0001363829-22-000200 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
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		15,990,857
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,597,712

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Investments, available-for-sale, at fair value	$ 4,877	$ 5,686
Funds held - directly managed	2,150	3,007
Equities, at fair value (cost: 2022 — $1,320; 2021 — $1,831)	1,199	1,995
Other investments, at fair value	3,203	2,333
Equity method investments	468	493
Total investments	14,226	17,276
Cash and cash equivalents	923	1,646
Restricted cash and cash equivalents	434	446
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2022 — $134; 2021 — $136)	886	1,085
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 7)	287	432
Insurance balances recoverable (net of allowance: 2022 and 2021 — $5) (Note 6)	190	213
Funds held by reinsured companies	3,727	2,340
Deferred charge assets	255	371
Other assets	624	620
TOTAL ASSETS	21,552	24,429
LIABILITIES
Losses and loss adjustment expenses (Note 5)	11,549	11,269
Losses and loss adjustment expenses, at fair value (Note 5 and Note 7)	1,286	1,989
Life liabilities, carrying value	1,285	1,502
Defendant asbestos and environmental liabilities (Note 6)	617	638
Insurance and reinsurance balances payable	154	254
Debt obligations (Note 9)	1,905	1,691
Other liabilities	432	581
TOTAL LIABILITIES	17,228	17,924
COMMITMENTS AND CONTINGENCIES (Note 16)
REDEEMABLE NONCONTROLLING INTERESTS (Note 10)	166	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	757	922
Accumulated other comprehensive loss	(667)	(16)
Retained earnings	3,866	5,085
Total Enstar Shareholders’ Equity	4,060	6,096
Noncontrolling interests (Note 10)	98	230
TOTAL SHAREHOLDERS’ EQUITY	4,158	6,326
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	21,552	24,429
Voting Ordinary shares (issued and outstanding 2022: 15,986,489; 2021: 16,625,862)
SHAREHOLDERS’ EQUITY (Note 11)
Ordinary shares	16	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
Investments, trading, at fair value	14	6
Investments, available-for-sale, at fair value	9	34
Fixed maturity investments
ASSETS
Investments, trading, at fair value	2,315	3,756
Investments, available-for-sale, at fair value	$ 4,868	$ 5,652

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Investments, available-for-sale, at fair value, amortized cost	$ 5,633	$ 5,723
Investments, allowance for credit losses	35	10
Equities, at cost	1,320	1,831
Allowance for estimated uncollectible reinsurance	134	136
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5
SHAREHOLDERS’ EQUITY
Common shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares outstanding (in shares)	17,584,201	18,223,574
Ordinary shares issued (in shares)	17,584,201	18,223,574
Treasury shares, voting ordinary shares, held in trust (in shares)	565,630	565,630
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares outstanding (in shares)	15,986,489	16,625,862
Ordinary shares issued (in shares)	15,986,489	16,625,862
Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY
Ordinary shares outstanding (in shares)	1,192,941	1,192,941
Ordinary shares issued (in shares)	1,192,941	1,192,941
Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY
Ordinary shares outstanding (in shares)	404,771	404,771
Ordinary shares issued (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
Preferred shares issued (in shares)	16,000	16,000
Preferred shares outstanding (in shares)	16,000	16,000
Liquidation preference	$ 400	$ 400
Series E Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	4,400	4,400
Preferred shares outstanding (in shares)	4,400	4,400
Liquidation preference	$ 110	$ 110
Short-term Investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	9	34
Investments, allowance for credit losses	0	0
Fixed maturity investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	5,624	5,689
Investments, allowance for credit losses	$ 35	$ 10

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME
Net premiums earned	$ 4	$ 52	$ 52	$ 204
Net investment income	116	93	302	231
Net realized (losses) gains	(36)	6	(111)	1
Net unrealized (losses) gains	(546)	(280)	(1,518)	110
Other (expense) income	(4)	11	33	27
Net gain on purchase and sales of subsidiaries	0	47	0	62
Total income	(466)	(71)	(1,242)	635
Net incurred losses and loss adjustment expenses
Current period	13	42	39	146
Prior periods	(109)	(69)	(331)	(189)
Total net incurred losses and loss adjustment expenses	(96)	(27)	(292)	(43)
Policyholder benefit expenses	7	0	25	0
Acquisition costs	0	11	20	50
General and administrative expenses	67	93	235	269
Interest expense	23	18	71	51
Net foreign exchange gains	(17)	(2)	(27)	(9)
Total expenses	(16)	93	32	318
(LOSS) EARNINGS BEFORE INCOME TAXES	(450)	(164)	(1,274)	317
Income tax expense	(8)	(10)	(4)	(13)
(Losses) earnings from equity method investments	(20)	(14)	12	101
NET (LOSS) EARNINGS	(478)	(188)	(1,266)	405
Net loss (earnings) attributable to noncontrolling interests	43	1	74	(13)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR	(435)	(187)	(1,192)	392
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ (444)	$ (196)	$ (1,219)	$ 365
(Loss) earnings per ordinary share attributable to Enstar:
Basic (in dollars per share)	$ (26.10)	$ (10.68)	$ (70.59)	$ 17.78
Diluted (in dollars per share)	$ (26.10)	$ (10.68)	$ (70.59)	$ 17.53
Weighted average ordinary shares outstanding:
Basic (in shares)	17,013,348	18,349,483	17,269,870	20,502,755
Diluted (in shares)	17,126,880	18,548,368	17,382,578	20,793,640

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (478)	$ (188)	$ (1,266)	$ 405
Other comprehensive loss, net of income taxes:
Unrealized losses on fixed income available-for-sale investments arising during the period	(204)	(26)	(754)	(80)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	(3)	(2)	29	5
Reclassification adjustment for net realized loss (gain) included in net (loss) earnings	27	(2)	58	(4)
Reclassification to net (loss) earnings on disposal of subsidiary	0	0	0	1
Unrealized losses arising during the period, net of reclassification adjustments	(180)	(30)	(667)	(78)
Cumulative currency translation adjustment	0	1	2	2
Decrease in defined benefit pension liability	(2)	0	(2)	0
Total other comprehensive loss	(182)	(29)	(667)	(76)
Comprehensive (loss) income	(660)	(217)	(1,933)	329
Comprehensive loss (income) attributable to noncontrolling interests	48	0	90	(14)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR	$ (612)	$ (217)	$ (1,843)	$ 315

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 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) 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 (Loss) Income	Cumulative currency translation adjustment	Defined benefit pension liability	Unrealized (losses) gains on available-for-sale investments	Retained Earnings	Noncontrolling Interests (excludes Redeemable Noncontrolling Interests)
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		(2)	(2)	(1)						(897)	$ (2)
Amortization of share-based compensation										20
Change in other comprehensive income (loss)	$ (76)												1	0	(77)
Net (loss) earnings	365															405
Net loss (earnings) attributable to noncontrolling interests	(13)															(13)	(5)
Dividends on preferred shares																(27)
Change in redemption value of redeemable noncontrolling interests																1
Increase due to acquisitions	219																219
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests																	0
Dividends paid																	(1)
Balance, end of period at Sep. 30, 2021	6,307	17	1	0	0	400	110	(422)	(1)	957		5	9	0	(4)	5,013	227
Balance, beginning of period at Jun. 30, 2021		19	3	1	0	400	110	(422)	(1)	1,835		33	8	0	25	5,209	13
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased		(2)	(2)	(1)						(886)	1
Amortization of share-based compensation										7
Change in other comprehensive income (loss)	(29)												1	0	(29)
Net (loss) earnings	(196)															(188)
Net loss (earnings) attributable to noncontrolling interests	1															1	(5)
Dividends on preferred shares																(9)
Change in redemption value of redeemable noncontrolling interests																0
Increase due to acquisitions																	219
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests																	0
Dividends paid																	0
Balance, end of period at Sep. 30, 2021	6,307	17	1	0	0	400	110	(422)	(1)	957		5	9	0	(4)	5,013	227
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		(1)	0	0						(162)	(4)
Amortization of share-based compensation										1
Change in other comprehensive income (loss)	(667)												2	(2)	(651)
Net (loss) earnings	(1,219)															(1,266)
Net loss (earnings) attributable to noncontrolling interests	74															74	(69)
Dividends on preferred shares																(27)
Change in redemption value of redeemable noncontrolling interests																0
Increase due to acquisitions																	0
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests																	(8)
Dividends paid																	(55)
Balance, end of period at Sep. 30, 2022	4,158	16	1	0	0	400	110	(422)	(1)	757		(667)	11	0	(678)	3,866	98
Balance, beginning of period at Jun. 30, 2022		16	1	0	0	400	110	(422)	(1)	769		(490)	11	2	(503)	4,310	193
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased		0	0	0						0	$ (1)
Amortization of share-based compensation										(11)
Change in other comprehensive income (loss)	(182)												0	(2)	(175)
Net (loss) earnings	(444)															(478)
Net loss (earnings) attributable to noncontrolling interests	43															43	(38)
Dividends on preferred shares																(9)
Change in redemption value of redeemable noncontrolling interests																0
Increase due to acquisitions																	0
Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests																	(2)
Dividends paid																	(55)
Balance, end of period at Sep. 30, 2022	$ 4,158	$ 16	$ 1	$ 0	$ 0	$ 400	$ 110	$ (422)	$ (1)	$ 757		$ (667)	$ 11	$ 0	$ (678)	$ 3,866	$ 98

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES:
Net (loss) earnings	$ (1,266)	$ 405
Adjustments to reconcile net (loss) earnings to cash flows (used in) provided by operating activities:
Realized losses (gains) on sales of investments	111	(1)
Unrealized losses (gains) on investments	1,518	(110)
Depreciation and other amortization	38	56
Earnings from equity method investments	(12)	(101)
Sales and maturities of trading securities	3,124	5,290
Purchases of trading securities	(1,551)	(2,697)
Payments to cover securities sold short	0	(1,016)
Proceeds from securities sold short	0	461
Net payments for derivative contracts	0	(66)
Net gain on purchase and sales of subsidiaries	0	(62)
Other	29	6
Changes in:
Reinsurance balances recoverable on paid and unpaid losses	329	118
Funds held by reinsured companies	(1,387)	(1,561)
Losses and loss adjustment expenses	(284)	2,465
Defendant asbestos and environmental liabilities	(21)	(46)
Insurance and reinsurance balances payable	(98)	0
Other operating assets and liabilities	(190)	(315)
Net cash flows provided by operating activities	340	3,858
INVESTING ACTIVITIES:
Acquisition, net of cash acquired	0	(206)
Sales of subsidiaries, net of cash previously held	0	(232)
Sales and maturities of available-for-sale securities	1,704	2,524
Purchase of available-for-sale securities	(1,714)	(4,343)
Purchase of other investments	(1,379)	(622)
Proceeds from other investments	319	254
Other investing activities	6	0
Net cash flows used in investing activities	(1,064)	(2,051)
FINANCING ACTIVITIES:
Dividends on preferred shares	(27)	(27)
Dividends paid to noncontrolling interests	(55)	(1)
Repurchase of shares	(163)	(890)
Issuance of debt, net of issuance costs	494	816
Repayment of debt	(280)	(574)
Net cash flows used in financing activities	(31)	(676)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS	20	4
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(735)	1,135
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	2,092	1,373
NET CHANGE IN CASH OF BUSINESSES HELD FOR SALE	0	223
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	1,357	2,731
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	2	7
Interest paid	70	51
Reconciliation to Condensed Consolidated Balance Sheets:
Cash and cash equivalents	923	1,587
Restricted cash and cash equivalents	434	448
Cash, cash equivalents and restricted cash	1,357	2,731
InRe Fund
Changes in:
Variable interest entity assets and liabilities of the InRe Fund (Note 8)	0	1,032
Net cash flows provided by operating activities		2,400
INVESTING ACTIVITIES:
Consolidation of the InRe Fund opening cash and restricted cash balances (Note 8)	0	574
Net cash flows used in investing activities		574
FINANCING ACTIVITIES:
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	0	696
Reconciliation to Condensed Consolidated Balance Sheets:
Cash, cash equivalents and restricted cash	$ 0	$ 696

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares
Statement of Cash Flows [Abstract]
Distributions to RCNI	$ 0	$ 202
Increase due to acquisitions		$ 219
Shares issued (in shares) \| shares	58,207	89,590
Number of shares called by warrants (in shares) \| shares		175,901
Capital withdrawals		$ 61
Decrease in equity method investments		412
Other investments		52
Unsettled purchases of AFS and other investments	$ 10	64
Unsettled sales of AFS and other investments	$ (3)	10
Contribution to other investments		481
Redemption of other investments		381
Decrease in investment fees		$ 100

Basis of Presentation

9 Months Ended

Sep. 30, 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 statement. 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.

Significant Accounting Policies

The following significant accounting policy has been updated following the completion of the loss portfolio transaction (“LPT”) with Aspen Insurance Holdings Limited (“Aspen”) in May 2022 as further described in Note 3.

(a) Funds Held

We receive a fixed crediting rate of return or other contractually agreed return on our funds held by reinsured companies. Where we receive a contractually agreed return, we evaluate whether we are required to recognize an embedded derivative.

Funds held by reinsured companies are carried at cost and any embedded derivative is carried at fair value. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract.

The investment return is recognized in net investment income with the change in the fair value of the embedded derivative included in net unrealized gains (losses).

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts

In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates:

•Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the consolidated statement of earnings;

•Use upper-medium grade fixed-income instrument discount rates to discount future cash flows with the impact of these changes recognized in other comprehensive income; and

•Introduce new disclosure requirements around the provisions for future policyholder benefits, policyholder account balances, market risk benefits, separate account liabilities, and DAC, which includes information about significant inputs, judgments, assumptions and methods used in measurement.

These amendments are effective for interim and annual reporting periods beginning after December 15, 2022. This new guidance will apply to our future policyholder benefits held within the Assumed Life segment. We are currently

evaluating the impact of ASU 2018-12 on our consolidated financial statements and disclosures, and will adopt the standard effective January 1, 2023.

Segment Information

9 Months Ended

Sep. 30, 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) Assumed Life; (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.

The Assumed Life segment includes Enhanzed Re life and property aggregate excess of loss (catastrophe) business. Given our planned rationalization of the Enhanzed Re reinsurance business7, we have renamed the segment from Enhanzed Re to Assumed Life effective this quarterly reporting period. We may leverage this segment for any future potential assumed life business transactions if and when they occur.

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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Income
Run-off	$	3	$	51	$	46	$	202
Assumed Life	2		—		17		—
Investments	(464)		(181)		(1,323)		342
Legacy Underwriting	—		11		8		39
Subtotal	(459)		(119)		(1,252)		583
Corporate and other	(7)		48		10		52
Total income	$	(466)	$	(71)	$	(1,242)	$	635

(Losses) earnings from equity method investments
Investments	$	(20)	$	(14)	$	12	$	101

Segment net earnings (loss)
Run-off	$	19	$	47	$	116	$	89
Assumed Life	(7)		—		15		—
Investments	(493)		(203)		(1,339)		419
Legacy Underwriting	—		—		—		—
Total segment net (loss) earnings	(481)		(156)		(1,208)		508
Corporate and other:


Other (expense) income (1)	(7)		1		10		(10)
Net gain on sale of subsidiaries	—		47		—		62
Net incurred losses and loss adjustment expenses (“LAE”) (2)	46		(19)		72		—

General and administrative expenses	(22)		(35)		(92)		(100)
Interest expense	(23)		(18)		(71)		(51)
Net foreign exchange gains	17		2		27		9
Income tax expense	(8)		(10)		(4)		(13)

Net loss (earnings) attributable to noncontrolling interests	43		1		74		(13)
Dividends on preferred shares	(9)		(9)		(27)		(27)
Total - Corporate and other	37		(40)		(11)		(143)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(444)		$	(196)	(1,219)		$	365

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

(2) Net incurred losses and LAE for corporate and other activities includes the amortization of deferred charge assets (“DCAs”) on retroactive reinsurance contracts, fair value adjustments associated with the acquisition of companies and the changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option. The three and nine months ended September 30, 2022 included accelerated amortization of $19 million and $115 million, respectively, corresponding to increased favorable prior period development (“PPD”) on net ultimate liabilities recorded in our Run-off segment. There was $11 million and $22 million accelerated amortization for the three and nine months ended September 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

3. INVESTMENTS Short-term and Fixed Maturity Investments

Asset Types

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


	September 30, 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	$	14	$	5	$	65	$	353	$	124	$	561
U.K. government	—		—		61		30		4		95
Other government	—		—		193		130		168		491
Corporate (1)	—		4		1,546		2,851		679		5,080
Municipal	—		—		60		101		50		211
Residential mortgage-backed	—		—		74		335		81		490
Commercial mortgage-backed	—		—		165		535		211		911
Asset-backed	—		—		151		533		81		765
Structured products	—		—		—		—		706		706

Total fixed maturity and short-term investments	$	14	$	9	$	2,315	$	4,868	$	2,104	$	9,310

(1) Includes convertible bonds of $230 million, which includes embedded derivatives of $31 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 September 30, 2022 were securities issued by U.S. governmental agencies with a fair value of $388 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 September 30, 2022	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	344	$	331	3.6	%


More than one year through five years	3,192		2,844		30.4	%
More than five years through ten years	2,349		1,896		20.4	%
More than ten years	2,982		2,073		22.3	%
Residential mortgage-backed	552		490		5.3	%
Commercial mortgage-backed	1,001		911		9.8	%
Asset-backed	816		765		8.2	%


	$	11,236	$	9,310	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 September 30, 2022	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	390	$	—	$	(32)	$	—	$	358
U.K. government	35		—		(5)		—		30
Other government	151		—		(21)		—		130
Corporate	3,389		4		(503)		(35)		2,855
Municipal	123		—		(22)		—		101
Residential mortgage-backed	383		—		(48)		—		335
Commercial mortgage-backed	594		1		(60)		—		535
Asset-backed	568		—		(35)		—		533


	$	5,633	$	5	$	(726)	$	(35)	$	4,877


			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 September 30, 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	$	168	$	(14)	$	186	$	(18)	$	354	$	(32)
U.K. government	4		(2)		26		(3)		30		(5)
Other government	20		(4)		105		(17)		125		(21)
Corporate	952		(191)		1,877		(312)		2,829		(503)
Municipal	32		(6)		68		(16)		100		(22)
Residential mortgage-backed	95		(19)		238		(29)		333		(48)
Commercial mortgage-backed	180		(30)		348		(30)		528		(60)
Asset-backed	99		(7)		419		(28)		518		(35)


Total short-term and fixed maturity investments	$	1,550	$	(273)	$	3,267	$	(453)	$	4,817	$	(726)


	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 September 30, 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 2,858 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 620 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 September 30, 2022		Three Months Ended September 30, 2021
	Corporate			Total		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(42)		$	(42)	$	(6)	$	(1)	$	(7)

Allowances for credit losses on securities for which credit losses were not previously recorded	(2)			(2)		—		—		—

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

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	5			5		1		1		2


Allowance for credit losses, end of period	$	(35)		$	(35)	$	(5)	$	—	$	(5)


	Nine Months Ended September 30, 2022		Nine Months Ended September 30, 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	(30)			(30)		(12)		(1)		(13)

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

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	1			1		7		1		8


Allowance for credit losses, end of period	$	(35)		$	(35)	$	(5)	$	—	$	(5)

During the three and nine months ended September 30, 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:


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	360	$	281
Exchange-traded funds	475		1,342
Privately held equity investments in common and preferred stocks	364		372
	$	1,199	$	1,995

Other Investments

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


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Hedge funds	$	476	$	291
Fixed income funds	595		573
Private equity funds	1,247		752
Private credit funds	345		275
Equity funds	3		5
CLO equity funds	208		207
CLO equities	144		161
Real estate funds	185		69

	$	3,203	$	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 September 30, 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	$	476	$	—	$	—	$	—	$	—	$	476	Monthly to bi-annually
Fixed income funds	536		—		—		—		59		595		Daily to Quarterly
Private equity funds	—		55		—		—		1,192		1,247		Quarterly for unrestricted amount
Private credit funds	—		—		—		—		345		345		N/A
Equity funds	3		—		—		—		—		3		Daily
CLO equity funds	179		—		28		—		1		208		Quarterly to bi-annually
CLO equities	144		—		—		—		—		144		Daily
Real estate funds	—		—		—		—		185		185		N/A

	$	1,338	$	55	$	28	$	—	$	1,782	$	3,203

As of September 30, 2022, $46 million 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:


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,104	$	2,806
Cash and cash equivalents	34		188
Other assets	12		13
	$	2,150	$	3,007

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


	September 30, 2022		December 31, 2021

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	2,743	$	2,815
Net unrealized (losses) gains:

Change in fair value - embedded derivatives	(479)		14
Change in fair value (1)	(160)		(23)
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	2,104	$	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 September 30, 2022 and December 31, 2021, we had funds held by reinsured companies of $3.7 billion and $2.3 billion, respectively. The increase from December 31, 2021 was primarily driven by the LPT transaction with Aspen.

Pursuant to the terms of the Aspen LPT transaction, in addition to earning a fixed crediting rate (“base crediting rate”) on the funds withheld balance we received as premium consideration, as of October 1, 2022 and through September 30, 2025 we will also receive a variable return (together, the “full crediting rate”).

The nature of the arrangement results in an embedded derivative, which represents the fair value of the amount by which all future interest payments on the funds withheld balance made at the full crediting rate are expected to exceed all future interest payments made on the funds withheld balance at the base crediting rate. The fair value of the embedded derivative as of September 30, 2022 was $27 million.

Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Fixed maturity investments	$	60	$	46	$	167	$	139
Short-term investments and cash and cash equivalents	2		(1)		4		(1)
Funds held by reinsured companies	17		16		49		48
Funds held - directly managed	19		9		38		23
Investment income from fixed maturities and cash and cash equivalents	98		70		258		209
Equity investments	11		3		30		14
Other investments	11		9		33		27

Investment income from equities and other investments	22		12		63		41
Gross investment income	120		82		321		250
Investment expenses	(4)		11		(19)		(19)

Net investment income	$	116	$	93	$	302	$	231

Net Realized and Unrealized Gains (Losses)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	3	$	5	$	5	$	13
Gross realized losses on fixed maturity securities, AFS	(29)		(2)		(63)		(9)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	3		3		(30)		(4)


Net (losses) gains recognized on equity securities sold during the period	(11)		—		(21)		1

Net realized investment losses on investment derivatives	(2)		—		(2)		—

Total net realized losses on sales	$	(36)	$	6	$	(111)	$	1
Net unrealized (losses) gains:
Fixed maturity securities, trading	$	(157)	$	(63)	$	(556)	$	(127)
Fixed maturity securities in funds held - directly managed	(238)		(30)		(517)		(55)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	(82)		(96)		(284)		157
Other investments	(65)		35		(141)		254
Investment derivatives	(4)		(126)		(20)		(119)

Total net unrealized losses	$	(546)	$	(280)	$	(1,518)	$	110
Net realized and unrealized losses	$	(582)	$	(274)	$	(1,629)	$	111

The gross realized gains and losses on AFS investments for the three months ended September 30, 2022 and 2021 included in the table above resulted from sales of $409 million and $854 million, respectively. The gross realized gains and losses on AFS investments for the nine months ended September 30, 2022 and 2021 included in the table above resulted from the sales of $1.4 billion and $2.1 billion, 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 2021 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 and nine months ended September 30, 2021 (with no impact to net earnings).

Restricted Assets

The carrying value of our restricted assets, including restricted cash of $434 million and $446 million, as of September 30, 2022 and December 31, 2021, respectively, was as follows:


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	4,810	$	6,100
Assets on deposit with regulatory authorities	158		196
Collateral for secured letter of credit facilities	82		94
Funds at Lloyd's ("FAL") (1)	442		431
	$	5,492	$	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

9 Months Ended

Sep. 30, 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 other liabilities on the consolidated balance sheets as of September 30, 2022 and December 31, 2021:


	September 30, 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	$	479	$	30	$	—	$	618	$	—	$	7

Derivatives not designated as hedging instruments
Foreign currency forward contracts	183		7		7		498		2		—
Others	6		—		—		17		—		10
Total	$	668	$	37	$	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 and nine months ended September 30, 2022 and 2021:


	Amount of Net Gains (Losses)
	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	39	$	16	$	91	$	22

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(5)		—		(15)		(3)

Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Balance as of beginning of period	$	13,641	$	13,038	$	13,258	$	10,593
Losses and LAE relating to SGL No.1 (1)	—		—		—		255
	13,641		13,038		13,258		10,848

Reinsurance reserves recoverable (1)	(1,117)		(1,788)		(1,332)		(1,830)

Reinsurance reserves recoverable relating to SGL No. 1 (1)	—		—		—		(90)

Deferred charge assets (“DCAs”) on retroactive reinsurance	(286)		(415)		(371)		(219)

Net balance as of beginning of period	12,238		10,835		11,555		8,709
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	12		42		37		143
Increase in provisions for ULAE	1		—		2		3
Total current period	13		42		39		146
Prior periods:
Reduction in estimates of net ultimate losses	(48)		(74)		(209)		(143)
Reduction in provisions for ULAE	(15)		(14)		(50)		(46)
Amortization of DCAs	32		24		145		55
Amortization of fair value adjustments	4		5		11		13
Changes in fair value - fair value option (2)	(82)		(10)		(228)		(68)
Total prior periods	(109)		(69)		(331)		(189)
Total net incurred losses and LAE	(96)		(27)		(292)		(43)
Net paid losses:
Current period	(2)		(3)		(3)		(16)
Prior periods	(450)		(289)		(1,277)		(980)
Total net paid losses	(452)		(292)		(1,280)		(996)
Other changes:
Effect of exchange rate movement	(196)		(59)		(371)		(65)
Acquired business	—		1,099		—		1,099
Assumed business (3)	70		470		1,952		3,350
Ceded business	—		(63)		—		(91)

Total other changes	(126)		1,447		1,581		4,293
Net balance as of September 30	11,564		11,963		11,564		11,963
Reinsurance reserves recoverable (1)	1,016		1,481		1,016		1,481
DCAs on retroactive reinsurance	255		434		255		434
Balance as of September 30	$	12,835	$	13,878	$	12,835	$	13,878

					As of
					September 30, 2022		December 31, 2021
					(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses					$	11,549	$	11,269
Losses and loss adjustment expenses, at fair value					1,286		1,989
Total losses and loss adjustment expenses					$	12,835	$	13,258

Reinsurance balances recoverable on paid and unpaid losses					$	886	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option					287		432
Total reinsurance balances recoverable on paid and unpaid losses					1,173		1,517
Paid losses recoverable					(157)		(185)

Reinsurance reserves recoverable (1)					$	1,016	$	1,332

(1) Excludes paid losses recoverable.

(2) Comprises discount rate and risk margin components.

(3) Assumed business for the three and nine months ended September 30, 2022 related to the Probitas 1492 and Aspen transactions and is net of DCA of $1 million and $29 million, respectively. Assumed business for the three and nine months ended September 30, 2021 is net of DCA of $24 million and $253 million, respectively.

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				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(8)	$	1	$	(7)	$	—
Environmental	3		4		1		4
General casualty	21		4		31		7
Workers' compensation	(54)		(22)		(104)		(42)
Marine, aviation and transit	(28)		(20)		(38)		(28)
Construction defect	(3)		(15)		(10)		(12)
Professional indemnity/Directors and Officers	(4)		—		(85)		(15)
Motor	19		(6)		20		(8)
Property	—		(18)		5		(38)
All Other	8		—		4		(7)
Total Run-off segment	(46)		(72)		(183)		(139)
Total Assumed Life segment	—		—		(29)		—
Total Legacy Underwriting segment	(2)		(2)		3		(4)
Total	$	(48)	$	(74)	$	(209)	$	(143)

Three Months Ended September 30, 2022:

The reduction in estimates of net ultimate losses of $48 million related to prior periods was driven by the Run-off segment, primarily due to $54 million of favorable development on our workers’ compensation line of business as a result of favorable claim settlements, most notably in the 2018 and 2019 acquisition years, and $28 million of favorable development on our marine, aviation and transit line of business as a result of lower claim activity, relating to the 2014, 2018 and 2019 acquisition years. We also experienced favorable development on our construction defect line of business as a result of better than expected claims experience; however, this was largely offset by adverse development as a result of inflationary increases impacting our construction exposures.

The results were partially offset by adverse development in the 2018, 2020 and 2021 acquisition years on our general casualty and motor lines of business of $21 million and $19 million, respectively, primarily due to worse than expected claims experience and adverse development on claims.

Three Months Ended September 30, 2021:

The reduction in estimates of net ultimate losses of $74 million related to prior periods was primarily driven by favorable development on our workers’ compensation, property, construction defect and marine, aviation and transit lines as a result of better than expected claims experience and favorable results from actuarial reviews.

Nine Months Ended September 30, 2022

The reduction in estimates of net ultimate losses of $209 million related to prior periods was driven by the Run-off segment, primarily due to $104 million of favorable development on our workers’ compensation line of business as a result of favorable claim settlements, most notably in the 2018 and 2021 acquisition years. We also had favorable

development of $85 million on our professional indemnity/directors and officers line of business relating to the 2018 and 2021 acquisition years and favorable development of $38 million on our marine, aviation and transit lines of business relating to the 2014, 2018 and 2019 acquisition years as a result of lower claims activity. We also experienced favorable development on our construction defect line of business as a result of better than expected claims experience; however, this was partially offset by third quarter 2022 adverse development as a result of inflationary increases impacting our construction exposures.

Favorable claim activity on our 2021 acquisition year catastrophe business within the Assumed Life segment further contributed to the favorable results.

The results were partially offset by adverse development in the Run-off segment general casualty and motor lines of business of $31 million and $20 million, respectively, most notably impacting the 2018, 2020 and 2021 acquisition years, as a result of worse than expected claims experience and adverse results development on claims.

Nine Months Ended September 30, 2021:

The reduction in estimates of net ultimate losses of $143 million related to prior periods was primarily related to favorable development on our workers’ compensation, property, and marine, aviation and transit lines of business as a result of better than expected claims experience and favorable results from actuarial reviews.

Amortization of DCAs

Three and Nine Months Ended September 30, 2022:

The amortization of DCAs for the three and nine months ended September 30, 2022 of $32 million and $145 million, respectively, was primarily driven by the reduction in estimates of net ultimate losses in the professional indemnity/directors and officers and workers’ compensation lines of business, relating primarily to the 2021 acquisition year, which resulted in an acceleration of the amortization of the associated DCA.

Three and Nine Months Ended September 30, 2021:

The amortization of DCAs for the three and nine months ended September 30, 2021 of $24 million and $55 million, respectively, was equally a result of normal amortization consistent with loss settlement periods, in addition to accelerated amortization driven by the reduction in estimates of net ultimate losses in the workers’ compensation line of business.

Changes in Fair Value - Fair Value Option

Three and Nine Months Ended September 30, 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 $82 million and $10 million for the three months ended September 30, 2022 and 2021, respectively, and $228 million and $68 million for the nine months ended September 30, 2022 and 2021, respectively.

The favorable changes in all periods were primarily driven by continued increases in corporate bond yields, which is a component of the discount rate used to calculate the fair value of the liabilities.

Defendant Asbestos and Environmental Liabilities

9 Months Ended

Sep. 30, 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:


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	799	$	826
Defendant environmental liabilities	11		11
Estimated future expenses	36		37
Fair value adjustments	(229)		(236)
Defendant A&E liabilities	617		638

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2022 and 2021 - $5)	239		264
Fair value adjustments	(49)		(51)
Insurance balances recoverable	190		213

Net liabilities relating to defendant A&E exposures	$	427	$	425

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Balance as of beginning of period	$	620	$	678	$	638	$	706
Insurance balances recoverable	(191)		(246)		(213)		(250)


Net balance as of beginning of period	429		432		425		456
Total net recoveries (paid claims)	(3)		22		1		5
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	—		(5)		(4)		(19)
Reduction in estimated future expenses	—		(1)		(1)		(4)
Amortization of fair value adjustments	1		(1)		6		9
Total other expense	1		(7)		1		(14)

Net balance as of September 30	427		447		427		447
Insurance balances recoverable	190		213		190		213
Balance as of September 30	$	617	$	660	$	617	$	660

Fair Value Measurements

9 Months Ended

Sep. 30, 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 as defined above.

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


	September 30, 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	$	—	$	561	$	—	$	—	$	561
U.K. government	—		95		—		—		95
Other government	—		491		—		—		491
Corporate	—		5,080		—		—		5,080
Municipal	—		211		—		—		211
Residential mortgage-backed	—		490		—		—		490
Commercial mortgage-backed	—		911		—		—		911
Asset-backed	—		765		—		—		765
Structured products	—		706		—		—		706

	$	—	$	9,310	$	—	$	—	$	9,310

Other assets included within funds held - directly managed	$	—	$	46	$	—	$	—	$	46
Equities:
Publicly traded equity investments	$	324	$	36	$	—	$	—	$	360
Exchange-traded funds	475		—		—		—		475
Privately held equity investments	—		—		327		37		364
	$	799	$	36	$	327	$	37	$	1,199
Other investments:

Hedge funds	$	—	$	—	$	—	$	476	$	476
Fixed income funds	—		158		—		437		595
Equity funds	—		3		—		—		3
Private equity funds	—		—		—		1,247		1,247
CLO equities	—		144		—		—		144
CLO equity funds	—		—		—		208		208
Private credit funds	—		—		—		345		345
Real estate debt fund	—		—		—		185		185


	$	—	$	305	$	—	$	2,898	$	3,203
Total Investments	$	799	$	9,697	$	327	$	2,935	$	13,758
Cash and cash equivalents:	$	355	$	303	$	—	$	—	$	658
Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	287	$	—	$	287

Funds held by reinsured companies:	$	—	$	—	$	27	$	—	$	27

Other Assets:
Derivatives qualifying as hedging	$	—	$	30	$	—	$	—	$	30
Derivatives not qualifying as hedging	—		7		—		—		7
Derivative instruments	$	—	$	37	$	—	$	—	$	37

Losses and LAE:	$	—	$	—	$	1,286	$	—	$	1,286

Other Liabilities:

Derivatives not qualifying as hedging	$	—	$	7	$	—	$	—	$	7
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

Valuation Methodologies of Financial Instruments Measured at Fair Value

The following includes only material changes in our valuation methodologies of financial instruments measured at fair value as disclosed in Note 12 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021, and relate to changes resulting from the Aspen transaction.

Funds Held by Reinsured Companies

The fair value of the embedded derivative representing the contractually agreed variable return on our Aspen funds held by reinsured companies is classified as Level 3 and is calculated using an internal model.

The fair value is calculated as the difference between:

i.the present value of all future expected interest payments based on the full crediting rate, calculated using a Monte Carlo simulation model; and

ii.the present value of all future expected interest payments based on the base crediting rate, calculated using a discounted cash flow model.

The Monte Carlo simulation model uses:

i.a continuous forward risk-free rate commensurate with the crediting interest rate period (observable); and

ii.an estimated historical volatility rate based upon the annualized standard deviation of daily log returns observed on a portfolio replicating the Aspen investment over a period commensurate with the crediting rate period (unobservable).

The discounted cash flow model uses:

i.estimated expected loss payments based upon an appropriate payment pattern developed in accordance with standard actuarial techniques (unobservable);

ii.a risk-free rate based on U.S. treasury rates as of the valuation date (observable); and

iii.a credit spread based upon the historical option adjusted spread of the Aspen publicly traded corporate debt instrument (observable).

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 September 30, 2022		Three Months Ended September 30, 2021
	Privately-held Equities	Total	Privately-held Equities		Total

			(in millions of U.S. dollars)
Beginning fair value			$	328	$	328	$	349	$	349
Purchases			—		—		4		4

Total unrealized losses (1)			(1)		(1)		7		7


Ending fair value			$	327	$	327	$	360	$	360


			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 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			—			—		81		—		81
Sales and paydowns			(15)			(15)		—		(10)		(10)
Total unrealized (losses) gains (1)			(5)			(5)		4		—		4


Ending fair value			$	327		$	327	$	360	$	—	$	360

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

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 September 30, 2022

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Guideline company methodology

220

Distribution waterfall

12.37 - 12.38

Dividend discount model;
Guideline companies method

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

327

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

Funds Held by Reinsured Companies - Embedded Derivative

As of June 30, 2022, we had an embedded derivative of $27 million in relation to the Aspen LPT transaction to account for the fair value of the full crediting rate we expect to earn on the funds withheld received as premium consideration.

There was no change in the fair value of the embedded derivative for the three and nine months ended September 30, 2022.

Valuations Techniques and Inputs

The table below presents the quantitative information related to the fair value measurements for the embedded derivative on our funds held by reinsured companies 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 September 30, 2022

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected loss payments

5.20%

$1.5 billion

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


	Three Months Ended September 30,
	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	$	1,499	$	327	$	1,172	$	2,235	$	493	$	1,742

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	2		(5)		7		4		(1)		5
Reduction in provisions for ULAE	(4)		—		(4)		(5)		—		(5)
Changes in fair value due to changes in:
Average payout	10		3		7		3		1		2
Corporate bond yield	(107)		(18)		(89)		(16)		(4)		(12)
Total change in fair value	(97)		(15)		(82)		(13)		(3)		(10)
Total incurred losses and LAE	(99)		(20)		(79)		(14)		(4)		(10)
Paid losses	(38)		(9)		(29)		(76)		(12)		(64)
Effect of exchange rate movements	(76)		(11)		(65)		(37)		(6)		(31)
Ending fair value	$	1,286	$	287	$	999	$	2,108	$	471	$	1,637


	Nine Months Ended September 30,
	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 in estimates of ultimate losses	(25)		(19)		(6)		(8)		6		(14)
Reduction in unallocated LAE	(14)		—		(14)		(12)		—		(12)
Change in fair value due to changes in :
Average payout	31		6		25		11		3		8
Corporate bond yield	(311)		(58)		(253)		(94)		(18)		(76)
Total change in fair value	(280)		(52)		(228)		(83)		(15)		(68)
Total incurred losses and LAE	(319)		(71)		(248)		(103)		(9)		(94)
Paid losses	(201)		(49)		(152)		(211)		(35)		(176)
Effect of exchange rate movements	(183)		(25)		(158)		(31)		(6)		(25)
Ending fair value	$	1,286	$	287	$	999	$	2,108	$	471	$	1,637

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

September 30, 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)

7.86 years

7.95 years

Internal model

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

7.84 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:


	September 30, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	448
3.10% Senior Notes due 2031	495		353
Total Senior Notes	$	991	$	801
5.75% Junior Subordinated Notes due 2040	$	345	$	317
5.50% Junior Subordinated Notes due 2042	493		400
5.50% Enhanzed Re's Subordinated Notes due 2031	76		59
Total Subordinated Notes	$	914	$	776

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

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

8. VARIABLE INTEREST ENTITIES

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

InRe Fund

During 2021, we redeemed an aggregate of $2.7 billion from the InRe Fund and completed the liquidation of our investment in the fourth quarter of 2021.

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

Prior to consolidation, our investment in the InRe Fund was recorded at fair value using the NAV as a practical expedient, with any changes included within net unrealized gains in the consolidated statements of earnings. Thus, there was no gain or loss upon consolidation.

During the three and nine months ended September 30, 2021, we recognized net investment income of $13 million and net investment expenses for the InRe Fund of $7 million, respectively; and net realized and unrealized losses of $285 million and net realized and unrealized gains of $8 million, respectively.

During the nine months end September 30, 2021, our consolidated statements of cash flows included net operating cash flows of $2.4 billion, respectively, driven by net sales of trading securities, partially offset by net payments to cover securities sold short; and net investing cash flows of $574 million, resulting from the initial consolidation of the InRe Fund's cash and restricted cash balances.

Nonconsolidated VIEs

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


	September 30, 2022						December 31, 2021
	Fair Value		Unfunded Commitments		Maximum Exposure to Loss		Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	5	$	—	$	5	$	64	$	—	$	64
Other investments
Hedge funds	$	470	$	—	$	470	$	291	$	45	$	336
Fixed income funds	285		42		327		171		36		207
Private equity funds	1,192		891		2,083		697		930		1,627
CLO equity funds	208		—		208		207		31		238
Private credit funds	59		160		219		14		166		180
Real estate funds	185		541		726		69		418		487

Total	$	2,399	$	1,634	$	4,033	$	1,449	$	1,626	$	3,075
Total investments in nonconsolidated VIEs	$	2,404	$	1,634	$	4,038	$	1,513	$	1,626	$	3,139

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 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 partially used to fund the payment at maturity of the outstanding $280 million aggregate principal amount of our 2022 Senior Notes. Amendments to Existing Letter of Credit Facilities In June 2022, we entered into an amendment to our existing $250 million letter of credit facility to procure the issuance of an additional $115 million letter of credit, thereby increasing the aggregate face amount of letters of credit issued under the facility to $365 million. In September 2022, we procured the return of the letter of credit issued under our $65 million secured letter of credit facility. We are in the process of terminating the facility and procuring the release of the lender’s security interest in the investment assets posted as collateral for the obligations thereunder. In September 2022, we entered into a $26 million secured letter of credit facility to refinance (and reduce the aggregate face amount of commitments under) our existing $35 million secured letter of credit facility. Our obligations under the new $26 million secured letter of credit facility are secured by cash collateral held in a deposit account maintained by the lender.

- 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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+ Details

Noncontrolling Interests

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

10. NONCONTROLLING INTERESTS

Redeemable Noncontrolling Interests

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Balance at beginning of period	$	174	$	177	$	179	$	365

Distributions paid	—		—		—		(202)
Net (loss) earnings attributable to RNCI	(5)		4		(5)		18
Change in unrealized losses on AFS investments attributable to RNCI	(3)		(1)		(8)		(1)
Change in currency translation adjustments attributable to RNCI	—		1		—		2

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

Balance as of September 30	$	166	$	181	$	166	$	181

The decrease in RNCI for the nine months ended September 30, 2021 was primarily driven by the Exchange Transaction8, 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 September 30, 2022 relates only to the remaining international operations of StarStone Specialty Holdings Limited.

Noncontrolling Interests

As of September 30, 2022 and December 31, 2021, we had $98 million and $230 million, respectively, of non-controlling interests (“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

9 Months Ended

Sep. 30, 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 (1)	58,207	—	—	58,207
Shares repurchased (2)	(697,580)	—	—	(697,580)
Balance as of September 30, 2022	15,986,489	1,192,941	404,771	17,584,201

(1) Ordinary Shares issued in relation to share-based compensation plan awards and the Employee Share Purchase Plan.

(2) 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 under our share repurchase programs:


	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in millions of U.S. dollars, except share and per share data)
Ordinary shares repurchased	—		45,311		697,580		93,678
Average price per ordinary share	$	—	$	236.46	$	233.92	$	236.42
Aggregate price	$	—	$	11	$	163	$	22

In April 2022, we fully utilized the remaining capacity under the 2021 Repurchase Program.

On May 5, 2022, our Board of Directors authorized the repurchase of up to $200 million of our ordinary shares (the “2022 Repurchase Program”), which is effective through May 5, 2023. As of September 30, 2022, the remaining capacity under the 2022 Repurchase Program was $95 million.

In July 2021, we repurchased 3,749,400 of our ordinary shares, comprising (a) 1,747,840 of our voting ordinary shares, (b) 1,496,321 of our Series C non-voting ordinary shares, and (c) 505,239 of our Series E non-voting ordinary shares, held by funds managed by Hillhouse Group, a related party, for a price of $234.52 per share, totaling $879 million in aggregate. The shares represented the Hillhouse Group funds' entire interest in Enstar, which constituted 16.9% of our total ordinary shares and 9.4% of our voting ordinary shares. Hillhouse Group ceased to be a related party on July 22, 2021.

Dividends on Preferred Shares

During the three months ended September 30, 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.

During the nine months ended September 30, 2022 and 2021, we declared and paid dividends on Series D Preferred Shares of $21 million and on Series E Preferred Shares of $6 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
	September 30,
	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	$	(208)	$	4	$	(204)	$	(27)	$	1	$	(26)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	(3)		—		(3)		(2)		—		(2)
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	27		—		27		(2)		—		(2)

Change in currency translation adjustment	—		—		—		1		—		1

Decrease in defined benefit pension liability	(2)		—		(2)		—		—		—
Other comprehensive loss	$	(186)	$	4	$	(182)	$	(30)	$	1	$	(29)


	Nine Months Ended
	September 30,
	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	$	(763)	$	9	$	(754)	$	(84)	$	4	$	(80)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	29		—		29		5		—		5
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	58		—		58		(4)		—		(4)
Reclassification to earnings on disposal of subsidiary	—		—		—		1		—		1
Change in currency translation adjustment	2		—		2		2		—		2

Decrease in defined benefit pension liability	(2)		—		(2)		—		—		—
Other comprehensive loss	$	(676)	$	9	$	(667)	$	(80)	$	4	$	(76)

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


	Three Months Ended
Details about AOCI components	September 30, 2022		September 30, 2021		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments	$	(24)	$	4	Net realized (losses) gains





Total reclassifications for the period, net of tax	$	(24)	$	4


	Nine Months Ended
Details about AOCI components	September 30, 2022		September 30, 2021		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed income AFS investments	$	(87)	$	(2)	Net realized (losses) gains





Total reclassifications for the period, net of tax	$	(87)	$	(2)

- 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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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net (loss) earnings attributable to Enstar ordinary shareholders:	$	(444)	$	(196)	$	(1,219)	$	365

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	17,013,348		18,349,483		17,269,870		20,502,755
Effect of dilutive securities:
Share-based compensation plans (2)	113,532		198,885		112,708		210,226
Warrants (3)	—		—		—		80,659

Weighted-average ordinary shares outstanding — diluted (4)	17,126,880		18,548,368		17,382,578		20,793,640

(Loss) earnings per share attributable to Enstar ordinary shareholders:
Basic	$	(26.10)	$	(10.68)	$	(70.59)	$	17.78



Diluted (4)	$	(26.10)	$	(10.68)	$	(70.59)	$	17.53

(1) Weighted-average ordinary shares for basic (loss) 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 and nine months ended September 30, 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 nine months ended September 30, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the period. As of 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.

Share-based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

13. SHARE-BASED COMPENSATION

Joint Share Ownership Plan Award Amendment

On July 1, 2022, the terms of the JSOP award made to our Chief Executive Officer (“CEO”) on January 21, 20209 were amended to extend the vesting date of the award from January 20, 2023 to January 20, 2025. The amendment preserved the compound annual growth used to determine the hurdle price that must be achieved in order for the JSOP award to vest, which resulted in an increase to the hurdle from $266.00 to $315.53. A corresponding extension was made to the term of the performance condition based on growth in fully diluted book value per share from December 31, 2022 to December 31, 2024.

The accounting for stock-settled JSOP awards is similar to options, whereby the grant date fair value is expensed over the life of the award. The incremental fair value of the amended award on July 1, 2022 was $15 million, or $27.25 per share, which will be expensed over the remaining life of the award commencing from July 1, 2022.

Income Taxation	9 Months Ended
Income Taxation	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXATION	14. INCOME TAXATION Interim Tax Calculation Method We use the estimated annual effective tax rate method for computing our interim tax provision. This method applies our best estimate of the effective tax rate expected for the full year to our year-to-date earnings before income taxes. Our effective tax rate may fluctuate from period to period based on the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction. We provide for income tax expense or benefit based upon our pre-tax earnings and the provisions of currently enacted tax laws. Certain items deemed to be unusual, infrequent or not reliably estimated are excluded from the estimated annual effective tax rate. In the event such items are identified, the actual tax expense or benefit is reported in the same period as the related item. Certain other items are not included in the estimated annual effective tax rate, such as changes in the assessment of valuation allowance on deferred tax assets and uncertain tax positions, if any. Interim Tax Expense The effective tax rates on income for the three months ended September 30, 2022 and 2021 were (1.7)% and (5.5)%, respectively. The effective tax rates on income for the nine months ended September 30, 2022 and 2021 were (0.3)% and 3.2%, respectively. The effective tax rate on income differs from the statutory rate of 0% due to tax on foreign operations, primarily the U.S. and the U.K. We have foreign operating subsidiaries and branch operations principally located in the U.S., U.K., Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. The undistributed earnings from our foreign subsidiaries will be indefinitely reinvested in those jurisdictions where the undistributed earnings were earned. Deferred tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. Generally, when earnings are distributed as dividends, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to unremitted earnings because, solely for U.S. Federal income tax purposes, there are no accumulated positive earnings and profits that could be subject to U.S. dividend withholding tax. For our U.K. subsidiaries, there are no withholding taxes imposed as a matter of U.K. domestic tax law. For our other foreign subsidiaries, an insignificant amount of earnings is indefinitely reinvested; however, it would not be practicable to compute the related amounts of withholding taxes due to a variety of factors, including the amount, timing and manner of any repatriation. Because we operate in many jurisdictions, our net earnings are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate. Assessment of Valuation Allowance on Deferred Tax Assets We have estimated the future taxable income of our foreign subsidiaries and have provided a valuation allowance in respect of loss carryforwards where we do not expect to realize a tax benefit. We have considered all available evidence using a "more likely than not" standard in determining the amount of the valuation allowance. During the three and nine months ended September 30, 2022, we have maintained a valuation allowance for deferred tax assets which management does not believe meet the "more likely than not" criteria. As of September 30, 2022, based on all available evidence, we concluded that a valuation allowance should be established on a portion of deferred tax assets related to net operating loss carryforwards and unrealized tax capital losses that are not more likely than not to be realized. We have increased our valuation allowance for the three and nine months ended September 30, 2022 by $36 million and $78 million, respectively, which was primarily driven by deferred tax assets related to significant pre-tax unrealized investment losses reported in U.S. and U.K. jurisdictions. Unrecognized Tax Benefits There were no unrecognized tax benefits as of September 30, 2022 and December 31, 2021. Tax Examinations Our operating subsidiaries may be subject to audit by various tax authorities and may have different statutes of limitations expiration dates. With limited exceptions, our major subsidiaries that operate in the U.S., U.K. and Australia are no longer subject to tax examinations for years before 2019.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2022

RELATED PARTY TRANSACTIONS

15. 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 September 30, 2022	Stone Point (1) (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other (3)
	(in millions of U.S. dollars)
Assets
Short-term investments, AFS, at fair value	$	1	$	11	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	95		142		—		—		—		—		—
Fixed maturities, AFS, at fair value	441		—		—		—		—		—		—
Equities, at fair value	149		37		—		220		—		—		—
Other investments, at fair value	530		12		—		—		—		—		1,778
Equity method investments	—		—		174		—		58		220		16
Total investments	1,216		202		174		220		58		220		1,794
Cash and cash equivalents	30		15		—		—		—		—		—
Restricted cash and cash equivalents	—		2		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		36		—		—		—		2		—
Funds held by reinsured company	—		23		—		—		—		28		—
Other assets	3		31		—		—		—		7		—
Liabilities
Losses and LAE	—		186		—		—		—		375		—

Insurance and reinsurance balances payable	—		23		—		—		—		28		—
Other liabilities	1		64		—		—		—		—		—
Net assets (liabilities)	$	1,248	$	36	$	174	$	220	$	58	$	(146)	$	1,794
Redeemable noncontrolling interests	$	159	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of September 30, 2022, investment funds managed by Stone Point Capital LLC ("Stone Point") own 1,546,196 of our Voting Ordinary Shares, which constitutes 9.7% of our outstanding Voting Ordinary Shares. In May 2022, we entered into a purchase agreement with Trident Public Equity LP, an affiliate of Stone Point, to repurchase 89,790 of our Voting Ordinary Shares for an aggregate purchase price of $20 million. The transaction was priced at $222.74 per share representing a 5% discount to the closing price of our Voting Ordinary Shares on the NASDAQ stock market on May 9, 2022.

(2) As of September 30, 2022, we had unfunded commitments of $160 million to other investments, and $15 million to privately held equity managed by Stone Point and its affiliated entities.

(3) Other related party investments include investments in limited partnerships and partnership-like limited liabilities companies, for which had we not elected the fair value option, would be accounted for as equity method investments. We have disclosed our investments in these entities on an aggregated basis as they are individually immaterial.


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 interests	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	Three Months Ended
	September 30, 2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	1	$	—	$	—	$	—	$	—	$	—

Net investment income	4		2		—		2		—		—		—

Net unrealized losses	(17)		(4)		—		(2)		—		—		(33)
Other income	—		2		—		—		—		2		—
Total (loss) income	(13)		1		—		—		—		2		(33)

EXPENSES
Net incurred losses and LAE	—		3		—		—		—		(1)		—
Acquisition costs	—		(2)		—		—		—		—		—
General and administrative expenses	—		—		—		—		—		—		—


Total expenses	—		1		—		—		—		(1)		—

Losses from equity method investments	—		—		(16)		—		—		(4)		—
Total net (loss) earnings	$	(13)	$	—	$	(16)	$	—	$	—	$	(1)	$	(33)


	Three Months Ended
	September 30, 2021
	Stone Point		AnglePoint HK(1)		Northshore		Monument		AmTrust		Citco		Enhanzed Re(2)		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	13	$	—	$	—	$	—	$	—	$	5	$	—

Net investment income	4		13		—		—		2		—		(2)		—		(1)

Net unrealized gains (losses)	23		(285)		(1)		—		(2)		—		—		—		16
Other income	—		—		(2)		—		—		—		—		2		—
Total income (loss)	27		(272)		10		—		—		—		(2)		7		15

EXPENSES
Net incurred losses and LAE	—		—		5		—		—		—		1		12		—
Acquisition costs	—		—		3		—		—		—		(1)		1		—
General and administrative expenses	—		—		2		—		—		—		—		—		—
Net foreign exchange losses	—		—		—		—		—		—		—		—		—

Total expenses	—		—		10		—		—		—		—		13		—

Earnings (losses) from equity method investments	—		—		—		2		—		1		(22)		5		—
Total net earnings (loss)	$	27	$	(272)	$	—	$	2	$	—	$	1	$	(24)	$	(1)	$	15

(1) Includes earnings from our direct investment in the InRe Fund, which was managed by AnglePoint HK from April 1, 2021 to October 15, 2021, and another fund managed by AnglePoint HK. For the three months ended September 30, 2021, we incurred management and performance fee accruals. These fees were deducted from the AnglePoint HK funds’ reported net asset values and recorded as net investment expenses in the condensed consolidated statements of earnings.

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


	Nine Months Ended
	September 30, 2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	8	$	—	$	—	$	—	$	—	$	—

Net investment income	11		8		—		5		—		—		—

Net unrealized losses	(73)		(12)		—		(5)		—		—		(72)
Other income	—		4		—		—		—		7		—
Total (loss) income	(62)		8		—		—		—		7		(72)

EXPENSES
Net incurred losses and LAE	—		8		—		—		—		(9)		—
Acquisition costs	—		—		—		—		—		—		—
General and administrative expenses	—		—		—		—		—		—		—

Total expenses	—		8		—		—		—		(9)		—

Earnings (losses) from equity method investments	—		—		15		—		2		(5)		—
Total net (loss) earnings	$	(62)	$	—	$	15	$	—	$	2	$	11	$	(72)


	Nine Months Ended
	September 30, 2021
	Stone Point		Hillhouse (1)		AnglePoint HK(2)		Northshore		Monument		AmTrust		Citco		Enhanzed Re(3)		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	—	$	50	$	—	$	—	$	—	$	(2)	$	8	$	—

Net investment income	9		—		(7)		1		—		5		—		(4)		—		2
Net realized gains	—		77		—		—		—		—		—		—		—		—
Net unrealized gains (losses)	70		20		(68)		(2)		—		(5)		—		—		—		72
Other income	—		—		—		(11)		—		—		—		2		11		—
Total income (loss)	79		97		(75)		38		—		—		—		(4)		19		74

EXPENSES
Net incurred losses and LAE	—		—		—		20		—		—		—		—		3		—
Acquisition costs	—		—		—		13		—		—		—		(1)		(2)		—
General and administrative expenses	—		—		—		5		—		—		—		—		—		—


Total expenses	—		—		—		38		—		—		—		(1)		1		—

Earnings (losses) from equity method investments	—		—		—		—		19		—		2		82		(2)		—
Total net earnings (loss)	$	79	$	97	$	(75)	$	—	$	19	$	—	$	2	$	79	$	16	$	74

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) Includes earnings from our direct investment in the InRe Fund, which was managed by AnglePoint HK from April 1, 2021 to October 15, 2021, and another fund managed by AnglePoint HK. For the nine months ended September 30, 2021, we incurred management and performance fee accruals. These fees were deducted from the AnglePoint HK funds’ reported net asset values and recorded as net investment expenses in the condensed consolidated statements of earnings.

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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	16. 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 (together funds held). As of September 30, 2022, we had funds held concentrations to reinsured companies exceeding 10% of shareholders’ equity of $5.2 billion (December 31, 2021: $4.4 billion) in aggregate. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government instruments and the counterparties noted above, exceeded 10% of shareholders’ equity as of September 30, 2022. Our credit exposure to the U.S. government was $948 million as of September 30, 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 September 30, 2022, we had unfunded commitments of $1.8 billion to other investments, $25 million to privately held equity and $109 million to our majority owned subsidiary Enhanzed Re. GuaranteesAs of September 30, 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 September 30, 2022 (December 31, 2021: $350 million) Redeemable Noncontrolling Interests 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

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

17. SUBSEQUENT EVENTS

Transactions

Argo

In August 2022, we executed an LPT agreement with a wholly owned subsidiary of Argo Group International Holdings, Ltd. (“Argo”) covering a number of its U.S. casualty insurance portfolios, including construction, for accident years 2011 to 2019.

The LPT agreement covers ground up reserves of $746 million, and an additional $275 million of cover in excess of $821 million, up to a policy limit of $1.1 billion. Argo will retain a loss corridor of $75 million up to $821 million. The closing of the transaction is subject to regulatory approval and other closing conditions which we expect to be completed in the fourth quarter of 2022.

Enhanzed Re

In August 2022, Enhanzed Re entered into a Master Agreement with Cavello Bay Reinsurance Company (“Cavello”), a wholly-owned subsidiary of the Company, and Allianz SE (“Allianz”). Pursuant to the Master Agreement, Cavello and Allianz agreed to a series of transactions that would (i) commute or novate all of the reinsurance contracts written by Enhanzed Re, (ii) repay the $70 million of subordinated notes issued by Enhanzed Re to an affiliate of Allianz, and (iii) distribute Enhanzed Re’s excess capital to Cavello and Allianz in accordance with their respective equity ownership.

As of September 30, 2022, the following transactions have been completed and will be reflected in our fourth quarter 2022 results due to the one quarter lag in reporting:

(i) The catastrophe reinsurance business ceded to Enhanzed Re by Allianz was commuted to Allianz, resulting in the recognition of a favorable commutation gain of $59 million; and

(ii) Enhanzed Re repaid the $70 million of subordinated notes issued by an affiliate of Allianz and recognized a gain of $6 million as a result of accelerating the amortization of the remaining fair value adjustment.

Following receipt of regulatory approval on October 31, 2022, Enhanzed Re is expected to complete a novation of the reinsurance closed block of life annuity policies to Monument Re Limited (“Monument Re”) on or about November 7, 2022. We will settle the life liabilities and the related assets at carrying value in return for cash consideration as of the closing date. As at June 30, 2022, the carrying value of these items was $1.3 billion and $1.1 billion, respectively, which we would record as $270 million of other income if measured as of this date.

•Activity for the period from July 1,2022 to the closing date will impact the amount of other income recorded.

•A portion of our other income recorded will be subject to deferral to account for our 20% ownership interest in Monument Re and our net earnings attributable to Enstar will be reduced by the amount attributable to Allianz’s noncontrolling interest in Enhanzed Re. The final impact of the novation will be reflected in our first quarter 2023 results as a result of the one quarter reporting lag.

Investments

Reporting Lag

The impact from continued volatility in global financial markets during the third quarter of 2022 will be recognized in future periods as a result of Enhanzed Re and certain other investments being recorded on a one quarter lag basis.

For Enhanzed Re, we anticipate the net unrealized investment losses from this lag to be in the range between $50 million to $100 million, which we expect to record in our fourth quarter 2022 results.

As of September 30, 2022, the carrying value of Enhanzed Re’s investment portfolio, which is recorded on a one quarter lag, was $1.7 billion.

Debt Obligations

Letters of Credit

In November 2022, we entered into a new $275 million FAL letter of credit facility to refinance our existing $275 million FAL letter of credit facility. At closing, we requested a reduction of the face amount of the letter of credit issued under the facility to $135 million.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 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 statement. All intercompany accounts and transactions have been eliminated and certain comparative information has been reclassified to conform to the current presentation.
Funds Held	Funds Held We receive a fixed crediting rate of return or other contractually agreed return on our funds held by reinsured companies. Where we receive a contractually agreed return, we evaluate whether we are required to recognize an embedded derivative. Funds held by reinsured companies are carried at cost and any embedded derivative is carried at fair value. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The investment return is recognized in net investment income with the change in the fair value of the embedded derivative included in net unrealized gains (losses).
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates: •Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the consolidated statement of earnings; •Use upper-medium grade fixed-income instrument discount rates to discount future cash flows with the impact of these changes recognized in other comprehensive income; and •Introduce new disclosure requirements around the provisions for future policyholder benefits, policyholder account balances, market risk benefits, separate account liabilities, and DAC, which includes information about significant inputs, judgments, assumptions and methods used in measurement. These amendments are effective for interim and annual reporting periods beginning after December 15, 2022. This new guidance will apply to our future policyholder benefits held within the Assumed Life segment. We are currently evaluating the impact of ASU 2018-12 on our consolidated financial statements and disclosures, and will adopt the standard effective January 1, 2023.

Segment Information (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Income
Run-off	$	3	$	51	$	46	$	202
Assumed Life	2		—		17		—
Investments	(464)		(181)		(1,323)		342
Legacy Underwriting	—		11		8		39
Subtotal	(459)		(119)		(1,252)		583
Corporate and other	(7)		48		10		52
Total income	$	(466)	$	(71)	$	(1,242)	$	635

(Losses) earnings from equity method investments
Investments	$	(20)	$	(14)	$	12	$	101

Segment net earnings (loss)
Run-off	$	19	$	47	$	116	$	89
Assumed Life	(7)		—		15		—
Investments	(493)		(203)		(1,339)		419
Legacy Underwriting	—		—		—		—
Total segment net (loss) earnings	(481)		(156)		(1,208)		508
Corporate and other:


Other (expense) income (1)	(7)		1		10		(10)
Net gain on sale of subsidiaries	—		47		—		62
Net incurred losses and loss adjustment expenses (“LAE”) (2)	46		(19)		72		—

General and administrative expenses	(22)		(35)		(92)		(100)
Interest expense	(23)		(18)		(71)		(51)
Net foreign exchange gains	17		2		27		9
Income tax expense	(8)		(10)		(4)		(13)

Net loss (earnings) attributable to noncontrolling interests	43		1		74		(13)
Dividends on preferred shares	(9)		(9)		(27)		(27)
Total - Corporate and other	37		(40)		(11)		(143)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(444)		$	(196)	(1,219)		$	365

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Asset Types

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


	September 30, 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	$	14	$	5	$	65	$	353	$	124	$	561
U.K. government	—		—		61		30		4		95
Other government	—		—		193		130		168		491
Corporate (1)	—		4		1,546		2,851		679		5,080
Municipal	—		—		60		101		50		211
Residential mortgage-backed	—		—		74		335		81		490
Commercial mortgage-backed	—		—		165		535		211		911
Asset-backed	—		—		151		533		81		765
Structured products	—		—		—		—		706		706

Total fixed maturity and short-term investments	$	14	$	9	$	2,315	$	4,868	$	2,104	$	9,310

(1) Includes convertible bonds of $230 million, which includes embedded derivatives of $31 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.

Contractual Maturities


As of September 30, 2022	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	344	$	331	3.6	%


More than one year through five years	3,192		2,844		30.4	%
More than five years through ten years	2,349		1,896		20.4	%
More than ten years	2,982		2,073		22.3	%
Residential mortgage-backed	552		490		5.3	%
Commercial mortgage-backed	1,001		911		9.8	%
Asset-backed	816		765		8.2	%


	$	11,236	$	9,310	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 September 30, 2022	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	390	$	—	$	(32)	$	—	$	358
U.K. government	35		—		(5)		—		30
Other government	151		—		(21)		—		130
Corporate	3,389		4		(503)		(35)		2,855
Municipal	123		—		(22)		—		101
Residential mortgage-backed	383		—		(48)		—		335
Commercial mortgage-backed	594		1		(60)		—		535
Asset-backed	568		—		(35)		—		533


	$	5,633	$	5	$	(726)	$	(35)	$	4,877


			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


	12 Months or Greater				Less Than 12 Months				Total
As of September 30, 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	$	168	$	(14)	$	186	$	(18)	$	354	$	(32)
U.K. government	4		(2)		26		(3)		30		(5)
Other government	20		(4)		105		(17)		125		(21)
Corporate	952		(191)		1,877		(312)		2,829		(503)
Municipal	32		(6)		68		(16)		100		(22)
Residential mortgage-backed	95		(19)		238		(29)		333		(48)
Commercial mortgage-backed	180		(30)		348		(30)		528		(60)
Asset-backed	99		(7)		419		(28)		518		(35)


Total short-term and fixed maturity investments	$	1,550	$	(273)	$	3,267	$	(453)	$	4,817	$	(726)


	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)

Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021
	Corporate			Total		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(42)		$	(42)	$	(6)	$	(1)	$	(7)

Allowances for credit losses on securities for which credit losses were not previously recorded	(2)			(2)		—		—		—

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

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	5			5		1		1		2


Allowance for credit losses, end of period	$	(35)		$	(35)	$	(5)	$	—	$	(5)


	Nine Months Ended September 30, 2022		Nine Months Ended September 30, 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	(30)			(30)		(12)		(1)		(13)

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

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	1			1		7		1		8


Allowance for credit losses, end of period	$	(35)		$	(35)	$	(5)	$	—	$	(5)

Summary of Equity Investments

The following table summarizes our equity investments:


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	360	$	281
Exchange-traded funds	475		1,342
Privately held equity investments in common and preferred stocks	364		372
	$	1,199	$	1,995

Summary of Other Investments

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


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Hedge funds	$	476	$	291
Fixed income funds	595		573
Private equity funds	1,247		752
Private credit funds	345		275
Equity funds	3		5
CLO equity funds	208		207
CLO equities	144		161
Real estate funds	185		69

	$	3,203	$	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	$	476	$	—	$	—	$	—	$	—	$	476	Monthly to bi-annually
Fixed income funds	536		—		—		—		59		595		Daily to Quarterly
Private equity funds	—		55		—		—		1,192		1,247		Quarterly for unrestricted amount
Private credit funds	—		—		—		—		345		345		N/A
Equity funds	3		—		—		—		—		3		Daily
CLO equity funds	179		—		28		—		1		208		Quarterly to bi-annually
CLO equities	144		—		—		—		—		144		Daily
Real estate funds	—		—		—		—		185		185		N/A

	$	1,338	$	55	$	28	$	—	$	1,782	$	3,203

Funds Held, Directly Managed, Carrying Values of Assets

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


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,104	$	2,806
Cash and cash equivalents	34		188
Other assets	12		13
	$	2,150	$	3,007

Funds Held, Directly Managed, Fair Value to Amortized Cost

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


	September 30, 2022		December 31, 2021

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	2,743	$	2,815
Net unrealized (losses) gains:

Change in fair value - embedded derivatives	(479)		14
Change in fair value (1)	(160)		(23)
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	2,104	$	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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Fixed maturity investments	$	60	$	46	$	167	$	139
Short-term investments and cash and cash equivalents	2		(1)		4		(1)
Funds held by reinsured companies	17		16		49		48
Funds held - directly managed	19		9		38		23
Investment income from fixed maturities and cash and cash equivalents	98		70		258		209
Equity investments	11		3		30		14
Other investments	11		9		33		27

Investment income from equities and other investments	22		12		63		41
Gross investment income	120		82		321		250
Investment expenses	(4)		11		(19)		(19)

Net investment income	$	116	$	93	$	302	$	231

Summary of Net Realized and Unrealized Gains (Losses)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	3	$	5	$	5	$	13
Gross realized losses on fixed maturity securities, AFS	(29)		(2)		(63)		(9)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	3		3		(30)		(4)


Net (losses) gains recognized on equity securities sold during the period	(11)		—		(21)		1

Net realized investment losses on investment derivatives	(2)		—		(2)		—

Total net realized losses on sales	$	(36)	$	6	$	(111)	$	1
Net unrealized (losses) gains:
Fixed maturity securities, trading	$	(157)	$	(63)	$	(556)	$	(127)
Fixed maturity securities in funds held - directly managed	(238)		(30)		(517)		(55)
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	(82)		(96)		(284)		157
Other investments	(65)		35		(141)		254
Investment derivatives	(4)		(126)		(20)		(119)

Total net unrealized losses	$	(546)	$	(280)	$	(1,518)	$	110
Net realized and unrealized losses	$	(582)	$	(274)	$	(1,629)	$	111

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $434 million and $446 million, as of September 30, 2022 and December 31, 2021, respectively, was as follows:


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	4,810	$	6,100
Assets on deposit with regulatory authorities	158		196
Collateral for secured letter of credit facilities	82		94
Funds at Lloyd's ("FAL") (1)	442		431
	$	5,492	$	6,821

Derivatives and Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	September 30, 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	$	479	$	30	$	—	$	618	$	—	$	7

Derivatives not designated as hedging instruments
Foreign currency forward contracts	183		7		7		498		2		—
Others	6		—		—		17		—		10
Total	$	668	$	37	$	7	$	1,133	$	2	$	17


	Amount of Net Gains (Losses)
	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	39	$	16	$	91	$	22

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(5)		—		(15)		(3)

- 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
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI https://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
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Balance as of beginning of period	$	13,641	$	13,038	$	13,258	$	10,593
Losses and LAE relating to SGL No.1 (1)	—		—		—		255
	13,641		13,038		13,258		10,848

Reinsurance reserves recoverable (1)	(1,117)		(1,788)		(1,332)		(1,830)

Reinsurance reserves recoverable relating to SGL No. 1 (1)	—		—		—		(90)

Deferred charge assets (“DCAs”) on retroactive reinsurance	(286)		(415)		(371)		(219)

Net balance as of beginning of period	12,238		10,835		11,555		8,709
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	12		42		37		143
Increase in provisions for ULAE	1		—		2		3
Total current period	13		42		39		146
Prior periods:
Reduction in estimates of net ultimate losses	(48)		(74)		(209)		(143)
Reduction in provisions for ULAE	(15)		(14)		(50)		(46)
Amortization of DCAs	32		24		145		55
Amortization of fair value adjustments	4		5		11		13
Changes in fair value - fair value option (2)	(82)		(10)		(228)		(68)
Total prior periods	(109)		(69)		(331)		(189)
Total net incurred losses and LAE	(96)		(27)		(292)		(43)
Net paid losses:
Current period	(2)		(3)		(3)		(16)
Prior periods	(450)		(289)		(1,277)		(980)
Total net paid losses	(452)		(292)		(1,280)		(996)
Other changes:
Effect of exchange rate movement	(196)		(59)		(371)		(65)
Acquired business	—		1,099		—		1,099
Assumed business (3)	70		470		1,952		3,350
Ceded business	—		(63)		—		(91)

Total other changes	(126)		1,447		1,581		4,293
Net balance as of September 30	11,564		11,963		11,564		11,963
Reinsurance reserves recoverable (1)	1,016		1,481		1,016		1,481
DCAs on retroactive reinsurance	255		434		255		434
Balance as of September 30	$	12,835	$	13,878	$	12,835	$	13,878

					As of
					September 30, 2022		December 31, 2021
					(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses					$	11,549	$	11,269
Losses and loss adjustment expenses, at fair value					1,286		1,989
Total losses and loss adjustment expenses					$	12,835	$	13,258

Reinsurance balances recoverable on paid and unpaid losses					$	886	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option					287		432
Total reinsurance balances recoverable on paid and unpaid losses					1,173		1,517
Paid losses recoverable					(157)		(185)

Reinsurance reserves recoverable (1)					$	1,016	$	1,332

(1) Excludes paid losses recoverable.

(2) Comprises discount rate and risk margin components.

Schedule of Reduction in Estimates of Net Ultimate Losses by Segment and Line of Business

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				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(8)	$	1	$	(7)	$	—
Environmental	3		4		1		4
General casualty	21		4		31		7
Workers' compensation	(54)		(22)		(104)		(42)
Marine, aviation and transit	(28)		(20)		(38)		(28)
Construction defect	(3)		(15)		(10)		(12)
Professional indemnity/Directors and Officers	(4)		—		(85)		(15)
Motor	19		(6)		20		(8)
Property	—		(18)		5		(38)
All Other	8		—		4		(7)
Total Run-off segment	(46)		(72)		(183)		(139)
Total Assumed Life segment	—		—		(29)		—
Total Legacy Underwriting segment	(2)		(2)		3		(4)
Total	$	(48)	$	(74)	$	(209)	$	(143)

Defendant Asbestos and Environmental Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims


	September 30, 2022		December 31, 2021
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	799	$	826
Defendant environmental liabilities	11		11
Estimated future expenses	36		37
Fair value adjustments	(229)		(236)
Defendant A&E liabilities	617		638

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2022 and 2021 - $5)	239		264
Fair value adjustments	(49)		(51)
Insurance balances recoverable	190		213

Net liabilities relating to defendant A&E exposures	$	427	$	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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Balance as of beginning of period	$	620	$	678	$	638	$	706
Insurance balances recoverable	(191)		(246)		(213)		(250)


Net balance as of beginning of period	429		432		425		456
Total net recoveries (paid claims)	(3)		22		1		5
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	—		(5)		(4)		(19)
Reduction in estimated future expenses	—		(1)		(1)		(4)
Amortization of fair value adjustments	1		(1)		6		9
Total other expense	1		(7)		1		(14)

Net balance as of September 30	427		447		427		447
Insurance balances recoverable	190		213		190		213
Balance as of September 30	$	617	$	660	$	617	$	660

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels


	September 30, 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	$	—	$	561	$	—	$	—	$	561
U.K. government	—		95		—		—		95
Other government	—		491		—		—		491
Corporate	—		5,080		—		—		5,080
Municipal	—		211		—		—		211
Residential mortgage-backed	—		490		—		—		490
Commercial mortgage-backed	—		911		—		—		911
Asset-backed	—		765		—		—		765
Structured products	—		706		—		—		706

	$	—	$	9,310	$	—	$	—	$	9,310

Other assets included within funds held - directly managed	$	—	$	46	$	—	$	—	$	46
Equities:
Publicly traded equity investments	$	324	$	36	$	—	$	—	$	360
Exchange-traded funds	475		—		—		—		475
Privately held equity investments	—		—		327		37		364
	$	799	$	36	$	327	$	37	$	1,199
Other investments:

Hedge funds	$	—	$	—	$	—	$	476	$	476
Fixed income funds	—		158		—		437		595
Equity funds	—		3		—		—		3
Private equity funds	—		—		—		1,247		1,247
CLO equities	—		144		—		—		144
CLO equity funds	—		—		—		208		208
Private credit funds	—		—		—		345		345
Real estate debt fund	—		—		—		185		185


	$	—	$	305	$	—	$	2,898	$	3,203
Total Investments	$	799	$	9,697	$	327	$	2,935	$	13,758
Cash and cash equivalents:	$	355	$	303	$	—	$	—	$	658
Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	287	$	—	$	287

Funds held by reinsured companies:	$	—	$	—	$	27	$	—	$	27

Other Assets:
Derivatives qualifying as hedging	$	—	$	30	$	—	$	—	$	30
Derivatives not qualifying as hedging	—		7		—		—		7
Derivative instruments	$	—	$	37	$	—	$	—	$	37

Losses and LAE:	$	—	$	—	$	1,286	$	—	$	1,286

Other Liabilities:

Derivatives not qualifying as hedging	$	—	$	7	$	—	$	—	$	7
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 September 30, 2022		Three Months Ended September 30, 2021
	Privately-held Equities	Total	Privately-held Equities		Total

			(in millions of U.S. dollars)
Beginning fair value			$	328	$	328	$	349	$	349
Purchases			—		—		4		4

Total unrealized losses (1)			(1)		(1)		7		7


Ending fair value			$	327	$	327	$	360	$	360


			Nine Months Ended September 30, 2022			Nine Months Ended September 30, 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			—			—		81		—		81
Sales and paydowns			(15)			(15)		—		(10)		(10)
Total unrealized (losses) gains (1)			(5)			(5)		4		—		4


Ending fair value			$	327		$	327	$	360	$	—	$	360

(1) Net unrealized losses included in our condensed consolidated statements of earnings is equal to the change in unrealized losses (gains) 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 September 30,
	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	$	1,499	$	327	$	1,172	$	2,235	$	493	$	1,742

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	2		(5)		7		4		(1)		5
Reduction in provisions for ULAE	(4)		—		(4)		(5)		—		(5)
Changes in fair value due to changes in:
Average payout	10		3		7		3		1		2
Corporate bond yield	(107)		(18)		(89)		(16)		(4)		(12)
Total change in fair value	(97)		(15)		(82)		(13)		(3)		(10)
Total incurred losses and LAE	(99)		(20)		(79)		(14)		(4)		(10)
Paid losses	(38)		(9)		(29)		(76)		(12)		(64)
Effect of exchange rate movements	(76)		(11)		(65)		(37)		(6)		(31)
Ending fair value	$	1,286	$	287	$	999	$	2,108	$	471	$	1,637


	Nine Months Ended September 30,
	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 in estimates of ultimate losses	(25)		(19)		(6)		(8)		6		(14)
Reduction in unallocated LAE	(14)		—		(14)		(12)		—		(12)
Change in fair value due to changes in :
Average payout	31		6		25		11		3		8
Corporate bond yield	(311)		(58)		(253)		(94)		(18)		(76)
Total change in fair value	(280)		(52)		(228)		(83)		(15)		(68)
Total incurred losses and LAE	(319)		(71)		(248)		(103)		(9)		(94)
Paid losses	(201)		(49)		(152)		(211)		(35)		(176)
Effect of exchange rate movements	(183)		(25)		(158)		(31)		(6)		(25)
Ending fair value	$	1,286	$	287	$	999	$	2,108	$	471	$	1,637

Valuation Inputs and Techniques

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2022

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Guideline company methodology

220

Distribution waterfall

12.37 - 12.38

Dividend discount model;
Guideline companies method

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

327

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

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2022

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected loss payments

5.20%

$1.5 billion

Reconciliation for Liabilities Measured at Fair Value on a Recurring Basis

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


	Three Months Ended September 30,
	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	$	1,499	$	327	$	1,172	$	2,235	$	493	$	1,742

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	2		(5)		7		4		(1)		5
Reduction in provisions for ULAE	(4)		—		(4)		(5)		—		(5)
Changes in fair value due to changes in:
Average payout	10		3		7		3		1		2
Corporate bond yield	(107)		(18)		(89)		(16)		(4)		(12)
Total change in fair value	(97)		(15)		(82)		(13)		(3)		(10)
Total incurred losses and LAE	(99)		(20)		(79)		(14)		(4)		(10)
Paid losses	(38)		(9)		(29)		(76)		(12)		(64)
Effect of exchange rate movements	(76)		(11)		(65)		(37)		(6)		(31)
Ending fair value	$	1,286	$	287	$	999	$	2,108	$	471	$	1,637


	Nine Months Ended September 30,
	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 in estimates of ultimate losses	(25)		(19)		(6)		(8)		6		(14)
Reduction in unallocated LAE	(14)		—		(14)		(12)		—		(12)
Change in fair value due to changes in :
Average payout	31		6		25		11		3		8
Corporate bond yield	(311)		(58)		(253)		(94)		(18)		(76)
Total change in fair value	(280)		(52)		(228)		(83)		(15)		(68)
Total incurred losses and LAE	(319)		(71)		(248)		(103)		(9)		(94)
Paid losses	(201)		(49)		(152)		(211)		(35)		(176)
Effect of exchange rate movements	(183)		(25)		(158)		(31)		(6)		(25)
Ending fair value	$	1,286	$	287	$	999	$	2,108	$	471	$	1,637

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

September 30, 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)

7.86 years

7.95 years

Internal model

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

7.84 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:


	September 30, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	448
3.10% Senior Notes due 2031	495		353
Total Senior Notes	$	991	$	801
5.75% Junior Subordinated Notes due 2040	$	345	$	317
5.50% Junior Subordinated Notes due 2042	493		400
5.50% Enhanzed Re's Subordinated Notes due 2031	76		59
Total Subordinated Notes	$	914	$	776

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
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-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2022						December 31, 2021
	Fair Value		Unfunded Commitments		Maximum Exposure to Loss		Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	5	$	—	$	5	$	64	$	—	$	64
Other investments
Hedge funds	$	470	$	—	$	470	$	291	$	45	$	336
Fixed income funds	285		42		327		171		36		207
Private equity funds	1,192		891		2,083		697		930		1,627
CLO equity funds	208		—		208		207		31		238
Private credit funds	59		160		219		14		166		180
Real estate funds	185		541		726		69		418		487

Total	$	2,399	$	1,634	$	4,033	$	1,449	$	1,626	$	3,075
Total investments in nonconsolidated VIEs	$	2,404	$	1,634	$	4,038	$	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)

9 Months Ended

Sep. 30, 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 interests (“RNCI”):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars)
Balance at beginning of period	$	174	$	177	$	179	$	365

Distributions paid	—		—		—		(202)
Net (loss) earnings attributable to RNCI	(5)		4		(5)		18
Change in unrealized losses on AFS investments attributable to RNCI	(3)		(1)		(8)		(1)
Change in currency translation adjustments attributable to RNCI	—		1		—		2

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

Balance as of September 30	$	166	$	181	$	166	$	181

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 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 (1)	58,207	—	—	58,207
Shares repurchased (2)	(697,580)	—	—	(697,580)
Balance as of September 30, 2022	15,986,489	1,192,941	404,771	17,584,201

(1) Ordinary Shares issued in relation to share-based compensation plan awards and the Employee Share Purchase Plan.

(2) 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 under our share repurchase programs:


	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in millions of U.S. dollars, except share and per share data)
Ordinary shares repurchased	—		45,311		697,580		93,678
Average price per ordinary share	$	—	$	236.46	$	233.92	$	236.42
Aggregate price	$	—	$	11	$	163	$	22

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
	September 30,
	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	$	(208)	$	4	$	(204)	$	(27)	$	1	$	(26)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	(3)		—		(3)		(2)		—		(2)
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	27		—		27		(2)		—		(2)

Change in currency translation adjustment	—		—		—		1		—		1

Decrease in defined benefit pension liability	(2)		—		(2)		—		—		—
Other comprehensive loss	$	(186)	$	4	$	(182)	$	(30)	$	1	$	(29)


	Nine Months Ended
	September 30,
	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	$	(763)	$	9	$	(754)	$	(84)	$	4	$	(80)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	29		—		29		5		—		5
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	58		—		58		(4)		—		(4)
Reclassification to earnings on disposal of subsidiary	—		—		—		1		—		1
Change in currency translation adjustment	2		—		2		2		—		2

Decrease in defined benefit pension liability	(2)		—		(2)		—		—		—
Other comprehensive loss	$	(676)	$	9	$	(667)	$	(80)	$	4	$	(76)

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	September 30, 2022		September 30, 2021		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income AFS investments	$	(24)	$	4	Net realized (losses) gains





Total reclassifications for the period, net of tax	$	(24)	$	4


	Nine Months Ended
Details about AOCI components	September 30, 2022		September 30, 2021		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed income AFS investments	$	(87)	$	(2)	Net realized (losses) gains





Total reclassifications for the period, net of tax	$	(87)	$	(2)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net (loss) earnings attributable to Enstar ordinary shareholders:	$	(444)	$	(196)	$	(1,219)	$	365

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	17,013,348		18,349,483		17,269,870		20,502,755
Effect of dilutive securities:
Share-based compensation plans (2)	113,532		198,885		112,708		210,226
Warrants (3)	—		—		—		80,659

Weighted-average ordinary shares outstanding — diluted (4)	17,126,880		18,548,368		17,382,578		20,793,640

(Loss) earnings per share attributable to Enstar ordinary shareholders:
Basic	$	(26.10)	$	(10.68)	$	(70.59)	$	17.78



Diluted (4)	$	(26.10)	$	(10.68)	$	(70.59)	$	17.53

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Related Party Transactions


As of September 30, 2022	Stone Point (1) (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other (3)
	(in millions of U.S. dollars)
Assets
Short-term investments, AFS, at fair value	$	1	$	11	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	95		142		—		—		—		—		—
Fixed maturities, AFS, at fair value	441		—		—		—		—		—		—
Equities, at fair value	149		37		—		220		—		—		—
Other investments, at fair value	530		12		—		—		—		—		1,778
Equity method investments	—		—		174		—		58		220		16
Total investments	1,216		202		174		220		58		220		1,794
Cash and cash equivalents	30		15		—		—		—		—		—
Restricted cash and cash equivalents	—		2		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		36		—		—		—		2		—
Funds held by reinsured company	—		23		—		—		—		28		—
Other assets	3		31		—		—		—		7		—
Liabilities
Losses and LAE	—		186		—		—		—		375		—

Insurance and reinsurance balances payable	—		23		—		—		—		28		—
Other liabilities	1		64		—		—		—		—		—
Net assets (liabilities)	$	1,248	$	36	$	174	$	220	$	58	$	(146)	$	1,794
Redeemable noncontrolling interests	$	159	$	—	$	—	$	—	$	—	$	—	$	—

(2) As of September 30, 2022, we had unfunded commitments of $160 million to other investments, and $15 million to privately held equity 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 interests	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	Three Months Ended
	September 30, 2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	1	$	—	$	—	$	—	$	—	$	—

Net investment income	4		2		—		2		—		—		—

Net unrealized losses	(17)		(4)		—		(2)		—		—		(33)
Other income	—		2		—		—		—		2		—
Total (loss) income	(13)		1		—		—		—		2		(33)

EXPENSES
Net incurred losses and LAE	—		3		—		—		—		(1)		—
Acquisition costs	—		(2)		—		—		—		—		—
General and administrative expenses	—		—		—		—		—		—		—


Total expenses	—		1		—		—		—		(1)		—

Losses from equity method investments	—		—		(16)		—		—		(4)		—
Total net (loss) earnings	$	(13)	$	—	$	(16)	$	—	$	—	$	(1)	$	(33)


	Three Months Ended
	September 30, 2021
	Stone Point		AnglePoint HK(1)		Northshore		Monument		AmTrust		Citco		Enhanzed Re(2)		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	13	$	—	$	—	$	—	$	—	$	5	$	—

Net investment income	4		13		—		—		2		—		(2)		—		(1)

Net unrealized gains (losses)	23		(285)		(1)		—		(2)		—		—		—		16
Other income	—		—		(2)		—		—		—		—		2		—
Total income (loss)	27		(272)		10		—		—		—		(2)		7		15

EXPENSES
Net incurred losses and LAE	—		—		5		—		—		—		1		12		—
Acquisition costs	—		—		3		—		—		—		(1)		1		—
General and administrative expenses	—		—		2		—		—		—		—		—		—
Net foreign exchange losses	—		—		—		—		—		—		—		—		—

Total expenses	—		—		10		—		—		—		—		13		—

Earnings (losses) from equity method investments	—		—		—		2		—		1		(22)		5		—
Total net earnings (loss)	$	27	$	(272)	$	—	$	2	$	—	$	1	$	(24)	$	(1)	$	15

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


	Nine Months Ended
	September 30, 2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	8	$	—	$	—	$	—	$	—	$	—

Net investment income	11		8		—		5		—		—		—

Net unrealized losses	(73)		(12)		—		(5)		—		—		(72)
Other income	—		4		—		—		—		7		—
Total (loss) income	(62)		8		—		—		—		7		(72)

EXPENSES
Net incurred losses and LAE	—		8		—		—		—		(9)		—
Acquisition costs	—		—		—		—		—		—		—
General and administrative expenses	—		—		—		—		—		—		—

Total expenses	—		8		—		—		—		(9)		—

Earnings (losses) from equity method investments	—		—		15		—		2		(5)		—
Total net (loss) earnings	$	(62)	$	—	$	15	$	—	$	2	$	11	$	(72)


	Nine Months Ended
	September 30, 2021
	Stone Point		Hillhouse (1)		AnglePoint HK(2)		Northshore		Monument		AmTrust		Citco		Enhanzed Re(3)		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	—	$	50	$	—	$	—	$	—	$	(2)	$	8	$	—

Net investment income	9		—		(7)		1		—		5		—		(4)		—		2
Net realized gains	—		77		—		—		—		—		—		—		—		—
Net unrealized gains (losses)	70		20		(68)		(2)		—		(5)		—		—		—		72
Other income	—		—		—		(11)		—		—		—		2		11		—
Total income (loss)	79		97		(75)		38		—		—		—		(4)		19		74

EXPENSES
Net incurred losses and LAE	—		—		—		20		—		—		—		—		3		—
Acquisition costs	—		—		—		13		—		—		—		(1)		(2)		—
General and administrative expenses	—		—		—		5		—		—		—		—		—		—


Total expenses	—		—		—		38		—		—		—		(1)		1		—

Earnings (losses) from equity method investments	—		—		—		—		19		—		2		82		(2)		—
Total net earnings (loss)	$	79	$	97	$	(75)	$	—	$	19	$	—	$	2	$	79	$	16	$	74

Change in unrealized losses on AFS investments	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—

(3) 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)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME
Total income	$ (466)	$ (71)	$ (1,242)	$ 635
(Losses) earnings from equity method investments	(20)	(14)	12	101
Net gain on sale of subsidiaries	0	47	0	62
Net incurred losses and loss adjustment expenses (“LAE”)	96	27	292	43
General and administrative expenses	(67)	(93)	(235)	(269)
Interest expense	(23)	(18)	(71)	(51)
Net foreign exchange gains	17	2	27	9
Income tax expense	(8)	(10)	(4)	(13)
Net loss (earnings) attributable to noncontrolling interests	43	1	74	(13)
Dividends on preferred shares	(9)	(9)	(27)	(27)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(444)	(196)	(1,219)	365
Operating Segments
INCOME
Total income	(459)	(119)	(1,252)	583
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(481)	(156)	(1,208)	508
Operating Segments \| Run-off
INCOME
Total income	3	51	46	202
Net (loss) earnings attributable to Enstar Ordinary Shareholders	19	47	116	89
Accelerated amortization and other adjustments relating to PPD	19	11	115	22
Operating Segments \| Assumed Life
INCOME
Total income	2	0	17	0
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(7)	0	15	0
Operating Segments \| Investments
INCOME
Total income	(464)	(181)	(1,323)	342
Net (loss) earnings attributable to Enstar Ordinary Shareholders	(493)	(203)	(1,339)	419
Operating Segments \| Legacy Underwriting
INCOME
Total income	0	11	8	39
Net (loss) earnings attributable to Enstar Ordinary Shareholders	0	0	0	0
Corporate and other
INCOME
Total income	(7)	48	10	52
Other (expense) income	(7)	1	10	(10)
Net gain on sale of subsidiaries	0	47	0	62
Net incurred losses and loss adjustment expenses (“LAE”)	46	(19)	72	0
General and administrative expenses	(22)	(35)	(92)	(100)
Interest expense	(23)	(18)	(71)	(51)
Net foreign exchange gains	17	2	27	9
Income tax expense	(8)	(10)	(4)	(13)
Net loss (earnings) attributable to noncontrolling interests	43	1	74	(13)
Dividends on preferred shares	(9)	(9)	(27)	(27)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	$ 37	$ (40)	$ (11)	$ (143)

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
One year or less	$ 344
More than one year through five years	3,192
More than five years through ten years	2,349
More than ten years	2,982
Fixed maturity investments, at amortized cost	11,236
Fair Value
One year or less	331
More than one year through five years	2,844
More than five years through ten years	1,896
More than ten years	2,073
Fair Value	$ 9,310	$ 12,254
% of Total Fair Value
One year or less	3.60%
More than one year through five years	30.40%
More than five years through ten years	20.40%
More than ten years	22.30%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 552
Fair Value
Securities without single maturity date	490
Fair Value	$ 490	610
% of Total Fair Value
Securities without single maturity date	5.30%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 1,001
Fair Value
Securities without single maturity date	911
Fair Value	$ 911	1,074
% of Total Fair Value
Securities without single maturity date	9.80%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 816
Fair Value
Securities without single maturity date	765
Fair Value	$ 765	$ 944
% of Total Fair Value
Securities without single maturity date	8.20%

Investments - AFS - Unrealized Gains and Losses (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,633		$ 5,723
Gross Unrealized Gains	5		38
Non-Credit Related Losses	(726)		(65)
Allowance for Credit Losses	(35)	$ (42)	(10)	$ (5)	$ (7)	$ 0
Fair Value	4,877		5,686
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	390		463
Gross Unrealized Gains	0		1
Non-Credit Related Losses	(32)		(5)
Allowance for Credit Losses	0		0
Fair Value	358		459
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35		10
Gross Unrealized Gains	0		0
Non-Credit Related Losses	(5)		0
Allowance for Credit Losses	0		0
Fair Value	30		10
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	151		127
Gross Unrealized Gains	0		2
Non-Credit Related Losses	(21)		(1)
Allowance for Credit Losses	0		0
Fair Value	130		128
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,389		3,384
Gross Unrealized Gains	4		29
Non-Credit Related Losses	(503)		(45)
Allowance for Credit Losses	(35)	$ (42)	(10)	(5)	(6)	0
Fair Value	2,855		3,358
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	123		129
Gross Unrealized Gains	0		1
Non-Credit Related Losses	(22)		(2)
Allowance for Credit Losses	0		0
Fair Value	101		128
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	383		394
Gross Unrealized Gains	0		1
Non-Credit Related Losses	(48)		(4)
Allowance for Credit Losses	0		0
Fair Value	335		391
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	594		566
Gross Unrealized Gains	1		3
Non-Credit Related Losses	(60)		(7)
Allowance for Credit Losses	0		0	$ 0	$ (1)	$ 0
Fair Value	535		562
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	568		650
Gross Unrealized Gains	0		1
Non-Credit Related Losses	(35)		(1)
Allowance for Credit Losses	0		0
Fair Value	$ 533		$ 650

Investments - AFS - Gross Unrealized Losses (Details) $ in Millions	Sep. 30, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Fair Value
12 Months or Greater	$ 1,550	$ 60
Less Than 12 Months	3,267	3,296
Total	4,817	3,356
Gross Unrealized Losses
12 Months or Greater	(273)	(2)
Less Than 12 Months	(453)	(37)
Total	$ (726)	$ (39)
Number of securities classified as available-for-sale in an unrealized loss position \| Security	2,858	2,930
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| Security	620	93
U.S. government and agency
Fair Value
12 Months or Greater	$ 168	$ 22
Less Than 12 Months	186	373
Total	354	395
Gross Unrealized Losses
12 Months or Greater	(14)	(1)
Less Than 12 Months	(18)	(4)
Total	(32)	(5)
U.K. government
Fair Value
12 Months or Greater	4	0
Less Than 12 Months	26	5
Total	30	5
Gross Unrealized Losses
12 Months or Greater	(2)	0
Less Than 12 Months	(3)	0
Total	(5)	0
Other government
Fair Value
12 Months or Greater	20	0
Less Than 12 Months	105	46
Total	125	46
Gross Unrealized Losses
12 Months or Greater	(4)	0
Less Than 12 Months	(17)	(1)
Total	(21)	(1)
Corporate
Fair Value
12 Months or Greater	952	11
Less Than 12 Months	1,877	1,545
Total	2,829	1,556
Gross Unrealized Losses
12 Months or Greater	(191)	0
Less Than 12 Months	(312)	(19)
Total	(503)	(19)
Municipal
Fair Value
12 Months or Greater	32	0
Less Than 12 Months	68	77
Total	100	77
Gross Unrealized Losses
12 Months or Greater	(6)	0
Less Than 12 Months	(16)	(2)
Total	(22)	(2)
Residential mortgage-backed
Fair Value
12 Months or Greater	95	6
Less Than 12 Months	238	315
Total	333	321
Gross Unrealized Losses
12 Months or Greater	(19)	0
Less Than 12 Months	(29)	(4)
Total	(48)	(4)
Commercial mortgage-backed
Fair Value
12 Months or Greater	180	21
Less Than 12 Months	348	419
Total	528	440
Gross Unrealized Losses
12 Months or Greater	(30)	(1)
Less Than 12 Months	(30)	(6)
Total	(60)	(7)
Asset-backed
Fair Value
12 Months or Greater	99	0
Less Than 12 Months	419	516
Total	518	516
Gross Unrealized Losses
12 Months or Greater	(7)	0
Less Than 12 Months	(28)	(1)
Total	$ (35)	$ (1)

Investments - AFS - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (42)	$ (7)	$ (10)	$ 0
Allowances for credit losses on securities for which credit losses were not previously recorded	(2)	0	(30)	(13)
Reductions for securities sold during the period	4	0	4	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	5	2	1	8
Allowance for credit losses, end of period	(35)	(5)	(35)	(5)
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(42)	(6)	(10)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(2)	0	(30)	(12)
Reductions for securities sold during the period	4	0	4	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	5	1	1	7
Allowance for credit losses, end of period	(35)	(5)	(35)	(5)
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period		(1)	0	0
Allowances for credit losses on securities for which credit losses were not previously recorded		0		(1)
Reductions for securities sold during the period		0		0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period		1		1
Allowance for credit losses, end of period	$ 0	$ 0	$ 0	$ 0

Investments - Equity Investments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 1,199	$ 1,995
Equity investments in common and preferred stocks \| Publicly traded
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	360	281
Equity investments in common and preferred stocks \| Privately held
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	364	372
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 475	$ 1,342

Investments - Other Investments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other Investments [Line Items]
Other investments	$ 3,203	$ 2,333
Hedge funds
Other Investments [Line Items]
Other investments	476	291
Fixed income funds
Other Investments [Line Items]
Other investments	595	573
Private equity funds
Other Investments [Line Items]
Other investments	1,247	752
Private credit funds
Other Investments [Line Items]
Other investments	345	275
Equity funds
Other Investments [Line Items]
Other investments	3	5
CLO equity funds
Other Investments [Line Items]
Other investments	208	207
CLO equities
Other Investments [Line Items]
Other investments	144	161
Real estate funds
Other Investments [Line Items]
Other investments	$ 185	$ 69

Investments - Funds Held Directly Managed Components (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Debt and Equity Securities, FV-NI [Line Items]
Cash and cash equivalents	$ 923	$ 1,646	$ 1,587
Other assets	624	620
Funds held - directly managed	2,150	3,007
Funds held - directly managed
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturities, trading, at fair value	2,104	2,806
Cash and cash equivalents	34	188
Other assets	12	13
Funds held - directly managed	$ 2,150	$ 3,007

Investments - Funds Held Directly Managed - Fixed Maturity Components (Details) - Funds held - directly managed - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	$ 2,743	$ 2,815
Net unrealized (losses) gains:
Change in fair value - embedded derivatives	(479)	14
Change in fair value	(160)	(23)
Fixed maturities, trading, at fair value	$ 2,104	$ 2,806

Investments - Funds Held by Reinsured Companies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Funds held by reinsured companies	$ 3,727		$ 2,340
Embedded derivative		$ 27

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Investment Income [Line Items]
Gross investment income	$ 120	$ 82	$ 321	$ 250
Investment expenses	(4)	11	(19)	(19)
Net investment income	116	93	302	231
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	98	70	258	209
Fixed maturity investments
Net Investment Income [Line Items]
Gross investment income	60	46	167	139
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	2	(1)	4	(1)
Funds held by reinsured companies
Net Investment Income [Line Items]
Gross investment income	17	16	49	48
Funds held - directly managed
Net Investment Income [Line Items]
Gross investment income	19	9	38	23
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	22	12	63	41
Equity investments
Net Investment Income [Line Items]
Gross investment income	11	3	30	14
Other investments
Net Investment Income [Line Items]
Gross investment income	$ 11	$ 9	$ 33	$ 27

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$ 3	$ 5	$ 5	$ 13
Gross realized losses on fixed maturity securities, AFS	(29)	(2)	(63)	(9)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	3	3	(30)	(4)
Net (losses) gains recognized on equity securities sold during the period	(11)	0	(21)	1
Net realized investment losses on investment derivatives	(2)	0	(2)	0
Net realized (losses) gains	(36)	6	(111)	1
Net unrealized (losses) gains:
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	(82)	(96)	(284)	157
Investment derivatives	(4)	(126)	(20)	(119)
Total net unrealized losses	(546)	(280)	(1,518)	110
Net realized and unrealized losses	(582)	(274)	(1,629)	111
Sales of available-for-sale securities	409	854	1,400	2,100
Fixed maturity securities
Net unrealized (losses) gains:
Fixed maturity securities	(157)	(63)	(556)	(127)
Funds held - directly managed
Net unrealized (losses) gains:
Fixed maturity securities	(238)	(30)	(517)	(55)
Other investments
Net unrealized (losses) gains:
Other investments	$ (65)	$ 35	$ (141)	$ 254

Investments - Restricted Assets (Details) $ in Millions	9 Months Ended
Investments - Restricted Assets (Details) $ in Millions	Sep. 30, 2022 USD ($) syndicate	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 434	$ 446	$ 448
Collateral in trust for third party agreements	4,810	6,100
Assets on deposit with regulatory authorities	158	196
Funds at Lloyd's	442	431
Restricted assets, total	$ 5,492	6,821
Number of syndicates \| syndicate	2
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 82	$ 94

Derivatives and Hedging Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Gross Notional Amount	$ 668	$ 1,133
Assets	37	2
Liabilities	7	17
Derivatives qualifying as hedging \| Foreign currency forward contracts
Derivative [Line Items]
Gross Notional Amount	479	618
Assets	30	0
Liabilities	0	7
Derivatives not qualifying as hedging \| Foreign currency forward contracts
Derivative [Line Items]
Gross Notional Amount	183	498
Assets	7	2
Liabilities	7	0
Derivatives not qualifying as hedging \| Others
Derivative [Line Items]
Gross Notional Amount	6	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives qualifying as hedging
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 39	$ 16	$ 91	$ 22
Derivatives not qualifying as hedging
Derivative [Line Items]
Derivatives not designated as hedging instruments	$ (5)	$ 0	$ (15)	$ (3)

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	$ 13,641	$ 13,038	$ 13,258	$ 10,593
Losses and LAE relating to SGL No. 1	0	0	0	255
Gross balance as of beginning of period	13,641	13,038	13,258	10,848
Reinsurance reserves recoverable	(1,117)	(1,788)	(1,332)	(1,830)
Reinsurance reserves recoverable relating to SGL No 1	0	0	0	(90)
Deferred charge assets (“DCAs”) on retroactive reinsurance	(286)	(415)	(371)	(219)
Net balance as of beginning of period	12,238	10,835	11,555	8,709
Current period:
Increase in estimates of net ultimate losses	12	42	37	143
Increase in provisions for ULAE	1	0	2	3
Total current period	13	42	39	146
Prior periods:
Reduction in estimates of net ultimate losses	(48)	(74)	(209)	(143)
Reduction in provisions for ULAE	(15)	(14)	(50)	(46)
Amortization of DCAs	32	24	145	55
Amortization of fair value adjustments	4	5	11	13
Changes in fair value - fair value option	(82)	(10)	(228)	(68)
Net incurred losses and LAE, prior period	(109)	(69)	(331)	(189)
Total net incurred losses and loss adjustment expenses	(96)	(27)	(292)	(43)
Net paid losses:
Current period	(2)	(3)	(3)	(16)
Prior periods	(450)	(289)	(1,277)	(980)
Total net paid losses	(452)	(292)	(1,280)	(996)
Other changes:
Effect of exchange rate movement	(196)	(59)	(371)	(65)
Acquired business	0	1,099	0	1,099
Assumed business	70	470	1,952	3,350
Ceded business	0	(63)	0	(91)
Total other changes	(126)	1,447	1,581	4,293
Net balance as of September 30	11,564	11,963	11,564	11,963
Reinsurance reserves recoverable	1,016	1,481	1,016	1,481
DCAs on retroactive reinsurance	255	434	255	434
Balance as of September 30	12,835	13,878	12,835	13,878
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses	11,549		11,549		$ 11,269
Losses and loss adjustment expenses, at fair value	1,286		1,286		1,989
Total losses and loss adjustment expenses	12,835	13,878	12,835	13,878	13,258
Reinsurance balances recoverable on paid and unpaid losses	886		886		1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	287		287		432
Total reinsurance balances recoverable on paid and unpaid losses	1,173		1,173		1,517
Paid losses recoverable	(157)		(157)		(185)
Reinsurance reserves recoverable	1,016	1,481	1,016	1,481	$ 1,332
DCAs on assumed business	$ 1	$ 24	$ 29	$ 253

Losses and Loss Adjustment Expenses - Prior Period Development (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (48)	$ (74)	$ (209)	$ (143)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(46)	(72)	(183)	(139)
Run-off \| Asbestos
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(8)	1	(7)	0
Run-off \| Environmental
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	3	4	1	4
Run-off \| General casualty
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	21	4	31	7
Run-off \| Workers' compensation
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(54)	(22)	(104)	(42)
Run-off \| Marine, aviation and transit
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(28)	(20)	(38)	(28)
Run-off \| Construction defect
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(3)	(15)	(10)	(12)
Run-off \| Professional indemnity/Directors and Officers
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(4)	0	(85)	(15)
Run-off \| Motor
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	19	(6)	20	(8)
Run-off \| Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	(18)	5	(38)
Run-off \| All Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	8	0	4	(7)
Assumed Life
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	0	(29)	0
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (2)	$ (2)	$ 3	$ (4)

Losses and Loss Adjustment Expenses - Amortization of DCAs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Insurance [Abstract]
Amortization of DCAs	$ 32	$ 24	$ 145	$ 55

Losses and Loss Adjustment Expenses - Change in Fair Value Option Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Insurance [Abstract]
Changes in fair value - fair value option	$ 82	$ 10	$ 228	$ 68

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Liability for Asbestos and Environmental Claims [Abstract]
Defendant asbestos liabilities	$ 799		$ 826
Defendant environmental liabilities	11		11
Estimated future expenses	36		37
Fair value adjustments	(229)		(236)
Defendant A&E liabilities	617	$ 620	638	$ 660	$ 678	$ 706
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2022 and 2021 - $5)	239		264
Fair value adjustments	(49)		(51)
Insurance balances recoverable	190	191	213	213	246	250
Net liabilities relating to defendant A&E exposures	427	$ 429	425	$ 447	$ 432	$ 456
Insurance balance recoverable, allowance for credit loss	$ 5		$ 5

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Liability for Asbestos and Environmental Claims [Roll Forward]
Balance as of beginning of period	$ 620	$ 678	$ 638	$ 706
Insurance balances recoverable	(191)	(246)	(213)	(250)
Net balance as of beginning of period	429	432	425	456
Total net recoveries (paid claims)	(3)	22	1	5
Amounts recorded in other income:
Reduction in estimates of ultimate net liabilities	0	(5)	(4)	(19)
Reduction in estimated future expenses	0	(1)	(1)	(4)
Amortization of fair value adjustments	1	(1)	6	9
Total other expense	1	(7)	1	(14)
Net balance as of September 30	427	447	427	447
Insurance balances recoverable	190	213	190	213
Balance as of September 30	$ 617	$ 660	$ 617	$ 660

Fair Value Measurements - Level 3 Reconciliation - Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments
Beginning fair value	$ 328	$ 349	$ 347	$ 285
Purchases	0	4	0	81
Sales and paydowns			(15)	(10)
Total unrealized (losses) gains	(1)	7	(5)	4
Ending fair value	327	360	327	360
Equity investments in common and preferred stocks \| Privately held
Investments
Beginning fair value	328	349	347	275
Purchases	0	4	0	81
Sales and paydowns			(15)	0
Total unrealized (losses) gains	(1)	7	(5)	4
Ending fair value	$ 327	360	$ 327	360
Other investments
Investments
Beginning fair value				10
Purchases				0
Sales and paydowns				(10)
Total unrealized (losses) gains				0
Ending fair value		$ 0		$ 0

Fair Value Measurements - Valuation Techniques (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 3,203	$ 2,333
Level 3 \| Equity investments in common and preferred stocks \| Privately held
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	327
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 220
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology \| Distribution waterfall \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	12.37
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology \| Distribution waterfall \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	12.38
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 80
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Multiple on Invested capital \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.79
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Multiple on Invested capital \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.13
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.090
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	0.123
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Exit multiple \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.2
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Exit multiple \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.4
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Exit multiple \| Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments, measurement input	1.3
Level 3 \| Equity investments in common and preferred stocks \| Privately held \| Cost as approximation of fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other investments	$ 27

Fair Value Measurements - Funds Held By Reinsured Companies - Embedded Derivative (Details) $ in Millions	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative		$ 27
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative	$ 27
Average \| Significant Unobservable Inputs (Level 3) \| Volatility rate \| Monte Carlo simulation model; Discounted cash flow analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	0.0520
Average \| Significant Unobservable Inputs (Level 3) \| Expected loss payments \| Monte Carlo simulation model; Discounted cash flow analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input	1,500

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reinsurance balances recoverable
Beginning fair value	$ 328	$ 349	$ 347	$ 285
Incurred losses and LAE:
Total change in fair value	(1)	7	(5)	4
Ending fair value	327	360	327	360
Net
Beginning fair value	1,172	1,742	1,557	1,932
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	7	5	(6)	(14)
Reduction in provisions for ULAE	(4)	(5)	(14)	(12)
Total change in fair value	(82)	(10)	(228)	(68)
Total incurred losses and LAE	(79)	(10)	(248)	(94)
Paid losses	(29)	(64)	(152)	(176)
Effect of exchange rate movements	(65)	(31)	(158)	(25)
Ending fair value	999	1,637	999	1,637
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	327	493	432	521
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(5)	(1)	(19)	6
Reduction in provisions for ULAE	0	0	0	0
Total change in fair value	(15)	(3)	(52)	(15)
Total incurred losses and LAE	(20)	(4)	(71)	(9)
Paid losses	(9)	(12)	(49)	(35)
Effect of exchange rate movements	(11)	(6)	(25)	(6)
Ending fair value	287	471	287	471
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	1,499	2,235	1,989	2,453
Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	2	4	(25)	(8)
Reduction in provisions for ULAE	(4)	(5)	(14)	(12)
Total change in fair value	(97)	(13)	(280)	(83)
Total incurred losses and LAE	(99)	(14)	(319)	(103)
Paid losses	(38)	(76)	(201)	(211)
Effect of exchange rate movements	(76)	(37)	(183)	(31)
Ending fair value	1,286	2,108	1,286	2,108
Average payout
Incurred losses and LAE:
Total change in fair value	7	2	25	8
Average payout \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	3	1	6	3
Average payout \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	10	3	31	11
Corporate bond yield
Incurred losses and LAE:
Total change in fair value	(89)	(12)	(253)	(76)
Corporate bond yield \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	(18)	(4)	(58)	(18)
Corporate bond yield \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	$ (107)	$ (16)	$ (311)	$ (94)

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	9 Months Ended	12 Months Ended
	Sep. 30, 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 10 months 9 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	7 years 10 months 2 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 - Senior and Subordinated Notes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jan. 14, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,905		$ 1,691
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	991
Fair Value	801
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	914
Fair Value	$ 776
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	$ 496
Fair Value	$ 448
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
Fair Value	$ 353
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
Fair Value	$ 317
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
Fair Value	$ 400
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
Fair Value	$ 59

Variable Interest Entities - InRe Fund (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Net realized and unrealized gains (losses)	$ (582)	$ (274)	$ (1,629)	$ 111
Net cash provided by (used in) operating activities			340	3,858
Net cash provided by (used in) investing activities			$ (1,064)	(2,051)
InRe Fund
Variable Interest Entity [Line Items]
Amount redeemed					$ 2,700
Net investment incomes (expenses) of the InRe Fund		13		(7)
Net realized and unrealized gains (losses)		$ (285)		8
Net cash provided by (used in) operating activities				2,400
Net cash provided by (used in) investing activities				$ 574

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Fair Value	$ 2,404	$ 1,513
Unfunded Commitments	1,634	1,626
Maximum Exposure to Loss	4,038	3,139
Other investments
Variable Interest Entity [Line Items]
Fair Value	2,399	1,449
Unfunded Commitments	1,634	1,626
Maximum Exposure to Loss	4,033	3,075
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	470	291
Unfunded Commitments	0	45
Maximum Exposure to Loss	470	336
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	285	171
Unfunded Commitments	42	36
Maximum Exposure to Loss	327	207
Private equity funds
Variable Interest Entity [Line Items]
Fair Value	1,192	697
Unfunded Commitments	891	930
Maximum Exposure to Loss	2,083	1,627
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	208	207
Unfunded Commitments	0	31
Maximum Exposure to Loss	208	238
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	59	14
Unfunded Commitments	160	166
Maximum Exposure to Loss	219	180
Real estate funds
Variable Interest Entity [Line Items]
Fair Value	185	69
Unfunded Commitments	541	418
Maximum Exposure to Loss	726	487
Publicly traded \| Equity investments
Variable Interest Entity [Line Items]
Fair Value	5	64
Unfunded Commitments	0	0
Maximum Exposure to Loss	$ 5	$ 64

Debt Obligations - New Debt Obligations (Details) $ in Millions			9 Months Ended
	Jan. 15, 2027	Jan. 14, 2022 USD ($)	Sep. 30, 2022 day
Junior Subordinated Debt \| 5.50% Junior Subordinated Notes due 2042
Line of Credit Facility [Line Items]
Principal		$ 500
Interest rate, initial period		5 years
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
Junior Subordinated Debt \| 5.50% Junior Subordinated Notes due 2042 \| Forecast
Line of Credit Facility [Line Items]
Interest rate reset period	5 years
Junior Subordinated Debt \| 5.50% Junior Subordinated Notes due 2042 \| 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

Debt Obligations - Amendment to Existing LOC Facility (Details) - Line of Credit - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Jun. 29, 2022
$365 million LOC Facility
Line of Credit Facility [Line Items]
Commitment			$ 250,000,000
Secured Operating Letter of Credit
Line of Credit Facility [Line Items]
Commitment	$ 35,000,000
Cash Collateralized Letter of Credit
Line of Credit Facility [Line Items]
Commitment	26,000,000
Letters of Credit \| $365 million LOC Facility
Line of Credit Facility [Line Items]
Commitment		$ 365,000,000
Increase in borrowing capacity		$ 115,000,000
Letters of Credit \| $65 million LOC Facility
Line of Credit Facility [Line Items]
Commitment	$ 65,000,000

Noncontrolling Interests - Carrying Amount of Equity Attributable to Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 174	$ 177	$ 179	$ 365
Distributions paid	0	0	0	(202)
Net (loss) earnings attributable to RNCI	(5)	4	(5)	18
Change in unrealized losses on AFS investments attributable to RNCI	(3)	(1)	(8)	(1)
Change in currency translation adjustments attributable to RNCI	0	1	0	2
Change in redemption value of RNCI	0	0	0	(1)
Balance as of September 30	$ 166	$ 181	$ 166	$ 181

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling interest	$ 98	$ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

Shareholders' Equity - Schedule of Ordinary Shares (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	18,223,574
Shares issued (in shares)	58,207	89,590
Shares repurchased (in shares)	(697,580)
Ending balance (in shares)	17,584,201
Voting Ordinary Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	16,625,862
Shares issued (in shares)	58,207
Shares repurchased (in shares)	(697,580)
Ending balance (in shares)	15,986,489
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)			697,580
Aggregate price			$ 163	$ 890
2021 And 2022 Share Repurchase Programs
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)	0	45,311	697,580	93,678
Average price per ordinary share (in dollars per share)	$ 0	$ 236.46	$ 233.92	$ 236.42
Aggregate price	$ 0	$ 11	$ 163	$ 22

Shareholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 05, 2022
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)				697,580
Aggregate price				$ 163,000,000	$ 890,000,000
Total dividends paid				$ 27,000,000	27,000,000
Affiliated Entity \| Hillhouse Affiliates
Class of Stock [Line Items]
Economic ownership, percentage	16.90%
Ownership percentage	9.40%
Voting Ordinary Shares
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)				697,580
Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)				0
Series E Preferred Shares
Class of Stock [Line Items]
Total dividends paid		$ 2,000,000	$ 2,000,000	$ 6,000,000	6,000,000
Series D Preferred Shares
Class of Stock [Line Items]
Total dividends paid		7,000,000	$ 7,000,000	21,000,000	$ 21,000,000
2022 Board Repurchase Program
Class of Stock [Line Items]
Repurchase authorized amount						$ 200,000,000
Remaining repurchase amount		$ 95,000,000		$ 95,000,000
Funds Managed By Hillhouse Group \| Affiliated Entity
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	3,749,400
Average price per ordinary share (in dollars per share)	$ 234.52
Aggregate price	$ 879,000,000
Funds Managed By Hillhouse Group \| Voting Ordinary Shares
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	1,747,840
Funds Managed By Hillhouse Group \| Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	1,496,321
Funds Managed By Hillhouse Group \| Series E Preferred Shares
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	505,239

Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss	$ (186)	$ (30)	$ (676)	$ (80)
Other comprehensive loss	4	1	9	4
Total other comprehensive loss	(182)	(29)	(667)	(76)
Unrealized (losses) gains on fixed income AFS investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on fixed income AFS investments arising during the period	(208)	(27)	(763)	(84)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	(3)	(2)	29	5
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	27	(2)	58	(4)
Reclassification to earnings on disposal of subsidiary			0	1
Before reclassifications, tax	4	1	9	4
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	0	0	0	0
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	0	0	0	0
Reclassification to earnings on disposal of subsidiary			0	0
Before reclassifications, net of tax amount	(204)	(26)	(754)	(80)
Reclassification adjustment for change in allowance for credit losses recognized in net (loss) earnings	(3)	(2)	29	5
Reclassification adjustment for net realized losses (gains) included in net (loss) earnings	27	(2)	58	(4)
Reclassification to earnings on disposal of subsidiary			0	1
Change in currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on fixed income AFS investments arising during the period	0	1	2	2
Before reclassifications, tax	0	0	0	0
Before reclassifications, net of tax amount	0	1	2	2
Decrease in defined benefit pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized losses on fixed income AFS investments arising during the period	(2)	0	(2)	0
Before reclassifications, tax	0	0	0	0
Before reclassifications, net of tax amount	$ (2)	$ 0	$ (2)	$ 0

Shareholders' Equity - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized (losses) gains	$ (582)	$ (274)	$ (1,629)	$ 111
Net (loss) earnings	(478)	(188)	(1,266)	405
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (loss) earnings	(24)	4	(87)	(2)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized (losses) gains on fixed income AFS investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized (losses) gains	$ (24)	$ 4	$ (87)	$ (2)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Numerator:
Net (loss) earnings attributable to Enstar ordinary shareholders:	$ (444)	$ (196)	$ (1,219)	$ 365
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	17,013,348	18,349,483	17,269,870	20,502,755
Effect of dilutive securities:
Share-based compensation plans (in shares)	113,532	198,885	112,708	210,226
Warrants (in shares)	0	0	0	80,659
Weighted-average ordinary shares outstanding — diluted (in shares)	17,126,880	18,548,368	17,382,578	20,793,640
(Loss) earnings per share attributable to Enstar ordinary shareholders:
Basic (in dollars per share)	$ (26.10)	$ (10.68)	$ (70.59)	$ 17.78
Diluted (in dollars per share)	$ (26.10)	$ (10.68)	$ (70.59)	$ 17.53
Number of shares called by warrants (in shares)		175,901		175,901
Shares issued (in shares)			58,207	89,590
Warrants outstanding (in shares)					0
Non-Voting Convertible Ordinary Series C Shares
(Loss) earnings per share attributable to Enstar ordinary shareholders:
Number of shares called by warrants (in shares)		175,901		175,901
Exercise price (in dollars per share)		$ 115.00		$ 115.00
Shares issued (in shares)			0	89,590

Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2022	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Hurdle rate (in dollars per share)	$ 315.53	$ 266.00
Incremental fair value	$ 15
Incremental fair value (in dollars per share)	$ 27.25

Income Taxation (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxation (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate expense (benefit)	(1.70%)	(5.50%)	(0.30%)	3.20%
Statutory rate	0.00%	0.00%	0.00%	0.00%
Increase in valuation allowance	$ 36,000,000		$ 78,000,000
Unrecognized tax benefits	$ 0		$ 0		$ 0

Related Party Transactions - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	May 10, 2022	Sep. 30, 2022	Jun. 30, 2022	May 09, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Investments, available-for-sale, at fair value		$ 4,877			$ 5,686
Equities, at fair value		1,199			1,995
Other investments, at fair value		3,203			2,333
Equity method investments		468			493
Total investments		14,226			17,276
Cash and cash equivalents		923			1,646	$ 1,587
Restricted cash and cash equivalents		434			446	448
Reinsurance balances recoverable on paid and unpaid losses		287			432
Funds held by reinsured companies		3,727			2,340
Other assets		624			620
LIABILITIES
Losses and LAE		12,835	$ 13,641		13,258	13,878	$ 13,038	$ 10,593
Insurance and reinsurance balances payable		154			254
Other liabilities		432			581
Redeemable noncontrolling interests		$ 166	$ 174		179	$ 181	$ 177	$ 365
Ordinary shares repurchased (in shares)		697,580
Short-term Investments
ASSETS
Investments, available-for-sale, at fair value		$ 9			34
Fixed maturities, trading, at fair value		14			6
Fixed maturity securities
ASSETS
Investments, available-for-sale, at fair value		4,868			5,652
Fixed maturities, trading, at fair value		2,315			3,756
Other investments
LIABILITIES
Unfunded investment commitments		1,800
Equity investments in common and preferred stocks \| Privately held
LIABILITIES
Unfunded investment commitments		$ 25
Affiliated Entity \| Stone Point \| Enstar
LIABILITIES
Number of shares owned (in shares)		1,546,196
Ownership percentage		9.70%
Affiliated Entity \| Stone Point
ASSETS
Equities, at fair value		$ 149			153
Other investments, at fair value		530			563
Total investments		1,216			1,170
Cash and cash equivalents		30			14
Other assets		3
LIABILITIES
Other liabilities		1
Net assets (liabilities)		1,248			1,184
Redeemable noncontrolling interests		159			172
Affiliated Entity \| Stone Point \| Short-term Investments
ASSETS
Investments, available-for-sale, at fair value		1
Affiliated Entity \| Stone Point \| Fixed maturity securities
ASSETS
Investments, available-for-sale, at fair value		441			332
Fixed maturities, trading, at fair value		95			122
Affiliated Entity \| Stone Point \| Other investments
LIABILITIES
Unfunded investment commitments		160
Affiliated Entity \| Stone Point \| Equity investments in common and preferred stocks \| Privately held
LIABILITIES
Unfunded investment commitments		15
Affiliated Entity \| AnglePoint HK
ASSETS
Other investments, at fair value					9
Total investments					9
LIABILITIES
Net assets (liabilities)					9
Affiliated Entity \| Northshore
ASSETS
Equities, at fair value		37			37
Other investments, at fair value		12			14
Total investments		202			232
Cash and cash equivalents		15			27
Restricted cash and cash equivalents		2			4
Reinsurance balances recoverable on paid and unpaid losses		36			63
Funds held by reinsured companies		23			35
Other assets		31			28
LIABILITIES
Losses and LAE		186			226
Insurance and reinsurance balances payable		23			63
Other liabilities		64			63
Net assets (liabilities)		36			37
Affiliated Entity \| Northshore \| Short-term Investments
ASSETS
Investments, available-for-sale, at fair value		11
Affiliated Entity \| Northshore \| Fixed maturity securities
ASSETS
Investments, available-for-sale, at fair value					1
Fixed maturities, trading, at fair value		142			180
Affiliated Entity \| Monument
ASSETS
Equity method investments		174			194
Total investments		174			194
LIABILITIES
Net assets (liabilities)		174			194
Affiliated Entity \| AmTrust
ASSETS
Equities, at fair value		220			224
Total investments		220			224
LIABILITIES
Net assets (liabilities)		220			224
Affiliated Entity \| Citco
ASSETS
Equity method investments		58			56
Total investments		58			56
LIABILITIES
Net assets (liabilities)		58			56
Affiliated Entity \| Core Specialty
ASSETS
Equity method investments		220			225
Total investments		220			225
Reinsurance balances recoverable on paid and unpaid losses		2			2
Funds held by reinsured companies		28			41
Other assets		7			13
LIABILITIES
Losses and LAE		375			504
Insurance and reinsurance balances payable		28			5
Net assets (liabilities)		(146)			(228)
Affiliated Entity \| Other
ASSETS
Other investments, at fair value		1,778			1,278
Equity method investments		16			18
Total investments		1,794			1,296
LIABILITIES
Net assets (liabilities)		$ 1,794			$ 1,296
Affiliated Entity \| Trident Public Entity LP
LIABILITIES
Ordinary shares repurchased (in shares)	89,790
Aggregate purchase price of shares repurchased	$ 20
Average price per ordinary share (in dollars per share)				$ 222.74
Ordinary shares repurchased, discount percentage				5.00%

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 21, 2021
INCOME
Net premiums earned	$ 4	$ 52	$ 52	$ 204
Net investment income	116	93	302	231
Net realized gains			(111)	1
EXPENSES
Net incurred losses and LAE	(96)	(27)	(292)	(43)
Acquisition costs	0	11	20	50
General and administrative expenses	67	93	235	269
Net foreign exchange gains	(17)	(2)	(27)	(9)
(Losses) earnings from equity method investments	(20)	(14)	12	101
NET (LOSS) EARNINGS	(478)	(188)	(1,266)	405
Change in unrealized losses on AFS investments	(180)	(30)	(667)	(78)
Affiliated Entity \| Stone Point
INCOME
Net investment income	4	4	11	9
Net unrealized gains (losses)	(17)	23	(73)	70
Total (loss) income	(13)	27	(62)	79
EXPENSES
Total expenses	0	0	0	0
NET (LOSS) EARNINGS	(13)	27	(62)	79
Affiliated Entity \| Hillhouse
INCOME
Net realized gains				77
Net unrealized gains (losses)				20
Total (loss) income				97
EXPENSES
Total expenses				0
NET (LOSS) EARNINGS				97
Termination and release agreement, performance fee waived					$ 100
Affiliated Entity \| AnglePoint HK
INCOME
Net investment income		13		(7)
Net unrealized gains (losses)		(285)		(68)
Total (loss) income		(272)		(75)
EXPENSES
Total expenses		0
NET (LOSS) EARNINGS		(272)		(75)
Affiliated Entity \| Northshore
INCOME
Net premiums earned	1	13	8	50
Net investment income	2		8	1
Net unrealized gains (losses)	(4)	(1)	(12)	(2)
Other income	2	(2)	4	(11)
Total (loss) income	1	10	8	38
EXPENSES
Net incurred losses and LAE	3	5	8	20
Acquisition costs	(2)	3	0	13
General and administrative expenses	0	2		5
Net foreign exchange gains		0
Total expenses	1	10	8	38
NET (LOSS) EARNINGS	0	0	0	0
Affiliated Entity \| Monument
INCOME
Total (loss) income	0	0	0	0
EXPENSES
Total expenses	0	0	0	0
(Losses) earnings from equity method investments	(16)	2	15	19
NET (LOSS) EARNINGS	(16)	2	15	19
Affiliated Entity \| AmTrust
INCOME
Net investment income	2	2	5	5
Net unrealized gains (losses)	(2)	(2)	(5)	(5)
Total (loss) income	0	0	0	0
EXPENSES
Total expenses	0	0	0	0
NET (LOSS) EARNINGS	0	0	0	0
Affiliated Entity \| Citco
INCOME
Total (loss) income	0	0	0	0
EXPENSES
Total expenses	0	0	0	0
(Losses) earnings from equity method investments	0	1	2	2
NET (LOSS) EARNINGS	0	1	2	2
Affiliated Entity \| Enhanzed Re
INCOME
Net premiums earned				(2)
Net investment income		(2)		(4)
Other income				2
Total (loss) income		(2)		(4)
EXPENSES
Net incurred losses and LAE		1
Acquisition costs		(1)		(1)
Total expenses		0		(1)
(Losses) earnings from equity method investments		(22)		82
NET (LOSS) EARNINGS		(24)		79
Change in unrealized losses on AFS investments				1
Affiliated Entity \| Core Specialty
INCOME
Net premiums earned	0	5		8
Other income	2	2	7	11
Total (loss) income	2	7	7	19
EXPENSES
Net incurred losses and LAE	(1)	12	(9)	3
Acquisition costs	0	1		(2)
Total expenses	(1)	13	(9)	1
(Losses) earnings from equity method investments	(4)	5	(5)	(2)
NET (LOSS) EARNINGS	(1)	(1)	11	16
Affiliated Entity \| Other
INCOME
Net investment income		(1)		2
Net unrealized gains (losses)	(33)	16	(72)	72
Total (loss) income	(33)	15	(72)	74
EXPENSES
Total expenses	0	0	0	0
NET (LOSS) EARNINGS	$ (33)	$ 15	$ (72)	$ 74

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Subsidiaries \| Enhanzed Re
Guarantor Obligations [Line Items]
Unfunded investment commitments	$ 109
Junior Subordinated Debt
Guarantor Obligations [Line Items]
Parental guarantees	850	$ 350
Performance Guarantee
Guarantor Obligations [Line Items]
Parental guarantees	2,700	2,700
Other investments
Guarantor Obligations [Line Items]
Unfunded investment commitments	1,800
Equity investments in common and preferred stocks \| Privately held
Guarantor Obligations [Line Items]
Unfunded investment commitments	25
U.S. government and agency
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	948	1,200
Funds Held By Reinsured Companies And Funds Held Directly Managed \| Reinsurer Concentration Risk
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	$ 5,200	$ 4,400

Subsequent Events (Details) - USD ($) $ in Millions		1 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Jun. 30, 2022	Aug. 31, 2022	Dec. 31, 2022	Nov. 30, 2022	Nov. 29, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Total						$ 1,285	$ 1,502
Investments						14,226	$ 17,276
Letters of Credit \| FAL Letter Of Credit
Subsequent Event [Line Items]
Commitment						$ 275
Monument \| Common Stock
Subsequent Event [Line Items]
Ownership %						20.00%
Enhanzed Re
Subsequent Event [Line Items]
Repayments of subordinated debt		$ 70
Gain on commutation of reinsurance business		59
Gain on extinguishment of subordinated debt		6
Investments						$ 1,700
Enhanzed Re \| Life and Annuities
Subsequent Event [Line Items]
Total	$ 1,300
Investments	1,100
Other income related to novation of life business	$ 270
Argo
Subsequent Event [Line Items]
Excess threshold		821
Loss corridor, amount retained		$ 75
Minimum \| Enhanzed Re \| Unrealized Investment Losses, Not Yet Reported
Subsequent Event [Line Items]
Anticipated unrealized investment losses, estimate of possible loss						50
Maximum \| Enhanzed Re \| Unrealized Investment Losses, Not Yet Reported
Subsequent Event [Line Items]
Anticipated unrealized investment losses, estimate of possible loss						$ 100
Forecast \| Argo
Subsequent Event [Line Items]
Ground up cover			$ 746
Excess of loss reinsurance, amount			275
Excess threshold			821
Cover, policy limit			$ 1,100
Forecast \| Subsequent Event \| Letters of Credit \| FAL Letter Of Credit
Subsequent Event [Line Items]
Commitment				$ 135	$ 275

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments:
Short-term and fixed maturity investments	$ 9,310	$ 12,254
Equity investments	1,199	1,995
Other investments	3,203	2,333
Reinsurance balances recoverable on paid and unpaid losses	287	432
Funds held by reinsured companies	3,727	2,340
Derivative assets	37	2
Losses and loss adjustment expenses, at fair value	1,286	1,989
Derivative liabilities	7	17
U.S. government and agency
Investments:
Short-term and fixed maturity investments	561	747
U.K. government
Investments:
Short-term and fixed maturity investments	95	83
Corporate
Investments:
Short-term and fixed maturity investments	5,080	6,814
Municipal
Investments:
Short-term and fixed maturity investments	211	286
Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	490	610
Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	911	1,074
Asset-backed
Investments:
Short-term and fixed maturity investments	765	944
Structured products
Investments:
Short-term and fixed maturity investments	706	1,033
Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	360	281
Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	364	372
Exchange-traded funds
Investments:
Equity investments	475	1,342
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Other investments	327
Recurring
Investments:
Short-term and fixed maturity investments	9,310	12,254
Other assets included within funds held - directly managed	46	201
Equity investments	1,199	1,995
Other investments	3,203	2,333
Total Investments	13,758	16,783
Cash and cash equivalents	658	1,407
Reinsurance balances recoverable on paid and unpaid losses	287	432
Derivative assets	37	2
Losses and loss adjustment expenses, at fair value	1,286	1,989
Derivative liabilities	7	17
Recurring \| Derivatives qualifying as hedging
Investments:
Derivative assets	30
Derivative liabilities		7
Recurring \| Derivatives not qualifying as hedging
Investments:
Derivative assets	7	2
Derivative liabilities	7	10
Recurring \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	27
Recurring \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	561	747
Recurring \| U.K. government
Investments:
Short-term and fixed maturity investments	95	83
Recurring \| Other government
Investments:
Short-term and fixed maturity investments	491	663
Recurring \| Corporate
Investments:
Short-term and fixed maturity investments	5,080	6,814
Recurring \| Municipal
Investments:
Short-term and fixed maturity investments	211	286
Recurring \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	490	610
Recurring \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	911	1,074
Recurring \| Asset-backed
Investments:
Short-term and fixed maturity investments	765	944
Recurring \| Structured products
Investments:
Short-term and fixed maturity investments	706	1,033
Recurring \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	360	281
Recurring \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	364	372
Recurring \| Exchange-traded funds
Investments:
Equity investments	475	1,342
Recurring \| Hedge funds
Investments:
Other investments	476	291
Recurring \| Fixed income funds
Investments:
Other investments	595	573
Recurring \| Equity funds
Investments:
Other investments	3	5
Recurring \| Private equity funds
Investments:
Other investments	1,247	752
Recurring \| CLO equities
Investments:
Other investments	144	161
Recurring \| CLO equity funds
Investments:
Other investments	208	207
Recurring \| Private credit funds
Investments:
Other investments	345	275
Recurring \| Real estate funds
Investments:
Other investments	185	69
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Short-term and fixed maturity investments	0	0
Other assets included within funds held - directly managed	0	0
Equity investments	799	1,581
Other investments	0	0
Total Investments	799	1,581
Cash and cash equivalents	355	1,295
Reinsurance balances recoverable on paid and unpaid losses	0	0
Derivative assets	0	0
Losses and loss adjustment expenses, at fair value	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives qualifying as hedging
Investments:
Derivative assets	0
Derivative liabilities		0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	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) \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	324	239
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange-traded funds
Investments:
Equity investments	475	1,342
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) \| Private 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 \| Significant Other Observable Inputs (Level 2)
Investments:
Short-term and fixed maturity investments	9,310	12,254
Other assets included within funds held - directly managed	46	201
Equity investments	36	42
Other investments	305	397
Total Investments	9,697	12,894
Cash and cash equivalents	303	112
Reinsurance balances recoverable on paid and unpaid losses	0	0
Derivative assets	37	2
Losses and loss adjustment expenses, at fair value	0	0
Derivative liabilities	7	17
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives qualifying as hedging
Investments:
Derivative assets	30
Derivative liabilities		7
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	7	2
Derivative liabilities	7	10
Recurring \| Significant Other Observable Inputs (Level 2) \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	561	747
Recurring \| Significant Other Observable Inputs (Level 2) \| U.K. government
Investments:
Short-term and fixed maturity investments	95	83
Recurring \| Significant Other Observable Inputs (Level 2) \| Other government
Investments:
Short-term and fixed maturity investments	491	663
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate
Investments:
Short-term and fixed maturity investments	5,080	6,814
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal
Investments:
Short-term and fixed maturity investments	211	286
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	490	610
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	911	1,074
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed
Investments:
Short-term and fixed maturity investments	765	944
Recurring \| Significant Other Observable Inputs (Level 2) \| Structured products
Investments:
Short-term and fixed maturity investments	706	1,033
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	36	42
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Exchange-traded funds
Investments:
Equity 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	158	231
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity funds
Investments:
Other investments	3	5
Recurring \| Significant Other Observable Inputs (Level 2) \| Private equity funds
Investments:
Other investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equities
Investments:
Other investments	144	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 Unobservable Inputs (Level 3)
Investments:
Short-term and fixed maturity investments	0	0
Other assets included within funds held - directly managed	0	0
Equity investments	327	347
Other investments	0	0
Total Investments	327	347
Cash and cash equivalents	0	0
Reinsurance balances recoverable on paid and unpaid losses	287	432
Derivative assets	0	0
Losses and loss adjustment expenses, at fair value	1,286	1,989
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives qualifying as hedging
Investments:
Derivative assets	0
Derivative liabilities		0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	27
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) \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	327	347
Recurring \| Significant Unobservable Inputs (Level 3) \| Exchange-traded funds
Investments:
Equity 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) \| Private 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 \| Measured Using NAV as Practical Expedient
Investments:
Equity investments	37	25
Other investments	2,898	1,936
Total Investments	2,935	1,961
Recurring \| Measured Using NAV as Practical Expedient \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	37	25
Recurring \| Measured Using NAV as Practical Expedient \| Hedge funds
Investments:
Other investments	476	291
Recurring \| Measured Using NAV as Practical Expedient \| Fixed income funds
Investments:
Other investments	437	342
Recurring \| Measured Using NAV as Practical Expedient \| Equity funds
Investments:
Other investments	0	0
Recurring \| Measured Using NAV as Practical Expedient \| Private equity funds
Investments:
Other investments	1,247	752
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	208	207
Recurring \| Measured Using NAV as Practical Expedient \| Private credit funds
Investments:
Other investments	345	275
Recurring \| Measured Using NAV as Practical Expedient \| Real estate funds
Investments:
Other investments	$ 185	$ 69