Term		5 years									5 years
Carrying value of debt			0				15,000				$ 0	15,000
Loan facilities \| 2018 EGL Term Loan Facility
Line of Credit Facility [Line Items]
Term	3 years										3 years
Carrying value of debt			$ 348,991				$ 498,485				$ 348,991	$ 498,485
Repayment of loans											$ (150,000)

Fair Value Measurements - Reconciliation for Investments Measured At Fair Value on Recurring Basis Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 321,973	$ 176,723
Purchases	90,805	304,387
Sales	(11,998)	(133,776)
Total realized and unrealized gains (losses)	970	(21,369)
Transfer into Level 3 from Level 2	27,923	46,633
Transfer out of Level 3 into Level 2	(73,005)	(50,625)
Ending fair value	356,668	321,973
Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	37,386	67,178
Purchases	184	14,391
Sales	(3,520)	(65,700)
Total realized and unrealized gains (losses)	90	(57)
Transfer into Level 3 from Level 2	3,535	28,339
Transfer out of Level 3 into Level 2	(37,675)	(6,765)
Ending fair value	0	37,386
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	0	3,080
Purchases	0	0
Sales	0	(1,184)
Total realized and unrealized gains (losses)	(1)	(28)
Transfer into Level 3 from Level 2	102	1,795
Transfer out of Level 3 into Level 2	(101)	(3,663)
Ending fair value	0	0
Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	7,389	21,494
Purchases	0	3,749
Sales	(784)	(5,781)
Total realized and unrealized gains (losses)	64	(645)
Transfer into Level 3 from Level 2	1,515	4,897
Transfer out of Level 3 into Level 2	(8,184)	(16,325)
Ending fair value	0	7,389
Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	9,121	27,892
Purchases	0	46,074
Sales	(5,088)	(49,020)
Total realized and unrealized gains (losses)	241	(1,843)
Transfer into Level 3 from Level 2	22,771	9,890
Transfer out of Level 3 into Level 2	(27,045)	(23,872)
Ending fair value	0	9,121
Privately-held Equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	228,710	0
Purchases	33,713	227,000
Sales	(2,016)	0
Total realized and unrealized gains (losses)	8,392	(2)
Transfer into Level 3 from Level 2	0	1,712
Transfer out of Level 3 into Level 2	0	0
Ending fair value	268,799	228,710
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	39,367	57,079
Purchases	56,908	13,173
Sales	(590)	(12,091)
Total realized and unrealized gains (losses)	(7,816)	(18,794)
Transfer into Level 3 from Level 2	0	0
Transfer out of Level 3 into Level 2	0	0
Ending fair value	$ 87,869	$ 39,367

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effects of Reinsurance [Line Items]
Gross, premiums written									$ 1,103,393	$ 1,316,097	$ 1,068,453
Ceded, premiums written									(202,434)	(334,197)	(458,063)
Net, premiums written									900,959	981,900	610,390
Gross, premiums earned									1,422,058	1,225,711	1,047,287
Ceded, premiums earned									(267,197)	(330,136)	(434,166)
Net, premiums earned	$ 272,686	$ 270,325	$ 276,563	$ 335,287	$ 231,947	$ 264,597	$ 228,812	$ 170,219	1,154,861	895,575	613,121
Operating Segments \| Non-life Run-off
Effects of Reinsurance [Line Items]
Gross, premiums written									(25,069)	(8,910)	14,102
Ceded, premiums written									(269)	(307)	(7,620)
Net, premiums written									(25,338)	(9,217)	6,482
Gross, premiums earned									197,009	25,230	23,950
Ceded, premiums earned									(28,513)	(15,803)	(9,788)
Net, premiums earned									168,496	9,427	14,162
Operating Segments \| Atrium
Effects of Reinsurance [Line Items]
Gross, premiums written									192,373	171,494	153,472
Ceded, premiums written									(20,017)	(18,006)	(19,258)
Net, premiums written									172,356	153,488	134,214
Gross, premiums earned									182,678	164,428	152,278
Ceded, premiums earned									(18,619)	(18,113)	(17,531)
Net, premiums earned									164,059	146,315	134,747
Operating Segments \| StarStone
Effects of Reinsurance [Line Items]
Gross, premiums written									917,555	1,121,135	895,160
Ceded, premiums written									(182,126)	(315,573)	(430,259)
Net, premiums written									735,429	805,562	464,901
Gross, premiums earned									1,021,827	1,010,816	865,159
Ceded, premiums earned									(219,901)	(295,857)	(405,756)
Net, premiums earned									801,926	714,959	459,403
Other
Effects of Reinsurance [Line Items]
Gross, premiums written									18,534	32,378	5,719
Ceded, premiums written									(22)	(311)	(926)
Net, premiums written									18,512	32,067	4,793
Gross, premiums earned									20,544	25,237	5,900
Ceded, premiums earned									(164)	(363)	(1,091)
Net, premiums earned									$ 20,380	$ 24,874	$ 4,809

Noncontrolling Interest - Noncontrolling Interest (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Abstract]
Noncontrolling interest	$ 14,168	$ 12,056

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Numerator:
Net earnings (loss) from continuing operations	$	902,175	$	(162,354	)	$	300,465
Net earnings from discontinued operations, net of income taxes	—		—			10,993
Net earnings (loss) attributable to Enstar Group Limited	$	902,175	$	(162,354	)	$	311,458
Denominator:
Weighted-average ordinary shares outstanding — basic	21,482,617		20,698,310			19,388,621
Effect of dilutive securities:
Share-based compensation plans	227,878		129,746			62,732
Warrants	64,571		76,120			76,238
Weighted-average ordinary shares outstanding — diluted	21,775,066		20,904,176			19,527,591
Earnings per share attributable to Enstar Group Limited:
Basic:
Net earnings (loss) from continuing operations	$	42.00	$	(7.84	)	$	15.50
Net earnings from discontinued operations, net of income taxes	—		—			0.56
Net earnings (loss) per ordinary share	$	42.00	$	(7.84	)	$	16.06
Diluted⁽¹⁾:
Net earnings (loss) from continuing operations	$	41.43	$	(7.84	)	$	15.39
Net earnings from discontinued operations, net of income taxes	—		—			0.56
Net earnings (loss) per ordinary share	$	41.43	$	(7.84	)	$	15.95

⁽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 - Loss on Settlement Of Contractual Preexisting Relationships (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	May 14, 2018	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Funds held by reinsured companies	$ 408,735	$ 321,267
Deferred acquisition costs/Value of business acquired	272,462	86,585		$ 80,192	$ 94,551
TOTAL ASSETS	19,363,315	16,556,270
LIABILITIES
Losses and LAE	10,429,238	9,409,504		$ 7,398,088	$ 5,987,867
Unearned premiums	746,775	842,618
Insurance and reinsurance balances payable	373,180	388,086
Other liabilities	464,014	468,129
TOTAL LIABILITIES	14,068,173	12,183,738
NET ASSETS (LIABILITIES)	$ 4,856,351	$ 3,913,989
Carrying value \| KaylaRe
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)
Fair value \| KaylaRe
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)
Loss on deemed settlement \| KaylaRe
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

Share Capital	12 Months Ended
Share Capital	Dec. 31, 2019
Equity [Abstract]
Share Capital	17. SHARE CAPITAL As of December 31, 2019 and 2018, the authorized share capital was 111,000,000 ordinary shares ("Voting Ordinary Shares") and non-voting convertible ordinary shares ("Non-Voting Ordinary Shares"), each of par value $1.00 per share, and 45,000,000 preferred shares of par value $1.00 per share. Voting Ordinary Shares Our Voting Ordinary Shares are listed and trade on the NASDAQ Global Select Market. Each Voting Ordinary Share entitles the holder thereof to one vote. On May 14, 2018, 1,501,778 Voting Ordinary Shares were issued as consideration for the acquisition of KaylaRe Holdings Ltd, as described in Note 3 - "Acquisitions". On January 21, 2020, 565,630 Voting Ordinary Shares were issued to the trustee of the Enstar Group Limited Employee Benefit Trust (the "EB Trust"). Shares held in the EB Trust are classified as treasury shares. The EB Trust supports awards made under the Joint Share Ownership Plan, a sub-plan to our Amended and Restated 2016 Equity Incentive Plan (the "JSOP"). Voting rights in respect of shares held in the EB Trust have been contractually waived. Non-Voting Ordinary Shares The Non-Voting Ordinary Shares are comprised of several different series as of December 31, 2019: • the Series A shares were canceled in June 2016 in an internal reorganization as described below. • the Series C shares were originally issued in connection with investment transactions in April and December of 2011. In addition, there were 66,520 Series C Non-Voting Ordinary Shares issued in March 2017 in connection with the exercise of warrants as described below. The Series C shares: (i) have all of the economic rights (including dividend rights) attaching to Voting Ordinary Shares but are non-voting except in certain limited circumstances; (ii) will automatically convert at a one-for-one exchange ratio (subject to adjustment for share splits, dividends, recapitalizations, consolidations or similar transactions) into Voting Ordinary Shares if the registered holder transfers them in a widely dispersed offering; (iii) may only vote on certain limited matters that would constitute a variation of class rights and as required under Bermuda law, provided that the aggregate voting power of the Series C shares with respect to any merger, consolidation or amalgamation will not exceed 0.01% of the aggregate voting power of our issued share capital; and (iv) require the registered holders’ written consent in order to vary the rights of the shares in a significant and adverse manner. During the three months ended March 31, 2017, 192,485 Series C Non-Voting Ordinary Shares were converted into Voting Ordinary Shares in a widely dispersed offering by their registered holders. • the Series B and Series D shares were created in connection with the 2011 investment transactions, but no shares in these series are issued and outstanding. Holders of the Series C shares have the right to convert such shares, on a share-for-share basis, subject to certain adjustments, into Series D shares at their option. There is no economic difference in Series B, C or D shares, but there are slight differences in the conversion rights and the limited voting rights of each series. • there were 910,010 Series E shares issued and outstanding as of December 31, 2019. On May 14, 2018, 505,239 Series E non-voting shares were issued as consideration for the acquisition of KaylaRe Holdings Ltd, as described in Note 3 - "Acquisitions". The Series E shares have substantially the same rights as the Series C shares, except that (i) they are convertible only into Voting Ordinary Shares and (ii) they may only vote as required under Bermuda law. The Series E shares include all other Non-Voting Ordinary Shares authorized under our bye-laws but not classified as Series A, B, C or D Non-Voting Ordinary Shares. Warrants As of December 31, 2019, there were warrants outstanding to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share, subject to certain adjustments (the "Warrants"). The Warrants were issued in April 2011 and expire in April 2021. The Warrant holder may, at its election, satisfy the exercise price of the Warrants on a cashless basis by surrender of shares otherwise issuable upon exercise of the Warrants in accordance with a formula set forth in the Warrants. Series C Preferred Shares As of December 31, 2019, there were 388,571 Series C Participating Non-Voting Perpetual Preferred Shares ("Series C Preferred Shares") issued and held by one of our wholly-owned subsidiaries. The Series C Preferred Shares were issued in June 2016 in an internal reorganization transaction that resulted in the cancellation of all of the Series A Shares. The Series C Preferred Shares (i) upon liquidation, dissolution or winding up of the Company, entitle their holders to a preference over holders of our ordinary voting and non-voting shares of an amount equal to $0.001 per share with respect to surplus assets and (ii) are non-voting except in certain limited circumstances. The Series C Preferred shares have dividend rights equal to those of the ordinary voting shares, subject to certain limitations and in an amount determined by a "participation rate" that is generally reflective of the reduction in the number of Series C Preferred Shares issued in exchange for the previously outstanding Series A Shares. The Series C Preferred Shares otherwise rank on parity with the ordinary voting and non-voting shares, and they rank senior to each other class or series of share capital, unless the terms of any such class or series shall expressly provide otherwise. Series D Preferred Shares On June 28, 2018, the Company raised $400.0 million of gross proceeds through the public offering of 16,000 shares of its 7.00% non-cumulative fixed-to-floating rate Series D perpetual preferred shares ("Series D Preferred Shares") (equivalent to 16,000,000 depositary shares, each of which represents a 1/1,000th interest in a Series D Preferred Share), $1.00 par value and $25,000 liquidation preference (the "Liquidation Preference") per share (equivalent to $25.00 per depositary share). The Company received net proceeds of $389.2 million which was used to repay debt obligations. The depositary shares are listed and trade on the NASDAQ Global Select Market. The Series D Preferred Shares are not redeemable prior to September 1, 2028, except in specified circumstances relating to certain tax, corporate, capital or rating agency events as described in the prospectus supplement relating to the offering. On and after September 1, 2028, the Series D Preferred Shares, represented by the depositary shares, will be redeemable at the Company’s option, in whole or from time to time in part, at a redemption price equal to $25,000 per Series D Preferred Share (equivalent to $25.00 per depositary share), plus any declared and unpaid dividends. Series E Preferred Shares On November 21, 2018, the Company raised $110.0 million of gross proceeds through the public offering of 4,400 shares of its 7.00% fixed rate non-cumulative Series E perpetual preferred shares ("Series E Preferred Shares") (equivalent to 4,400,000 depositary shares, each of which represents a 1/1,000th interest in a Series E Preferred Share), $1.00 par value and $25,000 liquidation preference (the "Series E Liquidation Preference") per share (equivalent to $25.00 per depositary share). The Company received net proceeds of $106.1 million which was used to fund operations within our Non-life Run-off segment. The depositary shares are listed and trade on the NASDAQ Global Select Market. The Series E Preferred Shares are not redeemable prior to March 1, 2024, except in specified circumstances relating to certain tax, corporate, capital or rating agency events as described in the prospectus supplement relating to the offering. On and after March 1, 2024, the Series E Preferred Shares, represented by the depositary shares, will be redeemable at the Company’s option, in whole or from time to time in part, at a redemption price equal to $25,000 per Series E Preferred Share (equivalent to $25.00 per depositary share), plus any declared and unpaid dividends. Dividends on Preferred Shares Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year, commencing on September 1, 2018 for the Series D Preferred Shares and March 1, 2019 for the Series E Preferred Shares, of 7.00% per annum. Commencing on September 1, 2028, the Series D Preferred Shares will convert to a floating rate basis and dividends will be payable on a non-cumulative basis, when, as and if declared, at three-month LIBOR plus 4.015% per annum. Dividends that are not declared will not accumulate and will not be payable. During 2019, we declared and paid $28.0 million of dividends on the Series D Preferred Shares, and declared and paid $7.9 million of dividends on the Series E Preferred Shares. During 2018, we declared and paid $12.1 million of dividends on the Series D Preferred Shares. During February 2020, we declared $7.0 million and $1.9 million of dividends on the Series D and E Preferred Shares, respectively, to be paid on March 2, 2020 to shareholders of record as of February 15, 2020. Any payment of dividends must be approved by our Board of Directors. Our ability to pay dividends is subject to certain restrictions, as described in Note 22 - "Dividend Restrictions and Statutory Financial Information".

Deferred Charge Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Deferred Charge Assets

The following table presents a reconciliation of the deferred charge assets for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Beginning carrying value	$	86,585		$	80,192		$	94,551
Recorded during the year	224,504			20,174			—
Amortization	(38,627		)	(13,781		)	(14,359		)
Ending carrying value	$	272,462		$	86,585		$	80,192

Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Gross premiums written									$ 1,103,393	$ 1,316,097	$ 1,068,453
Net premiums written									900,959	981,900	610,390
Net premiums earned	$ 272,686	$ 270,325	$ 276,563	$ 335,287	$ 231,947	$ 264,597	$ 228,812	$ 170,219	1,154,861	895,575	613,121
Net incurred losses and LAE	(121,416)	(222,417)	(216,338)	(312,404)	(187,698)	(153,974)	(92,819)	(19,534)	(872,575)	(454,025)	(193,551)
Life and Annuity Policy Benefits	2,199	0	(2,194)	(96)	(786)	(423)	160	46	(91)	(1,003)	(4,015)
Acquisition costs	(95,026)	(50,282)	(66,855)	(93,788)	(55,106)	(54,242)	(53,334)	(30,108)	(305,951)	(192,790)	(96,906)
Operating expenses									(334,837)	(333,234)	(285,237)
Underwriting income (loss)									(358,593)	(85,477)	33,412
Net investment income	79,376	85,472	77,732	78,696	68,453	69,430	66,469	66,319	321,276	270,671	208,789
Net realized and unrealized gains (losses)	152,664	148,185	269,711	460,791	(158,213)	(57,223)	(54,418)	(143,030)	1,031,351	(412,884)	190,334
Fees and commission income	9,007	6,587	6,178	6,681	11,455	6,950	8,352	8,331	28,453	35,088	66,103
Other income	19,502	826	11,030	5,812	34,267	8,226	(9,351)	1,943	37,170	35,085	22,605
Corporate expenses									(138,249)	(74,141)	(150,748)
Interest income (expense)									(52,541)	(26,217)	(28,102)
Net foreign exchange gains (losses)	(12,189)	13,631	2,587	3,850	(1,279)	(1,040)	5,519	(5,868)	7,879	(2,668)	(17,537)
Loss on sale of subsidiary									0	0	(16,349)
EARNINGS (LOSS) BEFORE INCOME TAXES	163,715	123,453	227,859	361,719	(168,554)	(24,892)	(12,144)	(54,953)	876,746	(260,543)	308,507
Income tax benefit (expense)	22,427	(14,597)	(7,518)	(4,749)	10,688	(746)	(3,646)	(172)	(4,437)	6,124	6,395
Earnings from equity method investments	11,722	17,703	17,713	8,772	8,488	3,317	15,645	14,697	55,910	42,147	5,904
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS									928,219	(212,272)	320,806
Net earnings from discontinued operations, net of income taxes									0	0	10,993
NET EARNINGS (LOSS)	197,864	126,559	238,054	365,742	(149,378)	(22,321)	(145)	(40,428)	928,219	(212,272)	331,799
Net loss (earnings) attributable to noncontrolling interest	4,900	109	2,713	2,148	42,955	11,489	8,389	(782)	9,870	62,051	(20,341)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	202,764	126,668	240,767	367,890	(106,423)	(10,832)	8,244	(41,210)	938,089	(150,221)	311,458
Dividends on preferred shares	(8,925)	(8,925)	(8,925)	(9,139)	(7,000)	(5,133)	0	0	(35,914)	(12,133)	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 193,839	$ 117,743	$ 231,842	$ 358,751	$ (113,423)	$ (15,965)	$ 8,244	$ (41,210)	902,175	(162,354)	311,458
Non-life Run-off
Segment Reporting Information [Line Items]
Net incurred losses and LAE									(51,625)	306,067	190,674
Atrium
Segment Reporting Information [Line Items]
Net incurred losses and LAE									$ (77,276)	$ (69,810)	$ (69,419)
Underwriting ratios:
Loss ratio									47.10%	47.70%	51.50%
Acquisition expense ratio									34.70%	34.60%	35.40%
Other operating expense ratio									8.80%	12.20%	13.00%
Combined ratio									90.60%	94.50%	99.90%
StarStone
Segment Reporting Information [Line Items]
Net incurred losses and LAE									$ (727,636)	$ (673,383)	$ (314,806)
Underwriting ratios:
Loss ratio									90.70%	94.20%	68.50%
Acquisition expense ratio									21.80%	18.90%	10.50%
Other operating expense ratio									15.10%	22.00%	29.50%
Combined ratio									127.60%	135.10%	108.50%
Operating Segments \| Non-life Run-off
Segment Reporting Information [Line Items]
Gross premiums written									$ (25,069)	$ (8,910)	$ 14,102
Net premiums written									(25,338)	(9,217)	6,482
Net premiums earned									168,496	9,427	14,162
Net incurred losses and LAE									(51,625)	306,067	190,674
Life and Annuity Policy Benefits									0	0	0
Acquisition costs									(73,642)	(4,006)	(328)
Operating expenses									(199,756)	(158,731)	(132,235)
Underwriting income (loss)									(156,527)	152,757	72,273
Net investment income									275,236	226,287	166,678
Net realized and unrealized gains (losses)									968,350	(381,712)	179,545
Fees and commission income									18,293	16,466	43,849
Other income									34,809	35,978	21,157
Corporate expenses									(70,689)	(39,093)	(101,592)
Interest income (expense)									(62,055)	(30,616)	(28,970)
Net foreign exchange gains (losses)									9,918	2,534	(7,347)
Loss on sale of subsidiary											0
EARNINGS (LOSS) BEFORE INCOME TAXES									1,017,335	(17,399)	345,593
Income tax benefit (expense)									(7,250)	3,581	6,990
Earnings from equity method investments									56,128	42,147	5,904
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS											358,487
Net earnings from discontinued operations, net of income taxes											0
NET EARNINGS (LOSS)									1,066,213	28,329	358,487
Net loss (earnings) attributable to noncontrolling interest									(6,409)	(3,107)	(14,687)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									1,059,804	25,222
Dividends on preferred shares									0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS									1,059,804	25,222	343,800
Operating Segments \| Atrium
Segment Reporting Information [Line Items]
Gross premiums written									192,373	171,494	153,472
Net premiums written									172,356	153,488	134,214
Net premiums earned									164,059	146,315	134,747
Net incurred losses and LAE									(77,276)	(69,810)	(69,419)
Life and Annuity Policy Benefits									0	0	0
Acquisition costs									(56,956)	(50,646)	(47,688)
Operating expenses									(14,452)	(17,777)	(17,444)
Underwriting income (loss)									15,375	8,082	196
Net investment income									7,049	5,686	4,218
Net realized and unrealized gains (losses)									6,195	(3,251)	1,117
Fees and commission income									10,160	18,622	22,788
Other income									140	162	230
Corporate expenses									(13,825)	(6,921)	(12,142)
Interest income (expense)									0	0	(559)
Net foreign exchange gains (losses)									(504)	(3,394)	(5,060)
Loss on sale of subsidiary											0
EARNINGS (LOSS) BEFORE INCOME TAXES									24,590	18,986	10,788
Income tax benefit (expense)									(4,033)	(3,732)	(1,593)
Earnings from equity method investments									0	0	0
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS											9,195
Net earnings from discontinued operations, net of income taxes											0
NET EARNINGS (LOSS)									20,557	15,254	9,195
Net loss (earnings) attributable to noncontrolling interest									(8,432)	(6,257)	(3,772)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									12,125	8,997
Dividends on preferred shares									0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS									12,125	8,997	5,423
Operating Segments \| StarStone
Segment Reporting Information [Line Items]
Gross premiums written									917,555	1,121,135	895,160
Net premiums written									735,429	805,562	464,901
Net premiums earned									801,926	714,959	459,403
Net incurred losses and LAE									(727,636)	(673,383)	(314,806)
Life and Annuity Policy Benefits									0	0	0
Acquisition costs									(174,711)	(135,452)	(48,012)
Operating expenses									(120,629)	(156,726)	(135,558)
Underwriting income (loss)									(221,050)	(250,602)	(38,973)
Net investment income									47,401	35,973	27,706
Net realized and unrealized gains (losses)									50,957	(17,672)	16,613
Fees and commission income									0	0	632
Other income									338	(541)	570
Corporate expenses									(7,790)	0	0
Interest income (expense)									(475)	(624)	(1,902)
Net foreign exchange gains (losses)									(1,538)	(2,856)	(926)
Loss on sale of subsidiary											0
EARNINGS (LOSS) BEFORE INCOME TAXES									(132,157)	(236,322)	3,720
Income tax benefit (expense)									6,931	6,327	988
Earnings from equity method investments									(218)	0	0
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS											4,708
Net earnings from discontinued operations, net of income taxes											0
NET EARNINGS (LOSS)									(125,444)	(229,995)	4,708
Net loss (earnings) attributable to noncontrolling interest									24,711	71,415	(1,882)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									(100,733)	(158,580)
Dividends on preferred shares									0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS									(100,733)	(158,580)	2,826
Other
Segment Reporting Information [Line Items]
Gross premiums written									18,534	32,378	5,719
Net premiums written									18,512	32,067	4,793
Net premiums earned									20,380	24,874	4,809
Net incurred losses and LAE									(16,038)	(16,899)	0
Life and Annuity Policy Benefits									(91)	(1,003)	(4,015)
Acquisition costs									(642)	(2,686)	(878)
Operating expenses									0	0	0
Underwriting income (loss)									3,609	4,286	(84)
Net investment income									(8,410)	2,725	10,187
Net realized and unrealized gains (losses)									5,849	(10,249)	(6,941)
Fees and commission income									0	0	(1,166)
Other income									1,883	(514)	648
Corporate expenses									(45,945)	(28,127)	(37,014)
Interest income (expense)									9,989	5,023	3,329
Net foreign exchange gains (losses)									3	1,048	(4,204)
Loss on sale of subsidiary											(16,349)
EARNINGS (LOSS) BEFORE INCOME TAXES									(33,022)	(25,808)	(51,594)
Income tax benefit (expense)									(85)	(52)	10
Earnings from equity method investments									0	0	0
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS											(51,584)
Net earnings from discontinued operations, net of income taxes											10,993
NET EARNINGS (LOSS)									(33,107)	(25,860)	(40,591)
Net loss (earnings) attributable to noncontrolling interest									0	0	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									(33,107)	(25,860)
Dividends on preferred shares									(35,914)	(12,133)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS									$ (69,021)	$ (37,993)	$ (40,591)

Related Party Transactions - EnhanzedRe (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Equity method investments	$ 326,277				$ 204,507				$ 326,277	$ 204,507
Ownership percentage	47.40%				47.40%				47.40%	47.40%
Balances under ceding quota share:
Insurance balances payables	$ 373,180				$ 388,086				$ 373,180	$ 388,086
Reinsurance recoverable	2,379,890				2,029,663				2,379,890	2,029,663
Funds held	408,735				321,267				408,735	321,267
Other assets	744,608				707,469				744,608	707,469
Amounts under ceding quota share:
Acquisition costs	95,026	$ 50,282	$ 66,855	$ 93,788	55,106	$ 54,242	$ 53,334	$ 30,108	305,951	192,790	$ 96,906
Other income										1,453	2,679
Net earnings (loss)	197,864	$ 126,559	$ 238,054	$ 365,742	(149,378)	$ (22,321)	$ (145)	$ (40,428)	928,219	(212,272)	$ 331,799
EnhanzedRe \| Enstar
Related Party Transaction [Line Items]
Equity method investments	$ 154,100								$ 154,100
Ownership percentage	47.40%								47.40%
Uncalled amount of investment	$ 68,700								$ 68,700
EnhanzedRe \| Allianz
Related Party Transaction [Line Items]
Ownership percentage	24.90%								24.90%
EnhanzedRe \| Hillhouse
Related Party Transaction [Line Items]
Ownership percentage	27.70%								27.70%
EnhanzedRe
Related Party Transaction [Line Items]
Equity method investments	$ 182,856				$ 94,800				$ 182,856	$ 94,800
Ownership percentage	47.40%				47.40%				47.40%	47.40%
EnhanzedRe \| Affiliated entity
Related Party Transaction [Line Items]
Equity method investments	$ 470,000								$ 470,000
Balances under ceding quota share:
Insurance balances payables	1,443								1,443
Reinsurance recoverable	59,601								59,601
Funds held	50,089								50,089
Other assets	$ 1,033								1,033
Amounts under ceding quota share:
Acquisition costs									73
Other income									749
Net earnings (loss)									$ 822
EnhanzedRe \| Zurich
Related Party Transaction [Line Items]
Percentage ceded									10.00%

Acquisitions - Purchase Price and Fair Value of Assets Acquired (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Dec. 27, 2018 USD ($)	May 14, 2018 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 13, 2018 USD ($)	Dec. 31, 2017 USD ($)
Purchase Price
Excess of purchase price over fair value of net assets acquired					$ 114,807	$ 114,807		$ 73,071
Fair Value of Previously Held Equity Method Investment
Carrying value of previously held equity method investment prior to the close of the transaction					$ 326,277	$ 204,507
Maiden Re
Purchase Price
Cash paid	$ 286,375
Adjustment for the fair value of preexisting relationships	10,273
Purchase price	296,648
Net assets acquired at fair value	296,648
Excess of purchase price over fair value of net assets acquired	$ 0
KaylaRe
Purchase Price
Adjustment for the fair value of preexisting relationships		$ 37,169
Value of ordinary shares issued		414,750
Fair value of previously held equity method investment		336,137
Purchase price		788,056
Net assets acquired at fair value		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 (shares) \| shares		2,007,017
Closing price of shares (dollars per share) \| $ / shares		$ 206.65
Fair value of Enstar ordinary shares issued to shareholders of KaylaRe		$ 414,750
Fair Value of Previously Held Equity Method Investment
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			$ 16,000	$ 16,007
KaylaRe
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

Related Party Transactions - Hillhouse (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investments in funds		$ 2,524,420	$ 1,957,757
Ownership %		47.40%	47.40%
Purchase of investment		$ 69,213	$ 155,440	$ 0
Affiliated entity
Related Party Transaction [Line Items]
Investments in funds		$ 1,741,400
Hillhouse Affiliates \| Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired, percent		9.70%
Economic ownership percentage		17.00%
Hillhouse
Related Party Transaction [Line Items]
Investments in funds		$ 1,151,601	845,066
Hillhouse \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds		155,377	35,641
Management fees		89,000
Hillhouse \| KaylaRe \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds		$ 327,799	75,192
Hillhouse InRe Fund, L.P. \| Fixed Income Securities \| Affiliated entity
Related Party Transaction [Line Items]
Percent of funds invested		18.00%
Hillhouse InRe Fund, L.P. \| North American Equities \| Affiliated entity
Related Party Transaction [Line Items]
Percent of funds invested		6.00%
Hillhouse InRe Fund, L.P. \| International Equities \| Affiliated entity
Related Party Transaction [Line Items]
Percent of funds invested		96.00%
Hillhouse InRe Fund, L.P. \| Financing, Derivatives And Other Items \| Affiliated entity
Related Party Transaction [Line Items]
Percent of funds invested		(20.00%)
InRe Fund \| Hillhouse \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds		$ 918,633	678,420
Other funds \| Hillhouse \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds		$ 232,968	$ 166,646
Subsequent Event \| Hillhouse \| EnhanzedRe
Related Party Transaction [Line Items]
Purchase of investment	$ 54,000

Dividend Restrictions and Statutory Financial Information - Parent Company Dividends (Details)	12 Months Ended
	Dec. 31, 2019
Series D Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Series E Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Bermuda
Statutory Accounting Practices [Line Items]
Target statutory capital and surplus percent	120.00%

Noncontrolling Interest

12 Months Ended

Dec. 31, 2019

Noncontrolling Interest [Abstract]

Noncontrolling Interest

16. NONCONTROLLING INTEREST

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 December 31, 2019 and 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 Atrium and StarStone.

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2019 and 2018:



	2019			2018
Balance at beginning of year	$	458,543		$	479,606
Capital contributions	13,127			55,377
Dividends paid	(11,556		)	(3,852		)
Net loss attributable to RNCI	(12,029		)	(64,794		)
Accumulated other comprehensive income (loss) attributable to RNCI	(116		)	(240		)
Change in redemption value of RNCI	(9,178		)	(7,554		)
Balance at end of year	$	438,791		$	458,543

We carried the RNCI at its estimated redemption value, which is fair value, as of December 31, 2019. The fair value is based on tangible book value and a valuation multiple derived from a combination of comparable company market valuations, recent comparable transaction multiples and discounted cash flow models. The decrease in the fair value of the RNCI during 2019 was primarily attributable to a decrease in tangible net assets due to net losses relating to StarStone during 2019 and the distribution of Atrium dividends during the year ended December 31, 2019, which were partially offset by net earnings from Atrium. The valuation multiples did not change significantly.

Refer to Note 2 - "Significant Accounting Policies", Note 21 - "Related Party Transactions" and Note 23 - "Commitments and Contingencies" for additional information regarding RNCI.

Noncontrolling Interest

As of December 31, 2019 and 2018, we had $14.2 million and $12.1 million, respectively, of noncontrolling interest ("NCI") primarily related to an external interest 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 Consolidated Statement of Changes in Shareholders Equity.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Goodwill and Intangible Assets

The following table presents a reconciliation of the beginning and ending goodwill and intangible assets for the years ended December 31, 2019 and 2018:



			Intangible assets
	Goodwill		Intangible assets with a definite life			Intangible assets with an indefinite life		Total			Total
Balance as of December 31, 2017	$	73,071	$	20,487		$	87,031	$	107,518		$	180,589
Acquired during the year	41,736		—			—		—			41,736
Amortization	—		(3,600		)	—		(3,600		)	(3,600		)
Balance as of December 31, 2018	$	114,807	$	16,887		$	87,031	$	103,918		$	218,725
Amortization	—		(2,257		)	—		(2,257		)	(2,257		)
Balance as of December 31, 2019	$	114,807	$	14,630		$	87,031	$	101,661		$	216,468

Schedule of Goodwill

Goodwill as of December 31, 2019 and 2018, related to our Non-life Run-off, Atrium and StarStone segments, was as follows:



	2019		2018
Non-life Run-Off	$	62,959	$	62,959
Atrium	38,848		38,848
StarStone	13,000		13,000
	$	114,807	$	114,807

Summary of Estimated Amortization Expense of Intangible Assets

The following table provides a summary of the amortization recorded on the intangible assets for the years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
Intangible asset amortization	$	2,257	$	3,600	$	4,266

The estimated future amortization expense related to our intangible assets with a definite life is as follows:



Year	Atrium		StarStone		Total
2020	$	2,033	$	—	$	2,033
2021	2,033		—		2,033
2022	2,033		—		2,033
2023	1,975		—		1,975
2024	1,333		—		1,333
2025 and thereafter	5,223		—		5,223
Total amortization	$	14,630	$	—	$	14,630

Schedule of Finite-Lived Intangible Assets

The gross carrying value, accumulated amortization and net carrying value of intangible assets by type as of December 31, 2019 and 2018 was as follows:



	2019							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	$	(8,111	)	$	11,889	$	20,000	$	(6,776	)	$	13,224
Technology	15,000		(15,000		)	—		15,000		(14,778		)	222
Brand	7,000		(4,259		)	2,741		7,000		(3,559		)	3,441
Total	$	42,000	$	(27,370	)	$	14,630	$	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

The net carrying value of intangible assets by segment and by type as of December 31, 2019 and 2018 was as follows:



	2019						2018
	Atrium		StarStone		Total		Atrium		StarStone		Total
Intangible assets with a definite life:
Distribution channel	$	11,889	$	—	$	11,889	$	13,224	$	—	$	13,224
Technology	—		—		—		—		222		222
Brand	2,741		—		2,741		3,441		—		3,441
Total	$	14,630	$	—	$	14,630	$	16,665	$	222	$	16,887
Intangible assets with an indefinite life:
Lloyd’s syndicate capacity	$	33,031	$	4,000	$	37,031	$	33,031	$	4,000	$	37,031
Licenses	—		19,900		19,900		—		19,900		19,900
Management contract	30,100		—		30,100		30,100		—		30,100
Total	$	63,131	$	23,900	$	87,031	$	63,131	$	23,900	$	87,031

Total intangible assets	$	77,761	$	23,900	$	101,661	$	79,796	$	24,122	$	103,918

Schedule of Indefinite-Lived Intangible Assets

The gross carrying value, accumulated amortization and net carrying value of intangible assets by type as of December 31, 2019 and 2018 was as follows:



	2019							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	$	(8,111	)	$	11,889	$	20,000	$	(6,776	)	$	13,224
Technology	15,000		(15,000		)	—		15,000		(14,778		)	222
Brand	7,000		(4,259		)	2,741		7,000		(3,559		)	3,441
Total	$	42,000	$	(27,370	)	$	14,630	$	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

The net carrying value of intangible assets by segment and by type as of December 31, 2019 and 2018 was as follows:



	2019						2018
	Atrium		StarStone		Total		Atrium		StarStone		Total
Intangible assets with a definite life:
Distribution channel	$	11,889	$	—	$	11,889	$	13,224	$	—	$	13,224
Technology	—		—		—		—		222		222
Brand	2,741		—		2,741		3,441		—		3,441
Total	$	14,630	$	—	$	14,630	$	16,665	$	222	$	16,887
Intangible assets with an indefinite life:
Lloyd’s syndicate capacity	$	33,031	$	4,000	$	37,031	$	33,031	$	4,000	$	37,031
Licenses	—		19,900		19,900		—		19,900		19,900
Management contract	30,100		—		30,100		30,100		—		30,100
Total	$	63,131	$	23,900	$	87,031	$	63,131	$	23,900	$	87,031

Total intangible assets	$	77,761	$	23,900	$	101,661	$	79,796	$	24,122	$	103,918

Income Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Earnings before Income Taxes

The following table presents earnings (loss) before income taxes by jurisdiction from continuing operations, including earnings (loss) from equity method investments, for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Domestic (Bermuda)	$	576,339	$	(232,743	)	$	167,263
Foreign	356,317		14,347			147,148
Total earnings (loss) before income tax on continuing operations	$	932,656	$	(218,396	)	$	314,411

Tax Expense for Income Taxes

The following table presents our current and deferred income tax expense (benefit) from continuing operations by jurisdiction for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Current:
Domestic (Bermuda)	$	—		$	—		$	—
Foreign	18,433			(3,632		)	10,299
	18,433			(3,632		)	10,299
Deferred:
Domestic (Bermuda)	—			—			—
Foreign	(13,996		)	(2,492		)	(16,694		)
	(13,996		)	(2,492		)	(16,694		)
Total income tax expense (benefit) on continuing operations	$	4,437		$	(6,124	)	$	(6,395	)

Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate

The actual effective income tax rate differs from the statutory rate of 0% under Bermuda law to earnings (loss) from continuing operations before income taxes, including earnings (loss) from equity method investments for the years ended December 31, 2019, 2018 and 2017 as shown in the following reconciliation:



	2019			2018			2017
Earnings (loss) before income tax	$	932,656		$	(218,396	)	$	314,411
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	8.6		%	0.7		%	13.1		%
Change in valuation allowance	(8.2		)%	(0.3		)%	(34.9		)%
Effect of change in foreign (U.S.) tax rate	—		%	—		%	20.3		%
U.S. base erosion and anti-abuse tax	0.5		%	(0.6		)%	—		%
Other	(0.4		)%	3.0		%	(0.5		)%
Effective tax rate	0.5		%	2.8		%	(2.0		)%

Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 were as follows:



	2019			2018
Deferred tax assets:
Net operating loss carryforwards	$	159,436		$	183,633
Insurance reserves	14,104			18,677
Unearned premiums	7,131			11,314
Lloyd's underwriting losses taxable in future periods	—			6,201
Provisions for bad debt	6,172			2,594
Unrealized losses on investments	—			5,160
Defendant asbestos and environmental liabilities ⁽¹⁾	140,000			—
Other deferred tax assets	—			183
Gross deferred tax assets	326,843			227,762
Valuation allowance	(117,390		)	(212,113		)
Deferred tax assets	209,453			15,649

Deferred tax liabilities:
Unrealized gains on investments	(10,107		)	—
Lloyd's underwriting profit taxable in future periods	(8,852		)	—
Deferred policy acquisition cost	(8,267		)	—
Other deferred tax liabilities	(27,317		)	(16,067		)
Deferred tax liabilities	(54,543		)	(16,067		)

Net deferred tax asset (liability)	$	154,910		$	(418	)

⁽¹⁾ Relates to the Morse TEC acquisition as described in Note 3 - "Acquisitions".

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction:



	December 31,
	2019			2018
	Net Deferred Tax Asset			Net Deferred Tax Liability
United States	$	169,891		$	5,151
United Kingdom	(16,074		)	(8,377		)
Other	1,093			2,808
Total	$	154,910		$	(418	)

Summary of Operating Loss Carryforwards

As of December 31, 2019, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:



Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
Operating and Capital Loss Carryforwards:
United States - Net operating loss	$	513,476	$	107,830	2024-2038
United Kingdom	224,150		38,106		Indefinitely
Other	52,484		13,500		Various

Summary of Income Tax Examinations

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2019:



Major Tax Jurisdiction		Open Tax Years
United States		2016-2019
United Kingdom		2016-2019
Australia		2014-2019

Share Capital - Dividends on Preferred Shares (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Nov. 21, 2018	Jun. 28, 2018	Feb. 21, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Total Dividends Paid in 2019				$ 35,914	$ 12,133	$ 0
Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate				7.00%
Total Dividends Paid in 2019				$ 28,000	$ 12,100
Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate				7.00%
Total Dividends Paid in 2019				$ 7,900
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate		7.00%
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate	7.00%
LIBOR \| Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Basis spread on variable rate		4.015%
Subsequent Event \| Series D Preferred Shares
Class of Stock [Line Items]
Total Dividends Paid in 2019			$ 7,000
Subsequent Event \| Series E Preferred Shares
Class of Stock [Line Items]
Total Dividends Paid in 2019			$ 1,900

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reinsurance balances recoverable, provisions for bad debt
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 147,639	$ 156,732	$ 165,213	$ 174,516
Charged to costs and expenses	0	0	(1,536)
Charged to other accounts	111	(1,837)	(4,191)
Deductions	(9,204)	(6,644)	(3,576)
Balance at End of Year	147,639	156,732	165,213
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	117,390	212,113	188,300	$ 290,861
Charged to costs and expenses	2,792	(2,492)	(16,694)
Charged to other accounts	0	18,000	0
Deductions	(97,515)	8,305	(85,867)
Balance at End of Year	$ 117,390	$ 212,113	$ 188,300

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) reinsurer	Dec. 31, 2018 USD ($) reinsurer
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 2,379,890	$ 2,029,663
Reinsurer concentration risk \| Top Ten Reinsurers, Rated A Minus Or Higher
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,292,207	$ 1,096,272
Number of external reinsurers \| reinsurer	8	7
Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 272,125	$ 316,238
Number of external reinsurers \| reinsurer	2	3
Reinsurer concentration risk \| Top Ten Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,564,332	$ 1,412,510
Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 2,379,890	$ 2,029,663
% of Total	100.00%	100.00%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,564,332	$ 1,412,510
% of Total	65.70%	69.60%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 793,268	$ 596,312
% of Total	33.40%	29.40%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 22,290	$ 20,841
% of Total	0.90%	1.00%
Non-life Run-off
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,724,989	$ 1,504,388
Non-life Run-off \| Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	1,724,989	1,504,388
Non-life Run-off \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	1,154,110	1,124,079
Non-life Run-off \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	551,636	364,098
Non-life Run-off \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	19,243	16,211
Atrium
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	30,357	38,512
Atrium \| Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	30,357	38,512
Atrium \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	22,051	25,239
Atrium \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	7,761	12,091
Atrium \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	545	1,182
StarStone
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	624,544	486,763
StarStone \| Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	624,544	486,763
StarStone \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	388,171	263,192
StarStone \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	233,871	220,123
StarStone \| Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	2,502	3,448
Equity method investee \| Reinsurer concentration risk \| Hannover Ruck SE
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	261,295	279,723
Equity method investee \| Reinsurer concentration risk \| Lloyd's Syndicate
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 411,030	$ 334,509

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) syndicate	Dec. 31, 2018 USD ($)
Statutory Accounting Practices [Line Items]
Restricted net assets of consolidated subsidiaries	$ 3,500.0
Number of syndicates \| syndicate	3
Bermuda
Statutory Accounting Practices [Line Items]
Minimum liquidity ratio percent (not less than)	75.00%
Maximum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	15.00%
Minimum solvency requirement	$ 1,900.0	$ 2,100.0
United Kingdom
Statutory Accounting Practices [Line Items]
Minimum capital requirements	695.6	60.7
United States
Statutory Accounting Practices [Line Items]
Minimum levels of risk-based capital	488.3	359.6
Liechtenstein
Statutory Accounting Practices [Line Items]
Minimum solvency requirement	$ 119.0	$ 133.9

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Related Party Transactions

As of December 31, 2019 and December 31, 2018, the RNCI on our balance sheet relating to these Trident co-investment transactions was as follows:



	2019		2018
Redeemable Noncontrolling Interest	$	420,499	$	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:



	December 31, 2019		December 31, 2018
Short-term investments, available-for-sale, at fair value	$	1,431	$	—
Fixed maturities, trading, at fair value	269,131		176,193
Fixed maturities, available-for-sale, at fair value	160,303		—
Equities, at fair value	121,794		57,319
Other investments, at fair value:
Hedge funds	18,993		19,535
Fixed income funds	381,449		324,561
Private equity funds	34,858		52,925
CLO equities	32,560		15,372
CLO equity funds	87,509		37,260
Private Debt	16,312		10,387
Real estate fund	18,106		8,025
Cash and cash equivalents	54,080		11,739
Other assets	10		5,216
Other liabilities	4,710		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:



	2019		2018		2017
Net investment income	$	8,733	$	7,424	$	5,990
Net realized and unrealized gains (losses)	26,631		207		24,684
Total net earnings	$	35,364	$	7,631	$	30,674

Our consolidated statement of earnings for the years ended December 31, 2018 and 2017 included the following balances related to transactions between us and KaylaRe and KaylaRe Ltd. up until May 14, 2018, the date of acquisition:



	2018			2017
Fee income due to Enstar Limited	$	1,453		$	2,679

Transactions under KaylaRe-StarStone QS:
Ceded premium earned	(52,651		)	(234,079		)
Net incurred losses	31,654			155,433
Acquisition costs	18,774			99,500

Transactions under Fitzwilliam reinsurance agreement:
Profit Commission	—			18,843

Total net earnings (loss)	$	(770	)	$	42,376

Our consolidated balance sheet as of December 31, 2019 and 2018 included the following balances related to transactions with Hillhouse:



	2019			2018
Investments in funds managed by AnglePoint, held by Enhanzed Re	$	327,799		$	75,192
Our ownership of equity method investments	47.4		%	47.4		%
Our share of Enhanzed Re's funds managed by AnglePoint	$	155,377		$	35,641

Investment in other funds managed by Hillhouse:
InRe Fund	$	918,633		$	678,420
Other funds	232,968			166,646
	$	1,151,601		$	845,066

Our investment in the common and preferred shares of Monument, carried in equity method investments on our consolidated balance sheet, as of December 31, 2019 and 2018 was as follows:



	2019		2018
Investment in Monument	$	60,598	$	42,193

Our investment in the common shares of Clear Spring, carried in equity method investments on our consolidated balance sheet, as of December 31, 2019 and 2018 was as follows:



	2019		2018
Investment in Clear Spring	$	10,645	$	10,070

Our consolidated balance sheet as of December 31, 2019 and 2018 included the following balances between us and Clear Spring:



	2019		2018
Balances under StarStone ceding quota share:
Reinsurance balances recoverable on paid and unpaid losses	$	22,812	$	23,718
Prepaid insurance premiums	51		13,821
Ceded payable	3,616		14,153
Ceded acquisition costs	21		3,233

Balances under assuming quota share:
Losses and LAE	6,135		5,778
Unearned reinsurance premiums	13		3,455
Funds held	8,611		10,242

Our consolidated statement of earnings for the years ended December 31, 2019 and 2018 included the following amounts between us and Clear Spring:



	2019			2018			2017
Amounts under StarStone ceding quota share:
Ceded premium earned	$	(14,994	)	$	(29,520	)	(14,256		)
Net incurred losses and LAE	6,567			18,143			9,533
Acquisition costs	356			7,035			6,718

Amounts under assuming quota share:
Premium earned	3,749			7,380			3,564
Net incurred losses and LAE	(2,202		)	(4,536		)	(1,181		)
Acquisition costs	(92		)	(1,836		)	(1,753		)

Total net earnings (loss)	$	(6,616	)	$	(3,334	)	$	2,625

Our indirect investment in the shares of AmTrust, carried in equities on our consolidated balance sheet, as of December 31, 2019 was as follows:



	2019		2018
Investment in AmTrust	$	240,115	$	200,000

Our indirect investment in the shares of Citco, carried in equity method investments on our consolidated balance sheet, as of December 31, 2019 and 2018 was as follows:



	2019		2018
Investment in Citco	$	51,742	$	50,812

Our investment in the common shares of Enhanzed Re, carried in equity method investments on our consolidated balance sheet, as of December 31, 2019 was as follows:



	2019		2018
Investment in Enhanzed Re	$	182,856	$	94,800

Our consolidated balance sheet as of December 31, 2019 and 2018 included the following balances between us and Enhanzed Re:



	2019
Balances under ceding quota share:
Insurance balances payables	$	1,443
Reinsurance balances recoverable	59,601
Funds held	50,089

Other assets	1,033

Our consolidated statement of earnings for the years ended December 31, 2019 and 2018 included the following amounts between us and Enhanzed Re:



	2019
Amounts under ceding quota share:
Acquisition costs	$	73

Other income	749

Total net earnings (loss)	$	822

Defendant Asbestos and Environmental Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Liability for Asbestos and Environmental Claims [Abstract]

Schedule Of Liability For Asbestos And Liability Claims

The carrying value of the asbestos and environmental liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC as of December 31, 2019 and 2018 was as follows:



	2019			2018
Defendant asbestos and environmental liabilities:
Defendant asbestos liabilities	$	1,100,593		$	265,975
Defendant environmental liabilities	10,279			2,152
Estimated future expenses	51,637			19,843
Fair value adjustments	(314,824		)	(84,650		)
Defendant asbestos and environmental liabilities	847,685			203,320

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos and environmental liabilities	549,593			183,676
Fair value adjustments	(100,738		)	(47,868		)
Insurance balances recoverable	448,855			135,808

Net liabilities relating to defendant asbestos and environmental exposures	$	398,830		$	67,512

Reconciliation of Asbestos and Environmental Liabilities

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant asbestos and environmental exposures for the years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
Balance as at January 1	203,320		219,164		234,020
Less: Insurance balances recoverable	135,808		122,326		133,032
Net balance as at January 1	67,512		96,838		100,988
Total net paid claims	(13,708	)	(6,351	)	(6,927	)
Amounts recorded in other income (expense):
Net change in actuarial estimates	(4,263	)	(23,221	)	2,800
Amortization of fair value adjustments	13,500		246		(23	)
Total other expense (income)	9,237		(22,975	)	2,777
Acquired on purchase of subsidiaries	335,789		—		—
Net balance as at December 31	398,830		67,512		96,838
Plus: Insurance balances recoverable	448,855		135,808		122,326
Balance as at December 31	847,685		203,320		219,164

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018	Jan. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 46,747
Present value of lease liabilities		46,188
Provisions for Bad Debt		$ 147,639		$ 156,732
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets			$ 51,600
Subsequent Event \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit loss	$ 3,100
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in retained earnings			$ 0		$ (1,573)	$ 4,882
Retained Earnings \| Subsequent Event \| Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in retained earnings	$ 1,600

Significant New Business - 2018 Significant Business (Details) $ in Thousands, £ in Millions, $ in Millions												12 Months Ended
	Oct. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 27, 2018 USD ($)	Aug. 01, 2018 USD ($)	Feb. 23, 2018 AUD ($)	Feb. 23, 2018 USD ($)	Feb. 16, 2018 USD ($)	Feb. 16, 2018 GBP (£)	Jan. 29, 2018 USD ($)	Jan. 29, 2018 GBP (£)	Dec. 28, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Feb. 23, 2018 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Investments [Line Items]
Assumed business												$ 1,586,307	$ 1,772,104	$ 1,525,703
Funds held by reinsured companies		$ 321,267										408,735	321,267
Deferred charge		86,585										$ 272,462	$ 86,585	$ 80,192		$ 94,551
Allianz
Schedule of Investments [Line Items]
Reinsurance premium consideration		$ 70,000
Funds held by reinsured companies											$ 81,400
Assumed business, net											$ 81,400
Maiden Re North America
Schedule of Investments [Line Items]
Assumed business			$ 72,100
Funds held by reinsured companies			70,400
Deferred charge			$ 1,700
Coca-Cola
Schedule of Investments [Line Items]
Assumed business				$ 120,800
Deferred charge				17,200
Cash consideration				$ 103,600
Zurich
Schedule of Investments [Line Items]
Reinsurance premium consideration	$ 465,500				$ 343.9	$ 268,700
Assumed business	$ 622,900				359.4	$ 280,800
Fair value adjustment on gross reserves					$ 15.5										$ 12,100
Neon
Schedule of Investments [Line Items]
Reinsurance premium consideration							$ 445,100	£ 329.1
Assumed business							546,300	403.9
Fair value adjustment on gross reserves							20,600
Assumed business, net							462,600	£ 342.1
Fair value adjustment on net reserves							$ 17,500
Novae Transaction
Schedule of Investments [Line Items]
Reinsurance premium consideration									$ 803,500	£ 594.1
Assumed business									1,163,200	860.1
Fair value adjustment on gross reserves									67,500
Assumed business, net									853,000	£ 630.7
Fair value adjustment on net reserves									$ 49,500

Losses and Loss Adjustment Expenses - Breakdown of Gross and Net Losses and LAE Reserves by Major Category (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gross
OLR	$ 5,394,529	$ 5,168,900
IBNR	5,057,868	4,468,991
Fair value adjustments - acquired companies	(167,511)	(214,518)
Fair value adjustments - fair value option	(217,933)	(374,752)
Total gross liability for unpaid losses and LAE	10,429,238	9,409,504	$ 7,398,088	$ 5,987,867
Net
ULAE	362,285	360,883
Total	8,047,055	7,455,078	5,447,863	4,505,123
Non-life Run-off
Gross
OLR	4,407,082	4,271,769
IBNR	3,945,407	3,527,767
Total	8,352,489	7,799,536
Fair value adjustments - acquired companies	(170,689)	(217,527)
Fair value adjustments - fair value option	(217,933)	(374,752)
Deferred charge on retroactive reinsurance	0	0
ULAE	331,494	333,405
Total gross liability for unpaid losses and LAE	8,295,361	7,540,662	5,949,472	4,716,363
Net
OLR	3,434,789	3,369,997
IBNR	3,272,348	2,918,333
Total Net Reserves	6,707,137	6,288,330
Fair value adjustments	(157,036)	(203,183)
Fair value adjustments - fair value option	(129,848)	(244,013)
Deferred charge on retroactive reinsurance	(272,462)	(86,585)
ULAE	331,494	333,405
Total	6,479,285	6,087,954	4,491,795	3,620,859
Non-life Run-off \| Asbestos
Gross
OLR	542,681	341,544
IBNR	1,373,678	1,275,476
Total	1,916,359	1,617,020
Net
OLR	490,117	321,356
IBNR	1,271,982	1,171,754
Total Net Reserves	1,762,099	1,493,110
Non-life Run-off \| Environmental
Gross
OLR	187,165	96,665
IBNR	156,121	126,035
Total	343,286	222,700
Net
OLR	173,878	93,095
IBNR	142,351	117,384
Total Net Reserves	316,229	210,479
Non-life Run-off \| General casualty
Gross
OLR	501,863	500,033
IBNR	489,129	379,484
Total	990,992	879,517
Net
OLR	399,396	416,097
IBNR	421,426	298,612
Total Net Reserves	820,822	714,709
Non-life Run-off \| Workers' compensation/personal accident
Gross
OLR	1,270,530	1,454,178
IBNR	977,808	832,615
Total	2,248,338	2,286,793
Net
OLR	963,578	1,115,116
IBNR	751,074	537,782
Total Net Reserves	1,714,652	1,652,898
Non-life Run-off \| Marine, aviation and transit
Gross
OLR	290,067	301,783
IBNR	121,577	72,888
Total	411,644	374,671
Net
OLR	244,611	227,994
IBNR	100,135	78,023
Total Net Reserves	344,746	306,017
Non-life Run-off \| Construction defect
Gross
OLR	29,772	20,712
IBNR	98,312	99,288
Total	128,084	120,000
Net
OLR	29,245	19,310
IBNR	94,888	94,736
Total Net Reserves	124,133	114,046
Non-life Run-off \| Professional indemnity/Directors & Officers
Gross
OLR	693,760	603,665
IBNR	265,490	216,839
Total	959,250	820,504
Net
OLR	485,478	426,020
IBNR	170,926	166,898
Total Net Reserves	656,404	592,918
Non-life Run-off \| Motor
Gross
OLR	480,668	564,307
IBNR	233,806	321,992
Total	714,474	886,299
Net
OLR	317,829	414,847
IBNR	165,543	304,874
Total Net Reserves	483,372	719,721
Non-life Run-off \| Property
Gross
OLR	140,620	168,267
IBNR	63,604	37,631
Total	204,224	205,898
Net
OLR	122,010	160,873
IBNR	56,450	36,817
Total Net Reserves	178,460	197,690
Non-life Run-off \| Other
Gross
OLR	269,956	220,615
IBNR	165,882	165,519
Total	435,838	386,134
Net
OLR	208,647	175,289
IBNR	97,573	111,453
Total Net Reserves	306,220	286,742
Atrium
Gross
OLR	89,141	94,885
IBNR	136,543	140,521
Total	225,684	235,406
Fair value adjustments - acquired companies	3,700	3,476
ULAE	2,288	2,402
Total gross liability for unpaid losses and LAE	231,672	241,284	240,873	212,122
Net
OLR	80,130	75,995
IBNR	117,257	121,272
Total Net Reserves	197,387	197,267
Fair value adjustments	3,181	2,847
ULAE	2,288	2,402
Total	202,856	202,516	200,342	182,113
Atrium \| Marine, aviation and transit
Gross
OLR	24,668	32,999
IBNR	34,156	36,011
Total	58,824	69,010
Net
OLR	21,012	21,460
IBNR	24,829	24,207
Total Net Reserves	45,841	45,667
Atrium \| Binding Authorities
Gross
OLR	31,507	28,512
IBNR	54,039	59,302
Total	85,546	87,814
Net
OLR	29,590	26,601
IBNR	51,984	57,016
Total Net Reserves	81,574	83,617
Atrium \| Reinsurance
Gross
OLR	18,385	18,547
IBNR	29,533	27,653
Total	47,918	46,200
Net
OLR	16,209	15,180
IBNR	23,338	24,823
Total Net Reserves	39,547	40,003
Atrium \| Accident and Health
Gross
OLR	5,460	4,972
IBNR	7,880	6,348
Total	13,340	11,320
Net
OLR	4,735	4,225
IBNR	7,469	5,837
Total Net Reserves	12,204	10,062
Atrium \| Non-Marine Direct and Facultative
Gross
OLR	9,121	9,855
IBNR	10,935	11,207
Total	20,056	21,062
Net
OLR	8,584	8,529
IBNR	9,637	9,389
Total Net Reserves	18,221	17,918
StarStone
Gross
OLR	888,794	796,194
IBNR	962,353	787,894
Total	1,851,147	1,584,088
Fair value adjustments - acquired companies	(522)	(467)
ULAE	28,503	25,076
Total gross liability for unpaid losses and LAE	1,879,128	1,608,697	1,207,743	1,059,382
Net
OLR	560,784	533,129
IBNR	750,950	586,110
Total Net Reserves	1,311,734	1,119,239
Fair value adjustments	1,600	1,432
ULAE	28,503	25,076
Total	1,341,837	1,145,747	$ 755,726	$ 702,151
StarStone \| General casualty
Gross
OLR	191,317	177,432
IBNR	481,473	331,432
Total	672,790	508,864
Net
OLR	156,086	137,828
IBNR	422,186	282,026
Total Net Reserves	578,272	419,854
StarStone \| Workers' compensation/personal accident
Gross
OLR	55,902	49,373
IBNR	122,047	110,082
Total	177,949	159,455
Net
OLR	36,673	33,759
IBNR	74,661	68,969
Total Net Reserves	111,334	102,728
StarStone \| Property
Gross
OLR	367,258	317,102
IBNR	152,514	123,511
Total	519,772	440,613
Net
OLR	158,156	151,774
IBNR	92,655	65,522
Total Net Reserves	250,811	217,296
StarStone \| Marine
Gross
OLR	195,068	185,084
IBNR	173,319	182,453
Total	368,387	367,537
Net
OLR	162,073	163,889
IBNR	138,586	133,426
Total Net Reserves	300,659	297,315
StarStone \| Aerospace
Gross
OLR	79,249	67,203
IBNR	33,000	40,416
Total	112,249	107,619
Net
OLR	47,796	45,879
IBNR	22,862	36,167
Total Net Reserves	$ 70,658	$ 82,046

Income Taxation - Tax Expense for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Domestic (Bermuda)									$ 0	$ 0	$ 0
Foreign									18,433	(3,632)	10,299
Total current tax expense									18,433	(3,632)	10,299
Deferred:
Domestic (Bermuda)									0	0	0
Foreign									(13,996)	(2,492)	(16,694)
Total deferred tax expense									(13,996)	(2,492)	(16,694)
Total income tax expense (benefit) on continuing operations	$ (22,427)	$ 14,597	$ 7,518	$ 4,749	$ (10,688)	$ 746	$ 3,646	$ 172	$ 4,437	$ (6,124)	$ (6,395)

Defendant Asbestos and Environmental Liabilities

12 Months Ended

Dec. 31, 2019

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

11. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

We acquired DCo on December 30, 2016, and Morse TEC on October 30, 2019, as described in Note 3 - "Acquisitions". DCo and Morse TEC hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. These companies continue to process asbestos personal injury claims in the normal course of business. Defendant asbestos liabilities on our consolidated balance sheets include amounts for loss payments and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos exposures. Defendant environmental liabilities include estimated clean-up costs associated with the acquired companies' former operations based on engineering reports.

Insurance balances recoverable 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 indemnify our subsidiaries for the anticipated defense and loss payments for pending claims and projected future claims. 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 and projected loss and defense costs were paid in full.

Included within insurance balances recoverable and defendant asbestos and environmental liabilities are the fair value adjustments that were initially recognized upon acquisition. These fair value adjustments are amortized in proportion to the actual payout of 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 and Morse TEC as of December 31, 2019 and 2018 was as follows:



	2019			2018
Defendant asbestos and environmental liabilities:
Defendant asbestos liabilities	$	1,100,593		$	265,975
Defendant environmental liabilities	10,279			2,152
Estimated future expenses	51,637			19,843
Fair value adjustments	(314,824		)	(84,650		)
Defendant asbestos and environmental liabilities	847,685			203,320

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos and environmental liabilities	549,593			183,676
Fair value adjustments	(100,738		)	(47,868		)
Insurance balances recoverable	448,855			135,808

Net liabilities relating to defendant asbestos and environmental exposures	$	398,830		$	67,512

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant asbestos and environmental exposures for the years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
Balance as at January 1	203,320		219,164		234,020
Less: Insurance balances recoverable	135,808		122,326		133,032
Net balance as at January 1	67,512		96,838		100,988
Total net paid claims	(13,708	)	(6,351	)	(6,927	)
Amounts recorded in other income (expense):
Net change in actuarial estimates	(4,263	)	(23,221	)	2,800
Amortization of fair value adjustments	13,500		246		(23	)
Total other expense (income)	9,237		(22,975	)	2,777
Acquired on purchase of subsidiaries	335,789		—		—
Net balance as at December 31	398,830		67,512		96,838
Plus: Insurance balances recoverable	448,855		135,808		122,326
Balance as at December 31	847,685		203,320		219,164

Methodologies for determining liabilities

Defendant Asbestos Liabilities

DCo and Morse TEC review, on an ongoing basis, their own experience in handling asbestos-related claims and trends affecting asbestos-related claims in the U.S. tort system generally, for the purposes of assessing the value of pending asbestos-related claims and the number and value of those that may be asserted in the future, as well as potential recoveries from DCo and Morse TEC’s insurance carriers with respect to such claims and defense costs. The actuarial analysis for these asbestos-related exposures utilizes data resulting from the claim review process, including input from national coordinating counsel and local counsel, and includes the development of an estimate of the potential value of asbestos-related claims asserted but not yet resolved as well as the number and potential value of asbestos-related claims not yet asserted. In developing the estimate of liability for potential future claims, the actuarial analysis projects the potential number of future claims based on DCo and Morse TEC’s historical claim filings and epidemiological studies. The actuarial analysis also utilizes assumptions based on the DCo and Morse TEC’s historical proportion of claims resolved without payment, historical claim resolution costs for those claims that result in a payment, and historical defense costs. The liabilities are then estimated by multiplying the pending and projected future claim filings by projected payments rates and average claim resolution amounts and then adding an estimate for defense costs.

DCo and Morse TEC determine, based on the factors described above, including the actuarial analysis, that their best estimate of the aggregate liability both for asbestos-related claims asserted but not yet resolved and potential asbestos-related claims not yet asserted, including estimated defense costs, was $1,100.6 million and $266.0 million as of December 31, 2019 and 2018, respectively. This liability reflects the actuarial central estimate, which is intended to represent an expected value of the most probable outcome.

Defendant Environmental Liabilities

As a result of our acquisition of DCo and Morse TEC, we have been identified by the United States Environmental Protection Agency and certain U.S. state environmental agencies and private parties as potentially responsible parties ("PRP") at various hazardous waste disposal sites under the Comprehensive Environmental Response, Compensation and Liability Act ("Superfund") and equivalent U.S. state laws. The PRPs may currently be liable for the cost of clean-up and other remedial activities at 22 such sites. Responsibility for clean-up and other remedial activities at a Superfund site is typically shared among PRPs based on an allocation formula.

We have a liability for defendant environmental liabilities of $10.3 million and $2.2 million as of December 31, 2019 and 2018, respectively. The estimate for defendant environmental liabilities is based on information available to us, including an estimate of the allocation of liability among PRPs, the probability that other PRPs will pay the cost apportioned to them, currently available information from PRPs and/or federal or state environmental agencies concerning the scope of contamination and estimated remediation and consulting costs, and remediation alternatives.

Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Investments [Line Items]
Other investments, at fair value	$ 2,524,420	$ 1,957,757
Valuation lag period	3 months
Net additional subscriptions	$ 796,918	901,071	$ 109,885
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	1,121,904	852,584
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	481,039	403,858
Equity funds
Other Investments [Line Items]
Other investments, at fair value	410,149	333,681
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	329,885	248,628
Unfunded commitments	482,300
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	87,509	37,260
CLO equities
Other Investments [Line Items]
Other investments, at fair value	87,555	39,052
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	0	33,381
Other
Other Investments [Line Items]
Other investments, at fair value	6,379	9,313
Other investments
Other Investments [Line Items]
Unrealized gains	441,636	$ (163,976)	$ 102,388
Net additional subscriptions	214,300
Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	1,379,413
Less than 1 Year \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	343,005
Less than 1 Year \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	477,935
Less than 1 Year \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	410,149
Less than 1 Year \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value
Less than 1 Year \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	60,735
Less than 1 Year \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	87,555
Less than 1 Year \| Other
Other Investments [Line Items]
Other investments, at fair value	34
1-2 years
Other Investments [Line Items]
Other investments, at fair value	624,233
1-2 years \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	624,233
1-2 years \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Other
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years
Other Investments [Line Items]
Other investments, at fair value	26,774
2-3 years \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	26,774
2-3 years \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Other
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years
Other Investments [Line Items]
Other investments, at fair value	102,600
More than 3 years \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	102,600
More than 3 years \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Other
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	391,400
Not Eligible/ Restricted \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	52,066
Not Eligible/ Restricted \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	3,104
Not Eligible/ Restricted \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	329,885
Not Eligible/ Restricted \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted \| Other
Other Investments [Line Items]
Other investments, at fair value	$ 6,345

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2019 Segment
Segment Reporting [Abstract]
Number of segments	3

Fair Value Measurements - Valuation Techniques and Inputs (Details) - Significant Unobservable Inputs (Level 3) $ in Millions	Dec. 31, 2019 USD ($)
CLO equities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 87.6
CLO equities \| Valuation Technique, Discounted Cash Flow [Member] \| Collateral reinvestment coupon floor
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.01
CLO equities \| Minimum \| Valuation Technique, Consensus Pricing Model [Member] \| Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.14
CLO equities \| Minimum \| Valuation Technique, Discounted Cash Flow [Member] \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.10
CLO equities \| Minimum \| Valuation Technique, Discounted Cash Flow [Member] \| Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.50
CLO equities \| Minimum \| Valuation Technique, Discounted Cash Flow [Member] \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.20
CLO equities \| Maximum \| Valuation Technique, Consensus Pricing Model [Member] \| Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.87
CLO equities \| Maximum \| Valuation Technique, Discounted Cash Flow [Member] \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.30
CLO equities \| Maximum \| Valuation Technique, Discounted Cash Flow [Member] \| Recovery rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.70
CLO equities \| Maximum \| Valuation Technique, Discounted Cash Flow [Member] \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.30
CLO equities \| Weighted Average \| Valuation Technique, Consensus Pricing Model [Member] \| Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.48
CLO equities \| Weighted Average \| Valuation Technique, Discounted Cash Flow [Member] \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.195
CLO equities \| Weighted Average \| Valuation Technique, Discounted Cash Flow [Member] \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.25
Private equity funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 268.8
Private equity funds \| Minimum \| Transactional value \| Implied price at recent purchase transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.135
Private equity funds \| Maximum \| Transactional value \| Implied price at recent purchase transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.1385

Losses and Loss Adjustment Expenses - Average Annual Duration of Claims (Details)	Dec. 31, 2019
Atrium
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	24.69%
Year 2	32.30%
Year 3	14.57%
Year 4	8.25%
Year 5	4.69%
Year 6	2.47%
Year 7	1.88%
Year 8	0.63%
Year 9	0.47%
Year 10	0.56%
StarStone \| Workers' compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.40%
Year 2	28.61%
Year 3	19.73%
Year 4	12.35%
Year 5	4.99%
Year 6	2.51%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%
StarStone \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.87%
Year 2	17.83%
Year 3	17.73%
Year 4	17.98%
Year 5	13.06%
Year 6	5.94%
Year 7	3.72%
Year 8	1.44%
Year 9	0.71%
Year 10	(0.23%)
StarStone \| Marine
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.70%
Year 2	29.98%
Year 3	19.76%
Year 4	9.79%
Year 5	5.60%
Year 6	3.86%
Year 7	4.63%
Year 8	0.32%
Year 9	(0.09%)
Year 10	0.30%
StarStone \| Property
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	20.98%
Year 2	29.19%
Year 3	27.01%
Year 4	8.82%
Year 5	2.69%
Year 6	3.22%
Year 7	0.54%
Year 8	1.04%
Year 9	0.00%
Year 10	0.20%
StarStone \| Aerospace
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	37.03%
Year 2	31.40%
Year 3	16.33%
Year 4	4.98%
Year 5	4.76%
Year 6	3.00%
Year 7	1.81%
Year 8	2.68%
Year 9	1.21%
Year 10	0.29%
2010 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	12.95%
Year 2	20.21%
Year 3	21.16%
Year 4	10.49%
Year 5	5.42%
Year 6	1.75%
Year 7	2.12%
Year 8	3.58%
Year 9	2.30%
Year 10	2.10%
2011 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.48%
Year 2	15.94%
Year 3	(2.22%)
Year 4	(29.82%)
Year 5	(2.70%)
Year 6	3.79%
Year 7	(3.32%)
Year 8	4.38%
Year 9	10.83%
2012 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	1.18%
Year 2	25.49%
Year 3	16.08%
Year 4	12.00%
Year 5	9.56%
Year 6	4.26%
Year 7	5.22%
Year 8	4.02%
2013 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.64%
Year 2	21.47%
Year 3	15.78%
Year 4	10.91%
Year 5	6.08%
Year 6	3.86%
Year 7	2.14%
2014 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	33.91%
Year 2	23.93%
Year 3	10.99%
Year 4	7.95%
Year 5	3.44%
Year 6	2.08%
2015 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.22%
Year 2	16.89%
Year 3	12.71%
Year 4	9.69%
Year 5	7.60%
2015 \| Non-life Run-off \| Workers' compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.56%
Year 2	16.89%
Year 3	12.58%
Year 4	9.62%
Year 5	6.64%
2016 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	7.84%
Year 2	9.46%
Year 3	8.15%
Year 4	8.80%
2016 \| Non-life Run-off \| Workers' compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	9.94%
Year 2	8.63%
Year 3	6.82%
Year 4	9.53%
2017 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	8.08%
Year 2	7.62%
Year 3	6.69%
2018 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.22%
Year 2	22.54%
2018 \| Non-life Run-off \| Workers' compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	1.87%
Year 2	18.87%
2018 \| Non-life Run-off \| Marine, aviation and transit
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.75%
Year 2	10.20%
2018 \| Non-life Run-off \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.17%
Year 2	21.65%
2018 \| Non-life Run-off \| Professional indemnity/Directors & Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	20.37%
Year 2	14.47%
2018 \| Non-life Run-off \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.30%
Year 2	38.06%
2019 \| Non-life Run-off
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.69%
2019 \| Non-life Run-off \| Workers' compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.78%
2019 \| Non-life Run-off \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	9.50%
2019 \| Non-life Run-off \| Professional indemnity/Directors & Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	21.10%

Goodwill and Intangible Assets - Summary of Gross Carrying Value, Accumulated Amortization and Net Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 42,000	$ 42,000
Accumulated Amortization	(27,370)	(25,113)
Total amortization	14,630	16,887	$ 20,487
Intangible assets with an indefinite life, Carrying Value	87,031	87,031	87,031
Total intangible assets	101,661	103,918	$ 107,518
Distribution channel
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	20,000	20,000
Accumulated Amortization	(8,111)	(6,776)
Total amortization	11,889	13,224
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	15,000	15,000
Accumulated Amortization	(15,000)	(14,778)
Total amortization	0	222
Brand
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	7,000	7,000
Accumulated Amortization	(4,259)	(3,559)
Total amortization	2,741	3,441
Atrium
Finite-Lived Intangible Assets [Line Items]
Total amortization	14,630	16,665
Intangible assets with an indefinite life, Carrying Value	63,131	63,131
Total intangible assets	77,761	79,796
Atrium \| Distribution channel
Finite-Lived Intangible Assets [Line Items]
Total amortization	11,889	13,224
Atrium \| Technology
Finite-Lived Intangible Assets [Line Items]
Total amortization	0	0
Atrium \| Brand
Finite-Lived Intangible Assets [Line Items]
Total amortization	2,741	3,441
StarStone
Finite-Lived Intangible Assets [Line Items]
Total amortization	0	222
Intangible assets with an indefinite life, Carrying Value	23,900	23,900
Total intangible assets	23,900	24,122
StarStone \| Distribution channel
Finite-Lived Intangible Assets [Line Items]
Total amortization	0	0
StarStone \| Technology
Finite-Lived Intangible Assets [Line Items]
Total amortization	0	222
StarStone \| Brand
Finite-Lived Intangible Assets [Line Items]
Total amortization	0	0
Lloyd’s syndicate capacity
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	37,031	37,031
Lloyd’s syndicate capacity \| Atrium
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	33,031	33,031
Lloyd’s syndicate capacity \| StarStone
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	4,000	4,000
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	19,900	19,900
Licenses \| Atrium
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	0	0
Licenses \| StarStone
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	19,900	19,900
Management contract
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	30,100	30,100
Management contract \| Atrium
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	30,100	30,100
Management contract \| StarStone
Finite-Lived Intangible Assets [Line Items]
Intangible assets with an indefinite life, Carrying Value	$ 0	$ 0

Earnings Per Share - Comparison of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net earnings (loss) from continuing operations									$ 902,175	$ (162,354)	$ 300,465
Net earnings from discontinued operations, net of income taxes									0	0	10,993
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 193,839	$ 117,743	$ 231,842	$ 358,751	$ (113,423)	$ (15,965)	$ 8,244	$ (41,210)	$ 902,175	$ (162,354)	$ 311,458
Denominator:
Weighted-average ordinary shares outstanding — basic (shares)									21,482,617	20,698,310	19,388,621
Effect of dilutive securities:
Share-based compensation plans (shares)									227,878	129,746	62,732
Warrants (shares)									64,571	76,120	76,238
Weighted-average ordinary shares outstanding - diluted (shares)									21,775,066	20,904,176	19,527,591
Basic:
Net earnings (loss) from continuing operations (dollars per share)									$ 42.00	$ (7.84)	$ 15.50
Net earnings from discontinued operations (dollars per share)									0	0	0.56
Net earnings (loss) per ordinary share (dollars per share)	$ 9.02	$ 5.48	$ 10.79	$ 16.71	$ (5.29)	$ (0.74)	$ 0.40	$ (2.12)	42.00	(7.84)	16.06
Diluted:
Net earnings (loss) from continuing operations (dollars per share)									41.43	(7.84)	15.39
Net earnings from discontinued operations, net of income taxes (dollars per share)									0	0	0.56
Net earnings (loss) per ordinary share (dollars per share)	$ 8.89	$ 5.42	$ 10.70	$ 16.57	$ (5.29)	$ (0.74)	$ 0.40	$ (2.12)	$ 41.43	$ (7.84)	$ 15.95

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels

We have categorized our assets and liabilities 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:



	December 31, 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	$	—	$	736,043	$	—	$	—	$	736,043
U.K. government	—		161,772		—		—		161,772
Other government	—		702,857		—		—		702,857
Corporate	—		5,697,067		—		—		5,697,067
Municipal	—		167,882		—		—		167,882
Residential mortgage-backed	—		471,836		—		—		471,836
Commercial mortgage-backed	—		900,029		—		—		900,029
Asset-backed	—		775,402		—		—		775,402
	$	—	$	9,612,888	$	—	$	—	$	9,612,888

Other assets included within funds held - directly managed	—		14,207		—		—		14,207

Equities:
Publicly traded equity investments	$	297,310	$	30,565	$	—	$	—	$	327,875
Exchange-traded funds	133,047		—		—		—		133,047
Privately held equity investments	—		—		268,799		—		268,799
	$	430,357	$	30,565	$	268,799	$	—	$	729,721

Other investments:
Hedge funds	$	—	$	—	$	—	$	1,121,904	$	1,121,904
Fixed income funds	—		398,143		—		82,896		481,039
Equity funds	—		111,040		—		299,109		410,149
Private equity funds	—		—		—		329,885		329,885
CLO equities	—		—		87,555		—		87,555
CLO equity funds	—		—		—		87,509		87,509
Other	—		34		314		6,031		6,379
	$	—	$	509,217	$	87,869	$	1,927,334	$	2,524,420
Total Investments	$	430,357	$	10,166,877	$	356,668	$	1,927,334	$	12,881,236

Cash and cash equivalents	$	173,892	$	222,191	$	—	$	—	$	396,083

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	695,518	$	—	$	695,518

Other Assets:
Derivatives qualifying as hedging	$	—	$	642	$	—	$	—	$	642
Derivatives not qualifying as hedges	$	—	$	1,369	$	—	$	—	$	1,369
Derivative instruments	$	—	$	2,011	$	—	$	—	$	2,011

Losses and LAE:	$	—	$	—	$	2,621,122	$	—	$	2,621,122

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	11,452	$	—	$	—	$	11,452
Derivatives not qualifying as hedges	$	—	$	4,106	$	—	$	—	$	4,106
Derivative instruments	$	—	$	15,558	$	—	$	—	$	15,558



	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:
Derivatives qualifying as hedging	$	—	$	1,615	$	—	$	—	$	1,615
Derivatives not qualifying as hedges	—		5,086		—		—		5,086
Derivative instruments	$	—	$	6,701	$	—	$	—	$	6,701

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

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	300	$	—	$	—	$	300
Derivatives not qualifying as hedges	—		683		—		—		683
Derivative instruments	$	—	$	983	$	—	$	—	$	983

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis

The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2019 and 2018:



	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	184			—			—			—			33,713			56,908			90,805
Sales	(3,520		)	—			(784		)	(5,088		)	(2,016		)	(590		)	(11,998		)
Total realized and unrealized gains (losses)	90			(1		)	64			241			8,392			(7,816		)	970
Transfer into Level 3 from Level 2	3,535			102			1,515			22,771			—			—			27,923
Transfer out of Level 3 into Level 2	(37,675		)	(101		)	(8,184		)	(27,045		)	—			—			(73,005		)
Ending fair value	$	—		$	—		$	—		$	—		$	268,799		$	87,869		$	356,668



	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	14,391			—			3,749			46,074			227,000			13,173			304,387
Sales	(65,700		)	(1,184		)	(5,781		)	(49,020		)	—			(12,091		)	(133,776		)
Total realized and unrealized losses	(57		)	(28		)	(645		)	(1,843		)	(2		)	(18,794		)	(21,369		)
Transfer into Level 3 from Level 2	28,339			1,795			4,897			9,890			1,712			—			46,633
Transfer out of Level 3 into Level 2	(6,765		)	(3,663		)	(16,325		)	(23,872		)	—			—			(50,625		)
Ending fair value	$	37,386		$	—		$	7,389		$	9,121		$	228,710		$	39,367		$	321,973

The following table presents a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2019 and 2018:



	2019									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	9,218			—			9,218			1,890,061			372,780			1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(32,690		)	(2,958		)	(29,732		)	(108,429		)	(30,041		)	(78,388		)
Reduction in unallocated LAE	(19,915		)	—			(19,915		)	(20,656		)	—			(20,656		)
Change in fair value	160,630			43,449			117,181			27,845			21,181			6,664
Total incurred losses and LAE	108,025			40,491			67,534			(101,240		)	(8,860		)	(92,380		)
Paid losses	(416,770		)	(92,145		)	(324,625		)	(576,949		)	(148,175		)	(428,774		)
Effect of exchange rate movements	46,594			7,581			39,013			(132,486		)	(18,378		)	(114,108		)
Ending fair value	$	2,621,122		$	695,518		$	1,925,604		$	2,874,055		$	739,591		$	2,134,464

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 for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Changes in fair value due to changes in:
Duration	$	22,719	$	74,011		$	41,332
Corporate bond yield	94,462		(71,031		)	(11,076		)
Risk cost of capital	—		3,684			—
Change in fair value	$	117,181	$	6,664		$	30,256

Valuation Techniques and Inputs

Valuations Techniques and Inputs

The table below presents the quantitative information related to the fair value measurements for investments measured at fair value on a recurring basis using Level 3 inputs for the year ended December 31, 2019:



Qualitative Information about Level 3 Fair Value Measurements
	Fair Value at December 31, 2019	Valuation Techniques	Unobservable Input	Range (Average) ⁽¹⁾
	(in millions of U.S. dollars)
CLO equities	$87.6	Consensus pricing	Offered quotes	14-87 (48)
CLO equities	$87.6	Discounted Cash Flow method	Discount rate (%) ⁽²⁾Recovery rate ⁽³⁾Prepayment rate ⁽⁴⁾Collateral reinvestment coupon floor ⁽⁵⁾	10%-30% (19.5%) 50%-70% (60%) 20%-30% (25%) 1%
Privately held equity investments	268.8	Transactional value	Implied price at recent purchase transaction	13.50 - 13.85
Privately held equity investments	268.8	Cost as approximation of fair value	Cost as approximation of fair value

(1) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value.

(2) Implied yields were determined from recent market color of comparable subordinated notes, as well as unique characteristics for each investment.

(3) For collateral which has already defaulted, a recovery rate equal to the current market value of the collateral was assumed.

(4) An assumed constant prepayment rate (CPR) was applied to the CLOs. CPRs are the annualized percentage of loans in the collateral pool that prepay.

(5) It was assumed that the collateral manager would reinvest into collateral with a similar weighted-average spread and a similar ratings composition to the current collateral pool.

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis



	2019									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	9,218			—			9,218			1,890,061			372,780			1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(32,690		)	(2,958		)	(29,732		)	(108,429		)	(30,041		)	(78,388		)
Reduction in unallocated LAE	(19,915		)	—			(19,915		)	(20,656		)	—			(20,656		)
Change in fair value	160,630			43,449			117,181			27,845			21,181			6,664
Total incurred losses and LAE	108,025			40,491			67,534			(101,240		)	(8,860		)	(92,380		)
Paid losses	(416,770		)	(92,145		)	(324,625		)	(576,949		)	(148,175		)	(428,774		)
Effect of exchange rate movements	46,594			7,581			39,013			(132,486		)	(18,378		)	(114,108		)
Ending fair value	$	2,621,122		$	695,518		$	1,925,604		$	2,874,055		$	739,591		$	2,134,464

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 for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Changes in fair value due to changes in:
Duration	$	22,719	$	74,011		$	41,332
Corporate bond yield	94,462		(71,031		)	(11,076		)
Risk cost of capital	—		3,684			—
Change in fair value	$	117,181	$	6,664		$	30,256

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 as of December 31, 2019 and 2018:



		2019	2018
Valuation Technique	Unobservable (U) and Observable (O) Inputs	Weighted Average	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)	7.82 years	7.33 years
Internal model	Duration - reinsurance balances recoverable on paid and unpaid losses (U)	8.68 years	7.98 years

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net realized gains (losses) on sale:
Total net realized gains (losses) on sale									$ 96,328	$ (27,633)	$ 1,668
Net unrealized gains (losses):
Fixed maturity securities, trading									349,975	(165,187)
Total net unrealized gains (losses)									935,023	(385,251)	188,666
Net realized gains (losses) and change in fair value of funds held- directly managed	$ 152,664	$ 148,185	$ 269,711	$ 460,791	$ (158,213)	$ (57,223)	$ (54,418)	$ (143,030)	1,031,351	(412,884)	190,334
Proceeds from sale of available from sale securities									310,400	11,400	40,800
Fixed maturity investments
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale securities									4,856	27	616
Gross realized losses on fixed maturity securities, available-for-sale securities									(962)	(90)	(125)
Net realized gains (losses) on trading securities									91,313	(27,646)	4,695
Net unrealized gains (losses):
Fixed maturity securities, trading											35,878
Funds Held - Directly Managed
Net realized gains (losses) on sale:
Net realized gains (losses) on trading securities									1,495	(3,940)	(4,219)
Net unrealized gains (losses):
Fixed maturity securities, trading									88,053	(46,257)
Fixed maturity securities, trading											33,902
Equity investments
Net realized gains (losses) on sale:
Net realized gains (losses) on equity investments, trading									(374)	4,016	701
Net unrealized gains (losses):
Equity investments, trading									55,359	(9,831)	16,498
Other investments
Net unrealized gains (losses):
Other investments									$ 441,636	$ (163,976)	$ 102,388

Debt Obligations and Credit Facilities - Unsecured Letters of Credit (Details) - USD ($)		5 Months Ended
	Nov. 06, 2019	Dec. 31, 2019	Dec. 09, 2019	Dec. 06, 2019	Dec. 05, 2019	Feb. 12, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Cash and investments		$ 639,300,000
Maiden Facility Agreement
Debt Instrument [Line Items]
Proceeds from credit facility agreement		445,000,000.0
Loan facilities \| FAL Facility
Debt Instrument [Line Items]
Facility increase option						$ 400,000,000.0
Letters of Credit \| Loan facilities \| FAL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						375,000,000.0
Increase in borrowing capacity, limit						$ 25,000,000.0
Term extension	1 year
Letters of Credit \| Loan facilities \| 2018 Facility Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 120,000,000.0	$ 170,000,000.0
Increase in borrowing capacity, limit				$ 60,000,000.0
Letters of credit		115,300,000					$ 78,400,000
Letters of Credit \| Loan facilities \| Maiden Facility Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		760,000,000.0
Increase in borrowing capacity, limit			$ 40,000,000.0
Letters of credit		$ 608,000,000.0

Income Taxation - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 159,436	$ 183,633
Insurance reserves	14,104	18,677
Unearned premiums	7,131	11,314
Lloyd's underwriting losses taxable in future periods	0	6,201
Provisions for bad debt	6,172	2,594
Unrealized losses on investments	0	5,160
Defendant asbestos and environmental liabilities	140,000	0
Other deferred tax assets	0	183
Gross deferred tax assets	326,843	227,762
Valuation allowance	(117,390)	(212,113)
Deferred tax assets	209,453	15,649
Deferred tax liabilities:
Unrealized gains on investments	(10,107)	0
Lloyd's underwriting profit taxable in future periods	(8,852)	0
Deferred policy acquisition cost	(8,267)	0
Other deferred tax liabilities	(27,317)	(16,067)
Deferred tax liabilities	(54,543)	(16,067)
Net deferred tax asset	$ 154,910
Net deferred tax liability		$ (418)

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 2,379,890	$ 2,379,890	$ 2,029,663
Increase in reinsurance recoverable		$ 350,243	$ 268,039	$ 530,857
Non-Life Run-Off
Effects of Reinsurance [Line Items]
Increase in reinsurance recoverable	$ 350,200

Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

6. 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 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

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 as of December 31, 2019 and 2018:



	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	$	—	$	111,583	$	219,194	$	298,729	$	106,537	$	736,043
U.K. government	24,411		1,069		122,012		14,280		—		161,772
Other government	21,958		387		575,018		84,760		20,734		702,857
Corporate	5,121		13,915		4,007,386		1,067,256		603,389		5,697,067
Municipal	—		1,381		102,554		14,491		49,456		167,882
Residential mortgage-backed	—		—		258,412		127,219		86,205		471,836
Commercial mortgage-backed	—		—		571,129		98,557		230,343		900,029
Asset-backed	—		—		490,624		208,097		76,681		775,402
Total fixed maturity and short-term investments	$	51,490	$	128,335	$	6,346,329	$	1,913,389	$	1,173,345	$	9,612,888



	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 December 31, 2019 were securities issued by U.S. governmental agencies with a fair value of $356.9 million (as of December 31, 2018: $656.6 million). Included within corporate securities as of December 31, 2019 were senior secured loans of $31.4 million (as of December 31, 2018: $20.4 million).

Contractual Maturities

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 December 31, 2019	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	537,944	$	536,156	5.6	%
More than one year through two years	801,473		808,071		8.4	%
More than two years through five years	2,175,547		2,212,834		23.0	%
More than five years through ten years	2,108,172		2,198,505		22.9	%
More than ten years	1,584,345		1,710,055		17.8	%
Residential mortgage-backed	466,932		471,836		4.9	%
Commercial mortgage-backed	882,603		900,029		9.4	%
Asset-backed	779,279		775,402		8.0	%
	$	9,336,295	$	9,612,888	100.0	%

Credit Ratings

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 December 31, 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	$	730,396	$	736,043	7.7	%	$	736,043		$	—		$	—		$	—		$	—		$	—
U.K. government	155,261		161,772		1.7	%	—			161,772			—			—			—			—
Other government	684,117		702,857		7.3	%	316,151			154,072			63,270			144,557			24,807			—
Corporate	5,479,839		5,697,067		59.2	%	149,108			619,707			2,911,867			1,703,328			311,167			1,890
Municipal	157,868		167,882		1.7	%	16,381			77,291			50,938			23,272			—			—
Residential mortgage-backed	466,932		471,836		4.9	%	381,502			47,489			2,295			1,882			34,055			4,613
Commercial mortgage-backed	882,603		900,029		9.4	%	632,461			89,347			95,508			66,573			6,224			9,916
Asset-backed	779,279		775,402		8.1	%	378,116			89,418			174,118			117,275			15,694			781
Total	$	9,336,295	$	9,612,888	100.0	%	$	2,609,762		$	1,239,096		$	3,297,996		$	2,056,887		$	391,947		$	17,200
% of total fair value							27.1		%	12.9		%	34.3		%	21.4		%	4.1		%	0.2		%

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

The amortized cost and fair values of our fixed maturity investments classified as available-for-sale were as follows as of December 31, 2019 and 2018:



2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses Non-OTTI			Fair Value
U.S. government and agency	$	410,842	$	77	$	(607	)	$	410,312
U.K. government	15,067		282		—			15,349
Other government	84,116		1,119		(88		)	85,147
Corporate	1,081,713		4,026		(4,568		)	1,081,171
Municipal	15,963		20		(111		)	15,872
Residential mortgage-backed	127,704		240		(725		)	127,219
Commercial mortgage-backed	98,928		38		(409		)	98,557
Asset-backed	208,121		169		(193		)	208,097
	$	2,042,454	$	5,971	$	(6,701	)	$	2,041,724



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 fixed maturity and short-term investments classified as available-for-sale in a gross unrealized loss position, as of December 31, 2019 and 2018:



		12 Months or Greater					Less Than 12 Months					Total
2019		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed maturity investments, at fair value
	U.S. government and agency	$	—	$	—		$	222,643	$	(607	)	$	222,643	$	(607	)
	Other government	1,080		(23		)	37,796		(65		)	38,876		(88		)
	Corporate	2,754		(306		)	461,772		(4,262		)	464,526		(4,568		)
	Municipal	128		—			12,046		(111		)	12,174		(111		)
	Residential mortgage-backed	—		—			65,992		(725		)	65,992		(725		)
	Commercial mortgage-backed	—		—			79,606		(409		)	79,606		(409		)
	Asset-backed	—		—			129,014		(193		)	129,014		(193		)
Total fixed maturity and short-term investments		$	3,962	$	(329	)	$	1,008,869	$	(6,372	)	$	1,012,831	$	(6,701	)



		12 Months or Greater					Less Than 12 Months					Total
2018		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed maturity and short-term investments, at fair value
	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 December 31, 2019 and 2018, the number of securities classified as available-for-sale in an unrealized loss position was 563 and 88, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 12 and 42, respectively. From October 1, 2019 we elected to use available-for-sale accounting for all new acquisitions and where permissible, as trading fixed maturity securities mature, we are reinvesting the proceeds into available-for-sale securities for the Non-Life Run-off and StarStone segments.

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

For the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 and 2018. A description of our other-than-temporary impairment process is included in Note 2 - "Significant Accounting Policies". There were no changes to our process in the years ended December 31, 2019 and 2018.

Equity Investments

The following table summarizes our equity investments classified as trading as of December 31, 2019 and 2018:



	2019		2018
Publicly traded equity investments in common and preferred stocks	$	327,875	$	138,415
Exchange-traded funds	133,047		—
Privately held equity investments in common and preferred stocks	268,799		228,710
	$	729,721	$	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 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. Included within the above balance as of December 31, 2019 is an investment in the parent company of AmTrust Financial Services, Inc. ("AmTrust"), with a fair value of $240.1 million. Refer to Note 21 - "Related Party Transactions" for further information.

Other Investments, at fair value

The following table summarizes our other investments carried at fair value as of December 31, 2019 and 2018:



	2019		2018
Hedge funds	$	1,121,904	$	852,584
Fixed income funds	481,039		403,858
Equity funds	410,149		333,681
Private equity funds	329,885		248,628
CLO equity funds	87,509		37,260
CLO equities	87,555		39,052
Private credit funds	—		33,381
Others	6,379		9,313
	$	2,524,420	$	1,957,757

The valuation of our other investments is described in Note 12 - "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 equity funds invest primarily in the equity tranches of term-financed securitizations of diversified pools of corporate bank loans.


•	CLO equities comprise investments 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 of various investments including a real estate debt fund that invests primarily in European commercial real estate equity, 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 December 31, 2019 and December 31, 2018 was primarily attributable to unrealized gains of $441.6 million and net additional subscriptions of $214.3 million to CLO equity, CLO equity funds, fixed income funds and private equity funds.

As of December 31, 2019, we had unfunded commitments of $482.3 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 December 31, 2019:



	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	343,005	$	624,233	$	—	$	102,600	$	52,066	$	1,121,904	Monthly to Bi-annually
Fixed income funds	477,935		—		—		—		3,104		481,039		Daily to Quarterly
Equity funds	410,149		—		—		—		—		410,149		Daily to Quarterly
Private equity funds			—		—		—		329,885		329,885		N/A
CLO equity funds	60,735		—		26,774		—		—		87,509		Quarterly to Bi-annually
CLO equities	87,555		—		—		—		—		87,555		N/A
Other	34		—		—		—		6,345		6,379		N/A
	$	1,379,413	$	624,233	$	26,774	$	102,600	$	391,400	$	2,524,420

Equity Method Investments

The table below shows our equity method investments as of December 31, 2019 and 2018:



	2019						2018
	Investment		Ownership %		Carrying Value		Investment		Ownership %		Carrying Value
Enhanzed Re	$	154,050	47.4	%	$	182,856	$	94,800	47.4	%	$	94,800
Citco	50,000		31.9	%	51,742		50,000		31.9	%	50,812
Monument	26,600		26.6	%	60,598		26,600		26.6	%	42,193
Clear Spring	11,210		20.0	%	$	10,645	11,210		20.0	%	10,070
Other	24,963		~30%		20,436		15,250		~30%		6,632
	$	266,823			$	326,277	$	197,860			$	204,507

Refer to Note 21 - "Related Party Transactions" for further information regarding our investments in Clear Spring, Citco, Monument and Enhanzed Re.

As of December 31, 2019, we had unfunded commitments of $93.1 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 as of December 31, 2019 and 2018:



	2019		2018
Fixed maturity investments, trading	$	1,173,345	$	1,183,374
Other assets	14,207		14,780
	$	1,187,552	$	1,198,154

The following table summarizes the fixed maturity investment components of funds held - directly managed as of December 31, 2019 and 2018:



	2019						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	$	185,859	$	940,194	$	1,126,053	$	179,670		$	1,044,377		$	1,224,047
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,438		—		5,438		(2,733		)	—			(2,733		)
Change in fair value - embedded derivative accounting	—		41,854		41,854		—			(37,940		)	(37,940		)
Fixed maturity investments within funds held - directly managed, at fair value	$	191,297	$	982,048	$	1,173,345	$	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 December 31, 2019 and 2018, we had funds held by reinsured companies of $408.7 million and $321.3 million, respectively.

Net Investment Income

Major categories of net investment income for the years ended December 31, 2019, 2018 and 2017 are summarized as follows:



	2019			2018			2017
Fixed maturity investments	$	233,310		$	189,000		$	144,367
Short-term investments and cash and cash equivalents	16,607			12,117			9,314
Funds held	19,981			10,041			601
Funds held – directly managed	38,173			37,623			32,479
Investment income from fixed maturities and cash and cash equivalents	308,071			248,781			186,761
Equity investments	16,671			5,397			4,355
Other investments	11,792			19,703			14,337
Life settlements and other	—			6,511			14,370
Investment income from equities and other investments	28,463			31,611			33,062
Gross investment income	336,534			280,392			219,823
Investment expenses	(15,258		)	(9,721		)	(11,034		)
Net investment income	$	321,276		$	270,671		$	208,789

Net Realized and Unrealized Gains (Losses)

Components of net realized and unrealized gains (losses) for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019			2018			2017
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale securities ⁽¹⁾	$	4,856		$	27		$	616
Gross realized losses on fixed maturity securities, available-for-sale securities ⁽¹⁾	(962		)	(90		)	(125		)
Net realized gains (losses) on fixed maturity securities, trading	91,313			(27,646		)	4,695
Net realized gains (losses) on fixed maturity securities in funds held - directly managed portfolios	1,495			(3,940		)	(4,219		)
Net realized gains (losses) on equity investments, trading	(374		)	4,016			701
Total net realized gains (losses) on sale	96,328			(27,633		)	1,668
Net unrealized gains (losses):
Fixed maturity securities, trading	349,975			(165,187		)	35,878
Fixed maturity securities in funds held - directly managed portfolios	88,053			(46,257		)	33,902
Equity investments, trading	55,359			(9,831		)	16,498
Other investments	441,636			(163,976		)	102,388
Total net unrealized gains (losses)	935,023			(385,251		)	188,666
Net realized and unrealized gains (losses)	$	1,031,351		$	(412,884	)	$	190,334

⁽¹⁾The gross realized gains and losses on available-for-sale investments included in the table above resulted from sales of $310.4 million, $11.4 million and $40.8 million for the years ended December 31, 2019, 2018 and 2017, 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 $352.7 million and $380.5 million, as of December 31, 2019 and 2018, respectively, was as follows:



	2019		2018
Collateral in trust for third party agreements	$	4,104,093	$	4,336,752
Assets on deposit with regulatory authorities	445,626		579,048
Collateral for secured letter of credit facilities	133,238		127,841
Funds at Lloyd's ⁽¹⁾	639,316		354,589
	$	5,322,273	$	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 15 - "Debt Obligations and Credit Facilities". Funds at Lloyd's increased primarily due to reinsurance to close ("RITC") transactions, during 2019.

Investments - Restricted Assets (Details) $ in Thousands	Dec. 31, 2019 USD ($) syndicate	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Investments, Debt and Equity Securities [Abstract]
Restricted cash and cash equivalents	$ 352,692	$ 380,488	$ 257,686
Line of Credit Facility [Line Items]
Collateral in trust for third party agreements	4,104,093	4,336,752
Assets on deposit with regulatory authorities	445,626	579,048
Funds at Lloyd's	639,316	354,589
Restricted assets, total	$ 5,322,273	5,398,230
Number of syndicates \| syndicate	3
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 133,238	$ 127,841

Investments - Other Than Temporary Impairment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Other than temporary impairment losses, available-for-sale securities	$ 0	$ 0	$ 0
Available-for-sale securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Credit losses	$ 0	$ 0

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

14. GOODWILL AND INTANGIBLE ASSETS

The following table presents a reconciliation of the beginning and ending goodwill and intangible assets for the years ended December 31, 2019 and 2018:



			Intangible assets
	Goodwill		Intangible assets with a definite life			Intangible assets with an indefinite life		Total			Total
Balance as of December 31, 2017	$	73,071	$	20,487		$	87,031	$	107,518		$	180,589
Acquired during the year	41,736		—			—		—			41,736
Amortization	—		(3,600		)	—		(3,600		)	(3,600		)
Balance as of December 31, 2018	$	114,807	$	16,887		$	87,031	$	103,918		$	218,725
Amortization	—		(2,257		)	—		(2,257		)	(2,257		)
Balance as of December 31, 2019	$	114,807	$	14,630		$	87,031	$	101,661		$	216,468

Goodwill

Goodwill as of December 31, 2019 and 2018, related to our Non-life Run-off, Atrium and StarStone segments, was as follows:



	2019		2018
Non-life Run-Off	$	62,959	$	62,959
Atrium	38,848		38,848
StarStone	13,000		13,000
	$	114,807	$	114,807

For the year ended December 31, 2019, we completed our assessment for impairment of goodwill and concluded that there had been no impairment of our carried goodwill amount. For the year ended December 31, 2018 the increase in the goodwill balance in the Non-life Run-off segment was due to the acquisition of KaylaRe as discussed in Note 3 - "Acquisitions", which resulted in the recognition of goodwill of $41.7 million, none of which is amortizable for tax purposes.

Intangible Assets

Intangible assets with a definite life includes the distribution channel, technology and brand related to our acquisitions of Atrium and StarStone. These assets are amortized on a straight-line basis over a period ranging from four to fifteen years. The following table provides a summary of the amortization recorded on the intangible assets for the years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
Intangible asset amortization	$	2,257	$	3,600	$	4,266

Intangible assets with an indefinite life includes assets associated with the Lloyd’s syndicate capacity for StarStone and Atrium, StarStone's U.S. insurance licenses, and Atrium’s management contract with Syndicate 609 in relation to underwriting, actuarial and support services it provides.

The gross carrying value, accumulated amortization and net carrying value of intangible assets by type as of December 31, 2019 and 2018 was as follows:



	2019							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	$	(8,111	)	$	11,889	$	20,000	$	(6,776	)	$	13,224
Technology	15,000		(15,000		)	—		15,000		(14,778		)	222
Brand	7,000		(4,259		)	2,741		7,000		(3,559		)	3,441
Total	$	42,000	$	(27,370	)	$	14,630	$	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

The net carrying value of intangible assets by segment and by type as of December 31, 2019 and 2018 was as follows:



	2019						2018
	Atrium		StarStone		Total		Atrium		StarStone		Total
Intangible assets with a definite life:
Distribution channel	$	11,889	$	—	$	11,889	$	13,224	$	—	$	13,224
Technology	—		—		—		—		222		222
Brand	2,741		—		2,741		3,441		—		3,441
Total	$	14,630	$	—	$	14,630	$	16,665	$	222	$	16,887
Intangible assets with an indefinite life:
Lloyd’s syndicate capacity	$	33,031	$	4,000	$	37,031	$	33,031	$	4,000	$	37,031
Licenses	—		19,900		19,900		—		19,900		19,900
Management contract	30,100		—		30,100		30,100		—		30,100
Total	$	63,131	$	23,900	$	87,031	$	63,131	$	23,900	$	87,031

Total intangible assets	$	77,761	$	23,900	$	101,661	$	79,796	$	24,122	$	103,918

The estimated future amortization expense related to our intangible assets with a definite life is as follows:



Year	Atrium		StarStone		Total
2020	$	2,033	$	—	$	2,033
2021	2,033		—		2,033
2022	2,033		—		2,033
2023	1,975		—		1,975
2024	1,333		—		1,333
2025 and thereafter	5,223		—		5,223
Total amortization	$	14,630	$	—	$	14,630

Share-Based Compensation and Pensions - Pension Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plans	$ 11,798	$ 11,434	$ 12,247
Defined benefit plan	684	2,243	1,988
Total pension expense	12,482	13,677	$ 14,235
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, unfunded liability	8,900	8,400
Accrued liability, defined benefit plan	$ 8,900	$ 8,400

Derivatives and Hedging Instruments - Investments in Call Options (Details) - Not Designated as Hedging Instrument - Call options on equity - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Unrealized gains (losses) in net earnings	$ 500,000	$ (9,400,000)
Equities at cost	10,000,000.0	0
Fair value	$ 100,000	$ 600,000

Derivatives and Hedging Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

7. 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 December 31, 2019 and 2018, we had forward foreign currency contracts in place which we had designated as hedges of our net investments in foreign operations.

The following table presents the gross notional amounts and the estimated fair values recorded within other assets and liabilities related to our qualifying foreign currency forward exchange rate contracts as of December 31, 2019 and 2018:



	2019						2018
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
Foreign exchange forward - AUD	$	64,620	$	52	$	2,033	$	42,258	$	1,377	$	—
Foreign exchange forward - EUR	112,284		246		1,635		66,422		238		300
Foreign exchange forward - GBP	318,387		344		7,784		—		—		—
Total qualifying hedges	$	495,291	$	642	$	11,452	$	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 for the years ended December 31, 2019, 2018 and 2017:



	Amount of Gains (Losses) Deferred in AOCI
	2019			2018		2017
Foreign exchange forward - AUD	$	(722	)	$	3,438	$	(1,247	)
Foreign exchange forward - EUR	1,817			1,000		—
Foreign exchange forward - GBP	(16,423		)	—		—
Total qualifying hedges	$	(15,328	)	$	4,438	$	(1,247	)

Non-derivative Hedging Instruments of Net Investments in Foreign Operations

From time to time, we may also use non-derivative instruments such as foreign currency denominated borrowings under our credit facilities to hedge certain of our net investments in foreign operations in designated qualifying non-derivative hedging arrangements. While there were no foreign currency denominated borrowings outstanding under our credit facilities as of December 31, 2019 and 2018, the following table presents the amounts of the net gains and losses deferred in the CTA account in AOCI relating to these qualifying non-derivative hedging instruments for the years ended December 31, 2018 and 2017:



	Amount of Gains (Losses) Deferred in AOCI
	2018	2017
Net gains (losses) on qualifying non-derivative hedges	3,144	(9,375	)

Derivatives Not Designated or Not Qualifying as Hedging Instruments

From time to time, we may also utilize foreign currency forward contracts 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 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

The following table presents the gross notional amounts and the estimated fair values recorded within other assets and liabilities as of December 31, 2019 and 2018 and the gains and losses during the years ended December 31, 2019 and 2018, related to our non-qualifying foreign currency forward exchange rate hedging relationships:



	December 31, 2019						2019
			Fair Value
	Gross Notional Amount		Assets		Liabilities		Gains (losses) on non-qualifying hedges charged to earnings
Foreign exchange forward - AUD	$	913	$	839	$	892	$	1,523
Foreign exchange forward - CAD	66,266		10		1,482		(2,079		)
Foreign exchange forward - EUR	74,444		507		1,440		1,759
Foreign exchange forward - GBP	11,940		13		292		12,004
Total non-qualifying hedges	$	153,563	$	1,369	$	4,106	$	13,207



	December 31, 2018						2018
			Fair Value
	Gross Notional Amount		Assets		Liabilities		Gains (losses) on non-qualifying hedges charged to earnings
Foreign exchange forward - AUD	$	45,427	$	1,952	$	310	$	4,958
Foreign exchange forward - CAD	55,050		1,441		—		9,311
Foreign exchange forward - EUR	54,282		139		301		2,296
Foreign exchange forward - GBP	256,959		1,554		72		15,078
Total non-qualifying hedges	$	411,718	$	5,086	$	683	$	31,643

Investments in Call Options on Equities

During the years ended December 31, 2019 and 2018, we recorded unrealized gains of approximately $0.5 million and unrealized losses of $9.4 million respectively, within net earnings, on the call options on equities which we purchased in 2018 at a cost of $10.0 million. These call options on equities had a fair value of less than $0.1 million and $0.6 million as of December 31, 2019 and 2018, respectively.

Other Derivatives

In 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. The carrying value of the forward interest rate swap, recorded in other liabilities, was $0.3 million as of December 31, 2019. We recorded unrealized losses in net earnings of $0.3 million on the instrument for the year ended December 31, 2019.

Investments - Contractual Maturities (Details) - Short-term investments and fixed maturities $ in Thousands	Dec. 31, 2019 USD ($)
Amortized Cost
One year or less	$ 537,944
More than one year through two years	801,473
More than two years through five years	2,175,547
More than five years through ten years	2,108,172
More than ten years	1,584,345
Fixed maturity investments, at amortized cost	9,336,295
Fair Value
One year or less	536,156
More than one year through two years	808,071
More than two years through five years	2,212,834
More than five years through ten years	2,198,505
More than ten years	1,710,055
Trading securities, debt	$ 9,612,888
% of Total Fair Value
One year or less	5.60%
More than one year through two years	8.40%
More than two years through five years	23.00%
More than five years through ten years	22.90%
More than ten years	17.80%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 466,932
Fair Value
Securities without single maturity date	$ 471,836
% of Total Fair Value
Securities without single maturity date	4.90%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 882,603
Fair Value
Securities without single maturity date	$ 900,029
% of Total Fair Value
Securities without single maturity date	9.40%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 779,279
Fair Value
Securities without single maturity date	$ 775,402
% of Total Fair Value
Securities without single maturity date	8.00%

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Estimated future expenses	$ 51,637	$ 19,843
Fair value adjustments	(314,824)	(84,650)
Defendant asbestos and environmental liabilities	847,685	203,320	$ 219,164	$ 234,020
Insurance recoveries related to defendant asbestos and environmental liabilities	549,593	183,676
Fair value adjustments	(100,738)	(47,868)
Insurance balances recoverable	448,855	135,808
Net liabilities relating to defendant asbestos and environmental exposures	398,830	67,512	$ 96,838	$ 100,988
Defendant asbestos liabilities
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	1,100,593	265,975
Defendant environmental liabilities
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	$ 10,279	$ 2,152

Share-Based Compensation and Pensions (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Compensation Plans

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Share-based compensation plans:
Restricted shares and restricted share units	$	6,564	$	7,641		$	7,302
Performance share units	23,582		1,968			5,832
Cash-settled stock appreciation rights	2,575		(3,316		)	8,875
Other share-based compensation plans:
Northshore incentive plan	3,652		2,792			3,156
StarStone incentive plan	223		—			—
Deferred compensation and ordinary share plan for non-employee directors	992		1,155			758
Employee share purchase plan	411		430			403
Total share-based compensation	$	37,999	$	10,670		$	26,326

The following table summarizes the number of units outstanding for the years ended December 31, 2019, 2018 and 2017 under the Enstar Group Limited Deferred Compensation and Ordinary Share Plan for Non-Employee Directors (the "Deferred Compensation Plan"):



	2019	2018	2017
Restricted share units credited to the accounts of non-employee directors	5,976	5,691	3,852

The following table summarizes the number of shares issued to employees under the Employee Share Purchase Plan for the years ended December 31, 2019, 2018 and 2017:



	2019	2018	2017
Number of shares issued to employees	15,269	14,183	12,401

The table below summarizes the pension expenses related to our Defined Contribution Plans and our Defined Benefit Plan for the years ended December 31, 2019, 2018 and 2017.



	2019		2018		2017
Defined contribution plans	$	11,798	$	11,434	$	12,247
Defined benefit plan	684		2,243		1,988
Total pension expense	$	12,482	$	13,677	$	14,235

Restricted Shares, Restricted Share Units and Performance Share Units

The following table summarizes the activity related to restricted shares and restricted share awards during 2019:



	Number of Shares		Weighted-Average Share Price
Nonvested — January 1	59,936		$191.89
Granted	50,054		176.16
Vested	(42,462	)	189.98
Forfeited	(2,956	)	206.85
Nonvested — December 31	64,572		180.49

The following table summarizes the activity related to PSUs during 2019:



	Number of Shares		Weighted-Average Share Price
Nonvested — January 1	159,168		$190.77
Granted	36,616		166.42
Increase for above target vest	27,641		188.62
Vested	(2,631	)	195.60
Forfeited	(13,845	)	198.37
Nonvested — December 31	206,949		185.61

The following table summarizes the awards granted, the unvested PSU awards at December 31, 2019, and the performance criteria and associated performance multipliers at various levels of achievement.



Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)						Performance Multiplier Levels Per Award Agreements
Grant Year	PSUs Granted at Target	Forfeited		Estimated Change in Multiplier	Nonvested at December 31, 2019	Threshold		Target		Maximum		Threshold		Target		Maximum
2017	36,321	(12,176	)	9,560	33,705	20.00	%	30.00	%	40.00	%	50.00	%	100.00	%	150.00	%
2017	91,875	—		18,081	109,956	30.30	%	35.65	%	41.00	%	50.00	%	100.00	%	150.00	%
2018	39,682	(11,414	)	—	28,268	25.00	%	32.50	%	40.00	%	50.00	%	100.00	%	150.00	%
2019	18,308	(798	)	—	17,510	20.00	%	30.00	%	40.00	%	60.00	%	100.00	%	150.00	%
	186,186	(24,388	)	27,641	189,439

Summary of Performance Share Units and Performance Criteria and Multiplier

The following table summarizes the awards granted, the unvested units at December 31, 2019, and the performance criteria and associated performance multipliers at various levels of achievement.



Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
Grant Year	PSUs Granted at Target	Forfeited		Estimated Change in Multiplier	Nonvested at December 31, 2019	Threshold		Target		Maximum		Threshold		Target		Maximum
2019	18,308	(798	)	—	17,510	9.60	%	12.00	%	14.40	%	60.00	%	100.00	%	150.00	%

Summary of Performance Multipliers

At the end of each reporting period, we estimate the expected performance multiplier, as shown in the table below:



Award Description	2019	2018	2017
2017 FDBVPS Type I (30.00% Target Change)	139%	50%	100%
2017 FDBVPS Type II (35.65% Target Change)	120%	50%	100%
2018 FDBVPS	100%	50%	n/a
2019 FDBVPS	100%	n/a	n/a
2019 Average Operating ROE	100%	n/a	n/a

Summary of SARs Activity

The following table summarizes the activity related to SARs during 2019:



	Number of SARs		Weighted-Average Exercise Price of SARs		Weighted-Average Expected Term (in years)	Aggregate Intrinsic Value⁽¹⁾
Balance, beginning of year	109,081		$	142.37
Exercised	(19,854	)	138.07
Balance, end of year	89,227		143.33		2.39	$	6,133

⁽¹⁾The aggregate intrinsic value is calculated as the pre-tax difference between the exercise price of the underlying share awards and the closing price per share of our ordinary shares of $206.86 on December 31, 2019.

Assumptions Used to Estimate Fair Value of SARs Using Black-Scholes Option Valuation Model

The following table sets forth the assumptions used to estimate the fair value of the SARs using the Black-Scholes option valuation model as of December 31, 2019, 2018 and 2017:



	2019			2018			2017
Weighted-average fair value per SAR	$	76.03		$	45.85		$	75.38
Weighted-average volatility	19.75		%	18.94		%	19.44		%
Weighted-average risk-free interest rate	1.64		%	2.72		%	1.65		%
Dividend yield	0.00		%	0.00		%	0.00		%

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Preparation

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Basis of Consolidation

The consolidated financial statements include our assets, liabilities and results of operations as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. Results of operations for acquired subsidiaries are included from the date of acquisition. All significant intercompany transactions and balances have been eliminated.

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 could differ materially from our estimates. 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");


•	reinsurance balances recoverable on paid and unpaid losses;


•	defendant asbestos and environmental liabilities and related insurance balances recoverable;


•	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 assets;


•	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.

Premiums

Non-Life

Non-life premiums written are earned on a pro-rata basis over the period the coverage is provided. Reinsurance premiums are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates are expected and may result in adjustments in future periods. Any subsequent differences arising on such estimates are recorded as premiums written in the period in which they are determined.

Certain non-life contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. Additional premiums are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed.

Premiums receivable

Premiums receivable represent amounts currently due and amounts not yet due on insurance and reinsurance policies. Premiums for insurance policies and loss portfolio transfer reinsurance agreements are generally due at inception. Premiums for other reinsurance policies generally become due over the period of coverage based on the

policy terms. We monitor the credit risk associated with premiums receivable, taking into consideration the impact of our contractual right to offset loss obligations or unearned premiums against premiums receivable. Amounts deemed uncollectible are charged to net earnings based on an expected loss approach. Changes in the estimates of premiums written will result in an adjustment to premiums receivable in the period they are determined.

Unearned premiums and prepaid reinsurance premiums

Unearned premiums represent the portion of premiums written that relate to the unexpired terms of policies in force. Premiums ceded are similarly pro-rated over the period the coverage is provided with the unearned portion being deferred as prepaid reinsurance premiums.

Acquisition Costs

Acquisition costs, consisting principally of commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and that vary with and are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income.

A premium deficiency occurs if the sum of anticipated losses and loss adjustment expenses exceed unearned premiums, deferred acquisition costs and anticipated investment income. A premium deficiency is initially recognized by charging any deferred acquisition costs to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the deferred acquisition costs then a liability is accrued for the excess deficiency.

Losses and LAE

Non-life Run-off

The liability for losses and LAE in the Non-life Run-off segment includes an amount determined from reported claims and an amount, based on historical loss experience and industry statistics, for losses incurred but not reported ("IBNR") determined using a variety of actuarial methods. These estimates are continually reviewed and are necessarily subject to the impact of future changes in factors such as claim severity and frequency, changes in economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. We therefore exclude the impact of potential future commutations and policy buybacks in determining the liability for losses and LAE. While we believe that the liability for losses and LAE is adequate, the ultimate amount may be in excess of, or less than, the amounts provided. Adjustments will be reflected as part of the net increase or reduction in losses and LAE liabilities in the periods in which they become known. Premium and commission adjustments may be triggered by incurred losses, and any amounts are recorded in the same period that the related incurred loss is recognized.

Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses. Commutations and policy buybacks can be beneficial to us as they legally extinguish liabilities in full, reduce the potential for future adverse loss development, and reduce future claims handling costs. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of fair value adjustments and deferred charge assets in that period. Commutations are only executed directly with insureds or reinsureds and any gains realized or losses incurred on the settlement of losses and LAE liabilities through commutations or policy buybacks are recognized upon the execution of a commutation or policy buyback with the insured or reinsured. Our estimate of the liability for losses and LAE does not consider historical commutations and policy buybacks and also does not include an estimate for potential future commutations and policy buybacks.

Our insurance and reinsurance subsidiaries also establish provisions for LAE relating to run-off costs for the estimated duration of the run-off, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings.

Atrium and StarStone

The reserves for losses and LAE in the Atrium and StarStone segments include reserves for unpaid reported losses and for IBNR loss reserves. The reserves for unpaid reported losses and loss expenses are established by management based on reports from brokers, ceding companies and insureds and represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserve for IBNR losses is established by us based on actuarially determined estimates of ultimate losses and loss expenses. Inherent in the estimate of ultimate losses and loss expenses are expected trends in claim severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss expenses may differ from the amounts recorded in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, will be recorded in earnings in the period in which they become known. Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years.

Components of Net Incurred Losses and LAE

Included within the total net incurred losses and LAE on our consolidated statement of earnings are the following items:


•	Net losses paid: paid losses and LAE, net of related reinsurance recoveries.


•	Net change in case and LAE reserves: the change in case reserves and associated LAE, net of related reinsurance recoveries.


•	Net change in IBNR reserves: the change in IBNR reserves, net of related reinsurance recoveries.


•	Increase (reduction) in estimates of net ultimate losses: the total of net losses paid, net change in case and LAE reserves and the net change in IBNR. This includes the net impact of commutations and policy buybacks on the liability for losses and LAE reserves and reinsurance recoveries.


•	Increase (reduction) in provisions for unallocated LAE: the net change in our provision for unallocated LAE.


•	Amortization of deferred charge assets: the amortization of the deferred charge assets associated with assumed retroactive reinsurance contracts, where the estimated ultimate losses assumed at the inception of the contracts is greater than the premium consideration received.


•	Amortization of fair value adjustments: the amortization of the fair value adjustments associated with acquired companies, where the assumed losses and LAE reserves and the acquired reinsurance recoveries are fair valued on acquisition.

•

Changes in fair value - fair value option: the changes in the fair value for reinsurance agreements where we have elected the fair value option. The change in fair value component includes the changes in the discounted cash flows and risk margin. The underlying net losses paid, net change in case and LAE reserves and the net change in IBNR reserves relating to these reinsurance agreements for which we have elected the fair value option are included within the appropriate line items described above.

•

Net incurred losses and LAE: the total of increase (reduction) in estimates of net ultimate losses, increase (reduction) in provisions for unallocated LAE, amortization of deferred charge assets, amortization of fair value adjustments and changes in fair value - fair value option.

Defendant Asbestos and Environmental Liabilities

Defendant asbestos and environmental 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. Defendant asbestos and environmental liabilities also include amounts for environmental liabilities associated with DCo's and Morse TEC's properties.

Reinsurance Balances Recoverable, Funds Held, and Retroactive Reinsurance

Amounts billed to, and due from, reinsurers resulting from paid movements in the underlying business are calculated in accordance with the terms of the individual reinsurance contracts. Similarly, reinsurance balances recoverable on paid and unpaid losses related to our case reserves are calculated by applying the terms of any applicable reinsurance coverage to movements in the underlying case reserves. Our estimate of reinsurance balances recoverable on paid and unpaid losses related to IBNR reserves is recognized on a basis consistent with the underlying IBNR reserves.

Our reinsurance balances recoverable on paid and unpaid losses are presented net of a provision for uncollectible amounts, reflecting the amount deemed not collectible due to credit quality, collection problems due to the location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues.

Retroactive reinsurance policies provide indemnification for losses and LAE with respect to past loss events. In our Non-life Run-off segment we use the balance sheet accounting approach for assumed loss portfolio transfers, whereby at the inception of the contract there are no premiums or losses recorded in earnings.

Deferred Charge Assets

If, at the inception of a Non-life Run-off retroactive reinsurance contract, the estimated undiscounted ultimate losses payable are in excess of the premiums received, a deferred charge asset is recorded for the excess. The premium consideration that we charge the ceding companies may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from our cedents at the inception of the contract, we invest the premium received over an extended period of time, thereby generating investment income. We expect to generate profits from these retroactive reinsurance policies when taking into account the premium received and expected investment income, less contractual obligations and expenses. Deferred charge assets, recorded in other 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. The amortization of deferred charge assets is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss ad LAE 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. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the deferred charge assets. Deferred charge assets are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made.

Fair Value Option

In our Non-life Run-off segment, we have elected to apply the fair value option for certain loss portfolio transfer reinsurance transactions. This is an irrevocable election that applies to all balances under the insurance contract, including funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and loss adjustment expenses.

We use an internal model to calculate the fair value of the liability for losses and loss adjustment expenses and the reinsurance balances recoverable on paid and unpaid losses. Note 12 - "Fair Value Measurements" describes the internal model, including the observable and unobservable inputs used in the model.

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. Funds held are shown under two categories on the consolidated balance sheets, where funds held upon which we receive the underlying portfolio economics are shown as "Funds held - directly managed", and funds held where we receive a fixed crediting rate are shown as "Funds held by reinsured companies". Funds held by reinsured companies are carried at cost. Funds held - directly managed, carried at fair value, represents the aggregate of funds held at cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio economics. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses). The revaluation of the embedded derivative is included in net unrealized gains (losses).

Insurance Balances Recoverable

Amounts billed to and due from insurers providing coverage for our defendant asbestos liabilities are calculated in accordance with the terms of the individual insurance contracts.

The insurance balances recoverable related to our defendant asbestos liabilities are presented net of a provision for uncollectible amounts, reflecting the amount deemed not collectible primarily due to credit quality and contractual disputes with insurers over coverage issues.

Investments

Short-term investments and fixed maturity investments

Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase.

Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized holding gains and losses included in net earnings and reported as net realized and unrealized gains and losses.

Short-term and fixed maturity investments classified as available-for-sale are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as available-for-sale are recognized in the consolidated statements of earnings.

The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis.

Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments.

Other-Than-Temporary Impairments

Fixed maturity investments classified as available-for-sale are reviewed quarterly to determine if they have sustained an impairment of value that is, based on our judgment, considered to be other than temporary. The process includes reviewing each fixed maturity investment whose fair value is below amortized cost and: (1) determining if we have the intent to sell the fixed maturity investment; (2) determining if it is more likely than not that we will be required to sell the fixed maturity investment before its anticipated recovery; and (3) assessing whether a credit loss exists, that is, whether we expect that the present value of the cash flows expected to be collected from the fixed maturity investment is less than the amortized cost basis of the investment.

In assessing whether it is more likely than not that we will be required to sell a fixed maturity investment before its anticipated recovery, we consider various factors including our future cash flow requirements, legal and regulatory requirements, the level of our cash, cash equivalents, short-term investments and fixed maturity investments available-for-sale in an unrealized gain position, and other relevant factors.

In evaluating credit losses, we consider a variety of factors in the assessment of a fixed maturity investment including: (1) the time period during which there has been a significant decline below cost; (2) the extent of the decline below cost and par; (3) the potential for the investment to recover in value; (4) an analysis of the financial condition of the issuer; (5) the rating of the issuer; and (6) failure of the issuer of the investment to make scheduled interest or principal payments.

If we conclude that an investment is other-than-temporarily impaired ("OTTI"), then the difference between the fair value and the amortized cost of the investment is presented as an OTTI charge in the consolidated statements of earnings, with an offset for any non-credit related loss component of the OTTI charge to be recognized in other comprehensive income. Accordingly, only the credit loss component of the OTTI amount would have an impact on our earnings.

Equities

We hold investments in publicly traded equities and exchange-traded funds as well as in privately held equities. Our equity investments are carried at fair value with realized and unrealized holding gains and losses included in net earnings and reported as net realized and unrealized gains and losses.

Other investments, at fair value

Other investments include investments in limited partnerships and limited liability companies (collectively "private equities") and fixed income funds, hedge funds, equity funds, private credit funds and collateralized loan obligation ("CLO") equity funds that carry their investments at fair value, as well as direct investments in CLO equities. These other investments are stated at fair value, which ordinarily will be the most recently reported net asset value as advised by the fund manager or administrator. Many of our fund investments publish net asset values on a daily basis and provide daily liquidity; others report on a monthly basis. Private equities typically report quarterly. The change in fair value is included in net realized and unrealized gains and losses on investments and recognized in net earnings.

Equity method investments

Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company's proportionate share of net income or loss of the investee, net of any distributions received from the investee. Adjustments are based on the most recently available financial information from the investee. Changes in the carrying value of such investments are recorded in our consolidated statements of earnings as earnings (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of earnings in the period in which it is determined.

Cash and cash equivalents

Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less.

Fees and Commission Income

Fees and commission income primarily includes profit commissions earned from managed Lloyd's syndicates as well as fees earned under fronting and consulting arrangements with third-party clients, which are recorded on an accrual basis.

Foreign Exchange

Our reporting currency is the U.S. dollar. Assets and liabilities of entities whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in accumulated other comprehensive income (loss).

Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net earnings.

Share-based Compensation

We primarily use three types of share-based compensation arrangements: (i) restricted shares, restricted share units and performance share units, (ii) cash-settled stock appreciation rights ("SARs") and (iii) shares issued under our employee share purchase plans. With the exception of SARs and the incentive plan awards issued to certain employees of Atrium and StarStone, our share-based compensation awards qualify for equity classification. The fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award. The SARs, the Atrium and StarStone incentive plan awards are classified as liability awards. Liability classified awards are recorded at fair value within other liabilities in the consolidated balance sheet with changes in fair value relating to the vested portion of the award recorded within general and administrative expenses in the consolidated statements of earnings.

Derivative Instruments

We utilize derivative instruments in our foreign currency and interest rate risk management strategies and recognize all derivatives as either assets or liabilities in the consolidated balance sheets and carry them at the fair value of the specific instrument utilized. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to be perfectly effective, then we recognize the changes in the fair value of the underlying hedging instrument in accumulated other comprehensive income (loss) until the application of hedge accounting is discontinued. Any cumulative gains or losses arising on designated net investment hedges are deferred in accumulated other comprehensive income (loss) until the cumulative translation adjustment ("CTA") from the underlying hedged net investment is recognized in net earnings due to a disposal, deconsolidation or substantial liquidation.

Certain of our funds held arrangements also contain embedded derivatives as described above, which are carried at fair value. In addition, we also hold equity call options carried at fair value, as part of our investment strategy.

Income Taxes

Certain of our subsidiaries and branches operate in jurisdictions where they are subject to taxation. Current and deferred tax expense or benefit is allocated to net earnings (loss), or, in certain cases, to discontinued operations or other comprehensive income (loss). Current tax is recognized and measured upon enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the income tax becomes accruable or realizable. Deferred taxes are provided for temporary differences between the carrying amount of assets and liabilities used in the financial statements and the tax basis used in the various jurisdictional tax returns. When our assessment indicates that all or some portion of deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets to reduce the assets to the amount more likely than not to be realized.

We recognize the benefit relating to tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A recognized tax benefit is measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. A liability or other adjustment is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount allowed to be recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined.

Earnings Per Share

Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share.

Acquisitions

The acquisition method is used to account for all business acquisitions. This method requires that we record the acquired assets and liabilities at their estimated fair value. The fair values of each of the acquired reinsurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and management’s run-off strategy. Our run-off strategy, as well as that of other run-off market participants, is expected to be different from the seller's as generally sellers are not specialized in running off insurance and reinsurance liabilities whereas we and other market participants do specialize in such run-offs.

The key assumptions used by us and, we believe, by other run-off market participants in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin.

Acquisitions, Fair Value Adjustment

The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes.

Goodwill

The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of earnings. Goodwill is established initially upon acquisition and assessed at least annually for impairment. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made.

Intangible Assets

Intangible assets represent both the definite-lived and indefinite-lived intangible assets arising from the acquisitions of Atrium and StarStone. Definite-lived intangible assets are amortized over their useful lives with the amortization expense being recognized in the consolidated statements of earnings. Indefinite-lived intangible assets are not subject to amortization. The carrying values of intangible assets are reviewed for indicators of impairment at least annually. Impairment is recognized if the carrying values of the definite-lived intangible assets are not recoverable from their undiscounted cash flows and is measured as the amount by which the carrying value exceeds the fair value. Similarly, for indefinite-lived intangible assets, if the carrying value of the asset exceeds its fair value, then an impairment loss is recognized in an amount equal to the excess.

Redeemable Noncontrolling Interest

In connection with the acquisitions of Arden, Atrium and StarStone, certain subsidiaries issued shares to noncontrolling interests. These shares provide certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. Redeemable noncontrolling interests with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Change in the fair value is recognized through retained earnings as if the balance sheet date were also the redemption date.

Internal-use Software

Direct internal and external costs to acquire or develop internal-use software have been capitalized. We only capitalize costs incurred after the preliminary project stage has been completed, and when management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used to perform the functions intended. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful lives of the assets. These capitalized costs are also assessed for impairment when impairment indicators exist.

Held-for-sale Business and Discontinued Operations

We report a business as held-for-sale when certain criteria are met, which include (1) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (2) the business is available for immediate sale in its present condition, (3) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (4) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the businesses classified as held-for-sale are separately reported in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. Refer to Note 5 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further information regarding our held-for-sale business.

Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations.

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

New Accounting Standards Adopted in 2019

Accounting Standards Update ("ASU") 2019-07 - Codification Updates to SEC Sections

In July 2019, the Financial Accounting Standards Board (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. The adoption of the disclosure and presentation amendments included in this ASU and which are to be applied prospectively, did not have a material impact on our consolidated financial statements and disclosures.

ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurements

In August 2018, the FASB issued ASU 2018-13, which amended the fair value measurement guidance in Accounting Standards Codification ("ASC") 820 - Fair Value Measurement, by removing and modifying certain existing disclosure requirements, while also adding some new disclosure requirements. We adopted the new standard as of December 31, 2019 however these new or modified disclosures did not have a material impact on the fair value measurement disclosures included in our consolidated financial statements.

ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, 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 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 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 23 - "Commitments and Contingencies" for further details.

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2020-01 - Clarifying the Interactions between ASC 321, ASC 323 and ASC 815

In January 2020, the FASB issued ASU 2020-01 to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or upon discontinuing the equity method of accounting. With respect to forward contracts or purchased options to purchase securities, the amendments clarify that when applying the guidance in ASC 815-10-15-141(a), an entity should not consider whether upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in ASC 323 or the fair value option in accordance with ASC 825. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020, although early adoption is permitted, including adoption in any interim period. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and disclosures.

ASU 2019-12 - Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU 2019-12 which removes certain exceptions for (1) recognizing deferred taxes for investments, (2) performing intraperiod tax allocation, and (3) calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating income taxes to a legal entity that is not subject to income taxes. The ASU is effective for interim and annual reporting periods beginning after December 15, 2020, although early adoption is permitted, including adoption in any interim period. We are currently assessing the impact of adopting this guidance however we do not expect that the adoption will have a material impact on our consolidated financial statements and disclosures.

ASUs 2016-13, 2018-19, 2019-04, 2019-05, 2019-10 and 2019-11, Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, which is codified in ASC 326, amending the guidance on the impairment of financial instruments and significantly changing how entities measure credit losses for most financial assets and certain other financial instruments including reinsurance balances recoverable on paid and unpaid losses that are not measured at fair value through net income. The ASU will replace the existing “incurred loss” approach, with an “expected loss” model for instruments measured at amortized cost and require entities to record allowances for available-for-sale ("AFS") debt securities rather than reduce the carrying amount under the existing OTTI model. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans.

In November 2018, the FASB then issued ASU 2018-19 covering targeted improvements to ASU 2016-13, which clarifies that receivables arising from operating leases are not within the scope of ASC 326-20 and that instead, the impairment of such receivables should be accounted for in accordance with ASC 842 - Leases.

In April 2019, the FASB also issued ASU 2019-04, which amends (1) ASU 2016-13 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. Specifically with respect to ASC 326, the amendments in ASU 2019-04 clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments.

In May 2019, the FASB then issued ASU 2019-05, which amends ASU 2016-13 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.

In November 2019, the FASB also issued ASU 2019-10 deferring the effective dates for ASU 2016-13; ASU 2017-12 and ASU 2016-02 for non-public business entities. With respect to ASU 2016-13, this deferral was also extended to entities that meet the smaller reporting company eligibility criteria.

Finally, in November 2019, the FASB issued ASU 2019-11 which clarified the following specific issues related to the amendments in ASU 2016-13: (1) the treatment for expected recoveries for purchased financial assets with credit deterioration or PCD assets, (2) application of the transition relief provided for troubled debt restructuring ("TDRs"), (3) disclosures related to accrued interest receivables, and (4) the application of the practical expedient related to financial assets secured by collateral maintenance provisions.

We adopted ASU 2016-13 and all the related amendments on January 1, 2020 using the modified retrospective approach and recorded a cumulative effect adjustment of approximately $1.6 million to increase opening retained earnings with respect to our financial instruments carried at amortized cost, which primarily relate to our reinsurance balances recoverable. As disclosed in Note 8 - Reinsurance Balances Recoverable on Paids and Unpaid Losses, we already carry significant specific provisions for bad debts amounting to $147.6 million on our reinsurance balances recoverable, relating primarily to our Non-life Run-off segment. Therefore, the adoption of ASU 2016-13 and the related amendments did not have a material quantitative impact on the overall credit allowance established against our reinsurance balances recoverable. As a result of adopting ASU 2016-13 and the related amendments, we also recorded a credit allowance of approximately $3.1 million related to our AFS debt securities whose fair values were less than their amortized cost basis.

In addition to the estimated quantitative impact of adopting ASU 2016-13 and the related amendments, as illustrated above, the guidance will also require us to amend and in certain cases, significantly enhance the qualitative disclosures included in our consolidated financial statements 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, and (4) providing a roll-forward analysis of our allowance for credit losses.

Income Taxation - Earnings before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic (Bermuda)	$ 576,339	$ (232,743)	$ 167,263
Foreign	356,317	14,347	147,148
EARNINGS (LOSS) BEFORE INCOME TAXES	$ 932,656	$ (218,396)	$ 314,411

Losses and Loss Adjustment Expenses - Net Incurred Losses by Line of Business (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	$ 1,669,004	$ 1,194,985	$ 862,921
Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	1,182,804	838,812	578,888
Net change in case and LAE reserves, prior period	(553,996)	(552,124)	(381,450)
Net change in IBNR reserves, prior period	(848,776)	(573,127)	(393,100)
Increase (reduction) in estimates of net ultimate losses, prior period	(219,968)	(286,439)	(195,662)
Asbestos \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	118,557	108,248	105,731
Net change in case and LAE reserves, prior period	35,003	(21,535)	(1,865)
Net change in IBNR reserves, prior period	(146,749)	(151,662)	(76,837)
Increase (reduction) in estimates of net ultimate losses, prior period	6,811	(64,949)	27,029
Environmental \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	16,899	21,273	26,542
Net change in case and LAE reserves, prior period	13,796	479	(9,438)
Net change in IBNR reserves, prior period	(15,707)	(7,599)	(7,748)
Increase (reduction) in estimates of net ultimate losses, prior period	14,988	14,153	9,356
General casualty \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	175,044	141,624	94,526
Net change in case and LAE reserves, prior period	(89,968)	(115,240)	(54,292)
Net change in IBNR reserves, prior period	(91,818)	(60,828)	(49,025)
Increase (reduction) in estimates of net ultimate losses, prior period	(6,742)	(34,444)	(8,791)
Workers' compensation/personal accident \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	208,961	139,226	187,712
Net change in case and LAE reserves, prior period	(156,435)	(178,138)	(190,924)
Net change in IBNR reserves, prior period	(188,944)	(115,648)	(151,797)
Increase (reduction) in estimates of net ultimate losses, prior period	(136,418)	(154,560)	(155,009)
Marine, aviation and transit \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	82,058	67,831	18,272
Net change in case and LAE reserves, prior period	(77,958)	(44,200)	(9,322)
Net change in IBNR reserves, prior period	(24,508)	(21,188)	(11,517)
Increase (reduction) in estimates of net ultimate losses, prior period	(20,408)	2,443	(2,567)
Construction defect \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	32,078	22,182	33,802
Net change in case and LAE reserves, prior period	(8,313)	(7,257)	(24,023)
Net change in IBNR reserves, prior period	(25,025)	(33,146)	(42,804)
Increase (reduction) in estimates of net ultimate losses, prior period	(1,260)	(18,221)	(33,025)
Professional indemnity/Directors & Officers \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	103,413	161,797	33,402
Net change in case and LAE reserves, prior period	(36,986)	(11,159)	(19,054)
Net change in IBNR reserves, prior period	(104,984)	(130,957)	(24,559)
Increase (reduction) in estimates of net ultimate losses, prior period	(38,557)	19,681	(10,211)
Motor \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	276,563	104,182	24,391
Net change in case and LAE reserves, prior period	(134,127)	(109,962)	(15,990)
Net change in IBNR reserves, prior period	(179,887)	(34,215)	(8,513)
Increase (reduction) in estimates of net ultimate losses, prior period	(37,451)	(39,995)	(112)
Property \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	94,093	22,178	13,440
Net change in case and LAE reserves, prior period	(73,259)	(24,271)	(11,196)
Net change in IBNR reserves, prior period	(7,358)	(11,497)	(5,162)
Increase (reduction) in estimates of net ultimate losses, prior period	13,476	(13,590)	(2,918)
Other \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Net losses paid, prior period	75,138	50,271	41,070
Net change in case and LAE reserves, prior period	(25,749)	(40,841)	(45,346)
Net change in IBNR reserves, prior period	(63,796)	(6,387)	(15,138)
Increase (reduction) in estimates of net ultimate losses, prior period	$ (14,407)	$ 3,043	$ (19,414)

Schedule II - Condensed Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Statements

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Balance Sheets - Parent Company Only

As of December 31, 2019 and 2018



	2019			2018
	(in thousands of U.S. dollars, except share data)
ASSETS
Cash and cash equivalents	$	4,568		$	15,213
Balances due from subsidiaries	134,897			25,091
Investments in subsidiaries	6,050,197			4,843,913
Other assets	6,391			8,596
TOTAL ASSETS	$	6,196,053		$	4,892,813
LIABILITIES
Debt obligations	$	1,191,207		$	861,539
Balances due to subsidiaries	135,532			120,397
Other liabilities	27,131			8,944
TOTAL LIABILITIES	1,353,870			990,880
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Ordinary shares (par value $1 each, issued and outstanding 2019: 21,511,505; 2018: 21,459,997):
Voting Ordinary Shares (issued and outstanding 2019: 18,001,823; 2018: 17,950,315)	18,002			17,950
Non-voting convertible ordinary Series C Shares (issued and outstanding 2019 and 2018: 2,599,672)	2,600			2,600
Non-voting convertible ordinary Series E Shares (issued and outstanding 2019 and 2018: 910,010)	910			910
Preferred Shares:
Series C Preferred Shares (issued and held in treasury 2019 and 2018: 388,571)	389			389
Series D Preferred Shares (issued and outstanding 2019 and 2018: 16,000)	400,000			400,000
Series E Preferred Shares (issued and outstanding 2019 and 2018: 4,400)	110,000			110,000
Treasury shares, at cost (Series C Preferred Shares 2019 and 2018: 388,571)	(421,559		)	(421,559		)
Additional paid-in capital	1,836,778			1,804,664
Accumulated other comprehensive income	7,171			10,440
Retained earnings	2,887,892			1,976,539
Total Enstar Group Limited Shareholders’ Equity	4,842,183			3,901,933
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,196,053		$	4,892,813

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Earnings - Parent Company Only

For the Years Ended December 31, 2019, 2018 and 2017



	2019			2018			2017
	(in thousands of U.S. dollars)
INCOME
Net investment income	$	3,649		$	142		$	80
Other income	—			—			1,050
Dividend income from subsidiaries	—			—			249,055
	3,649			142			250,185
EXPENSES
General and administrative expenses	44,964			68,977			87,596
Interest expense	51,508			27,353			23,138
Net foreign exchange losses (gains)	(21,516		)	7,655			6,135
	74,956			103,985			116,869
EARNINGS (LOSSES) BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES	(71,307		)	(103,843		)	133,316
Equity in undistributed earnings (losses) of subsidiaries - continuing operations	1,009,396			(46,378		)	167,149
Equity in undistributed earnings (losses) of subsidiaries - discontinued operations	—			—			10,993
NET EARNINGS	938,089			(150,221		)	311,458
Dividends on preferred shares	(35,914		)	(12,133		)	—
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	902,175		$	(162,354	)	$	311,458

See accompanying notes to the Condensed Financial Information of Registrant

Statements of Comprehensive Income - Parent Company Only

For the Years Ended December 31, 2019, 2018 and 2017



	2019			2018			2017
	(in thousands of U.S. dollars)
NET EARNINGS	$	938,089		$	(150,221	)	$	311,458
OTHER COMPREHENSIVE INCOME (LOSS) RELATING TO SUBSIDIARIES, NET OF TAX	(3,269		)	(27		)	34,016
COMPREHENSIVE INCOME	$	934,820		$	(150,248	)	$	345,474

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Cash Flows - Parent Company Only

For the Years Ended December 31, 2019, 2018 and 2017



	2019			2018			2017
	(in thousands of U.S. dollars)
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	(128,462	)	$	(128,382	)	$	97,898
INVESTING ACTIVITIES:
Dividends and return of capital from subsidiaries	65,500			101,000			217,450
Contributions to subsidiaries	(240,382		)	(660,339		)	(465,650		)
Net cash flows used in investing activities	(174,882		)	(559,339		)	(248,200		)
FINANCING ACTIVITIES:
Net proceeds from the issuance of preferred shares	—			495,357			—
Dividends on preferred shares	(35,914		)	(12,133		)	—
Repayment of loans	(219,000		)	(898,633		)	(696,640		)
Receipt of loans	547,613			1,115,885			844,516
Net cash flows provided by financing activities	292,699			700,476			147,876
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(10,645		)	12,755			(2,426		)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	15,213			2,458			4,884
CASH AND CASH EQUIVALENTS, END OF YEAR	$	4,568		$	15,213		$	2,458

See accompanying notes to the Condensed Financial Information of Registrant

Notes to the Condensed Financial Information of Registrant

The Condensed Financial Information of Registrant should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in Part II - Item 8 of this Annual Report on Form 10-K. Our wholly owned and majority owned subsidiaries are recorded based upon our proportionate share of our subsidiaries' net assets (similar to presenting them on the equity method).

Investing activities in the Condensed Statements of Cash Flows primarily represents the flow of funds to and from subsidiaries to provide cash on hand to fund acquisitions and significant new business. Net investment income relates to interest on loans to subsidiaries. For the years ended December 31, 2019, 2018, and 2017, interest paid was $46.5 million, $25.1 million, and $17.6 million, respectively. During the years ended December 31, 2019, 2018, and 2017, non-cash investing activities included $nil, $nil and $31.6 million, respectively, for dividends and return of capital from subsidiaries and $nil, $414.8 million and $148.1 million, respectively, for contributions to subsidiaries. In 2018, these transactions represented the contribution of the acquired outstanding shares and warrants of KaylaRe Holdings, Ltd to another subsidiary company. In 2017, these transactions were to settle intercompany balances, resulting in a net reduction in balances due from subsidiaries and an increase in investments in subsidiaries.

As of December 31, 2019, parental guarantees and capital support instruments supporting subsidiaries' insurance obligations were $1,031.5 million. In addition, as of December 31, 2019 there were $252.0 million of unsecured letters of credit for Funds at Lloyd's which have a parental guarantee.

As of December 31, 2019 and 2018, retained earnings were $2,887.9 million and $1,976.5 million, respectively, an increase of $911.4 million. This increase was primarily attributable to the net earnings of $902.2 million.

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment	$ 266,823	$ 197,860
Ownership %	47.40%	47.40%
Equity method investments	$ 326,277	$ 204,507
EnhanzedRe
Schedule of Equity Method Investments [Line Items]
Investment	$ 154,050	$ 94,800
Ownership %	47.40%	47.40%
Equity method investments	$ 182,856	$ 94,800
Citco
Schedule of Equity Method Investments [Line Items]
Investment	$ 50,000	$ 50,000
Ownership %	31.90%	31.90%
Equity method investments	$ 51,742	$ 50,812
Monument
Schedule of Equity Method Investments [Line Items]
Investment	$ 26,600	$ 26,600
Ownership %	26.60%	26.60%
Equity method investments	$ 60,598	$ 42,193
Clear Spring
Schedule of Equity Method Investments [Line Items]
Investment	$ 11,210	$ 11,210
Ownership %	20.00%	20.00%
Equity method investments	$ 10,645	$ 10,070
Other
Schedule of Equity Method Investments [Line Items]
Investment	$ 24,963	$ 15,250
Ownership %	30.00%	30.00%
Equity method investments	$ 20,436	$ 6,632
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Unfunded commitments	$ 93,100

Related Party Transactions - Stone Point Capital LLC (Details) $ in Thousands				3 Months Ended									12 Months Ended
	Oct. 01, 2019 USD ($)	Apr. 01, 2019 USD ($)	Oct. 01, 2018 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Jul. 31, 2012 shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 06, 2013 general_partner
Related Party Transaction [Line Items]
Assumed business													$ 1,586,307	$ 1,772,104	$ 1,525,703
Adverse development cover	$ 59,000
Redeemable noncontrolling interest				$ 438,791				$ 458,543					438,791	458,543	479,606
Investments in funds				2,524,420				1,957,757					2,524,420	1,957,757
Available-for-sale, at fair value				2,041,724				151,609					2,041,724	151,609
Equities, at fair value				729,721				367,125					729,721	367,125
Cash and cash equivalents				703,085				602,096					703,085	602,096	955,150
Other assets				744,608				707,469					744,608	707,469
Other liabilities				464,014				468,129					464,014	468,129
Net realized and unrealized gains (losses)				152,664	$ 148,185	$ 269,711	$ 460,791	(158,213)	$ (57,223)	$ (54,418)	$ (143,030)		1,031,351	(412,884)	190,334
Net earnings (loss)				197,864	$ 126,559	$ 238,054	$ 365,742	(149,378)	$ (22,321)	$ (145)	$ (40,428)		928,219	(212,272)	331,799
Affiliated entity
Related Party Transaction [Line Items]
Investments in funds				1,741,400									1,741,400
Trident \| Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired (shares) \| shares												1,635,986
Number of newly elected board of directors \| general_partner																1
Number of general partners \| general_partner																4
Redeemable noncontrolling interest				420,499				439,428					420,499	439,428
Equities, at fair value				96,800									96,800
StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Equities, at fair value				121,794				57,319					121,794	57,319
Cash and cash equivalents				54,080				11,739					54,080	11,739
Other assets				10				5,216					10	5,216
Other liabilities				4,710				4,240					4,710	4,240
Interest income													8,733	7,424	5,990
Net realized and unrealized gains (losses)													26,631	207	24,684
Net earnings (loss)													35,364	7,631	$ 30,674
Starstone
Related Party Transaction [Line Items]
Assumed business	189,400
Reinsurance premium consideration	$ 189,400
Short-term Investments
Related Party Transaction [Line Items]
Available-for-sale, at fair value				128,335				0					128,335	0
Fixed maturity investments, trading				51,490				114,116					51,490	114,116
Short-term Investments \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Available-for-sale, at fair value				1,431				0					1,431	0
CLO equities
Related Party Transaction [Line Items]
Investments in funds				87,555				39,052					87,555	39,052
CLO equities \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				32,560				15,372					32,560	15,372
Fixed Maturities
Related Party Transaction [Line Items]
Available-for-sale, at fair value				1,913,389				151,609					1,913,389	151,609
Fixed maturity investments, trading				6,346,329				7,248,793					6,346,329	7,248,793
Fixed Maturities \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Available-for-sale, at fair value				160,303				0					160,303	0
Fixed maturity investments, trading				269,131				176,193					269,131	176,193
Hedge funds
Related Party Transaction [Line Items]
Investments in funds				1,121,904				852,584					1,121,904	852,584
Hedge funds \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				18,993				19,535					18,993	19,535
Fixed income funds
Related Party Transaction [Line Items]
Investments in funds				481,039				403,858					481,039	403,858
Fixed income funds \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				381,449				324,561					381,449	324,561
Private equity funds
Related Party Transaction [Line Items]
Investments in funds				329,885				248,628					329,885	248,628
Equities, at fair value				268,799				228,710					268,799	228,710
Private equity funds \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				34,858				52,925					34,858	52,925
CLO equity funds
Related Party Transaction [Line Items]
Investments in funds				87,509				37,260					87,509	37,260
CLO equity funds \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				87,509				37,260					87,509	37,260
Private Debt \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				16,312				10,387					16,312	10,387
Real estate fund \| StonePoint And Affiliated Entities
Related Party Transaction [Line Items]
Investments in funds				$ 18,106				8,025					$ 18,106	8,025
Stone Point \| Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired, percent				9.10%									9.10%
Agreement period													90 days
North Bay Shareholders \| North Bay
Related Party Transaction [Line Items]
Payments to acquire investments		$ 48,000	$ 135,000
Trident \| North Bay
Related Party Transaction [Line Items]
Payments to acquire investments			$ 53,100
Mitchell International \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds				$ 25,000				$ 25,000					$ 25,000	$ 25,000

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Life insurance in force, gross	$ 725,293				$ 855,366				$ 725,293	$ 855,366	$ 979,291
Life insurance in force, ceded	(65,795)				(84,603)				(65,795)	(84,603)	(100,189)
Life insurance in force, assumed	0				0				0	0	0
Life insurance in force, net	$ 659,498				$ 770,763				$ 659,498	$ 770,763	$ 879,102
Life insurance in force, percentage of amount assumed to net	0.00%				0.00%				0.00%	0.00%	0.00%
Premiums earned, gross									$ 1,148,251	$ 989,529	$ 905,126
Ceded, premiums earned									(267,197)	(330,136)	(434,166)
Premiums earned, assumed									273,807	236,182	142,161
Net, premiums earned	$ 272,686	$ 270,325	$ 276,563	$ 335,287	$ 231,947	$ 264,597	$ 228,812	$ 170,219	1,154,861	895,575	613,121
Property and casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross									1,146,956	985,637	899,226
Ceded, premiums earned									(267,174)	(330,110)	(433,075)
Premiums earned, assumed									273,807	236,182	142,161
Net, premiums earned									$ 1,153,589	$ 891,709	$ 608,312
Premiums earned, percentage of amount assumed to net									23.70%	26.50%	23.40%
Life and annuities
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross									$ 1,295	$ 3,892	$ 5,900
Ceded, premiums earned									(23)	(26)	(1,091)
Premiums earned, assumed									0	0	0
Net, premiums earned									$ 1,272	$ 3,866	$ 4,809
Premiums earned, percentage of amount assumed to net									0.00%	0.00%	0.00%

Schedule II - Condensed Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME
Net investment income	$ 79,376	$ 85,472	$ 77,732	$ 78,696	$ 68,453	$ 69,430	$ 66,469	$ 66,319	$ 321,276	$ 270,671	$ 208,789
Other income	19,502	826	11,030	5,812	34,267	8,226	(9,351)	1,943	37,170	35,085	22,605
Total income	533,235	511,395	641,214	887,267	187,909	291,980	239,864	103,782	2,573,111	823,535	1,100,952
EXPENSES
General and administrative expenses	129,569	113,924	117,519	112,074	106,950	102,553	102,612	95,260	473,086	407,375	435,985
Interest expense	13,519	14,950	13,036	11,036	4,644	4,640	8,922	8,011	52,541	26,217	28,102
Net foreign exchange losses (gains)	12,189	(13,631)	(2,587)	(3,850)	1,279	1,040	(5,519)	5,868	(7,879)	2,668	17,537
Total expenses	369,520	387,942	413,355	525,548	356,463	316,872	252,008	158,735	1,696,365	1,084,078	792,445
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	202,764	126,668	240,767	367,890	(106,423)	(10,832)	8,244	(41,210)	938,089	(150,221)	311,458
Dividends on preferred shares	(8,925)	(8,925)	(8,925)	(9,139)	(7,000)	(5,133)	0	0	(35,914)	(12,133)	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 193,839	$ 117,743	$ 231,842	$ 358,751	$ (113,423)	$ (15,965)	$ 8,244	$ (41,210)	902,175	(162,354)	311,458
Enstar Group Limited
INCOME
Net investment income									3,649	142	80
Other income									0	0	1,050
Dividend income from subsidiaries									0	0	249,055
Total income									3,649	142	250,185
EXPENSES
General and administrative expenses									44,964	68,977	87,596
Interest expense									51,508	27,353	23,138
Net foreign exchange losses (gains)									(21,516)	7,655	6,135
Total expenses									74,956	103,985	116,869
EARNINGS (LOSSES) BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES									(71,307)	(103,843)	133,316
EQUITY IN UNDISTRIBUTED EARNINGS (LOSSES) OF SUBSIDIARIES - CONTINUING OPERATIONS									1,009,396	(46,378)	167,149
EQUITY IN UNDISTRIBUTED EARNINGS (LOSSES) OF SUBSIDIARIES - DISCONTINUING OPERATIONS									0	0	10,993
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED									938,089	(150,221)	311,458
Dividends on preferred shares									(35,914)	(12,133)	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS									$ 902,175	$ (162,354)	$ 311,458

Share-Based Compensation and Pensions - Cash-Settled Stock Appreciation Rights (Detail) - Cash-settled stock appreciation rights - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance, beginning of year, Number of SARs (shares)	109,081
Exercised, Number of SARs (shares)	(19,854)
Balance, end of year, Number of SARs (shares)	89,227	109,081
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance, beginning of year, Weighted Average Exercise Price of SARs (dollars per share)	$ 142.37
Exercised, Weighted Average Exercise Price of SARs (dollars per share)	138.07
Balance, end of year, Weighted Average Exercise Price of SARs (dollars per share)	$ 143.33	$ 142.37
Balance, end of year, Weighted Average Remaining Contractual Term (in years)	2 years 4 months 20 days
Balance, end of year, Aggregate Intrinsic Value	$ 6,133
Closing price per share, ordinary shares (dollars per share)	$ 206.86
Unrecognized compensation cost	$ 100
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average fair value per SAR (dollars per share)	$ 76.03	$ 45.85	$ 75.38
Weighted-average volatility	19.75%	18.94%	19.44%
Weighted-average risk-free interest rate	1.64%	2.72%	1.65%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period	4 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise period	10 years

Income Taxation - Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Earnings (loss) before income tax	$ 932,656	$ (218,396)	$ 314,411
Bermuda income taxes at statutory rate	0.00%	0.00%	0.00%
Foreign income tax rate differential	8.60%	0.70%	13.10%
Change in valuation allowance	(8.20%)	(0.30%)	(34.90%)
Effect of change in foreign (U.S.) tax rate	0.00%	0.00%	20.30%
U.S. base erosion and anti-abuse tax	0.50%	(0.60%)	0.00%
Other	(0.40%)	3.00%	(0.50%)
Effective tax rate	0.50%	2.80%	(2.00%)

Losses and Loss Adjustment Expenses - Additional Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) commutation	Dec. 31, 2018 USD ($) commutation policy_buy_back	Dec. 31, 2017 USD ($)
Effects of Reinsurance [Line Items]
Net liabilities relating to direct asbestos and environmental exposures	$ 2,078,300				$ 1,703,600				$ 2,078,300	$ 1,703,600
Asbestos and environmental liabilities	2,259,600				1,839,700				2,259,600	1,839,700
Increase (decrease) in asbestos and environmental reserves, gross									419,900	(152,400)
Increase (reduction) in estimated future expenses									374,700	(159,600)
Net incurred losses and loss adjustment expenses	121,416	$ 222,417	$ 216,338	$ 312,404	$ 187,698	$ 153,974	$ 92,819	$ 19,534	872,575	454,025	$ 193,551
Net losses paid, prior period									1,669,004	1,194,985	862,921
Net incurred losses and LAE, current period									823,658	689,782	437,853
Net incurred losses and LAE, prior period									$ 48,917	(235,757)	(244,302)
Atrium Segment
Effects of Reinsurance [Line Items]
Syndicate underwriting capacity percentage									25.00%
Net incurred losses and loss adjustment expenses									$ 77,276	69,810	69,419
Increase (reduction) in estimates of net ultimate losses, prior period									(8,086)	(8,699)	(17,867)
Downward incurred loss development									(38,380)	(27,507)	(35,650)
Net change in case and LAE reserves, prior period									(13,278)	(10,161)	(13,324)
Net losses paid, prior period									43,572	28,969	31,107
Net incurred losses and LAE, current period									85,027	83,627	90,359
Net incurred losses and LAE, prior period									(7,751)	(13,817)	(20,940)
Amortization of fair value adjustments, prior period									335	(5,118)	(2,720)
Reduction in provisions for bad debt, prior period									0	0	89
Increase (reduction) in provisions for unallocated LAE, prior period									0	0	(442)
Non-life Run-off
Effects of Reinsurance [Line Items]
Net incurred losses and loss adjustment expenses									51,625	(306,067)	(190,674)
Increase (reduction) in estimates of net ultimate losses, prior period									(219,968)	(286,439)	(195,662)
Downward incurred loss development									(848,776)	(573,127)	(393,100)
Net change in case and LAE reserves, prior period									(553,996)	(552,124)	(381,450)
Net losses paid, prior period									1,182,804	838,812	578,888
Net incurred losses and LAE, current period									123,559	12,451	5,866
Net incurred losses and LAE, prior period									(71,934)	(318,518)	(196,540)
Increase (reduction) in provisions for unallocated LAE									(57,800)	(65,400)
Amortization of deferred charges, prior period									38,627	13,781	14,359
Amortization of fair value adjustments, prior period									50,070	12,877	10,114
Changes in fair value, fair value option									117,181	6,664	30,256
Net reduction in case and IBNR reserves											(774,600)
Reduction in provisions for bad debt, prior period									0	0	(1,536)
Increase (reduction) in provisions for unallocated LAE, prior period									(57,844)	(65,401)	(54,071)
Non-life Run-off \| Workers' compensation
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									(136,418)	(154,560)	(155,009)
Downward incurred loss development									(188,944)	(115,648)	(151,797)
Net change in case and LAE reserves, prior period									(156,435)	(178,138)	(190,924)
Net losses paid, prior period									208,961	139,226	187,712
Net reduction in case and IBNR reserves									(1,402,800)	$ (1,125,300)
Reduction of open inventory claims, percentage										78.00%
Non-life Run-off \| Workers' compensation, two portfolios
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									39,300
Downward incurred loss development									14,300
Net change in case and LAE reserves, prior period									53,600
Non-life Run-off \| Six Communications
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									$ (6,100)
Number of commutations \| commutation									6
Non-life Run-off \| Seven Communications
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period										$ (11,200)
Number of commutations \| commutation										7
Non-life Run-off \| Professional indemnity/Directors & Officers
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									$ (38,557)	$ 19,681	(10,211)
Downward incurred loss development									(104,984)	(130,957)	(24,559)
Net change in case and LAE reserves, prior period									(36,986)	(11,159)	(19,054)
Net losses paid, prior period									103,413	161,797	33,402
Ceded reinsurance asset increase	$ 13,500								13,500
Non-life Run-off \| Asbestos
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									6,811	(64,949)	27,029
Downward incurred loss development									(146,749)	(151,662)	(76,837)
Net change in case and LAE reserves, prior period									35,003	(21,535)	(1,865)
Net losses paid, prior period									118,557	$ 108,248	105,731
Volume of claims reported, percentage, less than										3.00%
Average cost per claims, percentage										5.00%
Additional reserves recorded											60,500
Favorable development in other portfolios											(33,500)
Non-life Run-off \| Asbestos Exposure, Six Commutations
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									$ (9,800)
Number of commutations \| commutation									6
Non-life Run-off \| Asbestos Exposure, Eight Communications and Two Policy Buy-Backs
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period										$ (9,500)
Number of commutations \| commutation										8
Number of policy buy-backs \| policy_buy_back										2
Non-life Run-off \| Construction defect
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period									$ (1,260)	$ (18,221)	(33,025)
Downward incurred loss development									(25,025)	(33,146)	(42,804)
Net change in case and LAE reserves, prior period									(8,313)	(7,257)	(24,023)
Net losses paid, prior period									$ 32,078	22,182	$ 33,802
Reduction of open inventory claims, percentage											73.00%
Segment Concentration Risk \| Liability Claims and Claims Adjustment Expense \| Atrium Segment
Effects of Reinsurance [Line Items]
Percent of total investments									2.00%
Short-duration Insurance Contracts, Accident Years 1995-2005 \| Non-life Run-off \| Workers' compensation
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period										22,700
Downward incurred loss development										14,300
Net change in case and LAE reserves, prior period										37,000
Short-duration Insurance Contracts, Accident Years 2010-2014 \| Non-life Run-off \| Workers' compensation
Effects of Reinsurance [Line Items]
Increase (reduction) in estimates of net ultimate losses, prior period										$ 30,200

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at January 1				$ 9,409,504				$ 7,398,088	$ 9,409,504	$ 7,398,088	$ 5,987,867
Less: reinsurance reserves recoverable				1,867,841				1,870,033	1,867,841	1,870,033	1,388,193
Less: deferred charges on retroactive reinsurance				86,585				80,192	86,585	80,192	94,551
Net balance as at January 1				7,455,078				5,447,863	7,455,078	5,447,863	4,505,123
Net incurred losses and LAE:
Current period									823,658	689,782	437,853
Prior periods									48,917	(235,757)	(244,302)
Total net incurred losses and LAE	$ 121,416	$ 222,417	$ 216,338	312,404	$ 187,698	$ 153,974	$ 92,819	19,534	872,575	454,025	193,551
Net paid losses:
Current period									(200,264)	(189,560)	(82,273)
Prior periods									(1,669,004)	(1,194,985)	(862,921)
Total net paid losses									(1,869,268)	(1,384,545)	(945,194)
Effect of exchange rate movement									48,695	(145,243)	158,429
Acquired on purchase of subsidiaries									686	1,310,874	10,251
Assumed business									1,586,307	1,772,104	1,525,703
Ceded business									(47,018)	0	0
Net balance as at December 31	8,047,055				7,455,078				8,047,055	7,455,078	5,447,863
Plus: reinsurance reserves recoverable	2,109,721				1,867,841				2,109,721	1,867,841	1,870,033
Plus: deferred charges on retroactive reinsurance	272,462				86,585				272,462	86,585	80,192
Balance as at December 31	10,429,238				9,409,504				10,429,238	9,409,504	7,398,088
Non-life Run-off
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at January 1				7,540,662				5,949,472	7,540,662	5,949,472	4,716,363
Less: reinsurance reserves recoverable				1,366,123				1,377,485	1,366,123	1,377,485	1,000,953
Less: deferred charges on retroactive reinsurance				86,585				80,192	86,585	80,192	94,551
Net balance as at January 1				6,087,954				4,491,795	6,087,954	4,491,795	3,620,859
Net incurred losses and LAE:
Current period									123,559	12,451	5,866
Prior periods									(71,934)	(318,518)	(196,540)
Total net incurred losses and LAE									51,625	(306,067)	(190,674)
Net paid losses:
Current period									(64,820)	(5)	(2,835)
Prior periods									(1,182,804)	(838,812)	(578,888)
Total net paid losses									(1,247,624)	(838,817)	(581,723)
Effect of exchange rate movement									47,355	(132,632)	138,772
Acquired on purchase of subsidiaries									686	1,111,839	10,251
Assumed business									1,586,307	1,761,836	1,494,310
Ceded business									(47,018)	0	0
Net balance as at December 31	6,479,285				6,087,954				6,479,285	6,087,954	4,491,795
Plus: reinsurance reserves recoverable	1,543,614				1,366,123				1,543,614	1,366,123	1,377,485
Plus: deferred charges on retroactive reinsurance	272,462				86,585				272,462	86,585	80,192
Balance as at December 31	8,295,361				7,540,662				8,295,361	7,540,662	5,949,472
Atrium
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at January 1				241,284				240,873	241,284	240,873	212,122
Less: reinsurance reserves recoverable				38,768				40,531	38,768	40,531	30,009
Net balance as at January 1				202,516				200,342	202,516	200,342	182,113
Net incurred losses and LAE:
Current period									85,027	83,627	90,359
Prior periods									(7,751)	(13,817)	(20,940)
Total net incurred losses and LAE									77,276	69,810	69,419
Net paid losses:
Current period									(34,617)	(35,537)	(24,571)
Prior periods									(43,572)	(28,969)	(31,107)
Total net paid losses									(78,189)	(64,506)	(55,678)
Effect of exchange rate movement									1,253	(3,130)	4,488
Net balance as at December 31	202,856				202,516				202,856	202,516	200,342
Plus: reinsurance reserves recoverable	28,816				38,768				28,816	38,768	40,531
Balance as at December 31	231,672				241,284				231,672	241,284	240,873
StarStone
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as at January 1				1,608,697				1,207,743	1,608,697	1,207,743	1,059,382
Less: reinsurance reserves recoverable				462,950				452,017	462,950	452,017	357,231
Net balance as at January 1				$ 1,145,747				$ 755,726	1,145,747	755,726	702,151
Net incurred losses and LAE:
Current period									598,468	578,892	341,628
Prior periods									129,168	94,491	(26,822)
Total net incurred losses and LAE									727,636	673,383	314,806
Net paid losses:
Current period									(96,261)	(150,778)	(54,867)
Prior periods									(435,372)	(326,352)	(252,926)
Total net paid losses									(531,633)	(477,130)	(307,793)
Effect of exchange rate movement									87	(9,481)	15,169
Acquired on purchase of subsidiaries									0	192,981	0
Assumed business									0	10,268	31,393
Ceded business									0	0	0
Net balance as at December 31	1,341,837				1,145,747				1,341,837	1,145,747	755,726
Plus: reinsurance reserves recoverable	537,291				462,950				537,291	462,950	452,017
Balance as at December 31	$ 1,879,128				$ 1,608,697				$ 1,879,128	$ 1,608,697	$ 1,207,743

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Estimated Fair Values of Investments in Fixed Maturity Investments, Short-Term Investments and Equities, Trading Securities



	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	$	—	$	111,583	$	219,194	$	298,729	$	106,537	$	736,043
U.K. government	24,411		1,069		122,012		14,280		—		161,772
Other government	21,958		387		575,018		84,760		20,734		702,857
Corporate	5,121		13,915		4,007,386		1,067,256		603,389		5,697,067
Municipal	—		1,381		102,554		14,491		49,456		167,882
Residential mortgage-backed	—		—		258,412		127,219		86,205		471,836
Commercial mortgage-backed	—		—		571,129		98,557		230,343		900,029
Asset-backed	—		—		490,624		208,097		76,681		775,402
Total fixed maturity and short-term investments	$	51,490	$	128,335	$	6,346,329	$	1,913,389	$	1,173,345	$	9,612,888



	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 Maturity and Short-term Investments by Contractual Maturity



As of December 31, 2019	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	537,944	$	536,156	5.6	%
More than one year through two years	801,473		808,071		8.4	%
More than two years through five years	2,175,547		2,212,834		23.0	%
More than five years through ten years	2,108,172		2,198,505		22.9	%
More than ten years	1,584,345		1,710,055		17.8	%
Residential mortgage-backed	466,932		471,836		4.9	%
Commercial mortgage-backed	882,603		900,029		9.4	%
Asset-backed	779,279		775,402		8.0	%
	$	9,336,295	$	9,612,888	100.0	%

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



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

U.S. government and agency	$	730,396	$	736,043	7.7	%	$	736,043		$	—		$	—		$	—		$	—		$	—
U.K. government	155,261		161,772		1.7	%	—			161,772			—			—			—			—
Other government	684,117		702,857		7.3	%	316,151			154,072			63,270			144,557			24,807			—
Corporate	5,479,839		5,697,067		59.2	%	149,108			619,707			2,911,867			1,703,328			311,167			1,890
Municipal	157,868		167,882		1.7	%	16,381			77,291			50,938			23,272			—			—
Residential mortgage-backed	466,932		471,836		4.9	%	381,502			47,489			2,295			1,882			34,055			4,613
Commercial mortgage-backed	882,603		900,029		9.4	%	632,461			89,347			95,508			66,573			6,224			9,916
Asset-backed	779,279		775,402		8.1	%	378,116			89,418			174,118			117,275			15,694			781
Total	$	9,336,295	$	9,612,888	100.0	%	$	2,609,762		$	1,239,096		$	3,297,996		$	2,056,887		$	391,947		$	17,200
% of total fair value							27.1		%	12.9		%	34.3		%	21.4		%	4.1		%	0.2		%

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 fixed maturity investments classified as available-for-sale were as follows as of December 31, 2019 and 2018:



2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses Non-OTTI			Fair Value
U.S. government and agency	$	410,842	$	77	$	(607	)	$	410,312
U.K. government	15,067		282		—			15,349
Other government	84,116		1,119		(88		)	85,147
Corporate	1,081,713		4,026		(4,568		)	1,081,171
Municipal	15,963		20		(111		)	15,872
Residential mortgage-backed	127,704		240		(725		)	127,219
Commercial mortgage-backed	98,928		38		(409		)	98,557
Asset-backed	208,121		169		(193		)	208,097
	$	2,042,454	$	5,971	$	(6,701	)	$	2,041,724



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

The following tables summarize our fixed maturity and short-term investments classified as available-for-sale in a gross unrealized loss position, as of December 31, 2019 and 2018:



		12 Months or Greater					Less Than 12 Months					Total
2019		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed maturity investments, at fair value
	U.S. government and agency	$	—	$	—		$	222,643	$	(607	)	$	222,643	$	(607	)
	Other government	1,080		(23		)	37,796		(65		)	38,876		(88		)
	Corporate	2,754		(306		)	461,772		(4,262		)	464,526		(4,568		)
	Municipal	128		—			12,046		(111		)	12,174		(111		)
	Residential mortgage-backed	—		—			65,992		(725		)	65,992		(725		)
	Commercial mortgage-backed	—		—			79,606		(409		)	79,606		(409		)
	Asset-backed	—		—			129,014		(193		)	129,014		(193		)
Total fixed maturity and short-term investments		$	3,962	$	(329	)	$	1,008,869	$	(6,372	)	$	1,012,831	$	(6,701	)



		12 Months or Greater					Less Than 12 Months					Total
2018		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fixed maturity and short-term investments, at fair value
	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 classified as trading as of December 31, 2019 and 2018:



	2019		2018
Publicly traded equity investments in common and preferred stocks	$	327,875	$	138,415
Exchange-traded funds	133,047		—
Privately held equity investments in common and preferred stocks	268,799		228,710
	$	729,721	$	367,125

Other Investments

The following table summarizes our other investments carried at fair value as of December 31, 2019 and 2018:



	2019		2018
Hedge funds	$	1,121,904	$	852,584
Fixed income funds	481,039		403,858
Equity funds	410,149		333,681
Private equity funds	329,885		248,628
CLO equity funds	87,509		37,260
CLO equities	87,555		39,052
Private credit funds	—		33,381
Others	6,379		9,313
	$	2,524,420	$	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 December 31, 2019:



	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	343,005	$	624,233	$	—	$	102,600	$	52,066	$	1,121,904	Monthly to Bi-annually
Fixed income funds	477,935		—		—		—		3,104		481,039		Daily to Quarterly
Equity funds	410,149		—		—		—		—		410,149		Daily to Quarterly
Private equity funds			—		—		—		329,885		329,885		N/A
CLO equity funds	60,735		—		26,774		—		—		87,509		Quarterly to Bi-annually
CLO equities	87,555		—		—		—		—		87,555		N/A
Other	34		—		—		—		6,345		6,379		N/A
	$	1,379,413	$	624,233	$	26,774	$	102,600	$	391,400	$	2,524,420

Equity Method Investments

The table below shows our equity method investments as of December 31, 2019 and 2018:



	2019						2018
	Investment		Ownership %		Carrying Value		Investment		Ownership %		Carrying Value
Enhanzed Re	$	154,050	47.4	%	$	182,856	$	94,800	47.4	%	$	94,800
Citco	50,000		31.9	%	51,742		50,000		31.9	%	50,812
Monument	26,600		26.6	%	60,598		26,600		26.6	%	42,193
Clear Spring	11,210		20.0	%	$	10,645	11,210		20.0	%	10,070
Other	24,963		~30%		20,436		15,250		~30%		6,632
	$	266,823			$	326,277	$	197,860			$	204,507

Funds Held, Directly Managed, Carrying Values of Assets

The following table summarizes the components of the funds held - directly managed as of December 31, 2019 and 2018:



	2019		2018
Fixed maturity investments, trading	$	1,173,345	$	1,183,374
Other assets	14,207		14,780
	$	1,187,552	$	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 as of December 31, 2019 and 2018:



	2019						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	$	185,859	$	940,194	$	1,126,053	$	179,670		$	1,044,377		$	1,224,047
Net unrealized gains (losses):
Change in fair value - fair value option accounting	5,438		—		5,438		(2,733		)	—			(2,733		)
Change in fair value - embedded derivative accounting	—		41,854		41,854		—			(37,940		)	(37,940		)
Fixed maturity investments within funds held - directly managed, at fair value	$	191,297	$	982,048	$	1,173,345	$	176,937		$	1,006,437		$	1,183,374

Investment Income

Major categories of net investment income for the years ended December 31, 2019, 2018 and 2017 are summarized as follows:



	2019			2018			2017
Fixed maturity investments	$	233,310		$	189,000		$	144,367
Short-term investments and cash and cash equivalents	16,607			12,117			9,314
Funds held	19,981			10,041			601
Funds held – directly managed	38,173			37,623			32,479
Investment income from fixed maturities and cash and cash equivalents	308,071			248,781			186,761
Equity investments	16,671			5,397			4,355
Other investments	11,792			19,703			14,337
Life settlements and other	—			6,511			14,370
Investment income from equities and other investments	28,463			31,611			33,062
Gross investment income	336,534			280,392			219,823
Investment expenses	(15,258		)	(9,721		)	(11,034		)
Net investment income	$	321,276		$	270,671		$	208,789

Realized Gain (Loss) on Investments

Components of net realized and unrealized gains (losses) for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019			2018			2017
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale securities ⁽¹⁾	$	4,856		$	27		$	616
Gross realized losses on fixed maturity securities, available-for-sale securities ⁽¹⁾	(962		)	(90		)	(125		)
Net realized gains (losses) on fixed maturity securities, trading	91,313			(27,646		)	4,695
Net realized gains (losses) on fixed maturity securities in funds held - directly managed portfolios	1,495			(3,940		)	(4,219		)
Net realized gains (losses) on equity investments, trading	(374		)	4,016			701
Total net realized gains (losses) on sale	96,328			(27,633		)	1,668
Net unrealized gains (losses):
Fixed maturity securities, trading	349,975			(165,187		)	35,878
Fixed maturity securities in funds held - directly managed portfolios	88,053			(46,257		)	33,902
Equity investments, trading	55,359			(9,831		)	16,498
Other investments	441,636			(163,976		)	102,388
Total net unrealized gains (losses)	935,023			(385,251		)	188,666
Net realized and unrealized gains (losses)	$	1,031,351		$	(412,884	)	$	190,334

Unrealized Gain (Loss) on Investments

Components of net realized and unrealized gains (losses) for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019			2018			2017
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, available-for-sale securities ⁽¹⁾	$	4,856		$	27		$	616
Gross realized losses on fixed maturity securities, available-for-sale securities ⁽¹⁾	(962		)	(90		)	(125		)
Net realized gains (losses) on fixed maturity securities, trading	91,313			(27,646		)	4,695
Net realized gains (losses) on fixed maturity securities in funds held - directly managed portfolios	1,495			(3,940		)	(4,219		)
Net realized gains (losses) on equity investments, trading	(374		)	4,016			701
Total net realized gains (losses) on sale	96,328			(27,633		)	1,668
Net unrealized gains (losses):
Fixed maturity securities, trading	349,975			(165,187		)	35,878
Fixed maturity securities in funds held - directly managed portfolios	88,053			(46,257		)	33,902
Equity investments, trading	55,359			(9,831		)	16,498
Other investments	441,636			(163,976		)	102,388
Total net unrealized gains (losses)	935,023			(385,251		)	188,666
Net realized and unrealized gains (losses)	$	1,031,351		$	(412,884	)	$	190,334

Schedule of Carrying Value of Restricted Investments

The carrying value of our restricted assets, including restricted cash of $352.7 million and $380.5 million, as of December 31, 2019 and 2018, respectively, was as follows:



	2019		2018
Collateral in trust for third party agreements	$	4,104,093	$	4,336,752
Assets on deposit with regulatory authorities	445,626		579,048
Collateral for secured letter of credit facilities	133,238		127,841
Funds at Lloyd's ⁽¹⁾	639,316		354,589
	$	5,322,273	$	5,398,230

Commitments and Contingencies - Leases - Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 46,747
Current lease liabilities	11,403
Non-current lease liabilities	$ 34,785

Cover page - USD ($) $ in Millions	12 Months Ended
Cover page - USD ($) $ in Millions	Dec. 31, 2019	Feb. 24, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 1,860
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to its 2020 annual general meeting of shareholders are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001363829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Annual Report	true
Document Transition Report	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 Shares
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 Shares
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		18,012,556
Non-voting ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,509,682

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

24. 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 and other miscellaneous items. These segments are described in Note 1 - "Description of Business".

The following tables set forth selected and consolidated statement of earnings results by segment for the years ended December 31, 2019, 2018, 2017:



	2019
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	(25,069	)	$	192,373		$	917,555		$	18,534		$	1,103,393

Net premiums written	$	(25,338	)	$	172,356		$	735,429		$	18,512		$	900,959

Net premiums earned	$	168,496		$	164,059		$	801,926		$	20,380		$	1,154,861
Net incurred losses and LAE	(51,625		)	(77,276		)	(727,636		)	(16,038		)	(872,575		)
Life and Annuity Policy Benefits	—			—			—			(91		)	(91		)
Acquisition costs	(73,642		)	(56,956		)	(174,711		)	(642		)	(305,951		)
Operating expenses	(199,756		)	(14,452		)	(120,629		)	—			(334,837		)
Underwriting income (loss)	(156,527		)	15,375			(221,050		)	3,609			(358,593		)
Net investment income	275,236			7,049			47,401			(8,410		)	321,276
Net realized and unrealized gains	968,350			6,195			50,957			5,849			1,031,351
Fees and commission income	18,293			10,160			—			—			28,453
Other income	34,809			140			338			1,883			37,170
Corporate expenses	(70,689		)	(13,825		)	(7,790		)	(45,945		)	(138,249		)
Interest income (expense)	(62,055		)	—			(475		)	9,989			(52,541		)
Net foreign exchange gains (losses)	9,918			(504		)	(1,538		)	3			7,879
EARNINGS (LOSS) BEFORE INCOME TAXES	1,017,335			24,590			(132,157		)	(33,022		)	876,746
Income tax benefit (expense)	(7,250		)	(4,033		)	6,931			(85		)	(4,437		)
Earnings (losses) from equity method investments	56,128			—			(218		)	—			55,910
NET EARNINGS (LOSS)	1,066,213			20,557			(125,444		)	(33,107		)	928,219
Net loss (earnings) attributable to noncontrolling interest	(6,409		)	(8,432		)	24,711			—			9,870
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	1,059,804			12,125			(100,733		)	(33,107		)	938,089
Dividends on preferred shares	—			—			—			(35,914		)	(35,914		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	1,059,804		$	12,125		$	(100,733	)	$	(69,021	)	$	902,175

Underwriting ratios:
Loss ratio				47.1		%	90.7		%
Acquisition expense ratio				34.7		%	21.8		%
Operating expense ratio				8.8		%	15.1		%
Combined ratio				90.6		%	127.6		%



	2018
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	(8,910	)	$	171,494		$	1,121,135		$	32,378		$	1,316,097

Net premiums written	$	(9,217	)	$	153,488		$	805,562		$	32,067		$	981,900

Net premiums earned	$	9,427		$	146,315		$	714,959		$	24,874		$	895,575
Net incurred losses and LAE	306,067			(69,810		)	(673,383		)	(16,899		)	(454,025		)
Life and annuity policy benefits	—			—			—			(1,003		)	(1,003		)
Acquisition costs	(4,006		)	(50,646		)	(135,452		)	(2,686		)	(192,790		)
Operating expenses	(158,731		)	(17,777		)	(156,726		)	—			(333,234		)
Underwriting income (loss)	152,757			8,082			(250,602		)	4,286			(85,477		)
Net investment income	226,287			5,686			35,973			2,725			270,671
Net realized and unrealized losses	(381,712		)	(3,251		)	(17,672		)	(10,249		)	(412,884		)
Fees and commission income	16,466			18,622			—			—			35,088
Other income (losses)	35,978			162			(541		)	(514		)	35,085
Corporate expenses	(39,093		)	(6,921		)	—			(28,127		)	(74,141		)
Interest income (expense)	(30,616		)	—			(624		)	5,023			(26,217		)
Net foreign exchange gains (losses)	2,534			(3,394		)	(2,856		)	1,048			(2,668		)
EARNINGS (LOSS) BEFORE INCOME TAXES	(17,399		)	18,986			(236,322		)	(25,808		)	(260,543		)
Income tax benefit (expense)	3,581			(3,732		)	6,327			(52		)	6,124
Earnings from equity method investments	42,147			—			—			—			42,147
NET EARNINGS (LOSS)	28,329			15,254			(229,995		)	(25,860		)	(212,272		)
Net loss (earnings) attributable to noncontrolling interest	(3,107		)	(6,257		)	71,415			—			62,051
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	25,222			8,997			(158,580		)	(25,860		)	(150,221		)
Dividends on preferred shares	—			—			—			(12,133		)	(12,133		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	25,222		$	8,997		$	(158,580	)	$	(37,993	)	$	(162,354	)

Underwriting ratios:
Loss ratio				47.7		%	94.2		%
Acquisition expense ratio				34.6		%	18.9		%
Operating expense ratio				12.2		%	22.0		%
Combined ratio				94.5		%	135.1		%



	2017
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	14,102		$	153,472		$	895,160		$	5,719		$	1,068,453

Net premiums written	$	6,482		$	134,214		$	464,901		$	4,793		$	610,390

Net premiums earned	$	14,162		$	134,747		$	459,403		$	4,809		$	613,121
Net incurred losses and LAE	190,674			(69,419		)	(314,806		)	—			(193,551		)
Life and annuity policy benefits	—			—			—			(4,015		)	(4,015		)
Acquisition costs	(328		)	(47,688		)	(48,012		)	(878		)	(96,906		)
Operating expenses	(132,235		)	(17,444		)	(135,558		)	—			(285,237		)
Underwriting income (loss)	72,273			196			(38,973		)	(84		)	33,412
Net investment income	166,678			4,218			27,706			10,187			208,789
Net realized and unrealized gains (losses)	179,545			1,117			16,613			(6,941		)	190,334
Fees and commission income (expense)	43,849			22,788			632			(1,166		)	66,103
Other income	21,157			230			570			648			22,605
Corporate expenses	(101,592		)	(12,142		)	—			(37,014		)	(150,748		)
Interest income (expense)	(28,970		)	(559		)	(1,902		)	3,329			(28,102		)
Net foreign exchange gains	(7,347		)	(5,060		)	(926		)	(4,204		)	(17,537		)
Loss on sale of subsidiary	—			—			—			(16,349		)	(16,349		)
EARNINGS (LOSS) BEFORE INCOME TAXES	345,593			10,788			3,720			(51,594		)	308,507
Income tax benefit (expense)	6,990			(1,593		)	988			10			6,395
Earnings from equity method investments	5,904			—			—			—			5,904
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	358,487			9,195			4,708			(51,584		)	320,806
Net earnings from discontinued operations, net of income taxes	—			—			—			10,993			10,993
NET EARNINGS (LOSS)	358,487			9,195			4,708			(40,591		)	331,799
Net earnings attributable to noncontrolling interest	(14,687		)	(3,772		)	(1,882		)	—			(20,341		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	343,800		$	5,423		$	2,826		$	(40,591	)	$	311,458

Underwriting ratios:
Loss ratio				51.5		%	68.5		%
Acquisition expense ratio				35.4		%	10.5		%
Operating expense ratio				13.0		%	29.5		%
Combined ratio				99.9		%	108.5		%

Gross Premiums Written by Geographical Area

The following table summarizes our gross premiums written for the year ended December 31, 2019 by geographic area. Geographic distribution in future years is subject to variation based upon market conditions and business strategies.



	Non-life Run-off					Atrium				StarStone				Other				Total
	Total			%		Total		%		Total		%		Total		%		Total		%
	(In thousands of U.S. dollars, except percentages)
United States	$	(25,012	)	99.7	%	$	102,199	53.1	%	$	548,683	59.8	%	$	17,239	93.0	%	$	643,109	58.2	%
United Kingdom	350			(1.4	)%	12,972		6.7	%	114,822		12.5	%	—		—	%	128,144		11.6	%
Europe	(265		)	1.1	%	17,677		9.2	%	115,481		12.6	%	1,295		7.0	%	134,188		12.2	%
Asia	(48		)	0.2	%	5,700		3.0	%	75,773		8.3	%	—		—	%	81,425		7.4	%
Rest of World	(94		)	0.4	%	53,825		28.0	%	62,796		6.8	%	—		—	%	116,527		10.6	%
Total	$	(25,069	)	100.0	%	$	192,373	100.0	%	$	917,555	100.0	%	$	18,534	100.0	%	$	1,103,393	100.0	%

Assets by Segment

Invested assets are managed on a subsidiary by subsidiary basis, and investment income and realized and unrealized gains on investments are recognized in each segment as earned. Our total assets as of December 31, 2019 and 2018 by segment were as follows:



	2019			2018
Assets by Segment:
Non-life Run-off	$	15,775,409		$	13,362,749
Atrium	580,405			591,722
StarStone	3,522,353			3,416,132
Other	(514,852		)	(814,333		)
Total assets	$	19,363,315		$	16,556,270

Premiums Written and Earned

12 Months Ended

Dec. 31, 2019

PREMIUMS WRITTEN AND EARNED

8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

The following table provides the total reinsurance balances recoverable on paid and unpaid losses as of December 31, 2019 and 2018:



	2019
	Non-life Run-off			Atrium		StarStone			Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	972,293		$	9,011	$	328,009		$	1,309,313
IBNR	673,059			19,286		211,404			903,749
Fair value adjustments - acquired companies	(13,652		)	519		(2,122		)	(15,255		)
Fair value adjustments - fair value option	(88,086		)	—		—			(88,086		)
Total reinsurance reserves recoverable	1,543,614			28,816		537,291			2,109,721
Paid losses recoverable	181,375			1,541		87,253			270,169
Total	$	1,724,989		$	30,357	$	624,544		$	2,379,890

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,029,471		$	30,357	$	624,544		$	1,684,372
Reinsurance balances recoverable on paid and unpaid losses - fair value option	695,518			—		—			695,518
Total	$	1,724,989		$	30,357	$	624,544		$	2,379,890



	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



	December 31, 2019										December 31, 2018
	Non-life Run-off		Atrium		StarStone		Total		% of Total		Non-life Run-off		Atrium		StarStone		Total		% of Total
Top ten reinsurers	$	1,154,110	$	22,051	$	388,171	$	1,564,332	65.7	%	$	1,124,079	$	25,239	$	263,192	$	1,412,510	69.6	%
Other reinsurers > $1 million	551,636		7,761		233,871		793,268		33.4	%	364,098		12,091		220,123		596,312		29.4	%
Other reinsurers < $1 million	19,243		545		2,502		22,290		0.9	%	16,211		1,182		3,448		20,841		1.0	%
Total	$	1,724,989	$	30,357	$	624,544	$	2,379,890	100.0	%	$	1,504,388	$	38,512	$	486,763	$	2,029,663	100.0	%



	December 31, 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

Recoverables rated A- or better in top 10	$	1,292,207	$	1,096,272
Collaterized non-rated reinsurers recoverables in top 10 ⁽¹⁾	272,125		316,238
	$	1,564,332	$	1,412,510

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2019:

Hannover Ruck SE ⁽²⁾	$	261,295	$	279,723
Lloyd's Syndicates ⁽³⁾	$	411,030	$	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 on Paid and Unpaid Losses

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



	2019								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	$	1,904,268	$	43,427	$	1,860,841	2.3	%	$	1,612,464	$	51,519	$	1,560,945	3.2	%
Reinsurers rated below A-, secured	487,608		—		487,608		—	%	430,852		—		430,852		—	%
Reinsurers rated below A-, unsecured	135,653		104,212		31,441		76.8	%	143,079		105,213		37,866		73.5	%
Total	$	2,527,529	$	147,639	$	2,379,890	5.8	%	$	2,186,395	$	156,732	$	2,029,663	7.2	%

13. PREMIUMS WRITTEN AND EARNED

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2019, 2018 and 2017:



	2019						2018						2017
	Premiums Written			Premiums Earned			Premiums Written			Premiums Earned			Premiums Written			Premiums Earned
Non-life Run-off
Gross	$	(25,069	)	$	197,009		$	(8,910	)	$	25,230		$	14,102		$	23,950
Ceded	(269		)	(28,513		)	(307		)	(15,803		)	(7,620		)	(9,788		)
Net	$	(25,338	)	$	168,496		$	(9,217	)	$	9,427		$	6,482		$	14,162
Atrium
Gross	$	192,373		$	182,678		$	171,494		$	164,428		$	153,472		$	152,278
Ceded	(20,017		)	(18,619		)	(18,006		)	(18,113		)	(19,258		)	(17,531		)
Net	$	172,356		$	164,059		$	153,488		$	146,315		$	134,214		$	134,747
StarStone
Gross	$	917,555		$	1,021,827		$	1,121,135		$	1,010,816		$	895,160		$	865,159
Ceded	(182,126		)	(219,901		)	(315,573		)	(295,857		)	(430,259		)	(405,756		)
Net	$	735,429		$	801,926		$	805,562		$	714,959		$	464,901		$	459,403
Other
Gross	$	18,534		$	20,544		$	32,378		$	25,237		$	5,719		$	5,900
Ceded	(22		)	(164		)	(311		)	(363		)	(926		)	(1,091		)
Net	$	18,512		$	20,380		$	32,067		$	24,874		$	4,793		$	4,809
Total
Gross	$	1,103,393		$	1,422,058		$	1,316,097		$	1,225,711		$	1,068,453		$	1,047,287
Ceded	(202,434		)	(267,197		)	(334,197		)	(330,136		)	(458,063		)	(434,166		)
Net	$	900,959		$	1,154,861		$	981,900		$	895,575		$	610,390		$	613,121

Commitments and Contingencies - Leases - Lease Terms (Details)	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	6 years 3 months 18 days
Weighted-average discount rate	6.30%

Share Capital - Preferred Shares (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 21, 2018 USD ($) $ / shares shares	Jun. 28, 2018 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)
Class of Stock [Line Items]
Preferred shares, par value (dollars per share)			$ 1.00	$ 1
Net proceeds from the issuance of preferred shares \| $			$ 0	$ 495,357	$ 0
Series C Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (shares) \| shares			388,571	388,571
Preferred shares, liquidation preference (dollars per share)			$ 0.001
Series D Preferred Stock
Class of Stock [Line Items]
Preferred shares, issued (shares) \| shares			16,000	16,000
Dividend rate			7.00%
Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (shares) \| shares			4,400	4,400
Dividend rate			7.00%
Public Stock Offering \| Series D Preferred Stock
Class of Stock [Line Items]
Preferred shares, liquidation preference (dollars per share)		$ 25,000
Consideration received on sale of stock \| $		$ 400,000
Number of shares issued (shares) \| shares		16,000
Dividend rate		7.00%
Depositary shares equivalent (shares) \| shares		16,000,000
Depositary share, interest in preferred share		0.001
Preferred shares, par value (dollars per share)		$ 1.00
Liquidation preference per depositary share (dollars per share)		$ 25.00
Net proceeds from the issuance of preferred shares \| $		$ 389,200
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference (dollars per share)	$ 25,000
Consideration received on sale of stock \| $	$ 110,000
Number of shares issued (shares) \| shares	4,400
Dividend rate	7.00%
Depositary shares equivalent (shares) \| shares	4,400,000
Depositary share, interest in preferred share	0.001
Preferred shares, par value (dollars per share)	$ 1.00
Liquidation preference per depositary share (dollars per share)		$ 25.00
Net proceeds from the issuance of preferred shares \| $	$ 106,100

Debt Obligations and Credit Facilities - EGL Term Loan Facilities (Details) - USD ($)		12 Months Ended
	Dec. 27, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Repayment of loans		$ 742,574,000	$ 914,319,000	$ 912,140,000
Loan facilities
Debt Instrument [Line Items]
Repayment of loans		$ 742,600,000
Loan facilities \| 2018 EGL Term Loan Facility
Debt Instrument [Line Items]
Facility term	3 years	3 years
Maximum borrowing capacity	$ 500,000,000.0
Increase in borrowing capacity, limit	$ 150,000,000.0
Repayment of loans		$ 150,000,000.0
Outstanding amount		349,000,000.0
Interest payment period	3 months
Debt issuance costs	$ 1,500,000
Unamortized costs of debt		$ (1,000,000.0)	$ (1,500,000)

Goodwill and Intangible Assets- Schedule of Goodwill, Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 114,807	$ 73,071
Acquired during the year		41,736
Goodwill, Ending balance	114,807	114,807	$ 73,071
Finite-lived Intangible Assets [Roll Forward]
Intangible assets with a definite life, Beginning balance	16,887	20,487
Acquired during the year		0
Amortization	(2,257)	(3,600)	(4,266)
Intangible assets with a definite life, Ending balance	14,630	16,887	20,487
Indefinite-lived Intangible Assets [Roll Forward]
Intangible assets with an indefinite life, Beginning balance	87,031	87,031
Acquired during the year		0
Intangible assets with an indefinite life, Ending balance	87,031	87,031	87,031
Intangible Assets [Roll Forward]
Total intangible assets, Beginning balance	103,918	107,518
Amortization	(2,257)	(3,600)	(4,266)
Total intangible assets, Ending balance	101,661	103,918	107,518
Goodwill and Intangible Assets [Roll Forward]
Goodwill and intangible assets, Beginning Balance	218,725	180,589
Acquired during the year		41,736
Amortization	(2,257)	(3,600)	(4,266)
Goodwill and intangible assets, Ending balance	$ 216,468	$ 218,725	$ 180,589

Losses and Loss Adjustment Expenses - Net Incurred Losses and Loss Adjustment Expense Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Prior Period
Net losses paid, prior period									$ 1,669,004	$ 1,194,985	$ 862,921
Prior periods									48,917	(235,757)	(244,302)
Current Period
Net losses paid, current period									200,264	189,560	82,273
Net incurred losses and LAE, current period									823,658	689,782	437,853
Total
Net losses paid									1,869,268	1,384,545	945,194
Net change in case and LAE reserves									(497,930)	(460,394)	(341,030)
Net change in IBNR reserves									(651,181)	(439,416)	(406,588)
Increase (reduction) in estimates of net ultimate losses									720,157	484,735	197,576
Increase (reduction) in provisions for bad debt											(1,377)
Increase (reduction) in provisions for unallocated LAE									(53,963)	(58,648)	(53,712)
Amortization of deferred charges									38,627	13,781	14,359
Amortization of fair value adjustments									50,573	7,493	6,449
Total changes in fair value - fair value option									117,181	6,664	30,256
Total net incurred losses and LAE	$ 121,416	$ 222,417	$ 216,338	$ 312,404	$ 187,698	$ 153,974	$ 92,819	$ 19,534	872,575	454,025	193,551
Non-life Run-off
Prior Period
Net losses paid, prior period									1,182,804	838,812	578,888
Net change in case and LAE reserves, prior period									(553,996)	(552,124)	(381,450)
Net change in IBNR reserves, prior period									(848,776)	(573,127)	(393,100)
Increase (reduction) in estimates of net ultimate losses, prior period									(219,968)	(286,439)	(195,662)
Increase (reduction) in provisions for bad debt, prior period									0	0	(1,536)
Increase (reduction) in provisions for unallocated LAE, prior period									(57,844)	(65,401)	(54,071)
Amortization of deferred charges, prior period									38,627	13,781	14,359
Amortization of fair value adjustments, prior period									50,070	12,877	10,114
Changes in fair value - fair value option, prior period									117,181	6,664	30,256
Prior periods									(71,934)	(318,518)	(196,540)
Current Period
Net losses paid, current period									64,820	5	2,835
Net change in case and LAE reserves, current period									23,105	4,704	397
Net change in IBNR reserves, current period									35,194	7,742	2,373
Increase (reduction) in estimates of net ultimate losses, current period									123,119	12,451	5,605
Increase (reduction) in provisions for bad debt, current period									0	0	0
Increase (reduction) in provisions for unallocated LAE, current period									440	0	261
Amortization of deferred charges, current period									0	0	0
Amortization of fair value adjustments, current period									0	0	0
Changes in fair value - fair value option, current period									0	0	0
Net incurred losses and LAE, current period									123,559	12,451	5,866
Total
Net losses paid									1,247,624	838,817	581,723
Net change in case and LAE reserves									(530,891)	(547,420)	(381,053)
Net change in IBNR reserves									(813,582)	(565,385)	(390,727)
Increase (reduction) in estimates of net ultimate losses									(96,849)	(273,988)	(190,057)
Increase (reduction) in provisions for bad debt									0	0	(1,536)
Increase (reduction) in provisions for unallocated LAE									(57,404)	(65,401)	(53,810)
Amortization of deferred charges									38,627	13,781	14,359
Amortization of fair value adjustments									50,070	12,877	10,114
Total changes in fair value - fair value option									117,181	6,664	30,256
Total net incurred losses and LAE									51,625	(306,067)	(190,674)
Atrium
Prior Period
Net losses paid, prior period									43,572	28,969	31,107
Net change in case and LAE reserves, prior period									(13,278)	(10,161)	(13,324)
Net change in IBNR reserves, prior period									(38,380)	(27,507)	(35,650)
Increase (reduction) in estimates of net ultimate losses, prior period									(8,086)	(8,699)	(17,867)
Increase (reduction) in provisions for bad debt, prior period									0	0	89
Increase (reduction) in provisions for unallocated LAE, prior period									0	0	(442)
Amortization of fair value adjustments, prior period									335	(5,118)	(2,720)
Prior periods									(7,751)	(13,817)	(20,940)
Current Period
Net losses paid, current period									34,617	35,537	24,571
Net change in case and LAE reserves, current period									16,812	16,492	21,662
Net change in IBNR reserves, current period									33,598	31,598	43,329
Increase (reduction) in estimates of net ultimate losses, current period									85,027	83,627	89,562
Increase (reduction) in provisions for bad debt, current period									0	0	70
Increase (reduction) in provisions for unallocated LAE, current period									0	0	727
Amortization of fair value adjustments, current period									0	0	0
Net incurred losses and LAE, current period									85,027	83,627	90,359
Total
Net losses paid									78,189	64,506	55,678
Net change in case and LAE reserves									3,534	6,331	8,338
Net change in IBNR reserves									(4,782)	4,091	7,679
Increase (reduction) in estimates of net ultimate losses									76,941	74,928	71,695
Increase (reduction) in provisions for bad debt									0	0	159
Increase (reduction) in provisions for unallocated LAE									0	0	285
Amortization of deferred charges									0	0	0
Amortization of fair value adjustments									335	(5,118)	(2,720)
Total changes in fair value - fair value option									0	0	0
Total net incurred losses and LAE									77,276	69,810	69,419
StarStone
Prior Period
Net losses paid, prior period									435,372	326,352	252,926
Net change in case and LAE reserves, prior period									(85,983)	(81,491)	(63,785)
Net change in IBNR reserves, prior period									(214,787)	(144,212)	(208,244)
Increase (reduction) in estimates of net ultimate losses, prior period									134,602	100,649	(19,103)
Increase (reduction) in provisions for unallocated LAE, prior period									(5,602)	(5,892)	(6,774)
Amortization of fair value adjustments, prior period									168	(266)	(945)
Prior periods									129,168	94,491	(26,822)
Current Period
Net losses paid, current period									96,261	150,778	54,867
Net change in case and LAE reserves, current period									111,950	157,378	95,470
Net change in IBNR reserves, current period									381,214	258,091	184,704
Increase (reduction) in estimates of net ultimate losses, current period									589,425	566,247	335,041
Increase (reduction) in provisions for unallocated LAE, current period									9,043	12,645	6,587
Amortization of fair value adjustments, current period									0	0	0
Net incurred losses and LAE, current period									598,468	578,892	341,628
Total
Net losses paid									531,633	477,130	307,793
Net change in case and LAE reserves									25,967	75,887	31,685
Net change in IBNR reserves									166,427	113,879	(23,540)
Increase (reduction) in estimates of net ultimate losses									724,027	666,896	315,938
Increase (reduction) in provisions for bad debt											0
Increase (reduction) in provisions for unallocated LAE									3,441	6,753	(187)
Amortization of deferred charges									0	0	0
Amortization of fair value adjustments									168	(266)	(945)
Total changes in fair value - fair value option									0	0	0
Total net incurred losses and LAE									727,636	673,383	314,806
Other
Total
Net losses paid									11,822	4,092
Net change in case and LAE reserves									3,460	4,808
Net change in IBNR reserves									756	7,999
Increase (reduction) in estimates of net ultimate losses									16,038	16,899
Increase (reduction) in provisions for unallocated LAE									0	0
Amortization of deferred charges									0	0
Amortization of fair value adjustments									0	0
Total changes in fair value - fair value option									0	0
Total net incurred losses and LAE									$ 16,038	$ 16,899	$ 0

Share-Based Compensation and Pensions - Compensation Costs for Share-based Compensation Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 37,999	$ 10,670	$ 26,326
Restricted shares and restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	6,564	7,641	7,302
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	23,582	1,968	5,832
Cash-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	2,575	(3,316)	8,875
Northshore incentive plan \| Time-based restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	3,652	2,792	3,156
StarStone incentive plan \| Time-based restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	223	0	0
Employee share purchase plan \| Employee share purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	411	430	403
Share-based compensation plans \| Director \| Deferred compensation and ordinary share plan for non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation and ordinary share plan for non-employee directors	$ 992	$ 1,155	$ 758

Fair Value Measurements - Quantitative Information (Details) - Internal Model - Recurring	12 Months Ended
	Dec. 31, 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%
Fair value inputs, duration	7 years 9 months 25 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%
Fair value inputs, duration	8 years 8 months 4 days	7 years 11 months 23 days
Credit spread for non-performing risk \| Losses and LAE liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performing risk	0.20%	0.20%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed maturities, available-for-sale, at fair value, amortized cost	$ 2,042,454	$ 151,433
Ordinary shares, par value (dollars per share)	$ 1	$ 1
Ordinary shares, issued (shares)	21,511,505	21,459,997
Ordinary shares, outstanding (shares)	21,511,505	21,459,997
Voting ordinary shares
Ordinary shares, par value (dollars per share)	$ 1.00	$ 1
Ordinary shares, issued (shares)	18,001,823	17,950,315
Ordinary shares, outstanding (shares)	18,001,823	17,950,315
Series C non-voting convertible ordinary shares
Ordinary shares, issued (shares)	2,599,672	2,599,672
Ordinary shares, outstanding (shares)	2,599,672	2,599,672
Series E non-voting convertible ordinary shares
Ordinary shares, issued (shares)	910,010	910,010
Ordinary shares, outstanding (shares)	910,010	910,010
Series C Preferred Shares
Preferred shares, issued (shares)	388,571	388,571
Preferred shares, outstanding (shares)	388,571	388,571
Treasury shares (shares)	388,571	388,571
Series D Preferred Shares
Preferred shares, issued (shares)	16,000	16,000
Preferred shares, outstanding (shares)	16,000	16,000
Series E Preferred Shares
Preferred shares, issued (shares)	4,400	4,400
Preferred shares, outstanding (shares)	4,400	4,400
Short-term Investments
Fixed maturities, available-for-sale, at fair value, amortized cost	$ 128,311	$ 0
Fixed maturity investments, trading
Fixed maturities, available-for-sale, at fair value, amortized cost	$ 1,914,143	$ 151,433

Premiums Written and Earned - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Insurance [Abstract]
Gross, premiums written	$ 1,103,393	$ 1,316,097	$ 1,068,453
Decrease in premiums written, gross	$ 212,700

Related Party Transactions - Clear Spring (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
	Jan. 01, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Capitalized amount	$ 56,000
Ownership percentage		47.40%				47.40%				47.40%	47.40%
Equity method investments		$ 326,277				$ 204,507				$ 326,277	$ 204,507
Balances under ceding quota share:
Reinsurance recoverable		2,379,890				2,029,663				2,379,890	2,029,663
Balances under assuming quota share:
Losses and LAE		10,429,238				9,409,504				10,429,238	9,409,504	$ 7,398,088	$ 5,987,867
Unearned premiums		746,775				842,618				746,775	842,618
Funds held by reinsured companies		408,735				321,267				408,735	321,267
Amounts under ceding quota share:
Ceded, premiums earned										(267,197)	(330,136)	(434,166)
Net incurred losses and LAE										47,018	0	0
Acquisition costs		95,026	$ 50,282	$ 66,855	$ 93,788	55,106	$ 54,242	$ 53,334	$ 30,108	305,951	192,790	96,906
Amounts under assuming quota share:
Premiums earned, assumed										273,807	236,182	142,161
Net incurred losses and loss adjustment expenses		$ 121,416	$ 222,417	$ 216,338	$ 312,404	187,698	$ 153,974	$ 92,819	$ 19,534	$ 872,575	454,025	193,551
Equity method investee \| Clear Spring
Related Party Transaction [Line Items]
Ownership percentage		20.00%								20.00%
Balances under ceding quota share:
Reinsurance recoverable		$ 22,812				23,718				$ 22,812	23,718
Prepaid reinsurance premiums		51				13,821				51	13,821
Ceded other liabilities		3,616				14,153				3,616	14,153
Ceded acquisition costs		21				3,233				21	3,233
Affiliated entity \| Clear Spring
Amounts under assuming quota share:
Total income impact										(6,616)	(3,334)	2,625
Starstone \| Clear Spring
Related Party Transaction [Line Items]
Equity method investments		10,645				10,070				10,645	10,070
Percentage reinsured of certain businesses	33.30%
Starstone \| Cavello Bay
Related Party Transaction [Line Items]
Percentage reinsured of certain businesses	25.00%
Starstone \| Affiliated entity \| Clear Spring
Amounts under ceding quota share:
Ceded, premiums earned										(14,994)	(29,520)	(14,256)
Net incurred losses and LAE										6,567	18,143	9,533
Acquisition costs										356	7,035	6,718
Cavello Bay \| Clear Spring
Balances under assuming quota share:
Losses and LAE		6,135				5,778				6,135	5,778
Unearned premiums		13				3,455				13	3,455
Funds held by reinsured companies		$ 8,611				$ 10,242				8,611	10,242
Cavello Bay \| Affiliated entity \| Clear Spring
Amounts under ceding quota share:
Acquisition costs										92	1,836	1,753
Amounts under assuming quota share:
Premiums earned, assumed										3,749	7,380	3,564
Net incurred losses and loss adjustment expenses										$ (2,202)	$ (4,536)	$ (1,181)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES:
Net earnings (loss)	$ 928,219	$ (212,272)	$ 331,799
Net earnings from discontinued operations, net of income taxes	0	0	(10,993)
Adjustments to reconcile net earnings to cash flows used in operating activities:
Realized losses (gains) on sale of investments	(96,328)	27,633	(1,668)
Unrealized losses (gains) on investments	(935,023)	385,251	(188,666)
Depreciation and other amortization	35,583	33,295	36,115
Earnings from equity method investments	(55,910)	(42,147)	(5,904)
Sales and maturities of trading securities	5,829,277	4,802,224	6,111,607
Purchases of trading securities	(4,591,459)	(5,592,311)	(7,544,649)
Net loss on sale of subsidiary	0	0	16,349
Other non-cash items	33,857	11,857	41,087
Changes in:
Reinsurance balances recoverable on paid and unpaid losses	(350,243)	(268,039)	(530,857)
Funds held by reinsured companies	(87,468)	(126,897)	(93,310)
Losses and loss adjustment expenses	1,021,175	960,199	1,363,032
Defendant asbestos and environmental liabilities	(18,142)	(15,844)	(14,857)
Policy benefits for life and annuity contracts	(103,080)	(6,776)	(3,314)
Insurance and reinsurance balances payable	(15,227)	151,918	(157,741)
Unearned premiums	(95,843)	173,725	34,854
Premiums receivable	210,493	(212,423)	(19,026)
Other operating assets and liabilities	53,635	(229,465)	293,035
Net cash flows provided by (used in) operating activities	1,763,516	(160,072)	(343,107)
INVESTING ACTIVITIES:
Acquisitions, net of cash acquired	172,482	(245,151)	(4,185)
Sale of subsidiary, net of cash sold	0	0	126,611
Sales and maturities of available-for-sale securities	344,325	58,219	86,359
Purchase of available-for-sale securities	(2,212,204)	(10,386)	(14,848)
Purchase of other investments	(796,918)	(901,071)	(109,885)
Proceeds from other investments	582,662	436,396	232,827
Purchase of equity method investments	(69,213)	(155,440)	0
Other investing activities	(4,671)	(8,321)	(23,617)
Net cash flows provided by (used in) investing activities	(1,983,537)	(825,754)	293,262
FINANCING ACTIVITIES:
Net proceeds from the issuance of preferred shares	0	495,357	0
Dividends on preferred shares	(35,914)	(12,133)	0
Contribution by redeemable noncontrolling interest	0	49	22
Contribution by redeemable noncontrolling interest	13,127	55,377	0
Dividends paid to noncontrolling interest	(11,556)	(3,852)	(27,458)
Purchase of noncontrolling interest in subsidiaries	(47)	0	0
Receipt of loans	1,070,502	1,132,507	874,100
Repayment of loans	(742,574)	(914,319)	(912,140)
Net cash flows provided by (used in) financing activities	293,538	752,986	(65,476)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(324)	2,588	9,512
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	73,193	(230,252)	(105,809)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	982,584	1,212,836	1,318,645
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	1,055,777	982,584	1,212,836
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	5,012	17,610	13,192
Interest paid	49,457	25,240	21,487
Reconciliation to Consolidated Balance Sheets:
Cash, cash equivalents and restricted cash	$ 982,584	$ 982,584	$ 1,212,836

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

SCHEDULE VI

ENSTAR GROUP LIMITED

SUPPLEMENTARY INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS

As of and for the years ended December 31, 2019, 2018 and 2017

(Expressed in thousands of U.S. Dollars)



	As of December 31,						Year ended December 31,
Affiliation with Registrant	Deferred Acquisition Costs		Reserves for Unpaid Losses and Loss Adjustment Expenses		Unearned Premiums		Net Premiums Earned		Net Investment Income		Net Losses and Loss Expenses Incurred					Net Paid Losses and Loss Expenses			Amortization of Deferred Acquisition Costs		Net Premiums Written
Affiliation with Registrant	Deferred Acquisition Costs		Reserves for Unpaid Losses and Loss Adjustment Expenses		Unearned Premiums		Net Premiums Earned		Net Investment Income		Current Year		Prior Year			Net Paid Losses and Loss Expenses			Amortization of Deferred Acquisition Costs		Net Premiums Written
Consolidated Subsidiaries
2019	$	153,505	$	10,429,238	$	746,775	$	1,153,589	$	320,780	$	823,658	$	48,917		$	(1,869,268	)	$	305,774	$	899,687
2018	121,101		9,409,504		842,618		891,708		269,093		689,782		(235,757		)	(1,384,545		)	192,790		978,037
2017	64,984		7,398,088		583,197		608,312		198,602		437,853		(244,302		)	(945,194		)	96,028		605,597

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

18. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Numerator:
Net earnings (loss) from continuing operations	$	902,175	$	(162,354	)	$	300,465
Net earnings from discontinued operations, net of income taxes	—		—			10,993
Net earnings (loss) attributable to Enstar Group Limited	$	902,175	$	(162,354	)	$	311,458
Denominator:
Weighted-average ordinary shares outstanding — basic	21,482,617		20,698,310			19,388,621
Effect of dilutive securities:
Share-based compensation plans	227,878		129,746			62,732
Warrants	64,571		76,120			76,238
Weighted-average ordinary shares outstanding — diluted	21,775,066		20,904,176			19,527,591
Earnings per share attributable to Enstar Group Limited:
Basic:
Net earnings (loss) from continuing operations	$	42.00	$	(7.84	)	$	15.50
Net earnings from discontinued operations, net of income taxes	—		—			0.56
Net earnings (loss) per ordinary share	$	42.00	$	(7.84	)	$	16.06
Diluted⁽¹⁾:
Net earnings (loss) from continuing operations	$	41.43	$	(7.84	)	$	15.39
Net earnings from discontinued operations, net of income taxes	—		—			0.56
Net earnings (loss) per ordinary share	$	41.43	$	(7.84	)	$	15.95

Schedule I - Summary of Investments Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I - Summary of Investments Other Than Investments in Related Parties

SCHEDULE I

ENSTAR GROUP LIMITED

SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES

As of December 31, 2019

(Expressed in thousands of U.S. Dollars)



Type of investment	Cost ⁽¹⁾		Fair Value		Amount at which shown in the balance sheet
Fixed maturity securities and short-term investments — Trading and fixed maturity investments within funds held - directly managed:⁽²⁾
U.S. government and agency	$	319,554	$	325,731	$	325,731
U.K. government	140,194		146,423		146,423
Other government	600,001		617,710		617,710
Corporate	4,398,126		4,615,896		4,615,896
Municipal	141,905		152,010		152,010
Residential mortgage-backed	339,228		344,617		344,617
Commercial mortgage-backed	783,675		801,472		801,472
Asset-backed	562,020		558,217		558,217
Total	7,284,703		7,562,076		7,562,076
Fixed maturity securities and short-term investments — Available-for-sale:⁽²⁾
U.S. government and agency	410,842		410,312		410,312
U.K. government	15,067		15,349		15,349
Other government	84,116		85,147		85,147
Corporate	1,081,713		1,081,171		1,081,171
Municipal	15,963		15,872		15,872
Residential mortgage-backed	127,704		127,219		127,219
Commercial mortgage-backed	98,928		98,557		98,557
Asset-backed	202,136		202,117		202,117
Total	2,036,469		2,035,744		2,035,744
Equities⁽³⁾	312,407		367,812		367,812
Other investments, at fair value⁽⁴⁾	783,032		783,032		783,032
Total	$	10,416,611	$	10,748,664	$	10,748,664


⁽¹⁾	Original cost of fixed maturity securities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts.


⁽²⁾	The difference in the amount of fixed maturities shown at fair value and the fixed maturities shown in our consolidated balance sheet relates to the fair value of $15.1 million as of December 31, 2019 for our investment in fixed maturities issued by affiliates of Stone Point. Refer to Note 21 - "Related Party Transactions" of the notes to the consolidated financial statements.

⁽³⁾

The difference in the amount of equities shown at fair value and the equities shown in our consolidated balance sheet relates to the fair value of $96.8 million as of December 31, 2019 for our investment in a registered investment company affiliated with entities owned by Trident, $25.0 million as a co-investor alongside Stone Point and a $240.1 million investment in AmTrust. Refer to Note 21 - "Related Party Transactions" of the notes to the consolidated financial statements.

⁽⁴⁾

The difference in the amount of other investments shown at fair value and the other investments shown in our consolidated balance sheet relates to the fair value of $1,741.4 million as of December 31, 2019 for our other investments in funds or companies owned by or affiliated with certain related parties. Refer to Note 21 - "Related Party Transactions" of the notes to the consolidated financial statements.

Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2019

Losses and Loss Adjustment Expenses

10. 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 losses that have been incurred but not reported ("IBNR") for our Non-life Run-off, Atrium and StarStone segments 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 losses 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.

The following table summarizes the liability for losses and LAE by segment and for our other activities as of December 31, 2019 and 2018:



	2019
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,407,082		$	89,141	$	888,794		$	9,512	$	5,394,529
IBNR	3,945,407			136,543		962,353			13,565		5,057,868
Fair value adjustments - acquired companies	(170,689		)	3,700		(522		)	—		(167,511		)
Fair value adjustments - fair value option	(217,933		)	—		—			—		(217,933		)
ULAE	331,494			2,288		28,503			—		362,285
Total	$	8,295,361		$	231,672	$	1,879,128		$	23,077	$	10,429,238

Reconciliation to Consolidated Balance Sheet:
Losses and loss adjustment expenses	$	5,674,239		$	231,672	$	1,879,128		$	23,077	$	7,808,116
Losses and loss adjustment expenses, at fair value	2,621,122			—		—			—		2,621,122
Total	$	8,295,361		$	231,672	$	1,879,128		$	23,077	$	10,429,238



	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:
Losses and loss adjustment expenses	$	4,666,607		$	241,284	$	1,608,697		$	18,861	$	6,535,449
Losses 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 December 31, 2019 was primarily attributable to the assumed reinsurance agreements with Zurich, Maiden Re Bermuda, Amerisure and AmTrust, as described in Note 4 - "Significant New Business" in our Non-life Run-off segment.

The table below provides a consolidated reconciliation of the beginning and ending liability for losses and LAE for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Balance as at January 1	$	9,409,504		$	7,398,088		$	5,987,867
Less: reinsurance reserves recoverable	1,867,841			1,870,033			1,388,193
Less: deferred charge assets on retroactive reinsurance	86,585			80,192			94,551
Net balance as at January 1	7,455,078			5,447,863			4,505,123
Net incurred losses and LAE:
Current period	823,658			689,782			437,853
Prior periods	48,917			(235,757		)	(244,302		)
Total net incurred losses and LAE	872,575			454,025			193,551
Net paid losses:
Current period	(200,264		)	(189,560		)	(82,273		)
Prior periods	(1,669,004		)	(1,194,985		)	(862,921		)
Total net paid losses	(1,869,268		)	(1,384,545		)	(945,194		)
Effect of exchange rate movement	48,695			(145,243		)	158,429
Acquired on purchase of subsidiaries	686			1,310,874			10,251
Assumed business	1,586,307			1,772,104			1,525,703
Ceded business	(47,018		)	—			—
Net balance as at December 31	8,047,055			7,455,078			5,447,863
Plus: reinsurance reserves recoverable	2,109,721			1,867,841			1,870,033
Plus: deferred charge assets on retroactive reinsurance	272,462			86,585			80,192
Balance as at December 31	$	10,429,238		$	9,409,504		$	7,398,088

The tables below provide the components of net incurred losses and LAE by segment and for our other activities for the years ended December 31, 2019, 2018 and 2017:



	2019
	Non-life Run-off			Atrium			StarStone		Other		Total
Net losses paid	$	1,247,624		$	78,189		$	531,633	$	11,822	$	1,869,268
Net change in case and LAE reserves	(530,891		)	3,534			25,967		3,460		(497,930		)
Net change in IBNR reserves	(813,582		)	(4,782		)	166,427		756		(651,181		)
Increase (reduction) in estimates of net ultimate losses	(96,849		)	76,941			724,027		16,038		720,157
Increase (reduction) in provisions for unallocated LAE	(57,404		)	—			3,441		—		(53,963		)
Amortization of deferred charge assets	38,627			—			—		—		38,627
Amortization of fair value adjustments	50,070			335			168		—		50,573
Changes in fair value - fair value option	117,181			—			—		—		117,181
Net incurred losses and LAE	$	51,625		$	77,276		$	727,636	$	16,038	$	872,575



	2018
	Non-life Run-off			Atrium			StarStone			Other		Total
Net losses paid	$	838,817		$	64,506		$	477,130		$	4,092	$	1,384,545
Net change in case and LAE reserves	(547,420		)	6,331			75,887			4,808		(460,394		)
Net change in IBNR reserves	(565,385		)	4,091			113,879			7,999		(439,416		)
Increase (reduction) in estimates of net ultimate losses	(273,988		)	74,928			666,896			16,899		484,735
Increase (reduction) in provisions for unallocated LAE	(65,401		)	—			6,753			—		(58,648		)
Amortization of deferred charge assets	13,781			—			—			—		13,781
Amortization of fair value adjustments	12,877			(5,118		)	(266		)	—		7,493
Changes in fair value - fair value option	6,664			—			—			—		6,664
Net incurred losses and LAE	$	(306,067	)	$	69,810		$	673,383		$	16,899	$	454,025



	2017
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	581,723		$	55,678		$	307,793		$	945,194
Net change in case and LAE reserves	(381,053		)	8,338			31,685			(341,030		)
Net change in IBNR reserves	(390,727		)	7,679			(23,540		)	(406,588		)
Increase (reduction) in estimates of net ultimate losses	(190,057		)	71,695			315,938			197,576
Increase (reduction) in provisions for bad debt	(1,536		)	159			—			(1,377		)
Increase (reduction) in provisions for unallocated LAE	(53,810		)	285			(187		)	(53,712		)
Amortization of deferred charge assets	14,359			—			—			14,359
Amortization of fair value adjustments	10,114			(2,720		)	(945		)	6,449
Changes in fair value - fair value option	30,256			—			—			30,256
Net incurred losses and LAE	$	(190,674	)	$	69,419		$	314,806		$	193,551

Loss Development Information

Methodology for Establishing Reserves

The liability for losses and LAE includes an amount determined from reported claims and an amount based on historical loss experience and industry statistics for IBNR using a variety of actuarial methods. Our loss reserves cover multiple lines of business, which include workers' compensation, general casualty, asbestos and environmental, marine, aviation and transit, construction defects and other non-life lines of business. Our management, through our loss reserving committees, considers the reasonableness of loss reserves recommended by our actuaries, including actual loss development during the year.

Case reserves are recognized for known claims (including the cost of related litigation) when sufficient information has been reported to us to indicate the involvement of a specific insurance policy. We use considerable judgment in estimating losses for reported claims on an individual claim basis based upon our knowledge of the circumstances surrounding the claim, the severity of the injury or damage, the jurisdiction of the occurrence, the potential for ultimate exposure, the type of loss, and our experience with the line of business and policy provisions relating to the particular type of claim. The reserves for unpaid reported losses and LAE are established by management based on reports from brokers, ceding companies and insureds and represent the estimated ultimate cost of events or conditions that have been reported to, or specifically identified, by us. We also consider facts currently known and the current state of the law and coverage litigation.

IBNR reserves are established by management based on actuarially determined estimates of ultimate losses and loss expenses. We use generally accepted actuarial methodologies to estimate ultimate losses and LAE and those estimates are reviewed by management. In addition, the routine settlement of claims, at either below or above the carried advised loss reserve, updates historical loss development information to which actuarial methodologies are applied, often resulting in revised estimates of ultimate liabilities. On an annual basis, independent actuarial firms are retained by management to provide their estimates of ultimate losses and to review the estimates developed by our actuaries.

Within the annual loss reserve studies produced by either our actuaries or independent actuaries, exposures for each subsidiary are separated into homogeneous reserving categories for the purpose of estimating IBNR. Each reserving category contains either direct insurance or assumed reinsurance reserves and groups relatively similar types of risks and exposures (for example, asbestos, environmental, casualty, property) and lines of business written (for example, marine, aviation, non-marine). Based on the exposure characteristics and the nature of available data for each individual reserving category, a number of methodologies are applied. Recorded reserves for each category are selected from the actuarial indications produced by the various methodologies after consideration of exposure characteristics, data limitations and strengths and weaknesses of each method applied. This approach to estimating IBNR has been consistently adopted in the annual loss reserve studies for each period presented.

The estimation of unpaid claim liabilities at any given point in time is subject to a high degree of uncertainty for a number of reasons. A significant amount of time can lapse between the assumption of risk, the occurrence of a loss event, the reporting of the event to an insurance or reinsurance company and the ultimate payment of the claim on the loss event. Our actuarial methodologies include industry benchmarking which, under certain methodologies, compares the trend of our loss development to that of the industry. To the extent that the trend of our loss development compared to the industry changes in any period, it is likely to have an impact on the estimate of ultimate liabilities. Unpaid claim liabilities for property and casualty exposures in general are impacted by changes in the legal environment, jury awards, medical cost trends and general inflation. Certain estimates for unpaid claim liabilities involve considerable uncertainty due to significant coverage litigation, and it can be unclear whether past claim experience will be representative of future claim experience. Ultimate values for such claims cannot be estimated using reserving techniques that extrapolate losses to an ultimate basis using loss development factors, and the uncertainties surrounding the estimation of unpaid claim liabilities are not likely to be resolved in the near future. In addition, reserves are established to cover loss development related to both known and unasserted claims. Consequently, our subsequent estimates of ultimate losses and LAE, and our liability for losses and LAE, may differ materially from the amounts recorded in the consolidated financial statements.

These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, will be recorded in earnings in the period in which they become known. Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves established in previous calendar years.

Asbestos and Environmental

In establishing the reserves for losses and LAE related to asbestos and environmental claims, management considers facts currently known and the current state of the law and coverage litigation. Liabilities are recognized for known claims (including the cost of related litigation) when sufficient information has been developed to indicate the involvement of a specific insurance policy, and management can reasonably estimate its liability. In addition, reserves have been established to cover additional exposures on both known and unreported claims. Estimates of the reserves are reviewed and updated continually. Developed case law and claim histories are still evolving for such claims, especially because significant uncertainty exists about the outcome of coverage litigation and whether past claim experience will be representative of future claim experience. In view of the changes in the legal and tort environment that affect the development of such claims, the uncertainties inherent in valuing asbestos and environmental claims are not likely to be resolved in the near future. Ultimate values for such claims cannot be estimated using traditional reserving techniques and there are significant uncertainties in estimating the amount of our potential losses for these claims. There can be no assurance that the reserves established by us will be adequate or will not be adversely affected by the development of other latent exposures. The net liability for unpaid losses and LAE as of December 31, 2019 and 2018 included $2,078.3 million and $1,703.6 million, respectively, which represented an estimate of the net ultimate liability for asbestos and environmental claims. The gross liability for such claims as of December 31, 2019 and 2018 was $2,259.6 million and $1,839.7 million, respectively. For the years ended December 31, 2019 and 2018, our reserves for asbestos and environmental liabilities increased by $419.9 million and decreased by $152.4 million on a gross

basis, respectively, and increased by $374.7 million and decreased by $159.6 million on a net basis, respectively. The increase in 2019 was primarily due to acquisition activity and the decrease in 2018 was primarily due to net paid losses, foreign exchange and net favorable development, partially offset by acquisition activity.

Disclosures of Incurred and Paid Loss Development, IBNR, Claims Counts and Payout Percentages

The loss development tables disclosed below, sets forth our historic incurred and paid loss development by accident year through December 31, 2019, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information.

The loss development tables disclosed below are presented as follows:


•	Non-Life Run-off - Presented by acquisition year, if significant, and further disaggregated, if significant, by line of business within that acquisition year. The disaggregated lines of business include General Casualty, Workers’ Compensation, Marine, Aviation and Transportation, Professional Indemnity / Directors & Officers and Motor.


•	Atrium - The loss development disclosures for our Atrium segment have not been disaggregated further by line of business as the segment comprised approximately only 2% of our total consolidated liability for losses and LAE as of December 31, 2019 and was, therefore, not considered material for further disaggregation.

•

StarStone - All the lines of business related to the StarStone segment have been included within the loss development disclosures below, namely, Casualty, Marine, Property, Aerospace and Workers’ Compensation.

Incurred and Paid Loss Development and IBNR Disclosures

For each acquisition year and/or line of business for which incurred losses and allocated loss adjustment expenses, net of reinsurance tables have been provided below, the disclosure approach and format adopted reflects the following:


•	The incurred loss development tables include both reported case reserves and IBNR liabilities, as well as cumulative paid losses;


•	Both the incurred and cumulative paid loss development tables include allocated LAE (i.e. claims handling costs allocated to specific individual claims) but exclude unallocated LAE (i.e. the costs associated with internal claims staff and third party administrators as well as consultants that cannot be allocated to specific individual claims);


•	The fair value adjustments related to business acquisitions are excluded from the loss development tables, however the undiscounted incurred losses, cumulative paid losses and allocated LAE related to business acquisitions are included in the loss development tables;


•	The fair value adjustments related to retroactive reinsurance agreements for which we have elected the fair value option are excluded from the loss development tables, however the undiscounted incurred losses, cumulative paid losses and allocated LAE related to retroactive reinsurance agreements for which we have elected the fair value option are included in the loss development tables;


•	The amounts relating to the amortization of deferred charge assets are excluded from the loss development tables;


•	The amounts relating to the increase (reduction) in provisions for unallocated LAE are excluded from the loss development tables;

•

In the incurred loss development tables, the incurred effect of agreeing a commutation or policy buyback is included in the period in which the commutation or policy buyback is contractually agreed. We reflect the net incurred loss development arising from a commutation or policy buyback in the fiscal year in which a commutation or policy buyback is contractually agreed, and the net incurred loss development is allocated to the appropriate accident year. The claim will generally have been adjusted throughout its lifetime and the amounts recorded in prior years (supplementary information) remain unchanged in our tables, such that the incurred amount that we recognize in the year in which a commutation or policy buyback is contractually agreed represents the effect of the commutation or policy buyback settlement compared to the carried net loss and LAE reserve balance in the prior year. We do not recast prior years to remove commuted or bought back

claims, as such practice would eliminate any historical favorable or adverse development we may have experienced on our commuted loss and LAE reserves. Reserves that have been commuted or bought back are not adjusted in future years but the commuted or bought back value remains in our total incurred losses;

•

In the cumulative paid losses tables, we reflect the amount of the commutation or policy buyback settlements in the year in which they are actually paid or received, and the net payment is allocated to the appropriate accident year. The claim or recoverable may have recorded payments or receipts throughout its lifetime and amounts recorded in prior years (supplementary information) remain unchanged in our tables, such that the amounts paid or received that we recognize in the year in which a commutation or policy buyback is paid or received represents the amount actually paid or received. We do not recast prior years to remove payments or receipts related to commutations or policy buybacks, as we consider commutations and policy buybacks a key component of our business and reflective of our ability to effectively manage acquired losses and LAE liabilities. Payments relating to commutations and policy buybacks are not adjusted in future years but the payments remain in our total cumulative paid losses;


•	The amounts included within the loss development tables for the years ended December 31, 2010 through to December 31, 2018 (April 1, 2014 through to December 31, 2018 in the case of StarStone since its date of acquisition), as well as the historical average annual percentage payout ratios as of December 31, 2019, are presented as supplementary information and are therefore unaudited;


•	All data presented within the loss development tables is net of reinsurance recoveries, excluding provisions for uncollectible reinsurance recoverables;

•

All data presented within the loss development tables is net of intercompany activity, including the Intra-Group Cessions within the StarStone segment. On May 14, 2018, we completed the acquisition of KaylaRe and subsequently eliminated all the related intercompany balances. In the loss development disclosures provided in our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2017, the StarStone loss triangles were presented net of the external reinsurance provided by KaylaRe since it was not a consolidated subsidiary at that time. However, after the acquisition of KaylaRe in May 2018, the reinsurance arrangement with StarStone became an intercompany transaction and was eliminated on consolidation. In addition, the StarStone loss development disclosures relating to the prior years (supplementary information) were retrospectively recast as if KaylaRe had always been a consolidated subsidiary, to allow for comparability between fiscal years;


•	The IBNR reserves included within each incurred loss development table by accident year, reflect the net IBNR recorded as of December 31, 2019, including expected development on reported losses;

•

For the Non-life Run-off segment loss development tables, all information for both acquisitions and retroactive reinsurance agreements is presented prospectively. As the reserves are effectively re-underwritten at the date the reserves are acquired or assumed, we believe that the historical loss development prior to being acquired is not relevant to our own experience managing these reserves. In addition, the information required to prepare the loss development disclosures on a retrospective basis is not always available to us and a mixed approach would result in loss development tables that are not entirely reflective of the actual loss development;

•

For the Non-life Run-off segment we have also presented the net incurred and paid losses and ALAE information by calendar year as well as IBNR and claim counts for accident years older than 10 years on a single row within the loss development tables. This presentation differs from the typical approach where only the net outstanding losses and LAE reserves are presented as a reconciling item at the bottom of the loss development tables. The additional detailed disclosures are provided on a voluntary basis and the inclusion of the disclosures is to provide additional information to the users of our financial statements and to also enable the reconciliation of our total loss reserves by acquisition year and by significant line of business.


•	For the StarStone segment loss development tables, all information has been presented on a prospective basis from the date of our acquisition of StarStone, which was effective on April 1, 2014. Providing pre-acquisition incurred and paid losses by accident year for years prior to 2014 was determined to be impracticable due to significant data limitations; and


•	For the Atrium segment loss development tables, all information has been presented on a retrospective basis.

The historical amounts disclosed within the loss development tables for all lines of business presented below

are on a constant-currency basis, which is achieved by using constant foreign exchange rates between periods in the loss development tables, and translating prior period amounts denominated in currencies other than the U.S. dollar, which is our reporting currency, using the closing exchange rates as of December 31, 2019.

The impact of this exchange rate conversion is to show the change between periods exclusive of the effect of exchange rate fluctuations, which would otherwise distort the change in incurred losses and the cash flow patterns associated with those incurred losses shown within the loss development tables. The change in net incurred losses shown within the loss development tables will, however, differ from other U.S. GAAP disclosures of incurred current and prior period reserve development amounts, which include the effect of exchange rate fluctuations.

Establishing an estimate for loss reserves involves various assumptions and judgments, therefore, the information contained within the loss development disclosures only allows readers or users of our consolidated financial statements to understand, at the summary level presented in the development tables, the change over time in our reported incurred loss estimates as well as the nature and patterns of the cash flows associated with those estimates. We, therefore, believe that the information provided within the loss development tables disclosed below is of limited use for independent analysis or application of standard actuarial estimations, and any results obtained from doing so should be interpreted with caution.

Cumulative Number of Reported Claims

Reported claim counts, on a cumulative basis, are provided as supplemental information to each incurred loss development table by accident year. We measure claim frequency information on an individual claim count basis within each of our segments as follows:

•

Non-Life Run-off - The claim frequency information for the exposures included within our Non-life Run-off lines of business includes direct and assumed open and closed claims by accident year at the claimant level. Reported claims that are closed without a payment are included within our cumulative number of reported claims because we typically incur claim adjustment expenses on them prior to their closure. The claim count numbers exclude counts related to claims within policy deductibles where the insured is responsible for the payment of losses within the deductible layer. Individual claim counts related to certain assumed reinsurance contracts such as excess-of-loss and quota share treaties are not available to us, and the losses arising from these treaties have been treated as single claims for the purposes of determining claim counts. Therefore, each treaty year within the reinsurance contract is deemed a single claim because the detailed underlying individual claim information is generally not reported to us by our cedents; and

•

StarStone and Atrium - The claim frequency information is determined at the claimant level for the exposures within the lines of business related to these segments. Our claims system assigns a unique claim identifier to each reported claim we receive. Each unique claim identifier is deemed to be a single claim, irrespective of whether the claim remains open or has been closed with or without payment. For certain insurance facilities and business produced or managed by managing general agents, coverholders and third party administrators where the underlying claims data is reported to us in an aggregated format, the information necessary to provide cumulative claims frequency is not available. In such cases, we typically record a “block” claim in our system. This also applies to a small amount of assumed reinsurance business that we write where, similarly, the underlying claims data is reported to us in an aggregated format. In such instances, each assumed reinsurance contract is deemed a single claim.

The cumulative number of reported claims for our Atrium segment includes all claim counts for Syndicate 609. Our Atrium segment represents our 25% share of Syndicate 609's underwriting capacity and capital, however, the claims count is the same whether viewed at the 100% Syndicate level or for our 25% share.

Our reported claim frequency information is subject to the following inherent limitations when analyzing our loss experience and severity:

•

Claim counts are presented only on a reported and not on an ultimate basis. Therefore, reported claim counts include open claims which have outstanding reserves but exclude IBNR claims. As such the reported claims are consistent with reported losses, which can be calculated by subtracting IBNR losses from incurred losses. However, the reported claim counts are inconsistent with the losses in the incurred loss development tables, which include IBNR losses, and to losses in the paid loss development tables, which exclude outstanding reserves;


•	Reported claim counts have not been adjusted for ceded reinsurance, which may distort any measures of frequency or severity;


•	For lines of business that have a mix of primary and excess layer exposures, such as our general casualty and workers’ compensation lines of business, the reported claim counts may fluctuate from period to period between exposure layers, thereby distorting any measure of frequency and severity; and

•

The use of our reported claim frequency information to project ultimate loss payouts by disaggregated disclosure category or line of business may not be as meaningful as claim count information related to individual contracts at a more granular level.

Payout Percentages

•

Non-life Run-off - The annual percentage payout disclosures for our Non-life Run-off segment are based on the payout of incurred claims by age, net of reinsurance. For our Non-life Run-off segment, claims aging reflects the number of years that have lapsed since the original acquisition of the related net liability for losses and LAE reserves to the date the claim is paid. There may be occasions where, due to our claims management strategies (including commutations and policy buy-backs) or due to the timing of claims payments relative to the associated recovery, the cash received from reinsurance recoveries is greater than the cash paid out to our claimants, (i.e. a net recovery rather than a net payout for a particular calendar year), thereby resulting in a negative annual percentage payout for that calendar year.

•

Atrium and StarStone - The average annual percentage payout disclosures for our Atrium and StarStone segments are based on the payout of incurred claims by age, net of reinsurance.

Non-Life Run-off Segment

The table below provides a reconciliation of the beginning and ending reserves for losses and LAE for the years ended December 31, 2019, 2018 and 2017 for the Non-life Run-off segment:



	2019			2018			2017
Balance as at January 1	$	7,540,662		$	5,949,472		$	4,716,363
Less: reinsurance reserves recoverable	1,366,123			1,377,485			1,000,953
Less: deferred charge assets on retroactive reinsurance	86,585			80,192			94,551
Net balance as at January 1	6,087,954			4,491,795			3,620,859
Net incurred losses and LAE:
Current period	123,559			12,451			5,866
Prior periods	(71,934		)	(318,518		)	(196,540		)
Total net incurred losses and LAE	51,625			(306,067		)	(190,674		)
Net paid losses:
Current period	(64,820		)	(5		)	(2,835		)
Prior periods	(1,182,804		)	(838,812		)	(578,888		)
Total net paid losses	(1,247,624		)	(838,817		)	(581,723		)
Effect of exchange rate movement	47,355			(132,632		)	138,772
Acquired on purchase of subsidiaries	686			1,111,839			10,251
Assumed business	1,586,307			1,761,836			1,494,310
Ceded business	(47,018		)	—			—
Net balance as at December 31	6,479,285			6,087,954			4,491,795
Plus: reinsurance reserves recoverable	1,543,614			1,366,123			1,377,485
Plus: deferred charge assets on retroactive reinsurance	272,462			86,585			80,192
Balance as at December 31	$	8,295,361		$	7,540,662		$	5,949,472

Net incurred losses and LAE in the Non-life Run-off segment for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019								2018								2017
	Prior Period			Current Period		Total			Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	1,182,804		$	64,820	$	1,247,624		$	838,812		$	5	$	838,817		$	578,888		$	2,835	$	581,723
Net change in case and LAE reserves	(553,996		)	23,105		(530,891		)	(552,124		)	4,704		(547,420		)	(381,450		)	397		(381,053		)
Net change in IBNR reserves	(848,776		)	35,194		(813,582		)	(573,127		)	7,742		(565,385		)	(393,100		)	2,373		(390,727		)
Increase (reduction) in estimates of net ultimate losses	(219,968		)	123,119		(96,849		)	(286,439		)	12,451		(273,988		)	(195,662		)	5,605		(190,057		)
Reduction in provisions for bad debt	—			—		—			—			—		—			(1,536		)	—		(1,536		)
Increase (reduction) in provisions for unallocated LAE	(57,844		)	440		(57,404		)	(65,401		)	—		(65,401		)	(54,071		)	261		(53,810		)
Amortization of deferred charge assets	38,627			—		38,627			13,781			—		13,781			14,359			—		14,359
Amortization of fair value adjustments	50,070			—		50,070			12,877			—		12,877			10,114			—		10,114
Changes in fair value - fair value option	117,181			—		117,181			6,664			—		6,664			30,256			—		30,256
Net incurred losses and LAE	$	(71,934	)	$	123,559	$	51,625		$	(318,518	)	$	12,451	$	(306,067	)	$	(196,540	)	$	5,866	$	(190,674	)

Net change in case and LAE reserves comprises the movement during the year 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.

Year Ended December 31, 2019

The increase in net incurred losses and LAE for the year ended December 31, 2019 of $51.6 million included net incurred losses and LAE of $123.6 million related to current period net earned premium. Excluding current period net incurred losses and LAE of $123.6 million, the reduction in net incurred losses and LAE liabilities relating to prior periods was $71.9 million, which was attributable to a reduction in estimates of net ultimate losses of $220.0 million, a reduction in provisions for unallocated LAE of $57.8 million relating to 2019 run-off activity, partially offset by the amortization of the deferred charge assets of $38.6 million, amortization of fair value adjustments of $50.1 million and an increase in the fair value of liabilities of $117.2 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option.

Drivers of the change in estimates of net ultimate losses:

The reduction in estimates of prior period net ultimate losses of $220.0 million for the year ended December 31, 2019 included a net reduction in case and IBNR reserves of $1,402.8 million, partially offset by net losses paid of $1,182.8 million. For the year ended December 31, 2019, the overall change in our estimates of net ultimate losses related to prior periods by line of business within our Non-life Run-off was as presented in the table below:



	Net losses paid		Net change in case and LAE reserves			Net change in IBNR reserves			Increase (reduction) in estimates of net ultimate losses
Asbestos	$	118,557	$	35,003		$	(146,749	)	$	6,811
Environmental	16,899		13,796			(15,707		)	14,988
General Casualty	175,044		(89,968		)	(91,818		)	(6,742		)
Workers' Compensation	208,961		(156,435		)	(188,944		)	(136,418		)
Marine, aviation and transit	82,058		(77,958		)	(24,508		)	(20,408		)
Construction defect	32,078		(8,313		)	(25,025		)	(1,260		)
Professional indemnity/ Directors & Officers	103,413		(36,986		)	(104,984		)	(38,557		)
Motor	276,563		(134,127		)	(179,887		)	(37,451		)
Property	94,093		(73,259		)	(7,358		)	13,476
All Other	75,138		(25,749		)	(63,796		)	(14,407		)
Total	$	1,182,804	$	(553,996	)	$	(848,776	)	$	(219,968	)

The significant drivers of the results in the table above are explained below.

Workers' Compensation

A $136.4 million reduction in estimates of net ultimate losses in our workers' compensation line of business arose across multiple portfolios, where reported loss development was generally significantly less than expected development. The lower than expected actual development was driven by significant proactive settlement activity on individual claimants where we were able to settle claims lower than the case reserve estimates. For example, in two of our portfolios we observed favorable reported loss development, where we paid $39.3 million in loss payments to release a corresponding $53.6 million of associated case reserves for $14.3 million in favorable reported loss development. These settlement activities and the favorable actual loss development versus expected loss development, lead to a change in the actuarial assumptions in the annual reserve study that reflect this favorable loss development. For workers compensation, we paid $209.0 million offset by a reduction in case reserves of $156.4 million and reduction in IBNR reserve of $188.9 million.

We also continue to actively seek to commute policies when possible, and where the commutation of the policy is settled at a level below the carried value of the loss reserves, we record a reduction in our estimates of net ultimate losses. During the year ended December 31, 2019, we completed 6 commutations across several portfolios that contributed to a $6.1 million reduction in estimates of net ultimate losses.

Professional Indemnity/Directors & Officers

A $38.6 million reduction in estimates of net ultimate losses in our professional indemnity/directors’ & officers’ line of business arose based on the annual actuarial analysis which reflected the better than expected loss development during 2019. As part of the reserve analysis, an in-depth review of recently acquired portfolios’ ceded reinsurance program led to an increase in the ceded reinsurance asset of $13.5 million, which is a reduction in net ultimate losses.

Asbestos

A $6.8 million increase in estimates of net ultimate losses in our asbestos line of business arose primarily due to changes in our actuarial assumptions related to dismissal rates. During 2019, the number of new defendants and filed claims was less than expected but this was offset by a lowering of the dismissal rate. In asbestos, the dismissal rates are extremely high as many of the claims do not have merit against the insured. However, we have seen a trend in both US and UK exposure of the dismissal rate trending down in the range of 2 to 3 percentage points.

Similar to workers’ compensation business, during the year ended December 31, 2019, we completed 6 commutations across several portfolios that contributed to a $9.8 million reduction in estimates of net ultimate losses.

All Other

All other line of business changes in estimates of net ultimate losses were primarily due to the application of our reserving methodologies, favorable actual versus expected loss development and proactive claim management.

Other Components of Net incurred Losses and LAE

The reduction of $57.8 million in provisions for unallocated LAE was due to a reduction in our estimate of the total future costs to administer the claims.

The increase in the fair value of liabilities for which we have elected the fair value option of $117.2 million was primarily due to changes in the discount rate and the application of the discount rate to the updated expected cash flow patterns.

The amortization of fair value adjustments of $50.1 million was related to the fair value adjustments associated with the acquisition of companies. On acquisition, we are required to fair value the net assets acquired, including the reinsurance balances recoverable and the liability for losses and LAE. The resulting fair value adjustments are then amortized over the expected life of the reinsurance balances recoverable and the liability for losses and LAE.

The amortization of deferred charge assets of $38.6 million was associated with retroactive reinsurance contracts where, at the inception of the contract, the estimated ultimate losses payable was in excess of premium received. Deferred charge assets are amortized over the estimated claim payment period of the related contract and are adjusted periodically to reflect new estimates of the amount and timing of the remaining loss payments.

Year Ended December 31, 2018

The reduction in net incurred losses and LAE for the year ended December 31, 2018 of $306.1 million included net incurred losses and LAE of $12.5 million related to current period net earned premium from previously acquired businesses that renewed certain policies while being run-off. Excluding current period net incurred losses and LAE of $12.5 million, the reduction in net incurred losses and LAE liabilities relating to prior periods was $318.5 million, which was attributable to a reduction in estimates of net ultimate losses of $286.4 million, and a reduction in provisions for unallocated LAE of $65.4 million, relating to 2018 run-off activity, partially offset by an increase in the fair value of liabilities of $6.7 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option, the amortization of the deferred charge assets of $13.8 million and the amortization of fair value adjustments over the estimated payout period relating to companies acquired amounting to $12.9 million.

Drivers of the change in estimates of net ultimate losses:

The reduction in estimates of prior period net ultimate losses of $286.4 million for the year ended December 31, 2018 included a net reduction in case and IBNR reserves of $1,125.3 million, partially offset by net losses paid of $838.8 million. For the year ended December 31, 2018, the overall change in our estimates of net ultimate losses related to prior periods by line of business within our Non-life Run-off was as presented in the table below:



	Net losses paid		Net change in case and LAE reserves			Net change in IBNR reserves			Increase (reduction) in estimates of net ultimate losses
Asbestos	$	108,248	$	(21,535	)	$	(151,662	)	$	(64,949	)
Environmental	21,273		479			(7,599		)	14,153
General Casualty	141,624		(115,240		)	(60,828		)	(34,444		)
Workers' Compensation	139,226		(178,138		)	(115,648		)	(154,560		)
Marine, aviation and transit	67,831		(44,200		)	(21,188		)	2,443
Construction defect	22,182		(7,257		)	(33,146		)	(18,221		)
Professional indemnity/ Directors & Officers	161,797		(11,159		)	(130,957		)	19,681
Motor	104,182		(109,962		)	(34,215		)	(39,995		)
Property	22,178		(24,271		)	(11,497		)	(13,590		)
All Other	50,271		(40,841		)	(6,387		)	3,043
Total	$	838,812	$	(552,124	)	$	(573,127	)	$	(286,439	)

The significant drivers of the results in the table above are explained below.

Workers' Compensation

The $154.6 million reduction in estimates of net ultimate losses in our workers' compensation line of business in 2018 arose across multiple portfolios, where reported incurred loss development was generally significantly less than expected. When actual development is less than expected for a sustained period of time across a significant volume of exposures, an updated actuarial analysis tends to indicate reductions in IBNR reserves. Updates to actuarial analysis, factoring in the less-than-expected reported incurred loss development for the year, is the primary driver of the $154.6 million reduction to Workers' Compensation net ultimate loss estimates.

For certain of our portfolios, the lower than expected actual development was driven by significant proactive settlement activity on individual claimants where we were able to close open claims earlier than was indicated by the original payout pattern, and in other portfolios, based on the review of recent loss development activity we revised our actuarial development "tail factor" assumption, which led to a reduction in net ultimate losses. For example, in one portfolio we observed favorable incurred loss development, primarily relating to accident years 1995 through 2005 where we paid $22.7 million in loss payments to release a corresponding $37.0 million of associated case reserves for $14.3 million in favorable incurred loss development.

For recently acquired portfolios of workers' compensation business, we have utilized our subsidiary, Paladin Managed Care Services ("Paladin"), to assist us in reviewing claims. Paladin generally produces savings related to medical expense liabilities over and above savings achieved by prior vendors of such services, and the savings lead to actual development that is less than expected, thereby driving reductions to the estimates of net ultimate losses. In one particular program, our claims personnel pursued a proactive strategy of settling with numerous workers' compensation claimants whose injuries arose in recent accident years. For this portfolio, the claims team reduced the open inventory of claims by 78% during 2018. This reduction in exposure, when incorporated into an updated actuarial analysis, led to a reduction in our estimate of ultimate net losses of $30.2 million, primarily relating to accident years 2010 through 2014.

We also continue to actively seek to commute policies when possible, and where the commutation of the policy is settled at a level below the carried value of the loss reserves, we record a reduction in our estimates of net ultimate losses. During the year ended December 31, 2018, we completed 7 commutations across several portfolios that contributed to an $11.2 million the reduction in estimates of net ultimate losses.

Asbestos

The $64.9 million reduction in estimates of net ultimate losses in our asbestos line of business arose primarily due to one asbestos portfolio where lower than expected volume of claims reported and a lower than expected severity on claims settled in the period, when projected to net ultimate losses through actuarial methodologies, resulted in a significant reduction in estimates of net ultimate losses. The volume of claims reported was 3% less than expected and the average cost per claim was 5% less than expected. Across our other asbestos portfolios, we completed 8 commutations and 2 policy buy-backs contributing to a $9.5 million reduction in estimates of net ultimate losses.

All Other

Other Components of Net incurred Losses and LAE

The reduction of $65.4 million in provisions for unallocated LAE was due to a reduction in our estimate of the total future costs to administer the claims.

The amortization of deferred charge assets of $13.8 million was associated with retroactive reinsurance contracts where, at the inception of the contract, the estimated ultimate losses payable were in excess of premium received.

The amortization of fair value adjustments of $12.9 million was related to the fair value adjustments associated with the acquisition of companies. On acquisition, we are required to fair value the net assets acquired, including the reinsurance balances recoverable and the liability for losses and LAE.

The increase in the fair value of liabilities for which we have elected the fair value option of $6.7 million was primarily due to decreases in the estimated duration of the net liabilities, partially offset by changes in the corporate bond yield.

Year Ended December 31, 2017

The reduction in net incurred losses and LAE for the year ended December 31, 2017 of $190.7 million included net incurred losses and LAE of $5.9 million related to current period net earned premium from previously acquired businesses that renewed certain policies while being run-off. Excluding current period net incurred losses and LAE of $5.9 million, the reduction in net incurred losses and LAE liabilities relating to prior periods was $196.5 million, which was attributable to a reduction in estimates of net ultimate losses of $195.7 million, and a reduction in provisions for unallocated LAE of $54.1 million, relating to 2017 run-off activity, partially offset by an increase in the fair value of unallocated liabilities of $30.3 million related to our assumed retroactive reinsurance agreements for which we have elected the fair value option, the amortization of the deferred charge assets of $14.4 million and the amortization of fair value adjustments over the estimated payout period relating to companies acquired amounting to $10.1 million.

Drivers of the change in estimates of net ultimate losses:

The reduction in estimates of prior period net ultimate losses of $195.7 million for the year ended December 31, 2017 included a net reduction in case and IBNR reserves of $774.6 million, partially offset by net losses paid of $578.9 million. For the year ended December 31, 2017, the overall change in our estimates of net ultimate losses related to prior periods by line of business within our Non-life Run-off was as presented in the table below:



	Net losses paid		Net change in case and LAE reserves			Net change in IBNR reserves			Increase (reduction) in estimates of net ultimate losses
Asbestos	$	105,731	$	(1,865	)	$	(76,837	)	$	27,029
Environmental	26,542		(9,438		)	(7,748		)	9,356
General Casualty	94,526		(54,292		)	(49,025		)	(8,791		)
Workers' Compensation	187,712		(190,924		)	(151,797		)	(155,009		)
Marine, aviation and transit	18,272		(9,322		)	(11,517		)	(2,567		)
Construction defect	33,802		(24,023		)	(42,804		)	(33,025		)
Professional indemnity/ Directors & Officers	33,402		(19,054		)	(24,559		)	(10,211		)
Motor	24,391		(15,990		)	(8,513		)	(112		)
Property	13,440		(11,196		)	(5,162		)	(2,918		)
All Other	41,070		(45,346		)	(15,138		)	(19,414		)
Total	$	578,888	$	(381,450	)	$	(393,100	)	$	(195,662	)

The significant drivers of the results in the table above are explained below.

Workers' Compensation

The $155.0 million reduction in estimates of net ultimate losses in our workers' compensation line of business arose primarily in five separate portfolios. Across these five portfolios, the reported incurred loss development was generally significantly lower than expected. When actual development is less than expected for a sustained period of time, across a significant volume of exposures, an updated actuarial analysis tends to indicate reductions in IBNR reserves. In addition, we continue to proactively manage and settle claims where possible, commute policies if appropriate and, through Paladin, we are able to achieve significant savings on medical costs through active claims management strategies over the life of the reported claims. All of these items reduce the estimates of net ultimate losses.

Construction Defect

The $33.0 million reduction in estimates of net ultimate losses in our construction defect line of business arose primarily due to lower than expected actual incurred development in one portfolio. The active claims management approach that our claims team adopted for the assumed exposures within this portfolio led to a significant reduction loss in the inventory of the assumed open claims of 73% during 2017. This reduction in exposure, when incorporated into our updated actuarial analysis, resulted in a reduction in estimates of net ultimate losses for this line of business.

Asbestos

The $27.0 million increase in estimates of net ultimate losses in our asbestos line of business resulted from a ground-up study performed by a consulting actuarial firm on one of our portfolios. This study resulted in the recording of additional reserves of $60.5 million due to a small number of accounts that experienced an increase in the notification of claims which are expected to attach to the excess policies that we reinsure. This increase was partially offset by favorable development of $33.5 million in our other portfolios of asbestos exposures arising primarily from lower than expected claim notifications

All Other

Other Components of Net incurred Losses and LAE

The reduction in provisions for bad debt of $1.5 million was a result of the favorable recoveries from reinsurers, the reduction in bad debt provisions for insolvent reinsurers as a result of distributions received and the reduction of specific provisions held for certain reinsurers.

The reduction of $54.1 million in provisions for unallocated LAE was due to a reduction in our estimate of the total future costs to administer the claims.

The amortization of deferred charge assets of $14.4 million was associated with retroactive reinsurance contracts where, at the inception of the contract, the estimated ultimate losses payable were in excess of premium received. Deferred charge assets are amortized over the estimated claim payment period of the related contract and are adjusted periodically to reflect new estimates of the amount and timing of the remaining loss payments.

The amortization of fair value adjustment of $10.1 million was related to the fair value adjustments associated with the acquisition of companies. On acquisition, we are required to fair value the net assets acquired, including the reinsurance balances recoverable and the liability for losses and LAE. The resulting fair value adjustments are then amortized over the expected life of the reinsurance balances recoverable and the liability for losses and LAE.

The increase in the fair value of liabilities for which we have elected the fair value option of $30.3 million was primarily due to decreases in the estimated duration of the net liabilities, partially offset by changes in the corporate bond yield.

Disclosures of Incurred and Paid Loss Development, IBNR, Claims Counts and Payout Percentages

The following tables provides a breakdown of gross and net losses and LAE reserves, consisting of Outstanding Loss Reserve ("OLR") and IBNR by line of business and adjustments for fair value resulting from business combinations, adjustments for where we elected the fair value option, deferred charge assets and ULAE, as of December 31, 2019 and 2018:



	2019
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Asbestos	$	542,681	$	1,373,678	$	1,916,359		$	490,117	$	1,271,982	$	1,762,099
Environmental	187,165		156,121		343,286			173,878		142,351		316,229
General casualty	501,863		489,129		990,992			399,396		421,426		820,822
Workers' compensation/personal accident	1,270,530		977,808		2,248,338			963,578		751,074		1,714,652
Marine, aviation and transit	290,067		121,577		411,644			244,611		100,135		344,746
Construction defect	29,772		98,312		128,084			29,245		94,888		124,133
Professional indemnity/Directors & Officers	693,760		265,490		959,250			485,478		170,926		656,404
Motor	480,668		233,806		714,474			317,829		165,543		483,372
Property	140,620		63,604		204,224			122,010		56,450		178,460
Other	269,956		165,882		435,838			208,647		97,573		306,220
	$	4,407,082	$	3,945,407	$	8,352,489		$	3,434,789	$	3,272,348	$	6,707,137
Fair value adjustments					(170,689		)					(157,036		)
Fair value adjustments - fair value option					(217,933		)					(129,848		)
Deferred charge on retroactive reinsurance					—							(272,462		)
ULAE					331,494							331,494
Total					$	8,295,361						$	6,479,285



	2018
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Asbestos	$	341,544	$	1,275,476	$	1,617,020		$	321,356	$	1,171,754	$	1,493,110
Environmental	96,665		126,035		222,700			93,095		117,384		210,479
General casualty	500,033		379,484		879,517			416,097		298,612		714,709
Workers' compensation/personal accident	1,454,178		832,615		2,286,793			1,115,116		537,782		1,652,898
Marine, aviation and transit	301,783		72,888		374,671			227,994		78,023		306,017
Construction defect	20,712		99,288		120,000			19,310		94,736		114,046
Professional indemnity/Directors & Officers	603,665		216,839		820,504			426,020		166,898		592,918
Motor	564,307		321,992		886,299			414,847		304,874		719,721
Property	168,267		37,631		205,898			160,873		36,817		197,690
Other	220,615		165,519		386,134			175,289		111,453		286,742
	$	4,271,769	$	3,527,767	$	7,799,536		$	3,369,997	$	2,918,333	$	6,288,330
Fair value adjustments					(217,527		)					(203,183		)
Fair value adjustments - fair value option					(374,752		)					(244,013		)
Deferred charge on retroactive reinsurance					—							(86,585		)
ULAE					333,405							333,405
Total					$	7,540,662						$	6,087,954

In addition to the breakdown of our non-life run-off reserves by line of business we also monitor our reserves by acquisition year. The acquisition year is the year in which the net reserves were acquired via a business acquisition or assumed via a retroactive reinsurance agreement. By analyzing the loss development tables by acquisition year on a prospective basis, the impact of the take-on positions from year to year does not distort the loss development tables.

The following table provides a summary of our net loss reserves, prior to provisions for bad debt, fair value adjustments, deferred charge assets and ULAE as of December 31, 2019, by year of acquisition and by significant line of business:



	Acquisition Year
	2009 and Prior		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Total
Asbestos	$	180,887	$	36,371	$	—	$	—	$	7,973	$	—	$	673	$	387,808	$	729,749	$	60,424	$	336,925	$	1,740,810
Environmental	44,461		10,364		—		—		—		—		—		101,649		26,798		17,247		108,094		308,613
General casualty	60,400		13,409		24,072		12,082		14,695		30,313		46,838		5,389		59,432		305,370		241,541		813,541
Workers' compensation/personal accident	3,362		49,828		145,975		3,986		58,316		—		331,383		266,932		73,069		385,223		392,454		1,710,528
Marine, aviation and transit	8,890		2,638		3,256		—		—		13,762		1,589		—		81,037		139,908		91,909		342,989
Construction defect	—		18		55		—		—		—		46,906		18,982		22,973		—		35,198		124,132
Professional indemnity/Directors & Officers	9,438		5,021		8,619		28,274		—		35,795		—		77,685		—		326,157		164,271		655,260
Motor	25,131		5,756		217		500		660		250		14,785		203		4,453		406,545		22,099		480,599
Property	3,957		4,058		298		6,199		—		14,127		3,581		—		455		66,755		78,785		178,215
All Other	17,889		13,843		422		6,295		3,361		5,587		7,600		26,528		118,979		16,562		84,344		301,410
Total	$	354,415	$	141,306	$	182,914	$	57,336	$	85,005	$	99,834	$	453,355	$	885,176	$	1,116,945	$	1,724,191	$	1,555,620	$	6,656,097

The table below reconciles the net loss reserves, prior to provisions for bad debt, fair value adjustments, deferred charge assets and ULAE as of December 31, 2019, by significant line of business to the line of business table presented above:



	2019
	Total Net Reserves per all Acquisition Years		Provision for Bad Debt		Total Net Reserves
Asbestos	$	1,740,810	$	21,289	$	1,762,099
Environmental	308,613		7,616		316,229
General casualty	813,541		7,281		820,822
Workers' compensation/personal accident	1,710,528		4,124		1,714,652
Marine, aviation and transit	342,989		1,757		344,746
Construction defect	124,132		1		124,133
Professional indemnity/Directors & Officers	655,260		1,144		656,404
Motor	480,599		2,773		483,372
Property	178,215		245		178,460
All Other	301,410		4,810		306,220
Total	$	6,656,097	$	51,040	$	6,707,137

Loss development tables have been provided for acquisition years 2010 through 2019. In addition, the workers' compensation line of business in the 2015 acquisition year; the workers' compensation line of business in the 2016 acquisition year; the general casualty, workers' compensation, marine, aviation & transit, professional indemnity/directors & officers and motor lines of business in the 2018 acquisition year; and the general casualty, workers' compensation and professional indemnity/directors & officers lines of business in the 2019 acquisition year are significant and we have provided additional loss development tables for those lines of business within those acquisition years.

Our non-life run-off segment is unique within the insurance industry in that legacy reserves are continuously being acquired and added to this segment through business acquisitions or through retroactive reinsurance agreements.

Accordingly, it would not be appropriate to extrapolate redundancies or deficiencies into the future from the loss development tables provided below. Acquired and assumed reserves arising from business acquisitions and retroactive reinsurance agreements are presented on a full prospective basis.

The following tables set forth information about incurred and paid loss development, total IBNR reserves and cumulative loss frequency related to our 2010 through 2019 acquisition years within the Non-Life Run-off segment as of December 31, 2019. In addition, we have also presented loss development tables for the significant lines of business within certain acquisition years. The information related to incurred and paid loss development for the years ended December 31, 2010 through 2018 is presented as supplementary information and is therefore unaudited.

Business Acquired and Contracts Incepting in the Year Ended December 31, 2010



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																							As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	1,092,197	$	1,086,671	$	1,044,111	$	1,058,458	$	1,012,046	$	929,888	$	903,954	$	839,798	$	800,104	$	800,341	$	788,475	$	42,290	163,994
	$	1,092,197																			$	788,475	$	42,290	163,994

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	102,123	$	261,446	$	428,312	$	511,054	$	553,769	$	567,605	$	584,306	$	612,530	$	630,627	$	647,169
																					$	647,169
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																					$	141,306

Business Acquired and Contracts Incepting in the Year Ended December 31, 2011



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																									As of December 31, 2019
					For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)			2017 (unaudited)			2018 (unaudited)			2019			IBNR		Cumulative Number of Claims
2009 and Prior	$	596,121	$	621,742	$	586,636	$	490,822	$	424,001	$	370,995	$	315,912		$	270,905		$	256,864		$	235,348		$	23,721	112,787
2010	285		412		449		141		140		140		140			142			142			142			—		26
2011	—		102		36		45		54		61		71			79			86			93			—		19
2012	—				121		10		10		10		10			17			18			17			—		7
2013	—						23		43		15		15			15			15			15			—		16
2014	—								1		3		3			3			18			15			3		14
2015	—										—		(2		)	(2		)	32			24			5		1
2016	—												2			(139		)	(110		)	(99		)	8		2
2017	—															—			21			15			2		2
2018	—																		7			8			2		1
2019	—																					—			—		—
	$	596,406																				$	235,578		$	23,741	112,875

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
					For The Years Ended December 31,
Accident Year			2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)			2017 (unaudited)			2018 (unaudited)			2019
2009 and Prior			$	59,906	$	97,414	$	92,129	$	21,874	$	15,512	$	24,434		$	16,751		$	27,013		$	52,483
2010			$	91	115		140		140		140		140			142			142			142
2011			27		36		45		54		61		71			79			86			93
2012					6		10		10		10		10			17			17			17
2013							6		10		15		15			15			15			15
2014									1		3		3			3			4			7
2015											—		(2		)	(2		)	3			11
2016													2			(153		)	(124		)	(114		)
2017																—			3			6
2018																			1			4
2019																						—
																						$	52,664
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																						$	182,914

Business Acquired and Contracts Incepting in the Year Ended December 31, 2012



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	315,850	$	314,772	$	306,078	$	297,612	$	283,244	$	273,273	$	266,124	$	257,947	$	252,794	$	18,173	47,708
2010	831		920		3,068		2,788		2,400		2,468		1,368		1,242		1,208		64		6
2011	1,360		1,341		1,222		1,081		1,002		981		960		944		944		—		5
2012	50		74		45		332		315		371		363		152		152		—		6
2013	—				866		109		390		396		385		124		124		—		5
2014	—						2,736		2,843		1,420		1,189		1,093		1,048		23		7
2015	—								667		1,388		676		676		676		—		5
2016	—										61		1,158		1,019		969		139		2
2017	—												69		153		91		—		4
2018	—														—		141		18		1
2019	—																251		37		4
	$	318,091															$	258,398	$	18,454	47,753

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	2,754	$	67,858	$	108,965	$	139,542	$	163,845	$	173,921	$	187,091	$	197,236
2010			$	167	463		618		685		712		748		776		801
2011			110		454		679		792		849		905		944		944
2012			28		45		45		47		152		152		152		152
2013					100		109		124		124		124		124		124
2014							62		205		420		617		791		905
2015									103		107		676		676		676
2016											2		51		89		89
2017													12		39		91
2018															—		27
2019																	17
																	$	201,062
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																	$	57,336

Business Acquired and Contracts Incepting in the Year Ended December 31, 2013



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	207,452	$	227,635	$	233,644	$	225,478	$	218,082	$	212,039	$	200,034	$	188,416	$	15,864	44,881
2010	110,795		118,652		117,915		133,289		135,364		125,148		123,802		122,441		4,635		11,537
2011	96,929		102,288		100,482		100,243		95,848		87,913		86,403		85,920		2,218		11,175
2012	131,119		127,323		121,364		118,085		114,772		110,045		107,853		108,025		2,090		10,420
2013	13,062		90,739		91,634		88,920		85,791		81,732		80,036		80,091		1,277		5,649
2014	—				4,514		3,714		3,425		16,800		16,225		16,304		90		175
2015	—						265		280		982		329		250		54		2
2016	—								103		71		70		69		2		1
2017	—										30		13		13		—		1
2018	—												22		17		—		1
2019	—														13		3		1
	$	559,357													$	601,559	$	26,233	83,843

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	48,802	$	84,422	$	109,918	$	128,474	$	129,803	$	136,898	$	140,814
2010			$	24,752	48,783		75,351		92,782		98,341		105,023		105,873
2011			30,323		52,455		63,952		70,498		75,055		77,290		79,113
2012			33,361		59,095		74,663		86,916		92,445		96,780		99,781
2013			17,022		37,653		52,638		62,876		68,866		71,487		74,556
2014					993		1,747		2,256		15,804		15,959		16,123
2015							43		102		112		165		190
2016									34		64		65		66
2017											9		13		13
2018													13		17
2019															8
															$	516,554
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance															$	85,005

Business Acquired and Contracts Incepting in the Year Ended December 31, 2014



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance															As of December 31, 2019
					For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	37,554	$	33,315	$	23,192	$	20,933	$	22,105	$	21,089	$	19,229	$	72	6,363
2010	104,408		100,017		100,345		133,784		119,430		115,341		122,063		10,628		6,454
2011	73,942		128,979		153,910		133,521		135,540		140,845		143,664		9,369		6,693
2012	140,683		146,060		177,122		185,261		178,247		165,223		162,068		11,175		5,086
2013	86,920		75,762		93,936		82,344		86,798		86,393		84,590		13,971		3,171
2014	—		12,826		9,503		13,817		7,420		5,765		5,589		1,731		1,113
2015	—				33,545		15,529		20,709		18,616		17,799		73		186
2016	—						330		1,075		4,607		773		89		44
2017	—								5,074		3,920		8,196		423		37
2018	—										6		5		—		17
2019	—												—		899		5
	$	443,507											$	563,976	$	48,430	29,169

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
					For The Years Ended December 31,
Accident Year			2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	7,044	$	13,090	$	15,652	$	16,337	$	16,884	$	16,934
2010			$	29,424	69,414		87,233		102,138		102,128		103,753
2011			84,042		109,574		110,338		113,406		120,564		126,650
2012			47,495		89,618		119,807		128,692		127,958		132,508
2013			21,752		40,237		47,537		55,882		63,256		62,009
2014			1,462		2,494		3,280		3,975		5,994		7,671
2015					1,739		4,295		11,465		13,487		12,774
2016							20		556		571		601
2017									537		1,553		1,237
2018											5		5
2019													—
													$	464,142
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance													$	99,834

Business Acquired and Contracts Incepting in the Year Ended December 31, 2015



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance													As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	953,149	$	877,641	$	585,616	$	536,452	$	508,471	$	467,530	$	51,305	11,285
2010	49,049		53,914		52,889		55,761		51,348		49,031		6,860		2,349
2011	124,400		137,102		130,994		129,386		127,098		127,673		18,940		5,379
2012	178,936		187,288		197,716		200,749		192,896		192,338		23,706		4,714
2013	229,182		189,430		196,205		199,593		188,572		184,189		16,027		5,182
2014	143,623		142,425		137,061		142,332		136,403		151,243		18,617		10,707
2015	22,540		69,067		68,034		65,243		63,776		68,388		5,125		21,014
2016	—				14,172		12,504		12,750		13,837		2,053		3,365
2017	—						4,056		4,497		5,194		453		900
2018	—								2,965		1,845		997		270
2019	—										1,804		1,775		3
	$	1,700,879									$	1,263,072	$	145,858	65,168

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	23,605	$	67,899	$	114,682	$	140,691	$	165,931
2010			$	9,191	15,301		19,665		25,625		28,455
2011			33,826		55,077		70,975		86,324		97,842
2012			52,728		94,767		119,382		142,165		158,417
2013			46,761		89,868		120,429		145,659		159,626
2014			30,747		64,353		90,738		109,149		125,226
2015			20,653		38,193		46,067		51,315		59,247
2016					5,325		7,038		8,298		9,405
2017							2,311		3,909		4,691
2018									558		835
2019											42
											$	809,717
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance											$	453,355

Business Acquired and Contracts Incepting in the Year Ended December 31, 2015 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance													As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	921,259	$	834,148	$	538,290	$	488,356	$	462,612	$	418,931	$	43,677	8,129
2010	31,919		34,360		31,402		30,407		27,922		26,913		1,877		471
2011	76,789		73,723		69,009		68,013		66,781		67,236		5,836		1,238
2012	120,298		110,007		108,251		106,625		100,187		98,532		5,774		1,804
2013	146,237		124,726		122,238		121,010		113,056		112,199		6,789		2,379
2014	82,141		86,852		82,038		83,095		78,389		78,457		2,633		3,680
2015	4,089		18,647		12,623		13,488		12,295		11,125		545		2,900
2016	—				873		955		583		536		72		38
2017	—						358		61		41		21		10
2018	—								—		5		3		1
2019	—										1		—		1
	$	1,382,732									$	813,976	$	67,228	20,651

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	16,278	$	56,563	$	96,000	$	115,884	$	137,417
2010			$	4,352	8,446		11,906		16,141		17,912
2011			16,032		30,462		39,635		50,470		55,595
2012			25,103		52,851		66,092		79,367		88,369
2013			27,737		55,675		75,065		91,559		100,890
2014			17,824		38,051		53,308		65,561		72,696
2015			3,034		5,672		7,917		9,169		9,248
2016					134		363		417		447
2017							2		10		18
2018									—		1
2019											—
											$	482,593
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance											$	331,383

Business Acquired and Contracts Incepting in the Year Ended December 31, 2016



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance											As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	1,263,726	$	1,274,524	$	1,302,307	$	1,282,385	$	1,287,000	$	303,592	22,892
2010	32,571		32,451		32,866		28,093		25,710		5,047		706
2011	17,291		17,291		19,920		19,754		18,829		2,830		789
2012	13,717		13,717		17,020		14,765		12,717		2,012		776
2013	373		373		1,312		1,237		1,120		827		112
2014	391		391		1,380		1,056		869		485		50
2015	—		—		—		—		—		—		—
2016	—		—		—		—		—		—		—
2017	—				—		—		—		—		—
2018	—						—		—		—		—
2019	—								—		—		—
	$	1,328,069							$	1,346,245	$	314,793	25,325

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Years Ended December 31,
Accident Year			2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	96,937	$	213,509	$	317,309	$	428,904
2010			$	2,757	7,111		10,001		14,236
2011			2,758		6,647		8,218		9,691
2012			2,734		5,206		6,461		7,587
2013			145		191		278		285
2014			178		207		284		366
2015			—		—		—		—
2016			—		—		—		—
2017					—		—		—
2018							—		—
2019									—
									$	461,069
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance									$	885,176

Business Acquired and Contracts Incepting in the Year Ended December 31, 2016 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance											As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	413,381	$	412,474	$	377,285	$	369,093	$	362,905	$	26,747	9,092
2010	24,075		25,330		26,034		22,383		19,541		3,660		323
2011	15,376		15,376		16,399		16,501		16,327		1,456		476
2012	13,074		13,074		15,465		13,276		11,379		1,093		608
2013	—		—		—		—		—		—		—
2014	—		—		—		—		—		—		—
2015	—		—		—		—		—		—		—
2016	—		—		—		—		—		—		—
2017	—				—		—		—		—		—
2018	—						—		—		—		—
2019	—								—		—		—
	$	465,906							$	410,152	$	32,956	10,499

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Years Ended December 31,
Accident Year			2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	33,610	$	59,725	$	83,273	$	117,191
2010			$	1,908	5,539		7,326		9,891
2011			2,631		5,871		7,305		8,756
2012			2,638		5,028		6,247		7,382
2013			—		—		—		—
2014			—		—		—		—
2015			—		—		—		—
2016			—		—		—		—
2017					—		—		—
2018							—		—
2019									—
									$	143,220
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance									$	266,932

Business Acquired and Contracts Incepting in the Year Ended December 31, 2017



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance										As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2017 (unaudited)			2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	1,449,663	$	1,374,191		$	1,304,002	$	1,313,517	$	776,522	11,481
2010	34,561		28,737			18,908		21,021		8,209		36
2011	36,184		29,273			25,390		27,315		8,573		7
2012	39,449		35,467			31,240		29,452		6,389		11
2013	36,320		30,335			28,140		24,703		1,242		11
2014	31,474		20,315			16,984		15,996		2,195		20
2015	9,207		6,494			7,002		6,295		931		8
2016	1,484		(4		)	125		919		86		3
2017	95		174			—		—		416		1
2018	—					—		—		—		—
2019	—							—		—		—
	$	1,638,437						$	1,439,218	$	804,563	11,578

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Years Ended December 31,
Accident Year			2017 (unaudited)			2018 (unaudited)		2019
2009 and Prior			$	80,189		$	165,471	$	243,621
2010			$	4,287		7,394		9,121
2011			4,125			9,257		12,971
2012			10,348			15,371		18,603
2013			9,508			15,711		21,277
2014			6,482			8,987		11,559
2015			1,361			3,720		4,687
2016			(56		)	66		434
2017			4			—		—
2018						—		—
2019								—
								$	322,273
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	1,116,945

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	559,105	$	383,948	$	355,392	$	106,822	209,846
2010	88,147		108,810		94,273		23,039		13,799
2011	159,362		147,341		142,391		21,380		14,100
2012	225,177		219,807		211,156		20,218		14,055
2013	263,008		267,132		255,973		54,609		16,251
2014	408,726		453,181		423,289		90,111		18,887
2015	354,692		474,678		467,650		97,189		23,421
2016	170,311		172,245		174,845		55,384		2,094
2017	207,035		207,172		205,460		79,430		4,163
2018	315,659		315,659		285,038		88,411		4,929
2019	—				68,271		19,774		1,634
	$	2,751,222			$	2,683,738	$	656,367	323,179

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	41,953	$	36,359
2010			$	11,109	23,761
2011			26,998		47,261
2012			31,845		74,768
2013			42,312		90,716
2014			93,536		181,166
2015			100,598		191,150
2016			6,258		62,658
2017			52		72,794
2018			—		139,815
2019					39,099
					$	959,547
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	1,724,191

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - General Casualty



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	97,189	$	48,898	$	42,901	$	3,969	45,895
2010	30,895		23,086		23,059		7,004		1,885
2011	17,518		15,854		15,532		2,086		1,404
2012	36,536		31,901		27,774		3,716		1,567
2013	42,528		54,061		44,782		5,123		1,571
2014	65,355		80,316		72,333		16,793		2,210
2015	77,011		91,825		102,399		28,926		3,430
2016	28,825		28,825		36,585		14,377		253
2017	37,209		37,209		41,664		20,392		230
2018	39,888		39,888		40,753		20,480		182
2019	—				6,767		2,802		34
	$	472,954			$	454,549	$	125,668	58,661

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	3,496	$	7,146
2010			$	5,345	7,835
2011			2,236		6,621
2012			1,104		11,097
2013			10,015		19,756
2014			13,427		28,071
2015			15,163		32,244
2016			—		14,109
2017			—		11,048
2018			—		8,879
2019					2,373
					$	149,179
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	305,370

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance								As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)			2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	106,230	$	101,016		$	108,435	$	30,391	1,742
2010	24,838		25,149			24,102		8,642		355
2011	29,795		24,877			26,179		12,202		401
2012	28,788		29,174			27,723		12,633		468
2013	37,716		38,309			37,866		16,786		866
2014	65,000		66,305			57,128		24,865		1,335
2015	38,734		39,336			34,649		16,909		1,437
2016	44,686		44,686			38,945		21,267		892
2017	52,360		52,360			49,156		28,222		998
2018	65,075		65,075			60,923		24,137		886
2019	—					20,889		5,472		383
	$	493,222				$	485,995	$	201,526	9,763

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)			2019
2009 and Prior			$	3,633		$	10,643
2010			$	317		4,542
2011			(1,517		)	1,825
2012			521			5,513
2013			1,532			7,743
2014			3,248			14,666
2015			1,355			4,066
2016			—			3,666
2017			—			5,900
2018			—			28,725
2019						13,483
						$	100,772
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance						$	385,223

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Marine, Aviation & Transit



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance									As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)			2019			IBNR			Cumulative Number of Claims
2009 and Prior	$	26,321	$	28,798		$	20,641		$	(1,842	)	57,002
2010	3,324		2,062			(6,710		)	(1,049		)	3,243
2011	8,676		9,472			10,345			1,486			3,966
2012	16,069		12,297			10,151			(6,037		)	4,280
2013	43,798		35,462			29,464			2,404			5,720
2014	62,766		81,126			82,479			14,668			5,862
2015	26,007		65,209			72,055			8,758			6,606
2016	—		—			—			—			—
2017	—		—			—			—			—
2018	—		—			—			—			—
2019	—					—			—			—
	$	186,961				$	218,425		$	18,388		86,679

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)			2019
2009 and Prior			$	3,211		$	(3,789	)
2010			$	(3,689	)	(7,715		)
2011			4,953			5,901
2012			1,180			3,482
2013			5,642			11,734
2014			22,990			40,926
2015			21,956			27,978
2016			—			—
2017			—			—
2018			—			—
2019						—
						$	78,517
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance						$	139,908

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Professional Indemnity/Directors & Officers



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR			Cumulative Number of Claims
2009 and Prior	$	200,658	$	92,577	$	100,687	$	(1,316	)	52,393
2010	25,474		39,710		33,765		8,220			4,259
2011	44,476		50,663		46,111		2,837			3,745
2012	55,366		68,004		65,180		12,943			3,263
2013	56,251		60,010		74,018		9,407			3,223
2014	84,795		106,888		101,771		16,922			3,563
2015	45,515		97,288		79,028		19,285			3,903
2016	—		—		—		—			—
2017	—		—		—		—			—
2018	—		—		—		—			—
2019	—				—		—			—
	$	512,535			$	500,560	$	68,298		74,349

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	24,232	$	33,585
2010			$	3,644	12,243
2011			12,453		19,732
2012			15,706		22,837
2013			10,599		18,601
2014			21,640		40,189
2015			13,696		27,216
2016			—		—
2017			—		—
2018			—		—
2019					—
					$	174,403
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	326,157

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Motor



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR			Cumulative Number of Claims
2009 and Prior	$	17,648	$	15,490	$	10,781	$	(291	)	356
2010	23,548		13,937		15,187		1,015			922
2011	46,015		36,282		35,843		1,477			1,209
2012	62,432		55,338		60,620		6,949			1,594
2013	74,615		68,022		61,396		14,105			626
2014	111,418		99,140		86,887		10,440			1,140
2015	129,271		127,187		126,345		15,912			1,274
2016	90,166		92,100		93,824		19,439			644
2017	100,316		100,453		99,129		30,312			2,797
2018	180,471		180,471		157,556		42,546			3,731
2019	—				39,757		11,457			1,200
	$	835,900			$	787,325	$	153,361		15,493

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	2,398	$	5,112
2010			$	4,437	6,911
2011			5,631		12,112
2012			11,520		23,284
2013			10,226		27,839
2014			20,746		46,359
2015			19,857		58,433
2016			6,258		42,527
2017			52		48,655
2018			—		86,861
2019					22,687
					$	380,780
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	406,545

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	604,631	$	598,841	$	330,575	81,869
2010	35,515		24,353		3,586		21,945
2011	47,718		38,961		1,506		21,380
2012	70,661		51,937		27,520		15,532
2013	110,426		87,708		36,879		19,223
2014	135,465		131,000		76,169		21,224
2015	182,991		186,727		99,838		35,276
2016	238,798		308,254		179,237		39,815
2017	116,386		116,386		116,386		2
2018	162,744		162,744		162,744		2
2019	—		54,601		12,706		85
	$	1,705,335	$	1,761,512	$	1,047,146	256,353

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	21,678
2010			4,923
2011			4,649
2012			6,455
2013			12,893
2014			26,910
2015			34,610
2016			68,179
2017			—
2018			—
2019			25,595
			$	205,892
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	1,555,620

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - General Casualty



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	4,396	$	4,415	$	670	693
2010	7,704		5,426		1,509		1,213
2011	11,381		8,817		2,347		1,148
2012	16,910		13,592		5,262		688
2013	22,355		16,934		7,515		448
2014	32,883		30,337		15,387		456
2015	58,563		45,594		30,556		346
2016	50,518		62,866		44,899		475
2017	32,188		32,188		32,188		1
2018	45,010		45,010		45,010		1
2019	—		1,709		475		3
	$	281,908	$	266,888	$	185,818	5,472

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	1,163
2010			1,031
2011			896
2012			3,136
2013			3,472
2014			4,103
2015			4,552
2016			6,193
2017			—
2018			—
2019			801
			$	25,347
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	241,541

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	5,143	$	3,609	$	1,270	11,136
2010	713		726		642		1,352
2011	2,470		2,410		2,334		1,476
2012	6,274		6,173		6,090		2,102
2013	16,686		16,223		14,578		3,726
2014	34,945		35,252		30,998		3,956
2015	57,027		56,158		48,794		6,158
2016	84,171		85,396		73,087		6,612
2017	84,197		84,197		84,197		1
2018	117,734		117,734		117,734		1
2019	—		—		—		—
	$	409,360	$	407,878	$	379,724	36,520

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	577
2010			38
2011			24
2012			24
2013			451
2014			3,076
2015			3,635
2016			7,599
2017			—
2018			—
2019			—
			$	15,424
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	392,454

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - Professional Indemnity/Directors & Officers



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	6,696	$	4,052	$	812	10,399
2010	7,245		4,448		838		5,300
2011	18,093		10,292		1,947		6,511
2012	30,127		18,012		4,348		3,472
2013	46,758		35,881		9,945		4,411
2014	46,557		46,982		17,975		5,361
2015	29,527		32,577		7,665		5,856
2016	2,892		52,708		28,916		5,053
2017	—		—		—		—
2018	—		—		—		—
2019	—		3,251		961		3
	$	187,895	$	208,203	$	73,407	46,366

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	1,323
2010			326
2011			3,403
2012			3,216
2013			3,924
2014			14,955
2015			7,193
2016			8,067
2017			—
2018			—
2019			1,525
			$	43,932
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	164,271

Annual Historical Duration of Claims

The following is unaudited supplementary information, which presents the annual percentage payout since the year of acquisition, by year of acquisition and significant line of business within each acquisition year:



	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
Year of Acquisition	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
2010 - All lines of business	12.95	%	20.21	%	21.16	%	10.49	%	5.42	%	1.75	%	2.12	%	3.58	%	2.30	%	2.10	%
2011 - All lines of business	25.48	%	15.94	%	(2.22	)%	(29.82	)%	(2.70	)%	3.79	%	(3.32	)%	4.38	%	10.83	%
2012 - All lines of business	1.18	%	25.49	%	16.08	%	12.00	%	9.56	%	4.26	%	5.22	%	4.02	%
2013 - All lines of business	25.64	%	21.47	%	15.78	%	10.91	%	6.08	%	3.86	%	2.14	%
2014 - All lines of business	33.91	%	23.93	%	10.99	%	7.95	%	3.44	%	2.08	%
2015 - All lines of business	17.22	%	16.89	%	12.71	%	9.69	%	7.60	%
2015 - Workers' compensation	13.56	%	16.89	%	12.58	%	9.62	%	6.64	%
2016 - All lines of business	7.84	%	9.46	%	8.15	%	8.80	%
2016 - Workers' Compensation	9.94	%	8.63	%	6.82	%	9.53	%
2017 - All lines of business	8.08	%	7.62	%	6.69	%
2018 - All lines of business	13.22	%	22.54	%
2018 - General Casualty	11.17	%	21.65	%
2018 - Workers' Compensation	1.87	%	18.87	%
2018 - Marine, Aviation & Transit	25.75	%	10.20	%
2018 - Professional Indemnity/Directors & Officers	20.37	%	14.47	%
2018 - Motor	10.30	%	38.06	%
2019 - All lines of business	11.69	%
2019 - General Casualty	9.50	%
2019 - Workers' Compensation	3.78	%
2019 - Professional Indemnity/Directors & Officers	21.10	%

The negative payout percentages in the table above for years 3, 4, 5 and 7 within the 2011 year of acquisition line were primarily due to ceded paid losses exceeding the assumed paid losses as a result of commutations completed with several reinsurers covering the exposures assumed by one of our reinsurance subsidiaries that we acquired in 2011. For the specific years referenced above, we collected more paid recoveries from our reinsurers than the losses we paid on the assumed exposures, and as such, the calculated annual payout percentages were negative.

Atrium

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Balance as at January 1	$	241,284		$	240,873		$	212,122
Less: reinsurance reserves recoverable	38,768			40,531			30,009
Net balance as at January 1	202,516			200,342			182,113
Net incurred losses and LAE:
Current period	85,027			83,627			90,359
Prior periods	(7,751		)	(13,817		)	(20,940		)
Total net incurred losses and LAE	77,276			69,810			69,419
Net paid losses:
Current period	(34,617		)	(35,537		)	(24,571		)
Prior periods	(43,572		)	(28,969		)	(31,107		)
Total net paid losses	(78,189		)	(64,506		)	(55,678		)
Effect of exchange rate movement	1,253			(3,130		)	4,488
Net balance as at December 31	202,856			202,516			200,342
Plus: reinsurance reserves recoverable	28,816			38,768			40,531
Balance as at December 31	$	231,672		$	241,284		$	240,873

Net incurred losses and LAE in the Atrium segment for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019								2018								2017
	Prior Period			Current Period		Total			Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	43,572		$	34,617	$	78,189		$	28,969		$	35,537	$	64,506		$	31,107		$	24,571	$	55,678
Net change in case and LAE reserves	(13,278		)	16,812		3,534			(10,161		)	16,492		6,331			(13,324		)	21,662		8,338
Net change in IBNR reserves	(38,380		)	33,598		(4,782		)	(27,507		)	31,598		4,091			(35,650		)	43,329		7,679
Increase (reduction) in estimates of net ultimate losses	(8,086		)	85,027		76,941			(8,699		)	83,627		74,928			(17,867		)	89,562		71,695
Increase in provisions for bad debt	—			—		—			—			—		—			89			70		159
Increase (reduction) in provisions for unallocated LAE	—			—		—			—			—		—			(442		)	727		285
Amortization of fair value adjustments	335			—		335			(5,118		)	—		(5,118		)	(2,720		)	—		(2,720		)
Net incurred losses and LAE	$	(7,751	)	$	85,027	$	77,276		$	(13,817	)	$	83,627	$	69,810		$	(20,940	)	$	90,359	$	69,419

Disclosures of Incurred and Paid Loss Development, IBNR, Claims Counts and Payout Percentages

The following tables provide a breakdown of the gross and net losses and LAE by line of business and the fair value adjustments resulting from business acquisitions and ULAE as of December 31, 2019 and 2018 for the Atrium segment:



	2019
	Gross						Net
	OLR		IBNR		Total		OLR		IBNR		Total
	(in thousands of U.S. dollars)
Marine, Aviation and Transit	$	24,668	$	34,156	$	58,824	$	21,012	$	24,829	$	45,841
Binding Authorities	31,507		54,039		85,546		29,590		51,984		81,574
Reinsurance	18,385		29,533		47,918		16,209		23,338		39,547
Accident and Health	5,460		7,880		13,340		4,735		7,469		12,204
Non-Marine Direct and Facultative	9,121		10,935		20,056		8,584		9,637		18,221
Total	$	89,141	$	136,543	$	225,684	$	80,130	$	117,257	$	197,387
Fair value adjustments					3,700						3,181
ULAE					2,288						2,288
Total					$	231,672					$	202,856



	2018
	Gross						Net
	OLR		IBNR		Total		OLR		IBNR		Total
	(in thousands of U.S. dollars)
Marine, Aviation and Transit	$	32,999	$	36,011	$	69,010	$	21,460	$	24,207	$	45,667
Binding Authorities	28,512		59,302		87,814		26,601		57,016		83,617
Reinsurance	18,547		27,653		46,200		15,180		24,823		40,003
Accident and Health	4,972		6,348		11,320		4,225		5,837		10,062
Non-Marine Direct and Facultative	9,855		11,207		21,062		8,529		9,389		17,918
Total	$	94,885	$	140,521	$	235,406	$	75,995	$	121,272	$	197,267
Fair value adjustments					3,476						2,847
ULAE					2,402						2,402
Total					$	241,284					$	202,516

The Atrium segment comprises only 2% of the total consolidated gross liability for losses and LAE as of December 31, 2019 and therefore has not been disaggregated further for purposes of presenting the accident year disclosures below.

The following tables set forth information about incurred and paid loss development information for the Atrium segment as of December 31, 2019. The information related to incurred and paid loss development for the years ended December 31, 2010 through 2018 is presented as supplementary information and is therefore unaudited. Information about total IBNR reserves and cumulative loss frequency as of December 31, 2019, including expected development on reported losses included within the net incurred losses and allocated LAE amounts for the Atrium segment, are set forth in the table below.



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2019
Accident Year	2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	546,446		609,275		593,467		573,576		569,959		564,128		560,524		558,768		556,252		553,325		2,839		1,381
2010	26,782		64,985		57,835		51,698		47,558		46,024		45,540		44,289		43,739		43,723		518		201
2011			86,326		84,661		72,898		71,104		69,385		68,083		67,358		66,904		66,534		991		252
2012					70,259		57,279		55,903		53,723		51,930		51,012		50,541		50,352		601		385
2013							58,326		63,710		57,798		54,472		51,706		52,049		50,638		1,441		566
2014									69,253		69,500		66,104		60,542		57,667		56,737		3,104		932
2015											69,646		71,498		63,530		60,210		58,785		6,018		1,515
2016													73,190		75,318		70,179		67,031		10,449		2,803
2017															90,247		94,984		91,109		20,400		5,053
2018																	85,044		91,621		37,297		6,644
2019																			86,269		33,598		5,362
																	Total		$	1,216,124	$	117,257	25,094
⁽¹⁾ Total of IBNR plus expected development on reported losses.

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	491,683	$	510,113	$	521,740	$	531,928	$	536,706	$	541,597	$	543,591	$	544,954	$	543,253	$	544,625
2010	11,442		25,127		32,223		36,530		39,022		40,049		40,650		41,223		41,386		41,631
2011			17,138		39,997		52,450		58,627		62,560		63,914		65,199		64,669		65,040
2012					11,228		31,474		37,991		42,152		44,430		45,321		46,901		47,598
2013							14,579		32,064		40,443		43,511		45,387		46,099		46,637
2014									17,596		34,368		41,595		46,879		48,542		51,263
2015											12,029		29,687		38,987		44,544		47,704
2016													13,729		34,606		44,273		47,962
2017															14,371		47,723		56,057
2018																	13,130		34,166
2019																			36,054
																	Total		$	1,018,737
					Total outstanding liabilities for unpaid losses and LAE, net of reinsurance														$	197,387

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the Atrium segment for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	197,387
Reinsurance recoverable on unpaid losses	28,297
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	225,684

The following is unaudited supplementary information for average annual historical duration of claims within the Atrium segment:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Atrium	24.69	%	32.30	%	14.57	%	8.25	%	4.69	%	2.47	%	1.88	%	0.63	%	0.47	%	0.56	%

StarStone

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Balance as at January 1	$	1,608,697		$	1,207,743		$	1,059,382
Less: reinsurance reserves recoverable	462,950			452,017			357,231
Net balance as at January 1	1,145,747			755,726			702,151
Net incurred losses and LAE:
Current period	598,468			578,892			341,628
Prior periods	129,168			94,491			(26,822		)
Total net incurred losses and LAE	727,636			673,383			314,806
Net paid losses:
Current period	(96,261		)	(150,778		)	(54,867		)
Prior periods	(435,372		)	(326,352		)	(252,926		)
Total net paid losses	(531,633		)	(477,130		)	(307,793		)
Effect of exchange rate movement	87			(9,481		)	15,169
Acquired on purchase of subsidiaries	—			192,981			—
Assumed business	—			10,268			31,393
Ceded business	—			—			—
Net balance as at December 31	1,341,837			1,145,747			755,726
Plus: reinsurance reserves recoverable	537,291			462,950			452,017
Balance as at December 31	$	1,879,128		$	1,608,697		$	1,207,743

Net incurred losses and LAE in the StarStone segment for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019							2018								2017
	Prior Period			Current Period		Total		Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	435,372		$	96,261	$	531,633	$	326,352		$	150,778	$	477,130		$	252,926		$	54,867	$	307,793
Net change in case and LAE reserves	(85,983		)	111,950		25,967		(81,491		)	157,378		75,887			(63,785		)	95,470		31,685
Net change in IBNR reserves	(214,787		)	381,214		166,427		(144,212		)	258,091		113,879			(208,244		)	184,704		(23,540		)
Increase (reduction) in estimates of net ultimate losses	134,602			589,425		724,027		100,649			566,247		666,896			(19,103		)	335,041		315,938
Increase (reduction) in provisions for unallocated LAE	(5,602		)	9,043		3,441		(5,892		)	12,645		6,753			(6,774		)	6,587		(187		)
Amortization of fair value adjustments	168			—		168		(266		)	—		(266		)	(945		)	—		(945		)
Net incurred losses and LAE	$	129,168		$	598,468	$	727,636	$	94,491		$	578,892	$	673,383		$	(26,822	)	$	341,628	$	314,806

Disclosures of Incurred and Paid Loss Development, IBNR, Claims Counts and Payout Percentages

The following tables provide a breakdown of the gross and net losses and LAE reserves by line of business and the fair value adjustments resulting from business acquisitions and ULAE as of December 31, 2019 and 2018:



	2019
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Casualty	$	191,317	$	481,473	$	672,790		$	156,086	$	422,186	$	578,272
Marine	195,068		173,319		368,387			162,073		138,586		300,659
Property	367,258		152,514		519,772			158,156		92,655		250,811
Aerospace	79,249		33,000		112,249			47,796		22,862		70,658
Workers' Compensation	55,902		122,047		177,949			36,673		74,661		111,334
Total	$	888,794	$	962,353	$	1,851,147		$	560,784	$	750,950	$	1,311,734
Fair value adjustments					(522		)					1,600
ULAE					28,503							28,503
Total					$	1,879,128						$	1,341,837



	2018
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Casualty	$	177,432	$	331,432	$	508,864		$	137,828	$	282,026	$	419,854
Marine	185,084		182,453		367,537			163,889		133,426		297,315
Property	317,102		123,511		440,613			151,774		65,522		217,296
Aerospace	67,203		40,416		107,619			45,879		36,167		82,046
Workers' Compensation	49,373		110,082		159,455			33,759		68,969		102,728
Total	$	796,194	$	787,894	$	1,584,088		$	533,129	$	586,110	$	1,119,239
Fair value adjustments					(467		)					1,432
ULAE					25,076							25,076
Total					$	1,608,697						$	1,145,747

The following tables set forth information about incurred and paid loss development, total IBNR reserves and cumulative loss frequency related to all the individual lines of business within the StarStone segment as of December 31, 2019. The information related to incurred and paid loss development for the years ended December 31, 2014 through 2018 is presented as supplementary information and is therefore unaudited. The information within the tables below is presented on a prospective basis from the date of our acquisition of StarStone on April 1, 2014 since providing pre-acquisition incurred and paid losses by accident year for years prior to 2014 was determined to be impracticable due to significant data limitations.

Casualty



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,												As of December 31, 2019
Accident Year	2014 (Unaudited)		2015 (Unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	82,278	$	82,329	$	82,400	$	82,324	$	82,535	$	82,574	$	—	2,543
2010	16,623		17,769		17,856		18,538		18,556		18,612		119		729
2011	21,101		25,435		25,745		24,971		25,422		26,159		765		2,035
2012	56,891		48,251		43,936		40,095		39,477		42,055		3,059		3,128
2013	72,771		66,888		77,756		76,172		78,788		87,575		9,817		4,998
2014	91,369		92,793		92,812		90,335		90,588		101,748		19,074		5,734
2015			105,135		111,067		110,179		123,208		131,156		22,056		4,744
2016					125,367		129,130		140,601		169,207		39,548		4,467
2017							137,614		162,599		194,259		64,639		4,830
2018									159,324		181,499		90,672		3,902
2019											198,218		172,437		2,780
									Total		$	1,233,062	$	422,186	39,890
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014 (Unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	82,257	$	82,319	$	82,395	$	82,318	$	82,534	$	82,546
2010	15,555		17,768		17,855		18,537		18,555		18,466
2011	15,745		21,088		23,731		24,294		24,925		25,389
2012	18,412		29,503		32,694		33,943		36,162		36,076
2013	23,054		30,448		50,137		54,688		60,389		69,703
2014	5,769		21,911		37,607		50,767		64,672		68,827
2015			8,088		27,292		49,014		68,194		92,327
2016					4,642		42,935		74,921		97,715
2017							9,997		50,705		107,625
2018									20,649		47,973
2019											8,143
									Total		$	654,790
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	578,272

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	578,272
Reinsurance recoverable on unpaid losses	94,518
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	672,790

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Casualty	5.87	%	17.83	%	17.73	%	17.98	%	13.06	%	5.94	%	3.72	%	1.44	%	0.71	%	(0.23	)%

Marine



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,										As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	27,070	$	27,002	$	27,018	$	27,050	$	27,076	$	27,100	$	—	1,991
2010	22,347		19,270		19,114		19,176		19,040		19,050		144		1,029
2011	29,527		27,753		27,330		27,371		27,715		33,538		514		1,961
2012	47,957		51,418		51,074		49,813		50,618		59,597		405		2,422
2013	62,904		55,154		52,938		53,913		57,224		46,309		243		2,226
2014	50,079		53,452		48,450		54,958		50,576		50,026		833		4,003
2015			71,004		70,033		79,494		81,088		82,698		1,082		5,742
2016					82,486		83,070		87,169		86,774		4,214		6,904
2017							130,700		158,785		166,042		10,802		8,524
2018									167,902		167,565		33,836		9,881
2019											163,412		86,513		5,219
									Total		$	902,111	$	138,586	49,902
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2008 and Prior	$	26,939	$	26,990	$	27,015	$	27,042	$	27,077	$	27,092
2009	16,300		18,324		18,403		18,372		18,437		18,539
2010	29,395		31,152		32,397		32,643		32,803		32,558
2011	49,727		53,711		55,446		56,589		57,206		57,711
2012	12,529		21,213		25,135		27,237		29,071		38,733
2013	10,878		24,813		32,332		36,773		42,420		43,789
2014			10,871		30,562		50,062		56,154		59,478
2015					12,131		41,696		57,265		72,475
2016							25,258		68,952		108,000
2017									41,427		104,825
2018											38,252
									Total		$	601,452
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	300,659

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	300,659
Reinsurance recoverable on unpaid losses	67,728
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	368,387

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Marine	18.70	%	29.98	%	19.76	%	9.79	%	5.60	%	3.86	%	4.63	%	0.32	%	(0.09	)%	0.30	%

Property



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,												As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	113,828	$	113,118	$	113,206	$	113,696	$	114,633	$	114,991	$	—	2,901
2010	74,893		73,437		72,072		72,134		72,146		72,088		—		1,557
2011	91,161		89,708		89,752		89,441		89,359		89,708		4		1,621
2012	65,824		61,707		60,683		61,637		58,721		58,985		12		1,501
2013	78,145		65,152		64,804		63,959		62,177		60,582		13		1,959
2014	58,975		43,848		43,169		43,603		41,563		40,818		1,082		2,094
2015			78,993		76,550		70,359		70,244		71,189		3,964		5,720
2016					87,562		95,557		95,151		95,038		2,672		6,791
2017							155,484		171,665		183,584		6,554		8,034
2018									165,311		178,800		8,433		6,653
2019											122,118		69,922		3,277
									Total		$	1,087,901	$	92,656	42,108
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	112,693	$	112,957	$	112,987	$	113,237	$	113,143	$	113,338
2010	69,070		71,958		72,069		72,131		72,148		71,969
2011	87,411		88,608		89,113		89,366		89,345		89,387
2012	48,103		52,168		54,308		55,274		55,474		57,753
2013	30,880		46,285		51,086		53,172		59,277		60,416
2014	5,500		18,830		31,617		34,563		36,106		37,240
2015			10,433		28,652		55,372		63,880		64,764
2016					26,838		58,035		75,387		85,023
2017							37,410		98,267		139,555
2018									59,187		98,065
2019											19,580
									Total		$	837,090
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	250,811

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	250,811
Reinsurance recoverable on unpaid losses	268,961
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	519,772

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Property	20.98	%	29.19	%	27.01	%	8.82	%	2.69	%	3.22	%	0.54	%	1.04	%	—	%	0.20	%

Aerospace



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,												As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—	$	—	—
2010	18,441		18,073		18,382		18,896		18,970		18,772		17		579
2011	58,786		57,257		57,681		58,114		59,647		58,770		61		2,197
2012	55,675		55,370		56,212		56,159		57,450		57,185		125		2,421
2013	72,098		70,180		70,511		74,900		77,393		76,964		274		2,568
2014	65,208		53,541		53,553		52,341		54,408		48,657		464		2,861
2015			66,335		69,499		72,519		73,183		71,196		1,318		2,975
2016					37,741		45,019		48,180		45,380		1,714		2,880
2017							31,380		35,075		56,354		3,142		3,100
2018									59,498		55,986		3,980		2,891
2019											45,483		11,766		1,232
									Total		$	534,747	$	22,861	23,704
⁽¹⁾ Total of IBNR plus expected development on reported losses
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—
2010	15,396		16,539		17,145		18,209		18,494		18,548
2011	53,821		55,179		55,858		56,435		57,028		57,555
2012	45,897		49,332		52,142		53,622		54,812		55,585
2013	50,842		59,850		63,439		68,775		72,770		73,511
2014	17,297		31,147		38,426		40,678		43,801		43,779
2015			32,388		52,185		60,820		64,000		66,293
2016					11,815		31,858		37,037		39,361
2017							10,398		28,221		45,946
2018									25,552		40,304
2019											23,207
									Total		$	464,089
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	70,658

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	70,658
Reinsurance recoverable on unpaid losses	41,591
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	112,249

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Aerospace	37.03	%	31.40	%	16.33	%	4.98	%	4.76	%	3.00	%	1.81	%	2.68	%	1.21	%	0.29	%

Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,										As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—	$	—	—
2010	—		—		—		—		—		—		—		—
2011	—		—		—		—		—		—		—		—
2012	—		—		—		—		—		—		—		—
2013	—		—		—		—		—		—		—		—
2014	15,607		17,199		18,290		15,662		15,203		14,873		1,421		1,062
2015			54,977		55,505		50,103		47,338		45,812		4,905		2,522
2016					62,942		54,121		54,793		55,150		9,101		2,507
2017							43,366		39,089		29,676		6,037		2,110
2018									44,615		39,247		13,672		2,820
2019											56,754		39,525		2,860
									Total		$	241,512	$	74,661	13,881
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—
2010	—		—		—		—		—		—
2011	—		—		—		—		—		—
2012	—		—		—		—		—		—
2013	—		—		—		—		—		—
2014	1,491		6,079		9,279		11,431		12,243		12,617
2015			6,361		20,194		30,439		35,311		37,385
2016					7,953		23,428		32,739		39,333
2017							5,477		13,509		18,899
2018									4,508		15,064
2019											6,880
									Total		$	130,178
					Total outstanding liabilities for unpaid losses and LAE, net of reinsurance						$	111,334

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	111,334
Reinsurance recoverable on unpaid losses	66,615
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	177,949

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers' compensation	13.40	%	28.61	%	19.73	%	12.35	%	4.99	%	2.51	%	—	%	—	%	—	%	—	%

Income Taxation - Deferred Tax Ending Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net Deferred Tax Asset	$ 154,910
Net Deferred Tax Liability		$ (418)
United States
Segment Reporting Information [Line Items]
Net Deferred Tax Asset	169,891	5,151
United Kingdom
Segment Reporting Information [Line Items]
Net Deferred Tax Liability	(16,074)	(8,377)
Other
Segment Reporting Information [Line Items]
Net Deferred Tax Asset	$ 1,093	$ 2,808

Share-Based Compensation and Pensions

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation and Pensions

19. SHARE-BASED COMPENSATION AND PENSIONS

Share-based compensation

The 2016 and 2006 Equity Incentive Plans are our primary share-based compensation plans. We also maintain other share-based compensation plans as discussed below. The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Share-based compensation plans:
Restricted shares and restricted share units	$	6,564	$	7,641		$	7,302
Performance share units	23,582		1,968			5,832
Cash-settled stock appreciation rights	2,575		(3,316		)	8,875
Other share-based compensation plans:
Northshore incentive plan	3,652		2,792			3,156
StarStone incentive plan	223		—			—
Deferred compensation and ordinary share plan for non-employee directors	992		1,155			758
Employee share purchase plan	411		430			403
Total share-based compensation	$	37,999	$	10,670		$	26,326

Restricted Shares and Restricted Share Units

Restricted shares and restricted share units are service awards that typically vest over three years. These awards are share-settled and are recorded in additional paid-in capital on the consolidated balance sheets. The fair value of these awards is measured at the grant date and expensed over the service period. The following table summarizes the activity related to restricted shares and restricted share awards during 2019:



	Number of Shares		Weighted-Average Share Price
Nonvested — January 1	59,936		$191.89
Granted	50,054		176.16
Vested	(42,462	)	189.98
Forfeited	(2,956	)	206.85
Nonvested — December 31	64,572		180.49

The unrecognized compensation cost related to our unvested restricted share and restricted share unit awards as of December 31, 2019 was $6.0 million. This cost is recognizable over the next 2.10 years, which is the weighted average contractual life.

Performance Share Units ("PSUs")

PSUs are share-settled and vest on the third anniversary of the grant date. The number of shares to vest will be determined by a performance adjustment based on either (i) the change in fully diluted book value per share ("FDBVPS") over three years, or (ii) average annual non-GAAP operating income return on equity, excluding StarStone.

Performance Share Units based on FDBVPS

The following table summarizes the awards granted, the unvested PSU awards at December 31, 2019, and the performance criteria and associated performance multipliers at various levels of achievement.



Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)						Performance Multiplier Levels Per Award Agreements
Grant Year	PSUs Granted at Target	Forfeited		Estimated Change in Multiplier	Nonvested at December 31, 2019	Threshold		Target		Maximum		Threshold		Target		Maximum
2017	36,321	(12,176	)	9,560	33,705	20.00	%	30.00	%	40.00	%	50.00	%	100.00	%	150.00	%
2017	91,875	—		18,081	109,956	30.30	%	35.65	%	41.00	%	50.00	%	100.00	%	150.00	%
2018	39,682	(11,414	)	—	28,268	25.00	%	32.50	%	40.00	%	50.00	%	100.00	%	150.00	%
2019	18,308	(798	)	—	17,510	20.00	%	30.00	%	40.00	%	60.00	%	100.00	%	150.00	%
	186,186	(24,388	)	27,641	189,439

An increase of Target to Maximum or more in FDBVPS results in a settlement of 100% to a maximum of 150% of the units granted, respectively. An increase of Threshold to Target in FDBVPS results in a settlement of 50% to 100% of the units granted, respectively for 2017 and 2018 awards, and settlement of 60% to 100% for the 2019 awards. Straight-line interpolation applies within these ranges, and no settlement occurs if the increase in FDBVPS is less than the Threshold.

Performance Share Units based on Average Annual Non-GAAP Operating Income Return on Equity ("Operating ROE")

The following table summarizes the awards granted, the unvested units at December 31, 2019, and the performance criteria and associated performance multipliers at various levels of achievement.



Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
Grant Year	PSUs Granted at Target	Forfeited		Estimated Change in Multiplier	Nonvested at December 31, 2019	Threshold		Target		Maximum		Threshold		Target		Maximum
2019	18,308	(798	)	—	17,510	9.60	%	12.00	%	14.40	%	60.00	%	100.00	%	150.00	%

Annual Operating ROE is calculated based upon the non-GAAP operating income return on opening shareholder's equity, excluding StarStone. Average Annual Operating ROE is the sum of the three individual year annual operating ROE %'s divided by three. An Average Annual Operating ROE of Target to Maximum or more results in a settlement of 100% to a maximum of 150% of the units granted, respectively. An Average Annual Operating ROE of Threshold to Target results in a settlement of 60% to 100%. Straight-line interpolation applies within these ranges and no settlement occurs if the Average Annual Operating ROE is less than the Threshold.

Performance Multipliers

For expense purposes we assume a Target vesting at the initial time of award. At the end of each reporting period, we estimate the expected performance multiplier, as shown in the table below:



Award Description	2019	2018	2017
2017 FDBVPS Type I (30.00% Target Change)	139%	50%	100%
2017 FDBVPS Type II (35.65% Target Change)	120%	50%	100%
2018 FDBVPS	100%	50%	n/a
2019 FDBVPS	100%	n/a	n/a
2019 Average Operating ROE	100%	n/a	n/a

The unrecognized compensation cost related to our unvested PSU share awards as of December 31, 2019 was $7.9 million. This cost is recognizable over the next 1.51 years, which is the weighted average contractual life.

Roll-forward of Performance Share Units

The following table summarizes the activity related to PSUs during 2019:



	Number of Shares		Weighted-Average Share Price
Nonvested — January 1	159,168		$190.77
Granted	36,616		166.42
Increase for above target vest	27,641		188.62
Vested	(2,631	)	195.60
Forfeited	(13,845	)	198.37
Nonvested — December 31	206,949		185.61

Cash-Settled Stock Appreciation Rights

Cash-settled stock appreciation right awards ("SARs") give the holder the right, upon exercise, to receive in cash the difference between the market price per share of our ordinary shares at the time of exercise and the exercise price of the SARs. The exercise price of each SAR is equal to the market price of our ordinary shares on the date of the grant. Vested SARs are exercisable for periods not to exceed either 4 years or 10 years from the date of grant. We have not granted any new SAR awards since 2015.

The following table summarizes the activity related to SARs during 2019:



	Number of SARs		Weighted-Average Exercise Price of SARs		Weighted-Average Expected Term (in years)	Aggregate Intrinsic Value⁽¹⁾
Balance, beginning of year	109,081		$	142.37
Exercised	(19,854	)	138.07
Balance, end of year	89,227		143.33		2.39	$	6,133

Compensation expense for SARs is based on the estimated fair value on the date of grant using the Black-Scholes valuation model, which requires the use of subjective assumptions related to the expected stock price volatility, expected term, expected dividend yield and risk-free interest rate. SARs are liability-classified awards for which compensation expense and the liability are re-measured using the then-current Black Scholes assumptions at each interim reporting date based upon the portion of the requisite service period rendered. The unrecognized compensation cost related to our SARs as of December 31, 2019 was less than $0.1 million.

The following table sets forth the assumptions used to estimate the fair value of the SARs using the Black-Scholes option valuation model as of December 31, 2019, 2018 and 2017:



	2019			2018			2017
Weighted-average fair value per SAR	$	76.03		$	45.85		$	75.38
Weighted-average volatility	19.75		%	18.94		%	19.44		%
Weighted-average risk-free interest rate	1.64		%	2.72		%	1.65		%
Dividend yield	0.00		%	0.00		%	0.00		%

Joint Share Ownership Plan

Under the JSOP, we have the ability to make equity awards to our U.K.-based staff through which a recipient acquires jointly held interests in a set number of our Voting Ordinary Shares together with the independent trustee of the EB Trust at fair market value, pursuant to the terms of a joint ownership agreement. The Voting Ordinary Shares underlying any JSOP award remain in the EB Trust, and the recipient ultimately receives the value of the appreciation above a threshold on those shares, measured between date of grant and a pre-set measuring date that follows a vesting period (typically three years). JSOP awards are generally settled in Voting Ordinary Shares and may include performance and other conditions, typically related to share price appreciation above a hurdle, that must be met in order for the award to vest. Voting rights in respect of shares held in the EB Trust are contractually waived. Shares held in the EB Trust are classified as treasury shares.

No awards under the JSOP were made during 2019. Subsequent to December 31, 2019, a JSOP award comprising 565,630 underlying Voting Ordinary Shares was made to our Chief Executive Officer (the "CEO JSOP Award"). The CEO JSOP Award was granted on January 21, 2020 and cliff-vests after 3 years. The ultimate value of the CEO JSOP Award at vesting, if any, is determined based on the price of a Voting Ordinary Share appreciating above a certain threshold between the date of grant and the vesting date. If the higher of the closing price per Share on January 20, 2023 and the 10-day volume weighted average price per Share for the ten consecutive trading days ending on January 20, 2023 (each, the "Market Price") is $266.00 or greater (the "Hurdle"), the award will have a value equal to the applicable Market Price per Share, less $205.89, multiplied by 565,630. If the higher of the Market Price per Voting Ordinary Share is less than $266.00 on such date, the award will have no value.

Other share-based compensation plans

Northshore Incentive Plan

Our subsidiary, Northshore, has long-term incentive plans that award time-based restricted shares of Northshore to certain Atrium employees. Shares generally vest over two to three years. These share awards have been classified as liability awards. The unrecognized compensation cost related to the Northshore incentive plan at December 31, 2019 was $0.9 million. This cost is expected to be recognized over the next 0.36 years, which is the weighted average contractual life of the awards.

StarStone Incentive Plan

Our subsidiary, StarStone, has long-term incentive plans that are cash-settled plans for StarStone employees. The awards are based on StarStone's performance over two to three years. These share awards have been classified as liability awards. The unrecognized compensation cost related to the StarStone incentive plan at December 31, 2019 was $1.8 million. This cost is expected to be recognized over the next 2 years.

Deferred Compensation and Ordinary Share Plan for Non-Employee Directors



	2019	2018	2017
Restricted share units credited to the accounts of non-employee directors	5,976	5,691	3,852

Employee Share Purchase Plan

We provide an Employee Share Purchase Plan whereby eligible employees may purchase Enstar shares at a 15% discount to market price, in an amount of share value limited to the lower of $21,250 or 15% of the employee's base salary. The 15% discount is expensed as compensation cost.

The following table summarizes the number of shares issued to employees under the Employee Share Purchase Plan for the years ended December 31, 2019, 2018 and 2017:



	2019	2018	2017
Number of shares issued to employees	15,269	14,183	12,401

Pension Plans

We provide retirement benefits to eligible employees through various plans that we sponsor. Pension expense can be affected by changes in our employee headcount. The table below summarizes the pension expenses related to our Defined Contribution Plans and our Defined Benefit Plan for the years ended December 31, 2019, 2018 and 2017.



	2019		2018		2017
Defined contribution plans	$	11,798	$	11,434	$	12,247
Defined benefit plan	684		2,243		1,988
Total pension expense	$	12,482	$	13,677	$	14,235

Defined Benefit Plan

During 2019, an actuarial review was performed on the defined benefit plan, which determined that the plan’s unfunded liability, as of December 31, 2019 and 2018 was $8.9 million and $8.4 million, respectively. As of December 31, 2019 and 2018, we had an accrued liability of $8.9 million and $8.4 million, respectively, for this plan.

Share Capital - Warrants (Details) - Common Class C	Dec. 31, 2019 $ / shares shares
Class of Stock [Line Items]
Warrants outstanding (shares) \| shares	175,901
Warrants, exercise price (dollars per share) \| $ / shares	$ 115.00

Schedule II - Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
Schedule II - Narrative (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Dividends and return of capital from subsidiaries, non-cash									$ 0	$ 0	$ 31,600,000
Contributions to subsidiaries, non-cash									0	414,800,000	148,100,000
Retained earnings	$ 2,887,892,000				$ 1,976,539,000				2,887,892,000	1,976,539,000
Net earnings attributable to Enstar Group Limited	193,839,000	$ 117,743,000	$ 231,842,000	$ 358,751,000	(113,423,000)	$ (15,965,000)	$ 8,244,000	$ (41,210,000)	902,175,000	(162,354,000)	311,458,000
Limited Parental Guarantee
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	1,031,500,000				614,500,000				1,031,500,000	614,500,000
Enstar Group Limited
Condensed Financial Statements, Captions [Line Items]
Interest paid									46,500,000	25,100,000	17,600,000
Retained earnings	2,887,892,000				$ 1,976,539,000				2,887,892,000	1,976,539,000
Increase in retained earnings									911,400,000
Net earnings attributable to Enstar Group Limited									902,175,000	$ (162,354,000)	$ 311,458,000
Enstar Group Limited \| Limited Parental Guarantee
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	1,031,500,000								1,031,500,000
Letters of Credit \| FAL Facility \| Enstar Group Limited \| Limited Parental Guarantee
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	$ 252,000,000.0								$ 252,000,000.0

Deferred Charge Assets

12 Months Ended

Dec. 31, 2019

Debt Obligations and Credit Facilities

Deferred Charge Assets

9. 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. The premium consideration that we charge the ceding companies may be lower than the undiscounted estimated ultimate losses payable due to the time value of money. After receiving the premium consideration in full from our cedents at the inception of the contract, we invest the premium received over an extended period of time thereby generating investment income. We expect to generate profits from these retroactive reinsurance policies when taking into account the premium received and expected investment income, less contractual obligations and expenses. Further information on deferred charge assets recorded during the years ended December 31, 2019, 2018 and 2017 is included in Note 4 - "Significant New Business".

Deferred charge assets are included in other assets on our consolidated balance sheets. The following table presents a reconciliation of the deferred charge assets for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Beginning carrying value	$	86,585		$	80,192		$	94,551
Recorded during the year	224,504			20,174			—
Amortization	(38,627		)	(13,781		)	(14,359		)
Ending carrying value	$	272,462		$	86,585		$	80,192

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. When liabilities for losses and LAE are commuted or bought back, they are removed from the estimates for the remaining loss payments, and this will generally result in an acceleration of the amortization of the deferred charge assets. 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 year ended December 31, 2019, we completed our assessment for impairment of deferred charge assets and concluded that there had been $nil impairment of our carried deferred charge assets amount.

Related Party Transactions - KaylaRe (Details) - USD ($) $ in Thousands			3 Months Ended								12 Months Ended
	May 14, 2018	Dec. 15, 2016	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 13, 2018	Dec. 31, 2016
Related Party Transaction [Line Items]
Ownership percentage			47.40%				47.40%				47.40%	47.40%
Fee income due to Enstar Limited												$ 1,453	$ 2,679
Transactions under KaylaRe-StarStone QS:
Ceded, premiums earned											$ (267,197)	(330,136)	(434,166)
Net incurred losses and LAE			$ 121,416	$ 222,417	$ 216,338	$ 312,404	$ 187,698	$ 153,974	$ 92,819	$ 19,534	872,575	454,025	193,551
Acquisition costs			$ 95,026	$ 50,282	$ 66,855	$ 93,788	$ 55,106	$ 54,242	$ 53,334	$ 30,108	$ 305,951	192,790	96,906
KaylaRe
Related Party Transaction [Line Items]
Initial capital raise		$ 620,000
KaylaRe \| Starstone
Related Party Transaction [Line Items]
Percentage reinsured of certain businesses											35.00%
KaylaRe \| Fitzwilliam \| Subsidiaries
Related Party Transaction [Line Items]
Ceded reinsurance receivables															$ 177,200
KaylaRe Transactions With Starstone
Transactions under KaylaRe-StarStone QS:
Ceded, premiums earned												(52,651)	(234,079)
Net incurred losses and LAE												31,654	155,433
Acquisition costs												18,774	99,500
KaylaRe Transactions With Fitzwilliam \| Subsidiaries
Transactions under Fitzwilliam reinsurance agreement:
Profit Commission												0	18,843
Affiliated entity \| KaylaRe
Transactions under Fitzwilliam reinsurance agreement:
Total net earnings (loss)												$ (770)	$ 42,376
KaylaRe
Related Party Transaction [Line Items]
Ownership percentage														48.20%
KaylaRe
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	2,007,017
Ordinary Shares \| KaylaRe
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	1,501,778
Ordinary Shares \| KaylaRe \| Hillhouse
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	1,204,353
Ordinary Shares \| KaylaRe \| Trident
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	285,986
Series E non-voting convertible ordinary shares \| KaylaRe
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	505,239
Series E non-voting convertible ordinary shares \| KaylaRe \| Hillhouse
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	505,239
Series E non-voting convertible ordinary shares \| KaylaRe \| Minority Shareholder
Related Party Transaction [Line Items]
Number of Enstar ordinary shares issued (shares)	11,439

Debt Obligations and Credit Facilities

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

15. DEBT OBLIGATIONS AND CREDIT FACILITIES

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



Facility	Origination Date	Term	December 31, 2019		December 31, 2018
4.50% Senior Notes due 2022	March 10, 2017	5 years	$	348,616	$	348,054
4.95% Senior Notes due 2029	May 28, 2019	10 years	493,600		—
Total senior notes			842,216		348,054
EGL Revolving Credit Facility	August 16, 2018	5 years	—		15,000
2018 EGL Term Loan Facility	December 27, 2018	3 years	348,991		498,485
Total debt obligations			$	1,191,207	$	861,539

During the year ended December 31, 2019, we utilized $1,070.5 million and repaid $742.6 million under our facilities. The facilities were primarily utilized for funding acquisitions as described in Note 3 - "Acquisitions", significant new business as described in Note 4 - "Significant New Business", and investing activities.

The table below provides a summary of the total interest expense for the years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
Interest expense on debt obligations	$	51,245	$	25,205	$	25,619
Amortization of debt issuance costs	953		537		416
Funds withheld balances and other	343		475		2,067
Total interest expense	$	52,541	$	26,217	$	28,102

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 2022 Senior Notes, the notes are redeemable at a redemption price equal to 100% of the principal amount of the 2022 Senior 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 December 31, 2019 and 2018 were $1.4 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 December 31, 2019 were $6.4 million.

EGL Revolving Credit Facility

On August 16, 2018, we and certain of our subsidiaries, as borrowers and guarantors, entered into a new five-year unsecured $600.0 million revolving credit agreement. The revolving credit agreement expires in August 2023 and we have the option to increase the commitments under the facility by up to an aggregate amount of $400.0 million from the existing lenders, or through the addition of new lenders subject to the terms of the agreement. Borrowings under the facility will bear interest at a rate based on the Company's long term senior unsecured debt ratings.

As of December 31, 2019, we were permitted to borrow up to an aggregate of $600.0 million under the facility. As of December 31, 2019, there was $600.0 million of available unutilized capacity under the facility. Subsequent to December 31, 2019, we drew down $5.0 million bringing the unutilized capacity under this facility to $595.0 million.

Interest is payable at least every three months at either the alternate base rate ("ABR") or LIBOR plus a margin as set forth in the revolving credit agreement. The margin could vary based upon any change in our long term senior unsecured debt rating assigned by S&P or Fitch. We also pay a commitment fee based on the average daily unutilized portion of the facility. If an event of default occurs, the interest rate may increase and the agent may, and at the request of the required lenders shall, cancel lender commitments and demand early repayment.

Financial and business covenants imposed on us in relation to the new revolving credit facility include certain limitations on mergers and consolidations, acquisitions, indebtedness and guarantees, restrictions as to dispositions of stock and assets, and limitations on liens. Generally, the financial covenants require us to maintain a gearing ratio of consolidated indebtedness to total capitalization of not greater than 0.35 to 1.0 and to maintain a consolidated net worth of not less than the aggregate of (i) $2.3 billion, (ii) 50% of net income available for distribution to our ordinary shareholders at any time after August 16, 2018, and (iii) 50% of the proceeds of any common stock issuance made after August 16, 2018. In addition, we must maintain eligible capital in excess of the enhanced capital requirement imposed on us by the Bermuda Monetary Authority pursuant to the Insurance (Group Supervision) Rules 2011 of Bermuda. We are in compliance with the covenants of the EGL Revolving Credit Facility.

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 $150.0 million from the existing lenders or through the addition of new lenders, subject to the terms of the term loan credit agreement. During 2019, we repaid $150.0 million of principal on the facility, bringing the outstanding loan amount to $349.0 million, which includes unamortized issuance costs of $1.0 million, as of December 31, 2019.

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.

Financial and business covenants relating to this facility are similar to the EGL revolving credit facility. We are in compliance with the covenants of the 2018 EGL Term Loan Facility.

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 December 31, 2019 and December 31, 2018 were $1.0 million and $1.5 million, respectively.

Unsecured Letters of Credit

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

Funds at Lloyd's

We have an unsecured letter of credit agreement for Funds at Lloyd's ("FAL Facility") to issue up to $375.0 million of letters of credit, with provision to increase the facility by an additional $25.0 million up to an aggregate amount of $400.0 million, subject to lenders approval. On November 6, 2019, we amended and restated the FAL Facility to extend its term by one year. The FAL Facility is available to satisfy our Funds at Lloyd's requirements and expires in 2023. As of December 31, 2019, our combined Funds at Lloyd's were comprised of cash and investments of $639.3 million and unsecured letters of credit of $252.0 million.

$120.0 million Letter of Credit Facility

We use this facility to support certain reinsurance collateral obligations of our subsidiaries. On December 6, 2019, we reduced the facility size from $170.0 million to $120.0 million. Pursuant to the facility agreement, we have the option to increase commitments under the facility by an additional $60.0 million. As of December 31, 2019 and December 31, 2018, we had issued an aggregate amount of letters of credit under this facility of $115.3 million and $78.4 million, respectively.

$760.0 million Syndicated Letter of Credit Facility

During 2019, we entered into an unsecured $760.0 million letter of credit facility agreement, most recently amended on December 9, 2019. We may increase the commitments by an aggregate amount of $40.0 million. The facility is used to post letters of credit to collateralize reinsurance performance obligations to various parties, including $445.0 million relating to the reinsurance transaction with Maiden Re Bermuda, as described in Note 4 - "Significant New Business". As of December 31, 2019, we had issued an aggregate amount of letters of credit under this facility of $608.0 million.

Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME
Net premiums earned	$ 272,686	$ 270,325	$ 276,563	$ 335,287	$ 231,947	$ 264,597	$ 228,812	$ 170,219	$ 1,154,861	$ 895,575	$ 613,121
Fees and commission income	9,007	6,587	6,178	6,681	11,455	6,950	8,352	8,331	28,453	35,088	66,103
Net investment income	79,376	85,472	77,732	78,696	68,453	69,430	66,469	66,319	321,276	270,671	208,789
Net realized and unrealized gains (losses)	152,664	148,185	269,711	460,791	(158,213)	(57,223)	(54,418)	(143,030)	1,031,351	(412,884)	190,334
Other income	19,502	826	11,030	5,812	34,267	8,226	(9,351)	1,943	37,170	35,085	22,605
Total income	533,235	511,395	641,214	887,267	187,909	291,980	239,864	103,782	2,573,111	823,535	1,100,952
EXPENSES
Net incurred losses and loss adjustment expenses	121,416	222,417	216,338	312,404	187,698	153,974	92,819	19,534	872,575	454,025	193,551
Life and annuity policy benefits	(2,199)	0	2,194	96	786	423	(160)	(46)	91	1,003	4,015
Acquisition costs	95,026	50,282	66,855	93,788	55,106	54,242	53,334	30,108	305,951	192,790	96,906
General and administrative expenses	129,569	113,924	117,519	112,074	106,950	102,553	102,612	95,260	473,086	407,375	435,985
Interest expense	13,519	14,950	13,036	11,036	4,644	4,640	8,922	8,011	52,541	26,217	28,102
Net foreign exchange (gains) losses	12,189	(13,631)	(2,587)	(3,850)	1,279	1,040	(5,519)	5,868	(7,879)	2,668	17,537
Loss on sale of subsidiary									0	0	16,349
Total expenses	369,520	387,942	413,355	525,548	356,463	316,872	252,008	158,735	1,696,365	1,084,078	792,445
EARNINGS (LOSS) BEFORE INCOME TAXES	163,715	123,453	227,859	361,719	(168,554)	(24,892)	(12,144)	(54,953)	876,746	(260,543)	308,507
Income tax benefit (expense)	22,427	(14,597)	(7,518)	(4,749)	10,688	(746)	(3,646)	(172)	(4,437)	6,124	6,395
Earnings from equity method investments	11,722	17,703	17,713	8,772	8,488	3,317	15,645	14,697	55,910	42,147	5,904
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS									928,219	(212,272)	320,806
Net earnings from discontinued operations, net of income taxes									0	0	10,993
NET EARNINGS (LOSS)	197,864	126,559	238,054	365,742	(149,378)	(22,321)	(145)	(40,428)	928,219	(212,272)	331,799
Net loss (earnings) attributable to noncontrolling interest	4,900	109	2,713	2,148	42,955	11,489	8,389	(782)	9,870	62,051	(20,341)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	202,764	126,668	240,767	367,890	(106,423)	(10,832)	8,244	(41,210)	938,089	(150,221)	311,458
Dividends on preferred shares	(8,925)	(8,925)	(8,925)	(9,139)	(7,000)	(5,133)	0	0	(35,914)	(12,133)	0
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 193,839	$ 117,743	$ 231,842	$ 358,751	$ (113,423)	$ (15,965)	$ 8,244	$ (41,210)	$ 902,175	$ (162,354)	$ 311,458
Basic:
Net earnings (loss) from continuing operations (dollars per share)									$ 42.00	$ (7.84)	$ 15.50
Net earnings (loss) from discontinued operations, net of income taxes (dollars per share)									0	0	0.56
Net earnings (loss) per ordinary share (dollars per share)	$ 9.02	$ 5.48	$ 10.79	$ 16.71	$ (5.29)	$ (0.74)	$ 0.40	$ (2.12)	42.00	(7.84)	16.06
Diluted:
Net earnings (loss) from continuing operations (dollars per share)									41.43	(7.84)	15.39
Net earnings from discontinued operations, net of income taxes (dollars per share)									0	0	0.56
Net earnings (loss) per ordinary share (dollars per share)	$ 8.89	$ 5.42	$ 10.70	$ 16.57	$ (5.29)	$ (0.74)	$ 0.40	$ (2.12)	$ 41.43	$ (7.84)	$ 15.95
Weighted average ordinary shares outstanding:
Basic (shares)									21,482,617	20,698,310	19,388,621
Diluted (shares)									21,775,066	20,904,176	19,527,591

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Lease, Cost and Other Lease Information

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 for the year ended December 31, 2019:



	2019
Operating lease cost	$	13,627
Sublease income	(542		)
Total lease cost	$	13,085

The table below provides a summary of the cash flow information and non-cash activity related to our operating leases for the year ended December 31, 2019:



	2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	11,129
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	57,536

Weighted-average remaining lease term and discount rate used for our operating leases are as follows for the year ended December 31, 2019:



	2019
Weighted-average remaining lease term	6.3 years
Weighted-average discount rate	6.3	%

Assets And Liabilities, Lessee

The table below provides a summary of the leases recorded on our consolidated balance sheets for the year ended December 31, 2019:



	Balance sheet classification	2019
Right-of-use assets	Other assets	$	46,747
Current lease liabilities	Other liabilities	11,403
Non-current lease liabilities	Other liabilities	34,785

Lessee, Operating Lease, Liability, Maturity

Pursuant to the transition option provided in ASU 2018-11 which we elected on adoption of ASU 2016-02 on January 1, 2019 as discussed above, the following is a schedule of future minimum rental payments that were required under operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2018:



2019	$	9,510
2020	10,754
2021	9,772
2022	7,500
2023	6,592
2024 and beyond	21,276
	$	65,404

The table below provides a summary of the maturity of the operating lease liabilities for the year ended December 31, 2019:



	2019
2020	$	13,663
2021	9,854
2022	8,103
2023	7,044
2024	5,358
2025 and beyond	13,119
Total lease payments	57,141
Less: Imputed interest	(10,953		)
Present value of lease liabilities	$	46,188

Fair Value Measurements - Insurance Contracts - Fair Value Option (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	$ 321,973	$ 176,723
Assumed business	90,805	304,387
Incurred losses and LAE:
Change in fair value	(970)	21,369
Ending fair value	356,668	321,973	$ 176,723
Net
Beginning fair value	2,134,464	1,252,445
Assumed business	9,218	1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(29,732)	(78,388)
Reduction in unallocated LAE	(19,915)	(20,656)
Change in fair value	117,181	6,664	30,256
Total incurred losses and LAE	67,534	(92,380)
Paid losses	(324,625)	(428,774)
Effect of exchange rate movements	39,013	(114,108)
Ending fair value	1,925,604	2,134,464	1,252,445
Components of Changes in Fair Value
Change in fair value	117,181	6,664	30,256
Reinsurance balances recoverable
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	739,591	542,224
Assumed business	0	372,780
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(2,958)	(30,041)
Reduction in unallocated LAE	0	0
Change in fair value	43,449	21,181
Net incurred losses and LAE	40,491	(8,860)
Paid losses	(92,145)	(148,175)
Effect of exchange rate movements	7,581	(18,378)
Ending fair value	695,518	739,591	542,224
Losses and LAE liabilities
Liability for losses and LAE
Beginning fair value	2,874,055	1,794,669
Assumed business	9,218	1,890,061
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(32,690)	(108,429)
Reduction in unallocated LAE	(19,915)	(20,656)
Change in fair value	160,630	27,845
Net incurred losses and LAE	108,025	(101,240)
Paid losses	(416,770)	(576,949)
Effect of exchange rate movements	46,594	(132,486)
Ending fair value	2,621,122	2,874,055	1,794,669
Duration
Incurred losses and LAE:
Change in fair value	22,719	74,011	41,332
Components of Changes in Fair Value
Change in fair value	22,719	74,011	41,332
Corporate bond yield
Incurred losses and LAE:
Change in fair value	94,462	(71,031)	(11,076)
Components of Changes in Fair Value
Change in fair value	94,462	(71,031)	(11,076)
Risk cost of capital
Incurred losses and LAE:
Change in fair value	0	3,684	0
Components of Changes in Fair Value
Change in fair value	$ 0	$ 3,684	$ 0

Investments - Asset Types (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	$ 2,041,724	$ 151,609
Total investments	9,612,888	8,697,892
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	410,312	573
Total investments	736,043	510,245
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	15,349
Total investments	161,772	300,631
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	85,147	73,185
Total investments	702,857	793,810
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	1,081,171	75,359
Total investments	5,697,067	4,839,840
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	15,872	2,480
Total investments	167,882	130,265
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	127,219	12
Total investments	471,836	773,557
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	98,557
Total investments	900,029	713,063
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	208,097
Total investments	775,402	636,481
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	356,900	656,600
Senior Secured Debt Securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	31,400	20,400
Short-term Investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	51,490	114,116
Debt securities, available-for-sale	128,335	0
Short-term Investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	45,885
Debt securities, available-for-sale	111,583
Short-term Investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	24,411	2,275
Debt securities, available-for-sale	1,069
Short-term Investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	21,958	19,064
Debt securities, available-for-sale	387
Short-term Investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	5,121	44,900
Debt securities, available-for-sale	13,915
Short-term Investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	1,381
Short-term Investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0
Short-term Investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0
Short-term Investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	1,992
Debt securities, available-for-sale	0
Fixed Maturities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	6,346,329	7,248,793
Debt securities, available-for-sale	1,913,389	151,609
Fixed Maturities \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	219,194	389,735
Debt securities, available-for-sale	298,729	573
Fixed Maturities \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	122,012	298,356
Debt securities, available-for-sale	14,280	0
Fixed Maturities \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	575,018	679,525
Debt securities, available-for-sale	84,760	73,185
Fixed Maturities \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	4,007,386	4,081,793
Debt securities, available-for-sale	1,067,256	75,359
Fixed Maturities \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	102,554	73,856
Debt securities, available-for-sale	14,491	2,480
Fixed Maturities \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	258,412	682,962
Debt securities, available-for-sale	127,219	12
Fixed Maturities \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	571,129	488,598
Debt securities, available-for-sale	98,557	0
Fixed Maturities \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	490,624	553,968
Debt securities, available-for-sale	208,097	0
Funds Held - Directly Managed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,173,345	1,183,374
Funds Held - Directly Managed \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	106,537	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	20,734	22,036
Funds Held - Directly Managed \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	603,389	637,788
Funds Held - Directly Managed \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	49,456	53,929
Funds Held - Directly Managed \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	86,205	90,583
Funds Held - Directly Managed \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	230,343	224,465
Funds Held - Directly Managed \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 76,681	$ 80,521

Share Capital - Non-Voting Shares (Details) - shares		1 Months Ended	3 Months Ended
Share Capital - Non-Voting Shares (Details) - shares	May 14, 2018	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Ordinary shares, issued (shares)				21,511,505	21,459,997
Ordinary shares, outstanding (shares)				21,511,505	21,459,997
Series C non-voting convertible ordinary shares
Class of Stock [Line Items]
Stock issued upon exercise of Warrants (shares)		66,520
Conversion ratio, issued upon conversion (shares)		1	1
Aggregate voting power of Company's issued share capital (percent) (not to exceed)		0.01%	0.01%
Stock issued upon conversion (shares)			192,485
Ordinary shares, issued (shares)				2,599,672	2,599,672
Ordinary shares, outstanding (shares)				2,599,672	2,599,672
Common Class B
Class of Stock [Line Items]
Ordinary shares, issued (shares)				0
Ordinary shares, outstanding (shares)				0
Common Class D
Class of Stock [Line Items]
Ordinary shares, issued (shares)				0
Ordinary shares, outstanding (shares)				0
Common Class E
Class of Stock [Line Items]
Ordinary shares, issued (shares)				910,010	910,010
Ordinary shares, outstanding (shares)				910,010	910,010
KaylaRe
Class of Stock [Line Items]
Number of Enstar Ordinary shares issued (in shares)	2,007,017
Common Class E \| KaylaRe
Class of Stock [Line Items]
Number of Enstar Ordinary shares issued (in shares)	505,239

Significant New Business - 2020 Significant Business (Details) - 6 months ended Jun. 30, 2020 - Scenario, Forecast $ in Millions, $ in Millions	AUD ($)	USD ($)
AXA Group
Schedule of Investments [Line Items]
Assumed business, net		$ 225.0
Munich Re
Schedule of Investments [Line Items]
Assumed business, net	$ 228.2	$ 160.3

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12. 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 assets and liabilities 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:



	December 31, 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	$	—	$	736,043	$	—	$	—	$	736,043
U.K. government	—		161,772		—		—		161,772
Other government	—		702,857		—		—		702,857
Corporate	—		5,697,067		—		—		5,697,067
Municipal	—		167,882		—		—		167,882
Residential mortgage-backed	—		471,836		—		—		471,836
Commercial mortgage-backed	—		900,029		—		—		900,029
Asset-backed	—		775,402		—		—		775,402
	$	—	$	9,612,888	$	—	$	—	$	9,612,888

Other assets included within funds held - directly managed	—		14,207		—		—		14,207

Equities:
Publicly traded equity investments	$	297,310	$	30,565	$	—	$	—	$	327,875
Exchange-traded funds	133,047		—		—		—		133,047
Privately held equity investments	—		—		268,799		—		268,799
	$	430,357	$	30,565	$	268,799	$	—	$	729,721

Other investments:
Hedge funds	$	—	$	—	$	—	$	1,121,904	$	1,121,904
Fixed income funds	—		398,143		—		82,896		481,039
Equity funds	—		111,040		—		299,109		410,149
Private equity funds	—		—		—		329,885		329,885
CLO equities	—		—		87,555		—		87,555
CLO equity funds	—		—		—		87,509		87,509
Other	—		34		314		6,031		6,379
	$	—	$	509,217	$	87,869	$	1,927,334	$	2,524,420
Total Investments	$	430,357	$	10,166,877	$	356,668	$	1,927,334	$	12,881,236

Cash and cash equivalents	$	173,892	$	222,191	$	—	$	—	$	396,083

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	695,518	$	—	$	695,518

Other Assets:
Derivatives qualifying as hedging	$	—	$	642	$	—	$	—	$	642
Derivatives not qualifying as hedges	$	—	$	1,369	$	—	$	—	$	1,369
Derivative instruments	$	—	$	2,011	$	—	$	—	$	2,011

Losses and LAE:	$	—	$	—	$	2,621,122	$	—	$	2,621,122

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	11,452	$	—	$	—	$	11,452
Derivatives not qualifying as hedges	$	—	$	4,106	$	—	$	—	$	4,106
Derivative instruments	$	—	$	15,558	$	—	$	—	$	15,558



	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:
Derivatives qualifying as hedging	$	—	$	1,615	$	—	$	—	$	1,615
Derivatives not qualifying as hedges	—		5,086		—		—		5,086
Derivative instruments	$	—	$	6,701	$	—	$	—	$	6,701

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

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	300	$	—	$	—	$	300
Derivatives not qualifying as hedges	—		683		—		—		683
Derivative instruments	$	—	$	983	$	—	$	—	$	983

Valuation Methodologies of Financial Instruments Measured at Fair Value

Fixed Maturity Investments

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 for 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 other such 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 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. We use 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 independent pricing services, our external CLO equity manager, and 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 independent pricing service providers, 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 independent pricing providers, 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 independent pricing service providers, 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 pricing providers, 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 the 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 these investments 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 is an investment in a real estate debt fund, 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 this investment is measured using the NAV as a practical expedient and therefore has 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 7 - "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



	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	184			—			—			—			33,713			56,908			90,805
Sales	(3,520		)	—			(784		)	(5,088		)	(2,016		)	(590		)	(11,998		)
Total realized and unrealized gains (losses)	90			(1		)	64			241			8,392			(7,816		)	970
Transfer into Level 3 from Level 2	3,535			102			1,515			22,771			—			—			27,923
Transfer out of Level 3 into Level 2	(37,675		)	(101		)	(8,184		)	(27,045		)	—			—			(73,005		)
Ending fair value	$	—		$	—		$	—		$	—		$	268,799		$	87,869		$	356,668



	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	14,391			—			3,749			46,074			227,000			13,173			304,387
Sales	(65,700		)	(1,184		)	(5,781		)	(49,020		)	—			(12,091		)	(133,776		)
Total realized and unrealized losses	(57		)	(28		)	(645		)	(1,843		)	(2		)	(18,794		)	(21,369		)
Transfer into Level 3 from Level 2	28,339			1,795			4,897			9,890			1,712			—			46,633
Transfer out of Level 3 into Level 2	(6,765		)	(3,663		)	(16,325		)	(23,872		)	—			—			(50,625		)
Ending fair value	$	37,386		$	—		$	7,389		$	9,121		$	228,710		$	39,367		$	321,973

Net realized and unrealized gains related to Level 3 assets in the table above are included in net realized and unrealized (losses) gains in our 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 obtaining market observable information regarding the valuations of the specific assets.

Valuations Techniques and Inputs



Qualitative Information about Level 3 Fair Value Measurements
	Fair Value at December 31, 2019	Valuation Techniques	Unobservable Input	Range (Average) ⁽¹⁾
	(in millions of U.S. dollars)
CLO equities	$87.6	Consensus pricing	Offered quotes	14-87 (48)
CLO equities	$87.6	Discounted Cash Flow method	Discount rate (%) ⁽²⁾Recovery rate ⁽³⁾Prepayment rate ⁽⁴⁾Collateral reinvestment coupon floor ⁽⁵⁾	10%-30% (19.5%) 50%-70% (60%) 20%-30% (25%) 1%
Privately held equity investments	268.8	Transactional value	Implied price at recent purchase transaction	13.50 - 13.85
Privately held equity investments	268.8	Cost as approximation of fair value	Cost as approximation of fair value

(1) The average represents the arithmetic average of the inputs and is not weighted by the relative fair value.

(2) Implied yields were determined from recent market color of comparable subordinated notes, as well as unique characteristics for each investment.

(3) For collateral which has already defaulted, a recovery rate equal to the current market value of the collateral was assumed.

(4) An assumed constant prepayment rate (CPR) was applied to the CLOs. CPRs are the annualized percentage of loans in the collateral pool that prepay.

(5) It was assumed that the collateral manager would reinvest into collateral with a similar weighted-average spread and a similar ratings composition to the current collateral pool.

Insurance Contracts - Fair Value Option



	2019									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	9,218			—			9,218			1,890,061			372,780			1,517,281
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(32,690		)	(2,958		)	(29,732		)	(108,429		)	(30,041		)	(78,388		)
Reduction in unallocated LAE	(19,915		)	—			(19,915		)	(20,656		)	—			(20,656		)
Change in fair value	160,630			43,449			117,181			27,845			21,181			6,664
Total incurred losses and LAE	108,025			40,491			67,534			(101,240		)	(8,860		)	(92,380		)
Paid losses	(416,770		)	(92,145		)	(324,625		)	(576,949		)	(148,175		)	(428,774		)
Effect of exchange rate movements	46,594			7,581			39,013			(132,486		)	(18,378		)	(114,108		)
Ending fair value	$	2,621,122		$	695,518		$	1,925,604		$	2,874,055		$	739,591		$	2,134,464

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 for the years ended December 31, 2019, 2018 and 2017:



	2019		2018			2017
Changes in fair value due to changes in:
Duration	$	22,719	$	74,011		$	41,332
Corporate bond yield	94,462		(71,031		)	(11,076		)
Risk cost of capital	—		3,684			—
Change in fair value	$	117,181	$	6,664		$	30,256



		2019	2018
Valuation Technique	Unobservable (U) and Observable (O) Inputs	Weighted Average	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)	7.82 years	7.33 years
Internal model	Duration - reinsurance balances recoverable on paid and unpaid losses (U)	8.68 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

Senior Notes

As of December 31, 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 $348.6 million and $493.6 million, respectively, while the fair value based on observable market pricing from a third party pricing service was $362.5 million and $537.4 million, respectively. The Senior Notes are classified as Level 2.

Insurance Contracts

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.

Remaining Assets and Liabilities

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 December 31, 2019 and 2018.

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.

Quarterly Financial Information Disclosure [Abstract]

Schedule II - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 703,085	$ 602,096	$ 955,150
Other assets	744,608	707,469
TOTAL ASSETS	19,363,315	16,556,270
LIABILITIES
Debt obligations (Note 15)	1,191,207	861,539
Other liabilities	464,014	468,129
TOTAL LIABILITIES	14,068,173	12,183,738
SHAREHOLDERS’ EQUITY (Note 17)
Treasury shares, at cost (Series C Preferred Shares 2019 and 2018: 388,571)	(421,559)	(421,559)
Additional paid-in capital	1,836,778	1,804,664
Accumulated other comprehensive income	7,171	10,440
Retained earnings	2,887,892	1,976,539
Total Enstar Group Limited Shareholders’ Equity	4,842,183	3,901,933
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	$ 19,363,315	$ 16,556,270
Parenthetical Disclosures [Abstract]
Common shares, par value (dollars per share)	$ 1	$ 1
Ordinary shares, shares issued (shares)	21,511,505	21,459,997
Ordinary shares, outstanding (shares)	21,511,505	21,459,997
Voting ordinary shares
SHAREHOLDERS’ EQUITY (Note 17)
Ordinary shares	$ 18,002	$ 17,950
Parenthetical Disclosures [Abstract]
Common shares, par value (dollars per share)	$ 1.00	$ 1
Ordinary shares, shares issued (shares)	18,001,823	17,950,315
Ordinary shares, outstanding (shares)	18,001,823	17,950,315
Series C non-voting convertible ordinary shares
SHAREHOLDERS’ EQUITY (Note 17)
Ordinary shares	$ 2,600	$ 2,600
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	2,599,672	2,599,672
Ordinary shares, outstanding (shares)	2,599,672	2,599,672
Series E non-voting convertible ordinary shares
SHAREHOLDERS’ EQUITY (Note 17)
Ordinary shares	$ 910	$ 910
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	910,010	910,010
Ordinary shares, outstanding (shares)	910,010	910,010
Series C Preferred Shares
SHAREHOLDERS’ EQUITY (Note 17)
Preferred shares	$ 389	$ 389
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	388,571	388,571
Preferred shares, outstanding (shares)	388,571	388,571
Treasury shares (shares)	388,571	388,571
Series D Preferred Shares
SHAREHOLDERS’ EQUITY (Note 17)
Preferred shares	$ 400,000	$ 400,000
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	16,000	16,000
Preferred shares, outstanding (shares)	16,000	16,000
Series E Preferred Shares
SHAREHOLDERS’ EQUITY (Note 17)
Preferred shares	$ 110,000	$ 110,000
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	4,400	4,400
Preferred shares, outstanding (shares)	4,400	4,400
Enstar Group Limited
ASSETS
Cash and cash equivalents	$ 4,568	$ 15,213
Balances due from subsidiaries	134,897	25,091
Investments in subsidiaries	6,050,197	4,843,913
Other assets	6,391	8,596
TOTAL ASSETS	6,196,053	4,892,813
LIABILITIES
Debt obligations (Note 15)	1,191,207	861,539
Balances due to subsidiaries	135,532	120,397
Other liabilities	27,131	8,944
TOTAL LIABILITIES	1,353,870	990,880
SHAREHOLDERS’ EQUITY (Note 17)
Treasury shares, at cost (Series C Preferred Shares 2019 and 2018: 388,571)	(421,559)	(421,559)
Additional paid-in capital	1,836,778	1,804,664
Accumulated other comprehensive income	7,171	10,440
Retained earnings	2,887,892	1,976,539
Total Enstar Group Limited Shareholders’ Equity	4,842,183	3,901,933
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	$ 6,196,053	$ 4,892,813
Parenthetical Disclosures [Abstract]
Common shares, par value (dollars per share)	$ 1	$ 1
Ordinary shares, shares issued (shares)	21,511,505	21,459,997
Ordinary shares, outstanding (shares)	21,511,505	21,459,997
Enstar Group Limited \| Voting ordinary shares
SHAREHOLDERS’ EQUITY (Note 17)
Ordinary shares	$ 18,002	$ 17,950
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	18,001,823	17,950,315
Ordinary shares, outstanding (shares)	18,001,823	17,950,315
Enstar Group Limited \| Series C non-voting convertible ordinary shares
SHAREHOLDERS’ EQUITY (Note 17)
Ordinary shares	$ 2,600	$ 2,600
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	2,599,672	2,599,672
Ordinary shares, outstanding (shares)	2,599,672	2,599,672
Enstar Group Limited \| Series E non-voting convertible ordinary shares
SHAREHOLDERS’ EQUITY (Note 17)
Ordinary shares	$ 910	$ 910
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	910,010	910,010
Ordinary shares, outstanding (shares)	910,010	910,010
Enstar Group Limited \| Series C Preferred Shares
SHAREHOLDERS’ EQUITY (Note 17)
Preferred shares	$ 389	$ 389
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	388,571	388,571
Preferred shares, outstanding (shares)	388,571	388,571
Treasury shares (shares)	388,571	388,571
Enstar Group Limited \| Series D Preferred Shares
SHAREHOLDERS’ EQUITY (Note 17)
Preferred shares	$ 400,000	$ 400,000
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	16,000	16,000
Preferred shares, outstanding (shares)	16,000	16,000
Enstar Group Limited \| Series E Preferred Shares
SHAREHOLDERS’ EQUITY (Note 17)
Preferred shares	$ 110,000	$ 110,000
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	4,400	4,400
Preferred shares, outstanding (shares)	4,400	4,400

Unaudited Condensed Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Unaudited Condensed Quarterly Financial Data



	December 31,						September 30,						June 30,						March 31,
	2019			2018			2019			2018			2019			2018			2019			2018
INCOME
Net premiums earned	$	272,686		$	231,947		$	270,325		$	264,597		$	276,563		$	228,812		$	335,287		$	170,219
Fees and commission income	9,007			11,455			6,587			6,950			6,178			8,352			6,681			8,331
Net investment income	79,376			68,453			85,472			69,430			77,732			66,469			78,696			66,319
Net realized and unrealized gains (losses)	152,664			(158,213		)	148,185			(57,223		)	269,711			(54,418		)	460,791			(143,030		)
Other income (losses)	19,502			34,267			826			8,226			11,030			(9,351		)	5,812			1,943
	533,235			187,909			511,395			291,980			641,214			239,864			887,267			103,782
EXPENSES
Net incurred losses and loss adjustment expenses	121,416			187,698			222,417			153,974			216,338			92,819			312,404			19,534
Life and annuity policy benefits	(2,199		)	786			—			423			2,194			(160		)	96			(46		)
Acquisition costs	95,026			55,106			50,282			54,242			66,855			53,334			93,788			30,108
General and administrative expenses	129,569			106,950			113,924			102,553			117,519			102,612			112,074			95,260
Interest expense	13,519			4,644			14,950			4,640			13,036			8,922			11,036			8,011
Net foreign exchange losses (gains)	12,189			1,279			(13,631		)	1,040			(2,587		)	(5,519		)	(3,850		)	5,868
	369,520			356,463			387,942			316,872			413,355			252,008			525,548			158,735
EARNINGS (LOSS) BEFORE INCOME TAXES	163,715			(168,554		)	123,453			(24,892		)	227,859			(12,144		)	361,719			(54,953		)
Income tax benefit (expense)	22,427			10,688			(14,597		)	(746		)	(7,518		)	(3,646		)	(4,749		)	(172		)
Earnings from equity method investments	11,722			8,488			17,703			3,317			17,713			15,645			8,772			14,697
NET EARNINGS (LOSS)	197,864			(149,378		)	126,559			(22,321		)	238,054			(145		)	365,742			(40,428		)
Net loss (earnings) attributable to noncontrolling interest	4,900			42,955			109			11,489			2,713			8,389			2,148			(782		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	202,764			(106,423		)	126,668			(10,832		)	240,767			8,244			367,890			(41,210		)
Dividends on preferred shares	(8,925		)	(7,000		)	(8,925		)	(5,133		)	(8,925		)	—			(9,139		)	—
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	193,839		$	(113,423	)	$	117,743		$	(15,965	)	$	231,842		$	8,244		$	358,751		$	(41,210	)

Earnings Loss) per ordinary share attributable to Enstar Group Limited:
Basic	$	9.02		$	(5.29	)	$	5.48		$	(0.74	)	$	10.79		$	0.40		$	16.71		$	(2.12	)
Diluted⁽¹⁾:	$	8.89		$	(5.29	)	$	5.42		$	(0.74	)	$	10.70		$	0.40		$	16.57		$	(2.12	)

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

21. RELATED PARTY TRANSACTIONS

Stone 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 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 within the 90 days following September 6, 2018 and April 1, 2019, respectively, and at any time following September 6, 2020 and April 1, 2021, respectively; and (ii) Trident’s right to have its equity co-investment interests 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. We did not exercise our right to redeem Trident's equity interest in Atrium/Arden during the 90 days following September 6, 2018, nor did we exercise our right to redeem Trident's equity interest in StarStone during the 90 days following April 1, 2019. Pursuant to the terms of the shareholders’ agreements, Mr. Carey serves as a Trident representative on the boards of the holding companies, including North Bay Holdings Limited ("North Bay"), 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 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.

In addition, Enstar has separately entered into a loss portfolio transfer and adverse development cover with StarStone effective October 1, 2019, whereby StarStone transferred $189.4 million in loss reserves and unearned premium to a wholly-owned Enstar subsidiary in exchange for premium of $189.4 million. Enstar also provided an additional $59.0 million adverse development cover in excess of the $189.4 million.

As of December 31, 2019 and December 31, 2018, the RNCI on our balance sheet relating to these Trident co-investment transactions was as follows:



	2019		2018
Redeemable Noncontrolling Interest	$	420,499	$	439,428

As of December 31, 2019, we had the following additional 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 debt and 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 in prior periods; 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 certain Trident funds.

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:



	December 31, 2019		December 31, 2018
Short-term investments, available-for-sale, at fair value	$	1,431	$	—
Fixed maturities, trading, at fair value	269,131		176,193
Fixed maturities, available-for-sale, at fair value	160,303		—
Equities, at fair value	121,794		57,319
Other investments, at fair value:
Hedge funds	18,993		19,535
Fixed income funds	381,449		324,561
Private equity funds	34,858		52,925
CLO equities	32,560		15,372
CLO equity funds	87,509		37,260
Private Debt	16,312		10,387
Real estate fund	18,106		8,025
Cash and cash equivalents	54,080		11,739
Other assets	10		5,216
Other liabilities	4,710		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:



	2019		2018		2017
Net investment income	$	8,733	$	7,424	$	5,990
Net realized and unrealized gains (losses)	26,631		207		24,684
Total net earnings	$	35,364	$	7,631	$	30,674

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, pursuant to the conclusion that we were not required to consolidate following an analysis based on the guidance in ASC 810 - Consolidation.

On May 14, 2018, we completed a transaction to acquire 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, we 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.; (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" 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.

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. reinsured 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. affiliates was non-renewed as of January 1, 2018, and the reinsurance of its U.K. and European affiliates was non-renewed as of January 1, 2019. 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, on a funds held basis. Under the terms of this reinsurance agreement, Fitzwilliam is entitled to receive a profit commission calculated with reference to reserve savings made during the term of this agreement. Our Non-life Run-off subsidiaries did not cede any new business to KaylaRe Ltd. during years ended December 31, 2019 and 2018.



	2018			2017
Fee income due to Enstar Limited	$	1,453		$	2,679

Transactions under KaylaRe-StarStone QS:
Ceded premium earned	(52,651		)	(234,079		)
Net incurred losses	31,654			155,433
Acquisition costs	18,774			99,500

Transactions under Fitzwilliam reinsurance agreement:
Profit Commission	—			18,843

Total net earnings (loss)	$	(770	)	$	42,376

Hillhouse

Investment funds managed by Hillhouse Capital Advisors, Ltd. ("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. In February 2017, Jie Liu, a Partner of Hillhouse Capital, was appointed to our Board.

We have direct investments in funds managed by Hillhouse Capital and its affiliate, AnglePoint Asset Management Ltd. ("AnglePoint"), (together with such parties' affiliates, "Hillhouse"). As of December 31, 2019, the carrying value of our direct investment in the InRe Fund, L.P. (the "InRe Fund"), which is managed by AnglePoint, was $918.6 million with the fund's assets being invested in approximately 18% in fixed income securities, 6% in North American equities, 96% in international equities and (20)% in financing, derivatives and other items.

As of December 31, 2019 and December 31, 2018, our equity method investee, Enhanzed Re, had investments in a fund managed by AnglePoint, as set forth in the table below.

Our consolidated balance sheet as of December 31, 2019 and 2018 included the following balances related to transactions with Hillhouse:



	2019			2018
Investments in funds managed by AnglePoint, held by Enhanzed Re	$	327,799		$	75,192
Our ownership of equity method investments	47.4		%	47.4		%
Our share of Enhanzed Re's funds managed by AnglePoint	$	155,377		$	35,641

Investment in other funds managed by Hillhouse:
InRe Fund	$	918,633		$	678,420
Other funds	232,968			166,646
	$	1,151,601		$	845,066

On January 1, 2020 Enhanzed Re invested an additional $54.0 million into funds managed by Hillhouse.

The increase in the investment in funds managed by Hillhouse was primarily due to unrealized gains for the year ended December 31, 2019. We incurred fees of approximately $89.0 million, included within the funds' reported NAV, for the year ended December 31, 2019 in relation to the direct investment in funds managed by Hillhouse as described above.

Monument

Monument Insurance Group Limited ("Monument") was established in October 2016 and Enstar has invested a total of $26.6 million in the common and preferred shares of Monument. We have approximately a 26.6% interest in Monument. In connection with our investment in Monument, we entered into a Shareholders Agreement with the other shareholders. We recorded the investment in Monument using the equity method basis of accounting, as we concluded that we are not required to consolidate based on the guidance in ASC 810 - Consolidation.

On August 29, 2017, we sold our wholly-owned subsidiary, Laguna, to a subsidiary of Monument for a total consideration of €25.6 million (approximately $30.8 million). The total loss recorded on the sale of Laguna, for the year ended December 31, 2017 was $16.3 million, which has been included in earnings from continuing operations before taxes in our consolidated statement of earnings. This loss includes a cumulative currency translation adjustment balance of $6.3 million, which has been reclassified from accumulated other comprehensive income and included in earnings as a component of the loss on sale of Laguna during the year ended December 31, 2017, following the closing of the sale.

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. In this transaction, we transferred policy benefits for life and annuity contracts with a carrying value of €88.8 million (or approximately $99.1 million) and total assets with a fair value of €91.1 million (or approximately $101.6 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, as of December 31, 2019 and 2018 was as follows:



	2019		2018
Investment in Monument	$	60,598	$	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.

We have recorded the investment in Clear Spring using the equity method basis of accounting, pursuant to the conclusion that we are not required to consolidate following an analysis based on the guidance in ASC 810 - Consolidation. Our investment in the common shares of Clear Spring, carried in equity method investments on our consolidated balance sheet, as of December 31, 2019 and 2018 was as follows:



	2019		2018
Investment in Clear Spring	$	10,645	$	10,070

Effective January 1, 2017, StarStone National Insurance Company (“StarStone National”) entered into a ceding 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 an assuming 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 as of December 31, 2019 and 2018 included the following balances between us and Clear Spring:



	2019		2018
Balances under StarStone ceding quota share:
Reinsurance balances recoverable on paid and unpaid losses	$	22,812	$	23,718
Prepaid insurance premiums	51		13,821
Ceded payable	3,616		14,153
Ceded acquisition costs	21		3,233

Balances under assuming quota share:
Losses and LAE	6,135		5,778
Unearned reinsurance premiums	13		3,455
Funds held	8,611		10,242

Our consolidated statement of earnings for the years ended December 31, 2019 and 2018 included the following amounts between us and Clear Spring:



	2019			2018			2017
Amounts under StarStone ceding quota share:
Ceded premium earned	$	(14,994	)	$	(29,520	)	(14,256		)
Net incurred losses and LAE	6,567			18,143			9,533
Acquisition costs	356			7,035			6,718

Amounts under assuming quota share:
Premium earned	3,749			7,380			3,564
Net incurred losses and LAE	(2,202		)	(4,536		)	(1,181		)
Acquisition costs	(92		)	(1,836		)	(1,753		)

Total net earnings (loss)	$	(6,616	)	$	(3,334	)	$	2,625

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 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. In a second transaction in December 2019, Enstar acquired an additional $25.9 million of Evergreen securities from another investor.

Following the closing of the second transaction, Enstar owns approximately 8.5% 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 $3.3 million, half of which was payable upon closing and the other on the first anniversary of the closing. The fee has been recorded in full in other income within our consolidated statements of earnings for the year ended December 31, 2018.

Our indirect investment in the shares of AmTrust, carried in equities on our consolidated balance sheet, as of December 31, 2019 was as follows:



	2019		2018
Investment in AmTrust	$	240,115	$	200,000

During the years ended December 31, 2019 and 2018 we recorded net investment income of $7.7 million and $0.3 million, respectively, and net realized and unrealized gains of $10.1 million and $nil, respectively, related to our indirect equity investment in AmTrust.

Citco

In June 2018, we 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 provided us with investment support. 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 December 31, 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, as of December 31, 2019 and 2018 was as follows:



	2019		2018
Investment in Citco	$	51,742	$	50,812

Enhanzed Re

Enhanzed Reinsurance Ltd. ("Enhanzed Re") is a joint venture between Enstar, Allianz SE and Hillhouse that was capitalized in December 2018. Enhanzed Re is a Bermuda-based Class 4 and Class E reinsurer of life, non-life run-off, and property and casualty insurance business, initially sourced from Allianz SE and Enstar. Enstar, Allianz and Hillhouse affiliates have made equity investment commitments in aggregate of $470.0 million to Enhanzed Re. Enstar owns 47.4% of the entity, Allianz owns 24.9%, and an affiliate of Hillhouse owns 27.7%. As of December 31, 2019, Enstar contributed $154.1 million of its total capital commitment to Enhanzed Re and had an uncalled amount of $68.7 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, for which it receives fee income recorded within other income, Hillhouse acts as primary investment manager, and an affiliate of Allianz SE provides investment management services. Enhanzed Re intends to write business from affiliates of its operating sponsors, Allianz SE and Enstar. It will seek to underwrite 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, as of December 31, 2019 was as follows:



	2019		2018
Investment in Enhanzed Re	$	182,856	$	94,800

We have ceded 10% of the Zurich transaction, as discussed in Note 4 - "Significant New Business", to Enhanzed Re on the same terms and conditions as those received by Enstar.

Our consolidated balance sheet as of December 31, 2019 and 2018 included the following balances between us and Enhanzed Re:



	2019
Balances under ceding quota share:
Insurance balances payables	$	1,443
Reinsurance balances recoverable	59,601
Funds held	50,089

Other assets	1,033

Our consolidated statement of earnings for the years ended December 31, 2019 and 2018 included the following amounts between us and Enhanzed Re:



	2019
Amounts under ceding quota share:
Acquisition costs	$	73

Other income	749

Total net earnings (loss)	$	822

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The consolidated financial statements include our assets, liabilities and results of operations as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. Results of operations for acquired subsidiaries are included from the date of acquisition. All significant intercompany transactions and balances have been eliminated. 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");


•	reinsurance balances recoverable on paid and unpaid losses;


•	defendant asbestos and environmental liabilities and related insurance balances recoverable;


•	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 assets;


•	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.

Significant Accounting Policies

(a) Premiums

Non-Life

Premiums receivable

Unearned premiums and prepaid reinsurance premiums

(b) Acquisition Costs

Non-life Run-off

Atrium and StarStone

Components of Net Incurred Losses and LAE

Included within the total net incurred losses and LAE on our consolidated statement of earnings are the following items:


•	Net losses paid: paid losses and LAE, net of related reinsurance recoveries.


•	Net change in case and LAE reserves: the change in case reserves and associated LAE, net of related reinsurance recoveries.


•	Net change in IBNR reserves: the change in IBNR reserves, net of related reinsurance recoveries.


•	Increase (reduction) in estimates of net ultimate losses: the total of net losses paid, net change in case and LAE reserves and the net change in IBNR. This includes the net impact of commutations and policy buybacks on the liability for losses and LAE reserves and reinsurance recoveries.


•	Increase (reduction) in provisions for unallocated LAE: the net change in our provision for unallocated LAE.


•	Amortization of deferred charge assets: the amortization of the deferred charge assets associated with assumed retroactive reinsurance contracts, where the estimated ultimate losses assumed at the inception of the contracts is greater than the premium consideration received.


•	Amortization of fair value adjustments: the amortization of the fair value adjustments associated with acquired companies, where the assumed losses and LAE reserves and the acquired reinsurance recoveries are fair valued on acquisition.

•


•	Net incurred losses and LAE: the total of increase (reduction) in estimates of net ultimate losses, increase (reduction) in provisions for unallocated LAE, amortization of deferred charge assets, amortization of fair value adjustments and changes in fair value - fair value option.

(d) Defendant Asbestos and Environmental Liabilities

(e) Reinsurance Balances Recoverable on Paid and Unpaid Losses

(f) Insurance Balances Recoverable

Amounts billed to and due from insurers providing coverage for our defendant asbestos liabilities are calculated in accordance with the terms of the individual insurance contracts.

(g) Investments, Cash and Cash Equivalents

Short-term investments and fixed maturity investments

Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments.

Other-Than-Temporary Impairments

Equities

Other investments, at fair value

Equity method investments

Cash and cash equivalents

Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less.

(h) Funds Held

(i) Fees and Commission Income

(j) Foreign Exchange

(k) Share-based Compensation

(l) Derivative Instruments

(m) Income Taxes

(n) Earnings Per Share

(o) Acquisitions, Goodwill and Intangible Assets

(p) Retroactive Reinsurance

Deferred Charge Assets

Fair Value Option

(q) Redeemable Noncontrolling Interest

(r) Internal-use Software

(s) Held-for-sale Business and Discontinued Operations

Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations.

New Accounting Standards Adopted in 2019

Accounting Standards Update ("ASU") 2019-07 - Codification Updates to SEC Sections

ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurements

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 2020-01 - Clarifying the Interactions between ASC 321, ASC 323 and ASC 815

ASU 2019-12 - Simplifying the Accounting for Income Taxes

ASUs 2016-13, 2018-19, 2019-04, 2019-05, 2019-10 and 2019-11, Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Atrium
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$ 197,387
Reinsurance recoverable on unpaid losses	28,297
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	225,684	$ 235,406
StarStone
Liability for Claims and Claims Adjustment Expense [Line Items]
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	1,851,147	1,584,088
StarStone \| General casualty
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	578,272
Reinsurance recoverable on unpaid losses	94,518
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	672,790	508,864
StarStone \| Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	300,659
Reinsurance recoverable on unpaid losses	67,728
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	368,387	367,537
StarStone \| Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	250,811
Reinsurance recoverable on unpaid losses	268,961
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	519,772	440,613
StarStone \| Aerospace
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	70,658
Reinsurance recoverable on unpaid losses	41,591
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	112,249	107,619
StarStone \| Workers' compensation
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	111,334
Reinsurance recoverable on unpaid losses	66,615
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$ 177,949	$ 159,455

Significant New Business	12 Months Ended
Significant New Business	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant New Business	4. SIGNIFICANT NEW BUSINESS 2020 AXA Group On February 24, 2020, we entered into a loss portfolio transfer reinsurance agreement with AXA XL, a division of AXA, to reinsure specified legacy construction general liability multi-year policies. We will assume reinsurance reserves of approximately $225.0 million in the transaction. Completion of the transaction is subject to, among other things, regulatory approvals and satisfaction of various closing conditions. The transaction is expected to close in the first half of 2020. Munich Re On September 10, 2019, we signed an agreement with Great Lakes Insurance SE and HSB Engineering Insurance Limited, both subsidiaries of Munich Reinsurance Company ("Munich Re"), pursuant to which we will acquire certain portfolios from their Australian branches. 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 $160.3 million) for assuming the associated net insurance reserves, which primarily relate to long tail insurance business. 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 and its subsidiaries. This transaction is expected to close in 2020. 2019 Zurich On October 1, 2019, we completed a 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 $622.9 million of gross reserves, relating to 1986 and prior year business, for reinsurance premium of $465.5 million and recorded a deferred charge of $115.8 million. We have ceded 10% of this transaction to Enhanzed Reinsurance Ltd. ("Enhanzed Re"), in which we have an investment, on the same terms and conditions as those received by Enstar. Maiden ADC On August 5, 2019, we and Maiden Reinsurance Ltd. (“Maiden Re Bermuda”) completed a transaction pursuant to a 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 a premium of $445.0 million. We assumed total gross reserves of $530.2 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. 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 21 - "Related Party Transactions". 2018 Allianz Effective December 31, 2018, we and Allianz SE ("Allianz") amended the January 1, 2016 reinsurance agreement between our subsidiary and Allianz, which related to our reinsurance of certain U.S. workers' compensation, construction defect, and asbestos, pollution and toxic tort business originally held by Fireman's Fund Insurance Company. The amendment increased the original sub-limit related to asbestos & environmental (“A&E”) liabilities in exchange for a premium of $70.0 million. This additional business is also covered by the consulting agreement that we entered into with San Francisco Reinsurance Company, an affiliate of Allianz, in connection with our 2016 transaction with Allianz discussed below. Maiden LPT On December 27, 2018, as part of the acquisition of Maiden Re North America as discussed in Note 3 - "Acquisitions", we also novated and assumed certain reinsurance agreements from Maiden Re Bermuda, including certain affiliate reinsurance agreements with Maiden Re North America. We assumed total gross unaffiliated reserves of $72.1 million for total assets of $70.4 million on a funds held basis and recorded a deferred charge asset of $1.7 million. Coca-Cola On August 1, 2018, we entered into a reinsurance transaction with The Coca-Cola Company and its subsidiaries ("Coca-Cola"), pursuant to which we reinsured certain of Coca-Cola's retention and deductible risks under its subsidiaries' U.S. workers' compensation, auto liability, general liability and product liability insurance coverage. We assumed total gross reserves of $120.8 million for cash consideration of $103.6 million and recorded a deferred charge asset of $17.2 million. We transferred the cash consideration received of $103.6 million into a trust to support our obligations under the reinsurance agreement. Zurich Australia On February 23, 2018, we entered into a reinsurance agreement with Zurich Australian Insurance Limited, a subsidiary of Zurich Insurance Group ("Zurich"), to reinsure its New South Wales Vehicle Compulsory Third Party ("CTP") insurance business. Under the agreement, which was effective as of January 1, 2018, we assumed gross loss reserves of AUD$359.4 million ($280.8 million) in exchange for consideration of AUD$343.9 million ($268.7 million). We elected the fair value option for this reinsurance contract and recorded an initial fair value adjustment of AUD$15.5 million ($12.1 million) on the assumed gross loss reserves. Refer to Note 12 - "Fair Value Measurements" for a description of the fair value process and the assumptions made. Following the initial reinsurance transaction, which transferred the economics of the CTP insurance business, we and Zurich also completed a portfolio transfer of the CTP insurance business under Division 3A Part III of Australia's Insurance Act 1973 (Cth), effective December 31, 2018, which provided legal finality for Zurich's obligations. Neon RITC Transaction On February 16, 2018, we completed a reinsurance-to-close (“RITC”) transaction with Neon Underwriting Limited ("Neon"), under which we reinsured to close the 2015 and prior underwriting years of account (comprising underwriting years 2008 to 2015) of Neon's Syndicate 2468, with effect from January 1, 2018. We assumed gross loss reserves of£403.9 million ($546.3 million) and net loss reserves of £342.1 million ($462.6 million) relating to the portfolio in exchange for consideration of £329.1 million ($445.1 million). We elected the fair value option for this reinsurance contract and recorded initial fair value adjustments of $20.6 million and $17.5 million on the gross and net loss reserves assumed, respectively. Refer to Note 12 - "Fair Value Measurements" for a description of the fair value process and the assumptions made. Novae RITC Transaction On January 29, 2018, we completed an RITC transaction with AXIS Managing Agency Limited, under which we reinsured to close the 2015 and prior underwriting years of account of Novae Syndicate 2007 ("Novae"), with effect from January 1, 2018. We assumed gross loss reserves of £860.1 million ($1,163.2 million) and net loss reserves of £630.7 million ($853.0 million) relating to the portfolio in exchange for consideration of £594.1 million ($803.5 million) and recorded initial fair value adjustments of $67.5 million and $49.5 million on the gross and net loss reserves assumed, respectively. Refer to Note 12 - "Fair Value Measurements" for a description of the fair value process and the assumptions made. Allianz On December 28, 2017, we entered into a reinsurance agreement with Allianz to reinsure a portfolio of Allianz’s run-off business, effective December 31, 2017. Pursuant to the reinsurance agreement, we reinsured 50% of certain U.S. workers' compensation, asbestos, and toxic tort business originally held by San Francisco Reinsurance Company, an affiliate of Allianz, and in the process assumed net reinsurance reserves of $81.4 million. Affiliates of Allianz retained $81.4 million of reinsurance premium as funds withheld collateral for the obligations under the reinsurance agreement and we transferred $8.1 million to a reinsurance trust to further support our obligations. We also provide ongoing consulting services with respect to the entire $162.8 million portfolio, including the 50% share retained by affiliates of Allianz. RSA On February 7, 2017, we entered into an agreement to reinsure the U.K. employers' liability legacy business of RSA Insurance Group PLC ("RSA"). Pursuant to the transaction, our subsidiary assumed gross insurance reserves of £1,046.4 million ($1,301.8 million), relating to 2005 and prior year business. Net insurance reserves assumed were £927.5 million ($1,153.9 million) and the reinsurance premium received was £801.6 million ($997.2 million). We elected the fair value option for this reinsurance contract. The initial fair value adjustment on the gross reserves was $174.1 million, and on the net reserves was $156.7 million. Refer to Note 12 - "Fair Value Measurements" for a description of the fair value process and assumptions. In addition to the initial reinsurance transaction, which transferred the economics of the portfolio up to the policy's limits, we and RSA completed a portfolio transfer of the business under Part VII of the Financial Services and Markets Act 2000 on July 1, 2019, which provided legal finality for RSA's obligations. QBE On January 11, 2017, we closed a transaction to reinsure multi-line property and casualty business of QBE Insurance Group Limited ("QBE"). We assumed gross reinsurance reserves of approximately $1,019.0 million (net reserves of $447.0 million) relating to the portfolio, which primarily includes workers' compensation, construction defect, and general liability discontinued lines of business. The reinsurance premium received was $403.8 million, comprised of $227.6 million in restricted cash and $176.2 million in funds held. We elected the fair value option for this reinsurance contract. The initial fair value adjustment was $180.0 million on the gross reserves and $43.2 million on the net reserves. Refer to Note 12 - "Fair Value Measurements" for a description of the fair value process and assumptions. In addition, we pledged a portion of the premium as collateral to a subsidiary of QBE, and we have provided additional collateral and a limited parental guarantee.

Commitments and Contingencies - Leases - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 13,663
2021	9,854
2022	8,103
2023	7,044
2024	5,358
2025 and beyond	13,119
Total lease payments	57,141
Less: Imputed interest	(10,953)
Present value of lease liabilities	$ 46,188
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 9,510
2020		10,754
2021		9,772
2022		7,500
2023		6,592
2024 and beyond		21,276
Total		$ 65,404

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Operations by Segment

The following tables set forth selected and consolidated statement of earnings results by segment for the years ended December 31, 2019, 2018, 2017:



	2019
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	(25,069	)	$	192,373		$	917,555		$	18,534		$	1,103,393

Net premiums written	$	(25,338	)	$	172,356		$	735,429		$	18,512		$	900,959

Net premiums earned	$	168,496		$	164,059		$	801,926		$	20,380		$	1,154,861
Net incurred losses and LAE	(51,625		)	(77,276		)	(727,636		)	(16,038		)	(872,575		)
Life and Annuity Policy Benefits	—			—			—			(91		)	(91		)
Acquisition costs	(73,642		)	(56,956		)	(174,711		)	(642		)	(305,951		)
Operating expenses	(199,756		)	(14,452		)	(120,629		)	—			(334,837		)
Underwriting income (loss)	(156,527		)	15,375			(221,050		)	3,609			(358,593		)
Net investment income	275,236			7,049			47,401			(8,410		)	321,276
Net realized and unrealized gains	968,350			6,195			50,957			5,849			1,031,351
Fees and commission income	18,293			10,160			—			—			28,453
Other income	34,809			140			338			1,883			37,170
Corporate expenses	(70,689		)	(13,825		)	(7,790		)	(45,945		)	(138,249		)
Interest income (expense)	(62,055		)	—			(475		)	9,989			(52,541		)
Net foreign exchange gains (losses)	9,918			(504		)	(1,538		)	3			7,879
EARNINGS (LOSS) BEFORE INCOME TAXES	1,017,335			24,590			(132,157		)	(33,022		)	876,746
Income tax benefit (expense)	(7,250		)	(4,033		)	6,931			(85		)	(4,437		)
Earnings (losses) from equity method investments	56,128			—			(218		)	—			55,910
NET EARNINGS (LOSS)	1,066,213			20,557			(125,444		)	(33,107		)	928,219
Net loss (earnings) attributable to noncontrolling interest	(6,409		)	(8,432		)	24,711			—			9,870
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	1,059,804			12,125			(100,733		)	(33,107		)	938,089
Dividends on preferred shares	—			—			—			(35,914		)	(35,914		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	1,059,804		$	12,125		$	(100,733	)	$	(69,021	)	$	902,175

Underwriting ratios:
Loss ratio				47.1		%	90.7		%
Acquisition expense ratio				34.7		%	21.8		%
Operating expense ratio				8.8		%	15.1		%
Combined ratio				90.6		%	127.6		%



	2018
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	(8,910	)	$	171,494		$	1,121,135		$	32,378		$	1,316,097

Net premiums written	$	(9,217	)	$	153,488		$	805,562		$	32,067		$	981,900

Net premiums earned	$	9,427		$	146,315		$	714,959		$	24,874		$	895,575
Net incurred losses and LAE	306,067			(69,810		)	(673,383		)	(16,899		)	(454,025		)
Life and annuity policy benefits	—			—			—			(1,003		)	(1,003		)
Acquisition costs	(4,006		)	(50,646		)	(135,452		)	(2,686		)	(192,790		)
Operating expenses	(158,731		)	(17,777		)	(156,726		)	—			(333,234		)
Underwriting income (loss)	152,757			8,082			(250,602		)	4,286			(85,477		)
Net investment income	226,287			5,686			35,973			2,725			270,671
Net realized and unrealized losses	(381,712		)	(3,251		)	(17,672		)	(10,249		)	(412,884		)
Fees and commission income	16,466			18,622			—			—			35,088
Other income (losses)	35,978			162			(541		)	(514		)	35,085
Corporate expenses	(39,093		)	(6,921		)	—			(28,127		)	(74,141		)
Interest income (expense)	(30,616		)	—			(624		)	5,023			(26,217		)
Net foreign exchange gains (losses)	2,534			(3,394		)	(2,856		)	1,048			(2,668		)
EARNINGS (LOSS) BEFORE INCOME TAXES	(17,399		)	18,986			(236,322		)	(25,808		)	(260,543		)
Income tax benefit (expense)	3,581			(3,732		)	6,327			(52		)	6,124
Earnings from equity method investments	42,147			—			—			—			42,147
NET EARNINGS (LOSS)	28,329			15,254			(229,995		)	(25,860		)	(212,272		)
Net loss (earnings) attributable to noncontrolling interest	(3,107		)	(6,257		)	71,415			—			62,051
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	25,222			8,997			(158,580		)	(25,860		)	(150,221		)
Dividends on preferred shares	—			—			—			(12,133		)	(12,133		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	25,222		$	8,997		$	(158,580	)	$	(37,993	)	$	(162,354	)

Underwriting ratios:
Loss ratio				47.7		%	94.2		%
Acquisition expense ratio				34.6		%	18.9		%
Operating expense ratio				12.2		%	22.0		%
Combined ratio				94.5		%	135.1		%



	2017
	Non-Life Run-Off			Atrium			StarStone			Other			Total
Gross premiums written	$	14,102		$	153,472		$	895,160		$	5,719		$	1,068,453

Net premiums written	$	6,482		$	134,214		$	464,901		$	4,793		$	610,390

Net premiums earned	$	14,162		$	134,747		$	459,403		$	4,809		$	613,121
Net incurred losses and LAE	190,674			(69,419		)	(314,806		)	—			(193,551		)
Life and annuity policy benefits	—			—			—			(4,015		)	(4,015		)
Acquisition costs	(328		)	(47,688		)	(48,012		)	(878		)	(96,906		)
Operating expenses	(132,235		)	(17,444		)	(135,558		)	—			(285,237		)
Underwriting income (loss)	72,273			196			(38,973		)	(84		)	33,412
Net investment income	166,678			4,218			27,706			10,187			208,789
Net realized and unrealized gains (losses)	179,545			1,117			16,613			(6,941		)	190,334
Fees and commission income (expense)	43,849			22,788			632			(1,166		)	66,103
Other income	21,157			230			570			648			22,605
Corporate expenses	(101,592		)	(12,142		)	—			(37,014		)	(150,748		)
Interest income (expense)	(28,970		)	(559		)	(1,902		)	3,329			(28,102		)
Net foreign exchange gains	(7,347		)	(5,060		)	(926		)	(4,204		)	(17,537		)
Loss on sale of subsidiary	—			—			—			(16,349		)	(16,349		)
EARNINGS (LOSS) BEFORE INCOME TAXES	345,593			10,788			3,720			(51,594		)	308,507
Income tax benefit (expense)	6,990			(1,593		)	988			10			6,395
Earnings from equity method investments	5,904			—			—			—			5,904
NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS	358,487			9,195			4,708			(51,584		)	320,806
Net earnings from discontinued operations, net of income taxes	—			—			—			10,993			10,993
NET EARNINGS (LOSS)	358,487			9,195			4,708			(40,591		)	331,799
Net earnings attributable to noncontrolling interest	(14,687		)	(3,772		)	(1,882		)	—			(20,341		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	343,800		$	5,423		$	2,826		$	(40,591	)	$	311,458

Underwriting ratios:
Loss ratio				51.5		%	68.5		%
Acquisition expense ratio				35.4		%	10.5		%
Operating expense ratio				13.0		%	29.5		%
Combined ratio				99.9		%	108.5		%

Schedule of Revenue from External Customers



	Non-life Run-off					Atrium				StarStone				Other				Total
	Total			%		Total		%		Total		%		Total		%		Total		%
	(In thousands of U.S. dollars, except percentages)
United States	$	(25,012	)	99.7	%	$	102,199	53.1	%	$	548,683	59.8	%	$	17,239	93.0	%	$	643,109	58.2	%
United Kingdom	350			(1.4	)%	12,972		6.7	%	114,822		12.5	%	—		—	%	128,144		11.6	%
Europe	(265		)	1.1	%	17,677		9.2	%	115,481		12.6	%	1,295		7.0	%	134,188		12.2	%
Asia	(48		)	0.2	%	5,700		3.0	%	75,773		8.3	%	—		—	%	81,425		7.4	%
Rest of World	(94		)	0.4	%	53,825		28.0	%	62,796		6.8	%	—		—	%	116,527		10.6	%
Total	$	(25,069	)	100.0	%	$	192,373	100.0	%	$	917,555	100.0	%	$	18,534	100.0	%	$	1,103,393	100.0	%

Summary of Company's Assets by Segment

Our total assets as of December 31, 2019 and 2018 by segment were as follows:



	2019			2018
Assets by Segment:
Non-life Run-off	$	15,775,409		$	13,362,749
Atrium	580,405			591,722
StarStone	3,522,353			3,416,132
Other	(514,852		)	(814,333		)
Total assets	$	19,363,315		$	16,556,270

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 12, 2019
Concentration Risk [Line Items]
Funds held by reinsured companies	$ 408,735,000	$ 321,267,000
Renewal lease term	5 years
Termination period	1 year
Rent expense		11,300,000	$ 9,500,000
Minimum
Concentration Risk [Line Items]
Remaining lease terms	1 year
Maximum
Concentration Risk [Line Items]
Remaining lease terms	37 years
Limited Parental Guarantee
Concentration Risk [Line Items]
Total parental guarantees	$ 1,031,500,000	$ 614,500,000
FAL Facility \| Loan facilities
Concentration Risk [Line Items]
Facility increase option				$ 400,000,000.0
FAL Facility \| Loan facilities \| Letters of Credit
Concentration Risk [Line Items]
Maximum borrowing capacity				375,000,000.0
Increase in borrowing capacity, limit				$ 25,000,000.0
Reinsurer concentration risk \| Reinsurance balances recoverable
Concentration Risk [Line Items]
Funds held by reinsured companies	1,000,000,000.0
United States
Concentration Risk [Line Items]
Exposure to government	1,082,200,000
Private equity funds
Concentration Risk [Line Items]
Commitments, unfunded	482,300,000
Equity Method Investments
Concentration Risk [Line Items]
Commitments, unfunded	$ 93,100,000

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Reinsurance Reserves Recoverable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Outstanding losses	$ 1,309,313	$ 1,183,728
IBNR	903,749	830,465
Fair value adjustments - acquired companies	(15,255)	(15,613)
Fair value adjustments - fair value option	(88,086)	(130,739)
Total reinsurance reserves recoverable	2,109,721	1,867,841	$ 1,870,033	$ 1,388,193
Paid losses recoverable	270,169	161,822
Net	2,379,890	2,029,663
Reinsurance balances recoverable on paid and unpaid losses (Note 8)	1,684,372	1,290,072
Reinsurance balances recoverable on paid and unpaid losses - fair value option	695,518	739,591
Non-life Run-off
Effects of Reinsurance [Line Items]
Outstanding losses	972,293	901,772
IBNR	673,059	609,434
Fair value adjustments - acquired companies	(13,652)	(14,344)
Fair value adjustments - fair value option	(88,086)	(130,739)
Total reinsurance reserves recoverable	1,543,614	1,366,123	1,377,485	1,000,953
Paid losses recoverable	181,375	138,265
Net	1,724,989	1,504,388
Reinsurance balances recoverable on paid and unpaid losses (Note 8)	1,029,471	764,797
Reinsurance balances recoverable on paid and unpaid losses - fair value option	695,518	739,591
Atrium
Effects of Reinsurance [Line Items]
Outstanding losses	9,011	18,891
IBNR	19,286	19,247
Fair value adjustments - acquired companies	519	630
Fair value adjustments - fair value option	0	0
Total reinsurance reserves recoverable	28,816	38,768	40,531	30,009
Paid losses recoverable	1,541	(256)
Net	30,357	38,512
Reinsurance balances recoverable on paid and unpaid losses (Note 8)	30,357	38,512
Reinsurance balances recoverable on paid and unpaid losses - fair value option	0	0
StarStone
Effects of Reinsurance [Line Items]
Outstanding losses	328,009	263,065
IBNR	211,404	201,784
Fair value adjustments - acquired companies	(2,122)	(1,899)
Fair value adjustments - fair value option	0	0
Total reinsurance reserves recoverable	537,291	462,950	$ 452,017	$ 357,231
Paid losses recoverable	87,253	23,813
Net	624,544	486,763
Reinsurance balances recoverable on paid and unpaid losses (Note 8)	624,544	486,763
Reinsurance balances recoverable on paid and unpaid losses - fair value option	$ 0	$ 0

Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2019

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

The following table summarizes the liability for losses and LAE by segment and for our other activities as of December 31, 2019 and 2018:



	2019
	Non-life Run-off			Atrium		StarStone			Other		Total
Outstanding losses	$	4,407,082		$	89,141	$	888,794		$	9,512	$	5,394,529
IBNR	3,945,407			136,543		962,353			13,565		5,057,868
Fair value adjustments - acquired companies	(170,689		)	3,700		(522		)	—		(167,511		)
Fair value adjustments - fair value option	(217,933		)	—		—			—		(217,933		)
ULAE	331,494			2,288		28,503			—		362,285
Total	$	8,295,361		$	231,672	$	1,879,128		$	23,077	$	10,429,238

Reconciliation to Consolidated Balance Sheet:
Losses and loss adjustment expenses	$	5,674,239		$	231,672	$	1,879,128		$	23,077	$	7,808,116
Losses and loss adjustment expenses, at fair value	2,621,122			—		—			—		2,621,122
Total	$	8,295,361		$	231,672	$	1,879,128		$	23,077	$	10,429,238



	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:
Losses and loss adjustment expenses	$	4,666,607		$	241,284	$	1,608,697		$	18,861	$	6,535,449
Losses 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 consolidated reconciliation of the beginning and ending liability for losses and LAE for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Balance as at January 1	$	9,409,504		$	7,398,088		$	5,987,867
Less: reinsurance reserves recoverable	1,867,841			1,870,033			1,388,193
Less: deferred charge assets on retroactive reinsurance	86,585			80,192			94,551
Net balance as at January 1	7,455,078			5,447,863			4,505,123
Net incurred losses and LAE:
Current period	823,658			689,782			437,853
Prior periods	48,917			(235,757		)	(244,302		)
Total net incurred losses and LAE	872,575			454,025			193,551
Net paid losses:
Current period	(200,264		)	(189,560		)	(82,273		)
Prior periods	(1,669,004		)	(1,194,985		)	(862,921		)
Total net paid losses	(1,869,268		)	(1,384,545		)	(945,194		)
Effect of exchange rate movement	48,695			(145,243		)	158,429
Acquired on purchase of subsidiaries	686			1,310,874			10,251
Assumed business	1,586,307			1,772,104			1,525,703
Ceded business	(47,018		)	—			—
Net balance as at December 31	8,047,055			7,455,078			5,447,863
Plus: reinsurance reserves recoverable	2,109,721			1,867,841			1,870,033
Plus: deferred charge assets on retroactive reinsurance	272,462			86,585			80,192
Balance as at December 31	$	10,429,238		$	9,409,504		$	7,398,088

The table below provides a reconciliation of the beginning and ending reserves for losses and LAE for the years ended December 31, 2019, 2018 and 2017 for the Non-life Run-off segment:



	2019			2018			2017
Balance as at January 1	$	7,540,662		$	5,949,472		$	4,716,363
Less: reinsurance reserves recoverable	1,366,123			1,377,485			1,000,953
Less: deferred charge assets on retroactive reinsurance	86,585			80,192			94,551
Net balance as at January 1	6,087,954			4,491,795			3,620,859
Net incurred losses and LAE:
Current period	123,559			12,451			5,866
Prior periods	(71,934		)	(318,518		)	(196,540		)
Total net incurred losses and LAE	51,625			(306,067		)	(190,674		)
Net paid losses:
Current period	(64,820		)	(5		)	(2,835		)
Prior periods	(1,182,804		)	(838,812		)	(578,888		)
Total net paid losses	(1,247,624		)	(838,817		)	(581,723		)
Effect of exchange rate movement	47,355			(132,632		)	138,772
Acquired on purchase of subsidiaries	686			1,111,839			10,251
Assumed business	1,586,307			1,761,836			1,494,310
Ceded business	(47,018		)	—			—
Net balance as at December 31	6,479,285			6,087,954			4,491,795
Plus: reinsurance reserves recoverable	1,543,614			1,366,123			1,377,485
Plus: deferred charge assets on retroactive reinsurance	272,462			86,585			80,192
Balance as at December 31	$	8,295,361		$	7,540,662		$	5,949,472

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Balance as at January 1	$	241,284		$	240,873		$	212,122
Less: reinsurance reserves recoverable	38,768			40,531			30,009
Net balance as at January 1	202,516			200,342			182,113
Net incurred losses and LAE:
Current period	85,027			83,627			90,359
Prior periods	(7,751		)	(13,817		)	(20,940		)
Total net incurred losses and LAE	77,276			69,810			69,419
Net paid losses:
Current period	(34,617		)	(35,537		)	(24,571		)
Prior periods	(43,572		)	(28,969		)	(31,107		)
Total net paid losses	(78,189		)	(64,506		)	(55,678		)
Effect of exchange rate movement	1,253			(3,130		)	4,488
Net balance as at December 31	202,856			202,516			200,342
Plus: reinsurance reserves recoverable	28,816			38,768			40,531
Balance as at December 31	$	231,672		$	241,284		$	240,873

The table below provides a reconciliation of the beginning and ending liability for losses and LAE for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Balance as at January 1	$	1,608,697		$	1,207,743		$	1,059,382
Less: reinsurance reserves recoverable	462,950			452,017			357,231
Net balance as at January 1	1,145,747			755,726			702,151
Net incurred losses and LAE:
Current period	598,468			578,892			341,628
Prior periods	129,168			94,491			(26,822		)
Total net incurred losses and LAE	727,636			673,383			314,806
Net paid losses:
Current period	(96,261		)	(150,778		)	(54,867		)
Prior periods	(435,372		)	(326,352		)	(252,926		)
Total net paid losses	(531,633		)	(477,130		)	(307,793		)
Effect of exchange rate movement	87			(9,481		)	15,169
Acquired on purchase of subsidiaries	—			192,981			—
Assumed business	—			10,268			31,393
Ceded business	—			—			—
Net balance as at December 31	1,341,837			1,145,747			755,726
Plus: reinsurance reserves recoverable	537,291			462,950			452,017
Balance as at December 31	$	1,879,128		$	1,608,697		$	1,207,743

Schedule of Incurred Losses

The tables below provide the components of net incurred losses and LAE by segment and for our other activities for the years ended December 31, 2019, 2018 and 2017:



	2019
	Non-life Run-off			Atrium			StarStone		Other		Total
Net losses paid	$	1,247,624		$	78,189		$	531,633	$	11,822	$	1,869,268
Net change in case and LAE reserves	(530,891		)	3,534			25,967		3,460		(497,930		)
Net change in IBNR reserves	(813,582		)	(4,782		)	166,427		756		(651,181		)
Increase (reduction) in estimates of net ultimate losses	(96,849		)	76,941			724,027		16,038		720,157
Increase (reduction) in provisions for unallocated LAE	(57,404		)	—			3,441		—		(53,963		)
Amortization of deferred charge assets	38,627			—			—		—		38,627
Amortization of fair value adjustments	50,070			335			168		—		50,573
Changes in fair value - fair value option	117,181			—			—		—		117,181
Net incurred losses and LAE	$	51,625		$	77,276		$	727,636	$	16,038	$	872,575



	2018
	Non-life Run-off			Atrium			StarStone			Other		Total
Net losses paid	$	838,817		$	64,506		$	477,130		$	4,092	$	1,384,545
Net change in case and LAE reserves	(547,420		)	6,331			75,887			4,808		(460,394		)
Net change in IBNR reserves	(565,385		)	4,091			113,879			7,999		(439,416		)
Increase (reduction) in estimates of net ultimate losses	(273,988		)	74,928			666,896			16,899		484,735
Increase (reduction) in provisions for unallocated LAE	(65,401		)	—			6,753			—		(58,648		)
Amortization of deferred charge assets	13,781			—			—			—		13,781
Amortization of fair value adjustments	12,877			(5,118		)	(266		)	—		7,493
Changes in fair value - fair value option	6,664			—			—			—		6,664
Net incurred losses and LAE	$	(306,067	)	$	69,810		$	673,383		$	16,899	$	454,025



	2017
	Non-life Run-off			Atrium			StarStone			Total
Net losses paid	$	581,723		$	55,678		$	307,793		$	945,194
Net change in case and LAE reserves	(381,053		)	8,338			31,685			(341,030		)
Net change in IBNR reserves	(390,727		)	7,679			(23,540		)	(406,588		)
Increase (reduction) in estimates of net ultimate losses	(190,057		)	71,695			315,938			197,576
Increase (reduction) in provisions for bad debt	(1,536		)	159			—			(1,377		)
Increase (reduction) in provisions for unallocated LAE	(53,810		)	285			(187		)	(53,712		)
Amortization of deferred charge assets	14,359			—			—			14,359
Amortization of fair value adjustments	10,114			(2,720		)	(945		)	6,449
Changes in fair value - fair value option	30,256			—			—			30,256
Net incurred losses and LAE	$	(190,674	)	$	69,419		$	314,806		$	193,551

Net incurred losses and LAE in the Non-life Run-off segment for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019								2018								2017
	Prior Period			Current Period		Total			Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	1,182,804		$	64,820	$	1,247,624		$	838,812		$	5	$	838,817		$	578,888		$	2,835	$	581,723
Net change in case and LAE reserves	(553,996		)	23,105		(530,891		)	(552,124		)	4,704		(547,420		)	(381,450		)	397		(381,053		)
Net change in IBNR reserves	(848,776		)	35,194		(813,582		)	(573,127		)	7,742		(565,385		)	(393,100		)	2,373		(390,727		)
Increase (reduction) in estimates of net ultimate losses	(219,968		)	123,119		(96,849		)	(286,439		)	12,451		(273,988		)	(195,662		)	5,605		(190,057		)
Reduction in provisions for bad debt	—			—		—			—			—		—			(1,536		)	—		(1,536		)
Increase (reduction) in provisions for unallocated LAE	(57,844		)	440		(57,404		)	(65,401		)	—		(65,401		)	(54,071		)	261		(53,810		)
Amortization of deferred charge assets	38,627			—		38,627			13,781			—		13,781			14,359			—		14,359
Amortization of fair value adjustments	50,070			—		50,070			12,877			—		12,877			10,114			—		10,114
Changes in fair value - fair value option	117,181			—		117,181			6,664			—		6,664			30,256			—		30,256
Net incurred losses and LAE	$	(71,934	)	$	123,559	$	51,625		$	(318,518	)	$	12,451	$	(306,067	)	$	(196,540	)	$	5,866	$	(190,674	)

Net incurred losses and LAE in the Atrium segment for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019								2018								2017
	Prior Period			Current Period		Total			Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	43,572		$	34,617	$	78,189		$	28,969		$	35,537	$	64,506		$	31,107		$	24,571	$	55,678
Net change in case and LAE reserves	(13,278		)	16,812		3,534			(10,161		)	16,492		6,331			(13,324		)	21,662		8,338
Net change in IBNR reserves	(38,380		)	33,598		(4,782		)	(27,507		)	31,598		4,091			(35,650		)	43,329		7,679
Increase (reduction) in estimates of net ultimate losses	(8,086		)	85,027		76,941			(8,699		)	83,627		74,928			(17,867		)	89,562		71,695
Increase in provisions for bad debt	—			—		—			—			—		—			89			70		159
Increase (reduction) in provisions for unallocated LAE	—			—		—			—			—		—			(442		)	727		285
Amortization of fair value adjustments	335			—		335			(5,118		)	—		(5,118		)	(2,720		)	—		(2,720		)
Net incurred losses and LAE	$	(7,751	)	$	85,027	$	77,276		$	(13,817	)	$	83,627	$	69,810		$	(20,940	)	$	90,359	$	69,419

Net incurred losses and LAE in the StarStone segment for the years ended December 31, 2019, 2018 and 2017 were as follows:



	2019							2018								2017
	Prior Period			Current Period		Total		Prior Period			Current Period		Total			Prior Period			Current Period		Total
Net losses paid	$	435,372		$	96,261	$	531,633	$	326,352		$	150,778	$	477,130		$	252,926		$	54,867	$	307,793
Net change in case and LAE reserves	(85,983		)	111,950		25,967		(81,491		)	157,378		75,887			(63,785		)	95,470		31,685
Net change in IBNR reserves	(214,787		)	381,214		166,427		(144,212		)	258,091		113,879			(208,244		)	184,704		(23,540		)
Increase (reduction) in estimates of net ultimate losses	134,602			589,425		724,027		100,649			566,247		666,896			(19,103		)	335,041		315,938
Increase (reduction) in provisions for unallocated LAE	(5,602		)	9,043		3,441		(5,892		)	12,645		6,753			(6,774		)	6,587		(187		)
Amortization of fair value adjustments	168			—		168		(266		)	—		(266		)	(945		)	—		(945		)
Net incurred losses and LAE	$	129,168		$	598,468	$	727,636	$	94,491		$	578,892	$	673,383		$	(26,822	)	$	341,628	$	314,806

Schedule of Gross and Net Losses and LAE Reserves by Category

For the year ended December 31, 2019, the overall change in our estimates of net ultimate losses related to prior periods by line of business within our Non-life Run-off was as presented in the table below:



	Net losses paid		Net change in case and LAE reserves			Net change in IBNR reserves			Increase (reduction) in estimates of net ultimate losses
Asbestos	$	118,557	$	35,003		$	(146,749	)	$	6,811
Environmental	16,899		13,796			(15,707		)	14,988
General Casualty	175,044		(89,968		)	(91,818		)	(6,742		)
Workers' Compensation	208,961		(156,435		)	(188,944		)	(136,418		)
Marine, aviation and transit	82,058		(77,958		)	(24,508		)	(20,408		)
Construction defect	32,078		(8,313		)	(25,025		)	(1,260		)
Professional indemnity/ Directors & Officers	103,413		(36,986		)	(104,984		)	(38,557		)
Motor	276,563		(134,127		)	(179,887		)	(37,451		)
Property	94,093		(73,259		)	(7,358		)	13,476
All Other	75,138		(25,749		)	(63,796		)	(14,407		)
Total	$	1,182,804	$	(553,996	)	$	(848,776	)	$	(219,968	)

For the year ended December 31, 2018, the overall change in our estimates of net ultimate losses related to prior periods by line of business within our Non-life Run-off was as presented in the table below:



	Net losses paid		Net change in case and LAE reserves			Net change in IBNR reserves			Increase (reduction) in estimates of net ultimate losses
Asbestos	$	108,248	$	(21,535	)	$	(151,662	)	$	(64,949	)
Environmental	21,273		479			(7,599		)	14,153
General Casualty	141,624		(115,240		)	(60,828		)	(34,444		)
Workers' Compensation	139,226		(178,138		)	(115,648		)	(154,560		)
Marine, aviation and transit	67,831		(44,200		)	(21,188		)	2,443
Construction defect	22,182		(7,257		)	(33,146		)	(18,221		)
Professional indemnity/ Directors & Officers	161,797		(11,159		)	(130,957		)	19,681
Motor	104,182		(109,962		)	(34,215		)	(39,995		)
Property	22,178		(24,271		)	(11,497		)	(13,590		)
All Other	50,271		(40,841		)	(6,387		)	3,043
Total	$	838,812	$	(552,124	)	$	(573,127	)	$	(286,439	)

For the year ended December 31, 2017, the overall change in our estimates of net ultimate losses related to prior periods by line of business within our Non-life Run-off was as presented in the table below:



	Net losses paid		Net change in case and LAE reserves			Net change in IBNR reserves			Increase (reduction) in estimates of net ultimate losses
Asbestos	$	105,731	$	(1,865	)	$	(76,837	)	$	27,029
Environmental	26,542		(9,438		)	(7,748		)	9,356
General Casualty	94,526		(54,292		)	(49,025		)	(8,791		)
Workers' Compensation	187,712		(190,924		)	(151,797		)	(155,009		)
Marine, aviation and transit	18,272		(9,322		)	(11,517		)	(2,567		)
Construction defect	33,802		(24,023		)	(42,804		)	(33,025		)
Professional indemnity/ Directors & Officers	33,402		(19,054		)	(24,559		)	(10,211		)
Motor	24,391		(15,990		)	(8,513		)	(112		)
Property	13,440		(11,196		)	(5,162		)	(2,918		)
All Other	41,070		(45,346		)	(15,138		)	(19,414		)
Total	$	578,888	$	(381,450	)	$	(393,100	)	$	(195,662	)



	2019
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Asbestos	$	542,681	$	1,373,678	$	1,916,359		$	490,117	$	1,271,982	$	1,762,099
Environmental	187,165		156,121		343,286			173,878		142,351		316,229
General casualty	501,863		489,129		990,992			399,396		421,426		820,822
Workers' compensation/personal accident	1,270,530		977,808		2,248,338			963,578		751,074		1,714,652
Marine, aviation and transit	290,067		121,577		411,644			244,611		100,135		344,746
Construction defect	29,772		98,312		128,084			29,245		94,888		124,133
Professional indemnity/Directors & Officers	693,760		265,490		959,250			485,478		170,926		656,404
Motor	480,668		233,806		714,474			317,829		165,543		483,372
Property	140,620		63,604		204,224			122,010		56,450		178,460
Other	269,956		165,882		435,838			208,647		97,573		306,220
	$	4,407,082	$	3,945,407	$	8,352,489		$	3,434,789	$	3,272,348	$	6,707,137
Fair value adjustments					(170,689		)					(157,036		)
Fair value adjustments - fair value option					(217,933		)					(129,848		)
Deferred charge on retroactive reinsurance					—							(272,462		)
ULAE					331,494							331,494
Total					$	8,295,361						$	6,479,285



	2018
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Asbestos	$	341,544	$	1,275,476	$	1,617,020		$	321,356	$	1,171,754	$	1,493,110
Environmental	96,665		126,035		222,700			93,095		117,384		210,479
General casualty	500,033		379,484		879,517			416,097		298,612		714,709
Workers' compensation/personal accident	1,454,178		832,615		2,286,793			1,115,116		537,782		1,652,898
Marine, aviation and transit	301,783		72,888		374,671			227,994		78,023		306,017
Construction defect	20,712		99,288		120,000			19,310		94,736		114,046
Professional indemnity/Directors & Officers	603,665		216,839		820,504			426,020		166,898		592,918
Motor	564,307		321,992		886,299			414,847		304,874		719,721
Property	168,267		37,631		205,898			160,873		36,817		197,690
Other	220,615		165,519		386,134			175,289		111,453		286,742
	$	4,271,769	$	3,527,767	$	7,799,536		$	3,369,997	$	2,918,333	$	6,288,330
Fair value adjustments					(217,527		)					(203,183		)
Fair value adjustments - fair value option					(374,752		)					(244,013		)
Deferred charge on retroactive reinsurance					—							(86,585		)
ULAE					333,405							333,405
Total					$	7,540,662						$	6,087,954



	2019
	Gross						Net
	OLR		IBNR		Total		OLR		IBNR		Total
	(in thousands of U.S. dollars)
Marine, Aviation and Transit	$	24,668	$	34,156	$	58,824	$	21,012	$	24,829	$	45,841
Binding Authorities	31,507		54,039		85,546		29,590		51,984		81,574
Reinsurance	18,385		29,533		47,918		16,209		23,338		39,547
Accident and Health	5,460		7,880		13,340		4,735		7,469		12,204
Non-Marine Direct and Facultative	9,121		10,935		20,056		8,584		9,637		18,221
Total	$	89,141	$	136,543	$	225,684	$	80,130	$	117,257	$	197,387
Fair value adjustments					3,700						3,181
ULAE					2,288						2,288
Total					$	231,672					$	202,856



	2018
	Gross						Net
	OLR		IBNR		Total		OLR		IBNR		Total
	(in thousands of U.S. dollars)
Marine, Aviation and Transit	$	32,999	$	36,011	$	69,010	$	21,460	$	24,207	$	45,667
Binding Authorities	28,512		59,302		87,814		26,601		57,016		83,617
Reinsurance	18,547		27,653		46,200		15,180		24,823		40,003
Accident and Health	4,972		6,348		11,320		4,225		5,837		10,062
Non-Marine Direct and Facultative	9,855		11,207		21,062		8,529		9,389		17,918
Total	$	94,885	$	140,521	$	235,406	$	75,995	$	121,272	$	197,267
Fair value adjustments					3,476						2,847
ULAE					2,402						2,402
Total					$	241,284					$	202,516



	2019
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Casualty	$	191,317	$	481,473	$	672,790		$	156,086	$	422,186	$	578,272
Marine	195,068		173,319		368,387			162,073		138,586		300,659
Property	367,258		152,514		519,772			158,156		92,655		250,811
Aerospace	79,249		33,000		112,249			47,796		22,862		70,658
Workers' Compensation	55,902		122,047		177,949			36,673		74,661		111,334
Total	$	888,794	$	962,353	$	1,851,147		$	560,784	$	750,950	$	1,311,734
Fair value adjustments					(522		)					1,600
ULAE					28,503							28,503
Total					$	1,879,128						$	1,341,837



	2018
	Gross							Net
	OLR		IBNR		Total			OLR		IBNR		Total
	(in thousands of U.S. dollars)
Casualty	$	177,432	$	331,432	$	508,864		$	137,828	$	282,026	$	419,854
Marine	185,084		182,453		367,537			163,889		133,426		297,315
Property	317,102		123,511		440,613			151,774		65,522		217,296
Aerospace	67,203		40,416		107,619			45,879		36,167		82,046
Workers' Compensation	49,373		110,082		159,455			33,759		68,969		102,728
Total	$	796,194	$	787,894	$	1,584,088		$	533,129	$	586,110	$	1,119,239
Fair value adjustments					(467		)					1,432
ULAE					25,076							25,076
Total					$	1,608,697						$	1,145,747

Incurred and Paid Loss Development Information, and IBNR Liabilities and Cumulative Loss Frequency



	Acquisition Year
	2009 and Prior		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Total
Asbestos	$	180,887	$	36,371	$	—	$	—	$	7,973	$	—	$	673	$	387,808	$	729,749	$	60,424	$	336,925	$	1,740,810
Environmental	44,461		10,364		—		—		—		—		—		101,649		26,798		17,247		108,094		308,613
General casualty	60,400		13,409		24,072		12,082		14,695		30,313		46,838		5,389		59,432		305,370		241,541		813,541
Workers' compensation/personal accident	3,362		49,828		145,975		3,986		58,316		—		331,383		266,932		73,069		385,223		392,454		1,710,528
Marine, aviation and transit	8,890		2,638		3,256		—		—		13,762		1,589		—		81,037		139,908		91,909		342,989
Construction defect	—		18		55		—		—		—		46,906		18,982		22,973		—		35,198		124,132
Professional indemnity/Directors & Officers	9,438		5,021		8,619		28,274		—		35,795		—		77,685		—		326,157		164,271		655,260
Motor	25,131		5,756		217		500		660		250		14,785		203		4,453		406,545		22,099		480,599
Property	3,957		4,058		298		6,199		—		14,127		3,581		—		455		66,755		78,785		178,215
All Other	17,889		13,843		422		6,295		3,361		5,587		7,600		26,528		118,979		16,562		84,344		301,410
Total	$	354,415	$	141,306	$	182,914	$	57,336	$	85,005	$	99,834	$	453,355	$	885,176	$	1,116,945	$	1,724,191	$	1,555,620	$	6,656,097

Business Acquired and Contracts Incepting in the Year Ended December 31, 2010



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																							As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	1,092,197	$	1,086,671	$	1,044,111	$	1,058,458	$	1,012,046	$	929,888	$	903,954	$	839,798	$	800,104	$	800,341	$	788,475	$	42,290	163,994
	$	1,092,197																			$	788,475	$	42,290	163,994

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	102,123	$	261,446	$	428,312	$	511,054	$	553,769	$	567,605	$	584,306	$	612,530	$	630,627	$	647,169
																					$	647,169
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																					$	141,306

Business Acquired and Contracts Incepting in the Year Ended December 31, 2011



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																									As of December 31, 2019
					For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)			2017 (unaudited)			2018 (unaudited)			2019			IBNR		Cumulative Number of Claims
2009 and Prior	$	596,121	$	621,742	$	586,636	$	490,822	$	424,001	$	370,995	$	315,912		$	270,905		$	256,864		$	235,348		$	23,721	112,787
2010	285		412		449		141		140		140		140			142			142			142			—		26
2011	—		102		36		45		54		61		71			79			86			93			—		19
2012	—				121		10		10		10		10			17			18			17			—		7
2013	—						23		43		15		15			15			15			15			—		16
2014	—								1		3		3			3			18			15			3		14
2015	—										—		(2		)	(2		)	32			24			5		1
2016	—												2			(139		)	(110		)	(99		)	8		2
2017	—															—			21			15			2		2
2018	—																		7			8			2		1
2019	—																					—			—		—
	$	596,406																				$	235,578		$	23,741	112,875

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
					For The Years Ended December 31,
Accident Year			2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)			2017 (unaudited)			2018 (unaudited)			2019
2009 and Prior			$	59,906	$	97,414	$	92,129	$	21,874	$	15,512	$	24,434		$	16,751		$	27,013		$	52,483
2010			$	91	115		140		140		140		140			142			142			142
2011			27		36		45		54		61		71			79			86			93
2012					6		10		10		10		10			17			17			17
2013							6		10		15		15			15			15			15
2014									1		3		3			3			4			7
2015											—		(2		)	(2		)	3			11
2016													2			(153		)	(124		)	(114		)
2017																—			3			6
2018																			1			4
2019																						—
																						$	52,664
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																						$	182,914

Business Acquired and Contracts Incepting in the Year Ended December 31, 2012



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	315,850	$	314,772	$	306,078	$	297,612	$	283,244	$	273,273	$	266,124	$	257,947	$	252,794	$	18,173	47,708
2010	831		920		3,068		2,788		2,400		2,468		1,368		1,242		1,208		64		6
2011	1,360		1,341		1,222		1,081		1,002		981		960		944		944		—		5
2012	50		74		45		332		315		371		363		152		152		—		6
2013	—				866		109		390		396		385		124		124		—		5
2014	—						2,736		2,843		1,420		1,189		1,093		1,048		23		7
2015	—								667		1,388		676		676		676		—		5
2016	—										61		1,158		1,019		969		139		2
2017	—												69		153		91		—		4
2018	—														—		141		18		1
2019	—																251		37		4
	$	318,091															$	258,398	$	18,454	47,753

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	2,754	$	67,858	$	108,965	$	139,542	$	163,845	$	173,921	$	187,091	$	197,236
2010			$	167	463		618		685		712		748		776		801
2011			110		454		679		792		849		905		944		944
2012			28		45		45		47		152		152		152		152
2013					100		109		124		124		124		124		124
2014							62		205		420		617		791		905
2015									103		107		676		676		676
2016											2		51		89		89
2017													12		39		91
2018															—		27
2019																	17
																	$	201,062
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance																	$	57,336

Business Acquired and Contracts Incepting in the Year Ended December 31, 2013



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	207,452	$	227,635	$	233,644	$	225,478	$	218,082	$	212,039	$	200,034	$	188,416	$	15,864	44,881
2010	110,795		118,652		117,915		133,289		135,364		125,148		123,802		122,441		4,635		11,537
2011	96,929		102,288		100,482		100,243		95,848		87,913		86,403		85,920		2,218		11,175
2012	131,119		127,323		121,364		118,085		114,772		110,045		107,853		108,025		2,090		10,420
2013	13,062		90,739		91,634		88,920		85,791		81,732		80,036		80,091		1,277		5,649
2014	—				4,514		3,714		3,425		16,800		16,225		16,304		90		175
2015	—						265		280		982		329		250		54		2
2016	—								103		71		70		69		2		1
2017	—										30		13		13		—		1
2018	—												22		17		—		1
2019	—														13		3		1
	$	559,357													$	601,559	$	26,233	83,843

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	48,802	$	84,422	$	109,918	$	128,474	$	129,803	$	136,898	$	140,814
2010			$	24,752	48,783		75,351		92,782		98,341		105,023		105,873
2011			30,323		52,455		63,952		70,498		75,055		77,290		79,113
2012			33,361		59,095		74,663		86,916		92,445		96,780		99,781
2013			17,022		37,653		52,638		62,876		68,866		71,487		74,556
2014					993		1,747		2,256		15,804		15,959		16,123
2015							43		102		112		165		190
2016									34		64		65		66
2017											9		13		13
2018													13		17
2019															8
															$	516,554
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance															$	85,005

Business Acquired and Contracts Incepting in the Year Ended December 31, 2014



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance															As of December 31, 2019
					For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	37,554	$	33,315	$	23,192	$	20,933	$	22,105	$	21,089	$	19,229	$	72	6,363
2010	104,408		100,017		100,345		133,784		119,430		115,341		122,063		10,628		6,454
2011	73,942		128,979		153,910		133,521		135,540		140,845		143,664		9,369		6,693
2012	140,683		146,060		177,122		185,261		178,247		165,223		162,068		11,175		5,086
2013	86,920		75,762		93,936		82,344		86,798		86,393		84,590		13,971		3,171
2014	—		12,826		9,503		13,817		7,420		5,765		5,589		1,731		1,113
2015	—				33,545		15,529		20,709		18,616		17,799		73		186
2016	—						330		1,075		4,607		773		89		44
2017	—								5,074		3,920		8,196		423		37
2018	—										6		5		—		17
2019	—												—		899		5
	$	443,507											$	563,976	$	48,430	29,169

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
					For The Years Ended December 31,
Accident Year			2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	7,044	$	13,090	$	15,652	$	16,337	$	16,884	$	16,934
2010			$	29,424	69,414		87,233		102,138		102,128		103,753
2011			84,042		109,574		110,338		113,406		120,564		126,650
2012			47,495		89,618		119,807		128,692		127,958		132,508
2013			21,752		40,237		47,537		55,882		63,256		62,009
2014			1,462		2,494		3,280		3,975		5,994		7,671
2015					1,739		4,295		11,465		13,487		12,774
2016							20		556		571		601
2017									537		1,553		1,237
2018											5		5
2019													—
													$	464,142
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance													$	99,834

Business Acquired and Contracts Incepting in the Year Ended December 31, 2015



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance													As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	953,149	$	877,641	$	585,616	$	536,452	$	508,471	$	467,530	$	51,305	11,285
2010	49,049		53,914		52,889		55,761		51,348		49,031		6,860		2,349
2011	124,400		137,102		130,994		129,386		127,098		127,673		18,940		5,379
2012	178,936		187,288		197,716		200,749		192,896		192,338		23,706		4,714
2013	229,182		189,430		196,205		199,593		188,572		184,189		16,027		5,182
2014	143,623		142,425		137,061		142,332		136,403		151,243		18,617		10,707
2015	22,540		69,067		68,034		65,243		63,776		68,388		5,125		21,014
2016	—				14,172		12,504		12,750		13,837		2,053		3,365
2017	—						4,056		4,497		5,194		453		900
2018	—								2,965		1,845		997		270
2019	—										1,804		1,775		3
	$	1,700,879									$	1,263,072	$	145,858	65,168

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	23,605	$	67,899	$	114,682	$	140,691	$	165,931
2010			$	9,191	15,301		19,665		25,625		28,455
2011			33,826		55,077		70,975		86,324		97,842
2012			52,728		94,767		119,382		142,165		158,417
2013			46,761		89,868		120,429		145,659		159,626
2014			30,747		64,353		90,738		109,149		125,226
2015			20,653		38,193		46,067		51,315		59,247
2016					5,325		7,038		8,298		9,405
2017							2,311		3,909		4,691
2018									558		835
2019											42
											$	809,717
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance											$	453,355

Business Acquired and Contracts Incepting in the Year Ended December 31, 2015 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance													As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	921,259	$	834,148	$	538,290	$	488,356	$	462,612	$	418,931	$	43,677	8,129
2010	31,919		34,360		31,402		30,407		27,922		26,913		1,877		471
2011	76,789		73,723		69,009		68,013		66,781		67,236		5,836		1,238
2012	120,298		110,007		108,251		106,625		100,187		98,532		5,774		1,804
2013	146,237		124,726		122,238		121,010		113,056		112,199		6,789		2,379
2014	82,141		86,852		82,038		83,095		78,389		78,457		2,633		3,680
2015	4,089		18,647		12,623		13,488		12,295		11,125		545		2,900
2016	—				873		955		583		536		72		38
2017	—						358		61		41		21		10
2018	—								—		5		3		1
2019	—										1		—		1
	$	1,382,732									$	813,976	$	67,228	20,651

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year			2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	16,278	$	56,563	$	96,000	$	115,884	$	137,417
2010			$	4,352	8,446		11,906		16,141		17,912
2011			16,032		30,462		39,635		50,470		55,595
2012			25,103		52,851		66,092		79,367		88,369
2013			27,737		55,675		75,065		91,559		100,890
2014			17,824		38,051		53,308		65,561		72,696
2015			3,034		5,672		7,917		9,169		9,248
2016					134		363		417		447
2017							2		10		18
2018									—		1
2019											—
											$	482,593
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance											$	331,383

Business Acquired and Contracts Incepting in the Year Ended December 31, 2016



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance											As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	1,263,726	$	1,274,524	$	1,302,307	$	1,282,385	$	1,287,000	$	303,592	22,892
2010	32,571		32,451		32,866		28,093		25,710		5,047		706
2011	17,291		17,291		19,920		19,754		18,829		2,830		789
2012	13,717		13,717		17,020		14,765		12,717		2,012		776
2013	373		373		1,312		1,237		1,120		827		112
2014	391		391		1,380		1,056		869		485		50
2015	—		—		—		—		—		—		—
2016	—		—		—		—		—		—		—
2017	—				—		—		—		—		—
2018	—						—		—		—		—
2019	—								—		—		—
	$	1,328,069							$	1,346,245	$	314,793	25,325

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Years Ended December 31,
Accident Year			2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	96,937	$	213,509	$	317,309	$	428,904
2010			$	2,757	7,111		10,001		14,236
2011			2,758		6,647		8,218		9,691
2012			2,734		5,206		6,461		7,587
2013			145		191		278		285
2014			178		207		284		366
2015			—		—		—		—
2016			—		—		—		—
2017					—		—		—
2018							—		—
2019									—
									$	461,069
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance									$	885,176

Business Acquired and Contracts Incepting in the Year Ended December 31, 2016 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance											As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	413,381	$	412,474	$	377,285	$	369,093	$	362,905	$	26,747	9,092
2010	24,075		25,330		26,034		22,383		19,541		3,660		323
2011	15,376		15,376		16,399		16,501		16,327		1,456		476
2012	13,074		13,074		15,465		13,276		11,379		1,093		608
2013	—		—		—		—		—		—		—
2014	—		—		—		—		—		—		—
2015	—		—		—		—		—		—		—
2016	—		—		—		—		—		—		—
2017	—				—		—		—		—		—
2018	—						—		—		—		—
2019	—								—		—		—
	$	465,906							$	410,152	$	32,956	10,499

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Years Ended December 31,
Accident Year			2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior			$	33,610	$	59,725	$	83,273	$	117,191
2010			$	1,908	5,539		7,326		9,891
2011			2,631		5,871		7,305		8,756
2012			2,638		5,028		6,247		7,382
2013			—		—		—		—
2014			—		—		—		—
2015			—		—		—		—
2016			—		—		—		—
2017					—		—		—
2018							—		—
2019									—
									$	143,220
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance									$	266,932

Business Acquired and Contracts Incepting in the Year Ended December 31, 2017



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance										As of December 31, 2019
			For the Years Ended December 31,
Accident Year	Total Net Reserves Acquired		2017 (unaudited)			2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	1,449,663	$	1,374,191		$	1,304,002	$	1,313,517	$	776,522	11,481
2010	34,561		28,737			18,908		21,021		8,209		36
2011	36,184		29,273			25,390		27,315		8,573		7
2012	39,449		35,467			31,240		29,452		6,389		11
2013	36,320		30,335			28,140		24,703		1,242		11
2014	31,474		20,315			16,984		15,996		2,195		20
2015	9,207		6,494			7,002		6,295		931		8
2016	1,484		(4		)	125		919		86		3
2017	95		174			—		—		416		1
2018	—					—		—		—		—
2019	—							—		—		—
	$	1,638,437						$	1,439,218	$	804,563	11,578

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Years Ended December 31,
Accident Year			2017 (unaudited)			2018 (unaudited)		2019
2009 and Prior			$	80,189		$	165,471	$	243,621
2010			$	4,287		7,394		9,121
2011			4,125			9,257		12,971
2012			10,348			15,371		18,603
2013			9,508			15,711		21,277
2014			6,482			8,987		11,559
2015			1,361			3,720		4,687
2016			(56		)	66		434
2017			4			—		—
2018						—		—
2019								—
								$	322,273
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	1,116,945

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	559,105	$	383,948	$	355,392	$	106,822	209,846
2010	88,147		108,810		94,273		23,039		13,799
2011	159,362		147,341		142,391		21,380		14,100
2012	225,177		219,807		211,156		20,218		14,055
2013	263,008		267,132		255,973		54,609		16,251
2014	408,726		453,181		423,289		90,111		18,887
2015	354,692		474,678		467,650		97,189		23,421
2016	170,311		172,245		174,845		55,384		2,094
2017	207,035		207,172		205,460		79,430		4,163
2018	315,659		315,659		285,038		88,411		4,929
2019	—				68,271		19,774		1,634
	$	2,751,222			$	2,683,738	$	656,367	323,179

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	41,953	$	36,359
2010			$	11,109	23,761
2011			26,998		47,261
2012			31,845		74,768
2013			42,312		90,716
2014			93,536		181,166
2015			100,598		191,150
2016			6,258		62,658
2017			52		72,794
2018			—		139,815
2019					39,099
					$	959,547
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	1,724,191

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - General Casualty



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	97,189	$	48,898	$	42,901	$	3,969	45,895
2010	30,895		23,086		23,059		7,004		1,885
2011	17,518		15,854		15,532		2,086		1,404
2012	36,536		31,901		27,774		3,716		1,567
2013	42,528		54,061		44,782		5,123		1,571
2014	65,355		80,316		72,333		16,793		2,210
2015	77,011		91,825		102,399		28,926		3,430
2016	28,825		28,825		36,585		14,377		253
2017	37,209		37,209		41,664		20,392		230
2018	39,888		39,888		40,753		20,480		182
2019	—				6,767		2,802		34
	$	472,954			$	454,549	$	125,668	58,661

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	3,496	$	7,146
2010			$	5,345	7,835
2011			2,236		6,621
2012			1,104		11,097
2013			10,015		19,756
2014			13,427		28,071
2015			15,163		32,244
2016			—		14,109
2017			—		11,048
2018			—		8,879
2019					2,373
					$	149,179
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	305,370

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance								As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)			2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	106,230	$	101,016		$	108,435	$	30,391	1,742
2010	24,838		25,149			24,102		8,642		355
2011	29,795		24,877			26,179		12,202		401
2012	28,788		29,174			27,723		12,633		468
2013	37,716		38,309			37,866		16,786		866
2014	65,000		66,305			57,128		24,865		1,335
2015	38,734		39,336			34,649		16,909		1,437
2016	44,686		44,686			38,945		21,267		892
2017	52,360		52,360			49,156		28,222		998
2018	65,075		65,075			60,923		24,137		886
2019	—					20,889		5,472		383
	$	493,222				$	485,995	$	201,526	9,763

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)			2019
2009 and Prior			$	3,633		$	10,643
2010			$	317		4,542
2011			(1,517		)	1,825
2012			521			5,513
2013			1,532			7,743
2014			3,248			14,666
2015			1,355			4,066
2016			—			3,666
2017			—			5,900
2018			—			28,725
2019						13,483
						$	100,772
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance						$	385,223

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Marine, Aviation & Transit



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance									As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)			2019			IBNR			Cumulative Number of Claims
2009 and Prior	$	26,321	$	28,798		$	20,641		$	(1,842	)	57,002
2010	3,324		2,062			(6,710		)	(1,049		)	3,243
2011	8,676		9,472			10,345			1,486			3,966
2012	16,069		12,297			10,151			(6,037		)	4,280
2013	43,798		35,462			29,464			2,404			5,720
2014	62,766		81,126			82,479			14,668			5,862
2015	26,007		65,209			72,055			8,758			6,606
2016	—		—			—			—			—
2017	—		—			—			—			—
2018	—		—			—			—			—
2019	—					—			—			—
	$	186,961				$	218,425		$	18,388		86,679

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)			2019
2009 and Prior			$	3,211		$	(3,789	)
2010			$	(3,689	)	(7,715		)
2011			4,953			5,901
2012			1,180			3,482
2013			5,642			11,734
2014			22,990			40,926
2015			21,956			27,978
2016			—			—
2017			—			—
2018			—			—
2019						—
						$	78,517
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance						$	139,908

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Professional Indemnity/Directors & Officers



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR			Cumulative Number of Claims
2009 and Prior	$	200,658	$	92,577	$	100,687	$	(1,316	)	52,393
2010	25,474		39,710		33,765		8,220			4,259
2011	44,476		50,663		46,111		2,837			3,745
2012	55,366		68,004		65,180		12,943			3,263
2013	56,251		60,010		74,018		9,407			3,223
2014	84,795		106,888		101,771		16,922			3,563
2015	45,515		97,288		79,028		19,285			3,903
2016	—		—		—		—			—
2017	—		—		—		—			—
2018	—		—		—		—			—
2019	—				—		—			—
	$	512,535			$	500,560	$	68,298		74,349

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	24,232	$	33,585
2010			$	3,644	12,243
2011			12,453		19,732
2012			15,706		22,837
2013			10,599		18,601
2014			21,640		40,189
2015			13,696		27,216
2016			—		—
2017			—		—
2018			—		—
2019					—
					$	174,403
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	326,157

Business Acquired and Contracts Incepting in the Year Ended December 31, 2018 - Motor



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance							As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2018 (unaudited)		2019		IBNR			Cumulative Number of Claims
2009 and Prior	$	17,648	$	15,490	$	10,781	$	(291	)	356
2010	23,548		13,937		15,187		1,015			922
2011	46,015		36,282		35,843		1,477			1,209
2012	62,432		55,338		60,620		6,949			1,594
2013	74,615		68,022		61,396		14,105			626
2014	111,418		99,140		86,887		10,440			1,140
2015	129,271		127,187		126,345		15,912			1,274
2016	90,166		92,100		93,824		19,439			644
2017	100,316		100,453		99,129		30,312			2,797
2018	180,471		180,471		157,556		42,546			3,731
2019	—				39,757		11,457			1,200
	$	835,900			$	787,325	$	153,361		15,493

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2018 (unaudited)		2019
2009 and Prior			$	2,398	$	5,112
2010			$	4,437	6,911
2011			5,631		12,112
2012			11,520		23,284
2013			10,226		27,839
2014			20,746		46,359
2015			19,857		58,433
2016			6,258		42,527
2017			52		48,655
2018			—		86,861
2019					22,687
					$	380,780
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance					$	406,545

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	604,631	$	598,841	$	330,575	81,869
2010	35,515		24,353		3,586		21,945
2011	47,718		38,961		1,506		21,380
2012	70,661		51,937		27,520		15,532
2013	110,426		87,708		36,879		19,223
2014	135,465		131,000		76,169		21,224
2015	182,991		186,727		99,838		35,276
2016	238,798		308,254		179,237		39,815
2017	116,386		116,386		116,386		2
2018	162,744		162,744		162,744		2
2019	—		54,601		12,706		85
	$	1,705,335	$	1,761,512	$	1,047,146	256,353

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	21,678
2010			4,923
2011			4,649
2012			6,455
2013			12,893
2014			26,910
2015			34,610
2016			68,179
2017			—
2018			—
2019			25,595
			$	205,892
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	1,555,620

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - General Casualty



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	4,396	$	4,415	$	670	693
2010	7,704		5,426		1,509		1,213
2011	11,381		8,817		2,347		1,148
2012	16,910		13,592		5,262		688
2013	22,355		16,934		7,515		448
2014	32,883		30,337		15,387		456
2015	58,563		45,594		30,556		346
2016	50,518		62,866		44,899		475
2017	32,188		32,188		32,188		1
2018	45,010		45,010		45,010		1
2019	—		1,709		475		3
	$	281,908	$	266,888	$	185,818	5,472

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	1,163
2010			1,031
2011			896
2012			3,136
2013			3,472
2014			4,103
2015			4,552
2016			6,193
2017			—
2018			—
2019			801
			$	25,347
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	241,541

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - Workers' Compensation



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	5,143	$	3,609	$	1,270	11,136
2010	713		726		642		1,352
2011	2,470		2,410		2,334		1,476
2012	6,274		6,173		6,090		2,102
2013	16,686		16,223		14,578		3,726
2014	34,945		35,252		30,998		3,956
2015	57,027		56,158		48,794		6,158
2016	84,171		85,396		73,087		6,612
2017	84,197		84,197		84,197		1
2018	117,734		117,734		117,734		1
2019	—		—		—		—
	$	409,360	$	407,878	$	379,724	36,520

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	577
2010			38
2011			24
2012			24
2013			451
2014			3,076
2015			3,635
2016			7,599
2017			—
2018			—
2019			—
			$	15,424
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	392,454

Business Acquired and Contracts Incepting in the Year Ended December 31, 2019 - Professional Indemnity/Directors & Officers



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance					As of December 31, 2019
			For the Year Ended December 31,
Accident Year	Total Net Reserves Acquired		2019		IBNR		Cumulative Number of Claims
2009 and Prior	$	6,696	$	4,052	$	812	10,399
2010	7,245		4,448		838		5,300
2011	18,093		10,292		1,947		6,511
2012	30,127		18,012		4,348		3,472
2013	46,758		35,881		9,945		4,411
2014	46,557		46,982		17,975		5,361
2015	29,527		32,577		7,665		5,856
2016	2,892		52,708		28,916		5,053
2017	—		—		—		—
2018	—		—		—		—
2019	—		3,251		961		3
	$	187,895	$	208,203	$	73,407	46,366

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For the Year Ended December 31,
Accident Year			2019
2009 and Prior			$	1,323
2010			326
2011			3,403
2012			3,216
2013			3,924
2014			14,955
2015			7,193
2016			8,067
2017			—
2018			—
2019			1,525
			$	43,932
Total outstanding liabilities for unpaid losses and LAE, net of reinsurance			$	164,271



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,																				As of December 31, 2019
Accident Year	2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	546,446		609,275		593,467		573,576		569,959		564,128		560,524		558,768		556,252		553,325		2,839		1,381
2010	26,782		64,985		57,835		51,698		47,558		46,024		45,540		44,289		43,739		43,723		518		201
2011			86,326		84,661		72,898		71,104		69,385		68,083		67,358		66,904		66,534		991		252
2012					70,259		57,279		55,903		53,723		51,930		51,012		50,541		50,352		601		385
2013							58,326		63,710		57,798		54,472		51,706		52,049		50,638		1,441		566
2014									69,253		69,500		66,104		60,542		57,667		56,737		3,104		932
2015											69,646		71,498		63,530		60,210		58,785		6,018		1,515
2016													73,190		75,318		70,179		67,031		10,449		2,803
2017															90,247		94,984		91,109		20,400		5,053
2018																	85,044		91,621		37,297		6,644
2019																			86,269		33,598		5,362
																	Total		$	1,216,124	$	117,257	25,094
⁽¹⁾ Total of IBNR plus expected development on reported losses.

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2010 (unaudited)		2011 (unaudited)		2012 (unaudited)		2013 (unaudited)		2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	491,683	$	510,113	$	521,740	$	531,928	$	536,706	$	541,597	$	543,591	$	544,954	$	543,253	$	544,625
2010	11,442		25,127		32,223		36,530		39,022		40,049		40,650		41,223		41,386		41,631
2011			17,138		39,997		52,450		58,627		62,560		63,914		65,199		64,669		65,040
2012					11,228		31,474		37,991		42,152		44,430		45,321		46,901		47,598
2013							14,579		32,064		40,443		43,511		45,387		46,099		46,637
2014									17,596		34,368		41,595		46,879		48,542		51,263
2015											12,029		29,687		38,987		44,544		47,704
2016													13,729		34,606		44,273		47,962
2017															14,371		47,723		56,057
2018																	13,130		34,166
2019																			36,054
																	Total		$	1,018,737
					Total outstanding liabilities for unpaid losses and LAE, net of reinsurance														$	197,387



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,												As of December 31, 2019
Accident Year	2014 (Unaudited)		2015 (Unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	82,278	$	82,329	$	82,400	$	82,324	$	82,535	$	82,574	$	—	2,543
2010	16,623		17,769		17,856		18,538		18,556		18,612		119		729
2011	21,101		25,435		25,745		24,971		25,422		26,159		765		2,035
2012	56,891		48,251		43,936		40,095		39,477		42,055		3,059		3,128
2013	72,771		66,888		77,756		76,172		78,788		87,575		9,817		4,998
2014	91,369		92,793		92,812		90,335		90,588		101,748		19,074		5,734
2015			105,135		111,067		110,179		123,208		131,156		22,056		4,744
2016					125,367		129,130		140,601		169,207		39,548		4,467
2017							137,614		162,599		194,259		64,639		4,830
2018									159,324		181,499		90,672		3,902
2019											198,218		172,437		2,780
									Total		$	1,233,062	$	422,186	39,890
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014 (Unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	82,257	$	82,319	$	82,395	$	82,318	$	82,534	$	82,546
2010	15,555		17,768		17,855		18,537		18,555		18,466
2011	15,745		21,088		23,731		24,294		24,925		25,389
2012	18,412		29,503		32,694		33,943		36,162		36,076
2013	23,054		30,448		50,137		54,688		60,389		69,703
2014	5,769		21,911		37,607		50,767		64,672		68,827
2015			8,088		27,292		49,014		68,194		92,327
2016					4,642		42,935		74,921		97,715
2017							9,997		50,705		107,625
2018									20,649		47,973
2019											8,143
									Total		$	654,790
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	578,272



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,										As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	27,070	$	27,002	$	27,018	$	27,050	$	27,076	$	27,100	$	—	1,991
2010	22,347		19,270		19,114		19,176		19,040		19,050		144		1,029
2011	29,527		27,753		27,330		27,371		27,715		33,538		514		1,961
2012	47,957		51,418		51,074		49,813		50,618		59,597		405		2,422
2013	62,904		55,154		52,938		53,913		57,224		46,309		243		2,226
2014	50,079		53,452		48,450		54,958		50,576		50,026		833		4,003
2015			71,004		70,033		79,494		81,088		82,698		1,082		5,742
2016					82,486		83,070		87,169		86,774		4,214		6,904
2017							130,700		158,785		166,042		10,802		8,524
2018									167,902		167,565		33,836		9,881
2019											163,412		86,513		5,219
									Total		$	902,111	$	138,586	49,902
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2008 and Prior	$	26,939	$	26,990	$	27,015	$	27,042	$	27,077	$	27,092
2009	16,300		18,324		18,403		18,372		18,437		18,539
2010	29,395		31,152		32,397		32,643		32,803		32,558
2011	49,727		53,711		55,446		56,589		57,206		57,711
2012	12,529		21,213		25,135		27,237		29,071		38,733
2013	10,878		24,813		32,332		36,773		42,420		43,789
2014			10,871		30,562		50,062		56,154		59,478
2015					12,131		41,696		57,265		72,475
2016							25,258		68,952		108,000
2017									41,427		104,825
2018											38,252
									Total		$	601,452
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	300,659



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,												As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	113,828	$	113,118	$	113,206	$	113,696	$	114,633	$	114,991	$	—	2,901
2010	74,893		73,437		72,072		72,134		72,146		72,088		—		1,557
2011	91,161		89,708		89,752		89,441		89,359		89,708		4		1,621
2012	65,824		61,707		60,683		61,637		58,721		58,985		12		1,501
2013	78,145		65,152		64,804		63,959		62,177		60,582		13		1,959
2014	58,975		43,848		43,169		43,603		41,563		40,818		1,082		2,094
2015			78,993		76,550		70,359		70,244		71,189		3,964		5,720
2016					87,562		95,557		95,151		95,038		2,672		6,791
2017							155,484		171,665		183,584		6,554		8,034
2018									165,311		178,800		8,433		6,653
2019											122,118		69,922		3,277
									Total		$	1,087,901	$	92,656	42,108
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	112,693	$	112,957	$	112,987	$	113,237	$	113,143	$	113,338
2010	69,070		71,958		72,069		72,131		72,148		71,969
2011	87,411		88,608		89,113		89,366		89,345		89,387
2012	48,103		52,168		54,308		55,274		55,474		57,753
2013	30,880		46,285		51,086		53,172		59,277		60,416
2014	5,500		18,830		31,617		34,563		36,106		37,240
2015			10,433		28,652		55,372		63,880		64,764
2016					26,838		58,035		75,387		85,023
2017							37,410		98,267		139,555
2018									59,187		98,065
2019											19,580
									Total		$	837,090
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	250,811



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,												As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—	$	—	—
2010	18,441		18,073		18,382		18,896		18,970		18,772		17		579
2011	58,786		57,257		57,681		58,114		59,647		58,770		61		2,197
2012	55,675		55,370		56,212		56,159		57,450		57,185		125		2,421
2013	72,098		70,180		70,511		74,900		77,393		76,964		274		2,568
2014	65,208		53,541		53,553		52,341		54,408		48,657		464		2,861
2015			66,335		69,499		72,519		73,183		71,196		1,318		2,975
2016					37,741		45,019		48,180		45,380		1,714		2,880
2017							31,380		35,075		56,354		3,142		3,100
2018									59,498		55,986		3,980		2,891
2019											45,483		11,766		1,232
									Total		$	534,747	$	22,861	23,704
⁽¹⁾ Total of IBNR plus expected development on reported losses
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—
2010	15,396		16,539		17,145		18,209		18,494		18,548
2011	53,821		55,179		55,858		56,435		57,028		57,555
2012	45,897		49,332		52,142		53,622		54,812		55,585
2013	50,842		59,850		63,439		68,775		72,770		73,511
2014	17,297		31,147		38,426		40,678		43,801		43,779
2015			32,388		52,185		60,820		64,000		66,293
2016					11,815		31,858		37,037		39,361
2017							10,398		28,221		45,946
2018									25,552		40,304
2019											23,207
									Total		$	464,089
			Total outstanding liabilities for unpaid losses and LAE, net of reinsurance								$	70,658



Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,										As of December 31, 2019
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019		IBNR⁽¹⁾		Cumulative Number of Claims
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—	$	—	—
2010	—		—		—		—		—		—		—		—
2011	—		—		—		—		—		—		—		—
2012	—		—		—		—		—		—		—		—
2013	—		—		—		—		—		—		—		—
2014	15,607		17,199		18,290		15,662		15,203		14,873		1,421		1,062
2015			54,977		55,505		50,103		47,338		45,812		4,905		2,522
2016					62,942		54,121		54,793		55,150		9,101		2,507
2017							43,366		39,089		29,676		6,037		2,110
2018									44,615		39,247		13,672		2,820
2019											56,754		39,525		2,860
									Total		$	241,512	$	74,661	13,881
⁽¹⁾ Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
			For The Years Ended December 31,
Accident Year	2014 (unaudited)		2015 (unaudited)		2016 (unaudited)		2017 (unaudited)		2018 (unaudited)		2019
2009 and Prior	$	—	$	—	$	—	$	—	$	—	$	—
2010	—		—		—		—		—		—
2011	—		—		—		—		—		—
2012	—		—		—		—		—		—
2013	—		—		—		—		—		—
2014	1,491		6,079		9,279		11,431		12,243		12,617
2015			6,361		20,194		30,439		35,311		37,385
2016					7,953		23,428		32,739		39,333
2017							5,477		13,509		18,899
2018									4,508		15,064
2019											6,880
									Total		$	130,178
					Total outstanding liabilities for unpaid losses and LAE, net of reinsurance						$	111,334

Short-duration Insurance Contracts, Reconciliation Of Net Loss Reserves Prior To Provision For Bad Debt



	2019
	Total Net Reserves per all Acquisition Years		Provision for Bad Debt		Total Net Reserves
Asbestos	$	1,740,810	$	21,289	$	1,762,099
Environmental	308,613		7,616		316,229
General casualty	813,541		7,281		820,822
Workers' compensation/personal accident	1,710,528		4,124		1,714,652
Marine, aviation and transit	342,989		1,757		344,746
Construction defect	124,132		1		124,133
Professional indemnity/Directors & Officers	655,260		1,144		656,404
Motor	480,599		2,773		483,372
Property	178,215		245		178,460
All Other	301,410		4,810		306,220
Total	$	6,656,097	$	51,040	$	6,707,137

Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	197,387
Reinsurance recoverable on unpaid losses	28,297
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	225,684

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	578,272
Reinsurance recoverable on unpaid losses	94,518
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	672,790

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	300,659
Reinsurance recoverable on unpaid losses	67,728
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	368,387

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	250,811
Reinsurance recoverable on unpaid losses	268,961
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	519,772

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	70,658
Reinsurance recoverable on unpaid losses	41,591
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	112,249

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2019 is set forth below:



	2019
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	111,334
Reinsurance recoverable on unpaid losses	66,615
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	177,949

Average Annual Duration of Claims



	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
Year of Acquisition	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
2010 - All lines of business	12.95	%	20.21	%	21.16	%	10.49	%	5.42	%	1.75	%	2.12	%	3.58	%	2.30	%	2.10	%
2011 - All lines of business	25.48	%	15.94	%	(2.22	)%	(29.82	)%	(2.70	)%	3.79	%	(3.32	)%	4.38	%	10.83	%
2012 - All lines of business	1.18	%	25.49	%	16.08	%	12.00	%	9.56	%	4.26	%	5.22	%	4.02	%
2013 - All lines of business	25.64	%	21.47	%	15.78	%	10.91	%	6.08	%	3.86	%	2.14	%
2014 - All lines of business	33.91	%	23.93	%	10.99	%	7.95	%	3.44	%	2.08	%
2015 - All lines of business	17.22	%	16.89	%	12.71	%	9.69	%	7.60	%
2015 - Workers' compensation	13.56	%	16.89	%	12.58	%	9.62	%	6.64	%
2016 - All lines of business	7.84	%	9.46	%	8.15	%	8.80	%
2016 - Workers' Compensation	9.94	%	8.63	%	6.82	%	9.53	%
2017 - All lines of business	8.08	%	7.62	%	6.69	%
2018 - All lines of business	13.22	%	22.54	%
2018 - General Casualty	11.17	%	21.65	%
2018 - Workers' Compensation	1.87	%	18.87	%
2018 - Marine, Aviation & Transit	25.75	%	10.20	%
2018 - Professional Indemnity/Directors & Officers	20.37	%	14.47	%
2018 - Motor	10.30	%	38.06	%
2019 - All lines of business	11.69	%
2019 - General Casualty	9.50	%
2019 - Workers' Compensation	3.78	%
2019 - Professional Indemnity/Directors & Officers	21.10	%

The following is unaudited supplementary information for average annual historical duration of claims within the Atrium segment:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Atrium	24.69	%	32.30	%	14.57	%	8.25	%	4.69	%	2.47	%	1.88	%	0.63	%	0.47	%	0.56	%

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Casualty	5.87	%	17.83	%	17.73	%	17.98	%	13.06	%	5.94	%	3.72	%	1.44	%	0.71	%	(0.23	)%

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Marine	18.70	%	29.98	%	19.76	%	9.79	%	5.60	%	3.86	%	4.63	%	0.32	%	(0.09	)%	0.30	%

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Property	20.98	%	29.19	%	27.01	%	8.82	%	2.69	%	3.22	%	0.54	%	1.04	%	—	%	0.20	%

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Aerospace	37.03	%	31.40	%	16.33	%	4.98	%	4.76	%	3.00	%	1.81	%	2.68	%	1.21	%	0.29	%

The following is unaudited supplementary information for average annual historical duration of claims:



	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers' compensation	13.40	%	28.61	%	19.73	%	12.35	%	4.99	%	2.51	%	—	%	—	%	—	%	—	%

Debt Obligations and Credit Facilities - EGL Revolving Credit Facility (Details)		2 Months Ended	12 Months Ended
	Aug. 16, 2018 USD ($)	Feb. 21, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Repayment of loans			$ (742,574,000)	$ (914,319,000)	$ (912,140,000)
Loan facilities
Debt Instrument [Line Items]
Repayment of loans			$ (742,600,000)
Loan facilities \| EGL Revolving Credit Facility
Debt Instrument [Line Items]
Facility term	5 years		5 years
Maximum borrowing capacity	$ 600,000,000.0		$ 600,000,000.0
Increase in borrowing capacity, limit	$ 400,000,000.0
Available unutilized capacity			$ 600,000,000.0
Covenant compliance, consolidated indebtedness to total capitalization (not greater than)	0.35
Covenant compliance, net income (loss) threshold	$ 2,300,000,000
Covenant compliance, net income threshold percent	50.00%
Covenant compliance, percentage of proceeds of common stock issuance	50.00%
Subsequent Event \| Loan facilities \| EGL Revolving Credit Facility
Debt Instrument [Line Items]
Available unutilized capacity		$ 595,000,000.0
Repayment of loans		$ (5,000,000.0)

Dividend Restrictions and Statutory Financial Information

12 Months Ended

Dec. 31, 2019

Dividend Restrictions and Statutory Financial Information

22. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2019. Bermuda law permits the payment of dividends if (i) we are not, or would not be after payment, unable to pay our liabilities as they become due and (ii) the realizable value of our assets is in excess of our liabilities after taking such payment into account. We have not historically declared a dividend on our ordinary shares. The issuance of our Series D and E Preferred Shares have resulted in the declaration of dividends. Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year of 7.0% per annum. Refer to Note 17 - "Share Capital" for details regarding dividends on preferred shares.

The Bermuda Monetary Authority ("BMA") acts as group supervisor to Enstar. On an annual basis, we are required to file group statutory financial statements, a group statutory financial return, a group capital and solvency return, audited group financial statements and a Group Solvency Self-Assessment ("GSSA") with the BMA. The GSSA is designed to document our perspective on the capital resources necessary to achieve our business strategies and remain solvent, and to provide the BMA with insights on our risk management, governance procedures and documentation related to this process. We are required to maintain available group statutory capital and surplus in an amount that is at least equal to the group enhanced capital requirement ("Group ECR"). The BMA has also established a group target capital level equal to 120% of the Group ECR. We are in compliance with these requirements.

Our ability to pay dividends to our shareholders is dependent upon the ability of our insurance and reinsurance subsidiaries to distribute capital and pay dividends to us. Our insurance and reinsurance subsidiaries are subject to certain regulatory restrictions on the distribution of capital and payment of dividends in the jurisdictions in which they operate, as described below. The restrictions are generally based on net income or levels of capital and surplus as determined in accordance with the relevant statutory accounting practices. Failure of these subsidiaries to meet their applicable regulatory requirements could result in restrictions on any distributions of capital or retained earnings or stricter regulatory oversight of the subsidiaries.

Our ability to pay dividends and make other forms of distributions may also be limited by repayment obligations and financial covenants in our outstanding loan facility agreements.

Subsidiary Statutory Financial Information and Dividend Restrictions

Our insurance and reinsurance subsidiaries prepare their statutory financial statements in accordance with statutory accounting practices prescribed or permitted by local regulators. Statutory accounting differs from U.S. GAAP, including in the treatment of investments, acquisition costs and deferred income taxes, amongst other items.

The statutory capital and surplus amounts for the years ended December 31, 2019 and 2018 and statutory net income amounts for the years ended December 31, 2019, 2018 and 2017 for our insurance and reinsurance subsidiaries based in Bermuda, the United Kingdom, Australia, the United States and Continental Europe are summarized in the table below which includes information relating to acquisitions from the year of acquisition:



	Statutory Capital and Surplus
	Required				Actual				Statutory Income
	2019		2018		2019		2018		2019		2018			2017
Bermuda	$	2,138,395	$	1,591,991	$	4,016,663	$	3,701,825	$	643,683	$	29,486		$	390,752
U.K.	837,104		654,721		1,532,751		715,448		154,644		(52,936		)	77,900
U.S.	364,507		392,394		861,379		660,470		121,406		(75,005		)	(5,065		)
Europe	94,334		239,582		229,344		431,863		11,816		(17,611		)	(4,245		)
Australia	18,110		22,535		37,815		26,882		4,847		1,761			(874		)

As of December 31, 2019, the total amount of net assets of our consolidated subsidiaries that were restricted was $3.5 billion.

Certain material aspects of these laws and regulations as they relate to solvency, dividends and capital and surplus are summarized below.

Bermuda

Our Bermuda-based insurance and reinsurance subsidiaries are registered under the Insurance Act 1978 of Bermuda and related regulations, as amended (the "Insurance Act"). The Insurance Act imposes certain solvency and liquidity standards and auditing and reporting requirements and grants the BMA powers to supervise, investigate, require information and the production of documents and intervene in the affairs of insurance companies.

The Insurance Act requires that our Bermuda-based insurance and reinsurance subsidiaries maintain certain solvency and liquidity standards. The minimum liquidity ratio requires that the value of relevant assets not be less than 75% of the amount of relevant liabilities. The minimum solvency margin, which varies depending on the class of the insurer, is determined as a percentage of either net reserves for losses and LAE or premiums or pursuant to a risk-based capital measure. Our Bermuda subsidiaries with commercial insurance licenses are required to maintain a minimum statutory capital and surplus (Enhanced Capital Requirement or "ECR") at least equal to the greater of a minimum solvency margin or the Bermuda Solvency Capital Requirement ("BSCR"). The BSCR is calculated based on a standardized risk-based capital model.

Each of our regulated Bermuda subsidiaries would be prohibited from declaring or paying any dividends if it were in breach of its minimum solvency margin or liquidity ratio or if the declaration or payment of such dividends would cause it to fail to meet such margin or ratio. In addition, each of our regulated Bermuda subsidiaries is prohibited, without the prior approval of the BMA, from reducing by 15% or more its total statutory capital, or from reducing by 25% of more its total statutory capital and surplus, as set out in its previous year’s statutory financial statements. Our Bermuda insurance companies that are in run-off are required to seek BMA approval for any dividends or distributions.

As of December 31, 2019 and 2018, each of our Bermuda-based insurance and reinsurance subsidiaries exceeded their respective minimum solvency and liquidity requirements. The Bermuda insurance and reinsurance subsidiaries in aggregate exceeded minimum solvency requirements by $1.9 billion as of December 31, 2019 (2018: $2.1 billion) and were in compliance with their liquidity requirements.

United Kingdom

U.K. Insurance Companies (non-Lloyd's)

Our U.K. based insurance subsidiaries are regulated by the U.K. Prudential Regulatory Authority (the "PRA") and the Financial Conduct Authority (the "FCA", together with the PRA, the "U.K. Regulator").

Our U.K.-based insurance subsidiaries are required to maintain adequate financial resources in accordance with the requirements of the U.K. Regulator. Insurers must comply with a Solvency Capital Requirement ("SCR"), which is calculated using either the Solvency II standard formula or a bespoke internal model. Our non-Lloyd's U.K. companies use the standard formula.

The calculation of the minimum capital resources requirements in any particular case depends on, among other things, the type and amount of insurance business written and claims paid by the insurance company. As of December 31, 2019 and 2018, all of our U.K. insurance subsidiaries maintained capital in excess of the minimum capital resources requirements and complied with the relevant U.K. Regulator requirements. The U.K.-based insurance subsidiaries, in aggregate, maintained capital in excess of the minimum capital resources requirements by $695.6 million and $60.7 million as of December 31, 2019 and 2018, respectively.

The U.K. Regulator’s rules require our U.K. insurance subsidiaries to obtain regulatory approval for any proposed or actual payment of a dividend. The U.K. Regulator uses the SCR, among other tests, when assessing requests to make distributions.

Lloyd’s

As of December 31, 2019, we participated in the Lloyd’s market through our interests in: (i) Atrium’s Syndicate 609, which is managed by Atrium Underwriters Limited, a Lloyd's managing agent, and the Atrium corporate member; (ii) StarStone’s Syndicate 1301, which is managed by StarStone Underwriting Limited ("SUL"), a Lloyd’s managing agent, and the StarStone corporate member; and (iii) Syndicate 2008, a wholly aligned syndicate that has permission to underwrite RITC business and other run-off or discontinued business type transactions with other Lloyd’s syndicates, and its corporate member. During 2015, SUL assumed the role of managing agent for Syndicate 2008 in place of Shelbourne Syndicate Services Limited as we streamlined our organizational structure and combined Shelbourne and

StarStone resources into one agency. For the 2019 underwriting year, participation in all three syndicates has been through a common corporate member.

The underwriting capacity of a member of Lloyd’s is supported by providing Funds at Lloyd’s, as described in Note 6 - "Investments". Business plans, including maximum underwriting capacity, for Lloyd’s syndicates requires annual approval by the Lloyd’s Franchise Board, which may require changes to any business plan or additional capital to support underwriting plans.

The Lloyd’s market has applied the Solvency II internal model under Lloyd’s supervision, and our Lloyd’s operations are required to meet Solvency II standards. Lloyd's has the approval of the PRA to use its internal model under the Solvency II regime.

United States

Our U.S. non-life run-off and active underwriting insurance and reinsurance subsidiaries are subject to the insurance laws and regulations of the states in which they are domiciled, licensed and/or eligible to conduct business. These laws restrict the amount of dividends the subsidiaries can pay to us. The restrictions are generally based on statutory net income and/or certain levels of statutory surplus as determined in accordance with the relevant statutory accounting requirements of the individual domiciliary states or states in which any of the insurance or reinsurance subsidiaries are domiciled. Generally, prior regulatory approval must be obtained before an insurer may pay a dividend or make a distribution above a specified level.

The U.S. insurance and reinsurance subsidiaries are also required to maintain minimum levels of solvency and liquidity as determined by law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by our life company in relation to risks associated with: (i) asset risk; (ii) insurance risk; (iii) interest rate risk and (iv) business risk. For all of our U.S. insurance and reinsurance subsidiaries, with the exception of one subsidiary which has a permitted accounting practice to treat an adverse development cover reinsurance agreement as prospective reinsurance, there are no prescribed or permitted statutory accounting practices that differ significantly from the statutory accounting principles established by NAIC.

As of December 31, 2019, all of our U.S. non-life insurance and reinsurance subsidiaries exceeded their required levels of risk-based capital. On an aggregate basis, our U.S. non-life insurance and reinsurance subsidiaries exceeded their minimum levels of risk-based capital as of December 31, 2019 by $488.3 million (December 31, 2018: $359.6 million).

Europe

Our Liechtenstein insurance subsidiary (StarStone Insurance SE) is regulated by the Liechtenstein Financial Market Authority ("FMA") pursuant to the Liechtenstein Insurance Supervisory Act. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2019, this subsidiary exceeded the Solvency II requirements by $119.0 million (2018: $133.9 million). The amount of dividends that this subsidiary is permitted to distribute is restricted to freely distributable reserves, which consist of retained earnings, the current year profit and legal reserves. Any dividend exceeding the current year profit requires the FMA’s approval. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution.

Our Belgian insurance subsidiary files financial statements and returns with the National Bank of Belgium. This subsidiary was in compliance with its solvency and capital requirements under Solvency II.

Harper Insurance Limited, which was previously regulated in Switzerland, was re-domiciled to Bermuda on January 1, 2019. It is now required to file regulatory returns in both Bermuda and for its branch in the UK. The UK requirements are more constrictive then those in Bermuda thus these have been included in the "United Kingdom" section above.

Income Taxation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Bermuda income taxes, statutory rate	0.00%	0.00%	0.00%
Valuation allowance	$ 117,390,000	$ 212,113,000
Increase (decrease) in valuation allowance	(94,700,000)		$ (7,400,000)
Utilized deferred tax asset	69,700,000
Deferred tax asset valuation allowance release	25,000,000.0
Unrecognized tax benefits	0	0	0
Accrued interest and penalties related to unrecognized tax benefits	$ 0	$ 0	0
Decrease in deferred tax assets			$ 63,800,000

Share-Based Compensation and Pensions - Restricted Shares and Restricted Share Units (Details) - Restricted shares and restricted share units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of Shares
Nonvested — January 1 (shares)	59,936
Granted (shares)	50,054
Vested (shares)	(42,462)
Forfeited (shares)	(2,956)
Nonvested — December 31 (shares)	64,572
Weighted-Average Share Price of Award
Nonvested - January 1 (dollars per share)	$ 191.89
Granted (dollars per share)	176.16
Vested (dollars per share)	189.98
Forfeited (dollars per share)	206.85
Nonvested - December 31 (dollars per share)	$ 180.49
Unrecognized compensation cost	$ 6.0
Unrecognized compensation cost, period of recognition	2 years 1 month 6 days

Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at beginning of year	$ 458,543	$ 479,606
Capital contributions	13,127	55,377
Dividends paid	(11,556)	(3,852)
Net loss attributable to RNCI	(12,029)	(64,794)
Accumulated other comprehensive income attributable to RNCI	(116)	(240)
Change in redemption value of RNCI	(9,178)	(7,554)
Balance at end of year	$ 438,791	$ 458,543
Subsidiaries \| Trident
Redeemable Noncontrolling Interest [Line Items]
Ownership interest held by noncontrolling owners	39.30%	39.30%
Subsidiaries \| Dowling
Redeemable Noncontrolling Interest [Line Items]
Ownership interest held by noncontrolling owners	1.70%	1.70%

Dividend Restrictions and Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Statutory Capital and Surplus



	Statutory Capital and Surplus
	Required				Actual				Statutory Income
	2019		2018		2019		2018		2019		2018			2017
Bermuda	$	2,138,395	$	1,591,991	$	4,016,663	$	3,701,825	$	643,683	$	29,486		$	390,752
U.K.	837,104		654,721		1,532,751		715,448		154,644		(52,936		)	77,900
U.S.	364,507		392,394		861,379		660,470		121,406		(75,005		)	(5,065		)
Europe	94,334		239,582		229,344		431,863		11,816		(17,611		)	(4,245		)
Australia	18,110		22,535		37,815		26,882		4,847		1,761			(874		)

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Income Taxation

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxation

20. INCOME TAXATION

Enstar Group Limited is incorporated under the laws of Bermuda and under Bermuda law is not required to pay taxes in Bermuda based upon income or capital gains. The Company, under the Exempted Undertakings Tax Protection Act of 1966, is protected against any legislation that may be enacted in Bermuda which would impose any tax on profits, income, or gain until March 31, 2035.

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 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 unremitted earnings as management has indefinitely reinvested 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.



	2019		2018			2017
Domestic (Bermuda)	$	576,339	$	(232,743	)	$	167,263
Foreign	356,317		14,347			147,148
Total earnings (loss) before income tax on continuing operations	$	932,656	$	(218,396	)	$	314,411

The following table presents our current and deferred income tax expense (benefit) from continuing operations by jurisdiction for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Current:
Domestic (Bermuda)	$	—		$	—		$	—
Foreign	18,433			(3,632		)	10,299
	18,433			(3,632		)	10,299
Deferred:
Domestic (Bermuda)	—			—			—
Foreign	(13,996		)	(2,492		)	(16,694		)
	(13,996		)	(2,492		)	(16,694		)
Total income tax expense (benefit) on continuing operations	$	4,437		$	(6,124	)	$	(6,395	)



	2019			2018			2017
Earnings (loss) before income tax	$	932,656		$	(218,396	)	$	314,411
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	8.6		%	0.7		%	13.1		%
Change in valuation allowance	(8.2		)%	(0.3		)%	(34.9		)%
Effect of change in foreign (U.S.) tax rate	—		%	—		%	20.3		%
U.S. base erosion and anti-abuse tax	0.5		%	(0.6		)%	—		%
Other	(0.4		)%	3.0		%	(0.5		)%
Effective tax rate	0.5		%	2.8		%	(2.0		)%

Our effective tax rate is generally driven by the geographical distribution of our pre-tax net earnings between our taxable and non-taxable jurisdictions.

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities reflect the tax effect of the differences between the financial statement carrying amount and the income tax bases of assets and liabilities. Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 were as follows:



	2019			2018
Deferred tax assets:
Net operating loss carryforwards	$	159,436		$	183,633
Insurance reserves	14,104			18,677
Unearned premiums	7,131			11,314
Lloyd's underwriting losses taxable in future periods	—			6,201
Provisions for bad debt	6,172			2,594
Unrealized losses on investments	—			5,160
Defendant asbestos and environmental liabilities ⁽¹⁾	140,000			—
Other deferred tax assets	—			183
Gross deferred tax assets	326,843			227,762
Valuation allowance	(117,390		)	(212,113		)
Deferred tax assets	209,453			15,649

Deferred tax liabilities:
Unrealized gains on investments	(10,107		)	—
Lloyd's underwriting profit taxable in future periods	(8,852		)	—
Deferred policy acquisition cost	(8,267		)	—
Other deferred tax liabilities	(27,317		)	(16,067		)
Deferred tax liabilities	(54,543		)	(16,067		)

Net deferred tax asset (liability)	$	154,910		$	(418	)

⁽¹⁾ Relates to the Morse TEC acquisition as described in Note 3 - "Acquisitions".

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction:



	December 31,
	2019			2018
	Net Deferred Tax Asset			Net Deferred Tax Liability
United States	$	169,891		$	5,151
United Kingdom	(16,074		)	(8,377		)
Other	1,093			2,808
Total	$	154,910		$	(418	)

Net Operating Loss Carryforwards:

As of December 31, 2019, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:



Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
Operating and Capital Loss Carryforwards:
United States - Net operating loss	$	513,476	$	107,830	2024-2038
United Kingdom	224,150		38,106		Indefinitely
Other	52,484		13,500		Various

The U.S. net operating loss carryforwards are also subject to certain utilization limitations based upon their nature and the specific legal entity that holds them.

Assessment of Valuation Allowance on Deferred Tax Assets

As of December 31, 2019 and 2018, we had deferred tax asset valuation allowances of $117.4 million and $212.1 million, respectively, related to foreign subsidiaries. We recorded a decrease of $94.7 million in our deferred tax valuation allowance primarily due to utilization of deferred tax asset in the amount of $69.7 million as well as a partial deferred tax asset valuation allowance release in the amount of $25.0 million during 2019.

The realization of deferred tax assets is dependent on generating sufficient taxable income in future periods in which the tax benefits are deductible or creditable. The amount of the deferred tax asset considered realizable, however, could be revised in the future if estimates of future taxable income change. Taxes are determined and assessed jurisdictionally by legal entity or by filing group. Certain jurisdictions require or allow combined or consolidated tax filings. We have estimated future taxable income of our foreign subsidiaries and provided a valuation allowance in respect of those assets where we do not expect to realize a benefit. We have considered all available evidence using a “more likely than not” standard in determining the amount of the valuation allowance. We considered the following evidence: (i) net earnings or losses in recent years; (ii) the future sustainability and likelihood of positive net earnings of our subsidiaries; (iii) the carryforward periods of tax losses including the effect of reversing temporary differences; and (iv) tax planning strategies, in making our determination. The assumptions used in determining future taxable income require significant judgment and any changes in these assumptions could have an impact on earnings.

During the years ended December 31, 2019, 2018 and 2017, there were no unrecognized tax benefits. There were no accruals for the payment of interest and penalties related to unrecognized tax benefits as of December 31, 2019, 2018 and 2017.

Our operating subsidiaries may be subject to audit by various tax authorities and may have different statutes of limitations expiration dates. Tax authorities may propose adjustments to our income taxes. Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2019:



Major Tax Jurisdiction		Open Tax Years
United States		2016-2019
United Kingdom		2016-2019
Australia		2014-2019

Impact of U.S. Tax Reform

On December 22, 2017, the U.S. Government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Act"). The Tax Act resulted in a reduction of the U.S. Federal Tax rate to 21% from 35% effective for tax years beginning after December 31, 2017. Consequently, we recorded a $63.8 million reduction of our U.S. deferred tax asset fully offset by a reduction in our valuation allowance in 2017. The Tax Act also repealed the corporate AMT. Taxpayers with AMT credit carryovers in excess of their tax liability may have the credits refunded over multiple years between 2018 and 2021. For the year ended December 31, 2017, we had recorded a reduction to our valuation allowance of $7.4 million and reclassified our AMT credit carryforward to other assets on our consolidated balance sheet. The AMT carryforward has been refunded 50% each tax year beginning in 2018 with any remaining balance expected to be fully refunded in 2021.

Australia

The Company’s Australian insurance subsidiary is regulated and subject to prudential supervision by the Australian Prudential Regulation Authority (“APRA”). APRA is the primary regulatory body responsible for regulating compliance with the Insurance Act 1973. APRA’s prudential standards require that all insurers maintain and meet

prescribed capital adequacy requirements to enable their insurance obligations to be met under a wide range of circumstances.

A run-off insurer must obtain APRA’s written consent prior to making any capital releases, including any payment of dividends, not from current year profits. The Company’s insurance subsidiary must provide APRA a valuation prepared by its Appointed Actuary that demonstrates that the tangible assets of the insurer, after the proposed capital reduction, are sufficient to cover its insurance liabilities.

Deferred Charge Assets (Details) - USD ($)	12 Months Ended
Deferred Charge Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning carrying value	$ 86,585,000	$ 80,192,000	$ 94,551,000
Recorded during the year	224,504,000	20,174,000	0
Amortization	(38,627,000)	(13,781,000)	(14,359,000)
Ending carrying value	272,462,000	$ 86,585,000	$ 80,192,000
Impairment	$ 0

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

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition

Debt Obligations and Credit Facilities - Senior Notes (Details) - Senior Notes - USD ($)	May 28, 2019	Mar. 10, 2017	Dec. 31, 2019	Dec. 31, 2018
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 350,000,000.0
Interest rate		4.50%	4.50%
Redemption price, percentage of principal amount		100.00%
Debt issuance costs		$ 2,900,000
Unamortized costs of debt			$ (1,400,000)	$ (1,900,000)
Senior Notes Due 2029
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000.0
Interest rate	4.95%		4.95%
Redemption price, percentage of principal amount	100.00%
Debt issuance costs	$ 6,800,000
Unamortized costs of debt			$ (6,400,000)

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Treasury Shares (Series C Preferred Shares)	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Cumulative translation adjustment	Defined benefit pension liability	Unrealized gains (losses) on investments	Retained Earnings	Noncontrolling Interest (excludes redeemable noncontrolling interests)	Voting ordinary shares Ordinary Shares	Series C non-voting convertible ordinary shares Ordinary Shares	Series E non-voting convertible ordinary shares Ordinary Shares	Series C non-voting preferred shares Preferred Stock	Series D Preferred Shares Preferred Stock	Series E preferred perpetual shares Preferred Stock
Balance, beginning of year at Dec. 31, 2016			$ 1,380,109	$ (23,549)	$ (18,993)	$ (4,644)	$ 88	$ 1,847,550	$ 8,520	$ 16,175	$ 2,792	$ 405		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares			450							35		0		0	0
Conversion of convertible securities										192	(192)
Issuance costs of preferred shares			0
Amortization of share-based compensation			14,508
Other comprehensive income (loss)	$ 35,960				9,413		2,352
Reclassification to earnings on disposal of subsidiary					20,751
Change in defined benefit pension liability	1,501					1,501
Net earnings (loss) attributable to Enstar Group Limited ordinary shareholders	311,458							331,799
Net loss (earnings) attributable to noncontrolling interest	(20,341)							(20,341)	722
Dividends on preferred shares								0
Change in redemption value of redeemable noncontrolling interests								(30,978)
Purchase of noncontrolling shareholders' interest in subsidiaries									0
Contribution of capital									22
Balance, end of year at Dec. 31, 2017		$ (421,559)	1,395,067	10,468	11,171	(3,143)	2,440	2,132,912	9,264	16,402	2,600	405	$ 389	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares			413,141							1,548		505		400,000	110,000
Conversion of convertible securities										0	0
Issuance costs of preferred shares			(14,643)
Amortization of share-based compensation			11,099
Other comprehensive income (loss)	(267)				(185)		(1,999)
Reclassification to earnings on disposal of subsidiary					0
Change in defined benefit pension liability	2,156					2,156
Net earnings (loss) attributable to Enstar Group Limited ordinary shareholders	(162,354)							(212,272)
Net loss (earnings) attributable to noncontrolling interest	62,051							62,051	2,743
Dividends on preferred shares								(12,133)
Change in redemption value of redeemable noncontrolling interests								7,554
Purchase of noncontrolling shareholders' interest in subsidiaries									0
Contribution of capital									49
Balance, end of year at Dec. 31, 2018	3,913,989	(421,559)	1,804,664	10,440	10,986	(987)	441	1,976,539	12,056	17,950	2,600	910	389	400,000	110,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares			583							52		0		0	0
Conversion of convertible securities										0	0
Issuance costs of preferred shares			0
Amortization of share-based compensation			31,531
Other comprehensive income (loss)	(3,384)				(2,438)		(873)
Reclassification to earnings on disposal of subsidiary					0
Change in defined benefit pension liability	42					42
Net earnings (loss) attributable to Enstar Group Limited ordinary shareholders	902,175							928,219
Net loss (earnings) attributable to noncontrolling interest	9,870							9,870	2,159
Dividends on preferred shares								(35,914)
Change in redemption value of redeemable noncontrolling interests								9,178
Purchase of noncontrolling shareholders' interest in subsidiaries									(47)
Contribution of capital									0
Balance, end of year at Dec. 31, 2019	$ 4,856,351	$ (421,559)	$ 1,836,778	$ 7,171	$ 8,548	$ (945)	$ (432)	$ 2,887,892	$ 14,168	$ 18,002	$ 2,600	$ 910	$ 389	$ 400,000	$ 110,000

Share Capital - Voting Ordinary Shares (Details)	Jan. 21, 2020 shares	May 14, 2018 shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 vote $ / shares shares
Class of Stock [Line Items]
Authorized share capital (shares) \| shares			111,000,000	111,000,000
Ordinary shares, par value (dollars per share) \| $ / shares			$ 1	$ 1
Preference shares (shares) \| shares			45,000,000	45,000,000
Preferred shares, par value (dollars per share) \| $ / shares			$ 1.00	$ 1
Voting ordinary shares
Class of Stock [Line Items]
Ordinary shares, par value (dollars per share) \| $ / shares			1.00	$ 1
Number of votes \| vote				1
Non-voting ordinary shares
Class of Stock [Line Items]
Ordinary shares, par value (dollars per share) \| $ / shares			$ 1.00	$ 1.00
KaylaRe
Class of Stock [Line Items]
Number of Enstar ordinary shares issued (shares) \| shares		2,007,017
Subsequent Event
Class of Stock [Line Items]
Treasury shares repurchased (shares) \| shares	565,630

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Morse TEC

Business Acquisition [Line Items]

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



ASSETS
Cash and cash equivalents	$	171,412
Deferred tax assets	140,000
Other assets - insurance balances receivable	371,116
TOTAL ASSETS	682,528
LIABILITIES
Defendant asbestos and environmental liabilities	662,507
Other liabilities	20,021
TOTAL LIABILITIES	$	682,528
NET ASSETS ACQUIRED AT FAIR VALUE	—

Pro Forma Condensed Combined Statement of Earnings

The table below summarizes the results of the Morse TEC operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2019:



Net investment income	$	488
General and administrative expenses	(1,459		)
Other expenses	(1,512		)
Net loss	$	(2,483	)

The following unaudited pro forma condensed combined statement of earnings for the years ended December 31, 2019 and 2018 combines our historical consolidated statements of earnings with those of Morse TEC, giving effect to the business combination transaction as if it had occurred on January 1, 2019 and 2018, respectively. The unaudited pro forma financial information presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition of Morse TEC had taken place at the beginning of each period presented, nor is it indicative of future results.



2019	Enstar Group Limited			Morse TEC			Pro Forma Adjustments			Enstar Group Limited - Pro forma
Total income	$	2,629,021		$	76,480		$	(488	)	$	2,705,013
Total expenses	(1,700,802		)	(8,918		)	1,459			(1,708,261		)
Total noncontrolling interest	9,870			—			—			9,870
Net earnings (loss) attributable to Enstar Group Limited	$	938,089		$	67,562		$	971		$	1,006,622



2018	Enstar Group Limited			Morse TEC			Enstar Group Limited - Pro forma
Total income	$	865,682		$	42,766		$	908,448
Total expenses	(1,077,954		)	(30,187		)	(1,108,141		)
Total noncontrolling interest	62,051			—			62,051
Net earnings (loss) attributable to Enstar Group Limited	$	(150,221	)	$	12,579		$	(137,642	)

Summary of Pro Forma Adjustments to Pro Forma Condensed Statement of Earnings

The following table summarizes the pro-forma adjustments in the table above:



Income
(a) Total income for the period subsequent to the acquisition of Morse TEC already included within Enstar's full year results	$	(488	)

Expenses
(a) Total expenses for the period subsequent to the acquisition of Morse TEC already included within Enstar's full year results	$	1,459

Maiden Re

Business Acquisition [Line Items]

Purchase Price and Fair Value of Assets Acquired

The components of the consideration paid to acquire all of the outstanding shares of Maiden Re North America were as follows:



Cash paid	$	286,375
Adjustment for the fair value of preexisting relationships	10,273
Total purchase price	$	296,648
Net assets acquired at fair value (excluding preexisting relationships)	$	296,648
Excess of purchase price over fair value of net assets acquired	$	—

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition

The following table summarizes the fair values of the assets acquired and liabilities assumed (excluding preexisting relationships and net of the intercompany cession assumed as part of the transaction) in the Maiden Re North America transaction at the acquisition date, which have all been allocated to the Non-life Run-off segment.



ASSETS
Fixed maturities, trading, at fair value	$	1,098,593
Short-term investments, trading, at fair value	3,508
Total investments	1,102,101
Cash and cash equivalents	12,035
Restricted cash and cash equivalents	26,871
Premiums receivable	138,378
Prepaid reinsurance premiums	3,257
Reinsurance balances recoverable	87,018
Other assets	96,669
TOTAL ASSETS	$	1,466,329
LIABILITIES
Losses and LAE	$	1,027,367
Unearned premiums	85,696
Other liabilities	56,618
TOTAL LIABILITIES	1,169,681
NET ASSETS ACQUIRED AT FAIR VALUE	$	296,648

Pro Forma Condensed Combined Statement of Earnings

The table below summarizes the results of the Maiden Re North America operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2018:



Net investment income	$	675
Net unrealized gains	3,749
General and administrative expenses	(435		)
Net earnings	$	3,989

KaylaRe

Business Acquisition [Line Items]

Purchase Price and Fair Value of Assets Acquired

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



Number of Enstar ordinary shares issued	2,007,017
Closing price of Enstar voting 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

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition

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

As a result of effectively settling all the contractual preexisting relationships with KaylaRe, the Company recognized a loss of $15.6 million, which was recorded in other income (loss) in the three and six 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

Pro Forma Condensed Combined Statement of Earnings

The table below summarizes the results of the KaylaRe operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2018:



Premiums earned	$	13,627
Incurred losses and LAE	(12,364		)
Acquisition costs	(341		)
Underwriting income	922
Net investment income	3,096
Net unrealized gains	(47,769		)
General and administrative expenses	(2,164		)
Net loss	$	(45,915	)

Share-Based Compensation and Pensions - Joint Share Ownership Plan (Details) - Joint Share Ownership Plan - USD ($)			12 Months Ended
	Jan. 20, 2023	Jan. 21, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)			0
Hurdle price per share (dollars per share)			$ 266.00
Percentage of award subject to performance condition			20.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, price per share (dollars per share)		$ 205.89
Chief Executive Officer \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subscribed (shares)		565,630
Vesting period		3 years
Grant date fair value		$ 13,600,000
Scenario, Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volume weighted average price per share, days	10 days
Consecutive trading days	10 days

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Balance as at January 1	$ 203,320	$ 219,164	$ 234,020
Less: Insurance balances recoverable	135,808	122,326	133,032
Net balance as at January 1	67,512	96,838	100,988
Total net paid claims	(13,708)	(6,351)	(6,927)
Amounts recorded in other income (expense):
Net change in actuarial estimates	(4,263)	(23,221)	2,800
Amortization of fair value adjustments	13,500	246	(23)
Total other expense (income)	9,237	(22,975)	2,777
Acquired on purchase of subsidiaries	335,789	0	0
Net balance as at December 31	398,830	67,512	96,838
Plus: Insurance balances recoverable	448,855	135,808	122,326
Balance as at December 31	$ 847,685	$ 203,320	$ 219,164

Unaudited Condensed Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Unaudited Condensed Quarterly Financial Data

25. UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA



	December 31,						September 30,						June 30,						March 31,
	2019			2018			2019			2018			2019			2018			2019			2018
INCOME
Net premiums earned	$	272,686		$	231,947		$	270,325		$	264,597		$	276,563		$	228,812		$	335,287		$	170,219
Fees and commission income	9,007			11,455			6,587			6,950			6,178			8,352			6,681			8,331
Net investment income	79,376			68,453			85,472			69,430			77,732			66,469			78,696			66,319
Net realized and unrealized gains (losses)	152,664			(158,213		)	148,185			(57,223		)	269,711			(54,418		)	460,791			(143,030		)
Other income (losses)	19,502			34,267			826			8,226			11,030			(9,351		)	5,812			1,943
	533,235			187,909			511,395			291,980			641,214			239,864			887,267			103,782
EXPENSES
Net incurred losses and loss adjustment expenses	121,416			187,698			222,417			153,974			216,338			92,819			312,404			19,534
Life and annuity policy benefits	(2,199		)	786			—			423			2,194			(160		)	96			(46		)
Acquisition costs	95,026			55,106			50,282			54,242			66,855			53,334			93,788			30,108
General and administrative expenses	129,569			106,950			113,924			102,553			117,519			102,612			112,074			95,260
Interest expense	13,519			4,644			14,950			4,640			13,036			8,922			11,036			8,011
Net foreign exchange losses (gains)	12,189			1,279			(13,631		)	1,040			(2,587		)	(5,519		)	(3,850		)	5,868
	369,520			356,463			387,942			316,872			413,355			252,008			525,548			158,735
EARNINGS (LOSS) BEFORE INCOME TAXES	163,715			(168,554		)	123,453			(24,892		)	227,859			(12,144		)	361,719			(54,953		)
Income tax benefit (expense)	22,427			10,688			(14,597		)	(746		)	(7,518		)	(3,646		)	(4,749		)	(172		)
Earnings from equity method investments	11,722			8,488			17,703			3,317			17,713			15,645			8,772			14,697
NET EARNINGS (LOSS)	197,864			(149,378		)	126,559			(22,321		)	238,054			(145		)	365,742			(40,428		)
Net loss (earnings) attributable to noncontrolling interest	4,900			42,955			109			11,489			2,713			8,389			2,148			(782		)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	202,764			(106,423		)	126,668			(10,832		)	240,767			8,244			367,890			(41,210		)
Dividends on preferred shares	(8,925		)	(7,000		)	(8,925		)	(5,133		)	(8,925		)	—			(9,139		)	—
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	193,839		$	(113,423	)	$	117,743		$	(15,965	)	$	231,842		$	8,244		$	358,751		$	(41,210	)

Earnings Loss) per ordinary share attributable to Enstar Group Limited:
Basic	$	9.02		$	(5.29	)	$	5.48		$	(0.74	)	$	10.79		$	0.40		$	16.71		$	(2.12	)
Diluted⁽¹⁾:	$	8.89		$	(5.29	)	$	5.42		$	(0.74	)	$	10.70		$	0.40		$	16.57		$	(2.12	)

Losses and Loss Adjustment Expenses - Reconciliation Of Net Incurred Losses Prior To Provision For Bad Debt (Details) - Non-life Run-off - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$ 6,656,097
Provision for Bad Debt	51,040
Total Net Reserves	6,707,137	$ 6,288,330
Asbestos
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	1,740,810
Provision for Bad Debt	21,289
Total Net Reserves	1,762,099	1,493,110
Environmental
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	308,613
Provision for Bad Debt	7,616
Total Net Reserves	316,229	210,479
General casualty
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	813,541
Provision for Bad Debt	7,281
Total Net Reserves	820,822	714,709
Workers' compensation
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	1,710,528
Provision for Bad Debt	4,124
Total Net Reserves	1,714,652	1,652,898
Marine, aviation and transit
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	342,989
Provision for Bad Debt	1,757
Total Net Reserves	344,746	306,017
Construction defect
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	124,132
Provision for Bad Debt	1
Total Net Reserves	124,133	114,046
Professional indemnity/Directors & Officers
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	655,260
Provision for Bad Debt	1,144
Total Net Reserves	656,404	592,918
Motor
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	480,599
Provision for Bad Debt	2,773
Total Net Reserves	483,372	719,721
Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	178,215
Provision for Bad Debt	245
Total Net Reserves	178,460	197,690
Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Liabilities for unpaid losses and allocated LAE, net of reinsurance	301,410
Provision for Bad Debt	4,810
Total Net Reserves	$ 306,220	$ 286,742

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
Gross investment income									$ 336,534	$ 280,392	$ 219,823
Investment expenses									(15,258)	(9,721)	(11,034)
Net investment income	$ 79,376	$ 85,472	$ 77,732	$ 78,696	$ 68,453	$ 69,430	$ 66,469	$ 66,319	321,276	270,671	208,789
Fixed maturity investments, trading
Net Investment Income [Line Items]
Gross investment income									233,310	189,000	144,367
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income									16,607	12,117	9,314
Funds held
Net Investment Income [Line Items]
Gross investment income									19,981	10,041	601
Funds held – directly managed
Net Investment Income [Line Items]
Gross investment income									38,173	37,623	32,479
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income									308,071	248,781	186,761
Equity investments
Net Investment Income [Line Items]
Gross investment income									16,671	5,397	4,355
Other investments
Net Investment Income [Line Items]
Gross investment income									11,792	19,703	14,337
Life settlements and other
Net Investment Income [Line Items]
Gross investment income									0	6,511	14,370
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income									$ 28,463	$ 31,611	$ 33,062

Goodwill and Intangible Assets - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	May 14, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Goodwill	$ 114,807,000	$ 114,807,000		$ 73,071,000
Impairment of goodwill	0
Non-life Run-off
Segment Reporting Information [Line Items]
Goodwill	62,959,000	62,959,000
Atrium Segment
Segment Reporting Information [Line Items]
Goodwill	38,848,000	38,848,000
StarStone
Segment Reporting Information [Line Items]
Goodwill	$ 13,000,000	$ 13,000,000
KaylaRe
Segment Reporting Information [Line Items]
Goodwill			$ 41,736,000

Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Currency Forward Exchange Contracts



	2019						2018
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
Foreign exchange forward - AUD	$	64,620	$	52	$	2,033	$	42,258	$	1,377	$	—
Foreign exchange forward - EUR	112,284		246		1,635		66,422		238		300
Foreign exchange forward - GBP	318,387		344		7,784		—		—		—
Total qualifying hedges	$	495,291	$	642	$	11,452	$	108,680	$	1,615	$	300



	Amount of Gains (Losses) Deferred in AOCI
	2019			2018		2017
Foreign exchange forward - AUD	$	(722	)	$	3,438	$	(1,247	)
Foreign exchange forward - EUR	1,817			1,000		—
Foreign exchange forward - GBP	(16,423		)	—		—
Total qualifying hedges	$	(15,328	)	$	4,438	$	(1,247	)

While there were no foreign currency denominated borrowings outstanding under our credit facilities as of December 31, 2019 and 2018, the following table presents the amounts of the net gains and losses deferred in the CTA account in AOCI relating to these qualifying non-derivative hedging instruments for the years ended December 31, 2018 and 2017:



	Amount of Gains (Losses) Deferred in AOCI
	2018	2017
Net gains (losses) on qualifying non-derivative hedges	3,144	(9,375	)



	December 31, 2019						2019
			Fair Value
	Gross Notional Amount		Assets		Liabilities		Gains (losses) on non-qualifying hedges charged to earnings
Foreign exchange forward - AUD	$	913	$	839	$	892	$	1,523
Foreign exchange forward - CAD	66,266		10		1,482		(2,079		)
Foreign exchange forward - EUR	74,444		507		1,440		1,759
Foreign exchange forward - GBP	11,940		13		292		12,004
Total non-qualifying hedges	$	153,563	$	1,369	$	4,106	$	13,207



	December 31, 2018						2018
			Fair Value
	Gross Notional Amount		Assets		Liabilities		Gains (losses) on non-qualifying hedges charged to earnings
Foreign exchange forward - AUD	$	45,427	$	1,952	$	310	$	4,958
Foreign exchange forward - CAD	55,050		1,441		—		9,311
Foreign exchange forward - EUR	54,282		139		301		2,296
Foreign exchange forward - GBP	256,959		1,554		72		15,078
Total non-qualifying hedges	$	411,718	$	5,086	$	683	$	31,643

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	$ 153,505	$ 121,101	$ 64,984
Reserves for Losses and Loss Adjustment Expenses	10,429,238	9,409,504	7,398,088
Unearned Premiums	746,775	842,618	583,197
Policy Benefits for Life and Annuity Contracts	0	105,080	117,207
Net Premiums Earned	1,154,861	895,575	613,121
Net Investment Income	321,276	270,671	208,789
Losses and Loss Expenses and Policy Benefits	872,666	455,028	197,566
Amortization of Deferred Acquisition Costs	305,951	192,790	96,906
Other Operating Expenses	473,086	407,375	435,985
Net Premiums Written	900,959	981,900	610,390
Operating Segments \| Non-life Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	41,753	4,378	655
Reserves for Losses and Loss Adjustment Expenses	8,295,361	7,540,662	5,949,472
Unearned Premiums	129,715	136,023	14,275
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	168,496	9,427	14,162
Net Investment Income	275,236	226,287	166,678
Losses and Loss Expenses and Policy Benefits	51,625	(306,067)	(190,674)
Amortization of Deferred Acquisition Costs	73,642	4,006	328
Other Operating Expenses	270,445	197,824	233,827
Net Premiums Written	(25,338)	(9,217)	6,482
Operating Segments \| Atrium
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	22,184	20,355	18,385
Reserves for Losses and Loss Adjustment Expenses	231,672	241,284	240,873
Unearned Premiums	80,863	70,429	64,877
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	164,059	146,315	134,747
Net Investment Income	7,049	5,686	4,218
Losses and Loss Expenses and Policy Benefits	77,276	69,810	69,419
Amortization of Deferred Acquisition Costs	56,956	50,646	47,688
Other Operating Expenses	28,277	24,698	29,586
Net Premiums Written	172,356	153,488	134,214
Operating Segments \| StarStone
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	89,180	96,004	45,944
Reserves for Losses and Loss Adjustment Expenses	1,879,128	1,608,697	1,207,743
Unearned Premiums	518,199	619,164	504,045
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	801,926	714,959	459,403
Net Investment Income	47,401	35,973	27,706
Losses and Loss Expenses and Policy Benefits	727,636	673,383	314,806
Amortization of Deferred Acquisition Costs	174,711	135,452	48,012
Other Operating Expenses	128,419	156,726	135,558
Net Premiums Written	735,429	805,562	464,901
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	388	364	0
Reserves for Losses and Loss Adjustment Expenses	23,077	18,861	0
Unearned Premiums	17,998	17,002	0
Policy Benefits for Life and Annuity Contracts	0	105,080	117,207
Net Premiums Earned	20,380	24,874	4,809
Net Investment Income	(8,410)	2,725	10,187
Losses and Loss Expenses and Policy Benefits	16,129	17,902	4,015
Amortization of Deferred Acquisition Costs	642	2,686	878
Other Operating Expenses	45,945	28,127	37,014
Net Premiums Written	$ 18,512	$ 32,067	$ 4,793

Investments - Gross Unrealized Losses (Details) $ in Thousands	Dec. 31, 2019 USD ($) Security	Dec. 31, 2018 USD ($) Security
Fair Value
12 Months or Greater	$ 3,962	$ 21,607
Less Than 12 Months	1,008,869	36,510
Total	1,012,831	58,117
Gross Unrealized Losses
12 Months or Greater	(329)	(995)
Less Than 12 Months	(6,372)	(1,054)
Total	$ (6,701)	$ (2,049)
Number of securities in unrealized loss position \| Security	563	88
Number of securities in unrealized loss position, twelve months or longer \| Security	12	42
U.S. government and agency
Fair Value
12 Months or Greater	$ 0	$ 573
Less Than 12 Months	222,643	0
Total	222,643	573
Gross Unrealized Losses
12 Months or Greater	0	(3)
Less Than 12 Months	(607)	0
Total	(607)	(3)
Other government
Fair Value
12 Months or Greater	1,080	7,351
Less Than 12 Months	37,796	11,000
Total	38,876	18,351
Gross Unrealized Losses
12 Months or Greater	(23)	(345)
Less Than 12 Months	(65)	(500)
Total	(88)	(845)
Corporate
Fair Value
12 Months or Greater	2,754	11,888
Less Than 12 Months	461,772	25,227
Total	464,526	37,115
Gross Unrealized Losses
12 Months or Greater	(306)	(629)
Less Than 12 Months	(4,262)	(553)
Total	(4,568)	(1,182)
Municipal
Fair Value
12 Months or Greater	128	1,783
Less Than 12 Months	12,046	283
Total	12,174	2,066
Gross Unrealized Losses
12 Months or Greater	0	(18)
Less Than 12 Months	(111)	(1)
Total	(111)	(19)
Residential mortgage-backed
Fair Value
12 Months or Greater	0	12
Less Than 12 Months	65,992	0
Total	65,992	12
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(725)	0
Total	(725)	$ 0
Commercial mortgage-backed
Fair Value
12 Months or Greater	0
Less Than 12 Months	79,606
Total	79,606
Gross Unrealized Losses
12 Months or Greater	0
Less Than 12 Months	(409)
Total	(409)
Asset-backed
Fair Value
12 Months or Greater	0
Less Than 12 Months	129,014
Total	129,014
Gross Unrealized Losses
12 Months or Greater	0
Less Than 12 Months	(193)
Total	$ (193)

Commitments and Contingencies - Leases - Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 13,627
Sublease income	(542)
Total lease cost	$ 13,085

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Provisions for Uncollectible Reinsurance Balances Recoverable by Rating of Reinsurer (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Gross	$ 2,527,529	$ 2,186,395
Provisions for Bad Debt	147,639	156,732
Net	$ 2,379,890	$ 2,029,663
Provisions as a % of Gross	5.80%	7.20%
Reinsurers rated A- or above
Effects of Reinsurance [Line Items]
Gross	$ 1,904,268	$ 1,612,464
Provisions for Bad Debt	43,427	51,519
Net	$ 1,860,841	$ 1,560,945
Provisions as a % of Gross	2.30%	3.20%
Secured \| Reinsurers Rated Below A-
Effects of Reinsurance [Line Items]
Gross	$ 487,608	$ 430,852
Provisions for Bad Debt	0	0
Net	$ 487,608	$ 430,852
Provisions as a % of Gross	0.00%	0.00%
Unsecured \| Reinsurers Rated Below A-
Effects of Reinsurance [Line Items]
Gross	$ 135,653	$ 143,079
Provisions for Bad Debt	104,212	105,213
Net	$ 31,441	$ 37,866
Provisions as a % of Gross	76.80%	73.50%

Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition (Details) - USD ($) $ in Thousands	Oct. 30, 2019	Dec. 27, 2018	May 14, 2018
Morse TEC
ASSETS
Cash and cash equivalents	$ 171,412
Deferred tax assets	140,000
Other assets - Insurance balances recoverable	371,116
TOTAL ASSETS	682,528
LIABILITIES
Defendant asbestos and environmental liabilities	662,507
Other liabilities	20,021
TOTAL LIABILITIES	682,528
NET ASSETS ACQUIRED AT FAIR VALUE	$ 0
Maiden Re
ASSETS
Cash and cash equivalents		$ 12,035
Restricted cash and cash equivalents		26,871
Other assets		96,669
Premiums receivable		138,378
Prepaid reinsurance premiums		3,257
Reinsurance balances recoverable		87,018
TOTAL ASSETS		1,466,329
Fixed maturities, trading, at fair value		1,098,593
Short-term investments, trading, at fair value		3,508
Total investments		1,102,101
LIABILITIES
Unearned premiums		85,696
Other liabilities		56,618
Losses and LAE		1,027,367
TOTAL LIABILITIES		1,169,681
NET ASSETS ACQUIRED AT FAIR VALUE		$ 296,648
KaylaRe
ASSETS
Cash and cash equivalents			$ 5,657
Other assets			614
Premiums receivable			10,965
Deferred acquisition costs			275
TOTAL ASSETS			770,380
Fixed maturities, trading, at fair value			126,393
Short-term investments, trading, at fair value			626,476
Total investments			752,869
LIABILITIES
Unearned premiums			10,984
Other liabilities			9,004
Losses and LAE			4,059
Insurance and reinsurance balances payable			13
TOTAL LIABILITIES			24,060
NET ASSETS ACQUIRED AT FAIR VALUE			$ 746,320

Losses and Loss Adjustment Expenses - Total Losses and Loss Adjustment Expense Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	$ 5,394,529	$ 5,168,900
IBNR	5,057,868	4,468,991
Fair value adjustments - acquired companies	(167,511)	(214,518)
Fair value adjustments - fair value option	(217,933)	(374,752)
ULAE	362,285	360,883
Total gross liability for unpaid losses and LAE	10,429,238	9,409,504	$ 7,398,088	$ 5,987,867
Losses and loss adjustment expenses	7,808,116	6,535,449
Losses and loss adjustment expenses, fair value (Note 10 and Note 12)	2,621,122	2,874,055
Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	4,407,082	4,271,769
IBNR	3,945,407	3,527,767
Fair value adjustments - acquired companies	(170,689)	(217,527)
Fair value adjustments - fair value option	(217,933)	(374,752)
ULAE	331,494	333,405
Total gross liability for unpaid losses and LAE	8,295,361	7,540,662	5,949,472	4,716,363
Atrium
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	89,141	94,885
IBNR	136,543	140,521
Fair value adjustments - acquired companies	3,700	3,476
ULAE	2,288	2,402
Total gross liability for unpaid losses and LAE	231,672	241,284	240,873	212,122
StarStone
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	888,794	796,194
IBNR	962,353	787,894
Fair value adjustments - acquired companies	(522)	(467)
ULAE	28,503	25,076
Total gross liability for unpaid losses and LAE	1,879,128	1,608,697	$ 1,207,743	$ 1,059,382
Operating Segments \| Non-life Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	4,407,082	4,271,769
IBNR	3,945,407	3,527,767
Fair value adjustments - acquired companies	(170,689)	(217,527)
Fair value adjustments - fair value option	(217,933)	(374,752)
ULAE	331,494	333,405
Total gross liability for unpaid losses and LAE	8,295,361	7,540,662
Losses and loss adjustment expenses	5,674,239	4,666,607
Losses and loss adjustment expenses, fair value (Note 10 and Note 12)	2,621,122	2,874,055
Operating Segments \| Atrium
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	89,141	94,885
IBNR	136,543	140,521
Fair value adjustments - acquired companies	3,700	3,476
Fair value adjustments - fair value option	0	0
ULAE	2,288	2,402
Total gross liability for unpaid losses and LAE	231,672	241,284
Losses and loss adjustment expenses	231,672	241,284
Losses and loss adjustment expenses, fair value (Note 10 and Note 12)	0	0
Operating Segments \| StarStone
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	888,794	796,194
IBNR	962,353	787,894
Fair value adjustments - acquired companies	(522)	(467)
Fair value adjustments - fair value option	0	0
ULAE	28,503	25,076
Total gross liability for unpaid losses and LAE	1,879,128	1,608,697
Losses and loss adjustment expenses	1,879,128	1,608,697
Losses and loss adjustment expenses, fair value (Note 10 and Note 12)	0	0
Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	9,512	6,052
IBNR	13,565	12,809
Fair value adjustments - acquired companies	0	0
Fair value adjustments - fair value option	0	0
ULAE	0	0
Total gross liability for unpaid losses and LAE	23,077	18,861
Losses and loss adjustment expenses	23,077	18,861
Losses and loss adjustment expenses, fair value (Note 10 and Note 12)	$ 0	$ 0

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2019

Schedule IV - Reinsurance

SCHEDULE IV

ENSTAR GROUP LIMITED

REINSURANCE

For the Years Ended December 31, 2019, 2018 and 2017

(Expressed in thousands of U.S. Dollars)



	Gross		Ceded to Other Companies			Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net

2019
Life insurance in force	$	725,293	$	(65,795	)	$	—	$	659,498	—	%
Premiums earned:
Property and casualty	1,146,956		(267,174		)	273,807		1,153,589		23.7	%
Life and annuities	1,295		(23		)	—		1,272		—	%
Total premiums earned	$	1,148,251	$	(267,197	)	$	273,807	$	1,154,861

2018
Life insurance in force	$	855,366	$	(84,603	)	$	—	$	770,763	—	%
Premiums earned:
Property and casualty	985,637		(330,110		)	236,182		891,709		26.5	%
Life and annuities	3,892		(26		)	—		3,866		—	%
Total premiums earned	$	989,529	$	(330,136	)	$	236,182	$	895,575

2017
Life insurance in force	$	979,291	$	(100,189	)	$	—	$	879,102	—	%
Premiums earned:
Property and casualty	899,226		(433,075		)	142,161		608,312		23.4	%
Life and annuities	5,900		(1,091		)	—		4,809		—	%
Total premiums earned	$	905,126	$	(434,166	)	$	142,161	$	613,121

Debt Obligations and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Amounts of Loans Payable Outstanding, and Accrued Interest

Our debt obligations are as follows:



Facility	Origination Date	Term	December 31, 2019		December 31, 2018
4.50% Senior Notes due 2022	March 10, 2017	5 years	$	348,616	$	348,054
4.95% Senior Notes due 2029	May 28, 2019	10 years	493,600		—
Total senior notes			842,216		348,054
EGL Revolving Credit Facility	August 16, 2018	5 years	—		15,000
2018 EGL Term Loan Facility	December 27, 2018	3 years	348,991		498,485
Total debt obligations			$	1,191,207	$	861,539

Interest Income and Interest Expense Disclosure

The table below provides a summary of the total interest expense for the years ended December 31, 2019, 2018 and 2017:



	2019		2018		2017
Interest expense on debt obligations	$	51,245	$	25,205	$	25,619
Amortization of debt issuance costs	953		537		416
Funds withheld balances and other	343		475		2,067
Total interest expense	$	52,541	$	26,217	$	28,102

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

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)
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-Topic 505
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+ Details

Segment Information - Summary of Company's Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 19,363,315	$ 16,556,270
Operating Segments \| Non-life Run-off
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	15,775,409	13,362,749
Operating Segments \| Atrium
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	580,405	591,722
Operating Segments \| StarStone
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,522,353	3,416,132
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ (514,852)	$ (814,333)

Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 Segment
Segment Reporting Information [Line Items]
Number of segments	3
Atrium
Segment Reporting Information [Line Items]
Syndicate underwriting capacity percentage	25.00%

Income Taxation - Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Tax effect of operating loss carryforward	$ 159,436	$ 183,633
Foreign Tax Authority \| United States
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	513,476
Tax effect of operating loss carryforward	107,830
Foreign Tax Authority \| United Kingdom
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	224,150
Tax effect of operating loss carryforward	38,106
Foreign Tax Authority \| Other
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	52,484
Tax effect of operating loss carryforward	$ 13,500

Defendant Asbestos and Environmental Liabilities - Additional Information (Details) $ in Millions	Dec. 31, 2019 USD ($) site	Dec. 31, 2018 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Asbestos and environmental liabilities	$ 2,259.6	$ 1,839.7
Number of hazardous waste disposal sites \| site	22
Defendant asbestos liabilities
Liability for Claims and Claims Adjustment Expense [Line Items]
Asbestos and environmental liabilities	$ 1,100.6	266.0
Defendant environmental liabilities
Liability for Claims and Claims Adjustment Expense [Line Items]
Asbestos and environmental liabilities	$ 10.3	$ 2.2

Share-Based Compensation and Pensions - Other Share-Based Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Northshore incentive plan \| Time-based restricted shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized compensation cost	$ 0.9
Unrecognized compensation cost, period of recognition	4 months 9 days
Northshore incentive plan \| Minimum \| Time-based restricted shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period	2 years
Northshore incentive plan \| Maximum \| Time-based restricted shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period	3 years
StarStone incentive plan \| Time-based restricted shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized compensation cost	$ 1.8
Unrecognized compensation cost, period of recognition	2 years
StarStone incentive plan \| Minimum \| Time-based restricted shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period	2 years
StarStone incentive plan \| Maximum \| Time-based restricted shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period	3 years
Deferred compensation and ordinary share plan for non-employee directors \| Director \| Share-based compensation plans
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted share units credited to the accounts of non-employee directors (shares)	5,976	5,691	3,852
Employee share purchase plan \| Employee share purchase plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Discount rate from market price	15.00%
Maximum subscription rate	15.00%
Stock issued to employees (shares)	15,269	14,183	12,401

Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

3. ACQUISITIONS

2019

Morse TEC

Overview

On October 30, 2019, we completed the acquisition of Morse TEC LLC ("Morse TEC") through our subsidiary, Enstar Holdings (US) LLC for $nil purchase price. Morse TEC holds approximately $0.7 billion in liabilities associated with personal injury asbestos claims and environmental claims arising from BorgWarner's legacy manufacturing operations. We applied the acquisition method to account for the Morse TEC transaction as required by ASC 805 - Business Combinations, with no goodwill or gain from bargain purchase being recorded on the acquisition. In addition, no intangible assets were identified for recognition on the acquisition.

Fair Value of Net Assets Acquired and Liabilities Assumed



ASSETS
Cash and cash equivalents	$	171,412
Deferred tax assets	140,000
Other assets - insurance balances receivable	371,116
TOTAL ASSETS	682,528
LIABILITIES
Defendant asbestos and environmental liabilities	662,507
Other liabilities	20,021
TOTAL LIABILITIES	$	682,528
NET ASSETS ACQUIRED AT FAIR VALUE	—

Morse TEC's Results Included in the Consolidated Statement of Earnings

The table below summarizes the results of the Morse TEC operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2019:



Net investment income	$	488
General and administrative expenses	(1,459		)
Other expenses	(1,512		)
Net loss	$	(2,483	)

Supplemental Pro Forma Financial Information



2019	Enstar Group Limited			Morse TEC			Pro Forma Adjustments			Enstar Group Limited - Pro forma
Total income	$	2,629,021		$	76,480		$	(488	)	$	2,705,013
Total expenses	(1,700,802		)	(8,918		)	1,459			(1,708,261		)
Total noncontrolling interest	9,870			—			—			9,870
Net earnings (loss) attributable to Enstar Group Limited	$	938,089		$	67,562		$	971		$	1,006,622

The following table summarizes the pro-forma adjustments in the table above:



Income
(a) Total income for the period subsequent to the acquisition of Morse TEC already included within Enstar's full year results	$	(488	)

Expenses
(a) Total expenses for the period subsequent to the acquisition of Morse TEC already included within Enstar's full year results	$	1,459



2018	Enstar Group Limited			Morse TEC			Enstar Group Limited - Pro forma
Total income	$	865,682		$	42,766		$	908,448
Total expenses	(1,077,954		)	(30,187		)	(1,108,141		)
Total noncontrolling interest	62,051			—			62,051
Net earnings (loss) attributable to Enstar Group Limited	$	(150,221	)	$	12,579		$	(137,642	)

2018

Maiden Re North America

Overview

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. ("Maiden Holdings"). Maiden Re North America is an insurance company domiciled in Missouri that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident and health treaty reinsurance. As part of the transaction, we also novated and assumed certain reinsurance agreements from Maiden Holdings' Bermuda reinsurer, including certain reinsurance agreements with Maiden Re North America. Refer to Note 4 - "Significant New Business" for additional information relating to these reinsurance agreements. We have operated the business in run-off since we acquired it.

Purchase Price

The total cash paid in the transaction was $286.4 million, subject to certain post-closing adjustments. The components of the consideration paid to acquire all of the outstanding shares of Maiden Re North America were as follows:



Cash paid	$	286,375
Adjustment for the fair value of preexisting relationships	10,273
Total purchase price	$	296,648
Net assets acquired at fair value (excluding preexisting relationships)	$	296,648
Excess of purchase price over fair value of net assets acquired	$	—

The purchase price was allocated to the acquired assets and liabilities of Maiden Re North America based on their estimated fair values at the acquisition date.

Adjustment for the Fair Value of Preexisting Relationships

Enstar had contractual preexisting relationships with Maiden Re North America, which were deemed to be effectively settled at fair value on the acquisition date. The differences 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 Maiden Re North America were deemed to equal their carrying values given their short-term nature and the expectation that they would all be settled within twelve months following acquisition.

Fair Value of Net Assets Acquired and Liabilities Assumed



ASSETS
Fixed maturities, trading, at fair value	$	1,098,593
Short-term investments, trading, at fair value	3,508
Total investments	1,102,101
Cash and cash equivalents	12,035
Restricted cash and cash equivalents	26,871
Premiums receivable	138,378
Prepaid reinsurance premiums	3,257
Reinsurance balances recoverable	87,018
Other assets	96,669
TOTAL ASSETS	$	1,466,329
LIABILITIES
Losses and LAE	$	1,027,367
Unearned premiums	85,696
Other liabilities	56,618
TOTAL LIABILITIES	1,169,681
NET ASSETS ACQUIRED AT FAIR VALUE	$	296,648

Maiden Re North America's Results Included in the Consolidated Statement of Earnings

The table below summarizes the results of the Maiden Re North America operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2018:



Net investment income	$	675
Net unrealized gains	3,749
General and administrative expenses	(435		)
Net earnings	$	3,989

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 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 21 - "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 Enstar's voting ordinary shares of $206.65 as of May 14, 2018, the date the transaction closed. Enstar's non-voting ordinary shares are economically equivalent to Enstar's voting ordinary shares.



Number of Enstar ordinary shares issued	2,007,017
Closing price of Enstar voting 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 the Company remeasured the previously held equity method investment to fair value. The Company 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, a valuation multiple of 1.05 to KaylaRe's carrying book value was determined 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 (losses) from equity method investments for the three and six 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 differences 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.



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



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

KaylaRe's Results Included in the Consolidated Statement of Earnings

The table below summarizes the results of the KaylaRe operations, which are included in our consolidated statement of earnings from the acquisition date to December 31, 2018:



Premiums earned	$	13,627
Incurred losses and LAE	(12,364		)
Acquisition costs	(341		)
Underwriting income	922
Net investment income	3,096
Net unrealized gains	(47,769		)
General and administrative expenses	(2,164		)
Net loss	$	(45,915	)

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

Schedule V - Valuation and Qualifying Accounts

SCHEDULE V

ENSTAR GROUP LIMITED

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2019, 2018 and 2017

(Expressed in thousands of U.S. Dollars)



	Balance at Beginning of Year	Charged to costs and expenses		Charged to other accounts		Deductions ⁽¹⁾		Balance at End of Year
December 31, 2019
Reinsurance balances recoverable on paid and unpaid losses:
Provisions for bad debt	156,732	—		111		(9,204	)	147,639
Valuation allowance for deferred tax assets	212,113	2,792		—		(97,515	)	117,390

December 31, 2018
Reinsurance balances recoverable on paid and unpaid losses:
Provisions for bad debt	165,213	—		(1,837	)	(6,644	)	156,732
Valuation allowance for deferred tax assets	188,300	(2,492	)	18,000		8,305		212,113

December 31, 2017
Reinsurance balances recoverable on paid and unpaid losses:
Provisions for bad debt	174,516	(1,536	)	(4,191	)	(3,576	)	165,213
Valuation allowance for deferred tax assets	290,861	(16,694	)	—		(85,867	)	188,300

⁽¹⁾

Credited to the related asset account.

Acquisitions - Summary of Pro Forma Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Total income	$ 533,235	$ 511,395	$ 641,214	$ 887,267	$ 187,909	$ 291,980	$ 239,864	$ 103,782	$ 2,573,111	$ 823,535	$ 1,100,952
Pro forma Adjustments
Business Acquisition [Line Items]
Total income									2,629,021	865,682
Total expenses									1,700,802	1,077,954
Morse TEC
Business Acquisition [Line Items]
Total income									76,480	42,766
Total expenses									8,918	$ 30,187
Morse TEC \| Pro forma Adjustments \| Revenues Adjustment
Business Acquisition [Line Items]
Total income									(488)
Total expenses									$ (1,459)

Acquisitions - Additional Information (Details)				3 Months Ended	6 Months Ended
Acquisitions - Additional Information (Details)	Oct. 30, 2019 USD ($)	Dec. 27, 2018 USD ($)	May 14, 2018 USD ($) $ / shares shares	Jun. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 13, 2018	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Asbestos and environmental liabilities						$ 2,259,600,000	$ 1,839,700,000
Goodwill						$ 114,807,000	$ 114,807,000		$ 73,071,000
Ownership percentage						47.40%	47.40%
Morse TEC
Business Acquisition [Line Items]
Asbestos and environmental liabilities	$ 700,000,000
Cash paid	0
Intangible assets acquired	0
Goodwill	0
Gain on bargain purchase	$ 0
Maiden Re
Business Acquisition [Line Items]
Cash paid		$ 286,375,000
Goodwill		$ 0
KaylaRe
Business Acquisition [Line Items]
Goodwill			$ 41,736,000
Number of Enstar ordinary shares issued (shares) \| shares			2,007,017
Closing price of shares (dollars per share) \| $ / shares			$ 206.65
Ownership percentage acquired			51.80%
Price-to-book multiple			1.05
Gain recognized on remeasurement of previously held equity method investment to fair value				$ 16,000,000.0	$ 16,007,000
Loss on settlement of preexisting relationships				$ 15,600,000	$ 15,600,000
Ordinary Shares \| KaylaRe
Business Acquisition [Line Items]
Number of Enstar ordinary shares issued (shares) \| shares			1,501,778
Series E non-voting convertible ordinary shares \| KaylaRe
Business Acquisition [Line Items]
Number of Enstar ordinary shares issued (shares) \| shares			505,239
KaylaRe
Business Acquisition [Line Items]
Ownership percentage								48.20%

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization	$ 2,257	$ 3,600	$ 4,266
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	15 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

23. COMMITMENTS AND CONTINGENCIES

Concentration 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 our insurance and reinsurance balances recoverable on paid and unpaid losses. We remain liable to the extent that counterparties do not meet their contractual obligations and, therefore, we evaluate and monitor concentration of credit risk among our insurers and reinsurers. Amounts recoverable from reinsurers are described Note 8 - "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 may be placed into trust or subject to other security arrangements. 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 funds held concentration of $1.0 billion to one reinsured company which has financial strength credit ratings of A+ from A.M. Best and AA from S&P.

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 counterparty noted above, exceeded 10% of shareholders’ equity as of December 31, 2019. Our credit exposure to the U.S. government was $1,082.2 million as of December 31, 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 December 31, 2019, we had unfunded commitments of $482.3 million and $93.1 million to private equity funds and equity method investments, respectively.

Guarantees

As of December 31, 2019 and 2018, parental guarantees and capital instruments supporting subsidiaries' insurance obligations were $1,031.5 million and $614.5 million, respectively. We also have a FAL facility, which on February 12, 2019, we increased to issue an aggregate amount of $375.0 million of letters of credit, and we maintained the provision to further increase the facility up to $400.0 million. The FAL Facility is available to satisfy our Funds at

Lloyd’s requirements and expires in 2023. As of December 31, 2019 there were $252.0 million letters of credit issued under this facility which have a parental guarantee.

Significant New Business

We have entered into transaction agreements that are expected to become effective subsequent to December 31, 2019. Refer to Note 4 - "Significant New Business" above.

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 21 - "Related Party Transactions". Dowling has a right to participate if Trident exercises its put right.

Leases

2019 Disclosures under ASC 842 - 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 37 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.

Since a majority of our leases do not provide an implicit discount rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The starting point for determining a collateralized incremental borrowing rate is our general unsecured borrowing rate, given the term of the lease and the amount of the related lease payments. This base rate is then adjusted to reflect the effect of collateral. Since adding collateral improves a lender’s level of security in a lending arrangement, it has the impact of lowering our implied borrowing rate that we use to determine the present value of lease payments.

We also adopt a portfolio approach as permitted by ASC 842 whereby we use attributes such as the lease term to determine the appropriate incremental borrowing rate to be used to determine the present value of lease payments. In this regard, we use the same incremental borrowing rate for leases with a similar term while ensuring that the use of this portfolio approach does not result in an outcome that would materially differ from applying the lease accounting guidance on a lease-by-lease basis.

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.



	2019
Operating lease cost	$	13,627
Sublease income	(542		)
Total lease cost	$	13,085

The table below provides a summary of the cash flow information and non-cash activity related to our operating leases for the year ended December 31, 2019:



	2019
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	11,129
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	57,536

The table below provides a summary of the leases recorded on our consolidated balance sheets for the year ended December 31, 2019:



	Balance sheet classification	2019
Right-of-use assets	Other assets	$	46,747
Current lease liabilities	Other liabilities	11,403
Non-current lease liabilities	Other liabilities	34,785

Weighted-average remaining lease term and discount rate used for our operating leases are as follows for the year ended December 31, 2019:



	2019
Weighted-average remaining lease term	6.3 years
Weighted-average discount rate	6.3	%

The table below provides a summary of the maturity of the operating lease liabilities for the year ended December 31, 2019:



	2019
2020	$	13,663
2021	9,854
2022	8,103
2023	7,044
2024	5,358
2025 and beyond	13,119
Total lease payments	57,141
Less: Imputed interest	(10,953		)
Present value of lease liabilities	$	46,188

2018 Comparative Disclosures under ASC 840 - Leases

As discussed in Note 2 - Significant Accounting Policies, on adoption of ASU 2016-02 as codified in ASC 842 on January 1, 2019, we elected the transition option in ASU 2018-11 which amended ASU 2016-02 to allow entities not to apply the new leases standard in the comparative periods presented in the 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.



2019	$	9,510
2020	10,754
2021	9,772
2022	7,500
2023	6,592
2024 and beyond	21,276
	$	65,404

Rent expense for the years ended December 31, 2018 and 2017 was $11.3 million and $9.5 million, respectively, relating to office space and facilities that we leased to conduct our business operations.

Schedule II - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$ 1,763,516	$ (160,072)	$ (343,107)
INVESTING ACTIVITIES:
Net cash flows provided by (used in) investing activities	(1,983,537)	(825,754)	293,262
FINANCING ACTIVITIES:
Net proceeds from the issuance of preferred shares	0	495,357	0
Dividends on preferred shares	(35,914)	(12,133)	0
Repayment of loans	(742,574)	(914,319)	(912,140)
Receipt of loans	1,070,502	1,132,507	874,100
Net cash flows provided by (used in) financing activities	293,538	752,986	(65,476)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	73,193	(230,252)	(105,809)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	982,584	1,212,836	1,318,645
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	1,055,777	982,584	1,212,836
Enstar Group Limited
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	(128,462)	(128,382)	97,898
INVESTING ACTIVITIES:
Dividends and return of capital from subsidiaries	65,500	101,000	217,450
Contributions to subsidiaries	(240,382)	(660,339)	(465,650)
Net cash flows provided by (used in) investing activities	(174,882)	(559,339)	(248,200)
FINANCING ACTIVITIES:
Net proceeds from the issuance of preferred shares	0	495,357	0
Dividends on preferred shares	(35,914)	(12,133)	0
Repayment of loans	(219,000)	(898,633)	(696,640)
Receipt of loans	547,613	1,115,885	844,516
Net cash flows provided by (used in) financing activities	292,699	700,476	147,876
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(10,645)	12,755	(2,426)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	15,213	2,458	4,884
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	$ 4,568	$ 15,213	$ 2,458

Divestitures, Held-For-Sale Businesses and Discontinued Operations	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Divestitures, Held-For-Sale Business and Discontinued Operations	5. DIVESTITURES, HELD-FOR-SALE BUSINESSES AND DISCONTINUED OPERATIONS Policy Benefits for Life Contracts held by Alpha Insurance 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 were not 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 21 - "Related Party Transactions". Life assurance polices subjected us to mortality, longevity and morbidity risks and were 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. Pavonia On December 29, 2017, we completed the sale of our subsidiary, Pavonia Holdings (US), Inc. (“Pavonia”), to Southland National Holdings, Inc. (“Southland”), a Delaware corporation and a subsidiary of Global Bankers Insurance Group, LLC. The aggregate purchase price was $120.0 million. We used the proceeds to make repayments under our revolving credit facility. Pavonia was a substantial portion of our previously reported Life and Annuities segment. Pavonia was classified as held-for-sale prior to its sale during 2017. The Pavonia business qualified as a discontinued operation. Net earnings from discontinued operations from Pavonia recorded in the consolidated statement of earnings were $11.0 million for the year ended December 31, 2017. The change in cash of businesses held for sale on the consolidated cash flow statement from Pavonia was $118.3 million whilst under our ownership for the year ended December 31, 2017. The cash, cash equivalents and restricted cash carried on the balance sheet of Pavonia on December 29, 2017, the date of disposal, were $135.1 million. A sale of one subsidiary, Pavonia Life Insurance Company of New York ("PLIC NY"), has not yet been agreed or completed. As of December 31, 2019 and 2018, included within other assets and other liabilities on our consolidated balance sheet were amounts of $20.6 million and $11.7 million, and $24.0 million and $11.3 million, respectively, relating to PLIC NY. Laguna On August 29, 2017, we closed the previously-announced sale of our wholly-owned subsidiary Laguna Life DAC (“Laguna”) to a subsidiary of Monument, for a total consideration of €25.6 million (approximately $30.8 million). We have an equity method investment in Monument, as described further in Note 21 - "Related Party Transactions". Laguna was classified as held-for-sale during 2017 prior to its sale. Following the closing of the sale of Laguna, we recorded a loss on sale of $16.3 million for the year ended December 31, 2017, which was included in earnings from continuing operations before income taxes in our consolidated statement of earnings. This loss included a cumulative currency translation adjustment balance of $6.3 million, which was reclassified from accumulated other comprehensive income and included in earnings as a component of the loss on sale of Laguna during the year ended December 31, 2017, following the closing of the sale. Excluding the loss on sale, the net losses relating to Laguna for the year ended December 31, 2017 were $1.2 million. These amounts were not significant to our consolidated operations and therefore Laguna was not classified as a discontinued operation.

Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

12 Months Ended

Dec. 31, 2019