0001363829-21-000096 | 10-Q | XBRL Viewer

REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

6. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

The following tables provide the total reinsurance balances recoverable on paid and unpaid losses:


	March 31, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,198,802	$	30,851	$	—	$	1,229,653
IBNR	620,576		56,375		—		676,951
ULAE	16,418		1,731				18,149
Fair value adjustments - acquired companies	—		—		(15,162)		(15,162)
Fair value adjustments - fair value option	—		—		(40,056)		(40,056)
Total reinsurance reserves recoverable	1,835,796		88,957		(55,218)		1,869,535
Paid losses recoverable	179,240		1,520		—		180,760
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,484,166	$	90,477	$	(15,162)	$	1,559,481
Reinsurance balances recoverable on paid and unpaid losses - fair value option	530,870		—		(40,056)		490,814
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295

(1) Effective January 1, 2021, the net loss reserves of StarStone International were transferred from the Legacy Underwriting segment to the Run-off segment. Refer to Note 21 - "Segment Information" for further details.


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	938,231	$	263,638	$	—	$	1,201,869
IBNR	508,082		139,761		—		647,843
ULAE	16,688		—		—		16,688
Fair value adjustments - acquired companies	—		—		(15,353)		(15,353)
Fair value adjustments - fair value option	—		—		(21,427)		(21,427)
Total reinsurance reserves recoverable	1,463,001		403,399		(36,780)		1,829,620
Paid losses recoverable	172,309		87,234		—		259,543
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,093,053	$	490,633	$	(15,353)	$	1,568,333
Reinsurance balances recoverable on paid and unpaid losses - fair value option	542,257		—		(21,427)		520,830
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163

Our (re)insurance run-off subsidiaries and assumed portfolios, prior to acquisition, used retrocessional agreements to reduce their exposure to the risk of (re)insurance assumed. On an annual basis, StarStone International, included within the Run-off segment from January 1, 2021, purchased a tailored outwards reinsurance program designed to manage its risk profile. The majority of StarStone International's third-party reinsurance is with highly rated reinsurers or is collateralized by pledged assets or letters of credit.

The fair value adjustments, determined on acquisition of (re)insurance subsidiaries, are based on the estimated timing of loss and LAE recoveries included in the Run-off segment 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 for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements. The determination of the fair value adjustments on the retroactive reinsurance contracts for which we have elected the fair value option is described in Note 10 - "Fair Value Measurements."

As of each of March 31, 2021 and December 31, 2020, we had reinsurance balances recoverable on paid and unpaid losses of $2,050.3 million and $2,089.2 million, respectively. The decrease of $38.9 million was primarily due to cash collections, partially offset by assumed ceded assets relating to CNA and Syndicate 609 as discussed in Note 2 - "Significant New Business" and Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations."

Top Ten Reinsurers


	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,317,932	$	21,087	$	—	$	1,339,019	65.3	%
Other reinsurers > $1 million	672,336		69,192		(55,218)		686,310		33.5	%
Other reinsurers < $1 million	$	24,768	$	198	$	—	$	24,966	1.2	%
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295	100.0	%


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,036,676	$	327,917	$	—	$	1,364,593	65.3	%
Other reinsurers > $1 million	574,869		159,513		(36,780)		697,602		33.4	%
Other reinsurers < $1 million	23,765		3,203		—		26,968		1.3	%
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163	100.0	%


	March 31, 2021		December 31, 2020
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	7		7
Number of top 10 non-rated reinsurers (1)	3		3

Reinsurers rated A- or better in top 10	$	833,882	$	863,819
Non-rated reinsurers in top 10 (1)	505,137		500,774
Total top 10 reinsurance recoverables	$	1,339,019	$	1,364,593

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of March 31, 2021 and 2020:

Lloyd's Syndicates (2)	$	340,281	$	331,118
Michigan Catastrophic Claims Association(3)	$	228,784	$	229,374

(1) The reinsurance balances recoverable from the three non-rated top 10 reinsurers was comprised of:

•$228.8 million and $229.4 million as of March 31, 2021 and December 31, 2020 respectively, due from Michigan Catastrophic Claims Association;

•$72.2 million and $73.8 million as of March 31, 2021 and December 31, 2020 respectively, due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance; and

•$204.2 million and $208.4 million as of March 31, 2021 and December 31, 2020 respectively, due from Enhanzed Re, an equity method investee to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 19 - "Related Party Transactions". These quota share reinsurance agreements are written on a funds withheld basis

with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re.

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

(3) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state.

Allowance for Estimated Uncollectible Reinsurance Balances Recoverable on Paid and Unpaid Losses

We evaluate and monitor the credit risk related to our reinsurers, and an allowance for estimated uncollectible reinsurance balances recoverable on paid and unpaid losses ("allowance for estimated uncollectible reinsurance") is established for amounts considered potentially uncollectible. For further information on how the allowance for estimated uncollectible reinsurance is derived, refer to Note 8 - "Reinsurance Balances Recoverable on Paid and Unpaid Losses" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

The following tables show our gross and net balances recoverable from our reinsurers as well as the related allowance for estimated uncollectible reinsurance broken down by the credit ratings of our reinsurers. The majority of the allowance for estimated uncollectible reinsurance relates to the Run-off segment.


	March 31, 2021
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,447,044	$	60,342	$	1,386,702	4.2	%
Reinsurers rated below A-, secured	585,538		—		585,538		—	%
Reinsurers rated below A-, unsecured	156,478		78,423		78,055		50.1	%
Total	$	2,189,060	$	138,765	$	2,050,295	6.3	%


	December 31, 2020
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,464,529	$	60,801	$	1,403,728	4.2	%
Reinsurers rated below A-, secured	608,999		—		608,999		—	%
Reinsurers rated below A-, unsecured	152,757		76,321		76,436		50.0	%
Total	$	2,226,285	$	137,122	$	2,089,163	6.2	%

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the three months ended March 31, 2021 and 2020:


	Three Months Ended
	March 31, 2021		March 31, 2020
Allowance for estimated uncollectible reinsurance, beginning of period	$	137,122	$	147,639
Cumulative effect of change in accounting principle on allowance for estimated uncollectible reinsurance (1)	—		(195)
Effect of exchange rate movement	158		—
Current period change in the allowance	2,017		(4,117)

Recoveries collected	(532)		—
Allowance for estimated uncollectible reinsurance, end of period	$	138,765	$	143,327

(1) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 for further details.

We consider a reinsurance recoverable asset to be past due when it is 90 days past due and record a credit allowance when there is reasonable uncertainty about the collectability of a disputed amount during the reporting period. We did not have significant past due balances older than one year for any of the periods presented.

11. PREMIUMS WRITTEN AND EARNED

The following table provides a summary of premiums written and earned by segment:


	Three Months Ended March 31,
		2021	2020
			Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross			$	22,183	$	94,206	$	327	$	18,078
Ceded			(17,685)		(21,370)		1,849		(2,048)
Net			$	4,498	$	72,836	$	2,176	$	16,030
Legacy Underwriting
Gross			$	27,574	$	48,059	$	209,434	$	177,043
Ceded			(16,107)		(28,019)		(57,151)		(33,722)
Net			$	11,467	$	20,040	$	152,283	$	143,321




Total
Gross			$	49,757	$	142,265	$	209,761	$	195,121
Ceded			(33,792)		(49,389)		(55,302)		(35,770)
Total			$	15,965	$	92,876	$	154,459	$	159,351

Gross premiums written for the three months ended March 31, 2021 decreased by $160.0 million primarily due to StarStone International being placed into an orderly run-off in the second quarter of 2020 and the sale of Atrium. Refer to Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further information.

Deferred Charge Assets and Deferred Gain Liabilities

3 Months Ended

Mar. 31, 2021

DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

7. DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

Deferred charge assets and deferred gain liabilities relate to retroactive reinsurance policies providing indemnification of losses and LAE with respect to past loss events and are included within corporate and other activities. For (re)insurance 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 period; whereas, a deferred gain liability is recorded for the excess, if any, of the premiums received over the estimated ultimate losses payable at the initial measurement period. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record the excess as a deferred gain liability which is amortized to earnings over the estimated period during which the losses paid on the assumed retroceded liabilities are recovered from the retrocessionaire. For further information refer to Note 2 - "Significant Accounting Policies" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

Deferred Charge Assets

Deferred charge assets are included in other assets on our consolidated balance sheets. The following table presents a reconciliation of the deferred charge assets:



	Three Months Ended March 31,
		2021		2020
Beginning carrying value		$	238,602	$	272,462
Recorded during the period		130,881		—
Amortization		(8,698)		(14,630)

Ending carrying value		$	360,785	$	257,832

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 of determination. For the three months ended March 31, 2021, we completed our assessment for impairment of deferred charge assets and concluded that there had been no impairment of our carried deferred charge assets amount.

Further information on deferred charge assets recorded during the three months ended March 31, 2021 is included in Note 2 - "Significant New Business."

Deferred Gain Liabilities

Deferred gain liabilities are included in other liabilities on our consolidated balance sheets. The following table presents a reconciliation of the deferred gain liabilities:


	Three Months Ended March 31,
	2021		2020
Beginning carrying value	$	19,880	$	12,875

Amortization	(629)		(297)

Ending carrying value	$	19,251	$	12,578

Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2021

LOSSES AND LOSS ADJUSTMENT EXPENSES

8. LOSSES AND LOSS ADJUSTMENT EXPENSES

The liability for losses and loss adjustment expenses ("LAE"), also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses and includes losses that have been incurred but not reported ("IBNR") using a variety of actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated loss adjustment expenses ("ALAE"), and unallocated loss adjustment expenses ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR represents reserves for loss and LAE that have been incurred but not yet reported to us. This includes amounts for unreported claims, development on known claims and reopened claims.

Our loss reserves cover multiple lines of business, which include asbestos, environmental, general casualty, workers' compensation/personal accident, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business. Refer to Note 10 - "Losses and Loss Adjustment Expenses" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 for more information on establishing the liability for losses and LAE.

The following tables summarize the liability for losses and LAE by segment and for our corporate and other activities:


	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total
Outstanding losses	$	5,545,947	$	97,928	$	—	$	5,643,875
IBNR	5,508,249		148,716		—		5,656,965
ULAE	413,171		2,452		—		415,623
Fair value adjustments - acquired companies	—		—		(140,148)		(140,148)
Fair value adjustments - fair value option	—		—		(148,895)		(148,895)
Total	$	11,467,367	$	249,096	$	(289,043)	$	11,427,420

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	9,041,090	$	249,096	$	(140,148)	$	9,150,038
Loss and loss adjustment expenses, at fair value	2,426,277		—		(148,895)		2,277,382
Total	$	11,467,367	$	249,096	$	(289,043)	$	11,427,420


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total
Outstanding losses	$	4,440,425	$	687,424	$	—	$	5,127,849
IBNR	4,641,500		636,003		—		5,277,503
ULAE	350,600		35,102		—		385,702
Fair value adjustments - acquired companies	—		—		(143,183)		(143,183)
Fair value adjustments - fair value option	—		—		(54,589)		(54,589)
Total	$	9,432,525	$	1,358,529	$	(197,772)	$	10,593,282

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	6,925,016	$	1,358,529	$	(143,183)	$	8,140,362
Loss and loss adjustment expenses, at fair value	2,507,509		—		(54,589)		2,452,920
Total	$	9,432,525	$	1,358,529	$	(197,772)	$	10,593,282

The overall increase in the liability for losses and LAE from December 31, 2020 to March 31, 2021 was primarily attributable to the CNA and Liberty Mutual reinsurance transactions, as described in Note 2 - "Significant New Business" and net incurred losses and LAE in the period, partially offset by losses paid

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


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	10,593,282	$	9,868,404
Less: reinsurance reserves recoverable (1)		1,829,620		1,927,624
Less: net deferred charge assets and deferred gain liabilities on retroactive reinsurance		218,722		259,587

Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances (2)		—		643
Net balance as of beginning of period		8,544,940		7,680,550
Net incurred losses and LAE:
Current period		54,060		115,505
Prior periods		(109,567)		(72,205)
Total net incurred losses and LAE		(55,507)		43,300
Net paid losses:
Current period		(6,502)		(3,807)
Prior periods		(336,030)		(356,019)
Total net paid losses		(342,532)		(359,826)
Effect of exchange rate movement		(8,771)		(146,380)

Assumed business (3)		1,078,221		471,150


Net balance as of March 31		9,216,351		7,688,794
Plus: reinsurance reserves recoverable (1)		1,869,535		1,902,749
Plus: net deferred charge assets and deferred gain liabilities on retroactive reinsurance (4)		341,534		245,254
Balance as of March 31		$	11,427,420	$	9,836,797

(1) Net of allowance for estimated uncollectible reinsurance.

(2) The Company adopted ASU 2016-13 and the related amendments on January 1, 2020. Refer to Note 2 - "Significant Accounting Policies" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 for further details.

(3) Refer to Note 2 - "Significant New Business" for further information.

(4) Refer to Note 7 - "Deferred Charge Assets and Deferred Gain Liabilities" for further information.

The tables below provide the components of net incurred losses and LAE by segment and for our corporate and other activities:


	Three Months Ended
	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid	$	330,629	$	11,903	$	—	$	342,532
Net change in case and LAE reserves (1)	(119,363)		(7,771)		—		(127,134)
Net change in IBNR reserves (2)	(193,943)		789		—		(193,154)
Increase in estimates of net ultimate losses	17,323		4,921		—		22,244

Reduction in provisions for unallocated LAE (3)	(12,698)		(443)		—		(13,141)
Amortization of deferred charge assets and deferred gain liabilities (4)	—		—		8,069		8,069
Amortization of fair value adjustments (5)	—		—		2,793		2,793
Changes in fair value - fair value option (6)	—		—		(75,472)		(75,472)
Net incurred losses and LAE	$	4,625	$	4,478	$	(64,610)	$	(55,507)


		Three Months Ended
	March 31, 2020
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	258,966	$	100,860	$	—	$	359,826
Net change in case and LAE reserves (1)		(174,580)		(35,188)		—		(209,768)
Net change in IBNR reserves (2)		(104,100)		39,249		—		(64,851)
Increase (reduction) in estimates of net ultimate losses		(19,714)		104,921		—		85,207

Increase (reduction) in provisions for unallocated LAE (3)		(7,479)		610		—		(6,869)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		14,333		14,333
Amortization of fair value adjustments (5)		—		—		8,866		8,866
Changes in fair value - fair value option (6)		—		—		(58,237)		(58,237)
Net incurred losses and LAE		$	(27,193)	$	105,531	$	(35,038)	$	43,300

(1)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.

(2)Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

(3) Represents the change in the estimate of the total future costs to administer the claims.

(4) Relates to the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts.

(5) Relates to the amortization of fair value adjustments associated with the acquisition of companies.

(6) Represents the changes in the fair value of liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option.

The table below provides a reconciliation of the amortization of deferred charge assets and deferred gain liabilities included in the calculation of net incurred losses and LAE above:


	Three Months Ended
	March 31,
		2021		2020
Amortization of deferred charge assets		$	8,698	$	14,630
Amortization of deferred gain liabilities		(629)		(297)
Total amortization of deferred charge assets and deferred gain liabilities		$	8,069	$	14,333

Run-off Segment

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


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	9,432,525	$	8,683,983
Less: reinsurance reserves recoverable (1)		1,463,001		1,645,352

Plus: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (2)		—		703
Net balance as of beginning of period		7,969,524		7,039,334
Net incurred losses and LAE:
Current period		44,161		7,849
Prior periods		(39,536)		(35,042)
Total net incurred losses and LAE		4,625		(27,193)
Net paid losses:
Current period		(3,275)		(1,240)
Prior periods		(327,354)		(257,726)
Total net paid losses		(330,629)		(258,966)
Effect of exchange rate movement		(12,412)		(140,089)

Assumed business (3)		1,045,333		471,150

Transfer from the Legacy Underwriting segment (4)		955,130		—
Net balance as of March 31		9,631,571		7,084,236
Plus: reinsurance reserves recoverable (1)		1,835,796		1,568,296
Balance as of March 31		$	11,467,367	$	8,652,532

(1) Net of allowance for estimated uncollectible reinsurance.

(3) Refer to Note 2 - "Significant New Business" for further information.

(4) Effective January 1, 2021, the net loss reserves of StarStone International were transferred from the Legacy Underwriting segment to the Run-off segment. Refer to Note 21 - "Segment Information" for further details.

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


	Three Months Ended March 31,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	327,354	$	3,275	$	330,629	$	257,726	$	1,240	$	258,966
Net change in case and LAE reserves (1)	(117,156)		(2,207)		(119,363)		(176,252)		1,672		(174,580)
Net change in IBNR reserves (2)	(235,565)		41,622		(193,943)		(109,037)		4,937		(104,100)
Increase (reduction) in estimates of net ultimate losses	(25,367)		42,690		17,323		(27,563)		7,849		(19,714)

Increase (reduction) in provisions for unallocated LAE (3)	(14,169)		1,471		(12,698)		(7,479)		—		(7,479)



Net incurred losses and LAE	$	(39,536)	$	44,161	$	4,625	$	(35,042)	$	7,849	$	(27,193)

(2)Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

(3) Represents the change in the estimate of the total future costs to administer the claims.

Three Months Ended March 31, 2021

Current period net incurred losses and LAE of $44.2 million related to current period net earned premium, primarily in respect of the run-off of StarStone International business which was transferred from the Legacy Underwriting segment on January 1, 2021. The reduction in estimates of net ultimate losses relating to prior periods of $25.4 million was driven primarily by continued favorable loss emergence relative to expectations in our Workers Compensation and General Liability lines of business as well as detailed claims reviews across a number of portfolios, including our Lloyd's syndicate. The combination of loss emergence experience and claims management has led to a favorable actual versus expected on those books of business.

Three Months Ended March 31, 2020

Current period net incurred losses and LAE of $7.8 million related to current period net earned premium, primarily in respect of the run-off of the AmTrust RITC transactions. The reduction in estimates of net ultimate losses of $27.6 million primarily related to favorable development in Professional Indemnity/Directors & Officers lines of businesses and favorable actual versus expected development in the Workers Compensation and Motor Liability lines of business.

Legacy Underwriting Segment

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


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	1,358,529	$	1,569,865
Less: reinsurance reserves recoverable (1)		403,399		385,613

Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (2)		—		1,346
Net balance as of beginning of period		955,130		1,182,906
Net incurred losses and LAE:
Current period		9,899		107,656
Prior periods		(5,421)		(2,125)
Total net incurred losses and LAE		4,478		105,531
Net paid losses:
Current period		(3,227)		(2,567)
Prior periods		(8,676)		(98,293)
Total net paid losses		(11,903)		(100,860)
Effect of exchange rate movement		3,795		(13,955)

Assumed business (3)		163,769		—

Transfer to Run-off segment (4)		(955,130)		—
Net balance as of March 31		160,139		1,173,622
Plus: reinsurance reserves recoverable (1)		88,957		442,905
Balance as of March 31		$	249,096	$	1,616,527

(1) Net of allowance for estimated uncollectible reinsurance.

(3) This balance represents the gross up for our participation in Atrium's Syndicate 609 relating to the 2020 and prior underwriting years which is no longer eliminated on our consolidated financial statements following the completion of the Exchange Transaction on January 1, 2021. Refer to Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further details.

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


	Three Months Ended March 31,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	8,676	$	3,227	$	11,903	$	98,293	$	2,567	$	100,860
Net change in case and LAE reserves (1)	(12,530)		4,759		(7,771)		(43,538)		8,350		(35,188)
Net change in IBNR reserves (2)	(1,350)		2,139		789		(56,789)		96,038		39,249
Increase (reduction) in estimates of net ultimate losses	(5,204)		10,125		4,921		(2,034)		106,955		104,921
Increase (reduction) in provisions for unallocated LAE (3)	(217)		(226)		(443)		(91)		701		610

Net incurred losses and LAE	$	(5,421)	$	9,899	$	4,478	$	(2,125)	$	107,656	$	105,531

(2)Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

(3) Represents the change in the estimate of the total future costs to administer the claims.

Three Months Ended March 31, 2021

Current period net incurred losses and LAE of $9.9 million related to current period net earned premium. The reduction in net incurred losses and LAE liabilities relating to prior periods was $5.4 million and was attributable to a reduction in estimates of net ultimate losses of $5.2 million.

Three Months Ended March 31, 2020

Current period net incurred losses and LAE of $107.7 million related to current period net earned premium and included losses related to the COVID-19 pandemic of $33.2 million.

Defendant Asbestos and Environmental Liabilities

3 Months Ended

Mar. 31, 2021

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

9. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

We acquired DCo LLC ("DCo") on December 30, 2016, and Morse TEC on October 30, 2019. These companies hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. 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. For further details on the methodologies used for determining liabilities, refer to Note 11 - "Defendant Asbestos and Environmental Liabilities" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

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 were as follows:


	March 31, 2021		December 31, 2020
Defendant asbestos and environmental liabilities:
Defendant asbestos liabilities	$	895,523	$	913,276
Defendant environmental liabilities	12,386		12,572
Estimated future expenses	39,747		42,510
Fair value adjustments	(256,099)		(262,029)
Defendant asbestos and environmental liabilities	691,557		706,329

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5,272; 2020 - $4,824)	308,523		310,602
Fair value adjustments	(60,513)		(60,950)
Insurance balances recoverable	248,010		249,652

Net liabilities relating to defendant asbestos and environmental exposures	$	443,547	$	456,677

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant asbestos and environmental exposures:


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	706,329	$	847,685
Less: Insurance balances recoverable		249,652		448,855
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances (1)		—		3,167
Net balance as of beginning of period		456,677		401,997
Total net (paid claims) recoveries		(6,308)		6,581
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities		(9,552)		(24,915)
Reduction in estimated future expenses		(2,763)		(2,028)
Amortization of fair value adjustments		5,493		5,468
Total other income		(6,822)		(21,475)

Net balance as at March 31		443,547		387,103
Plus: Insurance balances recoverable (2)		248,010		435,613
Balance as at March 31		$	691,557	$	822,716

(2) Net of allowance for estimated uncollectible insurance balances

Allowance for Estimated Uncollectible Insurance Balances Recoverable on Defendant Asbestos Liabilities

We evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant asbestos liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible insurance, we use the inputs and methodologies as described in Note 8 - "Reinsurance Balances Recoverable on Paid and Unpaid Losses" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities.


	Three Months Ended
	March 31,
	2021		2020
Allowance for estimated uncollectible insurance balances, beginning of period	$	4,824	$	3,818
Cumulative effect of change in accounting principle	—		3,167
Current period change in the allowance	448		—


Allowance for estimated uncollectible insurance balances, end of period	$	5,272	$	6,985

During the three months ended March 31, 2021 and 2020, we did not have any write-offs charged against the allowance for estimated uncollectible insurance or any recoveries of amounts previously written off.

We did not have significant non-disputed past due balances receivable from our insurers related to our defendant asbestos liabilities, that were older than one year for any of the periods presented. Any balances that are part of ongoing legal activity are estimated to be recovered at the level of our recorded asset, which is consistent with our legal advice and past collection experience.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

10. 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:


	March 31, 2021
	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:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	784,545	$	—	$	—	$	784,545
U.K. government	—		42,797		—		—		42,797
Other government	—		536,447		—		—		536,447
Corporate	—		6,043,130		—		—		6,043,130
Municipal	—		206,671		—		—		206,671
Residential mortgage-backed	—		620,569		—		—		620,569
Commercial mortgage-backed	—		978,742		—		—		978,742
Asset-backed	—		777,652		—		—		777,652

	$	—	$	9,990,553	$	—	$	—	$	9,990,553

Other assets included within funds held - directly managed	—		6,007		—		—		6,007

Equities:
Publicly traded equity investments	$	235,923	$	27,199	$	—	$	—	$	263,122
Exchange-traded funds	505,042		—		—		—		505,042
Privately held equity investments	—		—		330,404		—		330,404
	$	740,965	$	27,199	$	330,404	$	—	$	1,098,568

Other investments:

Hedge funds	$	—	$	—	$	—	$	2,915,114	$	2,915,114
Fixed income funds	—		268,724		—		312,972		581,696
Equity funds	—		5,305		—		—		5,305
Private equity funds	—		—		—		442,602		442,602
CLO equities	—		134,984		—		—		134,984
CLO equity funds	—		—		—		178,150		178,150
Private credit funds	—		—		9,250		230,952		240,202


Other	—		—		314		20,679		20,993
	$	—	$	409,013	$	9,564	$	4,100,469	$	4,519,046
Total Investments	$	740,965	$	10,432,772	$	339,968	$	4,100,469	$	15,614,174

Cash and cash equivalents	$	244,979	$	27,726	$	—	$	—	$	272,705

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	490,814	$	—	$	490,814

Other Assets:
Derivatives qualifying as hedging	$	—	$	15,602	$	—	$	—	$	15,602
Derivatives not qualifying as hedging	—		3,011		—		—		3,011
Derivative instruments	$	—	$	18,613	$	—	$	—	$	18,613

Losses and LAE:	$	—	$	—	$	2,277,382	$	—	$	2,277,382

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	—	$	—	$	—	$	—
Derivatives not qualifying as hedging	—		3,054		—		—		3,054
Derivative instruments	$	—	$	3,054	$	—	$	—	$	3,054


	December 31, 2020
	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:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	951,048	$	—	$	—	$	951,048
U.K government	—		51,082		—		—		51,082
Other government	—		502,153		—		—		502,153
Corporate	—		5,686,732		—		—		5,686,732
Municipal	—		162,669		—		—		162,669
Residential mortgage-backed	—		553,945		—		—		553,945
Commercial mortgage-backed	—		854,090		—		—		854,090
Asset-backed	—		557,460		—		—		557,460
	$	—	$	9,319,179	$	—	$	—	$	9,319,179

Other assets included within funds held - directly managed	$	—	$	14,627	$	—	$	—	$	14,627

Equities:
Publicly traded equity investments	$	229,167	$	31,600	$	—	$	—	$	260,767
Exchange-traded funds	311,287		—		—		—		311,287
Privately held equity investments	—		—		274,741		—		274,741
	$	540,454	$	31,600	$	274,741	$	—	$	846,795

Other investments:
Hedge funds	$	—	$	—	$	—	$	2,638,339	$	2,638,339
Fixed income funds	—		285,837		—		266,704		552,541
Equity funds	—		5,073		—		185,694		190,767
Private equity funds	—		—		—		363,103		363,103
CLO equities	—		128,083		—		—		128,083
CLO equity funds	—		—		—		166,523		166,523
Private credit funds	—		—		9,250		183,069		192,319
Other	—		—		314		12,045		12,359
	$	—	$	418,993	$	9,564	$	3,815,477	$	4,244,034
Total Investments	$	540,454	$	9,784,399	$	284,305	$	3,815,477	$	14,424,635

Cash and cash equivalents	$	385,790	$	208,272	$	—	$	—	$	594,062

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	520,830	$	—	$	520,830

Other Assets:
Derivatives qualifying as hedging	$	—	$	1,169	$	—	$	—	$	1,169
Derivatives not qualifying as hedging	—		2,964		—		—		2,964
Derivative instruments	$	—	$	4,133	$	—	$	—	$	4,133

Losses and LAE:	$	—	$	—	$	2,452,920	$	—	$	2,452,920

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	28,947	$	—	$	—	$	28,947
Derivatives not qualifying as hedging	—		5,195		—		—		5,195
Derivative instruments	$	—	$	34,142	$	—	$	—	$	34,142

Valuation Methodologies of Financial Instruments Measured at Fair Value

Short-term and Fixed Maturity Investments

The fair values for all securities in the short-term and 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.

The following describes the techniques generally used to determine the fair value of our short-term and 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 exchange-traded funds also trade on major exchanges. Our publicly traded equities are widely diversified and there is no significant concentration in any specific industry. 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. We have two equity securities trading in an inactive market and, as a result have 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, including active discussions with managers of the investments. 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 review the audited results relative to the net asset values provided by the managers, 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"). The fair values measured using prices provided by independent pricing services have been classified as Level 2 and fair values using prices from brokers 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.

•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.

•Our investments in private credit funds are primarily valued 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 private credit funds is a loan which is valued at cost less distributions received to date.

•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.

Cash and Cash Equivalents

Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are very close to maturity. As such, they present insignificant risk of changes in value due to changes in interest rates. Included within cash and cash equivalents are money market funds, fixed interest deposits and highly liquid fixed maturity investments purchased with an original maturity of three months or less.

The majority of our cash and cash equivalents included within the fair value hierarchy are comprised of money market and liquid reserve funds which have been categorized as Level 1. Fixed interest deposits and highly liquid fixed maturity investments with an original maturity of three months or less have been categorized as Level 2. Operating cash balances are not subject to the recurring fair value measurement guidance and are therefore excluded from 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. The fair value is 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 yield 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 is 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 derivative instruments, as described in Note 5 - "Derivatives and Hedging Instruments" are classified as Level 2. The fair values are based upon prices in active markets for identical contracts.

Level 3 Measurements and Changes in Leveling

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

Investments

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


				Three Months Ended March 31, 2021						Three months ended March 31, 2020
	Privately-held Equities	Other Investments	Total	Privately-held Equities		Other Investments		Total

Beginning fair value				$	274,741	$	9,564	$	284,305	$	265,799	$	87,869	$	353,668
Purchases				57,192		—		57,192		1,358		37,092		38,450
Sales				—		—		—		—		(539)		(539)
Total realized and unrealized losses				(1,529)		—		(1,529)		(145)		(40,368)		(40,513)

Transfer out of Level 3 into Level 2				—		—		—		—		(83,740)		(83,740)
Ending fair value				$	330,404	$	9,564	$	339,968	$	267,012	$	314	$	267,326

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

The securities transferred from Level 3 to Level 2 were based upon obtaining market observable information regarding the valuations of the specific assets.

Valuations Techniques and Inputs

The table below presents the qualitative information related to the fair value measurements for our privately held equity investments measured at fair value on a recurring basis using Level 3 inputs:


		Qualitative Information about Level 3 Fair Value Measurements
		Fair Value as of March 31, 2021			Valuation Techniques		Unobservable Input		Range (Average) (1)
		(in millions of U.S. dollars)


		$	228.8		Guideline company methodology		Distribution waterfall		12.89
$	104.0			Cost as approximation of fair value		Cost as approximation of fair value
$	7.2			Net Asset Value (2)		NAV at recent transaction		19.49
$	340.0

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

(2) This relates to our direct investment in the equity of a privately held business development company ("BDC") which follows the Investment Company accounting guidance in ASC 946 and therefore values its underlying investments using NAV as a practical expedient as permitted by ASC 946. Our valuation of our equity interest in this BDC is therefore based on the NAV provided by the BDC, subject to our own independent validation procedures.

Insurance Contracts - Fair Value Option

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:


	Three Months Ended March 31,
	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
Beginning fair value	$	2,452,920	$	520,830	$	1,932,090	$	2,621,122	$	695,518	$	1,925,604
Assumed business	—		—		—		4,975		—		4,975
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(8,223)		709		(8,932)		(14,439)		(3,171)		(11,268)
Reduction in unallocated LAE	(4,395)		—		(4,395)		(6,413)		—		(6,413)
Change in fair value	(94,083)		(18,611)		(75,472)		(64,804)		(6,567)		(58,237)
Total incurred losses and LAE	(106,701)		(17,902)		(88,799)		(85,656)		(9,738)		(75,918)
Paid losses	(73,950)		(11,983)		(61,967)		(81,163)		(16,114)		(65,049)
Effect of exchange rate movements	5,113		(131)		5,244		(113,735)		(16,270)		(97,465)
Ending fair value	$	2,277,382	$	490,814	$	1,786,568	$	2,345,543	$	653,396	$	1,692,147

The following table presents the components of the net change in fair value:


	Three Months Ended March 31,
	2021		2020
Changes in fair value due to changes in:
Duration	$	1,566	$	4,148
Corporate bond yield	(77,038)		(64,092)

Weighted cost of capital	—		(5,048)
Risk cost of capital	—		6,755
Change in fair value	$	(75,472)	$	(58,237)

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:

March 31, 2021

December 31, 2020

Valuation Technique

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A rated

Internal model

Credit spread for non-performance risk (U)

0.2%

Internal model

Risk cost of capital (U)

5.1%

Internal model

Weighted average cost of capital (U)

8.25%

Internal model

Duration - liability (U)

8.21 years

8.17 years

Internal model

Duration - reinsurance balances recoverable on paid and unpaid losses (U)

7.95 years

8.23 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 March 31, 2021, 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 $349.4 million and $494.2 million, respectively, while the fair value based on observable market pricing from a third party pricing service was $360.7 million and $561.1 million, respectively. The Senior Notes are classified as Level 2.

Junior Subordinated Notes

As of March 31, 2021, our 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 (the “Junior Subordinated Notes”) were carried at amortized cost of $344.9 million, while the fair value based on observable market pricing from a third party pricing service was $365.7 million. The Junior Subordinated 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 March 31, 2021 and December 31, 2020.

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.

Premiums Written and Earned

3 Months Ended

Mar. 31, 2021

PREMIUMS WRITTEN AND EARNED

6. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

The following tables provide the total reinsurance balances recoverable on paid and unpaid losses:


	March 31, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,198,802	$	30,851	$	—	$	1,229,653
IBNR	620,576		56,375		—		676,951
ULAE	16,418		1,731				18,149
Fair value adjustments - acquired companies	—		—		(15,162)		(15,162)
Fair value adjustments - fair value option	—		—		(40,056)		(40,056)
Total reinsurance reserves recoverable	1,835,796		88,957		(55,218)		1,869,535
Paid losses recoverable	179,240		1,520		—		180,760
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,484,166	$	90,477	$	(15,162)	$	1,559,481
Reinsurance balances recoverable on paid and unpaid losses - fair value option	530,870		—		(40,056)		490,814
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	938,231	$	263,638	$	—	$	1,201,869
IBNR	508,082		139,761		—		647,843
ULAE	16,688		—		—		16,688
Fair value adjustments - acquired companies	—		—		(15,353)		(15,353)
Fair value adjustments - fair value option	—		—		(21,427)		(21,427)
Total reinsurance reserves recoverable	1,463,001		403,399		(36,780)		1,829,620
Paid losses recoverable	172,309		87,234		—		259,543
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,093,053	$	490,633	$	(15,353)	$	1,568,333
Reinsurance balances recoverable on paid and unpaid losses - fair value option	542,257		—		(21,427)		520,830
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163

Top Ten Reinsurers


	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,317,932	$	21,087	$	—	$	1,339,019	65.3	%
Other reinsurers > $1 million	672,336		69,192		(55,218)		686,310		33.5	%
Other reinsurers < $1 million	$	24,768	$	198	$	—	$	24,966	1.2	%
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295	100.0	%


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,036,676	$	327,917	$	—	$	1,364,593	65.3	%
Other reinsurers > $1 million	574,869		159,513		(36,780)		697,602		33.4	%
Other reinsurers < $1 million	23,765		3,203		—		26,968		1.3	%
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163	100.0	%


	March 31, 2021		December 31, 2020
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	7		7
Number of top 10 non-rated reinsurers (1)	3		3

Reinsurers rated A- or better in top 10	$	833,882	$	863,819
Non-rated reinsurers in top 10 (1)	505,137		500,774
Total top 10 reinsurance recoverables	$	1,339,019	$	1,364,593

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of March 31, 2021 and 2020:

Lloyd's Syndicates (2)	$	340,281	$	331,118
Michigan Catastrophic Claims Association(3)	$	228,784	$	229,374

(1) The reinsurance balances recoverable from the three non-rated top 10 reinsurers was comprised of:

•$228.8 million and $229.4 million as of March 31, 2021 and December 31, 2020 respectively, due from Michigan Catastrophic Claims Association;

with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re.

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

(3) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state.

Allowance for Estimated Uncollectible Reinsurance Balances Recoverable on Paid and Unpaid Losses


	March 31, 2021
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,447,044	$	60,342	$	1,386,702	4.2	%
Reinsurers rated below A-, secured	585,538		—		585,538		—	%
Reinsurers rated below A-, unsecured	156,478		78,423		78,055		50.1	%
Total	$	2,189,060	$	138,765	$	2,050,295	6.3	%


	December 31, 2020
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,464,529	$	60,801	$	1,403,728	4.2	%
Reinsurers rated below A-, secured	608,999		—		608,999		—	%
Reinsurers rated below A-, unsecured	152,757		76,321		76,436		50.0	%
Total	$	2,226,285	$	137,122	$	2,089,163	6.2	%

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the three months ended March 31, 2021 and 2020:


	Three Months Ended
	March 31, 2021		March 31, 2020
Allowance for estimated uncollectible reinsurance, beginning of period	$	137,122	$	147,639
Cumulative effect of change in accounting principle on allowance for estimated uncollectible reinsurance (1)	—		(195)
Effect of exchange rate movement	158		—
Current period change in the allowance	2,017		(4,117)

Recoveries collected	(532)		—
Allowance for estimated uncollectible reinsurance, end of period	$	138,765	$	143,327

11. PREMIUMS WRITTEN AND EARNED

The following table provides a summary of premiums written and earned by segment:


	Three Months Ended March 31,
		2021	2020
			Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross			$	22,183	$	94,206	$	327	$	18,078
Ceded			(17,685)		(21,370)		1,849		(2,048)
Net			$	4,498	$	72,836	$	2,176	$	16,030
Legacy Underwriting
Gross			$	27,574	$	48,059	$	209,434	$	177,043
Ceded			(16,107)		(28,019)		(57,151)		(33,722)
Net			$	11,467	$	20,040	$	152,283	$	143,321




Total
Gross			$	49,757	$	142,265	$	209,761	$	195,121
Ceded			(33,792)		(49,389)		(55,302)		(35,770)
Total			$	15,965	$	92,876	$	154,459	$	159,351

Goodwill and Intangible Assets	3 Months Ended
Goodwill and Intangible Assets	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	12. GOODWILL AND INTANGIBLE ASSETS As of each of March 31, 2021 and December 31, 2020, goodwill, included within other assets in the condensed consolidated balance sheets, was $63.0 million and related to the Run-off segment. Goodwill relating to the Legacy Underwriting segment of $8.0 million was impaired in the second quarter of 2020 following the decision to place StarStone International into run-off. The amortization recorded on the intangible assets of the Legacy Underwriting segment, prior to the reclassification of Atrium to held-for-sale, for three months ended March 31, 2020 was $0.5 million.

Debt Obligations and Credit Facilities

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT OBLIGATIONS AND CREDIT FACILITIES

13. DEBT OBLIGATIONS AND CREDIT FACILITIES

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


Facility	Origination Date	Term	March 31, 2021		December 31, 2020
4.50% Senior Notes due 2022	March 10, 2017	5 years	$	349,393	$	349,253
4.95% Senior Notes due 2029	May 28, 2019	10 years	494,244		494,194
Total Senior Notes			843,637		843,447
5.75% Junior Subordinated Notes due 2040	August 26, 2020	20 years	344,878		344,812
EGL Revolving Credit Facility	August 16, 2018	5 years	175,000		185,000

Total debt obligations			$	1,363,515	$	1,373,259

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


	Three Months Ended March 31,
		2021		2020
Interest expense on debt obligations		$	15,907	$	13,195
Amortization of debt issuance costs		256		220
Funds withheld balances and other		16		—


Total interest expense		$	16,179	$	13,415

Debt Obligations

Senior Notes

We have issued two series of Senior Notes as shown in the table above. The 2022 Senior Notes and the 2029 Senior Notes bear interest at a fixed rate per annum, equal to 4.50% and 4.95%, respectively.

We incurred costs of $2.9 million and $6.8 million in issuing the 2022 and 2029 Senior Notes, respectively. The unamortized costs as of March 31, 2021 were $0.6 million and $5.8 million, respectively (December 31, 2020: $0.7 million and $5.8 million, respectively).

Junior Subordinated Notes

Our wholly-owned subsidiary, Enstar Finance LLC ("Enstar Finance") issued the Junior Subordinated Notes as shown in the table above, which are fully and unconditionally guaranteed by us on an unsecured and junior subordinated basis. The Junior Subordinated Notes bear interest (i) during the initial five-year period ending August 30, 2025, at a fixed rate per annum of 5.75% and (ii) during each five-year reset period thereafter beginning September 1, 2025, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 5.468%.

We incurred costs of $5.2 million in issuing the Junior Subordinated Notes. The unamortized costs as of March 31, 2021 and December 31, 2020 were $5.1 million and $5.2 million, respectively.

EGL Revolving Credit Facility

As of March 31, 2021, we were permitted to borrow up to an aggregate of $600.0 million under the revolving credit facility. We may request additional commitments under the facility up to an additional $400.0 million, which the existing lenders in their discretion or new lenders may provide, in each case subject to the terms of the agreement. To date, we have not requested any additional commitments under the facility.

As of March 31, 2021, there was $425.0 million of available unutilized capacity under the facility. Subsequent to March 31, 2021, we have neither borrowed nor repaid any additional amounts under the facility, as such the unutilized capacity remains at $425.0 million.

We pay interest on loans borrowed under the facility at a per annum rate comprising a reference rate determined based on the type of loan we borrow plus a margin based on the Company's long term senior unsecured debt ratings. The applicable reference rate is adjusted base rate for base rate loans and adjusted LIBOR for LIBOR loans. The applicable margin varies based upon changes to our long term senior unsecured debt ratings assigned by S&P or Fitch. We pay interest quarterly for base rate loans and as frequently as monthly for LIBOR loans, depending on the applicable interest period. We also pay a commitment fee based on the average daily unutilized capacity under the facility.

Refer to Note 15 - "Debt Obligations and Credit Facilities" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 for further information regarding our debt obligations.

Maturities

As of March 31, 2021, the amount of outstanding debt obligations that will become due in each of the next five years and thereafter was as follows: 2021, $0; 2022, $350.0 million; 2023, $175.0 million; 2024, $0; 2025 $0; and thereafter, $850.0 million.

Letters of Credit

We utilize unsecured and secured letters of credit to support certain of our (re)insurance performance obligations.

$275.0 million Funds at Lloyd's Letter of Credit Facility

We use letters of credit under this facility to satisfy a portion of our Funds at Lloyd's requirements. We may request additional commitments under the facility in an aggregate amount not to exceed $75.0 million and letters of credit issued under the facility will expire at the end of 2025. As of March 31, 2021 and December 31, 2020, our combined Funds at Lloyd's comprised cash and investments of $263.1 million and $260.9 million, respectively, and unsecured letters of credit of $210.0 million as of both dates.

$90.0 million Funds at Lloyd’s Deposit Facility

On May 6, 2021, we entered into a $90.0 million Funds at Lloyd's Deposit Facility. We will use this facility to satisfy a portion of our Funds at Lloyd’s requirements. Under this facility, a third-party lender deposits a requested market valuation amount of eligible securities into Lloyd’s on behalf of our Lloyd’s corporate member. We may request additional commitments under the facility in an aggregate amount not to exceed $10.0 million, and the facility is scheduled to expire on May 6, 2023. As of May 7, 2021 the facility was unutilized.

$120.0 million Letter of Credit Facility

We use this facility to provide collateral support for certain reinsurance obligations of our subsidiaries. We may request additional commitments under the facility in an aggregate amount not to exceed $60.0 million, which the existing lender in its discretion or new lenders may provide, in each case subject to the terms of the agreement. As of March 31, 2021 and December 31, 2020, the aggregate amount of letters of credit issued under the facility was $115.7 million as of both dates.

$800.0 million Syndicated Letter of Credit Facility

We use this facility to collateralize certain reinsurance obligations. As of March 31, 2021 and December 31, 2020, the aggregate amount of letters of credit issued under the facility was $593.6 million and $587.1 million, respectively. The December 31, 2020 amount has been corrected from $424.1 million that was previously disclosed in our 2020 Annual Report on Form-K. This correction has no impact on our consolidated financial statements and is not considered material to previously issued financial statements.

$65.0 million Letter of Credit Facility

We use this facility to collateralize a portion of our reinsurance obligations relating to our novation transaction with Hannover Re, which we completed on August 6, 2020, as discussed in Note 2 - "Significant Accounting Policies." As of March 31, 2021 and December 31, 2020, the aggregate amount of letters of credit issued under the facility was $61.0 million as of both dates.

Subsidiary Capital Letters of Credit

We also utilize unsecured and secured letters of credit to support the regulatory capital requirements of certain of our subsidiaries.

$100.0 million Bermuda Letter of Credit Facility

The letter of credit issued under this facility qualifies as eligible capital for one of our Bermuda regulated subsidiaries. As of March 31, 2021 and December 31, 2020, the aggregate face amount of letters of credit under the facility was $100.0 million as of both dates.

GBP £32.0 million United Kingdom Letter of Credit Facility

The letter of credit issued under this facility qualifies as Ancillary Own Funds capital for one of our U.K. regulated subsidiaries. As of March 31, 2021 and December 31, 2020, the aggregate face amount of letters of credit under the facility was $44.2 million and $43.7 million, respectively.

Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

14. NONCONTROLLING INTERESTSWe have both redeemable noncontrolling interest ("RNCI") and noncontrolling interest ("NCI") on our consolidated balance sheets. RNCI 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 NCI, which does not have redemption features and is classified within equity in the consolidated balance sheets.

Redeemable Noncontrolling Interest

As of December 31, 2020, the RNCI comprised the ownership interests held by the Trident V Funds (39.3%) and the Dowling Funds (1.7%) in our subsidiary North Bay. As discussed in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations," North Bay owned our investment in Northshore, the holding company that owns Atrium and Arden and SSHL, the holding company for the StarStone group, which includes StarStone

International and which also owned StarStone U.S. prior to its sale to Core Specialty which was completed on November 30, 2020. Following the completion of the Exchange Transaction on January 1, 2021, there is no RNCI in respect of Northshore and the remaining RNCI as of March 31, 2021 only relates to StarStone International.

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


	Three Months Ended
	March 31,
	2021		2020
Balance at beginning of period	$	365,436	$	438,791

Distributions paid	(202,073)		—
Net earnings (losses) attributable to RNCI	11,745		(31,959)
Change in unrealized losses on AFS investments attributable to RNCI	(251)		(4,170)
Change in currency translation adjustments attributable to RNCI	676		—

Change in redemption value of RNCI	(730)		(10,150)
Cumulative effect of change in accounting principle attributable to RNCI (1)	—		261
Balance at end of period	$	174,803	$	392,773

We carried the RNCI at its estimated redemption value, which is fair value, as of March 31, 2021 and December 31, 2020. The decrease in the three months ended March 31, 2021 was primarily driven by the Exchange Transaction, which was completed on January 1, 2021, whereas the decrease in the three months ended March 31, 2020 was primarily attributable to net losses related to StarStone during that period.

Refer to Note 20 - "Commitments and Contingencies" for additional information regarding RNCI.

Noncontrolling Interest

As of March 31, 2021 and December 31, 2020, we had $12.7 million and $13.6 million, respectively, of NCI primarily related to external interests in three of our 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 shareholder's equity.

Shareholders Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

SHAREHOLDERS EQUITY

15. SHAREHOLDERS' EQUITY

Refer to Note 17 - "Shareholders' Equity" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 for information on our share capital.

Voting Ordinary Shares

Share Repurchases

On February 25, 2021, our Board of Directors approved an extension of the duration of our previously announced ordinary share repurchase program (the “Repurchase Program”) through March 1, 2022. The Repurchase Program was previously set to expire on March 1, 2021. Pursuant to the Repurchase Program, the Company may repurchase a limited number of its ordinary shares, not to exceed $150.0 million in aggregate, including shares repurchased prior to the extension of the Repurchase Program.

During the three months ended March 31, 2021 and 2020, we repurchased 18,003 and 92,510 ordinary shares, respectively, at an average price of $234.70 and $135.40, respectively, for an aggregate price of $4.2 million and $12.5 million, respectively, under the Repurchase Program. As of March 31, 2021, the remaining capacity under the Repurchase Program was $119.8 million.

Non-Voting Ordinary Shares

Series C

Warrants to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share were exercised on a cashless basis during the three months ended March 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period.

Warrants

As of March 31, 2021, there were no warrants outstanding following the exercise described above.

Dividends on Preferred Shares

During the three months ended March 31, 2021 and 2020, we declared and paid dividends on Series D Preferred Shares of $7.0 million and Series E Preferred Shares of $1.9 million for both periods. On May 5, 2021, we declared $7.0 million and $1.9 million of dividends on the Series D and E Preferred Shares, respectively, to be paid on June 1, 2021 to shareholders of record as of May 15, 2021.

Accumulated Other Comprehensive Income

The following tables present a roll forward of accumulated other comprehensive income (loss):


	Unrealized gains (losses) arising during the year		Cumulative Currency Translation Adjustment		Defined Benefit Pension Liability		Total
Balance, December 31, 2020, net of tax	$	72,576	$	7,876	$	207	$	80,659
Unrealized losses on fixed income available-for-sale investments arising during the year	(111,274)		—		—		(111,274)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,025		—		—		12,025
Reclassification adjustment for net realized gains included in net earnings	(594)		—		—		(594)
Reclassification to earnings on disposal of subsidiary	475		—		—		475
Change in currency translation adjustment	—		1,418		—		1,418

Total other comprehensive income (loss)	(99,368)		1,418		—		(97,950)
Other comprehensive (income) loss attributable to RNCI	251		(675)		—		(424)
Balance, March 31, 2021, net of tax	$	(26,541)	$	8,619	$	207	$	(17,715)


	Unrealized gains (losses) arising during the year		Cumulative Currency Translation Adjustment		Defined Benefit Pension Liability		Total
Balance, December 31, 2019, net of tax	$	(432)	$	8,548	$	(945)	$	7,171
Unrealized losses on fixed income available-for-sale investments arising during the year	(58,735)		—		—		(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	13,212		—		—		13,212
Reclassification adjustment for net realized gains included in net earnings	212		—		—		212

Change in currency translation adjustment	—		(686)		—		(686)

Total other comprehensive loss	(45,311)		(686)		—		(45,997)
Other comprehensive loss attributable to RNCI	4,170		—		—		4,170
Balance, March 31, 2020, net of tax	$	(41,573)	$	7,862	$	(945)	$	(34,656)

The following table presents details about the tax effects allocated to each component of other comprehensive income (loss):


	Three Months Ended
	March 31,
	2021						2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Unrealized gains (losses) on fixed income available-for-sale investments arising during the year	$	(116,267)	$	4,993	$	(111,274)	$	(58,735)	$	—	$	(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,227		(202)		12,025		13,212		—		13,212
Reclassification adjustment for net realized (gains) losses included in net earnings	(869)		275		(594)		212		—		212
Reclassification to earnings on disposal of subsidiary	586		(111)		475		—		—		—
Change in currency translation adjustment	1,418		—		1,418		(686)		—		(686)


Other comprehensive income (loss)	$	(102,905)	$	4,955	$	(97,950)	$	(45,997)	$	—	$	(45,997)

The following table presents details of amounts reclassified from accumulated other comprehensive income:


Details about AOCI components	March 31, 2021	March 31, 2020	Affected Line Item in Statement where Net Earnings are presented
Unrealized losses on fixed income available-for-sale investments	(11,944)	(12,118)	Net realized and unrealized losses
	—	(1,306)	Net loss from discontinued operations
	(11,944)	(13,424)	Total before tax
	38	—	Income tax benefit


Total reclassifications for the period, net of tax	(11,906)	(13,424)

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

16. EARNINGS PER SHARE

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


	Three Months Ended
	March 31,
	2021		2020
Numerator:
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Net earnings (loss) from continuing operations (1)	$	183,197	$	(515,600)
Net loss from discontinued operations (2)	—		(1,221)
Net earnings (loss) attributable to Enstar ordinary shareholders:	$	183,197	$	(516,821)

Denominator:
Weighted-average ordinary shares outstanding — basic (3)	21,562,341		21,549,844
Effect of dilutive securities:
Share-based compensation plans (4)	209,324		164,435
Warrants (5)	80,659		65,627

Weighted-average ordinary shares outstanding — diluted	21,852,324		21,779,906

Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic:
Net earnings (loss) from continuing operations	$	8.50	$	(23.93)
Net loss from discontinued operations	—		(0.05)
Net earnings (loss) per ordinary share	$	8.50	$	(23.98)
Diluted (6):
Net earnings (loss) from continuing operations	$	8.38	$	(23.93)
Net loss from discontinued operations	—		(0.05)
Net earnings (loss) per ordinary share	$	8.38	$	(23.98)

(1) Net earnings (loss) from continuing operations attributable to Enstar ordinary shareholders equals net earnings (loss) from continuing operations, plus net loss (earnings) from continuing operations attributable to noncontrolling interest, less dividends on preferred shares.

(2) Net loss from discontinued operations attributable to Enstar ordinary shareholders equals net loss from discontinued operations, net of income taxes, plus net loss from discontinued operations attributable to noncontrolling interest; refer to Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for a breakdown.

(3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the Enstar Group Limited Employee Benefit Trust (the "EB Trust") in respect of Joint Share Ownership Plan ("JSOP") awards.

(4) Share-based dilutive securities include restricted shares, restricted share units, and performance share units. Certain share-based compensation awards, including the ordinary shares held in the EB Trust in respect of JSOP awards, were excluded from the calculation for the three months ended March 31, 2021 and 2020 because they were anti-dilutive.

(5) Warrants to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share were exercised on a cashless basis during the three months ended March 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period. As of March 31, 2021, there were no warrants outstanding following the exercise described. The warrants presented in the table above are a weighted-average of the warrants outstanding for the period.

(6) 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.

Share-Based Compensation

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

SHARE-BASED COMPENSATION

17. SHARE-BASED COMPENSATION

We provide various employee benefits including share-based compensation, an employee share purchase plan and an annual incentive compensation program. These are described in Note 19 - "Share-Based Compensation and Pensions" to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

The table below provides a summary of the compensation costs for all of our share-based compensation plans:


	Three Months Ended
	March 31,
	2021		2020
Share-based compensation plans:
Restricted shares and restricted share units	$	1,295	$	1,599
Performance share units	3,895		(667)
Cash-settled stock appreciation rights	2,768		(3,159)
Joint share ownership plan expense	1,121		872
Other share-based compensation plans:
Northshore incentive plan	—		472
StarStone incentive plan	—		(223)
Deferred compensation and ordinary share plan for non-employee directors	871		866
Employee share purchase plan	85		104
Total share-based compensation	$	10,035	$	(136)

The associated tax benefit recorded to income tax benefit in the consolidated statement of earnings was $0.9 million and $1.0 million for the three months ended March 31, 2021, and 2020, respectively.

Income Taxation	3 Months Ended
Income Taxation	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXATION	18. INCOME TAXATION Interim Tax Calculation Method We use the estimated annual effective tax rate method for computing our interim tax provision. This method applies our best estimate of the effective tax rate expected for the full year to our year-to-date earnings before income taxes. We provide for income tax expense or benefit based upon our pre-tax earnings and the provisions of currently enacted tax laws. Certain items deemed to be unusual, infrequent or not reliably estimated are excluded from the estimated annual effective tax rate. In the event such items are identified, the actual tax expense or benefit is reported in the same period as the related item. Certain other items are not included in the estimated annual effective tax rate, such as changes in the assessment of valuation allowance on deferred tax assets and uncertain tax positions, if any. Interim Tax Expense The effective tax rates on income for the three months ended March 31, 2021 and 2020 were (3.0)% and 1.0%, respectively. The effective tax rate on income differs from the statutory rate of 0% due to tax on foreign operations, primarily the U.S. and the U.K. We have foreign operating subsidiaries and branch operations principally located in the U.S., U.K., Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. The undistributed earnings from our foreign subsidiaries will be indefinitely reinvested in those jurisdictions where the undistributed earnings were earned. Assessment of Valuation Allowance on Deferred Tax Assets We have estimated the future taxable income of our foreign subsidiaries and have provided a valuation allowance in respect of loss carryforwards where we do not expect to realize a tax benefit. We have considered all available evidence using a "more likely than not" standard in determining the amount of the valuation allowance. During the three months ended March 31, 2021, we have maintained a valuation allowance for deferred tax assets which management does not believe meet the "more likely than not" criteria. Unrecognized Tax Benefits There were no unrecognized tax benefits as of March 31, 2021 and December 31, 2020. Tax Examinations Our operating subsidiaries may be subject to audit by various tax authorities and may have different statutes of limitations expiration dates. With limited exceptions, our major subsidiaries that operate in the U.S., U.K. and Australia are no longer subject to tax examinations for years before 2016.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

RELATED PARTY TRANSACTIONS

Related Party Transactions

3 Months Ended

Mar. 31, 2021

19. RELATED PARTY TRANSACTIONSStone Point Capital LLC

Through several private transactions occurring from May 2012 to July 2012 and an additional private transaction that closed in May 2018, investment funds managed by Stone Point Capital LLC ("Stone Point") have acquired an aggregate of 1,635,986 of our Voting Ordinary Shares (which constitutes 8.8% 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.

On November 30, 2020, we completed the sale and recapitalization of StarStone U.S. to Core Specialty in a transaction described in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations".

Pursuant to the terms of a Recapitalization Agreement entered into on August 13, 2020 among us, the Trident V Funds, which are advised by Stone Point, and the Dowling Funds (the "Recapitalization Agreement"), we agreed to exchange a portion of our indirect interest in Northshore, the holding company that owns Atrium and Arden, for all of the Trident V Funds’ indirect interest in StarStone U.S. (the “Exchange Transaction”), which is described in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations".

Our interests in StarStone and Atrium are held through North Bay, which is a joint venture between us, the Trident V Funds and the Dowling Funds. As of December 31, 2020, we had an indirect 59.0% interest in North Bay and the Trident V Funds and the Dowling Funds owned 39.3% and 1.7%, respectively. North Bay owned 100% of StarStone Specialty Holdings Limited ("SSHL"), the holding company for the StarStone group, which included StarStone U.S. and StarStone International. North Bay also owned 92% of Northshore. North Bay also owns the preferred equity of three segregated cells within our wholly-owned subsidiary Fitzwilliam Insurance Limited (the “Fitzwilliam Cells”) that have provided reinsurance to StarStone and are considered part of StarStone International. Following the completion of the sale and recapitalization of StarStone U.S. and the Exchange Transaction, we now own 25.2% of Core Specialty on a fully diluted basis, which owns StarStone U.S., and 13.8% of Northshore, which continues to own Atrium and Arden. The Trident V Funds own 76.3% of Northshore, and the Dowling Funds own 0.4% of Core Specialty and 1.6% of Northshore. The Exchange Transaction had no impact on the ultimate ownership of SSHL, which continues to own StarStone International, with us, the Trident V Funds and the Dowling Funds retaining our and their prior ownership interests in SSHL of 59.0%, 39.3% and 1.7%, respectively.

In connection with the closing of the Exchange Transaction, we entered into amended and restated shareholders’ agreements with the Trident V Funds and the Dowling Funds with respect to our investment in SSHL and Northshore. With respect to SSHL, we have the right to designate three of five members of the SSHL board of directors and the Trident V Funds have the right to designate the other two members. The Trident V Funds also have certain customary rights as a minority shareholder to approve certain material matters and transactions. Each

shareholder of SSHL must provide us and the Trident V Funds with a right of first offer to acquire its shares in SSHL if such shareholder wishes to sell them. Each shareholder will also have certain rights to participate in sales of SSHL shares by the other shareholders, and we have certain rights to cause the Trident V Funds and the Dowling Funds to sell their SSHL shares if we wish to sell control of SSHL or the StarStone International business.

Also pursuant to the terms of the shareholders’ agreement for SSHL, at any time after December 31, 2022, the Trident V Funds have the right to cause us to purchase their shares in SSHL at their fair market value, and the Dowling Funds have the right to participate in any such sale transaction initiated by the Trident V Funds. We would be entitled to pay the purchase price for such SSHL shares in cash or in unrestricted ordinary shares of Enstar that are then listed or admitted to trading on a national securities exchange. At any time after March 31, 2023, we will have the right to cause the Trident V Funds and the Dowling Funds to sell their shares in SSHL to us at their fair market value. We would be obligated to pay the purchase price for such SSHL shares in cash.

Pursuant to the terms of the shareholders’ agreement for Northshore, for so long as we own 50% or more of the Northshore shares we held upon the closing of the Exchange Transaction, we have the right to designate one member to the board of directors of Northshore and each of its material subsidiaries. Our shares in Northshore are subject to an 18-month restriction on transfer following the closing of the Exchange Transaction, after which the Trident V Funds have a right of first offer to acquire our shares in Northshore if we wish to sell them. We have certain rights to participate in sales of Northshore shares by the Trident V Funds, and the Trident V Funds have certain rights to cause us to sell our Northshore shares if the Trident V Funds wish to sell control of Northshore or the Atrium business.

We, in partnership with StarStone's other shareholders, have previously 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 March 31, 2021 and December 31, 2020, the RNCI on our balance sheet relating to these Trident co-investment transactions was $167.5 million and $350.2 million, respectively.

As of March 31, 2021, 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;

•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; and

•In the second quarter of 2020, we invested $10.0 million in a 2 year senior secured unrated floating rate term loan facility with an extension option which was arranged and managed by Sound Point Capital. The facility's borrower, Amplify U.S. Inc., is a subsidiary of Evergreen (as defined below) and has used the proceeds to purchase AmTrust's preferred stock. The facility ranks senior to all other claims of the borrower, the purchased preferred stock and cash flows therefrom serve as collateral, and AmTrust has provided an unsecured guarantee for the facility. For further information on our relationships with Evergreen and AmTrust, refer to the AmTrust section below.

•On March 19, 2021, we entered into a commitment letter to invest $12 million in T-VIII Celestial Co-Invest LP, an entity formed by Stone Point to participate in a private equity transaction to acquire CoreLogic, Inc. (NYSE: CLGX). The transaction closed on April 20, 2021, and we funded our capital commitment on April 29, 2021.

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:


	March 31, 2021		December 31, 2020

Short-term investments, AFS, at fair value	$	629	$	878
Fixed maturities, trading, at fair value	177,699		196,086
Fixed maturities, AFS, at fair value	270,113		227,397
Equities, at fair value	115,634		103,914
Other investments, at fair value:
Hedge funds	20,806		19,844
Fixed income funds	213,202		210,017

Private equity funds	36,482		37,262
CLO equities	37,889		38,658
CLO equity funds	178,150		166,523


Private Debt	27,016		27,016
Real estate fund	28,445		27,278
Total investments	1,106,065		1,054,873
Cash and cash equivalents	34,952		23,933
Other assets	970		403
Other liabilities	3,077		745
Net investment	$	1,138,910	$	1,078,464

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


	Three Months Ended March 31,
		2021		2020
Net investment income		$	462	$	4,084
Net realized and unrealized gains (losses)		24,914		(102,516)
Total net earnings (losses)		$	25,376	$	(98,432)

HillhouseInvestment funds managed by Hillhouse Capital (defined below) collectively own 9.4% of Enstar’s voting ordinary shares. These funds also own non-voting ordinary shares, which together with their voting ordinary shares, represent 16.9% economic interest in Enstar. During the three months ended March 31, 2021, Hillhouse Capital exercised warrants on a cashless basis to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued to Hillhouse Capital in the period. From February 2017 to February 2021, Jie Liu, a partner of AnglePoint HK (defined below), served on our Board.

We have made significant direct investments in funds (the "Hillhouse Funds") managed by Hillhouse Capital Management, Ltd. and Hillhouse Capital Advisors, Ltd. (together, "Hillhouse Capital") and AnglePoint Asset Management Ltd., an affiliate of Hillhouse Capital ("AnglePoint Cayman"). As of March 31, 2021, the carrying value (i.e., the net asset value) of our direct investment in the InRe Fund, L.P. (the "InRe Fund"), which is managed by AnglePoint, was $2.8 billion (December 31, 2020: $2.4 billion). Hillhouse Capital and AnglePoint Cayman charge investment management and performance fees to funds they manage, which are deducted from the Hillhouse Funds’ reported net asset values. For the full year ended December 31, 2020, we incurred management and performance fees of $489.0 million. This amount has been revised from $394.0 million disclosed in our 2020 Annual Report on Form 10-K to correct management and performance fees for full year 2020. This correction has no impact on our consolidated financial statements and is not considered material to previously issued financial statements.

On February 21, 2021, we entered into a Termination and Release Agreement (the "TRA") with the InRe Fund, Hillhouse Capital, AnglePoint Cayman, AnglePoint Asset Management Limited (“AnglePoint HK”), and InRe Fund GP, Ltd. (“InRe GP”) pursuant to which we agreed to terminate certain relationships with Hillhouse and its affiliates, primarily with respect to the InRe Fund. In connection with AnglePoint Cayman ceasing to serve as investment manager of the InRe Fund, affiliates of Hillhouse Capital agreed to a deduction of $100.0 million from amounts due to them from the InRe Fund and to waive their right to receive any performance fees that could have been earned for 2021. We also redeemed our investments in the other Hillhouse Funds at their carrying value plus an implied interim return and received $381.3 million in the form of additional interest in the InRe Fund.

AnglePoint Cayman previously received sub-advisory services with respect to InRe Fund from its affiliate, AnglePoint HK, an investment advisory company licensed by the Securities and Futures Commission in Hong Kong. Pursuant to the TRA, we acquired an option to buy AnglePoint HK, which we also had the right to assign to a third-party. On April 1, 2021, we entered into a Designation Agreement with Jie Liu (the "Designation Agreement"), pursuant to which we designated Mr. Liu, an AnglePoint HK partner, as the purchaser of AnglePoint HK, and he acquired the company from an affiliate of Hillhouse Capital on the same day. AnglePoint Cayman simultaneously assigned its investment management agreement with InRe Fund to AnglePoint HK. The Designation Agreement requires us and AnglePoint HK to amend the InRe Fund investment management agreement and limited partnership agreement to incorporate a revised fee structure for AnglePoint HK and certain other agreed changes.

The InRe Fund qualifies as a variable interest entity and our maximum exposure to loss is the amount of our investment in the fund, as disclosed in the table below. As of March 31, 2021, the InRe Fund's assets were invested 7% in fixed income securities, 12% in North American equities, 32% in international equities and 49% in financing, derivatives and other items. The derivatives in the InRe Fund are used for both hedging and investment purposes. The InRe Fund utilizes prime brokerage borrowing facilities and has also securitized certain letters of credit relating to intragroup reinsurances. We do not provide any financial support to the InRe Fund. Funds that employ leverage through borrowings and derivatives can generate outsized returns but can also experience greater levels of volatility.

As of March 31, 2021, 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 included the following balances related to transactions with Hillhouse Capital and AnglePoint (as applicable):


	March 31, 2021			December 31, 2020
Investments in funds managed by AnglePoint Cayman, held by Enhanzed Re	$	909,021		$	851,435
Our ownership percentage of Enhanzed Re	47.4		%	47.4		%
Our share of Enhanzed Re's investment in funds managed by AnglePoint Cayman held by Enhanzed Re (through our equity method investment ownership)	$	430,876		$	403,580

Investment in other funds managed by AnglePoint Cayman and Hillhouse:
InRe Fund	$	2,823,144		$	2,365,158
Other funds	—			369,508
	$	2,823,144		$	2,734,666

The following table presents the amounts included in net earnings related to our related party transactions with Hillhouse Capital and AnglePoint Cayman (as applicable):


	Three Months Ended March 31,
		2021		2020
Net realized and unrealized gains (losses)1		$	97,478	$	(64,704)

(1) Includes the impact of a deduction of $100.0 million from amounts due to affiliates of Hillhouse Capital from the InRe Fund, which had the effect of increasing our NAV in the InRe Fund on February 21, 2021.

In April we redeemed $800 million of our investment in the InRe Fund for cash.

We will re-evaluate our conclusions with regard to consolidation of the InRe Fund in accordance with the accounting for variable interest entities at the June 30, 2021 balance sheet measurement date.

Northshore

Following the completion of the Exchange Transaction with the Stone Point managed Trident V Funds on January 1, 2021 as described in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations", our equity interest in Northshore, the holding company that owns Atrium and Arden was reduced to 13.8% from 54.1% while the Trident V Funds' total equity interest in Northshore increased from 36.0% to 76.3%. We have accounted for our residual equity interest in Northshore as an investment in a privately held equity security at fair value. The carrying value of our investment in Northshore was $34.0 million as of March 31, 2021.

Concurrent with the closing of the Exchange Transaction on January 1, 2021, one of our wholly-owned subsidiaries and Northshore entered into a TSA through which our wholly-owned subsidiary agreed to provide certain transitional services to Northshore over a transition period of up to 18 months.

In addition, concurrent with the completion of the Exchange Transaction on January 1, 2021, Arden also entered into an LPT Retrocession Agreement with one of our majority owned subsidiaries, through which Arden fully reinsured its non-life run-off portfolio with total liabilities of $19.0 million to our majority owned subsidiary, in exchange for a retrocession premium consideration of an equal amount. Arden retained the premium under a funds held arrangement, to secure the payment obligations of our majority owned subsidiary.

Our consolidated balance sheet included the following balances between us and Arden:


	March 31, 2021
Balances under LPT Retrocession Agreement:
Premiums Receivable	$	13,735
Loss and loss adjustment expenses	13,417

Our consolidated statement of earnings included the following amounts between us and Arden:


	Three Months Ended
	March 31,
	2021
Transactions under LPT Retrocession Agreement:
Net incurred losses and LAE	318
Total net earnings	$	318

Furthermore, as described in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations", through our wholly-owned subsidiary SGL No.1, a Lloyd’s corporate member, we provided 25% of the underwriting capacity on the 2017 to 2020 underwriting years of Atrium's Syndicate 609 at Lloyd’s. Effective January 1, 2021, and in conjunction with the completion of the Exchange Transaction, SGL No.1 ceased its provision of underwriting capacity on Syndicate 609. Accordingly, the 2020 underwriting year was the last underwriting year that SGL No. 1 participated in with respect to the Atrium business. We will continue to report SGL No. 1's 25% gross share of the 2020 and prior underwriting years of Syndicate 609 until the 2020 underwriting year completes an RITC into a successor year, which will be no earlier than December 31, 2022. There is no net retention for Enstar on Atrium's

2020 and prior underwriting years as the business was contractually transferred to the Atrium entities that were divested in the Exchange Transaction. Effective January 1, 2021, all balances that SGL No. 1 has with Atrium and Arden are no longer eliminated in our consolidated financial statements.

Our consolidated balance sheet includes the following balances related to our participation in Atrium's Syndicate 609 through our wholly-owned subsidiary SGL 1. The balances are disclosed on a gross basis and therefore include the reinsurance balances recoverable from Arden under a quota share reinsurance agreement as well as the net results arising from our participation which is payable by SGL 1 to Atrium under a capacity lease tenancy agreement as described further below:


	March 31, 2021
Short-term investments, trading, at fair value	$	1,665
Fixed maturities, trading, at fair value	156,956
Fixed maturities, available-for-sale, at fair value	4,431
Other investments, at fair value	9,935
Cash and cash equivalents	24,378
Restricted cash and cash equivalents	5,628
Premiums receivable	33,064
Reinsurance balances recoverable on paid and unpaid losses	90,476
Funds held by reinsured companies	33,880
Other assets	95,979
Losses and loss adjustment expenses	249,096
Unearned premiums	70,953
Insurance and reinsurance balances payable	121,834
Other liabilities	14,114

Our consolidated statement of earnings included the following amounts related to our participation in Atrium's Syndicate 609 through our wholly-owned subsidiary SGL 1. These amounts reflect the impact of cessions by SGL 1 to Arden under a quota share reinsurance agreement with the net results arising from our participation being payable by SGL 1 to Atrium under a capacity lease tenancy agreement as described further below:


	Three Months Ended
	March 31,
	2021
Net premiums earned	$	20,040
Net investment income	758
Net realized and unrealized losses	(1,289)
Other expense	(6,518)
Net incurred losses and loss adjustment expenses	(4,478)
Acquisition costs	(4,977)
General and administrative expenses	(2,084)
Net foreign exchange losses	(1,111)
Total net earnings	$	341

As discussed above, Enstar does not retain any of the economics related to its participation in Atrium's 2020 and prior underwriting years through its wholly-owned subsidiary SGL 1 since this business is contractually transferred to the Atrium entities that were divested in the Exchange Transaction, through a quota share reinsurance agreement with Arden covering 65% of the business written by Atrium's Syndicate 609 and a capacity lease tenancy agreement covering the net results arising from the residual business written but not covered by the 65% quota share reinsurance agreement with Arden.

Monument ReMonument Insurance Group Limited ("Monument Re") was established in October 2016 and Enstar has invested a total of $59.6 million in the common and preferred shares of Monument Re as of March 31, 2021 (December 31, 2020: $59.6 million). We own 20% of the common shares of Monument Re, as well as different classes of preferred shares which have fixed dividend yields, and which collectively represented a total economic interest of 22.5% as at March 31, 2021 (December 31, 2020: 23.0%). In connection with our investment in Monument Re, we entered into a Shareholders Agreement with the other shareholders and have accounted for our equity interest in Monument Re as an equity method investment since we have significant influence over its operating and financial policies.

Our investment in the common and preferred shares of Monument Re, which is included in equity method investments on our consolidated balance sheet, as of March 31, 2021 and December 31, 2020 was $200.8 million and $193.7 million, respectively.

During the three months ended March 31, 2021 and 2020 our share of net earnings (loss) on our investment in Monument Re was $14.8 million and $(1.5) million, respectively. In addition, one of our representatives serves on Monument Re's board of directors. No director fees were received during the during the three months ended March 31, 2021 and 2020.

Clear Spring (formerly SeaBright)

Effective January 1, 2017, we sold SeaBright Insurance Company (“SeaBright Insurance”) to Clear Spring PC Acquisition Corp., a subsidiary of Delaware Life Insurance Company ("Delaware Life"). Following the sale, SeaBright Insurance was capitalized with $56.0 million of equity, with Enstar retaining a 20% indirect equity interest in SeaBright Insurance. Subsequently, SeaBright Insurance was renamed Clear Spring Property and Casualty Company ("Clear Spring").

Effective December 30, 2020, we sold our remaining interest in Clear Spring to Delaware Life for $12.2 million and recorded a gain on sale of $0.6 million in the fourth quarter of 2020. As a result, Clear Spring was not a related party as of December 31, 2020. Prior to the sale, we accounted for our equity interest in Clear Spring as an equity method investment as we had significant influence over its operating and financial policies.

During the three months ended March 31, 2020 our share of net earnings on our investment in Clear Spring was $0.3 million.

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.

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


	Three Months Ended
	March 31,
		2020
Transactions under StarStone ceding quota share, included in net loss from discontinued operations:
Ceded premium earned		$	(681)
Net incurred losses and LAE		754
Acquisition costs		72

Transactions under assuming quota share:
Premium earned		170
Net incurred losses and LAE		372
Acquisition costs		(13)

Total net earnings		$	674

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 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 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 8.5% of the equity interest in Evergreen and Trident Pine owns 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 received upon closing, and the other half was received on the first anniversary of the closing. The fee was 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 March 31, 2021 and December 31, 2020 was $228.8 million and $230.3 million, respectively.

The following table presents the amounts included in net earnings related to our related party transactions with AmTrust (excluding withholding taxes):


	Three Months Ended March 31,
		2021		2020
Net investment income		$	1,493	$	2,471
Net realized and unrealized losses		(1,492)		(145)
Total net earnings		$	1	$	2,326

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. As of March 31, 2021 and December 31, 2020, we owned 31.9% of the common shares in HH CTCO Holdings Limited, which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco. Pursuant to an investment agreement and in consideration for participation therein, a related party of Hillhouse Capital 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 March 31, 2021 and December 31, 2020, Trident owned 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, which is included in equity method investments on our consolidated balance sheet, as of March 31, 2021 and December 31, 2020 was $53.7 million and $53.0 million, respectively.

During the three months ended March 31, 2021 and 2020 our share of net earnings on our indirect investment in Citco was $0.7 million and $(0.2) million, respectively.

Enhanzed ReEnhanzed Re is a joint venture between Enstar, Allianz SE ("Allianz") and Hillhouse Capital that was capitalized in December 2018. Enhanzed Re is a Bermuda-based Class 4 and Class E reinsurer and will reinsure life, non-life run-off, and property and casualty insurance business, initially sourced from Allianz and Enstar. Enstar, Allianz and Hillhouse Capital affiliates have made equity investment commitments in the aggregate of $470.0 million to Enhanzed Re. Enstar owns 47.4% of the entity, Allianz owns 24.9%, and an affiliate of Hillhouse Capital owns 27.7%. As of March 31, 2021, 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 fees and commission income, AnglePoint Cayman has acted as the primary investment manager, and an affiliate of Allianz provides investment management services. Enhanzed Re writes business from affiliates of its operating sponsors, Allianz SE and Enstar. It also underwrites other business to maximize diversification by risk and geography.

Our investment in the common shares of Enhanzed Re, which is included in equity method investments on our consolidated balance sheet, as of March 31, 2021 and December 31, 2020 was $435.9 million and $330.3 million, respectively.

During the three months ended March 31, 2021 and 2020 our share of net earnings on our investment in Enhanzed Re was $105.6 million and $14.2 million, respectively.

We have ceded 10% of the 2019 Zurich transaction and the 2020 AXA transaction, which is described in Note 2 - "Significant New Business," to Enhanzed Re on the same terms and conditions as those received by Enstar.

During the fourth quarter of 2020, one of our UK-based Run-off subsidiaries entered into a 50% Quota Share reinsurance agreement with Enhanzed Re. The reinsurance is on a funds held basis with fixed crediting rates.

Our consolidated balance sheet included the following balances between us and Enhanzed Re:


	March 31, 2021		December 31, 2020
Balances under ceding quota share:
Reinsurance balances recoverable	$	204,179	$	208,379
Funds held	187,198		193,981
Insurance balances payables	1,386		1,276

Other assets	877		730

Our consolidated statement of earnings included the following amounts between us and Enhanzed Re:


	Three Months Ended
	March 31,
	2021		2020
Amounts under ceding quota share:
Ceded premium earned	$	(131)	$	—
Net incurred losses and LAE	(265)		—
Acquisition costs	5		23
Net investment expense	(1,157)		—
Net realized and unrealized losses	(17)		—
Other income	727		291
Fees and commission income	116		—
Total net earnings (loss)	$	(722)	$	314

Change in unrealized losses on AFS investments	$	(623)	—

Core Specialty

Following the sale and recapitalization of StarStone U.S. as described in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations," our investment in the common shares of Core Specialty, which is included in equity method investments on our consolidated balance sheet, was $228.0 million as of March 31, 2021 (December 31, 2020: $235.0 million). As a result of the completion of the Exchange Transaction on January 1, 2021, as discussed in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations", as well as in Note 14 - "Noncontrolling Interests", our investment in Core Specialty was reduced by $4.0 million as of March 31, 2021. During the three months ended March 31, 2021 our share of net loss on our investment in Core Specialty was $3.0 million. We account for our equity method investment in Core Specialty on a one quarter lag.

In connection with the sale and recapitalization of StarStone U.S. we entered into an LPT and ADC reinsurance agreement with respect to StarStone U.S.’ legacy reserves. Concurrent with the closing of the LPT and

ADC reinsurance agreement, we entered into an ASA with StarStone U.S., through which one of our wholly-owned subsidiaries was appointed as an independent contractor to provide certain administrative services covering the business we assumed from StarStone U.S. through the LPT and ADC reinsurance agreement.

In addition, concurrent with the sale of StarStone U.S. to Core Specialty, one of our wholly-owned subsidiaries entered into a TSA with Core Specialty through which our subsidiary and Core Specialty agreed to provide certain transitional services to each other relating to the StarStone U.S. businesses, for a specified period of time.

On completion of the sale and recapitalization of StarStone U.S. on November 30, 2020, we received $235.0 million of Core Specialty shares and $51.5 million of cash. Subsequently, the cash component of the consideration was determined to be $47.0 million with the surplus cash received of $4.5 million being repaid to Core Specialty during the three months ended March 31, 2021.

Furthermore, there are existing reinsurance agreements whereby (i) certain of our subsidiaries provide reinsurance protection to StarStone U.S. ("the assuming reinsurances") and (ii) StarStone U.S. provides reinsurance protection to certain of our subsidiaries ("the ceding reinsurances"). These arrangements remain in place.

Our consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following balances between us and Core Specialty:


	March 31, 2021		December 31, 2020
Balances under assuming quota share, LPT and ADC reinsurances:
Funds held by reinsured companies	$	55,205	$	58,086
Other assets	6,884		38,846
Losses and loss adjustment expenses	646,720		682,637
Insurance and reinsurance balances payable	32,067		24,806
Other liabilities	5,017		5,003

Balances under ceding reinsurances:
Reinsurance balances recoverable on paid and unpaid losses	1,691		1,736

Balances under service agreements:
Other assets	4,610		6,727
Other liabilities	53		328

Balances under sale and recapitalization agreement:
Other liabilities	—		4,512

Our consolidated statement of earnings included the following amounts between us and Core Specialty:


	Three Months Ended
	March 31, 2021
Transactions under assuming quota share, LPT and ADC reinsurances:
Net premiums earned	$	4,245
Net incurred losses and loss adjustment expenses	7,852
Acquisition costs	1,324
Net investment income	121

Transactions under service agreements:
Fees and commission income	3,698

Transactions under sale and recapitalization agreement:
Other Income	567
Interest expense	(15)

Total net earnings	$	17,792

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

20. 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. Our cash and investments are managed pursuant to guidelines that follow prudent standards of diversification and liquidity, and limit the allowable holdings of a single issue and issuers. 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 (re)insurance 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 (re)insurers.

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. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. As of March 31, 2021, we had a significant funds held concentration of $899.5 million (December 31, 2020: $955.0 million) 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 March 31, 2021. Our credit exposure to the U.S. government was $1.3 billion as of March 31, 2021 (December 31, 2020: $1.4 billion).

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 (re)insurance 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 March 31, 2021, we had unfunded commitments of $931.8 million to other investments, $68.7 million to equity method investments, $25.0 million to fixed maturity investments and $10.1 million to equities.

Guarantees

As of March 31, 2021 and December 31, 2020, parental guarantees and capital instruments supporting subsidiaries' (re)insurance obligations were $1.5 billion as of both dates. We also guarantee the Junior Subordinated Notes and the Funds at Lloyd's facilities, which are described in Note 13 - "Debt Obligations and Credit Facilities."

On May 3, 2021, one of our (re)insurance subsidiaries completed an LPT and ADC transaction with AXA Group, as described in Note 2 - "Significant New Business," which is guaranteed by Enstar.

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"). Following the closing of the Exchange Transaction, we have a call right over

the portion of SSHL owned by the Trident V Funds and the Dowling Funds, and they have put rights to transfer those interests to us.

Leases

We have recognized a right-of-use asset and an offsetting lease liability on our consolidated balance sheets, 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 36 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. Renewal options that we believe we are likely to exercise are considered 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 in determining the present value of lease payments.

The table below provides the lease cost and other information relating to our operating leases:


	Three Months Ended March 31,
		2021			2020
Lease cost:
Operating lease cost		$	2,112		$	3,322
Short-term lease cost(1)		4			58
Total lease cost		2,116			3,380
Sub-lease income(2)		(554)			(138)
Total net lease cost		$	1,562		$	3,242

Other information:
Operating cash paid for amounts included in the measurement of lease liabilities		$	2,110		$	3,183
Non-cash activity: right-of-use assets relating to leases		(365)			72

Weighted-average remaining lease term		6.1 years			6.2 years
Weighted-average discount rate		6.7		%	6.3		%

(1) Leases with an initial lease term of twelve months or less are not recognized within our consolidated balance sheets.

(2) Sub-lease income consists of rental income received from third parties to whom we have sub-leased some of our leased office spaces and is included within other income in our consolidated statements of earnings.

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


	Balance sheet classification	March 31, 2021		December 31, 2020
Right-of-use assets (1)	Other assets	$	24,078	$	32,297
Current lease liabilities (1)	Other liabilities	6,302		7,959
Non-current lease liabilities (1)	Other liabilities	20,543		27,064

(1) The December 31, 2020 right-of-use assets and the total lease liability balances exclude balances of $1.0 million related to Atrium which were reclassified to held-for-sale balances on our consolidated balance sheet as of December 31, 2020.

The table below provides a summary of the contractual maturities of our operating lease liabilities:



	2021		2022	2023	2024	2025	2026 and beyond	Total lease payments	Less: Imputed interest	Present value of lease liabilities
Contractual maturities	$	6,147	6,608	5,778	4,136	3,164	8,642	34,475	(7,629)	$	26,846

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

21. SEGMENT INFORMATION

During the first quarter of 2021, we revised our segment structure to align with how our chief operating decision maker who was determined to be our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Effective January 1, 2021, our business is organized into three reportable segments:

(i) Run-off: consists of our acquired property and casualty and other non-life (re)insurance business and the StarStone International business (from January 1, 2021) following our decision to place it into formal run-off. This segment also includes our consulting and management business, which manages the run-off portfolios of third parties through our service companies. Management’s primary objective with respect to the Run-off segment is to generate reserve/claims savings over time by settling claims in a timely, cost efficient manner using our extensive internal claims management expertise;

(ii) Investments: consists of our investment portfolio, excluding those investable assets attributable to our Legacy Underwriting segment. Management’s primary objective of the Investments segment is to maximize total returns generated from our investment portfolio while maintaining high quality investments that meet the duration characteristics of our liabilities; and

(iii) Legacy Underwriting: consists of businesses that are no longer core to our operations. Prior to January 1, 2021, this segment comprised SGL No. 1's 25% net share of Atrium's Syndicate 609 business at Lloyd's and StarStone International (through December 31, 2020). From January 1, 2021, this segment comprises SGL No.1's 25% gross share of the 2020 and prior underwriting years of Atrium's Syndicate 609 at Lloyd's, offset by the contractual transfer of the results of that business to the Atrium entities that were divested in the Exchange Transaction. There is no net retention for Enstar on Atrium's 2020 and prior underwriting years.

In addition, our corporate and other activities, which do not qualify as an operating segment, includes income and expense items that are not directly attributable to our reportable segments. These include, (a) holding company income and expenses, (b) the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts, (c) the amortization of fair value adjustments recorded on our business acquisitions, (d) changes in the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option, (e) corporate expenses not allocated to our reportable segments, (f) debt servicing costs, (g) net foreign exchange (gains) losses, (h) gains (losses) arising on the sale of subsidiaries (if any), (i) income tax benefit (expense), (j) net earnings (losses) from discontinued operations, net of income tax (if any), (k) net (earnings) loss attributable to noncontrolling interest, and (l) preferred share dividends.

Our assets are reviewed on a consolidated basis by management for decision making purposes since they support business operations across all of our three reportable segments as well as our Corporate & Other activities. We do not allocate assets to our reportable segments with the exception of liabilities for losses and loss adjustment expenses, reinsurance balances recoverable on paid and unpaid losses and goodwill that are directly attributable to our reportable segments. In addition, the assets for the Legacy underwriting segment are shown separately since the balance sheets primarily relate to entities that have been sold.

Following the re-organization of our reportable segments during the first quarter of 2021 as detailed above, we restated the prior period comparatives to conThe following tables set forth selected and unaudited condensed consolidated statement of earnings results by segment and for our corporate and other activities:


	Three Months Ended
	March 31, 2021
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	72,836	$	—	$	20,040	$	—	$	92,876
Fees and commission income	9,598		—		—		—		9,598
Net investment income	—		61,331		758		—		62,089
Net realized and unrealized losses	—		(19,479)		(1,309)		—		(20,788)
Other income (expense)	12,315		—		(6,518)		(5,246)		551
Net gain on sale of subsidiaries	—		—		—		14,894		14,894
	94,749		41,852		12,971		9,648		159,220
EXPENSES
Net incurred losses and loss adjustment expenses	4,625		—		4,478		(64,610)		(55,507)
Acquisition costs	29,037		—		4,977		—		34,014
General and administrative expenses	27,591		3,540		2,084		49,785		83,000
	61,253		3,540		11,539		(14,825)		61,507
EARNINGS BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	33,496		38,312		1,432		24,473		97,713
Earnings from equity method investments	—		118,031		—		—		118,031

SEGMENT INCOME	33,496		156,343		1,432		24,473		215,744
Interest expense							(16,179)		(16,179)
Net foreign exchange losses							(2,634)		(2,634)
Income tax benefit							5,982		5,982
NET EARNINGS									202,913
Net earnings attributable to noncontrolling interest							(10,791)		(10,791)
NET EARNINGS ATTRIBUTABLE TO ENSTAR									192,122
Dividends on preferred shares							(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	(8,074)	$	183,197

(1) Net incurred losses and loss adjustment expenses for corporate and other activities includes the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts and fair value adjustments associated with the acquisition of companies, and the changes in the fair value of liabilities related to our assumed retroactive reinsurance agreements for which we have elected the fair value option.


	Three Months Ended
	March 31, 2020
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	16,030	$	—	$	143,321	$	—	$	159,351
Fees and commission income	4,985		—		2,543		—		7,528
Net investment income	—		64,963		9,751		—		74,714
Net realized and unrealized losses	—		(574,682)		(54,379)		—		(629,061)
Other income (expense)	27,763		—		120		(7,439)		20,444
	48,778		(509,719)		101,356		(7,439)		(367,024)
EXPENSES
Net incurred losses and loss adjustment expenses	(27,193)		—		105,531		(35,038)		43,300
Acquisition costs	6,907		—		39,136		—		46,043
General and administrative expenses	23,387		3,564		26,058		45,419		98,428
	3,101		3,564		170,725		10,381		187,771
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	45,677		(513,283)		(69,369)		(17,820)		(554,795)
Earnings from equity method investments	—		12,450		—		—		12,450
SEGMENT INCOME (LOSS)	45,677		(500,833)		(69,369)		(17,820)		(542,345)
Interest expense							(13,415)		(13,415)
Net foreign exchange gains							11,939		11,939
Income tax benefit							5,272		5,272
NET LOSS FROM CONTINUING OPERATIONS									(538,549)
Net loss from discontinued operations, net of income taxes							(2,069)		(2,069)
NET LOSS									(540,618)
Net loss attributable to noncontrolling interest							32,722		32,722
NET LOSS ATTRIBUTABLE TO ENSTAR									(507,896)
Dividends on preferred shares							(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	7,704	$	(516,821)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant New Business

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Preparation	These unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information.
Basis of Consolidation	Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these financial statements reflect all adjustments consisting of normal recurring items considered necessary for a fair presentation under U.S. GAAP. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. All significant inter-company transactions and balances have been eliminated. In these notes, the terms "we," "us," "our," "Enstar," or "the Company" refer to Enstar Group Limited and its consolidated subsidiaries.
Reclassifications	Certain prior period amounts have been reclassified to conform to the current period presentation as described in further detail in Note 3 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations." These reclassifications had no impact on net earnings.During the first quarter of 2021, we revised our segment structure and as a result restated the prior period comparatives to conform with the current period presentation. Refer to Note 21 - "Segment Information" for further information.
Use of Estimates	The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our actual results may differ materially from these estimates. Results of changes in estimates are reflected in earnings in the period in which the change is made. Accounting policies that we believe are most dependent on assumptions and estimates are considered to be our critical accounting policies and are related to the determination of: •liability for losses and loss adjustment expenses ("LAE"); •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 credit allowances on investment securities classified as available-for-sale ("AFS"), and impairments on 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.
New Accounting Standards Adopted in 2021 and Recently Issued Accounting Pronouncements Not Yet Adopted	New Accounting Standards Adopted in 2021 Accounting Standards Update ("ASU") 2020-08 – Codification Improvements to Subtopic 310-20 - Receivables - Nonrefundable Fees and Other Costs In October 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-08 to clarify that an entity should re-evaluate whether a callable debt security is within the scope of Accounting Standards Codification ("ASC") 310-20-35-33 during each reporting period. All entities are required to apply the amendments in this ASU on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The adoption of ASU 2020-08 did not have a material impact on our consolidated financial statements and the related disclosures. ASU 2020-06 – Accounting for Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. For convertible instruments, the ASU eliminates two of the three accounting models in ASC 470-20 that require separate accounting for embedded conversion features. The ASU also simplifies an issuer's application of the derivatives scope exception in ASC 815-40 for contracts in its own equity and removes some of the conditions that preclude a freestanding contract from being classified in equity, thereby allowing more of such contracts to qualify for equity classification. We early adopted the amendments in ASU 2020-06 as of January 1, 2021 and that adoption did not have an impact on our consolidated financial statements and the related disclosures. 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 adoption of ASU 2020-01 did not have an 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 adoption of ASU 2019-12 did not have any impact on our consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted Note 2 - "Significant Accounting Policies" to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 describes accounting pronouncements that were not adopted as of December 31, 2020. Those pronouncements have not yet been adopted unless discussed above in "New Accounting Standards Adopted in 2021."

Significant New Business (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

The table below sets forth a summary of significant new business that we have completed between January 1, 2020 and March 31, 2021:


Transaction	Date Completed	Total Assets Assumed		Deferred Charge Asset (1)		Total Liabilities Assumed		Net Fair Value Adjustment (2)		Type of Transaction and Primary Nature of Business

CNA	February 5, 2021	$	651,736	$105,479		$	757,215	N/A		LPT of U.S. excess workers' compensation liabilities
Liberty Mutual	January 8, 2021	$	363,159	$25,402		$	388,561	N/A		LPT of U.S. energy liability, construction liability and homebuilders liability
Hannover Re	August 6, 2020	$	182,498	N/A		$	209,713	$	(27,215)	Novation of U.S. asbestos, environmental and workers' compensation liabilities
Munich Re	July 1, 2020	$	100,956	N/A		$	100,956	N/A		Business Transfer of Australian public liability, professional liability and builders' warranty liabilities
AXA Group (3)	June 1, 2020	$	179,681	N/A		$	179,681	N/A		LPT of U.S. construction general liability
Aspen	June 1, 2020	$	770,000	$	11,746	$	781,746	N/A		ADC on a diversified mix of property, liability and specialty lines of business across the U.S., U.K. and Europe
Lyft	March 31, 2020	$	465,000	N/A		$	465,000	N/A		LPT of U.S. motor liabilities

The table below sets forth a summary of significant new business that we have signed or completed between April 1, 2021 and May 7, 2021:

Transaction

Date Transaction Announced or Completed

Initial Estimate of Liabilities Assumed

Type of Transaction and Primary Nature of Business

AXA Group(4)

Completed on May 3, 2021

1,395,000

LPT and ADC of a diversified mix of global casualty and professional lines

ProSight (4)

Announced on January 15, 2021

500,000

LPT of U.S. discontinued workers' compensation and excess workers' compensation lines of business and ADC on a diversified mix of general liability classes of business

(1) Where the estimated ultimate losses payable exceed the premium consideration received at the inception of the agreement, a deferred charge asset is recorded.

(2) When the fair value option is elected for any retroactive reinsurance agreement, an initial net fair value adjustment is recorded at the inception of the agreement.

Divestitures, Held-For-Sale Businesses and Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Financial Information of Held-For-Sale Business

The following table summarizes the components of Northshore's assets and liabilities held-for-sale on our consolidated balance sheet:


	December 31, 2020
ASSETS

Short-term investments, AFS, at fair value	$	1,720
Fixed maturities, trading, at fair value	154,026

Fixed maturities, AFS, at fair value	7,483


Other investments, at fair value	9,897


Total investments	173,126
Cash and cash equivalents	71,156
Restricted cash and cash equivalents	152,044
Premiums receivable	62,392


Reinsurance balances recoverable on paid and unpaid losses	37,341


Funds held by reinsured companies	32,226


Other assets	182,993
TOTAL ASSETS HELD-FOR-SALE	$	711,278

LIABILITIES
Losses and loss adjustment expenses	$	254,149



Insurance and reinsurance balances payable	12,393

Debt obligations	39,850
Other liabilities	177,265
TOTAL LIABILITIES HELD-FOR-SALE	$	483,657

NET ASSETS HELD-FOR-SALE	$	227,621

The following table summarizes the components of net loss from discontinued operations, net of income taxes, related to StarStone U.S., on the consolidated statements of earnings:


	Three Months Ended March 31,
		2020
INCOME
Net premiums earned		$	100,546

Net investment income		3,715
Net realized and unrealized losses		(5,415)
Other income		1
		98,847
EXPENSES
Net incurred losses and loss adjustment expenses		64,594
Acquisition costs		20,543
General and administrative expenses		15,084
Interest expense		589
Net foreign exchange losses		9
		100,819
LOSS BEFORE INCOME TAXES		(1,972)
Income tax expense		(97)











NET LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES		(2,069)
Net loss from discontinued operations attributable to noncontrolling interest		848
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS		$	(1,221)


		Three Months Ended
	March 31,
		2021		2020





Total income		$	1,572	$	3,712






Total expenses (income)(1)		(2,400)		(7,660)



Net earnings		$	3,972	$	11,372

(1) For the three months ended March 31, 2021 and 2020, negative total expenses were driven by favorable loss development on the losses and LAE reserves ceded by StarStone U.S. to our subsidiaries.

The following table provides a summary of the gain (loss) on sale of subsidiaries included in the condensed consolidated statement of earnings:


		Three Months Ended
	March 31,
		2021
Atrium		(7,844)
SUL		23,067
Arena		(329)
Net gain on sale of subsidiaries		14,894

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Investments, Debt and Equity Securities [Abstract]

Investments (Tables)

3 Months Ended

Mar. 31, 2021

Marketable Securities


	March 31, 2021
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
U.S. government and agency	$	7,833	$	70,399	$	119,217	$	473,169	$	113,927	$	784,545
U.K. government	—		—		30,661		12,136		—		42,797
Other government	3,335		2,426		357,618		152,950		20,118		536,447
Corporate	776		16,812		2,975,577		2,551,659		498,306		6,043,130
Municipal	—		—		88,144		68,797		49,730		206,671
Residential mortgage-backed	—		—		154,949		416,038		49,582		620,569
Commercial mortgage-backed	—		—		333,861		426,532		218,349		978,742
Asset-backed	—		—		250,931		466,209		60,512		777,652
Total fixed maturity and short-term investments	$	11,944	$	89,637	$	4,310,958	$	4,567,490	$	1,010,524	$	9,990,553


	December 31, 2020
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
U.S. government and agency	$	—	$	243,556	$	123,874	$	474,442	$	109,176	$	951,048
U.K. government	—		—		37,508		13,574		—		51,082
Other government	3,424		3,213		327,437		146,914		21,165		502,153
Corporate	1,705		17,026		3,227,726		1,920,323		519,952		5,686,732
Municipal	—		—		79,959		30,032		52,678		162,669
Residential mortgage-backed	—		—		154,471		328,871		70,603		553,945
Commercial mortgage-backed	—		—		347,225		276,488		230,377		854,090
Asset-backed	—		—		296,692		204,456		56,312		557,460
Total fixed maturity and short-term investments	$	5,129	$	263,795	$	4,594,892	$	3,395,100	$	1,060,263	$	9,319,179

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


As of March 31, 2021	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	457,301	$	462,613	4.6	%
More than one year through two years	755,334		773,827		7.7	%
More than two years through five years	2,175,758		2,254,424		22.6	%
More than five years through ten years	2,350,547		2,416,030		24.2	%
More than ten years	1,657,983		1,706,696		17.1	%
Residential mortgage-backed	617,633		620,569		6.2	%
Commercial mortgage-backed	965,020		978,742		9.8	%
Asset-backed	782,527		777,652		7.8	%
	$	9,762,103	$	9,990,553	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	$	784,636	$	784,545	7.8	%	$	784,545		$	—		$	—		$	—		$	—		$	—
U.K. government	40,668		42,797		0.4	%	—			35,567			7,230			—			—			—
Other government	516,283		536,447		5.4	%	260,548			173,669			46,179			51,088			4,963			—
Corporate	5,858,328		6,043,130		60.5	%	166,957			606,856			2,841,483			2,129,144			286,072			12,618
Municipal	197,008		206,671		2.1	%	9,643			109,188			67,308			20,438			—			94
Residential mortgage-backed	617,633		620,569		6.2	%	605,835			6,212			2,194			1,991			2,438			1,899
Commercial mortgage-backed	965,020		978,742		9.8	%	698,161			132,766			74,577			65,143			3,627			4,468
Asset-backed	782,527		777,652		7.8	%	336,571			168,969			136,848			84,113			25,080			26,071
Total	$	9,762,103	$	9,990,553	100.0	%	$	2,862,260		$	1,233,227		$	3,175,819		$	2,351,917		$	322,180		$	45,150
% of total fair value							28.7		%	12.3		%	31.8		%	23.5		%	3.2		%	0.5		%

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

The amortized cost, unrealized gains and losses, allowance for credit losses and fair values of our short-term and fixed maturity investments classified as AFS were as follows:


					Gross Unrealized Losses
As of March 31, 2021	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
U.S. government and agency	$	546,628	$	1,504	$	(4,564)	$	—	$	543,568
U.K. government	11,194		944		(2)		—		12,136
Other government	150,709		5,716		(981)		(68)		155,376
Corporate	2,603,003		25,621		(47,947)		(12,206)		2,568,471
Municipal	69,670		612		(1,485)		—		68,797
Residential mortgage-backed	417,742		2,146		(3,850)		—		416,038
Commercial mortgage-backed	429,861		3,769		(6,834)		(264)		426,532
Asset-backed	465,051		1,443		(285)		—		466,209
	$	4,693,858	$	41,755	$	(65,948)	$	(12,538)	$	4,657,127


					Gross Unrealized Losses
As of December 31, 2020	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
U.S. government and agency	$	715,527	$	3,305	$	(834)	$	—	$	717,998
U.K. government	12,494		1,080		—		—		13,574
Other government	142,459		7,721		(53)		—		150,127
Corporate	1,873,184		65,913		(1,567)		(181)		1,937,349
Municipal	28,881		1,155		(4)		—		30,032
Residential mortgage-backed	326,268		3,292		(689)		—		328,871
Commercial mortgage-backed	273,516		5,202		(2,097)		(133)		276,488
Asset-backed	204,312		846		(694)		(8)		204,456
	$	3,576,641	$	88,514	$	(5,938)	$	(322)	$	3,658,895

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


	12 Months or Greater				Less Than 12 Months				Total
As of March 31, 2021	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government and agency	$	—	$	—	$	403,412	$	(4,564)	$	403,412	$	(4,564)
U.K. government	—		—		365		(2)		365		(2)
Other government	—		—		26,567		(146)		26,567		(146)
Corporate	2,910		(32)		1,022,161		(20,044)		1,025,071		(20,076)
Municipal	—		—		47,913		(1,485)		47,913		(1,485)
Residential mortgage-backed	6,291		(137)		268,408		(3,712)		274,699		(3,849)
Commercial mortgage-backed	6,044		(282)		262,973		(6,435)		269,017		(6,717)
Asset-backed	—		—		232,971		(284)		232,971		(284)
Total short-term and fixed maturity investments	$	15,245	$	(451)	$	2,264,770	$	(36,672)	$	2,280,015	$	(37,123)


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 2020	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government and agency	$	—	$	—	$	55,839	$	(834)	$	55,839	$	(834)

Other government	—		—		7,971		(53)		7,971		(53)
Corporate	—		—		199,048		(1,224)		199,048		(1,224)
Municipal	—		—		1,690		(4)		1,690		(4)
Residential mortgage-backed	4,626		(125)		79,149		(564)		83,775		(689)
Commercial mortgage-backed	38		(38)		67,094		(1,562)		67,132		(1,600)
Asset-backed	—		—		116,827		(564)		116,827		(564)
Total short-term and fixed maturity investments	$	4,664	$	(163)	$	527,618	$	(4,805)	$	532,282	$	(4,968)

Summary of Allowance for Credit Losses

The following tables provide a reconciliation of the beginning and ending allowance for credit losses on our AFS debt securities:


	Three Months Ended March 31, 2021
	Other government		Corporate		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	—	$	(181)	$	(133)	$	(8)	$	(322)
Cumulative effect of change in accounting principle	—		—		—		—		—
Allowances for credit losses on securities for which credit losses were not previously recorded	(68)		(12,122)		(232)		—		(12,422)
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	—		—		—		—		—
Reductions for securities sold during the period	—		11		—		—		11
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	—		—		—		—		—
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	—		86		101		8		195


Allowance for credit losses, end of period	$	(68)	$	(12,206)	$	(264)	$	—	$	(12,538)


	Three Months Ended March 31, 2020
	Other government		Corporate		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	—	$	—	$	—	$	—	$	—
Cumulative effect of change in accounting principle	(22)		(2,987)		(50)		—		(3,059)
Allowances for credit losses on securities for which credit losses were not previously recorded	—		(11,739)		—		—		(11,739)
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	—		—		—		—		—
Reductions for securities sold during the period	—		374		—		—		374
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	22		29		49		—		100
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	—		—		—		—		—


Allowance for credit losses, end of period	$	—	$	(14,323)	$	(1)	$	—	$	(14,324)

Schedule of Equity Securities

The following table summarizes our equity investments classified as trading:


	March 31, 2021		December 31, 2020
Publicly traded equity investments in common and preferred stocks	$	263,122	$	260,767
Exchange-traded funds	505,042		311,287
Privately held equity investments in common and preferred stocks	330,404		274,741
	$	1,098,568	$	846,795

Other Investments

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


	March 31, 2021		December 31, 2020
Hedge funds	$	2,915,114	$	2,638,339
Fixed income funds	581,696		552,541
Equity funds	5,305		190,767
Private equity funds	442,602		363,103
CLO equities	134,984		128,083
CLO equity funds	178,150		166,523
Private credit funds	240,202		192,319
Others	20,993		12,359
	$	4,519,046	$	4,244,034

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 March 31, 2021:


	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	2,849,299	$	—	$	—	$	—	$	65,815	$	2,915,114	Monthly to Bi-annually
Fixed income funds	564,982		—		—		—		16,714		581,696		Daily to Quarterly
Equity funds	5,305		—		—		—		—		5,305		Daily
Private equity funds	—		50,000		—		—		392,602		442,602		Quarterly
CLO equities	134,984		—		—		—		—		134,984		Daily to Quarterly
CLO equity funds	116,916		50,023		11,211		—		—		178,150		Quarterly to Bi-annually
Private credit funds	—		9,250		—		—		230,952		240,202		N/A
Other	—		—		—		—		20,993		20,993		N/A
	$	3,671,486	$	109,273	$	11,211	$	—	$	727,076	$	4,519,046

Equity Method Investments

The table below shows our equity method investments:


	March 31, 2021				December 31, 2020
	Ownership %		Carrying Value		Ownership %		Carrying Value
Enhanzed Re	47.4	%	$	435,891	47.4	%	$	330,289
Citco(1)	31.9	%	53,691		31.9	%	53,022
Monument Re (2)	20.0	%	200,786		20.0	%	193,716
Core Specialty	25.2	%	228,014		25.2	%	235,000

Other	~27%		20,236		~27%		20,268

			$	938,618			$	832,295

(2) We own 20.0% of the common shares in Monument Re as well as different classes of preferred shares which have fixed dividend yields and whose balances are included in the Investment amount.

Funds Held, Directly Managed, Carrying Values of Assets

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


	March 31, 2021		December 31, 2020
Fixed maturity investments, trading	$	1,010,524	$	1,060,263
Cash and cash equivalents	3,899		9,067
Other assets	2,108		5,560
	$	1,016,531	$	1,074,890

Funds Held, Directly Managed, Fair Value to Amortized Cost

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


	March 31, 2021						December 31, 2020
	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
Short-term and fixed maturity investments, at amortized cost	$	110,224	$	850,692	$	960,916	$	106,938	$	859,403	$	966,341
Net unrealized gains:
Change in fair value - fair value option accounting	5,995		—		5,995		9,693		—		9,693
Change in fair value - embedded derivative accounting	—		43,613		43,613		—		84,229		84,229
Short-term fixed maturity investments within funds held - directly managed, at fair value	$	116,219	$	894,305	$	1,010,524	$	116,631	$	943,632	$	1,060,263

Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended
	March 31,
	2021		2020
Fixed maturity investments	$	45,481	$	53,442
Short-term investments and cash and cash equivalents	6		2,625
Funds held	(412)		270
Funds held - directly managed	7,037		8,816
Investment income from fixed maturities and cash and cash equivalents	52,112		65,153
Equity investments	4,298		5,963
Other investments	9,294		8,093

Investment income from equities and other investments	13,592		14,056
Gross investment income	65,704		79,209
Investment expenses	(3,615)		(4,495)
Net investment income	$	62,089	$	74,714

Realized Gain (Loss) on Investments

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


	Three Months Ended
	March 31,
		2021		2020
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS		$	4,771	$	1,547
Gross realized losses on fixed maturity securities, AFS		(3,902)		(2,026)
Increase in allowance for expected credit losses on fixed maturity securities, AFS		(12,227)		(11,639)
Net realized gains on fixed maturity securities, trading		17,764		15,824
Net realized gains on funds held - directly managed		524		512
Net realized losses on equity investments		(970)		(1,007)
Net realized investment gains on investment derivatives		179		—
Total net realized gains on sale		$	6,139	$	3,211
Net unrealized gains (losses):
Fixed maturity securities, trading		$	(168,923)	$	(256,477)
Fixed maturity securities in funds held - directly managed		(44,190)		(25,302)
Equity investments		29,961		(91,952)
Other Investments		156,090		(258,541)
Investment derivatives		135		—
Total net unrealized losses		(26,927)		(632,272)
Net realized and unrealized losses		$	(20,788)	$	(629,061)

Unrealized Gain (Loss) on Investments

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


	Three Months Ended
	March 31,
		2021		2020
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS		$	4,771	$	1,547
Gross realized losses on fixed maturity securities, AFS		(3,902)		(2,026)
Increase in allowance for expected credit losses on fixed maturity securities, AFS		(12,227)		(11,639)
Net realized gains on fixed maturity securities, trading		17,764		15,824
Net realized gains on funds held - directly managed		524		512
Net realized losses on equity investments		(970)		(1,007)
Net realized investment gains on investment derivatives		179		—
Total net realized gains on sale		$	6,139	$	3,211
Net unrealized gains (losses):
Fixed maturity securities, trading		$	(168,923)	$	(256,477)
Fixed maturity securities in funds held - directly managed		(44,190)		(25,302)
Equity investments		29,961		(91,952)
Other Investments		156,090		(258,541)
Investment derivatives		135		—
Total net unrealized losses		(26,927)		(632,272)
Net realized and unrealized losses		$	(20,788)	$	(629,061)

Reconciliation to Comprehensive Income


	Three Months Ended March 31,
		2021		2020






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS		$	4,771	$	1,547
Gross realized losses on fixed maturity securities, AFS		(3,902)		(2,026)
Tax effect		(275)		—
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS		—		267

Total reclassification adjustment		$	594	$	(212)
Included within continuing operations:
Credit losses on fixed maturity securities, AFS		$	(12,227)	$	(11,639)
Tax effect		202		—
Included within discontinued operations:
Credit losses on fixed maturity securities, AFS		—		(1,573)

Total reclassification adjustment		$	(12,025)	$	(13,212)

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $433.4 million and $472.0 million, as of March 31, 2021 and December 31, 2020, respectively, was as follows:


	March 31, 2021		December 31, 2020
Collateral in trust for third party agreements	$	5,793,748	$	4,924,866
Assets on deposit with regulatory authorities	127,358		131,283
Collateral for secured letter of credit facilities	104,597		104,627
Funds at Lloyd's (1)	263,091		260,914
	$	6,288,794	$	5,421,690

Derivative and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	March 31, 2021						December 31, 2020
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
Foreign currency forward - AUD	$	67,789	$	2,488	$	—	$	73,852	$	13	$	5,060
Foreign currency forward - EUR	234,520		7,800		—		217,168		205		8,889
Foreign currency forward - GBP	324,272		5,314		—		312,671		951		14,998
Total qualifying hedges	$	626,581	$	15,602	$	—	$	603,691	$	1,169	$	28,947


		Amount of Gains (Losses) Deferred in AOCI

	Three Months Ended
	March 31,
		2021		2020
Foreign currency forward - AUD		$	536	$	8,471
Foreign currency forward - EUR		9,334		2,635
Foreign currency forward - GBP		(3,188)		20,812
Net gains on qualifying derivative hedges		$	6,682	$	31,918


	March 31, 2021						December 31, 2020
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
Foreign currency forward - AUD	$	48,366	$	2,185	$	445	$	28,848	$	882	$	2,847
Foreign currency forward - CAD	46,926		163		333		64,224		10		1,764
Foreign currency forward - EUR	62,625		—		1,918		43,531		1,782		41
Foreign currency forward - GBP	21,112		470		17		2,731		161		404
Total non-qualifying hedges	$	179,029	$	2,818	$	2,713	$	139,334	$	2,835	$	5,056

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


		Gains (losses) on non-qualifying-hedges charged to net earnings
	Three Months Ended March 31,
		2021		2020
Foreign currency forward - AUD		$	839	$	2,533
Foreign currency forward - CAD		(809)		4,996
Foreign currency forward - EUR		(2,325)		1,176
Foreign currency forward - GBP		380		$	576
Net gains (losses) on non-qualifying hedges		$	(1,915)	$	9,281


	March 31, 2021
	Gross Notional Amount		Fair Value
			Assets		Liabilities

Futures contracts - long positions	$	11,672	$	2	$	17
Futures contracts - short positions	(7,281)		62		—
Currency forward contracts - long positions - USD	2,999		41		—
Currency forward contracts - short positions - USD	(4,251)		62		—
Currency forward contracts - long positions - GBP	6,661		26		—
Currency forward contracts - short positions - GBP	(12,086)		—		324
Total	$	(2,286)	$	193	$	341


	December 31, 2020
	Gross Notional Amount		Fair Value
			Assets		Liabilities

Futures contracts - long positions	$	34,502	$	32	$	5
Futures contracts - short positions	(32,316)		6		121
Currency forward contracts - long positions - USD	1,428		—		13
Currency forward contracts - short positions - USD	(3,233)		60		—
Currency forward contracts - long positions - GBP	1,278		19		—
Currency forward contracts - short positions - GBP	(4,418)		12		—
Total	$	(2,759)	$	129	$	139

Derivative Instruments, Gain (Loss)

The following table presents the amounts of the net gains (losses) included in earnings related to our credit default swaps, government bond futures contracts and currency forward contracts:


	Three Months Ended March 31,
	2021

Futures contracts	313
Currency forward contracts	(720)
Total net losses	$	(407)

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

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Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Reinsurance Reserves Recoverable and Uncollectible Reinsurance Balances Recoverable

The following tables provide the total reinsurance balances recoverable on paid and unpaid losses:


	March 31, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,198,802	$	30,851	$	—	$	1,229,653
IBNR	620,576		56,375		—		676,951
ULAE	16,418		1,731				18,149
Fair value adjustments - acquired companies	—		—		(15,162)		(15,162)
Fair value adjustments - fair value option	—		—		(40,056)		(40,056)
Total reinsurance reserves recoverable	1,835,796		88,957		(55,218)		1,869,535
Paid losses recoverable	179,240		1,520		—		180,760
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,484,166	$	90,477	$	(15,162)	$	1,559,481
Reinsurance balances recoverable on paid and unpaid losses - fair value option	530,870		—		(40,056)		490,814
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	938,231	$	263,638	$	—	$	1,201,869
IBNR	508,082		139,761		—		647,843
ULAE	16,688		—		—		16,688
Fair value adjustments - acquired companies	—		—		(15,353)		(15,353)
Fair value adjustments - fair value option	—		—		(21,427)		(21,427)
Total reinsurance reserves recoverable	1,463,001		403,399		(36,780)		1,829,620
Paid losses recoverable	172,309		87,234		—		259,543
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,093,053	$	490,633	$	(15,353)	$	1,568,333
Reinsurance balances recoverable on paid and unpaid losses - fair value option	542,257		—		(21,427)		520,830
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163


	March 31, 2021
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,447,044	$	60,342	$	1,386,702	4.2	%
Reinsurers rated below A-, secured	585,538		—		585,538		—	%
Reinsurers rated below A-, unsecured	156,478		78,423		78,055		50.1	%
Total	$	2,189,060	$	138,765	$	2,050,295	6.3	%


	December 31, 2020
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,464,529	$	60,801	$	1,403,728	4.2	%
Reinsurers rated below A-, secured	608,999		—		608,999		—	%
Reinsurers rated below A-, unsecured	152,757		76,321		76,436		50.0	%
Total	$	2,226,285	$	137,122	$	2,089,163	6.2	%

The following table provides a summary of premiums written and earned by segment:


	Three Months Ended March 31,
		2021	2020
			Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross			$	22,183	$	94,206	$	327	$	18,078
Ceded			(17,685)		(21,370)		1,849		(2,048)
Net			$	4,498	$	72,836	$	2,176	$	16,030
Legacy Underwriting
Gross			$	27,574	$	48,059	$	209,434	$	177,043
Ceded			(16,107)		(28,019)		(57,151)		(33,722)
Net			$	11,467	$	20,040	$	152,283	$	143,321




Total
Gross			$	49,757	$	142,265	$	209,761	$	195,121
Ceded			(33,792)		(49,389)		(55,302)		(35,770)
Total			$	15,965	$	92,876	$	154,459	$	159,351

Reinsurance Balances Recoverable by Reinsurer


	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,317,932	$	21,087	$	—	$	1,339,019	65.3	%
Other reinsurers > $1 million	672,336		69,192		(55,218)		686,310		33.5	%
Other reinsurers < $1 million	$	24,768	$	198	$	—	$	24,966	1.2	%
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295	100.0	%


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,036,676	$	327,917	$	—	$	1,364,593	65.3	%
Other reinsurers > $1 million	574,869		159,513		(36,780)		697,602		33.4	%
Other reinsurers < $1 million	23,765		3,203		—		26,968		1.3	%
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163	100.0	%


	March 31, 2021		December 31, 2020
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	7		7
Number of top 10 non-rated reinsurers (1)	3		3

Reinsurers rated A- or better in top 10	$	833,882	$	863,819
Non-rated reinsurers in top 10 (1)	505,137		500,774
Total top 10 reinsurance recoverables	$	1,339,019	$	1,364,593

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of March 31, 2021 and 2020:

Lloyd's Syndicates (2)	$	340,281	$	331,118
Michigan Catastrophic Claims Association(3)	$	228,784	$	229,374

(1) The reinsurance balances recoverable from the three non-rated top 10 reinsurers was comprised of:

•$228.8 million and $229.4 million as of March 31, 2021 and December 31, 2020 respectively, due from Michigan Catastrophic Claims Association;

with our subsidiaries retaining the retrocession premium consideration, to secure the full amount of the recoverable balances due from Enhanzed Re.

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

(3) U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state.

Reconciliation for Reinsurance Recoverable, Allowance for Credit Loss

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the three months ended March 31, 2021 and 2020:


	Three Months Ended
	March 31, 2021		March 31, 2020
Allowance for estimated uncollectible reinsurance, beginning of period	$	137,122	$	147,639
Cumulative effect of change in accounting principle on allowance for estimated uncollectible reinsurance (1)	—		(195)
Effect of exchange rate movement	158		—
Current period change in the allowance	2,017		(4,117)

Recoveries collected	(532)		—
Allowance for estimated uncollectible reinsurance, end of period	$	138,765	$	143,327

Deferred Charge Assets and Deferred Gain Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Deferred Policy Acquisition Costs

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



	Three Months Ended March 31,
		2021		2020
Beginning carrying value		$	238,602	$	272,462
Recorded during the period		130,881		—
Amortization		(8,698)		(14,630)

Ending carrying value		$	360,785	$	257,832

Schedule Of Deferred Gain Liabilities

The following table presents a reconciliation of the deferred gain liabilities:


	Three Months Ended March 31,
	2021		2020
Beginning carrying value	$	19,880	$	12,875

Amortization	(629)		(297)

Ending carrying value	$	19,251	$	12,578

Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2021

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

The following tables summarize the liability for losses and LAE by segment and for our corporate and other activities:


	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total
Outstanding losses	$	5,545,947	$	97,928	$	—	$	5,643,875
IBNR	5,508,249		148,716		—		5,656,965
ULAE	413,171		2,452		—		415,623
Fair value adjustments - acquired companies	—		—		(140,148)		(140,148)
Fair value adjustments - fair value option	—		—		(148,895)		(148,895)
Total	$	11,467,367	$	249,096	$	(289,043)	$	11,427,420

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	9,041,090	$	249,096	$	(140,148)	$	9,150,038
Loss and loss adjustment expenses, at fair value	2,426,277		—		(148,895)		2,277,382
Total	$	11,467,367	$	249,096	$	(289,043)	$	11,427,420


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total
Outstanding losses	$	4,440,425	$	687,424	$	—	$	5,127,849
IBNR	4,641,500		636,003		—		5,277,503
ULAE	350,600		35,102		—		385,702
Fair value adjustments - acquired companies	—		—		(143,183)		(143,183)
Fair value adjustments - fair value option	—		—		(54,589)		(54,589)
Total	$	9,432,525	$	1,358,529	$	(197,772)	$	10,593,282

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	6,925,016	$	1,358,529	$	(143,183)	$	8,140,362
Loss and loss adjustment expenses, at fair value	2,507,509		—		(54,589)		2,452,920
Total	$	9,432,525	$	1,358,529	$	(197,772)	$	10,593,282

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


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	10,593,282	$	9,868,404
Less: reinsurance reserves recoverable (1)		1,829,620		1,927,624
Less: net deferred charge assets and deferred gain liabilities on retroactive reinsurance		218,722		259,587

Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances (2)		—		643
Net balance as of beginning of period		8,544,940		7,680,550
Net incurred losses and LAE:
Current period		54,060		115,505
Prior periods		(109,567)		(72,205)
Total net incurred losses and LAE		(55,507)		43,300
Net paid losses:
Current period		(6,502)		(3,807)
Prior periods		(336,030)		(356,019)
Total net paid losses		(342,532)		(359,826)
Effect of exchange rate movement		(8,771)		(146,380)

Assumed business (3)		1,078,221		471,150


Net balance as of March 31		9,216,351		7,688,794
Plus: reinsurance reserves recoverable (1)		1,869,535		1,902,749
Plus: net deferred charge assets and deferred gain liabilities on retroactive reinsurance (4)		341,534		245,254
Balance as of March 31		$	11,427,420	$	9,836,797

(1) Net of allowance for estimated uncollectible reinsurance.

(3) Refer to Note 2 - "Significant New Business" for further information.

(4) Refer to Note 7 - "Deferred Charge Assets and Deferred Gain Liabilities" for further information.

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


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	9,432,525	$	8,683,983
Less: reinsurance reserves recoverable (1)		1,463,001		1,645,352

Plus: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (2)		—		703
Net balance as of beginning of period		7,969,524		7,039,334
Net incurred losses and LAE:
Current period		44,161		7,849
Prior periods		(39,536)		(35,042)
Total net incurred losses and LAE		4,625		(27,193)
Net paid losses:
Current period		(3,275)		(1,240)
Prior periods		(327,354)		(257,726)
Total net paid losses		(330,629)		(258,966)
Effect of exchange rate movement		(12,412)		(140,089)

Assumed business (3)		1,045,333		471,150

Transfer from the Legacy Underwriting segment (4)		955,130		—
Net balance as of March 31		9,631,571		7,084,236
Plus: reinsurance reserves recoverable (1)		1,835,796		1,568,296
Balance as of March 31		$	11,467,367	$	8,652,532

(1) Net of allowance for estimated uncollectible reinsurance.

(3) Refer to Note 2 - "Significant New Business" for further information.

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


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	1,358,529	$	1,569,865
Less: reinsurance reserves recoverable (1)		403,399		385,613

Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance (2)		—		1,346
Net balance as of beginning of period		955,130		1,182,906
Net incurred losses and LAE:
Current period		9,899		107,656
Prior periods		(5,421)		(2,125)
Total net incurred losses and LAE		4,478		105,531
Net paid losses:
Current period		(3,227)		(2,567)
Prior periods		(8,676)		(98,293)
Total net paid losses		(11,903)		(100,860)
Effect of exchange rate movement		3,795		(13,955)

Assumed business (3)		163,769		—

Transfer to Run-off segment (4)		(955,130)		—
Net balance as of March 31		160,139		1,173,622
Plus: reinsurance reserves recoverable (1)		88,957		442,905
Balance as of March 31		$	249,096	$	1,616,527

(1) Net of allowance for estimated uncollectible reinsurance.

Schedule of Incurred Losses

The tables below provide the components of net incurred losses and LAE by segment and for our corporate and other activities:


	Three Months Ended
	March 31, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid	$	330,629	$	11,903	$	—	$	342,532
Net change in case and LAE reserves (1)	(119,363)		(7,771)		—		(127,134)
Net change in IBNR reserves (2)	(193,943)		789		—		(193,154)
Increase in estimates of net ultimate losses	17,323		4,921		—		22,244

Reduction in provisions for unallocated LAE (3)	(12,698)		(443)		—		(13,141)
Amortization of deferred charge assets and deferred gain liabilities (4)	—		—		8,069		8,069
Amortization of fair value adjustments (5)	—		—		2,793		2,793
Changes in fair value - fair value option (6)	—		—		(75,472)		(75,472)
Net incurred losses and LAE	$	4,625	$	4,478	$	(64,610)	$	(55,507)


		Three Months Ended
	March 31, 2020
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	258,966	$	100,860	$	—	$	359,826
Net change in case and LAE reserves (1)		(174,580)		(35,188)		—		(209,768)
Net change in IBNR reserves (2)		(104,100)		39,249		—		(64,851)
Increase (reduction) in estimates of net ultimate losses		(19,714)		104,921		—		85,207

Increase (reduction) in provisions for unallocated LAE (3)		(7,479)		610		—		(6,869)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		14,333		14,333
Amortization of fair value adjustments (5)		—		—		8,866		8,866
Changes in fair value - fair value option (6)		—		—		(58,237)		(58,237)
Net incurred losses and LAE		$	(27,193)	$	105,531	$	(35,038)	$	43,300

(2)Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

(3) Represents the change in the estimate of the total future costs to administer the claims.

(4) Relates to the amortization of deferred charge assets and deferred gain liabilities on retroactive reinsurance contracts.

(5) Relates to the amortization of fair value adjustments associated with the acquisition of companies.

(6) Represents the changes in the fair value of liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option.

The table below provides a reconciliation of the amortization of deferred charge assets and deferred gain liabilities included in the calculation of net incurred losses and LAE above:


	Three Months Ended
	March 31,
		2021		2020
Amortization of deferred charge assets		$	8,698	$	14,630
Amortization of deferred gain liabilities		(629)		(297)
Total amortization of deferred charge assets and deferred gain liabilities		$	8,069	$	14,333

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


	Three Months Ended March 31,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	327,354	$	3,275	$	330,629	$	257,726	$	1,240	$	258,966
Net change in case and LAE reserves (1)	(117,156)		(2,207)		(119,363)		(176,252)		1,672		(174,580)
Net change in IBNR reserves (2)	(235,565)		41,622		(193,943)		(109,037)		4,937		(104,100)
Increase (reduction) in estimates of net ultimate losses	(25,367)		42,690		17,323		(27,563)		7,849		(19,714)

Increase (reduction) in provisions for unallocated LAE (3)	(14,169)		1,471		(12,698)		(7,479)		—		(7,479)



Net incurred losses and LAE	$	(39,536)	$	44,161	$	4,625	$	(35,042)	$	7,849	$	(27,193)

(2)Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

(3) Represents the change in the estimate of the total future costs to administer the claims.

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


	Three Months Ended March 31,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	8,676	$	3,227	$	11,903	$	98,293	$	2,567	$	100,860
Net change in case and LAE reserves (1)	(12,530)		4,759		(7,771)		(43,538)		8,350		(35,188)
Net change in IBNR reserves (2)	(1,350)		2,139		789		(56,789)		96,038		39,249
Increase (reduction) in estimates of net ultimate losses	(5,204)		10,125		4,921		(2,034)		106,955		104,921
Increase (reduction) in provisions for unallocated LAE (3)	(217)		(226)		(443)		(91)		701		610

Net incurred losses and LAE	$	(5,421)	$	9,899	$	4,478	$	(2,125)	$	107,656	$	105,531

(2)Represents the gross change in our actuarial estimates of IBNR, less amounts recoverable.

(3) Represents the change in the estimate of the total future costs to administer the claims.

Defendant Asbestos and Environmental Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

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 were as follows:


	March 31, 2021		December 31, 2020
Defendant asbestos and environmental liabilities:
Defendant asbestos liabilities	$	895,523	$	913,276
Defendant environmental liabilities	12,386		12,572
Estimated future expenses	39,747		42,510
Fair value adjustments	(256,099)		(262,029)
Defendant asbestos and environmental liabilities	691,557		706,329

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5,272; 2020 - $4,824)	308,523		310,602
Fair value adjustments	(60,513)		(60,950)
Insurance balances recoverable	248,010		249,652

Net liabilities relating to defendant asbestos and environmental exposures	$	443,547	$	456,677

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:


	Three Months Ended
	March 31,
		2021		2020
Balance as of beginning of period		$	706,329	$	847,685
Less: Insurance balances recoverable		249,652		448,855
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances (1)		—		3,167
Net balance as of beginning of period		456,677		401,997
Total net (paid claims) recoveries		(6,308)		6,581
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities		(9,552)		(24,915)
Reduction in estimated future expenses		(2,763)		(2,028)
Amortization of fair value adjustments		5,493		5,468
Total other income		(6,822)		(21,475)

Net balance as at March 31		443,547		387,103
Plus: Insurance balances recoverable (2)		248,010		435,613
Balance as at March 31		$	691,557	$	822,716

(2) Net of allowance for estimated uncollectible insurance balances

Reconciliation of Allowance for Estimated Uncollectible Insurance Balances

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities.


	Three Months Ended
	March 31,
	2021		2020
Allowance for estimated uncollectible insurance balances, beginning of period	$	4,824	$	3,818
Cumulative effect of change in accounting principle	—		3,167
Current period change in the allowance	448		—


Allowance for estimated uncollectible insurance balances, end of period	$	5,272	$	6,985

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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:


	March 31, 2021
	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:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	784,545	$	—	$	—	$	784,545
U.K. government	—		42,797		—		—		42,797
Other government	—		536,447		—		—		536,447
Corporate	—		6,043,130		—		—		6,043,130
Municipal	—		206,671		—		—		206,671
Residential mortgage-backed	—		620,569		—		—		620,569
Commercial mortgage-backed	—		978,742		—		—		978,742
Asset-backed	—		777,652		—		—		777,652

	$	—	$	9,990,553	$	—	$	—	$	9,990,553

Other assets included within funds held - directly managed	—		6,007		—		—		6,007

Equities:
Publicly traded equity investments	$	235,923	$	27,199	$	—	$	—	$	263,122
Exchange-traded funds	505,042		—		—		—		505,042
Privately held equity investments	—		—		330,404		—		330,404
	$	740,965	$	27,199	$	330,404	$	—	$	1,098,568

Other investments:

Hedge funds	$	—	$	—	$	—	$	2,915,114	$	2,915,114
Fixed income funds	—		268,724		—		312,972		581,696
Equity funds	—		5,305		—		—		5,305
Private equity funds	—		—		—		442,602		442,602
CLO equities	—		134,984		—		—		134,984
CLO equity funds	—		—		—		178,150		178,150
Private credit funds	—		—		9,250		230,952		240,202


Other	—		—		314		20,679		20,993
	$	—	$	409,013	$	9,564	$	4,100,469	$	4,519,046
Total Investments	$	740,965	$	10,432,772	$	339,968	$	4,100,469	$	15,614,174

Cash and cash equivalents	$	244,979	$	27,726	$	—	$	—	$	272,705

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	490,814	$	—	$	490,814

Other Assets:
Derivatives qualifying as hedging	$	—	$	15,602	$	—	$	—	$	15,602
Derivatives not qualifying as hedging	—		3,011		—		—		3,011
Derivative instruments	$	—	$	18,613	$	—	$	—	$	18,613

Losses and LAE:	$	—	$	—	$	2,277,382	$	—	$	2,277,382

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	—	$	—	$	—	$	—
Derivatives not qualifying as hedging	—		3,054		—		—		3,054
Derivative instruments	$	—	$	3,054	$	—	$	—	$	3,054


	December 31, 2020
	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:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	951,048	$	—	$	—	$	951,048
U.K government	—		51,082		—		—		51,082
Other government	—		502,153		—		—		502,153
Corporate	—		5,686,732		—		—		5,686,732
Municipal	—		162,669		—		—		162,669
Residential mortgage-backed	—		553,945		—		—		553,945
Commercial mortgage-backed	—		854,090		—		—		854,090
Asset-backed	—		557,460		—		—		557,460
	$	—	$	9,319,179	$	—	$	—	$	9,319,179

Other assets included within funds held - directly managed	$	—	$	14,627	$	—	$	—	$	14,627

Equities:
Publicly traded equity investments	$	229,167	$	31,600	$	—	$	—	$	260,767
Exchange-traded funds	311,287		—		—		—		311,287
Privately held equity investments	—		—		274,741		—		274,741
	$	540,454	$	31,600	$	274,741	$	—	$	846,795

Other investments:
Hedge funds	$	—	$	—	$	—	$	2,638,339	$	2,638,339
Fixed income funds	—		285,837		—		266,704		552,541
Equity funds	—		5,073		—		185,694		190,767
Private equity funds	—		—		—		363,103		363,103
CLO equities	—		128,083		—		—		128,083
CLO equity funds	—		—		—		166,523		166,523
Private credit funds	—		—		9,250		183,069		192,319
Other	—		—		314		12,045		12,359
	$	—	$	418,993	$	9,564	$	3,815,477	$	4,244,034
Total Investments	$	540,454	$	9,784,399	$	284,305	$	3,815,477	$	14,424,635

Cash and cash equivalents	$	385,790	$	208,272	$	—	$	—	$	594,062

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	520,830	$	—	$	520,830

Other Assets:
Derivatives qualifying as hedging	$	—	$	1,169	$	—	$	—	$	1,169
Derivatives not qualifying as hedging	—		2,964		—		—		2,964
Derivative instruments	$	—	$	4,133	$	—	$	—	$	4,133

Losses and LAE:	$	—	$	—	$	2,452,920	$	—	$	2,452,920

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	28,947	$	—	$	—	$	28,947
Derivatives not qualifying as hedging	—		5,195		—		—		5,195
Derivative instruments	$	—	$	34,142	$	—	$	—	$	34,142

Reconciliation for Assets Measured at Fair Value on a Recurring Basis

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


				Three Months Ended March 31, 2021						Three months ended March 31, 2020
	Privately-held Equities	Other Investments	Total	Privately-held Equities		Other Investments		Total

Beginning fair value				$	274,741	$	9,564	$	284,305	$	265,799	$	87,869	$	353,668
Purchases				57,192		—		57,192		1,358		37,092		38,450
Sales				—		—		—		—		(539)		(539)
Total realized and unrealized losses				(1,529)		—		(1,529)		(145)		(40,368)		(40,513)

Transfer out of Level 3 into Level 2				—		—		—		—		(83,740)		(83,740)
Ending fair value				$	330,404	$	9,564	$	339,968	$	267,012	$	314	$	267,326

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:


	Three Months Ended March 31,
	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
Beginning fair value	$	2,452,920	$	520,830	$	1,932,090	$	2,621,122	$	695,518	$	1,925,604
Assumed business	—		—		—		4,975		—		4,975
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(8,223)		709		(8,932)		(14,439)		(3,171)		(11,268)
Reduction in unallocated LAE	(4,395)		—		(4,395)		(6,413)		—		(6,413)
Change in fair value	(94,083)		(18,611)		(75,472)		(64,804)		(6,567)		(58,237)
Total incurred losses and LAE	(106,701)		(17,902)		(88,799)		(85,656)		(9,738)		(75,918)
Paid losses	(73,950)		(11,983)		(61,967)		(81,163)		(16,114)		(65,049)
Effect of exchange rate movements	5,113		(131)		5,244		(113,735)		(16,270)		(97,465)
Ending fair value	$	2,277,382	$	490,814	$	1,786,568	$	2,345,543	$	653,396	$	1,692,147

The following table presents the components of the net change in fair value:


	Three Months Ended March 31,
	2021		2020
Changes in fair value due to changes in:
Duration	$	1,566	$	4,148
Corporate bond yield	(77,038)		(64,092)

Weighted cost of capital	—		(5,048)
Risk cost of capital	—		6,755
Change in fair value	$	(75,472)	$	(58,237)

Valuation Inputs and Techniques

The table below presents the qualitative information related to the fair value measurements for our privately held equity investments measured at fair value on a recurring basis using Level 3 inputs:


		Qualitative Information about Level 3 Fair Value Measurements
		Fair Value as of March 31, 2021			Valuation Techniques		Unobservable Input		Range (Average) (1)
		(in millions of U.S. dollars)


		$	228.8		Guideline company methodology		Distribution waterfall		12.89
$	104.0			Cost as approximation of fair value		Cost as approximation of fair value
$	7.2			Net Asset Value (2)		NAV at recent transaction		19.49
$	340.0

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

Reconciliation for Liabilities Measured at Fair Value on a Recurring Basis

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:


	Three Months Ended March 31,
	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
Beginning fair value	$	2,452,920	$	520,830	$	1,932,090	$	2,621,122	$	695,518	$	1,925,604
Assumed business	—		—		—		4,975		—		4,975
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(8,223)		709		(8,932)		(14,439)		(3,171)		(11,268)
Reduction in unallocated LAE	(4,395)		—		(4,395)		(6,413)		—		(6,413)
Change in fair value	(94,083)		(18,611)		(75,472)		(64,804)		(6,567)		(58,237)
Total incurred losses and LAE	(106,701)		(17,902)		(88,799)		(85,656)		(9,738)		(75,918)
Paid losses	(73,950)		(11,983)		(61,967)		(81,163)		(16,114)		(65,049)
Effect of exchange rate movements	5,113		(131)		5,244		(113,735)		(16,270)		(97,465)
Ending fair value	$	2,277,382	$	490,814	$	1,786,568	$	2,345,543	$	653,396	$	1,692,147

The following table presents the components of the net change in fair value:


	Three Months Ended March 31,
	2021		2020
Changes in fair value due to changes in:
Duration	$	1,566	$	4,148
Corporate bond yield	(77,038)		(64,092)

Weighted cost of capital	—		(5,048)
Risk cost of capital	—		6,755
Change in fair value	$	(75,472)	$	(58,237)

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:

March 31, 2021

December 31, 2020

Valuation Technique

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A rated

Internal model

Credit spread for non-performance risk (U)

0.2%

Internal model

Risk cost of capital (U)

5.1%

Internal model

Weighted average cost of capital (U)

8.25%

Internal model

Duration - liability (U)

8.21 years

8.17 years

Internal model

Duration - reinsurance balances recoverable on paid and unpaid losses (U)

7.95 years

8.23 years

Premiums Written and Earned (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Net Premiums Written and Earned

The following tables provide the total reinsurance balances recoverable on paid and unpaid losses:


	March 31, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,198,802	$	30,851	$	—	$	1,229,653
IBNR	620,576		56,375		—		676,951
ULAE	16,418		1,731				18,149
Fair value adjustments - acquired companies	—		—		(15,162)		(15,162)
Fair value adjustments - fair value option	—		—		(40,056)		(40,056)
Total reinsurance reserves recoverable	1,835,796		88,957		(55,218)		1,869,535
Paid losses recoverable	179,240		1,520		—		180,760
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,484,166	$	90,477	$	(15,162)	$	1,559,481
Reinsurance balances recoverable on paid and unpaid losses - fair value option	530,870		—		(40,056)		490,814
Total	$	2,015,036	$	90,477	$	(55,218)	$	2,050,295


	December 31, 2020
	Run-off		Legacy Underwriting		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	938,231	$	263,638	$	—	$	1,201,869
IBNR	508,082		139,761		—		647,843
ULAE	16,688		—		—		16,688
Fair value adjustments - acquired companies	—		—		(15,353)		(15,353)
Fair value adjustments - fair value option	—		—		(21,427)		(21,427)
Total reinsurance reserves recoverable	1,463,001		403,399		(36,780)		1,829,620
Paid losses recoverable	172,309		87,234		—		259,543
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,093,053	$	490,633	$	(15,353)	$	1,568,333
Reinsurance balances recoverable on paid and unpaid losses - fair value option	542,257		—		(21,427)		520,830
Total	$	1,635,310	$	490,633	$	(36,780)	$	2,089,163


	March 31, 2021
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,447,044	$	60,342	$	1,386,702	4.2	%
Reinsurers rated below A-, secured	585,538		—		585,538		—	%
Reinsurers rated below A-, unsecured	156,478		78,423		78,055		50.1	%
Total	$	2,189,060	$	138,765	$	2,050,295	6.3	%


	December 31, 2020
	Gross		Allowance for estimated uncollectible reinsurance		Net		Provisions as a % of Gross
Reinsurers rated A- or above	$	1,464,529	$	60,801	$	1,403,728	4.2	%
Reinsurers rated below A-, secured	608,999		—		608,999		—	%
Reinsurers rated below A-, unsecured	152,757		76,321		76,436		50.0	%
Total	$	2,226,285	$	137,122	$	2,089,163	6.2	%

The following table provides a summary of premiums written and earned by segment:


	Three Months Ended March 31,
		2021	2020
			Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross			$	22,183	$	94,206	$	327	$	18,078
Ceded			(17,685)		(21,370)		1,849		(2,048)
Net			$	4,498	$	72,836	$	2,176	$	16,030
Legacy Underwriting
Gross			$	27,574	$	48,059	$	209,434	$	177,043
Ceded			(16,107)		(28,019)		(57,151)		(33,722)
Net			$	11,467	$	20,040	$	152,283	$	143,321




Total
Gross			$	49,757	$	142,265	$	209,761	$	195,121
Ceded			(33,792)		(49,389)		(55,302)		(35,770)
Total			$	15,965	$	92,876	$	154,459	$	159,351

Debt Obligations and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Amounts of Loans Payable Outstanding, and Accrued Interest

Our debt obligations were as follows:


Facility	Origination Date	Term	March 31, 2021		December 31, 2020
4.50% Senior Notes due 2022	March 10, 2017	5 years	$	349,393	$	349,253
4.95% Senior Notes due 2029	May 28, 2019	10 years	494,244		494,194
Total Senior Notes			843,637		843,447
5.75% Junior Subordinated Notes due 2040	August 26, 2020	20 years	344,878		344,812
EGL Revolving Credit Facility	August 16, 2018	5 years	175,000		185,000

Total debt obligations			$	1,363,515	$	1,373,259

Interest Expense

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


	Three Months Ended March 31,
		2021		2020
Interest expense on debt obligations		$	15,907	$	13,195
Amortization of debt issuance costs		256		220
Funds withheld balances and other		16		—


Total interest expense		$	16,179	$	13,415

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.

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Carrying Amount of Equity Attributable to Noncontrolling Interest

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

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


	Three Months Ended
	March 31,
	2021		2020
Balance at beginning of period	$	365,436	$	438,791

Distributions paid	(202,073)		—
Net earnings (losses) attributable to RNCI	11,745		(31,959)
Change in unrealized losses on AFS investments attributable to RNCI	(251)		(4,170)
Change in currency translation adjustments attributable to RNCI	676		—

Change in redemption value of RNCI	(730)		(10,150)
Cumulative effect of change in accounting principle attributable to RNCI (1)	—		261
Balance at end of period	$	174,803	$	392,773

Shareholders Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present a roll forward of accumulated other comprehensive income (loss):


	Unrealized gains (losses) arising during the year		Cumulative Currency Translation Adjustment		Defined Benefit Pension Liability		Total
Balance, December 31, 2020, net of tax	$	72,576	$	7,876	$	207	$	80,659
Unrealized losses on fixed income available-for-sale investments arising during the year	(111,274)		—		—		(111,274)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,025		—		—		12,025
Reclassification adjustment for net realized gains included in net earnings	(594)		—		—		(594)
Reclassification to earnings on disposal of subsidiary	475		—		—		475
Change in currency translation adjustment	—		1,418		—		1,418

Total other comprehensive income (loss)	(99,368)		1,418		—		(97,950)
Other comprehensive (income) loss attributable to RNCI	251		(675)		—		(424)
Balance, March 31, 2021, net of tax	$	(26,541)	$	8,619	$	207	$	(17,715)


	Unrealized gains (losses) arising during the year		Cumulative Currency Translation Adjustment		Defined Benefit Pension Liability		Total
Balance, December 31, 2019, net of tax	$	(432)	$	8,548	$	(945)	$	7,171
Unrealized losses on fixed income available-for-sale investments arising during the year	(58,735)		—		—		(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	13,212		—		—		13,212
Reclassification adjustment for net realized gains included in net earnings	212		—		—		212

Change in currency translation adjustment	—		(686)		—		(686)

Total other comprehensive loss	(45,311)		(686)		—		(45,997)
Other comprehensive loss attributable to RNCI	4,170		—		—		4,170
Balance, March 31, 2020, net of tax	$	(41,573)	$	7,862	$	(945)	$	(34,656)

The following table presents details about the tax effects allocated to each component of other comprehensive income (loss):


	Three Months Ended
	March 31,
	2021						2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
Unrealized gains (losses) on fixed income available-for-sale investments arising during the year	$	(116,267)	$	4,993	$	(111,274)	$	(58,735)	$	—	$	(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,227		(202)		12,025		13,212		—		13,212
Reclassification adjustment for net realized (gains) losses included in net earnings	(869)		275		(594)		212		—		212
Reclassification to earnings on disposal of subsidiary	586		(111)		475		—		—		—
Change in currency translation adjustment	1,418		—		1,418		(686)		—		(686)


Other comprehensive income (loss)	$	(102,905)	$	4,955	$	(97,950)	$	(45,997)	$	—	$	(45,997)

The following table presents details of amounts reclassified from accumulated other comprehensive income:


Details about AOCI components	March 31, 2021	March 31, 2020	Affected Line Item in Statement where Net Earnings are presented
Unrealized losses on fixed income available-for-sale investments	(11,944)	(12,118)	Net realized and unrealized losses
	—	(1,306)	Net loss from discontinued operations
	(11,944)	(13,424)	Total before tax
	38	—	Income tax benefit


Total reclassifications for the period, net of tax	(11,906)	(13,424)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Comparison of Basic and Diluted Earnings per Share

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


	Three Months Ended
	March 31,
	2021		2020
Numerator:
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Net earnings (loss) from continuing operations (1)	$	183,197	$	(515,600)
Net loss from discontinued operations (2)	—		(1,221)
Net earnings (loss) attributable to Enstar ordinary shareholders:	$	183,197	$	(516,821)

Denominator:
Weighted-average ordinary shares outstanding — basic (3)	21,562,341		21,549,844
Effect of dilutive securities:
Share-based compensation plans (4)	209,324		164,435
Warrants (5)	80,659		65,627

Weighted-average ordinary shares outstanding — diluted	21,852,324		21,779,906

Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic:
Net earnings (loss) from continuing operations	$	8.50	$	(23.93)
Net loss from discontinued operations	—		(0.05)
Net earnings (loss) per ordinary share	$	8.50	$	(23.98)
Diluted (6):
Net earnings (loss) from continuing operations	$	8.38	$	(23.93)
Net loss from discontinued operations	—		(0.05)
Net earnings (loss) per ordinary share	$	8.38	$	(23.98)

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [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:


	Three Months Ended
	March 31,
	2021		2020
Share-based compensation plans:
Restricted shares and restricted share units	$	1,295	$	1,599
Performance share units	3,895		(667)
Cash-settled stock appreciation rights	2,768		(3,159)
Joint share ownership plan expense	1,121		872
Other share-based compensation plans:
Northshore incentive plan	—		472
StarStone incentive plan	—		(223)
Deferred compensation and ordinary share plan for non-employee directors	871		866
Employee share purchase plan	85		104
Total share-based compensation	$	10,035	$	(136)

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Related Party Transactions

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:


	March 31, 2021		December 31, 2020

Short-term investments, AFS, at fair value	$	629	$	878
Fixed maturities, trading, at fair value	177,699		196,086
Fixed maturities, AFS, at fair value	270,113		227,397
Equities, at fair value	115,634		103,914
Other investments, at fair value:
Hedge funds	20,806		19,844
Fixed income funds	213,202		210,017

Private equity funds	36,482		37,262
CLO equities	37,889		38,658
CLO equity funds	178,150		166,523


Private Debt	27,016		27,016
Real estate fund	28,445		27,278
Total investments	1,106,065		1,054,873
Cash and cash equivalents	34,952		23,933
Other assets	970		403
Other liabilities	3,077		745
Net investment	$	1,138,910	$	1,078,464

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


	Three Months Ended March 31,
		2021		2020
Net investment income		$	462	$	4,084
Net realized and unrealized gains (losses)		24,914		(102,516)
Total net earnings (losses)		$	25,376	$	(98,432)

Our consolidated balance sheet included the following balances related to transactions with Hillhouse Capital and AnglePoint (as applicable):


	March 31, 2021			December 31, 2020
Investments in funds managed by AnglePoint Cayman, held by Enhanzed Re	$	909,021		$	851,435
Our ownership percentage of Enhanzed Re	47.4		%	47.4		%
Our share of Enhanzed Re's investment in funds managed by AnglePoint Cayman held by Enhanzed Re (through our equity method investment ownership)	$	430,876		$	403,580

Investment in other funds managed by AnglePoint Cayman and Hillhouse:
InRe Fund	$	2,823,144		$	2,365,158
Other funds	—			369,508
	$	2,823,144		$	2,734,666

The following table presents the amounts included in net earnings related to our related party transactions with Hillhouse Capital and AnglePoint Cayman (as applicable):


	Three Months Ended March 31,
		2021		2020
Net realized and unrealized gains (losses)1		$	97,478	$	(64,704)

Our consolidated balance sheet included the following balances between us and Arden:


	March 31, 2021
Balances under LPT Retrocession Agreement:
Premiums Receivable	$	13,735
Loss and loss adjustment expenses	13,417

Our consolidated statement of earnings included the following amounts between us and Arden:


	Three Months Ended
	March 31,
	2021
Transactions under LPT Retrocession Agreement:
Net incurred losses and LAE	318
Total net earnings	$	318


	March 31, 2021
Short-term investments, trading, at fair value	$	1,665
Fixed maturities, trading, at fair value	156,956
Fixed maturities, available-for-sale, at fair value	4,431
Other investments, at fair value	9,935
Cash and cash equivalents	24,378
Restricted cash and cash equivalents	5,628
Premiums receivable	33,064
Reinsurance balances recoverable on paid and unpaid losses	90,476
Funds held by reinsured companies	33,880
Other assets	95,979
Losses and loss adjustment expenses	249,096
Unearned premiums	70,953
Insurance and reinsurance balances payable	121,834
Other liabilities	14,114


	Three Months Ended
	March 31,
	2021
Net premiums earned	$	20,040
Net investment income	758
Net realized and unrealized losses	(1,289)
Other expense	(6,518)
Net incurred losses and loss adjustment expenses	(4,478)
Acquisition costs	(4,977)
General and administrative expenses	(2,084)
Net foreign exchange losses	(1,111)
Total net earnings	$	341

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


	Three Months Ended
	March 31,
		2020
Transactions under StarStone ceding quota share, included in net loss from discontinued operations:
Ceded premium earned		$	(681)
Net incurred losses and LAE		754
Acquisition costs		72

Transactions under assuming quota share:
Premium earned		170
Net incurred losses and LAE		372
Acquisition costs		(13)

Total net earnings		$	674

The following table presents the amounts included in net earnings related to our related party transactions with AmTrust (excluding withholding taxes):


	Three Months Ended March 31,
		2021		2020
Net investment income		$	1,493	$	2,471
Net realized and unrealized losses		(1,492)		(145)
Total net earnings		$	1	$	2,326

Our consolidated balance sheet included the following balances between us and Enhanzed Re:


	March 31, 2021		December 31, 2020
Balances under ceding quota share:
Reinsurance balances recoverable	$	204,179	$	208,379
Funds held	187,198		193,981
Insurance balances payables	1,386		1,276

Other assets	877		730

Our consolidated statement of earnings included the following amounts between us and Enhanzed Re:


	Three Months Ended
	March 31,
	2021		2020
Amounts under ceding quota share:
Ceded premium earned	$	(131)	$	—
Net incurred losses and LAE	(265)		—
Acquisition costs	5		23
Net investment expense	(1,157)		—
Net realized and unrealized losses	(17)		—
Other income	727		291
Fees and commission income	116		—
Total net earnings (loss)	$	(722)	$	314

Change in unrealized losses on AFS investments	$	(623)	—

Our consolidated balance sheets as of March 31, 2021 and December 31, 2020 included the following balances between us and Core Specialty:


	March 31, 2021		December 31, 2020
Balances under assuming quota share, LPT and ADC reinsurances:
Funds held by reinsured companies	$	55,205	$	58,086
Other assets	6,884		38,846
Losses and loss adjustment expenses	646,720		682,637
Insurance and reinsurance balances payable	32,067		24,806
Other liabilities	5,017		5,003

Balances under ceding reinsurances:
Reinsurance balances recoverable on paid and unpaid losses	1,691		1,736

Balances under service agreements:
Other assets	4,610		6,727
Other liabilities	53		328

Balances under sale and recapitalization agreement:
Other liabilities	—		4,512

Our consolidated statement of earnings included the following amounts between us and Core Specialty:


	Three Months Ended
	March 31, 2021
Transactions under assuming quota share, LPT and ADC reinsurances:
Net premiums earned	$	4,245
Net incurred losses and loss adjustment expenses	7,852
Acquisition costs	1,324
Net investment income	121

Transactions under service agreements:
Fees and commission income	3,698

Transactions under sale and recapitalization agreement:
Other Income	567
Interest expense	(15)

Total net earnings	$	17,792

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Lease, Cost and Other Lease Information

The table below provides the lease cost and other information relating to our operating leases:


	Three Months Ended March 31,
		2021			2020
Lease cost:
Operating lease cost		$	2,112		$	3,322
Short-term lease cost(1)		4			58
Total lease cost		2,116			3,380
Sub-lease income(2)		(554)			(138)
Total net lease cost		$	1,562		$	3,242

Other information:
Operating cash paid for amounts included in the measurement of lease liabilities		$	2,110		$	3,183
Non-cash activity: right-of-use assets relating to leases		(365)			72

Weighted-average remaining lease term		6.1 years			6.2 years
Weighted-average discount rate		6.7		%	6.3		%

(1) Leases with an initial lease term of twelve months or less are not recognized within our consolidated balance sheets.

Assets and Liabilities, Lessee

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


	Balance sheet classification	March 31, 2021		December 31, 2020
Right-of-use assets (1)	Other assets	$	24,078	$	32,297
Current lease liabilities (1)	Other liabilities	6,302		7,959
Non-current lease liabilities (1)	Other liabilities	20,543		27,064

Lessee, Operating Lease, Liability, Maturity

The table below provides a summary of the contractual maturities of our operating lease liabilities:



	2021		2022	2023	2024	2025	2026 and beyond	Total lease payments	Less: Imputed interest	Present value of lease liabilities
Contractual maturities	$	6,147	6,608	5,778	4,136	3,164	8,642	34,475	(7,629)	$	26,846

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Summary of Operations by Segment

The following tables set forth selected and unaudited condensed consolidated statement of earnings results by segment and for our corporate and other activities:


	Three Months Ended
	March 31, 2021
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	72,836	$	—	$	20,040	$	—	$	92,876
Fees and commission income	9,598		—		—		—		9,598
Net investment income	—		61,331		758		—		62,089
Net realized and unrealized losses	—		(19,479)		(1,309)		—		(20,788)
Other income (expense)	12,315		—		(6,518)		(5,246)		551
Net gain on sale of subsidiaries	—		—		—		14,894		14,894
	94,749		41,852		12,971		9,648		159,220
EXPENSES
Net incurred losses and loss adjustment expenses	4,625		—		4,478		(64,610)		(55,507)
Acquisition costs	29,037		—		4,977		—		34,014
General and administrative expenses	27,591		3,540		2,084		49,785		83,000
	61,253		3,540		11,539		(14,825)		61,507
EARNINGS BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	33,496		38,312		1,432		24,473		97,713
Earnings from equity method investments	—		118,031		—		—		118,031

SEGMENT INCOME	33,496		156,343		1,432		24,473		215,744
Interest expense							(16,179)		(16,179)
Net foreign exchange losses							(2,634)		(2,634)
Income tax benefit							5,982		5,982
NET EARNINGS									202,913
Net earnings attributable to noncontrolling interest							(10,791)		(10,791)
NET EARNINGS ATTRIBUTABLE TO ENSTAR									192,122
Dividends on preferred shares							(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	(8,074)	$	183,197


	Three Months Ended
	March 31, 2020
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	16,030	$	—	$	143,321	$	—	$	159,351
Fees and commission income	4,985		—		2,543		—		7,528
Net investment income	—		64,963		9,751		—		74,714
Net realized and unrealized losses	—		(574,682)		(54,379)		—		(629,061)
Other income (expense)	27,763		—		120		(7,439)		20,444
	48,778		(509,719)		101,356		(7,439)		(367,024)
EXPENSES
Net incurred losses and loss adjustment expenses	(27,193)		—		105,531		(35,038)		43,300
Acquisition costs	6,907		—		39,136		—		46,043
General and administrative expenses	23,387		3,564		26,058		45,419		98,428
	3,101		3,564		170,725		10,381		187,771
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	45,677		(513,283)		(69,369)		(17,820)		(554,795)
Earnings from equity method investments	—		12,450		—		—		12,450
SEGMENT INCOME (LOSS)	45,677		(500,833)		(69,369)		(17,820)		(542,345)
Interest expense							(13,415)		(13,415)
Net foreign exchange gains							11,939		11,939
Income tax benefit							5,272		5,272
NET LOSS FROM CONTINUING OPERATIONS									(538,549)
Net loss from discontinued operations, net of income taxes							(2,069)		(2,069)
NET LOSS									(540,618)
Net loss attributable to noncontrolling interest							32,722		32,722
NET LOSS ATTRIBUTABLE TO ENSTAR									(507,896)
Dividends on preferred shares							(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	7,704	$	(516,821)

Significant New Business (Details) - USD ($) $ in Thousands	May 03, 2021	Feb. 05, 2021	Jan. 15, 2021	Jan. 08, 2021	Oct. 01, 2020	Aug. 06, 2020	Jul. 01, 2020	Jun. 01, 2020	Mar. 31, 2020
CNA
Guarantor Obligations [Line Items]
Total Assets Assumed		$ 651,736
Deferred Charge Asset		105,479
Total Liabilities Assumed		$ 757,215
Liberty Mutual
Guarantor Obligations [Line Items]
Total Assets Assumed				$ 363,159
Deferred Charge Asset				25,402
Total Liabilities Assumed				$ 388,561
Hanover Re
Guarantor Obligations [Line Items]
Total Assets Assumed						$ 182,498
Total Liabilities Assumed						209,713
Net Fair Value Adjustment						$ (27,215)
Munich Re
Guarantor Obligations [Line Items]
Total Assets Assumed							$ 100,956
Total Liabilities Assumed							$ 100,956
AXA Group
Guarantor Obligations [Line Items]
Total Assets Assumed								$ 179,681
Total Liabilities Assumed								179,681
Percentage ceded					10.00%
AXA Group \| Subsequent Event
Guarantor Obligations [Line Items]
Total Liabilities Assumed	$ 1,395,000
Aspen
Guarantor Obligations [Line Items]
Total Assets Assumed								770,000
Deferred Charge Asset								11,746
Total Liabilities Assumed								$ 781,746
Lyft
Guarantor Obligations [Line Items]
Total Assets Assumed									$ 465,000
Total Liabilities Assumed									$ 465,000
ProSight
Guarantor Obligations [Line Items]
Total Liabilities Assumed			$ 500,000

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands					3 Months Ended		12 Months Ended
	Mar. 15, 2021	Feb. 11, 2021	Jan. 01, 2021	Nov. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiaries					$ 14,894	$ 0
Equity method investments					938,618		$ 832,295
Assumed business					1,078,221	471,150
Continuing cash flows after disposal					21,700	(6,200)
Distributions			$ 4,000		202,073	0
Payments to acquire investments	$ 27,000
Run-off
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Syndicate underwriting capacity percentage							25.00%
Assumed business					$ 1,045,333	$ 471,150
StarStone US
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assumed business				$ 462,400
Reinsurance premium consideration				478,200
Reinsurance premium, additional consideration to be received				$ 130,000
Trident
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire investments	18,000
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership %			25.20%		25.20%		25.20%
Ownership percentage, fully diluted basis			24.80%	25.20%
Equity method investments					$ 228,014		$ 235,000
Inigo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Funded commitment					16,900
Unfunded commitments					10,100
Fair value of the investments in funds					$ 34,600		$ 16,900
North Bay
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent							59.00%
North Bay \| Trident
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)							39.30%
North Bay \| Dowling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)					1.70%		1.70%
SSHL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent					59.00%
SSHL \| Trident
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)					39.30%
SSHL \| Dowling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)					1.70%
SSHL \| North Bay
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent							100.00%
Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent							54.10%
Ownership %			13.80%
Northshore \| Trident
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)			76.30%				36.00%
Northshore \| Dowling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)			1.60%
Northshore \| North Bay
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent							92.10%
Northshore \| Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)			13.80%
Core Specialty \| Dowling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)			0.40%
StarStone US
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent					59.00%
SUL \| Trident
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)					39.30%
SUL \| Dowling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest owned by an entity (percent)					1.70%
Inigo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in noncontrolling interest by parent					6.50%
Northshore \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiaries					$ (7,800)
Northshore \| Disposal group, held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted investments							$ 94,400
StarStone US \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 282,000
Value of shares received				235,000
Cash consideration				$ 47,000
SUL \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiaries					23,067
Proceeds from sale	600
Proceeds from sale, value of shares	$ 30,000
Arena \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiaries					$ (329)
Proceeds from sale		$ 1,000

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
ASSETS
TOTAL ASSETS HELD-FOR-SALE	$ 0		$ 711,278
LIABILITIES
TOTAL LIABILITIES HELD-FOR-SALE	0		483,657
EXPENSES
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	0	$ (2,069)
Northshore \| Disposal group, held-for-sale
ASSETS
Other investments, at fair value			9,897
Total investments			173,126
Cash and cash equivalents			71,156
Restricted cash and cash equivalents			152,044
Premiums receivable			62,392
Reinsurance balances recoverable on paid and unpaid losses			37,341
Funds held by reinsured companies			32,226
Other assets			182,993
TOTAL ASSETS HELD-FOR-SALE			711,278
LIABILITIES
Losses and loss adjustment expenses			254,149
Insurance and reinsurance balances payable			12,393
Debt obligations			39,850
Other liabilities			177,265
TOTAL LIABILITIES HELD-FOR-SALE			483,657
NET ASSETS HELD-FOR-SALE			227,621
Northshore \| Disposal group, held-for-sale \| Short-term investments
ASSETS
Available-for-sale, at fair value			1,720
Northshore \| Disposal group, held-for-sale \| Fixed maturity investments
ASSETS
Available-for-sale, at fair value			7,483
Trading, at fair value			$ 154,026
StarStone US \| Discontinued Operations, Disposed of by Sale
INCOME
Net premiums earned		100,546
Net investment income		3,715
Net realized and unrealized losses		(5,415)
Other income		1
Total income		98,847
EXPENSES
Net incurred losses and loss adjustment expenses		64,594
Acquisition costs		20,543
General and administrative expenses		15,084
Interest expense		589
Net foreign exchange losses		9
Total expenses		100,819
LOSS BEFORE INCOME TAXES		(1,972)
Income tax expense		(97)
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES		(2,069)
Net loss (earnings) from discontinued operations attributable to noncontrolling interest		848
NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS		(1,221)
Discontinued Operation, Continuing Involvement [Abstract]
Total income	1,572	3,712
Total expenses (income)	(2,400)	(7,660)
Net earnings	$ 3,972	$ 11,372

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Gain (Loss) On Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale of subsidiaries	$ 14,894	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Atrium
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale of subsidiaries	(7,844)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale of subsidiaries	23,067
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Arena
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale of subsidiaries	$ (329)

Investments - Asset Types - Fixed Maturity Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	$ 4,657,127	$ 3,658,895
Total fair value	9,990,553	9,319,179
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	543,568	717,998
Total fair value	784,545	951,048
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	12,136	13,574
Total fair value	42,797	51,082
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	155,376	150,127
Total fair value	536,447	502,153
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	2,568,471	1,937,349
Total fair value	6,043,130	5,686,732
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	68,797	30,032
Total fair value	206,671	162,669
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	416,038	328,871
Total fair value	620,569	553,945
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	426,532	276,488
Total fair value	978,742	854,090
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	466,209	204,456
Total fair value	777,652	557,460
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Total fair value	516,500	458,100
Short-term investments, AFS, at fair value
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	11,944	5,129
Debt securities, fair value	89,637	263,795
Short-term investments, AFS, at fair value \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	7,833	0
Debt securities, fair value	70,399	243,556
Short-term investments, AFS, at fair value \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Short-term investments, AFS, at fair value \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	3,335	3,424
Debt securities, fair value	2,426	3,213
Short-term investments, AFS, at fair value \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	776	1,705
Debt securities, fair value	16,812	17,026
Short-term investments, AFS, at fair value \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Short-term investments, AFS, at fair value \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Short-term investments, AFS, at fair value \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Short-term investments, AFS, at fair value \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	4,310,958	4,594,892
Debt securities, fair value	4,567,490	3,395,100
Fixed maturity investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	119,217	123,874
Debt securities, fair value	473,169	474,442
Fixed maturity investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	30,661	37,508
Debt securities, fair value	12,136	13,574
Fixed maturity investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	357,618	327,437
Debt securities, fair value	152,950	146,914
Fixed maturity investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,975,577	3,227,726
Debt securities, fair value	2,551,659	1,920,323
Fixed maturity investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	88,144	79,959
Debt securities, fair value	68,797	30,032
Fixed maturity investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	154,949	154,471
Debt securities, fair value	416,038	328,871
Fixed maturity investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	333,861	347,225
Debt securities, fair value	426,532	276,488
Fixed maturity investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	250,931	296,692
Debt securities, fair value	466,209	204,456
Funds held - directly managed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,010,524	1,060,263
Funds held - directly managed \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	113,927	109,176
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	20,118	21,165
Funds held - directly managed \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	498,306	519,952
Funds held - directly managed \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	49,730	52,678
Funds held - directly managed \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	49,582	70,603
Funds held - directly managed \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	218,349	230,377
Funds held - directly managed \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 60,512	$ 56,312

Investments - Contractual Maturities (Details) - Short-Term Investments and Fixed Maturities $ in Thousands	Mar. 31, 2021 USD ($)
Amortized Cost
One year or less	$ 457,301
More than one year through two years	755,334
More than two years through five years	2,175,758
More than five years through ten years	2,350,547
More than ten years	1,657,983
Trading securities, amortized cost	9,762,103
Fair Value
One year or less	462,613
More than one year through two years	773,827
More than two years through five years	2,254,424
More than five years through ten years	2,416,030
More than ten years	1,706,696
Trading securities, debt	$ 9,990,553
% of Total Fair Value
One year or less	4.60%
More than one year through two years	7.70%
More than two years through five years	22.60%
More than five years through ten years	24.20%
More than ten years	17.10%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 617,633
Fair Value
Securities without single maturity date	$ 620,569
% of Total Fair Value
Securities without single maturity date	6.20%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 965,020
Fair Value
Securities without single maturity date	$ 978,742
% of Total Fair Value
Securities without single maturity date	9.80%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 782,527
Fair Value
Securities without single maturity date	$ 777,652
% of Total Fair Value
Securities without single maturity date	7.80%

Investments - Available-for-sale Portfolios - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 4,693,858	$ 3,576,641
Gross Unrealized Gains	41,755	88,514
Non-Credit Related Losses	(65,948)	(5,938)
Allowance for credit losses	(12,538)	(322)	$ (14,324)	$ 0
Debt securities, fair value	4,657,127	3,658,895
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	546,628	715,527
Gross Unrealized Gains	1,504	3,305
Non-Credit Related Losses	(4,564)	(834)
Allowance for credit losses	0	0
Debt securities, fair value	543,568	717,998
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,194	12,494
Gross Unrealized Gains	944	1,080
Non-Credit Related Losses	(2)	0
Allowance for credit losses	0	0
Debt securities, fair value	12,136	13,574
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	150,709	142,459
Gross Unrealized Gains	5,716	7,721
Non-Credit Related Losses	(981)	(53)
Allowance for credit losses	(68)	0	0	0
Debt securities, fair value	155,376	150,127
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,603,003	1,873,184
Gross Unrealized Gains	25,621	65,913
Non-Credit Related Losses	(47,947)	(1,567)
Allowance for credit losses	(12,206)	(181)	(14,323)	0
Debt securities, fair value	2,568,471	1,937,349
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,670	28,881
Gross Unrealized Gains	612	1,155
Non-Credit Related Losses	(1,485)	(4)
Allowance for credit losses	0	0
Debt securities, fair value	68,797	30,032
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	417,742	326,268
Gross Unrealized Gains	2,146	3,292
Non-Credit Related Losses	(3,850)	(689)
Allowance for credit losses	0	0
Debt securities, fair value	416,038	328,871
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	429,861	273,516
Gross Unrealized Gains	3,769	5,202
Non-Credit Related Losses	(6,834)	(2,097)
Allowance for credit losses	(264)	(133)	(1)	0
Debt securities, fair value	426,532	276,488
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	465,051	204,312
Gross Unrealized Gains	1,443	846
Non-Credit Related Losses	(285)	(694)
Allowance for credit losses	0	(8)	$ 0	$ 0
Debt securities, fair value	$ 466,209	$ 204,456

Investments - Gross Unrealized Losses (Details) $ in Thousands	Mar. 31, 2021 USD ($) Security	Dec. 31, 2020 USD ($) Security
Fair Value
12 Months or Greater	$ 15,245	$ 4,664
Less Than 12 Months	2,264,770	527,618
Total	2,280,015	532,282
Gross Unrealized Losses
12 Months or Greater	(451)	(163)
Less Than 12 Months	(36,672)	(4,805)
Total	$ (37,123)	$ (4,968)
Number of securities classified as available-for-sale in an unrealized loss position \| Security	1,566	407
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| Security	23	2
U.S. government and agency
Fair Value
12 Months or Greater	$ 0	$ 0
Less Than 12 Months	403,412	55,839
Total	403,412	55,839
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(4,564)	(834)
Total	(4,564)	(834)
U.K. government
Fair Value
12 Months or Greater	0
Less Than 12 Months	365
Total	365
Gross Unrealized Losses
12 Months or Greater	0
Less Than 12 Months	(2)
Total	(2)
Other government
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	26,567	7,971
Total	26,567	7,971
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(146)	(53)
Total	(146)	(53)
Corporate
Fair Value
12 Months or Greater	2,910	0
Less Than 12 Months	1,022,161	199,048
Total	1,025,071	199,048
Gross Unrealized Losses
12 Months or Greater	(32)	0
Less Than 12 Months	(20,044)	(1,224)
Total	(20,076)	(1,224)
Municipal
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	47,913	1,690
Total	47,913	1,690
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(1,485)	(4)
Total	(1,485)	(4)
Residential mortgage-backed
Fair Value
12 Months or Greater	6,291	4,626
Less Than 12 Months	268,408	79,149
Total	274,699	83,775
Gross Unrealized Losses
12 Months or Greater	(137)	(125)
Less Than 12 Months	(3,712)	(564)
Total	(3,849)	(689)
Commercial mortgage-backed
Fair Value
12 Months or Greater	6,044	38
Less Than 12 Months	262,973	67,094
Total	269,017	67,132
Gross Unrealized Losses
12 Months or Greater	(282)	(38)
Less Than 12 Months	(6,435)	(1,562)
Total	(6,717)	(1,600)
Asset-backed
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	232,971	116,827
Total	232,971	116,827
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(284)	(564)
Total	$ (284)	$ (564)

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (322)	$ 0
Allowances for credit losses on securities for which credit losses were not previously recorded	(12,422)	(11,739)
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	0	0
Reductions for securities sold during the period	11	374
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	0	100
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	195	0
Allowance for credit losses, end of period	(12,538)	(14,324)
Other government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(68)	0
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	0	0
Reductions for securities sold during the period	0	0
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	0	22
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	0	0
Allowance for credit losses, end of period	(68)	0
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(181)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(12,122)	(11,739)
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	0	0
Reductions for securities sold during the period	11	374
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	0	29
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	86	0
Allowance for credit losses, end of period	(12,206)	(14,323)
Residential mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0
Allowance for credit losses, end of period	0
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(133)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(232)	0
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	0	0
Reductions for securities sold during the period	0	0
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	0	49
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	101	0
Allowance for credit losses, end of period	(264)	(1)
Asset-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(8)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	0	0
Additions to the allowance for credit losses arising from purchases of securities accounted for as PCD assets	0	0
Reductions for securities sold during the period	0	0
Reductions in the allowance for credit losses on securities we either intend to sell or more likely than not, we will be required to sell before the recovery of their amortized cost basis	0	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	8	0
Allowance for credit losses, end of period	0	0
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	(3,059)
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Other government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	(22)
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	(2,987)
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	(50)
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Asset-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 0	$ 0

Investments - Equities - Equity Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	$ 1,098,568	$ 846,795
Publicly traded equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	263,122	260,767
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	505,042	311,287
Privately held equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	330,404	274,741
AmTrust Financial Services, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Fair value of indirect investment	$ 228,800	$ 230,300

Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Other Investments [Line Items]
Other investments, at fair value	$ 4,519,046	$ 4,244,034
Valuation lag period	3 months
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	$ 2,915,114	2,638,339
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	581,696	552,541
Equity funds
Other Investments [Line Items]
Other investments, at fair value	5,305	190,767
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	442,602	363,103
CLO equities
Other Investments [Line Items]
Other investments, at fair value	134,984	128,083
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	178,150	166,523
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	240,202	192,319
Others
Other Investments [Line Items]
Other investments, at fair value	20,993	$ 12,359
Other investments
Other Investments [Line Items]
Unfunded commitments	$ 931,800

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 938,618		$ 832,295
Citco \| CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Interest owned by an entity (percent)	6.20%
Convertible Preferred Stock \| Citco \| CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Interest owned by an entity (percent)	15.40%
Enhanzed Re
Schedule of Equity Method Investments [Line Items]
Ownership %	47.40%		47.40%
Equity method investments	$ 435,891		$ 330,289
Citco
Schedule of Equity Method Investments [Line Items]
Ownership %			31.90%
Equity method investments	$ 53,691		$ 53,022
Citco \| Common Stock
Schedule of Equity Method Investments [Line Items]
Ownership %	31.90%		31.90%
Monument Re
Schedule of Equity Method Investments [Line Items]
Ownership %	22.50%		23.00%
Equity method investments	$ 200,786		$ 193,716
Monument Re \| Common Stock
Schedule of Equity Method Investments [Line Items]
Ownership %	20.00%		20.00%
Other
Schedule of Equity Method Investments [Line Items]
Ownership %	27.00%		27.00%
Equity method investments	$ 20,236		$ 20,268
Core Specialty
Schedule of Equity Method Investments [Line Items]
Ownership %	25.20%	25.20%	25.20%
Equity method investments	$ 228,014		$ 235,000
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Unfunded commitments	$ 68,700

Investments - Funds Held Directly Managed Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Funds Held, Directly Managed [Line Items]
Funds held - directly managed	$ 1,016,531	$ 1,074,890
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Debt securities, trading	1,010,524	1,060,263
Cash and cash equivalents	3,899	9,067
Funds held - directly managed, other assets	2,108	5,560
Funds held - directly managed	$ 1,016,531	$ 1,074,890

Investments - Funds Held Directly Managed - Fixed Maturity Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Funds held - Directly Managed - Fair Value Option
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	$ 110,224	$ 106,938
Net unrealized gains:
Change in fair value - fair value option accounting	5,995	9,693
Change in fair value - embedded derivative accounting	0	0
Debt securities, trading	116,219	116,631
Funds held - Directly Managed - Variable Return
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	850,692	859,403
Net unrealized gains:
Change in fair value - fair value option accounting	0	0
Change in fair value - embedded derivative accounting	43,613	84,229
Debt securities, trading	894,305	943,632
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	960,916	966,341
Net unrealized gains:
Change in fair value - fair value option accounting	5,995	9,693
Change in fair value - embedded derivative accounting	43,613	84,229
Debt securities, trading	$ 1,010,524	$ 1,060,263

Investments - Funds Held Directly Managed Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Funds held by reinsured companies	$ 662,645	$ 635,819

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Gross investment income	$ 65,704	$ 79,209
Investment expenses	(3,615)	(4,495)
Net investment income	62,089	74,714
Fixed maturity investments
Net Investment Income [Line Items]
Gross investment income	45,481	53,442
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	6	2,625
Funds held
Net Investment Income [Line Items]
Gross investment income	(412)	270
Funds held - directly managed
Net Investment Income [Line Items]
Gross investment income	7,037	8,816
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	52,112	65,153
Equity investments
Net Investment Income [Line Items]
Gross investment income	4,298	5,963
Other investments
Net Investment Income [Line Items]
Gross investment income	9,294	8,093
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	$ 13,592	$ 14,056

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS	$ 4,771	$ 1,547
Gross realized losses on fixed maturity securities, AFS	(3,902)	(2,026)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	12,025	13,212
Net realized investment gains on investment derivatives	179	0
Total net realized gains on sale	6,139	3,211
Net unrealized gains (losses):
Investment derivatives	135	0
Total net unrealized losses	(26,927)	(632,272)
Net realized and unrealized losses	(20,788)	(629,061)
Sales of available-for-sale securities	716,800	367,800
Fixed maturity securities
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS	4,771	1,547
Gross realized losses on fixed maturity securities, AFS	(3,902)	(2,026)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(12,227)	(11,639)
Net realized gains (losses) on fixed maturity securities	17,764	15,824
Net unrealized gains (losses):
Fixed maturity securities	(168,923)	(256,477)
Funds held - directly managed
Net realized gains (losses) on sale:
Net realized gains (losses) on fixed maturity securities	524	512
Net unrealized gains (losses):
Fixed maturity securities	(44,190)	(25,302)
Equity investments
Net realized gains (losses) on sale:
Net realized losses on equity investments	(970)	(1,007)
Net unrealized gains (losses):
Equity investments	29,961	(91,952)
Other Investments
Net unrealized gains (losses):
Other Investments	$ 156,090	$ (258,541)

Investments - Reconciliation to Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	$ 4,771	$ 1,547
Gross realized losses on fixed maturity securities, AFS	(3,902)	(2,026)
Tax effect	(275)	0
Total reclassification adjustment	594	(212)
Credit losses on fixed maturity securities, AFS	(12,025)	(13,212)
Continuing Operations
Debt Securities, Available-for-sale [Line Items]
Credit losses on fixed maturity securities, AFS	(12,227)	(11,639)
Tax effect	202	0
Discontinued Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	0	267
Credit losses on fixed maturity securities, AFS	$ 0	$ (1,573)

Investments - Restricted Assets (Details) $ in Thousands	3 Months Ended
Investments - Restricted Assets (Details) $ in Thousands	Mar. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 433,365	$ 471,964	$ 338,292
Collateral in trust for third party agreements	5,793,748	4,924,866
Assets on deposit with regulatory authorities	127,358	131,283
Funds at Lloyd's	263,091	260,914
Restricted assets, total	$ 6,288,794	5,421,690
Number of syndicates \| Segment	3
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 104,597	$ 104,627

Derivative and Hedging Instruments - Foreign Currency Hedging of Net Investments (Details) - Currency forward contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivatives qualifying as hedging
Derivative [Line Items]
Gross Notional Amount	$ 626,581		$ 603,691
Assets	15,602		1,169
Liabilities	0		28,947
Net gains on qualifying derivative hedges	6,682	$ 31,918
Derivatives qualifying as hedging \| AUD
Derivative [Line Items]
Gross Notional Amount	67,789		73,852
Assets	2,488		13
Liabilities	0		5,060
Net gains on qualifying derivative hedges	536	8,471
Derivatives qualifying as hedging \| EUR
Derivative [Line Items]
Gross Notional Amount	234,520		217,168
Assets	7,800		205
Liabilities	0		8,889
Net gains on qualifying derivative hedges	9,334	2,635
Derivatives qualifying as hedging \| GBP
Derivative [Line Items]
Gross Notional Amount	324,272		312,671
Assets	5,314		951
Liabilities	0		14,998
Net gains on qualifying derivative hedges	(3,188)	20,812
Derivatives not qualifying as hedging
Derivative [Line Items]
Gross Notional Amount	179,029		139,334
Assets	2,818		2,835
Liabilities	2,713		5,056
Gains (losses) on non-qualifying-hedges charged to net earnings	(1,915)	9,281
Derivatives not qualifying as hedging \| AUD
Derivative [Line Items]
Gross Notional Amount	48,366		28,848
Assets	2,185		882
Liabilities	445		2,847
Gains (losses) on non-qualifying-hedges charged to net earnings	839	2,533
Derivatives not qualifying as hedging \| EUR
Derivative [Line Items]
Gross Notional Amount	62,625		43,531
Assets	0		1,782
Liabilities	1,918		41
Gains (losses) on non-qualifying-hedges charged to net earnings	(2,325)	1,176
Derivatives not qualifying as hedging \| GBP
Derivative [Line Items]
Gross Notional Amount	21,112		2,731
Assets	470		161
Liabilities	17		404
Gains (losses) on non-qualifying-hedges charged to net earnings	380	576
Derivatives not qualifying as hedging \| CAD
Derivative [Line Items]
Gross Notional Amount	46,926		64,224
Assets	163		10
Liabilities	333		$ 1,764
Gains (losses) on non-qualifying-hedges charged to net earnings	$ (809)	$ 4,996

Derivative and Hedging Instruments - Investments in Call Options on Equities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2018
Derivative [Line Items]
Unrealized loss in net earnings	$ (135)	$ 0
Derivatives not qualifying as hedging \| Call options on equity
Derivative [Line Items]
Unrealized loss in net earnings		$ 100
Gross Notional Amount			$ 10,000

Derivative and Hedging Instruments - Forward Interest Rate Swaps (Details) $ in Thousands, $ in Millions	3 Months Ended		15 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Apr. 07, 2020 USD ($)	Dec. 31, 2019 AUD ($)
Derivative [Line Items]
Unrealized gain on equity securities	$ 135	$ 0
Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative				$ 120.0
Unrealized gain on equity securities		$ 800
Gain on derivative			$ 500

Derivative and Hedging Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Credit Risk, Government Bond Future, Foreign Currency Forward Contracts
Derivative [Line Items]
Gross Notional Amount	$ (2,286)	$ (2,759)
Assets	193	129
Liabilities	341	139
Futures contracts \| Long positions
Derivative [Line Items]
Gross Notional Amount	11,672	34,502
Assets	2	32
Liabilities	17	5
Futures contracts \| Short positions
Derivative [Line Items]
Gross Notional Amount	(7,281)	(32,316)
Assets	62	6
Liabilities	0	121
Currency forward contracts \| Long positions \| USD
Derivative [Line Items]
Gross Notional Amount	2,999	1,428
Assets	41	0
Liabilities	0	13
Currency forward contracts \| Long positions \| GBP
Derivative [Line Items]
Gross Notional Amount	6,661	1,278
Assets	26	19
Liabilities	0	0
Currency forward contracts \| Short positions \| USD
Derivative [Line Items]
Gross Notional Amount	(4,251)	(3,233)
Assets	62	60
Liabilities	0	0
Currency forward contracts \| Short positions \| GBP
Derivative [Line Items]
Gross Notional Amount	(12,086)	(4,418)
Assets	0	12
Liabilities	$ 324	$ 0

Derivative and Hedging Instruments - Net Gains (Losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Derivative [Line Items]
Total net losses	$ (407)
Futures contracts
Derivative [Line Items]
Total net losses	313
Currency forward contracts
Derivative [Line Items]
Total net losses	$ (720)

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Total Reinsurance Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Outstanding losses	$ 1,229,653	$ 1,201,869
IBNR	676,951	647,843
ULAE	18,149	16,688
Fair value adjustments - acquired companies	(15,162)	(15,353)
Fair value adjustments - fair value option	(40,056)	(21,427)
Total reinsurance reserves recoverable	1,869,535	1,829,620	$ 1,902,749	$ 1,927,624
Paid losses recoverable	180,760	259,543
Total	2,050,295	2,089,163
Reinsurance balances recoverable on paid and unpaid losses	1,559,481	1,568,333
Reinsurance balances recoverable on paid and unpaid losses - fair value option	490,814	520,830
Corporate & Other
Effects of Reinsurance [Line Items]
Outstanding losses	0	0
IBNR	0	0
ULAE		0
Fair value adjustments - acquired companies	(15,162)	(15,353)
Fair value adjustments - fair value option	(40,056)	(21,427)
Total reinsurance reserves recoverable	(55,218)	(36,780)
Paid losses recoverable	0	0
Total	(55,218)	(36,780)
Reinsurance balances recoverable on paid and unpaid losses	(15,162)	(15,353)
Reinsurance balances recoverable on paid and unpaid losses - fair value option	(40,056)	(21,427)
Run-off
Effects of Reinsurance [Line Items]
Outstanding losses	1,198,802	938,231
IBNR	620,576	508,082
ULAE	16,418	16,688
Fair value adjustments - acquired companies	0	0
Fair value adjustments - fair value option	0	0
Total reinsurance reserves recoverable	1,835,796	1,463,001	1,568,296	1,645,352
Paid losses recoverable	179,240	172,309
Total	2,015,036	1,635,310
Reinsurance balances recoverable on paid and unpaid losses	1,484,166	1,093,053
Reinsurance balances recoverable on paid and unpaid losses - fair value option	530,870	542,257
Legacy Underwriting
Effects of Reinsurance [Line Items]
Outstanding losses	30,851	263,638
IBNR	56,375	139,761
ULAE	1,731	0
Fair value adjustments - acquired companies	0	0
Fair value adjustments - fair value option	0	0
Total reinsurance reserves recoverable	88,957	403,399	$ 442,905	$ 385,613
Paid losses recoverable	1,520	87,234
Total	90,477	490,633
Reinsurance balances recoverable on paid and unpaid losses	90,477	490,633
Reinsurance balances recoverable on paid and unpaid losses - fair value option	$ 0	$ 0

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Reinsurance balances recoverable	$ 2,050,295	$ 2,089,163
(Decrease) in reinsurance balances recoverable	$ (38,900)

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) reinsurer	Dec. 31, 2020 USD ($) reinsurer
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 2,050,295	$ 2,089,163
Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	(55,218)	(36,780)
Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 2,050,295	$ 2,089,163
Concentration risk percentage	100.00%	100.00%
Reinsurance balances recoverable \| Reinsurer Concentration Risk \| Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ (55,218)	$ (36,780)
Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,339,019	$ 1,364,593
Concentration risk percentage	65.30%	65.30%
Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk \| Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 0	$ 0
Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 686,310	$ 697,602
Concentration risk percentage	33.50%	33.40%
Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk \| Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ (55,218)	$ (36,780)
Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 24,966	$ 26,968
Concentration risk percentage	1.20%	1.30%
Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk \| Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 0	$ 0
Reinsurance balances recoverable \| Top 10 Total \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 833,882	$ 863,819
Number of external reinsurers \| reinsurer	7	7
Reinsurance balances recoverable \| Top Ten Reinsurers, Three Non-Rated Reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 505,137	$ 500,774
Number of external reinsurers \| reinsurer	3	3
Reinsurance balances recoverable \| Top Ten Reinsurers, Non-Rated Reinsurers, US State Backed \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 228,800	$ 229,400
Reinsurance balances recoverable \| Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	72,200	73,800
Reinsurance balances recoverable \| Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security, Reinsurer Two \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	204,200	208,400
Run-off
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	2,015,036	1,635,310
Run-off \| Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	2,015,036	1,635,310
Run-off \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,317,932	1,036,676
Run-off \| Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	672,336	574,869
Run-off \| Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	24,768	23,765
Legacy Underwriting
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	90,477	490,633
Legacy Underwriting \| Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	90,477	490,633
Legacy Underwriting \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	21,087	327,917
Legacy Underwriting \| Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	69,192	159,513
Legacy Underwriting \| Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	198	3,203
Equity Method Investee \| Lloyds of London \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	340,281	331,118
Equity Method Investee \| Michigan Catastrophic Claims Associations \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 228,784	$ 229,374

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Provisions for Uncollectible Reinsurance Balances Recoverable by Rating of Reinsurer (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Gross	$ 2,189,060	$ 2,226,285
Allowance for estimated uncollectible reinsurance	138,765	137,122	$ 143,327	$ 147,639
Total	$ 2,050,295	$ 2,089,163
Provisions as a % of Gross	6.30%	6.20%
Reinsurers rated A- or above
Effects of Reinsurance [Line Items]
Gross	$ 1,447,044	$ 1,464,529
Allowance for estimated uncollectible reinsurance	60,342	60,801
Total	$ 1,386,702	$ 1,403,728
Provisions as a % of Gross	4.20%	4.20%
Secured \| Reinsurers rated below A-
Effects of Reinsurance [Line Items]
Gross	$ 585,538	$ 608,999
Allowance for estimated uncollectible reinsurance	0	0
Total	$ 585,538	$ 608,999
Provisions as a % of Gross	0.00%	0.00%
Unsecured \| Reinsurers rated below A-
Effects of Reinsurance [Line Items]
Gross	$ 156,478	$ 152,757
Allowance for estimated uncollectible reinsurance	78,423	76,321
Total	$ 78,055	$ 76,436
Provisions as a % of Gross	50.10%	50.00%

Reinsurance Balances Recoverable on Paid and Unpaid Losses Reinsurance Balances Recoverable on Paid and Unpaid Losses - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible reinsurance, beginning of period	$ 137,122	$ 147,639
Effect of exchange rate movement	158	0
Current period change in the allowance	2,017	(4,117)
Recoveries collected	(532)	0
Allowance for estimated uncollectible reinsurance, end of period	138,765	143,327
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible reinsurance, beginning of period	$ 0	$ (195)

Deferred Charge Assets and Deferred Gain Liabilities - Deferred Charge Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning carrying value	$ 238,602,000	$ 272,462,000
Recorded during the period	130,881,000	0
Amortization	(8,698,000)	(14,630,000)
Ending carrying value	360,785,000	$ 257,832,000
Impairment loss of deferred charge assets	$ 0

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

Deferred Charge Assets and Deferred Gain Liabilities - Deferred Gain Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement Analysis Of Deferred Gain Liabilities [Roll Forward]
Beginning carrying value	$ 19,880	$ 12,875
Amortization	(629)	(297)
Ending carrying value	$ 19,251	$ 12,578

Losses and Loss Adjustment Expenses - Balance Sheet Summary by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	$ 5,643,875	$ 5,127,849
IBNR	5,656,965	5,277,503
ULAE	415,623	385,702
Fair value adjustments - acquired companies	(140,148)	(143,183)
Fair value adjustments - fair value option	(148,895)	(54,589)
Total	11,427,420	10,593,282	$ 9,836,797	$ 9,868,404
Loss and loss adjustment expenses	9,150,038	8,140,362
Loss and loss adjustment expenses, at fair value	2,277,382	2,452,920
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	11,467,367	9,432,525	8,652,532	8,683,983
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	249,096	1,358,529	$ 1,616,527	$ 1,569,865
Operating Segments \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	5,545,947	4,440,425
IBNR	5,508,249	4,641,500
ULAE	413,171	350,600
Fair value adjustments - acquired companies	0	0
Fair value adjustments - fair value option	0	0
Total	11,467,367	9,432,525
Loss and loss adjustment expenses	9,041,090	6,925,016
Loss and loss adjustment expenses, at fair value	2,426,277	2,507,509
Operating Segments \| Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	97,928	687,424
IBNR	148,716	636,003
ULAE	2,452	35,102
Fair value adjustments - acquired companies	0	0
Fair value adjustments - fair value option	0	0
Total	249,096	1,358,529
Loss and loss adjustment expenses	249,096	1,358,529
Loss and loss adjustment expenses, at fair value	0	0
Corporate & Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	0	0
IBNR	0	0
ULAE	0	0
Fair value adjustments - acquired companies	(140,148)	(143,183)
Fair value adjustments - fair value option	(148,895)	(54,589)
Total	(289,043)	(197,772)
Loss and loss adjustment expenses	(140,148)	(143,183)
Loss and loss adjustment expenses, at fair value	$ (148,895)	$ (54,589)

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	$ 10,593,282	$ 9,868,404
Less: reinsurance reserves recoverable (1)	1,829,620	1,927,624
Less: net deferred charge assets and deferred gain liabilities on retroactive reinsurance	218,722	259,587
Net balance as of beginning of period	8,544,940	7,680,550
Net incurred losses and LAE:
Current period	54,060	115,505
Prior periods	(109,567)	(72,205)
Total net incurred losses and LAE	(55,507)	43,300
Net paid losses:
Current period	(6,502)	(3,807)
Prior periods	(336,030)	(356,019)
Total net paid losses	(342,532)	(359,826)
Effect of exchange rate movement	(8,771)	(146,380)
Assumed business	1,078,221	471,150
Net balance as of March 31	9,216,351	7,688,794
Plus: reinsurance reserves recoverable	1,869,535	1,902,749
Plus: net deferred charge assets and deferred gain liabilities on retroactive reinsurance (4)	341,534	245,254
Balance as of March 31	11,427,420	9,836,797
Run-off
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	9,432,525	8,683,983
Less: reinsurance reserves recoverable (1)	1,463,001	1,645,352
Net balance as of beginning of period	7,969,524	7,039,334
Net incurred losses and LAE:
Current period	44,161	7,849
Prior periods	(39,536)	(35,042)
Total net incurred losses and LAE	4,625	(27,193)
Net paid losses:
Current period	(3,275)	(1,240)
Prior periods	(327,354)	(257,726)
Total net paid losses	(330,629)	(258,966)
Effect of exchange rate movement	(12,412)	(140,089)
Assumed business	1,045,333	471,150
Transfer	955,130	0
Net balance as of March 31	9,631,571	7,084,236
Plus: reinsurance reserves recoverable	1,835,796	1,568,296
Balance as of March 31	11,467,367	8,652,532
Legacy Underwriting
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	1,358,529	1,569,865
Less: reinsurance reserves recoverable (1)	403,399	385,613
Net balance as of beginning of period	955,130	1,182,906
Net incurred losses and LAE:
Current period	9,899	107,656
Prior periods	(5,421)	(2,125)
Total net incurred losses and LAE	4,478	105,531
Net paid losses:
Current period	(3,227)	(2,567)
Prior periods	(8,676)	(98,293)
Total net paid losses	(11,903)	(100,860)
Effect of exchange rate movement	3,795	(13,955)
Assumed business	163,769	0
Transfer	(955,130)	0
Net balance as of March 31	160,139	1,173,622
Plus: reinsurance reserves recoverable	88,957	442,905
Balance as of March 31	$ 249,096	$ 1,616,527
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance			$ 0	$ 643
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Run-off
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance			0	703
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Legacy Underwriting
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance			$ 0	$ 1,346

Losses and Loss Adjustment Expenses - Reconciliation Deferred Charge Assets and Gain Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Amortization of deferred charge assets	$ 8,698	$ 14,630
Amortization of deferred gain liabilities	(629)	(297)
Total amortization of deferred charge assets and deferred gain liabilities	$ 8,069	$ 14,333

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

Losses and Loss Adjustment Expenses - Net (Reduction) Increase in Ultimate Losses and Loss Adjustment Expense Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Prior Period
Net losses paid	$ 336,030	$ 356,019
Net incurred losses and LAE, prior period	(109,567)	(72,205)
Current Period
Net losses paid	6,502	3,807
Net incurred losses and LAE, current period	54,060	115,505
Total
Net losses paid	342,532	359,826
Net change in case and LAE reserves	(127,134)	(209,768)
Net change in IBNR reserves	(193,154)	(64,851)
Increase in estimates of net ultimate losses	22,244	85,207
Increase (reduction) in provisions for unallocated LAE	(13,141)	(6,869)
Amortization of deferred charge assets and deferred gain liabilities	8,069	14,333
Amortization of fair value adjustments	2,793	8,866
Changes in fair value - fair value option	(75,472)	(58,237)
Total net incurred losses and LAE	(55,507)	43,300
Run-off
Prior Period
Net losses paid	327,354	257,726
Net change in case and LAE reserves	(117,156)	(176,252)
Net change in IBNR reserves	(235,565)	(109,037)
Increase (reduction) in estimates of net ultimate losses	(25,367)	(27,563)
Increase (reduction) in provisions for unallocated LAE	(14,169)	(7,479)
Net incurred losses and LAE, prior period	(39,536)	(35,042)
Current Period
Net losses paid	3,275	1,240
Net change in case and LAE reserves	(2,207)	1,672
Net change in IBNR reserves	41,622	4,937
Increase (reduction) in estimates of net ultimate losses	42,690	7,849
Reduction in provisions for unallocated LAE	1,471	0
Net incurred losses and LAE, current period	44,161	7,849
Total
Net losses paid	330,629	258,966
Net change in case and LAE reserves	(119,363)	(174,580)
Net change in IBNR reserves	(193,943)	(104,100)
Increase in estimates of net ultimate losses	17,323	(19,714)
Increase (reduction) in provisions for unallocated LAE	(12,698)	(7,479)
Total net incurred losses and LAE	4,625	(27,193)
Legacy Underwriting
Prior Period
Net losses paid	8,676	98,293
Net change in case and LAE reserves	(12,530)	(43,538)
Net change in IBNR reserves	(1,350)	(56,789)
Increase (reduction) in estimates of net ultimate losses	(5,204)	(2,034)
Increase (reduction) in provisions for unallocated LAE	(217)	(91)
Net incurred losses and LAE, prior period	(5,421)	(2,125)
Current Period
Net losses paid	3,227	2,567
Net change in case and LAE reserves	4,759	8,350
Net change in IBNR reserves	2,139	96,038
Increase (reduction) in estimates of net ultimate losses	10,125	106,955
Reduction in provisions for unallocated LAE	(226)	701
Net incurred losses and LAE, current period	9,899	107,656
Total
Net losses paid	11,903	100,860
Net change in case and LAE reserves	(7,771)	(35,188)
Net change in IBNR reserves	789	39,249
Increase in estimates of net ultimate losses	4,921	104,921
Increase (reduction) in provisions for unallocated LAE	(443)	610
Total net incurred losses and LAE	4,478	105,531
Operating Segments \| Run-off
Total
Net losses paid	330,629	258,966
Net change in case and LAE reserves	(119,363)	(174,580)
Net change in IBNR reserves	(193,943)	(104,100)
Increase in estimates of net ultimate losses	17,323	(19,714)
Increase (reduction) in provisions for unallocated LAE	(12,698)	(7,479)
Amortization of deferred charge assets and deferred gain liabilities	0	0
Amortization of fair value adjustments	0	0
Changes in fair value - fair value option	0	0
Total net incurred losses and LAE	4,625	(27,193)
Operating Segments \| Legacy Underwriting
Total
Net losses paid	11,903	100,860
Net change in case and LAE reserves	(7,771)	(35,188)
Net change in IBNR reserves	789	39,249
Increase in estimates of net ultimate losses	4,921	104,921
Increase (reduction) in provisions for unallocated LAE	(443)	610
Amortization of deferred charge assets and deferred gain liabilities	0	0
Amortization of fair value adjustments	0	0
Changes in fair value - fair value option	0	0
Total net incurred losses and LAE	4,478	105,531
Corporate & Other
Total
Net losses paid	0	0
Net change in case and LAE reserves	0	0
Net change in IBNR reserves	0	0
Increase in estimates of net ultimate losses	0	0
Increase (reduction) in provisions for unallocated LAE	0	0
Amortization of deferred charge assets and deferred gain liabilities	8,069
Amortization of fair value adjustments	2,793	8,866
Changes in fair value - fair value option	(75,472)	(58,237)
Total net incurred losses and LAE	$ (64,610)	$ (35,038)

Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period	$ 54,060	$ 115,505
Prior periods	(109,567)	(72,205)
Run-off
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period	44,161	7,849
Increase (reduction) in estimates of net ultimate losses	(25,367)	(27,563)
Prior periods	(39,536)	(35,042)
Legacy Underwriting
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period	9,899	107,656
Increase (reduction) in estimates of net ultimate losses	(5,204)	(2,034)
Prior periods	$ (5,421)	(2,125)
Legacy Underwriting \| COVID-19
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period		$ 33,200

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	$ 691,557	$ 706,329	$ 822,716	$ 847,685
Estimated future expenses	39,747	42,510
Fair value adjustments	(256,099)	(262,029)
Insurance recoveries related to defendant asbestos and environmental liabilities	308,523	310,602
Fair value adjustments	(60,513)	(60,950)
Insurance balances recoverable	248,010	249,652	435,613	448,855
Net liabilities relating to defendant asbestos and environmental exposures	443,547	456,677	387,103
Insurance balance recoverable, allowance for credit loss	5,272	4,824	$ 6,985	$ 3,818
Defendant asbestos liabilities
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	895,523	913,276
Defendant environmental liabilities
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	$ 12,386	$ 12,572

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Liability for Asbestos and Environmental Claims [Roll Forward]
Balance as of beginning of period	$ 706,329	$ 847,685
Less: Insurance balances recoverable	249,652	448,855
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	5,272	6,985	$ 4,824	$ 3,818
Net balance as of beginning of period	456,677
Total net (paid claims) recoveries	(6,308)	6,581
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	(9,552)	(24,915)
Reduction in estimated future expenses	(2,763)	(2,028)
Amortization of fair value adjustments	5,493	5,468
Total other income	(6,822)	(21,475)
Net balance as at March 31	443,547	387,103
Plus: Insurance balances recoverable	248,010	435,613
Balance as at March 31	691,557	822,716
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance
Liability for Asbestos and Environmental Claims [Roll Forward]
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances			$ 0	$ 3,167
Cumulative effect of change in accounting principle, adjusted balance
Liability for Asbestos and Environmental Claims [Roll Forward]
Net balance as of beginning of period	$ 456,677	$ 401,997

Defendant Asbestos and Environmental Liabilities Defendant Asbestos and Environmental Liabilities - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Liability For Asbestos And Environmental Claims, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible insurance balances, beginning of period	$ 4,824	$ 3,818
Current period change in the allowance	448	0
Allowance for estimated uncollectible insurance balances, end of period	5,272	6,985
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance
Liability For Asbestos And Environmental Claims, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible insurance balances, beginning of period	$ 0	$ 3,167

Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reinsurance balances recoverable
Beginning fair value	$ 284,305	$ 353,668
Purchases	57,192	38,450
Sales	0	(539)
Total realized and unrealized losses	(1,529)	(40,513)
Transfer out of Level 3 into Level 2	0	(83,740)
Ending fair value	339,968	267,326
Privately-held Equities
Reinsurance balances recoverable
Beginning fair value	274,741	265,799
Purchases	57,192	1,358
Sales	0	0
Total realized and unrealized losses	(1,529)	(145)
Transfer out of Level 3 into Level 2	0	0
Ending fair value	330,404	267,012
Other Investments
Reinsurance balances recoverable
Beginning fair value	9,564	87,869
Purchases	0	37,092
Sales	0	(539)
Total realized and unrealized losses	0	(40,368)
Transfer out of Level 3 into Level 2	0	(83,740)
Ending fair value	$ 9,564	$ 314

Fair Value Measurements - Valuation Techniques (Details) - Private equity funds - Level 3 $ in Millions	Mar. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 340.0
Guideline company methodology
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 228.8
Guideline company methodology \| Distribution waterfall
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	12.89
Cost as approximation of fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 104.0
Net Asset Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 7.2
Net Asset Value \| NAV at recent transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	19.49

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reinsurance balances recoverable
Beginning fair value	$ 284,305	$ 353,668
Assumed business	57,192	38,450
Incurred losses and LAE:
Change in fair value	(1,529)	(40,513)
Ending fair value	339,968	267,326
Net
Beginning fair value	1,932,090	1,925,604
Assumed business	0	4,975
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(8,932)	(11,268)
Reduction in unallocated LAE	(4,395)	(6,413)
Change in fair value	(75,472)	(58,237)
Total incurred losses and LAE	(88,799)	(75,918)
Paid losses	(61,967)	(65,049)
Effect of exchange rate movements	5,244	(97,465)
Ending fair value	1,786,568	1,692,147
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	2,452,920	2,621,122
Assumed business	0	4,975
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(8,223)	(14,439)
Reduction in unallocated LAE	(4,395)	(6,413)
Change in fair value	(94,083)	(64,804)
Total incurred losses and LAE	(106,701)	(85,656)
Paid losses	(73,950)	(81,163)
Effect of exchange rate movements	5,113	(113,735)
Ending fair value	2,277,382	2,345,543
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	520,830	695,518
Assumed business	0	0
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	709	(3,171)
Reduction in unallocated LAE	0	0
Change in fair value	(18,611)	(6,567)
Total incurred losses and LAE	(17,902)	(9,738)
Paid losses	(11,983)	(16,114)
Effect of exchange rate movements	(131)	(16,270)
Ending fair value	490,814	653,396
Duration
Incurred losses and LAE:
Change in fair value	1,566	4,148
Corporate bond yield
Incurred losses and LAE:
Change in fair value	(77,038)	(64,092)
Weighted cost of capital
Incurred losses and LAE:
Change in fair value	0	(5,048)
Risk cost of capital
Incurred losses and LAE:
Change in fair value	$ 0	$ 6,755

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital	8.25%	8.25%
Duration	8 years 2 months 15 days	8 years 2 months 1 day
Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.10%
Duration	7 years 11 months 12 days	8 years 2 months 23 days
Measurement Input, Entity Credit Risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performance risk	0.20%	0.20%

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed business	$ 0	$ 4,975
Debt, amortized cost	1,363,515		$ 1,373,259
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, amortized cost	$ 843,637		843,447
4.50% Senior Notes due 2022 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.50%
Debt, amortized cost	$ 349,393		349,253
Debt, fair value	$ 360,700
4.95% Senior Notes due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.95%
Debt, amortized cost	$ 494,244		494,194
Debt, fair value	$ 561,100
5.75% Junior Subordinated Notes due 2040 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.75%
Debt, amortized cost	$ 344,878		$ 344,812
Debt, fair value	$ 365,700

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effects of Reinsurance [Line Items]
Gross, premiums written	$ 49,757	$ 209,761
Ceded, premiums written	(33,792)	(55,302)
Net, premiums written	15,965	154,459
Gross, premiums earned	142,265	195,121
Ceded premium earned	(49,389)	(35,770)
Premiums Earned	92,876	159,351
Operating Segments \| Run-off
Effects of Reinsurance [Line Items]
Gross, premiums written	22,183	327
Ceded, premiums written	(17,685)	1,849
Net, premiums written	4,498	2,176
Gross, premiums earned	94,206	18,078
Ceded premium earned	(21,370)	(2,048)
Premiums Earned	72,836	16,030
Operating Segments \| Legacy Underwriting
Effects of Reinsurance [Line Items]
Gross, premiums written	27,574	209,434
Ceded, premiums written	(16,107)	(57,151)
Net, premiums written	11,467	152,283
Gross, premiums earned	48,059	177,043
Ceded premium earned	(28,019)	(33,722)
Premiums Earned	$ 20,040	$ 143,321

Premiums Written and Earned - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Insurance [Abstract]
Increase (decrease) in gross premiums written	$ (160.0)

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Run-off
Goodwill [Line Items]
Goodwill		$ 63.0	$ 63.0
Legacy Underwriting
Goodwill [Line Items]
Goodwill		$ 8.0	$ 8.0
Intangible asset amortization	$ 0.5

Debt Obligations and Credit Facilities - Amounts Outstanding and Accrued Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, amortized cost	$ 1,363,515		$ 1,373,259
Interest expense on debt obligations	15,907	$ 13,195
Amortization of debt issuance costs	256	220
Funds withheld balances and other	16	0
Total interest expense	16,179	$ 13,415
Senior Notes
Debt Instrument [Line Items]
Debt, amortized cost	$ 843,637		843,447
Senior Notes \| 4.50% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	4.50%
Term	5 years
Debt, amortized cost	$ 349,393		349,253
Senior Notes \| 4.95% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.95%
Term	10 years
Debt, amortized cost	$ 494,244		494,194
Junior Subordinated Debt \| 5.75% Junior Subordinated Notes due 2040
Debt Instrument [Line Items]
Stated interest rate	5.75%
Term	20 years
Debt, amortized cost	$ 344,878		344,812
Line of Credit \| EGL Revolving Credit Facility
Debt Instrument [Line Items]
Term	5 years
Debt, amortized cost	$ 175,000		$ 185,000

Debt Obligations and Credit Facilities - Additional Information (Details)	Sep. 01, 2025	May 07, 2021 USD ($)	May 06, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)	Aug. 26, 2020 USD ($)	May 28, 2019 USD ($)	Mar. 10, 2017 USD ($)
Line of Credit Facility [Line Items]
Maturity, remainder of 2021				$ 0
Maturity, 2022				350,000,000.0
Maturity, 2023				175,000,000.0
Maturity, 2024				0
Maturity, 2025				0
Maturity, thereafter				850,000,000.0
Cash and investments				$ 263,100,000		$ 260,900,000
Senior Notes \| 4.50% Senior Notes due 2022
Line of Credit Facility [Line Items]
Stated interest rate				4.50%	4.50%
Issuance costs				$ 600,000		700,000			$ 2,900,000
Senior Notes \| 4.95% Senior Notes due 2029
Line of Credit Facility [Line Items]
Stated interest rate				4.95%	4.95%
Issuance costs				$ 5,800,000		5,800,000		$ 6,800,000
Junior Subordinated Debt \| 5.75% Junior Subordinated Notes due 2040
Line of Credit Facility [Line Items]
Stated interest rate				5.75%	5.75%
Issuance costs				$ 5,100,000		5,200,000	$ 5,200,000
Junior Subordinated Debt \| 5.75% Junior Subordinated Notes due 2040 \| Scenario, Forecast \| Treasury Rate
Line of Credit Facility [Line Items]
Basis spread on interest rate	5.468%
Line of Credit \| 2018 EGL Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				600,000,000.0
Optional increase in borrowing capacity				400,000,000.0
Line of credit facility, remaining borrowing capacity				425,000,000.0
Line of Credit \| 2018 EGL Revolving Credit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity		$ 425,000,000.0
Letters of Credit \| Cavello Letter Of Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				100,000,000.0
Letters of credit				100,000,000.0
Letters of Credit \| Mercantile Letter Of Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity \| £					£ 32,000,000.0
Letters of credit				44,200,000		43,700,000
Letters of Credit \| Line of Credit \| FAL Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				275,000,000.0
Optional increase in borrowing capacity				75,000,000.0
Letters of credit				210,000,000.0		210,000,000.0
Letters of Credit \| Line of Credit \| 2018 Facility Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				120,000,000.0
Optional increase in borrowing capacity				60,000,000.0
Letters of credit				115,700,000		115,700,000
Letters of Credit \| Line of Credit \| Maiden Facility Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity				800,000,000.0
Letters of credit				593,600,000		587,100,000
Letters of Credit \| Line of Credit \| Maiden Facility Agreement \| Scenario, Previously Reported
Line of Credit Facility [Line Items]
Letters of credit						424,100,000
Letters of Credit \| Line of Credit \| 2020 Letter Of Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				65,000,000.0
Letters of credit				$ 61,000,000.0		$ 61,000,000.0
Deposit Facility \| Line of Credit \| FAL Deposit Facility \| Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 90,000,000.0
Optional increase in borrowing capacity			$ 10,000,000.0

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Noncontrolling interest	$ 12,655	$ 13,609
North Bay \| Trident
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)		39.30%
North Bay \| Dowling
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)	1.70%	1.70%
Subsidiaries \| North Bay \| Trident
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)		39.30%
Subsidiaries \| North Bay \| Dowling
Noncontrolling Interest [Line Items]
Interest owned by an entity (percent)		1.70%

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

Noncontrolling Interests - Carrying Amount of Equity Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2021	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 365,436	$ 365,436	$ 438,791
Distributions paid	$ (4,000)	(202,073)	0
Net earnings (losses) attributable to RNCI		11,745	(31,959)
Change in unrealized losses on AFS investments attributable to RNCI		(251)	(4,170)
Change in currency translation adjustments attributable to RNCI		676	0
Change in redemption value of RNCI		(730)	(10,150)
Cumulative effect of change in accounting principle attributable to RNCI		0	261
Balance at end of period		$ 174,803	$ 392,773

Shareholders Equity - Additional Information (Details) - USD ($)		3 Months Ended
	May 05, 2021	Mar. 31, 2021	Mar. 31, 2020	Feb. 25, 2021
Class of Stock [Line Items]
Repurchase authorized amount				$ 150,000,000.0
Shares repurchased (in shares)		18,003	92,510
Average price per share repurchased (in dollars per share)		$ 234.70	$ 135.40
Shares repurchased, value		$ 4,225,000	$ 12,526,000
Remaining repurchase amount		$ 119,800,000
Shares issued (in shares)		89,590
Warrants outstanding (in shares)		0
Total dividends paid		$ 8,925,000	8,925,000
Non-voting convertible ordinary Series C Shares (issued and outstanding 2021: 2,689,262; 2020: 2,599,672)
Class of Stock [Line Items]
Number of shares called by warrants (in shares)		175,901
Exercise price (in dollars per share)		$ 115.00
Shares issued (in shares)		89,590
Series D Preferred Shares (issued and outstanding 2021 and 2020: 16,000)
Class of Stock [Line Items]
Total dividends paid		$ 7,000,000.0	7,000,000.0
Series E Preferred Shares (issued and outstanding 2021 and 2020: 4,400)
Class of Stock [Line Items]
Total dividends paid		$ 1,900,000	$ 1,900,000
Subsequent Event \| Series D Preferred Shares (issued and outstanding 2021 and 2020: 16,000)
Class of Stock [Line Items]
Total dividends paid	$ 7,000,000.0
Subsequent Event \| Series E Preferred Shares (issued and outstanding 2021 and 2020: 4,400)
Class of Stock [Line Items]
Total dividends paid	$ 1,900,000

Shareholders Equity - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 6,688,004
Unrealized losses on fixed income available-for-sale investments arising during the year	(111,274)	$ (58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,025	13,212
Reclassification adjustment for net realized (gains) losses included in net earnings	(594)	212
Reclassification to earnings on disposal of subsidiary	475
Change in currency translation adjustment	1,418	(686)
Total other comprehensive income (loss)	(97,950)	(45,997)
Balance, end of period	6,773,431	4,290,004
Unrealized gains (losses) on available-for-sale investments, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	72,576	(432)
Total other comprehensive income (loss)	(99,117)	(41,141)
Balance, end of period	(26,541)	(41,573)
Unrealized losses on fixed income available-for-sale investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Unrealized losses on fixed income available-for-sale investments arising during the year	(111,274)	(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,025	13,212
Reclassification adjustment for net realized (gains) losses included in net earnings	(594)	212
Reclassification to earnings on disposal of subsidiary	475
Total other comprehensive income (loss)	(99,368)	(45,311)
Unrealized gains (losses) on available-for-sale investments, Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (income) loss attributable to RNCI	251	4,170
Cumulative current translation adjustment, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	7,876	8,548
Total other comprehensive income (loss)	743	(686)
Balance, end of period	8,619	7,862
Cumulative Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in currency translation adjustment	1,418	(686)
Total other comprehensive income (loss)	1,418	(686)
Cumulative current translation adjustment, Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (income) loss attributable to RNCI	(675)	0
Defined benefit pension liability, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	207	(945)
Balance, end of period	207	(945)
Defined Benefit Pension Liability
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Total other comprehensive income (loss)	0	0
Defined benefit pension liability, Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (income) loss attributable to RNCI	0	0
Accumulated Other Comprehensive Income, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	80,659	7,171
Balance, end of period	(17,715)	(34,656)
Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Total other comprehensive income (loss)	(97,950)	(45,997)
Accumulated Other Comprehensive Income, Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (income) loss attributable to RNCI	$ (424)	$ 4,170

Shareholders Equity - Tax Effect (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ (102,905)	$ (45,997)
Other comprehensive income (loss)	4,955	0
Reclassification adjustment for net realized (gains) losses included in net earnings	(594)	212
Total other comprehensive loss	(97,950)	(45,997)
Unrealized losses on fixed income available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	(116,267)	(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,227	13,212
Reclassification adjustment for net realized (gains) losses included in net earnings	(869)	212
Reclassification to earnings on disposal of subsidiary	586	0
Before reclassifications, tax	4,993	0
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(202)	0
Reclassification adjustment for net realized (gains) losses included in net earnings	275	0
Reclassification to earnings on disposal of subsidiary	(111)	0
Before reclassifications, net of tax amount	(111,274)	(58,735)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	12,025	13,212
Reclassification adjustment for net realized (gains) losses included in net earnings	(594)	212
Reclassification to earnings on disposal of subsidiary	475	0
Total other comprehensive loss	(99,368)	(45,311)
Cumulative Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	1,418	(686)
Before reclassifications, tax	0	0
Before reclassifications, net of tax amount	1,418	(686)
Total other comprehensive loss	$ 1,418	$ (686)

Shareholders' Equity - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized and unrealized losses	$ (20,788)	$ (629,061)
Net loss from discontinued operations, net of income taxes	0	(2,069)
Income tax benefit	5,982	5,272
NET EARNINGS (LOSS)	202,913	(540,618)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
NET EARNINGS (LOSS)	(11,906)	(13,424)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized losses on fixed income available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized and unrealized losses	(11,944)	(12,118)
Net loss from discontinued operations, net of income taxes	0	(1,306)
Total before tax	(11,944)	(13,424)
Income tax benefit	$ 38	$ 0

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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