0001363829-22-000113 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 04, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Entity File Number	001-33289
Entity Registrant Name	Enstar Group LTD
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Windsor Place
Entity Address, Address Line Two	3rd Floor
Entity Address, Address Line Three	22 Queen Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM JX
Entity Address, Country	BM
City Area Code	441
Local Phone Number	292-3645
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Central Index Key	0001363829
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $1.00 per share
Trading Symbol	ESGR
Security Exchange Name	NASDAQ
Depositary Shares, Series D Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRP
Security Exchange Name	NASDAQ
Depositary Shares, Series E Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRO
Security Exchange Name	NASDAQ
Voting Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,445,812
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,597,712

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Available-for-sale, at fair value	$ 5,327	$ 5,686
Funds held - directly managed	2,835	3,007
Equities, at fair value (cost: 2022 — $2,325; 2021 — $1,831)	2,444	1,995
Other investments, at fair value	2,863	2,333
Equity method investments	519	493
Total investments (Note 3 and Note 7)	17,242	17,276
Cash and cash equivalents	763	1,646
Restricted cash and cash equivalents	372	446
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2022 — $135; 2021 — $136)	983	1,085
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 7)	388	432
Insurance balances recoverable (net of allowance: 2022 and 2021 — $5) (Note 6)	192	213
Funds held by reinsured companies	2,241	2,340
Deferred charge assets	338	371
Other assets	721	620
TOTAL ASSETS	23,240	24,429
LIABILITIES
Losses and loss adjustment expenses (Note 5)	10,744	11,269
Losses and loss adjustment expenses, at fair value (Note 5 and Note 7)	1,764	1,989
Future policyholder benefits	1,436	1,502
Defendant asbestos and environmental liabilities (Note 6)	631	638
Insurance and reinsurance balances payable	267	254
Debt obligations (Note 9)	1,904	1,691
Other liabilities	546	581
TOTAL LIABILITIES	17,292	17,924
COMMITMENTS AND CONTINGENCIES (Note 14)
REDEEMABLE NONCONTROLLING INTEREST (Note 10)	181	179
SHAREHOLDERS’ EQUITY (Note 11)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2022 and 2021: 565,630)	(1)	(1)
Additional paid-in capital	883	922
Accumulated other comprehensive loss	(257)	(16)
Retained earnings	4,803	5,085
Total Enstar Shareholders’ Equity	5,534	6,096
Noncontrolling interest (Note 10)	233	230
TOTAL SHAREHOLDERS’ EQUITY	5,767	6,326
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY	23,240	24,429
Voting Ordinary shares (issued and outstanding 2022: 16,503,325; 2021: 16,625,862)
SHAREHOLDERS’ EQUITY (Note 11)
Ordinary shares	17	17
Non-voting convertible ordinary Series C Shares (issued and outstanding 2022 and 2021: 1,192,941)
SHAREHOLDERS’ EQUITY (Note 11)
Ordinary shares	1	1
Non-voting convertible ordinary Series E Shares (issued and outstanding 2022 and 2021: 404,771)
SHAREHOLDERS’ EQUITY (Note 11)
Ordinary shares	0	0
Series C Preferred Shares (issued and held in treasury 2022 and 2021: 388,571)
SHAREHOLDERS’ EQUITY (Note 11)
Preferred Shares	0	0
Treasury shares, at cost (Series C Preferred shares 2022 and 2021: 388,571)	(422)	(422)
Series D Preferred Shares (issued and outstanding 2022 and 2021: 16,000; liquidation preference $400)
SHAREHOLDERS’ EQUITY (Note 11)
Preferred Shares	400	400
Series E Preferred Shares (issued and outstanding 2022 and 2021: 4,400; liquidation preference $110)
SHAREHOLDERS’ EQUITY (Note 11)
Preferred Shares	110	110
Short-term Investments
ASSETS
Trading, at fair value	7	6
Available-for-sale, at fair value	59	34
Fixed maturity investments
ASSETS
Trading, at fair value	3,247	3,756
Available-for-sale, at fair value	$ 5,268	$ 5,652

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investments, available-for-sale, at fair value, amortized cost	$ 5,634	$ 5,723
Investments, allowance for credit losses	29	10
Equities, at cost	2,325	1,831
Allowance for estimated uncollectible reinsurance	135	136
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5
SHAREHOLDERS’ EQUITY
Common shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares issued (in shares)	18,101,037	18,223,574
Ordinary shares outstanding (in shares)	18,101,037	18,223,574
Treasury shares, voting ordinary shares, held in trust (in shares)	565,630	565,630
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	16,503,325	16,625,862
Ordinary shares outstanding (in shares)	16,503,325	16,625,862
Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY
Ordinary shares outstanding (in shares)	1,192,941	1,192,941
Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	404,771	404,771
Ordinary shares outstanding (in shares)	404,771	404,771
Series C Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	388,571	388,571
Treasury shares, preferred at cost (in shares)	388,571	388,571
Series D Preferred Shares
SHAREHOLDERS’ EQUITY
Liquidation preference	$ 400	$ 400
Preferred shares issued (in shares)	16,000	16,000
Preferred shares outstanding (in shares)	16,000	16,000
Series E Preferred Shares
SHAREHOLDERS’ EQUITY
Liquidation preference	$ 110	$ 110
Preferred shares issued (in shares)	4,400	4,400
Preferred shares outstanding (in shares)	4,400	4,400
Short-term Investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	$ 59	$ 34
Investments, allowance for credit losses	0	0
Fixed maturity investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	5,575	5,689
Investments, allowance for credit losses	$ 29	$ 10

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCOME
Net premiums earned	$ 34	$ 93
Net investment income	80	62
Net realized losses	(37)	(11)
Net unrealized losses	(381)	(10)
Other income	14	10
Net gain on sales of subsidiaries	0	15
Total income	(290)	159
Net incurred losses and loss adjustment expenses
Current period	13	54
Prior periods	(143)	(110)
Total net incurred losses and loss adjustment expenses	(130)	(56)
Policyholder benefit expenses	12	0
Acquisition costs	8	34
General and administrative expenses	85	83
Interest expense	25	16
Net foreign exchange losses	3	3
Total expenses	3	80
(LOSS) EARNINGS BEFORE INCOME TAXES	(293)	79
Income tax benefit	0	6
Earnings from equity method investments	31	118
NET (LOSS) EARNINGS	(262)	203
Net earnings attributable to noncontrolling interest	(11)	(11)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR	(273)	192
Dividends on preferred shares	(9)	(9)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ (282)	$ 183
(Loss) earnings per ordinary share attributable to Enstar:
Basic (in dollars per share)	$ (16.04)	$ 8.50
Diluted (in dollars per share)	$ (16.04)	$ 8.38
Weighted average ordinary shares outstanding:
Basic (in shares)	17,578,019	21,562,341
Diluted (in shares)	17,785,121	21,852,324

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (262)	$ 203
Other comprehensive loss, net of income taxes:
Unrealized losses on fixed income available-for-sale investments arising during the period	(281)	(111)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	19	12
Reclassification adjustment for net realized loss (gain) included in net (loss) earnings	14	(1)
Reclassification to net earnings on disposal of subsidiary	0	1
Unrealized losses arising during the period, net of reclassification adjustments	(248)	(99)
Change in currency translation adjustment	1	1
Total other comprehensive loss	(247)	(98)
Comprehensive (loss) income	(509)	105
Comprehensive income attributable to noncontrolling interest	(6)	(11)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR	$ (515)	$ 94

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Ordinary Shares Voting Ordinary Shares	Ordinary Shares Non-Voting Convertible Ordinary Series C Shares	Ordinary Shares Non-Voting Convertible Ordinary Series E Shares	Preferred Stock Series C Preferred Shares	Preferred Stock Series D Preferred Shares	Preferred Stock Series E Preferred Shares	Treasury Shares (Series C Preferred Shares)	Joint Share Ownership Plan — Voting Ordinary Shares, Held in Trust	Additional Paid-in Capital	Additional Paid-in Capital Voting Ordinary Shares	Accumulated Other Comprehensive Income (Loss)	Cumulative currency translation adjustment	Defined benefit pension liability	Unrealized (losses) gains on available-for-sale investments	Retained Earnings	Noncontrolling Interest (excludes Redeemable Noncontrolling Interest)
Balance, beginning of period at Dec. 31, 2020		$ 19	$ 3	$ 1	$ 0	$ 400	$ 110	$ (422)	$ (1)	$ 1,836		$ 81	$ 8	$ 0	$ 73	$ 4,647	$ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased										(4)	$ (2)
Amortization of share-based compensation										7
Change in other comprehensive income (loss)	$ (98)												1		(100)
Net (loss) earnings	183															203
Net earnings attributable to noncontrolling interest	(11)															(11)	(1)
Dividends on preferred shares																(9)
Change in redemption value of redeemable noncontrolling interests																1
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interest																	0
Balance, beginning and end of period at Mar. 31, 2021	6,773	19	3	1	0	400	110	(422)	(1)	1,837		(18)	9	0	(27)	4,831	13
Balance, beginning of period at Dec. 31, 2021	6,326	17	1	0	0	400	110	(422)	(1)	922		(16)	9	2	(27)	5,085	230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased										(42)	$ (3)
Amortization of share-based compensation										6
Change in other comprehensive income (loss)	(247)												1		(242)
Net (loss) earnings	(282)															(262)
Net earnings attributable to noncontrolling interest	(11)															(11)	6
Dividends on preferred shares																(9)
Change in redemption value of redeemable noncontrolling interests																0
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interest																	(3)
Balance, beginning and end of period at Mar. 31, 2022	$ 5,767	$ 17	$ 1	$ 0	$ 0	$ 400	$ 110	$ (422)	$ (1)	$ 883		$ (257)	$ 10	$ 2	$ (269)	$ 4,803	$ 233

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net (loss) earnings	$ (262)	$ 203
Adjustments to reconcile net (loss) earnings to cash flows (used in) provided by operating activities:
Realized losses on sales of investments	37	11
Unrealized losses on investments	381	10
Depreciation and other amortization	17	18
Earnings from equity method investments	(31)	(118)
Sales and maturities of trading securities	779	615
Purchases of trading securities	(970)	(634)
Net gain on sales of subsidiaries	0	(15)
Other	3	2
Changes in:
Reinsurance balances recoverable on paid and unpaid losses	143	38
Funds held by reinsured companies	100	(27)
Losses and loss adjustment expenses	(728)	837
Defendant asbestos and environmental liabilities	(7)	(15)
Insurance and reinsurance balances payable	12	121
Other operating assets and liabilities	(117)	(238)
Net cash flows (used in) provided by operating activities	(643)	808
INVESTING ACTIVITIES:
Sales of subsidiaries, net of cash previously held	0	(232)
Sales and maturities of available-for-sale securities	913	835
Purchase of available-for-sale securities	(811)	(1,876)
Purchase of other investments	(712)	(176)
Proceeds from other investments	129	62
Net cash flows used in investing activities	(481)	(1,387)
FINANCING ACTIVITIES:
Dividends on preferred shares	(9)	(9)
Repurchase of shares	(42)	(4)
Issuance of debt, net of issuance costs	493	20
Repayment of debt	(280)	(30)
Net cash flows provided by (used in) financing activities	162	(23)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS	5	1
NET DECREASE IN CASH AND CASH EQUIVALENTS	(957)	(601)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	2,092	1,373
NET CHANGE IN CASH OF BUSINESSES HELD FOR SALE	0	224
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	1,135	996
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	4	2
Interest paid	24	19
Reconciliation to Condensed Consolidated Balance Sheets:
Cash and cash equivalents	763	563
Restricted cash and cash equivalents	372	433
Cash, cash equivalents and restricted cash	$ 1,135	$ 996

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Other investments		$ 52
Unsettled purchases of AFS and other investments	$ 33	103
Unsettled sales of AFS and other investments	4	9
Contribution to other investments		481
Redemption of other investments		381
Decrease in investment fees		100
Distributions	$ 0	$ 202
Shares issued (in shares)		89,590
Warrants exercised (in shares)		175,901

Basis of Presentation

3 Months Ended

Mar. 31, 2022

Accounting Policies [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. Our core focus is acquiring and managing (re)insurance companies and portfolios of (re)insurance business in run-off.

These unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the financial information and note disclosures required by U.S. GAAP for complete consolidated financial statements.

In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany accounts and transactions have been eliminated and certain comparative information has been reclassified to conform to the current presentation.

The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

2. SEGMENT INFORMATION

Our segment structure is aligned 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. Our business is organized into four reportable segments: (i) Run-off; (ii) Enhanzed Re; (iii) Investments; and (iv) Legacy Underwriting. In addition, our corporate and other activities, which do not qualify as an operating segment, include income and expense items that are not directly attributable to our reportable segments.

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 (re)insurance balances recoverable on paid and unpaid losses and goodwill that are directly attributable to our reportable segments.

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


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Income
Run-off	$	27	$	95
Enhanzed Re	14		—
Investments	(336)		41
Legacy Underwriting	2		13
Subtotal	(293)		149
Corporate and other	3		10
Total income	$	(290)	$	159

Earnings from equity method investments
Investments	$	31	$	118

Segment net earnings (loss)
Run-off (1)	$	19	$	33
Enhanzed Re	29		—
Investments (1)	(314)		156
Legacy Underwriting	—		2
Total segment net (loss) earnings	(266)		191
Corporate and other:


Other income (expense) (2)	3		(5)
Net gain on sale of subsidiaries	—		15
Net incurred losses and loss adjustment expenses (“LAE”) (3)	63		65

General and administrative expenses (1)	(34)		(50)
Interest expense	(25)		(16)
Net foreign exchange losses	(3)		(3)
Income tax expense	—		6

Net earnings attributable to noncontrolling interest	(11)		(11)
Dividends on preferred shares	(9)		(9)
Total - Corporate and other (1)	(16)		(8)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(282)		$	183

(1) We refined our approach to our general and administrative expense allocations in the second quarter of 2021. Under the revised methodology, our first quarter 2021 general and administrative expenses for the Run-off and Investments segments would have increased by $16 million and $3 million, respectively, and our corporate and other activities would have decreased by $19 million.

(2) 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”).

(3) Net incurred losses and LAE for corporate and other activities includes the amortization of deferred charge assets (“DCAs”) on retroactive reinsurance contracts, fair value adjustments associated with the acquisition of companies and the changes interest 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. The three months ended March 31, 2022 included accelerated amortization of $24 million corresponding to increased favorable prior period development (“PPD”) on net ultimate liabilities recorded in our Run-off segment. There was no accelerated amortization for the three months ended March 31, 2021.

- 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

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+ Details

Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

3. 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, including equities, 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 following underlying asset categories are set out below:


	March 31, 2022
	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	$	5	$	47	$	90	$	393	$	151	$	686
U.K. government	—		1		71		9		—		81
Other government	2		1		235		147		215		600
Corporate (1)	—		9		2,298		3,163		757		6,227
Municipal	—		—		71		117		65		253
Residential mortgage-backed	—		—		87		344		106		537
Commercial mortgage-backed	—		—		223		575		245		1,043
Asset-backed	—		1		172		520		89		782
Structured products	—		—		—		—		986		986

Total fixed maturity and short-term investments	$	7	$	59	$	3,247	$	5,268	$	2,614	$	11,195

(1) Includes convertible bonds of $205 million, which includes embedded derivatives of $41 million.


	December 31, 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.

Included within residential and commercial mortgage-backed securities as of March 31, 2022 were securities issued by U.S. governmental agencies with a fair value of $404 million (December 31, 2021: $460 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 March 31, 2022	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	381	$	382	3.4	%


More than one year through five years	3,273		3,218		28.7	%
More than five years through ten years	2,511		2,373		21.2	%
More than ten years	3,053		2,860		25.6	%
Residential mortgage-backed	558		537		4.8	%
Commercial mortgage-backed	1,084		1,043		9.3	%
Asset-backed	793		782		7.0	%


	$	11,653	$	11,195	100.0	%

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

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


			Gross Unrealized Gains		Gross Unrealized Losses
As of March 31, 2022	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	458	$	—	$	(18)	$	—	$	440
U.K. government	11		—		(1)		—		10
Other government	151		1		(4)		—		148
Corporate	3,391		12		(202)		(29)		3,172
Municipal	128		—		(11)		—		117
Residential mortgage-backed	363		—		(19)		—		344
Commercial mortgage-backed	605		1		(31)		—		575
Asset-backed	527		—		(6)		—		521
	$	5,634	$	14	$	(292)	$	(29)	$	5,327


			Gross Unrealized Gains		Gross Unrealized Losses
As of December 31, 2021	Amortized Cost				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 on AFS Short-term and Fixed Maturity Investments

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


	12 Months or Greater				Less Than 12 Months				Total
As of March 31, 2022	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	$	73	$	(5)	$	363	$	(13)	$	436	$	(18)
U.K. government	—		—		2		—		2		—
Other government	—		—		56		(1)		56		(1)
Corporate	22		(2)		766		(25)		788		(27)
Municipal	2		—		51		(5)		53		(5)
Residential mortgage-backed	48		(4)		285		(15)		333		(19)
Commercial mortgage-backed	80		(8)		437		(22)		517		(30)
Asset-backed	29		—		446		(6)		475		(6)


Total short-term and fixed maturity investments	$	254	$	(19)	$	2,406	$	(87)	$	2,660	$	(106)


	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)
U.K. 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)

As of March 31, 2022 and December 31, 2021, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 2,937 and 2,930, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 255 and 93, respectively.

Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
	Corporate			Total		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(10)		$	(10)	$	—	$	—	$	—

Allowances for credit losses on securities for which credit losses were not previously recorded	(19)			(19)		(12)		(1)		(13)






Allowance for credit losses, end of period	$	(29)		$	(29)	$	(12)	$	(1)	$	(13)

During the three months ended March 31, 2022 and 2021 we did not have any write-offs charged against the allowance for credit losses or any recoveries of amounts previously written-off.

Equity Investments

The following table summarizes our equity investments classified as trading:


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	387	$	281
Exchange-traded funds	1,682		1,342
Privately held equity investments in common and preferred stocks	375		372
	$	2,444	$	1,995

Other Investments

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


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Hedge funds	$	315	$	291
Fixed income funds	656		573
Private equity funds	1,068		752
Private credit funds	296		275
Equity funds	4		5
CLO equity funds	234		207
CLO equities	156		161
Real estate funds	134		69

	$	2,863	$	2,333

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 with respect to our other investments as of March 31, 2022:


	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	$	315	$	—	$	—	$	—	$	—	$	315	Monthly to Quarterly
Fixed income funds	604		—		—		—		52		656		Daily to Quarterly
Private equity funds	—		54		—		—		1,014		1,068		Quarterly for unrestricted amount
Private credit funds	—		—		—		—		296		296		N/A
Equity funds	4		—		—		—		—		4		Daily
CLO equity funds	154		48		31		—		1		234		Quarterly to Bi-annually
CLO equities	156		—		—		—		—		156		Daily
Real estate funds	—		—		—		—		134		134		N/A

	$	1,233	$	102	$	31	$	—	$	1,497	$	2,863

As of March 31, 2022, none of our investments were subject to gates or side-pockets

Funds Held

Funds Held - Directly Managed

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


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,614	$	2,806
Cash and cash equivalents	211		188
Other assets	10		13
	$	2,835	$	3,007

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


	March 31, 2022		December 31, 2021

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	2,719	$	2,815
Net unrealized (losses) gains:

Change in fair value - embedded derivatives	(69)		14
Change in fair value (1)	(36)		(23)
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	2,614	$	2,806

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

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

Funds Held by Reinsured Companies

As of March 31, 2022 and December 31, 2021, we had funds held by reinsured companies of $2.2 billion and $2.3 billion, respectively.

Net Investment Income

Major categories of net investment income are summarized as follows:


	Three Months Ended March 31,
	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Fixed maturity investments		$	52	$	45

Funds held		11		—
Funds held - directly managed		9		7
Investment income from fixed maturities and cash and cash equivalents		72		52
Equity investments		8		4
Other investments		11		9

Investment income from equities and other investments		19		13
Gross investment income		91		65
Investment expenses		(11)		(3)

Net investment income		$	80	$	62

Net Realized and Unrealized Gains (Losses)

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


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS		$	2	$	5
Gross realized losses on fixed maturity securities, AFS		(18)		(4)
Increase in allowance for expected credit losses on fixed maturity securities, AFS		(19)		(12)


Net losses recognized on equity securities sold during the period		(2)		—



Total net realized losses on sales		$	(37)	$	(11)
Net unrealized (losses) gains:
Fixed maturity securities, trading		$	(223)	$	(151)
Fixed maturity securities in funds held - directly managed		(76)		(44)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date		(42)		29
Other investments		(40)		156


Total net unrealized losses		$	(381)	$	(10)
Net realized and unrealized losses		$	(418)	$	(21)

The gross realized gains and losses on AFS investments for the three months ended March 31, 2022 and 2021 included in the table above resulted from sales of $760 million and $717 million, respectively.

Net recognized gains and losses on fixed maturity trading and the fixed maturities within our funds held-directly managed are presented within net unrealized losses in the table above. This is a change to our previous presentation which split recognized gains (losses) between net realized losses on sale and net unrealized losses. This change resulted in a revision to the presentation of realized losses and losses on sale of investments and unrealized losses on investments within the consolidated statements of cash flows for the three months ended March 31, 2021 (with no impact to net earnings).

Restricted Assets

The carrying value of our restricted assets, including restricted cash of $372 million and $446 million, as of March 31, 2022 and December 31, 2021, respectively, was as follows:


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,671	$	6,100
Assets on deposit with regulatory authorities	182		196
Collateral for secured letter of credit facilities	94		94
Funds at Lloyd's ("FAL") (1)	379		431
	$	6,326	$	6,821

(1) Our businesses include two Lloyd's syndicates. 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 a significant portion of our FAL.

Derivatives and Hedging Instruments

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING INSTRUMENTS

4. 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 March 31, 2022 and December 31, 2021:


	March 31, 2022						December 31, 2021
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	604	$	15	$	2	$	618	$	—	$	7

Derivatives not designated as hedging instruments
Foreign currency forward contracts	263		1		5		498		2		—
Others	1		—		—		17		—		10
Total	$	868	$	16	$	7	$	1,133	$	2	$	17

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 three months ended March 31, 2022 and 2021:


	Amount of Net Gains (Losses)
	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	14	$	7

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

Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

LOSSES AND LOSS ADJUSTMENT EXPENSES

5. 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:


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Balance as of January 1	$	13,258	$	10,593


Reinsurance reserves recoverable (1)	(1,332)		(1,830)


Deferred charge assets (“DCAs”) on retroactive reinsurance	(371)		(219)

Net balance as of January 1	11,555		8,544
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	13		53
Increase in provisions for ULAE	—		1
Total current period	13		54
Prior periods:
Reduction in estimates of net ultimate losses	(58)		(31)
Reduction in provisions for ULAE	(22)		(14)
Amortization of DCAs	33		8
Amortization of fair value adjustments	2		2
Changes in fair value - fair value option (2)	(98)		(75)
Total prior periods	(143)		(110)
Total net incurred losses and LAE	(130)		(56)
Net paid losses:
Current period	—		(6)
Prior periods	(418)		(336)
Total net paid losses	(418)		(342)
Other changes:
Effect of exchange rate movement	(45)		(9)

Assumed business (3)	—		1,078


Total other changes	(45)		1,069
Net balance as of March 31	10,962		9,215
Reinsurance reserves recoverable (1)	1,208		1,870
DCAs on retroactive reinsurance	338		342
Balance as of March 31	$	12,508	$	11,427

	As of
	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses	$	10,744	$	11,269
Losses and loss adjustment expenses, at fair value	1,764		1,989
Total losses and loss adjustment expenses	$	12,508	$	13,258

Reinsurance balances recoverable on paid and unpaid losses	$	983	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	388		432
Total reinsurance balances recoverable on paid and unpaid losses	1,371		1,517
Paid losses recoverable	(163)		(185)

Reinsurance reserves recoverable (1)	$	1,208	$	1,332

(1) Excludes paid losses recoverable.

(2) Comprises discount rate and risk margin components.

(3) Assumed business for the three months ended March 31, 2021 is net of DCAs of $131 million.

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:


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	1	$	—
Environmental	(2)		—
General casualty	(1)		—
Workers' compensation	(34)		(11)
Marine, aviation and transit	1		(8)
Construction defect	(4)		—
Professional indemnity/Directors and Officers	(3)		(4)

Property	13		(3)
All Other	—		1
Total Run-off segment	(29)		(25)
Total Enhanzed Re segment	(28)		—
Total Legacy Underwriting segment	(1)		(6)
Total	$	(58)	$	(31)

Three Months Ended March 31, 2022:

The reduction in estimates of net ultimate losses of $58 million related to prior periods was primarily driven by the Run-off and Enhanzed Re segments.

The Run-off segment experienced favorable PPD of $29 million which was primarily driven by the workers’ compensation line of business as a result of favorable loss activity in the period, partially offset by adverse PPD in the property lines of business due to unfavorable loss emergence relating to construction risks.

The Enhanzed Re segment experienced favorable PPD of $28 million primarily due to a settlement agreement that capped our COVID-19 losses on the property excess of loss (catastrophe) business.

Three Months Ended March 31, 2021:

The reduction in estimates of net ultimate losses of $31 million related to prior periods was primarily driven by the Run-off segment which experienced continued favorable loss emergence relative to our expectations in our workers’ compensation and marine, aviation and transit lines of business as well as detailed claims reviews across a number of portfolios, including our Lloyd's syndicate. The combination of loss emergence experience and claims management has led to favorable actual versus expected experience on those books of business.

Changes in Fair Value - Fair Value Option

Three Months Ended March 31, 2022 and 2021:

PPD was favorably impacted by changes in the fair value of liabilities for which we have elected the fair value option of $98 million and $75 million for the three months ended March 31, 2022 and 2021, respectively, which was primarily driven by increases in corporate bond yields in 2022 and 2021.

Defendant Asbestos and Environmental Liabilities

3 Months Ended

Mar. 31, 2022

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

6. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

The carrying value of the defendant asbestos and environmental liabilities (“defendant A&E liabilities”), insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC were as follows:


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	817	$	826
Defendant environmental liabilities	11		11
Estimated future expenses	37		37
Fair value adjustments	(234)		(236)
Defendant A&E liabilities	631		638

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2022 and 2021 - $5)	242		264
Fair value adjustments	(50)		(51)
Insurance balances recoverable	192		213

Net liabilities relating to defendant A&E exposures	$	439	$	425

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities:


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Balance as of January 1		$	638	$	706
Insurance balances recoverable		(213)		(250)


Net balance as of January 1		425		456
Total net recoveries (paid claims)		16		(5)
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities		(3)		(9)
Reduction in estimated future expenses		—		(3)
Amortization of fair value adjustments		1		5
Total other expense		(2)		(7)

Net balance as of March 31		439		444
Insurance balances recoverable		192		248
Balance as of March 31		$	631	$	692

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

7. 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 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.

There have been no material changes in our valuation techniques during the period represented by these condensed consolidated financial statements.

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 measured using NAV per share (or its equivalent) as follows:


	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using 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	$	—	$	686	$	—	$	—	$	686
U.K. government	—		81		—		—		81
Other government	—		600		—		—		600
Corporate	—		6,227		—		—		6,227
Municipal	—		253		—		—		253
Residential mortgage-backed	—		537		—		—		537
Commercial mortgage-backed	—		1,043		—		—		1,043
Asset-backed	—		782		—		—		782
Structured products	—		986		—		—		986

	$	—	$	11,195	$	—	$	—	$	11,195

Other assets included within funds held - directly managed	$	—	$	221	$	—	$	—	$	221
Equities:
Publicly traded equity investments	$	342	$	45	$	—	$	—	$	387
Exchange-traded funds	1,682		—		—		—		1,682
Privately held equity investments	—		—		345		30		375
	$	2,024	$	45	$	345	$	30	$	2,444
Other investments:

Hedge funds	$	—	$	—	$	—	$	315	$	315
Fixed income funds	—		190		—		466		656
Equity funds	—		4		—		—		4
Private equity funds	—		—		—		1,068		1,068
CLO equities	—		156		—		—		156
CLO equity funds	—		—		—		234		234
Private credit funds	—		—		—		296		296
Real estate debt fund	—		—		—		134		134


	$	—	$	350	$	—	$	2,513	$	2,863
Total Investments	$	2,024	$	11,811	$	345	$	2,543	$	16,723
Cash and cash equivalents	$	152	$	137	$	—	$	—	$	289
Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	388	$	—	$	388
Other Assets:
Derivatives qualifying as hedging	$	—	$	15	$	—	$	—	$	15
Derivatives not qualifying as hedging	—		1		—		—		1
Derivative instruments	$	—	$	16	$	—	$	—	$	16

Losses and LAE:	$	—	$	—	$	1,764	$	—	$	1,764

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	2	$	—	$	—	$	2
Derivatives not qualifying as hedging	—		5		—		—		5
Derivative instruments	$	—	$	7	$	—	$	—	$	7


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using 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 debt 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 hedging	—		2		—		—		2
Derivative instruments	$	—	$	2	$	—	$	—	$	2

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

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

Level 3 Measurements and Changes in Leveling

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

Investments

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


			Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
	Privately-held Equities	Total	Privately-held Equities		Other Investments	Total

			(in millions of U.S. dollars)
Beginning fair value			$	347		$	347	$	275	$	10	$	285
Purchases			—			—		57		—		57

Total unrealized losses (1)			(2)			(2)		(2)		—		(2)


Ending fair value			$	345		$	345	$	330	$	10	$	340

(1) Net unrealized losses included in our condensed consolidated statements of earnings is equal to the change in unrealized losses relating to assets held at the end of the reporting period.

Net unrealized losses related to Level 3 assets in the tables above are included in net unrealized losses in our condensed consolidated statements of earnings.

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 March 31, 2022

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Guideline company methodology

223

Distribution waterfall

12.54

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

345

(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:


	Three Months Ended March 31,
	2022						2021
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,989	$	432	$	1,557	$	2,453	$	521	$	1,932

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)		(2)		(4)		(8)		1		(9)
Reduction in provisions for ULAE	(4)		—		(4)		(4)		—		(4)
Changes in fair value due to changes in:
Average payout	5		11		(6)		3		1		2
Corporate bond yield	(114)		(22)		(92)		(97)		(20)		(77)
Total change in fair value	(109)		(11)		(98)		(94)		(19)		(75)
Total incurred losses and LAE	(119)		(13)		(106)		(106)		(18)		(88)
Paid losses	(80)		(28)		(52)		(74)		(12)		(62)
Effect of exchange rate movements	(26)		(3)		(23)		5		—		5
Ending fair value	$	1,764	$	388	$	1,376	$	2,278	$	491	$	1,787

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:

Valuation Technique

March 31, 2022

December 31, 2021

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)

7.96 years

7.95 years

Internal model

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

6.41 years

7.63 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 and Subordinated Notes

The following table presents the fair values of our Senior and Subordinated Notes carried at amortized cost:


	March 31, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	495	$	519
3.10% Senior Notes due 2031	495		448
Total Senior Notes	$	990	$	967
5.75% Junior Subordinated Notes due 2040	$	345	$	350
5.50% Junior Subordinated Notes due 2042	493		476
5.50% Enhanzed Re's Subordinated Notes due 2031	76		76
Total Subordinated Notes	$	914	$	902

The fair value of our Senior Notes and our Junior Subordinated Notes due 2040 and 2042 was based on observable market pricing from a third party pricing service, whereas the fair value of Enhanzed Re’s Subordinated Notes due 2031 was based on observable market pricing for comparable debt from a third party pricing service.

Both the Senior and Subordinated Notes are classified as Level 2.

- 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

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

8. 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 March 31, 2022	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	63	$	—	$	63
Other investments
Hedge funds	$	315	$	—	$	315
Fixed income funds	298		72		370
Private equity funds	1,013		891		1,904
CLO equity funds	234		—		234
Private credit funds	19		162		181
Real estate funds	135		546		681

Total	$	2,014	$	1,671	$	3,685
Total investments in nonconsolidated VIEs	$	2,077	$	1,671	$	3,748


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 fund	$	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

Debt Obligations	3 Months Ended
Debt Obligations	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	9. DEBT OBLIGATIONS New Debt Obligations On January 14, 2022, our wholly-owned subsidiary, Enstar Finance LLC (“Enstar Finance”), completed the issuance and sale of a series of junior subordinated notes due 2042 (the "2042 Junior Subordinated Notes") for 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). The 2042 Junior Subordinated Notes are exclusively the obligations of Enstar Finance and the Parent Company, to the extent of the guarantee, and are not guaranteed by any of our other subsidiaries, which are separate and distinct legal entities and, except for Enstar Finance, have no obligation, contingent or otherwise, to pay holders any amounts due on the 2042 Junior Subordinated Notes or to make any funds available for payment on the 2042 Junior Subordinated Notes, whether by dividends, loans or other payments. Generally, if an event of default occurs, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2042 Junior Subordinated Notes may declare the principal and accrued and unpaid interest on all of the then outstanding 2042 Junior Subordinated Notes to be due and payable immediately. 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 $7 million in issuing the 2042 Junior Subordinated Notes. The net proceeds of the 2042 Junior Subordinated Notes were used to fund the payment at maturity of the outstanding $280 million aggregate principal amount of our 2022 Senior Notes. 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.

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Noncontrolling Interests

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

10. NONCONTROLLING INTERESTS

Redeemable Noncontrolling Interest

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the redeemable non-controlling interest (“RNCI”):


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Balance as of January 1		$	179	$	365

Distributions paid		—		(202)
Net earnings attributable to RNCI		5		12
Change in unrealized losses on AFS investments attributable to RNCI		(3)		—
Change in currency translation adjustments attributable to RNCI		—		1

Change in redemption value of RNCI		—		(1)

Balance as of March 31		$	181	$	175

The decrease in RNCI for the three months ended March 31, 2021 was primarily driven by the Exchange Transaction5, which was completed on January 1, 2021. Following the completion of the Exchange Transaction, there is no RNCI in respect of Northshore Holdings Limited ("Northshore"), the holding company of Atrium Underwriting Group Limited and Arden Reinsurance Company, and the remaining RNCI as of December 31, 2021 and March 31, 2022 relates only to the remaining international operations of StarStone Specialty Holdings Limited.

Noncontrolling Interest

As of March 31, 2022 and December 31, 2021, we had $233 million and $230 million, respectively, of non-controlling interest (“NCI”) primarily related to external interests in three of our subsidiaries, including Enhanzed Re. A reconciliation of the beginning and ending carrying amount of the equity attributable to NCI is included in the condensed consolidated statements of changes in shareholder's equity.

Shareholders Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

SHAREHOLDERS EQUITY

11. SHAREHOLDERS' EQUITY

Ordinary Shares

The following is a reconciliation of our beginning and ending ordinary shares:


	Voting Ordinary Shares	Non-Voting Convertible Ordinary Series C Shares	Non-Voting Convertible Ordinary Series E Shares	Total Ordinary Shares




Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574
Shares issued	39,597	—	—	39,597
Shares repurchased (1)	(162,134)	—	—	(162,134)
Balance as of March 31, 2022	16,503,325	1,192,941	404,771	18,101,037

(1) Ordinary Shares that we have repurchased are subject to immediate retirement, resulting in a reduction to the number of Ordinary Shares issued and outstanding.

Voting Ordinary Shares

Share Repurchases

The following table presents our ordinary shares repurchased:


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars, except share and per share data)
Ordinary shares repurchased	162,134		18,003
Average price per ordinary share	$	257.49	$	234.70
Aggregate price	$	42	$	4

As of March 31, 2022, the remaining capacity under the 2021 Repurchase Program was $17 million.

Preferred Shares

Dividends on Preferred Shares

During the three months ended March 31, 2022 and 2021, we declared and paid dividends on Series D Preferred Shares of $7 million and on Series E Preferred Shares of $2 million for both periods.

Accumulated Other Comprehensive Loss

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


	Three Months Ended
	March 31,
	2022						2021
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized losses on fixed income AFS investments arising during the period	$	(287)	$	6	$	(281)	$	(116)	$	5	$	(111)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	20		(1)		19		12		—		12
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	15		(1)		14		(1)		—		(1)
Reclassification to earnings on disposal of subsidiary	—		—		—		1		—		1
Change in currency translation adjustment	1		—		1		1		—		1


Other comprehensive loss	$	(251)	$	4	$	(247)	$	(103)	$	5	$	(98)

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


	Three Months Ended
Details about AOCI components	March 31, 2022		March 31, 2021		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed income AFS investments	$	(35)	$	(12)	Net realized losses

	(35)		(12)		Total before tax
	2		—		Income tax benefit


Total reclassifications for the period, net of tax	$	(33)	$	(12)

- 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.

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-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

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


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars, except share and per share data)
Numerator:



Net (loss) earnings attributable to Enstar ordinary shareholders:		$	(282)	$	183

Denominator:
Weighted-average ordinary shares outstanding — basic (1)		17,578,019		21,562,341
Effect of dilutive securities:
Share-based compensation plans (2)		207,102		209,324
Warrants (3)		—		80,659

Weighted-average ordinary shares outstanding — diluted (4)		17,785,121		21,852,324

(Loss) earnings per share attributable to Enstar ordinary shareholders:
Basic		$	(16.04)	$	8.50



Diluted (4)		$	(16.04)	$	8.38

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

(2) Share-based dilutive securities include restricted shares, restricted share units, and performance share units. Certain share-based compensation awards, including the ordinary shares held in the EB Trust in respect of JSOP awards, were excluded from the calculation for the three months ended March 31, 2022 and 2021 because they were anti-dilutive.

(3) 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 three months ended March 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period. As of 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 period.

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

Related Party Transactions

3 Months Ended

Mar. 31, 2022

RELATED PARTY TRANSACTIONS

13. RELATED PARTY TRANSACTIONS

The following tables summarize our related party balances and transactions. Additional details about the nature of our relationships and transactions are disclosed in Note 22 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021.


As of March 31, 2022	Stone Point (1) (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Assets

Short-term investments, AFS, at fair value	$	1	$	—	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	112		158		—		—		—		—		—
Fixed maturities, AFS, at fair value	475		—		—		—		—		—		—
Equities, at fair value	159		37		—		223		—		—		—
Other investments, at fair value	560		12		—		—		—		—		1,643
Equity method investments	—		—		213		—		57		230		19
Total investments	1,307		207		213		223		57		230		1,662
Cash and cash equivalents	60		27		—		—		—		—		—
Restricted cash and cash equivalents	—		6		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		56		—		—		—		2		—
Funds held by reinsured company	—		32		—		—		—		37		—

Other assets	—		73		—		—		—		13		—
Liabilities
Losses and LAE	—		210		—		—		—		467		—

Insurance and reinsurance balances payable	—		55		—		—		—		12		—
Other liabilities	10		99		—		—		—		—		—
Net assets (liabilities)	$	1,357	$	37	$	213	$	223	$	57	$	(197)	$	1,662
Redeemable noncontrolling interest	$	173	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of March 31, 2022, investment funds managed by Stone Point Capital LLC ("Stone Point") own 1,635,986 of our Voting Ordinary Shares, which constitutes 9.9% of our outstanding Voting Ordinary Shares.

(2) As of March 31, 2022, we had unfunded commitments of $192 million to other investments, $21 million to privately held equity and $6 million to fixed maturity investments managed by Stone Point and its affiliated entities.


As of December 31, 2021	Stone Point		AnglePoint HK (1)		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		18
Total investments	1,170		9		232		194		224		56		225		1,296
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)	$	1,296
Redeemable noncontrolling interest	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	Three Months Ended
	March 31, 2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	3	$	—	$	—	$	—	$	(1)	$	—

Net investment income	2		4		—		2		—		—		—

Net unrealized losses	(11)		(6)		—		(2)		—		—		(37)
Other income	—		1		—		—		—		3		—
Total (loss) income	(9)		2		—		—		—		2		(37)

EXPENSES
Net incurred losses and LAE	—		1		—		—		—		—		—
Acquisition costs	—		—		—		—		—		(1)		—
General and administrative expenses	—		1		—		—		—		—		—

Total expenses	—		2		—		—		—		(1)		—

Earnings from equity method investments	—		—		24		—		1		6		—
Total net (loss) earnings	$	(9)	$	—	$	24	$	—	$	1	$	9	$	(37)


	Three Months Ended
	March 31, 2021
	Stone Point		Hillhouse (1)		Northshore		Monument		AmTrust		Citco		Enhanzed Re(2)		Core		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	20	$	—	$	—	$	—	$	—	$	4	$	—

Net investment income	—		—		1		—		1		—		(1)		—		2
Net realized gains	—		77		—		—		—		—		—		—		—
Net unrealized gains (losses)	25		20		(1)		—		(1)		—		—		—		32
Other income	—		—		(7)		—		—		—		—		5		—
Total income (loss)	25		97		13		—		—		—		(1)		9		34

EXPENSES
Net incurred losses and LAE	—		—		4		—		—		—		—		(8)		—
Acquisition costs	—		—		5		—		—		—		—		(1)		—
General and administrative expenses	—		—		2		—		—		—		—		—		—
Net foreign exchange losses	—		—		2		—		—		—		—		—		—

Total expenses	—		—		13		—		—		—		—		(9)		—

Earnings (loss) from equity method investments	—		—		—		15		—		1		105		(3)		—
Total net earnings	$	25	$	97	$	—	$	15	$	—	$	1	$	104	$	15	$	34

Change in unrealized losses on AFS investments	—		—		—		—		—		—		(1)		—		—

(1) Includes earnings from our direct investment in the InRe Fund, L.P. (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) Following completion of the Step Acquisition and related consolidation, Enhanzed Re ceased to be a related party on September 1, 2021.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We are subject to credit risk principally in relation to our: i.investments, including equity method investments; ii.cash and cash equivalents and restricted cash and cash equivalents; iii.assets pledged to ceding companies under reinsurance contracts; iv.(re)insurance balances recoverable on paid and unpaid losses; and v.funds held by reinsured companies and funds held - directly managed. As of March 31, 2022, we had a significant funds held concentration of $3.0 billion (December 31, 2021: $3.2 billion) and $1.2 billion (December 31, 2021: $1.2 billion) to reinsured companies with financial strength credit ratings of A+ from A.M. Best and AA from S&P, and A+ from A.M. Best and AA- from S&P, respectively. We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government instruments and the counterparties noted above, exceeded 10% of shareholders’ equity as of March 31, 2022. Our credit exposure to the U.S. government was $1.1 billion as of March 31, 2022 (December 31, 2021: $1.2 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 condensed consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, bad faith, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims. Unfunded Investment Commitments As of March 31, 2022, we had unfunded commitments of $1.7 billion to other investments, $31 million to privately held equity, $6 million to fixed maturity investments and $109 million to our majority owned subsidiary Enhanzed Re. GuaranteesAs of March 31, 2022 and December 31, 2021, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.7 billion, for both periods. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have an aggregate principal amount of $850 million as of March 31, 2022 (December 31, 2021: $350 million) 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 StarStone Specialty Holdings Limited owned by the Trident V Funds and Dowling Capital Partners I, L.P. and Capital City Partners LLC, and they will maintain put rights to transfer those interests to us.

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

Investments

Reporting Lag

The impact from volatility in global financial markets during the first quarter of 2022 will be recognized in future periods as a result of Enhanzed Re and certain other strategic investments being recorded on a one quarter lag basis. We anticipate the unrealized investment losses from this lag to be in the range of between $170 million to $210 million which we expect to record in our second quarter 2022 results. As of March 31, 2022, the carrying value of Enhanzed Re’s investment portfolio, which is recorded on a one quarter lag, was $2.9 billion.

Shareholders’ Equity

Share Repurchases

Subsequent to March 31, 2022, we repurchased 65,249 voting ordinary shares for $17 million at an average price per share of $255.87, and fully utilized the remaining capacity under the 2021 Repurchase Program.

On May 5, 2022, our Board authorized the repurchase of up to $200 million of our ordinary shares, such authorization to be effective through May 5, 2023.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Preparation	These unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the financial information and note disclosures required by U.S. GAAP for complete consolidated financial statements.
Basis of Consolidation	In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany accounts and transactions have been eliminated and certain comparative information has been reclassified to conform to the current presentation.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of Operations by Segment

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


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Income
Run-off	$	27	$	95
Enhanzed Re	14		—
Investments	(336)		41
Legacy Underwriting	2		13
Subtotal	(293)		149
Corporate and other	3		10
Total income	$	(290)	$	159

Earnings from equity method investments
Investments	$	31	$	118

Segment net earnings (loss)
Run-off (1)	$	19	$	33
Enhanzed Re	29		—
Investments (1)	(314)		156
Legacy Underwriting	—		2
Total segment net (loss) earnings	(266)		191
Corporate and other:


Other income (expense) (2)	3		(5)
Net gain on sale of subsidiaries	—		15
Net incurred losses and loss adjustment expenses (“LAE”) (3)	63		65

General and administrative expenses (1)	(34)		(50)
Interest expense	(25)		(16)
Net foreign exchange losses	(3)		(3)
Income tax expense	—		6

Net earnings attributable to noncontrolling interest	(11)		(11)
Dividends on preferred shares	(9)		(9)
Total - Corporate and other (1)	(16)		(8)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(282)		$	183

Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Asset Types

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


	March 31, 2022
	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	$	5	$	47	$	90	$	393	$	151	$	686
U.K. government	—		1		71		9		—		81
Other government	2		1		235		147		215		600
Corporate (1)	—		9		2,298		3,163		757		6,227
Municipal	—		—		71		117		65		253
Residential mortgage-backed	—		—		87		344		106		537
Commercial mortgage-backed	—		—		223		575		245		1,043
Asset-backed	—		1		172		520		89		782
Structured products	—		—		—		—		986		986

Total fixed maturity and short-term investments	$	7	$	59	$	3,247	$	5,268	$	2,614	$	11,195

(1) Includes convertible bonds of $205 million, which includes embedded derivatives of $41 million.


	December 31, 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.

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


As of March 31, 2022	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	381	$	382	3.4	%


More than one year through five years	3,273		3,218		28.7	%
More than five years through ten years	2,511		2,373		21.2	%
More than ten years	3,053		2,860		25.6	%
Residential mortgage-backed	558		537		4.8	%
Commercial mortgage-backed	1,084		1,043		9.3	%
Asset-backed	793		782		7.0	%


	$	11,653	$	11,195	100.0	%

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

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


			Gross Unrealized Gains		Gross Unrealized Losses
As of March 31, 2022	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	458	$	—	$	(18)	$	—	$	440
U.K. government	11		—		(1)		—		10
Other government	151		1		(4)		—		148
Corporate	3,391		12		(202)		(29)		3,172
Municipal	128		—		(11)		—		117
Residential mortgage-backed	363		—		(19)		—		344
Commercial mortgage-backed	605		1		(31)		—		575
Asset-backed	527		—		(6)		—		521
	$	5,634	$	14	$	(292)	$	(29)	$	5,327


			Gross Unrealized Gains		Gross Unrealized Losses
As of December 31, 2021	Amortized Cost				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

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


	12 Months or Greater				Less Than 12 Months				Total
As of March 31, 2022	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	$	73	$	(5)	$	363	$	(13)	$	436	$	(18)
U.K. government	—		—		2		—		2		—
Other government	—		—		56		(1)		56		(1)
Corporate	22		(2)		766		(25)		788		(27)
Municipal	2		—		51		(5)		53		(5)
Residential mortgage-backed	48		(4)		285		(15)		333		(19)
Commercial mortgage-backed	80		(8)		437		(22)		517		(30)
Asset-backed	29		—		446		(6)		475		(6)


Total short-term and fixed maturity investments	$	254	$	(19)	$	2,406	$	(87)	$	2,660	$	(106)


	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)
U.K. 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)

Summary of Allowance for Credit Losses

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


	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
	Corporate			Total		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(10)		$	(10)	$	—	$	—	$	—

Allowances for credit losses on securities for which credit losses were not previously recorded	(19)			(19)		(12)		(1)		(13)






Allowance for credit losses, end of period	$	(29)		$	(29)	$	(12)	$	(1)	$	(13)

Schedule of Equity Securities

The following table summarizes our equity investments classified as trading:


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	387	$	281
Exchange-traded funds	1,682		1,342
Privately held equity investments in common and preferred stocks	375		372
	$	2,444	$	1,995

Other Investments

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


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Hedge funds	$	315	$	291
Fixed income funds	656		573
Private equity funds	1,068		752
Private credit funds	296		275
Equity funds	4		5
CLO equity funds	234		207
CLO equities	156		161
Real estate funds	134		69

	$	2,863	$	2,333


	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	$	315	$	—	$	—	$	—	$	—	$	315	Monthly to Quarterly
Fixed income funds	604		—		—		—		52		656		Daily to Quarterly
Private equity funds	—		54		—		—		1,014		1,068		Quarterly for unrestricted amount
Private credit funds	—		—		—		—		296		296		N/A
Equity funds	4		—		—		—		—		4		Daily
CLO equity funds	154		48		31		—		1		234		Quarterly to Bi-annually
CLO equities	156		—		—		—		—		156		Daily
Real estate funds	—		—		—		—		134		134		N/A

	$	1,233	$	102	$	31	$	—	$	1,497	$	2,863

Funds Held, Directly Managed, Carrying Values of Assets

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


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,614	$	2,806
Cash and cash equivalents	211		188
Other assets	10		13
	$	2,835	$	3,007

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 managed:


	March 31, 2022		December 31, 2021

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	2,719	$	2,815
Net unrealized (losses) gains:

Change in fair value - embedded derivatives	(69)		14
Change in fair value (1)	(36)		(23)
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	2,614	$	2,806

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

Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:


	Three Months Ended March 31,
	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Fixed maturity investments		$	52	$	45

Funds held		11		—
Funds held - directly managed		9		7
Investment income from fixed maturities and cash and cash equivalents		72		52
Equity investments		8		4
Other investments		11		9

Investment income from equities and other investments		19		13
Gross investment income		91		65
Investment expenses		(11)		(3)

Net investment income		$	80	$	62

Realized Gain (Loss) on Investments

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


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS		$	2	$	5
Gross realized losses on fixed maturity securities, AFS		(18)		(4)
Increase in allowance for expected credit losses on fixed maturity securities, AFS		(19)		(12)


Net losses recognized on equity securities sold during the period		(2)		—



Total net realized losses on sales		$	(37)	$	(11)
Net unrealized (losses) gains:
Fixed maturity securities, trading		$	(223)	$	(151)
Fixed maturity securities in funds held - directly managed		(76)		(44)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date		(42)		29
Other investments		(40)		156


Total net unrealized losses		$	(381)	$	(10)
Net realized and unrealized losses		$	(418)	$	(21)

Unrealized Gain (Loss) on Investments

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


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS		$	2	$	5
Gross realized losses on fixed maturity securities, AFS		(18)		(4)
Increase in allowance for expected credit losses on fixed maturity securities, AFS		(19)		(12)


Net losses recognized on equity securities sold during the period		(2)		—



Total net realized losses on sales		$	(37)	$	(11)
Net unrealized (losses) gains:
Fixed maturity securities, trading		$	(223)	$	(151)
Fixed maturity securities in funds held - directly managed		(76)		(44)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date		(42)		29
Other investments		(40)		156


Total net unrealized losses		$	(381)	$	(10)
Net realized and unrealized losses		$	(418)	$	(21)

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $372 million and $446 million, as of March 31, 2022 and December 31, 2021, respectively, was as follows:


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,671	$	6,100
Assets on deposit with regulatory authorities	182		196
Collateral for secured letter of credit facilities	94		94
Funds at Lloyd's ("FAL") (1)	379		431
	$	6,326	$	6,821

Derivatives and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	March 31, 2022						December 31, 2021
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	604	$	15	$	2	$	618	$	—	$	7

Derivatives not designated as hedging instruments
Foreign currency forward contracts	263		1		5		498		2		—
Others	1		—		—		17		—		10
Total	$	868	$	16	$	7	$	1,133	$	2	$	17


	Amount of Net Gains (Losses)
	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	14	$	7

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

- 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
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-Section 50
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-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

Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2022

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:


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Balance as of January 1	$	13,258	$	10,593


Reinsurance reserves recoverable (1)	(1,332)		(1,830)


Deferred charge assets (“DCAs”) on retroactive reinsurance	(371)		(219)

Net balance as of January 1	11,555		8,544
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	13		53
Increase in provisions for ULAE	—		1
Total current period	13		54
Prior periods:
Reduction in estimates of net ultimate losses	(58)		(31)
Reduction in provisions for ULAE	(22)		(14)
Amortization of DCAs	33		8
Amortization of fair value adjustments	2		2
Changes in fair value - fair value option (2)	(98)		(75)
Total prior periods	(143)		(110)
Total net incurred losses and LAE	(130)		(56)
Net paid losses:
Current period	—		(6)
Prior periods	(418)		(336)
Total net paid losses	(418)		(342)
Other changes:
Effect of exchange rate movement	(45)		(9)

Assumed business (3)	—		1,078


Total other changes	(45)		1,069
Net balance as of March 31	10,962		9,215
Reinsurance reserves recoverable (1)	1,208		1,870
DCAs on retroactive reinsurance	338		342
Balance as of March 31	$	12,508	$	11,427

	As of
	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses	$	10,744	$	11,269
Losses and loss adjustment expenses, at fair value	1,764		1,989
Total losses and loss adjustment expenses	$	12,508	$	13,258

Reinsurance balances recoverable on paid and unpaid losses	$	983	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	388		432
Total reinsurance balances recoverable on paid and unpaid losses	1,371		1,517
Paid losses recoverable	(163)		(185)

Reinsurance reserves recoverable (1)	$	1,208	$	1,332

(1) Excludes paid losses recoverable.

(2) Comprises discount rate and risk margin components.

(3) Assumed business for the three months ended March 31, 2021 is net of DCAs of $131 million.

Schedule of Prior Period Development

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


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	1	$	—
Environmental	(2)		—
General casualty	(1)		—
Workers' compensation	(34)		(11)
Marine, aviation and transit	1		(8)
Construction defect	(4)		—
Professional indemnity/Directors and Officers	(3)		(4)

Property	13		(3)
All Other	—		1
Total Run-off segment	(29)		(25)
Total Enhanzed Re segment	(28)		—
Total Legacy Underwriting segment	(1)		(6)
Total	$	(58)	$	(31)

Defendant Asbestos and Environmental Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims


	March 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	817	$	826
Defendant environmental liabilities	11		11
Estimated future expenses	37		37
Fair value adjustments	(234)		(236)
Defendant A&E liabilities	631		638

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2022 and 2021 - $5)	242		264
Fair value adjustments	(50)		(51)
Insurance balances recoverable	192		213

Net liabilities relating to defendant A&E exposures	$	439	$	425

Reconciliation of Asbestos and Environmental Liabilities

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities:


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Balance as of January 1		$	638	$	706
Insurance balances recoverable		(213)		(250)


Net balance as of January 1		425		456
Total net recoveries (paid claims)		16		(5)
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities		(3)		(9)
Reduction in estimated future expenses		—		(3)
Amortization of fair value adjustments		1		5
Total other expense		(2)		(7)

Net balance as of March 31		439		444
Insurance balances recoverable		192		248
Balance as of March 31		$	631	$	692

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels


	March 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using 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	$	—	$	686	$	—	$	—	$	686
U.K. government	—		81		—		—		81
Other government	—		600		—		—		600
Corporate	—		6,227		—		—		6,227
Municipal	—		253		—		—		253
Residential mortgage-backed	—		537		—		—		537
Commercial mortgage-backed	—		1,043		—		—		1,043
Asset-backed	—		782		—		—		782
Structured products	—		986		—		—		986

	$	—	$	11,195	$	—	$	—	$	11,195

Other assets included within funds held - directly managed	$	—	$	221	$	—	$	—	$	221
Equities:
Publicly traded equity investments	$	342	$	45	$	—	$	—	$	387
Exchange-traded funds	1,682		—		—		—		1,682
Privately held equity investments	—		—		345		30		375
	$	2,024	$	45	$	345	$	30	$	2,444
Other investments:

Hedge funds	$	—	$	—	$	—	$	315	$	315
Fixed income funds	—		190		—		466		656
Equity funds	—		4		—		—		4
Private equity funds	—		—		—		1,068		1,068
CLO equities	—		156		—		—		156
CLO equity funds	—		—		—		234		234
Private credit funds	—		—		—		296		296
Real estate debt fund	—		—		—		134		134


	$	—	$	350	$	—	$	2,513	$	2,863
Total Investments	$	2,024	$	11,811	$	345	$	2,543	$	16,723
Cash and cash equivalents	$	152	$	137	$	—	$	—	$	289
Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	388	$	—	$	388
Other Assets:
Derivatives qualifying as hedging	$	—	$	15	$	—	$	—	$	15
Derivatives not qualifying as hedging	—		1		—		—		1
Derivative instruments	$	—	$	16	$	—	$	—	$	16

Losses and LAE:	$	—	$	—	$	1,764	$	—	$	1,764

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	2	$	—	$	—	$	2
Derivatives not qualifying as hedging	—		5		—		—		5
Derivative instruments	$	—	$	7	$	—	$	—	$	7


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using 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 debt 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 hedging	—		2		—		—		2
Derivative instruments	$	—	$	2	$	—	$	—	$	2

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

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

Reconciliation for Assets Measured at Fair Value on a Recurring Basis

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


			Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
	Privately-held Equities	Total	Privately-held Equities		Other Investments	Total

			(in millions of U.S. dollars)
Beginning fair value			$	347		$	347	$	275	$	10	$	285
Purchases			—			—		57		—		57

Total unrealized losses (1)			(2)			(2)		(2)		—		(2)


Ending fair value			$	345		$	345	$	330	$	10	$	340

(1) Net unrealized losses included in our condensed consolidated statements of earnings is equal to the change in unrealized losses relating to assets held at the end of the reporting period.

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


	Three Months Ended March 31,
	2022						2021
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,989	$	432	$	1,557	$	2,453	$	521	$	1,932

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)		(2)		(4)		(8)		1		(9)
Reduction in provisions for ULAE	(4)		—		(4)		(4)		—		(4)
Changes in fair value due to changes in:
Average payout	5		11		(6)		3		1		2
Corporate bond yield	(114)		(22)		(92)		(97)		(20)		(77)
Total change in fair value	(109)		(11)		(98)		(94)		(19)		(75)
Total incurred losses and LAE	(119)		(13)		(106)		(106)		(18)		(88)
Paid losses	(80)		(28)		(52)		(74)		(12)		(62)
Effect of exchange rate movements	(26)		(3)		(23)		5		—		5
Ending fair value	$	1,764	$	388	$	1,376	$	2,278	$	491	$	1,787

Valuation Inputs and Techniques

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of March 31, 2022

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Guideline company methodology

223

Distribution waterfall

12.54

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

345

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

Reconciliation for Liabilities Measured at Fair Value on a Recurring Basis

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


	Three Months Ended March 31,
	2022						2021
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,989	$	432	$	1,557	$	2,453	$	521	$	1,932

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)		(2)		(4)		(8)		1		(9)
Reduction in provisions for ULAE	(4)		—		(4)		(4)		—		(4)
Changes in fair value due to changes in:
Average payout	5		11		(6)		3		1		2
Corporate bond yield	(114)		(22)		(92)		(97)		(20)		(77)
Total change in fair value	(109)		(11)		(98)		(94)		(19)		(75)
Total incurred losses and LAE	(119)		(13)		(106)		(106)		(18)		(88)
Paid losses	(80)		(28)		(52)		(74)		(12)		(62)
Effect of exchange rate movements	(26)		(3)		(23)		5		—		5
Ending fair value	$	1,764	$	388	$	1,376	$	2,278	$	491	$	1,787

Quantitative Information

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

Valuation Technique

March 31, 2022

December 31, 2021

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)

7.96 years

7.95 years

Internal model

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

6.41 years

7.63 years

Schedule of Senior and Subordinated Notes

The following table presents the fair values of our Senior and Subordinated Notes carried at amortized cost:


	March 31, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	495	$	519
3.10% Senior Notes due 2031	495		448
Total Senior Notes	$	990	$	967
5.75% Junior Subordinated Notes due 2040	$	345	$	350
5.50% Junior Subordinated Notes due 2042	493		476
5.50% Enhanzed Re's Subordinated Notes due 2031	76		76
Total Subordinated Notes	$	914	$	902

- 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.

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+ Details

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	63	$	—	$	63
Other investments
Hedge funds	$	315	$	—	$	315
Fixed income funds	298		72		370
Private equity funds	1,013		891		1,904
CLO equity funds	234		—		234
Private credit funds	19		162		181
Real estate funds	135		546		681

Total	$	2,014	$	1,671	$	3,685
Total investments in nonconsolidated VIEs	$	2,077	$	1,671	$	3,748


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 fund	$	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

- 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

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2022

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 redeemable non-controlling interest (“RNCI”):


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars)
Balance as of January 1		$	179	$	365

Distributions paid		—		(202)
Net earnings attributable to RNCI		5		12
Change in unrealized losses on AFS investments attributable to RNCI		(3)		—
Change in currency translation adjustments attributable to RNCI		—		1

Change in redemption value of RNCI		—		(1)

Balance as of March 31		$	181	$	175

Shareholders Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Stock by Class

The following is a reconciliation of our beginning and ending ordinary shares:


	Voting Ordinary Shares	Non-Voting Convertible Ordinary Series C Shares	Non-Voting Convertible Ordinary Series E Shares	Total Ordinary Shares




Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574
Shares issued	39,597	—	—	39,597
Shares repurchased (1)	(162,134)	—	—	(162,134)
Balance as of March 31, 2022	16,503,325	1,192,941	404,771	18,101,037

(1) Ordinary Shares that we have repurchased are subject to immediate retirement, resulting in a reduction to the number of Ordinary Shares issued and outstanding.

Schedule of Shares Repurchased

The following table presents our ordinary shares repurchased:


	Three Months Ended
	March 31, 2022		March 31, 2021
	(in millions of U.S. dollars, except share and per share data)
Ordinary shares repurchased	162,134		18,003
Average price per ordinary share	$	257.49	$	234.70
Aggregate price	$	42	$	4

Schedule of Accumulated Other Comprehensive Loss

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


	Three Months Ended
	March 31,
	2022						2021
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized losses on fixed income AFS investments arising during the period	$	(287)	$	6	$	(281)	$	(116)	$	5	$	(111)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	20		(1)		19		12		—		12
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	15		(1)		14		(1)		—		(1)
Reclassification to earnings on disposal of subsidiary	—		—		—		1		—		1
Change in currency translation adjustment	1		—		1		1		—		1


Other comprehensive loss	$	(251)	$	4	$	(247)	$	(103)	$	5	$	(98)

Schedule of Amount Reclassified to Accumulated Other Comprehensive Loss

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


	Three Months Ended
Details about AOCI components	March 31, 2022		March 31, 2021		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed income AFS investments	$	(35)	$	(12)	Net realized losses

	(35)		(12)		Total before tax
	2		—		Income tax benefit


Total reclassifications for the period, net of tax	$	(33)	$	(12)

- 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.

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+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Comparison of Basic and Diluted Earnings per Share

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


	Three Months Ended
	March 31,
		2022		2021
		(in millions of U.S. dollars, except share and per share data)
Numerator:



Net (loss) earnings attributable to Enstar ordinary shareholders:		$	(282)	$	183

Denominator:
Weighted-average ordinary shares outstanding — basic (1)		17,578,019		21,562,341
Effect of dilutive securities:
Share-based compensation plans (2)		207,102		209,324
Warrants (3)		—		80,659

Weighted-average ordinary shares outstanding — diluted (4)		17,785,121		21,852,324

(Loss) earnings per share attributable to Enstar ordinary shareholders:
Basic		$	(16.04)	$	8.50



Diluted (4)		$	(16.04)	$	8.38

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Related Party Transactions


As of March 31, 2022	Stone Point (1) (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Assets

Short-term investments, AFS, at fair value	$	1	$	—	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	112		158		—		—		—		—		—
Fixed maturities, AFS, at fair value	475		—		—		—		—		—		—
Equities, at fair value	159		37		—		223		—		—		—
Other investments, at fair value	560		12		—		—		—		—		1,643
Equity method investments	—		—		213		—		57		230		19
Total investments	1,307		207		213		223		57		230		1,662
Cash and cash equivalents	60		27		—		—		—		—		—
Restricted cash and cash equivalents	—		6		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		56		—		—		—		2		—
Funds held by reinsured company	—		32		—		—		—		37		—

Other assets	—		73		—		—		—		13		—
Liabilities
Losses and LAE	—		210		—		—		—		467		—

Insurance and reinsurance balances payable	—		55		—		—		—		12		—
Other liabilities	10		99		—		—		—		—		—
Net assets (liabilities)	$	1,357	$	37	$	213	$	223	$	57	$	(197)	$	1,662
Redeemable noncontrolling interest	$	173	$	—	$	—	$	—	$	—	$	—	$	—


As of December 31, 2021	Stone Point		AnglePoint HK (1)		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		18
Total investments	1,170		9		232		194		224		56		225		1,296
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)	$	1,296
Redeemable noncontrolling interest	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	Three Months Ended
	March 31, 2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	3	$	—	$	—	$	—	$	(1)	$	—

Net investment income	2		4		—		2		—		—		—

Net unrealized losses	(11)		(6)		—		(2)		—		—		(37)
Other income	—		1		—		—		—		3		—
Total (loss) income	(9)		2		—		—		—		2		(37)

EXPENSES
Net incurred losses and LAE	—		1		—		—		—		—		—
Acquisition costs	—		—		—		—		—		(1)		—
General and administrative expenses	—		1		—		—		—		—		—

Total expenses	—		2		—		—		—		(1)		—

Earnings from equity method investments	—		—		24		—		1		6		—
Total net (loss) earnings	$	(9)	$	—	$	24	$	—	$	1	$	9	$	(37)


	Three Months Ended
	March 31, 2021
	Stone Point		Hillhouse (1)		Northshore		Monument		AmTrust		Citco		Enhanzed Re(2)		Core		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	20	$	—	$	—	$	—	$	—	$	4	$	—

Net investment income	—		—		1		—		1		—		(1)		—		2
Net realized gains	—		77		—		—		—		—		—		—		—
Net unrealized gains (losses)	25		20		(1)		—		(1)		—		—		—		32
Other income	—		—		(7)		—		—		—		—		5		—
Total income (loss)	25		97		13		—		—		—		(1)		9		34

EXPENSES
Net incurred losses and LAE	—		—		4		—		—		—		—		(8)		—
Acquisition costs	—		—		5		—		—		—		—		(1)		—
General and administrative expenses	—		—		2		—		—		—		—		—		—
Net foreign exchange losses	—		—		2		—		—		—		—		—		—

Total expenses	—		—		13		—		—		—		—		(9)		—

Earnings (loss) from equity method investments	—		—		—		15		—		1		105		(3)		—
Total net earnings	$	25	$	97	$	—	$	15	$	—	$	1	$	104	$	15	$	34

Change in unrealized losses on AFS investments	—		—		—		—		—		—		(1)		—		—

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

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCOME
Total income	$ (290)	$ 159
Earnings from equity method investments	31	118
Net gain on sales of subsidiaries	0	15
Net incurred losses and loss adjustment expenses (“LAE”)	130	56
General and administrative expenses	(85)	(83)
Interest expense	(25)	(16)
Net foreign exchange losses	(3)	(3)
Income tax expense	0	6
Net earnings attributable to noncontrolling interest	(11)	(11)
Dividends on preferred shares	(9)	(9)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(282)	183
Operating Segments
INCOME
Total income	(293)	149
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(266)	191
Operating Segments \| Run-off
INCOME
Total income	27	95
Net (loss) earnings attributable to Enstar Ordinary Shareholders	19	33
Increase (decrease) in general and administrative expenses		16
Net cumulative effect adjustment	24
Operating Segments \| Enhanzed Re
INCOME
Total income	14	0
Net (loss) earnings attributable to Enstar Ordinary Shareholders	29	0
Operating Segments \| Investments
INCOME
Total income	(336)	41
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(314)	156
Increase (decrease) in general and administrative expenses		3
Operating Segments \| Legacy Underwriting
INCOME
Total income	2	13
Net (loss) earnings attributable to Enstar Ordinary Shareholders	0	2
Corporate and other
INCOME
Total income	3	10
Other income (expense)	3	(5)
Net gain on sales of subsidiaries	0	15
Net incurred losses and loss adjustment expenses (“LAE”)	63	65
General and administrative expenses	(34)	(50)
Interest expense	(25)	(16)
Net foreign exchange losses	(3)	(3)
Income tax expense	0	6
Net earnings attributable to noncontrolling interest	(11)	(11)
Dividends on preferred shares	(9)	(9)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	$ (16)	(8)
Increase (decrease) in general and administrative expenses		$ (19)

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
One year or less	$ 381
More than one year through five years	3,273
More than five years through ten years	2,511
More than ten years	3,053
Trading securities, amortized cost	11,653
Fair Value
One year or less	382
More than one year through five years	3,218
More than five years through ten years	2,373
More than ten years	2,860
Fair Value	$ 11,195	$ 12,254
% of Total Fair Value
One year or less	3.40%
More than one year through five years	28.70%
More than five years through ten years	21.20%
More than ten years	25.60%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 558
Fair Value
Securities without single maturity date	537
Fair Value	$ 537	610
% of Total Fair Value
Securities without single maturity date	4.80%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 1,084
Fair Value
Securities without single maturity date	1,043
Fair Value	$ 1,043	1,074
% of Total Fair Value
Securities without single maturity date	9.30%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 793
Fair Value
Securities without single maturity date	782
Fair Value	$ 782	$ 944
% of Total Fair Value
Securities without single maturity date	7.00%

Investments - Available-for-sale Portfolios - Unrealized Gains and Losses (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,634	$ 5,723
Gross Unrealized Gains	14	38
Non-Credit Related Losses	(292)	(65)
Allowance for Credit Losses	(29)	(10)	$ (13)	$ 0
Fair Value	5,327	5,686
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	458	463
Gross Unrealized Gains	0	1
Non-Credit Related Losses	(18)	(5)
Allowance for Credit Losses	0	0
Fair Value	440	459
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11	10
Gross Unrealized Gains	0	0
Non-Credit Related Losses	(1)	0
Allowance for Credit Losses	0	0
Fair Value	10	10
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	151	127
Gross Unrealized Gains	1	2
Non-Credit Related Losses	(4)	(1)
Allowance for Credit Losses	0	0
Fair Value	148	128
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,391	3,384
Gross Unrealized Gains	12	29
Non-Credit Related Losses	(202)	(45)
Allowance for Credit Losses	(29)	(10)	(12)	0
Fair Value	3,172	3,358
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	128	129
Gross Unrealized Gains	0	1
Non-Credit Related Losses	(11)	(2)
Allowance for Credit Losses	0	0
Fair Value	117	128
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	363	394
Gross Unrealized Gains	0	1
Non-Credit Related Losses	(19)	(4)
Allowance for Credit Losses	0	0
Fair Value	344	391
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	605	566
Gross Unrealized Gains	1	3
Non-Credit Related Losses	(31)	(7)
Allowance for Credit Losses	0	0	$ (1)	$ 0
Fair Value	575	562
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	527	650
Gross Unrealized Gains	0	1
Non-Credit Related Losses	(6)	(1)
Allowance for Credit Losses	0	0
Fair Value	$ 521	$ 650

Investments - Gross Unrealized Losses (Details) $ in Millions	Mar. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Fair Value
12 Months or Greater	$ 254	$ 60
Less Than 12 Months	2,406	3,296
Total	2,660	3,356
Gross Unrealized Losses
12 Months or Greater	(19)	(2)
Less Than 12 Months	(87)	(37)
Total	$ (106)	$ (39)
Number of securities classified as available-for-sale in an unrealized loss position \| Security	2,937	2,930
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| Security	255	93
U.S. government and agency
Fair Value
12 Months or Greater	$ 73	$ 22
Less Than 12 Months	363	373
Total	436	395
Gross Unrealized Losses
12 Months or Greater	(5)	(1)
Less Than 12 Months	(13)	(4)
Total	(18)	(5)
U.K. government
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	2	5
Total	2	5
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	0	0
Total	0	0
Other government
Fair Value
12 Months or Greater	0	0
Less Than 12 Months	56	46
Total	56	46
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(1)	(1)
Total	(1)	(1)
Corporate
Fair Value
12 Months or Greater	22	11
Less Than 12 Months	766	1,545
Total	788	1,556
Gross Unrealized Losses
12 Months or Greater	(2)	0
Less Than 12 Months	(25)	(19)
Total	(27)	(19)
Municipal
Fair Value
12 Months or Greater	2	0
Less Than 12 Months	51	77
Total	53	77
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(5)	(2)
Total	(5)	(2)
Residential mortgage-backed
Fair Value
12 Months or Greater	48	6
Less Than 12 Months	285	315
Total	333	321
Gross Unrealized Losses
12 Months or Greater	(4)	0
Less Than 12 Months	(15)	(4)
Total	(19)	(4)
Commercial mortgage-backed
Fair Value
12 Months or Greater	80	21
Less Than 12 Months	437	419
Total	517	440
Gross Unrealized Losses
12 Months or Greater	(8)	(1)
Less Than 12 Months	(22)	(6)
Total	(30)	(7)
Asset-backed
Fair Value
12 Months or Greater	29	0
Less Than 12 Months	446	516
Total	475	516
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(6)	(1)
Total	$ (6)	$ (1)

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (10)	$ 0
Allowances for credit losses on securities for which credit losses were not previously recorded	(19)	(13)
Allowance for credit losses, end of period	(29)	(13)
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(10)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(19)	(12)
Allowance for credit losses, end of period	(29)	(12)
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	0
Allowances for credit losses on securities for which credit losses were not previously recorded		(1)
Allowance for credit losses, end of period	$ 0	$ (1)

Investments - Equities - Equity Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 2,444	$ 1,995
Publicly traded equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	387	281
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	1,682	1,342
Privately held equity investments in common and preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 375	$ 372

Investments - Other Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other Investments [Line Items]
Other investments	$ 2,863	$ 2,333
Hedge funds
Other Investments [Line Items]
Other investments	315	291
Fixed income funds
Other Investments [Line Items]
Other investments	656	573
Private equity funds
Other Investments [Line Items]
Other investments	1,068	752
Private credit funds
Other Investments [Line Items]
Other investments	296	275
Equity funds
Other Investments [Line Items]
Other investments	4	5
CLO equity funds
Other Investments [Line Items]
Other investments	234	207
CLO equities
Other Investments [Line Items]
Other investments	156	161
Real estate funds
Other Investments [Line Items]
Other investments	$ 134	$ 69

Investments - Funds Held Directly Managed Components (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Schedule of Funds Held, Directly Managed [Line Items]
Cash and cash equivalents	$ 763	$ 1,646	$ 563
Other assets	721	620
Funds held - directly managed	2,835	3,007
Funds held - directly managed
Schedule of Funds Held, Directly Managed [Line Items]
Debt securities, trading	2,614	2,806
Cash and cash equivalents	211	188
Other assets	10	13
Funds held - directly managed	$ 2,835	$ 3,007

Investments - Funds Held Directly Managed - Fixed Maturity Components (Details) - Funds held - directly managed - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	$ 2,719	$ 2,815
Net unrealized (losses) gains:
Change in fair value - embedded derivatives	(69)	14
Change in fair value	(36)	(23)
Debt securities, trading	$ 2,614	$ 2,806

Investments - Funds Held by Reinsured Companies (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Funds held by reinsured companies	$ 2,241	$ 2,340

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income [Line Items]
Gross investment income	$ 91	$ 65
Investment expenses	(11)	(3)
Net investment income	80	62
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	72	52
Fixed maturity investments
Net Investment Income [Line Items]
Gross investment income	52	45
Funds held
Net Investment Income [Line Items]
Gross investment income	11	0
Funds held - directly managed
Net Investment Income [Line Items]
Gross investment income	9	7
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	19	13
Equity investments
Net Investment Income [Line Items]
Gross investment income	8	4
Other investments
Net Investment Income [Line Items]
Gross investment income	$ 11	$ 9

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net realized gains (losses) on sales:
Increase in allowance for expected credit losses on fixed maturity securities, AFS	$ (19)	$ (13)
Net losses recognized on equity securities sold during the period	(2)	0
Net realized losses	(37)	(11)
Net unrealized (losses) gains:
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	(42)	29
Total net unrealized losses	(381)	(10)
Net realized and unrealized losses	(418)	(21)
Sales of available-for-sale securities	760	717
Fixed maturity securities
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	2	5
Gross realized losses on fixed maturity securities, AFS	(18)	(4)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(19)	(12)
Net unrealized (losses) gains:
Fixed maturity securities	(223)	(151)
Funds held - directly managed
Net unrealized (losses) gains:
Fixed maturity securities	(76)	(44)
Other investments
Net unrealized (losses) gains:
Other investments	$ (40)	$ 156

Investments - Restricted Assets (Details) $ in Millions	3 Months Ended
Investments - Restricted Assets (Details) $ in Millions	Mar. 31, 2022 USD ($) syndicate	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 372	$ 446	$ 433
Collateral in trust for third party agreements	5,671	6,100
Assets on deposit with regulatory authorities	182	196
Funds at Lloyd's	379	431
Restricted assets, total	$ 6,326	6,821
Number of syndicates \| syndicate	2
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 94	$ 94

Derivatives and Hedging Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Gross Notional Amount	$ 868	$ 1,133
Assets	16	2
Liabilities	7	17
Foreign currency forward contracts \| Derivatives qualifying as hedging
Derivative [Line Items]
Gross Notional Amount	604	618
Assets	15	0
Liabilities	2	7
Foreign currency forward contracts \| Derivatives not qualifying as hedging
Derivative [Line Items]
Gross Notional Amount	263	498
Assets	1	2
Liabilities	5	0
Others \| Derivatives not qualifying as hedging
Derivative [Line Items]
Gross Notional Amount	1	17
Assets	0	0
Liabilities	$ 0	$ 10

Derivatives and Hedging Instruments - Net Gains (Losses) (Details) - Foreign currency forward contracts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives qualifying as hedging
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 14	$ 7
Derivatives not qualifying as hedging
Derivative [Line Items]
Derivatives not designated as hedging instruments	$ (4)	$ (2)

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of January 1	$ 13,258	$ 10,593
Reinsurance reserves recoverable	(1,332)	(1,830)
Deferred charge assets (“DCAs”) on retroactive reinsurance	(371)	(219)
Net balance as of January 1	11,555	8,544
Current period:
Increase in estimates of net ultimate losses	13	53
Increase in provisions for ULAE	0	1
Total current period	13	54
Prior periods:
Reduction in estimates of net ultimate losses	(58)	(31)
Reduction in provisions for ULAE	(22)	(14)
Amortization of DCAs	33	8
Amortization of fair value adjustments	2	2
Changes in fair value - fair value option	(98)	(75)
Net incurred losses and LAE, prior period	(143)	(110)
Total net incurred losses and loss adjustment expenses	(130)	(56)
Net paid losses:
Current period	0	(6)
Prior periods	(418)	(336)
Total net paid losses	(418)	(342)
Other changes:
Effect of exchange rate movement	(45)	(9)
Assumed business	0	1,078
Total other changes	(45)	1,069
Net balance as of March 31	10,962	9,215
Reinsurance reserves recoverable	1,208	1,870
DCAs on retroactive reinsurance	338	342
Balance as of March 31	12,508	11,427
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses	10,744		$ 11,269
Losses and loss adjustment expenses, at fair value	1,764		1,989
Total losses and loss adjustment expenses	12,508	11,427	13,258
Reinsurance balances recoverable on paid and unpaid losses	983		1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	388		432
Total	1,371		1,517
Paid losses recoverable	(163)		(185)
Reinsurance reserves recoverable	$ 1,208	1,870	$ 1,332
Assumed business, DCAs		$ 131

Losses and Loss Adjustment Expenses - Prior Period Development (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (58)	$ (31)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(29)	(25)
Enhanzed Re
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(28)	0
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(1)	(6)
Asbestos \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	1	0
Environmental \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(2)	0
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(1)	0
Workers' compensation \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(34)	(11)
Marine, aviation and transit \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	1	(8)
Construction defect \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(4)	0
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(3)	(4)
Property \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	13	(3)
All Other \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ 0	$ 1

Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (58)	$ (31)
Changes in fair value - fair value option	(98)	(75)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(29)	(25)
Enhanzed Re
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (28)	$ 0

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Liability for Asbestos and Environmental Claims [Abstract]
Defendant asbestos liabilities	$ 817	$ 826
Defendant environmental liabilities	11	11
Estimated future expenses	37	37
Fair value adjustments	(234)	(236)
Defendant A&E liabilities	631	638	$ 692	$ 706
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2022 and 2021 - $5)	242	264
Fair value adjustments	(50)	(51)
Insurance balances recoverable	192	213	248	250
Net liabilities relating to defendant A&E exposures	439	425	$ 444	$ 456
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Asbestos and Environmental Claims [Roll Forward]
Balance as of January 1	$ 638	$ 706
Insurance balances recoverable	(213)	(250)
Net balance as of January 1	425	456
Total net recoveries (paid claims)	16	(5)
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	(3)	(9)
Reduction in estimated future expenses	0	(3)
Amortization of fair value adjustments	1	5
Total other expense	(2)	(7)
Net balance as of March 31	439	444
Insurance balances recoverable	192	248
Balance as of March 31	$ 631	$ 692

Fair Value Measurements - Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments
Beginning fair value	$ 347	$ 285
Purchases	0	57
Total unrealized gains (losses)	(2)	(2)
Ending fair value	345	340
Privately-held Equities
Investments
Beginning fair value	347	275
Purchases	0	57
Total unrealized gains (losses)	(2)	(2)
Ending fair value	$ 345	330
Other investments
Investments
Beginning fair value		10
Purchases		0
Total unrealized gains (losses)		0
Ending fair value		$ 10

Fair Value Measurements - Valuation Techniques (Details) $ in Millions	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 2,863	$ 2,333
Privately-held Equities \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	345
Privately-held Equities \| Guideline company methodology \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 223
Privately-held Equities \| Guideline company methodology \| Level 3 \| Distribution waterfall
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	12.54
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 105
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Multiple on Invested capital \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.79
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Multiple on Invested capital \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.13
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.090
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.123
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Exit multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.2
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Exit multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.4
Privately-held Equities \| Dividend discount model; Guideline companies method \| Level 3 \| Exit multiple \| Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.3
Privately-held Equities \| Cost as approximation of fair value \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 17

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reinsurance balances recoverable
Beginning fair value	$ 347	$ 285
Incurred losses and LAE:
Total change in fair value	(2)	(2)
Ending fair value	345	340
Net
Beginning fair value	1,557	1,932
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(4)	(9)
Reduction in provisions for ULAE	(4)	(4)
Total change in fair value	(98)	(75)
Total incurred losses and LAE	(106)	(88)
Paid losses	(52)	(62)
Effect of exchange rate movements	(23)	5
Ending fair value	1,376	1,787
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	432	521
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(2)	1
Reduction in provisions for ULAE	0	0
Total change in fair value	(11)	(19)
Total incurred losses and LAE	(13)	(18)
Paid losses	(28)	(12)
Effect of exchange rate movements	(3)	0
Ending fair value	388	491
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	1,989	2,453
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)	(8)
Reduction in provisions for ULAE	(4)	(4)
Total change in fair value	(109)	(94)
Total incurred losses and LAE	(119)	(106)
Paid losses	(80)	(74)
Effect of exchange rate movements	(26)	5
Ending fair value	1,764	2,278
Average payout
Incurred losses and LAE:
Total change in fair value	(6)	2
Average payout \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	11	1
Average payout \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	5	3
Corporate bond yield
Incurred losses and LAE:
Total change in fair value	(92)	(77)
Corporate bond yield \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	(22)	(20)
Corporate bond yield \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	$ (114)	$ (97)

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.10%
Weighted average cost of capital	8.25%	8.25%
Duration	7 years 11 months 15 days	7 years 11 months 12 days
Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.10%
Weighted average cost of capital	8.25%	8.25%
Duration	6 years 4 months 28 days	7 years 7 months 17 days
Measurement Input, Entity Credit Risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performance risk	0.20%	0.20%
Measurement Input, Entity Credit Risk \| Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performance risk	0.20%	0.20%

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jan. 14, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,904		$ 1,691
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	990
Debt, fair value	967
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	914
Debt, fair value	$ 902
4.95% Senior Notes due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.95%
Carrying Value	$ 495
Debt, fair value	$ 519
3.10% Senior Notes due 2031 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	3.10%
Carrying Value	$ 495
Debt, fair value	$ 448
5.75% Junior Subordinated Notes due 2040 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.75%
Carrying Value	$ 345
Debt, fair value	$ 350
5.50% Junior Subordinated Notes due 2042 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%	5.50%
Carrying Value	$ 493
Debt, fair value	$ 476
5.50% Enhanzed Re's Subordinated Notes due 2031 \| Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%
Carrying Value	$ 76
Debt, fair value	$ 76

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Fair Value	$ 2,077	$ 1,513
Unfunded Commitments	1,671	1,626
Maximum Exposure to Loss	3,748	3,139
Publicly traded equity investments in common and preferred stocks
Variable Interest Entity [Line Items]
Fair Value	63	64
Unfunded Commitments	0	0
Maximum Exposure to Loss	63	64
Other investments
Variable Interest Entity [Line Items]
Fair Value	2,014	1,449
Unfunded Commitments	1,671	1,626
Maximum Exposure to Loss	3,685	3,075
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	315	291
Unfunded Commitments	0	45
Maximum Exposure to Loss	315	336
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	298	171
Unfunded Commitments	72	36
Maximum Exposure to Loss	370	207
Privately-held Equities
Variable Interest Entity [Line Items]
Fair Value	1,013	697
Unfunded Commitments	891	930
Maximum Exposure to Loss	1,904	1,627
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	234	207
Unfunded Commitments	0	31
Maximum Exposure to Loss	234	238
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	19	14
Unfunded Commitments	162	166
Maximum Exposure to Loss	181	180
Real estate funds
Variable Interest Entity [Line Items]
Fair Value	135	69
Unfunded Commitments	546	418
Maximum Exposure to Loss	$ 681	$ 487

Debt Obligations - Additional Information (Details) $ in Millions			3 Months Ended
	Jan. 15, 2027	Jan. 14, 2022 USD ($) day	Mar. 31, 2022
Junior Subordinated Debt \| 5.50% Junior Subordinated Notes due 2042
Line of Credit Facility [Line Items]
Principal		$ 500
Stated interest rate		5.50%	5.50%
Number of business days prior to beginning of five-year period \| day		2
Minimum percentage of principal amount held to be able to declare payable due immediately			25.00%
Redemption price percentage			100.00%
Issuance costs		$ 7
Debt Instrument, Interest Rate, Initial Period		5 years
Junior Subordinated Debt \| 5.50% Junior Subordinated Notes due 2042 \| Scenario, Forecast
Line of Credit Facility [Line Items]
Interest rate reset period	5 years
Junior Subordinated Debt \| 5.50% Junior Subordinated Notes due 2042 \| Scenario, Forecast \| Treasury Rate
Line of Credit Facility [Line Items]
Basis spread on interest rate	4.006%
Senior Notes \| 4.50% Senior Notes due 2022
Line of Credit Facility [Line Items]
Extinguishment of debt		$ 280

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling interest	$ 233	$ 230

- 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

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+ Details

Noncontrolling Interests - Carrying Amount of Equity Attributable to Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Balance as of January 1	$ 179	$ 365
Distributions paid	0	(202)
Net earnings attributable to RNCI	5	12
Change in unrealized losses on AFS investments attributable to RNCI	(3)	0
Change in currency translation adjustments attributable to RNCI	0	1
Change in redemption value of RNCI	0	(1)
Balance as of March 31	$ 181	$ 175

Shareholders Equity - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Total dividends paid	$ 9	$ 9
Series D Preferred Shares
Class of Stock [Line Items]
Total dividends paid	7	7
Series E Preferred Shares
Class of Stock [Line Items]
Total dividends paid	2	$ 2
2021 Share Repurchase Program
Class of Stock [Line Items]
Remaining repurchase amount	$ 17

Shareholders Equity - Schedule of Ordinary Shares (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	18,223,574
Shares issued (in shares)	39,597
Shares repurchased (in shares)	(162,134)	(18,003)
Ending balance (in shares)	18,101,037
Voting Ordinary Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	16,625,862
Shares issued (in shares)	39,597
Shares repurchased (in shares)	(162,134)
Ending balance (in shares)	16,503,325
Non-Voting Convertible Ordinary Series C Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	1,192,941
Shares issued (in shares)	0	89,590
Shares repurchased (in shares)	0
Ending balance (in shares)	1,192,941
Non-Voting Convertible Ordinary Series E Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	404,771
Shares issued (in shares)	0
Shares repurchased (in shares)	0
Ending balance (in shares)	404,771

Shareholders Equity - Shares Repurchased (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Ordinary shares repurchased (in shares)	162,134	18,003
Average price per ordinary share (in dollars per share)	$ 257.49	$ 234.70
Aggregate price	$ 42	$ 4

Shareholders Equity - Tax Effect (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss	$ (251)	$ (103)
Other comprehensive loss	4	5
Total other comprehensive loss	(247)	(98)
Unrealized losses on fixed income AFS investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	(287)	(116)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	20	12
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	15	(1)
Reclassification to earnings on disposal of subsidiary	0	1
Before reclassifications, tax	6	5
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	(1)	0
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	(1)	0
Reclassification to earnings on disposal of subsidiary	0	0
Before reclassifications, net of tax amount	(281)	(111)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	19	12
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	14	(1)
Reclassification to earnings on disposal of subsidiary	0	1
Change in currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	1	1
Before reclassifications, tax	0	0
Before reclassifications, net of tax amount	$ 1	$ 1

Shareholders' Equity - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains	$ (418)	$ (21)
Income tax benefit	0	6
Net (loss) earnings	(262)	203
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (loss) earnings	(33)	(12)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized losses on fixed income AFS investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains	(35)	(12)
Total before tax	(35)	(12)
Income tax benefit	$ 2	$ 0

- 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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Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Numerator:
Net (loss) earnings attributable to Enstar ordinary shareholders:	$ (282)	$ 183
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	17,578,019	21,562,341
Effect of dilutive securities:
Share-based compensation plans (in shares)	207,102	209,324
Warrants (in shares)	0	80,659
Weighted-average ordinary shares outstanding — diluted (in shares)	17,785,121	21,852,324
Earnings (Loss) per ordinary share attributable to Enstar Group Limited:
Basic (in dollars per share)	$ (16.04)	$ 8.50
Diluted (in dollars per share)	$ (16.04)	$ 8.38
Shares issued (in shares)	39,597
Warrants outstanding (in shares)			0
Non-voting convertible ordinary Series C Shares (issued and outstanding 2022 and 2021: 1,192,941)
Earnings (Loss) per ordinary share attributable to Enstar Group Limited:
Number of shares called by warrants (in shares)		175,901
Exercise price (in dollars per share)		$ 115.00
Shares issued (in shares)	0	89,590

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Available-for-sale, at fair value	$ 5,327	$ 5,686
Equities, at fair value	2,444	1,995
Other investments	2,863	2,333
Equity method investments	519	493
Total investments (Note 3 and Note 7)	17,242	17,276
Cash and cash equivalents	763	1,646	$ 563
Restricted cash and cash equivalents	372	446	433
Reinsurance balances recoverable on paid and unpaid losses	388	432
Funds held by reinsured companies	2,241	2,340
Other assets	721	620
LIABILITIES
Losses and LAE	12,508	13,258	11,427	$ 10,593
Insurance and reinsurance balances payable	267	254
Other liabilities	546	581
Redeemable noncontrolling interest	181	179	$ 175	$ 365
Short-term Investments
ASSETS
Debt securities, trading	7	6
Available-for-sale, at fair value	59	34
Fixed maturity securities
ASSETS
Debt securities, trading	3,247	3,756
Available-for-sale, at fair value	5,268	5,652
LIABILITIES
Commitments, unfunded	6
Other investments
LIABILITIES
Commitments, unfunded	1,700
Private equity funds
ASSETS
Other investments	1,068	752
LIABILITIES
Commitments, unfunded	31
Stone Point
LIABILITIES
Other liabilities	$ 10
Affiliated Entity \| Stone Point \| Enstar
LIABILITIES
Number of shares owned (in shares)	1,635,986
Ownership percentage	9.90%
Affiliated Entity \| Stone Point
ASSETS
Equities, at fair value	$ 159	153
Other investments	560	563
Total investments (Note 3 and Note 7)	1,307	1,170
Cash and cash equivalents	60	14
LIABILITIES
Net assets (liabilities)	1,357	1,184
Redeemable noncontrolling interest	173	172
Affiliated Entity \| Stone Point \| Short-term Investments
ASSETS
Available-for-sale, at fair value	1
Affiliated Entity \| Stone Point \| Fixed maturity securities
ASSETS
Debt securities, trading	112	122
Available-for-sale, at fair value	475	332
LIABILITIES
Commitments, unfunded	6
Affiliated Entity \| Stone Point \| Other investments
LIABILITIES
Commitments, unfunded	192
Affiliated Entity \| Stone Point \| Private equity funds
LIABILITIES
Commitments, unfunded	21
Affiliated Entity \| AnglePoint HK
ASSETS
Other investments		9
Total investments (Note 3 and Note 7)		9
LIABILITIES
Net assets (liabilities)		9
Affiliated Entity \| Northshore
ASSETS
Equities, at fair value	37	37
Other investments	12	14
Total investments (Note 3 and Note 7)	207	232
Cash and cash equivalents	27	27
Restricted cash and cash equivalents	6	4
Reinsurance balances recoverable on paid and unpaid losses	56	63
Funds held by reinsured companies	32	35
Other assets	73	28
LIABILITIES
Losses and LAE	210	226
Insurance and reinsurance balances payable	55	63
Other liabilities	99	63
Net assets (liabilities)	37	37
Affiliated Entity \| Northshore \| Fixed maturity securities
ASSETS
Debt securities, trading	158	180
Available-for-sale, at fair value		1
Affiliated Entity \| Monument
ASSETS
Equity method investments	213	194
Total investments (Note 3 and Note 7)	213	194
LIABILITIES
Net assets (liabilities)	213	194
Affiliated Entity \| AmTrust
ASSETS
Equities, at fair value	223	224
Total investments (Note 3 and Note 7)	223	224
LIABILITIES
Net assets (liabilities)	223	224
Affiliated Entity \| Citco
ASSETS
Equity method investments	57	56
Total investments (Note 3 and Note 7)	57	56
LIABILITIES
Net assets (liabilities)	57	56
Affiliated Entity \| Core Specialty
ASSETS
Equity method investments	230	225
Total investments (Note 3 and Note 7)	230	225
Reinsurance balances recoverable on paid and unpaid losses	2	2
Funds held by reinsured companies	37	41
Other assets	13	13
LIABILITIES
Losses and LAE	467	504
Insurance and reinsurance balances payable	12	5
Net assets (liabilities)	(197)	(228)
Affiliated Entity \| Other
ASSETS
Other investments	1,643	1,278
Equity method investments	19	18
Total investments (Note 3 and Note 7)	1,662	1,296
LIABILITIES
Net assets (liabilities)	$ 1,662	$ 1,296

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 21, 2021
INCOME
Net premiums earned	$ 34	$ 93
Net investment income	80	62
EXPENSES
Net incurred losses and LAE	(130)	(56)
Acquisition costs	8	34
General and administrative expenses	85	83
Net foreign exchange losses	3	3
Earnings from equity method investments	31	118
NET (LOSS) EARNINGS	(262)	203
Change in unrealized losses on AFS investments	(248)	(99)
Affiliated Entity \| Stone Point
INCOME
Net investment income	2
Net unrealized losses	(11)	25
Total (loss) income	(9)	25
EXPENSES
Total expenses	0	0
NET (LOSS) EARNINGS	(9)	25
Affiliated Entity \| Hillhouse
INCOME
Net realized gains		77
Net unrealized losses		20
Total (loss) income		97
EXPENSES
Total expenses		0
NET (LOSS) EARNINGS		97
Termination and release agreement, performance fee waived			$ 100
Affiliated Entity \| Northshore
INCOME
Net premiums earned	3	20
Net investment income	4	1
Net unrealized losses	(6)	(1)
Other income	1	(7)
Total (loss) income	2	13
EXPENSES
Net incurred losses and LAE	1	4
Acquisition costs		5
General and administrative expenses	1	2
Net foreign exchange losses		2
Total expenses	2	13
NET (LOSS) EARNINGS	0	0
Affiliated Entity \| Monument
INCOME
Total (loss) income	0	0
EXPENSES
Total expenses	0	0
Earnings from equity method investments	24	15
NET (LOSS) EARNINGS	24	15
Affiliated Entity \| AmTrust
INCOME
Net investment income	2	1
Net unrealized losses	(2)	(1)
Total (loss) income	0	0
EXPENSES
Total expenses	0	0
NET (LOSS) EARNINGS	0	0
Affiliated Entity \| Citco
INCOME
Total (loss) income	0	0
EXPENSES
Total expenses	0	0
Earnings from equity method investments	1	1
NET (LOSS) EARNINGS	1	1
Affiliated Entity \| Enhanzed Re
INCOME
Net investment income		(1)
Total (loss) income		(1)
EXPENSES
Total expenses		0
Earnings from equity method investments		105
NET (LOSS) EARNINGS		104
Change in unrealized losses on AFS investments		(1)
Affiliated Entity \| Core Specialty
INCOME
Net premiums earned	(1)	4
Other income	3	5
Total (loss) income	2	9
EXPENSES
Net incurred losses and LAE		(8)
Acquisition costs	(1)	(1)
Total expenses	(1)	(9)
Earnings from equity method investments	6	(3)
NET (LOSS) EARNINGS	9	15
Affiliated Entity \| Other
INCOME
Net investment income		2
Net unrealized losses	(37)	32
Total (loss) income	(37)	34
EXPENSES
Total expenses	0	0
NET (LOSS) EARNINGS	$ (37)	$ 34

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Funds held by reinsured companies	$ 2,241	$ 2,340
Junior Subordinated Debt
Guarantor Obligations [Line Items]
Parental guarantees	850	350
Limited Parental Guarantee
Guarantor Obligations [Line Items]
Parental guarantees	2,700	2,700
Other investments
Guarantor Obligations [Line Items]
Commitments, unfunded	1,700
Private equity funds
Guarantor Obligations [Line Items]
Commitments, unfunded	31
Fixed maturity securities
Guarantor Obligations [Line Items]
Commitments, unfunded	6
Equity Method Investments
Guarantor Obligations [Line Items]
Commitments, unfunded	109
US
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	1,100	1,200
Reinsurance Recoverables \| Reinsurer Concentration Risk \| AM Best, A+ Rating \| Standard & Poor's, AA Rating \| Reinsurer A
Guarantor Obligations [Line Items]
Funds held by reinsured companies	3,000	3,200
Reinsurance Recoverables \| Reinsurer Concentration Risk \| AM Best, A+ Rating \| Standard & Poor's, AA- Rating \| Reinsurer B
Guarantor Obligations [Line Items]
Funds held by reinsured companies	$ 1,200	$ 1,200

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended
Subsequent Events (Details) - USD ($)	May 05, 2022	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Subsequent Event [Line Items]
Investments			$ 17,242,000,000		$ 17,276,000,000
Ordinary shares repurchased (in shares)			162,134	18,003
Aggregate price			$ 42,000,000	$ 4,000,000
Average price per ordinary share (in dollars per share)			$ 257.49	$ 234.70
Enhanzed Re
Subsequent Event [Line Items]
Investments			$ 2,900,000,000
Subsequent Event
Subsequent Event [Line Items]
Ordinary shares repurchased (in shares)	65,249
Aggregate price	$ 17,000,000
Average price per ordinary share (in dollars per share)	$ 255.87
Repurchase authorized amount	$ 200,000,000
Minimum \| Scenario, Forecast
Subsequent Event [Line Items]
Unrealized investment losses from reporting lag		$ 170,000,000
Maximum \| Scenario, Forecast
Subsequent Event [Line Items]
Unrealized investment losses from reporting lag		$ 210,000,000

Investments - Other Investments by Notice Period (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Other investments	$ 2,863	$ 2,333
Hedge funds
Schedule of Investments [Line Items]
Other investments	315	291
Fixed income funds
Schedule of Investments [Line Items]
Other investments	656	573
Private equity funds
Schedule of Investments [Line Items]
Other investments	1,068	752
Private credit funds
Schedule of Investments [Line Items]
Other investments	296	275
Equity funds
Schedule of Investments [Line Items]
Other investments	4	5
CLO equity funds
Schedule of Investments [Line Items]
Other investments	234	207
CLO equities
Schedule of Investments [Line Items]
Other investments	156	161
Real estate funds
Schedule of Investments [Line Items]
Other investments	134	$ 69
Less than 1 Year
Schedule of Investments [Line Items]
Other investments	1,233
Less than 1 Year \| Hedge funds
Schedule of Investments [Line Items]
Other investments	315
Less than 1 Year \| Fixed income funds
Schedule of Investments [Line Items]
Other investments	604
Less than 1 Year \| Private equity funds
Schedule of Investments [Line Items]
Other investments	0
Less than 1 Year \| Private credit funds
Schedule of Investments [Line Items]
Other investments	0
Less than 1 Year \| Equity funds
Schedule of Investments [Line Items]
Other investments	4
Less than 1 Year \| CLO equity funds
Schedule of Investments [Line Items]
Other investments	154
Less than 1 Year \| CLO equities
Schedule of Investments [Line Items]
Other investments	156
Less than 1 Year \| Real estate funds
Schedule of Investments [Line Items]
Other investments	0
1-2 years
Schedule of Investments [Line Items]
Other investments	102
1-2 years \| Hedge funds
Schedule of Investments [Line Items]
Other investments	0
1-2 years \| Fixed income funds
Schedule of Investments [Line Items]
Other investments	0
1-2 years \| Private equity funds
Schedule of Investments [Line Items]
Other investments	54
1-2 years \| Private credit funds
Schedule of Investments [Line Items]
Other investments	0
1-2 years \| Equity funds
Schedule of Investments [Line Items]
Other investments	0
1-2 years \| CLO equity funds
Schedule of Investments [Line Items]
Other investments	48
1-2 years \| CLO equities
Schedule of Investments [Line Items]
Other investments	0
1-2 years \| Real estate funds
Schedule of Investments [Line Items]
Other investments	0
2-3 years
Schedule of Investments [Line Items]
Other investments	31
2-3 years \| Hedge funds
Schedule of Investments [Line Items]
Other investments	0
2-3 years \| Fixed income funds
Schedule of Investments [Line Items]
Other investments	0
2-3 years \| Private equity funds
Schedule of Investments [Line Items]
Other investments	0
2-3 years \| Private credit funds
Schedule of Investments [Line Items]
Other investments	0
2-3 years \| Equity funds
Schedule of Investments [Line Items]
Other investments	0
2-3 years \| CLO equity funds
Schedule of Investments [Line Items]
Other investments	31
2-3 years \| CLO equities
Schedule of Investments [Line Items]
Other investments	0
2-3 years \| Real estate funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| Hedge funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| Fixed income funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| Private equity funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| Private credit funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| Equity funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| CLO equity funds
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| CLO equities
Schedule of Investments [Line Items]
Other investments	0
More than 3 years \| Real estate funds
Schedule of Investments [Line Items]
Other investments	0
Not Eligible/ Restricted
Schedule of Investments [Line Items]
Other investments	1,497
Not Eligible/ Restricted \| Hedge funds
Schedule of Investments [Line Items]
Other investments	0
Not Eligible/ Restricted \| Fixed income funds
Schedule of Investments [Line Items]
Other investments	52
Not Eligible/ Restricted \| Private equity funds
Schedule of Investments [Line Items]
Other investments	1,014
Not Eligible/ Restricted \| Private credit funds
Schedule of Investments [Line Items]
Other investments	296
Not Eligible/ Restricted \| Equity funds
Schedule of Investments [Line Items]
Other investments	0
Not Eligible/ Restricted \| CLO equity funds
Schedule of Investments [Line Items]
Other investments	1
Not Eligible/ Restricted \| CLO equities
Schedule of Investments [Line Items]
Other investments	0
Not Eligible/ Restricted \| Real estate funds
Schedule of Investments [Line Items]
Other investments	$ 134

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments:
Short-term and fixed maturity investments	$ 11,195	$ 12,254
Equity investments	2,444	1,995
Other investments	2,863	2,333
Reinsurance balances recoverable on paid and unpaid losses	388	432
Derivative assets	16	2
Losses and loss adjustment expenses, at fair value	1,764	1,989
Derivative liabilities	7	17
U.S. government and agency
Investments:
Short-term and fixed maturity investments	686	747
U.K. government
Investments:
Short-term and fixed maturity investments	81	83
Corporate
Investments:
Short-term and fixed maturity investments	6,227	6,814
Municipal
Investments:
Short-term and fixed maturity investments	253	286
Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	537	610
Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	1,043	1,074
Asset-backed
Investments:
Short-term and fixed maturity investments	782	944
Structured products
Investments:
Short-term and fixed maturity investments	986	1,033
Publicly traded equity investments
Investments:
Equity investments	387	281
Exchange-traded funds
Investments:
Equity investments	1,682	1,342
Private equity funds
Investments:
Equity investments	375	372
Recurring
Investments:
Short-term and fixed maturity investments	11,195	12,254
Equity investments	2,444	1,995
Other investments	2,863	2,333
Total Investments	16,723	16,783
Cash and cash equivalents	289	1,407
Losses and loss adjustment expenses, at fair value	1,764	1,989
Recurring \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	686	747
Recurring \| U.K. government
Investments:
Short-term and fixed maturity investments	81	83
Recurring \| Other government
Investments:
Short-term and fixed maturity investments	600	663
Recurring \| Corporate
Investments:
Short-term and fixed maturity investments	6,227	6,814
Recurring \| Municipal
Investments:
Short-term and fixed maturity investments	253	286
Recurring \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	537	610
Recurring \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	1,043	1,074
Recurring \| Asset-backed
Investments:
Short-term and fixed maturity investments	782	944
Recurring \| Structured products
Investments:
Short-term and fixed maturity investments	986	1,033
Recurring \| Publicly traded equity investments
Investments:
Equity investments	387	281
Recurring \| Exchange-traded funds
Investments:
Equity investments	1,682	1,342
Recurring \| Private equity funds
Investments:
Equity investments	375	372
Other investments	1,068	752
Recurring \| Hedge funds
Investments:
Other investments	315	291
Recurring \| Fixed income funds
Investments:
Other investments	656	573
Recurring \| Equity funds
Investments:
Other investments	4	5
Recurring \| CLO equities
Investments:
Other investments	156	161
Recurring \| CLO equity funds
Investments:
Other investments	234	207
Recurring \| Private credit funds
Investments:
Other investments	296	275
Recurring \| Real estate funds
Investments:
Other investments	134	69
Recurring \| Funds held - directly managed
Investments:
Other assets included within funds held - directly managed	221	201
Recurring \| Reinsurance recoverable
Investments:
Reinsurance balances recoverable on paid and unpaid losses	388	432
Recurring \| Derivative instruments, assets
Investments:
Derivative assets	16	2
Recurring \| Derivative instruments, assets \| Derivatives qualifying as hedging
Investments:
Derivative assets	15
Recurring \| Derivative instruments, assets \| Derivatives not qualifying as hedging
Investments:
Derivative assets	1	2
Recurring \| Derivative instruments, liabilities
Investments:
Derivative liabilities	7	17
Recurring \| Derivative instruments, liabilities \| Derivatives qualifying as hedging
Investments:
Derivative liabilities	2	7
Recurring \| Derivative instruments, liabilities \| Derivatives not qualifying as hedging
Investments:
Derivative liabilities	5	10
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Short-term and fixed maturity investments	0	0
Equity investments	2,024	1,581
Other investments	0	0
Total Investments	2,024	1,581
Cash and cash equivalents	152	1,295
Losses and loss adjustment expenses, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.K. government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Structured products
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Publicly traded equity investments
Investments:
Equity investments	342	239
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange-traded funds
Investments:
Equity investments	1,682	1,342
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private equity funds
Investments:
Equity investments	0	0
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Hedge funds
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income funds
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity funds
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equities
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equity funds
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private credit funds
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Real estate funds
Investments:
Other investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Funds held - directly managed
Investments:
Other assets included within funds held - directly managed	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Reinsurance recoverable
Investments:
Reinsurance balances recoverable on paid and unpaid losses	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, assets
Investments:
Derivative assets	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, assets \| Derivatives qualifying as hedging
Investments:
Derivative assets	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, assets \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, liabilities
Investments:
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, liabilities \| Derivatives qualifying as hedging
Investments:
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivative instruments, liabilities \| Derivatives not qualifying as hedging
Investments:
Derivative liabilities	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Investments:
Short-term and fixed maturity investments	11,195	12,254
Equity investments	45	42
Other investments	350	397
Total Investments	11,811	12,894
Cash and cash equivalents	137	112
Losses and loss adjustment expenses, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	686	747
Recurring \| Significant Other Observable Inputs (Level 2) \| U.K. government
Investments:
Short-term and fixed maturity investments	81	83
Recurring \| Significant Other Observable Inputs (Level 2) \| Other government
Investments:
Short-term and fixed maturity investments	600	663
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate
Investments:
Short-term and fixed maturity investments	6,227	6,814
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal
Investments:
Short-term and fixed maturity investments	253	286
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	537	610
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	1,043	1,074
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed
Investments:
Short-term and fixed maturity investments	782	944
Recurring \| Significant Other Observable Inputs (Level 2) \| Structured products
Investments:
Short-term and fixed maturity investments	986	1,033
Recurring \| Significant Other Observable Inputs (Level 2) \| Publicly traded equity investments
Investments:
Equity investments	45	42
Recurring \| Significant Other Observable Inputs (Level 2) \| Exchange-traded funds
Investments:
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Private equity funds
Investments:
Equity investments	0	0
Other investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Hedge funds
Investments:
Other investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed income funds
Investments:
Other investments	190	231
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity funds
Investments:
Other investments	4	5
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equities
Investments:
Other investments	156	161
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equity funds
Investments:
Other investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Private credit funds
Investments:
Other investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Real estate funds
Investments:
Other investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Funds held - directly managed
Investments:
Other assets included within funds held - directly managed	221	201
Recurring \| Significant Other Observable Inputs (Level 2) \| Reinsurance recoverable
Investments:
Reinsurance balances recoverable on paid and unpaid losses	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, assets
Investments:
Derivative assets	16	2
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, assets \| Derivatives qualifying as hedging
Investments:
Derivative assets	15
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, assets \| Derivatives not qualifying as hedging
Investments:
Derivative assets	1	2
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, liabilities
Investments:
Derivative liabilities	7	17
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, liabilities \| Derivatives qualifying as hedging
Investments:
Derivative liabilities	2	7
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivative instruments, liabilities \| Derivatives not qualifying as hedging
Investments:
Derivative liabilities	5	10
Recurring \| Significant Unobservable Inputs (Level 3)
Investments:
Short-term and fixed maturity investments	0	0
Equity investments	345	347
Other investments	0	0
Total Investments	345	347
Cash and cash equivalents	0	0
Losses and loss adjustment expenses, at fair value	1,764	1,989
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.K. government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Structured products
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Publicly traded equity investments
Investments:
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Exchange-traded funds
Investments:
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private equity funds
Investments:
Equity investments	345	347
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Hedge funds
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed income funds
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity funds
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equities
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equity funds
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private credit funds
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Real estate funds
Investments:
Other investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Funds held - directly managed
Investments:
Other assets included within funds held - directly managed	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Reinsurance recoverable
Investments:
Reinsurance balances recoverable on paid and unpaid losses	388	432
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, assets
Investments:
Derivative assets	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, assets \| Derivatives qualifying as hedging
Investments:
Derivative assets	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, assets \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, liabilities
Investments:
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, liabilities \| Derivatives qualifying as hedging
Investments:
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivative instruments, liabilities \| Derivatives not qualifying as hedging
Investments:
Derivative liabilities	0	0
Recurring \| Measured Using NAV as Practical Expedient
Investments:
Equity investments	30	25
Other investments	2,513	1,936
Total Investments	2,543	1,961
Cash and cash equivalents	0	0
Recurring \| Measured Using NAV as Practical Expedient \| Private equity funds
Investments:
Equity investments	30	25
Other investments	1,068	752
Recurring \| Measured Using NAV as Practical Expedient \| Hedge funds
Investments:
Other investments	315	291
Recurring \| Measured Using NAV as Practical Expedient \| Fixed income funds
Investments:
Other investments	466	342
Recurring \| Measured Using NAV as Practical Expedient \| Equity funds
Investments:
Other investments	0	0
Recurring \| Measured Using NAV as Practical Expedient \| CLO equities
Investments:
Other investments	0	0
Recurring \| Measured Using NAV as Practical Expedient \| CLO equity funds
Investments:
Other investments	234	207
Recurring \| Measured Using NAV as Practical Expedient \| Private credit funds
Investments:
Other investments	296	275
Recurring \| Measured Using NAV as Practical Expedient \| Real estate funds
Investments:
Other investments	$ 134	$ 69