0001363829-22-000045 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Short-term and fixed maturity investments, available for sale	$ 5,686	$ 3,659
Funds held - directly managed	3,007	1,075
Equities, at fair value (cost: 2021 — $1,831; 2020 — $799)	1,995	847
Other investments, at fair value	2,333	4,244
Equity method investments	493	832
Total investments (Note 6 and Note 12)	17,276	15,257
Cash and cash equivalents	1,646	901
Restricted cash and cash equivalents	446	472
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2021 — $136; 2020 — $137) (Note 8)	1,085	1,568
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 8 and Note 12)	432	521
Insurance balances recoverable (net of allowance: 2021 — $5; 2020 — $5) (Note 11)	213	250
Funds held by reinsured companies	2,340	636
Deferred charge assets	371	219
Other assets	620	1,092
Assets held-for-sale (Note 5)	0	711
TOTAL ASSETS	24,429	21,627
LIABILITIES
Loss and loss adjustment expenses	11,269	8,140
Losses and loss adjustment expenses, at fair value (Note 9 and Note 12)	1,989	2,453
Future policyholder benefits (Note 10)	1,502	0
Defendant asbestos and environmental liabilities (Note 11)	638	706
Insurance and reinsurance balances payable	254	475
Debt obligations (Note 16)	1,691	1,373
Other liabilities	581	943
Liabilities held-for-sale (Note 5)	0	484
TOTAL LIABILITIES	17,924	14,574
COMMITMENTS AND CONTINGENCIES (Note 24)
REDEEMABLE NONCONTROLLING INTEREST (Note 17)	179	365
Preferred Shares:
Joint Share Ownership Plan (voting ordinary shares, held in trust 2021 and 2020: 565,630)	(1)	(1)
Additional paid-in capital	922	1,836
Accumulated other comprehensive (loss) income	(16)	81
Retained earnings	5,085	4,647
Total Enstar Shareholders’ Equity	6,096	6,674
Noncontrolling interest (Note 17)	230	14
TOTAL SHAREHOLDERS’ EQUITY	6,326	6,688
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	24,429	21,627
Voting Ordinary Shares
Ordinary Shares (par value $1 each, issued and outstanding 2021: 18,223,574; 2020: 22,085,232):
Ordinary shares	17	19
Non-Voting Convertible Ordinary Series C Shares
Ordinary Shares (par value $1 each, issued and outstanding 2021: 18,223,574; 2020: 22,085,232):
Ordinary shares	1	3
Non-Voting Convertible Ordinary Series E Shares
Ordinary Shares (par value $1 each, issued and outstanding 2021: 18,223,574; 2020: 22,085,232):
Ordinary shares	0	1
Series C non-voting preferred shares
Preferred Shares:
Preferred shares	0	0
Treasury shares, at cost (Series C Preferred Shares 2021 and 2020: 388,571)	(422)	(422)
Series D Preferred Shares
Preferred Shares:
Preferred shares	400	400
Series E Preferred Shares
Preferred Shares:
Preferred shares	110	110
Short-term Investments
ASSETS
Short-term and fixed maturity investments, trading	6	5
Short-term and fixed maturity investments, available for sale	34	264
Fixed maturity investments, trading
ASSETS
Short-term and fixed maturity investments, trading	3,756	4,595
Short-term and fixed maturity investments, available for sale	$ 5,652	$ 3,395

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Investments, available-for-sale, at fair value, amortized cost	$ 5,723	$ 3,576
Investments, allowance for credit losses	10	0
Equities, cost	1,831	799
Allowance for estimated uncollectible reinsurance	136	137
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5
Ordinary shares, par value (dollars per share)	$ 1	$ 1
Ordinary shares, issued (shares)	18,223,574	22,085,232
Ordinary shares, outstanding (shares)	18,223,574	22,085,232
Treasury stock, ordinary shares (shares)	565,630	565,630
Voting Ordinary Shares
Ordinary shares, par value (dollars per share)	$ 1.00	$ 1.00
Ordinary shares, issued (shares)	16,625,862	18,575,550
Ordinary shares, outstanding (shares)	16,625,862	18,575,550
Non-Voting Convertible Ordinary Series C Shares
Ordinary shares, issued (shares)	1,192,941	2,599,672
Ordinary shares, outstanding (shares)	1,192,941	2,599,672
Non-Voting Convertible Ordinary Series E Shares
Ordinary shares, issued (shares)	404,771	910,010
Ordinary shares, outstanding (shares)	404,771	910,010
Series C non-voting preferred shares
Preferred shares, issued (shares)	388,571	388,571
Treasury stock, preferred shares (shares)	388,571	388,571
Series D Preferred Shares
Preferred shares, issued (shares)	16,000	16,000
Preferred shares, outstanding (shares)	16,000	16,000
Preferred shares, liquidation preference	$ 400	$ 400
Series E Preferred Shares
Preferred shares, issued (shares)	4,400	4,400
Preferred shares, outstanding (shares)	4,400	4,400
Preferred shares, liquidation preference	$ 110	$ 110
Short-term Investments
Investments, available-for-sale, at fair value, amortized cost	34	264
Investments, allowance for credit losses	0	0
Fixed maturity investments, trading
Investments, available-for-sale, at fair value, amortized cost	5,689	3,313
Investments, allowance for credit losses	$ 10	$ 0

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME
Net premiums earned	$ 245	$ 572	$ 804
Net investment income	312	303	308
Net realized (losses) gains	(61)	19	5
Net unrealized gains	178	1,623	1,007
Other income	42	140	66
Net gain on purchase and sales of subsidiaries	73	3	0
Total income	789	2,660	2,190
Net incurred losses and loss adjustment expenses
Current Period	172	405	580
Prior Period	(283)	11	34
Total net incurred losses and loss adjustment expenses	(111)	416	614
Policyholder benefit expenses	(3)	0	0
Acquisition costs	57	171	241
General and administrative expenses	367	502	413
Interest expense	69	59	53
Net foreign exchange (gains) losses	(12)	16	(8)
Total expenses	367	1,164	1,313
EARNINGS BEFORE INCOME TAXES	422	1,496	877
Income tax expense	(27)	(24)	(12)
Earnings from equity method investments	93	239	56
NET EARNINGS FROM CONTINUING OPERATIONS	488	1,711	921
Net earnings from discontinued operations, net of income taxes	0	16	7
NET EARNINGS	488	1,727	928
Net (earnings) loss attributable to noncontrolling interest	(15)	28	10
NET EARNINGS ATTRIBUTABLE TO ENSTAR	473	1,755	938
Dividends on preferred shares	(36)	(36)	(36)
NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 437	$ 1,719	$ 902
Basic:
Net earnings from continuing operations (in dollars per share)	$ 22.05	$ 79.43	$ 41.80
Net earnings from discontinued operations (dollars per share)	0	0.35	0.20
Net earnings per ordinary share (dollars per share)	22.05	79.78	42.00
Diluted:
Net earnings from continuing operations (dollars per share)	21.71	78.45	41.23
Net earnings from discontinued operations (dollars per share)	0	0.35	0.20
Net earnings per ordinary share (dollars per share)	$ 21.71	$ 78.80	$ 41.43
Weighted average ordinary shares outstanding:
Basic (shares)	19,821,259	21,551,408	21,482,617
Diluted (shares)	20,127,131	21,818,294	21,775,066

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 488	$ 1,727	$ 928
Other comprehensive (loss) income, net of income taxes:
Unrealized (losses) gains on fixed income available-for-sale investments arising during the year	(106)	105	3
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	10	(1)	0
Reclassification adjustment for net realized gains included in net earnings	(6)	(18)	(4)
Reclassification to earnings on disposal of subsidiary	0	(12)	0
Unrealized (losses) gains arising during the year, net of reclassification adjustments	(102)	74	(1)
Change in currency translation adjustment	2	(2)	(2)
Decrease in defined benefit pension liability	2	1	0
Other comprehensive (loss) income	(98)	73	(3)
Comprehensive income	390	1,800	925
Comprehensive (income) loss attributable to noncontrolling interest	(15)	28	10
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSTAR	$ 375	$ 1,828	$ 935

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions	Total	Treasury Shares (Series C Preferred Shares)	Joint Share Ownership Plan — Voting Ordinary Shares, Held in Trust	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Cumulative currency translation adjustment	Defined benefit pension liability	Unrealized (losses) gains on available-for-sale investments	Retained Earnings	Retained Earnings Cumulative effect of change in accounting principle	Noncontrolling Interest (excludes redeemable noncontrolling interests)	Voting Ordinary Shares Ordinary Shares	Voting Ordinary Shares Additional Paid-in Capital	Non-Voting Convertible Ordinary Series C Shares Ordinary Shares	Non-Voting Convertible Ordinary Series E Shares Ordinary Shares	Series C non-voting preferred shares Preferred Stock	Series D Preferred Shares Preferred Stock	Series E Preferred Shares Preferred Stock
Balance, beginning of year at Dec. 31, 2018		$ (422)	$ 0	$ 1,805	$ 10	$ 11	$ (1)	$ 0	$ 1,977	$ 0	$ 12	$ 18		$ 3	$ 1	$ 0	$ 400	$ 110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares			0									0	$ 1
Shares repurchased				0								0		0	0
Amortization of share-based compensation				31
Other comprehensive income (loss)	$ (3)					(2)		(1)
Decrease in defined benefit pension liability	0						0
Net earnings	902								928
Net (earnings) loss attributable to noncontrolling interest	10								10		2
Dividends on preferred shares									(36)
Change in redemption value of redeemable noncontrolling interests									9
Increase due to acquisition											0
Dividends paid											0
Net movement in unrealized holding losses on investments											0
Balance, end of year at Dec. 31, 2019		(422)	0	1,837	7	9	(1)	(1)	2,888	(6)	14	18		3	1	0	400	110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares			(1)									1
Shares repurchased				(26)								0	(1)	0	0
Amortization of share-based compensation				26
Other comprehensive income (loss)	73					(1)		74
Decrease in defined benefit pension liability	1						1
Net earnings	1,719								1,727
Net (earnings) loss attributable to noncontrolling interest	28								28		0
Dividends on preferred shares									(36)
Change in redemption value of redeemable noncontrolling interests									46
Increase due to acquisition											0
Dividends paid											0
Net movement in unrealized holding losses on investments											0
Balance, end of year at Dec. 31, 2020	$ 6,688	(422)	(1)	1,836	81	8	0	73	4,647	$ 0	14	19		3	1	0	400	110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Issue of shares			0									0
Shares repurchased				(937)								(2)	$ (3)	(2)	(1)
Amortization of share-based compensation				26
Other comprehensive income (loss)	$ (98)					1		(100)
Decrease in defined benefit pension liability	2						2
Net earnings	437								488
Net (earnings) loss attributable to noncontrolling interest	(15)								(15)		(1)
Dividends on preferred shares									(36)
Change in redemption value of redeemable noncontrolling interests									1
Increase due to acquisition	219										219
Dividends paid											(1)
Net movement in unrealized holding losses on investments											(1)
Balance, end of year at Dec. 31, 2021	$ 6,326	$ (422)	$ (1)	$ 922	$ (16)	$ 9	$ 2	$ (27)	$ 5,085		$ 230	$ 17		$ 1	$ 0	$ 0	$ 400	$ 110

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES:
Net earnings	$ 488	$ 1,727	$ 928
Net earnings from discontinued operations, net of income taxes	0	(16)	(7)
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Realized losses (gains) on sale of investments	61	(19)	(5)
Unrealized gains on investments	(178)	(1,623)	(1,007)
Depreciation and other amortization	74	59	35
Earnings from equity method investments	(93)	(239)	(56)
Sales and maturities of trading securities	6,175	3,792	5,362
Purchases of trading securities	(3,064)	(2,139)	(4,405)
Payments to cover securities sold short	(1,156)	0	0
Proceeds from securities sold short	534	0	0
Net payment for derivative contracts	(94)	0	0
Net gain on purchase and sales of subsidiaries	(73)	(3)	0
Other	30	26	34
Changes in:
Reinsurance balances recoverable on paid and unpaid losses	248	52	(316)
Funds held by reinsured companies	(1,491)	(192)	(68)
Losses and loss adjustment expenses	1,870	1,003	821
Defendant asbestos and environmental liabilities	(68)	(141)	(18)
Insurance and reinsurance balances payable	(300)	87	51
Premiums receivable	324	23	204
Other operating assets and liabilities	514	389	(129)
Net cash flows provided by operating activities	3,801	2,786	1,424
INVESTING ACTIVITIES:
Acquisitions, net of cash acquired	(206)	0	172
Sales of subsidiaries, net of cash sold	(214)	(14)	0
Sales and maturities of available-for-sale securities	3,085	2,260	336
Purchase of available-for-sale securities	(5,233)	(4,181)	(1,827)
Purchase of other investments	(910)	(975)	(794)
Proceeds from other investments	330	595	582
Other investing activities	1	(20)	(72)
Net cash flows used in investing activities	(2,573)	(2,335)	(1,603)
FINANCING ACTIVITIES:
Dividends on preferred shares	(36)	(36)	(36)
Contribution by redeemable noncontrolling interest	0	0	13
Contribution of capital to discontinued operations	0	0	(45)
Dividends paid to noncontrolling interest	(1)	0	(12)
Repurchase of shares	(942)	(26)	0
Receipt of loans	816	859	1,071
Repayment of loans	(574)	(679)	(743)
Net cash flows (used in) provided by financing activities	(737)	118	248
DISCONTINUED OPERATIONS CASH FLOWS:
Net cash flows provided by operating activities	0	108	339
Net cash flows used in investing activities	0	(130)	(380)
Net cash flows provided by financing activities	0	0	45
Net cash flows from discontinued operations	0	(22)	4
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4	(6)	0
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	495	541	73
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	1,373	971	902
NET CHANGE IN CASH OF BUSINESSES HELD-FOR-SALE	224	(139)	(4)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	2,092	1,373	971
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	10	25	5
Interest paid	64	51	49
Reconciliation to Consolidated Balance Sheets:
Cash and cash equivalents	1,646	901	624
Restricted cash and cash equivalents	446	472	347
Cash, cash equivalents and restricted cash	2,092	1,373	971
Variable Interest Entity, Primary Beneficiary
INVESTING ACTIVITIES:
Consolidation of the InRe Fund opening cash and restricted cash balances (Note 13)	$ 574	$ 0	$ 0

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) shares
Statement of Cash Flows [Abstract]
Distributions	$ 202
Increase due to acquisition	$ 219
Shares issued from warrant exercise (in shares) \| shares	89,590
Warrants exercised (in shares) \| shares	175,901
Capital withdrawals	$ 61
Decrease in equity method investments	412
Other investments	52
Contribution to other investments	481
Redemption of other investments	381
Decrease in investment fees	$ 100

Basis of Presentation

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

Enstar Group Limited ("Enstar") is a leading global (re)insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. Our core focus is acquiring and managing (re)insurance companies and portfolios of (re)insurance business in run-off.

Our voting ordinary shares are listed on the NASDAQ Global Select Market under the ticker symbol "ESGR". Unless the context indicates otherwise, the terms "Enstar," "we," "us" or "our" mean Enstar Group Limited and its consolidated subsidiaries and the term "Parent Company" means Enstar Group Limited and not any of its consolidated subsidiaries.

Our majority owned subsidiary, Enhanzed Reinsurance, Ltd. ("Enhanzed Re"), is included in the consolidated financial statements reported on a one quarter lag. The effect on our consolidated financial condition and results of operations of all material events occurring at Enhanzed Re through December 31, 2021 has been considered for adjustment and/or disclosure.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated. Certain comparative information has been reclassified to conform to the current presentation.

Use of Estimates, Risks and Uncertainties

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, 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. Actual results could differ from those estimates.

The estimation of unpaid claim liabilities at any given point in time is subject to a high degree of uncertainty for a number of reasons. A significant amount of time can lapse between the assumption of risk, the occurrence of a loss event, the reporting of the event to an (re)insurance company and the ultimate payment of the claim on the loss event. Certain estimates for unpaid claim liabilities involve considerable uncertainty due to significant coverage litigation and it can be unclear whether past claim experience will be representative of future claim experience.

We expect that uncertainty and volatility in financial markets relating to the COVID-19 pandemic will continue to impact the value of our investments. The scope, duration and magnitude of the direct and indirect effects of the COVID-19 pandemic are changing rapidly and are difficult to anticipate.

We are subject to economic factors such as interest rates, inflation, foreign exchange rates, adverse reserve developments, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES (a) Retroactive Reinsurance Contracts Retroactive reinsurance contracts provide indemnification for losses and loss adjustment expenses ("LAE") with respect to past loss events. We do not record any income or expense on recognition of the contracts assets and liabilities. Any subsequent remeasurement of the value of liabilities is recorded to net incurred losses and LAE within the consolidated statements of earnings. (b) Deferred Charge Assets If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the premiums received, a deferred charge asset (“DCA”) is recorded for this difference. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than our estimate of losses and LAE liabilities as these liabilities may not be settled for many years. Our contractual counterparties (cedants) settle the premium consideration upon inception of the contract and we invest the premium received over an extended period of time, thereby generating investment income. As a result, we expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. DCAs are amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in earnings as a component of losses and LAE. The amortization of DCAs is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated liability amount and the expected timing of related payments of unpaid losses may result in a subsequent remeasurement of the DCAs and the amount of periodic amortization. Any change in ultimate losses on the contracts with a recognized DCA will result in the recognition of an adjustment to the DCA, as if the adjusted reserves had existed upon inception of the contract. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the DCAs. DCAs are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. For each reinsurance contact where a DCA has been recorded we assess for impairment by determining the rate of return that we are required to earn on the invested assets to ensure that all cashflows arising from the assumed liabilities are met in full over the projected remaining payout period. This required rate of return is compared against the modeled rate of return, the weighted average portfolio yield and the actual annualized rate of return in order to identify indicators that would lead us to record an impairment of the DCA. For the year ended December 31, 2021, we completed our assessment for impairment of DCA and concluded that there had been no impairment of our carried DCA balances. (c) Short-duration Insurance Contracts Premiums written Premiums written related to prospective risk policies are earned on a pro-rata basis over the period of the related coverage. Reinsurance premiums on prospective risks are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined. Certain contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. These adjustments to the premium are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves, included within other liabilities on the consolidated balance sheets, represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premium balances receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. However, the credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium. (d) Acquisition Costs Acquisition costs, consisting principally of incremental costs including, commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and which are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs (“DAC”), included within other assets on the consolidated balance sheets, are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. A premium deficiency occurs if the sum of anticipated losses and LAE exceed unearned premiums, DAC and anticipated investment income. A premium deficiency is initially recognized by charging any DAC to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the DAC, then a liability is accrued for the excess deficiency. (e) Losses and LAE The liability for losses and LAE includes reserves for unpaid reported losses and losses incurred but not reported ("IBNR"). We establish reserves for unpaid reported losses and LAE based on reports from brokers, ceding companies and insureds and these represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserves for IBNR losses are established by us based on actuarially determined estimates of ultimate losses and LAE. Inherent in the estimate of ultimate losses and LAE are expected trends in claim severity and frequency, historical loss experience, industry statistics and other factors which may vary significantly as claims are settled. These estimates are reviewed regularly and are subject to the impact of future changes in the factors noted above as well as economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Any subsequent remeasurement of our reserves will be recorded in earnings in the period in which they become known and reflected as part of the net increase or reduction in the estimates of ultimate losses included within net incurred losses and LAE in the consolidated statements of earnings. Prior period development ("PPD") arises from changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses which can be beneficial to us as they legally extinguish liabilities in full, reducing the potential for future adverse loss development and future claims handling costs. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations are only executed directly with (re)insureds and any changes in ultimate losses are recognized upon the execution of a commutation or policy buyback with the (re)insured. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of any associated fair value adjustments or DCAs in that period. Our (re)insurance subsidiaries also establish provisions for unallocated loss adjustment expenses ("ULAE") for LAE relating to run-off costs for the estimated duration of the run-off, such as internal claim management or associated operational support costs, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings. Fair Value Option We have elected to apply the fair value option for certain reinsurance contracts including, loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and LAE. We use an internal model to calculate the fair value of the liability for losses and LAE and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to the funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and LAE, are inputs in our internal model. These liabilities are included in losses and LAE, at fair value on the consolidated balance sheets, and the changes in the liability are included in net incurred losses and LAE on the consolidated statements of earnings. (f) Future Policyholder Benefits Our life reinsurance contracts include traditional single payment premium immediate annuities, life contingent deferred annuities, and whole life reversion annuity 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, which includes judgments over estimates of mortality rates, investment yields, policy expenses, and other assumptions by reference to cedants' historical data, regional mortality tables, industry standards, and other available information sources as may be reasonably available. These estimates include provisions for adverse deviation. These assumptions are locked in at contract inception or assumption and are only unlocked and modified if it is deemed that the provision for future policyholder benefits are insufficient. 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 adjustments in the period in which the assumptions are unlocked and changes are made. The consideration received for life reinsurance contracts is calculated as the fair value of the assets received net of commissions, brokerage, or fronting fees. (g) Defendant Asbestos and Environmental Liabilities Defendant asbestos and environmental liabilities ("defendant A&E liabilities") on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos-related exposures. Defendant A&E liabilities also include amounts for environmental liabilities, associated with the acquired companies' properties, relating to estimated clean-up costs associated with the acquired companies' former operations based on engineering reports. Changes to our estimate of these liabilities are recorded to other income (expense) within the consolidated statements of earnings in the period that our estimate is revised. (h) Reinsurance Balances Recoverable on Paid and Unpaid Losses Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and LAE. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the probability of default ("PD") and loss given default ("LGD") methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and LAE in our consolidated statements of earnings. On an ongoing basis, we also evaluate and monitor the credit risk of our reinsurers, including those under voluntary schemes of arrangement, to minimize our exposure to significant losses from potential insolvencies. (i) Insurance Balances Recoverable Amounts billed to and due from insurers providing coverage for our defendant A&E liabilities are calculated in accordance with the terms of the individual insurance contracts. On an ongoing basis, we evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant A&E liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible insurance, we use the inputs and methodologies as described in (h) Reinsurance Balances Recoverable on Paid and Unpaid Losses above. Amounts deemed to be uncollectible, including amounts due from known insolvent insurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of other income (expense) in our consolidated statements of earnings. (j) Investments, Cash and Cash Equivalents Cash and cash equivalents Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less. Short-term investments and fixed maturity investments Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized gains and losses included in net earnings and reported as net realized and unrealized gains and losses, respectively. Short-term and fixed maturity investments classified as available-for-sale ("AFS") are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of earnings. The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. Allowance for Credit Losses We perform a detailed analysis every reporting period to identify any credit losses on our investment portfolios not measured at fair value through net earnings. Credit losses on our AFS fixed maturity securities are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the AFS fixed maturity security, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the AFS fixed maturity security, effectively creating a “fair value floor”. For our AFS fixed maturity securities that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and record the credit loss component in net realized investment gains (losses) in our consolidated statements of earnings. The unrealized losses related to non-credit factors is recorded in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in earnings. For our AFS fixed maturity securities where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our AFS fixed maturity securities where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our AFS fixed maturity securities that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized investment gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized investment gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. To determine the credit losses on our AFS securities, we use the PD and LGD methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security. The methodology and inputs used to determine the credit loss by security type are as follows: •Corporate and government securities: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs. •Municipal securities: Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities. For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable. •Asset-backed, commercial and residential mortgaged-backed securities: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio. We report the investment income accrued on our AFS fixed maturity securities within other assets and therefore separately from the underlying AFS fixed maturity securities. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized investment gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible fixed maturity securities are written off when we determine that no additional payments of principal or interest will be received. Equities We hold investments in publicly traded equities, exchange-traded funds and privately held equities. Our equity investments are carried at fair value with realized and unrealized gains and losses included in net earnings and recorded as net realized and unrealized gains and losses, respectively. Other investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equity funds") and hedge funds, fixed income funds, equity funds, private credit funds, real estate funds, collateralized loan obligation ("CLO") equities and CLO equity funds that carry their investments at fair value and CLO equities. We have elected the fair value option for certain of our other investments that would otherwise be accounted for as an equity method investment. The primary reason for electing the fair value option is because we believe this measurement basis is consistent with the applicable accounting guidance used by the investment funds themselves. Our other investments are stated at fair value, which ordinarily will be the most recently reported net asset value ("NAV") as advised by the fund manager or administrator. The NAV is based on the fund manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents. Many of our fund investments publish NAVs on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. Unrealized gains and losses on other investments are included in net earnings and reported as net unrealized gains and losses. Equity method investments Investments that we do not consolidate but in which we have significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting unless we have elected the fair value option. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company's proportionate share of net income or loss of the investee, net of any distributions received from the investee. We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees. Changes in the carrying value of such investments are recorded in our consolidated statements of earnings as earnings (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of earnings in the period in which it is determined. (k) Variable interest entities We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported NAV. Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment. (l) Funds Held Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to us. The funds balance is credited with investment income and losses paid are deducted. Funds held are shown under two categories on the consolidated balance sheets, funds held where we receive the underlying portfolio economics are shown as "Funds held - directly managed", and funds held where we receive a fixed crediting rate are shown as "Funds held by reinsured companies". Funds held by reinsured companies are carried at cost. Funds held - directly managed, 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 cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses), respectively. The change in the fair value of the embedded derivative is included in net unrealized gains (losses). (m) Foreign Exchange Our reporting currency is the U.S. dollar. Assets and liabilities of certain of our subsidiaries and equity method investees whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in AOCI. Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net earnings. (n) Share-based Compensation We primarily use three types of share-based compensation arrangements: (i) restricted shares, restricted share units and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), and (iii) shares issued under our employee share purchase plans. Our share-based compensation awards qualify for equity classification. We issue new shares once the awards have vested. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of earnings. Expenses for the PSU awards are adjusted for changes in the performance multiplier on the award. We recognize forfeitures as they occur. (o) Derivative Instruments We use derivative instruments in our risk management strategies and investment operations. Derivatives, with the exception of embedded derivatives, are recorded on a trade-date basis and carried at fair value within other assets or other liabilities in the consolidated balance sheets. Embedded derivatives are generally presented with the host contract in the consolidated balance sheets. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. Our convertible bond portfolio, recorded within fixed maturities, trading and AFS on the consolidated balance sheets, and certain of our funds held arrangements (as described above) contain embedded derivatives. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to be perfectly effective, then we recognize the changes in the fair value of the underlying hedging instrument in AOCI until the application of hedge accounting is discontinued. Any cumulative gains or losses arising on designated net investment hedges are deferred in AOCI until the cumulative translation adjustment from the underlying hedged net investment is recognized in net earnings due to a disposal, deconsolidation or substantial liquidation. (p) Income Taxes Certain of our subsidiaries and branches operate in jurisdictions where they are subject to taxation. Current and deferred tax expense or benefit is allocated to net earnings (loss), or, in certain cases, to discontinued operations or other comprehensive income (loss). Current tax is recognized and measured using enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the income tax is accrued or realized. Deferred taxes are provided for temporary differences between the carrying amount of assets and liabilities used in the financial statements and the tax basis used in the various jurisdictional tax returns. When our assessment indicates that all or some portion of deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets to reduce the assets to an amount more likely than not to be realized. We recognize the benefit relating to tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A recognized tax benefit is measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. A liability or other adjustment is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount allowed to be recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined in our consolidated statements of earnings. (q) Earnings Per Share Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share. (r) Acquisitions and Goodwill The acquisition method is used to account for all business acquisitions. This method requires that we record the acquired assets and liabilities at their estimated fair value. The fair values of each of the acquired reinsurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and our run-off strategy. Our run-off strategy is expected to be different from the seller's, who generally do not specialize in running off (re)insurance liabilities. The key assumptions used by us in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin. The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. We carry unamortized FVA balances on the following consolidated balance sheet captions: losses and loss adjustment expenses, defendant asbestos and environmental liabilities, debt obligations and reinsurance balances recoverable on paid and unpaid losses. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes. The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of earnings. Goodwill is established initially upon acquisition and assessed at least annually for impairment. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made. (s) Redeemable Noncontrolling Interest In connection with historical acquisitions, noncontrolling interests continue to hold shares in certain of our subsidiaries. These shares provide certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. Redeemable noncontrolling interests with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through retained earnings as if the balance sheet date was also the redemption date. (t) Held-for-sale Business and Discontinued Operations We report a business as held-for-sale when certain criteria are met, which include (i) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (ii) the business is available for immediate sale in its present condition, (iii) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (iv) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the businesses classified as held-for-sale are separately reported in our consolidated balance sheets beginning in the period in which the business is classified as held-for-sale. Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the discontinued operations are restated for all periods presented and reflected within continuing operations in our consolidated financial statements. 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 consolidated financial statements and the related disclosures. ASU 2020-06 – Accounting for Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. For convertible instruments, the ASU eliminates two of the three accounting models in ASC 470-20 that require separate accounting for embedded conversion features. The ASU also simplifies an issuer's application of the derivatives scope exception in ASC 815-40 for contracts in its own equity and removes some of the conditions that preclude a freestanding contract from being classified in equity, thereby allowing more of such contracts to qualify for equity classification. We early adopted the amendments in ASU 2020-06 as of January 1, 2021 and that adoption did not have an impact on our consolidated financial statements and the related disclosures. ASU 2020-01 - Clarifying the Interactions between ASC 321, ASC 323 and ASC 815 In January 2020, the FASB issued ASU 2020-01 to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or upon discontinuing the equity method of accounting. With respect to forward contracts or purchased options to purchase securities, the amendments clarify that when applying the guidance in ASC 815-10-15-141(a), an entity should not consider whether upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in ASC 323 or the fair value option in accordance with ASC 825. The adoption of ASU 2020-01 did not have an impact on our consolidated financial statements and disclosures. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12 which removes certain exceptions for (1) recognizing deferred taxes for investments, (2) performing intraperiod tax allocation, and (3) calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating income taxes to a legal entity that is not subject to income taxes. The adoption of ASU 2019-12 did not have any impact on our consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted 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 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; 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 only recently assumed our life reinsurance contracts following the completion of the Step Acquisition of Enhanzed Re on September 1, 2021. As such, we are currently evaluating the impact of ASU 2018-12 on our 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 consolidated financial statements and disclosures.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

3. 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:

•Run-off: consists of our acquired property and casualty and other (re)insurance business, including our defendant asbestos and environmental (“A&E”) businesses and StarStone International (from January 1, 2021) following our decision to place it into an orderly run-off.

Our primary objective of the Run-off segment is to recognize favorable prior period development in our net incurred losses and LAE (run-off liability earnings or “RLE”) 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.

The Run-off segment results comprises net premiums earned, other income, net incurred losses and LAE, acquisition costs and general and administrative expenses.

•Enhanzed Re: consists of life and property aggregate excess of loss (catastrophe) business. Our primary objective of the Enhanzed Re segment is to reinsure products that focus on longevity and investment risks.

The Enhanzed Re segment results comprises net premiums earned, net incurred losses and LAE, policyholder benefit expenses, acquisition costs and general and administrative expenses.

•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.

The Investments segment results comprises net investment income, net realized gains (losses), net unrealized gains (losses), general and administrative expenses and earnings from equity method investments.

•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 Limited (“SGL No. 1”)'s 25% net share of Atrium's Syndicate 609 business at Lloyd's and StarStone International. 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 an exchange transaction (the “Exchange Transaction”)39. There is no net retention for Enstar on Atrium's 2020 and prior underwriting years.

The Legacy Underwriting segment results comprises net premiums earned, net investment income, net realized gains (losses), net unrealized gains (losses), other income (expense), net incurred losses and LAE, acquisition costs and general and administrative expenses.

Management measures segment performance based on segment income (loss). Segment income (loss) is derived by including certain items from total income and net earnings (loss) attributable to Enstar ordinary shareholders, as defined above. Income and expense items that are not directly attributable to our reportable segments are included within our corporate and other activities, which do not qualify as an operating segment. These include,

a.holding company income and expenses,

b.the amortization of DCAs on retroactive reinsurance contracts,

c.the amortization of fair value adjustments associated with the acquisition of companies,

d.changes in the discount rate and risk margin components of 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 above form part of corporate and other activities as the CODM evaluates the performance of the Run-off and Legacy Underwriting segments without consideration of these amounts.

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.

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 and 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.

The following tables set forth select consolidated statement of earnings results by segment for the years ended December 31, 2021, 2020, and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Income
Run-off	$	255	$	191	$	235
Enhanzed Re	5		—		—
Investments	429		1,898		1,241
Legacy Underwriting	43		587		726
Subtotal	732		2,676		2,202
Corporate and other	57		(16)		(12)
Total income	$	789	$	2,660	$	2,190

Earnings from equity method investments
Investments	$	93	$	239	$	56

Segment net earnings (loss)
Run-off	$	217	$	143	$	141
Enhanzed Re	6		—		—
Investments	485		2,102		1,267
Legacy Underwriting	—		(93)		(100)
Total segment net earnings	708		2,152		1,308
Corporate and other:



Other expense (1)	(16)		(19)		(12)
Net gain on purchase and sale of subsidiaries	73		3		—
Net incurred losses and LAE (2)	(61)		(190)		(205)
Policyholder benefit expenses	(1)		—		—
General and administrative expenses	(131)		(136)		(113)
Interest expense	(69)		(59)		(53)
Net foreign exchange gains (losses)	12		(16)		8
Income tax expense	(27)		(24)		(12)
Net earnings from discontinued operations, net of income tax	—		16		7
Net (earnings) loss attributable to noncontrolling interest	(15)		28		10
Dividends on preferred shares	(36)		(36)		(36)
Total - Corporate and other	(271)		(433)		(406)
Net earnings attributable to Enstar Ordinary Shareholders	$	437	$	1,719	$	902

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

(2) Net incurred losses and LAE for corporate and other activities includes the amortization of DCAs on retroactive reinsurance contracts, fair value adjustments associated with the acquisition of companies and the changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option. For the years ended December 31, 2021, 2020 and 2019, amortization of DCAs includes net cumulative effect adjustments of $71 million, $2 million and $11 million, respectively, arising as a result of prior period development on net ultimate liabilities recorded in our Run-off segment.

Gross Premiums Written by Geographical Area

The following table summarizes our gross premiums written by geographical region, which is based upon the location of the subsidiaries underwriting the policies, respectively, for the years ended December 31, 2021, 2020 and 2019.


	2021
	Run-off				Enhanzed Re				Legacy Underwriting				Total
	Total		%		Total		%		Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	14	27.5	%	$	—	—	%	$	25	48.1	%		$	39	36.9	%
United Kingdom	15		29.4	%	—		—	%	4		7.7	%		19		17.9	%
Europe	9		17.6	%	3		100.0	%	5		9.6	%		17		16.0	%
Asia	6		11.8	%	—		—	%	2		3.8	%		8		7.5	%
Rest of World	7		13.7	%	—		—	%	16		30.8	%		23		21.7	%
Total	$	51	100.0	%	$	3	100.0	%	$	52	100.0	%		$	106	100.0	%


	2020
	Run-off				Legacy Underwriting					Total
	Total		%			Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	5	100.0	%		$	178	32.5	%		$	183	33.2	%
United Kingdom	—		—	%		119		21.8	%		119		21.6	%
Europe	1		20.0	%		82		15.0	%		83		15.0	%
Asia	—		—	%		68		12.4	%		68		12.3	%
Rest of World	(1)		(20.0)	%		100		18.3	%		99		17.9	%
Total	$	5	100.0	%		$	547	100.0	%		$	552	100.0	%


	2019
	Run-off				Legacy Underwriting					Total
	Total		%			Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	(25)	100.0	%		$	215	31.4	%		$	190	28.8	%
United Kingdom	—		—	%		127		18.6	%		127		19.3	%
Europe	—		—	%		122		17.8	%		122		18.5	%
Asia	—		—	%		93		13.6	%		93		14.1	%
Rest of World	—		—	%		127		18.6	%		127		19.3	%
Total	$	(25)	100.0	%		$	684	100.0	%		$	659	100.0	%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

4. BUSINESS ACQUISITIONS

Enhanzed Re

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 million and assumed the Hillhouse Group's affiliate's remaining outstanding capital commitment to Enhanzed Re of $40 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.

The following table represents the fair value of net assets acquired, inclusive of the net effect of settlement of pre-existing relationships.


	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
	(in millions of U.S. dollars)
ASSETS

Fixed maturities, trading, at fair value	$	49	$	—	$	49
Funds held - directly managed	2,576		(304)		2,272
Equities, at fair value	855		—		855
Other investments, at fair value	14		—		14
Total investments	3,494		(304)		3,190
Cash and cash equivalents	11		—		11


Funds held by reinsured companies	214		—		214
Other assets	8		—		8
TOTAL ASSETS	$	3,727	$	(304)	$	3,423
LIABILITIES
Losses and LAE	$	1,113	$	(271)	$	842
Future policyholder benefits	1,539		—		1,539
Debt obligations	76		—		76
Insurance and reinsurance balances payable	102		(6)		96
Other liabilities	16		(7)		9
TOTAL LIABILITIES	2,846		(284)		2,562

NET ASSETS ACQUIRED AT FAIR VALUE	$	881	$	(20)	$	861
Less:
Cash consideration paid to Hillhouse Group affiliate					$	217
Fair value of previously held equity method investment					418
Fair value of noncontrolling interest					219
Adjustment for the fair value of pre-existing relationships					(20)
Total purchase price					834
Bargain purchase gain					$	27

During the third quarter of 2021, we recognized a total gain on the Step Acquisition of $47 million, which was recorded in net gain on purchase and sales of subsidiaries in our 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 $27 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.

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. The table below summarizes the results of Enhanzed Re's operations, which are included in our consolidated statement of earnings from September 1, 2021, the date of acquisition, to December 31, 2021:


	September 1 to December 31, 2021 (1)
	(in millions of U.S. dollars)
Total income	$	(17)
Net loss	(19)
Net loss attributable to Enstar ordinary shareholders	(15)

(1)Excludes earnings from our previously held equity method investment in Enhanzed Re40.

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.


	2021		2020
	(in millions of U.S. dollars)
Total income	$	1,071	$	3,070
Net earnings	494		1,942
Net earnings attributable to Enstar	445		1,892
Net earnings attributable to Enstar ordinary shareholders	409		1,856

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.

Divestitures, Held-For-Sale Businesses and Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Divestitures, Held-For-Sale Business and Discontinued Operations

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

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 consolidated statement of earnings for the years ended December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Atrium	$	(8)	$	—
SUL	23		—
PWIC	8		—
Other	3		3
Net gain on sales of subsidiaries	$	26	$	3

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 owned 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") in the "Exchange Transaction”, resulting in us owning 25.2% on a fully diluted basis (24.7% as of December 31, 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 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 $37 million as of December 31, 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 $8 million on completion of the Exchange Transaction.

Following the Exchange Transaction, North Bay no longer held any direct or indirect interest in Northshore, SSHL or Core Specialty and on October 26, 2021, North Bay was liquidated.

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 for future underwriting years.

SGL No.1 is obligated to support underwriting capacity on Syndicate 609 through the provision of Funds at Lloyd’s (“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, 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.

Balances due from (due to) under these contractual arrangements as of December 31, 2021 were as follows:


	December 31, 2021
	(in millions of U.S. dollars)
Distribution of SGL No.1 share of Syndicate 609 results	$	34
Due to Arden under reinsurance agreement	(22)
Due to Atrium 5 Limited under Capacity Lease Agreement	(12)
Net balances with Northshore Group	$	—

Until these balances are settled, as of December 31, 2021, the Company recognized gross loss reserves of $215 million, reinsurance recoverable of $62 million, and $152 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 million and DAC of $20 million, included within other liabilities and other assets on our consolidated balance sheet, respectively, 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 consolidated financial statements.

As of December 31, 2020, we have classified the assets and liabilities of Northshore as held-for-sale but it 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 consolidated balance sheet as of December 31, 2020:


	December 31, 2020
	(in millions of U.S. dollars)
ASSETS

Short-term investments, AFS, at fair value	$	2
Fixed maturities, trading, at fair value	154

Fixed maturities, AFS, at fair value	7


Other investments, at fair value	10


Total investments	173
Cash and cash equivalents	71
Restricted cash and cash equivalents	152



Reinsurance balances recoverable on paid and unpaid losses	37


Funds held by reinsured companies	32


Other assets	246
TOTAL ASSETS HELD-FOR-SALE	$	711

LIABILITIES
Losses and LAE	$	254



Insurance and reinsurance balances payable	12

Debt obligations	40
Other liabilities	178
TOTAL LIABILITIES HELD-FOR-SALE	$	484

NET ASSETS HELD-FOR-SALE	$	227

As of December 31, 2020, included in the table above were restricted investments of $94 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 million inclusive of $235 million of common shares of Core Specialty and cash of $47 million. At the closing date, the $235 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 December 31, 2021).

The StarStone U.S. business qualified as a discontinued operation. The following table summarizes the components of net earnings (loss) from discontinued operations, net of income taxes, related to StarStone U.S., on the consolidated statements of earnings for the years ended December 31, 2020 and 2019:


	2020		2019
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	291	$	351

Net investment income	13		16
Net realized gains	4		—
Net unrealized gains	2		19

	310		386
EXPENSES
Net incurred losses and LAE	192		258
Acquisition costs	58		65
General and administrative expenses	60		61
Interest expense	2		3

	312		387
LOSS BEFORE INCOME TAXES	(2)		(1)
Income tax benefit	2		8

NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE	$	—	$	7

DISPOSAL
Consideration received	$	282	$	—
Less: Carrying value of subsidiary	(278)		—

Add: Net realized gains on AFS securities and cumulative currency translation adjustments previously recognized in AOCI	12		—
Gain on sale of subsidiary	$	16	$	—

NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	$	16	$	7
Net (earnings) from discontinued operations attributable to noncontrolling interest	(9)		(3)
NET EARNINGS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	7	$	4

Continuing Involvement

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

LPT and ADC reinsurance agreement

In connection with the sale of StarStone U.S. to Core Specialty, one of our insurance subsidiaries entered into an LPT and 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 million from StarStone U.S. in exchange for a total reinsurance premium consideration of $478 million, subject to an aggregate limit of $130 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 the Parent Company. The LPT and ADC reinsurance agreement between our subsidiary 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 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, shall terminate on the earliest to occur of (a) the 2-year anniversary of the agreement, (b) the date on which all the covered transitional services have been terminated, and (c) the termination of the agreement.

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 us:


	2021		2020		2019
	(in millions of U.S. dollars)
Total income	$	(1)	$	12	$	11
Total expenses (1)	20		(16)		63
Net (loss) earnings	$	(21)	$	28	$	(52)

(1) For the year ended December 31, 2021, negative total income was driven by a premium adjustment. For the year ended December 31, 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 inflows (outflows) between our subsidiaries and StarStone U.S. for the years ended December 31, 2021, 2020 and 2019 were $(102) million, $99 million and $(54) 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, the date we completed the sale and recapitalization of StarStone U.S. (24.7% as of December 31, 2021). Our investment in the common shares of Core Specialty, which is included in equity method investments on our consolidated balance sheets, was $225 million as of December 31, 2021 (2020: $235 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 million were distributed to redeemable noncontrolling interests41.

During the year ended December 31, 2021, our proportionate share of loss on our investment in Core Specialty was $6 million, which is included within earnings from equity method investments in our consolidated statement of earnings and is recorded on a quarter lag.

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.

On March 15, 2021, we sold StarStone Underwriting Limited ("SUL"), a Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301 for the 2021 and future years of account, 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 million in the form of Inigo shares and $1 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 million in the first quarter of 2021. In addition, Enstar and the Trident V Funds have committed to invest up to $27 million and $18 million, respectively, in Inigo.

As of December 31, 2021, Enstar had funded $17 million of its capital commitment to Inigo, with $10 million yet to be called by Inigo. As of December 31, 2021, our investment in Inigo was carried at $43 million (December 31, 2020: $17 million) representing 5.4% 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 years of account as this business runs off.

Disposal of Providence Washington

On October 1, 2021, we completed the sale of Providence Washington Insurance Company ("PWIC"), a Rhode Island domiciled stock insurance company, to Everspan Insurance Company, a subsidiary of Ambac Financial Group, Inc., for cash consideration of $22 million. We recognized a gain on the sale of $8 million in the fourth quarter of 2021.

Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

6. 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.

Short-term and Fixed Maturity Investments

Asset Types

The fair values of the underlying asset categories comprising 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 were as follows as of December 31, 2021 and 2020:


	2021
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	3	$	25	$	102	$	434	$	183	$	747
U.K. government	—		—		73		10		—		83
Other government	3		—		285		128		247		663
Corporate (1)	—		8		2,660		3,350		796		6,814
Municipal	—		—		85		128		73		286
Residential mortgage-backed	—		—		104		391		115		610
Commercial mortgage-backed	—		—		250		562		262		1,074
Asset-backed			1		197		649		97		944
Structured products	—		—		—		—		1,033		1,033
Total fixed maturity and short-term investments	$	6	$	34	$	3,756	$	5,652	$	2,806	$	12,254

(1) Includes convertible bonds of $223 million, which includes embedded derivatives of $43 million.


	2020
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	—	$	244	$	124	$	474	$	109	$	951
U.K. government	—		—		37		14		—		51
Other government	3		3		328		147		21		502
Corporate	2		17		3,228		1,920		520		5,687
Municipal	—		—		80		30		53		163
Residential mortgage-backed	—		—		154		329		71		554
Commercial mortgage-backed	—		—		347		277		230		854
Asset-backed	—		—		297		204		56		557
Total fixed maturity and short-term investments	$	5	$	264	$	4,595	$	3,395	$	1,060	$	9,319

Included within residential and commercial mortgage-backed securities as of December 31, 2021 were securities issued by U.S. governmental agencies with a fair value of $460 million (as of December 31, 2020: $458 million).

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 December 31, 2021	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	395	$	398	3.2	%
More than one year through two years	813		820		6.7	%
More than two years through five years	2,623		2,637		21.5	%
More than five years through ten years	2,545		2,566		20.9	%
More than ten years	3,161		3,205		26.2	%
Residential mortgage-backed	611		610		5.0	%
Commercial mortgage-backed	1,070		1,074		8.8	%
Asset-backed	947		944		7.7	%
	$	12,165	$	12,254	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 December 31, 2021:


	Amortized Cost		Fair Value		% of Total		AAA Rated			AA Rated			A Rated			BBB Rated			Non- Investment Grade			Not Rated
	(in millions of U.S. dollars)
U.S. government and agency	$	748	747		6.1	%	$	747		$	—		$	—		$	—		$	—		$	—
U.K. government	83		83		0.7	%	—			75			8			—			—			—
Other government	658		663		5.4	%	203			143			147			58			112			—
Corporate	6,705		6,814		55.6	%	166			593			3,144			2,407			478			26
Municipal	272		286		2.3	%	17			147			97			25			—			—
Residential mortgage-backed	611		610		5.0	%	569			—			4			8			27			2
Commercial mortgage-backed	1,070		1,074		8.8	%	793			115			90			69			4			3
Asset-backed	947		944		7.7	%	389			255			207			69			24			—
Structured products	1,071		1,033		8.4	%	—			523			—			510			—			—
Total	$	12,165	$	12,254	100.0	%	$	2,884		$	1,851		$	3,697		$	3,146		$	645		$	31
% of total fair value							23.5		%	15.1		%	30.2		%	25.6		%	5.3		%	0.3		%

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 as of December 31, 2021 and 2020 were as follows:


					Gross Unrealized Losses
As of December 31, 2021	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	463	$	1	$	(5)	$	—	$	459
U.K. government	10		—		—		—		10
Other government	127		2		(1)		—		128
Corporate	3,384		29		(45)		(10)		3,358
Municipal	129		1		(2)		—		128
Residential mortgage-backed	394		1		(4)		—		391
Commercial mortgage-backed	566		3		(7)		—		562
Asset-backed	650		1		(1)		—		650
	$	5,723	$	38	$	(65)	$	(10)	$	5,686


					Gross Unrealized Losses
As of December 31, 2020	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	716	$	3	$	(1)	$	—	$	718
U.K. government	12		2		—		—		14
Other government	142		8		—		—		150
Corporate	1,873		66		(2)		—		1,937
Municipal	29		1		—		—		30
Residential mortgage-backed	326		3		—		—		329
Commercial mortgage-backed	274		5		(2)		—		277
Asset-backed	204		1		(1)		—		204


	$	3,576	$	89	$	(6)	$	—	$	3,659

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

The following table 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, as of December 31, 2021 and 2020:


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 2021	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions of U.S. dollars)
U.S. government and agency	$	22	$	(1)	$	373	$	(4)	$	395	$	(5)
UK government	—		—		5		—		5		—
Other government	—		—		46		(1)		46		(1)
Corporate	11		—		1,545		(19)		1,556		(19)
Municipal	—		—		77		(2)		77		(2)
Residential mortgage-backed	6		—		315		(4)		321		(4)
Commercial mortgage-backed	21		(1)		419		(6)		440		(7)
Asset-backed	—		—		516		(1)		516		(1)
Total short-term and fixed maturity investments	$	60	$	(2)	$	3,296	$	(37)	$	3,356	$	(39)


		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
		(in millions of U.S. dollars)
	U.S. government and agency	$	—	$	—	$	56	$	(1)	$	56	$	(1)

	Other government	—		—		8		—		8		—
	Corporate	—		—		198		(1)		198		(1)
	Municipal	—		—		2		—		2		—
	Residential mortgage-backed	5		—		79		—		84		—
	Commercial mortgage-backed	—		—		67		(2)		67		(2)
	Asset-backed	—		—		117		(1)		117		(1)
Total short-term and fixed maturity investments		$	5	$	—	$	527	$	(5)	$	532	$	(5)

As of December 31, 2021 and 2020, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 2,930 and 407, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 93 and 2, respectively.The contractual terms of a 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 credit spreads have increased, and in certain cases credit ratings were downgraded, we currently do not expect the issuers of these fixed income securities to settle them 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 bases.

Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	December 31, 2021
	Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	—	$	—	$	—

Allowances for credit losses on securities for which credit losses were not previously recorded	(16)		—		(16)



Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	6		—		6


Allowance for credit losses, end of year	$	(10)	$	—	$	(10)


	December 31, 2020
	Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	—	$	—	$	—
Cumulative effect of change in accounting principle	(3)		—		(3)
Allowances for credit losses on securities for which credit losses were not previously recorded	(11)		(1)		(12)

Reductions for securities sold during the year	3		—		3

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	11		1		12


Allowance for credit losses, end of year	$	—	$	—	$	—

During the years ended December 31, 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 as of December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	281	$	261
Exchange-traded funds	1,342		311
Privately held equity investments in common and preferred stocks	372		275
	$	1,995	$	847

Equity investments include publicly traded common and preferred stocks, exchange-traded funds and privately held common and preferred stocks. Our publicly traded equity investments in common and preferred stocks

predominantly trade on major exchanges and are managed by our external advisors. Our investments in exchange-traded funds also trade on major exchanges.

Other Investments, at fair value

The following table summarizes our other investments carried at fair value as of December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Hedge funds (1)	$	291	$	2,638
Fixed income funds	573		553
Private equity funds	752		363
Private credit funds	275		192
Equity funds	5		191
CLO equity funds	207		167
CLO equities	161		128
Real estate funds	69		12

	$	2,333	$	4,244

(1) Includes our investment in the InRe Fund of $2.4 billion as of December 31, 2020.

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 lag43. 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.

•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.

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

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

•Equity funds invest primarily in public equities.

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

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

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

Certain 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 period by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of December 31, 2021:


	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
	(in millions of U.S. dollars)
Hedge funds	$	291	$	—	$	—	$	—	$	—	$	291	Monthly to Quarterly
Fixed income funds	534		—		—		—		39		573		Daily to Quarterly
Private equity funds	—		54		—		—		698		752		Quarterly for unrestricted amount
CLO equity funds	158		48		—		—		1		207		Quarterly to Bi-annually
CLO equities	161		—		—		—		—		161		Daily
Private credit funds	—		—		—		—		275		275		N/A
Real estate fund	—		—		—		—		69		69		N/A
Equity funds	5		—		—		—		—		5		Daily

	$	1,149	$	102	$	—	$	—	$	1,082	$	2,333

As of December 31, 2021, none of our investments were subject to gates or side-pockets.

Equity Method Investments

The table below shows our equity method investments as of December 31, 2021 and 2020:


	2021				2020
	Ownership %		Carrying Value		Ownership %		Carrying Value
	(in millions of U.S. dollars)
Enhanzed Re (1)	—	%	$	—	47.4	%	$	330
Citco (2)	31.9	%	56		31.9	%	53
Monument Re (3)	20.0	%	194		20.0	%	194

Core Specialty	24.7	%	225		25.2	%	235
Other	27%		18		27%		20

			$	493			$	832

(1) Effective September 1, 2021, Enhanzed Re was consolidated by us. Refer to Note 4 for further information.

(2) We own 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").

(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.

Summarized Financial Information

The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option was elected and would otherwise be accounted for as an equity method investment, and may be presented on a lag due to the availability of financial information from the investee:


	2021		2020
	(in millions of U.S. dollars)
Balance Sheet
Total assets	$	45,741	$	35,913
Total liabilities	33,858		27,469

	2021		2020		2019
	(in millions of U.S. dollars)
Operating Results
Total income	$	9,190	$	6,093	$	5,848
Total expenses	8,098		5,234		5,609
Net income	$	1,092	$	859	$	239

The following table presents the carrying value by ownership percentage of our equity method investees, including those for which the fair value option was elected:


	2021				2020
	Equity Method Investments		Fair Value Option		Equity Method Investments		Fair Value Option
	(in millions of U.S. dollars)
Ownership percentage
100%	$	—	$	—	$	—	$	—
20%-99%	493		828		832		517
3%-19%	—		749		—		202
Total	$	493	$	1,577	$	832	$	719

Funds Held

Funds Held - Directly Managed

The following table summarizes the components of the funds held - directly managed as of December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,806	$	1,060
Cash and cash equivalents	188		9
Other assets	13		6
	$	3,007	$	1,075

The following table summarizes the short-term and fixed maturity investment components of funds held - directly managed44 as of December 31, 2021 and 2020:


	2021						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
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	—	$	2,815	$	2,815	$	107	$	859	$	966
Net unrealized gains (losses):
Change in fair value - fair value option accounting	—		—		—		10		—		10
Change in fair value - embedded derivative accounting	—		14		14		—		84		84
Change in fair value (1)	—		(23)		(23)		—		—		—
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	—	$	2,806	$	2,806	$	117	$	943	$	1,060

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

Funds Held by Reinsured Companies

As of December 31, 2021 and 2020, we had funds held by reinsured companies of $2.3 billion and $636 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 for the years ended December 31, 2021, 2020 and 2019 are summarized as follows:


	2021		2020		2019
	(in millions of U.S. dollars)
Fixed maturity investments	$	191	$	199	$	219
Short-term investments and cash and cash equivalents	—		5		15
Funds held	57		34		22
Funds held – directly managed	28		34		38
Investment income from fixed maturities and cash and cash equivalents	276		272		294
Equity investments	32		20		16
Other investments(1)	41		27		12

Investment income from equities and other investments	73		47		28
Gross investment income	349		319		322
Investment expenses	(37)		(16)		(14)

Net investment income	$	312	$	303	$	308

(1) Effective April 1, 2021, the InRe Fund was consolidated by us and subsequently liquidated by December 31, 2021. Refer to Note 13 for additional information. Prior to April 1, 2021, 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) for the years ended December 31, 2021, 2020 and 2019 were as follows:


	2021		2020		2019
	(in millions of U.S. dollars)
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS	$	19	$	26	$	5
Gross realized losses on fixed maturity securities, AFS	(13)		(8)		(1)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(10)		—		—



Net realized gains recognized on equity securities sold during the period	9		1		1
Other investments (1)	66		—		—
Net realized investment losses on investment derivatives	(132)		—		—

Total net realized (losses) gains on sale	$	(61)	$	19	$	5
Net unrealized (losses) gains:
Fixed maturity securities, trading	(144)		228		423
Fixed maturity securities in funds held - directly managed	(62)		60		89

Net unrealized gains (losses) recognized on equity securities still held at the reporting date	146		(2)		54
Other investments (1)	259		1,336		441
Investment derivatives	(21)		1		—



Total net unrealized gains	$	178	$	1,623	$	1,007

The gross realized gains and losses on AFS investments included in the table above resulted from sales of $2.5 billion, $2.0 billion and $303 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The unrealized gains for 2020 primarily comprised unrealized gains of $1.2 billion attributable to the InRe Fund. These unrealized gains were driven by strong performance in equity markets across multiple sectors, including consumer discretionary, communication services, information technology and consumer staples.

We have presented all net recognized gains and losses on fixed maturity trading and the fixed maturities within our funds held-directly managed for the years ended December 31, 2021, 2020 and 2019 within net unrealized gains in the table above. This is a change to our previous presentation which split recognized gains between net realized (losses) gains on sale and net unrealized gains. This change had no impact to net earnings for the years ended December 31, 2020 and 2019. This change also resulted in a revision to the presentation of realized losses and gains on sale of investments and unrealized gains on investments within the consolidated statements of cash flows for the years ended December 31, 2020 and 2019.

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 years ended December 31, 2021, 2020 and 2019 within our continuing and discontinued operations and the offsetting reclassification adjustments included within our consolidated statements of comprehensive income:


	2021		2020		2019
	(in millions of U.S. dollars)






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	19	$	26	$	5
Gross realized losses on fixed maturity securities, AFS	(13)		(8)		(1)
Tax effect	—		(1)		—
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		1		—


Total reclassification adjustment for net realized gains (losses) included in net earnings	$	6	$	18	$	4
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	(10)	$	—	$	—

Included within discontinued operations:
Credit recoveries on fixed maturity securities, AFS	$	—	$	1	$	—

Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$	(10)	$	1	$	—

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 $446 million and $472 million, as of December 31, 2021 and 2020, respectively, was as follows:


	2021		2020
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	6,100	$	4,925
Assets on deposit with regulatory authorities	196		131
Collateral for secured letter of credit facilities	94		105
FAL (1)	431		261
	$	6,821	$	5,422

(1) Our businesses included two (2020: three) Lloyd's syndicates as at December 31, 2021. Lloyd's determines the required capital principally through the annual business plan of each syndicate. This capital is referred to as FAL 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 FAL, as described in Note 16

Derivatives and Hedging Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

7. DERIVATIVES AND HEDGING INSTRUMENTS

We use derivative instruments in our risk management strategies and investment operations.

Foreign currency forward exchange rate contracts are used in qualifying hedging relationships to hedge the foreign currency exchange rate risk associated with certain of our net investments in foreign operations.

We also utilize foreign currency forward contracts in non-qualifying hedging relationships as part of our overall foreign currency risk management strategy or to obtain exposure to a particular financial market, as well as for yield enhancement and collectively managing credit and duration risk.

From time to time we may also utilize credit default swaps to both hedge and replicate credit exposure and government bond futures contracts for interest rate management.

The following table presents the gross notional amounts and estimated fair values of our derivatives recorded within other assets and liabilities on the consolidated balance sheets as of December 31, 2021 and 2020:


	2021						2020
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	618	$	—	$	7	$	604	$	1	$	29

Derivatives not designated as hedging instruments
Foreign currency forward contracts	498		2		—		134		3		5
Others	17		—		10		2		—		—
Total	$	1,133	$	2	$	17	$	740	$	4	$	34

The following table presents the net gains and losses deferred in the cumulative translation adjustment account, which is a component of AOCI in shareholders' equity, relating to our qualifying hedges and the net gains and losses included in earnings relating to our non-qualifying hedges for the years ended December 31, 2021, 2020 and 2019:


	Amount of Gains (Losses)
	2021		2020		2019
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	24	$	(30)	$	(15)

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(4)		(2)		13

Reinsurance Balances Recoverable on Paid and Unpaid Losses

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Reinsurance Balances Recoverable on Paid and Unpaid Losses

8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

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


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,367	$	1,850
ULAE	7		17
Fair value adjustments - acquired companies	(8)		(16)
Fair value adjustments - fair value option	(34)		(21)
Total reinsurance reserves recoverable	1,332		1,830
Paid losses recoverable	185		259
Total	$	1,517	$	2,089

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,085	$	1,568
Reinsurance balances recoverable on paid and unpaid losses - fair value option	432		521
Total	$	1,517	$	2,089

Certain of our subsidiaries and assumed portfolios, prior to acquisition, used retrocessional agreements to reduce their exposure to the risk of (re)insurance assumed.

The fair value adjustments, determined on acquisition of (re)insurance subsidiaries, are based on the estimated timing of loss and LAE recoveries and an assumed interest rate equivalent to a risk free rate for securities with similar duration to the acquired reinsurance balances recoverable on paid and unpaid losses plus a spread for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements45.

As of December 31, 2021 and 2020, we had reinsurance balances recoverable on paid and unpaid losses of $1.5 billion and $2.1 billion, respectively. The decrease of $0.6 billion was primarily due to the elimination of intercompany cessions on consolidation of Enhanzed Re and cash collections, partially offset by assumed ceded assets relating to CNA and Syndicate 609.

Top Ten Reinsurers


	December 31, 2021					December 31, 2020
		Total		%		Total		%
		(in millions of U.S. dollars)
Top 10 reinsurers		$	1,002	66.1	%	$	1,365	65.3	%
Other reinsurers > $1 million		491		32.4	%	697		33.4	%
Other reinsurers < $1 million		24		1.5	%	27		1.3	%
Total		$	1,517	100.0	%	$	2,089	100.0	%


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)
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	$	747	$	864
Non-rated reinsurers in top 10 (1)	255		501
Total top 10 reinsurance recoverables	$	1,002	$	1,365

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


Lloyd's Syndicates (2)	$	256	$	331
Michigan Catastrophic Claims Association(3)	$	210	$	229

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

•$210 million and $229 million as of December 31, 2021 and December 31, 2020 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state;

•$45 million as of December 31, 2021 due from a U.S. Workers' Compensation Reinsurance Pool that is secured through an allocation to insurers actively writing workers' compensation in the covered state;

•$74 million as of December 31, 2020 due from a reinsurer who has provided us with security in the form of pledged assets in trust for the full amount of the recoverable balance. The reinsurer subsequently received an A- rating by A.M. Best and the collateral was released; and

•$208 million as of December 31, 2020 due from Enhanzed Re to whom some of our subsidiaries have retroceded their exposures through quota share reinsurance agreements46. 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.

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


	2021		2020
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	137	$	148


Current period change in the allowance	1		—
Write-offs charged against the allowance	—		(10)
Recoveries collected	(2)		(1)
Allowance for estimated uncollectible reinsurance, end of year	$	136	$	137

14. PREMIUMS WRITTEN AND EARNED

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2021, 2020 and 2019:


	2021				2020				2019
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	106	$	373	$	552	$	730	$	659	$	950
Total ceded	(44)		(128)		(119)		(158)		(113)		(146)
Total net	$	62	$	245	$	433	$	572	$	546	$	804

Gross premiums written for the years ended December 31, 2021 and 2020 decreased by $446 million and $107 million, respectively, primarily due to our strategic exit from our active underwriting platforms beginning in 2020.

Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Losses and Loss Adjustment Expenses

9. LOSSES AND LOSS ADJUSTMENT EXPENSES

The liability for losses and LAE, also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses (Outstanding Loss Reserves, or "OLR") and includes losses that have been incurred but not yet 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 LAE ("ALAE") and unallocated LAE ("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 includes amounts for unreported claims, development on known claims and reopened claims.

Our loss reserves cover multiple lines of business, including asbestos, environmental, general casualty, workers' compensation, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business.

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


	2021		2020		2019
	(in millions of U.S. dollars)
Balance as of January 1	$	10,593	$	9,868	$	9,049
Losses and LAE relating to SGL No.1 (1)	255		—		—

Reinsurance reserves recoverable (2)	(1,830)		(1,928)		(1,708)
Reinsurance reserves recoverable relating to SGL No. 1 (1)	(90)		—		—

DCAs on retroactive reinsurance	(219)		(260)		(89)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances	—		(1)		—
Net balance as of January 1	8,709		7,679		7,252
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	168		388		576
Increase in provisions for ULAE	4		17		4
Total current period	172		405		580
Prior periods:
Reduction in estimates of net ultimate losses	(281)		(130)		(111)
Reduction in provisions for ULAE	(63)		(48)		(61)
Amortization of DCAs	120		43		38
Amortization of fair value adjustments	16		27		51
Changes in fair value - fair value option (3)	(75)		119		117
Total prior periods	(283)		11		34
Total net incurred losses and LAE	(111)		416		614
Net paid losses:
Current period	(29)		(72)		(179)
Prior periods	(1,402)		(1,413)		(1,609)
Total net paid losses	(1,431)		(1,485)		(1,788)
Other changes:
Effect of exchange rate movement	(63)		120		48
Acquired business (4)	1,098		—		1
Assumed business (5)	3,445		2,186		1,586
Ceded business	(92)		(155)		(33)
Reclassification to assets and liabilities held-for-sale	—		(217)		—
Total other changes	4,388		1,934		1,602
Net balance as of December 31	11,555		8,544		7,680
Reinsurance reserves recoverable (2)	1,332		1,830		1,928
DCAs on retroactive reinsurance	371		219		260
Balance as of December 31	$	13,258	$	10,593	$	9,868

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,269	$	8,140
Loss and loss adjustment expenses, at fair value	1,989		2,453
Total	$	13,258	$	10,593

(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 consolidated financial statements following the completion of the Exchange Transaction on January 1, 2021.

(2) Excludes paid losses recoverable.

(3) Comprises discount rate and risk margin components.

(4) 2021 acquired business of $1.1 billion includes $842 million of third party loss reserves and $257 million of loss reserves which are deemed to effectively settle balances relating to pre-existing relationships, the latter comprising of $286 million of reinsurance recoverables, partially offset by a deferred gain liability of $29 million, carried by two of our reinsurance subsidiaries. These pre-existing relationships were fair valued at $271 million in accordance with the acquisition method of accounting.

(5) 2021, 2020 and 2019 assumed business is net of DCAs of $243 million, $2 million and $211 million, respectively.

Prior Period Development (“PPD”)

Reduction in Estimates of Net Ultimate Losses

The following table summarizes the reduction in estimates of net ultimate losses related to prior years by segment and line of business:


	2021		2020		2019
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(16)	$	(19)	$	7
Environmental	7		(13)		15
General casualty	116		(26)		(7)
Workers' compensation	(234)		(183)		(136)
Marine, aviation and transit	(47)		(31)		(20)
Construction defect	(33)		8		(1)
Professional indemnity/Directors and Officers	(31)		(12)		(39)
Motor	43		148		(37)
Property	(45)		(17)		13
All Other	(37)		18		(14)
Total Run-off segment	(277)		(127)		(219)
Total Enhanzed Re segment	—		—		—
Total Legacy Underwriting segment	(4)		(3)		108
Total	$	(281)	$	(130)	$	(111)

2021:

Prior period net incurred losses and LAE additionally includes $120 million for the amortization of DCA, including $71 million in cumulative effect adjustments relating to recent acquisition years as a result of PPD primarily in our General Casualty, Workers’ compensation and Other lines of business.

The reduction in estimates of net ultimate losses of $281 million related to prior periods was primarily driven by net favorable development in the following lines of business:

•Workers’ Compensation - The workers' compensation line of business experienced a $234 million favorable development as a result of reduced claims activity and favorable settlements on open claims in 2011 & prior accident years in one portfolio as well as recent 2015 - 2018 accident years on another.

During 2021, we also completed 15 commutations that resulted in a net reduction of ultimate losses of $10 million in our workers' compensation line of business.

•General Casualty - The experience in the general casualty reserves was adverse by $116 million. This was partially due to an increase in opioid exposure from our 2020 acquisition year and increased expectations of latent claims and a lengthening of the payment pattern related to our 2019 acquisition year.

During 2021, we also completed 18 commutations that resulted in a net reduction of ultimate losses of $2 million in our general casualty line of business.

•Marine, Aviation and Transit - The marine, aviation and transit line of business experienced a $47 million reduction in estimates of net ultimate losses due to favorable experience across a variety of claim types.

During 2021, we also completed 4 commutations that resulted in a net increase of ultimate losses of $1 million in our marine, aviation and transit line of business.

•Motor - The experience in the motor line was adverse by $43 million due to higher-than-expected claims severity relating to our 2020 acquisition year.

2020: The reduction in estimates of net ultimate losses of $130 million related to prior years was primarily driven by the Run-off segment which experienced a reduction in estimates of net ultimate losses of $127 million primarily related to the following lines of business:

•Workers’ Compensation - The workers' compensation line of business experienced a $183 million reduction in estimates of net ultimates losses as a result of favorable actual development versus expected development across nearly all of our acquired companies and assumed portfolios.

During 2020, we paid net losses of $143 million and released case and LAE reserves of $177 million. This represents a decline in reported losses of $34 million for the year.

As a result of the favorable claims development, we recorded a release of $149 million primarily attributed to a settlement of an outwards reinsurance agreement resulting in the reduction in gross ultimate losses inuring to our benefit.

During 2020, we also completed 10 commutations that resulted in a net reduction of ultimate losses of $11 million in our workers' compensation line of business.

•Motor - The experience in the motor line was adverse by $148 million due to higher than expected severity related to a recent assumed LPT transaction. The case reserves were significantly strengthened when we transferred the claim handling to a new third-party administrator with specialist experience in commercial automobile exposures.

2019: The reduction in estimates of net ultimate losses of $111 million related to prior years was primarily driven by the Run-off segment which experienced a reduction in estimates of net ultimate losses of $219 million, partially offset by the Legacy Underwriting segment which experienced an increase in estimates of net ultimate losses of $108 million due to our strategy to exit certain lines of business in 2019.

The favorable development in our Run-off segment primarily related to the following line of business:

•Workers' Compensation - A $136 million reduction in estimates of net ultimate losses in our workers' compensation line of business arose across multiple portfolios, where reported loss development was generally significantly less than expected development.

The lower than expected actual development was driven by significant proactive settlement activity on individual claimants where we were able to settle claims lower than the case reserve estimates. For example, in two of our portfolios we observed favorable reported loss development, where we paid $39 million in loss payments to release a corresponding $54 million of associated case reserves for $14 million in favorable reported loss development.

These settlement activities and the favorable actual loss development versus expected loss development, led to a change in the actuarial assumptions in the annual reserve study that reflect this favorable loss development.

During 2019, we also completed 6 commutations across several workers' compensation portfolios that contributed to a $6 million reduction in estimates of net ultimate losses.

Changes in Fair Value - Fair Value Option

During 2021, 2020 and 2019, changes in the fair value of liabilities related to assumed retroactive reinsurance agreements for which we have elected the fair value option of $(75) million, $119 million and $117 million, respectively, was primarily driven by an increase in corporate bond yields in 2021 and narrowing credit spreads in corporate bond yields in 2020 and 2019.

Reconciliation of the Net Liability for Losses and LAE, Prior to the Provision for Bad debt to the Gross Liability for Losses and LAE included in the Consolidated Balance Sheet

The table below presents the reconciliation of the loss development tables disclosed further below to the liability for losses and LAE in the consolidated balance sheet.


	December 31, 2021
	Net Liability for Losses and LAE, Prior to Provision for Bad Debt		Provision for Bad Debt		Net Liability for Losses and LAE		Reinsurance Recoverable on Liabilities for Losses and LAE		Gross Liabilities for Losses and LAE
	(in millions of U.S. dollars)
Presented in the loss development tables:
Run-off segment:
Asbestos	$	1,876	$	22	$	1,898	$	80	$	1,978
General casualty	3,362		7		3,369		130		3,499
Workers' compensation	2,628		1		2,629		273		2,902
Professional indemnity/Directors and Officers	1,334		2		1,336		229		1,565
Motor	529		2		531		214		745
Excluded from the loss development tables:
Run-off segment:
Environmental	357		3		360		20		380
Marine, aviation and transit	415		3		418		107		525
Construction defect	131		—		131		1		132
Property	256		2		258		177		435
Other	455		4		459		76		535
Total Run-off segment OLR and IBNR	11,343		46		11,389		1,307		12,696
Enhanzed Re segment OLR and IBNR	179		—		179		—		179
Legacy Underwriting segment OLR and IBNR	153		—		153		60		213
ULAE	418		—		418		7		425
Fair value adjustments - acquired companies	(106)		—		(106)		(8)		(114)
Fair value adjustments - fair value option	(107)		—		(107)		(34)		(141)

Total	11,880		46		11,926		$	1,332	$	13,258
DCAs on retroactive reinsurance	(371)		—		(371)
Total	$	11,509	$	46	$	11,555

Loss Development Information

Methodology for Establishing Reserves (Excluding Asbestos and Environmental Claims)

We perform our analysis of loss reserves and IBNR by each portfolio that we have acquired. Exposures for each portfolio are separated into homogenous reserving classes, generally lines of business, within each portfolio. Each reserving class contains either direct insurance or assumed reinsurance reserves and groups of relatively similar types of risks and exposures and lines of business written.

Based upon the exposure characteristics and the nature of available data for each individual reserving class, we select loss development extrapolation methods to calculate an estimate of ultimate losses.

We establish our recorded reserves as an estimate of unpaid losses for each class primarily by utilizing actuarial expertise and projection methods. The actuarial methodologies are selected after consideration of exposure characteristics, data limitations, and strengths and weaknesses of each method applied.

We use generally accepted actuarial methodologies to estimate ultimate losses and LAE, including:

•Cumulative Reported and Paid Loss Development Methods: The Cumulative Reported (Case Incurred) Loss Development method estimates ultimate losses by multiplying cumulative reported losses (paid losses plus case reserves) by a cumulative development factor.

Historical "age-to-age" loss development factors (“LDFs”) are calculated to measure the relative development of an accident year from one maturity point to the next. Age-to-age LDFs are then selected based on these historical factors. The selected age-to-age LDFs are used to project the ultimate losses.

The Cumulative Paid Loss Development Method is mechanically identical to the Cumulative Reported Loss Development Method described above, but the paid method does not rely on case reserves or claim reporting patterns in making projections.

•Incremental Reported and Paid Loss Development Methods: Incremental incurred and paid analyses are performed in cases where cumulative data is not available. The concept of the incremental loss development methods is similar to the cumulative loss development methods described above, in that the pattern of historical paid or incurred losses is used to project the remaining future development.

•IBNR-to-Case Outstanding Method: This method requires the estimation of consistent cumulative paid and reported (case) incurred loss development patterns and age-to-ultimate LDFs, either from data that is specific to the segment being analyzed or from applicable benchmark or industry data. These patterns imply a specific expected relationship between IBNR, including both development on known claims (bulk reserve) and losses on true late reported claims, and reported case incurred losses.

•Bornhuetter-Ferguson Expected Loss Projection Reported and Paid Methods: The Bornhuetter-Ferguson Expected Loss Projection method produces expected unreported losses by multiplying the expected losses, which are based on initial selected ultimate loss ratios by year, by the unreported percentage. The unreported percentage is calculated as one minus the reciprocal of the selected cumulative incurred LDFs. Finally, the expected unreported losses are added to the current reported losses to produce ultimate losses.

The calculations underlying the Bornhuetter-Ferguson Expected Loss Projection method based on paid loss data are similar to the Bornhuetter-Ferguson calculations based on reported losses, with the exception that paid losses and unpaid percentages replace reported losses and unreported percentages.

•Reserve Run-off Method: This method first projects the future values of case reserves for all underwriting years to future ages of development by selecting a run-off pattern of case reserves based on the observed run-off ratios at each age of development. Once the ratios have been selected, they are used to project the future values of case reserves.

A paid on reserve factor is selected in a similar way. The ratios of the observed amounts paid during each development period to the respective case reserves at the beginning of the periods are used to estimate how much will be paid on the case reserves during each development period. These paid on reserve factors are then applied to the case reserve amounts that were projected during the first phase of this method. A summation of the resulting paid amounts yields an estimate of the liability.

We also consider additional information, such as, but not limited to, changes in the legal, regulatory and judicial environment; medical cost trends and general inflation; and adjust the estimate of ultimate losses as deemed necessary.

Paid-to-date losses are then deducted from the estimate of ultimate losses and LAE to arrive at an estimated total loss reserve, and reported outstanding case reserves are then deducted from estimated total loss reserves to calculate the estimated IBNR reserve.

These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. We generally perform a full review of each portfolio annually and additionally we perform interim reviews quarterly to ascertain whether changes to claims paid or case reserve amounts have varied from our expectations developed during the last annual reserve review. In this event, we consider the timing and magnitude of the actual versus expected development and may record an interim adjustment to our recorded reserves.

Asbestos and Environmental Reserving Methodologies

The ultimate losses from A&E claims cannot be estimated using traditional actuarial reserving techniques that extrapolate losses to an ultimate basis using loss development. Claims are spread across multiple policy years, generally from 1985 and prior, based on the still evolving case law in each jurisdiction, making historical development patterns unreliable to forecast the future claim payments.

As such, we estimate IBNR reserves for each of our portfolios with A&E exposures separately using the following methodologies:

•Paid Survival Ratio Method: In this method, our historical calendar year payments are examined to determine an expected future annual average payment amount. This amount is multiplied by an expected number of future payment years to estimate a reserve.

Trends in calendar year payment activity are considered when selecting an expected future annual average payment amount and accepted industry benchmarks are used in determining an expected number of future payment years.

•Paid Market Share Method: In this method, our estimated market share is applied to the industry estimated unpaid losses or estimate of industry ultimate losses. The ratio of our historical calendar year payments to industry historical calendar year payments is examined to estimate our market share. This ratio is then applied to the estimate of industry unpaid losses or estimate of industry ultimate losses.

•Reserve-to-Paid Method: In this method, the ratio of estimated industry reserves to industry paid-to-date losses is multiplied by our paid-to-date losses to estimate our reserves.

•IBNR - Case Ratio Method: In this method, the ratio of estimated industry IBNR reserves to industry case reserves is multiplied by our case reserves to estimate our IBNR reserves.

•Ultimate-to-Incurred Method: In this method, the ratio of estimated industry ultimate losses to industry incurred-to-date losses is applied to our incurred-to-date losses to estimate our IBNR reserves.

•Decay Factor Method: In this method, a decay factor is directly applied to our payment data to estimate future payments. The decay factors were selected based on a review of our own decays and industry decays.

•Asbestos Ground-up Exposure Analysis Using Frequency-Severity Method: This method is used when we have policy and claim data at the defendant or claimant level. In a frequency-severity method there are two components that need to be estimated, namely, (1) the number of claims that will ultimately be settled with payment and (2) the severity of these claims including legal costs.

The estimate of future settled claims is based on the historical claim filing rates, historical claim dismissal rates, current pending claims and epidemiological forecasts of asbestos disease incident for future claim filings.

The net liability for unpaid losses and LAE as of December 31, 2021 and 2020 included $2.3 billion and $1.9 billion, respectively, which represented an estimate of the net ultimate liability for A&E claims. The gross liability for such claims as of December 31, 2021 and 2020 was $2.4 billion and $2.1 billion, respectively.

The increase of $407 million and $277 million on a net and gross basis, respectively, in 2021 was primarily due the Step Acquisition of Enhanzed Re where business previously ceded to Enhanzed Re was no longer eliminated upon consolidation, partially offset by net paid losses during the year.

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

The loss development tables set forth our historic incurred and paid loss development through December 31, 2021, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information for our segment lines of business with material net losses and LAE balances as of December 31, 2021.

The following factors are relevant to the loss development information presented in the tables below:

•Level of Disaggregation: In addition to accident year, we have disaggregated the information in the loss development tables by segment, line of business and acquisition year. We have presented only the last 10 years of portfolio acquisitions as we believe that the current activity on the preceding acquisition years is not meaningful. We have presented only our Run-off segment as we retain no net economic interest in the activity

of our Legacy Underwriting segment. We have not presented empty rows where we did not acquire any business for that combination of line of business, acquisition and accident year.

We present acquisition year information so that the impact of take-on positions from acquired and assumed business (as described below) is additionally separated and provides a consistent trend of the development of our ultimate loss reserves.

•StarStone International: In 2014, we acquired an active underwriting business, Starstone Group. In 2020, we sold the StarStone US business and effective January 1, 2021, StarStone International reserves totaling $955 million were transferred from the Legacy Underwriting segment to the Run-off segment.

As such, on a prospective basis we have separately presented the Starstone International loss development tables on a standalone basis from the date of acquisition (April 2014). Additionally, the loss development information for StarStone International has been included in the Run-off segment loss development tables as an acquisition in 2021. In both instances, we have aligned the StarStone International lines of business with the Run-off segment lines of business.

•Cessions to Enhanzed Re: Following the Step Acquisition of Enhanzed Re, the Run-off segment business previously ceded to Enhanzed Re was no longer eliminated upon consolidation. As such, the loss development disclosures presented for the Run-off segment have been restated to exclude the historical incurred and paid loss development related to these cessions.

•Acquired and Assumed Business: Acquired and assumed net reserves arising from business acquisitions and retroactive reinsurance agreements are included in the loss development tables on a prospective basis as the loss reserves are effectively re-underwritten at the date that they are acquired or assumed.

We believe that the historical loss development prior to our acquisition is not relevant with respect to our own experience managing these acquired loss reserves. Furthermore, the information required to prepare the loss development disclosures on a retrospective basis is not always available to us or reliable.

•Commutations and Policy Buybacks: The loss development tables include the net incurred effect of agreeing a commutation or policy buyback in the year in which the commutation or policy buyback is contractually agreed and the related settlement in the year in which it is paid or received.

We do not recast prior years to remove commuted or bought back claims, since this practice would eliminate any historical favorable or adverse development we may have experienced on the commuted loss and LAE reserves.

•Net Liabilities for Losses and LAE and Net Paid Losses and LAE: The loss development tables include reported case reserves and IBNR liabilities as well as cumulative paid losses, both of which include ALAE and are net of reinsurance recoveries.

The loss development tables exclude ULAE, fair value adjustments related to both business acquisitions and retroactive reinsurance agreements for which we have elected the fair value option as well as DCAs.

•PPD: PPD included in the loss development tables is calculated as follows: i) for acquisition years 2020 and prior, subtract the 2020 calendar year net cumulative incurred losses and ALAE from the 2021 calendar year for all accident years excluding 2021; and ii) add the result of subtracting the 2021 acquisition year net reserves acquired from the 2021 net cumulative incurred losses and ALE for all accident year excluding 2021.

•Foreign Exchange: The loss development tables exclude the impact of foreign exchange rates. Historical amounts are disclosed on a constant-currency basis, which is achieved by using constant foreign exchange rates between years in the loss development tables, and translating prior year amounts denominated in currencies other than the U.S. dollar, which is our reporting currency, using the closing exchange rates as of December 31, 2021.

•Reported Claim Counts: Reported claim counts are included in the loss development tables on a cumulative basis. We measure claim frequency information on an individual claim count basis as follows:

◦The claim frequency information includes direct and assumed open and closed claims at the claimant level. Reported claims that are closed without a payment are included within our cumulative number of reported claims because we typically incur claim adjustment expenses on them prior to their closure.

◦The claim count numbers exclude counts related to claims within policy deductibles where the insured is responsible for the payment of losses within the deductible layer.

◦Individual claim counts related to certain assumed reinsurance contracts such as excess-of-loss and quota share treaties are not available to us, and the losses arising from these treaties have been treated as single claims for the purposes of determining claim counts. Therefore, each treaty year within the reinsurance contract is deemed a single claim because the detailed underlying individual claim information is generally not reported to us by our cedants.

◦For certain insurance facilities and business produced or managed by managing general agents, coverholders and third party administrators where the underlying claims data is reported to us in an aggregated format, the information necessary to provide cumulative claims frequency is not available. In such cases, we typically record a “block” claim in our system.

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

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

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

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

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

•Annual Percentage Payout: Annual percentage payout disclosures are based on the payout of claims by age, net of reinsurance. Claim age reflects the number of years that have lapsed since the original acquisition to the date the claim is paid, or in the case of StarStone International, the number of years that have lapsed since the claim’s accident year to the date the claims is paid.

There may be occasions where, due to our claims management strategies (including commutations and policy buybacks) or due to the timing of claims payments relative to the associated recovery, the cash received from reinsurance recoveries is greater than the cash paid out to our claimants, (i.e. a net recovery rather than a net payout for a particular calendar year), thereby resulting in a negative annual percentage payout for that calendar year.

•Supplemental Information: The information related to net incurred and paid loss development for all calendar years preceding the year ended December 31, 2021, as well as 2011 and prior accident year and all acquisition year information (including net acquired reserves and PPD), and the related historical average claims payout percentage disclosure is unaudited and is presented as supplementary information.


Run-off Segment
Asbestos
				Net cumulative incurred losses and allocated loss adjustment expenses																		Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Acquired Reserves		2013		2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																		Unaudited












2013	2011 and Prior	$	15	$	15	$	15	$	14	$	15	$	15	$	14	$	10	$	10	$	10	$	—	$	5	214



































2016	2011 and Prior	507								506		565		563		582		632		635		3		194		2,118











2017	2011 and Prior	957										885		825		864		856		840		(16)		550		5,382











2018	2011 and Prior	54												49		46		3		—		(3)		3		31











2019	2011 and Prior	366														367		354		356		2		156		2,060























2021	2011 and Prior	385																		385		—		194		2,059











	Grand Total	$	2,284																	$	2,226	$	(14)	$	1,102	11,864

Net cumulative paid losses and ALAE (from table below)														(534)

2012- 2021 acquisition years - net liabilities for losses and ALAE														1,692
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years														184				(2)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years														$	1,876			$	(16)


Run-off Segment
Asbestos
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2013	2011 and Prior		$	—	$	—	$	—	$	1	$	2	$	2	$	2	$	3	$	3



































2016	2011 and Prior								20		71		124		183		228		267











2017	2011 and Prior										19		53		89		131		177











2018	2011 and Prior												(1)		(3)		(2)		(3)











2019	2011 and Prior														4		45		89























2021	2011 and Prior																		1











	Grand Total																		$	534


Run-off Segment
Asbestos
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Acquisition Year	Unaudited

2013	—	%	—	%	—	%	10.00	%	20.00	%	20.00	%	20.00	%	30.00	%	30.00	%


2016	3.15	%	11.18	%	19.53	%	28.82	%	35.91	%	42.05	%
2017	2.26	%	6.31	%	10.60	%	15.60	%	21.07	%
2018	—	%	—	%	—	%	—	%
2019	1.12	%	12.64	%	25.00	%

2021	0.26	%


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses																					Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																						Unaudited
2012	2011 and Prior	$	81	$	94	$	86	$	102	$	90	$	89	$	87	$	85	$	86	$	85	$	85		$	—	$	3	6,493
2012	2012	—		—		—		—		—		—		—		—		—		—		—			—		—		1
2012	2013	—				—		—		—		—		—		—		—		—		—			—		—		4
2012	2014	—						—		—		—		—		—		—		—		—			—		—		2

2012	2016	—										—		—		—		—		—		—			—		—		1

2012	2018	—														—		—		—		—			—		—		2
2012	2019	—																—		—		—			—		—		1
2012	2020	—																		—		—			—		—		3

	Total	81		94		86		102		90		89		87		85		86		85		85			—		3		6,507
2013	2011 and Prior	77				76		76		96		96		97		100		101		106		106			—		3		655
2013	2012	1				2		1		1		1		1		—		—		—		—			—		1		3
2013	2013	—				—		1		—		—		—		—		—		—		—			—		—		1
2013	2014	—						—		—		—		—		—		—		—		—			—		—		2
2013	2015	—								—		—		—		—		—		—		—			—		—		1






	Total	78				78		78		97		97		98		100		101		106		106			—		4		662
2014	2011 and Prior	38						52		48		48		49		49		50		56		49			(7)		1		726
2014	2012	15						18		23		28		24		22		21		22		20			(2)		1		152
2014	2013	10						9		10		9		9		13		14		11		10			(1)		1		74
2014	2014	—						1		1		—		1		1		2		2		1			(1)		—		3
2014	2015	—								—		—		—		—		—		—		—			—		—		2
2014	2016	—										—		—		—		—		—		—			—		—		1
2014	2017	—												—		—		—		—		—			—		—		1




	Total	63						80		82		85		83		85		87		91		80			(11)		3		959
2015	2011 and Prior	38								35		30		31		30		27		31		29			(2)		2		4,035
2015	2012	38								26		32		34		32		30		29		32			3		—		782
2015	2013	53								29		34		36		36		35		35		35			—		3		779
2015	2014	33								20		23		27		29		45		38		37			(1)		2		1,161
2015	2015	4								10		9		9		11		16		21		18			(3)		3		1,345
2015	2016	—										2		2		2		2		3		5			2		2		250
2015	2017	—												—		—		—		—		—			—		—		37
2015	2018	—														2		1		1		1			—		1		12
2015	2019	—																2		2		2			—		2		1
2015	2020	—																		2		2			—		2		—
2015	2021	—																				1			—		1		—
	Total	166								120		130		139		142		158		162		162			(1)		18		8,402
2016	2011 and Prior	—										4		9		9		8		6		5			(1)		—		1,764










	Total	—										4		9		9		8		6		5			(1)		—		1,764
2017	2011 and Prior	174												158		145		132		127		123			(4)		7		261
2017	2012	9												7		6		5		5		6			1		—		6
2017	2013	7												6		5		4		5		6			1		—		7
2017	2014	6												3		3		2		3		2			(1)		—		1
2017	2015	5												4		4		4		4		4			—		—		1






	Total	201												178		163		147		144		141			(3)		7		276


Run-off Segment
General Casualty
			Net cumulative incurred losses and allocated loss adjustment expenses											Year Ended December 31, 2021	As of December 31, 2021
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021		PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited											Unaudited
2018	2011 and Prior	102							82	80	83	82		(1)	9	45,716
2018	2012	24							24	21	20	17		(3)	1	1,979
2018	2013	57							53	48	44	47		3	1	2,201
2018	2014	53							50	49	45	46		1	4	2,194
2018	2015	96							92	94	92	93		1	9	3,211
2018	2016	65							63	81	81	82		1	6	3,442
2018	2017	38							39	44	49	51		2	12	500
2018	2018	40							40	41	39	36		(3)	8	186
2018	2019	—								7	6	7		1	1	36


	Total	475							443	465	459	461		2	51	59,465
2019	2011 and Prior	18								16	15	12		(3)	2	1,857
2019	2012	16								11	11	11		—	5	668
2019	2013	21								16	16	23		7	14	888
2019	2014	27								22	21	29		8	26	765
2019	2015	76								67	61	76		15	39	1,290
2019	2016	37								39	39	47		8	33	2,595
2019	2017	41								48	46	55		9	44	1,827
2019	2018	49								49	49	53		4	49	387
2019	2019	—								1	2	2		—	—	237
2019	2020	—									—	—		—	—	127
2019	2021	—										—		—	—	64
	Total	285								269	260	308		48	212	10,705
2020	2011 and Prior	70									70	76		6	63	84
2020	2012	56									56	37		(19)	31	68
2020	2013	62									57	44		(13)	28	169
2020	2014	89									92	77		(15)	52	215
2020	2015	143									144	120		(24)	77	331
2020	2016	145									148	173		25	115	429
2020	2017	145									139	154		15	119	502
2020	2018	143									140	145		5	119	343
2020	2019	203									202	235		33	204	429
2020	2020	84									83	95		12	85	438

	Total	1,140									1,131	1,156		25	893	3,008
2021	2011 and Prior	124										126		2	123	288
2021	2012	35										36		1	32	1,150
2021	2013	51										52		1	48	619
2021	2014	66										66		—	56	481
2021	2015	139										142		3	117	2,739
2021	2016	194										204		10	172	2,963
2021	2017	302										310		8	258	6,605
2021	2018	376										371		(5)	345	6,517
2021	2019	429										432		3	407	6,100
2021	2020	61										76		15	43	2,773
2021	2021	—										1		—	1	73


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012	2013	2014	2015	2016	2017	2018	2019		2020	2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited														Unaudited
	Total	1,777												1,816			38		1,602		30,308
	Grand Total	$	4,266											$	4,320		$	97	$	2,793	122,056


Net cumulative paid losses and ALAE (from table below)											(1,055)
2012 - 2021 acquisition years - net liabilities for losses and ALAE											3,265
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											97			19
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	3,362		$	116


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2012	2011 and Prior	$	20	$	39	$	50	$	57	$	63	$	65	$	69	$	73	$	75	$	76










	Total	20		39		50		57		63		65		69		73		75		76
2013	2011 and Prior			5		22		44		57		75		84		89		90		97










	Total			5		22		44		57		75		84		89		90		97
2014	2011 and Prior					27		28		33		33		34		35		35		39
2014	2012					5		7		10		14		14		14		14		14
2014	2013					1		1		1		2		6		7		7		7
2014	2014					—		—		—		—		—		1		1		1







	Total					33		36		44		49		54		57		57		61
2015	2011 and Prior							12		13		14		17		18		21		23
2015	2012							7		11		17		21		25		28		30
2015	2013							7		13		18		25		30		30		31
2015	2014							3		7		15		21		29		33		34
2015	2015							1		1		2		5		11		13		13
2015	2016									—		—		—		1		1		2





	Total							30		45		66		89		114		126		133
2016	2011 and Prior									1		2		2		3		4		4










	Total									1		2		2		3		4		4
2017	2011 and Prior											25		50		67		76		83
2017	2012											3		6		6		8		8
2017	2013											3		6		8		9		8
2017	2014											2		3		4		4		4
2017	2015											1		3		3		4		4






	Total											34		68		88		101		107


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2018	2011 and Prior							9	21	32	38
2018	2012							3	9	11	13
2018	2013							8	18	30	36
2018	2014							5	17	23	28
2018	2015							16	31	44	59
2018	2016							10	33	45	55
2018	2017							—	12	25	33
2018	2018							—	9	17	26
2018	2019								2	3	6


	Total							51	152	230	294
2019	2011 and Prior								1	2	6
2019	2012								2	2	4
2019	2013								3	4	4
2019	2014								3	6	6
2019	2015								3	13	19
2019	2016								4	6	8
2019	2017								6	8	10
2019	2018								1	2	3
2019	2019								—	1	1


	Total								23	44	61
2020	2011 and Prior									—	3
2020	2012									—	4
2020	2013									3	5
2020	2014									6	15
2020	2015									11	22
2020	2016									10	35
2020	2017									4	24
2020	2018									—	17
2020	2019									—	19
2020	2020									2	9

	Total									36	153
2021	2011 and Prior										3
2021	2012										1
2021	2013										1
2021	2014										1
2021	2015										8
2021	2016										15
2021	2017										23
2021	2018										4
2021	2019										3
2021	2020										10

	Total										69
	Grand Total										$	1,055


Run-off Segment
General Casualty
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2012	23.53	%	45.88	%	58.82	%	67.06	%	74.12	%	76.47	%	81.18	%	85.88	%	88.24	%	89.41	%
2013	4.85	%	20.75	%	41.51	%	53.77	%	70.75	%	79.25	%	83.96	%	84.91	%	91.51	%
2014	41.25	%	45.00	%	55.00	%	61.25	%	67.50	%	71.25	%	71.25	%	75.63	%
2015	18.52	%	27.78	%	40.74	%	54.94	%	70.37	%	77.78	%	82.10	%
2016	20.00	%	40.00	%	40.00	%	60.00	%	80.00	%	80.00	%
2017	24.11	%	48.23	%	62.41	%	71.63	%	75.89	%
2018	10.95	%	32.97	%	49.89	%	63.77	%
2019	7.47	%	14.29	%	19.81	%
2020	3.11	%	13.19	%
2021	3.80	%


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses																		Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013		2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																		Unaudited












2013	2011 and Prior	$	288	$	303	$	308	$	298	$	290	$	280	$	265	$	253	$	244	$	243	$	(1)	$	5	62,758
2013	2012	130		124		118		116		112		107		106		105		103		103		—		1		10,419
2013	2013	12		90		91		89		85		82		79		80		79		78		(1)		1		5,656
2013	2014	—				4		3		3		3		2		2		2		2		—		—		172







	Total	430		517		521		506		490		472		452		440		428		426		(2)		7		79,005












2015	2011 and Prior	1,029						942		639		586		557		516		500		485		(15)		33		9,884
2015	2012	121						110		109		108		100		99		99		99		—		3		1,832
2015	2013	149						125		123		123		114		114		115		115		—		6		2,454
2015	2014	84						87		84		84		81		80		82		83		1		2		3,953
2015	2015	7						19		16		15		15		14		15		13		(2)		—		5,279
2015	2016	—								1		1		1		1		1		1		—		—		10,722
2015	2017	—										—		—		—		—		—		—		—		2,251
2015	2018	—												—		—		—		—		—		—		10



	Total	1,390						1,283		972		917		868		824		812		796		(16)		44		36,385
2016	2011 and Prior	453								453		419		408		399		384		382		(2)		19		9,921
2016	2012	13								13		15		13		11		11		11		—		1		612









	Total	466								466		434		421		410		395		393		(2)		20		10,533
2017	2011 and Prior	86										59		71		78		71		67		(4)		22		15
2017	2012	22										18		17		16		15		14		(1)		3		1
2017	2013	19										17		16		14		16		16		—		1		1
2017	2014	18										10		8		9		8		7		(1)		—		—







	Total	145										104		112		117		110		104		(6)		26		17
2018	2011 and Prior	155												149		159		159		164		5		53		2,386
2018	2012	39												37		28		28		27		(1)		9		422
2018	2013	49												47		38		34		34		—		11		844
2018	2014	62												63		57		53		51		(2)		14		1,308
2018	2015	37												36		34		32		30		(2)		10		1,291
2018	2016	45												45		40		39		40		1		16		1,211
2018	2017	53												54		50		47		47		—		19		1,084
2018	2018	65												65		60		60		55		(5)		15		887
2018	2019	—														21		21		21		—		4		383
2018	2020	—																—		—		—		—		1

	Total	505												496		487		473		469		(4)		151		9,817
2019	2011 and Prior	8														6		6		19		13		17		10,190
2019	2012	6														6		6		8		2		8		1,114
2019	2013	16														17		15		14		(1)		14		2,366
2019	2014	35														37		37		31		(6)		26		3,192
2019	2015	55														54		54		44		(10)		39		4,074
2019	2016	83														82		83		61		(22)		49		4,822
2019	2017	88														88		90		66		(24)		59		2,362
2019	2018	119														119		119		82		(37)		81		358
2019	2019	—														—		—		—		—		—		13
2019	2020	—																—		—		—		—		1


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013	2014	2015	2016	2017	2018		2019	2020		2021		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited												Unaudited
	Total	410									409	410		325		(85)		293		28,492
2020	2011 and Prior	208										121		105		(16)		41		8


2020	2014	—										—		—		—		—		15
2020	2015	2										2		2		—		1		57
2020	2016	3										3		3		—		1		126
2020	2017	2										2		2		—		1		126
2020	2018	10										10		8		(2)		3		325
2020	2019	32										32		26		(6)		7		644
2020	2020	32										33		26		(7)		8		1,180

	Total	289										203		172		(31)		62		2,481
2021	2011 and Prior	976												911		(65)		350		11,518
2021	2012	19												19		—		12		617
2021	2013	38												37		(1)		28		5
2021	2014	14												15		1		9		29
2021	2015	42												35		(7)		20		120
2021	2016	55												54		(1)		31		220
2021	2017	45												46		1		24		456
2021	2018	63												61		(2)		37		815
2021	2019	48												47		(1)		22		1,284
2021	2020	48												58		10		25		3,434
2021	2021	—												23		—		13		4,003
	Total	1,348												1,306		(65)		571		22,501
	Grand Total	$	4,983											$	3,991	$	(211)	$	1,174	189,231


Net cumulative paid losses and ALAE (from table below)									(1,513)
2012 - 2021 acquisition years - net liabilities for losses and ALAE									2,478
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									150			(23)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									$	2,628		$	(234)


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2013	2011 and Prior		$	78	$	132	$	168	$	195	$	200	$	206	$	208	$	208	$	214
2013	2012		33		58		74		85		91		95		98		96		97
2013	2013		17		37		53		63		68		71		75		74		75
2013	2014				1		1		2		2		2		2		2		2







	Total		128		228		296		345		361		374		383		380		388


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014	2015	2016	2017	2018	2019	2020	2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2015	2011 and Prior				36	95	147	182	211	236	263
2015	2012				25	53	66	80	88	91	93
2015	2013				28	56	76	93	102	105	107
2015	2014				18	39	54	67	75	78	79
2015	2015				3	6	10	11	12	12	13






	Total				110	249	353	433	488	522	555
2016	2011 and Prior					38	71	98	136	167	191
2016	2012					3	5	6	7	8	9









	Total					41	76	104	143	175	200
2017	2011 and Prior						15	18	25	32	34
2017	2012						4	5	7	8	9
2017	2013						4	6	9	12	12
2017	2014						3	4	5	5	6







	Total						26	33	46	57	61
2018	2011 and Prior							2	17	32	36
2018	2012							2	6	9	11
2018	2013							2	8	12	15
2018	2014							3	14	21	28
2018	2015							1	3	8	11
2018	2016							—	5	8	13
2018	2017							—	7	10	13
2018	2018							—	29	34	36
2018	2019								13	16	16


	Total							10	102	150	179
2019	2011 and Prior								1	1	1


2019	2014								2	3	4
2019	2015								3	4	4
2019	2016								5	9	10
2019	2017								2	4	5
2019	2018								1	1	1



	Total								14	22	25
2020	2011 and Prior									2	10




2020	2016									—	1

2020	2018									—	1
2020	2019									1	10
2020	2020									1	10

	Total									4	32
2021	2011 and Prior										14
2021	2012										1
2021	2013										1
2021	2014										2
2021	2015										3
2021	2016										4


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014	2015	2016	2017	2018	2019	2020	2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2021	2017										7
2021	2018										4
2021	2019										9
2021	2020										24
2021	2021										4
	Total										73
	Grand Total										$	1,513


Run-off Segment
Workers' Compensation
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Year of Acquisition	Unaudited

2013	30.05	%	53.52	%	69.48	%	80.99	%	84.74	%	87.79	%	89.91	%	89.04	%	91.08	%

2015	13.81	%	31.27	%	44.32	%	54.37	%	61.28	%	65.49	%	69.70	%
2016	10.43	%	19.34	%	26.46	%	36.39	%	44.53	%	50.89	%
2017	25.00	%	31.73	%	44.23	%	54.81	%	58.65	%
2018	2.13	%	21.75	%	31.98	%	38.17	%
2019	4.31	%	6.77	%	7.69	%
2020	2.33	%	18.60	%
2021	5.59	%


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses																					Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																						Unaudited
2012	2011 and Prior	$	118	$	149	$	152	$	136	$	167	$	161	$	152	$	152	$	149	$	144	$	144		$	—	$	6	8,495
2012	2012	—		—		1		1		3		1		—		—		—		—		—			—		—		6
2012	2013	—				—		—		—		1		—		—		—		—		—			—		—		3
2012	2014	—						—		—		—		—		—		—		—		—			—		—		2
2012	2015	—								—		—		—		—		—		—		—			—		—		2
2012	2016	—										—		—		—		—		—		—			—		—		3





	Total	118		149		153		137		170		163		152		152		149		144		144			—		6		8,511












2014	2011 and Prior	23						22		26		23		24		24		24		24		24			—		1		1,757
2014	2012	49						39		51		49		46		44		45		43		42			(1)		1		2,164
2014	2013	32						43		61		54		59		54		48		46		48			2		5		1,628
2014	2014	—						7		5		5		4		6		5		5		9			4		6		548
2014	2015	—								—		7		8		7		5		5		2			(3)		—		76
2014	2016	—										—		—		—		—		—		—			—		—		18
2014	2017	—												—		—		—		—		—			—		—		24
2014	2018	—														—		—		—		—			—		—		13
2014	2019	—																—		—		—			—		—		5
2014	2020	—																		—		—			—		—		5
2014	2021	—																				—			—		—		3
	Total	104						111		143		138		141		135		127		123		125			2		13		6,241












2016	2011 and Prior	123										119		121		121		109		106		94			(12)		(2)		2,858
2016	2012	—										—		—		—		—		—		—			—		—		1
2016	2013	—										—		—		—		—		—		—			—		—		1








	Total	123										119		121		121		109		106		94			(12)		(2)		2,860












2018	2011 and Prior	264														238		200		196		197			1		8		55,421
2018	2012	67														77		70		69		79			10		4		4,047
2018	2013	56														60		53		64		59			(5)		4		3,988
2018	2014	73														69		70		61		56			(5)		2		4,277
2018	2015	52														61		78		81		80			(1)		5		4,366
2018	2016	19														33		38		45		47			2		3		2,719
2018	2017	1														2		6		7		9			2		—		230
2018	2018	—														—		1		1		1			—		—		13
2018	2019	—																—		—		—			—		—		6
2018	2020	—																		—		—			—		—		12
2018	2021	—																				—			—		—		3
	Total	532														540		516		524		528			4		26		75,082
2019	2011 and Prior	15																13		13		11			(2)		1		7,249
2019	2012	21																21		9		9			—		1		2,524
2019	2013	29																23		24		27			3		4		3,204
2019	2014	39																33		32		26			(6)		2		3,590
2019	2015	62																56		39		42			3		4		4,206
2019	2016	20																34		40		47			7		6		4,849
2019	2017	9																18		32		35			3		5		2,855
2019	2018	1																4		3		3			—		—		308


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012	2013	2014	2015	2016	2017	2018	2019		2020	2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited														Unaudited
2019	2019	—									2		2	2			—		—		58
2019	2020	—											—	—			—		—		30
2019	2021	—												—					—		3
	Total	196									204		194	202			8		23		28,876
2020	2011 and Prior	4											4	15			11		15		4
2020	2012	2											2	7			5		7		4
2020	2013	8											8	7			(1)		6		6
2020	2014	12											12	11			(1)		11		4
2020	2015	17											17	17			—		16		4
2020	2016	16											16	26			10		26		9
2020	2017	17											17	26			9		26		43
2020	2018	26											26	38			12		30		116
2020	2019	100											100	55			(45)		37		139
2020	2020	35											35	37			2		21		138

	Total	237											237	239			2		195		467
2021	2011 and Prior	33												37			4		33		402
2021	2012	24												24			—		21		195
2021	2013	28												35			7		27		176
2021	2014	21												22			1		19		54
2021	2015	46												48			2		35		1,006
2021	2016	49												48			(1)		36		1,671
2021	2017	76												69			(7)		53		2,745
2021	2018	152												143			(9)		98		5,681
2021	2019	183												170			(13)		129		6,673
2021	2020	50												41			(9)		31		1,486
2021	2021	—												10			—		8		218
	Total	662												647			(25)		490		20,307
	Grand Total	$	1,972											$	1,979		$	(21)	$	751	142,344


Net cumulative paid losses and ALAE (from table below)											(658)
2012 - 2021 acquisition years - net liabilities for losses and ALAE											1,321
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											13			(10)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	1,334		$	(31)


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2012	2011 and Prior		$	28	$	52	$	68	$	84	$	97	$	107	$	113	$	117	$	122	$	126










	Total		28		52		68		84		97		107		113		117		122		126












2014	2011 and Prior						10		14		17		18		21		21		22		22
2014	2012						14		25		32		35		34		35		35		34
2014	2013						15		27		31		40		40		40		41		42
2014	2014						—		1		1		1		3		3		3		3
2014	2015								—		—		1		2		2		3		2






	Total						39		67		81		95		100		101		104		103












2016	2011 and Prior										10		21		32		30		34		36










	Total										10		21		32		30		34		36












2018	2011 and Prior														39		61		50		50
2018	2012														17		25		31		49
2018	2013														9		14		19		29
2018	2014														18		29		36		38
2018	2015														15		27		37		45
2018	2016														6		20		29		31
2018	2017														—		2		4		8
2018	2018														—		1		1		1



	Total														104		179		207		251
2019	2011 and Prior																2		2		5
2019	2012																4		4		3
2019	2013																3		3		8
2019	2014																9		11		17
2019	2015																8		11		18
2019	2016																5		18		23
2019	2017																2		11		13
2019	2018																—		1		2
2019	2019																—		—		1


	Total																33		61		90


2020	2013																		1		1



2020	2017																		—		(1)
2020	2018																		—		4
2020	2019																		—		9
2020	2020																		1		9

	Total																		2		22
2021	2011 and Prior																				4
2021	2012																				1
2021	2013																				1
2021	2014																				2
2021	2015																				3
2021	2016																				3
2021	2017																				3
2021	2018																				9


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2021	2019											2
2021	2020											1
2021	2021											1
	Total											30
	Grand Total											$	658


Run-off Segment
Professional Indemnity/Directors & Officers
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2012	19.44	%	36.11	%	47.22	%	58.33	%	67.36	%	74.31	%	78.47	%	81.25	%	84.72	%	87.50	%

2014	31.20	%	53.60	%	64.80	%	76.00	%	80.00	%	80.80	%	83.20	%	82.40	%

2016	10.64	%	22.34	%	34.04	%	31.91	%	36.17	%	38.30	%

2018	19.70	%	33.90	%	39.20	%	47.54	%
2019	16.34	%	30.20	%	44.55	%
2020	0.84	%	9.21	%
2021	4.64	%


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses																					Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																						Unaudited
2012	2011 and Prior	$	2	$	2	$	2	$	2	$	2	$	2	$	3	$	2	$	1	$	1	$	1		$	—	$	—	10










	Total	2		2		2		2		2		2		3		2		1		1		1			—		—		10












2014	2011 and Prior	13						15		17		17		17		17		19		18		17			(1)		—		694
2014	2012	12						17		18		19		19		19		19		19		19			—		—		989
2014	2013	9						6		7		6		6		6		6		6		6			—		—		443
2014	2014	—						—		—		—		1		1		1		1		1			—		—		5
2014	2015	—								—		—		—		—		—		—		—			—		—		1
2014	2016	—										—		—		—		—		—		—			—		—		1
2014	2017	—												—		—		—		—		—			—		—		1




	Total	34						38		42		42		43		43		45		44		43			(1)		—		2,134
2015	2011 and Prior	23								24		25		28		26		25		25		25			—		—		72
2015	2012	14								21		22		21		22		22		22		22			—		—		243
2015	2013	15								17		18		18		17		17		17		17			—		—		817
2015	2014	8								12		13		12		13		12		12		12			—		—		668
2015	2015	4								7		6		8		8		8		8		8			—		—		1,385
2015	2016	—										1		—		—		—		—		—			—		—		229
2015	2017	—												—		—		—		—		—			—		—		14
2015	2018	—														—		—		—		—			—		—		5



	Total	64								81		85		87		86		84		84		84			—		—		3,433












2017	2011 and Prior	6												11		6		7		8		10			2		1		109
2017	2012	7												6		5		5		6		4			(2)		—		4
2017	2013	5												5		5		5		6		7			1		—		6
2017	2014	7												5		5		5		5		4			1		—		26
2017	2015	1												1		2		1		1		1			—		—		15
2017	2016	—												—		—		1		1		1			—		—		4





	Total	26												28		23		24		27		27			—		1		164
2018	2011 and Prior	65														57		57		59		58			(1)		4		2,004
2018	2012	60														47		57		52		53			1		4		1,567
2018	2013	76														65		67		62		62			—		3		1,190
2018	2014	119														104		91		86		79			(7)		1		1,146
2018	2015	127														116		121		117		113			(4)		6		1,322
2018	2016	109														104		110		104		102			(2)		5		1,174
2018	2017	101														101		99		102		102			—		10		2,843
2018	2018	181														181		158		160		161			1		12		3,731
2018	2019	—																39		39		40			1		2		1,200


	Total	838														775		799		781		770			(11)		47		16,177
2019	2011 and Prior	16																16		15		14			(1)		1		3,193
2019	2012	6																7		6		6			—		1		397
2019	2013	—																—		—		—			—		—		6








	Total	22																23		21		20			(1)		2		3,596




2020	2015	2																		3		3			—		—		19
2020	2016	49																		42		49			7		4		223


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012	2013	2014	2015	2016	2017	2018	2019		2020	2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited														Unaudited
2020	2017	154											186	215			29		19		1,157
2020	2018	250											397	415			18		70		2,353



	Total	455											628	682			54		93		3,752
2021	2011 and Prior	3												3			—		3		16
2021	2012	4												4			—		4		77
2021	2013	6												5			(1)		4		748
2021	2014	6												6			—		6		521
2021	2015	7												4			(3)		3		1,623
2021	2016	7												5			(2)		5		1,398
2021	2017	6												5			(1)		4		815
2021	2018	7												8			1		8		1
2021	2019	9												11			2		11		1
2021	2020	5												6			1		6		1

	Total	60												57			(3)		54		5,201
	Grand Total	$	1,501											$	1,684		$	38	$	197	34,467


Net cumulative paid losses and ALAE (from table below)											(1,178)
2012 - 2021 acquisition years - net liabilities for losses and ALAE											506
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											23			5
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	529		$	43


Run-off Segment
Motor
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2012	2011 and Prior		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	1










	Total		—		—		—		—		—		—		—		—		1		1












2014	2011 and Prior						7		15		16		17		17		17		17		17
2014	2012						11		14		16		18		19		19		19		19
2014	2013						1		5		5		6		6		6		6		6
2014	2014						—		—		—		1		1		1		1		1







	Total						19		34		37		42		43		43		43		43
2015	2011 and Prior								4		6		8		11		13		14		15
2015	2012								14		18		20		20		21		21		21
2015	2013								7		12		15		16		17		17		17
2015	2014								4		8		9		11		11		11		12
2015	2015								3		4		6		7		7		8		8
2015	2016										—		1		—		—		—		1





	Total								32		48		59		65		69		71		74












2017	2011 and Prior												8		10		11		13		12
2017	2012												2		2		3		2		3
2017	2013												1		1		3		3		3
2017	2014												1		1		1		2		2
2017	2015												—		—		1		1		1
2017	2016												—		—		—		1		1





	Total												12		14		19		22		22
2018	2011 and Prior														13		25		28		36
2018	2012														11		21		28		31
2018	2013														11		29		35		44
2018	2014														23		50		60		63
2018	2015														20		60		81		89
2018	2016														6		43		66		78
2018	2017														—		48		73		83
2018	2018														—		87		120		136
2018	2019																22		30		36


	Total														84		385		521		596
2019	2011 and Prior																—		2		2
2019	2012																—		—		2









	Total																—		2		4




2020	2015																		2		3
2020	2016																		25		40
2020	2017																		69		148
2020	2018																		110		247



	Total																		206		438












	Grand Total																				$	1,178


Run-off Segment
Motor
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2012	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	100.00	%	100.00	%

2014	44.19	%	79.07	%	86.05	%	97.67	%	100.00	%	100.00	%	100.00	%	100.00	%
2015	38.10	%	57.14	%	70.24	%	77.38	%	82.14	%	84.52	%	88.10	%

2017	44.69	%	54.04	%	71.63	%	82.38	%	83.69	%
2018	10.91	%	50.00	%	67.66	%	77.40	%
2019	—	%	10.00	%	20.00	%
2020	30.21	%	64.22	%
2021	—	%

StarStone International

As described above, the loss development information for StarStone International has been included in the Run-off segment loss development tables above as an acquisition in 2021 and also presented separately on a standalone basis from the date of acquisition (April 1, 2014) below.


StarStone International
General Casualty
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	For The Year Ended December 31, 2021		As of December 31, 2021
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)																(unaudited)
2011 and Prior	$	8	$	12	$	11	$	11	$	16	$	16	$	16	$	17	$	1	$	—	3,443
2012	24		19		18		15		17		17		18		18		—		—		2,537
2013	31		28		36		35		36		39		41		41		—		3		3,369
2014	42		42		41		41		41		47		45		43		(2)		4		3,968
2015			52		53		55		62		70		67		68		1		4		3,514
2016					54		53		79		103		98		106		8		18		3,605
2017							60		95		131		141		150		9		21		3,616
2018									41		48		50		45		(5)		17		2,579
2019											10		11		16		5		7		1,614
2020													30		47		17		22		767
2021															1		—		1		73
													Total		$	552	$	34	$	97	29,085
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)
2011 and Prior	$	5	$	10	$	11	$	11	$	16	$	16	$	16	$	17
2012	3		10		12		13		18		18		18		18
2013	10		13		24		26		30		35		36		37
2014	3		9		17		23		28		30		32		33
2015			3		10		21		31		45		48		54
2016					1		15		32		52		66		79
2017							3		24		61		98		118
2018									2		6		23		25
2019											1		4		5
2020													1		9
2021															—
													Total		$	395
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance															$	157

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2021 is set forth below:


	2021
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	157
Reinsurance recoverable on unpaid losses	37
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	194

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
General Casualty	3.88	%	13.73	%	18.12	%	21.47	%	11.52	%	6.11	%	16.57	%	1.19	%	0.81	%	2.94	%


StarStone International
Workers' Compensation
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	For The Year Ended December 31, 2021		As of December 31, 2021
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)																(unaudited)
2011 and Prior	$	105	$	104	$	104	$	104	$	104	$	104	$	104	$	104	$	—	$	—	3,194
2012	3		3		3		3		4		4		4		4		—		—		302
2013	3		3		3		4		3		3		4		4		—		1		401
2014	15		17		17		16		16		16		16		16		—		1		1,476
2015			42		44		40		38		37		36		36		—		2		2,888
2016					55		53		53		56		52		53		1		3		2,920
2017							42		42		38		40		40		—		2		2,594
2018									38		38		39		39		—		2		3,378
2019											18		24		26		2		1		3,819
2020													32		42		10		18		2,747
2021															8		—		7		73
															$	372	$	13	$	37	23,792
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)
2011 and Prior	$	103	$	104	$	104	$	104	$	104	$	104	$	104	$	104
2012	3		3		3		3		4		4		4		4
2013	2		2		3		3		3		3		3		3
2014	2		7		10		12		13		13		14		14
2015			5		17		26		29		32		33		33
2016					7		26		36		43		45		47
2017							6		18		28		32		34
2018									14		24		31		32
2019											3		18		21
2020													5		21
2021															—
															$	313
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance															$	59

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2021 is set forth below:


	2021
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	59
Reinsurance recoverable on unpaid losses	9
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	68

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers Compensation	16.28	%	35.98	%	16.73	%	9.07	%	3.34	%	1.09	%	6.25	%	—	%	—	%	—	%


StarStone International
Professional Indemnity / Directors and Officers
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	For The Year Ended December 31, 2021		As of December 31, 2021
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)																(unaudited)
2011 and Prior	$	5	$	3	$	5	$	5	$	7	$	8	$	8	$	8	$	—	$	1	716
2012	14		11		10		9		12		15		16		15		(1)		2		936
2013	20		16		17		15		17		21		22		28		6		7		1,346
2014	22		21		21		22		20		24		22		23		1		6		929
2015			21		26		26		30		30		33		34		1		5		1,175
2016					27		26		27		26		24		24		—		4		835
2017							31		43		38		31		29		(2)		6		970
2018									30		33		36		39		3		11		1,153
2019											21		27		28		1		18		1,230
2020													34		29		(5)		24		838
2021															10		—		8		217
															$	267	$	4	$	92	10,345
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)
2011 and Prior	$	3	$	3	$	4	$	4	$	7	$	7	$	7	$	7
2012	7		7		7		8		11		11		11		11
2013	4		7		10		11		11		12		14		14
2014	—		3		6		9		14		14		14		16
2015			2		7		12		15		19		21		22
2016					1		8		14		16		17		18
2017							2		11		17		21		22
2018									3		10		13		20
2019											1		4		5
2020													1		2
2021															1
															$	138
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance															$	129

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2021 is set forth below:


	2021
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	129
Reinsurance recoverable on unpaid losses	14
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	143

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Professional Indemnity / Directors and Officers	5.95	%	17.84	%	13.63	%	9.08	%	8.17	%	2.79	%	12.80	%	3.96	%	—	%	—	%

Future Policyholder Benefits

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Future Policyholder Benefits

10. 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:


	2021
	(in millions of U.S. dollars)
Deferred life contingent annuities	$	294
Whole of life reversion annuities	165
In-payment annuities	1,043
Total	$	1,502

We believe that the assumptions used represent a realistic and appropriate basis for estimating the provision for future policyholder benefits as of December 31, 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.

23. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2021. Bermuda law permits the payment of dividends if;

i) we are not, or would not be after payment, unable to pay our liabilities as they become due and

ii) the realizable value of our assets is in excess of our liabilities after taking such payment into account.

We have not historically declared a dividend on our ordinary shares. The issuance of our Series D and E Preferred Shares have resulted in the declaration of dividends. Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year of 7.0% per annum63.

The Bermuda Monetary Authority ("BMA") acts as group supervisor to Enstar. On an annual basis, we are required to file group statutory financial statements, a group statutory financial return, a group capital and solvency return, audited group financial statements and a Group Solvency Self-Assessment ("GSSA") with the BMA. The GSSA is designed to document our perspective on the capital resources necessary to achieve our business strategies and remain solvent, and to provide the BMA with insights on our risk management, governance procedures and documentation related to this process. We are required to maintain available group statutory capital and surplus in an amount that is at least equal to the group enhanced capital requirement (“ECR”). The BMA has also established a group target capital level equal to 120% of the group ECR. We are in compliance with these requirements.

Our ability to pay dividends to our shareholders is dependent upon the ability of our (re)insurance subsidiaries to distribute capital and pay dividends to us. Our (re)insurance subsidiaries are subject to certain regulatory restrictions on the distribution of capital and payment of dividends in the jurisdictions in which they operate, as described below. The restrictions are generally based on net income or levels of capital and surplus as determined in accordance with the relevant statutory accounting practices. Failure of these subsidiaries to meet their applicable regulatory requirements could result in restrictions on any distributions of capital or retained earnings or stricter regulatory oversight of the subsidiaries.

Our ability to pay dividends and make other forms of distributions may also be limited by repayment obligations and financial covenants in our outstanding loan facility agreements.

Subsidiary Statutory Financial Information and Dividend Restrictions

Our (re)insurance subsidiaries prepare their statutory financial statements in accordance with statutory accounting practices prescribed or permitted by local regulators. Statutory and local accounting differs from U.S. GAAP, including in the treatment of investments, acquisition costs and deferred income taxes, amongst other items.

The statutory capital and surplus amounts as of December 31, 2021 and 2020 and statutory net income (loss) amounts for the years ended December 31, 2021, 2020 and 2019 for our (re)insurance subsidiaries based in Bermuda, the United Kingdom, the United States, Continental Europe and Australia are summarized in the table below which includes information relating to acquisitions from the year of acquisition:


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2021		2020		2021		2020		2021		2020		2019
	(in millions of U.S. dollars)
Bermuda	$	3,338	$	2,712	$	5,819	$	5,565	$	524	$	1,851	$	644
U.K.	804		804		1,247		1,224		163		43		155
U.S.	151		186		534		554		23		(67)		121
Europe	99		96		182		214		(2)		(1)		12
Australia	15		19		57		59		2		(2)		5

As of December 31, 2021, the total amount of net assets of our consolidated subsidiaries that were restricted was $4.4 billion.

Certain material aspects of these laws and regulations as they relate to solvency, dividends and capital and surplus are summarized below.

Bermuda

Our Bermuda-based (re)insurance subsidiaries are registered under the Insurance Act 1978 of Bermuda and related regulations, as amended (the "Insurance Act"). The Insurance Act imposes certain solvency and liquidity standards and auditing and reporting requirements and grants the BMA powers to supervise, investigate, require information and the production of documents and intervene in the affairs of insurance companies.

The Insurance Act requires that our Bermuda-based (re)insurance subsidiaries maintain certain solvency and liquidity standards. The minimum liquidity ratio requires that the value of relevant assets not be less than 75% of the amount of relevant liabilities. The minimum solvency margin, which varies depending on the class of the insurer, is determined as a percentage of either net reserves for losses and LAE or premiums. Our Bermuda subsidiaries with commercial insurance licenses are required to maintain a minimum statutory capital and surplus (Enhanced Capital Requirement or "ECR") at least equal to the greater of a minimum solvency margin or the Bermuda Solvency Capital Requirement ("BSCR"). The BSCR is calculated based on a standardized risk-based capital model as provided by the BMA.

Each of our regulated Bermuda subsidiaries would be prohibited from declaring or paying any dividends if it were in breach of its minimum solvency margin or liquidity ratio or if the declaration or payment of such dividends would cause it to fail to meet such margin or ratio. In addition, each of our regulated Bermuda subsidiaries is prohibited, without the prior approval of the BMA, from reducing by 15% or more its total statutory capital, or from reducing by 25% of more its total statutory capital and surplus, as set out in its previous year’s statutory financial statements. Our Bermuda (re)insurance companies that are in run-off are required to seek BMA approval for any dividends or distributions.

As of December 31, 2021 and 2020, each of our Bermuda-based (re)insurance subsidiaries exceeded their respective minimum solvency and liquidity requirements. The Bermuda (re)insurance subsidiaries in aggregate exceeded minimum solvency requirements by $2.5 billion as of December 31, 2021 (2020: $2.9 billion) and were in compliance with their liquidity requirements.

United Kingdom

U.K. Insurance Companies (non-Lloyd's)

Our U.K. based insurance subsidiaries are regulated by the U.K. Prudential Regulatory Authority (the "PRA") and the Financial Conduct Authority (the "FCA", together with the PRA, the "U.K. Regulator").

Our U.K.-based insurance subsidiaries are required to maintain adequate financial resources in accordance with the requirements of the U.K. Regulator. Insurers must comply with a Solvency Capital Requirement ("SCR"), which is calculated using either the Solvency II standard formula or a bespoke internal model. Our non-Lloyd's U.K. companies use the standard formula for determining compliance with the SCR.

The calculation of the minimum capital resources requirements in any particular case depends on, among other things, the type and amount of insurance business written and claims paid by the insurance company. As of December 31, 2021 and 2020, all of our U.K. insurance subsidiaries maintained capital in excess of the minimum capital resources requirements and complied with the relevant U.K. Regulator requirements. Our U.K.-based insurance subsidiaries, including our Lloyd's Syndicates described below, in aggregate, maintained capital in excess of the minimum capital resources requirements by $443 million and $421 million as of December 31, 2021 and 2020, respectively.

The U.K. Regulator’s rules require our U.K. insurance subsidiaries to obtain regulatory approval for any proposed or actual payment of a dividend. The U.K. Regulator uses the SCR, among other tests, when assessing requests to make distributions.

Lloyd’s

As of December 31, 2021, we participated in the Lloyd’s market through our interests in: (i) Syndicate 2008, a syndicate that has permission to underwrite RITC business and other run-off or discontinued business type transactions with other Lloyd’s syndicates; (ii) Syndicate 1301 (2020 and prior underwriting years, which is managed by Enstar Managing Agency Limited ("EMAL") (EMAL also serves as managing agent for Syndicate 2008); and (iii) Atrium’s Syndicate 609 (2020 and prior underwriting years), which is managed by Atrium Underwriters Limited, a Lloyd's managing agent.

We participated on each of the three syndicates through a single, wholly owned Lloyd’s corporate member. On January 1, 2021, we sold the Atrium business and on March 15, 2021, we sold the right to operate Syndicate 130164.

The underwriting capacity of a member of Lloyd’s is supported by providing FAL65. Business plans, including maximum underwriting capacity, for Lloyd’s syndicates require annual approval by the Lloyd’s Franchise Board, which may require changes to any business plan or additional capital to support underwriting plans.

The Lloyd’s market has applied the Solvency II internal model under Lloyd’s supervision, and our Lloyd’s operations are required to meet Solvency II standards. Lloyd's has the approval of the PRA to use its internal model under the Solvency II regime.

United States

Our U.S. Run-off (re)insurance subsidiaries are subject to the insurance laws and regulations of the states in which they are domiciled, licensed and/or eligible to conduct business. These laws restrict the amount of dividends the subsidiaries can pay to us. The restrictions are generally based on statutory net income and/or certain levels of statutory surplus as determined in accordance with the relevant statutory accounting requirements of the individual domiciliary states or states in which any of the (re)insurance subsidiaries are commercially domiciled. Generally, prior regulatory approval must be obtained before an insurer may make a distribution above a specified level.

The U.S. (re)insurance subsidiaries are also required to maintain minimum levels of solvency and liquidity as determined by law, and to comply with Risk-Based Capital ("RBC") requirements and licensing rules as specified by the National Association of Insurance Commissioners ("NAIC"). RBC is used to evaluate the adequacy of capital and surplus maintained by our U.S. (re)insurance subsidiaries in relation to three major risk areas associated with: (i) asset risk; (ii) insurance risk and (iii) other risks. For all of our U.S. (re)insurance subsidiaries, with the exception of one subsidiary which has a permitted accounting practice to treat an adverse development cover reinsurance agreement as prospective reinsurance, there are no prescribed or permitted statutory accounting practices that differ significantly from the statutory accounting principles established by NAIC.

As of December 31, 2021, all of our U.S. non-life (re)insurance subsidiaries exceeded their required levels of RBC. On an aggregate basis, our U.S. non-life (re)insurance subsidiaries exceeded their minimum levels of RBC as of December 31, 2021 by $383 million (2020: $362 million).

Europe

Our Liechtenstein insurance subsidiary (StarStone Insurance SE) is regulated by the Liechtenstein Financial Market Authority ("FMA") pursuant to the Liechtenstein Insurance Supervisory Act. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2021, this subsidiary exceeded the Solvency II requirements by $57 million (2020: $98 million). The amount of dividends that this subsidiary is permitted to distribute is restricted to freely distributable reserves, which consist of retained earnings, the current year profit and legal reserves. Any dividend exceeding the current year profit requires the FMA’s approval. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution.

Our Belgian insurance subsidiary files financial statements and returns with the National Bank of Belgium. This subsidiary was in compliance with its solvency and capital requirements under Solvency II.

Australia

The Company’s Australian insurance subsidiary is regulated and subject to prudential supervision by the Australian Prudential Regulation Authority (“APRA”). APRA is the primary regulatory body responsible for regulating compliance with the Insurance Act 1973. APRA’s prudential standards require that all insurers maintain and meet prescribed capital adequacy requirements designed to ensure that insurers to meet their insurance obligations under a wide range of scenarios.

A run-off insurer must obtain APRA’s written consent prior to making any capital releases, including any payment of dividends, not from current year profits. The Company’s insurance subsidiary must provide APRA a valuation prepared by its Appointed Actuary that demonstrates that the tangible assets of the insurer, after the proposed capital reduction, are sufficient to cover its insurance liabilities to a 99.5% probability of sufficiency.

Defendant Asbestos and Environmental Liabilities

12 Months Ended

Dec. 31, 2021

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

11. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

We acquired DCo and Morse TEC in 2016 and 2019, respectively. These companies hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. DCo and Morse TEC continue to process asbestos personal injury claims.

Defendant A&E liabilities on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos-related exposures.

Defendant A&E liabilities also include amounts for environmental liabilities, associated with DCo's and Morse TEC's properties, relating to estimated clean-up costs associated with the acquired companies' former operations based on engineering reports.

Insurance balances recoverable on our consolidated balance sheets include estimated insurance recoveries relating to our defendant asbestos liabilities. The recorded asset represents our assessment of the capacity of the insurance agreements to indemnify our subsidiaries for the anticipated defense and loss payments for pending claims and projected future claims.

The recognition of these recoveries is based on an assessment of the right to recover under the respective contracts and on the financial strength of the insurers. The recorded asset does not represent the limits of our insurance coverage, but rather the amount we would expect to recover if the accrued and projected loss and defense costs were paid in full.

Included within insurance balances recoverable and defendant A&E liabilities are the fair value adjustments that were initially recognized upon acquisition. These fair value adjustments are amortized in proportion to the actual payout of claims and recoveries.

The carrying value of the defendant A&E liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC as of December 31, 2021 and 2020 was as follows:


	2021		2020
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	826	$	913
Defendant environmental liabilities	11		12
Estimated future expenses	37		43
Fair value adjustments	(236)		(262)
Defendant A&E liabilities	638		706

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5; 2020 - $5)	264		310
Fair value adjustments	(51)		(60)
Insurance balances recoverable	213		250

Net liabilities relating to defendant A&E exposures	$	425	$	456

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Balance as of January 1	$	706	$	848	$	203

Insurance balances recoverable	(250)		(449)		(136)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	—		3		—
Net balance as of January 1	456		402		67
Amounts recorded in other (income) expense:
Reduction in estimate of net ultimate liabilities	(38)		(103)		(4)
Reduction in estimated future expenses	(5)		(9)		(3)
Amortization of fair value adjustments	16		12		13
Total other (income) expense	(27)		(100)		6
Total net (paid claims) recoveries	(4)		154		(10)
Acquired on purchase of subsidiaries	—		—		336
Net balance as of December 31	425		456		399
Insurance balances recoverable	213		250		449
Balance as of December 31	$	638	$	706	$	848

Total other income from our defendant A&E liabilities was $27 million for the year ended December 31, 2021 and was driven by a reduction in the actuarially estimated ultimate net liabilities as a result of a decline in mesothelioma filings.

Total other income from our defendant A&E liabilities was $100 million for the year ended December 31, 2020 and was driven by a reduction in the actuarially estimated ultimate net liabilities as a result of a lower than expected number of asbestos claims filed against us; lower than expected paid indemnity and defense costs; the collection of disputed insurance recoveries that were carried on our balance sheet at $167 million, net of fair value adjustments, for consideration of $180 million; and recovery of $19 million on insurance payments previously written-off prior to our acquisition of the companies.

Methodologies for determining liabilities

Defendant Asbestos Liabilities

We review, on an ongoing basis, our own experience in handling asbestos-related claims and trends affecting asbestos-related claims in the U.S. tort system generally, for the purposes of assessing the value of pending asbestos-related claims and the number and value of those that may be asserted in the future, as well as potential recoveries from our insurance carriers with respect to such claims and defense costs.

The actuarial analysis for these asbestos-related exposures utilizes data resulting from the claim review process, including input from national coordinating counsel and local counsel, and includes the development of an estimate of the potential value of asbestos-related claims asserted but not yet resolved as well as the number and potential value of asbestos-related claims not yet asserted.

In developing the estimate of liability for potential future claims, the actuarial analysis projects the potential number of future claims based on our historical claim filings and epidemiological studies. The actuarial analysis also utilizes assumptions based on our historical proportion of claims resolved without payment, historical claim resolution costs for those claims that result in a payment, and historical defense costs. The liabilities are then estimated by multiplying the pending and projected future claim filings by projected payments rates and average claim resolution amounts and then adding an estimate for defense costs.

We determine, based on the factors described above, including the actuarial analysis, that their best estimate of the aggregate liability both for asbestos-related claims asserted but not yet resolved and potential asbestos-related claims not yet asserted, including estimated defense costs, was $826 million and $913 million as of December 31, 2021 and 2020, respectively.

Defendant Environmental Liabilities

As a result of our acquisition of DCo and Morse TEC, we have been identified by the United States Environmental Protection Agency and certain U.S. state environmental agencies and private parties as potentially responsible parties ("PRP") at various hazardous waste disposal sites under the Comprehensive Environmental Response, Compensation and Liability Act ("Superfund") and equivalent U.S. state laws.

The PRPs may currently be liable for the cost of clean-up and other remedial activities at 22 such sites. Responsibility for clean-up and other remedial activities at a Superfund site is typically shared among PRPs based on an allocation formula.

We have a liability for defendant environmental liabilities of $11 million and $12 million as of December 31, 2021 and 2020, respectively. The estimate for defendant environmental liabilities is based on information available to us, including an estimate of the allocation of liability among PRPs, the probability that other PRPs will pay the cost apportioned to them, currently available information from PRPs and/or federal or state environmental agencies concerning the scope of contamination and estimated remediation and consulting costs, and remediation alternatives.

Allowance for Estimated Uncollectible Insurance Balances Recoverable on Defendant Asbestos Liabilities

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities, for the years ended December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Allowance for estimated uncollectible insurance balances, Balance as of January 1	$	5	$	4
Cumulative effect of change in accounting principle	—		3
Current period change in the allowance	—		(2)


Allowance for estimated uncollectible insurance balances, Balance as of December 31	$	5	$	5

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

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

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

12. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to 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 that we have the ability to access for identical assets or liabilities. 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 significant inputs that are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

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

In addition, certain of our other investments are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy above.

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


	December 31, 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
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	747	$	—	$	—	$	747
U.K. government	—		83		—		—		83
Other government	—		663		—		—		663
Corporate	—		6,814		—		—		6,814
Municipal	—		286		—		—		286
Residential mortgage-backed	—		610		—		—		610
Commercial mortgage-backed	—		1,074		—		—		1,074
Asset-backed	—		944		—		—		944
Structured products	—		1,033		—		—		1,033
	—		12,254		—		—		12,254

Other assets included within funds held - directly managed	—		201		—		—		201

Equities:
Publicly traded equity investments	239		42		—		—		281
Exchange-traded funds	1,342		—		—		—		1,342
Privately held equity investments	—		—		347		25		372
	1,581		42		347		25		1,995

Other investments:

Hedge funds	—		—		—		291		291
Fixed income funds	—		231		—		342		573
Equity funds	—		5		—		—		5
Private equity funds	—		—		—		752		752

CLO equities	—		161		—		—		161
CLO equity funds	—		—		—		207		207
Private credit funds	—		—		—		275		275
Real estate fund	—		—		—		69		69


	—		397		—		1,936		2,333
Total Investments	$	1,581	$	12,894	$	347	$	1,961	$	16,783

Cash and cash equivalents	$	1,295	$	112	$	—	$	—	$	1,407

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	432	$	—	$	432

Other Assets:

Derivatives not qualifying as hedges	$	—	$	2	$	—	$	—	$	2


Losses and LAE:	$	—	$	—	$	1,989	$	—	$	1,989

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	7	$	—	$	—	$	7
Derivatives not qualifying as hedges	—		10		—		—		10
Derivative instruments	$	—	$	17	$	—	$	—	$	17


	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
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	951	$	—	$	—	$	951
U.K government	—		51		—		—		51
Other government	—		502		—		—		502
Corporate	—		5,687		—		—		5,687
Municipal	—		163		—		—		163
Residential mortgage-backed	—		554		—		—		554
Commercial mortgage-backed	—		854		—		—		854
Asset-backed	—		557		—		—		557
	—		9,319		—		—		9,319

Other assets included within funds held - directly managed	—		15		—		—		15

Equities:
Publicly traded equity investments	229		32		—		—		261
Exchange-traded funds	311		—		—		—		311
Privately held equity investments	—		—		275		—		275
	540		32		275		—		847

Other investments:
Hedge funds (1)	—		—		—		2,638		2,638
Fixed income funds	—		286		—		267		553
Equity funds	—		5		—		186		191
Private equity funds	—		—		—		363		363
CLO equities	—		128		—		—		128
CLO equity funds	—		—		—		167		167
Private credit funds	—		—		9		183		192
Real estate fund	—		—		—		12		12

	—		419		9		3,816		4,244
Total Investments	$	540	$	9,785	$	284	$	3,816	$	14,425

Cash and cash equivalents	$	386	$	208	$	—	$	—	$	594

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	521	$	—	$	521

Other Assets:
Derivatives qualifying as hedging	$	—	$	1	$	—	$	—	$	1
Derivatives not qualifying as hedges	—		3		—		—		3
Derivative instruments	$	—	$	4	$	—	$	—	$	4

Losses and LAE:	$	—	$	—	$	2,453	$	—	$	2,453

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	29	$	—	$	—	$	29
Derivatives not qualifying as hedges	—		5		—		—		5
Derivative instruments	$	—	$	34	$	—	$	—	$	34

(1)Includes InRe Fund of $2.4 billion as of December 31, 2020.

Valuation Methodologies of Financial Instruments Measured at Fair Value

Short-term and Fixed Maturity Investments

The fair values for all securities in the short-term and fixed maturity investments and funds held - directly managed portfolios are obtained or validated from independent pricing services either directly or through our accounting service provider or investment managers.

We record the unadjusted price and validate this price through a process that includes, but is not limited to:

i.comparison of prices against alternative pricing sources;

ii.quantitative analysis (e.g. comparing the quarterly return for each managed portfolio to its target benchmark);

iii.evaluation of methodologies used by external parties to estimate fair value, including a review of the inputs used for pricing; and

iv.comparing the price to our knowledge of the current investment market.

Our internal price validation procedures and review of fair value methodology documentation provided by independent pricing services have not historically resulted in adjustment in the prices obtained from the pricing service.

The independent pricing services used by our service providers obtain actual transaction prices for securities that have quoted prices in active markets. Where we utilize single unadjusted broker-dealer quotes, they are generally provided by market makers or broker-dealers who are recognized as market participants in the markets for which they are providing the quotes.

For determining the fair value of securities that are not actively traded, in general, pricing services use "matrix pricing" in which the independent pricing service uses observable market inputs including, but not limited to, reported trades, benchmark yields, broker-dealer quotes, interest rates, prepayment speeds, default rates and other such inputs as are available from market sources to determine a reasonable fair value.

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

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

•Corporate securities consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes, benchmark yields, and industry and market indicators. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2.

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

•Asset-backed and commercial and residential mortgaged-backed securities consist primarily of investment-grade bonds backed by pools of loans with a variety of underlying collateral. Residential and commercial mortgage-backed securities include both agency and non-agency originated securities. The significant inputs used to determine the fair value of these securities include the spread above the risk-free yield curve, reported trades, benchmark yields, prepayment speeds and default rates. These are considered observable market inputs and therefore the fair value of these securities are classified as Level 2.

•Structured products consist of funds withheld securities which are utilized to achieve asset-liability matching requirements and to reduce our exposure to credit risk. We utilize observable benchmark yields, issue spreads, issuer credit ratings, loss given default rates, and probability of default rates to discount the future cash flows to derive the fair value of these investments. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2.

Equities

Our investments in equities consist of a combination of publicly and privately traded investments. Our publicly traded equity investments in common and preferred stocks predominantly trade on major exchanges and are managed by our external advisors. Our exchange-traded funds also trade on major exchanges.

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

Our privately held equity investments in common and preferred stocks are direct investments in companies that we believe offer attractive risk adjusted returns and/or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. The market for these investments is illiquid and there is no active market. For the majority of these we use a combination of cost, internal models and reported values from co-investors/managers to calculate the fair value of the privately held equity investments. The fair value estimates of these are based on unobservable market data so have been categorized as Level 3. We also have one direct investment in the equity of a privately held business development company which values its underlying investments using NAV as a practical expedient; and therefore, has not been categorized within the fair value hierarchy.

Other investments, at fair value

We have ongoing due diligence processes with respect to the other investments carried at fair value in which we invest, including active discussions with managers of the investments. These processes are designed to assist us in assessing the quality of information provided by, or on behalf of, each fund and in determining whether such information continues to be reliable or whether further review is warranted.

Certain funds do not provide full transparency of their underlying holdings; however, we obtain the audited financial statements for funds annually and review the audited results relative to the net asset values provided by the managers, and regularly review and discuss the fund performance with the fund managers to corroborate the reasonableness of the reported NAV.

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

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

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

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

•We measure the fair value of our direct investment in CLO equities based on valuations provided by independent pricing services. The fair values measured using prices provided by independent pricing services have been classified as Level 2.

Cash and Cash Equivalents

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

The majority of our cash and cash equivalents included within the fair value hierarchy are comprised of money market and liquid reserve funds which have been categorized as Level 1. Fixed interest deposits and highly liquid fixed maturity investments with an original maturity of three months or less have been categorized as Level 2. Operating cash balances are not subject to the recurring fair value measurement guidance and are therefore excluded from the fair value hierarchy.

Insurance Contracts - Fair Value Option

The Company uses an internal model to calculate the fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses for certain retroactive reinsurance contracts where we have elected the fair value option.

The fair value was calculated as the aggregate of discounted cash flows plus a risk margin. The discounted cash flow approach uses:

i.estimated nominal cash flows based upon an appropriate payment pattern developed in accordance with standard actuarial techniques; and

ii.a discount rate based upon a high quality rated corporate bond yield plus a credit spread for non-performance risk.

The model uses corporate bond rates across the yield curve depending on the estimated timing of the future cash flows and specific to the currency of the risk.

The risk margin was calculated using the present value of the cost of capital. The cost of capital approach uses:

i.projected capital requirements;

ii.multiplied by the risk cost of capital representing the return required for non-hedgeable risk based upon the weighted average cost of capital less investment income; and

iii.discounted using the weighted average cost of capital.

Derivative Instruments

The fair values of our derivative instruments are classified as Level 2. The fair values are based upon prices in active markets for identical contracts.

Level 3 Measurements and Changes in Leveling

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

Investments

The following tables present a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2021 and 2020:


				2021						2020
	Privately-held Equities	Other Investments	Total	Privately-held Equities		Other Investments		Total

				(in millions of U.S. dollars)
Beginning fair value				$	275	$	9	$	284	$	266	$	88	$	354
Purchases				65		—		65		20		47		67
Sales				—		(9)		(9)		—		(1)		(1)
Total net unrealized gains (losses)				7		—		7		(11)		(40)		(51)

Transfer out of Level 3 into Level 2				—		—		—		—		(85)		(85)
Ending fair value				$	347	$	—	$	347	$	275	$	9	$	284

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

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

Valuations Techniques and Inputs

The table below presents the quantitative 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

Valuation Techniques

Fair Value as of December 31, 2021

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Guideline company methodology

224

Distribution waterfall

12.63

Dividend discount model;
Guideline companies method

105

Multiple on Invested capital
Discount rate
Exit multiple

0.79x - 1.13x

9.0% - 12.3%

1.2x - 1.4x (1.3x)

Cost as approximation of fair value

347

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

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 during the years ended December 31, 2021 and 2020:


	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable on paid and unpaid losses		Net		Liability for losses and LAE		Reinsurance balances recoverable on paid and unpaid losses		Net
	(in millions of U.S. dollars)
Beginning fair value	$	2,453	$	521	$	1,932	$	2,621	$	696	$	1,925
Assumed business	—		—		—		2		(181)		183
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(59)		(6)		(53)		(74)		59		(133)
Reduction in unallocated LAE	(18)		—		(18)		(17)		—		(17)
Change in fair value	(88)		(13)		(75)		158		39		119
Total incurred losses and LAE	(165)		(19)		(146)		67		98		(31)
Paid losses	(274)		(65)		(209)		(300)		(101)		(199)
Effect of exchange rate movements	(25)		(5)		(20)		63		9		54
Ending fair value	$	1,989	$	432	$	1,557	$	2,453	$	521	$	1,932

The net assumed business of $183 million in 2020 relates to the Hannover Re novation transaction. Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings.

The following table presents the components of the net change in fair value for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	22	$	21	$	23
Corporate bond yield	(97)		96		94

Weighted cost of capital	—		(5)
Risk cost of capital	—		7		—
Change in fair value	$	(75)	$	119	$	117

Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis as of December 31, 2021 and 2020:

2021

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

Average payout - liability (U)

7.95 years

8.17 years

Internal model

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

7.63 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 December 31, 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 million, $495 million and $495 million, respectively, while the fair value based on observable market pricing from a third party pricing service was $281 million, $559 million and $489 million, respectively. The Senior Notes are classified as Level 2.

Subordinated Notes

As of December 31, 2021, our 5.75% Fixed-Rate Reset Junior Subordinated Notes due 2040 (the “Junior Subordinated Notes”) were carried at amortized cost of $345 million, while the fair value based on observable market pricing from a third party pricing service was $362 million.

As of December 31, 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 million, while the fair value based on observable market pricing for comparable debt from a third party pricing service was $75 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 December 31, 2021 and 2020.

- Definition

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

+ References + Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

13. 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

Since April 1, 2021, we have redeemed an aggregate of $2.7 billion from the InRe Fund and, during the fourth quarter of 2021, we completed the liquidation of our investment in the 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 the termination of its investment management activities. From that date we had both 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, with any changes included within net unrealized gains in the consolidated statements of earnings. Thus, there was no gain or loss upon consolidation.

During the years ended December 31, 2021, 2020 and 2019 we recognized net investment expenses for the InRe Fund of $13 million, $0 and $0, respectively; net realized losses of $58 million, $0 and $0, respectively; and net unrealized gains of $0, $1,151 million and $243 million respectively.

During the year ended December 31, 2021, our consolidated statements of cash flows included net operating cash flows of $2.1 billion driven by net sales of trading securities, partially offset by net payments to cover securities sold short, and net investing cash flows of $574 million resulting from the initial consolidation of the InRe Fund's cash and restricted cash balances.

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 December 31, 2021	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	64	$	—	$	64

Other investments
Hedge funds	$	291	$	45	$	336
Fixed income funds	171		36		207
Private equity funds	697		930		1,627
CLO equity funds	207		31		238
Private credit funds	14		166		180
Real estate funds	69		418		487

Total	$	1,449	$	1,626	$	3,075

Total investments in nonconsolidated VIEs	$	1,513	$	1,626	$	3,139


As of December 31, 2020	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	54	$	—	$	54

Other investments
Hedge fund	$	2,638	$	—	$	2,638
Fixed income funds	99		16		115
Private equity funds	362		762		1,124
CLO equity funds	167		—		167

Real estate funds	12		18		30

Total	$	3,278	$	796	$	4,074

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

Premiums Written and Earned

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

PREMIUMS WRITTEN AND EARNED

8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

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


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,367	$	1,850
ULAE	7		17
Fair value adjustments - acquired companies	(8)		(16)
Fair value adjustments - fair value option	(34)		(21)
Total reinsurance reserves recoverable	1,332		1,830
Paid losses recoverable	185		259
Total	$	1,517	$	2,089

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,085	$	1,568
Reinsurance balances recoverable on paid and unpaid losses - fair value option	432		521
Total	$	1,517	$	2,089

Certain of our subsidiaries and assumed portfolios, prior to acquisition, used retrocessional agreements to reduce their exposure to the risk of (re)insurance assumed.

Top Ten Reinsurers


	December 31, 2021					December 31, 2020
		Total		%		Total		%
		(in millions of U.S. dollars)
Top 10 reinsurers		$	1,002	66.1	%	$	1,365	65.3	%
Other reinsurers > $1 million		491		32.4	%	697		33.4	%
Other reinsurers < $1 million		24		1.5	%	27		1.3	%
Total		$	1,517	100.0	%	$	2,089	100.0	%


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)
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	$	747	$	864
Non-rated reinsurers in top 10 (1)	255		501
Total top 10 reinsurance recoverables	$	1,002	$	1,365

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


Lloyd's Syndicates (2)	$	256	$	331
Michigan Catastrophic Claims Association(3)	$	210	$	229

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

(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.

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


	2021		2020
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	137	$	148


Current period change in the allowance	1		—
Write-offs charged against the allowance	—		(10)
Recoveries collected	(2)		(1)
Allowance for estimated uncollectible reinsurance, end of year	$	136	$	137

14. PREMIUMS WRITTEN AND EARNED

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2021, 2020 and 2019:


	2021				2020				2019
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	106	$	373	$	552	$	730	$	659	$	950
Total ceded	(44)		(128)		(119)		(158)		(113)		(146)
Total net	$	62	$	245	$	433	$	572	$	546	$	804

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

15. GOODWILL AND INTANGIBLE ASSETS

The following table presents a reconciliation of the beginning and ending goodwill and intangible assets, included within other assets in the consolidated balance sheets, for the years ended December 31, 2021 and 2020:


	Goodwill		Intangible assets with a definite life		Intangible assets with an indefinite life		Total
	(in millions of U.S. dollars)
Balance as of December 31, 2019	$	110	$	15	$	67	$	192

Amortization	—		(2)		—		(2)
Impairment losses (StarStone International) (1)	(8)		—		(4)		(12)
Reclassification to assets held-for-sale (Atrium) (2)	(39)		(13)		(63)		(115)
Balance as of December 31, 2020 and 2021	$	63	$	—	$	—	$	63

(1) On June 10, 2020, we announced the run-off of StarStone International. During the year ended December 31, 2020, we recognized impairment losses of $8 million related to the goodwill allocated to StarStone International and $4 million on StarStone's Lloyd's syndicate capacity.

(2) On August 13, 2020, we announced the Exchange Transaction, which resulted in the assets and liabilities of Atrium being classified as held-for-sale as of December 31, 2020.

The gross carrying value, accumulated impairments and net carrying value of goodwill in the Run-off segment was $71 million, $8 million and $63 million, respectively, as of December 31, 2021 and 2020.The amortization recorded on the intangible assets of the Legacy Underwriting segment, prior to the reclassification of Atrium to held-for-sale, was $2 million for the year ended December 31, 2020

Debt Obligations and Credit Facilities

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt Obligations and Credit Facilities

16. 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:


					December 31, 2021				December 31, 2020
Facility	Origination Date	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
			(in millions of U.S. dollars)
4.50% Senior Notes due 2022 (1)	March 10, 2017	5 years	$	280	$	—	$	280	$	(1)	$	349
4.95% Senior Notes due 2029	May 28, 2019	10 years	500		(5)		495		(6)		494
3.10% Senior Notes due 2031	August 24, 2021	10 years	500		(5)		495		—		—
Total Senior Notes							1,270				843
5.75% Junior Subordinated Notes due 2040	August 26, 2020	20 years	350		(5)		345		(5)		345
5.50% Enhanzed Re's Subordinated Notes due 2031	December 20, 2018	12.1 years	70		6		76		—		—
Total Subordinated Notes							421				345
EGL Revolving Credit Facility	August 16, 2018	5 years					—				185
Total debt obligations							$	1,691			$	1,373

(1) Principal was $350 million as of December 31, 2020.

The table below provides a summary of the total interest expense for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Interest expense on debt obligations	$	68	$	58	$	51
Amortization of debt issuance costs	1		1		2



Total interest expense	$	69	$	59	$	53

Senior Notes

During the third quarter of 2021, we completed the issuance and sale of the 2031 Senior Notes, and on August 25, 2021, we completed a related tender offer for a portion of our 2022 Senior Notes. The aggregate principal amount tendered was $70 million and we recorded a loss on the partial extinguishment of $2 million during the third quarter of 2021 which was included within general and administrative expenses on our consolidated statements of earnings.

The Senior Notes are effectively subordinated to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all liabilities of our subsidiaries, including claims of policyholders.

We may repurchase the 2029 Senior Notes and 2031 Senior Notes at any time prior to the date which is three months and six months, respectively, prior to maturity, subject to the payment of a make-whole premium. After such respective date, we may repurchase the 2029 Senior Notes and the 2031 Senior Notes at a purchase price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. In each case, any such repurchases are also subject to satisfying certain regulatory requirements.

Except upon the occurrence of certain specified events, we do not have the right to repurchase the 2022 Senior Notes prior to their maturity.

Subordinated Notes

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 million and have an $80 million ceiling, to Allianz, Enhanzed Re's minority shareholder. The 2031 Subordinated Notes were recorded at their determined fair value of $76 million as of the date of acquisition.

The Junior Subordinated Notes were issued by our wholly-owned subsidiary, Enstar Finance LLC ("Enstar Finance") and bear interest (i) during the initial five-year period ending August 30, 2025, at a fixed rate per annum of 5.75% and (ii) during each five-year reset period thereafter beginning September 1, 2025, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 5.468%.

The Junior Subordinated Notes are unsecured junior subordinated obligations of Enstar Finance, are fully and unconditionally guaranteed by the Parent Company on an unsecured and junior subordinated basis, and are contractually subordinated in right of payment to the existing and future obligations of our other subsidiaries (other than Enstar Finance).

Subject to threshold regulatory requirements, Enstar Finance may repurchase the Junior Subordinated Notes, in whole or in part, at any time during a par call period, at a repurchase price equal to 100% of the principal amount of such notes, plus accrued and unpaid interest, and at any time not during a par call period, plus an additional "make-whole" premium.

Maturities

As of December 31, 2021, the amount of outstanding debt obligations that will become due in each of the next five years and thereafter was as follows: 2022, $280 million47; 2023, $0; 2024, $0; 2025, $0; and thereafter, $1.4 billion.

EGL Revolving Credit Facility

As of December 31, 2021, we were permitted to borrow up to an aggregate amount of $600 million under our unsecured revolving credit agreement. We may request additional commitments under the facility up to an additional $400 million, which the existing lenders in their discretion or new lenders may provide, in each case subject to the terms of the agreement. To date, we have not requested any additional commitments under the facility.

As of December 31, 2021, there was $600 million of available unutilized capacity under the facility.

We pay interest on loans borrowed under the facility at a per annum rate comprising a reference rate determined based on the type of loan we borrow plus a margin based on our long term senior unsecured debt ratings. The applicable reference rate is adjusted base rate for base rate loans, adjusted daily Sterling Overnight Index Average ("SONIA") for SONIA loans and adjusted LIBOR or adjusted Euribor for Eurocurrency rate loans denominated in U.S. dollars or Euros, respectively. The applicable margin varies based upon changes to our long term senior unsecured debt ratings assigned by S&P or Fitch.

We pay interest quarterly for base rate loans and as frequently as monthly for SONIA loans and Eurocurrency rate loans, depending on the applicable interest period. We also pay a commitment fee based on the average daily unutilized capacity under the facility. If an event of default occurs, the interest rate may increase and the agent may, and at the request of the required lenders shall, terminate lender commitments and demand early repayment of any outstanding loans borrowed under the facility.

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)		December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)
$275.0 million FAL LOC Facility (2)	$	275	$	75	$	210	$	210
$90.0 million FAL Deposit Facility (2)	90		10		90		—
$250.0 million LOC Facility	250		—		250		—
$100.0 million LOC Facility	100		—		100		—
$120.0 million LOC Facility	120		60		111		116
$800.0 million Syndicated LOC Facility	800		—		568		587
$65.0 million LOC Facility	65		—		61		61
$100.0 million Bermuda LOC Facility (3)	100		—		100		100
$1.0 million LOC Facility	1		—		1		—
£32.0 million United Kingdom LOC Facility (4)	£	32	£	—	$	43	$	44

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

(2) The 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 December 31, 2021 and December 31, 2020, our combined FAL comprised cash and investments of $520 million (including $89 million provided under the FAL Deposit Facility) and $261 million, respectively, and unsecured LOCs of $210 million as of both dates.

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

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

We also utilize secured operating LOCs. As of December 31, 2021 and 2020, the total balance of such secured operating LOCs issued and outstanding was $85 million and $90 million, respectively.

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Noncontrolling Interest

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

Noncontrolling Interest

17. NONCONTROLLING INTEREST

We have both redeemable noncontrolling interest ("RNCI") and noncontrolling interest ("NCI") on our consolidated balance sheets. RNCI with redemption features that are not solely within our control is classified within temporary equity in the 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 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. North Bay owned our investment in Northshore48, 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 December 31, 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 for the years ended December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Balance as of January 1	$	365	$	439

Distributions paid	(202)		—
Net earnings (losses) attributable to RNCI	16		(28)
Change in unrealized (losses) gains on AFS investments attributable to RNCI	(1)		2
Change in currency translation adjustments attributable to RNCI	2		(2)

Change in redemption value of RNCI	(1)		(46)

Balance as of December 31	$	179	$	365

The decrease in RNCI for the year ended December 31, 2021 was primarily driven by the Exchange Transaction, which was completed on January 1, 2021, whereas the decrease in the year ended December 31, 2020 was primarily attributable to net losses arising in StarStone International during that period49.

Noncontrolling Interest

As of December 31, 2021 and 2020, we had $230 million and $14 million, respectively, of NCI primarily related to external interests in three of our subsidiaries, including, as of December 31, 2021, Enhanzed Re. A reconciliation of the beginning and ending carrying amount of the equity attributable to NCI is included in the consolidated statements of changes in shareholder's equity.

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

18. SHAREHOLDERS' EQUITY

As of December 31, 2021 and 2020, our authorized share capital was 111,000,000 ordinary shares ("Voting Ordinary Shares") and non-voting convertible ordinary shares ("Non-Voting Ordinary Shares"), each of par value $1.00 per share, and 45,000,000 preferred shares of par value $1.00 per share.

Ordinary Shares

The following is a reconciliation of our beginning and ending ordinary shares for the years ended December 31, 2021, 2020 and 2019:


	Voting Ordinary Shares	Non-Voting Convertible Ordinary Series C Shares	Non-Voting Convertible Ordinary Series E Shares	Total Ordinary Shares
Balance as of January 1, 2019	17,950,315	2,599,672	910,010	21,459,997
Shares issued	51,508	—	—	51,508
Shares repurchased	—	—	—	—
Balance as of December 31, 2019	18,001,823	2,599,672	910,010	21,511,505
Shares issued	752,007	—	—	752,007
Shares repurchased	(178,280)	—	—	(178,280)
Balance as of December 31, 2020	18,575,550	2,599,672	910,010	22,085,232
Shares issued	59,447	—	—	59,447
Shares repurchased	(2,009,135)	(1,496,321)	(505,239)	(4,010,695)
Warrant exercise (1)	—	89,590	—	89,590
Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574

(1) 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 year ended December 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the year.

Voting Ordinary Shares

Each voting ordinary share entitles the holder thereof to one vote.

Share Repurchases

On March 9, 2020, our Board of Directors (our “Board”) adopted a stock trading plan for the purpose of repurchasing a limited number of our ordinary shares, not to exceed $150 million in aggregate (the "2020 Repurchase Program"). On March 23, 2020, we suspended our 2020 Repurchase Program due to uncertainty from the COVID-19 pandemic. The 2020 Repurchase Program resumed on September 21, 2020 and was set to expire on March 1, 2021.

On February 25, 2021, our Board approved an extension of the duration of the 2020 Repurchase Program through March 1, 2022. Pursuant to the extended 2020 Repurchase Program, we are able to repurchase a limited number of our ordinary shares, not to exceed $150 million in aggregate, including shares repurchased prior to the extension of the 2020 Repurchase Program.

From inception to December 31, 2020, we repurchased 178,280 ordinary shares at an average price of $145.87, for an aggregate price of $26 million under the 2020 Repurchase Program. For the year ended December 31, 2021, we repurchased 93,678 ordinary shares at an average price of $236.42, for an aggregate price of $22 million under the 2020 Repurchase Program before it was terminated on July 15, 2021.

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 (the “Hillhouse Funds”), a related party, for a price of

$234.52 per share, totaling $879 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.

On November 29, 2021, our Board entered into an ordinary share repurchase program (the "2021 Repurchase Program"), effective through November 30, 2022. Pursuant to the 2021 Repurchase Program, we may repurchase a limited number of our ordinary shares, not to exceed $100 million in aggregate.

For the year ended December 31, 2021, we repurchased 167,617 ordinary shares at an average price of $241.13, for an aggregate price of $41 million under the 2021 Repurchase Program. As of December 31, 2021, the remaining capacity under the 2021 Repurchase Program was $59 million.

Joint Share Ownership Plan

On January 21, 2020, 565,630 voting ordinary shares were issued to the trustee of the Enstar Group Limited Employee Benefit Trust (the "EB Trust"). Voting rights in respect of shares held in the EB Trust have been contractually waived. We have consolidated the EB Trust, and shares held in the EB Trust are classified like treasury shares as contra-equity in our consolidated balance sheet. The EB Trust supports awards made under our Joint Share Ownership Plan50

Non-Voting Ordinary Shares

Our non-voting ordinary shares comprised several different series as of December 31, 2021:

The Series C shares:

i.have all of the economic rights (including dividend rights) attaching to voting ordinary shares but are non-voting except in certain limited circumstances;

ii.will automatically convert at a one-for-one exchange ratio (subject to adjustment for share splits, dividends, recapitalizations, consolidations or similar transactions) into voting ordinary shares if the registered holder transfers them in a widely dispersed offering;

iii.may only vote on certain limited matters that would constitute a variation of class rights and as required under Bermuda law; and

iv.require the registered holders’ written consent in order to vary the rights of the shares in a significant and adverse manner.

The Series D shares are authorized, but no shares in these series are issued and outstanding. Holders of the Series C shares have the right to convert such shares, on a share-for-share basis, subject to certain adjustments, into Series D shares at their option. There is no economic difference in Series C or D shares, but there are slight differences in the conversion rights and the limited voting rights of each series.

The Series E shares have substantially the same rights as the Series C shares, except that:

i.they are convertible only into voting ordinary shares; and

ii.they may only vote as required under Bermuda law.

The Series E shares include all other non-voting ordinary shares authorized under our bye-laws but not classified as Series C or D non-voting ordinary shares.

Preferred Shares

Series C Preferred Shares

As of December 31, 2021, there were 388,571 Series C participating non-voting perpetual preferred shares ("Series C Preferred Shares") issued and held by one of our wholly-owned subsidiaries.

The Series C Preferred Shares:

i.upon liquidation, dissolution or winding up of the Company, entitle their holders to a preference over holders of our ordinary voting and non-voting shares of an amount equal to $0.001 per share with respect to surplus assets; and

ii.are non-voting except in certain limited circumstances.

The Series C Preferred shares have dividend rights equal to those of the ordinary voting shares, subject to certain limitations and in an amount determined by a "participation rate" that is generally reflective of the reduction in the number of Series C Preferred Shares issued in exchange for the previously outstanding Series A shares.

The Series C Preferred Shares otherwise rank on parity with the ordinary voting and non-voting shares, and they rank senior to each other class or series of share capital, unless the terms of any such class or series shall expressly provide otherwise.

Series D Preferred Shares

On June 28, 2018, the Company raised $400 million of gross proceeds through the public offering of 16,000 shares of its 7.00% non-cumulative fixed-to-floating rate Series D perpetual preferred shares ("Series D Preferred Shares") (equivalent to 16,000,000 depositary shares, each of which represents a 1/1,000th interest in a Series D Preferred Share), $1.00 par value and $25,000 liquidation preference per share (equivalent to $25.00 per depositary share). The depositary shares are listed and trade under the "ESGRP" ticker symbol on the NASDAQ Global Select Market.

The Series D Preferred Shares are not redeemable prior to September 1, 2028, except in specified circumstances as described in the prospectus supplement relating to the offering. On and after September 1, 2028, the Series D Preferred Shares, represented by the depositary shares, will be redeemable at the Company’s option, in whole or from time to time in part, at a redemption price equal to $25,000 per Series D Preferred Share (equivalent to $25.00 per depositary share), plus any declared and unpaid dividends.

Series E Preferred Shares

On November 21, 2018, the Company raised $110 million of gross proceeds through the public offering of 4,400 shares of its 7.00% fixed rate non-cumulative Series E perpetual preferred shares ("Series E Preferred Shares") (equivalent to 4,400,000 depositary shares, each of which represents a 1/1,000th interest in a Series E Preferred Share), $1.00 par value and $25,000 liquidation preference per share (equivalent to $25.00 per depositary share). The depositary shares are listed and trade under the "ESGRO" ticker symbol on the NASDAQ Global Select Market.

The Series E Preferred Shares are not redeemable prior to March 1, 2024, except in specified circumstances as described in the prospectus supplement relating to the offering. On and after March 1, 2024, the Series E Preferred Shares, represented by the depositary shares, will be redeemable at the Company’s option, in whole or from time to time in part, at a redemption price equal to $25,000 per Series E Preferred Share (equivalent to $25.00 per depositary share), plus any declared and unpaid dividends.

Dividends on Preferred Shares

Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year, of 7.00% per annum.

Commencing on September 1, 2028, the Series D Preferred Shares will convert to a floating rate basis and dividends will be payable on a non-cumulative basis, when, as and if declared, at an alternative reference rate (with spread adjustment) to three-month LIBOR, as determined by the calculation agent consistent with accepted market practice, plus 4.015% per annum. Dividends that are not declared will not accumulate and will not be payable.

During the years ended December 31, 2021, 2020 and 2019, we declared and paid dividends on Series D Preferred Shares of $28 million and on Series E Preferred Shares of $8 million for all three years.

Any payment of dividends must be approved by our Board. Our ability to pay dividends is subject to certain restrictions51.

Accumulated Other Comprehensive Income

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


	2021						2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments arising during the year	$	(112)	$	6	$	(106)	$	116	$	(11)	$	105
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	10		—		10		(1)		—		(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	(7)		1		(6)		(20)		2		(18)
Reclassification to earnings on disposal of subsidiary	—		—		—		(15)		3		(12)
Change in currency translation adjustment	2		—		2		(2)		—		(2)

Decrease in defined benefit pension liability	2		—		2		1		—		1
Other comprehensive (loss) income	$	(105)	$	7	$	(98)	$	79	$	(6)	$	73

During the year ended December 31, 2019, the deferred tax (expense) benefit associated with items reported in other comprehensive income (loss) was subject to a full valuation allowance52.

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2021		2020		2019		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments	$	(6)	$	19	$	4	Net unrealized (losses) gains
	—		17		—		Net earnings from discontinued operations
	(6)		36		4		Total before tax
	(1)		(5)		—		Income tax expense
	(7)		31		4		Net of tax

Total reclassifications for the period, net of tax	$	(7)	$	31	$	4

- Definition

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.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

19. EARNINGS PER SHARE

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


	2021		2020		2019
Numerator:	(in millions of U.S. dollars, except share data)
Earnings per share attributable to Enstar ordinary shareholders:
Net earnings from continuing operations (1)	$	437	$	1,712	$	898
Net earnings from discontinued operations (2)	—		7		4
Net earnings attributable to Enstar ordinary shareholders	$	437	$	1,719	$	902
Denominator:
Weighted-average ordinary shares outstanding — basic (3)	19,821,259		21,551,408		21,482,617
Effect of dilutive securities:
Share-based compensation plans (4)	225,213		208,293		227,878
Warrants (5)	80,659		58,593		64,571

Weighted-average ordinary shares outstanding — diluted	20,127,131		21,818,294		21,775,066
Earnings per share attributable to Enstar ordinary shareholders:
Basic:
Net earnings from continuing operations	$	22.05	$	79.43	$	41.80
Net earnings from discontinued operations	—		0.35		0.20
Net earnings per ordinary share	$	22.05	$	79.78	$	42.00
Diluted:
Net earnings from continuing operations	$	21.71	$	78.45	$	41.23
Net earnings from discontinued operations	—		0.35		0.20
Net earnings per ordinary share	$	21.71	$	78.80	$	41.43

(1) Net earnings from continuing operations attributable to Enstar ordinary shareholders equals net earnings from continuing operations, plus net (earnings) loss 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 taxes, plus net (earnings) from discontinued operations attributable to noncontrolling interest53.

(3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the EB Trust in respect of 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 year ended December 31, 2021 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 year ended December 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the year. As of December 31, 2021, there were no warrants outstanding following the exercise described. The warrants presented in the table above are a weighted-average of the warrants outstanding for the year.

Share-Based Compensation and Pensions

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation and Pensions

20. SHARE-BASED COMPENSATION AND PENSIONS

Share-based compensation

The 2016 Equity Incentive Plan is our primary share-based compensation plan. We also maintain other share-based compensation plans as discussed below.

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Share-based compensation plans:
Restricted shares and restricted share units	$	7	$	8	$	7
Performance share units	13		13		24

Joint share ownership plan expense	5		4		—
Other share-based compensation plans	3		3		7




Total share-based compensation	$	28	$	28	$	38

The associated tax benefit recorded to income tax expense in the consolidated statement of operations was $3 million for each of the years ended December 31, 2021, 2020 and 2019.

Restricted Shares and Restricted Share Units

Restricted shares and restricted share units are service awards that typically vest over three years. These awards are share-settled and are recorded in additional paid-in capital on the consolidated balance sheets. The fair value of these awards is measured by multiplying the number of shares subject to the award by the closing price of our ordinary shares on the grant date and expensed over the service period.

The following table summarizes the activity related to restricted shares and restricted share awards during 2021:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	95,250	$161.60
Granted	40,759	244.68
Vested	(36,301)	158.34
Forfeited	(7,050)	151.41
Nonvested — December 31	92,658	200.44

The unrecognized compensation cost related to our unvested restricted share and restricted share unit awards as of December 31, 2021 was $10 million. This cost is recognizable over the next 1.97 years, which is the weighted average contractual life.

Performance Share Units ("PSUs")

PSUs are share-settled and vest following the end of the three-year performance period. The fair value of these awards is measured by multiplying the number of shares subject to the award by the closing price of our ordinary shares on the grant date and considering any performance related adjustments. The number of shares to vest will be determined by a performance adjustment based on either:

i.the change in fully diluted book value per share ("FDBVPS") over three years; or

ii.average annual non-GAAP operating income return on equity, excluding StarStone Group for the 2020 and 2019 grant years only.

Performance Share Units based on FDBVPS

The following table summarizes the awards granted, the vested and unvested PSU awards at December 31, 2021, and the performance criteria and associated performance multipliers at various levels of achievement.


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)								Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2021	Threshold		Target		Target +		Maximum		Threshold		Target		Target +		Maximum
2018	39,682	(13,084)	9,889	(36,487)	—	25.0	%	32.5	%	N/A		40.0	%	50.0	%	100.0	%	N/A		150.0	%
2019	18,308	(3,543)	6,620	(1,526)	19,859	20.0	%	30.0	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	22,591	(8,331)	6,637	(985)	19,912	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	52,948	—	26,474	—	79,422	33.1	%	36.8	%	44.3	%	52.1	%	50.0	%	100.0	%	150.0	%	200.0	%
2021	14,429	(1,850)	—	(447)	12,132	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%

	147,958	(26,808)	49,620	(39,445)	131,325

For each type of PSU based on FDBVPS, a change in the FDBVPS Performance Criteria at each of Threshold, Target and Maximum will result in the application of the respective Threshold, Target and Maximum Performance Multiplier and a settlement of awards at that level. In addition, for the 2020 FDBVPS Type II award, a change in the FDBVPS Performance Criteria at "Target +" will result in the application of the "Target +" Performance Multiplier. Straight-line interpolation applies within these ranges, and no settlement occurs if the increase in FDBVPS is less than the Threshold.

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

The following table summarizes the awards granted, the vested and unvested units at December 31, 2021, and the performance criteria and associated performance multipliers at various levels of achievement.


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2021	Threshold		Target		Maximum		Threshold		Target		Maximum
2019	18,308	(3,538)	6,598	(1,574)	19,794	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2020	22,560	(8,330)	6,623	(985)	19,868	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2021	14,401	(1,848)	—	(448)	12,105	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
	55,269	(13,716)	13,221	(3,007)	51,767

Annual Operating ROE is calculated based upon the non-GAAP operating income return on opening shareholder's equity, excluding StarStone for the 2020 and 2019 grant years only. Average Annual Operating ROE is the sum of the three individual year annual operating ROE %'s divided by three. An Average Annual Operating ROE of Target to Maximum or more results in a settlement of 100.0% to a maximum of 150.0% of the units granted, respectively. An Average Annual Operating ROE of Threshold to Target results in a settlement of 60.0% to 100.0%. Straight-line interpolation applies within these ranges and no settlement occurs if the Average Annual Operating ROE is less than the Threshold.

Performance Multipliers

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


Award Description	2021		2020	2019
2018 FDBVPS	150.0%	(1.0)	150.0%	100.0%
2019 FDBVPS	150.0%		150.0%	100.0%
2019 Average Operating ROE	150.0%		150.0%	100.0%
2020 FDBVPS Type I (32.50% Target Change)	150.0%		100.0%	N/A
2020 Average Operating ROE	150.0%		100.0%	N/A
2020 FDBVPS Type II (36.80% Target Change)	150.0%		100.0%	N/A
2021 FDBVPS	100.0%		NA	N/A
2021 Average Operating ROE	100.0%		NA	N/A

(1) Multipliers for the 2018 awards are the final achieved terms.

The unrecognized compensation cost related to our unvested PSU share awards as of December 31, 2021 was $13 million. This cost is recognizable over the next 1.48 years, which is the weighted average contractual life.

Roll-forward of Performance Share Units

The following table summarizes the activity related to PSUs during 2021:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	169,987	$174.10
Granted	28,830	241.97
Change in performance multiplier	37,136	176.25
Vested	(32,698)	189.61
Forfeited	(20,163)	156.23
Nonvested — December 31	183,092	185.97

Joint Share Ownership Plan

Under the JSOP, we have the ability to make equity awards to our U.K.-based staff through which a recipient acquires jointly held interests in a set number of our voting ordinary shares together with the independent trustee of the EB Trust at fair market value, pursuant to the terms of a joint ownership agreement. Voting rights in respect of shares held in the EB Trust are contractually waived. Shares held in the EB Trust are classified as treasury shares.

On January 21, 2020, a JSOP award comprising 565,630 underlying voting ordinary shares was made to our Chief Executive Officer which cliff-vests after 3 years. The value of the award at vesting, if any, is determined based on the price of our voting ordinary shares appreciating above a certain threshold between the date of grant and the vesting date.

If the higher of the closing price per share on January 20, 2023 and the 10-day volume weighted average price per share for the ten consecutive trading days ending on January 20, 2023 (each, the "Market Price") is $266.00 or greater the hurdle, the award will have a value equal to the Market Price, less $205.89, multiplied by 565,630. If the Market Price is less than $266.00 on such date, the award will have no value. In addition, 20.0% of the award is subject to a performance condition based on growth in FDBVPS between January 1, 2020 and December 31, 2022.

The accounting for stock-settled JSOP awards is similar to options, whereby the grant date fair value of $14 million is expensed over the life of the award. To determine the grant date fair value of $24.13 per share, we utilized a Monte-Carlo valuation model with the following assumptions:


	2021

Weighted-average volatility	18.7	%
Weighted-average risk-free interest rate	1.6	%
Dividend yield	0.0	%

The unrecognized compensation cost related to our unvested JSOP share awards as of December 31, 2021 was $5 million. This cost is recognizable over the next 1.1 years, which is the weighted average contractual life.

Other share-based compensation plans

Deferred Compensation and Ordinary Share Plan for Non-Employee Directors

The number of units credited to the accounts of non-employee directors for the years ended December 31, 2021, 2020 and 2019 under the Enstar Group Limited Deferred Compensation and Ordinary Share Plan for Non-Employee Directors (the "Deferred Compensation Plan") were 5,092, 7,204 and 5,976, respectively.

Employee Share Purchase Plan

We provide an Employee Share Purchase Plan ("ESPP") whereby eligible employees may purchase Enstar shares at a 15.0% discount to market price, in an amount of share value limited to the lower of $21,250 or 15.0% of the employee's base salary. The 15.0% discount is expensed as compensation cost. The number of shares issued to employees under the ESPP for the years ended December 31, 2021, 2020 and 2019 were 9,432, 16,914 and 15,269, respectively.

Pension Plans

We provide retirement benefits to eligible employees through various plans that we sponsor. Pension expense can be affected by changes in our employee headcount.

The table below summarizes the expense related to our defined contribution and benefit plans for the years ended December 31, 2021, 2020 and 2019.


	2021		2020		2019
	(in millions of U.S. dollars)
Defined contribution plans	$	9	$	12	$	12
Defined benefit plan	—		3		1
Total pension expense	$	9	$	15	$	13

The reduction in the 2021 defined contribution plan pension expense was driven by a reduction in headcount as a result of the sale of StarStone U.S. and the Exchange Transaction54, whereas the reduction in the 2021 defined benefit plan pension expense was driven by the annuity purchases in 2020 as described below.

The increase in the 2020 defined benefit plan pension expense was driven by annuity purchases for partial risk transfer of certain plan liabilities.

During 2021, an actuarial review was performed on the defined benefit plan, which determined that the plan’s unfunded liability, as of December 31, 2021 and 2020 was $3 million and $7 million, respectively. As of December 31, 2021 and 2020, we had an accrued liability of $3 million and $7 million, respectively, for this plan.

Income Taxation

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxation

21. INCOME TAXATION

Enstar is incorporated under the laws of Bermuda and under Bermuda law is not required to pay taxes in Bermuda based upon income or capital gains. The Company, under the Exempted Undertakings Tax Protection Act of 1966, is protected against any legislation that may be enacted in Bermuda which would impose any tax on profits, income, or gain until March 31, 2035.

We have foreign operating subsidiaries and branch operations principally located in the United States, United Kingdom, Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. 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 U.K. 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.

Income Tax Expense

The following table presents earnings before income taxes by jurisdiction attributable to continuing operations, including earnings from equity method investments, for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Domestic (Bermuda)	$	370	$	1,504	$	576
Foreign	145		231		357
Total earnings before income taxes and earnings from equity method investments attributable to continuing operations	$	515	$	1,735	$	933

The following table presents our current and deferred income tax expense attributable to continuing operations by jurisdiction for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Current:
Domestic (Bermuda)	$	—	$	—	$	—
Foreign	6		15		16
	6		15		16
Deferred:
Domestic (Bermuda)	—		—		—
Foreign	21		9		(4)
	21		9		(4)
Total income tax expense attributable to continuing operations	$	27	$	24	$	12

The actual effective income tax rate differs from the statutory rate of 0 percent under Bermuda law applied to earnings attributable to continuing operations before income taxes, including earnings from equity method investments for the years ended December 31, 2021, 2020 and 2019 as shown in the following reconciliation:


	2021			2020			2019
	(in millions of U.S. dollars)
Earnings before income taxes	$	515		$	1,735		$	933
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	5.9		%	1.2		%	8.6		%



Change in valuation allowance	1.9		%	0.1		%	(7.2)		%
Effect of change in foreign income tax rate	(1.4)		%	—		%	—		%




Other	(1.2)		%	0.1		%	(0.1)		%
Effective income tax rate	5.2		%	1.4		%	1.3		%

Our effective tax rate is generally driven by the geographical distribution of our earnings before income taxes between our taxable and non-taxable jurisdictions.

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities (included in other assets and other liabilities, respectively, in the consolidated balance sheets) reflect the tax effect of the differences between the financial statement carrying amount and the income tax bases of assets and liabilities.

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 were as follows:


	2021		2020
	(in millions of U.S. dollars)
Deferred tax assets:
Net operating loss carryforwards	$	166	$	141

Insurance reserves	17		22


Provisions for bad debt	3		—

Defendant A&E liabilities	98		121
Other deferred tax assets	27		24
Deferred tax assets	311		308
Valuation allowance	(129)		(118)
Deferred tax assets, net of valuation allowance	182		190

Deferred tax liabilities:
Unrealized gains on investments	(17)		(20)
Lloyd's underwriting profit taxable in future periods	(19)		(16)

Other deferred tax liabilities	(23)		(15)
Deferred tax liabilities	(59)		(51)

Net deferred tax asset	$	123	$	139

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction


	Net Deferred Tax Asset
	2021		2020
	(in millions of U.S. dollars)

United States	$	151	$	157
United Kingdom	(28)		(18)

Total	123		139

Net Operating Loss Carryforwards

As of December 31, 2021, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:


Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
	(in millions of U.S. dollars)
Net Operating Loss Carryforwards:
United States - Net operating loss	$	458	$	96	2023-2041
United States - Net operating loss	25		5		Indefinitely
United Kingdom	186		47		Indefinitely
Luxembourg	15		4		2035-2036
Other	62		14		Indefinitely

The U.S. and U.K. net operating loss carryforwards are also subject to certain utilization limitations and have been considered in management's assessment of valuation allowance.

Assessment of Valuation Allowance on Deferred Tax Assets

As of December 31, 2021 and 2020, we had deferred tax asset valuation allowances of $129 million and $118 million, respectively, related to foreign subsidiaries. We recorded a net increase of $11 million in our deferred tax valuation allowance for the year ended December 31, 2021 primarily due to impact of the U.K. tax rate change and associated increase in deferred tax assets which management does not believe meet the “more likely than not” realization threshold.

The realization of deferred tax assets is dependent on generating sufficient taxable income in future periods in which the tax benefits are deductible or creditable. The amount of the deferred tax asset considered realizable, however, could be revised in the future if estimates of future taxable income change.

Income taxes are determined and assessed jurisdictionally by legal entity or by filing group. Certain jurisdictions require or allow combined or consolidated tax filings. We have estimated the future taxable income of our foreign subsidiaries and provided a valuation allowance in respect of those assets where we do not expect to realize a benefit. We have considered all available evidence using a “more likely than not” standard in determining the amount of the valuation allowance. We considered the following evidence:

i.net earnings or losses in recent years;

ii.the future sustainability and likelihood of positive net earnings of our subsidiaries;

iii.the carryforward periods of tax losses including the effect of reversing temporary differences; and

iv.tax planning strategies.

In making our determination, the assumptions used in determining future taxable income require significant judgment and any changes in these assumptions could have an impact on earnings.

Unrecognized Tax Benefits

During the years ended December 31, 2021, 2020 and 2019, there were no unrecognized tax benefits. There were no accruals for the payment of interest and penalties related to income taxes as of each of December 31, 2021, 2020 and 2019.

Open Tax Years

Our operating subsidiaries may be subject to examination by various tax authorities and may have different statutes of limitations expiration dates. Taxing authorities may propose adjustments to our income taxes.

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2021:

Major Tax Jurisdiction

Open Tax Years

United States

2018-2021

United Kingdom

2020-2021

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

22. RELATED PARTY TRANSACTIONS

The following tables summarize our related party balances and transactions. Additional details about the nature of our relationships and transactions are included further below.


As of December 31, 2021	Stone Point (1)		AnglePoint HK (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Assets


Fixed maturities, trading, at fair value	$	122	$	—	$	180	$	—	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	332		—		1		—		—		—		—		—
Equities, at fair value	153		—		37		—		224		—		—		—
Other investments, at fair value	563		9		14		—		—		—		—		1,278
Equity method investments	—		—		—		194		—		56		225		—
Total investments	1,170		9		232		194		224		56		225		1,278
Cash and cash equivalents	14		—		27		—		—		—		—		—
Restricted cash and cash equivalents	—		—		4		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		—		63		—		—		—		2		—
Funds held by reinsured company	—		—		35		—		—		—		41		—

Other assets	—		—		28		—		—		—		13		—
Liabilities
Losses and LAE	—		—		226		—		—		—		504		—
Insurance and reinsurance balances payable	—		—		63		—		—		—		5		—
Other liabilities	—		—		63		—		—		—		—		—
Net assets (liabilities)	$	1,184	$	9	$	37	$	194	$	224	$	56	$	(228)	$	1,278

Redeemable noncontrolling interest	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of December 31, 2021, we had unfunded commitments of $229 million to other investments, $25 million to privately held equity and $10 million to fixed maturity investments managed by Stone Point and its affiliated entities.

(2) Subsequent to December 31, 2021, AnglePoint HK ceased to be a related party.


As of December 31, 2020	Stone Point		Hillhouse (1)		Monument		AmTrust		Citco		Enhanzed Re (2)		Core Specialty		Other
	(in millions of U.S. dollars)
Assets

Short-term investments, AFS, at fair value	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	196		—		—		—		—		—		—		—
Fixed maturities, AFS, at fair value	227		—		—		—		—		—		—		—
Equities, at fair value	104		—		—		230		—		—		—		—
Other investments, at fair value	527		2,735		—		—		—		—		—		931
Equity method investments	—		—		194		—		53		330		235		—
Total investments	1,055		2,735		194		230		53		330		235		931
Cash and cash equivalents	24		—		—		—		—		—		—		—


Reinsurance balances recoverable on paid and unpaid losses	—		—		—		—		—		208		2		—
Funds held by reinsured company	—		—		—		—		—		194		58		—
Other assets			—		—		—		—		1		46		—
Liabilities
Losses and LAE	—		—		—		—		—		—		683		—
Insurance and reinsurance balances payable	—		—		—		—		—		1		25		—
Other liabilities	1		—		—		—		—		—		10		—
Net assets (liabilities)	$	1,078	$	2,735	$	194	$	230	$	53	$	732	$	(377)	$	931

Redeemable noncontrolling interest	$	350	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of December 31, 2020, the carrying value of our direct investment in the InRe Fund, which was then managed by AnglePoint Cayman, was $2.4 billion. The Hillhouse Group ceased to be a related party on July 22, 2021.

(2) As of December 31, 2020, Enhanzed Re held investments in funds managed by AnglePoint Cayman of $851 million for which our share (through our equity method investment ownership) was $404 million. During the second quarter of 2021, Enhanzed Re redeemed $902 million of its investments in funds managed by AnglePoint Cayman. Following completion of the Step Acquisition and related consolidation, Enhanzed Re ceased to be a related party on September 1, 2021.


	2021
	Stone Point		Hillhouse (1)		AnglePoint HK (2)		Northshore		Monument		AmTrust		Citco		Enhanzed Re (3)		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	—	$	—	$	58	$	—	$	—	$	—	$	(2)	$	8	$	—

Net investment income (expense)	21		—		(13)		3		—		6		—		(4)		—		3
Net realized gains	—		77		—		—		—		—		—		—		—		—
Net unrealized gains (losses)	83		20		(69)		—		—		(6)		—		—		—		136
Other (expense) income	—		—		—		(15)		—		—		—		2		15		—
	104		97		(82)		46		—		—		—		(4)		23		139
Net incurred losses and LAE	—		—		—		(18)		—		—		—		—		32		—
Acquisition costs	—		—		—		(13)		—		—		—		1		6		—
General and administrative expenses	—		—		—		(10)		—		—		—		—		—		—

	—		—		—		(41)		—		—		—		1		38		—
Earnings from equity method investments	—		—		—		—		14		—		4		82		(6)		—
Total net earnings (loss)	$	104	$	97	$	(82)	$	5	$	14	$	—	$	4	$	79	$	55	$	139

(1) Includes earnings from our direct investment in the InRe Fund, which was managed by AnglePoint Cayman through March 31, 2021, and the impact of a $100 million deduction 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. The Hillhouse Group ceased to be a related party on July 22, 2021.

(2) Includes earnings from our direct investment in the InRe Fund, which was managed by AnglePoint HK from April 1, 2021 to October 15, 2021, and another fund managed by AnglePoint HK. For the year ended December 31, 2021, we incurred management and performance fees of $16 million in relation to the InRe Fund, which consisted of a $10 million minimum performance fee and operating expense reimbursements of $6 million. These fees were deducted from the AnglePoint HK funds’ reported net asset values and recorded as net investment expenses in the consolidated statements of earnings.

(3) Following completion of the Step Acquisition and related consolidation, Enhanzed Re ceased to be a related party on September 1, 2021.


	2020
	Stone Point		Hillhouse (1)		Monument		AmTrust		Citco		Enhanzed Re		Other
	(in millions of U.S. dollars)


Net investment income	$	16	$	—	$	—	$	7	$	—	$	(4)	$	—

Net unrealized gains (losses)	24		1,288		—		(11)		—		(1)		76
Other income	—		—		—		—		—		3		—
	40		1,288		—		(4)		—		(2)		76
Net incurred losses and LAE	—		—		—		—		—		(6)		—



	—		—		—		—		—		(6)		—
Earnings from equity method investments	—		—		88		—		2		147		—
Total net earnings (loss)	$	40	$	1,288	$	88	$	(4)	$	2	$	139	$	76

Change in unrealized losses on AFS investments	$	—	$	—	$	—	$	—	$	—	$	(3)	$	—

(1) Includes earnings from our direct investment in the InRe Fund and other funds, which were then managed by AnglePoint Cayman. For the year ended December 31, 2020, we incurred management and performance fees of $489 million which were deducted from the Hillhouse Funds’ reported net asset values.


	2019
	Stone Point		Hillhouse (1)		Monument		AmTrust		Citco		Enhanzed Re		Other
	(in millions of U.S. dollars)


Net investment income	$	9	$	—	$	—	$	8	$	—	$	—	$	—

Net unrealized gains	26		310		—		10		—		—		41
Other income	—		—		—		—		—		1		—
	35		310		—		18		—		1		41





Earnings from equity method investments	—		—		20		—		3		29		—
Total net earnings	$	35	$	310	$	20	$	18	$	3	$	30	$	41

(1) Includes earnings from our direct investment in the InRe Fund and other funds, which were then managed by AnglePoint Cayman. For the year ended December 31, 2019, we incurred management and performance fees of $89 million which were deducted from the Hillhouse Funds’ reported net asset values.

Stone Point

As of December 31, 2021, investment funds managed by Stone Point own 1,635,986 of our voting ordinary shares, which constitutes 9.8% of our outstanding voting ordinary shares. James D. Carey, a managing director of Stone Point, is a member of our Board.

As of December 31, 2021, investment funds managed by Stone Point have a 39.3% interest in our subsidiary SSHL and a 76.3% interest in Northshore55. Additional information relating to our remaining interest in Northshore is set forth under the heading "Northshore" below. As of December 31, 2021 and December 31, 2020, the RNCI on our balance sheet relating to these co-investment transactions was $172 million and $350 million, respectively.

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 million. Mitchell provides third-party outsourcing managed care services to one of our subsidiaries in the ordinary course of its business.

Hillhouse Group

On July 22, 2021, we repurchased the Hillhouse Funds’ (as defined below) entire equity interest in Enstar, and as a result the Hillhouse Group (as defined below) ceased to be a related party on the same date56.

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 (as 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. 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 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 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 revised fee structure consisted 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 the calendar year 2021, there was also a minimum performance fee payable to AnglePoint HK of $10 million.

As a result of the terms of the Designation Agreement, the InRe Fund qualified as a VIE and was consolidated effective April 1, 2021. During the fourth quarter of 2021, we completed the liquidation of our investment in the InRe Fund57.

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 million58.

AnglePoint HK

As described above, on April 1, 2021, AnglePoint Cayman assigned its investment management agreement with the InRe Fund to AnglePoint HK which is owned by Mr. Liu. On October 15, 2021, we delivered written notice to AnglePoint HK of our decision to terminate the investment management agreement among the InRe Fund, the general partner of the InRe Fund, and AnglePoint HK.

At the same time, the 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.

As of December 31, 2021, we had one remaining direct investment in a fund managed by AnglePoint HK.

Northshore

Following the completion of the Exchange Transaction59 on January 1, 2021, our equity interest in Northshore, the holding company that owns Atrium and Arden, was reduced to 13.8% from 54.1%. We have accounted for our residual equity interest in Northshore as an investment in a privately held equity security at fair value.

Concurrent with the closing of the Exchange Transaction:

•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.

•Arden entered into an LPT retrocession agreement with one of our majority owned subsidiaries, through which Arden fully reinsured its run-off portfolio with total liabilities of $19 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.

•SGL No.1 ceased its provision of underwriting capacity on Syndicate 609. We will continue to report SGL No. 1's 25% gross share of the 2020 and prior underwriting years of Syndicate 609 until the 2020 underwriting year completes an RITC into a successor year, which will be no earlier than December 31, 2022.

There is no net retention for Enstar on Atrium's 2020 and prior underwriting years as the business was contractually transferred to the Atrium entities that were divested in the Exchange Transaction.

Monument Re

On 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) was exchanged for the new class of preferred shares.

Following the transaction we continue to own 20.0% of the common shares of Monument Re and 24.4% of the new class of preferred shares as of December 31, 2021, which is reduced to 13.7% on a committed capital basis. A fund managed by Stone Point has acquired 6.7% of the new class of preferred shares as of December 31, 2021, which increases to 11.2% on a committed capital basis. This transaction closed on December 14, 2021.

We have accounted for our investment in the common and preferred shares of Monument Re as an equity method investment.

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.

We have accounted for our investment in the shares of AmTrust an investment in a privately held equity security at fair value.

Citco

As of December 31, 2021 and 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 December 31, 2021 and 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.

We have accounted for our indirect investment in the shares of Citco as an equity method investment.

Enhanzed Re

Enhanzed Re was a joint venture between Enstar, 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 million to Enhanzed Re.

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

We ceded 10% of certain 2019, 2020 and 2021 transactions to Enhanzed Re on the same terms and conditions as those received by Enstar. In addition, one of our UK-based Run-off subsidiaries entered into a 50% quota share reinsurance agreement with Enhanzed Re during the fourth quarter of 2020. The reinsurance is on a funds held basis with fixed crediting rates.

As described above, 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 million and assumed its remaining outstanding capital commitment to Enhanzed Re of $40 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 date60.

Core Specialty

Following the sale and recapitalization of StarStone U.S., our investment in the common shares of Core Specialty, was accounted for as an equity method investment 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, as well as an ASA and a TSA, between certain of our subsidiaries and StarStone U.S. and Core Specialty61.

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

As a result of the completion of the Exchange Transaction on January 1, 2021, our investment in Core Specialty was reduced by $4.0 million.

OtherWe also have certain other investments, including investments in limited partnerships and partnership-like limited liability companies, that had we not elected the fair value option would otherwise be accounted for as equity method investments62. We have disclosed our investments in these entities on an aggregated basis as they are individually immaterial.

Dividend Restrictions and Statutory Financial Information

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Dividend Restrictions and Statutory Financial Information

10. FUTURE POLICYHOLDER BENEFITS

The table below summarizes the liability for future policyholder benefits:


	2021
	(in millions of U.S. dollars)
Deferred life contingent annuities	$	294
Whole of life reversion annuities	165
In-payment annuities	1,043
Total	$	1,502

23. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2021. Bermuda law permits the payment of dividends if;

i) we are not, or would not be after payment, unable to pay our liabilities as they become due and

ii) the realizable value of our assets is in excess of our liabilities after taking such payment into account.

Our ability to pay dividends and make other forms of distributions may also be limited by repayment obligations and financial covenants in our outstanding loan facility agreements.

Subsidiary Statutory Financial Information and Dividend Restrictions


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2021		2020		2021		2020		2021		2020		2019
	(in millions of U.S. dollars)
Bermuda	$	3,338	$	2,712	$	5,819	$	5,565	$	524	$	1,851	$	644
U.K.	804		804		1,247		1,224		163		43		155
U.S.	151		186		534		554		23		(67)		121
Europe	99		96		182		214		(2)		(1)		12
Australia	15		19		57		59		2		(2)		5

As of December 31, 2021, the total amount of net assets of our consolidated subsidiaries that were restricted was $4.4 billion.

Certain material aspects of these laws and regulations as they relate to solvency, dividends and capital and surplus are summarized below.

Bermuda

United Kingdom

U.K. Insurance Companies (non-Lloyd's)

Lloyd’s

United States

Europe

Australia

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	24. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We believe that there are no significant concentrations of credit risk associated with our cash and cash equivalents, fixed maturity investments, or other investments. Our cash and investments are managed pursuant to guidelines that follow prudent standards of diversification and liquidity, and limit the allowable holdings of a single issue and issuers. We are also subject to custodial credit risk on our investments, which we manage by diversifying our holdings amongst large financial institutions that are highly regulated. We have exposure to credit risk on certain of our assets pledged to ceding companies under insurance contracts. In addition, we are potentially exposed should any insurance intermediaries be unable to fulfill their contractual obligations with respect to payments of balances owed to and by us. Credit risk exists in relation to (re)insurance balances recoverable on paid and unpaid losses. We remain liable to the extent that counterparties do not meet their contractual obligations and, therefore, we evaluate and monitor concentration of credit risk among our (re)insurers. We are also subject to credit risk in relation to funds held by reinsured companies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. The funds are not typically 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 December 31, 2021, we had a significant funds held concentration of $3.2 billion (December 31, 2020: $955 million) and $1.2 billion (December 31, 2020: $182 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 reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of December 31, 2021. As of December 31, 2021 our credit exposure to the U.S. government was $1.2 billion (December 31, 2020: $1.4 billion). Legal Proceedings We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation are included in the liability for losses and LAE in our consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims. Unfunded Investment Commitments As of December 31, 2021, we had unfunded commitments of $1.7 billion to other investments, $35 million to privately held equity, $10 million to fixed maturity investments and $109 million to our majority owned subsidiary Enhanzed Re. Guarantees As of December 31, 2021 and 2020, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.7 billion and $1.7 billion, respectively. We also guarantee the Junior Subordinated Notes of $350 million66. 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 maintained a call right over the portion of SSHL owned by the Trident V Funds and the Dowling Funds, and they will maintain put rights to transfer those interests to us.
Subsequent Events	25. SUBSEQUENT EVENTS Debt obligations On January 14, 2022, our wholly-owned subsidiary, Enstar Finance, completed the issuance and sale of a series of junior subordinated notes due 2042 (the "2042 Junior Subordinated Notes") in an aggregate principal amount of $500 million. The 2042 Junior Subordinated Notes bear interest (i) during the initial five-year period ending January 14, 2027, at a fixed rate per annum of 5.50% and (ii) during each five-year reset period thereafter beginning January 15, 2027, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 4.006%. The 2042 Junior Subordinated Notes are unsecured junior subordinated obligations of Enstar Finance, are fully and unconditionally guaranteed by the Parent Company on an unsecured and junior subordinated basis, and are contractually subordinated in right of payment to the existing and future obligations of our other subsidiaries (other than Enstar Finance). Subject to threshold regulatory requirements, Enstar Finance may repurchase the 2042 Junior Subordinated Notes, in whole or in part, at any time during a par call period, at a repurchase price equal to 100% of the principal amount of such notes, plus accrued and unpaid interest, and at any time not during a par call period, plus an additional "make-whole" premium. We incurred costs of $6 million in issuing the 2042 Junior Subordinated Notes. The net proceeds of the 2042 Junior Subordinated Notes will be used to fund the payment at maturity of the outstanding $280 million aggregate principal amount of our 2022 Senior Notes, which mature on March 10, 2022. We intend to use the remaining net proceeds for general corporate purposes, including, but not limited to, funding our acquisitions, working capital and other business opportunities. Dividends on Preferred Shares On February 4, 2022, we declared $7 million and $2 million of dividends on the Series D and E Preferred Shares, respectively, to be paid on March 1, 2022 to shareholders of record as of February 15, 2022. Shareholders' Equity Subsequent to December 31, 2021, and through February 22, 2022, we repurchased 111,398 voting ordinary shares for $27 million for an average price per share of $256.98 under the 2021 Repurchase Program. As of February 22, 2022, the remaining capacity under the 2021 Repurchase Program was $32 million. Transactions Aspen On January 10, 2022, we entered into an agreement with Aspen Insurance Holdings Limited ("Aspen") to assume $3.1 billion of net loss reserves on a diverse mix of property, liability and specialty lines of business in a LPT transaction, subject to a limit of $3.6 billion in exchange for a premium of $3.2 billion. The amount of net loss reserves assumed, as well as the premium and limit amounts provided in the LPT agreement, will be adjusted for claims paid between October 1, 2021 and the closing date of the transaction. The premium includes $770 million of premium previously paid with respect to reserves ceded under the existing ADC transaction, which will continue to be held in trust accounts to secure Cavello Bay Reinsurance Limited's obligations under the LPT Agreement. The incremental new premium will initially be held in funds withheld accounts maintained by the Aspen companies. These funds will be credited with interest at an annual rate of 1.75% plus, for periods after October 1, 2022, an additional amount equal to 50% of the amount by which the total return on the investments and cash and cash equivalents of Aspen Insurance Holdings Limited and its subsidiaries exceeds 1.75%. Additionally, we will assume claims control of the subject business upon closing and entrance into an administrative services agreement. The transaction is subject to regulatory approvals and satisfaction of various other closing conditions, during which time the ADC will remain in place. The transaction is expected to close in the first half of 2022.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	25. SUBSEQUENT EVENTS Debt obligations On January 14, 2022, our wholly-owned subsidiary, Enstar Finance, completed the issuance and sale of a series of junior subordinated notes due 2042 (the "2042 Junior Subordinated Notes") in an aggregate principal amount of $500 million. The 2042 Junior Subordinated Notes bear interest (i) during the initial five-year period ending January 14, 2027, at a fixed rate per annum of 5.50% and (ii) during each five-year reset period thereafter beginning January 15, 2027, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 4.006%. The 2042 Junior Subordinated Notes are unsecured junior subordinated obligations of Enstar Finance, are fully and unconditionally guaranteed by the Parent Company on an unsecured and junior subordinated basis, and are contractually subordinated in right of payment to the existing and future obligations of our other subsidiaries (other than Enstar Finance). Subject to threshold regulatory requirements, Enstar Finance may repurchase the 2042 Junior Subordinated Notes, in whole or in part, at any time during a par call period, at a repurchase price equal to 100% of the principal amount of such notes, plus accrued and unpaid interest, and at any time not during a par call period, plus an additional "make-whole" premium. We incurred costs of $6 million in issuing the 2042 Junior Subordinated Notes. The net proceeds of the 2042 Junior Subordinated Notes will be used to fund the payment at maturity of the outstanding $280 million aggregate principal amount of our 2022 Senior Notes, which mature on March 10, 2022. We intend to use the remaining net proceeds for general corporate purposes, including, but not limited to, funding our acquisitions, working capital and other business opportunities. Dividends on Preferred Shares On February 4, 2022, we declared $7 million and $2 million of dividends on the Series D and E Preferred Shares, respectively, to be paid on March 1, 2022 to shareholders of record as of February 15, 2022. Shareholders' Equity Subsequent to December 31, 2021, and through February 22, 2022, we repurchased 111,398 voting ordinary shares for $27 million for an average price per share of $256.98 under the 2021 Repurchase Program. As of February 22, 2022, the remaining capacity under the 2021 Repurchase Program was $32 million. Transactions Aspen On January 10, 2022, we entered into an agreement with Aspen Insurance Holdings Limited ("Aspen") to assume $3.1 billion of net loss reserves on a diverse mix of property, liability and specialty lines of business in a LPT transaction, subject to a limit of $3.6 billion in exchange for a premium of $3.2 billion. The amount of net loss reserves assumed, as well as the premium and limit amounts provided in the LPT agreement, will be adjusted for claims paid between October 1, 2021 and the closing date of the transaction. The premium includes $770 million of premium previously paid with respect to reserves ceded under the existing ADC transaction, which will continue to be held in trust accounts to secure Cavello Bay Reinsurance Limited's obligations under the LPT Agreement. The incremental new premium will initially be held in funds withheld accounts maintained by the Aspen companies. These funds will be credited with interest at an annual rate of 1.75% plus, for periods after October 1, 2022, an additional amount equal to 50% of the amount by which the total return on the investments and cash and cash equivalents of Aspen Insurance Holdings Limited and its subsidiaries exceeds 1.75%. Additionally, we will assume claims control of the subject business upon closing and entrance into an administrative services agreement. The transaction is subject to regulatory approvals and satisfaction of various other closing conditions, during which time the ADC will remain in place. The transaction is expected to close in the first half of 2022.

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

12 Months Ended

Dec. 31, 2021

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

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

SCHEDULE I

ENSTAR GROUP LIMITED

SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES67

As of December 31, 2021

(Expressed in millions of U.S. Dollars)


Type of investment	Cost (1)		Fair Value		Amount at which shown in the balance sheet
Short-term and fixed maturity investments — Trading and short-term and fixed maturity investments within funds held - directly managed:(2)
U.S. government and agency	$	285	$	288	$	288
U.K. government	73		73		73
Other government	531		535		535
Corporate	3,321		3,456		3,456
Municipal	143		158		158
Residential mortgage-backed	217		219		219
Commercial mortgage-backed	504		512		512
Asset-backed	287		284		284
Structured Products	1,071		1,033		1,033
Total	6,432		6,558		6,558
Short-term and fixed maturity investments — AFS:(2)
U.S. government and agency	463		459		459
U.K. government	10		10		10
Other government	127		128		128
Corporate	3,384		3,358		3,358
Municipal	129		128		128
Residential mortgage-backed	394		391		391
Commercial mortgage-backed	566		562		562
Asset-backed	625		625		625
Total	5,698		5,661		5,661
Equities(3)	1,454		1,629		1,629
Other investments, at fair value (4)	1,771		1,771		1,771

Total	$	15,355	$	15,619	$	15,619

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

(2)The difference in the amount of fixed maturities shown at fair value and the fixed maturities shown in our consolidated balance sheet relates to the fair value of $35 million as of December 31, 2021 for our investment in fixed maturities issued by affiliates of Stone Point.

(3)The difference in the amount of equities shown at fair value and the equities shown in our consolidated balance sheet relates to the fair value of $92 million as of December 31, 2021 for our investment in a registered investment company affiliated with entities owned by Trident, $50 million as a co-investor alongside Stone Point and a $224 million investment in AmTrust.

(4)The difference in the amount of other investments shown at fair value and the other investments shown in our consolidated balance sheet relates to the fair value of $562 million as of December 31, 2021 for our other investments in funds or companies owned by or affiliated with certain related parties.

Schedule II - Condensed Financial Statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Statements

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Balance Sheets - Parent Company Only

As of December 31, 2021 and 2020


	2021		2020
	(in millions of U.S. dollars, except share data)
ASSETS
Equities, at fair value (cost: 2021 - $2; 2020 - $0)	$	2	$	—
Cash and cash equivalents	72		8
Balances due from subsidiaries	29		19
Investments in subsidiaries	7,677		7,887
Other assets	5		8
TOTAL ASSETS	$	7,785	$	7,922
LIABILITIES
Debt obligations	$	1,270	$	903
Balances due to subsidiaries	381		301
Other liabilities	38		44
TOTAL LIABILITIES	1,689		1,248
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY










Ordinary shares (par value $1 each, issued and outstanding 2021: 18,223,574; 2020: 22,085,232):
Voting Ordinary Shares (issued and outstanding 2021: 16,625,862; 2020: 18,575,550)	17		19

Non-voting convertible ordinary Series C Shares (issued and outstanding 2021: 1,192,941 and 2020: 2,599,672)	1		3
Non-voting convertible ordinary Series E Shares (issued and outstanding 2021: 404,771 and 2020: 910,010)	—		1
Preferred Shares:
Series C Preferred Shares (issued and held in treasury 2021 and 2020: 388,571)	—		—
Series D Preferred Shares (issued and outstanding 2021 and 2020: 16,000)	400		400
Series E Preferred Shares (issued and outstanding 2021 and 2020: 4,400)	110		110
Treasury shares, at cost (Series C Preferred Shares 2021 and 2020: 388,571)	(422)		(422)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2021 and 2020: 565,630)	(1)		(1)
Additional paid-in capital	922		1,836
Accumulated other comprehensive income	(16)		81
Retained earnings	5,085		4,647
Total Enstar Group Limited Shareholders’ Equity	6,096		6,674
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,785	$	7,922

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Earnings - Parent Company Only

For the Years Ended December 31, 2021, 2020 and 2019


	2021		2020		2019
	(in millions of U.S. dollars)
INCOME
Net investment income	$	—	$	2	$	4


	—		2		4
EXPENSES
General and administrative expenses	41		46		45
Interest expense	54		52		52
Net foreign exchange losses (gains)	3		(3)		(22)
	98		95		75
NET LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES	(98)		(93)		(71)
Equity in undistributed earnings of subsidiaries - continuing operations	571		1,832		1,002
Equity in undistributed earnings of subsidiaries - discontinued operations	—		16		7
NET EARNINGS	473		1,755		938
Dividends on preferred shares	(36)		(36)		(36)
NET EARNINGS ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	437	$	1,719	$	902

See accompanying notes to the Condensed Financial Information of Registrant

Statements of Comprehensive Income - Parent Company Only

For the Years Ended December 31, 2021, 2020 and 2019


	2021		2020		2019
	(in millions of U.S. dollars)
NET EARNINGS	$	473	$	1,755	$	938
Other comprehensive (loss) income relating to subsidiaries, net of tax	(98)		73		(3)
COMPREHENSIVE INCOME	$	375	$	1,828	$	935

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Cash Flows - Parent Company Only

For the Years Ended December 31, 2021, 2020 and 2019


	2021		2020		2019
	(in millions of U.S. dollars)
OPERATING ACTIVITIES:
Net cash flows (used in) provided by operating activities	$	(72)	$	117	$	(128)
INVESTING ACTIVITIES:
Dividends and return of capital from subsidiaries	675		44		65
Contributions to subsidiaries	—		(26)		(240)
Net cash flows provided by (used in) investing activities	675		18		(175)
FINANCING ACTIVITIES:

Dividends on preferred shares	(36)		(36)		(36)
Repurchase of shares	(942)		(26)		—
Repayment of loans	(429)		(449)		(219)
Receipt of loans	868		379		548
Net cash flows (used in) provided by financing activities	(539)		(132)		293
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	64		3		(10)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	8		5		15
CASH AND CASH EQUIVALENTS, END OF YEAR	$	72	$	8	$	5

See accompanying notes to the Condensed Financial Information of Registrant

Notes to the Condensed Financial Information of Registrant

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

Net investment income relates to interest on loans to subsidiaries. For the years ended December 31, 2021, 2020, and 2019, interest paid was $41 million, $47 million, and $46 million, respectively.

Investing activities in the Condensed Statements of Cash Flows primarily represents the flow of funds to and from subsidiaries to provide cash on hand to fund business acquisitions and significant new business.

Non-Cash investing activities during the years ended December 31, 2021, 2020, and 2019, included:

i.$0, $130 million and $0, respectively, for dividends and return of capital from subsidiaries. In 2020, these transactions were to settle intercompany balances, resulting in a net reduction in balances due to subsidiaries and a decrease in investments in subsidiaries.

As of December 31, 2021 and 2020, parental guarantees and capital support instruments supporting subsidiaries' insurance obligations were $2.1 billion and $1.7 billion, respectively. In addition, as of December 31, 2021 and 2020, there were $210 million and $210 million, respectively, of unsecured letters of credit for FAL which have a parental guarantee. Furthermore, as of December 31, 2021, we also guarantee the Junior Subordinated Notes issued in 2020 for an aggregate principal amount of $350 million.

As of December 31, 2021 and 2020, retained earnings were $5.1 billion and $4.6 billion, respectively, an increase of $438 million. This increase was primarily attributable to the net earnings of $437 million.

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Schedule III - Supplementary Insurance Information

SCHEDULE III

ENSTAR GROUP LIMITED

SUPPLEMENTARY INSURANCE INFORMATION

(Expressed in millions of U.S. Dollars)


	As of December 31,								Year ended December 31,
	Deferred Acquisition Costs		Reserves for Losses and Loss Adjustment Expenses		Unearned Premiums		Policy Benefits for Life and Annuity Contracts		Net Premiums Earned		Net Investment Income		Losses and Loss Expenses and Policy Benefits		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Premiums Written
2021
Run-off	$	14	$	13,117	$	171	$	—	$	182	$	—	$	(194)	$	44	$	188	$	35
Enhanzed Re	—		181		5		1,502		5		—		(2)		—		1		3
Investments	—		—		—		—		—		309		—		—		37		—
Legacy Underwriting	2		215		12		—		58		3		20		13		10		24
Corporate & Other	—		(255)		—		—		—		—		62		—		131		—
Total	$	16	$	13,258	$	188	$	1,502	$	245	$	312	$	(114)	$	57	$	367	$	62
2020
Run-off (1)	$	23	$	9,433	$	72	$	—	$	59	$	—	$	(145)	$	20	$	173	$	3
Investments	—		—		—		—		—		270		—		—		35		—
Legacy Underwriting (1)	21		1,358		203		—		513		33		371		151		158		430
Corporate & Other	—		(198)		—		—		—		—		190		—		136		—
Total	$	44	$	10,593	$	275	$	—	$	572	$	303	$	416	$	171	$	502	$	433
2019
Run-off	$	42	$	8,684	$	130	$	—	$	168	$	—	$	(153)	$	74	$	173	$	(25)
Investments	—		—		—		—		—		267		—		—		30		—
Legacy Underwriting	75		1,570		404		—		636		41		562		167		97		571
Corporate & Other	—		(386)		—		—		—		—		205		—		113		—
Total	$	117	$	9,868	$	534	$	—	$	804	$	308	$	614	$	241	$	413	$	546

(1) As of December 31, 2020, the assets and liabilities of Northshore, the holding company which owns Atrium and Arden (a Run-off subsidiary), were classified as held-for-sale. Deferred acquisition costs, reserves for losses and LAE and unearned premiums for Northshore were $24 million, $254 million and $91 million, respectively68.

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

SCHEDULE IV

ENSTAR GROUP LIMITED

REINSURANCE

For the Years Ended December 31, 2021, 2020 and 2019

(Expressed in millions of U.S. Dollars)


	Gross		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net

2021

Premiums earned:
Property and casualty	$	295	$	(128)	$	75	$	242	31.0	%
Future policyholder benefits	—		—		3		3		—	%
Total premiums earned	$	295	$	(128)	$	78	$	245

2020

Premiums earned:
Property and casualty	542		(158)		188		572		32.9	%

Total premiums earned	$	542	$	(158)	$	188	$	572

2019
Life insurance in force	$	725	$	(66)	$	—	$	659	—	%
Premiums earned:
Property and casualty	680		(146)		269		803		33.5	%
Future policyholder benefits	1		—		—		1		—	%
Total premiums earned	$	681	$	(146)	$	269	$	804

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V - Valuation and Qualifying Accounts

SCHEDULE V

ENSTAR GROUP LIMITED

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2021, 2020 and 2019

(Expressed in millions of U.S. Dollars)


	Balance at Beginning of Year		Charged to costs and expenses		Charged to other accounts (1)		Deductions (2)		Balance at End of Year
December 31, 2021
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	137	$	—	$	1	$	(2)	$	136
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	5		—		—		—		5
Valuation allowance for deferred tax assets	118		12		—		(1)		129

December 31, 2020
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	148	$	—	$	—	$	(11)	$	137
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	4		—		1		—		5
Valuation allowance for deferred tax assets	117		4		—		(3)		118

December 31, 2019
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	157	$	—	$	—	$	(9)	$	148
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	—		—		4		—		4
Valuation allowance for deferred tax assets	212		3		—		(98)		117

(1)The 2020 amount includes $3 million for the cumulative effect of change in accounting principle.

(2)Credited to the related asset account.

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

12 Months Ended

Dec. 31, 2021

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

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

SCHEDULE VI

ENSTAR GROUP LIMITED

SUPPLEMENTARY INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS

As of and for the years ended December 31, 2021, 2020 and 2019

(Expressed in millions of U.S. Dollars)


	As of December 31,						Year ended December 31,
Affiliation with Registrant	Deferred Acquisition Costs		Reserves for Unpaid Losses and Loss Adjustment Expenses		Unearned Premiums		Net Premiums Earned		Net Investment Income		Net Losses and Loss Expenses Incurred				Net Paid Losses and Loss Expenses		Amortization of Deferred Acquisition Costs		Net Premiums Written
											Current Period		Prior Periods
Consolidated Subsidiaries
2021	$	16	$	13,258	$	188	$	242	$	312	$	172	$	(283)	$	(1,431)	$	57	$	59
2020	44		10,593		275		572		303		405		11		(1,485)		171		433
2019	117		9,868		534		803		308		580		34		(1,788)		240		544

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Preparation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated.
Use of Estimates, Risks and Uncertainties	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, 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. Actual results could differ from those estimates. The estimation of unpaid claim liabilities at any given point in time is subject to a high degree of uncertainty for a number of reasons. A significant amount of time can lapse between the assumption of risk, the occurrence of a loss event, the reporting of the event to an (re)insurance company and the ultimate payment of the claim on the loss event. Certain estimates for unpaid claim liabilities involve considerable uncertainty due to significant coverage litigation and it can be unclear whether past claim experience will be representative of future claim experience. We expect that uncertainty and volatility in financial markets relating to the COVID-19 pandemic will continue to impact the value of our investments. The scope, duration and magnitude of the direct and indirect effects of the COVID-19 pandemic are changing rapidly and are difficult to anticipate. We are subject to economic factors such as interest rates, inflation, foreign exchange rates, adverse reserve developments, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results.
Retroactive Reinsurance Contracts, Reinsurance Balances Recoverable on Paid and Unpaid Losses, Funds Held, and Life Reinsurance	Retroactive reinsurance contracts provide indemnification for losses and loss adjustment expenses ("LAE") with respect to past loss events. We do not record any income or expense on recognition of the contracts assets and liabilities. Any subsequent remeasurement of the value of liabilities is recorded to net incurred losses and LAE within the consolidated statements of earnings. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and LAE. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the probability of default ("PD") and loss given default ("LGD") methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and LAE in our consolidated statements of earnings. On an ongoing basis, we also evaluate and monitor the credit risk of our reinsurers, including those under voluntary schemes of arrangement, to minimize our exposure to significant losses from potential insolvencies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to us. The funds balance is credited with investment income and losses paid are deducted. Funds held are shown under two categories on the consolidated balance sheets, funds held where we receive the underlying portfolio economics are shown as "Funds held - directly managed", and funds held where we receive a fixed crediting rate are shown as "Funds held by reinsured companies". Funds held by reinsured companies are carried at cost. Funds held - directly managed, 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 cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses), respectively. The change in the fair value of the embedded derivative is included in net unrealized gains (losses).
Deferred Charge Assets	If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the premiums received, a deferred charge asset (“DCA”) is recorded for this difference. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than our estimate of losses and LAE liabilities as these liabilities may not be settled for many years. Our contractual counterparties (cedants) settle the premium consideration upon inception of the contract and we invest the premium received over an extended period of time, thereby generating investment income. As a result, we expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. DCAs are amortized over the estimated claim payment period of the related contract with the periodic amortization reflected in earnings as a component of losses and LAE. The amortization of DCAs is adjusted at each reporting period to reflect new estimates of the amount and timing of remaining loss and LAE payments. Changes in the estimated liability amount and the expected timing of related payments of unpaid losses may result in a subsequent remeasurement of the DCAs and the amount of periodic amortization. Any change in ultimate losses on the contracts with a recognized DCA will result in the recognition of an adjustment to the DCA, as if the adjusted reserves had existed upon inception of the contract. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the DCAs. DCAs are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. For each reinsurance contact where a DCA has been recorded we assess for impairment by determining the rate of return that we are required to earn on the invested assets to ensure that all cashflows arising from the assumed liabilities are met in full over the projected remaining payout period. This required rate of return is compared against the modeled rate of return, the weighted average portfolio yield and the actual annualized rate of return in order to identify indicators that would lead us to record an impairment of the DCA. For the year ended December 31, 2021, we completed our assessment for impairment of DCA and concluded that there had been no impairment of our carried DCA balances.
Short-duration Insurance Contracts	Premiums written Premiums written related to prospective risk policies are earned on a pro-rata basis over the period of the related coverage. Reinsurance premiums on prospective risks are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined. Certain contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. These adjustments to the premium are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves, included within other liabilities on the consolidated balance sheets, represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premium balances receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. However, the credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium.
Acquisition Costs	Acquisition costs, consisting principally of incremental costs including, commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and which are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs (“DAC”), included within other assets on the consolidated balance sheets, are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. A premium deficiency occurs if the sum of anticipated losses and LAE exceed unearned premiums, DAC and anticipated investment income. A premium deficiency is initially recognized by charging any DAC to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the DAC, then a liability is accrued for the excess deficiency.
Losses and LAE	The liability for losses and LAE includes reserves for unpaid reported losses and losses incurred but not reported ("IBNR"). We establish reserves for unpaid reported losses and LAE based on reports from brokers, ceding companies and insureds and these represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserves for IBNR losses are established by us based on actuarially determined estimates of ultimate losses and LAE. Inherent in the estimate of ultimate losses and LAE are expected trends in claim severity and frequency, historical loss experience, industry statistics and other factors which may vary significantly as claims are settled. These estimates are reviewed regularly and are subject to the impact of future changes in the factors noted above as well as economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Any subsequent remeasurement of our reserves will be recorded in earnings in the period in which they become known and reflected as part of the net increase or reduction in the estimates of ultimate losses included within net incurred losses and LAE in the consolidated statements of earnings. Prior period development ("PPD") arises from changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses which can be beneficial to us as they legally extinguish liabilities in full, reducing the potential for future adverse loss development and future claims handling costs. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations are only executed directly with (re)insureds and any changes in ultimate losses are recognized upon the execution of a commutation or policy buyback with the (re)insured. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of any associated fair value adjustments or DCAs in that period. Our (re)insurance subsidiaries also establish provisions for unallocated loss adjustment expenses ("ULAE") for LAE relating to run-off costs for the estimated duration of the run-off, such as internal claim management or associated operational support costs, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings. Fair Value Option We have elected to apply the fair value option for certain reinsurance contracts including, loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and LAE. We use an internal model to calculate the fair value of the liability for losses and LAE and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to the funds held assets, reinsurance balances recoverable on paid and unpaid losses, and the liability for losses and LAE, are inputs in our internal model. These liabilities are included in losses and LAE, at fair value on the consolidated balance sheets, and the changes in the liability are included in net incurred losses and LAE on the consolidated statements of earnings.
Future Policyholder Benefits	Our life reinsurance contracts include traditional single payment premium immediate annuities, life contingent deferred annuities, and whole life reversion annuity 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, which includes judgments over estimates of mortality rates, investment yields, policy expenses, and other assumptions by reference to cedants' historical data, regional mortality tables, industry standards, and other available information sources as may be reasonably available. These estimates include provisions for adverse deviation. These assumptions are locked in at contract inception or assumption and are only unlocked and modified if it is deemed that the provision for future policyholder benefits are insufficient. 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 adjustments in the period in which the assumptions are unlocked and changes are made. The consideration received for life reinsurance contracts is calculated as the fair value of the assets received net of commissions, brokerage, or fronting fees.
Defendant Asbestos and Environmental Liabilities	Defendant asbestos and environmental liabilities ("defendant A&E liabilities") on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos-related exposures. Defendant A&E liabilities also include amounts for environmental liabilities, associated with the acquired companies' properties, relating to estimated clean-up costs associated with the acquired companies' former operations based on engineering reports. Changes to our estimate of these liabilities are recorded to other income (expense) within the consolidated statements of earnings in the period that our estimate is revised.
Insurance Balances Recoverable	Amounts billed to and due from insurers providing coverage for our defendant A&E liabilities are calculated in accordance with the terms of the individual insurance contracts. On an ongoing basis, we evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant A&E liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible insurance, we use the inputs and methodologies as described in (h) Reinsurance Balances Recoverable on Paid and Unpaid Losses above. Amounts deemed to be uncollectible, including amounts due from known insolvent insurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of other income (expense) in our consolidated statements of earnings.
Cash and cash equivalents	Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less.
Investments	Short-term investments and fixed maturity investments Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized gains and losses included in net earnings and reported as net realized and unrealized gains and losses, respectively. Short-term and fixed maturity investments classified as available-for-sale ("AFS") are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of earnings. The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. We report the investment income accrued on our AFS fixed maturity securities within other assets and therefore separately from the underlying AFS fixed maturity securities. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized investment gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible fixed maturity securities are written off when we determine that no additional payments of principal or interest will be received. Equities We hold investments in publicly traded equities, exchange-traded funds and privately held equities. Our equity investments are carried at fair value with realized and unrealized gains and losses included in net earnings and recorded as net realized and unrealized gains and losses, respectively. Other investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equity funds") and hedge funds, fixed income funds, equity funds, private credit funds, real estate funds, collateralized loan obligation ("CLO") equities and CLO equity funds that carry their investments at fair value and CLO equities. We have elected the fair value option for certain of our other investments that would otherwise be accounted for as an equity method investment. The primary reason for electing the fair value option is because we believe this measurement basis is consistent with the applicable accounting guidance used by the investment funds themselves. Our other investments are stated at fair value, which ordinarily will be the most recently reported net asset value ("NAV") as advised by the fund manager or administrator. The NAV is based on the fund manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents. Many of our fund investments publish NAVs on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. Unrealized gains and losses on other investments are included in net earnings and reported as net unrealized gains and losses. Equity method investments Investments that we do not consolidate but in which we have significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting unless we have elected the fair value option. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company's proportionate share of net income or loss of the investee, net of any distributions received from the investee. We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees. Changes in the carrying value of such investments are recorded in our consolidated statements of earnings as earnings (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of earnings in the period in which it is determined.
Allowance for Credit Losses	We perform a detailed analysis every reporting period to identify any credit losses on our investment portfolios not measured at fair value through net earnings. Credit losses on our AFS fixed maturity securities are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the AFS fixed maturity security, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the AFS fixed maturity security, effectively creating a “fair value floor”. For our AFS fixed maturity securities that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and record the credit loss component in net realized investment gains (losses) in our consolidated statements of earnings. The unrealized losses related to non-credit factors is recorded in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in earnings. For our AFS fixed maturity securities where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our AFS fixed maturity securities where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our AFS fixed maturity securities that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized investment gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized investment gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. To determine the credit losses on our AFS securities, we use the PD and LGD methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security. The methodology and inputs used to determine the credit loss by security type are as follows: •Corporate and government securities: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs. •Municipal securities: Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities. For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable. •Asset-backed, commercial and residential mortgaged-backed securities: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio.
Variable Interest Entities	We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported NAV. Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment.
Foreign Exchange	Our reporting currency is the U.S. dollar. Assets and liabilities of certain of our subsidiaries and equity method investees whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in AOCI. Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net earnings.
Share-based Compensation	We primarily use three types of share-based compensation arrangements: (i) restricted shares, restricted share units and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), and (iii) shares issued under our employee share purchase plans. Our share-based compensation awards qualify for equity classification. We issue new shares once the awards have vested. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of earnings. Expenses for the PSU awards are adjusted for changes in the performance multiplier on the award. We recognize forfeitures as they occur.
Derivative Instruments	We use derivative instruments in our risk management strategies and investment operations. Derivatives, with the exception of embedded derivatives, are recorded on a trade-date basis and carried at fair value within other assets or other liabilities in the consolidated balance sheets. Embedded derivatives are generally presented with the host contract in the consolidated balance sheets. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. Our convertible bond portfolio, recorded within fixed maturities, trading and AFS on the consolidated balance sheets, and certain of our funds held arrangements (as described above) contain embedded derivatives. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to be perfectly effective, then we recognize the changes in the fair value of the underlying hedging instrument in AOCI until the application of hedge accounting is discontinued. Any cumulative gains or losses arising on designated net investment hedges are deferred in AOCI until the cumulative translation adjustment from the underlying hedged net investment is recognized in net earnings due to a disposal, deconsolidation or substantial liquidation.
Income Taxes	Certain of our subsidiaries and branches operate in jurisdictions where they are subject to taxation. Current and deferred tax expense or benefit is allocated to net earnings (loss), or, in certain cases, to discontinued operations or other comprehensive income (loss). Current tax is recognized and measured using enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the income tax is accrued or realized. Deferred taxes are provided for temporary differences between the carrying amount of assets and liabilities used in the financial statements and the tax basis used in the various jurisdictional tax returns. When our assessment indicates that all or some portion of deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets to reduce the assets to an amount more likely than not to be realized. We recognize the benefit relating to tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A recognized tax benefit is measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. A liability or other adjustment is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount allowed to be recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined in our consolidated statements of earnings.
Earnings Per Share	Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share.
Acquisitions	The acquisition method is used to account for all business acquisitions. This method requires that we record the acquired assets and liabilities at their estimated fair value. The fair values of each of the acquired reinsurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and our run-off strategy. Our run-off strategy is expected to be different from the seller's, who generally do not specialize in running off (re)insurance liabilities. The key assumptions used by us in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin.
Acquisitions, Fair Value Adjustment	The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. We carry unamortized FVA balances on the following consolidated balance sheet captions: losses and loss adjustment expenses, defendant asbestos and environmental liabilities, debt obligations and reinsurance balances recoverable on paid and unpaid losses. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes.
Goodwill	The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of earnings. Goodwill is established initially upon acquisition and assessed at least annually for impairment. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made.
Redeemable Noncontrolling Interest	In connection with historical acquisitions, noncontrolling interests continue to hold shares in certain of our subsidiaries. These shares provide certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. Redeemable noncontrolling interests with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through retained earnings as if the balance sheet date was also the redemption date.
Held-for-sale Business and Discontinued Operations	We report a business as held-for-sale when certain criteria are met, which include (i) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (ii) the business is available for immediate sale in its present condition, (iii) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (iv) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the businesses classified as held-for-sale are separately reported in our consolidated balance sheets beginning in the period in which the business is classified as held-for-sale. Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the discontinued operations are restated for all periods presented and reflected within continuing operations in our consolidated financial statements.
New Accounting Standards Adopted 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 consolidated financial statements and the related disclosures. ASU 2020-06 – Accounting for Convertible Instruments and Contracts in an Entity's Own Equity In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity's own equity. For convertible instruments, the ASU eliminates two of the three accounting models in ASC 470-20 that require separate accounting for embedded conversion features. The ASU also simplifies an issuer's application of the derivatives scope exception in ASC 815-40 for contracts in its own equity and removes some of the conditions that preclude a freestanding contract from being classified in equity, thereby allowing more of such contracts to qualify for equity classification. We early adopted the amendments in ASU 2020-06 as of January 1, 2021 and that adoption did not have an impact on our consolidated financial statements and the related disclosures. ASU 2020-01 - Clarifying the Interactions between ASC 321, ASC 323 and ASC 815 In January 2020, the FASB issued ASU 2020-01 to clarify the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting in ASC 323 and the accounting for certain forward contracts and purchased options accounted for under ASC 815. With respect to the interactions between ASC 321 and ASC 323, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting when applying the measurement alternative in ASC 321, immediately before applying or upon discontinuing the equity method of accounting. With respect to forward contracts or purchased options to purchase securities, the amendments clarify that when applying the guidance in ASC 815-10-15-141(a), an entity should not consider whether upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in ASC 323 or the fair value option in accordance with ASC 825. The adoption of ASU 2020-01 did not have an impact on our consolidated financial statements and disclosures. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12 which removes certain exceptions for (1) recognizing deferred taxes for investments, (2) performing intraperiod tax allocation, and (3) calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating income taxes to a legal entity that is not subject to income taxes. The adoption of ASU 2019-12 did not have any impact on our consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted 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 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; 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 only recently assumed our life reinsurance contracts following the completion of the Step Acquisition of Enhanzed Re on September 1, 2021. As such, we are currently evaluating the impact of ASU 2018-12 on our 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 consolidated financial statements and disclosures.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Operations by Segment

The following tables set forth select consolidated statement of earnings results by segment for the years ended December 31, 2021, 2020, and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Income
Run-off	$	255	$	191	$	235
Enhanzed Re	5		—		—
Investments	429		1,898		1,241
Legacy Underwriting	43		587		726
Subtotal	732		2,676		2,202
Corporate and other	57		(16)		(12)
Total income	$	789	$	2,660	$	2,190

Earnings from equity method investments
Investments	$	93	$	239	$	56

Segment net earnings (loss)
Run-off	$	217	$	143	$	141
Enhanzed Re	6		—		—
Investments	485		2,102		1,267
Legacy Underwriting	—		(93)		(100)
Total segment net earnings	708		2,152		1,308
Corporate and other:



Other expense (1)	(16)		(19)		(12)
Net gain on purchase and sale of subsidiaries	73		3		—
Net incurred losses and LAE (2)	(61)		(190)		(205)
Policyholder benefit expenses	(1)		—		—
General and administrative expenses	(131)		(136)		(113)
Interest expense	(69)		(59)		(53)
Net foreign exchange gains (losses)	12		(16)		8
Income tax expense	(27)		(24)		(12)
Net earnings from discontinued operations, net of income tax	—		16		7
Net (earnings) loss attributable to noncontrolling interest	(15)		28		10
Dividends on preferred shares	(36)		(36)		(36)
Total - Corporate and other	(271)		(433)		(406)
Net earnings attributable to Enstar Ordinary Shareholders	$	437	$	1,719	$	902

Schedule of Revenue from External Customers


	2021
	Run-off				Enhanzed Re				Legacy Underwriting				Total
	Total		%		Total		%		Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	14	27.5	%	$	—	—	%	$	25	48.1	%		$	39	36.9	%
United Kingdom	15		29.4	%	—		—	%	4		7.7	%		19		17.9	%
Europe	9		17.6	%	3		100.0	%	5		9.6	%		17		16.0	%
Asia	6		11.8	%	—		—	%	2		3.8	%		8		7.5	%
Rest of World	7		13.7	%	—		—	%	16		30.8	%		23		21.7	%
Total	$	51	100.0	%	$	3	100.0	%	$	52	100.0	%		$	106	100.0	%


	2020
	Run-off				Legacy Underwriting					Total
	Total		%			Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	5	100.0	%		$	178	32.5	%		$	183	33.2	%
United Kingdom	—		—	%		119		21.8	%		119		21.6	%
Europe	1		20.0	%		82		15.0	%		83		15.0	%
Asia	—		—	%		68		12.4	%		68		12.3	%
Rest of World	(1)		(20.0)	%		100		18.3	%		99		17.9	%
Total	$	5	100.0	%		$	547	100.0	%		$	552	100.0	%


	2019
	Run-off				Legacy Underwriting					Total
	Total		%			Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	(25)	100.0	%		$	215	31.4	%		$	190	28.8	%
United Kingdom	—		—	%		127		18.6	%		127		19.3	%
Europe	—		—	%		122		17.8	%		122		18.5	%
Asia	—		—	%		93		13.6	%		93		14.1	%
Rest of World	—		—	%		127		18.6	%		127		19.3	%
Total	$	(25)	100.0	%		$	684	100.0	%		$	659	100.0	%

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule Of Estimated Provisional Net Effect

The following table represents the fair value of net assets acquired, inclusive of the net effect of settlement of pre-existing relationships.


	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
	(in millions of U.S. dollars)
ASSETS

Fixed maturities, trading, at fair value	$	49	$	—	$	49
Funds held - directly managed	2,576		(304)		2,272
Equities, at fair value	855		—		855
Other investments, at fair value	14		—		14
Total investments	3,494		(304)		3,190
Cash and cash equivalents	11		—		11


Funds held by reinsured companies	214		—		214
Other assets	8		—		8
TOTAL ASSETS	$	3,727	$	(304)	$	3,423
LIABILITIES
Losses and LAE	$	1,113	$	(271)	$	842
Future policyholder benefits	1,539		—		1,539
Debt obligations	76		—		76
Insurance and reinsurance balances payable	102		(6)		96
Other liabilities	16		(7)		9
TOTAL LIABILITIES	2,846		(284)		2,562

NET ASSETS ACQUIRED AT FAIR VALUE	$	881	$	(20)	$	861
Less:
Cash consideration paid to Hillhouse Group affiliate					$	217
Fair value of previously held equity method investment					418
Fair value of noncontrolling interest					219
Adjustment for the fair value of pre-existing relationships					(20)
Total purchase price					834
Bargain purchase gain					$	27

Summary of Operations from Date of Acquisition

The table below summarizes the results of Enhanzed Re's operations, which are included in our consolidated statement of earnings from September 1, 2021, the date of acquisition, to December 31, 2021:


	September 1 to December 31, 2021 (1)
	(in millions of U.S. dollars)
Total income	$	(17)
Net loss	(19)
Net loss attributable to Enstar ordinary shareholders	(15)

(1)Excludes earnings from our previously held equity method investment in Enhanzed Re40.

Pro Forma Condensed Combined Statement of Earnings


	2021		2020
	(in millions of U.S. dollars)
Total income	$	1,071	$	3,070
Net earnings	494		1,942
Net earnings attributable to Enstar	445		1,892
Net earnings attributable to Enstar ordinary shareholders	409		1,856

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

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Financial Information of Held-For-Sale Business


	2021		2020
	(in millions of U.S. dollars)
Atrium	$	(8)	$	—
SUL	23		—
PWIC	8		—
Other	3		3
Net gain on sales of subsidiaries	$	26	$	3

The following table summarizes the components of Northshore's assets and liabilities held-for-sale on our consolidated balance sheet as of December 31, 2020:


	December 31, 2020
	(in millions of U.S. dollars)
ASSETS

Short-term investments, AFS, at fair value	$	2
Fixed maturities, trading, at fair value	154

Fixed maturities, AFS, at fair value	7


Other investments, at fair value	10


Total investments	173
Cash and cash equivalents	71
Restricted cash and cash equivalents	152



Reinsurance balances recoverable on paid and unpaid losses	37


Funds held by reinsured companies	32


Other assets	246
TOTAL ASSETS HELD-FOR-SALE	$	711

LIABILITIES
Losses and LAE	$	254



Insurance and reinsurance balances payable	12

Debt obligations	40
Other liabilities	178
TOTAL LIABILITIES HELD-FOR-SALE	$	484

NET ASSETS HELD-FOR-SALE	$	227

The following table summarizes the components of net earnings (loss) from discontinued operations, net of income taxes, related to StarStone U.S., on the consolidated statements of earnings for the years ended December 31, 2020 and 2019:


	2020		2019
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	291	$	351

Net investment income	13		16
Net realized gains	4		—
Net unrealized gains	2		19

	310		386
EXPENSES
Net incurred losses and LAE	192		258
Acquisition costs	58		65
General and administrative expenses	60		61
Interest expense	2		3

	312		387
LOSS BEFORE INCOME TAXES	(2)		(1)
Income tax benefit	2		8

NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE	$	—	$	7

DISPOSAL
Consideration received	$	282	$	—
Less: Carrying value of subsidiary	(278)		—

Add: Net realized gains on AFS securities and cumulative currency translation adjustments previously recognized in AOCI	12		—
Gain on sale of subsidiary	$	16	$	—

NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	$	16	$	7
Net (earnings) from discontinued operations attributable to noncontrolling interest	(9)		(3)
NET EARNINGS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	7	$	4


	2021		2020		2019
	(in millions of U.S. dollars)
Total income	$	(1)	$	12	$	11
Total expenses (1)	20		(16)		63
Net (loss) earnings	$	(21)	$	28	$	(52)

Summary of Distribution of Syndicate Results

Balances due from (due to) under these contractual arrangements as of December 31, 2021 were as follows:


	December 31, 2021
	(in millions of U.S. dollars)
Distribution of SGL No.1 share of Syndicate 609 results	$	34
Due to Arden under reinsurance agreement	(22)
Due to Atrium 5 Limited under Capacity Lease Agreement	(12)
Net balances with Northshore Group	$	—

- Definition

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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+ Details

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

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


	2021
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	3	$	25	$	102	$	434	$	183	$	747
U.K. government	—		—		73		10		—		83
Other government	3		—		285		128		247		663
Corporate (1)	—		8		2,660		3,350		796		6,814
Municipal	—		—		85		128		73		286
Residential mortgage-backed	—		—		104		391		115		610
Commercial mortgage-backed	—		—		250		562		262		1,074
Asset-backed			1		197		649		97		944
Structured products	—		—		—		—		1,033		1,033
Total fixed maturity and short-term investments	$	6	$	34	$	3,756	$	5,652	$	2,806	$	12,254

(1) Includes convertible bonds of $223 million, which includes embedded derivatives of $43 million.


	2020
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	—	$	244	$	124	$	474	$	109	$	951
U.K. government	—		—		37		14		—		51
Other government	3		3		328		147		21		502
Corporate	2		17		3,228		1,920		520		5,687
Municipal	—		—		80		30		53		163
Residential mortgage-backed	—		—		154		329		71		554
Commercial mortgage-backed	—		—		347		277		230		854
Asset-backed	—		—		297		204		56		557
Total fixed maturity and short-term investments	$	5	$	264	$	4,595	$	3,395	$	1,060	$	9,319

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturity and Short-term Investments by Contractual Maturity


As of December 31, 2021	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	395	$	398	3.2	%
More than one year through two years	813		820		6.7	%
More than two years through five years	2,623		2,637		21.5	%
More than five years through ten years	2,545		2,566		20.9	%
More than ten years	3,161		3,205		26.2	%
Residential mortgage-backed	611		610		5.0	%
Commercial mortgage-backed	1,070		1,074		8.8	%
Asset-backed	947		944		7.7	%
	$	12,165	$	12,254	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
	(in millions of U.S. dollars)
U.S. government and agency	$	748	747		6.1	%	$	747		$	—		$	—		$	—		$	—		$	—
U.K. government	83		83		0.7	%	—			75			8			—			—			—
Other government	658		663		5.4	%	203			143			147			58			112			—
Corporate	6,705		6,814		55.6	%	166			593			3,144			2,407			478			26
Municipal	272		286		2.3	%	17			147			97			25			—			—
Residential mortgage-backed	611		610		5.0	%	569			—			4			8			27			2
Commercial mortgage-backed	1,070		1,074		8.8	%	793			115			90			69			4			3
Asset-backed	947		944		7.7	%	389			255			207			69			24			—
Structured products	1,071		1,033		8.4	%	—			523			—			510			—			—
Total	$	12,165	$	12,254	100.0	%	$	2,884		$	1,851		$	3,697		$	3,146		$	645		$	31
% of total fair value							23.5		%	15.1		%	30.2		%	25.6		%	5.3		%	0.3		%

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


					Gross Unrealized Losses
As of December 31, 2021	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	463	$	1	$	(5)	$	—	$	459
U.K. government	10		—		—		—		10
Other government	127		2		(1)		—		128
Corporate	3,384		29		(45)		(10)		3,358
Municipal	129		1		(2)		—		128
Residential mortgage-backed	394		1		(4)		—		391
Commercial mortgage-backed	566		3		(7)		—		562
Asset-backed	650		1		(1)		—		650
	$	5,723	$	38	$	(65)	$	(10)	$	5,686


					Gross Unrealized Losses
As of December 31, 2020	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	716	$	3	$	(1)	$	—	$	718
U.K. government	12		2		—		—		14
Other government	142		8		—		—		150
Corporate	1,873		66		(2)		—		1,937
Municipal	29		1		—		—		30
Residential mortgage-backed	326		3		—		—		329
Commercial mortgage-backed	274		5		(2)		—		277
Asset-backed	204		1		(1)		—		204


	$	3,576	$	89	$	(6)	$	—	$	3,659


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 2021	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions of U.S. dollars)
U.S. government and agency	$	22	$	(1)	$	373	$	(4)	$	395	$	(5)
UK government	—		—		5		—		5		—
Other government	—		—		46		(1)		46		(1)
Corporate	11		—		1,545		(19)		1,556		(19)
Municipal	—		—		77		(2)		77		(2)
Residential mortgage-backed	6		—		315		(4)		321		(4)
Commercial mortgage-backed	21		(1)		419		(6)		440		(7)
Asset-backed	—		—		516		(1)		516		(1)
Total short-term and fixed maturity investments	$	60	$	(2)	$	3,296	$	(37)	$	3,356	$	(39)


		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
		(in millions of U.S. dollars)
	U.S. government and agency	$	—	$	—	$	56	$	(1)	$	56	$	(1)

	Other government	—		—		8		—		8		—
	Corporate	—		—		198		(1)		198		(1)
	Municipal	—		—		2		—		2		—
	Residential mortgage-backed	5		—		79		—		84		—
	Commercial mortgage-backed	—		—		67		(2)		67		(2)
	Asset-backed	—		—		117		(1)		117		(1)
Total short-term and fixed maturity investments		$	5	$	—	$	527	$	(5)	$	532	$	(5)

Summary of Allowance for Credit Losses

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


	December 31, 2021
	Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	—	$	—	$	—

Allowances for credit losses on securities for which credit losses were not previously recorded	(16)		—		(16)



Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	6		—		6


Allowance for credit losses, end of year	$	(10)	$	—	$	(10)


	December 31, 2020
	Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	—	$	—	$	—
Cumulative effect of change in accounting principle	(3)		—		(3)
Allowances for credit losses on securities for which credit losses were not previously recorded	(11)		(1)		(12)

Reductions for securities sold during the year	3		—		3

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	11		1		12


Allowance for credit losses, end of year	$	—	$	—	$	—

Schedule Of Equity Securities

The following table summarizes our equity investments as of December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	281	$	261
Exchange-traded funds	1,342		311
Privately held equity investments in common and preferred stocks	372		275
	$	1,995	$	847

Other Investments

The following table summarizes our other investments carried at fair value as of December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Hedge funds (1)	$	291	$	2,638
Fixed income funds	573		553
Private equity funds	752		363
Private credit funds	275		192
Equity funds	5		191
CLO equity funds	207		167
CLO equities	161		128
Real estate funds	69		12

	$	2,333	$	4,244

(1) Includes our investment in the InRe Fund of $2.4 billion as of December 31, 2020.

The table below details the estimated period by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of December 31, 2021:


	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency
	(in millions of U.S. dollars)
Hedge funds	$	291	$	—	$	—	$	—	$	—	$	291	Monthly to Quarterly
Fixed income funds	534		—		—		—		39		573		Daily to Quarterly
Private equity funds	—		54		—		—		698		752		Quarterly for unrestricted amount
CLO equity funds	158		48		—		—		1		207		Quarterly to Bi-annually
CLO equities	161		—		—		—		—		161		Daily
Private credit funds	—		—		—		—		275		275		N/A
Real estate fund	—		—		—		—		69		69		N/A
Equity funds	5		—		—		—		—		5		Daily

	$	1,149	$	102	$	—	$	—	$	1,082	$	2,333

Equity Method Investments

The table below shows our equity method investments as of December 31, 2021 and 2020:


	2021				2020
	Ownership %		Carrying Value		Ownership %		Carrying Value
	(in millions of U.S. dollars)
Enhanzed Re (1)	—	%	$	—	47.4	%	$	330
Citco (2)	31.9	%	56		31.9	%	53
Monument Re (3)	20.0	%	194		20.0	%	194

Core Specialty	24.7	%	225		25.2	%	235
Other	27%		18		27%		20

			$	493			$	832

(1) Effective September 1, 2021, Enhanzed Re was consolidated by us. Refer to Note 4 for further 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.


	2021		2020
	(in millions of U.S. dollars)
Balance Sheet
Total assets	$	45,741	$	35,913
Total liabilities	33,858		27,469

	2021		2020		2019
	(in millions of U.S. dollars)
Operating Results
Total income	$	9,190	$	6,093	$	5,848
Total expenses	8,098		5,234		5,609
Net income	$	1,092	$	859	$	239

The following table presents the carrying value by ownership percentage of our equity method investees, including those for which the fair value option was elected:


	2021				2020
	Equity Method Investments		Fair Value Option		Equity Method Investments		Fair Value Option
	(in millions of U.S. dollars)
Ownership percentage
100%	$	—	$	—	$	—	$	—
20%-99%	493		828		832		517
3%-19%	—		749		—		202
Total	$	493	$	1,577	$	832	$	719

Funds Held, Directly Managed, Carrying Values of Assets

The following table summarizes the components of the funds held - directly managed as of December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,806	$	1,060
Cash and cash equivalents	188		9
Other assets	13		6
	$	3,007	$	1,075

Funds Held, Directly Managed, Fair Value To Amortized Cost

The following table summarizes the short-term and fixed maturity investment components of funds held - directly managed44 as of December 31, 2021 and 2020:


	2021						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
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	—	$	2,815	$	2,815	$	107	$	859	$	966
Net unrealized gains (losses):
Change in fair value - fair value option accounting	—		—		—		10		—		10
Change in fair value - embedded derivative accounting	—		14		14		—		84		84
Change in fair value (1)	—		(23)		(23)		—		—		—
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	—	$	2,806	$	2,806	$	117	$	943	$	1,060

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

Investment Income

Major categories of net investment income for the years ended December 31, 2021, 2020 and 2019 are summarized as follows:


	2021		2020		2019
	(in millions of U.S. dollars)
Fixed maturity investments	$	191	$	199	$	219
Short-term investments and cash and cash equivalents	—		5		15
Funds held	57		34		22
Funds held – directly managed	28		34		38
Investment income from fixed maturities and cash and cash equivalents	276		272		294
Equity investments	32		20		16
Other investments(1)	41		27		12

Investment income from equities and other investments	73		47		28
Gross investment income	349		319		322
Investment expenses	(37)		(16)		(14)

Net investment income	$	312	$	303	$	308

Realized Gain (Loss) on Investments

Components of net realized and unrealized gains (losses) for the years ended December 31, 2021, 2020 and 2019 were as follows:


	2021		2020		2019
	(in millions of U.S. dollars)
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS	$	19	$	26	$	5
Gross realized losses on fixed maturity securities, AFS	(13)		(8)		(1)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(10)		—		—



Net realized gains recognized on equity securities sold during the period	9		1		1
Other investments (1)	66		—		—
Net realized investment losses on investment derivatives	(132)		—		—

Total net realized (losses) gains on sale	$	(61)	$	19	$	5
Net unrealized (losses) gains:
Fixed maturity securities, trading	(144)		228		423
Fixed maturity securities in funds held - directly managed	(62)		60		89

Net unrealized gains (losses) recognized on equity securities still held at the reporting date	146		(2)		54
Other investments (1)	259		1,336		441
Investment derivatives	(21)		1		—



Total net unrealized gains	$	178	$	1,623	$	1,007

Unrealized Gain (Loss) on Investments

Components of net realized and unrealized gains (losses) for the years ended December 31, 2021, 2020 and 2019 were as follows:


	2021		2020		2019
	(in millions of U.S. dollars)
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS	$	19	$	26	$	5
Gross realized losses on fixed maturity securities, AFS	(13)		(8)		(1)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(10)		—		—



Net realized gains recognized on equity securities sold during the period	9		1		1
Other investments (1)	66		—		—
Net realized investment losses on investment derivatives	(132)		—		—

Total net realized (losses) gains on sale	$	(61)	$	19	$	5
Net unrealized (losses) gains:
Fixed maturity securities, trading	(144)		228		423
Fixed maturity securities in funds held - directly managed	(62)		60		89

Net unrealized gains (losses) recognized on equity securities still held at the reporting date	146		(2)		54
Other investments (1)	259		1,336		441
Investment derivatives	(21)		1		—



Total net unrealized gains	$	178	$	1,623	$	1,007

Reconciliation to Comprehensive Income


	2021		2020		2019
	(in millions of U.S. dollars)






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	19	$	26	$	5
Gross realized losses on fixed maturity securities, AFS	(13)		(8)		(1)
Tax effect	—		(1)		—
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		1		—


Total reclassification adjustment for net realized gains (losses) included in net earnings	$	6	$	18	$	4
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	(10)	$	—	$	—

Included within discontinued operations:
Credit recoveries on fixed maturity securities, AFS	$	—	$	1	$	—

Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$	(10)	$	1	$	—

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2021		2020		2019		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments	$	(6)	$	19	$	4	Net unrealized (losses) gains
	—		17		—		Net earnings from discontinued operations
	(6)		36		4		Total before tax
	(1)		(5)		—		Income tax expense
	(7)		31		4		Net of tax

Total reclassifications for the period, net of tax	$	(7)	$	31	$	4

Schedule of Carrying Value of Restricted Investments

The carrying value of our restricted assets, including restricted cash of $446 million and $472 million, as of December 31, 2021 and 2020, respectively, was as follows:


	2021		2020
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	6,100	$	4,925
Assets on deposit with regulatory authorities	196		131
Collateral for secured letter of credit facilities	94		105
FAL (1)	431		261
	$	6,821	$	5,422

Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	2021						2020
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	618	$	—	$	7	$	604	$	1	$	29

Derivatives not designated as hedging instruments
Foreign currency forward contracts	498		2		—		134		3		5
Others	17		—		10		2		—		—
Total	$	1,133	$	2	$	17	$	740	$	4	$	34


	Amount of Gains (Losses)
	2021		2020		2019
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	24	$	(30)	$	(15)

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(4)		(2)		13

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Summary of Reinsurance Reserves Recoverable

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


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,367	$	1,850
ULAE	7		17
Fair value adjustments - acquired companies	(8)		(16)
Fair value adjustments - fair value option	(34)		(21)
Total reinsurance reserves recoverable	1,332		1,830
Paid losses recoverable	185		259
Total	$	1,517	$	2,089

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,085	$	1,568
Reinsurance balances recoverable on paid and unpaid losses - fair value option	432		521
Total	$	1,517	$	2,089

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2021, 2020 and 2019:


	2021				2020				2019
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	106	$	373	$	552	$	730	$	659	$	950
Total ceded	(44)		(128)		(119)		(158)		(113)		(146)
Total net	$	62	$	245	$	433	$	572	$	546	$	804

Reinsurance Balances Recoverable by Reinsurer


	December 31, 2021					December 31, 2020
		Total		%		Total		%
		(in millions of U.S. dollars)
Top 10 reinsurers		$	1,002	66.1	%	$	1,365	65.3	%
Other reinsurers > $1 million		491		32.4	%	697		33.4	%
Other reinsurers < $1 million		24		1.5	%	27		1.3	%
Total		$	1,517	100.0	%	$	2,089	100.0	%


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)
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	$	747	$	864
Non-rated reinsurers in top 10 (1)	255		501
Total top 10 reinsurance recoverables	$	1,002	$	1,365

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


Lloyd's Syndicates (2)	$	256	$	331
Michigan Catastrophic Claims Association(3)	$	210	$	229

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

(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.

Summary of Reinsurance Recoverable, Allowance for Credit Loss

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


	2021		2020
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	137	$	148


Current period change in the allowance	1		—
Write-offs charged against the allowance	—		(10)
Recoveries collected	(2)		(1)
Allowance for estimated uncollectible reinsurance, end of year	$	136	$	137

Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

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

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


	2021		2020		2019
	(in millions of U.S. dollars)
Balance as of January 1	$	10,593	$	9,868	$	9,049
Losses and LAE relating to SGL No.1 (1)	255		—		—

Reinsurance reserves recoverable (2)	(1,830)		(1,928)		(1,708)
Reinsurance reserves recoverable relating to SGL No. 1 (1)	(90)		—		—

DCAs on retroactive reinsurance	(219)		(260)		(89)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances	—		(1)		—
Net balance as of January 1	8,709		7,679		7,252
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	168		388		576
Increase in provisions for ULAE	4		17		4
Total current period	172		405		580
Prior periods:
Reduction in estimates of net ultimate losses	(281)		(130)		(111)
Reduction in provisions for ULAE	(63)		(48)		(61)
Amortization of DCAs	120		43		38
Amortization of fair value adjustments	16		27		51
Changes in fair value - fair value option (3)	(75)		119		117
Total prior periods	(283)		11		34
Total net incurred losses and LAE	(111)		416		614
Net paid losses:
Current period	(29)		(72)		(179)
Prior periods	(1,402)		(1,413)		(1,609)
Total net paid losses	(1,431)		(1,485)		(1,788)
Other changes:
Effect of exchange rate movement	(63)		120		48
Acquired business (4)	1,098		—		1
Assumed business (5)	3,445		2,186		1,586
Ceded business	(92)		(155)		(33)
Reclassification to assets and liabilities held-for-sale	—		(217)		—
Total other changes	4,388		1,934		1,602
Net balance as of December 31	11,555		8,544		7,680
Reinsurance reserves recoverable (2)	1,332		1,830		1,928
DCAs on retroactive reinsurance	371		219		260
Balance as of December 31	$	13,258	$	10,593	$	9,868

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,269	$	8,140
Loss and loss adjustment expenses, at fair value	1,989		2,453
Total	$	13,258	$	10,593

(2) Excludes paid losses recoverable.

(3) Comprises discount rate and risk margin components.

(5) 2021, 2020 and 2019 assumed business is net of DCAs of $243 million, $2 million and $211 million, respectively.

Schedule of Gross and Net Losses and LAE Reserves by Category

The following table summarizes the reduction in estimates of net ultimate losses related to prior years by segment and line of business:


	2021		2020		2019
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(16)	$	(19)	$	7
Environmental	7		(13)		15
General casualty	116		(26)		(7)
Workers' compensation	(234)		(183)		(136)
Marine, aviation and transit	(47)		(31)		(20)
Construction defect	(33)		8		(1)
Professional indemnity/Directors and Officers	(31)		(12)		(39)
Motor	43		148		(37)
Property	(45)		(17)		13
All Other	(37)		18		(14)
Total Run-off segment	(277)		(127)		(219)
Total Enhanzed Re segment	—		—		—
Total Legacy Underwriting segment	(4)		(3)		108
Total	$	(281)	$	(130)	$	(111)

Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE

The table below presents the reconciliation of the loss development tables disclosed further below to the liability for losses and LAE in the consolidated balance sheet.


	December 31, 2021
	Net Liability for Losses and LAE, Prior to Provision for Bad Debt		Provision for Bad Debt		Net Liability for Losses and LAE		Reinsurance Recoverable on Liabilities for Losses and LAE		Gross Liabilities for Losses and LAE
	(in millions of U.S. dollars)
Presented in the loss development tables:
Run-off segment:
Asbestos	$	1,876	$	22	$	1,898	$	80	$	1,978
General casualty	3,362		7		3,369		130		3,499
Workers' compensation	2,628		1		2,629		273		2,902
Professional indemnity/Directors and Officers	1,334		2		1,336		229		1,565
Motor	529		2		531		214		745
Excluded from the loss development tables:
Run-off segment:
Environmental	357		3		360		20		380
Marine, aviation and transit	415		3		418		107		525
Construction defect	131		—		131		1		132
Property	256		2		258		177		435
Other	455		4		459		76		535
Total Run-off segment OLR and IBNR	11,343		46		11,389		1,307		12,696
Enhanzed Re segment OLR and IBNR	179		—		179		—		179
Legacy Underwriting segment OLR and IBNR	153		—		153		60		213
ULAE	418		—		418		7		425
Fair value adjustments - acquired companies	(106)		—		(106)		(8)		(114)
Fair value adjustments - fair value option	(107)		—		(107)		(34)		(141)

Total	11,880		46		11,926		$	1,332	$	13,258
DCAs on retroactive reinsurance	(371)		—		(371)
Total	$	11,509	$	46	$	11,555

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2021 is set forth below:


	2021
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	157
Reinsurance recoverable on unpaid losses	37
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	194

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2021 is set forth below:


	2021
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	59
Reinsurance recoverable on unpaid losses	9
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	68

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2021 is set forth below:


	2021
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	129
Reinsurance recoverable on unpaid losses	14
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	143

Incurred and Paid Loss Development Information, and IBNR Liabilities and Cumulative Loss Frequency


Run-off Segment
Asbestos
				Net cumulative incurred losses and allocated loss adjustment expenses																		Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Acquired Reserves		2013		2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																		Unaudited












2013	2011 and Prior	$	15	$	15	$	15	$	14	$	15	$	15	$	14	$	10	$	10	$	10	$	—	$	5	214



































2016	2011 and Prior	507								506		565		563		582		632		635		3		194		2,118











2017	2011 and Prior	957										885		825		864		856		840		(16)		550		5,382











2018	2011 and Prior	54												49		46		3		—		(3)		3		31











2019	2011 and Prior	366														367		354		356		2		156		2,060























2021	2011 and Prior	385																		385		—		194		2,059











	Grand Total	$	2,284																	$	2,226	$	(14)	$	1,102	11,864

Net cumulative paid losses and ALAE (from table below)														(534)

2012- 2021 acquisition years - net liabilities for losses and ALAE														1,692
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years														184				(2)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years														$	1,876			$	(16)


Run-off Segment
Asbestos
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2013	2011 and Prior		$	—	$	—	$	—	$	1	$	2	$	2	$	2	$	3	$	3



































2016	2011 and Prior								20		71		124		183		228		267











2017	2011 and Prior										19		53		89		131		177











2018	2011 and Prior												(1)		(3)		(2)		(3)











2019	2011 and Prior														4		45		89























2021	2011 and Prior																		1











	Grand Total																		$	534


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses																					Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																						Unaudited
2012	2011 and Prior	$	81	$	94	$	86	$	102	$	90	$	89	$	87	$	85	$	86	$	85	$	85		$	—	$	3	6,493
2012	2012	—		—		—		—		—		—		—		—		—		—		—			—		—		1
2012	2013	—				—		—		—		—		—		—		—		—		—			—		—		4
2012	2014	—						—		—		—		—		—		—		—		—			—		—		2

2012	2016	—										—		—		—		—		—		—			—		—		1

2012	2018	—														—		—		—		—			—		—		2
2012	2019	—																—		—		—			—		—		1
2012	2020	—																		—		—			—		—		3

	Total	81		94		86		102		90		89		87		85		86		85		85			—		3		6,507
2013	2011 and Prior	77				76		76		96		96		97		100		101		106		106			—		3		655
2013	2012	1				2		1		1		1		1		—		—		—		—			—		1		3
2013	2013	—				—		1		—		—		—		—		—		—		—			—		—		1
2013	2014	—						—		—		—		—		—		—		—		—			—		—		2
2013	2015	—								—		—		—		—		—		—		—			—		—		1






	Total	78				78		78		97		97		98		100		101		106		106			—		4		662
2014	2011 and Prior	38						52		48		48		49		49		50		56		49			(7)		1		726
2014	2012	15						18		23		28		24		22		21		22		20			(2)		1		152
2014	2013	10						9		10		9		9		13		14		11		10			(1)		1		74
2014	2014	—						1		1		—		1		1		2		2		1			(1)		—		3
2014	2015	—								—		—		—		—		—		—		—			—		—		2
2014	2016	—										—		—		—		—		—		—			—		—		1
2014	2017	—												—		—		—		—		—			—		—		1




	Total	63						80		82		85		83		85		87		91		80			(11)		3		959
2015	2011 and Prior	38								35		30		31		30		27		31		29			(2)		2		4,035
2015	2012	38								26		32		34		32		30		29		32			3		—		782
2015	2013	53								29		34		36		36		35		35		35			—		3		779
2015	2014	33								20		23		27		29		45		38		37			(1)		2		1,161
2015	2015	4								10		9		9		11		16		21		18			(3)		3		1,345
2015	2016	—										2		2		2		2		3		5			2		2		250
2015	2017	—												—		—		—		—		—			—		—		37
2015	2018	—														2		1		1		1			—		1		12
2015	2019	—																2		2		2			—		2		1
2015	2020	—																		2		2			—		2		—
2015	2021	—																				1			—		1		—
	Total	166								120		130		139		142		158		162		162			(1)		18		8,402
2016	2011 and Prior	—										4		9		9		8		6		5			(1)		—		1,764










	Total	—										4		9		9		8		6		5			(1)		—		1,764
2017	2011 and Prior	174												158		145		132		127		123			(4)		7		261
2017	2012	9												7		6		5		5		6			1		—		6
2017	2013	7												6		5		4		5		6			1		—		7
2017	2014	6												3		3		2		3		2			(1)		—		1
2017	2015	5												4		4		4		4		4			—		—		1






	Total	201												178		163		147		144		141			(3)		7		276


Run-off Segment
General Casualty
			Net cumulative incurred losses and allocated loss adjustment expenses											Year Ended December 31, 2021	As of December 31, 2021
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021		PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited											Unaudited
2018	2011 and Prior	102							82	80	83	82		(1)	9	45,716
2018	2012	24							24	21	20	17		(3)	1	1,979
2018	2013	57							53	48	44	47		3	1	2,201
2018	2014	53							50	49	45	46		1	4	2,194
2018	2015	96							92	94	92	93		1	9	3,211
2018	2016	65							63	81	81	82		1	6	3,442
2018	2017	38							39	44	49	51		2	12	500
2018	2018	40							40	41	39	36		(3)	8	186
2018	2019	—								7	6	7		1	1	36


	Total	475							443	465	459	461		2	51	59,465
2019	2011 and Prior	18								16	15	12		(3)	2	1,857
2019	2012	16								11	11	11		—	5	668
2019	2013	21								16	16	23		7	14	888
2019	2014	27								22	21	29		8	26	765
2019	2015	76								67	61	76		15	39	1,290
2019	2016	37								39	39	47		8	33	2,595
2019	2017	41								48	46	55		9	44	1,827
2019	2018	49								49	49	53		4	49	387
2019	2019	—								1	2	2		—	—	237
2019	2020	—									—	—		—	—	127
2019	2021	—										—		—	—	64
	Total	285								269	260	308		48	212	10,705
2020	2011 and Prior	70									70	76		6	63	84
2020	2012	56									56	37		(19)	31	68
2020	2013	62									57	44		(13)	28	169
2020	2014	89									92	77		(15)	52	215
2020	2015	143									144	120		(24)	77	331
2020	2016	145									148	173		25	115	429
2020	2017	145									139	154		15	119	502
2020	2018	143									140	145		5	119	343
2020	2019	203									202	235		33	204	429
2020	2020	84									83	95		12	85	438

	Total	1,140									1,131	1,156		25	893	3,008
2021	2011 and Prior	124										126		2	123	288
2021	2012	35										36		1	32	1,150
2021	2013	51										52		1	48	619
2021	2014	66										66		—	56	481
2021	2015	139										142		3	117	2,739
2021	2016	194										204		10	172	2,963
2021	2017	302										310		8	258	6,605
2021	2018	376										371		(5)	345	6,517
2021	2019	429										432		3	407	6,100
2021	2020	61										76		15	43	2,773
2021	2021	—										1		—	1	73


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012	2013	2014	2015	2016	2017	2018	2019		2020	2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited														Unaudited
	Total	1,777												1,816			38		1,602		30,308
	Grand Total	$	4,266											$	4,320		$	97	$	2,793	122,056


Net cumulative paid losses and ALAE (from table below)											(1,055)
2012 - 2021 acquisition years - net liabilities for losses and ALAE											3,265
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											97			19
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	3,362		$	116


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2012	2011 and Prior	$	20	$	39	$	50	$	57	$	63	$	65	$	69	$	73	$	75	$	76










	Total	20		39		50		57		63		65		69		73		75		76
2013	2011 and Prior			5		22		44		57		75		84		89		90		97










	Total			5		22		44		57		75		84		89		90		97
2014	2011 and Prior					27		28		33		33		34		35		35		39
2014	2012					5		7		10		14		14		14		14		14
2014	2013					1		1		1		2		6		7		7		7
2014	2014					—		—		—		—		—		1		1		1







	Total					33		36		44		49		54		57		57		61
2015	2011 and Prior							12		13		14		17		18		21		23
2015	2012							7		11		17		21		25		28		30
2015	2013							7		13		18		25		30		30		31
2015	2014							3		7		15		21		29		33		34
2015	2015							1		1		2		5		11		13		13
2015	2016									—		—		—		1		1		2





	Total							30		45		66		89		114		126		133
2016	2011 and Prior									1		2		2		3		4		4










	Total									1		2		2		3		4		4
2017	2011 and Prior											25		50		67		76		83
2017	2012											3		6		6		8		8
2017	2013											3		6		8		9		8
2017	2014											2		3		4		4		4
2017	2015											1		3		3		4		4






	Total											34		68		88		101		107


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2018	2011 and Prior							9	21	32	38
2018	2012							3	9	11	13
2018	2013							8	18	30	36
2018	2014							5	17	23	28
2018	2015							16	31	44	59
2018	2016							10	33	45	55
2018	2017							—	12	25	33
2018	2018							—	9	17	26
2018	2019								2	3	6


	Total							51	152	230	294
2019	2011 and Prior								1	2	6
2019	2012								2	2	4
2019	2013								3	4	4
2019	2014								3	6	6
2019	2015								3	13	19
2019	2016								4	6	8
2019	2017								6	8	10
2019	2018								1	2	3
2019	2019								—	1	1


	Total								23	44	61
2020	2011 and Prior									—	3
2020	2012									—	4
2020	2013									3	5
2020	2014									6	15
2020	2015									11	22
2020	2016									10	35
2020	2017									4	24
2020	2018									—	17
2020	2019									—	19
2020	2020									2	9

	Total									36	153
2021	2011 and Prior										3
2021	2012										1
2021	2013										1
2021	2014										1
2021	2015										8
2021	2016										15
2021	2017										23
2021	2018										4
2021	2019										3
2021	2020										10

	Total										69
	Grand Total										$	1,055


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses																		Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013		2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																		Unaudited












2013	2011 and Prior	$	288	$	303	$	308	$	298	$	290	$	280	$	265	$	253	$	244	$	243	$	(1)	$	5	62,758
2013	2012	130		124		118		116		112		107		106		105		103		103		—		1		10,419
2013	2013	12		90		91		89		85		82		79		80		79		78		(1)		1		5,656
2013	2014	—				4		3		3		3		2		2		2		2		—		—		172







	Total	430		517		521		506		490		472		452		440		428		426		(2)		7		79,005












2015	2011 and Prior	1,029						942		639		586		557		516		500		485		(15)		33		9,884
2015	2012	121						110		109		108		100		99		99		99		—		3		1,832
2015	2013	149						125		123		123		114		114		115		115		—		6		2,454
2015	2014	84						87		84		84		81		80		82		83		1		2		3,953
2015	2015	7						19		16		15		15		14		15		13		(2)		—		5,279
2015	2016	—								1		1		1		1		1		1		—		—		10,722
2015	2017	—										—		—		—		—		—		—		—		2,251
2015	2018	—												—		—		—		—		—		—		10



	Total	1,390						1,283		972		917		868		824		812		796		(16)		44		36,385
2016	2011 and Prior	453								453		419		408		399		384		382		(2)		19		9,921
2016	2012	13								13		15		13		11		11		11		—		1		612









	Total	466								466		434		421		410		395		393		(2)		20		10,533
2017	2011 and Prior	86										59		71		78		71		67		(4)		22		15
2017	2012	22										18		17		16		15		14		(1)		3		1
2017	2013	19										17		16		14		16		16		—		1		1
2017	2014	18										10		8		9		8		7		(1)		—		—







	Total	145										104		112		117		110		104		(6)		26		17
2018	2011 and Prior	155												149		159		159		164		5		53		2,386
2018	2012	39												37		28		28		27		(1)		9		422
2018	2013	49												47		38		34		34		—		11		844
2018	2014	62												63		57		53		51		(2)		14		1,308
2018	2015	37												36		34		32		30		(2)		10		1,291
2018	2016	45												45		40		39		40		1		16		1,211
2018	2017	53												54		50		47		47		—		19		1,084
2018	2018	65												65		60		60		55		(5)		15		887
2018	2019	—														21		21		21		—		4		383
2018	2020	—																—		—		—		—		1

	Total	505												496		487		473		469		(4)		151		9,817
2019	2011 and Prior	8														6		6		19		13		17		10,190
2019	2012	6														6		6		8		2		8		1,114
2019	2013	16														17		15		14		(1)		14		2,366
2019	2014	35														37		37		31		(6)		26		3,192
2019	2015	55														54		54		44		(10)		39		4,074
2019	2016	83														82		83		61		(22)		49		4,822
2019	2017	88														88		90		66		(24)		59		2,362
2019	2018	119														119		119		82		(37)		81		358
2019	2019	—														—		—		—		—		—		13
2019	2020	—																—		—		—		—		1


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013	2014	2015	2016	2017	2018		2019	2020		2021		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited												Unaudited
	Total	410									409	410		325		(85)		293		28,492
2020	2011 and Prior	208										121		105		(16)		41		8


2020	2014	—										—		—		—		—		15
2020	2015	2										2		2		—		1		57
2020	2016	3										3		3		—		1		126
2020	2017	2										2		2		—		1		126
2020	2018	10										10		8		(2)		3		325
2020	2019	32										32		26		(6)		7		644
2020	2020	32										33		26		(7)		8		1,180

	Total	289										203		172		(31)		62		2,481
2021	2011 and Prior	976												911		(65)		350		11,518
2021	2012	19												19		—		12		617
2021	2013	38												37		(1)		28		5
2021	2014	14												15		1		9		29
2021	2015	42												35		(7)		20		120
2021	2016	55												54		(1)		31		220
2021	2017	45												46		1		24		456
2021	2018	63												61		(2)		37		815
2021	2019	48												47		(1)		22		1,284
2021	2020	48												58		10		25		3,434
2021	2021	—												23		—		13		4,003
	Total	1,348												1,306		(65)		571		22,501
	Grand Total	$	4,983											$	3,991	$	(211)	$	1,174	189,231


Net cumulative paid losses and ALAE (from table below)									(1,513)
2012 - 2021 acquisition years - net liabilities for losses and ALAE									2,478
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									150			(23)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									$	2,628		$	(234)


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2013	2011 and Prior		$	78	$	132	$	168	$	195	$	200	$	206	$	208	$	208	$	214
2013	2012		33		58		74		85		91		95		98		96		97
2013	2013		17		37		53		63		68		71		75		74		75
2013	2014				1		1		2		2		2		2		2		2







	Total		128		228		296		345		361		374		383		380		388


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014	2015	2016	2017	2018	2019	2020	2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2015	2011 and Prior				36	95	147	182	211	236	263
2015	2012				25	53	66	80	88	91	93
2015	2013				28	56	76	93	102	105	107
2015	2014				18	39	54	67	75	78	79
2015	2015				3	6	10	11	12	12	13






	Total				110	249	353	433	488	522	555
2016	2011 and Prior					38	71	98	136	167	191
2016	2012					3	5	6	7	8	9









	Total					41	76	104	143	175	200
2017	2011 and Prior						15	18	25	32	34
2017	2012						4	5	7	8	9
2017	2013						4	6	9	12	12
2017	2014						3	4	5	5	6







	Total						26	33	46	57	61
2018	2011 and Prior							2	17	32	36
2018	2012							2	6	9	11
2018	2013							2	8	12	15
2018	2014							3	14	21	28
2018	2015							1	3	8	11
2018	2016							—	5	8	13
2018	2017							—	7	10	13
2018	2018							—	29	34	36
2018	2019								13	16	16


	Total							10	102	150	179
2019	2011 and Prior								1	1	1


2019	2014								2	3	4
2019	2015								3	4	4
2019	2016								5	9	10
2019	2017								2	4	5
2019	2018								1	1	1



	Total								14	22	25
2020	2011 and Prior									2	10




2020	2016									—	1

2020	2018									—	1
2020	2019									1	10
2020	2020									1	10

	Total									4	32
2021	2011 and Prior										14
2021	2012										1
2021	2013										1
2021	2014										2
2021	2015										3
2021	2016										4


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014	2015	2016	2017	2018	2019	2020	2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2021	2017										7
2021	2018										4
2021	2019										9
2021	2020										24
2021	2021										4
	Total										73
	Grand Total										$	1,513


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses																					Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																						Unaudited
2012	2011 and Prior	$	118	$	149	$	152	$	136	$	167	$	161	$	152	$	152	$	149	$	144	$	144		$	—	$	6	8,495
2012	2012	—		—		1		1		3		1		—		—		—		—		—			—		—		6
2012	2013	—				—		—		—		1		—		—		—		—		—			—		—		3
2012	2014	—						—		—		—		—		—		—		—		—			—		—		2
2012	2015	—								—		—		—		—		—		—		—			—		—		2
2012	2016	—										—		—		—		—		—		—			—		—		3





	Total	118		149		153		137		170		163		152		152		149		144		144			—		6		8,511












2014	2011 and Prior	23						22		26		23		24		24		24		24		24			—		1		1,757
2014	2012	49						39		51		49		46		44		45		43		42			(1)		1		2,164
2014	2013	32						43		61		54		59		54		48		46		48			2		5		1,628
2014	2014	—						7		5		5		4		6		5		5		9			4		6		548
2014	2015	—								—		7		8		7		5		5		2			(3)		—		76
2014	2016	—										—		—		—		—		—		—			—		—		18
2014	2017	—												—		—		—		—		—			—		—		24
2014	2018	—														—		—		—		—			—		—		13
2014	2019	—																—		—		—			—		—		5
2014	2020	—																		—		—			—		—		5
2014	2021	—																				—			—		—		3
	Total	104						111		143		138		141		135		127		123		125			2		13		6,241












2016	2011 and Prior	123										119		121		121		109		106		94			(12)		(2)		2,858
2016	2012	—										—		—		—		—		—		—			—		—		1
2016	2013	—										—		—		—		—		—		—			—		—		1








	Total	123										119		121		121		109		106		94			(12)		(2)		2,860












2018	2011 and Prior	264														238		200		196		197			1		8		55,421
2018	2012	67														77		70		69		79			10		4		4,047
2018	2013	56														60		53		64		59			(5)		4		3,988
2018	2014	73														69		70		61		56			(5)		2		4,277
2018	2015	52														61		78		81		80			(1)		5		4,366
2018	2016	19														33		38		45		47			2		3		2,719
2018	2017	1														2		6		7		9			2		—		230
2018	2018	—														—		1		1		1			—		—		13
2018	2019	—																—		—		—			—		—		6
2018	2020	—																		—		—			—		—		12
2018	2021	—																				—			—		—		3
	Total	532														540		516		524		528			4		26		75,082
2019	2011 and Prior	15																13		13		11			(2)		1		7,249
2019	2012	21																21		9		9			—		1		2,524
2019	2013	29																23		24		27			3		4		3,204
2019	2014	39																33		32		26			(6)		2		3,590
2019	2015	62																56		39		42			3		4		4,206
2019	2016	20																34		40		47			7		6		4,849
2019	2017	9																18		32		35			3		5		2,855
2019	2018	1																4		3		3			—		—		308


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012	2013	2014	2015	2016	2017	2018	2019		2020	2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited														Unaudited
2019	2019	—									2		2	2			—		—		58
2019	2020	—											—	—			—		—		30
2019	2021	—												—					—		3
	Total	196									204		194	202			8		23		28,876
2020	2011 and Prior	4											4	15			11		15		4
2020	2012	2											2	7			5		7		4
2020	2013	8											8	7			(1)		6		6
2020	2014	12											12	11			(1)		11		4
2020	2015	17											17	17			—		16		4
2020	2016	16											16	26			10		26		9
2020	2017	17											17	26			9		26		43
2020	2018	26											26	38			12		30		116
2020	2019	100											100	55			(45)		37		139
2020	2020	35											35	37			2		21		138

	Total	237											237	239			2		195		467
2021	2011 and Prior	33												37			4		33		402
2021	2012	24												24			—		21		195
2021	2013	28												35			7		27		176
2021	2014	21												22			1		19		54
2021	2015	46												48			2		35		1,006
2021	2016	49												48			(1)		36		1,671
2021	2017	76												69			(7)		53		2,745
2021	2018	152												143			(9)		98		5,681
2021	2019	183												170			(13)		129		6,673
2021	2020	50												41			(9)		31		1,486
2021	2021	—												10			—		8		218
	Total	662												647			(25)		490		20,307
	Grand Total	$	1,972											$	1,979		$	(21)	$	751	142,344


Net cumulative paid losses and ALAE (from table below)											(658)
2012 - 2021 acquisition years - net liabilities for losses and ALAE											1,321
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											13			(10)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	1,334		$	(31)


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2012	2011 and Prior		$	28	$	52	$	68	$	84	$	97	$	107	$	113	$	117	$	122	$	126










	Total		28		52		68		84		97		107		113		117		122		126












2014	2011 and Prior						10		14		17		18		21		21		22		22
2014	2012						14		25		32		35		34		35		35		34
2014	2013						15		27		31		40		40		40		41		42
2014	2014						—		1		1		1		3		3		3		3
2014	2015								—		—		1		2		2		3		2






	Total						39		67		81		95		100		101		104		103












2016	2011 and Prior										10		21		32		30		34		36










	Total										10		21		32		30		34		36












2018	2011 and Prior														39		61		50		50
2018	2012														17		25		31		49
2018	2013														9		14		19		29
2018	2014														18		29		36		38
2018	2015														15		27		37		45
2018	2016														6		20		29		31
2018	2017														—		2		4		8
2018	2018														—		1		1		1



	Total														104		179		207		251
2019	2011 and Prior																2		2		5
2019	2012																4		4		3
2019	2013																3		3		8
2019	2014																9		11		17
2019	2015																8		11		18
2019	2016																5		18		23
2019	2017																2		11		13
2019	2018																—		1		2
2019	2019																—		—		1


	Total																33		61		90


2020	2013																		1		1



2020	2017																		—		(1)
2020	2018																		—		4
2020	2019																		—		9
2020	2020																		1		9

	Total																		2		22
2021	2011 and Prior																				4
2021	2012																				1
2021	2013																				1
2021	2014																				2
2021	2015																				3
2021	2016																				3
2021	2017																				3
2021	2018																				9


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2021	2019											2
2021	2020											1
2021	2021											1
	Total											30
	Grand Total											$	658


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses																					Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited																						Unaudited
2012	2011 and Prior	$	2	$	2	$	2	$	2	$	2	$	2	$	3	$	2	$	1	$	1	$	1		$	—	$	—	10










	Total	2		2		2		2		2		2		3		2		1		1		1			—		—		10












2014	2011 and Prior	13						15		17		17		17		17		19		18		17			(1)		—		694
2014	2012	12						17		18		19		19		19		19		19		19			—		—		989
2014	2013	9						6		7		6		6		6		6		6		6			—		—		443
2014	2014	—						—		—		—		1		1		1		1		1			—		—		5
2014	2015	—								—		—		—		—		—		—		—			—		—		1
2014	2016	—										—		—		—		—		—		—			—		—		1
2014	2017	—												—		—		—		—		—			—		—		1




	Total	34						38		42		42		43		43		45		44		43			(1)		—		2,134
2015	2011 and Prior	23								24		25		28		26		25		25		25			—		—		72
2015	2012	14								21		22		21		22		22		22		22			—		—		243
2015	2013	15								17		18		18		17		17		17		17			—		—		817
2015	2014	8								12		13		12		13		12		12		12			—		—		668
2015	2015	4								7		6		8		8		8		8		8			—		—		1,385
2015	2016	—										1		—		—		—		—		—			—		—		229
2015	2017	—												—		—		—		—		—			—		—		14
2015	2018	—														—		—		—		—			—		—		5



	Total	64								81		85		87		86		84		84		84			—		—		3,433












2017	2011 and Prior	6												11		6		7		8		10			2		1		109
2017	2012	7												6		5		5		6		4			(2)		—		4
2017	2013	5												5		5		5		6		7			1		—		6
2017	2014	7												5		5		5		5		4			1		—		26
2017	2015	1												1		2		1		1		1			—		—		15
2017	2016	—												—		—		1		1		1			—		—		4





	Total	26												28		23		24		27		27			—		1		164
2018	2011 and Prior	65														57		57		59		58			(1)		4		2,004
2018	2012	60														47		57		52		53			1		4		1,567
2018	2013	76														65		67		62		62			—		3		1,190
2018	2014	119														104		91		86		79			(7)		1		1,146
2018	2015	127														116		121		117		113			(4)		6		1,322
2018	2016	109														104		110		104		102			(2)		5		1,174
2018	2017	101														101		99		102		102			—		10		2,843
2018	2018	181														181		158		160		161			1		12		3,731
2018	2019	—																39		39		40			1		2		1,200


	Total	838														775		799		781		770			(11)		47		16,177
2019	2011 and Prior	16																16		15		14			(1)		1		3,193
2019	2012	6																7		6		6			—		1		397
2019	2013	—																—		—		—			—		—		6








	Total	22																23		21		20			(1)		2		3,596




2020	2015	2																		3		3			—		—		19
2020	2016	49																		42		49			7		4		223


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2021		As of December 31, 2021
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2012	2013	2014	2015	2016	2017	2018	2019		2020	2021			PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited														Unaudited
2020	2017	154											186	215			29		19		1,157
2020	2018	250											397	415			18		70		2,353



	Total	455											628	682			54		93		3,752
2021	2011 and Prior	3												3			—		3		16
2021	2012	4												4			—		4		77
2021	2013	6												5			(1)		4		748
2021	2014	6												6			—		6		521
2021	2015	7												4			(3)		3		1,623
2021	2016	7												5			(2)		5		1,398
2021	2017	6												5			(1)		4		815
2021	2018	7												8			1		8		1
2021	2019	9												11			2		11		1
2021	2020	5												6			1		6		1

	Total	60												57			(3)		54		5,201
	Grand Total	$	1,501											$	1,684		$	38	$	197	34,467


Net cumulative paid losses and ALAE (from table below)											(1,178)
2012 - 2021 acquisition years - net liabilities for losses and ALAE											506
2011 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											23			5
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	529		$	43


Run-off Segment
Motor
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2012	2011 and Prior		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	1










	Total		—		—		—		—		—		—		—		—		1		1












2014	2011 and Prior						7		15		16		17		17		17		17		17
2014	2012						11		14		16		18		19		19		19		19
2014	2013						1		5		5		6		6		6		6		6
2014	2014						—		—		—		1		1		1		1		1







	Total						19		34		37		42		43		43		43		43
2015	2011 and Prior								4		6		8		11		13		14		15
2015	2012								14		18		20		20		21		21		21
2015	2013								7		12		15		16		17		17		17
2015	2014								4		8		9		11		11		11		12
2015	2015								3		4		6		7		7		8		8
2015	2016										—		1		—		—		—		1





	Total								32		48		59		65		69		71		74












2017	2011 and Prior												8		10		11		13		12
2017	2012												2		2		3		2		3
2017	2013												1		1		3		3		3
2017	2014												1		1		1		2		2
2017	2015												—		—		1		1		1
2017	2016												—		—		—		1		1





	Total												12		14		19		22		22
2018	2011 and Prior														13		25		28		36
2018	2012														11		21		28		31
2018	2013														11		29		35		44
2018	2014														23		50		60		63
2018	2015														20		60		81		89
2018	2016														6		43		66		78
2018	2017														—		48		73		83
2018	2018														—		87		120		136
2018	2019																22		30		36


	Total														84		385		521		596
2019	2011 and Prior																—		2		2
2019	2012																—		—		2









	Total																—		2		4




2020	2015																		2		3
2020	2016																		25		40
2020	2017																		69		148
2020	2018																		110		247



	Total																		206		438












	Grand Total																				$	1,178


StarStone International
General Casualty
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	For The Year Ended December 31, 2021		As of December 31, 2021
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)																(unaudited)
2011 and Prior	$	8	$	12	$	11	$	11	$	16	$	16	$	16	$	17	$	1	$	—	3,443
2012	24		19		18		15		17		17		18		18		—		—		2,537
2013	31		28		36		35		36		39		41		41		—		3		3,369
2014	42		42		41		41		41		47		45		43		(2)		4		3,968
2015			52		53		55		62		70		67		68		1		4		3,514
2016					54		53		79		103		98		106		8		18		3,605
2017							60		95		131		141		150		9		21		3,616
2018									41		48		50		45		(5)		17		2,579
2019											10		11		16		5		7		1,614
2020													30		47		17		22		767
2021															1		—		1		73
													Total		$	552	$	34	$	97	29,085
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)
2011 and Prior	$	5	$	10	$	11	$	11	$	16	$	16	$	16	$	17
2012	3		10		12		13		18		18		18		18
2013	10		13		24		26		30		35		36		37
2014	3		9		17		23		28		30		32		33
2015			3		10		21		31		45		48		54
2016					1		15		32		52		66		79
2017							3		24		61		98		118
2018									2		6		23		25
2019											1		4		5
2020													1		9
2021															—
													Total		$	395
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance															$	157


StarStone International
Workers' Compensation
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	For The Year Ended December 31, 2021		As of December 31, 2021
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)																(unaudited)
2011 and Prior	$	105	$	104	$	104	$	104	$	104	$	104	$	104	$	104	$	—	$	—	3,194
2012	3		3		3		3		4		4		4		4		—		—		302
2013	3		3		3		4		3		3		4		4		—		1		401
2014	15		17		17		16		16		16		16		16		—		1		1,476
2015			42		44		40		38		37		36		36		—		2		2,888
2016					55		53		53		56		52		53		1		3		2,920
2017							42		42		38		40		40		—		2		2,594
2018									38		38		39		39		—		2		3,378
2019											18		24		26		2		1		3,819
2020													32		42		10		18		2,747
2021															8		—		7		73
															$	372	$	13	$	37	23,792
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)
2011 and Prior	$	103	$	104	$	104	$	104	$	104	$	104	$	104	$	104
2012	3		3		3		3		4		4		4		4
2013	2		2		3		3		3		3		3		3
2014	2		7		10		12		13		13		14		14
2015			5		17		26		29		32		33		33
2016					7		26		36		43		45		47
2017							6		18		28		32		34
2018									14		24		31		32
2019											3		18		21
2020													5		21
2021															—
															$	313
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance															$	59


StarStone International
Professional Indemnity / Directors and Officers
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																	For The Year Ended December 31, 2021		As of December 31, 2021
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)																(unaudited)
2011 and Prior	$	5	$	3	$	5	$	5	$	7	$	8	$	8	$	8	$	—	$	1	716
2012	14		11		10		9		12		15		16		15		(1)		2		936
2013	20		16		17		15		17		21		22		28		6		7		1,346
2014	22		21		21		22		20		24		22		23		1		6		929
2015			21		26		26		30		30		33		34		1		5		1,175
2016					27		26		27		26		24		24		—		4		835
2017							31		43		38		31		29		(2)		6		970
2018									30		33		36		39		3		11		1,153
2019											21		27		28		1		18		1,230
2020													34		29		(5)		24		838
2021															10		—		8		217
															$	267	$	4	$	92	10,345
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)
2011 and Prior	$	3	$	3	$	4	$	4	$	7	$	7	$	7	$	7
2012	7		7		7		8		11		11		11		11
2013	4		7		10		11		11		12		14		14
2014	—		3		6		9		14		14		14		16
2015			2		7		12		15		19		21		22
2016					1		8		14		16		17		18
2017							2		11		17		21		22
2018									3		10		13		20
2019											1		4		5
2020													1		2
2021															1
															$	138
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance															$	129

Average Annual Duration of Claims


Run-off Segment
Asbestos
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Acquisition Year	Unaudited

2013	—	%	—	%	—	%	10.00	%	20.00	%	20.00	%	20.00	%	30.00	%	30.00	%


2016	3.15	%	11.18	%	19.53	%	28.82	%	35.91	%	42.05	%
2017	2.26	%	6.31	%	10.60	%	15.60	%	21.07	%
2018	—	%	—	%	—	%	—	%
2019	1.12	%	12.64	%	25.00	%

2021	0.26	%


Run-off Segment
General Casualty
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2012	23.53	%	45.88	%	58.82	%	67.06	%	74.12	%	76.47	%	81.18	%	85.88	%	88.24	%	89.41	%
2013	4.85	%	20.75	%	41.51	%	53.77	%	70.75	%	79.25	%	83.96	%	84.91	%	91.51	%
2014	41.25	%	45.00	%	55.00	%	61.25	%	67.50	%	71.25	%	71.25	%	75.63	%
2015	18.52	%	27.78	%	40.74	%	54.94	%	70.37	%	77.78	%	82.10	%
2016	20.00	%	40.00	%	40.00	%	60.00	%	80.00	%	80.00	%
2017	24.11	%	48.23	%	62.41	%	71.63	%	75.89	%
2018	10.95	%	32.97	%	49.89	%	63.77	%
2019	7.47	%	14.29	%	19.81	%
2020	3.11	%	13.19	%
2021	3.80	%


Run-off Segment
Workers' Compensation
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Year of Acquisition	Unaudited

2013	30.05	%	53.52	%	69.48	%	80.99	%	84.74	%	87.79	%	89.91	%	89.04	%	91.08	%

2015	13.81	%	31.27	%	44.32	%	54.37	%	61.28	%	65.49	%	69.70	%
2016	10.43	%	19.34	%	26.46	%	36.39	%	44.53	%	50.89	%
2017	25.00	%	31.73	%	44.23	%	54.81	%	58.65	%
2018	2.13	%	21.75	%	31.98	%	38.17	%
2019	4.31	%	6.77	%	7.69	%
2020	2.33	%	18.60	%
2021	5.59	%


Run-off Segment
Professional Indemnity/Directors & Officers
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2012	19.44	%	36.11	%	47.22	%	58.33	%	67.36	%	74.31	%	78.47	%	81.25	%	84.72	%	87.50	%

2014	31.20	%	53.60	%	64.80	%	76.00	%	80.00	%	80.80	%	83.20	%	82.40	%

2016	10.64	%	22.34	%	34.04	%	31.91	%	36.17	%	38.30	%

2018	19.70	%	33.90	%	39.20	%	47.54	%
2019	16.34	%	30.20	%	44.55	%
2020	0.84	%	9.21	%
2021	4.64	%


Run-off Segment
Motor
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2012	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	100.00	%	100.00	%

2014	44.19	%	79.07	%	86.05	%	97.67	%	100.00	%	100.00	%	100.00	%	100.00	%
2015	38.10	%	57.14	%	70.24	%	77.38	%	82.14	%	84.52	%	88.10	%

2017	44.69	%	54.04	%	71.63	%	82.38	%	83.69	%
2018	10.91	%	50.00	%	67.66	%	77.40	%
2019	—	%	10.00	%	20.00	%
2020	30.21	%	64.22	%
2021	—	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
General Casualty	3.88	%	13.73	%	18.12	%	21.47	%	11.52	%	6.11	%	16.57	%	1.19	%	0.81	%	2.94	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers Compensation	16.28	%	35.98	%	16.73	%	9.07	%	3.34	%	1.09	%	6.25	%	—	%	—	%	—	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Professional Indemnity / Directors and Officers	5.95	%	17.84	%	13.63	%	9.08	%	8.17	%	2.79	%	12.80	%	3.96	%	—	%	—	%

Future Policyholder Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

The table below summarizes the liability for future policyholder benefits:


	2021
	(in millions of U.S. dollars)
Deferred life contingent annuities	$	294
Whole of life reversion annuities	165
In-payment annuities	1,043
Total	$	1,502

Defendant Asbestos and Environmental Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Liability for Asbestos and Environmental Claims [Abstract]

Schedule Of Liability For Asbestos And Liability Claims


	2021		2020
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	826	$	913
Defendant environmental liabilities	11		12
Estimated future expenses	37		43
Fair value adjustments	(236)		(262)
Defendant A&E liabilities	638		706

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5; 2020 - $5)	264		310
Fair value adjustments	(51)		(60)
Insurance balances recoverable	213		250

Net liabilities relating to defendant A&E exposures	$	425	$	456

Reconciliation of Asbestos and Environmental Liabilities

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Balance as of January 1	$	706	$	848	$	203

Insurance balances recoverable	(250)		(449)		(136)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	—		3		—
Net balance as of January 1	456		402		67
Amounts recorded in other (income) expense:
Reduction in estimate of net ultimate liabilities	(38)		(103)		(4)
Reduction in estimated future expenses	(5)		(9)		(3)
Amortization of fair value adjustments	16		12		13
Total other (income) expense	(27)		(100)		6
Total net (paid claims) recoveries	(4)		154		(10)
Acquired on purchase of subsidiaries	—		—		336
Net balance as of December 31	425		456		399
Insurance balances recoverable	213		250		449
Balance as of December 31	$	638	$	706	$	848

Reconciliation of Allowance for Estimated Uncollectible Insurance Balances


	2021		2020
	(in millions of U.S. dollars)
Allowance for estimated uncollectible insurance balances, Balance as of January 1	$	5	$	4
Cumulative effect of change in accounting principle	—		3
Current period change in the allowance	—		(2)


Allowance for estimated uncollectible insurance balances, Balance as of December 31	$	5	$	5

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	747	$	—	$	—	$	747
U.K. government	—		83		—		—		83
Other government	—		663		—		—		663
Corporate	—		6,814		—		—		6,814
Municipal	—		286		—		—		286
Residential mortgage-backed	—		610		—		—		610
Commercial mortgage-backed	—		1,074		—		—		1,074
Asset-backed	—		944		—		—		944
Structured products	—		1,033		—		—		1,033
	—		12,254		—		—		12,254

Other assets included within funds held - directly managed	—		201		—		—		201

Equities:
Publicly traded equity investments	239		42		—		—		281
Exchange-traded funds	1,342		—		—		—		1,342
Privately held equity investments	—		—		347		25		372
	1,581		42		347		25		1,995

Other investments:

Hedge funds	—		—		—		291		291
Fixed income funds	—		231		—		342		573
Equity funds	—		5		—		—		5
Private equity funds	—		—		—		752		752

CLO equities	—		161		—		—		161
CLO equity funds	—		—		—		207		207
Private credit funds	—		—		—		275		275
Real estate fund	—		—		—		69		69


	—		397		—		1,936		2,333
Total Investments	$	1,581	$	12,894	$	347	$	1,961	$	16,783

Cash and cash equivalents	$	1,295	$	112	$	—	$	—	$	1,407

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	432	$	—	$	432

Other Assets:

Derivatives not qualifying as hedges	$	—	$	2	$	—	$	—	$	2


Losses and LAE:	$	—	$	—	$	1,989	$	—	$	1,989

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	7	$	—	$	—	$	7
Derivatives not qualifying as hedges	—		10		—		—		10
Derivative instruments	$	—	$	17	$	—	$	—	$	17


	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
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	951	$	—	$	—	$	951
U.K government	—		51		—		—		51
Other government	—		502		—		—		502
Corporate	—		5,687		—		—		5,687
Municipal	—		163		—		—		163
Residential mortgage-backed	—		554		—		—		554
Commercial mortgage-backed	—		854		—		—		854
Asset-backed	—		557		—		—		557
	—		9,319		—		—		9,319

Other assets included within funds held - directly managed	—		15		—		—		15

Equities:
Publicly traded equity investments	229		32		—		—		261
Exchange-traded funds	311		—		—		—		311
Privately held equity investments	—		—		275		—		275
	540		32		275		—		847

Other investments:
Hedge funds (1)	—		—		—		2,638		2,638
Fixed income funds	—		286		—		267		553
Equity funds	—		5		—		186		191
Private equity funds	—		—		—		363		363
CLO equities	—		128		—		—		128
CLO equity funds	—		—		—		167		167
Private credit funds	—		—		9		183		192
Real estate fund	—		—		—		12		12

	—		419		9		3,816		4,244
Total Investments	$	540	$	9,785	$	284	$	3,816	$	14,425

Cash and cash equivalents	$	386	$	208	$	—	$	—	$	594

Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	521	$	—	$	521

Other Assets:
Derivatives qualifying as hedging	$	—	$	1	$	—	$	—	$	1
Derivatives not qualifying as hedges	—		3		—		—		3
Derivative instruments	$	—	$	4	$	—	$	—	$	4

Losses and LAE:	$	—	$	—	$	2,453	$	—	$	2,453

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	29	$	—	$	—	$	29
Derivatives not qualifying as hedges	—		5		—		—		5
Derivative instruments	$	—	$	34	$	—	$	—	$	34

(1)Includes InRe Fund of $2.4 billion as of December 31, 2020.

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


				2021						2020
	Privately-held Equities	Other Investments	Total	Privately-held Equities		Other Investments		Total

				(in millions of U.S. dollars)
Beginning fair value				$	275	$	9	$	284	$	266	$	88	$	354
Purchases				65		—		65		20		47		67
Sales				—		(9)		(9)		—		(1)		(1)
Total net unrealized gains (losses)				7		—		7		(11)		(40)		(51)

Transfer out of Level 3 into Level 2				—		—		—		—		(85)		(85)
Ending fair value				$	347	$	—	$	347	$	275	$	9	$	284


	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable on paid and unpaid losses		Net		Liability for losses and LAE		Reinsurance balances recoverable on paid and unpaid losses		Net
	(in millions of U.S. dollars)
Beginning fair value	$	2,453	$	521	$	1,932	$	2,621	$	696	$	1,925
Assumed business	—		—		—		2		(181)		183
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(59)		(6)		(53)		(74)		59		(133)
Reduction in unallocated LAE	(18)		—		(18)		(17)		—		(17)
Change in fair value	(88)		(13)		(75)		158		39		119
Total incurred losses and LAE	(165)		(19)		(146)		67		98		(31)
Paid losses	(274)		(65)		(209)		(300)		(101)		(199)
Effect of exchange rate movements	(25)		(5)		(20)		63		9		54
Ending fair value	$	1,989	$	432	$	1,557	$	2,453	$	521	$	1,932

The following table presents the components of the net change in fair value for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	22	$	21	$	23
Corporate bond yield	(97)		96		94

Weighted cost of capital	—		(5)
Risk cost of capital	—		7		—
Change in fair value	$	(75)	$	119	$	117

Valuation Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2021

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Guideline company methodology

224

Distribution waterfall

12.63

Dividend discount model;
Guideline companies method

105

Multiple on Invested capital
Discount rate
Exit multiple

0.79x - 1.13x

9.0% - 12.3%

1.2x - 1.4x (1.3x)

Cost as approximation of fair value

347

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

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


	2021						2020
	Liability for losses and LAE		Reinsurance balances recoverable on paid and unpaid losses		Net		Liability for losses and LAE		Reinsurance balances recoverable on paid and unpaid losses		Net
	(in millions of U.S. dollars)
Beginning fair value	$	2,453	$	521	$	1,932	$	2,621	$	696	$	1,925
Assumed business	—		—		—		2		(181)		183
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(59)		(6)		(53)		(74)		59		(133)
Reduction in unallocated LAE	(18)		—		(18)		(17)		—		(17)
Change in fair value	(88)		(13)		(75)		158		39		119
Total incurred losses and LAE	(165)		(19)		(146)		67		98		(31)
Paid losses	(274)		(65)		(209)		(300)		(101)		(199)
Effect of exchange rate movements	(25)		(5)		(20)		63		9		54
Ending fair value	$	1,989	$	432	$	1,557	$	2,453	$	521	$	1,932

The following table presents the components of the net change in fair value for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	22	$	21	$	23
Corporate bond yield	(97)		96		94

Weighted cost of capital	—		(5)
Risk cost of capital	—		7		—
Change in fair value	$	(75)	$	119	$	117

Quantitative Information

2021

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

Average payout - liability (U)

7.95 years

8.17 years

Internal model

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

7.63 years

8.23 years

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 December 31, 2021	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	64	$	—	$	64

Other investments
Hedge funds	$	291	$	45	$	336
Fixed income funds	171		36		207
Private equity funds	697		930		1,627
CLO equity funds	207		31		238
Private credit funds	14		166		180
Real estate funds	69		418		487

Total	$	1,449	$	1,626	$	3,075

Total investments in nonconsolidated VIEs	$	1,513	$	1,626	$	3,139


As of December 31, 2020	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	54	$	—	$	54

Other investments
Hedge fund	$	2,638	$	—	$	2,638
Fixed income funds	99		16		115
Private equity funds	362		762		1,124
CLO equity funds	167		—		167

Real estate funds	12		18		30

Total	$	3,278	$	796	$	4,074

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Premiums Written and Earned (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Schedule of Net Premiums Written and Earned

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


	December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,367	$	1,850
ULAE	7		17
Fair value adjustments - acquired companies	(8)		(16)
Fair value adjustments - fair value option	(34)		(21)
Total reinsurance reserves recoverable	1,332		1,830
Paid losses recoverable	185		259
Total	$	1,517	$	2,089

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	1,085	$	1,568
Reinsurance balances recoverable on paid and unpaid losses - fair value option	432		521
Total	$	1,517	$	2,089

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2021, 2020 and 2019:


	2021				2020				2019
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	106	$	373	$	552	$	730	$	659	$	950
Total ceded	(44)		(128)		(119)		(158)		(113)		(146)
Total net	$	62	$	245	$	433	$	572	$	546	$	804

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets


	Goodwill		Intangible assets with a definite life		Intangible assets with an indefinite life		Total
	(in millions of U.S. dollars)
Balance as of December 31, 2019	$	110	$	15	$	67	$	192

Amortization	—		(2)		—		(2)
Impairment losses (StarStone International) (1)	(8)		—		(4)		(12)
Reclassification to assets held-for-sale (Atrium) (2)	(39)		(13)		(63)		(115)
Balance as of December 31, 2020 and 2021	$	63	$	—	$	—	$	63

(2) On August 13, 2020, we announced the Exchange Transaction, which resulted in the assets and liabilities of Atrium being classified as held-for-sale as of December 31, 2020.

Debt Obligations and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Amounts of Loans Payable Outstanding, and Accrued Interest

Our debt obligations were as follows:


					December 31, 2021				December 31, 2020
Facility	Origination Date	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
			(in millions of U.S. dollars)
4.50% Senior Notes due 2022 (1)	March 10, 2017	5 years	$	280	$	—	$	280	$	(1)	$	349
4.95% Senior Notes due 2029	May 28, 2019	10 years	500		(5)		495		(6)		494
3.10% Senior Notes due 2031	August 24, 2021	10 years	500		(5)		495		—		—
Total Senior Notes							1,270				843
5.75% Junior Subordinated Notes due 2040	August 26, 2020	20 years	350		(5)		345		(5)		345
5.50% Enhanzed Re's Subordinated Notes due 2031	December 20, 2018	12.1 years	70		6		76		—		—
Total Subordinated Notes							421				345
EGL Revolving Credit Facility	August 16, 2018	5 years					—				185
Total debt obligations							$	1,691			$	1,373

(1) Principal was $350 million as of December 31, 2020.

Interest Income and Interest Expense Disclosure

The table below provides a summary of the total interest expense for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Interest expense on debt obligations	$	68	$	58	$	51
Amortization of debt issuance costs	1		1		2



Total interest expense	$	69	$	59	$	53

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)		December 31, 2021		December 31, 2020
	(in millions of U.S. dollars)
$275.0 million FAL LOC Facility (2)	$	275	$	75	$	210	$	210
$90.0 million FAL Deposit Facility (2)	90		10		90		—
$250.0 million LOC Facility	250		—		250		—
$100.0 million LOC Facility	100		—		100		—
$120.0 million LOC Facility	120		60		111		116
$800.0 million Syndicated LOC Facility	800		—		568		587
$65.0 million LOC Facility	65		—		61		61
$100.0 million Bermuda LOC Facility (3)	100		—		100		100
$1.0 million LOC Facility	1		—		1		—
£32.0 million United Kingdom LOC Facility (4)	£	32	£	—	$	43	$	44

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

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

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2021

Noncontrolling Interest [Abstract]

Carrying Amount of Equity Attributable to Noncontrolling Interest

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Balance as of January 1	$	365	$	439

Distributions paid	(202)		—
Net earnings (losses) attributable to RNCI	16		(28)
Change in unrealized (losses) gains on AFS investments attributable to RNCI	(1)		2
Change in currency translation adjustments attributable to RNCI	2		(2)

Change in redemption value of RNCI	(1)		(46)

Balance as of December 31	$	179	$	365

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

The following is a reconciliation of our beginning and ending ordinary shares for the years ended December 31, 2021, 2020 and 2019:


	Voting Ordinary Shares	Non-Voting Convertible Ordinary Series C Shares	Non-Voting Convertible Ordinary Series E Shares	Total Ordinary Shares
Balance as of January 1, 2019	17,950,315	2,599,672	910,010	21,459,997
Shares issued	51,508	—	—	51,508
Shares repurchased	—	—	—	—
Balance as of December 31, 2019	18,001,823	2,599,672	910,010	21,511,505
Shares issued	752,007	—	—	752,007
Shares repurchased	(178,280)	—	—	(178,280)
Balance as of December 31, 2020	18,575,550	2,599,672	910,010	22,085,232
Shares issued	59,447	—	—	59,447
Shares repurchased	(2,009,135)	(1,496,321)	(505,239)	(4,010,695)
Warrant exercise (1)	—	89,590	—	89,590
Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574

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):


	2021						2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments arising during the year	$	(112)	$	6	$	(106)	$	116	$	(11)	$	105
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	10		—		10		(1)		—		(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	(7)		1		(6)		(20)		2		(18)
Reclassification to earnings on disposal of subsidiary	—		—		—		(15)		3		(12)
Change in currency translation adjustment	2		—		2		(2)		—		(2)

Decrease in defined benefit pension liability	2		—		2		1		—		1
Other comprehensive (loss) income	$	(105)	$	7	$	(98)	$	79	$	(6)	$	73

Schedule of Reclassification from Accumulated Other Comprehensive Income


	2021		2020		2019
	(in millions of U.S. dollars)






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	19	$	26	$	5
Gross realized losses on fixed maturity securities, AFS	(13)		(8)		(1)
Tax effect	—		(1)		—
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		1		—


Total reclassification adjustment for net realized gains (losses) included in net earnings	$	6	$	18	$	4
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	(10)	$	—	$	—

Included within discontinued operations:
Credit recoveries on fixed maturity securities, AFS	$	—	$	1	$	—

Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$	(10)	$	1	$	—

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2021		2020		2019		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments	$	(6)	$	19	$	4	Net unrealized (losses) gains
	—		17		—		Net earnings from discontinued operations
	(6)		36		4		Total before tax
	(1)		(5)		—		Income tax expense
	(7)		31		4		Net of tax

Total reclassifications for the period, net of tax	$	(7)	$	31	$	4

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Comparison of Basic and Diluted Earnings per Share

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


	2021		2020		2019
Numerator:	(in millions of U.S. dollars, except share data)
Earnings per share attributable to Enstar ordinary shareholders:
Net earnings from continuing operations (1)	$	437	$	1,712	$	898
Net earnings from discontinued operations (2)	—		7		4
Net earnings attributable to Enstar ordinary shareholders	$	437	$	1,719	$	902
Denominator:
Weighted-average ordinary shares outstanding — basic (3)	19,821,259		21,551,408		21,482,617
Effect of dilutive securities:
Share-based compensation plans (4)	225,213		208,293		227,878
Warrants (5)	80,659		58,593		64,571

Weighted-average ordinary shares outstanding — diluted	20,127,131		21,818,294		21,775,066
Earnings per share attributable to Enstar ordinary shareholders:
Basic:
Net earnings from continuing operations	$	22.05	$	79.43	$	41.80
Net earnings from discontinued operations	—		0.35		0.20
Net earnings per ordinary share	$	22.05	$	79.78	$	42.00
Diluted:
Net earnings from continuing operations	$	21.71	$	78.45	$	41.23
Net earnings from discontinued operations	—		0.35		0.20
Net earnings per ordinary share	$	21.71	$	78.80	$	41.43

(3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the EB Trust in respect of JSOP awards.

Share-Based Compensation and Pensions (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Compensation Plans

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Share-based compensation plans:
Restricted shares and restricted share units	$	7	$	8	$	7
Performance share units	13		13		24

Joint share ownership plan expense	5		4		—
Other share-based compensation plans	3		3		7




Total share-based compensation	$	28	$	28	$	38

The table below summarizes the expense related to our defined contribution and benefit plans for the years ended December 31, 2021, 2020 and 2019.


	2021		2020		2019
	(in millions of U.S. dollars)
Defined contribution plans	$	9	$	12	$	12
Defined benefit plan	—		3		1
Total pension expense	$	9	$	15	$	13

Restricted Shares, Restricted Share Units and Performance Share Units

The following table summarizes the activity related to restricted shares and restricted share awards during 2021:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	95,250	$161.60
Granted	40,759	244.68
Vested	(36,301)	158.34
Forfeited	(7,050)	151.41
Nonvested — December 31	92,658	200.44


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)								Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2021	Threshold		Target		Target +		Maximum		Threshold		Target		Target +		Maximum
2018	39,682	(13,084)	9,889	(36,487)	—	25.0	%	32.5	%	N/A		40.0	%	50.0	%	100.0	%	N/A		150.0	%
2019	18,308	(3,543)	6,620	(1,526)	19,859	20.0	%	30.0	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	22,591	(8,331)	6,637	(985)	19,912	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	52,948	—	26,474	—	79,422	33.1	%	36.8	%	44.3	%	52.1	%	50.0	%	100.0	%	150.0	%	200.0	%
2021	14,429	(1,850)	—	(447)	12,132	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%

	147,958	(26,808)	49,620	(39,445)	131,325

The following table summarizes the activity related to PSUs during 2021:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	169,987	$174.10
Granted	28,830	241.97
Change in performance multiplier	37,136	176.25
Vested	(32,698)	189.61
Forfeited	(20,163)	156.23
Nonvested — December 31	183,092	185.97

Summary of Performance Share Units and Performance Criteria and Multiplier


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2021	Threshold		Target		Maximum		Threshold		Target		Maximum
2019	18,308	(3,538)	6,598	(1,574)	19,794	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2020	22,560	(8,330)	6,623	(985)	19,868	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2021	14,401	(1,848)	—	(448)	12,105	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
	55,269	(13,716)	13,221	(3,007)	51,767

Summary of Performance Multipliers

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


Award Description	2021		2020	2019
2018 FDBVPS	150.0%	(1.0)	150.0%	100.0%
2019 FDBVPS	150.0%		150.0%	100.0%
2019 Average Operating ROE	150.0%		150.0%	100.0%
2020 FDBVPS Type I (32.50% Target Change)	150.0%		100.0%	N/A
2020 Average Operating ROE	150.0%		100.0%	N/A
2020 FDBVPS Type II (36.80% Target Change)	150.0%		100.0%	N/A
2021 FDBVPS	100.0%		NA	N/A
2021 Average Operating ROE	100.0%		NA	N/A

(1) Multipliers for the 2018 awards are the final achieved terms.

Share-Based Compensation Arrangement By Share-Based Payment Award, Valuation Assumptions


	2021

Weighted-average volatility	18.7	%
Weighted-average risk-free interest rate	1.6	%
Dividend yield	0.0	%

Income Taxation (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Earnings before Income Taxes


	2021		2020		2019
	(in millions of U.S. dollars)
Domestic (Bermuda)	$	370	$	1,504	$	576
Foreign	145		231		357
Total earnings before income taxes and earnings from equity method investments attributable to continuing operations	$	515	$	1,735	$	933

Tax Expense for Income Taxes

The following table presents our current and deferred income tax expense attributable to continuing operations by jurisdiction for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
	(in millions of U.S. dollars)
Current:
Domestic (Bermuda)	$	—	$	—	$	—
Foreign	6		15		16
	6		15		16
Deferred:
Domestic (Bermuda)	—		—		—
Foreign	21		9		(4)
	21		9		(4)
Total income tax expense attributable to continuing operations	$	27	$	24	$	12

Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate


	2021			2020			2019
	(in millions of U.S. dollars)
Earnings before income taxes	$	515		$	1,735		$	933
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	5.9		%	1.2		%	8.6		%



Change in valuation allowance	1.9		%	0.1		%	(7.2)		%
Effect of change in foreign income tax rate	(1.4)		%	—		%	—		%




Other	(1.2)		%	0.1		%	(0.1)		%
Effective income tax rate	5.2		%	1.4		%	1.3		%

Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 were as follows:


	2021		2020
	(in millions of U.S. dollars)
Deferred tax assets:
Net operating loss carryforwards	$	166	$	141

Insurance reserves	17		22


Provisions for bad debt	3		—

Defendant A&E liabilities	98		121
Other deferred tax assets	27		24
Deferred tax assets	311		308
Valuation allowance	(129)		(118)
Deferred tax assets, net of valuation allowance	182		190

Deferred tax liabilities:
Unrealized gains on investments	(17)		(20)
Lloyd's underwriting profit taxable in future periods	(19)		(16)

Other deferred tax liabilities	(23)		(15)
Deferred tax liabilities	(59)		(51)

Net deferred tax asset	$	123	$	139

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction


	Net Deferred Tax Asset
	2021		2020
	(in millions of U.S. dollars)

United States	$	151	$	157
United Kingdom	(28)		(18)

Total	123		139

Summary of Operating Loss Carryforwards

As of December 31, 2021, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:


Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
	(in millions of U.S. dollars)
Net Operating Loss Carryforwards:
United States - Net operating loss	$	458	$	96	2023-2041
United States - Net operating loss	25		5		Indefinitely
United Kingdom	186		47		Indefinitely
Luxembourg	15		4		2035-2036
Other	62		14		Indefinitely

Summary of Income Tax Examinations

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2021:

Major Tax Jurisdiction

Open Tax Years

United States

2018-2021

United Kingdom

2020-2021

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Related Party Transactions

The following tables summarize our related party balances and transactions. Additional details about the nature of our relationships and transactions are included further below.


As of December 31, 2021	Stone Point (1)		AnglePoint HK (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Assets


Fixed maturities, trading, at fair value	$	122	$	—	$	180	$	—	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	332		—		1		—		—		—		—		—
Equities, at fair value	153		—		37		—		224		—		—		—
Other investments, at fair value	563		9		14		—		—		—		—		1,278
Equity method investments	—		—		—		194		—		56		225		—
Total investments	1,170		9		232		194		224		56		225		1,278
Cash and cash equivalents	14		—		27		—		—		—		—		—
Restricted cash and cash equivalents	—		—		4		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		—		63		—		—		—		2		—
Funds held by reinsured company	—		—		35		—		—		—		41		—

Other assets	—		—		28		—		—		—		13		—
Liabilities
Losses and LAE	—		—		226		—		—		—		504		—
Insurance and reinsurance balances payable	—		—		63		—		—		—		5		—
Other liabilities	—		—		63		—		—		—		—		—
Net assets (liabilities)	$	1,184	$	9	$	37	$	194	$	224	$	56	$	(228)	$	1,278

Redeemable noncontrolling interest	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(2) Subsequent to December 31, 2021, AnglePoint HK ceased to be a related party.


As of December 31, 2020	Stone Point		Hillhouse (1)		Monument		AmTrust		Citco		Enhanzed Re (2)		Core Specialty		Other
	(in millions of U.S. dollars)
Assets

Short-term investments, AFS, at fair value	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	196		—		—		—		—		—		—		—
Fixed maturities, AFS, at fair value	227		—		—		—		—		—		—		—
Equities, at fair value	104		—		—		230		—		—		—		—
Other investments, at fair value	527		2,735		—		—		—		—		—		931
Equity method investments	—		—		194		—		53		330		235		—
Total investments	1,055		2,735		194		230		53		330		235		931
Cash and cash equivalents	24		—		—		—		—		—		—		—


Reinsurance balances recoverable on paid and unpaid losses	—		—		—		—		—		208		2		—
Funds held by reinsured company	—		—		—		—		—		194		58		—
Other assets			—		—		—		—		1		46		—
Liabilities
Losses and LAE	—		—		—		—		—		—		683		—
Insurance and reinsurance balances payable	—		—		—		—		—		1		25		—
Other liabilities	1		—		—		—		—		—		10		—
Net assets (liabilities)	$	1,078	$	2,735	$	194	$	230	$	53	$	732	$	(377)	$	931

Redeemable noncontrolling interest	$	350	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	2021
	Stone Point		Hillhouse (1)		AnglePoint HK (2)		Northshore		Monument		AmTrust		Citco		Enhanzed Re (3)		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	—	$	—	$	58	$	—	$	—	$	—	$	(2)	$	8	$	—

Net investment income (expense)	21		—		(13)		3		—		6		—		(4)		—		3
Net realized gains	—		77		—		—		—		—		—		—		—		—
Net unrealized gains (losses)	83		20		(69)		—		—		(6)		—		—		—		136
Other (expense) income	—		—		—		(15)		—		—		—		2		15		—
	104		97		(82)		46		—		—		—		(4)		23		139
Net incurred losses and LAE	—		—		—		(18)		—		—		—		—		32		—
Acquisition costs	—		—		—		(13)		—		—		—		1		6		—
General and administrative expenses	—		—		—		(10)		—		—		—		—		—		—

	—		—		—		(41)		—		—		—		1		38		—
Earnings from equity method investments	—		—		—		—		14		—		4		82		(6)		—
Total net earnings (loss)	$	104	$	97	$	(82)	$	5	$	14	$	—	$	4	$	79	$	55	$	139

(3) Following completion of the Step Acquisition and related consolidation, Enhanzed Re ceased to be a related party on September 1, 2021.


	2020
	Stone Point		Hillhouse (1)		Monument		AmTrust		Citco		Enhanzed Re		Other
	(in millions of U.S. dollars)


Net investment income	$	16	$	—	$	—	$	7	$	—	$	(4)	$	—

Net unrealized gains (losses)	24		1,288		—		(11)		—		(1)		76
Other income	—		—		—		—		—		3		—
	40		1,288		—		(4)		—		(2)		76
Net incurred losses and LAE	—		—		—		—		—		(6)		—



	—		—		—		—		—		(6)		—
Earnings from equity method investments	—		—		88		—		2		147		—
Total net earnings (loss)	$	40	$	1,288	$	88	$	(4)	$	2	$	139	$	76

Change in unrealized losses on AFS investments	$	—	$	—	$	—	$	—	$	—	$	(3)	$	—


	2019
	Stone Point		Hillhouse (1)		Monument		AmTrust		Citco		Enhanzed Re		Other
	(in millions of U.S. dollars)


Net investment income	$	9	$	—	$	—	$	8	$	—	$	—	$	—

Net unrealized gains	26		310		—		10		—		—		41
Other income	—		—		—		—		—		1		—
	35		310		—		18		—		1		41





Earnings from equity method investments	—		—		20		—		3		29		—
Total net earnings	$	35	$	310	$	20	$	18	$	3	$	30	$	41

Dividend Restrictions and Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Summary of Statutory Capital and Surplus


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2021		2020		2021		2020		2021		2020		2019
	(in millions of U.S. dollars)
Bermuda	$	3,338	$	2,712	$	5,819	$	5,565	$	524	$	1,851	$	644
U.K.	804		804		1,247		1,224		163		43		155
U.S.	151		186		534		554		23		(67)		121
Europe	99		96		182		214		(2)		(1)		12
Australia	15		19		57		59		2		(2)		5

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2021 USD ($) share-based_compensation_plan
Accounting Policies [Abstract]
Deferred charge asset impairment \| $	$ 0
Number of share-based compensation arrangements \| share-based_compensation_plan	3

Segment Information - Additional Information (Details) - Segment	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Number of segments		4
Segment Reporting Information [Line Items]
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 Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 789	$ 2,660	$ 2,190
Earnings from equity method investments	93	239	56
Earnings before income taxes	515	1,735	933
Net gain on purchase and sale of subsidiaries	73	3	0
Net incurred losses and LAE	111	(416)	(614)
General and administrative expenses	(367)	(502)	(413)
Interest expense	(69)	(59)	(53)
Net foreign exchange gains (losses)	12	(16)	8
Income tax expense	(27)	(24)	(12)
Net earnings from discontinued operations, net of income tax	0	(16)	(7)
Net (earnings) loss attributable to noncontrolling interest	(15)	28	10
Dividends on preferred shares	(36)	(36)	(36)
NET EARNINGS	488	1,727	928
NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	437	1,719	902
Run-off
Segment Reporting Information [Line Items]
Cumulative effect adjustments relating to recent acquisition years	71	2	11
Operating Segments
Segment Reporting Information [Line Items]
Revenues	732	2,676	2,202
Earnings before income taxes	708	2,152	1,308
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Revenues	255	191	235
Earnings before income taxes	217	143	141
Operating Segments \| Enhanzed Re
Segment Reporting Information [Line Items]
Revenues	5	0	0
Earnings before income taxes	6	0	0
Operating Segments \| Investments
Segment Reporting Information [Line Items]
Revenues	429	1,898	1,241
Earnings before income taxes	485	2,102	1,267
Operating Segments \| Legacy Underwriting
Segment Reporting Information [Line Items]
Revenues	43	587	726
Earnings before income taxes	0	(93)	(100)
Corporate and other
Segment Reporting Information [Line Items]
Revenues	57	(16)	(12)
Other expense	(16)	(19)	(12)
Net gain on purchase and sale of subsidiaries	73	3	0
Net incurred losses and LAE	(61)	(190)	(205)
Policyholder benefit expenses	(1)	0	0
General and administrative expenses	(131)	(136)	(113)
Interest expense	(69)	(59)	(53)
Net foreign exchange gains (losses)	12	(16)	8
Income tax expense	(27)	(24)	(12)
Net earnings from discontinued operations, net of income tax	0	16	7
Net (earnings) loss attributable to noncontrolling interest	(15)	28	10
Dividends on preferred shares	36	36	36
NET EARNINGS	$ (271)	$ (433)	$ (406)

Business Acquisitions - Additional Information (Details) $ in Millions		3 Months Ended
	Sep. 01, 2021 USD ($) Quarter	Sep. 30, 2021 USD ($)	Jun. 30, 2021
EnhanzedRe
Business Acquisition [Line Items]
Ownership percentage	24.90%
EnhanzedRe
Business Acquisition [Line Items]
Ownership percentage acquired	27.70%
Payments to acquire investments	$ 217
Capital commitment assumed	$ 40
Equity interest percentage before acquisition	47.40%
Total equity interest, as a percentage	75.10%
Step acquisition gain		$ 47
Bargain purchase gain	$ 27
Cash consideration based on total shareholders' equity, percentage			90.00%
Reporting lag period \| Quarter	1

Business Acquisitions - Fair Value Of Assets Acquired Inclusive Of Settlement Of Preexisting Relationship (Details) - EnhanzedRe - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Sep. 01, 2021	Sep. 30, 2021	Dec. 31, 2021
ASSETS
Fixed maturities, trading, at fair value	$ 49	$ 49
Funds held - directly managed	2,576	2,272
Equities, at fair value	855	855
Other investments, at fair value	14	14
Total investments	3,494	3,190
Cash and cash equivalents	11	11
Funds held by reinsured companies	214	214
Other assets	8	8
TOTAL ASSETS	3,727	3,423
LIABILITIES
Losses and LAE	1,113	842
Future policyholder benefits	1,539	1,539
Debt obligations	76	76
Insurance and reinsurance balances payable	102	96
Other liabilities	16	9
TOTAL LIABILITIES	2,846	2,562
ASSETS
Funds held - directly managed		(304)
Total investments		(304)
TOTAL ASSETS		(304)
LIABILITIES
Losses and LAE		(271)	$ (271)
Insurance and reinsurance balances payable		(6)
Other liabilities		(7)
TOTAL LIABILITIES		(284)
NET ASSETS ACQUIRED AT FAIR VALUE	(20)	(20)
NET ASSETS ACQUIRED AT FAIR VALUE	881	$ 861
Cash consideration paid to Hillhouse Group affiliate	217
Fair value of previously held equity method investment	418
Fair value of noncontrolling interest	219
Total purchase price	834
Bargain purchase gain	$ 27

Business Acquisitions - Summary of Operations (Details) - EnhanzedRe $ in Millions	4 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Total income	$ (17)
Net loss	(19)
Net loss attributable to Enstar ordinary shareholders	$ (15)

Business Acquisitions - Summary of Pro Forma Information (Details) - EnhanzedRe - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total income	$ 1,071	$ 3,070
Net earnings	494	1,942
Net earnings attributable to Enstar	445	1,892
Net earnings attributable to Enstar ordinary shareholders	$ 409	$ 1,856

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Net Gain On Sale of Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries			$ 26	$ 3
Not discontinued operations, disposed of by sale \| Atrium
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries			(8)	0
Not discontinued operations, disposed of by sale \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		$ 23	23	0
Not discontinued operations, disposed of by sale \| PWIC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries	$ 8		8	0
Not discontinued operations, disposed of by sale \| Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries			$ 3	$ 3

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions					3 Months Ended		12 Months Ended
	Oct. 01, 2021	Mar. 15, 2021	Jan. 01, 2021	Nov. 30, 2020	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business							$ 26.0	$ 3.0
Syndicate underwriting capacity percentage								25.00%
Gross loss reserves					$ 13,258.0		13,258.0	$ 10,593.0	$ 9,868.0	$ 9,049.0
Net loss reserves					11,555.0		11,555.0	8,544.0	7,680.0
Unearned premium			$ 37.0
Deferred acquisition costs			$ 20.0
Consideration received								235.0
Net loss reserves assumed							3,445.0	2,186.0	1,586.0
Cash inflows (outflows)							(102.0)	99.0	(54.0)
Equity method investments					493.0		493.0	832.0
Earnings from equity method investments							93.0	239.0	56.0
StarStone US
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss reserves assumed				$ 462.0
Reinsurance premium consideration				478.0
Additional consideration				$ 130.0
Termination period				2 years
Atrium Syndicate 609
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross loss reserves					215.0		215.0
Reinsurance recoverable					62.0		62.0
Net loss reserves					152.0		152.0
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments								235.0
Core Specialty \| Affiliated entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross loss reserves					504.0		504.0	683.0
Equity method investments					225.0		225.0	235.0
Earnings from equity method investments							(6.0)
Not discontinued operations, disposed of by sale \| Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business						$ (8.0)
Not discontinued operations, disposed of by sale \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business						$ 23.0	23.0	0.0
Sales of subsidiaries, net of cash sold		$ 1.0
Proceeds from sale, value of shares		30.0
Not discontinued operations, disposed of by sale \| PWIC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business					$ 8.0		$ 8.0	0.0
Sales of subsidiaries, net of cash sold	$ 22.0
Held-for-sale or disposed of by sale, not discontinued operations \| Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted investments								94.0
Discontinued operations, disposed of by sale \| StarStone US
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 282.0				282.0	$ 0.0
Value of shares received				235.0
Cash consideration received				$ 47.0
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage, fully diluted basis			25.20%	25.20%	24.70%		24.70%
Equity method investments					$ 225.0		$ 225.0	$ 235.0
Decrease in investment							4.0
Core Specialty \| Affiliated entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Decrease in investment			$ 4.0
Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value					$ 37.0		$ 37.0
North Bay
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest held by parent								59.00%
Ownership interest held by noncontrolling owners								1.70%
SSHL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest held by parent					59.00%		59.00%	100.00%
Ownership interest held by noncontrolling owners					1.70%		1.70%
Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest held by parent			13.80%					54.10%
Ownership interest held by noncontrolling owners			1.60%		76.30%		76.30%
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest held by noncontrolling owners			0.40%
SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest held by parent								59.00%
Ownership interest held by noncontrolling owners								1.70%
Inigo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest held by parent					5.40%		5.40%
Carrying value					$ 43.0		$ 43.0	$ 17.0
Payments to acquire investments							17.0
Unfunded commitments		$ 18.0			$ 10.0		$ 10.0

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Syndicate Results (Details) $ in Millions	Dec. 31, 2021 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	$ 34
Due to Arden under reinsurance agreement	(22)
Due to Atrium 5 Limited under Capacity Lease Agreement	(12)
Net balances with Northshore Group	$ 0

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2020
ASSETS
TOTAL ASSETS HELD-FOR-SALE	$ 0	$ 711
LIABILITIES
TOTAL LIABILITIES HELD-FOR-SALE	0	484
DISPOSAL
Consideration received		235
NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	0	16	$ 7
Northshore \| Held-for-sale or disposed of by sale, not discontinued operations
ASSETS
Other investments, at fair value		10
Total investments		173
Cash and cash equivalents		71
Restricted cash and cash equivalents		152
Reinsurance balances recoverable on paid and unpaid losses		37
Funds held by reinsured companies		32
Other assets		246
TOTAL ASSETS HELD-FOR-SALE		711
LIABILITIES
Losses and LAE		254
Insurance and reinsurance balances payable		12
Debt obligations		40
Other liabilities		178
TOTAL LIABILITIES HELD-FOR-SALE		484
NET ASSETS HELD-FOR-SALE		227
Northshore \| Held-for-sale or disposed of by sale, not discontinued operations \| Short-term Investments
ASSETS
AFS, at fair value		2
Northshore \| Held-for-sale or disposed of by sale, not discontinued operations \| Fixed maturity investments, trading
ASSETS
AFS, at fair value		7
Fixed maturities, trading, at fair value		154
StarStone US \| Discontinued operations, disposed of by sale
INCOME
Net premiums earned		291	351
Net investment income		13	16
Net realized gains		4	0
Net unrealized gains		2	19
Total income		310	386
EXPENSES
Net incurred losses and LAE		192	258
Acquisition costs		58	65
General and administrative expenses		60	61
Interest expense		2	3
Total expenses		312	387
LOSS BEFORE INCOME TAXES		(2)	(1)
Income tax benefit		2	8
NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE		0	7
DISPOSAL
Consideration received		282	0	$ 282
Less: Carrying value of subsidiary		278	0
Reclassification to earnings on disposal of subsidiary		12	0
Gain on sale of subsidiary		16	0
NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES		16	7
Net (earnings) from discontinued operations attributable to noncontrolling interest		(9)	(3)
NET EARNINGS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS		7	4
Discontinued Operation, Continuing Involvement [Abstract]
Total income	(1)	12	11
Total expenses	20	(16)	63
Net (loss) earnings	$ (21)	$ 28	$ (52)

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Total	$ 12,254	$ 9,319
Residential mortgage-backed
Fair Value
Total	610	554
Commercial mortgage-backed
Fair Value
Total	1,074	854
Asset-backed
Fair Value
Total	944	$ 557
Short-term investments and fixed maturities
Amortized Cost
One year or less	395
More than one year through two years	813
More than two years through five years	2,623
More than five years through ten years	2,545
More than ten years	3,161
Fixed maturity investments, at amortized cost	12,165
Fair Value
One year or less	398
More than one year through two years	820
More than two years through five years	2,637
More than five years through ten years	2,566
More than ten years	3,205
Total	$ 12,254
% of Total Fair Value
One year or less	3.20%
More than one year through two years	6.70%
More than two years through five years	21.50%
More than five years through ten years	20.90%
More than ten years	26.20%
Trading securities, percentage of fair value	100.00%
Short-term investments and fixed maturities \| Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 611
Fair Value
Securities without single maturity date	$ 610
% 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	$ 1,070
Fair Value
Securities without single maturity date	$ 1,074
% 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
Fair Value
Securities without single maturity date	$ 944
% of Total Fair Value
Securities without single maturity date	7.70%

Investments - Available-for-sale Portfolio (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,723	$ 3,576
Gross Unrealized Gains	38	89
Non-Credit Related Losses	(65)	(6)
Investments, allowance for credit losses	(10)	0	$ 0
Fair Value	5,686	3,659
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	463	716
Gross Unrealized Gains	1	3
Non-Credit Related Losses	(5)	(1)
Investments, allowance for credit losses	0	0
Fair Value	459	718
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10	12
Gross Unrealized Gains	0	2
Non-Credit Related Losses	0	0
Investments, allowance for credit losses	0	0
Fair Value	10	14
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	127	142
Gross Unrealized Gains	2	8
Non-Credit Related Losses	(1)	0
Investments, allowance for credit losses	0	0
Fair Value	128	150
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,384	1,873
Gross Unrealized Gains	29	66
Non-Credit Related Losses	(45)	(2)
Investments, allowance for credit losses	(10)	0	0
Fair Value	3,358	1,937
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	129	29
Gross Unrealized Gains	1	1
Non-Credit Related Losses	(2)	0
Investments, allowance for credit losses	0	0
Fair Value	128	30
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	394	326
Gross Unrealized Gains	1	3
Non-Credit Related Losses	(4)	0
Investments, allowance for credit losses	0	0
Fair Value	391	329
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	566	274
Gross Unrealized Gains	3	5
Non-Credit Related Losses	(7)	(2)
Investments, allowance for credit losses	0	0	$ 0
Fair Value	562	277
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	650	204
Gross Unrealized Gains	1	1
Non-Credit Related Losses	(1)	(1)
Investments, allowance for credit losses	0	0
Fair Value	$ 650	$ 204

Investments - Gross Unrealized Losses (Details) $ in Millions	Dec. 31, 2021 USD ($) Security	Dec. 31, 2020 USD ($) Security
Fair Value
12 Months or Greater	$ 60	$ 5
Less Than 12 Months	3,296	527
Total	3,356	532
Gross Unrealized Losses
12 Months or Greater	(2)	0
Less Than 12 Months	(37)	(5)
Total	$ (39)	$ (5)
Number of securities in unrealized loss position \| Security	2,930	407
Number of securities in unrealized loss position, twelve months or longer \| Security	93	2
U.S. government and agency
Fair Value
12 Months or Greater	$ 22	$ 0
Less Than 12 Months	373	56
Total	395	56
Gross Unrealized Losses
12 Months or Greater	(1)	0
Less Than 12 Months	(4)	(1)
Total	(5)	(1)
UK government
Fair Value
12 Months or Greater	0
Less Than 12 Months	5
Total	5
Gross Unrealized Losses
12 Months or Greater	0
Less Than 12 Months	0
Total	0
Other government
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	46	8
Total	46	8
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(1)	0
Total	(1)	0
Corporate
Fair Value
12 Months or Greater	11	0
Less Than 12 Months	1,545	198
Total	1,556	198
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(19)	(1)
Total	(19)	(1)
Municipal
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	77	2
Total	77	2
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(2)	0
Total	(2)	0
Residential mortgage-backed
Fair Value
12 Months or Greater	6	5
Less Than 12 Months	315	79
Total	321	84
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(4)	0
Total	(4)	0
Commercial mortgage-backed
Fair Value
12 Months or Greater	21	0
Less Than 12 Months	419	67
Total	440	67
Gross Unrealized Losses
12 Months or Greater	(1)	0
Less Than 12 Months	(6)	(2)
Total	(7)	(2)
Asset-backed
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	516	117
Total	516	117
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(1)	(1)
Total	$ (1)	$ (1)

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses, beginning of year	$ 0	$ 0
Allowances for credit losses on securities for which credit losses were not previously recorded	(16)	(12)
Reductions for securities sold during the year		3
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	6	12
Allowance for credit losses, end of year	(10)	0
Cumulative effect of change in accounting principle
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses, beginning of year		(3)
Corporate
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses, beginning of year	0	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(16)	(11)
Reductions for securities sold during the year		3
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	6	11
Allowance for credit losses, end of year	(10)	0
Corporate \| Cumulative effect of change in accounting principle
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses, beginning of year		(3)
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses, beginning of year	0	0
Allowances for credit losses on securities for which credit losses were not previously recorded	0	(1)
Reductions for securities sold during the year		0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	0	1
Allowance for credit losses, end of year	$ 0	0
Commercial mortgage-backed \| Cumulative effect of change in accounting principle
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses, beginning of year		$ 0

Investments - Equity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 1,995	$ 847
Publicly traded equity investments
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	281	261
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	1,342	311
Private equity funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 372	$ 275

Investments - Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 493	$ 832
Citco III Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest held by noncontrolling owners	6.20%	6.20%
Convertible Preferred Stock \| Citco III Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest held by noncontrolling owners	15.40%	15.40%
EnhanzedRe
Schedule of Equity Method Investments [Line Items]
Ownership %	0.00%	47.40%
Equity method investments	$ 0	$ 330
Citco
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 56	$ 53
Citco \| Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Ownership %	31.90%	31.90%
Monument
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 194	$ 194
Monument \| Ordinary Shares
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	$ 225	$ 235
Other
Schedule of Equity Method Investments [Line Items]
Ownership %	27.00%	27.00%
Equity method investments	$ 18	$ 20

Investments - Summarized Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet
Total assets	$ 24,429	$ 21,627
Total liabilities	17,924	14,574
Operating Results
Total income	789	2,660	$ 2,190
Total expenses	367	1,164	1,313
Net income	93	239	56
Equity method investments	493	832
100%
Operating Results
Equity method investments	0	0
20%-99%
Operating Results
Equity method investments	493	832
3%-19%
Operating Results
Equity method investments	0	0
Equity Method Investments
Balance Sheet
Total assets	45,741	35,913
Total liabilities	33,858	27,469
Operating Results
Total income	9,190	6,093	5,848
Total expenses	8,098	5,234	5,609
Net income	1,092	859	$ 239
Fair Value Option
Operating Results
Equity method investments	1,577	719
Fair Value Option \| 100%
Operating Results
Equity method investments	0	0
Fair Value Option \| 20%-99%
Operating Results
Equity method investments	828	517
Fair Value Option \| 3%-19%
Operating Results
Equity method investments	$ 749	$ 202

Investments - Funds Held (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Funds Held, Directly Managed [Abstract]
Cash and cash equivalents	$ 1,646	$ 901	$ 624
Other assets	620	1,092
Funds held - directly managed	3,007	1,075
Net unrealized gains (losses):
Funds held by reinsured companies	2,340	636
Funds Held - Directly Managed
Funds Held, Directly Managed [Abstract]
Short-term and fixed maturity investments, trading	2,806	1,060
Cash and cash equivalents	188	9
Other assets	13	6
Funds held - directly managed	3,007	1,075
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	2,815	966
Net unrealized gains (losses):
Change in fair value - fair value option accounting	0	10
Change in fair value - embedded derivative accounting	14	84
Change in fair value	(23)	0
Short-term and fixed maturity investments, trading	2,806	1,060
Funds held - Directly Managed - Fair Value Option
Funds Held, Directly Managed [Abstract]
Short-term and fixed maturity investments, trading	0	117
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	0	107
Net unrealized gains (losses):
Change in fair value - fair value option accounting	0	10
Change in fair value - embedded derivative accounting	0	0
Change in fair value	0	0
Short-term and fixed maturity investments, trading	0	117
Funds held - Directly Managed - Variable Return
Funds Held, Directly Managed [Abstract]
Short-term and fixed maturity investments, trading	2,806	943
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	2,815	859
Net unrealized gains (losses):
Change in fair value - fair value option accounting	0	0
Change in fair value - embedded derivative accounting	14	84
Change in fair value	(23)	0
Short-term and fixed maturity investments, trading	$ 2,806	$ 943

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Investment Income [Line Items]
Gross investment income	$ 349	$ 319	$ 322
Investment expenses	(37)	(16)	(14)
Net investment income	312	303	308
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	276	272	294
Fixed maturity investments, trading
Net Investment Income [Line Items]
Gross investment income	191	199	219
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	0	5	15
Funds held
Net Investment Income [Line Items]
Gross investment income	57	34	22
Funds held – directly managed
Net Investment Income [Line Items]
Gross investment income	28	34	38
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	73	47	28
Equity investments
Net Investment Income [Line Items]
Gross investment income	32	20	16
Other investments
Net Investment Income [Line Items]
Gross investment income	$ 41	$ 27	$ 12

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net realized gains (losses) on sale:
Increase in allowance for expected credit losses on fixed maturity securities, AFS	$ 10	$ (1)	$ 0
Net realized gains on equity investments	9	1	1
Net realized investment losses on investment derivatives	(132)	0	0
Total net realized (losses) gains on sale	(61)	19	5
Net unrealized (losses) gains:
Equity investments	146	(2)	54
Investment derivatives	(21)	1	0
Total net unrealized gains (losses)	178	1,623	1,007
Proceeds from sale of available from sale securities	2,500	2,000	303
InRe Fund
Net unrealized (losses) gains:
Total net unrealized gains (losses)		1,200
Fixed maturity investments
Net realized gains (losses) on sale:
Gross realized gains on fixed maturity securities, AFS	19	26	5
Gross realized losses on fixed maturity securities, AFS	(13)	(8)	(1)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(10)	0	0
Net unrealized (losses) gains:
Fixed maturity securities, trading	(144)	228	423
Funds Held - Directly Managed
Net unrealized (losses) gains:
Fixed maturity securities, trading	(62)	60	89
Other investments
Net realized gains (losses) on sale:
Other investments	66	0	0
Net unrealized (losses) gains:
Other investments	$ 259	$ 1,336	$ 441

Investments - Reconciliation to Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Total reclassification adjustment for net realized gains (losses) included in net earnings	$ 6	$ 18	$ 4
Credit losses on fixed maturity securities, AFS	(10)	1	0
Continuing Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	19	26	5
Gross realized losses on fixed maturity securities, AFS	(13)	(8)	(1)
Tax effect	0	(1)	0
Credit losses on fixed maturity securities, AFS	(10)	0	0
Discontinued Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	0	1	0
Credit losses on fixed maturity securities, AFS	$ 0	$ 1	$ 0

Investments - Restricted Assets (Details) $ in Millions	Dec. 31, 2021 USD ($) syndicate	Dec. 31, 2020 USD ($) syndicate	Dec. 31, 2019 USD ($)
Investments, Debt and Equity Securities [Abstract]
Restricted cash and cash equivalents	$ 446	$ 472	$ 347
Line of Credit Facility [Line Items]
Collateral in trust for third party agreements	6,100	4,925
Assets on deposit with regulatory authorities	196	131
Funds at Lloyd's	431	261
Restricted assets, total	$ 6,821	$ 5,422
Number of syndicates \| syndicate	2	3
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 94	$ 105

Derivatives and Hedging Instruments - Foreign Currency Hedging (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	$ 1,133	$ 740
Assets	2	4
Liabilities	17	34
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	618	604
Assets	0	1
Liabilities	7	29
Effect of Net Investment Hedge
Gain (loss) on derivatives designated as hedging instruments	24	(30)	$ (15)
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	498	134
Assets	2	3
Liabilities	0	5
Effect of Net Investment Hedge
Gain (loss) on derivatives not designated as hedging instruments	(4)	(2)	$ 13
Derivatives not designated as hedging instruments \| Others
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	17	2
Assets	0	0
Liabilities	$ 10	$ 0

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Reinsurance Reserves Recoverable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Reinsurance recoverable on unpaid losses	$ 1,367	$ 1,850
ULAE	7	17
Fair value adjustments - acquired companies	(8)	(16)
Fair value adjustments - fair value option	(34)	(21)
Total reinsurance reserves recoverable	1,332	1,830	$ 1,928	$ 1,708
Paid losses recoverable	185	259
Total	1,517	2,089
Reinsurance balances recoverable on paid and unpaid losses	1,085	1,568
Reinsurance balances recoverable on paid and unpaid losses - fair value option	$ 432	$ 521

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,517	$ 2,089
(Decrease) in reinsurance recoverables	$ (600)

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) reinsurer	Dec. 31, 2020 USD ($) reinsurer
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,517	$ 2,089
Reinsurer concentration risk \| Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	1,002	1,365
Reinsurer concentration risk \| Lloyd's Syndicate
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	256	331
Reinsurer concentration risk \| Michigan Catastrophic Claims Associations
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	210	229
Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,517	$ 2,089
Percent of total investments	100.00%	100.00%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,002	$ 1,365
Percent of total investments	66.10%	65.30%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Rated A Minus Or Higher
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 747	$ 864
Number of external reinsurers \| reinsurer	8	7
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 255	$ 501
Number of external reinsurers \| reinsurer	2	3
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 491	$ 697
Percent of total investments	32.40%	33.40%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 24	$ 27
Percent of total investments	1.50%	1.30%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Michigan Catastrophic Claims Associations
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 210	$ 229
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers, U.S. Workers' Compensation Reinsurance Pool
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 45
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses		74
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers, Provided Security, Reinsurer Two
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses		$ 208

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Allowance For Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Allowance for estimated uncollectible reinsurance, beginning of year	$ 137	$ 148
Current period change in the allowance	1	0
Write-offs charged against the allowance	0	(10)
Recoveries collected	(2)	(1)
Allowance for estimated uncollectible reinsurance, end of year	$ 136	$ 137

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of January 1		$ 10,593	$ 9,868	$ 9,049
Losses and LAE relating to SGL No. 1			255	0	$ 0
Reinsurance reserves recoverable		(1,830)	(1,928)	(1,708)
Reinsurance reserves recoverable relating to SGL No. 1			(90)	0	0
DCAs on retroactive reinsurance		(219)	(260)	(89)
Net balance as of January 1		8,544	7,680
Current period:
Increase in estimates of net ultimate losses		168	388	576
Increase in provisions for ULAE		4	17	4
Total current period		172	405	580
Prior periods:
Reduction in estimates of net ultimate losses		(281)	(130)	(111)
Reduction in provisions for ULAE		(63)	(48)	(61)
Amortization of DCAs		120	43	38
Amortization of fair value adjustments		16	27	51
Changes in fair value - fair value option		(75)	119	117
Total prior periods		(283)	11	34
Total net incurred losses and loss adjustment expenses		(111)	416	614
Net paid losses:
Current period		(29)	(72)	(179)
Prior periods		(1,402)	(1,413)	(1,609)
Other changes:
Effect of exchange rate movement		(63)	120	48
Acquired business		1,098	0	1
Assumed business		3,445	2,186	1,586
Ceded business		(92)	(155)	(33)
Reclassification to assets and liabilities held-for-sale		0	(217)	0
Total other changes		4,388	1,934	1,602
Net balance as of December 31		11,555	8,544	7,680
Reinsurance reserves recoverable		1,332	1,830	1,928
DCAs on retroactive reinsurance		371	219	260
Balance as of December 31		13,258	10,593	9,868
Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses		11,269	8,140
Loss and loss adjustment expenses, at fair value		1,989	2,453
Total		13,258	10,593	9,868	$ 9,049
Third party loss reserves		842
Loss reserves deemed to settle balances related to pre-existing relationships		257
Reinsurance recoverables		286
Deferred gain liability		29
Deferred charge assets, assumed business		243	2	211
EnhanzedRe
Reconciliation to Consolidated Balance Sheet:
Losses and LAE	$ (271)	(271)
Cumulative effect of change in accounting principle
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net balance as of January 1		0	(1)	0
Other changes:
Net balance as of December 31			0	(1)
Cumulative effect of change in accounting principle, adjusted balance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net balance as of January 1		$ 8,709	7,679	7,252
Other changes:
Net balance as of December 31			$ 8,709	$ 7,679

Losses and Loss Adjustment Expenses - Net Incurred Losses by Line of Business (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (281)	$ (130)	$ (111)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(277)	(127)	(219)
Enhanzed Re
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	0	0
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(4)	(3)	108
Asbestos \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(16)	(19)	7
Environmental \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	7	(13)	15
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	116	(26)	(7)
Workers' compensation/personal accident \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(234)	(183)	(136)
Marine, aviation and transit \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(47)	(31)	(20)
Construction defect \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(33)	8	(1)
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(31)	(12)	(39)
Motor \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	43	148	(37)
Property \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(45)	(17)	13
All Other \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (37)	$ 18	$ (14)

Losses and Loss Adjustment Expenses - Additional Information (Details) $ in Millions		12 Months Ended
	Jan. 01, 2021 USD ($)	Dec. 31, 2021 USD ($) commutation	Dec. 31, 2020 USD ($) commutation	Dec. 31, 2019 USD ($) commutation
Effects of Reinsurance [Line Items]
Amortization of DCAs		$ 120	$ 43	$ 38
Reduction in estimates of net ultimate losses		(281)	(130)	(111)
Net losses paid, prior period		1,402	1,413	1,609
Changes in fair value - fair value option		(75)	119	117
Net ultimate liability for asbestos and environmental claims		2,300	1,900
Gross ultimate liability for asbestos and environmental claims		2,400	2,100
Increase (decrease) in asbestos and environmental reserves, net		407
Increase (decrease) in asbestos and environmental reserves, gross		277
Run-off
Effects of Reinsurance [Line Items]
Amortization of DCAs		120
Cumulative effect adjustments relating to recent acquisition years		71	2	11
Reduction in estimates of net ultimate losses		(277)	(127)	(219)
Reserves transferred	$ 955
Run-off \| Workers' compensation/personal accident
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		(234)	(183)	(136)
Net losses paid, prior period			143
Net change in case and LAE reserves, prior period			(177)
Increase (decrease) in reported losses			(34)
Downward incurred loss development			(149)
Run-off \| Workers' compensation, 15 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ (10)
Number of commutations \| commutation		15
Run-off \| Workers' Compensation Insurance Product Line, Ten Commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses			$ (11)
Number of commutations \| commutation			10
Run-off \| Workers' compensation, two portfolios
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses				39
Net change in case and LAE reserves, prior period				54
Downward incurred loss development				14
Run-off \| Six Commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses				$ (6)
Number of commutations \| commutation				6
Run-off \| General casualty
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ 116	$ (26)	$ (7)
Run-off \| General casualty, 18 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ 2
Number of commutations \| commutation		18
Run-off \| Marine, aviation and transit
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ (47)	(31)	(20)
Run-off \| Marine, aviation and transit, 4 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ 1
Number of commutations \| commutation		4
Run-off \| Motor
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ 43	148	(37)
Legacy Underwriting
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ (4)	$ (3)	$ 108
Reserves transferred	$ (955)

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
ULAE	$ 418
Fair value adjustments - acquired companies	(106)
Fair value adjustments - fair value option	(107)
Total	11,880
DCAs on retroactive reinsurance	(371)
Total	11,509
Provision for Bad Debt
ULAE	0
Fair value adjustments - acquired companies	0
Fair value adjustments - fair value option	0
Total	46
DCAs on retroactive reinsurance	0
Total	46
Net Liability for Losses and LAE
ULAE	418
Fair value adjustments - acquired companies	(106)
Fair value adjustments - fair value option	(107)
Total	11,926
DCAs on retroactive reinsurance	(371)	$ (219)	$ (260)	$ (89)
Total	11,555	8,544	7,680
Reinsurance Recoverable on Liabilities for Losses and LAE
Reinsurance recoverable on unpaid losses	1,367	1,850
ULAE	7
Fair value adjustments - acquired companies	(8)
Fair value adjustments - fair value option	(34)
Total reinsurance reserves recoverable	1,332	1,830	1,928	1,708
Gross Liabilities for Losses and LAE
ULAE	425
Fair value adjustments - acquired companies	(114)
Fair value adjustments - fair value option	(141)
Total	13,258	$ 10,593	$ 9,868	$ 9,049
Run-off
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
OLR and IBNR	11,343
Provision for Bad Debt
OLR and IBNR	46
Net Liability for Losses and LAE
OLR and IBNR	11,389
Reinsurance Recoverable on Liabilities for Losses and LAE
OLR and IBNR	1,307
Gross Liabilities for Losses and LAE
OLR and IBNR	12,696
Run-off \| Asbestos
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Net Liability for Losses and LAE, Prior to Provision for Bad Debt	1,876
Provision for Bad Debt
Provision for Bad Debt	22
Net Liability for Losses and LAE
Net Liability for Losses and LAE	1,898
Total	1,692
Reinsurance Recoverable on Liabilities for Losses and LAE
Reinsurance recoverable on unpaid losses	80
Gross Liabilities for Losses and LAE
Gross Liabilities for Losses and LAE	1,978
Run-off \| General casualty
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Net Liability for Losses and LAE, Prior to Provision for Bad Debt	3,362
Provision for Bad Debt
Provision for Bad Debt	7
Net Liability for Losses and LAE
Net Liability for Losses and LAE	3,369
Total	3,265
Reinsurance Recoverable on Liabilities for Losses and LAE
Reinsurance recoverable on unpaid losses	130
Gross Liabilities for Losses and LAE
Gross Liabilities for Losses and LAE	3,499
Run-off \| Workers' compensation/personal accident
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Net Liability for Losses and LAE, Prior to Provision for Bad Debt	2,628
Provision for Bad Debt
Provision for Bad Debt	1
Net Liability for Losses and LAE
Net Liability for Losses and LAE	2,629
Total	2,478
Reinsurance Recoverable on Liabilities for Losses and LAE
Reinsurance recoverable on unpaid losses	273
Gross Liabilities for Losses and LAE
Gross Liabilities for Losses and LAE	2,902
Run-off \| Professional indemnity/Directors and Officers
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Net Liability for Losses and LAE, Prior to Provision for Bad Debt	1,334
Provision for Bad Debt
Provision for Bad Debt	2
Net Liability for Losses and LAE
Net Liability for Losses and LAE	1,336
Total	1,321
Reinsurance Recoverable on Liabilities for Losses and LAE
Reinsurance recoverable on unpaid losses	229
Gross Liabilities for Losses and LAE
Gross Liabilities for Losses and LAE	1,565
Run-off \| Motor
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Net Liability for Losses and LAE, Prior to Provision for Bad Debt	529
Provision for Bad Debt
Provision for Bad Debt	2
Net Liability for Losses and LAE
Net Liability for Losses and LAE	531
Total	506
Reinsurance Recoverable on Liabilities for Losses and LAE
Reinsurance recoverable on unpaid losses	214
Gross Liabilities for Losses and LAE
Gross Liabilities for Losses and LAE	745
Run-off \| Environmental
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	357
Provision for Bad Debt
Excluded from the loss development tables	3
Net Liability for Losses and LAE
Excluded form the loss development tables	360
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	20
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	380
Run-off \| Marine, aviation and transit
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	415
Provision for Bad Debt
Excluded from the loss development tables	3
Net Liability for Losses and LAE
Excluded form the loss development tables	418
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	107
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	525
Run-off \| Construction defect
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	131
Provision for Bad Debt
Excluded from the loss development tables	0
Net Liability for Losses and LAE
Excluded form the loss development tables	131
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	1
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	132
Run-off \| Property
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	256
Provision for Bad Debt
Excluded from the loss development tables	2
Net Liability for Losses and LAE
Excluded form the loss development tables	258
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	177
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	435
Run-off \| Other
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	455
Provision for Bad Debt
Excluded from the loss development tables	4
Net Liability for Losses and LAE
Excluded form the loss development tables	459
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	76
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	535
Enhanzed Re
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
OLR and IBNR	179
Provision for Bad Debt
OLR and IBNR	0
Net Liability for Losses and LAE
OLR and IBNR	179
Reinsurance Recoverable on Liabilities for Losses and LAE
OLR and IBNR	0
Gross Liabilities for Losses and LAE
OLR and IBNR	179
Legacy Underwriting
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
OLR and IBNR	153
Provision for Bad Debt
OLR and IBNR	0
Net Liability for Losses and LAE
OLR and IBNR	153
Reinsurance Recoverable on Liabilities for Losses and LAE
OLR and IBNR	60
Gross Liabilities for Losses and LAE
OLR and IBNR	$ 213

Losses and Loss Adjustment Expenses - Average Annual Duration of Claims (Details) - Run-off	Dec. 31, 2021
General casualty \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.88%
Year 2	13.73%
Year 3	18.12%
Year 4	21.47%
Year 5	11.52%
Year 6	6.11%
Year 7	16.57%
Year 8	1.19%
Year 9	0.81%
Year 10	2.94%
Workers' compensation/personal accident \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	16.28%
Year 2	35.98%
Year 3	16.73%
Year 4	9.07%
Year 5	3.34%
Year 6	1.09%
Year 7	6.25%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%
Professional indemnity/Directors and Officers \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.95%
Year 2	17.84%
Year 3	13.63%
Year 4	9.08%
Year 5	8.17%
Year 6	2.79%
Year 7	12.80%
Year 8	3.96%
Year 9	0.00%
Year 10	0.00%
2012 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	23.53%
Year 2	45.88%
Year 3	58.82%
Year 4	67.06%
Year 5	74.12%
Year 6	76.47%
Year 7	81.18%
Year 8	85.88%
Year 9	88.24%
Year 10	89.41%
2012 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.44%
Year 2	36.11%
Year 3	47.22%
Year 4	58.33%
Year 5	67.36%
Year 6	74.31%
Year 7	78.47%
Year 8	81.25%
Year 9	84.72%
Year 10	87.50%
2012 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	0.00%
Year 3	0.00%
Year 4	0.00%
Year 5	0.00%
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	100.00%
Year 10	100.00%
2013 \| Asbestos
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	0.00%
Year 3	0.00%
Year 4	10.00%
Year 5	20.00%
Year 6	20.00%
Year 7	20.00%
Year 8	30.00%
Year 9	30.00%
2013 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.85%
Year 2	20.75%
Year 3	41.51%
Year 4	53.77%
Year 5	70.75%
Year 6	79.25%
Year 7	83.96%
Year 8	84.91%
Year 9	91.51%
2013 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	30.05%
Year 2	53.52%
Year 3	69.48%
Year 4	80.99%
Year 5	84.74%
Year 6	87.79%
Year 7	89.91%
Year 8	89.04%
Year 9	91.08%
2014 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	41.25%
Year 2	45.00%
Year 3	55.00%
Year 4	61.25%
Year 5	67.50%
Year 6	71.25%
Year 7	71.25%
Year 8	75.63%
2014 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	31.20%
Year 2	53.60%
Year 3	64.80%
Year 4	76.00%
Year 5	80.00%
Year 6	80.80%
Year 7	83.20%
Year 8	82.40%
2014 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	44.19%
Year 2	79.07%
Year 3	86.05%
Year 4	97.67%
Year 5	100.00%
Year 6	100.00%
Year 7	100.00%
Year 8	100.00%
2015 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.52%
Year 2	27.78%
Year 3	40.74%
Year 4	54.94%
Year 5	70.37%
Year 6	77.78%
Year 7	82.10%
2015 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.81%
Year 2	31.27%
Year 3	44.32%
Year 4	54.37%
Year 5	61.28%
Year 6	65.49%
Year 7	69.70%
2015 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	38.10%
Year 2	57.14%
Year 3	70.24%
Year 4	77.38%
Year 5	82.14%
Year 6	84.52%
Year 7	88.10%
2016 \| Asbestos
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.15%
Year 2	11.18%
Year 3	19.53%
Year 4	28.82%
Year 5	35.91%
Year 6	42.05%
2016 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	20.00%
Year 2	40.00%
Year 3	40.00%
Year 4	60.00%
Year 5	80.00%
Year 6	80.00%
2016 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.43%
Year 2	19.34%
Year 3	26.46%
Year 4	36.39%
Year 5	44.53%
Year 6	50.89%
2016 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.64%
Year 2	22.34%
Year 3	34.04%
Year 4	31.91%
Year 5	36.17%
Year 6	38.30%
2017 \| Asbestos
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.26%
Year 2	6.31%
Year 3	10.60%
Year 4	15.60%
Year 5	21.07%
2017 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	24.11%
Year 2	48.23%
Year 3	62.41%
Year 4	71.63%
Year 5	75.89%
2017 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.00%
Year 2	31.73%
Year 3	44.23%
Year 4	54.81%
Year 5	58.65%
2017 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	44.69%
Year 2	54.04%
Year 3	71.63%
Year 4	82.38%
Year 5	83.69%
2018 \| Asbestos
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	0.00%
Year 3	0.00%
Year 4	0.00%
2018 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.95%
Year 2	32.97%
Year 3	49.89%
Year 4	63.77%
2018 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.13%
Year 2	21.75%
Year 3	31.98%
Year 4	38.17%
2018 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.70%
Year 2	33.90%
Year 3	39.20%
Year 4	47.54%
2018 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.91%
Year 2	50.00%
Year 3	67.66%
Year 4	77.40%
2019 \| Asbestos
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	1.12%
Year 2	12.64%
Year 3	25.00%
2019 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	7.47%
Year 2	14.29%
Year 3	19.81%
2019 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.31%
Year 2	6.77%
Year 3	7.69%
2019 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	16.34%
Year 2	30.20%
Year 3	44.55%
2019 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	10.00%
Year 3	20.00%
2020 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.11%
Year 2	13.19%
2020 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.33%
Year 2	18.60%
2020 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.84%
Year 2	9.21%
2020 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	30.21%
Year 2	64.22%
2021 \| Asbestos
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.26%
2021 \| General casualty
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.80%
2021 \| Workers' compensation/personal accident
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.59%
2021 \| Professional indemnity/Directors and Officers
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.64%
2021 \| Motor
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Reinsurance recoverable on unpaid losses	$ 1,367	$ 1,850
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	3,362
Reinsurance recoverable on unpaid losses	130
Gross Liabilities for Losses and LAE	3,499
General casualty \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	157
Reinsurance recoverable on unpaid losses	37
Gross Liabilities for Losses and LAE	194
Workers' compensation/personal accident \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	2,628
Reinsurance recoverable on unpaid losses	273
Gross Liabilities for Losses and LAE	2,902
Workers' compensation/personal accident \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	59
Reinsurance recoverable on unpaid losses	9
Gross Liabilities for Losses and LAE	68
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	1,334
Reinsurance recoverable on unpaid losses	229
Gross Liabilities for Losses and LAE	1,565
Professional indemnity/Directors and Officers \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	129
Reinsurance recoverable on unpaid losses	14
Gross Liabilities for Losses and LAE	$ 143

Future Policyholder Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, by Product Segment [Line Items]
Total	$ 1,502	$ 0
Deferred life contingent annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Total	294
Whole of life reversion annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Total	165
In-payment annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Total	$ 1,043

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Estimated future expenses	$ 37	$ 43
Fair value adjustments	(236)	(262)
Defendant A&E liabilities	638	706	$ 848	$ 203
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2021 - $5; 2020 - $5)	264	310
Fair value adjustments	(51)	(60)
Insurance balances recoverable	213	250	449	$ 136
Net liabilities relating to defendant A&E exposures	425	456	399
Insurance balance recoverable, allowance for credit loss	5	5	$ 4
Defendant asbestos liabilities
Loss Contingencies [Line Items]
Defendant A&E liabilities	826	913
Defendant environmental liabilities
Loss Contingencies [Line Items]
Defendant A&E liabilities	$ 11	$ 12

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Balance as of January 1	$ 706	$ 848	$ 203
Insurance balances recoverable	(250)	(449)	(136)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	5	5	4
Net balance as of January 1	456	399
Amounts recorded in other (income) expense:
Reduction in estimate of net ultimate liabilities	(38)	(103)	(4)
Reduction in estimated future expenses	(5)	(9)	(3)
Amortization of fair value adjustments	16	12	13
Total other (income) expense	(27)	(100)	6
Total net (paid claims) recoveries	(4)	154	(10)
Acquired on purchase of subsidiaries	0	0	336
Net balance as of December 31	425	456	399
Plus: insurance balances recoverable	213	250	449
Balance as of December 31	638	706	848
Cumulative effect of change in accounting principle
Liability for Claims and Claims Adjustment Expense [Line Items]
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances		0	3	$ 0
Cumulative effect of change in accounting principle, adjusted balance
Liability for Claims and Claims Adjustment Expense [Line Items]
Net balance as of January 1	$ 456	402	67
Amounts recorded in other (income) expense:
Net balance as of December 31		$ 456	$ 402

Defendant Asbestos and Environmental Liabilities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) site	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Other expense (income)	$ (27,000,000)	$ (100,000,000)	$ 6,000,000
Collection of disputed insurance recoveries		167,000,000
Proceeds from disputed insurance recoveries		180,000,000
Recovery of previously written-off insurance payments		19,000,000
Asbestos and environmental liabilities	$ 2,400,000,000	2,100,000,000
Number of hazardous waste disposal sites \| site	22
Write-offs	$ 0	0
Recoveries	0	0
Defendant asbestos liabilities
Liability for Claims and Claims Adjustment Expense [Line Items]
Asbestos and environmental liabilities	826,000,000	913,000,000
Defendant environmental liabilities
Liability for Claims and Claims Adjustment Expense [Line Items]
Asbestos and environmental liabilities	$ 11,000,000	$ 12,000,000

Defendant Asbestos and Environmental Liabilities - Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Liability For Asbestos And Environmental Claims, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible insurance balances, Balance as of January 1	$ 5	$ 4
Current period change in the allowance	0	(2)
Allowance for estimated uncollectible insurance balances, Balance as of December 31	5	5
Cumulative effect of change in accounting principle
Liability For Asbestos And Environmental Claims, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible insurance balances, Balance as of January 1	$ 0	3
Allowance for estimated uncollectible insurance balances, Balance as of December 31		$ 0

Fair Value Measurements - Reconciliation for Investments Measured At Fair Value on Recurring Basis Level 3 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 284	$ 354
Purchases	65	67
Sales	(9)	(1)
Total net unrealized gains (losses)	7	(51)
Transfer out of Level 3 into Level 2	0	(85)
Ending fair value	347	284
Privately-held Equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	275	266
Purchases	65	20
Sales	0	0
Total net unrealized gains (losses)	7	(11)
Transfer out of Level 3 into Level 2	0	0
Ending fair value	347	275
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	9	88
Purchases	0	47
Sales	(9)	(1)
Total net unrealized gains (losses)	0	(40)
Transfer out of Level 3 into Level 2	0	(85)
Ending fair value	$ 0	$ 9

Fair Value Measurements - Valuation Techniques and Inputs (Details) - Private equity funds - Significant Unobservable Inputs (Level 3) $ in Millions	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 347
Guideline company methodology
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 224
Guideline company methodology \| Distribution waterfall
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	12.63
Dividend discount model; Guideline companies method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 105
Cost as approximation of fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 18
Minimum \| Dividend discount model; Guideline companies method \| Multiple on Invested Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.79
Minimum \| Dividend discount model; Guideline companies method \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.090
Minimum \| Dividend discount model; Guideline companies method \| Exit multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	1.2
Maximum \| Dividend discount model; Guideline companies method \| Multiple on Invested Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	1.13
Maximum \| Dividend discount model; Guideline companies method \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	0.123
Maximum \| Dividend discount model; Guideline companies method \| Exit multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	1.4
Arithmetic Average \| Dividend discount model; Guideline companies method \| Exit multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Alternative investments, measurement input	1.3

Fair Value Measurements - Insurance Contracts - Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	$ 284	$ 354
Assumed business	65	67
Incurred losses and LAE:
Change in fair value	7	(51)
Ending fair value	347	284	$ 354
Net
Beginning fair value	1,932	1,925
Assumed business	0	183
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(53)	(133)
Reduction in unallocated LAE	(18)	(17)
Change in fair value	(75)	119	117
Total incurred losses and LAE	(146)	(31)
Paid losses	(209)	(199)
Effect of exchange rate movements	(20)	54
Ending fair value	1,557	1,932	1,925
Components of Changes in Fair Value
Change in fair value	(75)	119	117
Reinsurance balances recoverable on paid and unpaid losses
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	521	696
Assumed business	0	(181)
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(6)	59
Reduction in unallocated LAE	0	0
Change in fair value	(13)	39
Total incurred losses and LAE	(19)	98
Paid losses	(65)	(101)
Effect of exchange rate movements	(5)	9
Ending fair value	432	521	696
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	2,453	2,621
Assumed business	0	2
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(59)	(74)
Reduction in unallocated LAE	(18)	(17)
Change in fair value	(88)	158
Total incurred losses and LAE	(165)	67
Paid losses	(274)	(300)
Effect of exchange rate movements	(25)	63
Ending fair value	1,989	2,453	2,621
Average payout
Incurred losses and LAE:
Change in fair value	22	21	23
Components of Changes in Fair Value
Change in fair value	22	21	23
Corporate bond yield
Incurred losses and LAE:
Change in fair value	(97)	96	94
Components of Changes in Fair Value
Change in fair value	(97)	96	94
Weighted cost of capital
Incurred losses and LAE:
Change in fair value	0	(5)
Components of Changes in Fair Value
Change in fair value	0	(5)
Risk cost of capital
Incurred losses and LAE:
Change in fair value	0	7	0
Components of Changes in Fair Value
Change in fair value	$ 0	$ 7	$ 0

Fair Value Measurements - Quantitative Information (Details) - Internal Model - Recurring	12 Months Ended
	Dec. 31, 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%
Fair value inputs, average payout	7 years 11 months 12 days	8 years 2 months 1 day
Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.10%
Fair value inputs, average payout	7 years 7 months 17 days	8 years 2 months 23 days
Credit spread for non-performing risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performing risk	0.20%	0.20%

Fair Value Measurements - Fair Values for Financial Instruments Carried At Cost (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 01, 2021	Dec. 31, 2020	Aug. 26, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,691		$ 1,373
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,270		843
Senior Notes \| Senior Notes Due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.50%
Carrying Value	$ 280		349
Fair value of debt	$ 281
Senior Notes \| Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.95%
Carrying Value	$ 495		494
Fair value of debt	$ 559
Senior Notes \| Senior Notes, Due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	3.10%
Carrying Value	$ 495		0
Fair value of debt	$ 489
Junior Subordinated Notes \| Junior Subordinated Notes Due 2040
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.75%			5.75%
Carrying Value	$ 345		345
Fair value of debt	362
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 421		345
Subordinated Debt \| Enhanzed Re's Subordinated Notes, Due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.50%	5.50%
Carrying Value	$ 76		$ 0
Fair value of debt	$ 75	$ 76

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains		$ (61)	$ 19	$ 5
Variable Interest Entity, Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount redeemed	$ 2,700
Net investment expenses of the InRe Fund		(13)	0	0
Net realized gains		(58)	0	0
Net unrealized gains (losses)		0	$ 1,151	$ 243
Net cash flows (used in) provided by operating activities		2,100
Net investing cash flows		$ 574

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Fair Value	$ 1,513	$ 3,332
Unfunded Commitments	1,626	796
Maximum Exposure to Loss	3,139	4,128
Publicly traded equity investments
Variable Interest Entity [Line Items]
Fair Value	64	54
Unfunded Commitments	0	0
Maximum Exposure to Loss	64	54
Other investments
Variable Interest Entity [Line Items]
Fair Value	1,449	3,278
Unfunded Commitments	1,626	796
Maximum Exposure to Loss	3,075	4,074
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	291	2,638
Unfunded Commitments	45	0
Maximum Exposure to Loss	336	2,638
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	171	99
Unfunded Commitments	36	16
Maximum Exposure to Loss	207	115
Privately-held Equities
Variable Interest Entity [Line Items]
Fair Value	697	362
Unfunded Commitments	930	762
Maximum Exposure to Loss	1,627	1,124
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	207	167
Unfunded Commitments	31	0
Maximum Exposure to Loss	238	167
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	14
Unfunded Commitments	166
Maximum Exposure to Loss	180
Real estate fund
Variable Interest Entity [Line Items]
Fair Value	69	12
Unfunded Commitments	418	18
Maximum Exposure to Loss	$ 487	$ 30

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Gross, premiums written	$ 106	$ 552	$ 659
Ceded, premiums written	(44)	(119)	(113)
Net, premiums written	62	433	546
Gross, premiums earned	373	730	950
Ceded, premiums earned	(128)	(158)	(146)
Net, premiums earned	$ 245	$ 572	$ 804

Premiums Written and Earned - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Decrease in premiums written, gross	$ 446	$ 107

Goodwill and Intangible Assets- Schedule of Goodwill, Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Goodwill
Goodwill, Beginning balance	$ 110
Impairment losses (StarStone International)	(8)
Reclassification to assets held-for-sale (Atrium)	(39)
Goodwill, Ending balance	63
Goodwill	63	$ 63
Intangible assets with a definite life
Intangible assets with a definite life, Beginning balance	15
Amortization	(2)
Impairment losses (StarStone International)	0
Reclassification to assets held-for-sale (Atrium)	(13)
Intangible assets with a definite life, Ending balance	0
Intangible assets with a definite life	0	0
Intangible assets with an indefinite life
Intangible assets with an indefinite life, Beginning balance	67
Impairment losses (StarStone International)	(4)
Reclassification to assets held-for-sale (Atrium)	(63)
Intangible assets with an indefinite life, Ending balance	0
Intangible assets with an indefinite life	0	0
Goodwill and Intangible Assets [Roll Forward]
Goodwill and intangible assets, Beginning Balance	192
Impairment losses (StarStone International)	12
Reclassification to assets held-for-sale (Atrium)	115
Goodwill and intangible assets, Ending balance	63
Total	63	$ 63
Starstone International \| Not discontinued operations, disposed of by sale
Goodwill
Impairment losses (StarStone International)	(8)
Lloyd's Syndicate Capacity \| Starstone International \| Not discontinued operations, disposed of by sale
Intangible assets with an indefinite life
Impairment losses (StarStone International)	$ (4)

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 63	$ 63	$ 110
Amortization	2
Run-off
Goodwill [Line Items]
Goodwill, gross carrying value	71	71
Accumulated impairments	8	8
Goodwill	63	$ 63
Legacy Underwriting
Goodwill [Line Items]
Amortization	$ 2

Debt Obligations and Credit Facilities - Amounts of Outstanding Debt and Accrued Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 01, 2021
Line of Credit Facility [Line Items]
Carrying Value	$ 1,691	$ 1,373
Interest expense on debt obligations	68	58	$ 51
Amortization of debt issuance costs	1	1	2
Total interest expense	69	59	$ 53
Senior Notes
Line of Credit Facility [Line Items]
Carrying Value	$ 1,270	843
Senior Notes \| Senior Notes Due 2022
Line of Credit Facility [Line Items]
Term	5 years
Principal	$ 280	350
Unamortized cost	0	(1)
Carrying Value	$ 280	349
Senior Notes \| Senior Notes Due 2029
Line of Credit Facility [Line Items]
Term	10 years
Principal	$ 500
Unamortized cost	(5)	(6)
Carrying Value	$ 495	494
Senior Notes \| Senior Notes, Due 2031
Line of Credit Facility [Line Items]
Term	10 years
Principal	$ 500
Unamortized cost	(5)	0
Carrying Value	$ 495	0
Junior Subordinated Notes \| Junior Subordinated Notes Due 2040
Line of Credit Facility [Line Items]
Term	20 years
Principal	$ 350
Unamortized cost	(5)	(5)
Carrying Value	345	345
Subordinated Debt
Line of Credit Facility [Line Items]
Carrying Value	$ 421	345
Subordinated Debt \| Enhanzed Re's Subordinated Notes, Due 2031
Line of Credit Facility [Line Items]
Term	12 years 1 month 6 days
Principal	$ 70			$ 70
Unamortized cost		0
Fair value adjustments	6
Carrying Value	$ 76	0
Loan facilities \| EGL Revolving Credit Facility
Line of Credit Facility [Line Items]
Term	5 years
Carrying Value	$ 0	$ 185

Debt Obligations and Credit Facilities - Senior Notes (Details) - Senior Notes - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Aug. 25, 2021	Sep. 30, 2021	Dec. 31, 2021
Senior Notes Due 2022
Debt Instrument [Line Items]
Principal amount tendered	$ 70
Loss on extinguishment		$ 2
Senior Notes Due 2029
Debt Instrument [Line Items]
Number of months prior to maturity that debt can be repurchased			3 months
Redemption price, percentage of principal amount			100.00%
Senior Notes, Due 2031
Debt Instrument [Line Items]
Number of months prior to maturity that debt can be repurchased			6 months
Redemption price, percentage of principal amount			100.00%

Debt Obligations and Credit Facilities - Junior Subordinated Notes (Details) $ in Millions		12 Months Ended
	Sep. 01, 2025	Dec. 31, 2021 USD ($) day	Sep. 01, 2021 USD ($)	Aug. 26, 2020
Enhanzed Re's Subordinated Notes, Due 2031 \| Subordinated Debt
Debt Instrument [Line Items]
Interest rate		5.50%	5.50%
Principal		$ 70	$ 70
Fair value of debt		$ 75	76
Enhanzed Re's Subordinated Notes, Due 2031 \| Subordinated Debt \| Maximum
Debt Instrument [Line Items]
Principal			$ 80
Junior Subordinated Notes Due 2040 \| Junior Subordinated Notes
Debt Instrument [Line Items]
Interest rate		5.75%		5.75%
Principal		$ 350
Fair value of debt		$ 362
Number of days before five-year period \| day		2
Redemption price, percentage of principal amount		100.00%
Junior Subordinated Notes Due 2040 \| Junior Subordinated Notes \| Scenario, Forecast \| Treasury rate
Debt Instrument [Line Items]
Basis spread on interest rate	5.468%

Debt Obligations and Credit Facilities - Maturities (Details)	Dec. 31, 2021 USD ($)
Receivables [Abstract]
2022	$ 280,000,000
2023	0
2024	0
2025	0
Thereafter	$ 1,400,000,000

Debt Obligations and Credit Facilities - EGL Revolving Credit Facility (Details) - Loan facilities - EGL Revolving Credit Facility	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Commitment	$ 600,000,000
Additional Commitments Available	400,000,000
Available unutilized capacity	$ 600,000,000

Debt Obligations and Credit Facilities - Letters of Credit (Details)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Cash and investments	$ 520,000,000		$ 261,000,000
Letters of Credit
Debt Instrument [Line Items]
Letters of credit	85,000,000		90,000,000
Letters of Credit \| $100.0 million Bermuda LOC Facility \| Loan facilities
Debt Instrument [Line Items]
Commitment	100,000,000.0
Additional Commitments Available	0
Letters of credit	100,000,000		100,000,000
Letters of Credit \| $1.0 million LOC Facility \| Loan facilities
Debt Instrument [Line Items]
Commitment	1,000,000.0
Additional Commitments Available	0
Letters of credit	1,000,000		0
Letters of Credit \| £32.0 million United Kingdom LOC Facility \| Loan facilities
Debt Instrument [Line Items]
Commitment \| £		£ 32,000,000.0
Additional Commitments Available \| £		£ 0
Letters of credit	43,000,000		44,000,000
Letters of Credit \| Loan facilities \| $275.0 million Funds at Lloyd's LOC Facility
Debt Instrument [Line Items]
Commitment	275,000,000.0
Additional Commitments Available	75,000,000
Letters of credit	210,000,000		210,000,000
Letters of Credit \| Loan facilities \| $250.0 million LOC Facility
Debt Instrument [Line Items]
Commitment	250,000,000.0
Additional Commitments Available	0
Letters of credit	250,000,000		0
Letters of Credit \| Loan facilities \| $100.0 million LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000.0
Additional Commitments Available	0
Letters of credit	100,000,000		0
Letters of Credit \| Loan facilities \| $120.0 million LOC Facility
Debt Instrument [Line Items]
Commitment	120,000,000.0
Additional Commitments Available	60,000,000
Letters of credit	111,000,000		116,000,000
Letters of Credit \| Loan facilities \| $800.0 million Syndicated LOC Facility
Debt Instrument [Line Items]
Commitment	800,000,000.0
Additional Commitments Available	0
Letters of credit	568,000,000		587,000,000
Letters of Credit \| Loan facilities \| $65.0 million LOC Facility
Debt Instrument [Line Items]
Commitment	65,000,000.0
Additional Commitments Available	0
Letters of credit	61,000,000		61,000,000
Deposit Facility \| $90.0 million Funds at Lloyd's Deposit Facility
Debt Instrument [Line Items]
Cash and investments	89,000,000
Deposit Facility \| Loan facilities \| $90.0 million Funds at Lloyd's Deposit Facility
Debt Instrument [Line Items]
Commitment	90,000,000.0
Additional Commitments Available	10,000,000
Letters of credit	$ 90,000,000		$ 0

Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance as of January 1	$ 365	$ 439
Distributions paid	(202)	0
Net earnings (losses) attributable to RNCI	16	(28)
Change in unrealized (losses) gains on AFS investments attributable to RNCI	(1)	2
Change in currency translation adjustments attributable to RNCI	2	(2)
Change in redemption value of RNCI	(1)	(46)
Balance as of December 31	$ 179	$ 365
North Bay
Redeemable Noncontrolling Interest [Line Items]
Ownership interest held by noncontrolling owners		1.70%
Subsidiaries \| North Bay
Redeemable Noncontrolling Interest [Line Items]
Ownership interest held by noncontrolling owners	1.70%	1.70%

Noncontrolling Interest - Noncontrolling Interest (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling interest	$ 230	$ 14

- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

Shareholders' Equity - Schedule of Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change In Common Stock [Roll Forward]
Beginning balance (shares)	22,085,232	21,511,505	21,459,997
Shares issued (in shares)	59,447	752,007	51,508
Shares repurchased (shares)	(4,010,695)	(178,280)	0
Warrant exercise (shares)	89,590
Ending balance (shares)	18,223,574	22,085,232	21,511,505
Voting Ordinary Shares
Change In Common Stock [Roll Forward]
Beginning balance (shares)	18,575,550	18,001,823	17,950,315
Shares issued (in shares)	59,447	752,007	51,508
Shares repurchased (shares)	(2,009,135)	(178,280)	0
Warrant exercise (shares)	0
Ending balance (shares)	16,625,862	18,575,550	18,001,823
Non-Voting Convertible Ordinary Series C Shares
Change In Common Stock [Roll Forward]
Beginning balance (shares)	2,599,672	2,599,672	2,599,672
Shares issued (in shares)	0	0	0
Shares repurchased (shares)	(1,496,321)	0	0
Warrant exercise (shares)	89,590
Ending balance (shares)	1,192,941	2,599,672	2,599,672
Warrants outstanding (shares)	175,901
Warrants, exercise price (dollars per share)	$ 115.00
Non-Voting Convertible Ordinary Series E Shares
Change In Common Stock [Roll Forward]
Beginning balance (shares)	910,010	910,010	910,010
Shares issued (in shares)	0	0	0
Shares repurchased (shares)	(505,239)	0	0
Warrant exercise (shares)	0
Ending balance (shares)	404,771	910,010	910,010

Shareholders' Equity - Voting Ordinary Shares, Share Repurchases and Joint Share Ownership Plan (Details)			10 Months Ended	12 Months Ended
	Jul. 22, 2021 USD ($) $ / shares shares	Jan. 21, 2020 shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) shares	Nov. 29, 2021 USD ($)	Mar. 09, 2020 USD ($)
Class of Stock [Line Items]
Authorized share capital (shares)			111,000,000	111,000,000	111,000,000
Ordinary shares, par value (dollars per share) \| $ / shares			$ 1	$ 1	$ 1
Preference shares (shares)			45,000,000	45,000,000	45,000,000
Preferred shares, par value (dollars per share) \| $ / shares			$ 1.00	$ 1.00	$ 1.00
Authorized repurchase amount \| $								$ 150,000,000
Treasury shares repurchased (shares)				4,010,695	178,280	0
Price of repurchased stock \| $				$ 942,000,000	$ 26,000,000	$ 0
Affiliated entity
Class of Stock [Line Items]
Economic ownership percentage	16.90%
Voting ordinary shares acquired, percent	9.40%			9.80%
2020 Share Repurchase Program
Class of Stock [Line Items]
Treasury shares repurchased (shares)			178,280	93,678
Treasury shares repurchased, average price (dollars per share) \| $ / shares			$ 145.87	$ 236.42
Price of repurchased stock \| $			$ 26,000,000	$ 22,000,000
Funds Managed by Hillhouse Group \| Affiliated entity
Class of Stock [Line Items]
Treasury shares repurchased (shares)	3,749,400
Treasury shares repurchased, average price (dollars per share) \| $ / shares	$ 234.52
Price of repurchased stock \| $	$ 879,000,000
Repurchase program of 2021
Class of Stock [Line Items]
Authorized repurchase amount \| $							$ 100,000,000
Treasury shares repurchased (shares)				167,617
Treasury shares repurchased, average price (dollars per share) \| $ / shares				$ 241.13
Price of repurchased stock \| $				$ 41,000,000
Remaining repurchase amount \| $				$ 59,000,000
Chief Executive Officer \| Joint Share Ownership Plan
Class of Stock [Line Items]
Shares subscribed (shares)		565,630
Voting Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, par value (dollars per share) \| $ / shares			$ 1.00	$ 1.00	$ 1.00
Number of votes \| vote				1
Treasury shares repurchased (shares)				2,009,135	178,280	0
Voting Ordinary Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (shares)	1,747,840
Non-voting ordinary shares
Class of Stock [Line Items]
Ordinary shares, par value (dollars per share) \| $ / shares			$ 1.00	$ 1.00	$ 1.00
Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Treasury shares repurchased (shares)				1,496,321	0	0
Non-Voting Convertible Ordinary Series C Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (shares)	1,496,321
Non-Voting Convertible Ordinary Series E Shares
Class of Stock [Line Items]
Treasury shares repurchased (shares)				505,239	0	0
Non-Voting Convertible Ordinary Series E Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (shares)	505,239

Shareholders' Equity - Non-Voting Shares (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Ordinary shares, issued (shares)	18,223,574	22,085,232
Ordinary shares, outstanding (shares)	18,223,574	22,085,232	21,511,505	21,459,997
Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Conversion ratio, issued upon conversion (shares)					1
Ordinary shares, issued (shares)	1,192,941	2,599,672
Ordinary shares, outstanding (shares)	1,192,941	2,599,672	2,599,672	2,599,672
Common Class B
Class of Stock [Line Items]
Ordinary shares, issued (shares)	0
Ordinary shares, outstanding (shares)	0
Common Class D
Class of Stock [Line Items]
Ordinary shares, issued (shares)	0
Ordinary shares, outstanding (shares)	0

Shareholders' Equity - Preferred Shares (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Nov. 21, 2018 USD ($) $ / shares shares	Jun. 28, 2018 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares
Class of Stock [Line Items]
Preferred shares, par value (dollars per share)			$ 1.00	$ 1.00
Series C non-voting preferred shares
Class of Stock [Line Items]
Preferred shares, issued (shares) \| shares			388,571	388,571
Preferred shares, liquidation preference (dollars per share)			$ 0.001
Series D Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (shares) \| shares			16,000	16,000
Dividend rate			7.00%
Depositary share, interest in preferred share			0.001
Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (shares) \| shares			4,400	4,400
Preferred shares, liquidation preference (dollars per share)			$ 25,000	$ 25,000
Dividend rate			7.00%
Depositary share, interest in preferred share			0.001
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference (dollars per share)		$ 25,000
Consideration received on sale of stock \| $		$ 400
Number of shares issued (shares) \| shares		16,000
Dividend rate		7.00%
Depositary shares equivalent (shares) \| shares		16,000,000
Preferred shares, par value (dollars per share)		$ 1.00
Liquidation preference per depositary share (dollars per share)		$ 25.00
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference (dollars per share)	$ 25,000
Consideration received on sale of stock \| $	$ 110
Number of shares issued (shares) \| shares	4,400
Dividend rate	7.00%
Depositary shares equivalent (shares) \| shares	4,400,000
Preferred shares, par value (dollars per share)	$ 1.00
Liquidation preference per depositary share (dollars per share)	$ 25.00

Shareholders' Equity - Dividends on Preferred Shares (Details) - USD ($) $ in Millions			12 Months Ended
	Nov. 21, 2018	Jun. 28, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total dividends paid			$ 36	$ 36	$ 36
Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate			7.00%
Total dividends paid			$ 28	28	28
Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate			7.00%
Total dividends paid			$ 8	$ 8	$ 8
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate		7.00%
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate	7.00%
LIBOR \| Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Basis spread on variable rate		4.015%

Shareholders' Equity - Tax Effect (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before Tax Amount	$ (105)	$ 79
Tax (Expense) Benefit	7	(6)
Other comprehensive (loss) income	(98)	73	$ (3)
Unrealized (losses) gains on fixed income AFS investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	(112)	116
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	10	(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	(7)	(20)
Reclassification to earnings on disposal of subsidiary	0	(15)
Before reclassifications, tax	6	(11)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	0	0
Reclassification adjustment for net realized (gains) losses included in net earnings	1	2
Reclassification to earnings on disposal of subsidiary	0	3
Before reclassifications, net of tax amount	(106)	105
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	10	(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	(6)	(18)
Reclassification to earnings on disposal of subsidiary	0	(12)
Currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	2	(2)
Before reclassifications, tax	0	0
Before reclassifications, net of tax amount	2	(2)
Decrease in defined benefit pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	2	1
Before reclassifications, tax	0	0
Before reclassifications, net of tax amount	$ 2	$ 1

Shareholders' Equity - Reclassifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net earnings from discontinued operations, net of income taxes	$ 0	$ 16	$ 7
Income tax expense	(27)	(24)	(12)
NET EARNINGS	488	1,727	928
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
NET EARNINGS	(7)	31	4
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized (losses) gains on fixed income AFS investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gains (losses)	(6)	19	4
Net earnings from discontinued operations, net of income taxes	0	17	0
Total before tax	(6)	36	4
Income tax expense	(1)	(5)	0
NET EARNINGS	$ (7)	$ 31	$ 4

- Definition

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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+ Details

- Definition

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

+ References + Details

- Definition

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

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+ Details

Earnings Per Share - Comparison of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net earnings (loss) from continuing operations	$ 437	$ 1,712	$ 898
Net earnings from discontinued operations	0	7	4
NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 437	$ 1,719	$ 902
Denominator:
Weighted-average ordinary shares outstanding — basic (shares)	19,821,259	21,551,408	21,482,617
Effect of dilutive securities:
Share-based compensation plans (shares)	225,213	208,293	227,878
Warrants (shares)	80,659	58,593	64,571
Weighted-average ordinary shares outstanding - diluted (shares)	20,127,131	21,818,294	21,775,066
Basic:
Net earnings (loss) from continuing operations (dollars per share)	$ 22.05	$ 79.43	$ 41.80
Net earnings from discontinued operations (dollars per share)	0	0.35	0.20
Net earnings per ordinary share (dollars per share)	22.05	79.78	42.00
Diluted:
Net earnings (loss) from continuing operations (dollars per share)	21.71	78.45	41.23
Net earnings from discontinued operations (dollars per share)	0	0.35	0.20
Net earnings per ordinary share (dollars per share)	$ 21.71	$ 78.80	$ 41.43
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant exercise (shares)	89,590
Non-Voting Convertible Ordinary Series C Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants outstanding (shares)	175,901
Warrants, exercise price (dollars per share)	$ 115.00
Warrant exercise (shares)	89,590

Share-Based Compensation and Pensions - Compensation Costs for Share-based Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 28	$ 28	$ 38
Tax benefit	3	3	3
Restricted shares and restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	7	8	7
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	13	13	24
Joint share ownership plan expense \| Employee share purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	5	4	0
Other share-based compensation plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 3	$ 3	$ 7

Share-Based Compensation and Pensions - Restricted Shares and Restricted Share Units (Details) - Restricted shares and restricted share units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of Shares
Nonvested — January 1 (shares)	95,250
Granted (shares)	40,759
Vested (shares)	(36,301)
Forfeited (shares)	(7,050)
Nonvested — December 31 (shares)	92,658
Weighted-Average Share Price
Nonvested - January 1 (dollars per share)	$ 161.60
Granted (dollars per share)	244.68
Vested (dollars per share)	158.34
Forfeited (dollars per share)	151.41
Nonvested - December 31 (dollars per share)	$ 200.44
Unrecognized compensation cost	$ 10
Unrecognized compensation cost, period of recognition	1 year 11 months 19 days

Share-Based Compensation and Pensions - Performance Share Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			24 Months Ended	36 Months Ended	48 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
PSU's Granted at Target (shares)	28,830
Forfeited (shares)	(20,163)
Estimated Change in Multiplier (shares)	37,136
Vested (shares)	(32,698)
Unnvested Units (shares)	183,092	169,987		183,092	183,092	183,092
Performance Criteria: Average Annual Operating ROE
Unrecognized compensation cost	$ 13			$ 13	$ 13	$ 13
Unrecognized compensation cost, period of recognition	1 year 5 months 23 days
Number of Shares
Nonvested — January 1 (shares)	169,987
Granted (shares)	28,830
Increase for above target vest (shares)	37,136
Vested (shares)	(32,698)
Forfeited (shares)	(20,163)
Nonvested — December 31 (shares)	183,092	169,987		183,092	183,092	183,092
Weighted-Average Share Price
Nonvested - January 1 (dollars per share)	$ 174.10
Granted (dollars per share)	241.97
Increase for above target vest (dollars per share)	176.25
Vested (dollars per share)	189.61
Forfeited (dollars per share)	156.23
Nonvested - December 31 (dollars per share)	$ 185.97	$ 174.10		$ 185.97	$ 185.97	$ 185.97
Performance share units, FDBVPS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)						147,958
Forfeited (shares)						(26,808)
Estimated Change in Multiplier (shares)						49,620
Vested (shares)						(39,445)
Unnvested Units (shares)	131,325			131,325	131,325	131,325
Number of Shares
Granted (shares)						147,958
Increase for above target vest (shares)						49,620
Vested (shares)						(39,445)
Forfeited (shares)						(26,808)
Nonvested — December 31 (shares)	131,325			131,325	131,325	131,325
Performance share units, Average Operating ROE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)					55,269
Forfeited (shares)					(13,716)
Estimated Change in Multiplier (shares)					13,221
Vested (shares)					(3,007)
Unnvested Units (shares)	51,767			51,767	51,767	51,767
Number of Shares
Granted (shares)					55,269
Increase for above target vest (shares)					13,221
Vested (shares)					(3,007)
Forfeited (shares)					(13,716)
Nonvested — December 31 (shares)	51,767			51,767	51,767	51,767
Performance Target One \| Performance share units \| Minimum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	100.00%
Performance Target One \| Performance share units \| Maximum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	150.00%
Performance Target Two \| Performance share units \| Minimum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	60.00%
Performance Target Two \| Performance share units \| Maximum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	100.00%
2018 Awards \| Performance share units, FDBVPS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)						39,682
Forfeited (shares)						(13,084)
Estimated Change in Multiplier (shares)						9,889
Vested (shares)						(36,487)
Unnvested Units (shares)	0			0	0	0
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	50.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	100.00%
Number of Shares
Granted (shares)						39,682
Increase for above target vest (shares)						9,889
Vested (shares)						(36,487)
Forfeited (shares)						(13,084)
Nonvested — December 31 (shares)	0			0	0	0
2019 Awards \| Performance share units, FDBVPS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)					18,308
Forfeited (shares)					(3,543)
Estimated Change in Multiplier (shares)					6,620
Vested (shares)					(1,526)
Unnvested Units (shares)	19,859			19,859	19,859	19,859
Performance Criteria: Change in FDBVPS (3 year)
Threshold	20.00%
Target	30.00%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (shares)					18,308
Increase for above target vest (shares)					6,620
Vested (shares)					(1,526)
Forfeited (shares)					(3,543)
Nonvested — December 31 (shares)	19,859			19,859	19,859	19,859
2019 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	100.00%
2019 Awards \| Performance share units, FDBVPS \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	100.00%
2019 Awards \| Performance share units, Average Operating ROE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)					18,308
Forfeited (shares)					(3,538)
Estimated Change in Multiplier (shares)					6,598
Vested (shares)					(1,574)
Unnvested Units (shares)	19,794			19,794	19,794	19,794
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (shares)					18,308
Increase for above target vest (shares)					6,598
Vested (shares)					(1,574)
Forfeited (shares)					(3,538)
Nonvested — December 31 (shares)	19,794			19,794	19,794	19,794
2020 Awards \| Performance share units, FDBVPS \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)				22,591
Forfeited (shares)				(8,331)
Estimated Change in Multiplier (shares)				6,637
Vested (shares)				(985)
Unnvested Units (shares)	19,912			19,912	19,912	19,912
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	100.00%
Number of Shares
Granted (shares)				22,591
Increase for above target vest (shares)				6,637
Vested (shares)				(985)
Forfeited (shares)				(8,331)
Nonvested — December 31 (shares)	19,912			19,912	19,912	19,912
2020 Awards \| Performance share units, FDBVPS \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)				52,948
Forfeited (shares)				0
Estimated Change in Multiplier (shares)				26,474
Vested (shares)				0
Unnvested Units (shares)	79,422			79,422	79,422	79,422
Performance Criteria: Change in FDBVPS (3 year)
Threshold	33.10%
Target	36.80%
Target +	44.30%
Maximum	52.10%
Performance Multiplier Levels Per Award Agreements
Threshold	50.00%
Target	100.00%
Target +	150.00%
Maximum	200.00%
Number of Shares
Granted (shares)				52,948
Increase for above target vest (shares)				26,474
Vested (shares)				0
Forfeited (shares)				0
Nonvested — December 31 (shares)	79,422			79,422	79,422	79,422
2020 Awards \| Performance share units, FDBVPS \| Tranche Three
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	100.00%
2020 Awards \| Performance share units, Average Operating ROE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)				22,560
Forfeited (shares)				(8,330)
Estimated Change in Multiplier (shares)				6,623
Vested (shares)				(985)
Unnvested Units (shares)	19,868			19,868	19,868	19,868
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (shares)				22,560
Increase for above target vest (shares)				6,623
Vested (shares)				(985)
Forfeited (shares)				(8,330)
Nonvested — December 31 (shares)	19,868			19,868	19,868	19,868
2020 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	100.00%
2021 Awards \| Performance share units, FDBVPS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)	14,429
Forfeited (shares)	(1,850)
Estimated Change in Multiplier (shares)	0
Vested (shares)	(447)
Unnvested Units (shares)	12,132			12,132	12,132	12,132
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (shares)	14,429
Increase for above target vest (shares)	0
Vested (shares)	(447)
Forfeited (shares)	(1,850)
Nonvested — December 31 (shares)	12,132			12,132	12,132	12,132
2021 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	100.00%
2021 Awards \| Performance share units, Average Operating ROE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU's Granted at Target (shares)	14,401
Forfeited (shares)	(1,848)
Estimated Change in Multiplier (shares)	0
Vested (shares)	(448)
Unnvested Units (shares)	12,105			12,105	12,105	12,105
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (shares)	14,401
Increase for above target vest (shares)	0
Vested (shares)	(448)
Forfeited (shares)	(1,848)
Nonvested — December 31 (shares)	12,105			12,105	12,105	12,105
2021 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	100.00%

Share-Based Compensation and Pensions - Joint Share Ownership Plan (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jan. 20, 2023	Jan. 21, 2020	Dec. 31, 2021
Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		565,630
Hurdle price per share (dollars per share)		$ 266.00
Shares issued, price per share (dollars per share)		$ 205.89
Percentage of award subject to performance condition			20.00%
Grant date fair value (dollars per share)			$ 24.13
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average volatility			18.70%
Weighted-average risk-free interest rate			1.60%
Dividend yield			0.00%
Unrecognized compensation cost			$ 5.0
Unrecognized compensation cost, period of recognition			1 year 1 month 6 days
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (shares)		565,630
Chief Executive Officer \| Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Grant date fair value		$ 14.0
Scenario, Forecast \| Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volume weighted average price per share, days	10 days
Consecutive trading days	10 days

Share-Based Compensation and Pensions - Other Share-Based Compensation Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Maximum share value	$ 21,250
Deferred compensation and ordinary share plan for non-employee directors \| Director \| Share-based compensation plans
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted share units credited to the accounts of non-employee directors (shares)	5,092	7,204	5,976
Joint share ownership plan expense \| Employee share purchase plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Discount rate from market price	15.00%
Maximum subscription rate	15.00%
Stock issued to employees (shares)	9,432	16,914	15,269

Share-Based Compensation and Pensions - Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plans	$ 9	$ 12	$ 12
Defined benefit plan	0	3	1
Total pension expense	9	15	$ 13
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, unfunded liability	3	7
Accrued liability, defined benefit plan	$ 3	$ 7

Income Taxation - Earnings before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic (Bermuda)	$ 370	$ 1,504	$ 576
Foreign	145	231	357
Total earnings before income taxes and earnings from equity method investments attributable to continuing operations	$ 515	$ 1,735	$ 933

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Bermuda income taxes, statutory rate	0.00%	0.00%	0.00%
Valuation allowance	$ 129,000,000	$ 118,000,000
Increase (decrease) in valuation allowance	11,000,000
Unrecognized tax benefits	0	0	$ 0
Accrued interest and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Income Taxation - Tax Expense for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Domestic (Bermuda)	$ 0	$ 0	$ 0
Foreign	6	15	16
Total current tax expense	6	15	16
Deferred:
Domestic (Bermuda)	0	0	0
Foreign	21	9	(4)
Total deferred tax expense	21	9	(4)
Total income tax expense attributable to continuing operations	$ 27	$ 24	$ 12

- Definition

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

+ References + Details

Income Taxation - Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Earnings before income taxes	$ 515	$ 1,735	$ 933
Bermuda income taxes at statutory rate	0.00%	0.00%	0.00%
Foreign income tax rate differential	5.90%	1.20%	8.60%
Change in valuation allowance	1.90%	0.10%	(7.20%)
Effect of change in foreign income tax rate	(1.40%)	0.00%	0.00%
Other	(1.20%)	0.10%	(0.10%)
Effective income tax rate	5.20%	1.40%	1.30%

- Definition

+ References

+ Details

Income Taxation - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 166	$ 141
Insurance reserves	17	22
Provisions for bad debt	3	0
Defendant A&E liabilities	98	121
Other deferred tax assets	27	24
Deferred tax assets	311	308
Valuation allowance	(129)	(118)
Deferred tax assets, net of valuation allowance	182	190
Deferred tax liabilities:
Unrealized gains on investments	(17)	(20)
Lloyd's underwriting profit taxable in future periods	(19)	(16)
Other deferred tax liabilities	(23)	(15)
Deferred tax liabilities	(59)	(51)
Net deferred tax asset	$ 123	$ 139

Income Taxation - Deferred Tax Ending Balance (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net Deferred Tax Asset	$ 123	$ 139
United States
Segment Reporting Information [Line Items]
Net Deferred Tax Asset	151	157
United Kingdom
Segment Reporting Information [Line Items]
Net Deferred Tax Liability	$ (28)	$ (18)

Income Taxation - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Tax effect	$ 166	$ 141
Foreign Tax Authority \| United States
Operating Loss Carryforwards [Line Items]
Loss Carryforwards, subject to expiration	458
Loss Carryforwards, not subject to expiration	25
Tax effect, subject to expiration	96
Tax effect, not subject to expiration	5
Foreign Tax Authority \| United Kingdom
Operating Loss Carryforwards [Line Items]
Loss Carryforwards	186
Tax effect	47
Foreign Tax Authority \| Luxembourg
Operating Loss Carryforwards [Line Items]
Loss Carryforwards	15
Tax effect	4
Foreign Tax Authority \| Other
Operating Loss Carryforwards [Line Items]
Loss Carryforwards	62
Tax effect	$ 14

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Short-term and fixed maturity investments, available for sale		$ 5,686	$ 3,659
Equity investments		1,995	847
Other investments, at fair value		2,333	4,244
Equity method investments		493	832
Total investments (Note 6 and Note 12)		17,276	15,257
Cash and cash equivalents		1,646	901	$ 624
Restricted cash and cash equivalents		446	472	347
Reinsurance balances recoverable on paid and unpaid losses		432	521
Funds held by reinsured companies		2,340	636
Other assets		620	1,092
LIABILITIES
Losses and LAE		13,258	10,593	9,868	$ 9,049
Insurance and reinsurance balances payable		254	475
Other liabilities		581	943
Redeemable noncontrolling interest		179	365	$ 439
Affiliated entity
ASSETS
Other investments, at fair value		562
Fixed maturity investments
ASSETS
Fixed maturities, trading, at fair value		3,756	4,595
Short-term and fixed maturity investments, available for sale		5,652	3,395
LIABILITIES
Unfunded commitments		10
Short-term Investments
ASSETS
Fixed maturities, trading, at fair value		6	5
Short-term and fixed maturity investments, available for sale		34	264
Other investments
LIABILITIES
Unfunded commitments		1,700
Private equity funds
ASSETS
Other investments, at fair value		752	363
Hedge funds
ASSETS
Other investments, at fair value		291	2,638
Hedge funds \| InRe Fund
ASSETS
Other investments, at fair value			2,400
Stone Point
LIABILITIES
Other liabilities		0
Stone Point \| Affiliated entity
ASSETS
Equity investments		153	104
Other investments, at fair value		563	527
Total investments (Note 6 and Note 12)		1,170	1,055
Cash and cash equivalents		14	24
LIABILITIES
Other liabilities			1
Net investment		1,184	1,078
Redeemable noncontrolling interest		172	350
Stone Point \| Fixed maturity investments
LIABILITIES
Unfunded commitments		10
Stone Point \| Fixed maturity investments \| Affiliated entity
ASSETS
Fixed maturities, trading, at fair value		122	196
Short-term and fixed maturity investments, available for sale		332	227
Stone Point \| Short-term Investments \| Affiliated entity
ASSETS
Short-term and fixed maturity investments, available for sale			1
Stone Point \| Other investments
LIABILITIES
Unfunded commitments		229
Stone Point \| Private equity funds
LIABILITIES
Unfunded commitments		25
AnglePoint HK \| Affiliated entity
ASSETS
Other investments, at fair value		9
Total investments (Note 6 and Note 12)		9
LIABILITIES
Net investment		9
Northshore \| Affiliated entity
ASSETS
Other investments, at fair value		14
Total investments (Note 6 and Note 12)		232
Cash and cash equivalents		27
Restricted cash and cash equivalents		4
Reinsurance balances recoverable on paid and unpaid losses		63
Funds held by reinsured companies		35
Other assets		28
LIABILITIES
Losses and LAE		226
Insurance and reinsurance balances payable		63
Other liabilities		63
Net investment		37
Northshore \| Fixed maturity investments \| Affiliated entity
ASSETS
Fixed maturities, trading, at fair value		180
Short-term and fixed maturity investments, available for sale		1
Monument \| Affiliated entity
ASSETS
Equity method investments		194	194
Total investments (Note 6 and Note 12)		194	194
LIABILITIES
Net investment		194	194
AmTrust \| Affiliated entity
ASSETS
Equity investments		224	230
Total investments (Note 6 and Note 12)		224	230
LIABILITIES
Net investment		224	230
Citco \| Affiliated entity
ASSETS
Equity method investments		56	53
Total investments (Note 6 and Note 12)		56	53
LIABILITIES
Net investment		56	53
Core Specialty
ASSETS
Equity method investments			235
Core Specialty \| Affiliated entity
ASSETS
Equity method investments		225	235
Total investments (Note 6 and Note 12)		225	235
Reinsurance balances recoverable on paid and unpaid losses		2	2
Funds held by reinsured companies		41	58
Other assets		13	46
LIABILITIES
Losses and LAE		504	683
Insurance and reinsurance balances payable		5	25
Other liabilities		0	10
Net investment		(228)	(377)
Hillhouse \| Affiliated entity
ASSETS
Other investments, at fair value			2,735
Equity method investments			404
Total investments (Note 6 and Note 12)			2,735
LIABILITIES
Net investment			2,735
EnhanzedRe \| Affiliated entity
ASSETS
Other investments, at fair value			851
Equity method investments			330		$ 470
Total investments (Note 6 and Note 12)			330
Reinsurance balances recoverable on paid and unpaid losses			208
Funds held by reinsured companies			194
Other assets			1
LIABILITIES
Insurance and reinsurance balances payable			1
Net investment			732
Investments redeemed	$ 902
Other \| Affiliated entity
ASSETS
Other investments, at fair value		1,278	931
Total investments (Note 6 and Note 12)		1,278	931
LIABILITIES
Net investment		$ 1,278	$ 931

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 21, 2021
Related Party Transaction [Line Items]
Net premiums earned	$ 245	$ 572	$ 804
Net investment income	312	303	308
Net incurred losses and LAE	111	(416)	(614)
General and administrative expenses	(367)	(502)	(413)
Earnings from equity method investments	93	239	56
NET EARNINGS	488	1,727	928
Stone Point \| Affiliated entity
Related Party Transaction [Line Items]
Net investment income	21	16	9
Net unrealized gains (losses)	83	24
Net realized gains			26
Income	104	40	35
Expenses	0	0
NET EARNINGS	104	40	35
Hillhouse \| Affiliated entity
Related Party Transaction [Line Items]
Net unrealized gains (losses)	20	1,288	310
Net realized gains	77
Income	97	1,288	310
Expenses	0	0
NET EARNINGS	97	1,288	310
Management and performance fees		489	89
Performance fee waived				$ 100
AnglePoint HK \| InRe Fund
Related Party Transaction [Line Items]
Management and performance fees	16
Minimum performance fee	10
Operating expense reimbursement	6
AnglePoint HK \| Affiliated entity
Related Party Transaction [Line Items]
Net investment income	(13)
Net unrealized gains (losses)	(69)
Income	(82)
Expenses	0
NET EARNINGS	(82)
Northshore \| Affiliated entity
Related Party Transaction [Line Items]
Net premiums earned	58
Net investment income	3
Other (expense) income	(15)
Income	46
Net incurred losses and LAE	(18)
Acquisition costs	(13)
General and administrative expenses	(10)
Expenses	(41)
NET EARNINGS	5
Monument \| Affiliated entity
Related Party Transaction [Line Items]
Income	0	0	0
Expenses	0	0
Earnings from equity method investments	14	88	20
NET EARNINGS	14	88	20
AmTrust \| Affiliated entity
Related Party Transaction [Line Items]
Net investment income	6	7	8
Net unrealized gains (losses)	(6)	(11)
Net realized gains			10
Income	0	(4)	18
Expenses	0	0
NET EARNINGS	0	(4)	18
Citco \| Affiliated entity
Related Party Transaction [Line Items]
Income	0	0	0
Expenses	0	0
Earnings from equity method investments	4	2	3
NET EARNINGS	4	2	3
EnhanzedRe \| Affiliated entity
Related Party Transaction [Line Items]
Net premiums earned	(2)
Net investment income	(4)	(4)
Net unrealized gains (losses)		(1)
Other (expense) income	2	3	1
Income	(4)	(2)	1
Net incurred losses and LAE		(6)
Acquisition costs	1
Expenses	1	(6)
Earnings from equity method investments	82	147	29
NET EARNINGS	79	139	30
Change in unrealized losses on AFS investments		(3)
Core Specialty \| Affiliated entity
Related Party Transaction [Line Items]
Net premiums earned	8
Other (expense) income	15
Income	23
Net incurred losses and LAE	32
Acquisition costs	6
Expenses	38
Earnings from equity method investments	(6)
NET EARNINGS	55
Other \| Affiliated entity
Related Party Transaction [Line Items]
Net investment income	3
Net unrealized gains (losses)	136	76
Net realized gains			41
Income	139	76	41
Expenses	0
NET EARNINGS	$ 139	$ 76	$ 41

Related Party Transactions - Stone Point (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jul. 22, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Redeemable noncontrolling interest	$ 179.0			$ 365.0	$ 439.0
Investments in funds	$ 2,333.0			4,244.0
Northshore
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	76.30%		1.60%
SSHL
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	1.70%
Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired (shares)	1,635,986
Voting ordinary shares acquired, percent	9.80%	9.40%
Investments in funds	$ 562.0
Stone Point \| Affiliated entity
Related Party Transaction [Line Items]
Redeemable noncontrolling interest	172.0			350.0
Investments in funds	563.0			$ 527.0
Mitchell International \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds	$ 25.0

Related Party Transactions - Hillhouse (Details) - USD ($) $ in Millions	Sep. 01, 2021	Feb. 21, 2021	Apr. 01, 2021
EnhanzedRe
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%
Payments to acquire investments	$ 217.0
Hillhouse \| Affiliated entity
Related Party Transaction [Line Items]
Performance fee waived		$ 100.0
Proceeds from sale of investments		$ 381.0
AnglePoint \| Affiliated entity
Related Party Transaction [Line Items]
Performance fee percentage			10.00%
Minimum performance fee payable			$ 10.0

Related Party Transactions - Northshore (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Syndicate underwriting capacity percentage		25.00%
Northshore
Related Party Transaction [Line Items]
Ownership interest held by parent	13.80%	54.10%
Affiliated entity
Related Party Transaction [Line Items]
Reinsured portfolio, liability	$ 19
Northshore \| Affiliated entity
Related Party Transaction [Line Items]
Transition period	18 months

Related Party Transactions - Monument (Details) - Monument - Affiliated entity	12 Months Ended
	Dec. 31, 2021
Related Party Transaction [Line Items]
Ownership percentage	20.00%
Percentage of preferred shares owned	6.70%
Percentage of preferred shares owned on committed capital basis	11.20%

Related Party Transactions - AmTrust (Details) - Affiliated entity	Dec. 31, 2021
Evergreen Parent L.P.
Related Party Transaction [Line Items]
Ownership of equity interest	8.40%
Evergreen Parent L.P.
Related Party Transaction [Line Items]
Ownership of equity interest	21.80%

Related Party Transactions - Citco (Details)	Dec. 31, 2021	Jul. 22, 2021	Dec. 31, 2020
Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	6.20%		6.20%
Convertible Preferred Stock \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	15.40%		15.40%
Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired, percent	9.80%	9.40%
Citco III Limited \| Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired, percent	3.40%		3.40%
Citco \| Ordinary Shares
Related Party Transaction [Line Items]
Ownership %	31.90%		31.90%

Related Party Transactions - EnhanzedRe (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Related Party Transaction [Line Items]
Equity method investments		$ 493	$ 832
EnhanzedRe
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%
Payments to acquire investments	$ 217
Capital commitment assumed	$ 40
Equity interest percentage before acquisition	47.40%
Total equity interest, as a percentage	75.10%
EnhanzedRe
Related Party Transaction [Line Items]
Ownership percentage	24.90%
EnhanzedRe
Related Party Transaction [Line Items]
Equity method investments		$ 0	$ 330
Ownership percentage		0.00%	47.40%
EnhanzedRe \| Affiliated entity
Related Party Transaction [Line Items]
Quota share reinsurance agreement, percentage			50.00%
EnhanzedRe \| Affiliated entity
Related Party Transaction [Line Items]
Equity method investments			$ 330	$ 470
EnhanzedRe \| Zurich \| Affiliated entity
Related Party Transaction [Line Items]
Percentage ceded		10.00%

Related Party Transactions - Core Specialty (Details) - Core Specialty - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Decrease in investment		$ 4.0
Affiliated entity
Related Party Transaction [Line Items]
Decrease in investment	$ 4.0

Dividend Restrictions and Statutory Financial Information - Parent Company Dividends (Details)	12 Months Ended
	Dec. 31, 2021
Series D Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Series E Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Bermuda
Statutory Accounting Practices [Line Items]
Target statutory capital and surplus percent	120.00%

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Bermuda
Statutory Accounting Practices [Line Items]
Required	$ 3,338	$ 2,712
Actual	5,819	5,565
Statutory Income (Loss)	524	1,851	$ 644
U.K.
Statutory Accounting Practices [Line Items]
Required	804	804
Actual	1,247	1,224
Statutory Income (Loss)	163	43	155
U.S.
Statutory Accounting Practices [Line Items]
Required	151	186
Actual	534	554
Statutory Income (Loss)	23	(67)	121
Europe
Statutory Accounting Practices [Line Items]
Required	99	96
Actual	182	214
Statutory Income (Loss)	(2)	(1)	12
Australia
Statutory Accounting Practices [Line Items]
Required	15	19
Actual	57	59
Statutory Income (Loss)	$ 2	$ (2)	$ 5

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statutory Accounting Practices [Line Items]
Restricted net assets of consolidated subsidiaries	$ 4,400
Bermuda
Statutory Accounting Practices [Line Items]
Minimum liquidity ratio percent (not less than)	75.00%
Minimum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	15.00%
Maximum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	25.00%
Minimum solvency requirement	$ 2,500	$ 2,900
United Kingdom
Statutory Accounting Practices [Line Items]
Minimum capital requirements	443	421
United States
Statutory Accounting Practices [Line Items]
Minimum levels of risk-based capital	383	362
Liechtenstein
Statutory Accounting Practices [Line Items]
Minimum solvency requirement	$ 57	$ 98

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Funds held by reinsured companies	$ 2,340	$ 636
Junior Subordinated Notes Due 2040 \| Junior Subordinated Notes
Concentration Risk [Line Items]
Total parental guarantees	350
Principal	350
Limited Parental Guarantee
Concentration Risk [Line Items]
Total parental guarantees	2,700	1,700
Reinsurer concentration risk \| Reinsurance balances recoverable \| AM Best, A+ Rating \| Standard & Poor's, AA Rating \| Reinsurer A
Concentration Risk [Line Items]
Funds held by reinsured companies	3,200	955
Reinsurer concentration risk \| Reinsurance balances recoverable \| AM Best, A+ Rating \| Standard & Poor's, AA- Rating \| Reinsurer B
Concentration Risk [Line Items]
Funds held by reinsured companies	1,200	182
United States
Concentration Risk [Line Items]
Exposure to government	1,200	$ 1,400
Other investments
Concentration Risk [Line Items]
Commitments, unfunded	1,700
Privately-held Equities
Concentration Risk [Line Items]
Commitments, unfunded	35
Equity Method Investments
Concentration Risk [Line Items]
Commitments, unfunded	109
Fixed maturity investments
Concentration Risk [Line Items]
Commitments, unfunded	$ 10

Subsequent Events (Details) $ / shares in Units, $ in Millions				2 Months Ended	6 Months Ended	12 Months Ended
	Jan. 15, 2027	Feb. 04, 2022 USD ($)	Jan. 14, 2022 USD ($) day	Feb. 22, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Subsequent Event [Line Items]
Debt obligations (Note 16)						$ 1,691.0	$ 1,373.0
Treasury shares repurchased (shares) \| shares						4,010,695	178,280	0
Price of repurchased stock						$ 942.0	$ 26.0	$ 0.0
Scenario, Forecast \| Aspen
Subsequent Event [Line Items]
Net loss reserves assumed					$ 3,100.0
Premium					3,200.0
Premiums previously paid					$ 770.0
Funds withheld, annual interest rate					1.75%
Funds withheld, 50% of the amount by which the total return on the investments and cash and cash equivalents exceeds 1/75%					50.00%
Scenario, Forecast \| Maximum \| Aspen
Subsequent Event [Line Items]
Net loss reserves assumed					$ 3,600.0
Junior Subordinated Notes \| Junior Subordinated Notes due 2042 \| Scenario, Forecast \| Treasury rate
Subsequent Event [Line Items]
Basis spread on interest rate	4.006%
Senior Notes
Subsequent Event [Line Items]
Debt obligations (Note 16)						1,270.0	843.0
Senior Notes \| Senior Notes Due 2022
Subsequent Event [Line Items]
Principal						$ 280.0	350.0
Interest rate						4.50%
Issuance costs						$ 0.0	1.0
Debt obligations (Note 16)						$ 280.0	$ 349.0
Subsequent Event
Subsequent Event [Line Items]
Treasury shares repurchased (shares) \| shares				111,398
Price of repurchased stock				$ 27.0
Treasury shares repurchased, average price (dollars per share) \| $ / shares				$ 256.98
Remaining repurchase amount				$ 32.0
Subsequent Event \| Junior Subordinated Notes \| Junior Subordinated Notes due 2042
Subsequent Event [Line Items]
Principal			$ 500.0
Interest rate			5.50%
Number of days before five-year period \| day			2
Redemption price, percentage of principal amount			100.00%
Issuance costs			$ 6.0
Subsequent Event \| Senior Notes \| Senior Notes Due 2022
Subsequent Event [Line Items]
Debt obligations (Note 16)			$ 280.0
Series D Preferred Shares \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared		$ 7.0
Series E Preferred Shares \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared		$ 2.0

Schedule I - Summary of Investments Other Than Investments in Related Parties (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 15,355
Fair Value	15,619
Amount at which shown in the balance sheet	15,619
Total	12,254	$ 9,319
Equity investments	1,995	847
Fair value of other investments in funds or companies owned by or affiliated with related parties	2,333	4,244
Stone Point
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	35
Affiliated entity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value of other investments in funds or companies owned by or affiliated with related parties	562
Affiliated entity \| Trident
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	92
Affiliated entity \| Stone Point
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	50
AmTrust
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	224
U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	747	951
U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	83	51
Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	6,814	5,687
Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	286	163
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	610	554
Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	1,074	854
Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	944	$ 557
Structured products
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Total	1,033
Equities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,454
Fair Value	1,629
Amount at which shown in the balance sheet	1,629
Other investments, at fair value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,771
Fair Value	1,771
Amount at which shown in the balance sheet	1,771
Short-term investments and fixed maturities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	6,432
Fair Value	6,558
Amount at which shown in the balance sheet	6,558
Short-term investments and fixed maturities \| U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	285
Fair Value	288
Amount at which shown in the balance sheet	288
Short-term investments and fixed maturities \| U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	73
Fair Value	73
Amount at which shown in the balance sheet	73
Short-term investments and fixed maturities \| Other government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	531
Fair Value	535
Amount at which shown in the balance sheet	535
Short-term investments and fixed maturities \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,321
Fair Value	3,456
Amount at which shown in the balance sheet	3,456
Short-term investments and fixed maturities \| Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	143
Fair Value	158
Amount at which shown in the balance sheet	158
Short-term investments and fixed maturities \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	217
Fair Value	219
Amount at which shown in the balance sheet	219
Short-term investments and fixed maturities \| Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	504
Fair Value	512
Amount at which shown in the balance sheet	512
Short-term investments and fixed maturities \| Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	287
Fair Value	284
Amount at which shown in the balance sheet	284
Short-term investments and fixed maturities \| Structured products
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,071
Fair Value	1,033
Amount at which shown in the balance sheet	1,033
Available-for-sale securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,698
Fair Value	5,661
Amount at which shown in the balance sheet	5,661
Available-for-sale securities \| U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	463
Fair Value	459
Amount at which shown in the balance sheet	459
Available-for-sale securities \| U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	10
Fair Value	10
Amount at which shown in the balance sheet	10
Available-for-sale securities \| Other government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	127
Fair Value	128
Amount at which shown in the balance sheet	128
Available-for-sale securities \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,384
Fair Value	3,358
Amount at which shown in the balance sheet	3,358
Available-for-sale securities \| Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	129
Fair Value	128
Amount at which shown in the balance sheet	128
Available-for-sale securities \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	394
Fair Value	391
Amount at which shown in the balance sheet	391
Available-for-sale securities \| Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	566
Fair Value	562
Amount at which shown in the balance sheet	562
Available-for-sale securities \| Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	625
Fair Value	625
Amount at which shown in the balance sheet	$ 625

Schedule II - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Equities, at fair value (cost: 2021 — $1,831; 2020 — $799)	$ 1,995	$ 847
Cash and cash equivalents	1,646	901	$ 624
Other assets	620	1,092
TOTAL ASSETS	24,429	21,627
LIABILITIES
Debt obligations (Note 16)	1,691	1,373
Other liabilities	581	943
TOTAL LIABILITIES	17,924	14,574
SHAREHOLDERS’ EQUITY (Note 18)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2021 and 2020: 565,630)	(1)	(1)
Additional paid-in capital	922	1,836
Accumulated other comprehensive income	(16)	81
Retained earnings	5,085	4,647
Total Enstar Shareholders’ Equity	6,096	6,674
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	24,429	21,627
Parenthetical Disclosures [Abstract]
Equities, cost	$ 1,831	$ 799
Common shares, par value (dollars per share)	$ 1	$ 1
Ordinary shares, shares issued (shares)	18,223,574	22,085,232
Ordinary shares, outstanding (shares)	18,223,574	22,085,232	21,511,505	21,459,997
Treasury stock, ordinary shares (shares)	565,630	565,630
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY (Note 18)
Ordinary shares	$ 17	$ 19
Parenthetical Disclosures [Abstract]
Common shares, par value (dollars per share)	$ 1.00	$ 1.00
Ordinary shares, shares issued (shares)	16,625,862	18,575,550
Ordinary shares, outstanding (shares)	16,625,862	18,575,550	18,001,823	17,950,315
Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY (Note 18)
Ordinary shares	$ 1	$ 3
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	1,192,941	2,599,672
Ordinary shares, outstanding (shares)	1,192,941	2,599,672	2,599,672	2,599,672
Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY (Note 18)
Ordinary shares	$ 0	$ 1
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (shares)	404,771	910,010
Ordinary shares, outstanding (shares)	404,771	910,010	910,010	910,010
Series C non-voting preferred shares
SHAREHOLDERS’ EQUITY (Note 18)
Preferred shares	$ 0	$ 0
Treasury shares, at cost (Series C Preferred Shares 2021 and 2020: 388,571)	$ (422)	$ (422)
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	388,571	388,571
Treasury stock, preferred shares (shares)	388,571	388,571
Series D Preferred Shares
SHAREHOLDERS’ EQUITY (Note 18)
Preferred shares	$ 400	$ 400
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	16,000	16,000
Preferred shares, outstanding (shares)	16,000	16,000
Series E Preferred Shares
SHAREHOLDERS’ EQUITY (Note 18)
Preferred shares	$ 110	$ 110
Parenthetical Disclosures [Abstract]
Preferred shares, issued (shares)	4,400	4,400
Preferred shares, outstanding (shares)	4,400	4,400
Enstar Group Limited
ASSETS
Equities, at fair value (cost: 2021 — $1,831; 2020 — $799)	$ 2	$ 0
Cash and cash equivalents	72	8
Balances due from subsidiaries	29	19
Investments in subsidiaries	7,677	7,887
Other assets	5	8
TOTAL ASSETS	7,785	7,922
LIABILITIES
Debt obligations (Note 16)	1,270	903
Balances due to subsidiaries	381	301
Other liabilities	38	44
TOTAL LIABILITIES	1,689	1,248
SHAREHOLDERS’ EQUITY (Note 18)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2021 and 2020: 565,630)	(1)	(1)
Additional paid-in capital	922	1,836
Accumulated other comprehensive income	(16)	81
Retained earnings	5,085	4,647
Total Enstar Shareholders’ Equity	6,096	6,674
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	7,785	7,922
Parenthetical Disclosures [Abstract]
Equities, cost	2	0
Enstar Group Limited \| Voting Ordinary Shares
SHAREHOLDERS’ EQUITY (Note 18)
Ordinary shares	17	19
Enstar Group Limited \| Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY (Note 18)
Ordinary shares	1	3
Enstar Group Limited \| Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY (Note 18)
Ordinary shares	0	1
Enstar Group Limited \| Series C non-voting preferred shares
SHAREHOLDERS’ EQUITY (Note 18)
Preferred shares	0	0
Treasury shares, at cost (Series C Preferred Shares 2021 and 2020: 388,571)	(422)	(422)
Enstar Group Limited \| Series D Preferred Shares
SHAREHOLDERS’ EQUITY (Note 18)
Preferred shares	400	400
Enstar Group Limited \| Series E Preferred Shares
SHAREHOLDERS’ EQUITY (Note 18)
Preferred shares	$ 110	$ 110

Schedule II - Condensed Statements of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME
Net investment income	$ 312	$ 303	$ 308
Total income	789	2,660	2,190
EXPENSES
General and administrative expenses	367	502	413
Interest expense	69	59	53
Net foreign exchange losses (gains)	(12)	16	(8)
Total expenses	367	1,164	1,313
NET EARNINGS ATTRIBUTABLE TO ENSTAR	473	1,755	938
Dividends on preferred shares	(36)	(36)	(36)
NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	437	1,719	902
Enstar Group Limited
INCOME
Net investment income	0	2	4
Total income	0	2	4
EXPENSES
General and administrative expenses	41	46	45
Interest expense	54	52	52
Net foreign exchange losses (gains)	3	(3)	(22)
Total expenses	98	95	75
NET LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES	(98)	(93)	(71)
Equity in undistributed earnings of subsidiaries - continuing operations	571	1,832	1,002
Equity in undistributed earnings of subsidiaries - discontinued operations	0	16	7
NET EARNINGS ATTRIBUTABLE TO ENSTAR	473	1,755	938
Dividends on preferred shares	(36)	(36)	(36)
NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 437	$ 1,719	$ 902

Schedule II - Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Statement of Income Captions [Line Items]
NET EARNINGS	$ 473	$ 1,755	$ 938
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSTAR	375	1,828	935
Enstar Group Limited
Condensed Statement of Income Captions [Line Items]
NET EARNINGS	473	1,755	938
Other comprehensive (loss) income relating to subsidiaries, net of tax	(98)	73	(3)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSTAR	$ 375	$ 1,828	$ 935

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
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+ Details

Schedule II - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCING ACTIVITIES:
Dividends on preferred shares	$ (36)	$ (36)	$ (36)
Repurchase of shares	(942)	(26)	0
Repayment of loans	(574)	(679)	(743)
Receipt of loans	816	859	1,071
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	495	541	73
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	1,373	971	902
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	2,092	1,373	971
Enstar Group Limited
OPERATING ACTIVITIES:
Net cash flows (used in) provided by operating activities	(72)	117	(128)
INVESTING ACTIVITIES:
Dividends and return of capital from subsidiaries	675	44	65
Contributions to subsidiaries	0	(26)	(240)
Net cash flows used in investing activities	675	18	(175)
FINANCING ACTIVITIES:
Dividends on preferred shares	(36)	(36)	(36)
Repurchase of shares	(942)	(26)	0
Repayment of loans	(429)	(449)	(219)
Receipt of loans	868	379	548
Net cash flows (used in) provided by financing activities	(539)	(132)	293
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	64	3	(10)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	8	5	15
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	$ 72	$ 8	$ 5

Schedule II - Narrative (Details) - USD ($)	12 Months Ended
Schedule II - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Dividends and return of capital from subsidiaries, non-cash	$ 0	$ 130,000,000	$ 0
Retained earnings	5,085,000,000	4,647,000,000
Net earnings attributable to Enstar Group Limited	437,000,000	1,719,000,000	902,000,000
Limited Parental Guarantee
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	2,700,000,000	1,700,000,000
Enstar Group Limited
Condensed Financial Statements, Captions [Line Items]
Interest paid	41,000,000	47,000,000	46,000,000
Retained earnings	5,085,000,000	4,647,000,000
Increase in retained earnings	438,000,000
Net earnings attributable to Enstar Group Limited	437,000,000	1,719,000,000	$ 902,000,000
Enstar Group Limited \| Limited Parental Guarantee
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	2,100,000,000	1,700,000,000
Junior Subordinated Notes Due 2040 \| Junior Subordinated Notes
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	350,000,000
Principal	350,000,000
Letters of Credit
Condensed Financial Statements, Captions [Line Items]
Letters of credit	85,000,000	90,000,000
Letters of Credit \| $275.0 million Funds at Lloyd's LOC Facility \| Loan facilities
Condensed Financial Statements, Captions [Line Items]
Letters of credit	$ 210,000,000	$ 210,000,000

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	$ 16	$ 44	$ 117
Reserves for Losses and Loss Adjustment Expenses	13,258	10,593	9,868
Unearned Premiums	188	275	534
Policy Benefits for Life and Annuity Contracts	1,502	0	0
Net Premiums Earned	245	572	804
Net Investment Income	312	303	308
Losses and Loss Expenses and Policy Benefits	(114)	416	614
Amortization of Deferred Acquisition Costs	57	171	241
Other Operating Expenses	367	502	413
Net Premiums Written	62	433	546
Held-for-sale or disposed of by sale, not discontinued operations \| Northshore
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred acquisition costs		24
Losses and LAE		254
Unearned premiums		91
Operating Segments \| Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	14	23	42
Reserves for Losses and Loss Adjustment Expenses	13,117	9,433	8,684
Unearned Premiums	171	72	130
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	182	59	168
Net Investment Income	0	0	0
Losses and Loss Expenses and Policy Benefits	(194)	(145)	(153)
Amortization of Deferred Acquisition Costs	44	20	74
Other Operating Expenses	188	173	173
Net Premiums Written	35	3	(25)
Operating Segments \| Enhanzed Re
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0
Reserves for Losses and Loss Adjustment Expenses	181
Unearned Premiums	5
Policy Benefits for Life and Annuity Contracts	1,502
Net Premiums Earned	5
Net Investment Income	0
Losses and Loss Expenses and Policy Benefits	(2)
Amortization of Deferred Acquisition Costs	0
Other Operating Expenses	1
Net Premiums Written	3
Operating Segments \| Investments
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	0
Reserves for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	0	0	0
Net Investment Income	309	270	267
Losses and Loss Expenses and Policy Benefits	0	0	0
Amortization of Deferred Acquisition Costs	0	0	0
Other Operating Expenses	37	35	30
Net Premiums Written	0	0	0
Operating Segments \| Legacy Underwriting
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	2	21	75
Reserves for Losses and Loss Adjustment Expenses	215	1,358	1,570
Unearned Premiums	12	203	404
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	58	513	636
Net Investment Income	3	33	41
Losses and Loss Expenses and Policy Benefits	20	371	562
Amortization of Deferred Acquisition Costs	13	151	167
Other Operating Expenses	10	158	97
Net Premiums Written	24	430	571
Corporate and other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	0
Reserves for Losses and Loss Adjustment Expenses	(255)	(198)	(386)
Unearned Premiums	0	0	0
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	0	0	0
Net Investment Income	0	0	0
Losses and Loss Expenses and Policy Benefits	62	190	205
Amortization of Deferred Acquisition Costs	0	0	0
Other Operating Expenses	131	136	113
Net Premiums Written	$ 0	$ 0	$ 0

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Life insurance in force, gross			$ 725
Life insurance in force, ceded			(66)
Life insurance in force, assumed			0
Life insurance in force, net			$ 659
Life insurance in force, percentage of amount assumed to net			0.00%
Premiums earned, gross	$ 295	$ 542	$ 681
Ceded premium earned	(128)	(158)	(146)
Premiums earned, assumed	78	188	269
Net, premiums earned	245	572	804
Property and casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross	295	542	680
Ceded premium earned	(128)	(158)	(146)
Premiums earned, assumed	75	188	269
Net, premiums earned	$ 242	$ 572	$ 803
Premiums earned, percentage of amount assumed to net	31.00%	32.90%	33.50%
Future policyholder benefits
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross	$ 0		$ 1
Ceded premium earned	0		0
Premiums earned, assumed	3		0
Net, premiums earned	$ 3		$ 1
Premiums earned, percentage of amount assumed to net	0.00%		0.00%

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cumulative effect of change in accounting principle
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Financial instruments, allowance for credit loss		$ 3
Allowance for estimated uncollectible reinsurance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 137	148	$ 157
Charged to costs and expenses	0	0	0
Charged to other	1	0	0
Deductions	(2)	(11)	(9)
Balance at End of Year	136	137	148
Insurance balances recoverable, allowance for estimated uncollectible insurance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	5	4	0
Charged to costs and expenses	0	0	0
Charged to other	0	1	4
Deductions	0	0	0
Balance at End of Year	5	5	4
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	118	117	212
Charged to costs and expenses	12	4	3
Charged to other	0	0	0
Deductions	(1)	(3)	(98)
Balance at End of Year	$ 129	$ 118	$ 117

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Net Losses and Loss Expenses Incurred - Current Year	$ 172	$ 405	$ 580
Net Loses and Loss Expenses Incurred - Prior Year	(283)	11	34
Consolidated Subsidiaries
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Deferred Acquisition Costs	16	44	117
Reserves for Unpaid Losses and Loss Adjustment Expenses	13,258	10,593	9,868
Unearned Premiums	188	275	534
Net Premiums Earned	242	572	803
Net Investment Income	312	303	308
Net Losses and Loss Expenses Incurred - Current Year	172	405	580
Net Loses and Loss Expenses Incurred - Prior Year	(283)	11	34
Net Paid Losses and Loss Expenses	(1,431)	(1,485)	(1,788)
Amortization of Deferred Acquisition Costs	57	171	240
Net Premiums Written	$ 59	$ 433	$ 544

Investments - Asset Types (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	$ 5,686	$ 3,659
Total	12,254	9,319
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	459	718
Total	747	951
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	10	14
Total	83	51
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	128	150
Total	663	502
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	3,358	1,937
Total	6,814	5,687
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	128	30
Total	286	163
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	391	329
Total	610	554
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	562	277
Total	1,074	854
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	650	204
Total	944	557
Structured products
Debt and Equity Securities, FV-NI [Line Items]
Total	1,033
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Total	460	458
Convertible Bonds
Debt and Equity Securities, FV-NI [Line Items]
Total	223
Embedded derivative
Debt and Equity Securities, FV-NI [Line Items]
Total	43
Short-term Investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	6	5
Debt securities, available-for-sale	34	264
Short-term Investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	3	0
Debt securities, available-for-sale	25	244
Short-term Investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	3	3
Debt securities, available-for-sale	0	3
Short-term Investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	2
Debt securities, available-for-sale	8	17
Short-term Investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading		0
Debt securities, available-for-sale	1	0
Short-term Investments \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0
Debt securities, available-for-sale	0
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	3,756	4,595
Debt securities, available-for-sale	5,652	3,395
Fixed maturity investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	102	124
Debt securities, available-for-sale	434	474
Fixed maturity investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	73	37
Debt securities, available-for-sale	10	14
Fixed maturity investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	285	328
Debt securities, available-for-sale	128	147
Fixed maturity investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,660	3,228
Debt securities, available-for-sale	3,350	1,920
Fixed maturity investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	85	80
Debt securities, available-for-sale	128	30
Fixed maturity investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	104	154
Debt securities, available-for-sale	391	329
Fixed maturity investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	250	347
Debt securities, available-for-sale	562	277
Fixed maturity investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	197	297
Debt securities, available-for-sale	649	204
Fixed maturity investments \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0
Debt securities, available-for-sale	0
Funds Held - Directly Managed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,806	1,060
Funds Held - Directly Managed \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	183	109
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	247	21
Funds Held - Directly Managed \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	796	520
Funds Held - Directly Managed \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	73	53
Funds Held - Directly Managed \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	115	71
Funds Held - Directly Managed \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	262	230
Funds Held - Directly Managed \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	97	$ 56
Funds Held - Directly Managed \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 1,033

Investments - Credit Ratings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 12,165
Total	12,254	$ 9,319
Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 645
Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	100.00%
Marketable Securities \| Credit Rating Concentration Risk \| Non-Investment Grade \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	5.30%
AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 2,884
AAA Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	23.50%
AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 1,851
AA Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	15.10%
A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 3,697
A Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	30.20%
BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 3,146
BBB Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Investment Grade \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	25.60%
Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 31
Not Rated \| Marketable Securities \| Credit Rating Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	0.30%
U.S. government and agency
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	$ 748
Total	747	951
U.S. government and agency \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0
U.S. government and agency \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	6.10%
U.S. government and agency \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 747
U.S. government and agency \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
U.S. government and agency \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
U.S. government and agency \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
U.S. government and agency \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
U.K. government
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	83
Total	83	51
U.K. government \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0
U.K. government \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	0.70%
U.K. government \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0
U.K. government \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	75
U.K. government \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	8
U.K. government \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
U.K. government \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
Other government
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	658
Total	663	502
Other government \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 112
Other government \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	5.40%
Other government \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 203
Other government \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	143
Other government \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	147
Other government \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	58
Other government \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
Corporate
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	6,705
Total	6,814	5,687
Corporate \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 478
Corporate \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	55.60%
Corporate \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 166
Corporate \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	593
Corporate \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	3,144
Corporate \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	2,407
Corporate \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	26
Municipal
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	272
Total	286	163
Municipal \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0
Municipal \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	2.30%
Municipal \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 17
Municipal \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	147
Municipal \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	97
Municipal \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	25
Municipal \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
Residential mortgage-backed
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	611
Total	610	554
Residential mortgage-backed \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 27
Residential mortgage-backed \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	5.00%
Residential mortgage-backed \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 569
Residential mortgage-backed \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
Residential mortgage-backed \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	4
Residential mortgage-backed \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	8
Residential mortgage-backed \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	2
Commercial mortgage-backed
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	1,070
Total	1,074	854
Commercial mortgage-backed \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 4
Commercial mortgage-backed \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	8.80%
Commercial mortgage-backed \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 793
Commercial mortgage-backed \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	115
Commercial mortgage-backed \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	90
Commercial mortgage-backed \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	69
Commercial mortgage-backed \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	3
Asset-backed
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	947
Total	944	$ 557
Asset-backed \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 24
Asset-backed \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	7.70%
Asset-backed \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 389
Asset-backed \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	255
Asset-backed \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	207
Asset-backed \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	69
Asset-backed \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
Structured products
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Amortized Cost	1,071
Total	1,033
Structured products \| Non-Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0
Structured products \| Marketable Securities \| Portfolio Concentration Risk \| Trading Securities and Available for Sale Securities
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Percent of total investments	8.40%
Structured products \| AAA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0
Structured products \| AA Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	523
Structured products \| A Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	0
Structured products \| BBB Rated \| Investment Grade
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	510
Structured products \| Not Rated
Schedule of Trading Securities and Available-for-sale Securities [Line Items]
Total	$ 0

Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Investments [Line Items]
Other investments, at fair value	$ 2,333	$ 4,244
Valuation lag period	3 months
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	$ 291	2,638
Hedge funds \| InRe Fund
Other Investments [Line Items]
Other investments, at fair value		2,400
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	573	553
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	752	363
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	275	192
Equity funds
Other Investments [Line Items]
Other investments, at fair value	5	191
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	207	167
CLO equities
Other Investments [Line Items]
Other investments, at fair value	161	128
Real estate fund
Other Investments [Line Items]
Other investments, at fair value	69	$ 12
Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	1,149
Less than 1 Year \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	291
Less than 1 Year \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	534
Less than 1 Year \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	0
Less than 1 Year \| Private credit funds
Other Investments [Line Items]
Other investments, at fair value	0
Less than 1 Year \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	5
Less than 1 Year \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	158
Less than 1 Year \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	161
Less than 1 Year \| Real estate fund
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years
Other Investments [Line Items]
Other investments, at fair value	102
1-2 years \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	54
1-2 years \| Private credit funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	48
1-2 years \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
1-2 years \| Real estate fund
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Private credit funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
2-3 years \| Real estate fund
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Private credit funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
More than 3 years \| Real estate fund
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	1,082
Not Eligible/ Restricted \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	39
Not Eligible/ Restricted \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	698
Not Eligible/ Restricted \| Private credit funds
Other Investments [Line Items]
Other investments, at fair value	275
Not Eligible/ Restricted \| Equity funds
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	1
Not Eligible/ Restricted \| CLO equities
Other Investments [Line Items]
Other investments, at fair value	0
Not Eligible/ Restricted \| Real estate fund
Other Investments [Line Items]
Other investments, at fair value	$ 69