0001363829-21-000187 | 10-Q | XBRL Viewer

$ 51,594

$ 161,724

$ 204,114

$ 463,946

6,653

10,787

24,525

28,325

^[1]

92,725

72,130

230,961

241,287

^[1]

(273,265)

500,005

111,167

838,552

Other income

5,278

48,404

2,470

67,761

46,688

61,582

(70,327)

793,050

634,819

1,639,871

EXPENSES

(26,711)

109,686

(42,914)

339,678

10,947

37,708

49,917

132,818

93,499

115,828

269,216

359,086

Net foreign exchange (gains) losses

18,158

15,003

50,638

42,436

(2,584)

8,156

(9,089)

1,375

EARNINGS (LOSS) BEFORE INCOME TAXES

93,309

286,381

317,768

875,393

(163,636)

506,669

317,051

764,478

(9,839)

(13,915)

(13,279)

(25,295)

NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS

(14,147)

149,065

100,825

152,725

(187,622)

641,819

404,597

891,908

Net earnings from discontinued operations, net of income taxes

4,031

810

Net (earnings) loss attributable to noncontrolling interest

(187,622)

645,850

404,597

892,718

589

(21,912)

(13,257)

30,802

NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR

(187,033)

623,938

391,340

923,520

Dividends on preferred shares

(8,925)

(26,775)

NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS

$ (195,958)

$ 615,013

$ 364,565

$ 896,745

Basic:

Net earnings (loss) from continuing operations (in dollars per share)

$ (10.68)

$ 28.39

$ 17.78

$ 41.56

Net earnings from discontinued operations (in dollars per share)

0.11

0.02

Net earnings (loss) per ordinary share (in dollars per share)

(10.68)

28.50

17.78

41.58

Diluted:

Net earnings (loss) from continuing operations (in dollars per share)

(10.68)

28.13

17.53

41.12

Net earnings from discontinued operations (in dollars per share)

0.11

0.02

Net earnings (loss) per ordinary share (in dollars per share)

$ (10.68)

$ 28.24

$ 17.53

$ 41.14

Weighted average ordinary shares outstanding:

Basic (in shares)

18,349,483

21,578,106

20,502,755

21,564,447

Diluted (in shares)

18,548,368

21,778,729

20,793,640

21,799,627

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
NET EARNINGS (LOSS)	$ (187,622)	$ 645,850	$ 404,597	$ 892,718
Other comprehensive income (loss), net of income taxes:
Unrealized gains (losses) on fixed income available-for-sale investments arising during the period	(25,710)	21,198	(79,964)	74,969
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(2,425)	(2,379)	4,506	71
Reclassification adjustment for net realized gains included in net earnings	(2,048)	(9,488)	(3,171)	(13,498)
Reclassification to earnings on disposal of subsidiary	0	0	475	0
Unrealized gains (losses) arising during the period, net of reclassification adjustments	(30,183)	9,331	(78,154)	61,542
Cumulative currency translation adjustment	1,342	1,891	2,361	0
Total other comprehensive income (loss)	(28,841)	11,222	(75,793)	61,542
Comprehensive income (loss)	(216,463)	657,072	328,804	954,260
Comprehensive (income) loss attributable to noncontrolling interest	870	(22,546)	(13,606)	23,962
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR	$ (215,593)	$ 634,526	$ 315,198	$ 978,222

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Ordinary Shares Voting Ordinary Shares	Ordinary Shares Series C Non-Voting Convertible Ordinary Shares	Ordinary Shares Series E Non-Voting Convertible Ordinary Shares	Preferred Stock Series C Preferred Shares	Preferred Stock Series D Preferred Stock	Preferred Stock Series E Preferred Stock	Treasury Shares (Series C Preferred Shares)	Joint Share Ownership Plan — Voting Ordinary Shares, Held in Trust	Additional Paid-in Capital	Additional Paid-in Capital Voting Ordinary Shares	Accumulated Other Comprehensive Income (Loss)	Cumulative currency translation adjustment	Defined benefit pension liability	Unrealized gains (losses) on available-for-sale investments	Retained Earnings	Retained Earnings Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance	Noncontrolling Interest (excludes Redeemable Noncontrolling Interest)
Balance, beginning of period at Dec. 31, 2019		$ 18,002	$ 2,600	$ 910	$ 389	$ 400,000	$ 110,000	$ (421,559)	$ 0	$ 1,836,778		$ 7,171	$ 8,548	$ (945)	$ (432)	$ 2,887,892	$ (6,148)	$ 14,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		732							(566)
Shares repurchased		(174)	0	0						(25,215)	$ (857)
Exercise of warrants			0							0
Amortization of share-based compensation										21,424
Change in other comprehensive income (loss)	$ 61,542												753		53,949
Net earnings (loss)	896,745															892,718
Net (earnings) loss attributable to noncontrolling interest	30,802															30,802		300
Dividends on preferred shares																(26,775)
Change in redemption value of redeemable noncontrolling interests																38,059
Increase due to acquisitions																		0
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interest																		0
Dividends paid																		0
Balance, end of period at Sep. 30, 2020	5,835,353	18,560	2,600	910	389	400,000	110,000	(421,559)	(566)	1,832,130		61,873	9,301	(945)	53,517	3,816,548		14,468
Balance, beginning of period at Jun. 30, 2020		18,635	2,600	910	389	400,000	110,000	(421,559)	(566)	1,835,115		51,285	6,824	(945)	45,406	3,190,104	0	13,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		6							0
Shares repurchased		(81)	0	0						(12,782)	503
Exercise of warrants			0							0
Amortization of share-based compensation										9,294
Change in other comprehensive income (loss)	11,222												2,477		8,111
Net earnings (loss)	615,013															645,850
Net (earnings) loss attributable to noncontrolling interest	(21,912)															(21,912)		915
Dividends on preferred shares																(8,925)
Change in redemption value of redeemable noncontrolling interests																11,431
Increase due to acquisitions																		0
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interest																		0
Dividends paid																		0
Balance, end of period at Sep. 30, 2020	5,835,353	18,560	2,600	910	389	400,000	110,000	(421,559)	(566)	1,832,130		61,873	9,301	(945)	53,517	3,816,548		14,468
Balance, beginning of period at Dec. 31, 2020	6,688,004	18,576	2,600	910	389	400,000	110,000	(421,559)	(566)	1,836,074		80,659	7,876	207	72,576	4,647,312	0	13,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		52							0
Shares repurchased		(1,842)	(1,497)	(505)						(897,614)	(2,150)
Exercise of warrants			90							(90)
Amortization of share-based compensation										19,874
Change in other comprehensive income (loss)	(75,793)												855		(76,998)
Net earnings (loss)	364,565															404,597
Net (earnings) loss attributable to noncontrolling interest	(13,257)															(13,257)		(4,722)
Dividends on preferred shares																(26,775)
Change in redemption value of redeemable noncontrolling interests																730
Increase due to acquisitions	219,300																	219,274
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interest																		(455)
Dividends paid																		(634)
Balance, end of period at Sep. 30, 2021	6,306,937	16,786	1,193	405	389	400,000	110,000	(421,559)	(566)	956,094		4,516	8,731	207	(4,422)	5,012,607		227,072
Balance, beginning of period at Jun. 30, 2021		18,571	2,690	910	389	400,000	110,000	(421,559)	(566)	1,835,231		33,077	8,054	207	24,816	5,208,565	$ 0	12,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares		9							0
Shares repurchased		(1,794)	(1,497)	(505)						(886,229)	$ 413
Exercise of warrants			0							0
Amortization of share-based compensation										6,679
Change in other comprehensive income (loss)	(28,841)												677		(29,238)
Net earnings (loss)	(195,958)															(187,622)
Net (earnings) loss attributable to noncontrolling interest	589															589		(4,382)
Dividends on preferred shares																(8,925)
Change in redemption value of redeemable noncontrolling interests																0
Increase due to acquisitions																		219,274
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interest																		(455)
Dividends paid																		0
Balance, end of period at Sep. 30, 2021	$ 6,306,937	$ 16,786	$ 1,193	$ 405	$ 389	$ 400,000	$ 110,000	$ (421,559)	$ (566)	$ 956,094		$ 4,516	$ 8,731	$ 207	$ (4,422)	$ 5,012,607		$ 227,072

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
NET EARNINGS (LOSS)	$ 404,597	$ 892,718
Net earnings from discontinued operations, net of income taxes	0	(810)
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Realized gains on sales of investments	(662,111)	(114,894)
Unrealized losses (gains) on investments	550,944	(723,658)
Net gain on purchase and sales of subsidiaries	(61,582)	0
Depreciation and other amortization	56,402	42,210
Earnings from equity method investments	(100,825)	(152,725)
Sales and maturities of trading securities	5,289,793	2,778,993
Purchases of trading securities	(2,696,856)	(1,531,190)
Payments to cover securities sold short	(1,016,418)	0
Proceeds from securities sold short	460,514	0
Net payments for derivative contracts	(66,132)	0
Other	5,566	20,847
Changes in:
Reinsurance balances recoverable on paid and unpaid losses	118,259	266,289
Funds held by reinsured companies	(1,560,551)	(211,850)
Losses and loss adjustment expenses	2,465,018	697,516
Defendant asbestos and environmental liabilities	(46,408)	(93,648)
Insurance and reinsurance balances payable	424	172,358
Premiums receivable	71,405	(18,950)
Other operating assets and liabilities	(385,765)	80,824
Net cash flows provided by operating activities	3,857,903	2,104,030
INVESTING ACTIVITIES:
Acquisition, net of cash acquired	(205,578)	0
Sales of subsidiaries, net of cash sold	(232,269)	0
Sales and maturities of available-for-sale securities	2,523,727	1,673,800
Purchase of available-for-sale securities	(4,343,139)	(3,125,184)
Purchase of other investments	(622,039)	(812,586)
Proceeds from other investments	253,943	282,330
Purchase of equity method investments	0	(33,000)
Other investing activities	531	3,606
Net cash flows used in investing activities	(2,050,743)	(2,011,034)
FINANCING ACTIVITIES:
Dividends on preferred shares	(26,775)	(26,775)
Dividends paid to noncontrolling interest	(634)	0
Repurchase of shares	(890,073)	(25,390)
Receipt of loans	815,895	858,788
Repayment of loans	(574,556)	(604,000)
Net cash flows provided by (used in) financing activities	(676,143)	202,623
Net cash flows provided by operating activities	0	114,024
Net cash flows used in investing activities	0	(134,759)
Net cash flows from discontinued operations	0	(20,735)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS	3,863	1,727
NET INCREASE IN CASH AND CASH EQUIVALENTS	1,134,880	276,611
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,373,116	971,349
NET CHANGE IN CASH OF BUSINESSES HELD FOR SALE	223,200	(50,638)
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,731,196	1,197,322
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	7,329	15,870
Interest paid	50,990	37,275
Reconciliation to Condensed Consolidated Balance Sheets:
Cash and cash equivalents		640,601
Restricted cash and cash equivalents	447,500	556,721
Cash, cash equivalents and restricted cash	2,731,196	1,197,322
Consolidated Entity, Excluding Consolidated VIE
Reconciliation to Condensed Consolidated Balance Sheets:
Cash and cash equivalents	1,587,158
Restricted cash and cash equivalents	447,533
InRe Fund
OPERATING ACTIVITIES:
NET EARNINGS (LOSS)	(75,430)
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Sales and maturities of trading securities	3,367,676
Purchases of trading securities	(1,347,890)
Payments to cover securities sold short	(1,016,419)
Proceeds from securities sold short	460,514
Net payments for derivative contracts	(66,132)
Changes in:
Other operating assets and liabilities	(302)
Variable interest entity assets and liabilities of the InRe Fund (Note 12)	1,031,629	0
INVESTING ACTIVITIES:
Consolidation of the InRe Fund opening cash and restricted cash balances (Note 12)	574,081	0
FINANCING ACTIVITIES:
Net cash flows provided by (used in) financing activities	(2,300,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS	696,505
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	696,505	0
Reconciliation to Condensed Consolidated Balance Sheets:
Cash and cash equivalents	245
Restricted cash and cash equivalents	696,260
Cash, cash equivalents and restricted cash	$ 696,505	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) shares
Statement of Cash Flows [Abstract]
Distributions	$ 202,073
Increase due to acquisitions	$ 219,300
Shares issued (in shares) \| shares	89,590
Warrants exercised (in shares) \| shares	175,901
Capital withdrawals	$ 61,400
Decrease in equity method investments	411,900
Other investments	51,700
Unsettled purchases and sales of AFS investments	64,100
Unsettled purchases and sales of other investments	10,200
Contribution to other investments	481,300
Redemption of other investments	381,300
Decrease in investment fees	$ 100,000

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	1. SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation These unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these financial statements reflect all adjustments consisting of normal recurring items considered necessary for a fair presentation under U.S. GAAP. The results of operations for any interim period are not necessarily indicative of results 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. 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 us 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. Significant Accounting Policies The following significant accounting policies have been added or updated upon completion of the Step Acquisition of Enhanzed Reinsurance Ltd. ("Enhanzed Re") as defined and described in Note 2 - "Business Acquisitions." (a) Life Reinsurance We assess life reinsurance contracts to determine if they possess significant mortality or morbidity risk, and those contracts that do not possess a significant mortality or morbidity risk are considered investment contracts where we do not recognize revenue or expenses within the condensed consolidated statements of earnings and assets and liabilities are presented gross on the condensed consolidated balance sheets. The consideration received for life reinsurance contracts is calculated as the fair value of the assets received net of commissions, brokerage, or fronting fees. (b) Future Policyholder Benefits Our current life reinsurance contract includes traditional single payment premium immediate annuities, life contingent deferred annuities, and whole of life policies all possessing significant mortality risk in the form of longevity risk. Future policyholder benefit provisions are established based on the present value of anticipated future cash flows and are based on estimates of future investment yields and mortality rates. Management's assumptions include provisions for adverse deviation. Future policyholder benefits are set by utilizing management's best estimates of mortality rates, investment yields, policy expenses, and other assumptions by reference to cedant historical data, regional mortality tables, industry standards, and other available information sources as may be reasonably available. These estimates include provisions for adverse deviation. The provision for future policyholder benefits, therefore, is subject to uncertainty and ultimate future policyholder benefits may differ materially from the amounts recorded in the financial statements. These assumptions are locked in at contract inception or assumption and only modified if it is deemed that the provision for future policyholder benefits are insufficient or DAC are unrecoverable. The actual versus anticipated experience of the assumptions are reviewed periodically. The effects of changes in assumptions are recorded to the consolidated statements of earnings as unlocking adjustments in the period in which the changes are made. 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 and accelerate amortization of the premium associated with the callable debt to the earliest call date. 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 condensed 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 condensed 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 condensed 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 condensed 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." In addition, the following accounting pronouncements were issued by the FASB during the nine months ended September 30, 2021 or became applicable upon the acquisition of Enhanced Re and have yet to be adopted. ASU 2018-12 - Targeted Improvement to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates: •Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the condensed consolidated statement of earnings; •Use upper-medium grade fixed-income instrument discount rates to discount future cash flows with the impact of these changes recognized in other comprehensive income; •Require market risk benefits to be measured at fair value, and the change in fair value of the market risk benefits is to be measured in net earnings, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in other comprehensive income; •Simplify amortization of DAC by amortizing on a constant level basis in proportion to premiums, gross profits, or gross margins over the expected term of the related contract; and •Introduce new disclosure requirements around the provisions for future policyholder benefits, policyholder account balances, market risk benefits, separate account liabilities, and DAC, which includes information about significant inputs, judgments, assumptions and methods used in measurement. These amendments are effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted and certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. We are currently evaluating the impact of ASU 2018-12 on our condensed consolidated financial statements and disclosures. ASU 2021-04 - Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity - Classified Written Call Options In May 2021, the FASB issued ASU 2021-04 which requires issuers to account for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange based on the economic substance of the modification or exchange. Under the ASU, an issuer considers the facts and circumstances of a modification or exchange and accounts for the resulting change in fair value of the written call option based on whether the transaction was done to issue equity, to issue or modify debt, or for other reasons. The guidance clarifies that to the extent applicable, issuers should first reference other GAAP to account for the effect of a modification. If other GAAP is not applicable, the guidance clarifies whether to account for the modification or exchange as either (i) an adjustment to equity, or (ii) an expense. The ASU is to be applied prospectively and is effective for annual periods beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, but entities need to apply the guidance as of the beginning of the fiscal year in which they early adopt it. The adoption of ASU 2021-04 is not expected to have an impact on our condensed consolidated financial statements and disclosures.

Business Acquisitions

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

2. BUSINESS ACQUISITIONS

Enhanzed Re

Overview

On September 1, 2021, we completed the purchase of the entire 27.7% equity interest in Enhanzed Re held by an affiliate of Hillhouse Group for cash consideration of $217.1 million and assumed the Hillhouse Group's affiliate's remaining outstanding capital commitment to Enhanzed Re of $40.2 million (the "Step Acquisition").

Following the completion of the Step Acquisition, our equity interest in Enhanzed Re increased from 47.4% to 75.1% with joint venture partner Allianz SE ("Allianz") continuing to own the remaining 24.9%. Effective September 1, 2021, we consolidated Enhanzed Re (previously accounted for as an equity method investment) and eliminated any intercompany transactions and balances between us and Enhanzed Re.

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

The following table represents the fair value of net assets acquired, inclusive of the net effect of settlement of pre-existing relationships. The fair value amounts presented below are estimates and are subject to adjustment.

The initial accounting, including certain fair value adjustments, are provisional adjustments recorded as of September 30, 2021. The provisional amounts are subject to further refinement based on new information that may be obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. In accordance with the acquisition method of accounting, we may recognize additional measurement period adjustments to the provisional amounts in future periods, but not later than one year from the acquisition date. We do not currently anticipate any such adjustments.


	Fair Value of Net Assets Acquired, Before Settlement of Pre-existing Relationships		Net Effect of Settlement of Pre-existing Relationships		Net Effect of Step Acquisition
ASSETS

Fixed maturities, trading, at fair value	$	49,292	$	—	$	49,292
Funds held - directly managed	2,576,956		(304,250)		2,272,706
Equities, at fair value	854,615		—		854,615
Other investments, at fair value	13,867		—		13,867
Total investments	3,494,730		(304,250)		3,190,480
Cash and cash equivalents	11,508		—		11,508


Funds held by reinsured companies	213,643		—		213,643
Other assets	7,667		—		7,667
TOTAL ASSETS	$	3,727,548	$	(304,250)	$	3,423,298
LIABILITIES
Losses and loss adjustment expenses	$	1,113,386	$	(271,338)	$	842,048
Future policyholder benefits	1,539,000		—		1,539,000
Debt obligations	76,434		—		76,434
Insurance and reinsurance balances payable	101,866		(5,639)		96,227
Other liabilities	16,244		(7,588)		8,656
TOTAL LIABILITIES	2,846,930		(284,565)		2,562,365

NET ASSETS ACQUIRED AT FAIR VALUE	$	880,618	$	(19,685)	$	860,933
Less:
Cash consideration paid to Hillhouse Group affiliate					$	217,086
Fair value of previously held equity method investment					417,413
Fair value of noncontrolling interest					219,274
Adjustment for the fair value of pre-existing relationships					(19,685)
Total purchase price					834,088
Bargain purchase gain					$	26,845

During the third quarter of 2021, we recognized a total gain on the Step Acquisition of $46.7 million, which was recorded in net gain on purchase and sales of subsidiaries in our condensed consolidated statements of earnings, and consisted of a bargain purchase gain, a gain on remeasurement of our previously held equity investment to fair value and a gain on settlement of pre-existing relationships.

We recognized a bargain purchase gain of $26.8 million as the fair value of the interest in the net assets acquired exceeded the total purchase price. The bargain purchase gain was attributable to the negotiation process with Hillhouse Group and the resulting cash consideration paid was based on 90% of Enhanzed Re's total shareholders' equity as of June 30, 2021 which was less than the fair value of the net assets acquired and therefore resulted in a bargain purchase gain.

In accordance with the acquisition method of accounting, we remeasured our previously held equity method investment in Enhanzed Re to fair value. The fair value of the previously held equity method investment and noncontrolling interest was calculated as the fair value of Enhanzed Re's total net assets multiplied by the respective ownership percentages. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements. We also considered guideline market transactions, and the implied multiple from those transactions corroborated the results of the fair value estimate.

At the time of the transaction, we held contractual pre-existing relationships with Enhanzed Re, consisting of quota share reinsurance contracts and an agreement to act as the insurance manager for Enhanzed Re. The pre-existing relationships were deemed to be effectively settled at fair value on the acquisition date.

We record Enhanzed Re's results on a one quarter lag; therefore, there are no Enhanzed Re operating results beyond the purchase date. Prior to that date, the results of Enhanzed Re were recorded in earnings from equity method investments.

Refer to Note 19 - "Related Party Transactions" for further information.

Supplemental Pro Forma Financial Information (Unaudited)

The following selected unaudited pro forma financial information is a summary of our combined results with Enhanzed Re, giving effect to the Step Acquisition as if it had occurred on January 1, 2020. The unaudited pro forma financial information presented below is for informational purposes only and is not necessarily indicative of the results that would have been achieved if the Step Acquisition had taken place on January 1, 2020, nor is it indicative of future results.


	Supplemental Pro Forma Financial Information (Unaudited)
	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Total income	(85,599)	969,784	876,978	1,887,863
Net earnings	(257,594)	736,746	447,632	1,026,929
Net earnings attributable to Enstar	(245,379)	671,361	391,445	1,011,172
Net earnings attributable to Enstar ordinary shareholders	(254,304)	662,436	364,670	984,397

The unaudited pro forma financial information is presented on a fully consolidated basis. Aside from a pro forma adjustment made to recognize the gain on the Step Acquisition as of January 1, 2020, there were no further non-recurring pro forma adjustments recorded.

Significant New Business

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

SIGNIFICANT NEW BUSINESS

3. SIGNIFICANT NEW BUSINESS

We define significant new business as material transactions other than business acquisitions. Generally, our significant new business takes the form of loss portfolio transfer ("LPT") or adverse development cover ("ADC") reinsurance transactions or direct business transfers.

The table below sets forth a summary of significant new business that we have completed between January 1, 2020 and September 30, 2021:


Transaction	Date Completed	Total Assets Assumed		Deferred Charge Asset (1)		Total Assets from Transactions		Total Liabilities Assumed		Net Fair Value Adjustment (2)		Total Liabilities from Transactions		Type of Transaction and Primary Nature of Business
ProSight	August 4, 2021	$	478,293	$24,013		$	502,306	$	502,306	N/A		$	502,306	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
Hiscox	June 3, 2021	532,394		N/A		532,394		532,394		N/A		532,394		LPT of diversified legacy insurance business, including surplus lines broker business
Coca-Cola	May 24, 2021	41,928		6,143		48,071		48,071		N/A		48,071		LPT of U.S. workers' compensation liability
AXA Group	May 3, 2021	1,395,000		91,988		1,486,988		1,486,988		N/A		1,486,988		ADC of a diversified mix of global casualty and professional lines
CNA (3)	February 5, 2021	651,736		105,479		757,215		757,215		N/A		757,215		LPT of U.S. excess workers' compensation liabilities
Liberty Mutual (3)	January 8, 2021	363,159		25,402		388,561		388,561		N/A		388,561		LPT of U.S. energy liability, construction liability and homebuilders liability
Total 2021		$	3,462,510	$	253,025	$	3,715,535	$	3,715,535	$	—	$	3,715,535
Hannover Re	August 6, 2020	$	182,498	N/A		$	182,498	$	209,713	$	(27,215)	$	182,498	Novation of U.S. asbestos, environmental and workers' compensation liabilities
Munich Re	July 1, 2020	100,956		N/A		100,956		100,956		N/A		100,956		Business Transfer of Australian public liability, professional liability and builders' warranty liabilities
AXA Group (3)	June 1, 2020	179,681		N/A		179,681		179,681		N/A		179,681		LPT of U.S. construction general liability
Aspen	June 1, 2020	770,000		11,746		781,746		781,746		N/A		781,746		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		465,000		N/A		465,000		LPT of U.S. motor liabilities
Total 2020		$	1,698,135	$	11,746	$	1,709,881	$	1,737,096	$	(27,215)	$	1,709,881
Total		$	5,160,645	$	264,771	$	5,425,416	$	5,452,631	$	(27,215)	$	5,425,416

(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.

(3) We have ceded 10% of these transactions to Enhanzed Re on the same terms and conditions as those received by us. Effective September 1, 2021 Enhanzed Re was consolidated by us (previously accounted for as an equity method investment) and all intercompany transactions and balances between Enhanzed Re and Enstar were eliminated upon consolidation.

Divestitures, Held-For-Sale Businesses and Discontinued Operations

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES, HELD-FOR-SALE BUSINESSES AND DISCONTINUED OPERATIONS

4. DIVESTITURES, HELD-FOR-SALE BUSINESSES AND DISCONTINUED OPERATIONS

Atrium Exchange Transaction

As of December 31, 2020, Enstar owned an indirect 59.0% interest in North Bay Holdings Limited ("North Bay") and Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P. (collectively, the "Trident V Funds") managed by Stone Point Capital LLC ("Stone Point") and Dowling Capital Partners I, L.P. and Capital City Partners LLC (collectively, the "Dowling Funds") owned 39.3% and 1.7%, respectively. North Bay owns 100.0% of StarStone Specialty Holdings Limited ("SSHL"), the holding company for the StarStone group, which previously included StarStone's U.S. operations, including StarStone U.S. Holdings, Inc. and its subsidiaries (“StarStone U.S.”) and StarStone's international operations ("Starstone International"). North Bay also owned 92.1% of Northshore Holdings Limited ("Northshore"), the holding company that owns Atrium Underwriting Group Limited and its subsidiaries (collectively, "Atrium") and Arden Reinsurance Company Ltd. ("Arden"). The remaining share ownership of Northshore is held on behalf of certain Atrium employees.

Effective January 1, 2021, we exchanged a portion of our indirect interest in Northshore for all of the Trident V Funds' indirect interest in StarStone U.S., which is now owned through an interest in Core Specialty Insurance Holdings, Inc. ("Core Specialty," and such exchange, the "Exchange Transaction"), resulting in us owning 25.2% on a fully diluted basis (24.7% as of September 30, 2021) of Core Specialty, and 13.8% of Northshore, which continues to own Atrium and Arden. The Trident V Funds own 76.3% of Northshore, while 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 ownership interests in SSHL of 59.0%, 39.3% and 1.7%, respectively.

Effective January 1, 2021, Northshore was deconsolidated and our remaining investment with a carrying value of $35.0 million as of September 30, 2021 is accounted for as a privately held equity investment and carried at its fair value. During the first quarter of 2021, we recognized a loss of $7.8 million on completion of the Exchange Transaction.

Through our wholly owned subsidiary, SGL No. 1 Limited (“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 for future underwriting years.

SGL No.1 is obligated to support underwriting capacity on Syndicate 609 through the provision of FAL, and will settle its share of the 2020 and prior underwriting years for the economic benefit of Atrium via reinsurance agreements with Arden and a Syndicate 609 Capacity Lease Agreement with Atrium 5 Limited, a UK domiciled subsidiary of Atrium.

As a result of these contractual arrangements, the net loss reserve liabilities, and the cash, investments and other assets that support those liabilities, will be settled by: i) the distribution of SGL No.1’s share of the Syndicate 609 result; ii) the settlement of the net payable or receivable position on the reinsurance agreement with Arden; and iii) the required settlement, if any, of the Syndicate 609 Capacity Lease Agreement payable, each of which will occur no earlier than December 31, 2022.


	December 31, 2020
Distribution of SGL No.1 share of Syndicate 609 results	$	19,115
Due to Arden under reinsurance agreement	(7,965)
Due to Atrium 5 Limited under Capacity Lease Agreement	(11,150)
Net balances with Northshore Group	—

Until these balances are settled, as of January 1, 2021, the Company recognized gross loss reserves of $254.6 million, reinsurance recoverable of $90.8 million, and $163.8 million of net assets required to support the net insurance liabilities.

Additionally, although the value of and the change in other insurance assets and liabilities are recorded gross within our Legacy Underwriting segment, there is no retention by Enstar of the net results of Atrium's 2020 and prior underwriting years as the business was contractually transferred to the Atrium entities that were divested in the Exchange Transaction. We recorded net unearned premium of $37.4 million and deferred acquisition costs of $20.3 million, included within other assets on our consolidated balance sheet, as of January 1, 2021.

Effective January 1, 2021, balances that SGL No. 1 has with Atrium and Arden are no longer eliminated in our condensed consolidated financial statements.

As of December 31, 2020, we classified the assets and liabilities of Northshore as held-for-sale, but Northshore did not qualify as a discontinued operation since the pending disposal did not represent a strategic shift that would have a major effect on our operations and financial results. The following table summarizes the components of Northshore's assets and liabilities held-for-sale on our condensed 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

As of December 31, 2020, included in the table above were restricted investments of $94.4 million.

Recapitalization of StarStone U.S. and Discontinued Operations

On November 30, 2020, we completed the sale and recapitalization of StarStone U.S. through the sale of StarStone U.S. to Core Specialty, a newly formed entity with equity backing from funds managed by SkyKnight Capital, L.P., Dragoneer Investment Group and Aquiline Capital Partners LLC. We received consideration of $282.0 million inclusive of $235.0 million of common shares of Core Specialty and cash of $47.0 million. At the closing date, the $235.0 million of common shares of Core Specialty represented a 25.2% equity interest in Core Specialty on a fully diluted basis (24.7% as of September 30, 2021). Our investment in Core Specialty is accounted for as an equity method investment, and we record our proportionate share of the net earnings on a quarter lag.

The StarStone U.S. business qualified as a discontinued operation. 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 September 30,		Nine Months Ended September 30,
	2020		2020
INCOME
Net premiums earned	$	75,414	$	241,363

Net investment income	3,649		11,063
Net realized and unrealized gains	1,910		2,757
Other income	55		80
	81,028		255,263
EXPENSES
Net incurred losses and loss adjustment expenses	44,939		157,648
Acquisition costs	14,776		47,570
General and administrative expenses	16,675		47,404
Interest expense	535		1,715
Net foreign exchange gains	(3)		(5)
	76,922		254,332
EARNINGS BEFORE INCOME TAXES	4,106		931
Income tax expense	(75)		(121)











NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	4,031		810
Net earnings from discontinued operations attributable to noncontrolling interest	(1,654)		(332)
NET EARNINGS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	2,377	$	478

Continuing Involvement Disclosures

Following the completion of the sale of StarStone U.S. to Core Specialty on November 30, 2020, our continuing involvement with StarStone U.S. is comprised of the following transactions:

LPT and ADC reinsurance agreement

In connection with the sale of StarStone U.S. to Core Specialty, we and one of our insurance subsidiaries entered into a loss portfolio transfer (“LPT”) and adverse development cover (“ADC”) reinsurance agreement with StarStone U.S. pursuant to which we reinsured all of the net loss reserves of StarStone U.S. in respect of premium earned prior to October 31, 2020. Under the terms of the LPT and ADC reinsurance agreement, we assumed total net loss reserves of $462.4 million from StarStone U.S. in exchange for a total reinsurance premium consideration of $478.2 million, subject to an aggregate limit of $130.0 million above the assumed total net loss reserves. Our subsidiary's obligations to StarStone U.S. under the LPT and ADC reinsurance agreement are guaranteed by us. The LPT and ADC reinsurance agreement between us and StarStone U.S. will continue in force until such time as our liability with respect to the assumed total net loss reserves terminates.

Concurrent with the closing of the LPT and ADC reinsurance agreement, one of our wholly-owned subsidiaries entered into an Administrative Services Agreement ("ASA") with StarStone U.S., through which it 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. This ASA became effective on November 30, 2020 and will continue in force (subject to certain limited exceptions) until such time as the LPT and ADC reinsurance agreement between us and StarStone U.S. terminates.

In addition, concurrent with the sale of StarStone U.S. to Core Specialty, which was completed on November 30, 2020, one of our wholly-owned subsidiaries entered into a Transition Services Agreement ("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. This TSA became effective on November 30, 2020 and unless otherwise agreed to in writing by both Core Specialty and us, will terminate on the earliest to occur of (a) the two-year anniversary of the TSA, (b) the date on which all the covered transitional services have been terminated, and (c) the termination of the TSA.

Reinsurance transactions previously eliminated on consolidation

The table below presents a summary of the total income and expenses which have been recognized within our continuing operations relating to transactions, primarily reinsurances, between StarStone U.S. and our subsidiaries:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020





Total income(1)	$	(19)	$	1,709	$	(406)	$	9,072






Total expenses (income)(1)	12,222		(1,783)		13,290		(16,682)



Net earnings (loss)	$	(12,241)	$	3,492	$	(13,696)	$	25,754

(1) For the three and nine months ended September 30, 2021, negative total income was driven by a premium adjustment, and for the three and nine months ended September 30, 2020, negative total expenses were driven by favorable loss development on the losses and LAE reserves ceded by StarStone U.S. to our subsidiaries.

Cash flows

The cash outflows between our subsidiaries and StarStone U.S. for the nine months ended September 30, 2021 and 2020 were $53.7 million and $11.9 million, respectively.

Equity method investment

We have applied the equity method of accounting to the common shares we acquired in Core Specialty as part-consideration for the sale of StarStone U.S. and which made up 25.2% of the total outstanding common shares in Core Specialty on a fully diluted basis as of November 30, 2020 when we completed the sale and recapitalization of StarStone U.S. (24.7% as of September 30, 2021). Our investment in the common shares of Core Specialty, which is included in equity method investments on our condensed consolidated balance sheet, was $229.2 million as of September 30, 2021 (December 31, 2020: $235.0 million). Following the completion of the Exchange Transaction on January 1, 2021 as described above, common shares in Core Specialty with a carrying value of $4.0 million were distributed to redeemable noncontrolling interests as discussed in Note 15 - "Noncontrolling Interests." During the three and nine months ended September 30, 2021 our share of net earnings (loss) on our investment in Core Specialty, which is included within earnings (loss) from equity method investments in our condensed consolidated statement of earnings, was earnings of $4.9 million and a loss of $1.8 million, respectively.

Run-off of StarStone International (non-U.S.)

On June 10, 2020, we announced that we placed StarStone International into an orderly run-off (the "StarStone International Run-Off"). The liabilities associated with the StarStone International Run-Off vary in duration, and the run-off is expected to occur over a number of years.

The results of StarStone International are included within continuing operations in the Run-off segment. Recent developments relating to StarStone International include:

•On March 15, 2021, we sold StarStone Underwriting Limited ("SUL"), the Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301, to Inigo Limited ("Inigo"). As of December 31, 2020, we had a 59.0% interest in SUL and the Trident V Funds and the Dowling Funds owned 39.3% and 1.7%, respectively. Upon closing, Enstar, the Trident V Funds and the Dowling Funds received aggregate consideration of $30.0 million in the form of Inigo shares and $0.6 million in cash.

Following the completion of the sale of SUL to Inigo on March 15, 2021, we recognized a gain on the sale of $23.1 million in the first quarter of 2021. In addition, Enstar and the Trident V Funds have committed to invest up to $27.0 million and $18.0 million, respectively, in Inigo. As of September 30, 2021, Enstar had funded $16.9 million of its capital commitment to Inigo, with $10.1 million yet to be called by Inigo. As of September 30, 2021, our investment in Inigo was $42.1 million (December 31, 2020: $16.9 million)

representing 6.5% of the total outstanding ordinary shares of Inigo and was accounted for as a privately held equity investment and carried at fair value. In conjunction with the transaction, Enstar, the Trident V Funds and the Dowling Funds will retain the economics of Syndicate 1301’s 2020 and prior years’ underwriting portfolios as this business runs off.

•On February 11, 2021, we sold Arena N.V., a Belgium-based specialist accident and health managing general agent, for consideration of $1.0 million. We recognized a loss on the sale of $0.3 million during the first quarter of 2021.

The following table provides a summary of the net gain on sales of subsidiaries which was recorded in net gain on purchase and sales of subsidiaries included in our condensed consolidated statement of earnings:


	Nine Months Ended
	September 30,
	2021
Atrium	$	(7,844)
SUL	23,067
Arena	(329)
Net gain on sales of subsidiaries	$	14,894

Investments

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

5. INVESTMENTS

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

Effective April 1, 2021, the InRe Fund was consolidated by us. As a result, the carrying amounts of the assets and liabilities of the InRe Fund are presented separately in “variable interest entity assets of the InRe Fund” and “variable interest entity liabilities of the InRe Fund” within the consolidated balance sheet as of September 30, 2021. Refer to Note 12 - "Variable Interest Entities" for additional information.

Short-term and Fixed Maturity Investments

Asset Types

The fair values of the following underlying asset categories are set out below:


	September 30, 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	$	11,507	$	68,741	$	123,711	$	457,997	$	186,536	$	848,492
U.K. government	—		—		25,216		10,772		—		35,988
Other government	2,729		—		298,906		129,067		246,792		677,494
Corporate	—		12,900		2,795,864		3,099,495		813,409		6,721,668
Municipal	—		—		89,921		126,578		73,299		289,798
Residential mortgage-backed	—		—		117,551		366,068		118,598		602,217
Commercial mortgage-backed	—		—		268,644		544,624		267,314		1,080,582
Asset-backed	—		—		201,730		644,495		97,811		944,036
Structured products	—		—		—		—		1,033,097		1,033,097

Total fixed maturity and short-term investments	$	14,236	$	81,641	$	3,921,543	$	5,379,096	$	2,836,856	$	12,233,372


	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

Included within residential and commercial mortgage-backed securities as of September 30, 2021 were securities issued by U.S. governmental agencies with a fair value of $431.1 million (December 31, 2020: $458.1 million). There were no senior secured loans included within corporate securities as of September 30, 2021 and December 31, 2020

Contractual Maturities

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


As of September 30, 2021	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	476,648	$	480,196	3.9	%
More than one year through two years	786,693		799,023		6.5	%
More than two years through five years	2,398,897		2,457,642		20.1	%
More than five years through ten years	2,582,370		2,637,871		21.6	%
More than ten years	3,199,429		3,231,805		26.4	%
Residential mortgage-backed	599,415		602,217		5.0	%
Commercial mortgage-backed	1,066,391		1,080,582		8.8	%
Asset-backed	947,989		944,036		7.7	%


	$	12,057,832	$	12,233,372	100.0	%

Credit Ratings

The following table sets forth the credit ratings of our short-term and fixed maturity investments classified as trading and AFS and the fixed maturity investments included within our funds held - directly managed balance as of September 30, 2021:


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

U.S. government and agency	$	847,653	$	848,492	7.0	%	$	847,876		$	381		$	—		$	235		$	—		$	—
U.K. government	35,916		35,988		0.3	%	—			29,024			6,964			—			—			—
Other government	671,438		677,494		5.6	%	203,471			153,855			148,168			60,228			111,772			—
Corporate	6,543,670		6,721,668		54.9	%	173,599			649,917			3,124,885			2,470,801			296,685			5,781
Municipal	274,218		289,798		2.4	%	15,760			152,559			96,123			25,356			—			—
Residential mortgage-backed	599,415		602,217		4.9	%	555,694			1,453			4,477			11,032			27,508			2,053
Commercial mortgage-backed	1,066,391		1,080,582		8.8	%	794,959			126,374			85,374			65,930			3,382			4,563
Asset-backed	947,989		944,036		7.7	%	370,186			256,143			203,486			83,294			21,949			8,978
Structured products	1,071,142		1,033,097		8.4	%	—			523,036			—			510,061			—			—

Total	$	12,057,832	$	12,233,372	100.0	%	$	2,961,545		$	1,892,742		$	3,669,477		$	3,226,937		$	461,296		$	21,375
% of total fair value							24.2		%	15.5		%	30.0		%	26.4		%	3.7		%	0.2		%

Unrealized Gains and Losses on AFS Short-term and Fixed Maturity Investments

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 September 30, 2021	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
U.S. government and agency	$	529,011	$	1,293	$	(3,566)	$	—	$	526,738
U.K. government	10,927		75		(230)		—		10,772
Other government	127,629		2,588		(1,123)		(27)		129,067
Corporate	3,117,300		28,352		(28,430)		(4,827)		3,112,395
Municipal	125,995		1,440		(857)		—		126,578
Residential mortgage-backed	367,119		1,496		(2,545)		(2)		366,068
Commercial mortgage-backed	544,211		4,616		(4,161)		(42)		544,624
Asset-backed	644,078		865		(446)		(2)		644,495
	$	5,466,270	$	40,725	$	(41,358)	$	(4,900)	$	5,460,737


					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

Gross Unrealized Losses on AFS Short-term and Fixed Maturity Investments

The following tables summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position, for which an allowance for credit losses has not been recorded:


	12 Months or Greater				Less Than 12 Months				Total
As of September 30, 2021	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government and agency	$	16,631	$	(981)	$	375,400	$	(2,585)	$	392,031	$	(3,566)
U.K. government	—		—		5,222		(230)		5,222		(230)
Other government	—		—		46,714		(707)		46,714		(707)
Corporate	8,184		(249)		1,376,723		(14,475)		1,384,907		(14,724)
Municipal	—		—		71,427		(857)		71,427		(857)
Residential mortgage-backed	4,508		(128)		225,219		(2,417)		229,727		(2,545)
Commercial mortgage-backed	12,665		(451)		307,595		(3,586)		320,260		(4,037)
Asset-backed	—		—		439,074		(446)		439,074		(446)


Total short-term and fixed maturity investments	$	41,988	$	(1,809)	$	2,847,374	$	(25,303)	$	2,889,362	$	(27,112)


	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)

As of September 30, 2021 and December 31, 2020, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 2,074 and 407, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 40 and 2, respectively.

The contractual terms for the majority of these investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the security. While interest rates have increased, and in certain cases credit ratings were downgraded, we currently do not expect the issuers of these fixed income securities to settle at a price less than their amortized cost basis and therefore it is expected that we will recover the entire amortized cost basis of each security. Furthermore, we do not intend to sell the securities that are currently in an unrealized loss position, and it is also not more likely than not that we will be required to sell the securities before the recovery of their amortized cost basis.Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	Three Months Ended September 30, 2021
	Other government		Corporate		Residential mortgage-backed		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	(41)	$	(7,171)	$	(17)	$	(157)	$	—	$	(7,386)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		196		(17)		(13)		(133)		33

Reductions for securities sold during the period	—		2		2		—		—		4

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14		2,146		30		128		131		2,449


Allowance for credit losses, end of period	$	(27)	$	(4,827)	$	(2)	$	(42)	$	(2)	$	(4,900)


	Three Months Ended September 30, 2020
	Other government		Corporate		Residential mortgage-backed		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	—	$	(3,090)	$	—	$	(494)	$	(89)	$	(3,673)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(39)		(2)		(78)		(45)		(164)

Reductions for securities sold during the period	—		341		—		—		—		341

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	—		2,004		—		491		89		2,584


Allowance for credit losses, end of period	$	—	$	(784)	$	(2)	$	(81)	$	(45)	$	(912)


	Nine Months Ended September 30, 2021
	Other government		Corporate		Residential mortgage-backed		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	—	$	(181)	$	—	$	(133)	$	(8)	$	(322)

Allowances for credit losses on securities for which credit losses were not previously recorded	(68)		(12,381)		(34)		(250)		(172)		(12,905)

Reductions for securities sold during the period	1		74		2		—		—		77

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	40		7,661		30		341		178		8,250


Allowance for credit losses, end of period	$	(27)	$	(4,827)	$	(2)	$	(42)	$	(2)	$	(4,900)


	Nine Months Ended September 30, 2020
	Other government		Corporate		Residential mortgage-backed		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	—		(10,359)		(2)		(572)		(134)		(11,067)

Reductions for securities sold during the period	22		2,108		—		—		—		2,130

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	—		10,454		—		541		89		11,084


Allowance for credit losses, end of period	$	—	$	(784)	$	(2)	$	(81)	$	(45)	$	(912)

During the three and nine months ended September 30, 2021 and 2020 we did not have any write-offs charged against the allowance for credit losses or any recoveries of amounts previously written-off.

Equity Investments

The following table summarizes our equity investments classified as trading:


	September 30, 2021		December 31, 2020
Publicly traded equity investments in common and preferred stocks	$	257,470	$	260,767
Exchange-traded funds	1,335,831		311,287
Privately held equity investments in common and preferred stocks	359,124		274,741
	$	1,952,425	$	846,795

Equity investments include publicly traded common and preferred stocks, exchange-traded funds and privately held common and preferred stocks. Our publicly traded equity investments in common and preferred stocks predominantly trade on major exchanges. Our investments in exchange-traded funds also trade on major exchanges.

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. There is no active market for these investments. Refer to Note 19 - "Related Party Transactions" for further information on certain privately held equity investments.

Other Investments, at fair value

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


	September 30, 2021		December 31, 2020
Hedge funds (1)	$	215,378	$	2,638,339
Fixed income funds	597,982		552,541
Equity funds	4,831		190,767
Private equity funds	598,901		363,103
CLO equities	153,795		128,083
CLO equity funds	199,714		166,523
Private credit funds	230,004		192,319
Real estate funds	50,666		11,883
Others	447		476
	$	2,051,718	$	4,244,034

(1) Effective April 1, 2021, the InRe Fund was consolidated by us. As a result, the carrying amounts of the assets and liabilities of the InRe Fund are presented separately in “variable interest entity assets of the InRe Fund” and “variable interest entity liabilities of the InRe Fund” within the condensed consolidated balance sheet as of September 30, 2021. Refer to Note 12 - "Variable Interest Entities" for additional information. As of December 31, 2020, our investment in the InRe Fund was $2.4 billion.

The valuation of our other investments is described in Note 11 - "Fair Value Measurements." Due to a lag in the valuations of certain funds reported by the managers, we may record changes in valuation with up to a three-month lag. We regularly review and discuss fund performance with the fund managers to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. The following is a description of the nature of each of these investment categories:

•Hedge funds invest in fixed income, equity and other investments. As noted above the InRe hedge fund was consolidated effective April 1, 2021.

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

•Equity funds invest primarily in public equities.

•Private equity funds include primary, secondary, and direct co-investment opportunities.

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

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

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

•Real Estate funds comprise of real estate funds that invest primarily in commercial real estate equity.

As of September 30, 2021, we had unfunded commitments of $1.5 billion to other investments.

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

The table below details the estimated date by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of September 30, 2021:


	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	215,378	$	—	$	—	$	—	$	—	$	215,378	Monthly to Quarterly
Fixed income funds	560,932		—		—		—		37,050		597,982		Daily to Quarterly
Equity funds	4,831		—		—		—		—		4,831		Daily
Private equity funds	—		51,550		—		—		547,351		598,901		Quarterly for unrestricted amount
CLO equities	153,795		—		—		—		—		153,795		Daily
CLO equity funds	151,452		47,764		—		—		498		199,714		Quarterly to Bi-annually
Private credit funds	—		—		—		—		230,004		230,004		N/A
Real estate funds	—		—		—		—		50,666		50,666		N/A
Other	—		—		—		—		447		447		N/A
	$	1,086,388	$	99,314	$	—	$	—	$	866,016	$	2,051,718

As of September 30, 2021, none of our investments were subject to gates or side-pockets

Equity Method Investments

The table below shows our equity method investments:


	September 30, 2021				December 31, 2020
	Ownership %		Carrying Value		Ownership %		Carrying Value
Enhanzed Re (1)	—	%	$	—	47.4	%	$	330,289
Citco (2)	31.9	%	54,401		31.9	%	53,022
Monument Re (3)	20.0	%	202,050		20.0	%	193,716
Core Specialty	24.7	%	229,158		25.2	%	235,000

Other	~27%		19,879		~27%		20,268

			$	505,488			$	832,295

(1) Effective September 1, 2021, Enhanzed Re was consolidated by us. Refer to Note 2 - "Business Acquisitions" for additional information.

(2) We own 31.9% of the common shares in HH CTCO Holdings Limited, which owns 15.4% of the convertible preferred shares of Citco III Limited ("Citco"), amounting to a 6.2% interest in the total equity of Citco.

(3) 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

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

Funds Held - Directly Managed

Funds held - directly managed, where we receive the underlying return on the investment portfolio, are carried at fair value, either because we elected the fair value option at the inception of the reinsurance contract, or because it represents the aggregate of funds held at amortized cost and the fair value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the

condensed consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The change in the fair value of the embedded derivative is included in net unrealized gains (losses). The following table summarizes the components of the funds held - directly managed:


	September 30, 2021		December 31, 2020
Short-term and fixed maturity investments, trading	$	2,836,856	$	1,060,263
Cash and cash equivalents	211,311		9,067
Other assets	8,225		5,560
	$	3,056,392	$	1,074,890

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


	September 30, 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	$	850	$	2,836,915	$	2,837,765	$	106,938	$	859,403	$	966,341
Net unrealized gains:
Change in fair value - fair value option accounting	—		—		—		9,693		—		9,693
Change in fair value - embedded derivative accounting	—		21,603		21,603		—		84,229		84,229
Change in fair value (1)	—		(22,512)		(22,512)		—		—		—
Short-term fixed maturity investments within funds held - directly managed, at fair value	$	850	$	2,836,006	$	2,836,856	$	116,631	$	943,632	$	1,060,263

(1) Is clearly and closely related to the host contract

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

Funds Held by Reinsured Companies

Funds held by reinsured companies, where we received a fixed crediting rate, are carried at cost on our condensed consolidated balance sheets. As of September 30, 2021 and December 31, 2020, we had funds held by reinsured companies of $2.4 billion and $635.8 million, respectively. The increase from December 31, 2020 was primarily driven by the acquisition of Enhanzed Re and transactions with AXA Group and Hiscox

Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Fixed maturity investments	$	46,775	$	47,275	$	139,252	$	153,554
Short-term investments and cash and cash equivalents	(380)		826		(562)		4,203
Funds held by reinsured companies	15,675		8,346		47,683		32,715
Funds held - directly managed	8,397		7,703		22,328		27,204
Investment income from fixed maturities and cash and cash equivalents	70,467		64,150		208,701		217,676
Equity investments	5,112		4,771		14,042		14,496
Other investments	9,290		6,000		27,415		19,384

Investment income from equities and other investments	14,402		10,771		41,457		33,880
Gross investment income	84,869		74,921		250,158		251,556
Investment expenses	(5,361)		(2,791)		(12,243)		(10,269)
Net investment expenses of the InRe Fund (1)	13,217		—		(6,954)		—
Net investment income	$	92,725	$	72,130	$	230,961	$	241,287

(1) Effective April 1, 2021, the InRe Fund was consolidated by us. Refer to Note 12 - "Variable Interest Entities" for additional information. Prior to this, all income or loss from the InRe Fund was determined by the change in net asset value (NAV) of our holdings in the fund, which was included within net realized and unrealized gains (losses) from other investments.

Net Realized and Unrealized Gains (Losses)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,482		2,248		(4,655)		(389)
Net realized gains on fixed maturity securities, trading	13,399		30,531		42,438		87,911
Net realized gains on funds held - directly managed	760		3,292		2,012		5,545
Net realized gains on equity investments	21,277		8,286		21,340		9,165
Net realized investment gains on investment derivatives	175		46		95		46
Net realized gains of the InRe Fund (1)	275,466		—		597,171		—
Total net realized gains on sales	$	315,770	$	53,488	$	662,111	$	114,894
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(45,752)	$	14,324	$	(174,664)	$	58,795
Fixed maturity securities in funds held - directly managed	(30,819)		7,814		(57,479)		42,619
Equity investments	339		4,210		82,303		(48,409)
Other Investments (1)	47,863		110,966		187,846		41,254
Investment derivatives	6		—		90		—
Net unrealized gains (losses) of the InRe Fund (1)	(560,672)		309,203		(589,040)		629,399
Total net unrealized gains (losses)	$	(589,035)	$	446,517	$	(550,944)	$	723,658
Net realized and unrealized gains (losses)	$	(273,265)	$	500,005	$	111,167	$	838,552

(1) Effective April 1, 2021, the InRe Fund was consolidated by us. Prior to this, all income or loss from the InRe Fund was determined by the change in net asset value (NAV) of our holdings in the fund, which was included within net realized and unrealized gains (losses) from other investments. Prior period amounts have been reclassified to net unrealized gains (losses) of the InRe Fund to conform to current period presentation.

The gross realized gains and losses on AFS investments for the three months ended September 30, 2021 and 2020 included in the table above resulted from sales of $854.4 million and $409.6 million, respectively. The gross realized gains and losses on AFS investments for the nine months ended September 30, 2021 and 2020 included in the table above resulted from sales of $2.1 billion and $1.5 billion, respectively.

Reconciliation to the Consolidated Statements of Comprehensive Income

The following table provides a reconciliation of the gross realized gains and losses and credit recoveries (losses) on our AFS fixed maturity debt securities that arose during the three and nine months ended September 30, 2021 within our continuing and discontinued operations and the offsetting reclassification adjustments included within our consolidated statements of comprehensive income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Tax effect	(163)		—		(539)		—
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		489		—		1,025
Gross realized losses on fixed maturity securities, AFS	—		(86)		—		(143)
Total reclassification adjustment	$	2,048	$	9,488	$	3,171	$	13,498
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	2,482	$	2,248	$	(4,655)	$	(389)
Tax effect	(57)		—		149		—
Included within discontinued operations:
Credit losses on fixed maturity securities, AFS	—		131		—		318

Total reclassification adjustment	$	2,425	$	2,379	$	(4,506)	$	(71)

Restricted Assets

We utilize trust accounts to collateralize business with our (re)insurance counterparties. We are also required to maintain investments and cash and cash equivalents on deposit with regulatory authorities and Lloyd's to support our (re)insurance operations. The investments and cash and cash equivalents on deposit are available to settle (re)insurance liabilities. Collateral generally takes the form of assets held in trust, letters of credit or funds held. The assets used as collateral are primarily highly rated fixed maturity securities. The carrying value of our restricted assets, including restricted cash of $447.5 million and $472.0 million, as of September 30, 2021 and December 31, 2020, respectively, was as follows:


	September 30, 2021		December 31, 2020
Collateral in trust for third party agreements	$	6,160,382	$	4,924,866
Assets on deposit with regulatory authorities	206,288		131,283
Collateral for secured letter of credit facilities	96,303		104,627
Funds at Lloyd's (1)	503,716		260,914
	$	6,966,689	$	5,421,690

(1) Our businesses include two (December 31, 2020: three) Lloyd's syndicates. Lloyd's determines the required capital principally through the annual business plan of each syndicate. This capital is referred to as "Funds at Lloyd's" and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources. We also utilize unsecured letters of credit for a significant portion of our Funds at Lloyd's, as described in Note 14 - "Debt Obligations and Credit Facilities."

Reinsurance Balances Recoverable on Paid and Unpaid Losses

9 Months Ended

Sep. 30, 2021

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:


	September 30, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,003,285	$	24,633	$	—	$	1,027,918
IBNR	452,153		45,010		—		497,163
ULAE	4,835		1,199		—		6,034
Fair value adjustments - acquired companies	—		—		(14,134)		(14,134)
Fair value adjustments - fair value option	—		—		(35,753)		(35,753)
Total reinsurance reserves recoverable	1,460,273		70,842		(49,887)		1,481,228
Paid losses recoverable	195,198		181		—		195,379
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607

Reconciliation to Condensed Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,148,615	$	71,023	$	(14,134)	$	1,205,504
Reinsurance balances recoverable on paid and unpaid losses - fair value option	506,856		—		(35,753)		471,103
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607

(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 Condensed 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. Previously 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 11 - "Fair Value Measurements."

As of September 30, 2021 and December 31, 2020, we had reinsurance balances recoverable on paid and unpaid losses of $1.7 billion and $2.1 billion, respectively. The decrease of $412.6 million was primarily due to the elimination of intercompany cessions on consolidation of Enhanzed Re, partially offset by assumed ceded assets relating to CNA and Syndicate 609.

Top Ten Reinsurers


	September 30, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,006,072	$	64,173	$	—	$	1,070,245	63.8	%
Other reinsurers > $1 million	627,182		6,210		(49,887)		583,505		34.8	%
Other reinsurers < $1 million	22,217		640		—		22,857		1.4	%
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607	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	%


	September 30, 2021		December 31, 2020
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		7
Number of top 10 non-rated reinsurers (1)	2		3

Reinsurers rated A- or better in top 10	$	802,087	$	863,819
Non-rated reinsurers in top 10 (1)	268,158		500,774
Total top 10 reinsurance recoverables	$	1,070,245	$	1,364,593

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of September 30, 2021 and December 31, 2020:

Lloyd's Syndicates (2)	$	296,198	$	331,118
Michigan Catastrophic Claims Association(3)	$	221,005	$	229,374

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

•$221.0 million and $229.4 million as of September 30, 2021 and December 31, 2020 respectively, due from Michigan Catastrophic Claims Association;

•$47.2 million as of September 30, 2021 due from Arden Re written on a funds withheld basis as discussed in Note 19 - "Related Party Transactions";

•$73.8 million as of December 31, 2020 due from a reinsurer who provided security in the form of pledged assets in trust for the full amount of the recoverable balance. The reinsurer received an A- rating by A.M. Best as of September 30, 2021 and the collateral has been subsequently released; and

•$208.4 million as of December 31, 2020 due from Enhanzed Re to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements as discussed in Note 19 - "Related Party Transactions." Effective September 1, 2021, Enhanzed Re was consolidated by us (previously accounted for as an equity method investment) and all intercompany transactions and balances between Enhanzed Re and Enstar were eliminated upon consolidation.

(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.

13. PREMIUMS WRITTEN AND EARNED

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross	$	(2,074)	$	42,522	$	3,535	$	20,426	$	28,110	$	198,292	$	1,707	$	52,899
Ceded	4,353		(3,642)		(111)		(2,950)		(11,172)		(44,172)		690		(8,876)
Net	$	2,279	$	38,880	$	3,424	$	17,476	$	16,938	$	154,120	$	2,397	$	44,023




Legacy Underwriting
Gross	$	7,496	$	27,923	$	107,942	$	178,208	$	48,585	$	114,042	$	458,923	$	522,486
Ceded	(3,926)		(15,209)		(17,807)		(33,960)		(26,534)		(64,048)		(92,526)		(102,563)
Net	$	3,570	$	12,714	$	90,135	$	144,248	$	22,051	$	49,994	$	366,397	$	419,923
Total
Gross	$	5,422	$	70,445	$	111,477	$	198,634	$	76,695	$	312,334	$	460,630	$	575,385
Ceded	427		(18,851)		(17,918)		(36,910)		(37,706)		(108,220)		(91,836)		(111,439)
Total	$	5,849	$	51,594	$	93,559	$	161,724	$	38,989	$	204,114	$	368,794	$	463,946

Gross premiums written for the three and nine months ended September 30, 2021 decreased by $106.1 million and $383.9 million, respectively, primarily due to StarStone International being placed into an orderly run-off in the second quarter of 2020 and the sale of Atrium in the first quarter of 2021.

Deferred Charge Assets and Deferred Gain Liabilities

9 Months Ended

Sep. 30, 2021

DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

7. DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

The following tables present a reconciliation of our deferred charge assets and deferred gain liabilities:


	Deferred Charge Assets
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning carrying value	$	435,151	$	258,516	$	238,602	$	272,462
Recorded during the period	24,013		—		253,025		11,746
Amortization	(24,124)		(10,316)		(56,587)		(36,008)

Ending carrying value	$	435,040	$	248,200	$	435,040	$	248,200


	Deferred Gain Liabilities
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning carrying value	$	20,059	$	11,916	$	19,880	$	12,875
Recorded during the period	9,718		—		11,280		—
Realized on acquisition	(28,755)		—		(28,755)		—
Amortization	(103)		(434)		(1,486)		(1,393)

Ending carrying value	$	919	$	11,482	$	919	$	11,482

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 nine months ended September 30, 2021, we completed our impairment assessment and concluded that there had been no impairment of our carried deferred charge assets.

Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 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, property excess of loss ("catastrophe") and other non-life lines of business.

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


	September 30, 2021
	Run-off		Enhanzed Re		Legacy Underwriting		Corporate & Other		Total
Outstanding losses	$	5,862,377	$	1,059	$	94,658	$	—	$	5,958,094
IBNR	7,425,180		176,122		136,789		—		7,738,091
ULAE	435,976		2,658		2,292		—		440,926
Fair value adjustments - acquired companies	—		—		—		(123,150)		(123,150)
Fair value adjustments - fair value option	—		—		—		(136,176)		(136,176)
Total	$	13,723,533	$	179,839	$	233,739	$	(259,326)	$	13,877,785

Reconciliation to Condensed Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,479,623	$	179,839	$	233,739	$	(123,150)	$	11,770,051
Loss and loss adjustment expenses, at fair value	2,243,910		—		—		(136,176)		2,107,734
Total	$	13,723,533	$	179,839	$	233,739	$	(259,326)	$	13,877,785


	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 Condensed 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 increase in the liability for losses and LAE from December 31, 2020 to September 30, 2021 was primarily attributable to the 2021 transactions described in Note 3 - "Significant New Business" and the acquisition of Enhanzed Re, as well as 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	13,037,858	$	10,593,436	$	10,593,282	$	9,868,404
Add: losses and LAE relating to SGL No.1 (1)	—		—		254,561		—
	13,037,858		10,593,436		10,847,843		9,868,404
Less:
Reinsurance reserves recoverable (2)	1,787,725		1,858,161		1,829,620		1,927,624
Reinsurance reserves recoverable relating to SGL No1 (1)	—		—		90,792		—
	1,787,725		1,858,161		1,920,412		1,927,624
Less: net deferred charge assets and deferred gain liabilities on retroactive reinsurance	415,092		246,600		218,722		259,587

Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances	—		—		—		643
Net balance as of beginning of period	10,835,041		8,488,675		8,708,709		7,680,550
Net incurred losses and LAE:
Current period	42,394		78,965		145,619		314,083
Prior periods	(69,105)		30,721		(188,533)		25,595
Total net incurred losses and LAE	(26,711)		109,686		(42,914)		339,678
Net paid losses:
Current period	(3,326)		(17,194)		(15,720)		(32,304)
Prior periods	(290,032)		(344,060)		(980,729)		(1,070,063)
Total net paid losses	(293,358)		(361,254)		(996,449)		(1,102,367)
Effect of exchange rate movement	(58,075)		98,695		(64,336)		(7,532)
Acquired business (3)	1,099,260		—		1,099,260		—
Assumed business (4)	469,601		280,497		3,349,612		1,705,970
Ceded business	(63,322)		—		(91,446)		—
Reclassification to assets and liabilities held-for-sale	—		(219,284)		—		(219,284)
Net balance as of September 30	11,962,436		8,397,015		11,962,436		8,397,015
Plus: reinsurance reserves recoverable (2)	1,481,228		1,667,151		1,481,228		1,667,151
Plus: net deferred charge assets and deferred gain liabilities on retroactive reinsurance (5)	434,121		236,718		434,121		236,718
Balance as of September 30	$	13,877,785	$	10,300,884	$	13,877,785	$	10,300,884

(1) 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 condensed consolidated financial statements following the completion of the Exchange Transaction on January 1, 2021. Gross losses and LAE exclude $0.4 million of fair value adjustments that were a component of the losses and LAE balance included on the held-for-sale balance sheet and which were derecognized following the completion of the Exchange Transaction. Refer to Note 4 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for further details.

(2) Net of allowance for estimated uncollectible reinsurance.

(3) Acquired business of $1,099.3 million includes $842.0 million of third party loss reserves and $257.2 million of loss reserves which are deemed to effectively settle balances relating to pre-existing relationships, the latter comprising of $286.0 million of reinsurance recoverables, partially offset by a deferred gain liability of $28.8 million, carried by two of our reinsurance subsidiaries. These pre-existing relationships were fair valued at $271.3 million in accordance with the acquisition method of accounting. Refer to Note 2 - "Business Acquisitions" for further information.

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

(5) 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
	September 30, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid	$	287,323	$	6,035	$	—	$	293,358
Net change in case and LAE reserves (1)	(156,926)		1,796		—		(155,130)
Net change in IBNR reserves (2)	(167,679)		(2,000)		—		(169,679)
Increase (reduction) in estimates of net ultimate losses	(37,282)		5,831		—		(31,451)

Increase (reduction) in provisions for unallocated LAE (3)	(12,858)		(333)		—		(13,191)
Amortization of deferred charge assets and deferred gain liabilities (4)	—		—		24,021		24,021
Amortization of fair value adjustments (5)	—		—		4,787		4,787
Changes in fair value - fair value option (6)	—		—		(10,877)		(10,877)
Net incurred losses and LAE	$	(50,140)	$	5,498	$	17,931	$	(26,711)


		Three Months Ended
	September 30, 2020
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	283,882	$	77,372	$	—	$	361,254
Net change in case and LAE reserves (1)		(49,887)		8,260		—		(41,627)
Net change in IBNR reserves (2)		(221,366)		(4,709)		—		(226,075)
Increase (reduction) in estimates of net ultimate losses		12,629		80,923		—		93,552

Increase (reduction) in provisions for unallocated LAE (3)		(14,605)		(5,049)		—		(19,654)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		9,882		9,882
Amortization of fair value adjustments (5)		—		—		4,864		4,864
Changes in fair value - fair value option (6)		—		—		21,042		21,042
Net incurred losses and LAE		$	(1,976)	$	75,874	$	35,788	$	109,686


		Nine Months Ended
	September 30, 2021
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	975,146	$	21,303	$	—	$	996,449
Net change in case and LAE reserves (1)		(399,036)		(711)		—		(399,747)
Net change in IBNR reserves (2)		(597,320)		688		—		(596,632)
Increase (reduction) in estimates of net ultimate losses		(21,210)		21,280		—		70

Increase (reduction) in provisions for unallocated LAE (3)		(41,302)		(1,023)		—		(42,325)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		55,101		55,101
Amortization of fair value adjustments (5)		—		—		12,876		12,876
Changes in fair value - fair value option (6)		—		—		(68,636)		(68,636)
Net incurred losses and LAE		$	(62,512)	$	20,257	$	(659)	$	(42,914)


		Nine Months Ended
	September 30, 2020
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	826,250	$	276,117	$	—	$	1,102,367
Net change in case and LAE reserves (1)		(300,573)		(56,287)		—		(356,860)
Net change in IBNR reserves (2)		(580,586)		33,511		—		(547,075)
Increase (reduction) in estimates of net ultimate losses		(54,909)		253,341		—		198,432

Increase (reduction) in provisions for unallocated LAE (3)		(34,509)		23,446		—		(11,063)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		34,615		34,615
Amortization of fair value adjustments (5)		—		—		20,846		20,846
Changes in fair value - fair value option (6)		—		—		96,848		96,848
Net incurred losses and LAE		$	(89,418)	$	276,787	$	152,309	$	339,678

(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.

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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	13,055,661	$	9,231,912	$	9,432,525	$	8,683,983
Less: reinsurance reserves recoverable (1)	1,759,227		1,494,652		1,463,001		1,645,352

Plus: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance	—		—		—		703
Net balance as of beginning of period	11,296,434		7,737,260		7,969,524		7,039,334
Net incurred losses and LAE:
Current period	35,768		8,218		121,338		24,153
Prior periods	(85,908)		(10,194)		(183,850)		(113,571)
Total net incurred losses and LAE	(50,140)		(1,976)		(62,512)		(89,418)
Net paid losses:
Current period	(3,107)		(739)		(5,863)		(1,777)
Prior periods	(284,216)		(283,143)		(969,283)		(824,473)
Total net paid losses	(287,323)		(283,882)		(975,146)		(826,250)
Effect of exchange rate movement	(58,673)		87,018		(66,035)		(22,465)
Acquired on purchase of subsidiaries (2)	942,388		—		942,388		—
Assumed business (3)	493,614		307,713		3,602,637		1,744,932
Ceded business	(73,040)		—		(102,726)		—
Transfer from the Legacy Underwriting segment (4)	—		—		955,130		—
Net balance as of September 30	12,263,260		7,846,133		12,263,260		7,846,133
Plus: reinsurance reserves recoverable (1)	1,460,273		1,306,256		1,460,273		1,306,256
Balance as of September 30	$	13,723,533	$	9,152,389	$	13,723,533	$	9,152,389

(1) Net of allowance for estimated uncollectible reinsurance.

(2) Acquired business of $942.4 million includes $656.4 million of third party loss reserves and $286.0 million of loss reserves, which are deemed to effectively settle balances relating to pre-existing relationships carried by two of our reinsurance subsidiaries.

(3) Refer to Note 3 - "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 September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	284,216	$	3,107	$	287,323	$	283,143	$	739	$	283,882
Net change in case and LAE reserves (1)	(174,118)		17,192		(156,926)		(49,854)		(33)		(49,887)
Net change in IBNR reserves (2)	(182,400)		14,721		(167,679)		(228,878)		7,512		(221,366)
Increase (reduction) in estimates of net ultimate losses	(72,302)		35,020		(37,282)		4,411		8,218		12,629

Increase (reduction) in provisions for unallocated LAE (3)	(13,606)		748		(12,858)		(14,605)		—		(14,605)



Net incurred losses and LAE	$	(85,908)	$	35,768	$	(50,140)	$	(10,194)	$	8,218	$	(1,976)

(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 September 30, 2021

Current period net incurred losses and LAE of $35.8 million primarily relates to the net earned premium from 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 $72.3 million was primarily related to favorable development on large professional indemnity/directors and officers claims as well as continued favorable loss emergence, notably in the workers' compensation and construction defect lines.

Three Months Ended September 30, 2020

Current period net incurred losses and LAE of $8.2 million related to current period net earned premium, primarily in respect of the run-off of the AmTrust RITC transactions. Net ultimate losses relating to prior periods increased by $4.4 million. Unfavorable development of $128.4 million within our motor line of business was offset by favorable development across workers' compensation and other lines of business.


	Nine Months Ended September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	969,283	$	5,863	$	975,146	$	824,473	$	1,777	$	826,250
Net change in case and LAE reserves (1)	(421,265)		22,229		(399,036)		(301,382)		809		(300,573)
Net change in IBNR reserves (2)	(687,383)		90,063		(597,320)		(602,153)		21,567		(580,586)
Increase (reduction) in estimates of net ultimate losses	(139,365)		118,155		(21,210)		(79,062)		24,153		(54,909)

Increase (reduction) in provisions for unallocated LAE (3)	(44,485)		3,183		(41,302)		(34,509)		—		(34,509)



Net incurred losses and LAE	$	(183,850)	$	121,338	$	(62,512)	$	(113,571)	$	24,153	$	(89,418)

(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.

Nine Months Ended September 30, 2021

Current period net incurred losses and LAE of $121.3 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 $139.4 million was primarily related to favorable development in our professional indemnity/directors and officers line of business across our Lloyd's portfolios arising from a change in ultimates and reductions in case reserve estimates for large claims, continued favorable loss emergence in our workers' compensation and general casualty lines of business as well as favorable development across multiple StarStone International books of business. Partially offsetting this favorable development was an increase in net incurred losses of $20.9 million due to our reevaluation of our gross and net exposure on COVID-19 pandemic related losses.

Nine Months Ended September 30, 2020

Current period net incurred losses and LAE of $24.2 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 relating to prior periods of $79.1 million was largely attributable to favorable development within our workers' compensation as well as other lines of business, partially offset by unfavorable development of $122.4 million within our motor line of business.

Enhanzed Re Segment

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


	Three and Nine Months Ended
	September 30,
	2021
Balance as of beginning of period	$	—










Effect of exchange rate movement	(48)
Acquired on purchase of subsidiaries (1)	179,887




Balance as of September 30	$	179,839

(1) Refer to Note 2 - "Business Acquisitions" for further information.

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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	240,911	$	1,610,956	$	1,358,529	$	1,569,865
Add: losses and LAE relating to SGL No.1 (1)	—		—		254,561		—
	240,911		1,610,956		1,613,090		1,569,865
Less:
Reinsurance reserves recoverable (2)	76,270		429,847		403,399		385,613

Reinsurance recoverable relating to SGL No.1 (1)	—		—		90,792		—
	76,270		429,847		494,191		385,613
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance	—		—		—		1,346
Net balance as of beginning of period	164,641		1,181,109		1,118,899		1,182,906
Net incurred losses and LAE:
Current period	6,626		70,747		24,281		289,930
Prior periods	(1,128)		5,127		(4,024)		(13,143)
Total net incurred losses and LAE	5,498		75,874		20,257		276,787
Net paid losses:
Current period	(219)		(16,455)		(9,857)		(30,527)
Prior periods	(5,816)		(60,917)		(11,446)		(245,590)
Total net paid losses	(6,035)		(77,372)		(21,303)		(276,117)
Effect of exchange rate movement	(1,207)		13,083		174		9,118



Reclassification to assets and liabilities held-for-sale	—		(216,349)		—		(216,349)
Transfer to Run-off segment (3)	—		—		(955,130)		—
Net balance as of September 30	162,897		976,345		162,897		976,345
Plus: reinsurance reserves recoverable (2)	70,842		401,288		70,842		401,288
Balance as of September 30	$	233,739	$	1,377,633	$	233,739	$	1,377,633

(2) Net of allowance for estimated uncollectible reinsurance.

(3) 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 Legacy Underwriting segment were as follows:


	Three Months Ended September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	5,816	$	219	$	6,035	$	60,917	$	16,455	$	77,372
Net change in case and LAE reserves (1)	4,122		(2,326)		1,796		(22,833)		31,093		8,260
Net change in IBNR reserves (2)	(10,518)		8,518		(2,000)		(32,706)		27,997		(4,709)
Increase (reduction) in estimates of net ultimate losses	(580)		6,411		5,831		5,378		75,545		80,923
Increase (reduction) in provisions for unallocated LAE (3)	(548)		215		(333)		(251)		(4,798)		(5,049)

Net incurred losses and LAE	$	(1,128)	$	6,626	$	5,498	$	5,127	$	70,747	$	75,874

(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 September 30, 2021

Current period net incurred losses and LAE of $6.6 million related to current period net earned premium. The reduction in net incurred losses and LAE liabilities relating to prior periods was $1.1 million and was attributable to an increase in estimates of net ultimate losses of $0.6 million.

Three Months Ended September 30, 2020

Current period net incurred losses and LAE of $70.7 million related to current period net earned premium and included losses related to the COVID-19 pandemic of $2.9 million. The increase in net incurred losses and LAE liabilities relating to prior periods was $5.1 million and was attributable to an increase in estimates of net ultimate losses of $5.4 million.


	Nine Months Ended September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	11,446	$	9,857	$	21,303	$	245,590	$	30,527	$	276,117
Net change in case and LAE reserves(1)	(570)		(141)		(711)		(96,173)		39,886		(56,287)
Net change in IBNR reserves(2)	(13,822)		14,510		688		(162,492)		196,003		33,511
Increase (reduction) in estimates of net ultimate losses	(2,946)		24,226		21,280		(13,075)		266,416		253,341
Increase (reduction) in provisions for unallocated LAE(3)	(1,078)		55		(1,023)		(68)		23,514		23,446

Net incurred losses and LAE	$	(4,024)	$	24,281	$	20,257	$	(13,143)	$	289,930	$	276,787

(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.

Nine Months Ended September 30, 2021

Current period net incurred losses and LAE of $24.3 million related to current period net earned premium. The reduction in net incurred losses and LAE liabilities relating to prior periods was $4.0 million and was attributable to a reduction in estimates of net ultimate losses of $2.9 million.

Nine Months Ended September 30, 2020

Current period net incurred losses and LAE of $289.9 million related to current period net earned premium and included losses related to the COVID-19 pandemic of $37.1 million. The reduction in net incurred losses and LAE liabilities relating to prior periods was $13.1 million and was attributable to a reduction in estimates of net ultimate losses of $13.1 million.

Future Policyholder Benefits

9 Months Ended

Sep. 30, 2021

FUTURE POLICYHOLDER BENEFITS

9. FUTURE POLICYHOLDER BENEFITS

The provision for future policyholder benefits includes provisions for life contingent liabilities assumed as well as other policy benefits for insureds. The future policyholder benefits are equal to the present value of the future benefits payments and related expenses less the present value of future net premiums.

The mortality assumptions are based on cedant historical data, regional mortality tables, and industry standards. The present value of the liabilities are discounted utilizing the discount rate derived from the yield on the assets supporting the liabilities and may include certain reinvestment assumptions. The future policyholder benefits related to traditional annuity products include provisions for adverse deviation.

The table below summarizes the liability for future policyholder benefits:


	September 30, 2021
Annuities	$	1,621,197
Fair value adjustments - acquired companies	(122,987)
Total	$	1,498,210

We believe that the assumptions used represent a realistic and appropriate basis for estimating the provision for future policyholder benefits as of September 30, 2021. However, these assumptions are subject to change and we regularly review and adjust our estimates and provisioning methodologies taking into account all currently known information and updated assumptions relating to unknown information.

Defendant Asbestos and Environmental Liabilities

9 Months Ended

Sep. 30, 2021

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

10. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

Included within defendant asbestos and environmental liabilities and insurance balances recoverable 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 LLC ("DCo") and Morse TEC were as follows:


	September 30, 2021		December 31, 2020
Defendant asbestos and environmental liabilities:
Defendant asbestos liabilities	$	854,804	$	913,276
Defendant environmental liabilities	11,546		12,572
Estimated future expenses	38,004		42,510
Fair value adjustments	(244,433)		(262,029)
Defendant asbestos and environmental liabilities	659,921		706,329

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5,805; 2020 - $4,824)	265,340		310,602
Fair value adjustments	(51,921)		(60,950)
Insurance balances recoverable	213,419		249,652

Net liabilities relating to defendant asbestos and environmental exposures	$	446,502	$	456,677

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	677,919	$	808,062	$	706,329	$	847,685
Less: Insurance balances recoverable (1)	245,979		428,277		249,652		448,855
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	—		—		—		3,167
Net balance as of beginning of period	431,940		379,785		456,677		401,997
Total net paid claims	21,970		52,891		4,746		51,977
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	(4,983)		(48,439)		(18,985)		(75,332)
Reduction in estimated future expenses	(997)		(3,124)		(4,505)		(6,127)
Amortization of fair value adjustments	(1,428)		7,636		8,569		16,234
Total other income	(7,408)		(43,927)		(14,921)		(65,225)

Net balance as at September 30	446,502		388,749		446,502		388,749
Plus: Insurance balances recoverable (1)	213,419		365,288		213,419		365,288
Balance as at September 30	$	659,921	$	754,037	$	659,921	$	754,037

(1) Net of allowance for estimated uncollectible insurance balances

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

11. 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:


	September 30, 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	$	—	$	848,492	$	—	$	—	$	848,492
U.K. government	—		35,988		—		—		35,988
Other government	—		677,494		—		—		677,494
Corporate	—		6,721,668		—		—		6,721,668
Municipal	—		289,798		—		—		289,798
Residential mortgage-backed	—		602,217		—		—		602,217
Commercial mortgage-backed	—		1,080,582		—		—		1,080,582
Asset-backed	—		944,036		—		—		944,036
Structured products	—		1,033,097		—		—		1,033,097

	$	—	$	12,233,372	$	—	$	—	$	12,233,372

Other assets included within funds held - directly managed	$	—	$	219,536	$	—	$	—	$	219,536

Equities:
Publicly traded equity investments	$	215,345	$	42,125	$	—	$	—	$	257,470
Exchange-traded funds	1,335,831		—		—		—		1,335,831
Privately held equity investments	—		—		359,124		—		359,124
	$	1,551,176	$	42,125	$	359,124	$	—	$	1,952,425

Other investments:

Hedge funds (1)	$	—	$	—	$	—	$	215,378	$	215,378
Fixed income funds	—		259,595		—		338,387		597,982
Equity funds	—		4,831		—		—		4,831
Private equity funds	—		—		—		598,901		598,901
CLO equities	—		153,795		—		—		153,795
CLO equity funds	—		—		—		199,714		199,714
Private credit funds	—		—		—		230,004		230,004
Real estate debt fund	—		—		—		50,666		50,666

Other	—		—		447		—		447
	$	—	$	418,221	$	447	$	1,633,050	$	2,051,718
Total Investments	$	1,551,176	$	12,913,254	$	359,571	$	1,633,050	$	16,457,051

Cash and cash equivalents	$	1,326,360	$	32,469	$	—	$	—	$	1,358,829

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	471,103	$	—	$	471,103






Losses and LAE:	$	—	$	—	$	2,107,734	$	—	$	2,107,734


	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 (1)	$	—	$	—	$	—	$	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
Real estate debt fund	—		—		—		11,883		11,883
Other	—		—		314		162		476
	$	—	$	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






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

(1) Effective April 1, 2021, the InRe Fund was consolidated by us. As a result, the carrying amounts of the assets and liabilities of the InRe Fund are presented separately in “Variable interest entity assets of the InRe Fund” and “Variable interest entity liabilities of the InRe Fund” within the condensed consolidated balance sheet as of September 30, 2021. Refer to Note 12 - "Variable Interest Entities" for additional information. As of December 31, 2020, our investment in the InRe Fund was $2.4 billion.

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.

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


				Three Months Ended September 30, 2021						Three Months Ended September 30, 2020
	Privately-held Equities	Other Investments	Total	Privately-held Equities		Other Investments		Total

Beginning fair value				$	348,725	$	314	$	349,039	$	271,000	$	314	$	271,314
Purchases				3,488		—		3,488		—		10,000		10,000

Total realized and unrealized gains (losses)				6,911		133		7,044		45		—		45

Transfer out of Level 3 into Level 2				—		—		—		—		—		—
Ending fair value				$	359,124	$	447	$	359,571	$	271,045	$	10,314	$	281,359


				Nine months ended September 30, 2021						Nine months ended September 30, 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				80,332		—		80,332		1,392		47,092		48,484
Sales and paydowns				—		(9,250)		(9,250)		—		(539)		(539)
Total realized and unrealized gains				4,051		133		4,184		3,854		(40,368)		(36,514)

Transfer out of Level 3 into Level 2				—		—		—		—		(83,740)		(83,740)
Ending fair value				$	359,124	$	447	$	359,571	$	271,045	$	10,314	$	281,359

Net realized and unrealized gains (losses) 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 September 30, 2021

Valuation Techniques

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

225.9

Guideline company methodology

Distribution waterfall

12.72

41.1

Cost as approximation of fair value

77.1

Dividend discount model;
Guideline companies method

Discount rate
Exit multiple

12.5%

1.3x - 1.5x (1.4x)

15.5

Net Asset Value (2)

NAV at recent transaction

19.82

359.6

(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 September 30,
	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
Beginning fair value	$	2,234,105	$	492,343	$	1,741,762	$	2,454,539	$	671,384	$	1,783,155
Assumed business	—		—		—		1,526		(180,972)		182,498
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	4,269		(969)		5,238		(25,595)		56,702		(82,297)
Reduction in unallocated LAE	(4,088)		—		(4,088)		(4,641)		—		(4,641)
Change in fair value	(13,185)		(2,308)		(10,877)		19,092		(1,950)		21,042
Total incurred losses and LAE	(13,004)		(3,277)		(9,727)		(11,144)		54,752		(65,896)
Paid losses	(76,909)		(11,734)		(65,175)		(86,745)		(11,192)		(75,553)
Effect of exchange rate movements	(36,458)		(6,229)		(30,229)		64,502		9,189		55,313
Ending fair value	$	2,107,734	$	471,103	$	1,636,631	$	2,422,678	$	543,161	$	1,879,517


	Nine Months Ended September 30,
	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	—		—		—		1,526		(180,972)		182,498
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(8,231)		5,998		(14,229)		(61,109)		48,580		(109,689)
Reduction in unallocated LAE	(11,747)		—		(11,747)		(14,353)		—		(14,353)
Change in fair value	(83,094)		(14,458)		(68,636)		130,075		33,227		96,848
Total incurred losses and LAE	(103,072)		(8,460)		(94,612)		54,613		81,807		(27,194)
Paid losses	(211,496)		(35,023)		(176,473)		(230,187)		(49,627)		(180,560)
Effect of exchange rate movements	(30,618)		(6,244)		(24,374)		(24,396)		(3,565)		(20,831)
Ending fair value	$	2,107,734	$	471,103	$	1,636,631	$	2,422,678	$	543,161	$	1,879,517

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Changes in fair value due to changes in:
Duration	$	2,657	$	11,767	$	8,228	$	19,617
Corporate bond yield	(13,534)		9,275		(76,864)		75,524

Weighted cost of capital	—		—		—		(5,048)
Risk cost of capital	—		—		—		6,755
Change in fair value	$	(10,877)	$	21,042	$	(68,636)	$	96,848

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

September 30, 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)

8.25 years

8.17 years

Internal model

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

7.94 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. In addition, the estimate of the capital required to support the liabilities is based upon current industry standards for capital adequacy.

Disclosure of Fair Values for Financial Instruments Carried at Cost

Senior Notes

As of September 30, 2021, our 4.50% Senior Notes due 2022 (the "2022 Senior Notes"), our 4.95% Senior Notes due 2029 (the "2029 Senior Notes") and our 3.10% Senior Notes due 2031 (the "2031 Senior Notes" and, together with the 2022 Senior Notes and 2029 Senior notes, the "Senior Notes") were carried at amortized cost of $280.2 million, $494.8 million and $494.3 million, respectively, while the fair value based on observable market pricing from a third party pricing service was $284.1 million, $556.6 million and $492.5 million, respectively. The Senior Notes are classified as Level 2.

Subordinated Notes

As of September 30, 2021, our 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 (the “Junior Subordinated Notes”) were carried at amortized cost of $345.0 million, while the fair value based on observable market pricing from a third party pricing service was $375.0 million.

As of September 30, 2021, Enhanzed Re's 5.50% Subordinated Notes due 2031 (the "2031 Subordinated Notes" together with the Junior Subordinated Notes, the "Subordinated Notes"), were carried at amortized cost of $76.4 million, while the fair value based on observable market pricing for comparable debt from a third party pricing service was $75.3 million.

The 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 September 30, 2021 and December 31, 2020.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

+ References + Details

Variable Interest Entities

9 Months Ended

Sep. 30, 2021

Variable Interest Entities

12. VARIABLE INTEREST ENTITIES

We have investments in certain limited partnership funds which are deemed to be variable interest entities ("VIEs"). The activities of these VIEs are generally limited to holding investments and our involvement in these entities is passive in nature. We consolidate all VIEs in which we are considered to be the primary beneficiary.

InRe Fund

On April 1, 2021, we obtained control of the InRe Fund following redemption by the general partner, an affiliate of Hillhouse Group, of all of its outstanding ownership interests and termination of its investment management activities. As such, on that date we had full ownership of the InRe Fund and the power to direct its activities, which led to our determination to consolidate the InRe Fund. Prior to consolidation, our investment in the

InRe Fund was recorded at fair value using the NAV as a practical expedient and thus, there was no gain or loss upon consolidation. The carrying amounts of the assets and liabilities of the InRe Fund are presented separately in “variable interest entity assets of the InRe Fund” and “variable interest entity liabilities of the InRe Fund” within the condensed consolidated balance sheet as of September 30, 2021. Net investment income and changes in the fair value of assets and liabilities of the InRe Fund are presented in “net investment income” and “net realized and unrealized gains,” respectively, in the consolidated statement of earnings for the three and nine months ended September 30, 2021.

Our subsidiary, which now serves as the general partner of the InRe Fund, has exposure to risk of loss that is not limited to the amount of its investment in accordance with the limited partnership agreement. We cannot predict the amount of loss, if any, which may occur as a result of this exposure; however, we believe the likelihood is remote that a material loss will occur. We have not committed to provide any financial support to the general partner of the InRe Fund. In addition, we have not committed to provide any additional financial support to the InRe Fund in excess of previously funded capital commitments.

The InRe Fund utilizes prime brokerage borrowing facilities and has also securitized certain letters of credit relating to intragroup reinsurances. Funds that employ leverage through borrowings and derivatives can generate outsized returns but can also experience greater levels of volatility.

The assets of Enstar are not available to the creditors of the InRe Fund.

Since April 1, 2021, we have redeemed an aggregate of $2.3 billion from the InRe Fund, of which $1.5 billion was redeemed in the third quarter of 2021.

The following table presents the assets and liabilities associated with the InRe Fund, as presented within the condensed consolidated balance sheet:


	September 30, 2021
ASSETS
Cash and cash equivalents	$	245
Restricted cash held at brokers (1)	696,260
Total cash, cash equivalents and restricted cash	696,505
Securities owned, at fair value	396,984
Other assets:
Derivative assets, at fair value	6,406
Due from brokers	29,786

Other assets	593
Total other assets	36,785
Total variable interest entity assets of the InRe Fund	$	1,130,274

LIABILITIES
Derivative liabilities, at fair value	$	54,373
Due to brokers	576,649
Securities sold, but not yet purchased, at fair value	34,983
Payable for investments purchased	14,390
Other liabilities	2,153
Total variable interest entity liabilities of the InRe Fund	$	682,548

(1) Includes margin posted as collateral which is considered to be restricted cash.

The InRe Fund's cash flows are classified as operating cash flows in the consolidated statements of cash flows as the InRe Fund is accounted for under investment company accounting standards. The following table presents the net cash flows of the InRe Fund for the nine months ended September 30, 2021, following its consolidation on April 1, 2021 (the cash flows prior to April 1, 2021 are not presented as the InRe Fund was not consolidated):


	Nine Months Ended
	September 30, 2021
OPERATING ACTIVITIES
Net loss	$	(75,430)
Adjustments to reconcile net loss to cash flows:
Realized gains on sales of investments and derivatives	(597,171)
Unrealized losses on investments and derivatives	665,647
Sales of trading securities	3,367,676
Purchases of trading securities	(1,347,890)
Payments to cover securities sold short	(1,016,419)
Proceeds from securities sold short	460,514
Net receipt (payment) for derivative contracts	(66,132)
Changes in:
Due from brokers, excluding restricted cash	646,888
Receivable from investments sold	461,567
Due to brokers	50,254
Payable for investments purchased	(126,778)

Other	(302)
Subtotal	1,031,629
Net operating cash flows from the InRe Fund	2,422,424
INVESTING ACTIVITIES
Consolidation of the InRe Fund opening cash and restricted cash balances	574,081
Net investing cash flows from the InRe Fund	574,081
FINANCING ACTIVITIES

Enstar capital withdrawals (1)	(2,300,000)

Net cash used in financing activities (2)	(2,300,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	696,505
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	—
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	696,505

(1) Eliminated in the condensed consolidated statement of cash flows.

(2) In addition to the cash flows presented above, for the nine months ended September 30, 2021 the InRe Fund's non-cash financing activities included a third-party capital withdrawal from the InRe Fund totaling $61.4 million which was funded through the transfer of a trading security.

Fixed Maturity Investments

Asset Types

The fair value of the underlying asset categories comprising the InRe Fund's fixed maturity investments classified as trading were as follows:


	September 30, 2021

Convertible bonds	$	52,654
Corporate bonds	6,342
Total fixed maturity investments	$	58,996

Credit Ratings

The following table sets forth the credit ratings of the InRe Fund's fixed maturity investments classified as trading as of September 30, 2021:


	Amortized Cost		Fair Value		% of Total		A Rated			Non-Investment Grade			Non-Rated
Convertible bonds	$	57,469	$	52,654	89.3	%	$	—		$	—		$	52,654
Corporate bonds	6,339		6,342		10.7	%	1,894			4,448			—
Total	63,808		58,996		100.0	%	$	1,894		$	4,448		$	52,654
$ of total fair value							3.2		%	7.5		%	89.3		%

Equity Investments

The following table summarizes the InRe Fund's equity investments classified as trading:


	September 30, 2021
Publicly traded equity investments in common stocks	$	335,531
Exchange-traded funds	2,457
Total equity investments	$	337,988

Equity investments include publicly traded common stocks and exchange-traded funds. The InRe Fund's publicly traded equity investments in common stocks predominantly trade on major exchanges. The InRe Fund's investments in exchange-traded funds also trade on major exchanges.

Investment Income

Major categories of net investment income (expense) for the InRe Fund are summarized as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2021			September 30, 2021
Fixed maturity investments	$	972		$	1,428
Equity and other investments	2,250			4,389
Investment income	3,222			5,817
Investment expenses (1)	9,995			(12,771)
Net investment income (expense)	$	13,217		$	(6,954)

(1) Positive investment expense for the three months ended September 30, 2021 reflect the impact of a reversal of previously accrued InRe Fund expenses of $14.3 million.

Net Realized and Unrealized Gains (Losses)

Components of net realized and unrealized gains (losses) for the InRe Fund were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains on sale:
Fixed maturity securities	$	25,275	$	—	$	79,958	$	—
Equity investments	149,238		—		255,015		—
Other investments	(1,325)		—		(1,325)		—
Derivatives	102,278		—		263,523		—

Total net realized gains	$	275,466	$	—	$	597,171	$	—
Net unrealized gains (losses):
Fixed maturity securities	$	(54,372)	$	—	$	(74,175)	$	—
Equity investments	(265,659)		—		(199,039)		—
Other investments	(12,306)		—		(10,095)		—
Derivatives	(228,335)		—		(382,338)		—

Change in net asset value of the investment in the InRe Fund (1)	—		309,203		76,607		629,399
Total net unrealized gains (losses)	(560,672)		309,203		(589,040)		629,399
Net realized and unrealized gains (losses)	$	(285,206)	$	309,203	$	8,131	$	629,399

(1) Prior to the consolidation of the InRe Fund on April 1, 2021, all income or (loss) from the InRe Fund was determined by the change in NAV of our holdings in the fund, which was included within net unrealized gains (losses) from other investments.

Derivatives Not Designated or Not Qualifying as Net Investments in Hedging Instruments

The InRe Fund’s activities include the purchase and sale of a variety of derivative financial instruments. These derivatives are used for trading purposes and / or managing risk (including market, credit and interest rate risk) associated with the portfolio of investments within the fund.

Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange or they may be privately negotiated contracts. Derivative contracts, including options, swaps, contracts for differences, forwards and futures, may result in off-balance sheet risk as the InRe Fund’s obligations under these contracts may exceed the amounts recognized in the condensed consolidated balance sheets. All positions are reported in the condensed consolidated balance sheets at fair value and any change in fair value is reflected in the consolidated statements of earnings as a gain or loss in the period in which such change in fair value occurs.

The derivatives involve varying degrees of market, credit and interest rate risks as described below.

Market Risks

Market risks may arise from the InRe Fund's investments in equity options, contract for differences or futures (which could have unfavorable results due to changes in interest rates, foreign exchange rates, or the fair values of the instruments underlying the contracts). The InRe Fund's exposure to market risks is managed through monitoring of open positions, diversification of the portfolio and balancing the risk of movements in equity prices by entering positions designed to protect against market downturns. The InRe Fund is exposed to market risk equal to the notional value of derivative contracts purchased and is exposed to market risk in excess of the amount recognized in the consolidated balance sheets on certain derivative contracts that are sold short (which represent obligations of the InRe Fund to deliver the specified security at the contracted price at a future point in time, and thereby create a liability to repurchase the security in the market at the prevailing prices). The liability for securities sold short is marked to market based on the current fair value of the underlying security at the reporting date with changes in fair value recorded as unrealized gains or losses in the accompanying consolidated statements of earnings. These transactions may involve market risk in excess of the amount currently reflected in the accompanying condensed consolidated balance sheets.

Credit Risk

Credit risk arises from the potential inability of counterparties to perform in accordance with the terms of a contract (see “Counterparty Credit Risk” section below).

Interest Rate Risk

Interest rate risk arises due to changes in various interest rates and the related impact on valuation of investments within the InRe Fund.

The InRe Fund’s investments in instruments whose values vary with the level or volatility of interest rates exposes it to interest rate risk. These instruments include, but are not limited to, corporate bonds, convertible bonds, certain trading-related assets and liabilities and derivatives.

Financial Statement Presentation

The following table presents the notional values and estimated fair value by instrument as disclosed within the condensed consolidated balance sheet, before counterparty netting, as of September 30, 2021:


	September 30, 2021
	Fair Value		Notional Value
Derivatives Not Designated as Hedging Instruments
Derivative Assets
Option contracts	$	5,440	$	96,847
Forward contracts	966		41,000
Total derivative assets of the InRe Fund	$	6,406	$	137,847
Derivative Liabilities
Option contracts	$	20,601	$	193,695
Forward contracts	33,772		245,866
Total derivative liabilities of the InRe Fund	$	54,373	$	439,561

The following table presents the loss from derivative instruments included within the consolidated statements of earnings for the three and nine months ended September 30, 2021 (following consolidation of the InRe Fund on April 1, 2021):


	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Derivatives Not Designated as Hedging Instruments
Option contracts	$	(91,329)	$	(91,247)
Forward contracts	(34,728)		(27,568)
Total net (loss) from derivative instruments, presented as a component of net realized and unrealized gains	$	(126,057)	$	(118,815)

Counterparty Credit Risk

Credit risk is the risk of the potential inability of counterparties to perform under the terms of contracts. The InRe Fund is exposed to the credit risk relating to whether the counterparty will meet its obligations when they come due. The InRe Fund’s exposure to credit risk at any point in time is limited to amounts recorded as assets in the condensed consolidated balance sheets. The InRe Fund seeks to reduce its credit risk by dealing with reputable counterparties that are high credit quality institutions, and by seeking to negotiate master agreements with inputs that include netting provisions that incorporate the right of “set off” (assets less liabilities) across OTC contracts with such counterparties.

The following disclosure enables users of the financial statements to evaluate the effect or potential effect of netting arrangements on the InRe Fund's financial position for recognized assets and liabilities. These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set off criteria: (1) the amounts owed by the InRe Fund to another party are determinable; (2) the InRe Fund has the right to set off the amounts owed

with the amounts owed by the other party; (3) the InRe Fund intends to set off; and (4) the InRe Fund’s right of set off is enforceable at law.

As of September 30, 2021, the InRe Fund holds financial instruments and derivative instruments that are eligible for offset in the condensed consolidated balance sheet and are subject to a master netting arrangement. The master netting arrangement allows the counterparty to net applicable collateral held on behalf of the InRe Fund against applicable liabilities or payment obligations of the InRe Fund to the counterparty. These arrangements also allow the counterparty to net any of its applicable liabilities or payment obligations they have to the InRe Fund against any collateral sent to the InRe Fund.

The following table provides disclosure regarding the potential effect of offsetting of recognized assets presented in the condensed consolidated balance sheet:


As of September 30, 2021	Gross Amounts of Recognized Derivative Assets		Gross Derivative Liability Amounts Offset in the Balance Sheet		Net Amounts of Derivative Assets Presented in the Balance Sheet		Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet		Cash Collateral Received		Net Asset Amount
UBS AG	$	2,195	$	—	$	2,195	$	(2,195)	$	—	$	—
Morgan Stanley	3,160		—		3,160		(3,160)		—		—
Goldman Sachs	857		—		857		(857)		—		—
Merrill Lynch	85		—		85		(85)		—		—

Barclays Bank	109		—		109		(73)		—		36

Total	$	6,406	$	—	$	6,406	$	(6,370)	$	—	$	36

The following table provides disclosure regarding the potential effect of offsetting of recognized liabilities presented in the condensed consolidated balance sheet:


As of September 30, 2021	Gross Amounts of Recognized Derivative Liabilities		Gross Derivative Asset Amounts Offset in the Balance Sheet		Net Amounts of Derivative Liabilities Presented in the Balance Sheet		Gross Amounts of Derivative Assets Not Offset in the Balance Sheet		Cash Collateral Pledged (1)		Net Amount
UBS AG	$	(7,032)	$	—	$	(7,032)	$	2,195	$	4,837	$	—
Morgan Stanley	(20,066)		—		(20,066)		3,160		16,906		—
Goldman Sachs	(10,421)		—		(10,421)		857		9,564		—
Merrill Lynch	(14,906)		—		(14,906)		85		14,821		—
JP Morgan	(1,875)		—		(1,875)		—		—		(1,875)
Barclays Bank	(73)		—		(73)		73		—		—

Total	$	(54,373)	$	—	$	(54,373)	$	6,370	$	46,128	$	(1,875)

(1) Collateral amounts presented, if any, are limited to the derivative balances and, accordingly, do not include any excess collateral received or pledged. Total collateral pledged not presented above was $69.7 million with Barclays Bank Plc, $541.6 million with Goldman Sachs, $4.6 million with Merrill Lynch International, $33.8 million with Morgan Stanley and $0.3 million with UBS AG.

Fair Value Hierarchy

We have categorized the InRe Fund's assets and liabilities that are recorded at fair value on a recurring basis among levels based on the observability of inputs as follows:


	September 30, 2021
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Securities owned:
Equities	$	337,988	$	—	$	—	$	337,988

Convertible bonds	—		24,161		28,493		52,654
Corporate bonds	—		6,342		—		6,342
Total securities owned	337,988		30,503		28,493		396,984

Derivatives assets:
Option contracts	—		5,440		—		5,440
Forward contracts	—		966		—		966
Total derivative assets	—		6,406		—		6,406

Securities sold, not yet purchased:
Equities	(16)		—		—		(16)
Corporate bonds	—		(34,967)		—		(34,967)
Total securities sold, but not yet purchased	(16)		(34,967)		—		(34,983)

Derivative liabilities:
Option contracts	—		(20,601)		—		(20,601)
Forward contracts	—		(33,772)		—		(33,772)
Total Derivatives liabilities	$	—	$	(54,373)	$	—	$	(54,373)

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. There were no securities transferred to or from Level 3 by the InRe Fund during the three and nine months ended September 30, 2021.

The InRe Fund purchased a convertible bond during the three and nine months ended September 30, 2021 that is the only Level 3 investment measured at fair value on a recurring basis using unobservable inputs as of September 30, 2021. There were no other purchases, issuances, sales or settlements of Level 3 investments by the InRe Fund during the current period.

Net unrealized losses related to Level 3 assets were $1.5 million and are included in net realized and unrealized gains (losses) in the consolidated statements of earnings.

Valuation Techniques and Inputs

The table below presents the qualitative information related to the fair value measurements for the convertible bond investment measured at fair value on a recurring basis using Level 3 inputs:


Qualitative Information about Level 3 Fair Value Measurements
Fair Value as of September 30, 2021		Valuation Techniques	Unobservable Input	Range (Average)	Unrealized Loss
$	28,493	Broker Pricing	(1)	(1)	$	(1,507)

(1) Where quoted market prices in active markets are not available to estimate fair values for recognition and disclosure purposes, the InRe Fund uses Broker Pricing, a technique that relies on unobservable inputs for the determination of fair value and involves a level of judgement and uncertainty. Changes in the broker price that reasonably could have been different at the reporting date may result in a higher or lower determination of fair value.

Nonconsolidated VIEs

The tables below present the fair value of our investments in nonconsolidated VIEs as well as our maximum exposure to loss associated with these VIEs:


As of September 30, 2021	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
Equities
Publicly traded equity investment in common stock	$	66,257	$	—	$	66,257

Other investments
Hedge funds	$	215,378	$	—	$	215,378
Fixed income funds	135,819		67,797		203,616
Private equity funds	546,138		977,333		1,523,471
CLO equity funds	199,714		—		199,714
Private credit funds	—		50,000		50,000
Real estate funds	50,666		387,504		438,170
Other	446		—		446
Total	$	1,148,161	$	1,482,634	$	2,630,795

Total investments in nonconsolidated VIEs	$	1,214,418	$	1,482,634	$	2,697,052


As of December 31, 2020	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
Equities
Publicly traded equity investment in common stock	$	54,248	$	—	$	54,248

Other investments
Hedge fund	$	2,638,339	$	—	$	2,638,339
Fixed income funds	98,974		16,538		115,512
Private equity funds	361,691		761,969		1,123,660
CLO equity funds	166,524		—		166,524

Real estate funds	11,883		17,674		29,557
Other	474		—		474
Total	$	3,277,885	$	796,181	$	4,074,066

Total investments in nonconsolidated VIEs	$	3,332,133	$	796,181	$	4,128,314

Premiums Written and Earned

9 Months Ended

Sep. 30, 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:


	September 30, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,003,285	$	24,633	$	—	$	1,027,918
IBNR	452,153		45,010		—		497,163
ULAE	4,835		1,199		—		6,034
Fair value adjustments - acquired companies	—		—		(14,134)		(14,134)
Fair value adjustments - fair value option	—		—		(35,753)		(35,753)
Total reinsurance reserves recoverable	1,460,273		70,842		(49,887)		1,481,228
Paid losses recoverable	195,198		181		—		195,379
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607

Reconciliation to Condensed Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,148,615	$	71,023	$	(14,134)	$	1,205,504
Reinsurance balances recoverable on paid and unpaid losses - fair value option	506,856		—		(35,753)		471,103
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607


	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 Condensed 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

fair value adjustments on the retroactive reinsurance contracts for which we have elected the fair value option is described in Note 11 - "Fair Value Measurements."

Top Ten Reinsurers


	September 30, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,006,072	$	64,173	$	—	$	1,070,245	63.8	%
Other reinsurers > $1 million	627,182		6,210		(49,887)		583,505		34.8	%
Other reinsurers < $1 million	22,217		640		—		22,857		1.4	%
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607	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	%


	September 30, 2021		December 31, 2020
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		7
Number of top 10 non-rated reinsurers (1)	2		3

Reinsurers rated A- or better in top 10	$	802,087	$	863,819
Non-rated reinsurers in top 10 (1)	268,158		500,774
Total top 10 reinsurance recoverables	$	1,070,245	$	1,364,593

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of September 30, 2021 and December 31, 2020:

Lloyd's Syndicates (2)	$	296,198	$	331,118
Michigan Catastrophic Claims Association(3)	$	221,005	$	229,374

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

•$221.0 million and $229.4 million as of September 30, 2021 and December 31, 2020 respectively, due from Michigan Catastrophic Claims Association;

•$47.2 million as of September 30, 2021 due from Arden Re written on a funds withheld basis as discussed in Note 19 - "Related Party Transactions";

(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.

13. PREMIUMS WRITTEN AND EARNED

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross	$	(2,074)	$	42,522	$	3,535	$	20,426	$	28,110	$	198,292	$	1,707	$	52,899
Ceded	4,353		(3,642)		(111)		(2,950)		(11,172)		(44,172)		690		(8,876)
Net	$	2,279	$	38,880	$	3,424	$	17,476	$	16,938	$	154,120	$	2,397	$	44,023




Legacy Underwriting
Gross	$	7,496	$	27,923	$	107,942	$	178,208	$	48,585	$	114,042	$	458,923	$	522,486
Ceded	(3,926)		(15,209)		(17,807)		(33,960)		(26,534)		(64,048)		(92,526)		(102,563)
Net	$	3,570	$	12,714	$	90,135	$	144,248	$	22,051	$	49,994	$	366,397	$	419,923
Total
Gross	$	5,422	$	70,445	$	111,477	$	198,634	$	76,695	$	312,334	$	460,630	$	575,385
Ceded	427		(18,851)		(17,918)		(36,910)		(37,706)		(108,220)		(91,836)		(111,439)
Total	$	5,849	$	51,594	$	93,559	$	161,724	$	38,989	$	204,114	$	368,794	$	463,946

Debt Obligations and Credit Facilities

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

DEBT OBLIGATIONS AND CREDIT FACILITIES

14. 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:


					September 30, 2021				December 31, 2020
Facility	Origination Date	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
4.50% Senior Notes due 2022 (1)	March 10, 2017	5 years	$	280,444	$	(220)	$	280,224	$	(747)	$	349,253
4.95% Senior Notes due 2029	May 28, 2019	10 years	500,000		(5,173)		494,827		(5,806)		494,194
3.10% Senior Notes due 2031	August 24, 2021	10 years	500,000		(5,682)		494,318		—		—
Total Senior Notes							1,269,369				843,447
5.75% Junior Subordinated Notes due 2040	August 26, 2020	20 years	350,000		(4,991)		345,009		(5,188)		344,812
5.50% Enhanzed Re's Subordinated Notes due 2031	December 20, 2018	12.1 years	70,000		6,360		76,360		—		—
Total Subordinated Notes							421,369				344,812
EGL Revolving Credit Facility	August 16, 2018	5 years					—				185,000
Total debt obligations							$	1,690,738			$	1,373,259

(1) Principal was $350.0 million as of December 31, 2020.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense on debt obligations	$	17,882	$	14,652	$	49,685	$	41,522
Amortization of debt issuance costs	363		351		968		914
Funds withheld balances and other	(87)		—		(15)		—
Total interest expense	$	18,158	$	15,003	$	50,638	$	42,436

Debt Obligations

During the third quarter of 2021, we issued the 2031 Senior Notes. In conjunction with this offering, we completed a tender offer for a portion of our 2022 Senior Notes on August 25, 2021. The aggregate principal amount tendered was $69.6 million and we recorded a loss on the partial extinguishment of $1.7 million during the third quarter of 2021 which was included within general and administrative expenses on our condensed consolidated statements of earnings.

On September 1, 2021, we acquired the obligations under Enhanzed Re's 5.50% Subordinated Notes due 2031 which were issued in the aggregate amount of $70.0 million and have an $80.0 million ceiling, to Allianz, Enhanzed Re's minority shareholder. The 2031 Subordinated Notes were recorded at their determined fair value of $76.4 million as of the date of acquisition.

As of September 30, 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, $280.4 million; 2023, $0; 2024, $0; 2025, $0; and thereafter, $1.4 billion.

Credit and Deposit Facilities

We utilize unsecured and secured letters of credit ("LOCs") and a deposit facility to support certain of our (re)insurance performance obligations. We also utilize unsecured LOCs to support the regulatory capital requirements of certain of our subsidiaries.

Our credit and deposit facilities were as follows:


					Aggregate Amount Issued / Requested as Deposits / Face Amount
	Commitment		Additional Commitments Available (1)		September 30, 2021		December 31, 2020
$275.0 million Funds at Lloyd's LOC Facility (2)	$	275,000	$	75,000	$	210,000	$	210,000
$90.0 million Funds at Lloyd’s Deposit Facility (2)	90,000		10,000		90,000		—
$250.0 million LOC Facility	250,000		—		250,000		—
$100.0 million LOC Facility	100,000		—		100,000		—
$120.0 million LOC Facility	120,000		60,000		117,932		115,720
$800.0 million Syndicated LOC Facility (3)	800,000		—		565,642		587,122
$65.0 million LOC Facility	65,000		—		60,969		60,969
$100.0 million Bermuda LOC Facility (4)	100,000		—		100,000		100,000
£32.0 million United Kingdom LOC Facility (5)	£	32,000	£	—	$	43,074	$	43,692

(1) We may request additional commitments under the facility in an aggregate amount not to exceed this amount.

(2) The Funds at Lloyd's ("FAL") LOC and Deposit facilities will expire on December 31, 2022 and May 6, 2023, respectively. Under the FAL Deposit 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. As of September 30, 2021 and December 31, 2020, our combined FAL comprised cash and investments of $593.5 million (including $89.8 million provided under the FAL Deposit Facility) and $260.9 million, respectively, and unsecured LOCs of $210.0 million as of both dates.

(3) The December 31, 2020 aggregate amount of LOCs issued 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 condensed consolidated financial statements and is not considered material to previously issued financial statements.

(4) The LOC issued under this facility qualifies as Eligible Capital for one of our Bermuda regulated subsidiaries.

(5) The LOC issued under this facility qualifies as Ancillary Own Funds capital for one of our U.K. regulated subsidiaries.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Noncontrolling Interests

9 Months Ended

Sep. 30, 2021

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

15. NONCONTROLLING INTERESTSWe have both redeemable noncontrolling interest ("RNCI") and noncontrolling interest ("NCI") on our condensed consolidated balance sheets. RNCI with redemption features that are not solely within our control are classified within temporary equity in the condensed consolidated balance sheets and carried at fair value. The change in fair value is recognized through retained earnings. In addition, we also have NCI, which is carried at book value, does not have redemption features and is classified within equity in the condensed 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 4 - "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 September 30, 2021 relates only 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance at beginning of period	$	177,449	$	366,533	$	365,436	$	438,791

Distributions paid	—		—		(202,073)		—
Net earnings (losses) attributable to RNCI	3,793		20,997		17,979		(31,102)
Change in unrealized losses on AFS investments attributable to RNCI	(490)		1,220		(701)		7,593
Change in currency translation adjustments attributable to RNCI	665		(588)		1,506		(753)

Change in redemption value of RNCI	—		(11,431)		(730)		(38,059)
Cumulative effect of change in accounting principle attributable to RNCI	—		—		—		261
Balance at end of period	$	181,417	$	376,731	$	181,417	$	376,731

The decrease in RNCI for the nine months ended September 30, 2021 was primarily driven by the Atrium Exchange Transaction, which was completed on January 1, 2021, whereas the decrease in the nine months ended September 30, 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 September 30, 2021 and December 31, 2020, we had $227.1 million and $13.6 million, respectively, of NCI primarily related to external interests in four of our subsidiaries, including Enhanzed Re. 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

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

SHAREHOLDERS EQUITY

16. SHAREHOLDERS' EQUITY

Voting and Non-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 was able to 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.

On July 15, 2021, we terminated the Repurchase Program. Prior to termination and pursuant to the Repurchase Program, during the three and nine months ended September 30, 2021, we repurchased 45,311 and 93,678 ordinary shares, at an average price of $236.46 and $236.42, respectively, and for an aggregate price of $10.7 million and $22.1 million, respectively.

On July 22, 2021, we repurchased 3,749,400 of our ordinary shares, comprising (a) 1,747,840 of our voting ordinary shares, (b) 1,496,321 of our Series C non-voting ordinary shares, and (c) 505,239 of our Series E non-voting ordinary shares, held by funds managed by Hillhouse Group, a related party, for a price of $234.52 per share, totaling $879.3 million in aggregate. The shares represented the Hillhouse funds' entire interest in Enstar, which constituted 16.9% of our total ordinary shares and 9.4% of our voting ordinary shares.

Warrants

Warrants to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share were exercised on a non-cash basis during the nine months ended September 30, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period.

Dividends on Preferred Shares

During the three months ended September 30, 2021 and 2020, we declared and paid dividends on Series D Preferred Shares of $7.0 million and on Series E Preferred Shares of $1.9 million for both periods. During the nine months ended September 30, 2021 and 2020, we declared and paid dividends on Series D Preferred Shares of $21.0 million and on Series E Preferred Shares of $5.8 million for both periods.

Refer to Note 22 - "Subsequent Events" for additional information related to preferred share dividends declared subsequent to September 30, 2021.

Accumulated Other Comprehensive Income

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


	Three Months Ended
	September 30,
	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	$	(26,497)	$	787	$	(25,710)	$	21,198	$	—	$	21,198
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(2,482)		57		(2,425)		(2,379)		—		(2,379)
Reclassification adjustment for net realized (gains) losses included in net earnings	(2,211)		163		(2,048)		(9,488)		—		(9,488)

Change in currency translation adjustment	1,342		—		1,342		1,891		—		1,891


Other comprehensive income (loss)	$	(29,848)	$	1,007	$	(28,841)	$	11,222	$	—	$	11,222


	Nine Months Ended
	September 30,
	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	$	(83,586)	$	3,622	$	(79,964)	$	74,969	$	—	$	74,969
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	4,655		(149)		4,506		71		—		71
Reclassification adjustment for net realized (gains) losses included in net earnings	(3,710)		539		(3,171)		(13,498)		—		(13,498)
Reclassification to earnings on disposal of subsidiary	586		(111)		475		—		—		—
Change in currency translation adjustment	2,361		—		2,361		—		—		—


Other comprehensive income (loss)	$	(79,694)	$	3,901	$	(75,793)	$	61,542	$	—	$	61,542

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


	Three Months Ended
Details about AOCI components	September 30, 2021	September 30, 2020	Affected Line Item in Statement where Net Earnings are presented
Unrealized gains on fixed income available-for-sale investments	4,693	11,333	Net realized and unrealized gains
	—	534	Net loss from discontinued operations
	4,693	11,867	Total before tax
	(220)	—	Income tax benefit


Total reclassifications for the period, net of tax	4,473	11,867


	Nine Months Ended
Details about AOCI components	September 30, 2021	September 30, 2020	Affected Line Item in Statement where Net Earnings are presented
Unrealized gains (losses) on fixed income available-for-sale investments	(1,531)	12,227	Net realized and unrealized gains
	—	1,200	Net loss from discontinued operations
	(1,531)	13,427	Total before tax
	(279)	—	Income tax benefit


Total reclassifications for the period, net of tax	(1,810)	13,427

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

17. EARNINGS PER SHARE

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Net earnings (loss) from continuing operations (1)	$	(195,958)	$	612,636	$	364,565	$	896,267
Net earnings from discontinued operations (2)	—		2,377		—		478
Net earnings (loss) attributable to Enstar ordinary shareholders:	$	(195,958)	$	615,013	$	364,565	$	896,745

Denominator:
Weighted-average ordinary shares outstanding — basic (3)	18,349,483		21,578,106		20,502,755		21,564,447
Effect of dilutive securities:
Share-based compensation plans (4)	198,885		143,581		210,226		180,437
Warrants (5)	—		57,042		80,659		54,743

Weighted-average ordinary shares outstanding — diluted	18,548,368		21,778,729		20,793,640		21,799,627

Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic:
Net earnings (loss) from continuing operations	$	(10.68)	$	28.39	$	17.78	$	41.56
Net earnings from discontinued operations	—		0.11		—		0.02
Net earnings (loss) per ordinary share	$	(10.68)	$	28.50	$	17.78	$	41.58
Diluted (6):
Net earnings (loss) from continuing operations	$	(10.68)	$	28.13	$	17.53	$	41.12
Net earnings from discontinued operations	—		0.11		—		0.02
Net earnings (loss) per ordinary share	$	(10.68)	$	28.24	$	17.53	$	41.14

(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 earnings from discontinued operations attributable to Enstar ordinary shareholders equals net earnings from discontinued operations, net of income tax benefit (expense), plus net earnings from discontinued operations attributable to noncontrolling interest; refer to Note 4 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations" for a breakdown by period.

(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 and nine months ended September 30, 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 non-cash basis during the nine months ended September 30, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period. As of September 30, 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.

Income Taxation	9 Months Ended
Income Taxation	Sep. 30, 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 September 30, 2021 and 2020 were (5.5)% and 2.1%, respectively, and for the nine months ended September 30, 2021 and 2020 were 3.2% and 2.8%, 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. Deferred tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. Generally, when earnings are distributed as dividends, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to unremitted earnings because, solely for U.S. Federal income tax purposes, there are no accumulated positive earnings and profits that could be subject to U.S. dividend withholding tax. For our United Kingdom subsidiaries, there are no withholding taxes imposed as a matter of UK domestic tax law. For our other foreign subsidiaries, an insignificant amount of earnings is indefinitely reinvested; however, it would not be practicable to compute the related amounts of withholding taxes due to a variety of factors, including the amount, timing and manner of any repatriation. Because we operate in many jurisdictions, our net earnings are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate. Assessment of Valuation Allowance on Deferred Tax 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 and nine months ended September 30, 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 September 30, 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.

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RELATED PARTY TRANSACTIONS

Related Party Transactions

9 Months Ended

Sep. 30, 2021

19. RELATED PARTY TRANSACTIONSStone Point Capital LLC

As of September 30, 2021, investment funds managed by Stone Point Capital LLC ("Stone Point") own 1,635,986 of our Voting Ordinary Shares, which constitutes 9.7% of our outstanding Voting Ordinary Shares. James D. Carey, a managing director of Stone Point, is a member of our Board of Directors.

As of September 30, 2021, investment funds managed by Stone Point have a 39.3% interest in our subsidiary, StarStone Specialty Holdings Limited ("SSHL"). SSHL owns StarStone International. As of September 30, 2021, such investment funds own 76.3% of Northshore, the holding company that owns Atrium and Arden. Additional information relating to our remaining interest in Northshore is set forth under the heading "Northshore" below. As of September 30, 2021 and December 31, 2020, the RNCI on our balance sheet relating to these co-investment transactions was $173.9 million and $350.2 million, respectively.

On November 30, 2020, we completed the sale and recapitalization of StarStone U.S. to Core Specialty in a transaction described in Note 4 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations".

On January 1, 2021, we exchanged 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 4 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations".

We have made various investments in funds and separate accounts managed by Stone Point or affiliates of Stone Point, and we have also made direct investments in entities affiliated with Stone Point. Where we have made an investment in a fund, the manager of such fund generally charges certain fees to the fund, which are deducted from the net asset value.

We also have certain co-investments alongside Stone Point and its affiliates, including our investments in AmTrust and Northshore, which are described below, and Mitchell TopCo Holdings, the parent company of Mitchell International ("Mitchell"), and Genex Services in which we have invested $25.0 million. Mitchell provides third-party outsourcing managed care services to one of our subsidiaries in the ordinary course of its business.

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


	September 30, 2021		December 31, 2020

Short-term investments, AFS, at fair value	$	—	$	878
Fixed maturities, trading, at fair value	128,622		196,086
Fixed maturities, AFS, at fair value	314,971		227,397
Equities, at fair value	144,776		103,914
Other investments, at fair value:
Hedge funds	—		19,844
Fixed income funds	232,837		210,017

Private equity funds	56,393		37,262
CLO equities	35,720		38,658
CLO equity funds	199,215		166,523


Private Debt	19,401		27,016
Real estate fund	30,932		27,278
Total investments	1,162,867		1,054,873
Cash and cash equivalents	27,461		23,933
Other assets	1,590		403


Other liabilities	2,435		745
Net investment	$	1,189,483	$	1,078,464

As of September 30, 2021, we had unfunded commitments of $200.7 million to other investments, $34.5 million to privately held equity and $10.5 million to fixed maturity investments managed by Stone Point or its affiliated entities.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net investment income	$	3,823	$	2,312	$	8,701	$	11,189
Net realized and unrealized gains (losses)	22,795		35,925		70,027		(36,862)
Total net earnings (losses)	$	26,618	$	38,237	$	78,728	$	(25,673)

Hillhouse

On July 22, 2021, we repurchased 3,749,400 of our ordinary shares held by funds managed by Hillhouse Group (defined below) for a price of $234.52 per share, totaling $879.3 million in aggregate. The shares represented the Hillhouse funds' entire equity interest in Enstar, which constituted 16.9% of our total ordinary shares and 9.4% of our voting ordinary shares. As a result, the Hillhouse Group ceased to be a related party on the same date.

During the first quarter of 2021, Hillhouse Group exercised warrants on a non-cash 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 Group in the period.

We have historically made significant direct investments in funds (the "Hillhouse Funds") managed by Hillhouse Capital Management, Ltd. and Hillhouse Capital Advisors, Ltd. (together, "Hillhouse Group") and AnglePoint Asset Management Ltd., an affiliate of Hillhouse Group ("AnglePoint Cayman"). From February 2017 to February 2021, Jie Liu, a partner of AnglePoint HK (defined below), served on our Board.

On February 21, 2021, we entered into a Termination and Release Agreement (the "TRA") with the InRe Fund, Hillhouse Group, 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 Group 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 the 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 Group on the same day. AnglePoint Cayman simultaneously assigned its investment management agreement with the InRe Fund to AnglePoint HK. The Designation Agreement required 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 was consolidated effective April 1, 2021.

As of December 31, 2020, the carrying value (i.e., the net asset value) of our direct investment in the InRe Fund, which was then managed by AnglePoint Cayman, was $2.4 billion. Hillhouse Group and AnglePoint Cayman charged 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 September 1, 2021, we completed the purchase of the Hillhouse Group's entire 27.7% interest in Enhanzed Re for a purchase price of $217.1 million. Following the completion of the transaction, our equity interest in Enhanzed Re increased from 47.4% to 75.1%, resulting in the consolidation of Enhanzed Re, which was previously accounted for as an equity method investment. On the same date, we assumed the Hillhouse Group's remaining outstanding capital commitment to Enhanzed Re of $40.2 million.

As of December 31, 2020, Enhanzed Re was an equity method investee and had investments in a fund managed by AnglePoint Cayman, as set forth in the table below. Our condensed consolidated balance sheet included the following balances related to transactions with Hillhouse Group and its affiliates (as applicable):


	December 31, 2020
Investments in funds managed by AnglePoint Cayman, held by Enhanzed Re	$	851,435
Our ownership percentage of Enhanzed Re	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)	$	403,580

Investment in other funds managed by Hillhouse Group and its affiliates:
InRe Fund (1)	$	2,365,158
Other funds	369,508
	$	2,734,666

(1) Effective April 1, 2021, AnglePoint HK assumed the role of manager of the InRe Fund as described above refer to AnglePoint HK disclosures below.

During the second quarter of 2021, Enhanzed Re redeemed $902.2 million of its investments in funds managed by AnglePoint Cayman.

The following table presents the amounts included in net earnings related to our related party transactions with Hillhouse Group and its affiliates:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
InRe Fund (1) (2)	$	—	$	309,203	$	76,607	$	629,399
Other Funds	—		37,860		20,871		73,244
Net realized and unrealized gains	$	—	$	347,063	$	97,478	$	702,643

(1) Effective April 1, 2021, AnglePoint HK assumed the role of manager of the InRe Fund as described above; refer to AnglePoint HK disclosures below.

(2) The nine months ended September 30, 2021 includes the impact of a deduction of $100.0 million from amounts due to affiliates of Hillhouse Group from the InRe Fund, which had the effect of increasing our NAV in the InRe Fund on February 21, 2021.

AnglePoint HK

As of September 30, 2021, the carrying value (i.e., the net asset value) of our direct investment in the InRe Fund and another fund, which is managed by AnglePoint HK (defined and discussed above), was $447.7 million and $10.2 million, respectively.

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 Group on the same day. AnglePoint Cayman simultaneously assigned its investment management agreement with the InRe Fund to AnglePoint HK. Pursuant to the Designation Agreement, we entered into amendments to the investment management agreement and limited partnership agreement with AnglePoint HK that provided that AnglePoint HK's fees for managing the InRe Fund would consist of a reimbursement of AnglePoint HK's reasonable operating expenses, plus a performance fee equal to 10% of our return on investment in the InRe Fund. For calendar year 2021, there is also a minimum performance fee payable to AnglePoint HK of $10.0 million. As described in Note 22 - "Subsequent Events," we terminated the AnglePoint HK investment management agreement with the InRe Fund on October 15, 2021.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021			2021
InRe Fund	$	13,217		$	(6,954)
Other Fund	—			—
Net investment income (expenses) (1)	13,217			(6,954)
InRe Fund	(285,206)			(68,476)
Other Fund	240			240
Net realized and unrealized losses	(284,966)			(68,236)
	$	(271,749)		$	(75,190)

(1) The InRe Fund net investment expenses primarily include management and performance fee accruals which were previously included in the change in NAV and included within net realized and unrealized gains prior to consolidation of the fund.

Northshore

Following the completion of the Exchange Transaction with the Stone Point managed Trident V Funds on January 1, 2021 as described in Note 4 - "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 $35.0 million as of September 30, 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 condensed consolidated balance sheet included the following balances between us and Arden:


	September 30, 2021
Balances under LPT Retrocession Agreement:
Premiums Receivable	$	12,881
Loss and loss adjustment expenses	12,578
Other liabilities	256

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021		2021
Transactions under LPT Retrocession Agreement:
Net incurred losses and LAE	$	20	$	366
Interest expense	20		(63)
Total net earnings	$	40	$	303

Furthermore, as described in Note 4 - "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.


	December 31, 2020
Distributions of SGL No.1 Share of Syndicate 609 results	$	19,115
Due to Arden under reinsurance agreement	(7,965)
Due to Atrium 5 limited under capacity lease agreement	(11,150)
Net balances with Northshore Group	$	—

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 condensed consolidated financial statements.

Our condensed consolidated balance sheet includes the following balances related to our participation in Atrium's Syndicate 609 through our wholly-owned subsidiary SGL No. 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 No. 1 to Atrium under a capacity lease tenancy agreement as described further below:


	September 30, 2021
Balances under quota share agreement

Fixed maturities, trading, at fair value	$	187,102
Fixed maturities, available-for-sale, at fair value	944
Other investments, at fair value	13,919
Cash and cash equivalents	23,303
Restricted cash and cash equivalents	5,975
Premiums receivable	6,741
Reinsurance balances recoverable on paid and unpaid losses	71,023
Funds held by reinsured companies	36,912
Other assets	1,817
Losses and loss adjustment expenses	233,739

Insurance and reinsurance balances payable	74,626
Other liabilities	28,035


Balances under lease capacity agreement
Other liabilities	$	12,023

Our condensed consolidated statement of earnings included the following amounts related to our participation in Atrium's Syndicate 609 through our wholly-owned subsidiary SGL No. 1. These amounts reflect the impact of cessions by SGL No. 1 to Arden under a quota share reinsurance agreement with the net results arising from our participation being payable by SGL No. 1 to Atrium under a capacity lease tenancy agreement as described further below:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021		2021
Transactions under quota share agreement
Net premiums earned	$	12,714	$	49,994
Net investment income	295		1,341
Net realized and unrealized losses	(527)		(1,626)
Other expense	(4,093)		(2,811)
Net incurred losses and loss adjustment expenses	(5,498)		(20,257)
Acquisition costs	(2,894)		(12,793)
General and administrative expenses	(2,061)		(5,563)


Transactions under lease capacity agreement



Other income (expense)	$	2,064	$	(8,285)




Total net earnings	$	—	$	—

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 No. 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 ReOn July 27, 2021, we entered into a subscription agreement with Monument Insurance Group Limited ("Monument Re") with the other common shareholders to subscribe to a newly issued class of Monument Re preferred stock. As part of this agreement, our existing classes of preferred shares in Monument Re (including any accrued unpaid dividends thereon) will be exchanged for the new class of preferred shares. In connection with the transaction we will continue to own 20.0% of the common shares of Monument Re and 13.2% of the new class of preferred shares upon closing on a committed capital basis. The subscription agreement is subject to customary closing conditions including regulatory approvals and amending the existing shareholders’ agreement and bye-laws of Monument Re. A fund managed by Stone Point Capital has agreed to acquire 11.4% of the new class of preferred shares. The transaction is expected to close before the end of the first quarter of 2022.

Our investment in the common and preferred shares of Monument Re, which is included in equity method investments on our condensed consolidated balance sheet, as of September 30, 2021 and December 31, 2020 was $202.1 million and $193.7 million, respectively.

During the three months ended September 30, 2021 and 2020 our share of net earnings on our investment in Monument Re was $2.6 million and $65.2 million, respectively. During the nine months ended September 30, 2021 and 2020 our share of net earnings on our investment in Monument Re was $19.3 million and $63.7 million, respectively.

One of our representatives serves on Monument Re's board of directors. During the three and nine months ended September 30, 2021 and 2020 we received director fees from Monument of $0 and less than $0.1 million, respectively, and $0.1 million and $0.1 million, respectively.

AmTrust

We own 8.4% of the equity interest in Evergreen Parent L.P. ("Evergreen") and Trident Pine Acquisition LP ("Trident Pine") owns 21.8%. Evergreen owns all of the equity interest in AmTrust Financial Services, Inc. (“AmTrust"). Trident Pine is an entity owned by private equity funds managed by Stone Point.

Our indirect investment in the shares of AmTrust, carried in equities on our condensed consolidated balance sheet, as of September 30, 2021 and December 31, 2020 was $225.9 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net investment income	$	1,516	$	—	$	4,502	$	4,367
Net realized and unrealized gains (losses)	(1,515)		45		(4,460)		3,854
Total net earnings	$	1	$	45	$	42	$	8,221

Citco

As of September 30, 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 III Limited ("Citco"). Pursuant to an investment agreement and in consideration for participation therein, a related party of Hillhouse Group provided us with investment support. As of September 30, 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 condensed consolidated balance sheet, as of September 30, 2021 and December 31, 2020 was $54.4 million and $53.0 million, respectively.

During the three months ended September 30, 2021 and 2020 our share of net earnings on our indirect investment in Citco was $0.5 million and $0.4 million, respectively. During the nine months ended September 30, 2021 and 2020 our share of net earnings on our indirect investment in Citco was $1.9 million and $0.7 million, respectively.

Enhanzed Re

Enhanzed Re was a joint venture between Enstar, Allianz SE ("Allianz") and Hillhouse Group that was capitalized in December 2018. Enhanzed Re is a Bermuda-based Class 4 and Class E reinsurer that reinsures life, non-life run-off, and property and casualty insurance business, initially sourced from Allianz and Enstar. Enstar, Allianz and Hillhouse Group have made initial equity investment commitments in the aggregate of $470.0 million to Enhanzed Re.

On September 1, 2021, we completed the purchase of the Hillhouse Group's entire 27.7% interest in Enhanzed Re for a purchase price of $217.1 million and assumed its remaining outstanding capital commitment to Enhanzed Re of $40.2 million. Following the completion of the transaction, our equity interests in Enhanzed Re increased from 47.4% to 75.1% with Allianz continuing to own the remaining 24.9%. Upon closing, we consolidated Enhanzed Re (previously accounted for as an equity method investment) and as a result, it ceased to be a related party on the same date.

Enstar acts as the (re)insurance manager for Enhanzed Re, and an affiliate of Allianz provides investment management services to Enhanzed Re.

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

During the three months ended September 30, 2021 and 2020 our share of net earnings (loss) on our investment in Enhanzed Re was $(22.1) million and $82.8 million, respectively. During the nine months ended September 30, 2021 and 2020 our share of net earnings on our investment in Enhanzed Re was $81.6 million and $88.7 million, respectively.

We have ceded 10% of the 2019 Zurich transaction, the 2020 AXA Group transaction and the 2021 Liberty Mutual, CNA transactions and AXA Group, which are described in Note 3 - "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 condensed consolidated balance sheet included the following balances between us and Enhanzed Re:


	December 31, 2020
Balances under ceding quota share:
Reinsurance balances recoverable	$	208,379
Funds held	193,981
Insurance balances payables	1,276

Other assets	730

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amounts under ceding quota share:
Ceded premium earned	$	(333)	$	—	$	(1,974)	$	—
Fees and commission income	90		393		323		393
Net investment expense	(1,565)		(819)		(4,002)		(819)
Net realized and unrealized gains (losses)	167		(679)		299		(679)
Other income	412		2,881		1,874		—
Net incurred losses and LAE	(1,090)		(1)		(36)		(14)
Acquisition costs	638		(46)		1,011		(23)
Total net earnings (loss)	$	(1,681)	$	1,729	$	(2,505)	$	(1,142)

Change in unrealized gains (losses) on AFS investments	1,913		(2,239)		625		(2,239)

Core Specialty

Following the sale and recapitalization of StarStone U.S. as described in Note 4 - "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 condensed consolidated balance sheet, was $229.2 million as of September 30, 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 4 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations", as well as in Note 15 - "Noncontrolling Interests", our investment in Core Specialty was reduced by $4.0 million as of September 30, 2021. During the three and nine months ended September 30, 2021 our share of net earnings (loss) on our investment in Core Specialty was $4.9 million and $(1.8) million, respectively. 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 nine months ended September 30, 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 condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 included the following balances between us and Core Specialty:


	September 30, 2021		December 31, 2020
Balances under assuming quota share, LPT and ADC reinsurances:
Funds held by reinsured companies	$	45,370	$	58,086
Other assets	8,345		38,846
Premiums receivable	51		—
Reinsurance balances recoverable on paid and unpaid losses	476		—
Losses and loss adjustment expenses	590,228		682,637
Insurance and reinsurance balances payable	11,005		24,806
Other liabilities	101		5,003

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

Balances under service agreements:
Other assets	6,141		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		Nine Months Ended
	September 30, 2021		September 30, 2021
Transactions under assuming quota share, LPT and ADC reinsurances:
Net premiums earned	$	4,595	$	7,530
Net incurred losses and loss adjustment expenses	(12,001)		(2,780)
Acquisition costs	(951)		2,266
Net investment expense	(121)		—
Other income	185		170

Transactions under service agreements:
Fees and commission income	3,016		10,515

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

Total net earnings (loss)	$	(5,277)	$	18,253

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 and funds held - directly managed. 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 September 30, 2021, we had a significant funds held concentration of $3.3 billion (December 31, 2020: $955.0 million) and $1.2 billion (December 31, 2020: $182.4 million) to reinsured companies with financial strength credit ratings of A+ from A.M. Best and AA from S&P, and A+ from A.M. Best and AA- from S&P, respectively. 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 counterparties noted above, exceeded 10% of shareholders’ equity as of September 30, 2021. Our credit exposure to the U.S. government was $1.3 billion as of September 30, 2021 (December 31, 2020: $1.4 billion). For additional information relating to credit risk for the InRe Fund, refer to Note 12 - "Variable Interest Entities." 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 condensed 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 or bad faith, 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 September 30, 2021, we had unfunded commitments of $1.5 billion to other investments, $44.7 million to privately held equity, $10.5 million to fixed maturity investments and $108.9 million to our majority owned subsidiary Enhanzed Re. Guarantees As of September 30, 2021 and December 31, 2020, parental guarantees and capital instruments supporting subsidiaries' (re)insurance obligations were $2.1 billion and $1.7 billion, respectively. We also guarantee the Junior Subordinated Notes, which are described in Note 14 - "Debt Obligations and Credit Facilities." 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.

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

21. SEGMENT INFORMATION

Effective January 1, 2021, we revised our segment structure to align with how our chief operating decision maker ("CODM"), who was determined to be our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Following the acquisition of Enhanzed Re on September 1, 2021, our business is organized into four reportable segments:

(i) Run-off: consists of our acquired property and casualty and other (re)insurance business and StarStone International (from January 1, 2021) following our decision to place it into an orderly run-off. This segment also includes our consulting and management business, which manages the run-off portfolios of third parties through our service companies. Our 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 claims management expertise, including settling claims for lower than outstanding ultimate loss estimates and implementation of reinsurance and commutation strategies;

(ii) Enhanzed Re: consists of life and catastrophe business that we have assumed via the acquisition of the controlling interest in Enhanzed Re. Our primary objective of the Enhanzed Re segment is to reinsure products that focus on longevity and investment risks. We seek to deliver returns by taking advantage of our composite capital structure and product expertise;

(iii) Investments: consists of our investment activities and the performance of our investment portfolio, excluding those investable assets attributable to our Legacy Underwriting segment. Our primary objective of the Investments segment is to obtain the highest possible risk and capital adjusted returns while maintaining prudent diversification of assets and operating within the constraints of a global regulated (re)insurance company. We additionally consider the liquidity requirements and duration of our claims, policyholder benefits and contract liabilities; and

(iv) Legacy Underwriting: consists of businesses that we have either, in the case of Atrium, exited via the sale of the majority of our interest in or, in the case of StarStone International (included in the Legacy Underwriting Segment through December 31, 2020), placed into run-off. 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. For further information on the Exchange Transaction and the StarStone International Run-off, refer to Note 4 - "Divestitures, Held-for-Sale Businesses and Discontinued Operations."

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 associated with the acquisition of companies, (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 purchases and sales 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.

Items (b), (c) and (d) highlighted above are included within corporate and other activities since the CODM evaluates the performance of the Run-off and Legacy Underwriting segments without consideration of these amounts. Refer to "(p) Acquisitions, Goodwill and Intangible Assets" and "(q) Retroactive Reinsurance" within 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 information.

Our assets are reviewed on a consolidated basis by management for decision making purposes since they support business operations across all of our four reportable segments as well as our corporate & other activities. We do not allocate assets to our reportable segments with the exception of reinsurance balances recoverable on paid and unpaid losses and goodwill that are directly attributable to our reportable segments.

Expenses that are directly attributable to our four reportable segments are disclosed under those segments while non-direct expenses, as well as costs related to shared services that are not directly attributable to our

reportable segments, are allocated to our reportable segments as well as to our corporate and other activities, on the basis of the actual or proportion of benefit derived from the services provided.Following the re-organization of our reportable segments during the first quarter of 2021 as detailed above, we restated the prior period comparatives to conform to the current period presentation.The following tables set forth selected and condensed consolidated statement of earnings results by segment and for our corporate and other activities:


	Three Months Ended
	September 30, 2021
	Run-off		Enhanzed Re (1)		Investments (1)		Legacy Underwriting		Corporate & Other (2)		Total
INCOME
Net premiums earned	$	38,880	$	—	$	—	$	12,714	$	—	$	51,594
Fees and commission income	6,653		—		—		—		—		6,653
Net investment income	—		—		92,430		295		—		92,725
Net realized and unrealized losses	—		—		(272,738)		(527)		—		(273,265)
Other income (expense)	5,979		—		—		(2,029)		1,328		5,278
Net gain on purchase and sales of subsidiaries	—		—		—		—		46,688		46,688
	51,512		—		(180,308)		10,453		48,016		(70,327)
EXPENSES
Net incurred losses and loss adjustment expenses	(50,140)		—		—		5,498		17,931		(26,711)

Acquisition costs	8,053		—		—		2,894		—		10,947
General and administrative expenses	47,062		—		8,786		2,061		35,590		93,499
	4,975		—		8,786		10,453		53,521		77,735
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	46,537		—		(189,094)		—		(5,505)		(148,062)
Loss from equity method investments	—		—		(14,147)		—		—		(14,147)

SEGMENT INCOME (LOSS)	$	46,537	$	—	$	(203,241)	$	—	(5,505)		(162,209)
Interest expense									(18,158)		(18,158)
Net foreign exchange gains									2,584		2,584
Income tax expense									(9,839)		(9,839)
NET LOSS											(187,622)
Net loss attributable to noncontrolling interest									589		589
NET LOSS ATTRIBUTABLE TO ENSTAR											(187,033)
Dividends on preferred shares									(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									$	(39,254)	$	(195,958)

(1) On September 1, 2021, we acquired control of Enhanzed Re through a step acquisition. Prior to that date, the results of Enhanzed Re were recorded in earnings from equity method investments within the Investments segment. As we record Enhanzed Re's results on a one quarter lag, there are no Enhanzed Re operating results to report for this quarter.

(2) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. 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
	September 30, 2020
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	17,476	$	—	$	144,248	$	—	$	161,724
Fees and commission income	3,637		—		7,150		—		10,787
Net investment income	—		64,054		8,076		—		72,130
Net realized and unrealized gains	—		486,671		13,334		—		500,005
Other income (expense)	55,659		—		171		(7,426)		48,404
	76,772		550,725		172,979		(7,426)		793,050
EXPENSES
Net incurred losses and loss adjustment expenses	(1,976)		—		75,874		35,788		109,686

Acquisition costs	2,730		—		34,978		—		37,708
General and administrative expenses	42,173		7,549		32,669		33,437		115,828
	42,927		7,549		143,521		69,225		263,222
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	33,845		543,176		29,458		(76,651)		529,828
Earnings from equity method investments	—		149,065		—		—		149,065
SEGMENT INCOME (LOSS)	$	33,845	$	692,241	$	29,458	(76,651)		678,893
Interest expense							(15,003)		(15,003)
Net foreign exchange losses							(8,156)		(8,156)
Income tax expense							(13,915)		(13,915)
NET EARNINGS FROM CONTINUING OPERATIONS									641,819
Net earnings from discontinued operations, net of income taxes							4,031		4,031
NET EARNINGS									645,850
Net earnings attributable to noncontrolling interest							(21,912)		(21,912)
NET EARNINGS ATTRIBUTABLE TO ENSTAR									623,938
Dividends on preferred shares							(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	(140,531)	$	615,013

(1) Other income (expense) for corporate and other activities includes the amortization of fair value adjustments associated with the acquisition of DCo and Morse TEC. 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.


	Nine Months Ended
	September 30, 2021
	Run-off		Enhanzed Re (1)		Investments (1)		Legacy Underwriting		Corporate & Other (2)		Total
INCOME
Net premiums earned	$	154,120	$	—	$	—	$	49,994	$	—	$	204,114
Fees and commission income	24,525		—		—		—		—		24,525
Net investment income	—		—		229,620		1,341		—		230,961
Net realized and unrealized gains (losses)	—		—		112,793		(1,626)		—		111,167
Other income (expense)	23,490		—		—		(11,096)		(9,924)		2,470
Net gain on purchase and sales of subsidiaries	—		—		—		—		61,582		61,582
	202,135		—		342,413		38,613		51,658		634,819
EXPENSES
Net incurred losses and loss adjustment expenses	(62,512)		—		—		20,257		(659)		(42,914)

Acquisition costs	37,124		—		—		12,793		—		49,917
General and administrative expenses	138,791		—		24,629		5,563		100,233		269,216
	113,403		—		24,629		38,613		99,574		276,219
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	88,732		—		317,784		—		(47,916)		358,600
Earnings from equity method investments	—		—		100,825		—		—		100,825
SEGMENT INCOME (LOSS)	$	88,732	$	—	$	418,609	$	—	(47,916)		459,425
Interest expense									(50,638)		(50,638)
Net foreign exchange gains									9,089		9,089
Income tax expense									(13,279)		(13,279)


NET EARNINGS											404,597
Net earnings attributable to noncontrolling interest									(13,257)		(13,257)
NET EARNINGS ATTRIBUTABLE TO ENSTAR											391,340
Dividends on preferred shares									(26,775)		(26,775)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									$	(142,776)	$	364,565


	Nine Months Ended
	September 30, 2020
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	44,023	$	—	$	419,923	$	—	$	463,946
Fees and commission income	12,588		—		15,737		—		28,325
Net investment income	—		215,280		26,007		—		241,287
Net realized and unrealized gains	—		838,483		69		—		838,552
Other income (expense)	84,321		—		321		(16,881)		67,761

	140,932		1,053,763		462,057		(16,881)		1,639,871
EXPENSES
Net incurred losses and loss adjustment expenses	(89,418)		—		276,787		152,309		339,678

Acquisition costs	13,226		—		119,592		—		132,818
General and administrative expenses	118,026		21,817		128,789		90,454		359,086
	41,834		21,817		525,168		242,763		831,582
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	99,098		1,031,946		(63,111)		(259,644)		808,289
Earnings from equity method investments	—		152,725		—		—		152,725
SEGMENT INCOME (LOSS)	$	99,098	$	1,184,671	$	(63,111)	(259,644)		961,014
Interest expense							(42,436)		(42,436)
Net foreign exchange losses							(1,375)		(1,375)
Income tax expense							(25,295)		(25,295)
NET EARNINGS FROM CONTINUING OPERATIONS									891,908
Net earnings from discontinued operations, net of income taxes							810		810
NET EARNINGS									892,718
Net loss attributable to noncontrolling interest							30,802		30,802
NET EARNINGS ATTRIBUTABLE TO ENSTAR									923,520
Dividends on preferred shares							(26,775)		(26,775)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	(323,913)	$	896,745

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.

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Business Combination and Asset Acquisition [Abstract]

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

22. SUBSEQUENT EVENTS

Significant New Business

The table below sets forth a summary of significant new business that was announced or completed subsequent to September 30, 2021:

Transaction

Date Transaction Announced or Completed

Initial Estimate of Liabilities Assumed

Type of Transaction and Primary Nature of Business

RSA

Completed on October 1, 2021

94,225

ADC on a diversified mix of commercial and personal insurance lines across the U.K. and Ireland

Related Party Transactions

On October 15, 2021, we delivered written notice to AnglePoint HK of our decision to terminate the investment management agreement among InRe Fund, the general partner of InRe Fund and AnglePoint HK. At the same time, InRe Fund, the general partner of InRe Fund and Neuberger Berman Investment Advisers LLC (“Neuberger Berman”) entered into an investment management agreement pursuant to which Neuberger Berman was retained as investment manager to oversee an orderly liquidation of InRe Fund.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 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. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
Basis of Consolidation	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	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	Use of EstimatesThe preparation of financial statements in accordance with U.S. GAAP requires us 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.
Life Reinsurance	Life Reinsurance We assess life reinsurance contracts to determine if they possess significant mortality or morbidity risk, and those contracts that do not possess a significant mortality or morbidity risk are considered investment contracts where we do not recognize revenue or expenses within the condensed consolidated statements of earnings and assets and liabilities are presented gross on the condensed consolidated balance sheets. The consideration received for life reinsurance contracts is calculated as the fair value of the assets received net of commissions, brokerage, or fronting fees.
Future Policyholder Benefits	Future Policyholder Benefits Our current life reinsurance contract includes traditional single payment premium immediate annuities, life contingent deferred annuities, and whole of life policies all possessing significant mortality risk in the form of longevity risk. Future policyholder benefit provisions are established based on the present value of anticipated future cash flows and are based on estimates of future investment yields and mortality rates. Management's assumptions include provisions for adverse deviation. Future policyholder benefits are set by utilizing management's best estimates of mortality rates, investment yields, policy expenses, and other assumptions by reference to cedant historical data, regional mortality tables, industry standards, and other available information sources as may be reasonably available. These estimates include provisions for adverse deviation. The provision for future policyholder benefits, therefore, is subject to uncertainty and ultimate future policyholder benefits may differ materially from the amounts recorded in the financial statements. These assumptions are locked in at contract inception or assumption and only modified if it is deemed that the provision for future policyholder benefits are insufficient or DAC are unrecoverable. The actual versus anticipated experience of the assumptions are reviewed periodically. The effects of changes in assumptions are recorded to the consolidated statements of earnings as unlocking adjustments in the period in which the changes are made.
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 and accelerate amortization of the premium associated with the callable debt to the earliest call date. 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 condensed 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 condensed 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 condensed 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 condensed 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." In addition, the following accounting pronouncements were issued by the FASB during the nine months ended September 30, 2021 or became applicable upon the acquisition of Enhanced Re and have yet to be adopted. ASU 2018-12 - Targeted Improvement to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates: •Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the condensed consolidated statement of earnings; •Use upper-medium grade fixed-income instrument discount rates to discount future cash flows with the impact of these changes recognized in other comprehensive income; •Require market risk benefits to be measured at fair value, and the change in fair value of the market risk benefits is to be measured in net earnings, excluding the portion attributable to changes in instrument-specific credit risk which is recognized in other comprehensive income; •Simplify amortization of DAC by amortizing on a constant level basis in proportion to premiums, gross profits, or gross margins over the expected term of the related contract; and •Introduce new disclosure requirements around the provisions for future policyholder benefits, policyholder account balances, market risk benefits, separate account liabilities, and DAC, which includes information about significant inputs, judgments, assumptions and methods used in measurement. These amendments are effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted and certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. We are currently evaluating the impact of ASU 2018-12 on our condensed consolidated financial statements and disclosures. ASU 2021-04 - Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity - Classified Written Call Options In May 2021, the FASB issued ASU 2021-04 which requires issuers to account for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange based on the economic substance of the modification or exchange. Under the ASU, an issuer considers the facts and circumstances of a modification or exchange and accounts for the resulting change in fair value of the written call option based on whether the transaction was done to issue equity, to issue or modify debt, or for other reasons. The guidance clarifies that to the extent applicable, issuers should first reference other GAAP to account for the effect of a modification. If other GAAP is not applicable, the guidance clarifies whether to account for the modification or exchange as either (i) an adjustment to equity, or (ii) an expense. The ASU is to be applied prospectively and is effective for annual periods beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted, but entities need to apply the guidance as of the beginning of the fiscal year in which they early adopt it. The adoption of ASU 2021-04 is not expected to have an impact on our condensed consolidated financial statements and disclosures.

Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Estimated Provisional Net Effect


	Fair Value of Net Assets Acquired, Before Settlement of Pre-existing Relationships		Net Effect of Settlement of Pre-existing Relationships		Net Effect of Step Acquisition
ASSETS

Fixed maturities, trading, at fair value	$	49,292	$	—	$	49,292
Funds held - directly managed	2,576,956		(304,250)		2,272,706
Equities, at fair value	854,615		—		854,615
Other investments, at fair value	13,867		—		13,867
Total investments	3,494,730		(304,250)		3,190,480
Cash and cash equivalents	11,508		—		11,508


Funds held by reinsured companies	213,643		—		213,643
Other assets	7,667		—		7,667
TOTAL ASSETS	$	3,727,548	$	(304,250)	$	3,423,298
LIABILITIES
Losses and loss adjustment expenses	$	1,113,386	$	(271,338)	$	842,048
Future policyholder benefits	1,539,000		—		1,539,000
Debt obligations	76,434		—		76,434
Insurance and reinsurance balances payable	101,866		(5,639)		96,227
Other liabilities	16,244		(7,588)		8,656
TOTAL LIABILITIES	2,846,930		(284,565)		2,562,365

NET ASSETS ACQUIRED AT FAIR VALUE	$	880,618	$	(19,685)	$	860,933
Less:
Cash consideration paid to Hillhouse Group affiliate					$	217,086
Fair value of previously held equity method investment					417,413
Fair value of noncontrolling interest					219,274
Adjustment for the fair value of pre-existing relationships					(19,685)
Total purchase price					834,088
Bargain purchase gain					$	26,845

Results of Operations of Acquiree


	Supplemental Pro Forma Financial Information (Unaudited)
	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Total income	(85,599)	969,784	876,978	1,887,863
Net earnings	(257,594)	736,746	447,632	1,026,929
Net earnings attributable to Enstar	(245,379)	671,361	391,445	1,011,172
Net earnings attributable to Enstar ordinary shareholders	(254,304)	662,436	364,670	984,397

Significant New Business (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Significant New Business

The table below sets forth a summary of significant new business that we have completed between January 1, 2020 and September 30, 2021:


Transaction	Date Completed	Total Assets Assumed		Deferred Charge Asset (1)		Total Assets from Transactions		Total Liabilities Assumed		Net Fair Value Adjustment (2)		Total Liabilities from Transactions		Type of Transaction and Primary Nature of Business
ProSight	August 4, 2021	$	478,293	$24,013		$	502,306	$	502,306	N/A		$	502,306	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
Hiscox	June 3, 2021	532,394		N/A		532,394		532,394		N/A		532,394		LPT of diversified legacy insurance business, including surplus lines broker business
Coca-Cola	May 24, 2021	41,928		6,143		48,071		48,071		N/A		48,071		LPT of U.S. workers' compensation liability
AXA Group	May 3, 2021	1,395,000		91,988		1,486,988		1,486,988		N/A		1,486,988		ADC of a diversified mix of global casualty and professional lines
CNA (3)	February 5, 2021	651,736		105,479		757,215		757,215		N/A		757,215		LPT of U.S. excess workers' compensation liabilities
Liberty Mutual (3)	January 8, 2021	363,159		25,402		388,561		388,561		N/A		388,561		LPT of U.S. energy liability, construction liability and homebuilders liability
Total 2021		$	3,462,510	$	253,025	$	3,715,535	$	3,715,535	$	—	$	3,715,535
Hannover Re	August 6, 2020	$	182,498	N/A		$	182,498	$	209,713	$	(27,215)	$	182,498	Novation of U.S. asbestos, environmental and workers' compensation liabilities
Munich Re	July 1, 2020	100,956		N/A		100,956		100,956		N/A		100,956		Business Transfer of Australian public liability, professional liability and builders' warranty liabilities
AXA Group (3)	June 1, 2020	179,681		N/A		179,681		179,681		N/A		179,681		LPT of U.S. construction general liability
Aspen	June 1, 2020	770,000		11,746		781,746		781,746		N/A		781,746		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		465,000		N/A		465,000		LPT of U.S. motor liabilities
Total 2020		$	1,698,135	$	11,746	$	1,709,881	$	1,737,096	$	(27,215)	$	1,709,881
Total		$	5,160,645	$	264,771	$	5,425,416	$	5,452,631	$	(27,215)	$	5,425,416

(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.

The table below sets forth a summary of significant new business that was announced or completed subsequent to September 30, 2021:

Transaction

Date Transaction Announced or Completed

Initial Estimate of Liabilities Assumed

Type of Transaction and Primary Nature of Business

RSA

Completed on October 1, 2021

94,225

ADC on a diversified mix of commercial and personal insurance lines across the U.K. and Ireland

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

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Summary of Distribution of Syndicate Results


	December 31, 2020
Distribution of SGL No.1 share of Syndicate 609 results	$	19,115
Due to Arden under reinsurance agreement	(7,965)
Due to Atrium 5 Limited under Capacity Lease Agreement	(11,150)
Net balances with Northshore Group	—


	December 31, 2020
Distributions of SGL No.1 Share of Syndicate 609 results	$	19,115
Due to Arden under reinsurance agreement	(7,965)
Due to Atrium 5 limited under capacity lease agreement	(11,150)
Net balances with Northshore Group	$	—

Financial Information of Held-For-Sale Business

The following table summarizes the components of Northshore's assets and liabilities held-for-sale on our condensed 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 September 30,		Nine Months Ended September 30,
	2020		2020
INCOME
Net premiums earned	$	75,414	$	241,363

Net investment income	3,649		11,063
Net realized and unrealized gains	1,910		2,757
Other income	55		80
	81,028		255,263
EXPENSES
Net incurred losses and loss adjustment expenses	44,939		157,648
Acquisition costs	14,776		47,570
General and administrative expenses	16,675		47,404
Interest expense	535		1,715
Net foreign exchange gains	(3)		(5)
	76,922		254,332
EARNINGS BEFORE INCOME TAXES	4,106		931
Income tax expense	(75)		(121)











NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	4,031		810
Net earnings from discontinued operations attributable to noncontrolling interest	(1,654)		(332)
NET EARNINGS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	2,377	$	478


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020





Total income(1)	$	(19)	$	1,709	$	(406)	$	9,072






Total expenses (income)(1)	12,222		(1,783)		13,290		(16,682)



Net earnings (loss)	$	(12,241)	$	3,492	$	(13,696)	$	25,754


	Nine Months Ended
	September 30,
	2021
Atrium	$	(7,844)
SUL	23,067
Arena	(329)
Net gain on sales 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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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

Investments, Debt and Equity Securities [Abstract]

Investments (Tables)

9 Months Ended

Sep. 30, 2021

Marketable Securities

The fair values of the following underlying asset categories are set out below:


	September 30, 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	$	11,507	$	68,741	$	123,711	$	457,997	$	186,536	$	848,492
U.K. government	—		—		25,216		10,772		—		35,988
Other government	2,729		—		298,906		129,067		246,792		677,494
Corporate	—		12,900		2,795,864		3,099,495		813,409		6,721,668
Municipal	—		—		89,921		126,578		73,299		289,798
Residential mortgage-backed	—		—		117,551		366,068		118,598		602,217
Commercial mortgage-backed	—		—		268,644		544,624		267,314		1,080,582
Asset-backed	—		—		201,730		644,495		97,811		944,036
Structured products	—		—		—		—		1,033,097		1,033,097

Total fixed maturity and short-term investments	$	14,236	$	81,641	$	3,921,543	$	5,379,096	$	2,836,856	$	12,233,372


	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 September 30, 2021	Amortized Cost		Fair Value		% of Total Fair Value
One year or less	$	476,648	$	480,196	3.9	%
More than one year through two years	786,693		799,023		6.5	%
More than two years through five years	2,398,897		2,457,642		20.1	%
More than five years through ten years	2,582,370		2,637,871		21.6	%
More than ten years	3,199,429		3,231,805		26.4	%
Residential mortgage-backed	599,415		602,217		5.0	%
Commercial mortgage-backed	1,066,391		1,080,582		8.8	%
Asset-backed	947,989		944,036		7.7	%


	$	12,057,832	$	12,233,372	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	$	847,653	$	848,492	7.0	%	$	847,876		$	381		$	—		$	235		$	—		$	—
U.K. government	35,916		35,988		0.3	%	—			29,024			6,964			—			—			—
Other government	671,438		677,494		5.6	%	203,471			153,855			148,168			60,228			111,772			—
Corporate	6,543,670		6,721,668		54.9	%	173,599			649,917			3,124,885			2,470,801			296,685			5,781
Municipal	274,218		289,798		2.4	%	15,760			152,559			96,123			25,356			—			—
Residential mortgage-backed	599,415		602,217		4.9	%	555,694			1,453			4,477			11,032			27,508			2,053
Commercial mortgage-backed	1,066,391		1,080,582		8.8	%	794,959			126,374			85,374			65,930			3,382			4,563
Asset-backed	947,989		944,036		7.7	%	370,186			256,143			203,486			83,294			21,949			8,978
Structured products	1,071,142		1,033,097		8.4	%	—			523,036			—			510,061			—			—

Total	$	12,057,832	$	12,233,372	100.0	%	$	2,961,545		$	1,892,742		$	3,669,477		$	3,226,937		$	461,296		$	21,375
% of total fair value							24.2		%	15.5		%	30.0		%	26.4		%	3.7		%	0.2		%

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

The amortized cost, 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 September 30, 2021	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
U.S. government and agency	$	529,011	$	1,293	$	(3,566)	$	—	$	526,738
U.K. government	10,927		75		(230)		—		10,772
Other government	127,629		2,588		(1,123)		(27)		129,067
Corporate	3,117,300		28,352		(28,430)		(4,827)		3,112,395
Municipal	125,995		1,440		(857)		—		126,578
Residential mortgage-backed	367,119		1,496		(2,545)		(2)		366,068
Commercial mortgage-backed	544,211		4,616		(4,161)		(42)		544,624
Asset-backed	644,078		865		(446)		(2)		644,495
	$	5,466,270	$	40,725	$	(41,358)	$	(4,900)	$	5,460,737


					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 September 30, 2021	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government and agency	$	16,631	$	(981)	$	375,400	$	(2,585)	$	392,031	$	(3,566)
U.K. government	—		—		5,222		(230)		5,222		(230)
Other government	—		—		46,714		(707)		46,714		(707)
Corporate	8,184		(249)		1,376,723		(14,475)		1,384,907		(14,724)
Municipal	—		—		71,427		(857)		71,427		(857)
Residential mortgage-backed	4,508		(128)		225,219		(2,417)		229,727		(2,545)
Commercial mortgage-backed	12,665		(451)		307,595		(3,586)		320,260		(4,037)
Asset-backed	—		—		439,074		(446)		439,074		(446)


Total short-term and fixed maturity investments	$	41,988	$	(1,809)	$	2,847,374	$	(25,303)	$	2,889,362	$	(27,112)


	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 September 30, 2021
	Other government		Corporate		Residential mortgage-backed		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	(41)	$	(7,171)	$	(17)	$	(157)	$	—	$	(7,386)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		196		(17)		(13)		(133)		33

Reductions for securities sold during the period	—		2		2		—		—		4

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14		2,146		30		128		131		2,449


Allowance for credit losses, end of period	$	(27)	$	(4,827)	$	(2)	$	(42)	$	(2)	$	(4,900)


	Three Months Ended September 30, 2020
	Other government		Corporate		Residential mortgage-backed		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	—	$	(3,090)	$	—	$	(494)	$	(89)	$	(3,673)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(39)		(2)		(78)		(45)		(164)

Reductions for securities sold during the period	—		341		—		—		—		341

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	—		2,004		—		491		89		2,584


Allowance for credit losses, end of period	$	—	$	(784)	$	(2)	$	(81)	$	(45)	$	(912)


	Nine Months Ended September 30, 2021
	Other government		Corporate		Residential mortgage-backed		Commercial mortgage backed		Asset-backed		Total
Allowance for credit losses, beginning of period	$	—	$	(181)	$	—	$	(133)	$	(8)	$	(322)

Allowances for credit losses on securities for which credit losses were not previously recorded	(68)		(12,381)		(34)		(250)		(172)		(12,905)

Reductions for securities sold during the period	1		74		2		—		—		77

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	40		7,661		30		341		178		8,250


Allowance for credit losses, end of period	$	(27)	$	(4,827)	$	(2)	$	(42)	$	(2)	$	(4,900)


	Nine Months Ended September 30, 2020
	Other government		Corporate		Residential mortgage-backed		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	—		(10,359)		(2)		(572)		(134)		(11,067)

Reductions for securities sold during the period	22		2,108		—		—		—		2,130

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	—		10,454		—		541		89		11,084


Allowance for credit losses, end of period	$	—	$	(784)	$	(2)	$	(81)	$	(45)	$	(912)

Schedule of Equity Securities

The following table summarizes our equity investments classified as trading:


	September 30, 2021		December 31, 2020
Publicly traded equity investments in common and preferred stocks	$	257,470	$	260,767
Exchange-traded funds	1,335,831		311,287
Privately held equity investments in common and preferred stocks	359,124		274,741
	$	1,952,425	$	846,795

Other Investments

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


	September 30, 2021		December 31, 2020
Hedge funds (1)	$	215,378	$	2,638,339
Fixed income funds	597,982		552,541
Equity funds	4,831		190,767
Private equity funds	598,901		363,103
CLO equities	153,795		128,083
CLO equity funds	199,714		166,523
Private credit funds	230,004		192,319
Real estate funds	50,666		11,883
Others	447		476
	$	2,051,718	$	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 September 30, 2021:


	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
Hedge funds	$	215,378	$	—	$	—	$	—	$	—	$	215,378	Monthly to Quarterly
Fixed income funds	560,932		—		—		—		37,050		597,982		Daily to Quarterly
Equity funds	4,831		—		—		—		—		4,831		Daily
Private equity funds	—		51,550		—		—		547,351		598,901		Quarterly for unrestricted amount
CLO equities	153,795		—		—		—		—		153,795		Daily
CLO equity funds	151,452		47,764		—		—		498		199,714		Quarterly to Bi-annually
Private credit funds	—		—		—		—		230,004		230,004		N/A
Real estate funds	—		—		—		—		50,666		50,666		N/A
Other	—		—		—		—		447		447		N/A
	$	1,086,388	$	99,314	$	—	$	—	$	866,016	$	2,051,718

Equity Method Investments

The table below shows our equity method investments:


	September 30, 2021				December 31, 2020
	Ownership %		Carrying Value		Ownership %		Carrying Value
Enhanzed Re (1)	—	%	$	—	47.4	%	$	330,289
Citco (2)	31.9	%	54,401		31.9	%	53,022
Monument Re (3)	20.0	%	202,050		20.0	%	193,716
Core Specialty	24.7	%	229,158		25.2	%	235,000

Other	~27%		19,879		~27%		20,268

			$	505,488			$	832,295

(1) Effective September 1, 2021, Enhanzed Re was consolidated by us. Refer to Note 2 - "Business Acquisitions" for additional information.

(3) 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:


	September 30, 2021		December 31, 2020
Short-term and fixed maturity investments, trading	$	2,836,856	$	1,060,263
Cash and cash equivalents	211,311		9,067
Other assets	8,225		5,560
	$	3,056,392	$	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:


	September 30, 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	$	850	$	2,836,915	$	2,837,765	$	106,938	$	859,403	$	966,341
Net unrealized gains:
Change in fair value - fair value option accounting	—		—		—		9,693		—		9,693
Change in fair value - embedded derivative accounting	—		21,603		21,603		—		84,229		84,229
Change in fair value (1)	—		(22,512)		(22,512)		—		—		—
Short-term fixed maturity investments within funds held - directly managed, at fair value	$	850	$	2,836,006	$	2,836,856	$	116,631	$	943,632	$	1,060,263

(1) Is clearly and closely related to the host contract

Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Fixed maturity investments	$	46,775	$	47,275	$	139,252	$	153,554
Short-term investments and cash and cash equivalents	(380)		826		(562)		4,203
Funds held by reinsured companies	15,675		8,346		47,683		32,715
Funds held - directly managed	8,397		7,703		22,328		27,204
Investment income from fixed maturities and cash and cash equivalents	70,467		64,150		208,701		217,676
Equity investments	5,112		4,771		14,042		14,496
Other investments	9,290		6,000		27,415		19,384

Investment income from equities and other investments	14,402		10,771		41,457		33,880
Gross investment income	84,869		74,921		250,158		251,556
Investment expenses	(5,361)		(2,791)		(12,243)		(10,269)
Net investment expenses of the InRe Fund (1)	13,217		—		(6,954)		—
Net investment income	$	92,725	$	72,130	$	230,961	$	241,287

Realized Gain (Loss) on Investments

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,482		2,248		(4,655)		(389)
Net realized gains on fixed maturity securities, trading	13,399		30,531		42,438		87,911
Net realized gains on funds held - directly managed	760		3,292		2,012		5,545
Net realized gains on equity investments	21,277		8,286		21,340		9,165
Net realized investment gains on investment derivatives	175		46		95		46
Net realized gains of the InRe Fund (1)	275,466		—		597,171		—
Total net realized gains on sales	$	315,770	$	53,488	$	662,111	$	114,894
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(45,752)	$	14,324	$	(174,664)	$	58,795
Fixed maturity securities in funds held - directly managed	(30,819)		7,814		(57,479)		42,619
Equity investments	339		4,210		82,303		(48,409)
Other Investments (1)	47,863		110,966		187,846		41,254
Investment derivatives	6		—		90		—
Net unrealized gains (losses) of the InRe Fund (1)	(560,672)		309,203		(589,040)		629,399
Total net unrealized gains (losses)	$	(589,035)	$	446,517	$	(550,944)	$	723,658
Net realized and unrealized gains (losses)	$	(273,265)	$	500,005	$	111,167	$	838,552

Unrealized Gain (Loss) on Investments

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,482		2,248		(4,655)		(389)
Net realized gains on fixed maturity securities, trading	13,399		30,531		42,438		87,911
Net realized gains on funds held - directly managed	760		3,292		2,012		5,545
Net realized gains on equity investments	21,277		8,286		21,340		9,165
Net realized investment gains on investment derivatives	175		46		95		46
Net realized gains of the InRe Fund (1)	275,466		—		597,171		—
Total net realized gains on sales	$	315,770	$	53,488	$	662,111	$	114,894
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(45,752)	$	14,324	$	(174,664)	$	58,795
Fixed maturity securities in funds held - directly managed	(30,819)		7,814		(57,479)		42,619
Equity investments	339		4,210		82,303		(48,409)
Other Investments (1)	47,863		110,966		187,846		41,254
Investment derivatives	6		—		90		—
Net unrealized gains (losses) of the InRe Fund (1)	(560,672)		309,203		(589,040)		629,399
Total net unrealized gains (losses)	$	(589,035)	$	446,517	$	(550,944)	$	723,658
Net realized and unrealized gains (losses)	$	(273,265)	$	500,005	$	111,167	$	838,552

Reconciliation to Comprehensive Income


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Tax effect	(163)		—		(539)		—
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		489		—		1,025
Gross realized losses on fixed maturity securities, AFS	—		(86)		—		(143)
Total reclassification adjustment	$	2,048	$	9,488	$	3,171	$	13,498
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	2,482	$	2,248	$	(4,655)	$	(389)
Tax effect	(57)		—		149		—
Included within discontinued operations:
Credit losses on fixed maturity securities, AFS	—		131		—		318

Total reclassification adjustment	$	2,425	$	2,379	$	(4,506)	$	(71)

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $447.5 million and $472.0 million, as of September 30, 2021 and December 31, 2020, respectively, was as follows:


	September 30, 2021		December 31, 2020
Collateral in trust for third party agreements	$	6,160,382	$	4,924,866
Assets on deposit with regulatory authorities	206,288		131,283
Collateral for secured letter of credit facilities	96,303		104,627
Funds at Lloyd's (1)	503,716		260,914
	$	6,966,689	$	5,421,690

Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,003,285	$	24,633	$	—	$	1,027,918
IBNR	452,153		45,010		—		497,163
ULAE	4,835		1,199		—		6,034
Fair value adjustments - acquired companies	—		—		(14,134)		(14,134)
Fair value adjustments - fair value option	—		—		(35,753)		(35,753)
Total reinsurance reserves recoverable	1,460,273		70,842		(49,887)		1,481,228
Paid losses recoverable	195,198		181		—		195,379
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607

Reconciliation to Condensed Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,148,615	$	71,023	$	(14,134)	$	1,205,504
Reinsurance balances recoverable on paid and unpaid losses - fair value option	506,856		—		(35,753)		471,103
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607


	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 Condensed 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

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross	$	(2,074)	$	42,522	$	3,535	$	20,426	$	28,110	$	198,292	$	1,707	$	52,899
Ceded	4,353		(3,642)		(111)		(2,950)		(11,172)		(44,172)		690		(8,876)
Net	$	2,279	$	38,880	$	3,424	$	17,476	$	16,938	$	154,120	$	2,397	$	44,023




Legacy Underwriting
Gross	$	7,496	$	27,923	$	107,942	$	178,208	$	48,585	$	114,042	$	458,923	$	522,486
Ceded	(3,926)		(15,209)		(17,807)		(33,960)		(26,534)		(64,048)		(92,526)		(102,563)
Net	$	3,570	$	12,714	$	90,135	$	144,248	$	22,051	$	49,994	$	366,397	$	419,923
Total
Gross	$	5,422	$	70,445	$	111,477	$	198,634	$	76,695	$	312,334	$	460,630	$	575,385
Ceded	427		(18,851)		(17,918)		(36,910)		(37,706)		(108,220)		(91,836)		(111,439)
Total	$	5,849	$	51,594	$	93,559	$	161,724	$	38,989	$	204,114	$	368,794	$	463,946

Reinsurance Balances Recoverable by Reinsurer


	September 30, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total		% of Total
Top 10 reinsurers	$	1,006,072	$	64,173	$	—	$	1,070,245	63.8	%
Other reinsurers > $1 million	627,182		6,210		(49,887)		583,505		34.8	%
Other reinsurers < $1 million	22,217		640		—		22,857		1.4	%
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607	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	%


	September 30, 2021		December 31, 2020
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		7
Number of top 10 non-rated reinsurers (1)	2		3

Reinsurers rated A- or better in top 10	$	802,087	$	863,819
Non-rated reinsurers in top 10 (1)	268,158		500,774
Total top 10 reinsurance recoverables	$	1,070,245	$	1,364,593

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of September 30, 2021 and December 31, 2020:

Lloyd's Syndicates (2)	$	296,198	$	331,118
Michigan Catastrophic Claims Association(3)	$	221,005	$	229,374

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

•$221.0 million and $229.4 million as of September 30, 2021 and December 31, 2020 respectively, due from Michigan Catastrophic Claims Association;

•$47.2 million as of September 30, 2021 due from Arden Re written on a funds withheld basis as discussed in Note 19 - "Related Party Transactions";

(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.

Deferred Charge Assets and Deferred Gain Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Policy Acquisition Costs


	Deferred Charge Assets
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning carrying value	$	435,151	$	258,516	$	238,602	$	272,462
Recorded during the period	24,013		—		253,025		11,746
Amortization	(24,124)		(10,316)		(56,587)		(36,008)

Ending carrying value	$	435,040	$	248,200	$	435,040	$	248,200

Schedule Of Deferred Gain Liabilities


	Deferred Gain Liabilities
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning carrying value	$	20,059	$	11,916	$	19,880	$	12,875
Recorded during the period	9,718		—		11,280		—
Realized on acquisition	(28,755)		—		(28,755)		—
Amortization	(103)		(434)		(1,486)		(1,393)

Ending carrying value	$	919	$	11,482	$	919	$	11,482

Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2021
	Run-off		Enhanzed Re		Legacy Underwriting		Corporate & Other		Total
Outstanding losses	$	5,862,377	$	1,059	$	94,658	$	—	$	5,958,094
IBNR	7,425,180		176,122		136,789		—		7,738,091
ULAE	435,976		2,658		2,292		—		440,926
Fair value adjustments - acquired companies	—		—		—		(123,150)		(123,150)
Fair value adjustments - fair value option	—		—		—		(136,176)		(136,176)
Total	$	13,723,533	$	179,839	$	233,739	$	(259,326)	$	13,877,785

Reconciliation to Condensed Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,479,623	$	179,839	$	233,739	$	(123,150)	$	11,770,051
Loss and loss adjustment expenses, at fair value	2,243,910		—		—		(136,176)		2,107,734
Total	$	13,723,533	$	179,839	$	233,739	$	(259,326)	$	13,877,785


	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 Condensed 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	13,037,858	$	10,593,436	$	10,593,282	$	9,868,404
Add: losses and LAE relating to SGL No.1 (1)	—		—		254,561		—
	13,037,858		10,593,436		10,847,843		9,868,404
Less:
Reinsurance reserves recoverable (2)	1,787,725		1,858,161		1,829,620		1,927,624
Reinsurance reserves recoverable relating to SGL No1 (1)	—		—		90,792		—
	1,787,725		1,858,161		1,920,412		1,927,624
Less: net deferred charge assets and deferred gain liabilities on retroactive reinsurance	415,092		246,600		218,722		259,587

Less: cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances	—		—		—		643
Net balance as of beginning of period	10,835,041		8,488,675		8,708,709		7,680,550
Net incurred losses and LAE:
Current period	42,394		78,965		145,619		314,083
Prior periods	(69,105)		30,721		(188,533)		25,595
Total net incurred losses and LAE	(26,711)		109,686		(42,914)		339,678
Net paid losses:
Current period	(3,326)		(17,194)		(15,720)		(32,304)
Prior periods	(290,032)		(344,060)		(980,729)		(1,070,063)
Total net paid losses	(293,358)		(361,254)		(996,449)		(1,102,367)
Effect of exchange rate movement	(58,075)		98,695		(64,336)		(7,532)
Acquired business (3)	1,099,260		—		1,099,260		—
Assumed business (4)	469,601		280,497		3,349,612		1,705,970
Ceded business	(63,322)		—		(91,446)		—
Reclassification to assets and liabilities held-for-sale	—		(219,284)		—		(219,284)
Net balance as of September 30	11,962,436		8,397,015		11,962,436		8,397,015
Plus: reinsurance reserves recoverable (2)	1,481,228		1,667,151		1,481,228		1,667,151
Plus: net deferred charge assets and deferred gain liabilities on retroactive reinsurance (5)	434,121		236,718		434,121		236,718
Balance as of September 30	$	13,877,785	$	10,300,884	$	13,877,785	$	10,300,884

(2) Net of allowance for estimated uncollectible reinsurance.

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

(5) 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	13,055,661	$	9,231,912	$	9,432,525	$	8,683,983
Less: reinsurance reserves recoverable (1)	1,759,227		1,494,652		1,463,001		1,645,352

Plus: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance	—		—		—		703
Net balance as of beginning of period	11,296,434		7,737,260		7,969,524		7,039,334
Net incurred losses and LAE:
Current period	35,768		8,218		121,338		24,153
Prior periods	(85,908)		(10,194)		(183,850)		(113,571)
Total net incurred losses and LAE	(50,140)		(1,976)		(62,512)		(89,418)
Net paid losses:
Current period	(3,107)		(739)		(5,863)		(1,777)
Prior periods	(284,216)		(283,143)		(969,283)		(824,473)
Total net paid losses	(287,323)		(283,882)		(975,146)		(826,250)
Effect of exchange rate movement	(58,673)		87,018		(66,035)		(22,465)
Acquired on purchase of subsidiaries (2)	942,388		—		942,388		—
Assumed business (3)	493,614		307,713		3,602,637		1,744,932
Ceded business	(73,040)		—		(102,726)		—
Transfer from the Legacy Underwriting segment (4)	—		—		955,130		—
Net balance as of September 30	12,263,260		7,846,133		12,263,260		7,846,133
Plus: reinsurance reserves recoverable (1)	1,460,273		1,306,256		1,460,273		1,306,256
Balance as of September 30	$	13,723,533	$	9,152,389	$	13,723,533	$	9,152,389

(1) Net of allowance for estimated uncollectible reinsurance.

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

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


	Three and Nine Months Ended
	September 30,
	2021
Balance as of beginning of period	$	—










Effect of exchange rate movement	(48)
Acquired on purchase of subsidiaries (1)	179,887




Balance as of September 30	$	179,839

(1) Refer to Note 2 - "Business Acquisitions" 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	240,911	$	1,610,956	$	1,358,529	$	1,569,865
Add: losses and LAE relating to SGL No.1 (1)	—		—		254,561		—
	240,911		1,610,956		1,613,090		1,569,865
Less:
Reinsurance reserves recoverable (2)	76,270		429,847		403,399		385,613

Reinsurance recoverable relating to SGL No.1 (1)	—		—		90,792		—
	76,270		429,847		494,191		385,613
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance	—		—		—		1,346
Net balance as of beginning of period	164,641		1,181,109		1,118,899		1,182,906
Net incurred losses and LAE:
Current period	6,626		70,747		24,281		289,930
Prior periods	(1,128)		5,127		(4,024)		(13,143)
Total net incurred losses and LAE	5,498		75,874		20,257		276,787
Net paid losses:
Current period	(219)		(16,455)		(9,857)		(30,527)
Prior periods	(5,816)		(60,917)		(11,446)		(245,590)
Total net paid losses	(6,035)		(77,372)		(21,303)		(276,117)
Effect of exchange rate movement	(1,207)		13,083		174		9,118



Reclassification to assets and liabilities held-for-sale	—		(216,349)		—		(216,349)
Transfer to Run-off segment (3)	—		—		(955,130)		—
Net balance as of September 30	162,897		976,345		162,897		976,345
Plus: reinsurance reserves recoverable (2)	70,842		401,288		70,842		401,288
Balance as of September 30	$	233,739	$	1,377,633	$	233,739	$	1,377,633

(2) 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
	September 30, 2021
	Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid	$	287,323	$	6,035	$	—	$	293,358
Net change in case and LAE reserves (1)	(156,926)		1,796		—		(155,130)
Net change in IBNR reserves (2)	(167,679)		(2,000)		—		(169,679)
Increase (reduction) in estimates of net ultimate losses	(37,282)		5,831		—		(31,451)

Increase (reduction) in provisions for unallocated LAE (3)	(12,858)		(333)		—		(13,191)
Amortization of deferred charge assets and deferred gain liabilities (4)	—		—		24,021		24,021
Amortization of fair value adjustments (5)	—		—		4,787		4,787
Changes in fair value - fair value option (6)	—		—		(10,877)		(10,877)
Net incurred losses and LAE	$	(50,140)	$	5,498	$	17,931	$	(26,711)


		Three Months Ended
	September 30, 2020
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	283,882	$	77,372	$	—	$	361,254
Net change in case and LAE reserves (1)		(49,887)		8,260		—		(41,627)
Net change in IBNR reserves (2)		(221,366)		(4,709)		—		(226,075)
Increase (reduction) in estimates of net ultimate losses		12,629		80,923		—		93,552

Increase (reduction) in provisions for unallocated LAE (3)		(14,605)		(5,049)		—		(19,654)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		9,882		9,882
Amortization of fair value adjustments (5)		—		—		4,864		4,864
Changes in fair value - fair value option (6)		—		—		21,042		21,042
Net incurred losses and LAE		$	(1,976)	$	75,874	$	35,788	$	109,686


		Nine Months Ended
	September 30, 2021
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	975,146	$	21,303	$	—	$	996,449
Net change in case and LAE reserves (1)		(399,036)		(711)		—		(399,747)
Net change in IBNR reserves (2)		(597,320)		688		—		(596,632)
Increase (reduction) in estimates of net ultimate losses		(21,210)		21,280		—		70

Increase (reduction) in provisions for unallocated LAE (3)		(41,302)		(1,023)		—		(42,325)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		55,101		55,101
Amortization of fair value adjustments (5)		—		—		12,876		12,876
Changes in fair value - fair value option (6)		—		—		(68,636)		(68,636)
Net incurred losses and LAE		$	(62,512)	$	20,257	$	(659)	$	(42,914)


		Nine Months Ended
	September 30, 2020
		Run-off		Legacy Underwriting		Corporate & Other		Total
Net losses paid		$	826,250	$	276,117	$	—	$	1,102,367
Net change in case and LAE reserves (1)		(300,573)		(56,287)		—		(356,860)
Net change in IBNR reserves (2)		(580,586)		33,511		—		(547,075)
Increase (reduction) in estimates of net ultimate losses		(54,909)		253,341		—		198,432

Increase (reduction) in provisions for unallocated LAE (3)		(34,509)		23,446		—		(11,063)
Amortization of deferred charge assets and deferred gain liabilities (4)		—		—		34,615		34,615
Amortization of fair value adjustments (5)		—		—		20,846		20,846
Changes in fair value - fair value option (6)		—		—		96,848		96,848
Net incurred losses and LAE		$	(89,418)	$	276,787	$	152,309	$	339,678

(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.

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


	Three Months Ended September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	284,216	$	3,107	$	287,323	$	283,143	$	739	$	283,882
Net change in case and LAE reserves (1)	(174,118)		17,192		(156,926)		(49,854)		(33)		(49,887)
Net change in IBNR reserves (2)	(182,400)		14,721		(167,679)		(228,878)		7,512		(221,366)
Increase (reduction) in estimates of net ultimate losses	(72,302)		35,020		(37,282)		4,411		8,218		12,629

Increase (reduction) in provisions for unallocated LAE (3)	(13,606)		748		(12,858)		(14,605)		—		(14,605)



Net incurred losses and LAE	$	(85,908)	$	35,768	$	(50,140)	$	(10,194)	$	8,218	$	(1,976)

(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


	Nine Months Ended September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	969,283	$	5,863	$	975,146	$	824,473	$	1,777	$	826,250
Net change in case and LAE reserves (1)	(421,265)		22,229		(399,036)		(301,382)		809		(300,573)
Net change in IBNR reserves (2)	(687,383)		90,063		(597,320)		(602,153)		21,567		(580,586)
Increase (reduction) in estimates of net ultimate losses	(139,365)		118,155		(21,210)		(79,062)		24,153		(54,909)

Increase (reduction) in provisions for unallocated LAE (3)	(44,485)		3,183		(41,302)		(34,509)		—		(34,509)



Net incurred losses and LAE	$	(183,850)	$	121,338	$	(62,512)	$	(113,571)	$	24,153	$	(89,418)

(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 September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	5,816	$	219	$	6,035	$	60,917	$	16,455	$	77,372
Net change in case and LAE reserves (1)	4,122		(2,326)		1,796		(22,833)		31,093		8,260
Net change in IBNR reserves (2)	(10,518)		8,518		(2,000)		(32,706)		27,997		(4,709)
Increase (reduction) in estimates of net ultimate losses	(580)		6,411		5,831		5,378		75,545		80,923
Increase (reduction) in provisions for unallocated LAE (3)	(548)		215		(333)		(251)		(4,798)		(5,049)

Net incurred losses and LAE	$	(1,128)	$	6,626	$	5,498	$	5,127	$	70,747	$	75,874

(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.


	Nine Months Ended September 30,
	2021						2020
	Prior Period		Current Period		Total		Prior Period		Current Period		Total
Net losses paid	$	11,446	$	9,857	$	21,303	$	245,590	$	30,527	$	276,117
Net change in case and LAE reserves(1)	(570)		(141)		(711)		(96,173)		39,886		(56,287)
Net change in IBNR reserves(2)	(13,822)		14,510		688		(162,492)		196,003		33,511
Increase (reduction) in estimates of net ultimate losses	(2,946)		24,226		21,280		(13,075)		266,416		253,341
Increase (reduction) in provisions for unallocated LAE(3)	(1,078)		55		(1,023)		(68)		23,514		23,446

Net incurred losses and LAE	$	(4,024)	$	24,281	$	20,257	$	(13,143)	$	289,930	$	276,787

(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.

Future Policyholder Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Constituents of Future Policyholder Benefits

The table below summarizes the liability for future policyholder benefits:


	September 30, 2021
Annuities	$	1,621,197
Fair value adjustments - acquired companies	(122,987)
Total	$	1,498,210

Defendant Asbestos and Environmental Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims


	September 30, 2021		December 31, 2020
Defendant asbestos and environmental liabilities:
Defendant asbestos liabilities	$	854,804	$	913,276
Defendant environmental liabilities	11,546		12,572
Estimated future expenses	38,004		42,510
Fair value adjustments	(244,433)		(262,029)
Defendant asbestos and environmental liabilities	659,921		706,329

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5,805; 2020 - $4,824)	265,340		310,602
Fair value adjustments	(51,921)		(60,950)
Insurance balances recoverable	213,419		249,652

Net liabilities relating to defendant asbestos and environmental exposures	$	446,502	$	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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance as of beginning of period	$	677,919	$	808,062	$	706,329	$	847,685
Less: Insurance balances recoverable (1)	245,979		428,277		249,652		448,855
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	—		—		—		3,167
Net balance as of beginning of period	431,940		379,785		456,677		401,997
Total net paid claims	21,970		52,891		4,746		51,977
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	(4,983)		(48,439)		(18,985)		(75,332)
Reduction in estimated future expenses	(997)		(3,124)		(4,505)		(6,127)
Amortization of fair value adjustments	(1,428)		7,636		8,569		16,234
Total other income	(7,408)		(43,927)		(14,921)		(65,225)

Net balance as at September 30	446,502		388,749		446,502		388,749
Plus: Insurance balances recoverable (1)	213,419		365,288		213,419		365,288
Balance as at September 30	$	659,921	$	754,037	$	659,921	$	754,037

(1) Net of allowance for estimated uncollectible insurance balances

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels


	September 30, 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	$	—	$	848,492	$	—	$	—	$	848,492
U.K. government	—		35,988		—		—		35,988
Other government	—		677,494		—		—		677,494
Corporate	—		6,721,668		—		—		6,721,668
Municipal	—		289,798		—		—		289,798
Residential mortgage-backed	—		602,217		—		—		602,217
Commercial mortgage-backed	—		1,080,582		—		—		1,080,582
Asset-backed	—		944,036		—		—		944,036
Structured products	—		1,033,097		—		—		1,033,097

	$	—	$	12,233,372	$	—	$	—	$	12,233,372

Other assets included within funds held - directly managed	$	—	$	219,536	$	—	$	—	$	219,536

Equities:
Publicly traded equity investments	$	215,345	$	42,125	$	—	$	—	$	257,470
Exchange-traded funds	1,335,831		—		—		—		1,335,831
Privately held equity investments	—		—		359,124		—		359,124
	$	1,551,176	$	42,125	$	359,124	$	—	$	1,952,425

Other investments:

Hedge funds (1)	$	—	$	—	$	—	$	215,378	$	215,378
Fixed income funds	—		259,595		—		338,387		597,982
Equity funds	—		4,831		—		—		4,831
Private equity funds	—		—		—		598,901		598,901
CLO equities	—		153,795		—		—		153,795
CLO equity funds	—		—		—		199,714		199,714
Private credit funds	—		—		—		230,004		230,004
Real estate debt fund	—		—		—		50,666		50,666

Other	—		—		447		—		447
	$	—	$	418,221	$	447	$	1,633,050	$	2,051,718
Total Investments	$	1,551,176	$	12,913,254	$	359,571	$	1,633,050	$	16,457,051

Cash and cash equivalents	$	1,326,360	$	32,469	$	—	$	—	$	1,358,829

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	471,103	$	—	$	471,103






Losses and LAE:	$	—	$	—	$	2,107,734	$	—	$	2,107,734


	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 (1)	$	—	$	—	$	—	$	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
Real estate debt fund	—		—		—		11,883		11,883
Other	—		—		314		162		476
	$	—	$	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






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

Reconciliation for Assets Measured at Fair Value on a Recurring Basis

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


				Three Months Ended September 30, 2021						Three Months Ended September 30, 2020
	Privately-held Equities	Other Investments	Total	Privately-held Equities		Other Investments		Total

Beginning fair value				$	348,725	$	314	$	349,039	$	271,000	$	314	$	271,314
Purchases				3,488		—		3,488		—		10,000		10,000

Total realized and unrealized gains (losses)				6,911		133		7,044		45		—		45

Transfer out of Level 3 into Level 2				—		—		—		—		—		—
Ending fair value				$	359,124	$	447	$	359,571	$	271,045	$	10,314	$	281,359


				Nine months ended September 30, 2021						Nine months ended September 30, 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				80,332		—		80,332		1,392		47,092		48,484
Sales and paydowns				—		(9,250)		(9,250)		—		(539)		(539)
Total realized and unrealized gains				4,051		133		4,184		3,854		(40,368)		(36,514)

Transfer out of Level 3 into Level 2				—		—		—		—		(83,740)		(83,740)
Ending fair value				$	359,124	$	447	$	359,571	$	271,045	$	10,314	$	281,359

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 September 30,
	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
Beginning fair value	$	2,234,105	$	492,343	$	1,741,762	$	2,454,539	$	671,384	$	1,783,155
Assumed business	—		—		—		1,526		(180,972)		182,498
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	4,269		(969)		5,238		(25,595)		56,702		(82,297)
Reduction in unallocated LAE	(4,088)		—		(4,088)		(4,641)		—		(4,641)
Change in fair value	(13,185)		(2,308)		(10,877)		19,092		(1,950)		21,042
Total incurred losses and LAE	(13,004)		(3,277)		(9,727)		(11,144)		54,752		(65,896)
Paid losses	(76,909)		(11,734)		(65,175)		(86,745)		(11,192)		(75,553)
Effect of exchange rate movements	(36,458)		(6,229)		(30,229)		64,502		9,189		55,313
Ending fair value	$	2,107,734	$	471,103	$	1,636,631	$	2,422,678	$	543,161	$	1,879,517


	Nine Months Ended September 30,
	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	—		—		—		1,526		(180,972)		182,498
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(8,231)		5,998		(14,229)		(61,109)		48,580		(109,689)
Reduction in unallocated LAE	(11,747)		—		(11,747)		(14,353)		—		(14,353)
Change in fair value	(83,094)		(14,458)		(68,636)		130,075		33,227		96,848
Total incurred losses and LAE	(103,072)		(8,460)		(94,612)		54,613		81,807		(27,194)
Paid losses	(211,496)		(35,023)		(176,473)		(230,187)		(49,627)		(180,560)
Effect of exchange rate movements	(30,618)		(6,244)		(24,374)		(24,396)		(3,565)		(20,831)
Ending fair value	$	2,107,734	$	471,103	$	1,636,631	$	2,422,678	$	543,161	$	1,879,517

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Changes in fair value due to changes in:
Duration	$	2,657	$	11,767	$	8,228	$	19,617
Corporate bond yield	(13,534)		9,275		(76,864)		75,524

Weighted cost of capital	—		—		—		(5,048)
Risk cost of capital	—		—		—		6,755
Change in fair value	$	(10,877)	$	21,042	$	(68,636)	$	96,848

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 September 30, 2021

Valuation Techniques

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

225.9

Guideline company methodology

Distribution waterfall

12.72

41.1

Cost as approximation of fair value

77.1

Dividend discount model;
Guideline companies method

Discount rate
Exit multiple

12.5%

1.3x - 1.5x (1.4x)

15.5

Net Asset Value (2)

NAV at recent transaction

19.82

359.6

(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 September 30,
	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
Beginning fair value	$	2,234,105	$	492,343	$	1,741,762	$	2,454,539	$	671,384	$	1,783,155
Assumed business	—		—		—		1,526		(180,972)		182,498
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	4,269		(969)		5,238		(25,595)		56,702		(82,297)
Reduction in unallocated LAE	(4,088)		—		(4,088)		(4,641)		—		(4,641)
Change in fair value	(13,185)		(2,308)		(10,877)		19,092		(1,950)		21,042
Total incurred losses and LAE	(13,004)		(3,277)		(9,727)		(11,144)		54,752		(65,896)
Paid losses	(76,909)		(11,734)		(65,175)		(86,745)		(11,192)		(75,553)
Effect of exchange rate movements	(36,458)		(6,229)		(30,229)		64,502		9,189		55,313
Ending fair value	$	2,107,734	$	471,103	$	1,636,631	$	2,422,678	$	543,161	$	1,879,517


	Nine Months Ended September 30,
	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	—		—		—		1,526		(180,972)		182,498
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(8,231)		5,998		(14,229)		(61,109)		48,580		(109,689)
Reduction in unallocated LAE	(11,747)		—		(11,747)		(14,353)		—		(14,353)
Change in fair value	(83,094)		(14,458)		(68,636)		130,075		33,227		96,848
Total incurred losses and LAE	(103,072)		(8,460)		(94,612)		54,613		81,807		(27,194)
Paid losses	(211,496)		(35,023)		(176,473)		(230,187)		(49,627)		(180,560)
Effect of exchange rate movements	(30,618)		(6,244)		(24,374)		(24,396)		(3,565)		(20,831)
Ending fair value	$	2,107,734	$	471,103	$	1,636,631	$	2,422,678	$	543,161	$	1,879,517

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Changes in fair value due to changes in:
Duration	$	2,657	$	11,767	$	8,228	$	19,617
Corporate bond yield	(13,534)		9,275		(76,864)		75,524

Weighted cost of capital	—		—		—		(5,048)
Risk cost of capital	—		—		—		6,755
Change in fair value	$	(10,877)	$	21,042	$	(68,636)	$	96,848

Quantitative Information

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

September 30, 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)

8.25 years

8.17 years

Internal model

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

7.94 years

8.23 years

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2021

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Marketable Securities

The fair values of the following underlying asset categories are set out below:


	September 30, 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	$	11,507	$	68,741	$	123,711	$	457,997	$	186,536	$	848,492
U.K. government	—		—		25,216		10,772		—		35,988
Other government	2,729		—		298,906		129,067		246,792		677,494
Corporate	—		12,900		2,795,864		3,099,495		813,409		6,721,668
Municipal	—		—		89,921		126,578		73,299		289,798
Residential mortgage-backed	—		—		117,551		366,068		118,598		602,217
Commercial mortgage-backed	—		—		268,644		544,624		267,314		1,080,582
Asset-backed	—		—		201,730		644,495		97,811		944,036
Structured products	—		—		—		—		1,033,097		1,033,097

Total fixed maturity and short-term investments	$	14,236	$	81,641	$	3,921,543	$	5,379,096	$	2,836,856	$	12,233,372


	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

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	$	847,653	$	848,492	7.0	%	$	847,876		$	381		$	—		$	235		$	—		$	—
U.K. government	35,916		35,988		0.3	%	—			29,024			6,964			—			—			—
Other government	671,438		677,494		5.6	%	203,471			153,855			148,168			60,228			111,772			—
Corporate	6,543,670		6,721,668		54.9	%	173,599			649,917			3,124,885			2,470,801			296,685			5,781
Municipal	274,218		289,798		2.4	%	15,760			152,559			96,123			25,356			—			—
Residential mortgage-backed	599,415		602,217		4.9	%	555,694			1,453			4,477			11,032			27,508			2,053
Commercial mortgage-backed	1,066,391		1,080,582		8.8	%	794,959			126,374			85,374			65,930			3,382			4,563
Asset-backed	947,989		944,036		7.7	%	370,186			256,143			203,486			83,294			21,949			8,978
Structured products	1,071,142		1,033,097		8.4	%	—			523,036			—			510,061			—			—

Total	$	12,057,832	$	12,233,372	100.0	%	$	2,961,545		$	1,892,742		$	3,669,477		$	3,226,937		$	461,296		$	21,375
% of total fair value							24.2		%	15.5		%	30.0		%	26.4		%	3.7		%	0.2		%

Schedule of Equity Securities

The following table summarizes our equity investments classified as trading:


	September 30, 2021		December 31, 2020
Publicly traded equity investments in common and preferred stocks	$	257,470	$	260,767
Exchange-traded funds	1,335,831		311,287
Privately held equity investments in common and preferred stocks	359,124		274,741
	$	1,952,425	$	846,795

Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Fixed maturity investments	$	46,775	$	47,275	$	139,252	$	153,554
Short-term investments and cash and cash equivalents	(380)		826		(562)		4,203
Funds held by reinsured companies	15,675		8,346		47,683		32,715
Funds held - directly managed	8,397		7,703		22,328		27,204
Investment income from fixed maturities and cash and cash equivalents	70,467		64,150		208,701		217,676
Equity investments	5,112		4,771		14,042		14,496
Other investments	9,290		6,000		27,415		19,384

Investment income from equities and other investments	14,402		10,771		41,457		33,880
Gross investment income	84,869		74,921		250,158		251,556
Investment expenses	(5,361)		(2,791)		(12,243)		(10,269)
Net investment expenses of the InRe Fund (1)	13,217		—		(6,954)		—
Net investment income	$	92,725	$	72,130	$	230,961	$	241,287

Unrealized Gain (Loss) on Investments

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,482		2,248		(4,655)		(389)
Net realized gains on fixed maturity securities, trading	13,399		30,531		42,438		87,911
Net realized gains on funds held - directly managed	760		3,292		2,012		5,545
Net realized gains on equity investments	21,277		8,286		21,340		9,165
Net realized investment gains on investment derivatives	175		46		95		46
Net realized gains of the InRe Fund (1)	275,466		—		597,171		—
Total net realized gains on sales	$	315,770	$	53,488	$	662,111	$	114,894
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(45,752)	$	14,324	$	(174,664)	$	58,795
Fixed maturity securities in funds held - directly managed	(30,819)		7,814		(57,479)		42,619
Equity investments	339		4,210		82,303		(48,409)
Other Investments (1)	47,863		110,966		187,846		41,254
Investment derivatives	6		—		90		—
Net unrealized gains (losses) of the InRe Fund (1)	(560,672)		309,203		(589,040)		629,399
Total net unrealized gains (losses)	$	(589,035)	$	446,517	$	(550,944)	$	723,658
Net realized and unrealized gains (losses)	$	(273,265)	$	500,005	$	111,167	$	838,552

Realized Gain (Loss) on Investments

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	4,332	$	9,871	$	12,597	$	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)		(786)		(8,887)		(7,379)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,482		2,248		(4,655)		(389)
Net realized gains on fixed maturity securities, trading	13,399		30,531		42,438		87,911
Net realized gains on funds held - directly managed	760		3,292		2,012		5,545
Net realized gains on equity investments	21,277		8,286		21,340		9,165
Net realized investment gains on investment derivatives	175		46		95		46
Net realized gains of the InRe Fund (1)	275,466		—		597,171		—
Total net realized gains on sales	$	315,770	$	53,488	$	662,111	$	114,894
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(45,752)	$	14,324	$	(174,664)	$	58,795
Fixed maturity securities in funds held - directly managed	(30,819)		7,814		(57,479)		42,619
Equity investments	339		4,210		82,303		(48,409)
Other Investments (1)	47,863		110,966		187,846		41,254
Investment derivatives	6		—		90		—
Net unrealized gains (losses) of the InRe Fund (1)	(560,672)		309,203		(589,040)		629,399
Total net unrealized gains (losses)	$	(589,035)	$	446,517	$	(550,944)	$	723,658
Net realized and unrealized gains (losses)	$	(273,265)	$	500,005	$	111,167	$	838,552

Categorized Investments Recorded at Fair Value among Levels


	September 30, 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	$	—	$	848,492	$	—	$	—	$	848,492
U.K. government	—		35,988		—		—		35,988
Other government	—		677,494		—		—		677,494
Corporate	—		6,721,668		—		—		6,721,668
Municipal	—		289,798		—		—		289,798
Residential mortgage-backed	—		602,217		—		—		602,217
Commercial mortgage-backed	—		1,080,582		—		—		1,080,582
Asset-backed	—		944,036		—		—		944,036
Structured products	—		1,033,097		—		—		1,033,097

	$	—	$	12,233,372	$	—	$	—	$	12,233,372

Other assets included within funds held - directly managed	$	—	$	219,536	$	—	$	—	$	219,536

Equities:
Publicly traded equity investments	$	215,345	$	42,125	$	—	$	—	$	257,470
Exchange-traded funds	1,335,831		—		—		—		1,335,831
Privately held equity investments	—		—		359,124		—		359,124
	$	1,551,176	$	42,125	$	359,124	$	—	$	1,952,425

Other investments:

Hedge funds (1)	$	—	$	—	$	—	$	215,378	$	215,378
Fixed income funds	—		259,595		—		338,387		597,982
Equity funds	—		4,831		—		—		4,831
Private equity funds	—		—		—		598,901		598,901
CLO equities	—		153,795		—		—		153,795
CLO equity funds	—		—		—		199,714		199,714
Private credit funds	—		—		—		230,004		230,004
Real estate debt fund	—		—		—		50,666		50,666

Other	—		—		447		—		447
	$	—	$	418,221	$	447	$	1,633,050	$	2,051,718
Total Investments	$	1,551,176	$	12,913,254	$	359,571	$	1,633,050	$	16,457,051

Cash and cash equivalents	$	1,326,360	$	32,469	$	—	$	—	$	1,358,829

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	471,103	$	—	$	471,103






Losses and LAE:	$	—	$	—	$	2,107,734	$	—	$	2,107,734


	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 (1)	$	—	$	—	$	—	$	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
Real estate debt fund	—		—		—		11,883		11,883
Other	—		—		314		162		476
	$	—	$	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






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

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 September 30, 2021

Valuation Techniques

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

225.9

Guideline company methodology

Distribution waterfall

12.72

41.1

Cost as approximation of fair value

77.1

Dividend discount model;
Guideline companies method

Discount rate
Exit multiple

12.5%

1.3x - 1.5x (1.4x)

15.5

Net Asset Value (2)

NAV at recent transaction

19.82

359.6

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

Schedule of Variable Interest Entities

The tables below present the fair value of our investments in nonconsolidated VIEs as well as our maximum exposure to loss associated with these VIEs:


As of September 30, 2021	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
Equities
Publicly traded equity investment in common stock	$	66,257	$	—	$	66,257

Other investments
Hedge funds	$	215,378	$	—	$	215,378
Fixed income funds	135,819		67,797		203,616
Private equity funds	546,138		977,333		1,523,471
CLO equity funds	199,714		—		199,714
Private credit funds	—		50,000		50,000
Real estate funds	50,666		387,504		438,170
Other	446		—		446
Total	$	1,148,161	$	1,482,634	$	2,630,795

Total investments in nonconsolidated VIEs	$	1,214,418	$	1,482,634	$	2,697,052


As of December 31, 2020	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
Equities
Publicly traded equity investment in common stock	$	54,248	$	—	$	54,248

Other investments
Hedge fund	$	2,638,339	$	—	$	2,638,339
Fixed income funds	98,974		16,538		115,512
Private equity funds	361,691		761,969		1,123,660
CLO equity funds	166,524		—		166,524

Real estate funds	11,883		17,674		29,557
Other	474		—		474
Total	$	3,277,885	$	796,181	$	4,074,066

Total investments in nonconsolidated VIEs	$	3,332,133	$	796,181	$	4,128,314

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Condensed Balance Sheet

The following table presents the assets and liabilities associated with the InRe Fund, as presented within the condensed consolidated balance sheet:


	September 30, 2021
ASSETS
Cash and cash equivalents	$	245
Restricted cash held at brokers (1)	696,260
Total cash, cash equivalents and restricted cash	696,505
Securities owned, at fair value	396,984
Other assets:
Derivative assets, at fair value	6,406
Due from brokers	29,786

Other assets	593
Total other assets	36,785
Total variable interest entity assets of the InRe Fund	$	1,130,274

LIABILITIES
Derivative liabilities, at fair value	$	54,373
Due to brokers	576,649
Securities sold, but not yet purchased, at fair value	34,983
Payable for investments purchased	14,390
Other liabilities	2,153
Total variable interest entity liabilities of the InRe Fund	$	682,548

(1) Includes margin posted as collateral which is considered to be restricted cash.

Condensed Cash Flow Statement

The following table presents the net cash flows of the InRe Fund for the nine months ended September 30, 2021, following its consolidation on April 1, 2021 (the cash flows prior to April 1, 2021 are not presented as the InRe Fund was not consolidated):


	Nine Months Ended
	September 30, 2021
OPERATING ACTIVITIES
Net loss	$	(75,430)
Adjustments to reconcile net loss to cash flows:
Realized gains on sales of investments and derivatives	(597,171)
Unrealized losses on investments and derivatives	665,647
Sales of trading securities	3,367,676
Purchases of trading securities	(1,347,890)
Payments to cover securities sold short	(1,016,419)
Proceeds from securities sold short	460,514
Net receipt (payment) for derivative contracts	(66,132)
Changes in:
Due from brokers, excluding restricted cash	646,888
Receivable from investments sold	461,567
Due to brokers	50,254
Payable for investments purchased	(126,778)

Other	(302)
Subtotal	1,031,629
Net operating cash flows from the InRe Fund	2,422,424
INVESTING ACTIVITIES
Consolidation of the InRe Fund opening cash and restricted cash balances	574,081
Net investing cash flows from the InRe Fund	574,081
FINANCING ACTIVITIES

Enstar capital withdrawals (1)	(2,300,000)

Net cash used in financing activities (2)	(2,300,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	696,505
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	—
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	696,505

(1) Eliminated in the condensed consolidated statement of cash flows.

Marketable Securities

The fair value of the underlying asset categories comprising the InRe Fund's fixed maturity investments classified as trading were as follows:


	September 30, 2021

Convertible bonds	$	52,654
Corporate bonds	6,342
Total fixed maturity investments	$	58,996

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

The following table sets forth the credit ratings of the InRe Fund's fixed maturity investments classified as trading as of September 30, 2021:


	Amortized Cost		Fair Value		% of Total		A Rated			Non-Investment Grade			Non-Rated
Convertible bonds	$	57,469	$	52,654	89.3	%	$	—		$	—		$	52,654
Corporate bonds	6,339		6,342		10.7	%	1,894			4,448			—
Total	63,808		58,996		100.0	%	$	1,894		$	4,448		$	52,654
$ of total fair value							3.2		%	7.5		%	89.3		%

Schedule of Equity Securities

The following table summarizes the InRe Fund's equity investments classified as trading:


	September 30, 2021
Publicly traded equity investments in common stocks	$	335,531
Exchange-traded funds	2,457
Total equity investments	$	337,988

Major Categories of Net Investment Income

Major categories of net investment income (expense) for the InRe Fund are summarized as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2021			September 30, 2021
Fixed maturity investments	$	972		$	1,428
Equity and other investments	2,250			4,389
Investment income	3,222			5,817
Investment expenses (1)	9,995			(12,771)
Net investment income (expense)	$	13,217		$	(6,954)

(1) Positive investment expense for the three months ended September 30, 2021 reflect the impact of a reversal of previously accrued InRe Fund expenses of $14.3 million.

Unrealized Gain (Loss) on Investments

Components of net realized and unrealized gains (losses) for the InRe Fund were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains on sale:
Fixed maturity securities	$	25,275	$	—	$	79,958	$	—
Equity investments	149,238		—		255,015		—
Other investments	(1,325)		—		(1,325)		—
Derivatives	102,278		—		263,523		—

Total net realized gains	$	275,466	$	—	$	597,171	$	—
Net unrealized gains (losses):
Fixed maturity securities	$	(54,372)	$	—	$	(74,175)	$	—
Equity investments	(265,659)		—		(199,039)		—
Other investments	(12,306)		—		(10,095)		—
Derivatives	(228,335)		—		(382,338)		—

Change in net asset value of the investment in the InRe Fund (1)	—		309,203		76,607		629,399
Total net unrealized gains (losses)	(560,672)		309,203		(589,040)		629,399
Net realized and unrealized gains (losses)	$	(285,206)	$	309,203	$	8,131	$	629,399

Realized Gain (Loss) on Investments

Components of net realized and unrealized gains (losses) for the InRe Fund were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net realized gains on sale:
Fixed maturity securities	$	25,275	$	—	$	79,958	$	—
Equity investments	149,238		—		255,015		—
Other investments	(1,325)		—		(1,325)		—
Derivatives	102,278		—		263,523		—

Total net realized gains	$	275,466	$	—	$	597,171	$	—
Net unrealized gains (losses):
Fixed maturity securities	$	(54,372)	$	—	$	(74,175)	$	—
Equity investments	(265,659)		—		(199,039)		—
Other investments	(12,306)		—		(10,095)		—
Derivatives	(228,335)		—		(382,338)		—

Change in net asset value of the investment in the InRe Fund (1)	—		309,203		76,607		629,399
Total net unrealized gains (losses)	(560,672)		309,203		(589,040)		629,399
Net realized and unrealized gains (losses)	$	(285,206)	$	309,203	$	8,131	$	629,399

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


	September 30, 2021
	Fair Value		Notional Value
Derivatives Not Designated as Hedging Instruments
Derivative Assets
Option contracts	$	5,440	$	96,847
Forward contracts	966		41,000
Total derivative assets of the InRe Fund	$	6,406	$	137,847
Derivative Liabilities
Option contracts	$	20,601	$	193,695
Forward contracts	33,772		245,866
Total derivative liabilities of the InRe Fund	$	54,373	$	439,561


	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Derivatives Not Designated as Hedging Instruments
Option contracts	$	(91,329)	$	(91,247)
Forward contracts	(34,728)		(27,568)
Total net (loss) from derivative instruments, presented as a component of net realized and unrealized gains	$	(126,057)	$	(118,815)

Offsetting Assets

The following table provides disclosure regarding the potential effect of offsetting of recognized assets presented in the condensed consolidated balance sheet:


As of September 30, 2021	Gross Amounts of Recognized Derivative Assets		Gross Derivative Liability Amounts Offset in the Balance Sheet		Net Amounts of Derivative Assets Presented in the Balance Sheet		Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet		Cash Collateral Received		Net Asset Amount
UBS AG	$	2,195	$	—	$	2,195	$	(2,195)	$	—	$	—
Morgan Stanley	3,160		—		3,160		(3,160)		—		—
Goldman Sachs	857		—		857		(857)		—		—
Merrill Lynch	85		—		85		(85)		—		—

Barclays Bank	109		—		109		(73)		—		36

Total	$	6,406	$	—	$	6,406	$	(6,370)	$	—	$	36

The following table provides disclosure regarding the potential effect of offsetting of recognized liabilities presented in the condensed consolidated balance sheet:


As of September 30, 2021	Gross Amounts of Recognized Derivative Liabilities		Gross Derivative Asset Amounts Offset in the Balance Sheet		Net Amounts of Derivative Liabilities Presented in the Balance Sheet		Gross Amounts of Derivative Assets Not Offset in the Balance Sheet		Cash Collateral Pledged (1)		Net Amount
UBS AG	$	(7,032)	$	—	$	(7,032)	$	2,195	$	4,837	$	—
Morgan Stanley	(20,066)		—		(20,066)		3,160		16,906		—
Goldman Sachs	(10,421)		—		(10,421)		857		9,564		—
Merrill Lynch	(14,906)		—		(14,906)		85		14,821		—
JP Morgan	(1,875)		—		(1,875)		—		—		(1,875)
Barclays Bank	(73)		—		(73)		73		—		—

Total	$	(54,373)	$	—	$	(54,373)	$	6,370	$	46,128	$	(1,875)

Categorized Investments Recorded at Fair Value among Levels

We have categorized the InRe Fund's assets and liabilities that are recorded at fair value on a recurring basis among levels based on the observability of inputs as follows:


	September 30, 2021
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Securities owned:
Equities	$	337,988	$	—	$	—	$	337,988

Convertible bonds	—		24,161		28,493		52,654
Corporate bonds	—		6,342		—		6,342
Total securities owned	337,988		30,503		28,493		396,984

Derivatives assets:
Option contracts	—		5,440		—		5,440
Forward contracts	—		966		—		966
Total derivative assets	—		6,406		—		6,406

Securities sold, not yet purchased:
Equities	(16)		—		—		(16)
Corporate bonds	—		(34,967)		—		(34,967)
Total securities sold, but not yet purchased	(16)		(34,967)		—		(34,983)

Derivative liabilities:
Option contracts	—		(20,601)		—		(20,601)
Forward contracts	—		(33,772)		—		(33,772)
Total Derivatives liabilities	$	—	$	(54,373)	$	—	$	(54,373)

Valuation Inputs and Techniques

The table below presents the qualitative information related to the fair value measurements for the convertible bond investment measured at fair value on a recurring basis using Level 3 inputs:


Qualitative Information about Level 3 Fair Value Measurements
Fair Value as of September 30, 2021		Valuation Techniques	Unobservable Input	Range (Average)	Unrealized Loss
$	28,493	Broker Pricing	(1)	(1)	$	(1,507)

Premiums Written and Earned (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Net Premiums Written and Earned

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


	September 30, 2021
	Run-off (1)		Legacy Underwriting (1)		Corporate & Other		Total
Recoverable from reinsurers on unpaid:
Outstanding losses	$	1,003,285	$	24,633	$	—	$	1,027,918
IBNR	452,153		45,010		—		497,163
ULAE	4,835		1,199		—		6,034
Fair value adjustments - acquired companies	—		—		(14,134)		(14,134)
Fair value adjustments - fair value option	—		—		(35,753)		(35,753)
Total reinsurance reserves recoverable	1,460,273		70,842		(49,887)		1,481,228
Paid losses recoverable	195,198		181		—		195,379
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607

Reconciliation to Condensed Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,148,615	$	71,023	$	(14,134)	$	1,205,504
Reinsurance balances recoverable on paid and unpaid losses - fair value option	506,856		—		(35,753)		471,103
Total	$	1,655,471	$	71,023	$	(49,887)	$	1,676,607


	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 Condensed 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

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
Run-off
Gross	$	(2,074)	$	42,522	$	3,535	$	20,426	$	28,110	$	198,292	$	1,707	$	52,899
Ceded	4,353		(3,642)		(111)		(2,950)		(11,172)		(44,172)		690		(8,876)
Net	$	2,279	$	38,880	$	3,424	$	17,476	$	16,938	$	154,120	$	2,397	$	44,023




Legacy Underwriting
Gross	$	7,496	$	27,923	$	107,942	$	178,208	$	48,585	$	114,042	$	458,923	$	522,486
Ceded	(3,926)		(15,209)		(17,807)		(33,960)		(26,534)		(64,048)		(92,526)		(102,563)
Net	$	3,570	$	12,714	$	90,135	$	144,248	$	22,051	$	49,994	$	366,397	$	419,923
Total
Gross	$	5,422	$	70,445	$	111,477	$	198,634	$	76,695	$	312,334	$	460,630	$	575,385
Ceded	427		(18,851)		(17,918)		(36,910)		(37,706)		(108,220)		(91,836)		(111,439)
Total	$	5,849	$	51,594	$	93,559	$	161,724	$	38,989	$	204,114	$	368,794	$	463,946

Debt Obligations and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Amounts of Loans Payable Outstanding, and Accrued Interest

Our debt obligations were as follows:


					September 30, 2021				December 31, 2020
Facility	Origination Date	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
4.50% Senior Notes due 2022 (1)	March 10, 2017	5 years	$	280,444	$	(220)	$	280,224	$	(747)	$	349,253
4.95% Senior Notes due 2029	May 28, 2019	10 years	500,000		(5,173)		494,827		(5,806)		494,194
3.10% Senior Notes due 2031	August 24, 2021	10 years	500,000		(5,682)		494,318		—		—
Total Senior Notes							1,269,369				843,447
5.75% Junior Subordinated Notes due 2040	August 26, 2020	20 years	350,000		(4,991)		345,009		(5,188)		344,812
5.50% Enhanzed Re's Subordinated Notes due 2031	December 20, 2018	12.1 years	70,000		6,360		76,360		—		—
Total Subordinated Notes							421,369				344,812
EGL Revolving Credit Facility	August 16, 2018	5 years					—				185,000
Total debt obligations							$	1,690,738			$	1,373,259

(1) Principal was $350.0 million as of December 31, 2020.

Interest Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense on debt obligations	$	17,882	$	14,652	$	49,685	$	41,522
Amortization of debt issuance costs	363		351		968		914
Funds withheld balances and other	(87)		—		(15)		—
Total interest expense	$	18,158	$	15,003	$	50,638	$	42,436

Schedule of Credit and Deposit Facilities

Our credit and deposit facilities were as follows:


					Aggregate Amount Issued / Requested as Deposits / Face Amount
	Commitment		Additional Commitments Available (1)		September 30, 2021		December 31, 2020
$275.0 million Funds at Lloyd's LOC Facility (2)	$	275,000	$	75,000	$	210,000	$	210,000
$90.0 million Funds at Lloyd’s Deposit Facility (2)	90,000		10,000		90,000		—
$250.0 million LOC Facility	250,000		—		250,000		—
$100.0 million LOC Facility	100,000		—		100,000		—
$120.0 million LOC Facility	120,000		60,000		117,932		115,720
$800.0 million Syndicated LOC Facility (3)	800,000		—		565,642		587,122
$65.0 million LOC Facility	65,000		—		60,969		60,969
$100.0 million Bermuda LOC Facility (4)	100,000		—		100,000		100,000
£32.0 million United Kingdom LOC Facility (5)	£	32,000	£	—	$	43,074	$	43,692

(1) We may request additional commitments under the facility in an aggregate amount not to exceed this amount.

(4) The LOC issued under this facility qualifies as Eligible Capital for one of our Bermuda regulated subsidiaries.

(5) The LOC issued under this facility qualifies as Ancillary Own Funds capital for one of our U.K. regulated subsidiaries.

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)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Balance at beginning of period	$	177,449	$	366,533	$	365,436	$	438,791

Distributions paid	—		—		(202,073)		—
Net earnings (losses) attributable to RNCI	3,793		20,997		17,979		(31,102)
Change in unrealized losses on AFS investments attributable to RNCI	(490)		1,220		(701)		7,593
Change in currency translation adjustments attributable to RNCI	665		(588)		1,506		(753)

Change in redemption value of RNCI	—		(11,431)		(730)		(38,059)
Cumulative effect of change in accounting principle attributable to RNCI	—		—		—		261
Balance at end of period	$	181,417	$	376,731	$	181,417	$	376,731

Shareholders Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended
	September 30,
	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	$	(26,497)	$	787	$	(25,710)	$	21,198	$	—	$	21,198
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(2,482)		57		(2,425)		(2,379)		—		(2,379)
Reclassification adjustment for net realized (gains) losses included in net earnings	(2,211)		163		(2,048)		(9,488)		—		(9,488)

Change in currency translation adjustment	1,342		—		1,342		1,891		—		1,891


Other comprehensive income (loss)	$	(29,848)	$	1,007	$	(28,841)	$	11,222	$	—	$	11,222


	Nine Months Ended
	September 30,
	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	$	(83,586)	$	3,622	$	(79,964)	$	74,969	$	—	$	74,969
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	4,655		(149)		4,506		71		—		71
Reclassification adjustment for net realized (gains) losses included in net earnings	(3,710)		539		(3,171)		(13,498)		—		(13,498)
Reclassification to earnings on disposal of subsidiary	586		(111)		475		—		—		—
Change in currency translation adjustment	2,361		—		2,361		—		—		—


Other comprehensive income (loss)	$	(79,694)	$	3,901	$	(75,793)	$	61,542	$	—	$	61,542

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


	Three Months Ended
Details about AOCI components	September 30, 2021	September 30, 2020	Affected Line Item in Statement where Net Earnings are presented
Unrealized gains on fixed income available-for-sale investments	4,693	11,333	Net realized and unrealized gains
	—	534	Net loss from discontinued operations
	4,693	11,867	Total before tax
	(220)	—	Income tax benefit


Total reclassifications for the period, net of tax	4,473	11,867


	Nine Months Ended
Details about AOCI components	September 30, 2021	September 30, 2020	Affected Line Item in Statement where Net Earnings are presented
Unrealized gains (losses) on fixed income available-for-sale investments	(1,531)	12,227	Net realized and unrealized gains
	—	1,200	Net loss from discontinued operations
	(1,531)	13,427	Total before tax
	(279)	—	Income tax benefit


Total reclassifications for the period, net of tax	(1,810)	13,427

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator:
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Net earnings (loss) from continuing operations (1)	$	(195,958)	$	612,636	$	364,565	$	896,267
Net earnings from discontinued operations (2)	—		2,377		—		478
Net earnings (loss) attributable to Enstar ordinary shareholders:	$	(195,958)	$	615,013	$	364,565	$	896,745

Denominator:
Weighted-average ordinary shares outstanding — basic (3)	18,349,483		21,578,106		20,502,755		21,564,447
Effect of dilutive securities:
Share-based compensation plans (4)	198,885		143,581		210,226		180,437
Warrants (5)	—		57,042		80,659		54,743

Weighted-average ordinary shares outstanding — diluted	18,548,368		21,778,729		20,793,640		21,799,627

Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic:
Net earnings (loss) from continuing operations	$	(10.68)	$	28.39	$	17.78	$	41.56
Net earnings from discontinued operations	—		0.11		—		0.02
Net earnings (loss) per ordinary share	$	(10.68)	$	28.50	$	17.78	$	41.58
Diluted (6):
Net earnings (loss) from continuing operations	$	(10.68)	$	28.13	$	17.53	$	41.12
Net earnings from discontinued operations	—		0.11		—		0.02
Net earnings (loss) per ordinary share	$	(10.68)	$	28.24	$	17.53	$	41.14

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Related Party Transactions

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


	September 30, 2021		December 31, 2020

Short-term investments, AFS, at fair value	$	—	$	878
Fixed maturities, trading, at fair value	128,622		196,086
Fixed maturities, AFS, at fair value	314,971		227,397
Equities, at fair value	144,776		103,914
Other investments, at fair value:
Hedge funds	—		19,844
Fixed income funds	232,837		210,017

Private equity funds	56,393		37,262
CLO equities	35,720		38,658
CLO equity funds	199,215		166,523


Private Debt	19,401		27,016
Real estate fund	30,932		27,278
Total investments	1,162,867		1,054,873
Cash and cash equivalents	27,461		23,933
Other assets	1,590		403


Other liabilities	2,435		745
Net investment	$	1,189,483	$	1,078,464

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net investment income	$	3,823	$	2,312	$	8,701	$	11,189
Net realized and unrealized gains (losses)	22,795		35,925		70,027		(36,862)
Total net earnings (losses)	$	26,618	$	38,237	$	78,728	$	(25,673)

Our condensed consolidated balance sheet included the following balances related to transactions with Hillhouse Group and its affiliates (as applicable):


	December 31, 2020
Investments in funds managed by AnglePoint Cayman, held by Enhanzed Re	$	851,435
Our ownership percentage of Enhanzed Re	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)	$	403,580

Investment in other funds managed by Hillhouse Group and its affiliates:
InRe Fund (1)	$	2,365,158
Other funds	369,508
	$	2,734,666

(1) Effective April 1, 2021, AnglePoint HK assumed the role of manager of the InRe Fund as described above refer to AnglePoint HK disclosures below.

The following table presents the amounts included in net earnings related to our related party transactions with Hillhouse Group and its affiliates:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
InRe Fund (1) (2)	$	—	$	309,203	$	76,607	$	629,399
Other Funds	—		37,860		20,871		73,244
Net realized and unrealized gains	$	—	$	347,063	$	97,478	$	702,643

(1) Effective April 1, 2021, AnglePoint HK assumed the role of manager of the InRe Fund as described above; refer to AnglePoint HK disclosures below.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021			2021
InRe Fund	$	13,217		$	(6,954)
Other Fund	—			—
Net investment income (expenses) (1)	13,217			(6,954)
InRe Fund	(285,206)			(68,476)
Other Fund	240			240
Net realized and unrealized losses	(284,966)			(68,236)
	$	(271,749)		$	(75,190)

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


	September 30, 2021
Balances under LPT Retrocession Agreement:
Premiums Receivable	$	12,881
Loss and loss adjustment expenses	12,578
Other liabilities	256

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


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021		2021
Transactions under LPT Retrocession Agreement:
Net incurred losses and LAE	$	20	$	366
Interest expense	20		(63)
Total net earnings	$	40	$	303


	September 30, 2021
Balances under quota share agreement

Fixed maturities, trading, at fair value	$	187,102
Fixed maturities, available-for-sale, at fair value	944
Other investments, at fair value	13,919
Cash and cash equivalents	23,303
Restricted cash and cash equivalents	5,975
Premiums receivable	6,741
Reinsurance balances recoverable on paid and unpaid losses	71,023
Funds held by reinsured companies	36,912
Other assets	1,817
Losses and loss adjustment expenses	233,739

Insurance and reinsurance balances payable	74,626
Other liabilities	28,035


Balances under lease capacity agreement
Other liabilities	$	12,023


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021		2021
Transactions under quota share agreement
Net premiums earned	$	12,714	$	49,994
Net investment income	295		1,341
Net realized and unrealized losses	(527)		(1,626)
Other expense	(4,093)		(2,811)
Net incurred losses and loss adjustment expenses	(5,498)		(20,257)
Acquisition costs	(2,894)		(12,793)
General and administrative expenses	(2,061)		(5,563)


Transactions under lease capacity agreement



Other income (expense)	$	2,064	$	(8,285)




Total net earnings	$	—	$	—

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net investment income	$	1,516	$	—	$	4,502	$	4,367
Net realized and unrealized gains (losses)	(1,515)		45		(4,460)		3,854
Total net earnings	$	1	$	45	$	42	$	8,221

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


	December 31, 2020
Balances under ceding quota share:
Reinsurance balances recoverable	$	208,379
Funds held	193,981
Insurance balances payables	1,276

Other assets	730

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amounts under ceding quota share:
Ceded premium earned	$	(333)	$	—	$	(1,974)	$	—
Fees and commission income	90		393		323		393
Net investment expense	(1,565)		(819)		(4,002)		(819)
Net realized and unrealized gains (losses)	167		(679)		299		(679)
Other income	412		2,881		1,874		—
Net incurred losses and LAE	(1,090)		(1)		(36)		(14)
Acquisition costs	638		(46)		1,011		(23)
Total net earnings (loss)	$	(1,681)	$	1,729	$	(2,505)	$	(1,142)

Change in unrealized gains (losses) on AFS investments	1,913		(2,239)		625		(2,239)

Our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 included the following balances between us and Core Specialty:


	September 30, 2021		December 31, 2020
Balances under assuming quota share, LPT and ADC reinsurances:
Funds held by reinsured companies	$	45,370	$	58,086
Other assets	8,345		38,846
Premiums receivable	51		—
Reinsurance balances recoverable on paid and unpaid losses	476		—
Losses and loss adjustment expenses	590,228		682,637
Insurance and reinsurance balances payable	11,005		24,806
Other liabilities	101		5,003

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

Balances under service agreements:
Other assets	6,141		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		Nine Months Ended
	September 30, 2021		September 30, 2021
Transactions under assuming quota share, LPT and ADC reinsurances:
Net premiums earned	$	4,595	$	7,530
Net incurred losses and loss adjustment expenses	(12,001)		(2,780)
Acquisition costs	(951)		2,266
Net investment expense	(121)		—
Other income	185		170

Transactions under service agreements:
Fees and commission income	3,016		10,515

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

Total net earnings (loss)	$	(5,277)	$	18,253

Summary of Distribution of Syndicate Results


	December 31, 2020
Distribution of SGL No.1 share of Syndicate 609 results	$	19,115
Due to Arden under reinsurance agreement	(7,965)
Due to Atrium 5 Limited under Capacity Lease Agreement	(11,150)
Net balances with Northshore Group	—


	December 31, 2020
Distributions of SGL No.1 Share of Syndicate 609 results	$	19,115
Due to Arden under reinsurance agreement	(7,965)
Due to Atrium 5 limited under capacity lease agreement	(11,150)
Net balances with Northshore Group	$	—

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summary of Operations by Segment

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


	Three Months Ended
	September 30, 2021
	Run-off		Enhanzed Re (1)		Investments (1)		Legacy Underwriting		Corporate & Other (2)		Total
INCOME
Net premiums earned	$	38,880	$	—	$	—	$	12,714	$	—	$	51,594
Fees and commission income	6,653		—		—		—		—		6,653
Net investment income	—		—		92,430		295		—		92,725
Net realized and unrealized losses	—		—		(272,738)		(527)		—		(273,265)
Other income (expense)	5,979		—		—		(2,029)		1,328		5,278
Net gain on purchase and sales of subsidiaries	—		—		—		—		46,688		46,688
	51,512		—		(180,308)		10,453		48,016		(70,327)
EXPENSES
Net incurred losses and loss adjustment expenses	(50,140)		—		—		5,498		17,931		(26,711)

Acquisition costs	8,053		—		—		2,894		—		10,947
General and administrative expenses	47,062		—		8,786		2,061		35,590		93,499
	4,975		—		8,786		10,453		53,521		77,735
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	46,537		—		(189,094)		—		(5,505)		(148,062)
Loss from equity method investments	—		—		(14,147)		—		—		(14,147)

SEGMENT INCOME (LOSS)	$	46,537	$	—	$	(203,241)	$	—	(5,505)		(162,209)
Interest expense									(18,158)		(18,158)
Net foreign exchange gains									2,584		2,584
Income tax expense									(9,839)		(9,839)
NET LOSS											(187,622)
Net loss attributable to noncontrolling interest									589		589
NET LOSS ATTRIBUTABLE TO ENSTAR											(187,033)
Dividends on preferred shares									(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									$	(39,254)	$	(195,958)


	Three Months Ended
	September 30, 2020
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	17,476	$	—	$	144,248	$	—	$	161,724
Fees and commission income	3,637		—		7,150		—		10,787
Net investment income	—		64,054		8,076		—		72,130
Net realized and unrealized gains	—		486,671		13,334		—		500,005
Other income (expense)	55,659		—		171		(7,426)		48,404
	76,772		550,725		172,979		(7,426)		793,050
EXPENSES
Net incurred losses and loss adjustment expenses	(1,976)		—		75,874		35,788		109,686

Acquisition costs	2,730		—		34,978		—		37,708
General and administrative expenses	42,173		7,549		32,669		33,437		115,828
	42,927		7,549		143,521		69,225		263,222
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	33,845		543,176		29,458		(76,651)		529,828
Earnings from equity method investments	—		149,065		—		—		149,065
SEGMENT INCOME (LOSS)	$	33,845	$	692,241	$	29,458	(76,651)		678,893
Interest expense							(15,003)		(15,003)
Net foreign exchange losses							(8,156)		(8,156)
Income tax expense							(13,915)		(13,915)
NET EARNINGS FROM CONTINUING OPERATIONS									641,819
Net earnings from discontinued operations, net of income taxes							4,031		4,031
NET EARNINGS									645,850
Net earnings attributable to noncontrolling interest							(21,912)		(21,912)
NET EARNINGS ATTRIBUTABLE TO ENSTAR									623,938
Dividends on preferred shares							(8,925)		(8,925)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	(140,531)	$	615,013


	Nine Months Ended
	September 30, 2021
	Run-off		Enhanzed Re (1)		Investments (1)		Legacy Underwriting		Corporate & Other (2)		Total
INCOME
Net premiums earned	$	154,120	$	—	$	—	$	49,994	$	—	$	204,114
Fees and commission income	24,525		—		—		—		—		24,525
Net investment income	—		—		229,620		1,341		—		230,961
Net realized and unrealized gains (losses)	—		—		112,793		(1,626)		—		111,167
Other income (expense)	23,490		—		—		(11,096)		(9,924)		2,470
Net gain on purchase and sales of subsidiaries	—		—		—		—		61,582		61,582
	202,135		—		342,413		38,613		51,658		634,819
EXPENSES
Net incurred losses and loss adjustment expenses	(62,512)		—		—		20,257		(659)		(42,914)

Acquisition costs	37,124		—		—		12,793		—		49,917
General and administrative expenses	138,791		—		24,629		5,563		100,233		269,216
	113,403		—		24,629		38,613		99,574		276,219
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	88,732		—		317,784		—		(47,916)		358,600
Earnings from equity method investments	—		—		100,825		—		—		100,825
SEGMENT INCOME (LOSS)	$	88,732	$	—	$	418,609	$	—	(47,916)		459,425
Interest expense									(50,638)		(50,638)
Net foreign exchange gains									9,089		9,089
Income tax expense									(13,279)		(13,279)


NET EARNINGS											404,597
Net earnings attributable to noncontrolling interest									(13,257)		(13,257)
NET EARNINGS ATTRIBUTABLE TO ENSTAR											391,340
Dividends on preferred shares									(26,775)		(26,775)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									$	(142,776)	$	364,565


	Nine Months Ended
	September 30, 2020
	Run-off		Investments		Legacy Underwriting		Corporate & Other (1)		Total
INCOME
Net premiums earned	$	44,023	$	—	$	419,923	$	—	$	463,946
Fees and commission income	12,588		—		15,737		—		28,325
Net investment income	—		215,280		26,007		—		241,287
Net realized and unrealized gains	—		838,483		69		—		838,552
Other income (expense)	84,321		—		321		(16,881)		67,761

	140,932		1,053,763		462,057		(16,881)		1,639,871
EXPENSES
Net incurred losses and loss adjustment expenses	(89,418)		—		276,787		152,309		339,678

Acquisition costs	13,226		—		119,592		—		132,818
General and administrative expenses	118,026		21,817		128,789		90,454		359,086
	41,834		21,817		525,168		242,763		831,582
EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES	99,098		1,031,946		(63,111)		(259,644)		808,289
Earnings from equity method investments	—		152,725		—		—		152,725
SEGMENT INCOME (LOSS)	$	99,098	$	1,184,671	$	(63,111)	(259,644)		961,014
Interest expense							(42,436)		(42,436)
Net foreign exchange losses							(1,375)		(1,375)
Income tax expense							(25,295)		(25,295)
NET EARNINGS FROM CONTINUING OPERATIONS									891,908
Net earnings from discontinued operations, net of income taxes							810		810
NET EARNINGS									892,718
Net loss attributable to noncontrolling interest							30,802		30,802
NET EARNINGS ATTRIBUTABLE TO ENSTAR									923,520
Dividends on preferred shares							(26,775)		(26,775)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS							$	(323,913)	$	896,745

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Schedule of Significant New Business

The table below sets forth a summary of significant new business that we have completed between January 1, 2020 and September 30, 2021:


Transaction	Date Completed	Total Assets Assumed		Deferred Charge Asset (1)		Total Assets from Transactions		Total Liabilities Assumed		Net Fair Value Adjustment (2)		Total Liabilities from Transactions		Type of Transaction and Primary Nature of Business
ProSight	August 4, 2021	$	478,293	$24,013		$	502,306	$	502,306	N/A		$	502,306	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
Hiscox	June 3, 2021	532,394		N/A		532,394		532,394		N/A		532,394		LPT of diversified legacy insurance business, including surplus lines broker business
Coca-Cola	May 24, 2021	41,928		6,143		48,071		48,071		N/A		48,071		LPT of U.S. workers' compensation liability
AXA Group	May 3, 2021	1,395,000		91,988		1,486,988		1,486,988		N/A		1,486,988		ADC of a diversified mix of global casualty and professional lines
CNA (3)	February 5, 2021	651,736		105,479		757,215		757,215		N/A		757,215		LPT of U.S. excess workers' compensation liabilities
Liberty Mutual (3)	January 8, 2021	363,159		25,402		388,561		388,561		N/A		388,561		LPT of U.S. energy liability, construction liability and homebuilders liability
Total 2021		$	3,462,510	$	253,025	$	3,715,535	$	3,715,535	$	—	$	3,715,535
Hannover Re	August 6, 2020	$	182,498	N/A		$	182,498	$	209,713	$	(27,215)	$	182,498	Novation of U.S. asbestos, environmental and workers' compensation liabilities
Munich Re	July 1, 2020	100,956		N/A		100,956		100,956		N/A		100,956		Business Transfer of Australian public liability, professional liability and builders' warranty liabilities
AXA Group (3)	June 1, 2020	179,681		N/A		179,681		179,681		N/A		179,681		LPT of U.S. construction general liability
Aspen	June 1, 2020	770,000		11,746		781,746		781,746		N/A		781,746		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		465,000		N/A		465,000		LPT of U.S. motor liabilities
Total 2020		$	1,698,135	$	11,746	$	1,709,881	$	1,737,096	$	(27,215)	$	1,709,881
Total		$	5,160,645	$	264,771	$	5,425,416	$	5,452,631	$	(27,215)	$	5,425,416

(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.

The table below sets forth a summary of significant new business that was announced or completed subsequent to September 30, 2021:

Transaction

Date Transaction Announced or Completed

Initial Estimate of Liabilities Assumed

Type of Transaction and Primary Nature of Business

RSA

Completed on October 1, 2021

94,225

ADC on a diversified mix of commercial and personal insurance lines across the U.K. and Ireland

Business Acquisitions - Narrative (Details) $ in Thousands		3 Months Ended
Business Acquisitions - Narrative (Details) $ in Thousands	Sep. 01, 2021 USD ($) Quarter	Sep. 30, 2021 USD ($)	Jun. 30, 2021
Enhanzed Re \| Allianz
Business Acquisition [Line Items]
Ownership %	24.90%
Enhanzed Re
Business Acquisition [Line Items]
Percentage of stock to be acquired	27.70%
Payments to acquire investments	$ 217,100
Capital commitment assumed	$ 40,200
Equity interest percentage before acquisition	47.40%
Total equity interest, as a percentage	75.10%
Step acquisition gain		$ 46,700
Bargain purchase gain	$ 26,845
Cash consideration based on total shareholders' equity, percentage			90.00%
Reporting lag period \| Quarter	1

Business Acquisitions - Settlement Of Preexisting Relationship (Details) - Enhanzed Re - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 01, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021
ASSETS
Fixed maturities, trading, at fair value	$ 49,292	$ 49,292	$ 49,292	$ 49,292
Funds held - directly managed	2,576,956	2,272,706	2,272,706	2,272,706
Equities, at fair value	854,615	854,615	854,615	854,615
Other investments, at fair value	13,867	13,867	13,867	13,867
Total investments	3,494,730	3,190,480	3,190,480	3,190,480
Cash and cash equivalents	11,508	11,508	11,508	11,508
Funds held by reinsured companies	213,643	213,643	213,643	213,643
Other assets	7,667	7,667	7,667	7,667
TOTAL ASSETS	3,727,548	3,423,298	3,423,298	3,423,298
LIABILITIES
Losses and loss adjustment expenses	1,113,386	842,048	842,048	842,048
Future policyholder benefits	1,539,000	1,539,000	1,539,000	1,539,000
Debt obligations	76,434	76,434	76,434	76,434
Insurance and reinsurance balances payable	101,866	96,227	96,227	96,227
Other liabilities	16,244	8,656	8,656	8,656
TOTAL LIABILITIES	2,846,930	2,562,365	2,562,365	2,562,365
ASSETS
Funds held - directly managed		(304,250)
Total investments		(304,250)
TOTAL ASSETS		(304,250)
LIABILITIES
Losses and loss adjustment expenses		(271,338)	(271,300)	(271,300)
Insurance and reinsurance balances payable		(5,639)
Other liabilities		(7,588)
TOTAL LIABILITIES		(284,565)
NET ASSETS ACQUIRED AT FAIR VALUE	(19,685)	(19,685)
NET ASSETS ACQUIRED AT FAIR VALUE	880,618	$ 860,933	$ 860,933	$ 860,933
Cash consideration paid to Hillhouse Group affiliate	217,086
Fair value of previously held equity method investment	417,413
Fair value of noncontrolling interest	219,274
Total purchase price	834,088
Bargain purchase gain	$ 26,845

Business Acquisitions - Summary of Pro Forma Information (Detail) - Enhanzed Re - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Total income	$ (85,599)	$ 969,784	$ 876,978	$ 1,887,863
Net earnings	(257,594)	736,746	447,632	1,026,929
Net earnings attributable to Enstar	(245,379)	671,361	391,445	1,011,172
Net earnings attributable to Enstar ordinary shareholders	$ (254,304)	$ 662,436	$ 364,670	$ 984,397

Significant New Business (Details) - USD ($) $ in Thousands	Jan. 08, 2021	Jun. 01, 2020	Sep. 30, 2021	Aug. 04, 2021	Jun. 03, 2021	May 24, 2021	May 03, 2021	Feb. 05, 2021	Aug. 06, 2020	Jul. 01, 2020	Mar. 31, 2020
Asset Acquisition [Line Items]
Total Assets Assumed			$ 5,160,645
Deferred Charge Asset			264,771
Total Assets from Transactions			5,425,416
Total Liabilities Assumed			5,452,631
Net Fair Value Adjustment			(27,215)
Total Liabilities from Transactions			5,425,416
Total 2021
Asset Acquisition [Line Items]
Total Assets Assumed			3,462,510
Deferred Charge Asset			253,025
Total Assets from Transactions			3,715,535
Total Liabilities Assumed			3,715,535
Net Fair Value Adjustment			0
Total Liabilities from Transactions			3,715,535
ProSight
Asset Acquisition [Line Items]
Total Assets Assumed				$ 478,293
Deferred Charge Asset				24,013
Total Assets from Transactions				502,306
Total Liabilities Assumed				502,306
Total Liabilities from Transactions				$ 502,306
Hiscox
Asset Acquisition [Line Items]
Total Assets Assumed					$ 532,394
Total Assets from Transactions					532,394
Total Liabilities Assumed					532,394
Total Liabilities from Transactions					$ 532,394
Coca-Cola
Asset Acquisition [Line Items]
Total Assets Assumed						$ 41,928
Deferred Charge Asset						6,143
Total Assets from Transactions						48,071
Total Liabilities Assumed						48,071
Total Liabilities from Transactions						$ 48,071
AXA Group
Asset Acquisition [Line Items]
Total Assets Assumed		$ 179,681					$ 1,395,000
Deferred Charge Asset							91,988
Total Assets from Transactions		179,681					1,486,988
Total Liabilities Assumed		179,681					1,486,988
Total Liabilities from Transactions		$ 179,681					$ 1,486,988
Percentage ceded		10.00%
CNA
Asset Acquisition [Line Items]
Total Assets Assumed								$ 651,736
Deferred Charge Asset								105,479
Total Assets from Transactions								757,215
Total Liabilities Assumed								757,215
Total Liabilities from Transactions								$ 757,215
Liberty Mutual
Asset Acquisition [Line Items]
Total Assets Assumed	$ 363,159
Deferred Charge Asset	25,402
Total Assets from Transactions	388,561
Total Liabilities Assumed	388,561
Total Liabilities from Transactions	$ 388,561
Percentage ceded	10.00%
Total 2020
Asset Acquisition [Line Items]
Total Assets Assumed			1,698,135
Deferred Charge Asset			11,746
Total Assets from Transactions			1,709,881
Total Liabilities Assumed			1,737,096
Net Fair Value Adjustment			(27,215)
Total Liabilities from Transactions			$ 1,709,881
Hannover Re
Asset Acquisition [Line Items]
Total Assets Assumed									$ 182,498
Total Assets from Transactions									182,498
Total Liabilities Assumed									209,713
Net Fair Value Adjustment									(27,215)
Total Liabilities from Transactions									$ 182,498
Munich Re
Asset Acquisition [Line Items]
Total Assets Assumed										$ 100,956
Total Assets from Transactions										100,956
Total Liabilities Assumed										100,956
Total Liabilities from Transactions										$ 100,956
Aspen
Asset Acquisition [Line Items]
Total Assets Assumed		$ 770,000
Deferred Charge Asset		11,746
Total Assets from Transactions		781,746
Total Liabilities Assumed		781,746
Total Liabilities from Transactions		$ 781,746
Lyft
Asset Acquisition [Line Items]
Total Assets Assumed											$ 465,000
Total Assets from Transactions											465,000
Total Liabilities Assumed											465,000
Total Liabilities from Transactions											$ 465,000

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 15, 2021	Feb. 11, 2021	Nov. 30, 2020	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jan. 01, 2021	Jun. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of subsidiaries				$ 46,688		$ 0	$ 61,582	$ 0
Syndicate underwriting capacity percentage									25.00%
Gross loss reserves				13,877,785		10,300,884	13,877,785	10,300,884	$ 10,847,843	$ 13,037,858	$ 254,600	$ 10,593,436	$ 9,868,404
Reinsurance recoverable											90,800
Net loss reserves				11,962,436		8,397,015	11,962,436	8,397,015	8,708,709	10,835,041	163,800	8,488,675	7,680,550
Unearned premiums											37,400
Deferred acquisition cost				435,040		248,200	435,040	248,200	238,602	$ 435,151	$ 20,300	$ 258,516	$ 272,462
Assumed business				469,601		280,497	3,349,612	1,705,970
Continuing cash flows after disposal							53,700	11,900
Earnings (loss) from equity method investments				(14,147)		$ 149,065	100,825	$ 152,725
Investment amount				$ 505,488			$ 505,488		832,295
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
TSA termination period			2 years
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage, fully diluted basis			25.20%	24.70%			24.70%				25.20%
Investment amount				$ 229,158			$ 229,158		$ 235,000
Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Privately held equity investment				$ 35,000			$ 35,000
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%
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%			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%			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%			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											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%			76.30%		36.00%		76.30%
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%
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%			6.50%
Privately held equity investment				$ 42,100			$ 42,100		$ 16,900
Funded commitment	$ 27,000
Payments to acquire investments							16,900
Unfunded commitments				$ 10,100			10,100
Inigo \| Trident
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Funded commitment	18,000
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							14,894
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
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					23,100		23,067
Proceeds from sale, value of shares	30,000
Proceeds from sale	$ 600
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					$ (300)		$ (329)
Proceeds from sale		$ 1,000

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Syndicate Results (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution of SGL No.1 share of Syndicate 609 results	$ 19,115
Net receivable (payable)	0
Arden
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Due to Arden under reinsurance agreement	(7,965)
Atrium 5
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Due to Atrium 5 Limited under Capacity Lease Agreement	$ (11,150)

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
ASSETS
TOTAL ASSETS HELD-FOR-SALE	$ 0		$ 0		$ 711,278
LIABILITIES
TOTAL LIABILITIES HELD-FOR-SALE	0		0		483,657
EXPENSES
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	0	$ 4,031	0	$ 810
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		75,414		241,363
Net investment income		3,649		11,063
Net realized and unrealized gains		1,910		2,757
Other income		55		80
Total income		81,028		255,263
EXPENSES
Net incurred losses and loss adjustment expenses		44,939		157,648
Acquisition costs		14,776		47,570
General and administrative expenses		16,675		47,404
Interest expense		535		1,715
Net foreign exchange gains		(3)		(5)
Total expenses		76,922		254,332
EARNINGS BEFORE INCOME TAXES		4,106		931
Income tax expense		(75)		(121)
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES		4,031		810
Net loss (earnings) from discontinued operations attributable to noncontrolling interest		(1,654)		(332)
NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS		2,377		478
Discontinued Operation, Continuing Involvement [Abstract]
Total income	(19)	1,709	(406)	9,072
Total expenses (income)	12,222	(1,783)	13,290	(16,682)
Net earnings (loss)	$ (12,241)	$ 3,492	$ (13,696)	$ 25,754

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Gain (Loss) On Sale (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on purchase and sales of subsidiaries	$ 46,688		$ 0	$ 61,582	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on purchase and sales of subsidiaries				14,894
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 purchase and sales 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 purchase and sales of subsidiaries		$ 23,100		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 purchase and sales of subsidiaries		$ (300)		$ (329)

Investments - Asset Types - Fixed Maturity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	$ 5,460,737	$ 3,658,895
Fair value	12,233,372	9,319,179
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	526,738	717,998
Fair value	848,492	951,048
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	10,772	13,574
Fair value	35,988	51,082
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	129,067	150,127
Fair value	677,494	502,153
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	3,112,395	1,937,349
Fair value	6,721,668	5,686,732
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	126,578	30,032
Fair value	289,798	162,669
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	366,068	328,871
Fair value	602,217	553,945
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	544,624	276,488
Fair value	1,080,582	854,090
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, fair value	644,495	204,456
Fair value	944,036	557,460
Structured products
Debt and Equity Securities, FV-NI [Line Items]
Fair value	1,033,097
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Fair value	431,100	458,100
Short-term investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	14,236	5,129
Debt securities, fair value	81,641	263,795
Short-term investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	11,507	0
Debt securities, fair value	68,741	243,556
Short-term investments \| 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 \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,729	3,424
Debt securities, fair value	0	3,213
Short-term investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	1,705
Debt securities, fair value	12,900	17,026
Short-term investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Short-term investments \| 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 \| 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 \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, fair value	0	0
Short-term investments \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0
Debt securities, fair value	0
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	3,921,543	4,594,892
Debt securities, fair value	5,379,096	3,395,100
Fixed maturity investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	123,711	123,874
Debt securities, fair value	457,997	474,442
Fixed maturity investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	25,216	37,508
Debt securities, fair value	10,772	13,574
Fixed maturity investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	298,906	327,437
Debt securities, fair value	129,067	146,914
Fixed maturity investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,795,864	3,227,726
Debt securities, fair value	3,099,495	1,920,323
Fixed maturity investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	89,921	79,959
Debt securities, fair value	126,578	30,032
Fixed maturity investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	117,551	154,471
Debt securities, fair value	366,068	328,871
Fixed maturity investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	268,644	347,225
Debt securities, fair value	544,624	276,488
Fixed maturity investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	201,730	296,692
Debt securities, fair value	644,495	204,456
Fixed maturity investments \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0
Debt securities, fair value	0
Funds held - directly managed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,836,856	1,060,263
Funds held - directly managed \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	186,536	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	246,792	21,165
Funds held - directly managed \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	813,409	519,952
Funds held - directly managed \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	73,299	52,678
Funds held - directly managed \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	118,598	70,603
Funds held - directly managed \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	267,314	230,377
Funds held - directly managed \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	97,811	$ 56,312
Funds held - directly managed \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 1,033,097

Investments - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value
Fair Value	$ 12,233,372	$ 9,319,179
Residential mortgage-backed
Fair Value
Fair Value	602,217	553,945
Commercial mortgage-backed
Fair Value
Fair Value	1,080,582	854,090
Asset-backed
Fair Value
Fair Value	944,036	$ 557,460
Short-Term Investments and Fixed Maturities
Amortized Cost
One year or less	476,648
More than one year through two years	786,693
More than two years through five years	2,398,897
More than five years through ten years	2,582,370
More than ten years	3,199,429
Trading securities, amortized cost	12,057,832
Fair Value
One year or less	480,196
More than one year through two years	799,023
More than two years through five years	2,457,642
More than five years through ten years	2,637,871
More than ten years	3,231,805
Fair Value	$ 12,233,372
% of Total Fair Value
One year or less	3.90%
More than one year through two years	6.50%
More than two years through five years	20.10%
More than five years through ten years	21.60%
More than ten years	26.40%
Trading securities, percentage of fair value	100.00%
Short-Term Investments and Fixed Maturities \| Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 599,415
Fair Value
Securities without single maturity date	$ 602,217
% of Total Fair Value
Securities without single maturity date	5.00%
Short-Term Investments and Fixed Maturities \| Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 1,066,391
Fair Value
Securities without single maturity date	$ 1,080,582
% of Total Fair Value
Securities without single maturity date	8.80%
Short-Term Investments and Fixed Maturities \| Asset-backed
Amortized Cost
Securities without single maturity date	$ 947,989
Fair Value
Securities without single maturity date	$ 944,036
% of Total Fair Value
Securities without single maturity date	7.70%

Investments - Available-for-sale Portfolios - Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,466,270		$ 3,576,641
Gross Unrealized Gains	40,725		88,514
Non-Credit Related Losses	(41,358)		(5,938)
Allowance for Credit Losses	(4,900)	$ (7,386)	(322)	$ (912)	$ (3,673)	$ 0
Debt securities, fair value	5,460,737		3,658,895
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	529,011		715,527
Gross Unrealized Gains	1,293		3,305
Non-Credit Related Losses	(3,566)		(834)
Allowance for Credit Losses	0		0
Debt securities, fair value	526,738		717,998
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,927		12,494
Gross Unrealized Gains	75		1,080
Non-Credit Related Losses	(230)		0
Allowance for Credit Losses	0		0
Debt securities, fair value	10,772		13,574
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	127,629		142,459
Gross Unrealized Gains	2,588		7,721
Non-Credit Related Losses	(1,123)		(53)
Allowance for Credit Losses	(27)	(41)	0	0	0	0
Debt securities, fair value	129,067		150,127
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,117,300		1,873,184
Gross Unrealized Gains	28,352		65,913
Non-Credit Related Losses	(28,430)		(1,567)
Allowance for Credit Losses	(4,827)	(7,171)	(181)	(784)	(3,090)	0
Debt securities, fair value	3,112,395		1,937,349
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	125,995		28,881
Gross Unrealized Gains	1,440		1,155
Non-Credit Related Losses	(857)		(4)
Allowance for Credit Losses	0		0
Debt securities, fair value	126,578		30,032
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	367,119		326,268
Gross Unrealized Gains	1,496		3,292
Non-Credit Related Losses	(2,545)		(689)
Allowance for Credit Losses	(2)	(17)	0	(2)		0
Debt securities, fair value	366,068		328,871
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	544,211		273,516
Gross Unrealized Gains	4,616		5,202
Non-Credit Related Losses	(4,161)		(2,097)
Allowance for Credit Losses	(42)	(157)	(133)	(81)	(494)	0
Debt securities, fair value	544,624		276,488
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	644,078		204,312
Gross Unrealized Gains	865		846
Non-Credit Related Losses	(446)		(694)
Allowance for Credit Losses	(2)	$ 0	(8)	$ (45)	$ (89)	$ 0
Debt securities, fair value	$ 644,495		$ 204,456

Investments - Gross Unrealized Losses (Details) $ in Thousands	Sep. 30, 2021 USD ($) Security	Dec. 31, 2020 USD ($) Security
Fair Value
12 Months or Greater	$ 41,988	$ 4,664
Less Than 12 Months	2,847,374	527,618
Total	2,889,362	532,282
Gross Unrealized Losses
12 Months or Greater	(1,809)	(163)
Less Than 12 Months	(25,303)	(4,805)
Total	$ (27,112)	$ (4,968)
Number of securities classified as available-for-sale in an unrealized loss position \| Security	2,074	407
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| Security	40	2
U.S. government and agency
Fair Value
12 Months or Greater	$ 16,631	$ 0
Less Than 12 Months	375,400	55,839
Total	392,031	55,839
Gross Unrealized Losses
12 Months or Greater	(981)	0
Less Than 12 Months	(2,585)	(834)
Total	(3,566)	(834)
U.K. government
Fair Value
12 Months or Greater	0
Less Than 12 Months	5,222
Total	5,222
Gross Unrealized Losses
12 Months or Greater	0
Less Than 12 Months	(230)
Total	(230)
Other government
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	46,714	7,971
Total	46,714	7,971
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(707)	(53)
Total	(707)	(53)
Corporate
Fair Value
12 Months or Greater	8,184	0
Less Than 12 Months	1,376,723	199,048
Total	1,384,907	199,048
Gross Unrealized Losses
12 Months or Greater	(249)	0
Less Than 12 Months	(14,475)	(1,224)
Total	(14,724)	(1,224)
Municipal
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	71,427	1,690
Total	71,427	1,690
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(857)	(4)
Total	(857)	(4)
Residential mortgage-backed
Fair Value
12 Months or Greater	4,508	4,626
Less Than 12 Months	225,219	79,149
Total	229,727	83,775
Gross Unrealized Losses
12 Months or Greater	(128)	(125)
Less Than 12 Months	(2,417)	(564)
Total	(2,545)	(689)
Commercial mortgage-backed
Fair Value
12 Months or Greater	12,665	38
Less Than 12 Months	307,595	67,094
Total	320,260	67,132
Gross Unrealized Losses
12 Months or Greater	(451)	(38)
Less Than 12 Months	(3,586)	(1,562)
Total	(4,037)	(1,600)
Asset-backed
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	439,074	116,827
Total	439,074	116,827
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(446)	(564)
Total	$ (446)	$ (564)

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (7,386)	$ (3,673)	$ (322)	$ 0
Allowances for credit losses on securities for which credit losses were not previously recorded	33	(164)	(12,905)	(11,067)
Reductions for securities sold during the period	4	341	77	2,130
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	2,449	2,584	8,250	11,084
Allowance for credit losses, end of period	(4,900)	(912)	(4,900)	(912)
Other government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(41)	0	0	0
Allowances for credit losses on securities for which credit losses were not previously recorded	0	0	(68)	0
Reductions for securities sold during the period	0	0	1	22
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14	0	40	0
Allowance for credit losses, end of period	(27)	0	(27)	0
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(7,171)	(3,090)	(181)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	196	(39)	(12,381)	(10,359)
Reductions for securities sold during the period	2	341	74	2,108
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	2,146	2,004	7,661	10,454
Allowance for credit losses, end of period	(4,827)	(784)	(4,827)	(784)
Residential mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(17)		0	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(17)	(2)	(34)	(2)
Reductions for securities sold during the period	2	0	2	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	30	0	30	0
Allowance for credit losses, end of period	(2)	(2)	(2)	(2)
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(157)	(494)	(133)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(13)	(78)	(250)	(572)
Reductions for securities sold during the period	0	0	0	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	128	491	341	541
Allowance for credit losses, end of period	(42)	(81)	(42)	(81)
Asset-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	(89)	(8)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(133)	(45)	(172)	(134)
Reductions for securities sold during the period	0	0	0	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	131	89	178	89
Allowance for credit losses, end of period	$ (2)	$ (45)	$ (2)	(45)
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				(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				(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				(2,987)
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Residential mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period				0
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				(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

Investments - Equities - Equity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	$ 1,952,425	$ 846,795
Publicly traded equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	257,470	260,767
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	1,335,831	311,287
Privately held equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	$ 359,124	$ 274,741

Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Other Investments [Line Items]
Other investments, at fair value	$ 2,051,718	$ 4,244,034
Valuation lag period	3 months
Hedge funds
Other Investments [Line Items]
Other investments, at fair value		2,638,339
Hedge funds \| Consolidated Entity, Excluding Consolidated VIE
Other Investments [Line Items]
Other investments, at fair value	$ 215,378
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	597,982	552,541
Equity funds
Other Investments [Line Items]
Other investments, at fair value	4,831	190,767
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	598,901	363,103
Unfunded commitments	44,700
CLO equities
Other Investments [Line Items]
Other investments, at fair value	153,795	128,083
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	199,714	166,523
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	230,004	192,319
Real estate fund
Other Investments [Line Items]
Other investments, at fair value	50,666	11,883
Others
Other Investments [Line Items]
Other investments, at fair value	447	476
InRe Fund
Other Investments [Line Items]
Other investments, at fair value		$ 2,400,000
Other investments
Other Investments [Line Items]
Unfunded commitments	$ 1,500,000

Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 505,488	$ 832,295
Citco III Limited \| HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Ownership %	6.20%	6.20%
Convertible Preferred Stock \| Citco III Limited \| HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Ownership %	15.40%	15.40%
Enhanzed Re
Schedule of Equity Method Investments [Line Items]
Ownership %	0.00%	47.40%
Equity method investments	$ 0	$ 330,289
HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Equity method investments	54,401	$ 53,022
HH CTCO Holdings Limited \| Common Stock
Schedule of Equity Method Investments [Line Items]
Ownership %		31.90%
Monument Re
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 202,050	$ 193,716
Monument Re \| Common Stock
Schedule of Equity Method Investments [Line Items]
Ownership %	20.00%	20.00%
Core Specialty
Schedule of Equity Method Investments [Line Items]
Ownership %	24.70%	25.20%
Equity method investments	$ 229,158	$ 235,000
Other
Schedule of Equity Method Investments [Line Items]
Ownership %	27.00%	27.00%
Equity method investments	$ 19,879	$ 20,268

Investments - Funds Held Directly Managed Components (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Funds Held, Directly Managed [Line Items]
Funds held - directly managed	$ 3,056,392	$ 1,074,890
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Debt securities, trading	2,836,856	1,060,263
Cash and cash equivalents	211,311	9,067
Funds held - directly managed, other assets	8,225	5,560
Funds held - directly managed	$ 3,056,392	$ 1,074,890

Investments - Funds Held Directly Managed - Fixed Maturity Components (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Funds held - Directly Managed - Fair Value Option
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	$ 850	$ 106,938
Net unrealized gains:
Change in fair value - fair value option accounting	0	9,693
Change in fair value - embedded derivative accounting	0	0
Change in fair value	0	0
Debt securities, trading	850	116,631
Funds held - Directly Managed - Variable Return
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	2,836,915	859,403
Net unrealized gains:
Change in fair value - fair value option accounting	0	0
Change in fair value - embedded derivative accounting	21,603	84,229
Change in fair value	(22,512)	0
Debt securities, trading	2,836,006	943,632
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	2,837,765	966,341
Net unrealized gains:
Change in fair value - fair value option accounting	0	9,693
Change in fair value - embedded derivative accounting	21,603	84,229
Change in fair value	(22,512)	0
Debt securities, trading	$ 2,836,856	$ 1,060,263

Investments - Funds Held Directly Managed Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Funds held by reinsured companies	$ 2,410,021	$ 635,819

Investments - Net Investment Income (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

$ 84,869

$ 74,921

$ 250,158

$ 251,556

Investment expenses

(5,361)

(2,791)

(12,243)

(10,269)

^[1]

92,725

72,130

230,961

241,287

Net investment expenses of the InRe Fund

3,222

5,817

Investment expenses

9,995

(12,771)

13,217

(6,954)

Fixed maturity investments

Fixed maturity investments | InRe Fund

46,775

47,275

139,252

153,554

Short-term investments and cash and cash equivalents

972

1,428

Funds held by reinsured companies

(380)

826

(562)

4,203

Funds held - directly managed

15,675

8,346

47,683

32,715

Investment income from fixed maturities and cash and cash equivalents

8,397

7,703

22,328

27,204

70,467

64,150

208,701

217,676

5,112

4,771

14,042

14,496

Investment income from equities and other investments

9,290

6,000

27,415

19,384

$ 14,402

$ 10,771

$ 41,457

$ 33,880

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS

$ (2,425)

$ (2,379)

$ 4,506

$ 71

Net realized investment losses on investment derivatives

175

315,770

53,488

662,111

114,894

Total net unrealized gains

Investment derivatives

(589,035)

446,517

(550,944)

723,658

Sales of available-for-sale securities

^[1]

(273,265)

500,005

111,167

838,552

854,400

409,600

2,100,000

1,500,000

Net realized gains (losses) on fixed maturity securities

25,275

79,958

Net realized gains on equity investments

149,238

255,015

Net realized investment losses on investment derivatives

102,278

263,523

275,466

597,171

(54,372)

(74,175)

Total net unrealized gains

(265,659)

(199,039)

Other Investments

(560,672)

309,203

(589,040)

629,399

Investment derivatives

(228,335)

(382,338)

(560,672)

309,203

(589,040)

629,399

(285,206)

309,203

8,131

629,399

Gross realized gains on fixed maturity securities, AFS

4,332

9,871

12,597

19,995

Gross realized losses on fixed maturity securities, AFS

(2,121)

(786)

(8,887)

(7,379)

Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS

2,482

2,248

(4,655)

(389)

Net realized gains (losses) on fixed maturity securities

13,399

30,531

42,438

87,911

Funds held - directly managed

(45,752)

14,324

(174,664)

58,795

Net realized gains (losses) on fixed maturity securities

760

3,292

2,012

5,545

(30,819)

7,814

(57,479)

42,619

Net realized gains on equity investments

21,277

8,286

21,340

9,165

339

4,210

82,303

(48,409)

Other Investments

$ 47,863

$ 110,966

$ 187,846

$ 41,254

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Investments - Reconciliation to Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Total reclassification adjustment	$ 2,048	$ 9,488	$ 3,171	$ 13,498
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,425	2,379	(4,506)	(71)
Discontinued Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	0	489	0	1,025
Gross realized losses on fixed maturity securities, AFS	0	(86)	0	(143)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	0	131	0	318
Continuing Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	4,332	9,871	12,597	19,995
Gross realized losses on fixed maturity securities, AFS	(2,121)	(786)	(8,887)	(7,379)
Tax effect	(163)	0	(539)	0
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	2,482	2,248	(4,655)	(389)
Tax effect	$ (57)	$ 0	$ 149	$ 0

Investments - Restricted Assets (Details) $ in Thousands	9 Months Ended	12 Months Ended
Investments - Restricted Assets (Details) $ in Thousands	Sep. 30, 2021 USD ($) syndicate	Dec. 31, 2020 USD ($) syndicate	Sep. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 447,500	$ 471,964	$ 556,721
Collateral in trust for third party agreements	6,160,382	4,924,866
Assets on deposit with regulatory authorities	206,288	131,283
Funds at Lloyd's	503,716	260,914
Restricted assets, total	$ 6,966,689	$ 5,421,690
Number of syndicates \| syndicate	2	3
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 96,303	$ 104,627

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Total Reinsurance Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Outstanding losses	$ 1,027,918		$ 1,201,869
IBNR	497,163		647,843
ULAE	6,034		16,688
Fair value adjustments - acquired companies	(14,134)		(15,353)
Fair value adjustments - fair value option	(35,753)		(21,427)
Total reinsurance reserves recoverable	1,481,228	$ 1,787,725	1,829,620	$ 1,858,161	$ 1,927,624
Paid losses recoverable	195,379		259,543
Total	1,676,607		2,089,163
Reinsurance balances recoverable on paid and unpaid losses	1,205,504		1,568,333
Reinsurance balances recoverable on paid and unpaid losses - fair value option	471,103		520,830
Corporate & Other
Effects of Reinsurance [Line Items]
Outstanding losses	0		0
IBNR	0		0
ULAE	0		0
Fair value adjustments - acquired companies	(14,134)		(15,353)
Fair value adjustments - fair value option	(35,753)		(21,427)
Total reinsurance reserves recoverable	(49,887)		(36,780)
Paid losses recoverable	0		0
Total	(49,887)		(36,780)
Reinsurance balances recoverable on paid and unpaid losses	(14,134)		(15,353)
Reinsurance balances recoverable on paid and unpaid losses - fair value option	(35,753)		(21,427)
Run-off \| Operating Segments
Effects of Reinsurance [Line Items]
Outstanding losses	1,003,285		938,231
IBNR	452,153		508,082
ULAE	4,835		16,688
Fair value adjustments - acquired companies	0		0
Fair value adjustments - fair value option	0		0
Total reinsurance reserves recoverable	1,460,273		1,463,001
Paid losses recoverable	195,198		172,309
Total	1,655,471		1,635,310
Reinsurance balances recoverable on paid and unpaid losses	1,148,615		1,093,053
Reinsurance balances recoverable on paid and unpaid losses - fair value option	506,856		542,257
Legacy Underwriting \| Operating Segments
Effects of Reinsurance [Line Items]
Outstanding losses	24,633		263,638
IBNR	45,010		139,761
ULAE	1,199		0
Fair value adjustments - acquired companies	0		0
Fair value adjustments - fair value option	0		0
Total reinsurance reserves recoverable	70,842	$ 76,270	403,399	$ 429,847	$ 385,613
Paid losses recoverable	181		87,234
Total	71,023		490,633
Reinsurance balances recoverable on paid and unpaid losses	71,023		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	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Insurance [Abstract]
Reinsurance balances recoverable	$ 1,676,607	$ 2,089,163
(Decrease) in reinsurance balances recoverable	$ (412,600)

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) reinsurer	Dec. 31, 2020 USD ($) reinsurer
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,676,607	$ 2,089,163
Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	(49,887)	(36,780)
Lloyds of London \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	296,198	331,118
Michigan Catastrophic Claims Associations \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	221,005	229,374
Reinsurance balances recoverable \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,676,607	$ 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	$ (49,887)	$ (36,780)
Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 1,070,245	$ 1,364,593
Concentration risk percentage	63.80%	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	$ 583,505	$ 697,602
Concentration risk percentage	34.80%	33.40%
Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk \| Corporate & Other
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ (49,887)	$ (36,780)
Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 22,857	$ 26,968
Concentration risk percentage	1.40%	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	$ 802,087	$ 863,819
Number of external reinsurers \| reinsurer	8	7
Reinsurance balances recoverable \| Top Ten Reinsurers, Three Non-Rated Reinsurers \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 268,158	$ 500,774
Number of external reinsurers \| reinsurer	2	3
Reinsurance balances recoverable \| Top Ten Reinsurers, Non-Rated Reinsurers, US State Backed \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 221,000	$ 229,400
Reinsurance balances recoverable \| Top Ten Reinsurers, Non-Rated Reinsurers, US State Backed, Reinsurer Two \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	47,200
Reinsurance balances recoverable \| Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security \| Reinsurer Concentration Risk
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable		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		208,400
Run-off \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,655,471	1,635,310
Run-off \| Reinsurance balances recoverable \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,655,471	1,635,310
Run-off \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	1,006,072	1,036,676
Run-off \| Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	627,182	574,869
Run-off \| Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	22,217	23,765
Legacy Underwriting \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	71,023	490,633
Legacy Underwriting \| Reinsurance balances recoverable \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	71,023	490,633
Legacy Underwriting \| Reinsurance balances recoverable \| Top 10 reinsurers \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	64,173	327,917
Legacy Underwriting \| Reinsurance balances recoverable \| Other reinsurers greater than $1 million \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	6,210	159,513
Legacy Underwriting \| Reinsurance balances recoverable \| Other reinsurers less than $1 million \| Reinsurer Concentration Risk \| Operating Segments
Effects of Reinsurance [Line Items]
Reinsurance balances recoverable	$ 640	$ 3,203

Deferred Charge Assets and Deferred Gain Liabilities - Deferred Charge Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning carrying value	$ 435,151,000	$ 258,516,000	$ 238,602,000	$ 272,462,000
Recorded during the period	24,013,000	0	253,025,000	11,746,000
Amortization	(24,124,000)	(10,316,000)	(56,587,000)	(36,008,000)
Ending carrying value	$ 435,040,000	$ 248,200,000	435,040,000	$ 248,200,000
Impairment loss of deferred charge assets			$ 0

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

+ References + Details

Deferred Charge Assets and Deferred Gain Liabilities - Deferred Gain Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Movement Analysis Of Deferred Gain Liabilities [Roll Forward]
Beginning carrying value	$ 20,059	$ 11,916	$ 19,880	$ 12,875
Recorded during the period	9,718	0	11,280	0
Realized on acquisition	(28,755)	0	(28,755)	0
Amortization	(103)	(434)	(1,486)	(1,393)
Ending carrying value	$ 919	$ 11,482	$ 919	$ 11,482

Losses and Loss Adjustment Expenses - Balance Sheet Summary by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	$ 5,958,094		$ 5,127,849
IBNR	7,738,091		5,277,503
ULAE	440,926		385,702
Fair value adjustments - acquired companies	(123,150)		(143,183)
Fair value adjustments - fair value option	(136,176)		(54,589)
Total	13,877,785	$ 13,037,858	10,593,282	$ 10,593,436	$ 9,868,404
Loss and loss adjustment expenses	11,770,051		8,140,362
Loss and loss adjustment expenses, at fair value	2,107,734		2,452,920
Operating Segments \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	5,862,377		4,440,425
IBNR	7,425,180		4,641,500
ULAE	435,976		350,600
Fair value adjustments - acquired companies	0		0
Fair value adjustments - fair value option	0		0
Total	13,723,533		9,432,525
Loss and loss adjustment expenses	11,479,623		6,925,016
Loss and loss adjustment expenses, at fair value	2,243,910		2,507,509
Operating Segments \| Enhanzed Re
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	1,059
IBNR	176,122
ULAE	2,658
Fair value adjustments - acquired companies	0
Fair value adjustments - fair value option	0
Total	179,839
Loss and loss adjustment expenses	179,839
Loss and loss adjustment expenses, at fair value	0
Operating Segments \| Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses	94,658		687,424
IBNR	136,789		636,003
ULAE	2,292		35,102
Fair value adjustments - acquired companies	0		0
Fair value adjustments - fair value option	0		0
Total	233,739	$ 240,911	1,358,529	$ 1,610,956	$ 1,569,865
Loss and loss adjustment expenses	233,739		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	(123,150)		(143,183)
Fair value adjustments - fair value option	(136,176)		(54,589)
Total	(259,326)		(197,772)
Loss and loss adjustment expenses	(123,150)		(143,183)
Loss and loss adjustment expenses, at fair value	$ (136,176)		$ (54,589)

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($) subsidiaries	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) subsidiaries	Sep. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	$ 13,877,785	$ 13,877,785		$ 13,877,785		$ 13,037,858	$ 10,593,282	$ 10,593,436	$ 9,868,404
Add: losses and LAE related to SGL No. 1						0	254,561	0	0
Balance as of beginning of period		13,037,858	$ 10,593,436	10,847,843	$ 9,868,404
Less:
Reinsurance reserves recoverable	1,481,228	1,481,228		1,481,228		1,787,725	1,829,620	1,858,161	1,927,624
Reinsurance reserves recoverable relating to SGL No 1						0	90,792	0	0
Total reinsurance reserves recoverable		1,787,725	1,858,161	1,920,412	1,927,624
Less: net deferred charge assets and deferred gain liabilities on retroactive reinsurance		415,092	246,600	218,722	259,587
Net balance as of beginning of period		10,835,041	8,488,675	8,708,709	7,680,550
Net incurred losses and LAE:
Current period		42,394	78,965	145,619	314,083
Prior periods		(69,105)	30,721	(188,533)	25,595
Total net incurred losses and LAE		(26,711)	109,686	(42,914)	339,678
Net paid losses:
Current period		(3,326)	(17,194)	(15,720)	(32,304)
Prior periods		(290,032)	(344,060)	(980,729)	(1,070,063)
Total net paid losses		(293,358)	(361,254)	(996,449)	(1,102,367)
Effect of exchange rate movement		(58,075)	98,695	(64,336)	(7,532)
Acquired on purchase of subsidiaries (2)		1,099,260	0	1,099,260	0
Assumed business		469,601	280,497	3,349,612	1,705,970
Ceded business		(63,322)	0	(91,446)	0
Reclassification to assets and liabilities held-for-sale		0	(219,284)	0	(219,284)
Net balance as of September 30	11,962,436	11,962,436	8,397,015	11,962,436	8,397,015
Plus: reinsurance reserves recoverable	1,481,228	1,481,228	1,667,151	1,481,228	1,667,151
Plus: net deferred charge assets and deferred gain liabilities on retroactive reinsurance	434,121	434,121	236,718	434,121	236,718
Balance as of September 30	13,877,785	13,877,785	10,300,884	13,877,785	10,300,884
Third party loss reserves		842,000		842,000
Loss reserves deemed to settle pre-existing relationships		257,200		257,200
Reinsurance recoverable related to pre-existing relationships		286,000		286,000
Deferred gain liability		28,800		28,800
Enhanzed Re
Net paid losses:
Losses and loss adjustment expenses	(271,338)	(271,300)		(271,300)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Net paid losses:
Fair value adjustment				400
Run-off \| Operating Segments
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	13,723,533	13,723,533		13,723,533			9,432,525
Balance as of beginning of period		13,055,661	9,231,912	9,432,525	8,683,983
Less:
Reinsurance reserves recoverable	1,460,273	1,460,273		1,460,273			1,463,001
Total reinsurance reserves recoverable		1,759,227	1,494,652	1,463,001	1,645,352
Net balance as of beginning of period		11,296,434	7,737,260	7,969,524	7,039,334
Net incurred losses and LAE:
Current period		35,768	8,218	121,338	24,153
Prior periods		(85,908)	(10,194)	(183,850)	(113,571)
Total net incurred losses and LAE		(50,140)	(1,976)	(62,512)	(89,418)
Net paid losses:
Current period		(3,107)	(739)	(5,863)	(1,777)
Prior periods		(284,216)	(283,143)	(969,283)	(824,473)
Total net paid losses		(287,323)	(283,882)	(975,146)	(826,250)
Effect of exchange rate movement		(58,673)	87,018	(66,035)	(22,465)
Acquired on purchase of subsidiaries (2)		942,388	0	942,388	0
Assumed business		493,614	307,713	3,602,637	1,744,932
Ceded business		(73,040)	0	(102,726)	0
Transfer to segment		0	0	955,130	0
Net balance as of September 30	12,263,260	12,263,260	7,846,133	12,263,260	7,846,133
Plus: reinsurance reserves recoverable	1,460,273	1,460,273	1,306,256	1,460,273	1,306,256
Balance as of September 30	13,723,533	13,723,533	9,152,389	13,723,533	9,152,389
Third party loss reserves		656,400		656,400
Loss reserves deemed to settle pre-existing relationships		$ 286,000		$ 286,000
Number of reinsurance subsidiaries \| subsidiaries		2		2
Enhanzed Re \| Operating Segments
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	179,839	$ 179,839		$ 179,839
Balance as of beginning of period		0		0
Net incurred losses and LAE:
Total net incurred losses and LAE		0		0
Net paid losses:
Effect of exchange rate movement		(48)		(48)
Acquired on purchase of subsidiaries (2)		179,887		179,887
Balance as of September 30	179,839	179,839		179,839
Legacy Underwriting \| Operating Segments
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	233,739	233,739		233,739		240,911	1,358,529	1,610,956	1,569,865
Add: losses and LAE related to SGL No. 1						0	254,561	0	0
Balance as of beginning of period		240,911	1,610,956	1,613,090	1,569,865
Less:
Reinsurance reserves recoverable	70,842	70,842		70,842		76,270	403,399	429,847	385,613
Reinsurance reserves recoverable relating to SGL No 1						0	90,792	0	0
Total reinsurance reserves recoverable		76,270	429,847	494,191	385,613
Net balance as of beginning of period		164,641	1,181,109	1,118,899	1,182,906
Net incurred losses and LAE:
Current period		6,626	70,747	24,281	289,930
Prior periods		(1,128)	5,127	(4,024)	(13,143)
Total net incurred losses and LAE		5,498	75,874	20,257	276,787
Net paid losses:
Current period		(219)	(16,455)	(9,857)	(30,527)
Prior periods		(5,816)	(60,917)	(11,446)	(245,590)
Total net paid losses		(6,035)	(77,372)	(21,303)	(276,117)
Effect of exchange rate movement		(1,207)	13,083	174	9,118
Reclassification to assets and liabilities held-for-sale		0	(216,349)	0	(216,349)
Transfer to segment		0	0	(955,130)	0
Net balance as of September 30	162,897	162,897	976,345	162,897	976,345
Plus: reinsurance reserves recoverable	70,842	70,842	401,288	70,842	401,288
Balance as of September 30	$ 233,739	$ 233,739	$ 1,377,633	$ 233,739	$ 1,377,633
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance
Less:
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance						0	0	0	643
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Run-off \| Operating Segments
Less:
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance						0	0	0	703
Cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance \| Legacy Underwriting \| Operating Segments
Less:
Less: cumulative effect of change in accounting principal on allowance for estimated uncollectible reinsurance						$ 0	$ 0	$ 0	$ 1,346

Losses and Loss Adjustment Expenses - Net (Reduction) Increase in Ultimate Losses and Loss Adjustment Expense Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Prior Period
Net losses paid	$ 290,032	$ 344,060	$ 980,729	$ 1,070,063
Net incurred losses and LAE, prior period	(69,105)	30,721	(188,533)	25,595
Current Period
Net losses paid	3,326	17,194	15,720	32,304
Net incurred losses and LAE, current period	42,394	78,965	145,619	314,083
Total
Net losses paid	293,358	361,254	996,449	1,102,367
Net change in case and LAE reserves	(155,130)	(41,627)	(399,747)	(356,860)
Net change in IBNR reserves	(169,679)	(226,075)	(596,632)	(547,075)
Increase (reduction) in estimates of net ultimate losses	(31,451)	93,552	70	198,432
Increase (reduction) in provisions for unallocated LAE	(13,191)	(19,654)	(42,325)	(11,063)
Amortization of deferred charge assets and deferred gain liabilities	24,021	9,882	55,101	34,615
Amortization of fair value adjustments	4,787	4,864	12,876	20,846
Changes in fair value - fair value option	(10,877)	21,042	(68,636)	96,848
Total net incurred losses and LAE	(26,711)	109,686	(42,914)	339,678
Operating Segments \| Run-off
Prior Period
Net losses paid	284,216	283,143	969,283	824,473
Net change in case and LAE reserves	(174,118)	(49,854)	(421,265)	(301,382)
Net change in IBNR reserves	(182,400)	(228,878)	(687,383)	(602,153)
Increase (reduction) in estimates of net ultimate losses	(72,302)	4,411	(139,365)	(79,062)
Increase (reduction) in provisions for unallocated LAE	(13,606)	(14,605)	(44,485)	(34,509)
Net incurred losses and LAE, prior period	(85,908)	(10,194)	(183,850)	(113,571)
Current Period
Net losses paid	3,107	739	5,863	1,777
Net change in case and LAE reserves	17,192	(33)	22,229	809
Net change in IBNR reserves	14,721	7,512	90,063	21,567
Increase (reduction) in estimates of net ultimate losses	35,020	8,218	118,155	24,153
Increase (reduction) in provisions for unallocated LAE	748	0	3,183	0
Net incurred losses and LAE, current period	35,768	8,218	121,338	24,153
Total
Net losses paid	287,323	283,882	975,146	826,250
Net change in case and LAE reserves	(156,926)	(49,887)	(399,036)	(300,573)
Net change in IBNR reserves	(167,679)	(221,366)	(597,320)	(580,586)
Increase (reduction) in estimates of net ultimate losses	(37,282)	12,629	(21,210)	(54,909)
Increase (reduction) in provisions for unallocated LAE	(12,858)	(14,605)	(41,302)	(34,509)
Amortization of deferred charge assets and deferred gain liabilities	0	0	0	0
Amortization of fair value adjustments	0	0	0	0
Changes in fair value - fair value option	0	0	0	0
Total net incurred losses and LAE	(50,140)	(1,976)	(62,512)	(89,418)
Operating Segments \| Legacy Underwriting
Prior Period
Net losses paid	5,816	60,917	11,446	245,590
Net change in case and LAE reserves	4,122	(22,833)	(570)	(96,173)
Net change in IBNR reserves	(10,518)	(32,706)	(13,822)	(162,492)
Increase (reduction) in estimates of net ultimate losses	(580)	5,378	(2,946)	(13,075)
Increase (reduction) in provisions for unallocated LAE	(548)	(251)	(1,078)	(68)
Net incurred losses and LAE, prior period	(1,128)	5,127	(4,024)	(13,143)
Current Period
Net losses paid	219	16,455	9,857	30,527
Net change in case and LAE reserves	(2,326)	31,093	(141)	39,886
Net change in IBNR reserves	8,518	27,997	14,510	196,003
Increase (reduction) in estimates of net ultimate losses	6,411	75,545	24,226	266,416
Increase (reduction) in provisions for unallocated LAE	215	(4,798)	55	23,514
Net incurred losses and LAE, current period	6,626	70,747	24,281	289,930
Total
Net losses paid	6,035	77,372	21,303	276,117
Net change in case and LAE reserves	1,796	8,260	(711)	(56,287)
Net change in IBNR reserves	(2,000)	(4,709)	688	33,511
Increase (reduction) in estimates of net ultimate losses	5,831	80,923	21,280	253,341
Increase (reduction) in provisions for unallocated LAE	(333)	(5,049)	(1,023)	23,446
Amortization of deferred charge assets and deferred gain liabilities	0	0	0	0
Amortization of fair value adjustments	0	0	0	0
Changes in fair value - fair value option	0	0	0	0
Total net incurred losses and LAE	5,498	75,874	20,257	276,787
Corporate & Other
Total
Net losses paid	0	0	0	0
Net change in case and LAE reserves	0	0	0	0
Net change in IBNR reserves	0	0	0	0
Increase (reduction) in estimates of net ultimate losses	0	0	0	0
Increase (reduction) in provisions for unallocated LAE	0	0	0	0
Amortization of deferred charge assets and deferred gain liabilities	24,021	9,882	55,101	34,615
Amortization of fair value adjustments	4,787	4,864	12,876	20,846
Changes in fair value - fair value option	(10,877)	21,042	(68,636)	96,848
Total net incurred losses and LAE	$ 17,931	$ 35,788	$ (659)	$ 152,309

Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period	$ 42,394	$ 78,965	$ 145,619	$ 314,083
Prior periods	(69,105)	30,721	(188,533)	25,595
Run-off \| Operating Segments
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period	35,768	8,218	121,338	24,153
Increase (reduction) in estimates of net ultimate losses	(72,302)	4,411	(139,365)	(79,062)
Prior periods	(85,908)	(10,194)	(183,850)	(113,571)
Run-off \| Motor \| Operating Segments
Effects of Reinsurance [Line Items]
Unfavorable development		128,400		122,400
Run-off \| COVID-19 \| Operating Segments
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period			20,900
Legacy Underwriting \| Operating Segments
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period	6,626	70,747	24,281	289,930
Increase (reduction) in estimates of net ultimate losses	(580)	5,378	(2,946)	(13,075)
Prior periods	$ (1,128)	5,127	$ (4,024)	(13,143)
Legacy Underwriting \| COVID-19 \| Operating Segments
Effects of Reinsurance [Line Items]
Net incurred losses and LAE, current period		$ 2,900		$ 37,100

Future Policyholder Benefits (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Insurance [Abstract]
Annuities	$ 1,621,197
Fair value adjustments - acquired companies	(122,987)
Total	$ 1,498,210	$ 0

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	$ 659,921		$ 706,329
Estimated future expenses	38,004		42,510
Fair value adjustments	(244,433)		(262,029)
Asbestos and environmental liabilities	659,921	$ 677,919	706,329	$ 754,037	$ 808,062	$ 847,685
Insurance recoveries related to defendant asbestos and environmental liabilities	265,340		310,602
Fair value adjustments	(51,921)		(60,950)
Insurance balances recoverable	213,419	$ 245,979	249,652	365,288	$ 428,277	$ 448,855
Insurance balance recoverable, allowance for credit loss	5,805		4,824
Liability for Asbestos and Environmental Claims, Net	446,502		456,677	$ 388,749
Defendant asbestos liabilities
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	854,804		913,276
Defendant environmental liabilities
Loss Contingencies [Line Items]
Defendant asbestos and environmental liabilities	$ 11,546		$ 12,572

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Liability for Asbestos and Environmental Claims [Roll Forward]
Balance as of beginning of period	$ 677,919	$ 808,062	$ 706,329	$ 847,685
Less: Insurance balances recoverable	245,979	428,277	249,652	448,855
Plus: Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	5,805		5,805			$ 4,824
Net balance as of beginning of period			456,677
Total net paid claims	21,970	52,891	4,746	51,977
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	(4,983)	(48,439)	(18,985)	(75,332)
Reduction in estimated future expenses	(997)	(3,124)	(4,505)	(6,127)
Amortization of fair value adjustments	(1,428)	7,636	8,569	16,234
Total other income	(7,408)	(43,927)	(14,921)	(65,225)
Net balance as at September 30	446,502	388,749	446,502	388,749
Plus: Insurance balances recoverable	213,419	365,288	213,419	365,288
Balance as at September 30	659,921	754,037	659,921	754,037
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	$ 0	$ 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	$ 431,940	$ 379,785	$ 456,677	$ 401,997

Fair Value Measurements - Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reinsurance balances recoverable
Beginning fair value	$ 349,039	$ 271,314	$ 284,305	$ 353,668
Purchases	3,488	10,000	80,332	48,484
Sales and paydowns			(9,250)	(539)
Total realized and unrealized gains (losses)	7,044	45	4,184	(36,514)
Transfer out of Level 3 into Level 2	0	0	0	(83,740)
Ending fair value	359,571	281,359	359,571	281,359
Privately-held Equities
Reinsurance balances recoverable
Beginning fair value	348,725	271,000	274,741	265,799
Purchases	3,488	0	80,332	1,392
Sales and paydowns			0	0
Total realized and unrealized gains (losses)	6,911	45	4,051	3,854
Transfer out of Level 3 into Level 2	0	0	0	0
Ending fair value	359,124	271,045	359,124	271,045
Other investments
Reinsurance balances recoverable
Beginning fair value	314	314	9,564	87,869
Purchases	0	10,000	0	47,092
Sales and paydowns			(9,250)	(539)
Total realized and unrealized gains (losses)	133	0	133	(40,368)
Transfer out of Level 3 into Level 2	0	0	0	(83,740)
Ending fair value	$ 447	$ 10,314	$ 447	$ 10,314

Fair Value Measurements - Valuation Techniques (Details) - Private equity funds - Level 3 $ in Millions	Sep. 30, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 359.6
Guideline company methodology
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 225.9
Guideline company methodology \| Distribution waterfall
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	12.72
Cost as approximation of fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 41.1
Dividend discount model; Guideline companies method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 77.1
Dividend discount model \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.125
Guideline companies method \| Exit multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.3
Guideline companies method \| Exit multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.5
Guideline companies method \| Exit multiple \| Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.4
Net Asset Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 15.5
Net Asset Value \| NAV at recent transaction
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	19.82

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reinsurance balances recoverable
Beginning fair value	$ 349,039	$ 271,314	$ 284,305	$ 353,668
Assumed business	3,488	10,000	80,332	48,484
Incurred losses and LAE:
Change in fair value	7,044	45	4,184	(36,514)
Ending fair value	359,571	281,359	359,571	281,359
Net
Beginning fair value	1,741,762	1,783,155	1,932,090	1,925,604
Assumed business	0	182,498	0	182,498
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	5,238	(82,297)	(14,229)	(109,689)
Reduction in unallocated LAE	(4,088)	(4,641)	(11,747)	(14,353)
Change in fair value	(10,877)	21,042	(68,636)	96,848
Total incurred losses and LAE	(9,727)	(65,896)	(94,612)	(27,194)
Paid losses	(65,175)	(75,553)	(176,473)	(180,560)
Effect of exchange rate movements	(30,229)	55,313	(24,374)	(20,831)
Ending fair value	1,636,631	1,879,517	1,636,631	1,879,517
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	2,234,105	2,454,539	2,452,920	2,621,122
Assumed business	0	1,526	0	1,526
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	4,269	(25,595)	(8,231)	(61,109)
Reduction in unallocated LAE	(4,088)	(4,641)	(11,747)	(14,353)
Change in fair value	(13,185)	19,092	(83,094)	130,075
Total incurred losses and LAE	(13,004)	(11,144)	(103,072)	54,613
Paid losses	(76,909)	(86,745)	(211,496)	(230,187)
Effect of exchange rate movements	(36,458)	64,502	(30,618)	(24,396)
Ending fair value	2,107,734	2,422,678	2,107,734	2,422,678
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	492,343	671,384	520,830	695,518
Assumed business	0	(180,972)	0	(180,972)
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(969)	56,702	5,998	48,580
Reduction in unallocated LAE	0	0	0	0
Change in fair value	(2,308)	(1,950)	(14,458)	33,227
Total incurred losses and LAE	(3,277)	54,752	(8,460)	81,807
Paid losses	(11,734)	(11,192)	(35,023)	(49,627)
Effect of exchange rate movements	(6,229)	9,189	(6,244)	(3,565)
Ending fair value	471,103	543,161	471,103	543,161
Duration
Incurred losses and LAE:
Change in fair value	2,657	11,767	8,228	19,617
Corporate bond yield
Incurred losses and LAE:
Change in fair value	(13,534)	9,275	(76,864)	75,524
Weighted cost of capital
Incurred losses and LAE:
Change in fair value	0	0	0	(5,048)
Risk cost of capital
Incurred losses and LAE:
Change in fair value	$ 0	$ 0	$ 0	$ 6,755

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 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 3 months	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 8 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	Sep. 30, 2021	Sep. 01, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,690,738		$ 1,373,259
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	1,269,369		843,447
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 421,369		344,812
4.50% Senior Notes due 2022 (1) \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.50%
Carrying Value	$ 280,224		349,253
Debt, fair value	$ 284,100
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%
Carrying Value	$ 494,827		494,194
Debt, fair value	$ 556,600
3.10% Senior Notes due 2031 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	3.10%
Carrying Value	$ 494,318		0
Debt, fair value	$ 492,500
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%
Carrying Value	$ 345,009		344,812
Debt, fair value	$ 375,000
5.50% Enhanzed Re's Subordinated Notes due 2031 \| Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%	5.50%
Carrying Value	$ 76,360		$ 0
Debt, fair value	$ 75,300	$ 76,400

Variable Interest Entities - Additional Information (Details) - InRe Fund - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount redeemed	$ 1,500,000	$ 2,300,000
Convertible bonds \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss			$ 1,507

Variable Interest Entities - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 901,152	$ 640,601
Restricted cash and cash equivalents	$ 447,500	471,964	556,721
Cash, cash equivalents and restricted cash	2,731,196	1,373,116	1,197,322	$ 971,349
Securities owned, at fair value		15,256,930
Other assets:
Total other assets		925,533
TOTAL ASSETS	26,053,448	21,647,284
LIABILITIES
Other liabilities	601,055	942,905
InRe Fund
ASSETS
Cash and cash equivalents	245
Restricted cash and cash equivalents	696,260
Cash, cash equivalents and restricted cash	696,505	0	$ 0
Securities owned, at fair value	396,984	0
Other assets:
Derivative assets, at fair value	6,406
Due from brokers	29,786
Other assets	593
Total other assets	36,785	0
TOTAL ASSETS	1,130,274	0
LIABILITIES
Derivative liabilities, at fair value	54,373
Due to brokers	576,649
Securities sold, but not yet purchased, at fair value	34,983
Payable for investments purchased	14,390
Other liabilities	2,153
TOTAL LIABILITIES	$ 682,548	$ 0

Variable Interest Entities - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
NET EARNINGS (LOSS)	$ (187,622)	$ 645,850	$ 404,597	$ 892,718
Adjustments to reconcile net loss to cash flows:
Sales of trading securities			5,289,793	2,778,993
Purchases of trading securities			(2,696,856)	(1,531,190)
Payments to cover securities sold short			(1,016,418)	0
Proceeds from securities sold short			460,514	0
Net payments for derivative contracts			(66,132)	0
Changes in:
Other operating assets and liabilities			(385,765)	80,824
FINANCING ACTIVITIES:
Enstar capital withdrawals			(61,400)
Net cash flows provided by (used in) financing activities			(676,143)	202,623
NET INCREASE IN CASH AND CASH EQUIVALENTS			1,134,880	276,611
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			1,373,116	971,349
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,731,196	1,197,322	2,731,196	1,197,322
InRe Fund
OPERATING ACTIVITIES:
NET EARNINGS (LOSS)			(75,430)
Adjustments to reconcile net loss to cash flows:
Realized gains on sales of investments and derivatives			(597,171)
Unrealized losses on investments and derivatives			665,647
Sales of trading securities			3,367,676
Purchases of trading securities			(1,347,890)
Payments to cover securities sold short			(1,016,419)
Proceeds from securities sold short			460,514
Net payments for derivative contracts			(66,132)
Changes in:
Due from brokers, excluding restricted cash			646,888
Receivable from investments sold			461,567
Due to brokers			50,254
Payable for investments purchased			(126,778)
Other operating assets and liabilities			(302)
Subtotal			1,031,629	0
Net cash flows provided by operating activities			2,422,424
INVESTING ACTIVITIES:
Consolidation of the InRe Fund opening cash and restricted cash balances (Note 12)			574,081	0
Net cash flows used in investing activities			574,081
FINANCING ACTIVITIES:
Enstar capital withdrawals			(2,300,000)
Net cash flows provided by (used in) financing activities			(2,300,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS			696,505
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			0
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 696,505	$ 0	$ 696,505	$ 0

Variable Interest Entities - Asset Types (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 3,921,543	$ 4,594,892
Fixed maturity investments \| Corporate bonds
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,795,864	$ 3,227,726
InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	58,996
InRe Fund \| Convertible bonds
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	52,654
InRe Fund \| Corporate bonds
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	6,342
InRe Fund \| Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	58,996
InRe Fund \| Fixed maturity investments \| Convertible bonds
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	52,654
InRe Fund \| Fixed maturity investments \| Corporate bonds
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 6,342

Variable Interest Entities - Credit Rating (Details) - InRe Fund $ in Thousands	3 Months Ended
	Sep. 30, 2021 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	$ 63,808
Debt securities, trading	58,996
Non- Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	4,448
A Rated \| Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,894
Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 52,654
Trading Securities \| Portfolio Concentration Risk
Debt and Equity Securities, FV-NI [Line Items]
% of Total Investments	100.00%
Trading Securities \| Credit Rating Concentration Risk \| Non- Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
% of Total Investments	7.50%
Trading Securities \| Credit Rating Concentration Risk \| A Rated \| Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
% of Total Investments	3.20%
Trading Securities \| Credit Rating Concentration Risk \| Not Rated
Debt and Equity Securities, FV-NI [Line Items]
% of Total Investments	89.30%
Convertible bonds
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	$ 57,469
Debt securities, trading	52,654
Convertible bonds \| Non- Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0
Convertible bonds \| A Rated \| Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0
Convertible bonds \| Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 52,654
Convertible bonds \| Trading Securities \| Portfolio Concentration Risk
Debt and Equity Securities, FV-NI [Line Items]
% of Total Investments	89.30%
Corporate bonds
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	$ 6,339
Debt securities, trading	6,342
Corporate bonds \| Non- Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	4,448
Corporate bonds \| A Rated \| Investment Grade
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,894
Corporate bonds \| Not Rated
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 0
Corporate bonds \| Trading Securities \| Portfolio Concentration Risk
Debt and Equity Securities, FV-NI [Line Items]
% of Total Investments	10.70%

Variable Interest Entities - Equities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	$ 1,952,425	$ 846,795
InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	337,988
Publicly traded equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	257,470	260,767
Publicly traded equity investments in common and preferred stocks \| InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	335,531
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	1,335,831	$ 311,287
Exchange-traded funds \| InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Equities, at fair value	$ 2,457

Variable Interest Entities - Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt and Equity Securities, FV-NI [Line Items]
Gross investment income	$ 84,869	$ 74,921	$ 250,158	$ 251,556
Investment expenses	(5,361)	(2,791)	(12,243)	(10,269)
InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Gross investment income	3,222		5,817
Investment expenses	9,995		(12,771)
Net investment income (expense)	13,217	0	(6,954)	0
Decrease in accrued expenses	14,300
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Gross investment income	46,775	$ 47,275	139,252	$ 153,554
Fixed maturity investments \| InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Gross investment income	972		1,428
Equity and other investments \| InRe Fund
Debt and Equity Securities, FV-NI [Line Items]
Gross investment income	$ 2,250		$ 4,389

Variable Interest Entities - Net Realized and Unrealized Gains (Losses) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

$ 175

$ 46

$ 95

$ 46

315,770

53,488

662,111

114,894

^[1]

(273,265)

500,005

111,167

838,552

25,275

79,958

149,238

255,015

(1,325)

102,278

263,523

275,466

597,171

(54,372)

(74,175)

(265,659)

(199,039)

(12,306)

(10,095)

Change in net asset value of the investment in the InRe Fund

(228,335)

(382,338)

309,203

76,607

629,399

Total net unrealized gains (losses)

(560,672)

309,203

(589,040)

629,399

$ (285,206)

$ 309,203

$ 8,131

$ 629,399

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Variable Interest Entities - Fair Value and Notional Amounts (Details) - InRe Fund $ in Thousands	Sep. 30, 2021 USD ($)
Derivative [Line Items]
Derivative assets, at fair value	$ 6,406
Derivative assets, notional value	137,847
Derivative liabilities, at fair value	54,373
Derivative liability, notional value	439,561
Option contracts
Derivative [Line Items]
Derivative assets, at fair value	5,440
Derivative assets, notional value	96,847
Derivative liabilities, at fair value	20,601
Derivative liability, notional value	193,695
Forward contracts
Derivative [Line Items]
Derivative assets, at fair value	966
Derivative assets, notional value	41,000
Derivative liabilities, at fair value	33,772
Derivative liability, notional value	$ 245,866

Variable Interest Entities - Income Statement Impact (Details) - InRe Fund - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Derivative [Line Items]
Net gain (loss)	$ (126,057)	$ (118,815)
Option contracts
Derivative [Line Items]
Net gain (loss)	(91,329)	(91,247)
Forward contracts
Derivative [Line Items]
Net gain (loss)	$ (34,728)	$ (27,568)

Variable Interest Entities - Offsetting (Details) - InRe Fund $ in Thousands	Sep. 30, 2021 USD ($)
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Derivative Assets	$ 6,406
Gross Derivative Liability Amounts Offset in the Balance Sheet	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	6,406
Gross Amounts of Derivative Assets Not Offset in the Balance Sheet	(6,370)
Cash Collateral Pledged	0
Net Asset Amount	36
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(54,373)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(54,373)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	6,370
Cash Collateral Pledged	46,128
Net Amount	(1,875)
UBS AG
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Derivative Assets	2,195
Gross Derivative Liability Amounts Offset in the Balance Sheet	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	2,195
Gross Amounts of Derivative Assets Not Offset in the Balance Sheet	(2,195)
Cash Collateral Pledged	0
Net Asset Amount	0
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(7,032)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(7,032)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	2,195
Cash Collateral Pledged	4,837
Net Amount	0
Morgan Stanley
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Derivative Assets	3,160
Gross Derivative Liability Amounts Offset in the Balance Sheet	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	3,160
Gross Amounts of Derivative Assets Not Offset in the Balance Sheet	(3,160)
Cash Collateral Pledged	0
Net Asset Amount	0
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(20,066)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(20,066)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	3,160
Cash Collateral Pledged	16,906
Net Amount	0
Goldman Sachs
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Derivative Assets	857
Gross Derivative Liability Amounts Offset in the Balance Sheet	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	857
Gross Amounts of Derivative Assets Not Offset in the Balance Sheet	(857)
Cash Collateral Pledged	0
Net Asset Amount	0
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(10,421)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(10,421)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	857
Cash Collateral Pledged	9,564
Net Amount	0
Merrill Lynch
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Derivative Assets	85
Gross Derivative Liability Amounts Offset in the Balance Sheet	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	85
Gross Amounts of Derivative Assets Not Offset in the Balance Sheet	(85)
Cash Collateral Pledged	0
Net Asset Amount	0
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(14,906)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(14,906)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	85
Cash Collateral Pledged	14,821
Net Amount	0
JP Morgan
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(1,875)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(1,875)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	0
Cash Collateral Pledged	0
Net Amount	(1,875)
Barclays Bank
Offsetting Derivative Assets [Abstract]
Gross Amounts of Recognized Derivative Assets	109
Gross Derivative Liability Amounts Offset in the Balance Sheet	0
Net Amounts of Derivative Assets Presented in the Balance Sheet	109
Gross Amounts of Derivative Assets Not Offset in the Balance Sheet	(73)
Cash Collateral Pledged	0
Net Asset Amount	36
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Derivative Liabilities	(73)
Gross Derivative Asset Amounts Offset in the Balance Sheet	0
Derivative Liability	(73)
Gross Amounts of Derivative Liabilities Not Offset in the Balance Sheet	73
Cash Collateral Pledged	0
Net Amount	0
Barclays Bank Plc. Not Presented In Table
Offsetting Derivative Liabilities [Abstract]
Cash Collateral Pledged	69,700
Goldman Sachs, Not Presented In Table
Offsetting Derivative Liabilities [Abstract]
Cash Collateral Pledged	541,600
Merrill Lynch, Not Presented In Table
Offsetting Derivative Liabilities [Abstract]
Cash Collateral Pledged	4,600
Morgan Stanley, Not Presented In Table
Offsetting Derivative Liabilities [Abstract]
Cash Collateral Pledged	33,800
UBS AG, Not Presented In Table
Offsetting Derivative Liabilities [Abstract]
Cash Collateral Pledged	$ 300

Variable Interest Entities - Quantitative Information (Details) - InRe Fund - Significant Unobservable Inputs (Level 3) - Convertible bonds $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total fair value	$ 28,493
Unrealized Loss	$ (1,507)

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Fair Value	$ 1,214,418	$ 3,332,133
Unfunded Commitments	1,482,634	796,181
Maximum Exposure to Loss	2,697,052	4,128,314
Publicly traded equity investments in common and preferred stocks
Variable Interest Entity [Line Items]
Fair Value	66,257	54,248
Unfunded Commitments	0	0
Maximum Exposure to Loss	66,257	54,248
Other investments
Variable Interest Entity [Line Items]
Fair Value	1,148,161	3,277,885
Unfunded Commitments	1,482,634	796,181
Maximum Exposure to Loss	2,630,795	4,074,066
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	215,378	2,638,339
Unfunded Commitments	0	0
Maximum Exposure to Loss	215,378	2,638,339
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	135,819	98,974
Unfunded Commitments	67,797	16,538
Maximum Exposure to Loss	203,616	115,512
Privately-held Equities
Variable Interest Entity [Line Items]
Fair Value	546,138	361,691
Unfunded Commitments	977,333	761,969
Maximum Exposure to Loss	1,523,471	1,123,660
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	199,714	166,524
Unfunded Commitments	0	0
Maximum Exposure to Loss	199,714	166,524
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	0
Unfunded Commitments	50,000
Maximum Exposure to Loss	50,000
Real estate fund
Variable Interest Entity [Line Items]
Fair Value	50,666	11,883
Unfunded Commitments	387,504	17,674
Maximum Exposure to Loss	438,170	29,557
Other
Variable Interest Entity [Line Items]
Fair Value	446	474
Unfunded Commitments	0	0
Maximum Exposure to Loss	$ 446	$ 474

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Effects of Reinsurance [Line Items]
Gross, premiums written	$ 5,422	$ 111,477	$ 76,695	$ 460,630
Ceded, premiums written	427	(17,918)	(37,706)	(91,836)
Net, premiums written	5,849	93,559	38,989	368,794
Gross, premiums earned	70,445	198,634	312,334	575,385
Ceded premium earned	(18,851)	(36,910)	(108,220)	(111,439)
Premiums Earned	51,594	161,724	204,114	463,946
Operating Segments \| Run-off
Effects of Reinsurance [Line Items]
Gross, premiums written	(2,074)	3,535	28,110	1,707
Ceded, premiums written	4,353	(111)	(11,172)	690
Net, premiums written	2,279	3,424	16,938	2,397
Gross, premiums earned	42,522	20,426	198,292	52,899
Ceded premium earned	(3,642)	(2,950)	(44,172)	(8,876)
Premiums Earned	38,880	17,476	154,120	44,023
Operating Segments \| Legacy Underwriting
Effects of Reinsurance [Line Items]
Gross, premiums written	7,496	107,942	48,585	458,923
Ceded, premiums written	(3,926)	(17,807)	(26,534)	(92,526)
Net, premiums written	3,570	90,135	22,051	366,397
Gross, premiums earned	27,923	178,208	114,042	522,486
Ceded premium earned	(15,209)	(33,960)	(64,048)	(102,563)
Premiums Earned	$ 12,714	$ 144,248	$ 49,994	$ 419,923

Premiums Written and Earned - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Insurance [Abstract]
Increase (decrease) in gross premiums written	$ (106.1)	$ (383.9)

Debt Obligations and Credit Facilities - Amounts Outstanding and Accrued Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 01, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Value	$ 1,690,738		$ 1,690,738			$ 1,373,259
Interest expense on debt obligations	17,882	$ 14,652	49,685	$ 41,522
Amortization of debt issuance costs	363	351	968	914
Funds withheld balances and other	(87)	0	(15)	0
Total interest expense	18,158	$ 15,003	50,638	$ 42,436
Senior Notes
Debt Instrument [Line Items]
Carrying Value	$ 1,269,369		$ 1,269,369			843,447
Senior Notes \| 4.50% Senior Notes due 2022 (1)
Debt Instrument [Line Items]
Stated interest rate	4.50%		4.50%
Term			5 years
Principal	$ 280,444		$ 280,444			350,000
Issuance costs	(220)		(220)			(747)
Carrying Value	$ 280,224		$ 280,224			349,253
Senior Notes \| 4.95% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.95%		4.95%
Term			10 years
Principal	$ 500,000		$ 500,000
Issuance costs	(5,173)		(5,173)			(5,806)
Carrying Value	$ 494,827		$ 494,827			494,194
Senior Notes \| 3.10% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate	3.10%		3.10%
Term			10 years
Principal	$ 500,000		$ 500,000
Issuance costs	(5,682)		(5,682)			0
Carrying Value	$ 494,318		$ 494,318			0
Junior Subordinated Debt \| 5.75% Junior Subordinated Notes due 2040
Debt Instrument [Line Items]
Stated interest rate	5.75%		5.75%
Term			20 years
Principal	$ 350,000		$ 350,000
Issuance costs	(4,991)		(4,991)			(5,188)
Carrying Value	345,009		345,009			344,812
Subordinated Debt
Debt Instrument [Line Items]
Carrying Value	$ 421,369		$ 421,369			344,812
Subordinated Debt \| 5.50% Enhanzed Re's Subordinated Notes due 2031
Debt Instrument [Line Items]
Stated interest rate	5.50%		5.50%		5.50%
Term			12 years 1 month 6 days
Principal	$ 70,000		$ 70,000		$ 70,000
Issuance costs						0
Fair Value Adjustments	6,360		6,360
Carrying Value	76,360		$ 76,360			0
Subordinated Debt \| 5.50% Enhanzed Re's Subordinated Notes due 2031 \| Maximum
Debt Instrument [Line Items]
Principal					$ 80,000
Line of Credit \| EGL Revolving Credit Facility
Debt Instrument [Line Items]
Term			5 years
Carrying Value	$ 0		$ 0			$ 185,000

Debt Obligations and Credit Facilities - Additional Information (Details) - USD ($)		3 Months Ended
	Aug. 25, 2021	Sep. 30, 2021	Sep. 01, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Carrying Value		$ 1,690,738,000		$ 1,373,259,000
Maturity, remainder of 2021		0
Maturity, 2022		280,400,000
Maturity, 2023		0
Maturity, 2024		0
Maturity, 2025		0
Maturity, thereafter		1,400,000,000
Senior Notes
Line of Credit Facility [Line Items]
Carrying Value		1,269,369,000		843,447,000
Senior Notes \| 4.50% Senior Notes due 2022 (1)
Line of Credit Facility [Line Items]
Principal amount tendered	$ 69,600,000
Loss on extinguishment		$ 1,700,000
Stated interest rate		4.50%
Carrying Value		$ 280,224,000		349,253,000
Debt, fair value		284,100,000
Principal		280,444,000		350,000,000
Subordinated Debt
Line of Credit Facility [Line Items]
Carrying Value		$ 421,369,000		344,812,000
Subordinated Debt \| 5.50% Enhanzed Re's Subordinated Notes due 2031
Line of Credit Facility [Line Items]
Stated interest rate		5.50%	5.50%
Carrying Value		$ 76,360,000		$ 0
Debt, fair value		75,300,000	$ 76,400,000
Principal		$ 70,000,000	70,000,000
Subordinated Debt \| 5.50% Enhanzed Re's Subordinated Notes due 2031 \| Maximum
Line of Credit Facility [Line Items]
Principal			$ 80,000,000

Debt Obligations and Credit Facilities - Credit and Deposit Facilities (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Cash and investments	$ 593,500,000		$ 260,900,000
Letters of Credit \| $275.0 million Funds at Lloyd's LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	275,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	210,000,000		210,000,000
Optional increase in borrowing capacity	75,000,000
Letters of Credit \| $250.0 million LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	250,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	250,000,000		0
Optional increase in borrowing capacity	0
Letters of Credit \| $100.0 million LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	100,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		0
Optional increase in borrowing capacity	0
Letters of Credit \| $120.0 million LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	120,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	117,932,000		115,720,000
Optional increase in borrowing capacity	60,000,000
Letters of Credit \| $800.0 million Syndicated LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	800,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	565,642,000		587,122,000
Optional increase in borrowing capacity	0
Letters of Credit \| $800.0 million Syndicated LOC Facility \| Line of Credit \| Scenario, Previously Reported
Line of Credit Facility [Line Items]
Aggregate Amount Issued / Requested as Deposits / Face Amount			424,100,000
Letters of Credit \| $65.0 million LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	65,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	60,969,000		60,969,000
Optional increase in borrowing capacity	0
Letters of Credit \| $100.0 million Bermuda LOC Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	100,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		100,000,000
Optional increase in borrowing capacity	0
Letters of Credit \| £32.0 million United Kingdom LOC Faciity \| Line of Credit
Line of Credit Facility [Line Items]
Commitment \| £		£ 32,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	43,074,000		43,692,000
Optional increase in borrowing capacity	0
Deposit Facility \| $90.0 million Funds at Lloyd's Deposit Facility
Line of Credit Facility [Line Items]
Cash and investments	89,800,000
Deposit Facility \| $90.0 million Funds at Lloyd's Deposit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment	90,000,000.0
Aggregate Amount Issued / Requested as Deposits / Face Amount	90,000,000		$ 0
Optional increase in borrowing capacity	$ 10,000,000

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Noncontrolling interest	$ 227,072	$ 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%
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).

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Accumulated Other Comprehensive Income (Loss) [Line Items]

Noncontrolling Interests - Carrying Amount of Equity Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 177,449	$ 366,533	$ 365,436	$ 438,791
Distributions paid	0	0	(202,073)	0
Net earnings (losses) attributable to RNCI	3,793	20,997	17,979	(31,102)
Change in unrealized losses on AFS investments attributable to RNCI	(490)	1,220	(701)	7,593
Change in currency translation adjustments attributable to RNCI	665	(588)	1,506	(753)
Change in redemption value of RNCI	0	(11,431)	(730)	(38,059)
Cumulative effect of change in accounting principle attributable to RNCI	0	0	0	261
Balance at end of period	$ 181,417	$ 376,731	$ 181,417	$ 376,731

Shareholders Equity - Additional Information (Details) - USD ($)		3 Months Ended			9 Months Ended
	Jul. 22, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Feb. 25, 2021
Class of Stock [Line Items]
Repurchase authorized amount							$ 150,000,000
Shares repurchased, value					$ 890,073,000	$ 25,390,000
Shares issued (in shares)					89,590
Total dividends paid					$ 26,775,000	26,775,000
Hillhouse Affiliates \| Affiliated Entity
Class of Stock [Line Items]
Economic interest percentage	16.90%
Ownership percentage	9.40%
Repurchase Program
Class of Stock [Line Items]
Shares repurchased (in shares)		45,311			93,678
Average price per share repurchased (in dollars per share)		$ 236.46			$ 236.42
Shares repurchased, value		$ 10,700,000			$ 22,100,000
Funds Managed by Hillhouse Group \| Affiliated Entity
Class of Stock [Line Items]
Shares repurchased (in shares)	3,749,400
Average price per share repurchased (in dollars per share)	$ 234.52
Shares repurchased, value	$ 879,300,000
Non-voting convertible ordinary Series C Shares (issued and outstanding 2021: 1,192,941; 2020: 2,599,672) \| Affiliated Entity
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
Non-voting convertible ordinary Series C Shares (issued and outstanding 2021: 1,192,941; 2020: 2,599,672) \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Shares repurchased (in shares)	1,496,321
Series D Preferred Shares (issued and outstanding 2021 and 2020: 16,000)
Class of Stock [Line Items]
Total dividends paid		7,000,000		$ 7,000,000	21,000,000	21,000,000
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	$ 5,800,000	$ 5,800,000
Series E Preferred Shares (issued and outstanding 2021 and 2020: 4,400) \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Shares repurchased (in shares)	505,239
Voting Ordinary Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Shares repurchased (in shares)	1,747,840

Shareholders Equity - Tax Effect (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ (29,848)	$ 11,222	$ (79,694)	$ 61,542
Other comprehensive income (loss)	1,007	0	3,901	0
Total other comprehensive income (loss)	(28,841)	11,222	(75,793)	61,542
Unrealized gains on fixed income available-for-sale investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	(26,497)	21,198	(83,586)	74,969
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(2,482)	(2,379)	4,655	71
Reclassification adjustment for net realized (gains) losses included in net earnings	(2,211)	(9,488)	(3,710)	(13,498)
Reclassification to earnings on disposal of subsidiary			586	0
Before reclassifications, tax	787	0	3,622	0
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	57	0	(149)	0
Reclassification adjustment for net realized (gains) losses included in net earnings	163	0	539	0
Reclassification to earnings on disposal of subsidiary			(111)	0
Before reclassifications, net of tax amount	(25,710)	21,198	(79,964)	74,969
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(2,425)	(2,379)	4,506	71
Reclassification adjustment for net realized (gains) losses included in net earnings	(2,048)	(9,488)	(3,171)	(13,498)
Reclassification to earnings on disposal of subsidiary			475	0
Change in currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	1,342	1,891	2,361	0
Before reclassifications, tax	0	0	0	0
Before reclassifications, net of tax amount	$ 1,342	$ 1,891	$ 2,361	$ 0

Shareholders' Equity - Reclassifications (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Net earnings from discontinued operations, net of income taxes

^[1]

$ (273,265)

$ 500,005

$ 111,167

$ 838,552

4,031

810

(9,839)

(13,915)

(13,279)

(25,295)

Reclassification out of Accumulated Other Comprehensive Income

(187,622)

645,850

404,597

892,718

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains on fixed income available-for-sale investments

4,473

11,867

(1,810)

13,427

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net earnings from discontinued operations, net of income taxes

4,693

11,333

(1,531)

12,227

534

1,200

Total before tax

4,693

11,867

(1,531)

13,427

$ (220)

$ 0

$ (279)

$ 0

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

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.

+ References + Details

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

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Redeemable noncontrolling interest

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net earnings from continuing operations	$ (195,958)	$ 612,636	$ 364,565	$ 896,267
Net earnings from discontinued operations	0	2,377	0	478
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ (195,958)	$ 615,013	$ 364,565	$ 896,745
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	18,349,483	21,578,106	20,502,755	21,564,447
Effect of dilutive securities:
Share-based compensation plans (in shares)	198,885	143,581	210,226	180,437
Warrants (in shares)	0	57,042	80,659	54,743
Weighted-average ordinary shares outstanding — diluted (in shares)	18,548,368	21,778,729	20,793,640	21,799,627
Basic:
Net earnings (loss) from continuing operations (in dollars per share)	$ (10.68)	$ 28.39	$ 17.78	$ 41.56
Net earnings from discontinued operations (in dollars per share)	0	0.11	0	0.02
Net earnings (loss) per ordinary share (in dollars per share)	(10.68)	28.50	17.78	41.58
Diluted:
Net earnings (loss) from continuing operations (in dollars per share)	(10.68)	28.13	17.53	41.12
Net earnings from discontinued operations (in dollars per share)	0	0.11	0	0.02
Net earnings (loss) per ordinary share (in dollars per share)	$ (10.68)	$ 28.24	$ 17.53	$ 41.14
Shares issued (in shares)			89,590
Warrants outstanding (in shares)	0		0

Income Taxation (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxation (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate expense (benefit)	(5.50%)	2.10%	3.20%	2.80%
Statutory rate			0.00%
Unrecognized tax benefits	$ 0		$ 0		$ 0

Related Party Transactions - Stone Point Capital LLC (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Jun. 30, 2021

Jan. 01, 2021

Dec. 31, 2020

Jun. 30, 2020

Dec. 31, 2019

$ 181,417

$ 376,731

$ 181,417

$ 376,731

$ 177,449

$ 365,436

$ 366,533

$ 438,791

5,460,737

3,658,895

Equities, at fair value

1,952,425

846,795

2,051,718

4,244,034

Total investments

15,256,930

640,601

901,152

925,533

601,055

942,905

^[1]

92,725

72,130

230,961

241,287

^[1]

(273,265)

500,005

111,167

838,552

Short-term investments, AFS, at fair value

(187,622)

645,850

404,597

892,718

81,641

263,795

Trading, at fair value

14,236

5,129

Fixed Maturities

5,379,096

3,395,100

Trading, at fair value

3,921,543

4,594,892

10,500

Hedge funds

2,638,339

Fixed income funds

597,982

552,541

Private equity funds

598,901

363,103

44,700

CLO equities

153,795

128,083

CLO equity funds

199,714

166,523

Real estate fund

50,666

11,883

Trident | Affiliated Entity

1,500,000

$ 1,500,000

1,635,986

Redeemable noncontrolling interest

173,900

$ 173,900

350,200

StonePoint And Affiliated Entities | Affiliated Entity

Equities, at fair value

144,776

103,914

Total investments

1,162,867

1,054,873

27,461

23,933

1,590

403

2,435

745

Net investment

1,189,483

1,078,464

3,823

2,312

8,701

11,189

22,795

35,925

70,027

(36,862)

StonePoint And Affiliated Entities | Affiliated Entity | Short-term investments, AFS, at fair value

26,618

$ 38,237

78,728

$ (25,673)

StonePoint And Affiliated Entities | Affiliated Entity | Fixed Maturities

878

314,971

227,397

Trading, at fair value

128,622

196,086

StonePoint And Affiliated Entities | Affiliated Entity | Hedge funds

10,500

StonePoint And Affiliated Entities | Affiliated Entity | Fixed income funds

19,844

StonePoint And Affiliated Entities | Affiliated Entity | Private equity funds

232,837

210,017

56,393

37,262

StonePoint And Affiliated Entities | Affiliated Entity | CLO equities

34,500

StonePoint And Affiliated Entities | Affiliated Entity | CLO equity funds

35,720

38,658

StonePoint And Affiliated Entities | Affiliated Entity | Private Debt

199,215

166,523

StonePoint And Affiliated Entities | Affiliated Entity | Real estate fund

19,401

27,016

StonePoint And Affiliated Entities | Affiliated Entity | Other investments

30,932

$ 27,278

Stone Point | Affiliated Entity

$ 200,700

Interest owned by an entity (percent)

9.70%

Trident | SSHL

39.30%

Trident | Northshore

Interest owned by an entity (percent)

76.30%

36.00%

Mitchell International | Affiliated Entity

Shares repurchased, value

$ 25,000

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Related Party Transactions - Hillhouse (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 01, 2021

Jul. 22, 2021

Feb. 21, 2021

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Jun. 30, 2021

$ 890,073

$ 25,390

Shares issued (in shares)

89,590

$ 2,051,718

$ 4,244,034

Redeemed amount

$ 902,200

^[1]

$ (273,265)

$ 500,005

$ 111,167

838,552

0.00%

47.40%

Percentage of stock to be acquired

27.70%

Payments to acquire investments

$ 217,100

Equity interest percentage before acquisition

47.40%

Total equity interest, as a percentage

75.10%

Capital commitment assumed

$ 40,200

Non-voting convertible ordinary Series C Shares (issued and outstanding 2021: 1,192,941; 2020: 2,599,672) | Funds Managed by Hillhouse Group

$ (285,206)

309,203

$ 8,131

629,399

Shares repurchased (in shares)

1,496,321

Affiliated Entity

Affiliated Entity | Funds Managed by Hillhouse Group

47.40%

Shares repurchased (in shares)

3,749,400

Average price per share repurchased (in dollars per share)

$ 234.52

Shares repurchased, value

$ 879,300

Affiliated Entity | Non-voting convertible ordinary Series C Shares (issued and outstanding 2021: 1,192,941; 2020: 2,599,672)

Number of shares called by warrants (in shares)

175,901

Exercise price (in dollars per share)

$ 115.00

Shares issued (in shares)

89,590

Hillhouse Affiliates | Affiliated Entity

Economic interest percentage

16.90%

9.40%

Hillhouse

Hillhouse | Affiliated Entity

$ 2,734,666

Termination and release agreement, performance fee waived

$ 100,000

Proceeds from sale of investments

$ 381,300

403,580

Hillhouse | Hillhouse Affiliates | Affiliated Entity

347,063

97,478

702,643

AnglePoint | Affiliated Entity

851,435

Fees incurred

489,000

AnglePoint | Affiliated Entity | Scenario, Previously Reported

Fees incurred

394,000

InRe Fund | Hillhouse | Affiliated Entity | InRe Fund

2,400,000

2,365,158

Other funds | Hillhouse | Affiliated Entity

309,203

76,607

629,399

$ 369,508

Losses and loss adjustment expenses

$ 0

$ 37,860

$ 20,871

$ 73,244

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Related Party Transactions - AnglePoint HK (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Apr. 01, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Investment	$ 6,079,865		$ 6,079,865			$ 6,674,395
NET EARNINGS (LOSS)	(187,622)	$ 645,850	404,597	$ 892,718
Fund Managed By AnglePoint HK \| Affiliated Entity
Related Party Transaction [Line Items]
Investment	10,200		10,200
Other funds \| Affiliated Entity
Related Party Transaction [Line Items]
Net investment income (expense)	0		0
Net realized and unrealized losses	240		240
InRe Fund
Related Party Transaction [Line Items]
Net investment income (expense)	13,217	$ 0	(6,954)	$ 0
NET EARNINGS (LOSS)			(75,430)
InRe Fund \| Affiliated Entity
Related Party Transaction [Line Items]
Investment	447,700		447,700
Net investment income (expense)	13,217		(6,954)
Net realized and unrealized losses	(285,206)		(68,476)
AnglePoint \| Affiliated Entity
Related Party Transaction [Line Items]
Performance fee, as a percentage of return on investment					10.00%
Minimum performance fee payable					$ 10,000
Net investment income (expense)	13,217		(6,954)
Net realized and unrealized losses	(284,966)		(68,236)
NET EARNINGS (LOSS)	$ (271,749)		$ (75,190)

Related Party Transactions - Northshore (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 01, 2021

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2019

Premiums receivable

$ 332,052

$ 405,793

$ 254,600

13,877,785

$ 10,300,884

13,877,785

$ 10,300,884

10,847,843

$ 13,037,858

$ 10,593,436

$ 9,868,404

Net incurred losses and LAE

601,055

$ 942,905

(26,711)

109,686

(42,914)

339,678

(18,158)

(15,003)

(50,638)

(42,436)

Syndicate underwriting capacity percentage

(187,622)

645,850

404,597

892,718

25.00%

Distribution of SGL No.1 share of Syndicate 609 results

$ 19,115

Net receivable (payable)

Debt securities, fair value

5,460,737

3,658,895

2,051,718

4,244,034

Restricted cash and cash equivalents

640,601

901,152

447,500

556,721

447,500

556,721

471,964

Reinsurance balances recoverable on paid and unpaid losses

471,103

520,830

Funds held by reinsured companies

2,410,021

635,819

Losses and loss adjustment expenses (Note 8)

925,533

11,770,051

8,140,362

Insurance and reinsurance balances payable

554,837

494,412

51,594

161,724

204,114

463,946

^[1]

92,725

72,130

230,961

241,287

^[1]

(273,265)

500,005

111,167

838,552

26,711

(109,686)

42,914

(339,678)

(10,947)

(37,708)

(49,917)

(132,818)

Debt securities, fair value

(93,499)

(115,828)

(269,216)

(359,086)

Other expense

5,278

$ 48,404

2,470

$ 67,761

Fixed Maturities

Debt securities, trading

3,921,543

4,594,892

5,379,096

$ 3,395,100

Affiliated Entity

Ownership %

47.40%

Reinsured portfolio, total liabilities

$ 19,000

Syndicate underwriting capacity percentage

25.00%

Affiliated Entity | Northshore

Transition period

18 months

Premiums receivable

12,881

Losses and loss adjustment expenses

12,578

Net incurred losses and LAE

256

366

(63)

303

Privately held equity investment

(20)

(366)

Northshore

35,000

Atrium Syndicate 609 | Affiliated Entity

Atrium Syndicate 609 | Affiliated Entity | Quota Share Agreement

Premiums receivable

6,741

Net incurred losses and LAE

28,035

5,498

20,257

13,919

Restricted cash and cash equivalents

23,303

5,975

Reinsurance balances recoverable on paid and unpaid losses

71,023

Funds held by reinsured companies

36,912

Losses and loss adjustment expenses (Note 8)

1,817

233,739

Insurance and reinsurance balances payable

74,626

12,714

49,994

295

1,341

(527)

(1,626)

(4,093)

(2,811)

(5,498)

(20,257)

(2,894)

(12,793)

Atrium Syndicate 609 | Affiliated Entity | Lease Capacity Agreement

(2,061)

(5,563)

12,023

Atrium Syndicate 609 | Affiliated Entity | Fixed Maturities | Quota Share Agreement

(8,285)

Other expense

2,064

Debt securities, trading

187,102

Debt securities, fair value

$ 944

Arden

Due to Arden under reinsurance agreement

$ (7,965)

Arden | Affiliated Entity

Quota share reinsurance agreement, percentage

65.00%

Atrium 5

Due to Atrium 5 Limited under Capacity Lease Agreement

$ (11,150)

Northshore

Ownership percentage in noncontrolling interest by parent

13.80%

Northshore | Affiliated Entity

Ownership %

13.80%

Ownership percentage in noncontrolling interest by parent

54.10%

Northshore | Trident

Interest owned by an entity (percent)

76.30%

36.00%

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Related Party Transactions - Monument Re (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Equity method investments		$ 505,488		$ 505,488		$ 832,295
Earnings (loss) from equity method investments		(14,147)	$ 149,065	100,825	$ 152,725
Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage						47.40%
Monument Re
Related Party Transaction [Line Items]
Equity method investments		$ 202,050		$ 202,050		$ 193,716
Monument Re \| Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage		20.00%		20.00%
Equity method investments		$ 202,100		$ 202,100		$ 193,700
Earnings (loss) from equity method investments		2,600	65,200	19,300	63,700
Fee income (less than)		$ 0	$ 100	$ 100	$ 100
Monument Re \| Scenario, Forecast \| Affiliated Entity
Related Party Transaction [Line Items]
Subscription agreement, percentage of preferred shares owned	13.20%
Monument Re \| Scenario, Forecast \| Stone Point Capital \| Affiliated Entity
Related Party Transaction [Line Items]
Subscription agreement, percentage of preferred shares owned	11.40%

Related Party Transactions - AmTrust (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

^[1]

$ 92,725

$ 72,130

$ 230,961

$ 241,287

^[1]

(273,265)

500,005

111,167

838,552

Trident Pine | Evergreen Parent L.P. | Affiliated Entity

$ (187,622)

645,850

$ 404,597

892,718

Capital units ownership percentage

21.80%

Evergreen Parent L.P. | Affiliated Entity

Capital units ownership percentage

8.40%

AmTrust Financial Services, Inc. | Affiliated Entity

Investment in related party

$ 225,900

$ 230,300

1,516

4,502

4,367

(1,515)

(4,460)

3,854

$ 1

$ 45

$ 42

$ 8,221

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Related Party Transactions - Citco (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Equity method investments	$ 505,488		$ 505,488		$ 832,295
Earnings (loss) from equity method investments	$ (14,147)	$ 149,065	$ 100,825	$ 152,725
Affiliated Entity
Related Party Transaction [Line Items]
Ownership %					47.40%
Trident \| Citco \| Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage	3.40%		3.40%		3.40%
Citco \| Citco
Related Party Transaction [Line Items]
Ownership %	6.20%		6.20%		6.20%
Citco \| Convertible Preferred Stock \| Citco
Related Party Transaction [Line Items]
Ownership %	15.40%		15.40%		15.40%
Citco
Related Party Transaction [Line Items]
Equity method investments	$ 54,401		$ 54,401		$ 53,022
Citco \| Common Stock
Related Party Transaction [Line Items]
Ownership %					31.90%
Citco \| Affiliated Entity \| Common Stock
Related Party Transaction [Line Items]
Ownership %	31.90%		31.90%		31.90%
Citco \| Affiliated Entity
Related Party Transaction [Line Items]
Equity method investments	$ 54,400		$ 54,400		$ 53,000
Earnings (loss) from equity method investments	$ 500	$ 400	$ 1,900	$ 700

Related Party Transactions - Enhanzed Re (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 01, 2021

Oct. 01, 2020

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2018

$ 505,488

$ 832,295

Reinsurance balances recoverable

(14,147)

$ 149,065

100,825

$ 152,725

Balances under ceding quota share:

1,676,607

2,089,163

Funds held

2,410,021

635,819

Insurance balances payables

554,837

494,412

$ 925,533

Premiums Earned, Net [Abstract]

Ceded premium earned

(18,851)

(36,910)

(108,220)

(111,439)

Net investment expense

(5,361)

(2,791)

(12,243)

(10,269)

^[1]

(273,265)

500,005

111,167

838,552

Ceded business

(63,322)

(91,446)

10,947

37,708

49,917

132,818

(187,622)

645,850

404,597

892,718

Percentage of stock to be acquired

27.70%

Payments to acquire investments

$ 217,100

Capital commitment assumed

$ 40,200

Equity interest percentage before acquisition

47.40%

Total equity interest, as a percentage

75.10%

Affiliated Entity

47.40%

Allianz | Enhanzed Re

24.90%

$ 0

$ 330,289

Enhanzed Re | Affiliated Entity

0.00%

47.40%

$ 330,300

Quota share reinsurance agreement, percentage

$ (22,100)

82,800

$ 81,600

88,700

50.00%

Enhanzed Re | Affiliated Entity

Reinsurance balances recoverable

$ 470,000

Balances under ceding quota share:

$ 208,379

Funds held

193,981

Insurance balances payables

1,276

$ 730

Premiums Earned, Net [Abstract]

Ceded premium earned

(333)

(1,974)

393

323

393

Net investment expense

(1,565)

(819)

(4,002)

(819)

167

(679)

299

(679)

Other income

412

2,881

1,874

Ceded business

(1,090)

(1)

(36)

(14)

638

(46)

1,011

(23)

Change in unrealized gains (losses) on AFS investments

(1,681)

1,729

(2,505)

(1,142)

$ 1,913

$ (2,239)

$ 625

$ (2,239)

Enhanzed Re | Zurich | Affiliated Entity

Percentage ceded

10.00%

[1]	Includes amounts attributed to the InRe Fund, refer to Note 12 - "Variable Interest Entities" for additional information.

Related Party Transactions - Core Specialty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020	Nov. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Equity method investments	$ 505,488		$ 505,488				$ 832,295
Earnings (loss) from equity method investments	(14,147)	$ 149,065	100,825	$ 152,725
Funds held by reinsured companies	2,410,021		2,410,021				635,819
Other assets							925,533
Premiums receivable	332,052		332,052				405,793
Reinsurance balances recoverable on paid and unpaid losses	1,676,607		1,676,607				2,089,163
Losses and loss adjustment expenses	13,877,785	10,300,884	13,877,785	10,300,884	$ 13,037,858	$ 254,600	10,847,843		$ 10,593,436	$ 9,868,404
Insurance and reinsurance balances payable	554,837		554,837				494,412
Other liabilities	601,055		601,055				942,905
Net premiums earned	51,594	161,724	204,114	463,946
Net incurred losses and loss adjustment expenses	(63,322)	0	(91,446)	0
Acquisition costs	10,947	37,708	49,917	132,818
Interest expense	(18,158)	(15,003)	(50,638)	(42,436)
NET EARNINGS (LOSS)	(187,622)	$ 645,850	404,597	$ 892,718
Affiliated Entity \| Core Specialty
Related Party Transaction [Line Items]
NET EARNINGS (LOSS)	(5,277)		18,253
Affiliated Entity \| Discontinued Operations, Disposed of by Sale \| StarStone US
Related Party Transaction [Line Items]
Value of shares received								$ 235,000
Initial cash consideration received								51,500
Cash consideration received								$ 47,000
Affiliated Entity \| Balances under assuming quota share, LPT and ADC reinsurances \| Core Specialty
Related Party Transaction [Line Items]
Funds held by reinsured companies	45,370		45,370				58,086
Other assets	8,345		8,345				38,846
Premiums receivable	51		51				0
Reinsurance balances recoverable on paid and unpaid losses	476		476				0
Losses and loss adjustment expenses	590,228		590,228				682,637
Insurance and reinsurance balances payable	11,005		11,005				24,806
Other liabilities	101		101				5,003
Net premiums earned	4,595		7,530
Net incurred losses and loss adjustment expenses	(12,001)		(2,780)
Acquisition costs	(951)		2,266
Net investment expense	(121)		0
Other income	185		170
Affiliated Entity \| Balances under ceding reinsurances \| Core Specialty
Related Party Transaction [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	1,691		1,691				1,736
Affiliated Entity \| Balances under service agreements \| Core Specialty
Related Party Transaction [Line Items]
Other assets	6,141		6,141				6,727
Other liabilities	53		53				328
Fees and commission income	3,016		10,515
Affiliated Entity \| Balances under sale and recapitalization agreement \| Core Specialty
Related Party Transaction [Line Items]
Other liabilities	0		0				4,512
Other income	0		567
Interest expense	0		(15)
Core Specialty
Related Party Transaction [Line Items]
Equity method investments	229,158		229,158				235,000
Core Specialty \| Affiliated Entity
Related Party Transaction [Line Items]
Equity method investments	229,200		229,200				$ 235,000
Decrease in investment			4,000
Earnings (loss) from equity method investments	4,900		(1,800)
Cash consideration repaid	$ 4,500		$ 4,500

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Funds held by reinsured companies	$ 2,410,021	$ 635,819
Limited Parental Guarantee
Guarantor Obligations [Line Items]
Parental guarantees	2,100,000	1,700,000
US
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	1,300,000	1,400,000
Reinsurance Recoverables \| Reinsurer Concentration Risk \| Reinsurer A
Guarantor Obligations [Line Items]
Funds held by reinsured companies		955,000
Reinsurance Recoverables \| Reinsurer Concentration Risk \| Reinsurer B
Guarantor Obligations [Line Items]
Funds held by reinsured companies		$ 182,400
Reinsurance Recoverables \| Reinsurer Concentration Risk \| AM Best, A+ Rating \| Standard & Poor's, AA Rating \| Reinsurer A
Guarantor Obligations [Line Items]
Funds held by reinsured companies	3,300,000
Reinsurance Recoverables \| Reinsurer Concentration Risk \| AM Best, A+ Rating \| Standard & Poor's, AA- Rating \| Reinsurer B
Guarantor Obligations [Line Items]
Funds held by reinsured companies	1,200,000
Other investments
Guarantor Obligations [Line Items]
Commitments, unfunded	1,500,000
Private equity funds
Guarantor Obligations [Line Items]
Commitments, unfunded	44,700
Fixed Maturities
Guarantor Obligations [Line Items]
Commitments, unfunded	10,500
Equity Method Investments
Guarantor Obligations [Line Items]
Commitments, unfunded	$ 108,900

Segment Information - Additional Information (Details) - Segment	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of reportable segments	4
Syndicate underwriting capacity percentage		25.00%
Atrium
Segment Reporting Information [Line Items]
Syndicate underwriting capacity percentage		25.00%

Segment Information - Summary of Operations by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

INCOME

$ 51,594

$ 161,724

$ 204,114

$ 463,946

6,653

10,787

24,525

28,325

^[1]

92,725

72,130

230,961

241,287

^[1]

(273,265)

500,005

111,167

838,552

5,278

48,404

2,470

67,761

46,688

61,582

(70,327)

793,050

634,819

1,639,871

EXPENSES

(26,711)

109,686

(42,914)

339,678

10,947

37,708

49,917

132,818

93,499

115,828

269,216

359,086

EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES

77,735

263,222

276,219

831,582

(148,062)

529,828

358,600

808,289

(14,147)

149,065

100,825

152,725

(162,209)

678,893

459,425

961,014

Net foreign exchange gains (losses)

(18,158)

(15,003)

(50,638)

(42,436)

2,584

(8,156)

9,089

(1,375)

NET EARNINGS (LOSS) FROM CONTINUING OPERATIONS

(9,839)

(13,915)

(13,279)

(25,295)

(187,622)

641,819

404,597

891,908

Net earnings from discontinued operations, net of income taxes

4,031

810

Net (earnings) loss attributable to noncontrolling interest

(187,622)

645,850

404,597

892,718

589

(21,912)

(13,257)

30,802

NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR

(187,033)

623,938

391,340

923,520

Dividends on preferred shares

(8,925)

(26,775)

NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS

(195,958)

615,013

364,565

896,745

Operating Segments | Run-off

INCOME

38,880

17,476

154,120

44,023

6,653

3,637

24,525

12,588

5,979

55,659

23,490

84,321

51,512

76,772

202,135

140,932

EXPENSES

(50,140)

(1,976)

(62,512)

(89,418)

8,053

2,730

37,124

13,226

47,062

42,173

138,791

118,026

EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES

4,975

42,927

113,403

41,834

46,537

33,845

88,732

99,098

Operating Segments | Enhanzed Re

46,537

33,845

88,732

99,098

INCOME

EXPENSES

EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES

Operating Segments | Investments

INCOME

92,430

64,054

229,620

215,280

(272,738)

486,671

112,793

838,483

(180,308)

550,725

342,413

1,053,763

EXPENSES

8,786

7,549

24,629

21,817

EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES

8,786

7,549

24,629

21,817

(189,094)

543,176

317,784

1,031,946

(14,147)

149,065

100,825

152,725

Operating Segments | Legacy Underwriting

(203,241)

692,241

418,609

1,184,671

INCOME

12,714

144,248

49,994

419,923

7,150

15,737

295

8,076

1,341

26,007

(527)

13,334

(1,626)

(2,029)

171

(11,096)

321

10,453

172,979

38,613

462,057

EXPENSES

5,498

75,874

20,257

276,787

2,894

34,978

12,793

119,592

2,061

32,669

5,563

128,789

EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES

10,453

143,521

38,613

525,168

29,458

(63,111)

29,458

(63,111)

Corporate & Other

INCOME

1,328

(7,426)

(9,924)

(16,881)

46,688

61,582

48,016

(7,426)

51,658

(16,881)

EXPENSES

17,931

35,788

(659)

152,309

35,590

33,437

100,233

90,454

EARNINGS (LOSS) BEFORE INTEREST EXPENSE, FOREIGN EXCHANGE AND INCOME TAXES

53,521

69,225

99,574

242,763

(5,505)

(76,651)

(47,916)

(259,644)

(5,505)

(76,651)

(47,916)

(259,644)

Net foreign exchange gains (losses)

(18,158)

(15,003)

(50,638)

(42,436)

2,584

(8,156)

9,089

(1,375)