0001363829-23-000020 | 10-K | XBRL Viewer

Net loss (earnings) attributable to noncontrolling interest

1,723

1,731

Change in redemption value of redeemable noncontrolling interests

(36)

Increase due to acquisition

^[2]

Dividends paid

Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests

Balance, end of year at Dec. 31, 2020

$ 6,850

400

110

(422)

(1)

1,836

4,809

Balance, end of year (Change in Accounting Principle, Other) at Dec. 31, 2020

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting Standards Update [Extensible List]

Accounting Standards Update 2016-13 [Member]

Issue of shares

Shares repurchased

(2)

(1)

(937)

(3)

Amortization of share-based compensation

Other comprehensive income (loss)

$ (98)

(100)

Change in defined benefit pension liability

Net loss (earnings) attributable to noncontrolling interest

502

553

(15)

(1)

Change in redemption value of redeemable noncontrolling interests

(36)

Increase due to acquisition

219

^[2]

219

Dividends paid

(202)

(1)

Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests

(1)

Balance, end of year at Dec. 31, 2021

6,553

400

110

(422)

(1)

922

(16)

(27)

5,312

$ 0

230

Balance, end of year (Change in Accounting Principle, Other) at Dec. 31, 2021

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issue of shares

Shares repurchased

(1)

(162)

$ (4)

Amortization of share-based compensation

Other comprehensive income (loss)

(574)

(557)

Change in defined benefit pension liability

(2)

Net loss (earnings) attributable to noncontrolling interest

(906)

(945)

(70)

Change in redemption value of redeemable noncontrolling interests

(36)

Increase due to acquisition

^[2]

Dividends paid

(55)

Change in unrealized losses on available-for-sale investments attributable to noncontrolling interests

(9)

Balance, end of year at Dec. 31, 2022

$ 4,797

$ 16

$ 1

$ 0

$ 400

$ 110

$ (422)

$ (1)

$ 766

$ (575)

$ 9

$ 0

$ (584)

$ 4,406

$ 96

[1]	(1) Represents the impact of adopting ASU 2016-13 - Financial Instruments - Credit Losses.
[2]	Our non-cash financing activities for the year ended December 31, 2021 included the issuance of 89,590 shares following the exercise of 175,901 warrants on a non-cash basis.

Consolidated Statements of Cash Flows
$ in Millions

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

OPERATING ACTIVITIES:

Net earnings from discontinued operations, net of income taxes

$ (945)

$ 553

$ 1,731

(16)

Adjustments to reconcile net (loss) earnings to cash flows provided by operating activities:

Realized losses (gains) on sale of investments

135

(19)

Unrealized losses (gains) on investments

1,479

(178)

(1,623)

Depreciation and other amortization

Amortization of net deferred charge assets

Losses (earnings) from equity method investments

(93)

(239)

Sales and maturities of trading securities

2,840

6,175

3,792

Purchases of trading securities

(1,849)

(3,064)

(2,139)

Payments to cover securities sold short

(1,156)

Proceeds from securities sold short

534

Net payments for derivative contracts

(94)

Net gain on purchase and sales of subsidiaries

(73)

(3)

Other

Changes in:

Reinsurance balances recoverable on paid and unpaid losses

375

248

Funds held by reinsured companies

(1,241)

(1,491)

(192)

Losses and loss adjustment expenses

(151)

1,870

1,003

Defendant asbestos and environmental liabilities

(31)

(68)

(141)

Insurance and reinsurance balances payable

(154)

(300)

Other operating assets and liabilities

(417)

718

369

Net cash flows provided by operating activities

257

3,801

2,786

INVESTING ACTIVITIES:

Acquisition, net of cash acquired

(206)

Sales of subsidiaries, net of cash previously held

(214)

(14)

Sales and maturities of available-for-sale securities

2,502

3,085

2,260

Purchase of available-for-sale securities

(2,295)

(5,233)

(4,181)

Purchase of other investments

(1,552)

(910)

(975)

Proceeds from other investments

420

330

595

Other investing activities

(20)

Net cash flows used in investing activities

(919)

(2,573)

(2,335)

FINANCING ACTIVITIES:

Dividends paid to noncontrolling interests

(36)

(55)

(1)

Repurchase of shares

(163)

(942)

(26)

Issuance of debt, net of issuance costs

494

816

859

Repayment of debt

(356)

(574)

(679)

Net cash flows used in financing activities

(116)

(737)

118

DISCONTINUED OPERATIONS CASH FLOWS:

Net cash flows provided by operating activities

108

Net cash flows used in investing activities

(130)

Net cash flows from discontinued operations

(22)

EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(6)

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(762)

495

541

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR

2,092

1,373

971

NET CHANGE IN CASH OF BUSINESSES HELD-FOR-SALE

224

(139)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR

1,330

2,092

1,373

Supplemental Cash Flow Information:

Income taxes paid, net of refunds

Interest paid

Reconciliation to Consolidated Balance Sheets:

Cash and cash equivalents

822

1,646

901

Restricted cash and cash equivalents

508

446

472

Cash, cash equivalents and restricted cash

1,330

2,092

1,373

Non-cash investing activities:

Receipt of AFS debt securities as consideration in exchange for assumption of liabilities

508

Removal of equity method investment relating to acquisition of a subsidiary

(412)

Receipt of other investments as consideration

Contribution to other investments

^[1]

(481)

^[1]

Redemption of other investments

^[1]

381

^[1]

Decrease in investment fees

^[1]

100

^[1]

Purchase of equity method investment through acquisition of subsidiary

(235)

Non-cash financing activities

Distributions to redeemable noncontrolling interests

^[2]

(202)

^[2]

Increase in noncontrolling interests due to the acquisition of a subsidiary

^[2]

(219)

^[2]

Third-party capital withdrawal from the InRe Fund through transfer of trading security

^[2]

(61)

^[2]

Variable Interest Entity, Primary Beneficiary

INVESTING ACTIVITIES:

Consolidation of the InRe Fund opening cash and restricted cash balances (Note 14)

$ 0

$ 574

$ 0

[1]	The contributions to other investments was fully funded through the redemption of other investments and the reduction in investment fees.
[2]	Our non-cash financing activities for the year ended December 31, 2021 included the issuance of 89,590 shares following the exercise of 175,901 warrants on a non-cash basis.

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2021 shares
Statement of Cash Flows [Abstract]
Shares issued from warrant exercise (in shares)	89,590
Warrants exercised (in shares)	175,901

Basis of Presentation

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

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

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

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

Enhanzed Re

Our majority owned subsidiary, Enhanzed Reinsurance Ltd. ("Enhanzed Re"), is included in the consolidated financial statements reported on a one quarter lag. The effect on our consolidated financial condition and results of operations of all material events occurring at Enhanzed Re through December 31, 2022 has been considered for adjustment and/or disclosure.

In August 2022, Enhanzed Re entered into a Master Agreement with Cavello Bay Reinsurance Limited (“Cavello”), a wholly-owned subsidiary of Enstar, and Allianz SE (“Allianz”). Pursuant to the Master Agreement, Enhanzed Re, Cavello and Allianz agreed to a series of transactions29 that allowed us to unwind Enhanzed Re’s operations in an orderly manner. The transactions included (i) commuting or novating all of the reinsurance contracts written by Enhanzed Re, (ii) repaying the $70 million of subordinated notes issued by Enhanzed Re to an affiliate of Allianz, and (iii) distributing Enhanzed Re’s excess capital to Cavello and Allianz in accordance with their respective equity ownership. As of December 31, 2022, all of the transactions were complete, and the impact of transactions completed in the fourth quarter 2022 will be reflected in our first quarter 2023 results, as a result of the one quarter reporting lag.

Use of Estimates, Risks and Uncertainties

The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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

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

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES (a) Retroactive Reinsurance Contracts Retroactive reinsurance contracts provide indemnification for losses and loss adjustment expenses ("LAE") with respect to past loss events. We do not record any income or expense on recognition of the contracts assets and liabilities. Any subsequent remeasurement of the value of liabilities is recorded to net incurred losses and LAE within the consolidated statements of earnings. (b) Deferred Charge Assets and Deferred Gain Liabilities If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the premiums received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record a DGL. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than our estimate of losses and LAE liabilities as these liabilities may not be settled for many years. Our contractual counterparties (cedants) settle the premium consideration upon inception of the contract and we invest the premium received over an extended period of time, thereby generating investment income. As a result, we expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Effective December 31, 2022, we voluntarily changed our accounting policy for calculating the amortization of our DCAs and DGLs. Previously, any change in ultimate losses on the contracts with a recognized DCA or DGL would result in the recognition of an adjustment to the DCA or DGL, as if the adjusted reserves had existed upon inception of the contract. We will no longer adjust the DCAs or DGLs for these events. We continue to amortize the originating DCA balances over the estimated claim payment period of the related contracts with the amortization adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining loss and LAE payments. Previously, the amortization of our DCAs and DGLs was included in net incurred losses and LAE. We now present the amortization of our DCAs and DGLs as a separate line item in our consolidated statements of earnings. Refer to Note 9 for additional information. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the DCAs. DCAs are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. For each reinsurance contact where a DCA has been recorded we assess for impairment at each reporting period by determining the rate of return that we are required to earn on the invested assets to ensure that all cashflows arising from the assumed liabilities are met in full over the projected remaining payout period. This required rate of return is compared against the modeled rate of return, the weighted average portfolio yield and the actual annualized rate of return in order to identify indicators that would lead us to record an impairment of the DCA. (c) Short-duration Insurance Contracts Premiums written Premiums written related to prospective risk policies are earned on a pro-rata basis over the period of the related coverage. Reinsurance premiums on prospective risks are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined. Certain contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. These adjustments to the premium are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves, included within other liabilities on the consolidated balance sheets, represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premiums receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. The credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium. (d) Acquisition Costs Acquisition costs, consisting principally of incremental costs including, commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and which are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs (“DAC”), recorded within other assets on the consolidated balance sheets, are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. A premium deficiency occurs if the sum of anticipated losses and LAE exceed unearned premiums, DAC and anticipated investment income. A premium deficiency is initially recognized by charging any DAC to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the DAC, then a liability is accrued for the excess deficiency. (e) Losses and LAE The liability for losses and LAE includes reserves for unpaid reported losses and losses incurred but not reported ("IBNR"). We establish reserves for unpaid reported losses and LAE based on reports from brokers, ceding companies and insureds and these represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserves for IBNR losses are established by us based on actuarially determined estimates of ultimate losses and LAE. Inherent in the estimate of ultimate losses and LAE are expected trends in claim severity and frequency, historical loss experience, industry statistics and other factors which may vary significantly as claims are settled. These estimates are reviewed regularly and are subject to the impact of future changes in the factors noted above as well as economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Any subsequent remeasurement of our reserves will be recorded in earnings in the period in which they become known and reflected as part of the net increase or reduction in the estimates of ultimate losses included within net incurred losses and LAE in the consolidated statements of earnings. Prior period development ("PPD") arises from changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses which can be beneficial to us as they legally extinguish liabilities in full, reducing the potential for future adverse loss development and future claims handling costs. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations are only executed directly with (re)insureds and any changes in ultimate losses are recognized upon the execution of a commutation or policy buyback with the (re)insured. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of any associated fair value adjustments in that period. Our (re)insurance subsidiaries also establish provisions for unallocated loss adjustment expenses ("ULAE") for LAE relating to run-off costs for the estimated duration of the run-off, such as internal claim management or associated operational support costs, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings. Fair Value Option We have elected to apply the fair value option for certain reinsurance contracts including, loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE. We use an internal model to calculate the fair value of the liability for losses and LAE and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE are inputs in our internal model. These liabilities are included in losses and LAE, at fair value on the consolidated balance sheets, and the changes in the liability are included in net incurred losses and LAE on the consolidated statements of earnings. (f) Future Policyholder Benefits Our life reinsurance contracts include traditional single payment premium immediate annuities, life contingent deferred annuities, and whole life reversion annuity policies all possessing significant mortality risk in the form of longevity risk. Future policyholder benefit provisions are established based on the present value of anticipated future cash flows, which includes judgments over estimates of mortality rates, investment yields, policy expenses, and other assumptions by reference to cedants' historical data, regional mortality tables, industry standards, and other available information sources as may be reasonably available. These estimates include provisions for adverse deviation. These assumptions are locked in at contract inception or assumption and are only unlocked and modified if it is deemed that the provision for future policyholder benefits are insufficient. The actual versus anticipated experience of the assumptions are reviewed periodically. The effects of changes in assumptions are recorded to the consolidated statements of earnings as adjustments in the period in which the assumptions are unlocked and changes are made. The consideration received for life reinsurance contracts is calculated as the fair value of the assets received net of commissions, brokerage, or fronting fees. (g) Defendant Asbestos and Environmental Liabilities Defendant asbestos and environmental liabilities ("defendant A&E liabilities") on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos-related exposures. Defendant A&E liabilities also include amounts for environmental liabilities, associated with the acquired companies' properties, relating to estimated clean-up costs associated with the acquired companies' former operations based on engineering reports. Changes to our estimate of these liabilities are recorded to other income (expense) within the consolidated statements of earnings in the period that our estimate is adjusted. (h) Reinsurance Balances Recoverable on Paid and Unpaid Losses Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and LAE. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the probability of default ("PD") and loss given default ("LGD") methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and LAE in our consolidated statements of earnings. On an ongoing basis, we also evaluate and monitor the credit risk of our reinsurers, including those under voluntary schemes of arrangement, to minimize our exposure to significant losses from potential insolvencies. (i) Insurance Balances Recoverable Amounts billed to and due from insurers providing coverage for our defendant A&E liabilities are calculated in accordance with the terms of the individual insurance contracts. On an ongoing basis, we evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant A&E liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible insurance, we use the inputs and methodologies as described in (h) Reinsurance Balances Recoverable on Paid and Unpaid Losses above. Amounts deemed to be uncollectible, including amounts due from known insolvent insurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of other income (expense) in our consolidated statements of earnings. (j) Investments, Cash and Cash Equivalents Cash and cash equivalents Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less. Short-term investments and fixed maturity investments Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized gains and losses included in net earnings and reported as net unrealized gains and losses. Short-term and fixed maturity investments classified as available-for-sale ("AFS") are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of earnings. The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. Allowance for Credit Losses Each reporting period we identify any credit losses on our investment portfolios not measured at fair value through net earnings. Credit losses on our fixed income securities, AFS are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the fixed income securities, AFS, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the fixed income securities, AFS, effectively creating a “fair value floor”. For our fixed income securities, AFS that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and record the credit loss component in net realized gains (losses) in our consolidated statements of earnings. The unrealized losses related to non-credit factors is recorded in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in our consolidated statements of earnings. For our fixed income securities, AFS where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our fixed income securities, AFS where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our fixed income securities, AFS that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. To determine the credit losses on our fixed income securities, AFS, we use the PD and LGD methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security. The methodology and inputs used to determine the credit loss by security type are as follows: •Corporate and government securities: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs. •Municipal securities: Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities. For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable. •Asset-backed, commercial and residential mortgaged-backed securities: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio. We report the investment income accrued on our fixed income securities, AFS within other assets and therefore separately from the underlying fixed income securities, AFS. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible fixed income securities are written off when we determine that no additional payments of principal or interest will be received. Equity Securities We hold investments in publicly traded equities, exchange-traded funds and privately held equities. Unless we have elected the measurement alternative, our equity investments are carried at fair value with realized and unrealized gains and losses included in net earnings and recorded as net realized and unrealized gains and losses, respectively. We may elect to measure a privately held equity without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value at its cost less impairment, if any. Other investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equity funds") and hedge funds, fixed income funds, equity funds, private credit funds, real estate funds, collateralized loan obligation ("CLO") equities and CLO equity funds that carry their investments at fair value and CLO equities. We have elected the fair value option for certain of our other investments that would otherwise be accounted for as an equity method investment. The primary reason for electing the fair value option is because we believe this measurement basis is consistent with the applicable accounting guidance used by the investment funds themselves. Our other investments are stated at fair value, which ordinarily will be the most recently reported net asset value ("NAV") as advised by the fund manager or administrator. The NAV is based on the fund manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents. Many of our fund investments publish NAVs on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. Unrealized gains and losses on other investments are included in net earnings and reported as net unrealized gains and losses. Equity method investments Investments that we do not consolidate but in which we have significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting unless we have elected the fair value option. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company's proportionate share of net income or loss of the investee, net of any distributions received from the investee. We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees. Changes in the carrying value of such investments are recorded in our consolidated statements of earnings as earnings (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of earnings in the period in which it is determined. (k) Variable interest entities We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported NAV. Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment. (l) Funds Held Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to us. The funds balance is credited with investment income and losses paid are deducted. Funds held are shown under two categories on the consolidated balance sheets, funds held where we receive the underlying portfolio economics are shown as "Funds held - directly managed", and funds held where we receive a fixed crediting rate or other contractually agreed return are shown as "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. Funds held - directly managed, are carried at fair value because it represents the aggregate of funds held at cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio and the performance risk of the individual assets supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses), respectively. The change in the fair value of the embedded derivative is included in net unrealized gains (losses). (m) Foreign Exchange Our reporting currency is the U.S. dollar. Assets and liabilities of certain of our subsidiaries and equity method investees whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in AOCI. Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net foreign exchange gains (losses) in our consolidated statements of earnings. (n) Share-based Compensation We use three types of share-based compensation arrangements: (i) restricted shares, restricted share units (“RSUs”) and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), and (iii) shares issued under our employee share purchase plans. Our share-based compensation awards qualify for equity classification. We issue new shares once the awards have vested. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of earnings. Expenses for the PSU awards are adjusted for changes in the performance multiplier on the award. We recognize forfeitures as they occur. (o) Derivative Instruments We use derivative instruments in our risk management strategies and investment operations. Derivatives, with the exception of embedded derivatives, are recorded on a trade-date basis and carried at fair value within other assets or other liabilities in the consolidated balance sheets. Embedded derivatives are generally presented with the host contract in the consolidated balance sheets. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. Our convertible bond portfolio, recorded within fixed maturity securities, trading and AFS on the consolidated balance sheets, and certain of our funds held arrangements (as described above) contain embedded derivatives. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to be perfectly effective, then we recognize the changes in the fair value of the underlying hedging instrument in AOCI until the application of hedge accounting is discontinued. Any cumulative gains or losses arising on designated net investment hedges are deferred in AOCI until the cumulative translation adjustment from the underlying hedged net investment is recognized in net earnings due to a disposal, deconsolidation or substantial liquidation. (p) Income Taxes Certain of our subsidiaries and branches operate in jurisdictions where they are subject to taxation. Current and deferred tax expense or benefit is allocated to net earnings (loss), or, in certain cases, to discontinued operations or other comprehensive income (loss). Current tax is recognized and measured using enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the income tax is accrued or realized. Deferred taxes are provided for temporary differences between the carrying amount of assets and liabilities used in the financial statements and the tax basis used in the various jurisdictional tax returns. When our assessment indicates that all or some portion of deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets to reduce the assets to an amount more likely than not to be realized. We recognize the benefit relating to tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A recognized tax benefit is measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. A liability or other adjustment is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount allowed to be recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined in our consolidated statements of earnings. (q) Earnings Per Share Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share. (r) Acquisitions and Goodwill We record business acquisition assets and liabilities at their estimated fair value. The fair values of each of the acquired (re)insurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and our run-off strategy. Our run-off strategy is expected to be different from the seller's, who generally do not specialize in running off (re)insurance liabilities. The key assumptions used by us in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin. The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. We carry unamortized FVA balances on the following consolidated balance sheet captions: losses and loss adjustment expenses, defendant asbestos and environmental liabilities and reinsurance balances recoverable on paid and unpaid losses. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes. The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of earnings. Goodwill is established initially upon acquisition and assessed at least annually for impairment. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made. (s) Redeemable Noncontrolling Interests We have contracted with certain parties holding noncontrolling interests in certain of our subsidiaries. These contracts provide certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. Redeemable noncontrolling interests with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through retained earnings as if the balance sheet date was also the redemption date. (t) Held-for-sale Business and Discontinued Operations We report a business as held-for-sale when certain criteria are met, which include (i) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (ii) the business is available for immediate sale in its present condition, (iii) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (iv) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the business classified as held-for-sale are separately reported in our consolidated balance sheets beginning in the period in which the business is classified as held-for-sale. Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the discontinued operations are restated for all periods presented and reflected within continuing operations in our consolidated financial statements. New Accounting Standards Adopted in 2022 ASU 2021-04 - Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity - Classified Written Call Options In May 2021, the FASB issued ASU 2021-04 which requires issuers to account for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange based on the economic substance of the modification or exchange. Under the ASU, an issuer considers the facts and circumstances of a modification or exchange and accounts for the resulting change in fair value of the written call option based on whether the transaction was done to issue equity, to issue or modify debt, or for other reasons. The guidance clarifies that to the extent applicable, issuers should first reference other GAAP to account for the effect of a modification. If other GAAP is not applicable, the guidance clarifies whether to account for the modification or exchange as either (i) an adjustment to equity, or (ii) an expense. The adoption of ASU 2021-04 did not have an impact on our consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2018-12 - Targeted Improvement to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates: •Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the consolidated statement of earnings; •Use upper-medium grade fixed-income instrument discount rates to discount future cash flows with the impact of these changes recognized in other comprehensive income; and •Introduce new disclosure requirements around the provisions for future policyholder benefits, policyholder account balances, market risk benefits, separate account liabilities, and DAC, which includes information about significant inputs, judgments, assumptions and methods used in measurement. These amendments are effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted and certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. We will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition approach, with a transition date of September 1, 2021. This is the date that we acquired Enhanzed Re through a step acquisition and consolidated Enhanzed Re’s existing assets and liabilities, including all of our future policyholder benefit contracts. We do not anticipate that the adoption of this standard will have a material impact on our shareholders’ equity as of the transition date. We have estimated the impact of remeasuring the discount rate assumptions applied to our future policyholder benefits using an upper-medium grade fixed-income instrument yield for each reporting period from transition to December 31, 2022. We anticipate that the adoption of ASU 2018-12 as of January 1, 2023 will result in an increase to AOCI of between $340 million and $380 million. The impact of remeasuring our future policyholder benefits from September 1, 2021 to December 31, 2022 is primarily driven by a change in the discount rate assumption, which reflected increases in interest rates during 2022. This impact to AOCI will be reclassified to earnings upon the novation of the Enhanzed Re life business that will be included in the first quarter 2023 financial statements. Adopting ASU 2018-12 will also require us to expand our future policyholder benefit disclosures.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

3. SEGMENT INFORMATION

Our segment structure aligns with how our chief operating decision maker ("CODM"), our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Our business is organized into four reportable segments:

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

Our primary objective of the Run-off segment is to recognize favorable prior period development in our net incurred losses and LAE (run-off liability earnings or “RLE”) over time by settling claims in a timely, cost efficient manner using our claims management expertise, including settling claims for lower than outstanding ultimate loss estimates and implementation of reinsurance and commutation strategies.

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

•Assumed Life: The Assumed Life segment includes Enhanzed Re’s life and property aggregate excess of loss (catastrophe) business.

In 2021, we ceased accepting any new catastrophe reinsurance business and, in 2022, we completed a series of commutation and novation agreements which ceased any continuing reinsurance obligations for this segment. Given our rationalization of the Enhanzed Re reinsurance business30, we have renamed the segment from Enhanzed Re to Assumed Life in 2022. We may leverage this segment for any future potential assumed life business transactions if and when they occur. Our primary objective of the Assumed Life segment is to reinsure products that focus on longevity and investment risks.

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

•Investments: consists of our investment activities and the performance of our investment portfolio, excluding those investable assets attributable to our Legacy Underwriting segment.

Our primary objective of the Investments segment is to obtain the highest possible risk and capital adjusted returns while maintaining prudent diversification of assets and operating within the constraints of a global regulated (re)insurance company. We additionally consider the liquidity requirements and duration of our claims, policyholder benefits and contract liabilities.

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

•Legacy Underwriting: consists of businesses that we have either, in the case of Atrium, exited via the sale of the majority of our interest in or, in the case of StarStone International (included in the Legacy Underwriting Segment through December 31, 2020), placed into run-off.

Prior to January 1, 2021, this segment comprised SGL No. 1 Limited (“SGL No. 1”)'s 25% net share of Atrium's Syndicate 609 business at Lloyd's and StarStone International. From January 1, 2021, this segment comprises SGL No.1's 25% gross share of the 2020 and prior underwriting years of Atrium's Syndicate 609 at Lloyd's, offset by the contractual transfer of the results of that business to the Atrium entities that were divested in an exchange transaction (the “Exchange Transaction”)31. There is no net retention for Enstar on Atrium's 2020 and prior underwriting years.

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

Management measures segment performance based on segment income (loss). Segment income (loss) is derived by including certain items from total income and net earnings (loss) attributable to Enstar ordinary shareholders, as

defined above. Income and expense items that are not directly attributable to our reportable segments are included within our corporate and other activities, which do not qualify as an operating segment. These include,

a.holding company income and expenses,

b.the amortization of net DCAs on retroactive reinsurance contracts,

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

d.changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option,

e.corporate expenses not allocated to our reportable segments,

f.debt servicing costs,

g.net foreign exchange gains (losses),

h.gains (losses) arising on the purchases and sales of subsidiaries (if any),

i.income tax benefit (expense),

j.net earnings (losses) from discontinued operations, net of income tax (if any),

k.net (earnings) loss attributable to noncontrolling interest, and

l.preferred share dividends.

Items b, c and d above form part of corporate and other activities as the CODM evaluates the performance of the Run-off and Legacy Underwriting segments without consideration of these amounts.

Expenses that are directly attributable to our four reportable segments are disclosed under those segments while non-direct expenses, as well as costs related to shared services that are not directly attributable to our reportable segments, are allocated to our reportable segments as well as to our corporate and other activities, on the basis of the actual or proportion of benefit derived from the services provided.

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

The following tables set forth select consolidated statement of earnings results by segment for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Income
Run-off	$	62	$	255	$	191
Assumed Life	17		5		—
Investments	(1,159)		429		1,898
Legacy Underwriting	10		43		587
Subtotal	(1,070)		732		2,676
Corporate and other	12		57		(16)
Total income	$	(1,058)	$	789	$	2,660

(Losses) earnings from equity method investments
Investments	$	(74)	$	93	$	239

Segment net (loss) earnings
Run-off	$	339	$	217	$	143
Assumed Life	40		6		—
Investments	(1,270)		485		2,102
Legacy Underwriting	—		—		(93)
Total segment net (loss) earnings	(891)		708		2,152
Corporate and other:



Other income (expense) (1)	12		(16)		(19)
Net gain on purchase and sale of subsidiaries	—		73		3
Net incurred losses and LAE (2)	218		59		(147)
Policyholder benefit expenses	—		(1)		—
Amortization of net deferred charge assets	(80)		(55)		(39)

General and administrative expenses	(142)		(131)		(136)
Interest expense	(89)		(69)		(59)
Net foreign exchange gains (losses)	15		12		(16)
Income tax benefit (expense)	12		(27)		(24)
Net earnings from discontinued operations, net of income tax	—		—		16
Net loss (earnings) attributable to noncontrolling interest	75		(15)		28
Dividends on preferred shares	(36)		(36)		(36)
Total - Corporate and other	(15)		(206)		(429)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	$	(906)	$	502	$	1,723

(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 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.

Gross Premiums Written by Geographical Area

The following table summarizes our gross premiums written by geographical region, which is based upon the location of the subsidiaries underwriting the policies, respectively, for the years ended December 31, 2022, 2021 and 2020.


	2022
	Run-off				Assumed Life				Legacy Underwriting				Total
	Total		%		Total		%		Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	3	60.0	%	$	—	—	%	$	8	100.0	%		$	11	44.0	%
United Kingdom(1)	(7)		(140.0)	%	—		—	%	—		—	%		(7)		(28.0)	%
Europe	1		20.0	%	12		100.0	%	—		—	%		13		52.0	%
Asia	8		160.0	%	—		—	%	—		0.0	%		8		32.0	%
Rest of World	—		—	%	—		—	%	—		0.0	%		—		—	%
Total	$	5	100.0	%	$	12	100.0	%	$	8	100.0	%		$	25	100.0	%

(1) Gross premiums written were negative for Run-off segment business located in the U.K., primarily as a result of an agreement made between one of our subsidiaries and a cedant to return premiums written.


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


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

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

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-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

Business Combination and Asset Acquisition [Abstract]

Business Acquisitions

12 Months Ended

Dec. 31, 2022

Business Acquisitions

4. BUSINESS ACQUISITIONS

Enhanzed Re

On September 1, 2021, we completed the purchase of the entire 27.7% equity interest in Enhanzed Re held by an affiliate of Hillhouse Group for cash consideration of $217 million and assumed the Hillhouse Group's affiliate's remaining outstanding capital commitment to Enhanzed Re of $40 million (the "Step Acquisition").

Following the completion of the Step Acquisition, our equity interest in Enhanzed Re increased from 47.4% to 75.1%. Effective September 1, 2021, we consolidated Enhanzed Re (previously accounted for as an equity method investment) and eliminated any intercompany transactions and balances between us and Enhanzed Re.

On December 28, 2022, Enhanzed Re acquired Allianz SE’s ("Allianz")32 remaining 24.9% interest for $174 million, the impact of which will be reflected in our first quarter 2023 results as a result of reporting the results of Enhanzed Re on a one quarter lag.

The following table represents the fair value of net assets acquired, inclusive of the net effect of settlement of pre-existing relationships, as of September 1, 2021:


	Fair Value of Net Assets Acquired, Before Settlement of Pre-existing Relationships		Net Effect of Settlement of Pre-existing Relationships		Net Effect of Step Acquisition
	(in millions of U.S. dollars)
ASSETS

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


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

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

During the third quarter of 2021, we recognized a total gain on the Step Acquisition of $47 million, which was recorded in net gain on purchase and sales of subsidiaries in our consolidated statements of earnings, and consisted of a bargain purchase gain, a gain on remeasurement of our previously held equity investment to fair value and a gain on settlement of pre-existing relationships.

We recognized a bargain purchase gain of $27 million for the year ended December 31, 2021 as the fair value of the interest in the net assets acquired exceeded the total purchase price. The bargain purchase gain was attributable to the negotiation process with Hillhouse Group and the resulting cash consideration paid was based on 90% of Enhanzed Re's total shareholders' equity as of June 30, 2021 which was less than the fair value of the net assets acquired.

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

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

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


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

(1)Excludes earnings from our previously held equity method investment in Enhanzed Re33.

Supplemental Pro Forma Financial Information (Unaudited)

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


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

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

Divestitures, Held-For-Sale Businesses and Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Divestitures, Held-For-Sale Business and Discontinued Operations

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

The following table provides a summary of the net gain on sales of subsidiaries which was recorded in net gain on purchase and sales of subsidiaries included in our consolidated statements of earnings for the years ended December 31, 2021 and 2020:


	2021		2020
	(in millions of U.S. dollars)
Atrium	$	(8)	$	—
SUL	23		—

Other	11		3
Net gain on sales of subsidiaries	$	26	$	3

Atrium Exchange Transaction

In 2020 and 2021 we executed a series of transactions to exit our direct investment in active underwriting businesses. We completed these transaction with our co-investors and connected parties, Trident V, L.P., Trident V Parallel Fund, L.P. and Trident V Professionals Fund, L.P. (collectively, the "Trident V Funds"), managed by StonePoint Capital LLC (“Stone Point”) and Dowling Capital Partners I, L.P. and Capital City Partners LLC (collectively, the "Dowling Funds").

In November 2020, we sold our majority interest in StarStone U.S. to Core Specialty, a newly formed entity.

In January 2021, we acquired the Trident V Fund’s interest in Core Specialty in exchange for a portion of our indirect interest in Northshore (the holding company of Atrium and Arden), and subsequently deconsolidated Northshore. As of December 31, 2022, we hold a 13.8% interest in Northshore and a 19.9% interest in Core Specialty.

Through our wholly owned subsidiary, SGL No. 1, a Lloyd’s corporate member, we provided 25% of the underwriting capacity on the 2017 to 2020 underwriting years of Atrium's Syndicate 609 at Lloyd’s. In conjunction with the completion of the Exchange Transaction, SGL No.1 ceased its provision of underwriting capacity on Syndicate 609 for future underwriting years.

SGL No.1 was obligated to support underwriting capacity on Syndicate 609 through the provision of Funds at Lloyd’s (“FAL”), and settled its share of the 2020 and prior underwriting years for the economic benefit of Atrium via reinsurance agreements with Arden and a Syndicate 609 Capacity Lease Agreement with Atrium 5 Limited, a UK domiciled subsidiary of Atrium through December 31, 2022.

As a result of these contractual arrangements, the net loss reserve liabilities, cash, investments and other assets that support those liabilities, will be settled by: i) the distribution of SGL No.1’s share of the Syndicate 609 result; ii) the settlement of the net payable or receivable position on the reinsurance agreement with Arden; and iii) the required settlement, if any, of the Syndicate 609 Capacity Lease Agreement payable, which will occur in 2023.

Balances due from (due to) under these contractual arrangements as of December 31, 2022 and 2021 were as follows:


	2022		2021
	(in millions of U.S. dollars)
Distribution of SGL No.1 share of Syndicate 609 results	$	21	$	34
Due to Arden under reinsurance agreement	(10)		(22)
Due to Atrium 5 Limited under Capacity Lease Agreement	(11)		(12)
Net balances with Northshore Group	$	—	$	—

As of December 31, 2022, we carried gross loss reserves of $173 million (2021: $215 million), reinsurance recoverables of $35 million (2021: $62 million) and net assets required to support the net insurance liabilities of $138 million (2021: $152 million).

For the years ended December 31, 2022 and 2021, there was no retention by Enstar of the net results of Atrium's 2020 and prior underwriting years as the business was contractually transferred to the Atrium entities that were divested in the Exchange Transaction.

Recapitalization of StarStone U.S. and Discontinued Operations

On November 30, 2020, we completed the sale and recapitalization of StarStone U.S. through the sale of StarStone U.S. to Core Specialty. We received consideration of $282 million in the form of common shares of Core Specialty and cash.

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


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

Net investment income	13
Net realized gains	4
Net unrealized gains	2

	310
EXPENSES
Net incurred losses and LAE	192
Acquisition costs	58
General and administrative expenses	60
Interest expense	2

	312
LOSS BEFORE INCOME TAXES	(2)
Income tax benefit	2

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

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

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

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

Continuing Involvement

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

LPT and ADC reinsurance agreement

In connection with the sale of StarStone U.S. to Core Specialty, one of our insurance subsidiaries entered into an LPT and ADC reinsurance agreement with StarStone U.S. pursuant to which we reinsured all of the net loss reserves of StarStone U.S. in respect of premium earned prior to October 31, 2020.

Our subsidiary's obligations to StarStone U.S. under the LPT and ADC reinsurance agreement are guaranteed by the Parent Company. The LPT and ADC reinsurance agreement between our subsidiary and StarStone U.S. will continue in force until such time as our liability with respect to the assumed total net loss reserves terminates.

Concurrent with the closing of the LPT and ADC reinsurance agreement, one of our wholly-owned subsidiaries entered into an Administrative Services Agreement ("ASA") with StarStone U.S., through which it was appointed as an independent contractor to provide certain administrative services covering the business we assumed from StarStone U.S. through the LPT and ADC reinsurance agreement. This ASA became effective on November 30, 2020 and will continue in force (subject to certain limited exceptions) until such time as the LPT and ADC reinsurance agreement terminates.

In addition, concurrent with the sale of StarStone U.S. to Core Specialty, one of our wholly-owned subsidiaries entered into a Transition Services Agreement ("TSA") with Core Specialty to provide certain transitional services relating to the StarStone U.S. businesses. The TSA was terminated in November 2022.

Reinsurance transactions previously eliminated on consolidation

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


	2022		2021		2020
	(in millions of U.S. dollars)
Total income (1)	$	—	$	(1)	$	12
Total expenses (1)	18		20		(16)
Net (loss) earnings	$	(18)	$	(21)	$	28

(1) For the year ended December 31, 2021, negative total income was driven by a premium adjustment. For the year ended December 31, 2020, negative total expenses were driven by favorable loss development on the losses and LAE reserves ceded by StarStone U.S. to our subsidiaries.

Cash flows

The cash (outflows) inflows between our subsidiaries and StarStone U.S. for the years ended December 31, 2022, 2021 and 2020 were $(129) million, $(102) million and $99 million, respectively.

Equity method investment

Our investment in the common shares of Core Specialty, which is included in equity method investments on our consolidated balance sheets, was $211 million as of December 31, 2022 (2021: $225 million).

During the year ended December 31, 2022, our proportionate share of loss on our investment in Core Specialty was $14 million (2021: $6 million), which is included within earnings from equity method investments in our consolidated statement of earnings and is recorded on a quarter lag.

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

In June 2020, we placed StarStone International into an orderly run-off (the "StarStone International Run-Off"). The results of StarStone International are included within continuing operations.

In March 2021, we sold StarStone Underwriting Limited ("SUL"), a Lloyd's managing agency, together with the right to operate Lloyd's Syndicate 1301 for the 2021 and future years of account, to Inigo Limited ("Inigo"), in exchange for shares in Inigo and cash. We recognized a gain on the sale of $23 million. In addition, we committed to invest up to $27 million in Inigo.

As of December 31, 2022, our investment in Inigo, which is accounted for as a privately held equity investment and carried at fair value, was $40 million (2021: $43 million), and we have funded $22 million of our capital commitment, with $5 million yet to be called by Inigo.

Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

6. INVESTMENTS

We hold:

i.trading portfolios of short-term and fixed maturity investments and equities, carried at fair value;

ii.AFS portfolios of short-term and fixed maturity investments, carried at fair value;

iii.other investments carried at fair value;

iv.equity method investments; and

v.funds held - directly managed, carried at fair value.

Short-term and Fixed Maturity Investments

Asset Types

The fair values of the underlying asset categories comprising our short-term and fixed maturity investments classified as trading and AFS and the fixed maturity investments included within our funds held - directly managed balance were as follows as of December 31, 2022 and 2021:


	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	$	10	$	64	$	300	$	128	$	516
U.K. government	—		3		42		33		4		82
Other government	—		—		188		131		143		462
Corporate (1)	—		25		1,594		2,988		679		5,286
Municipal	—		—		59		99		53		211
Residential mortgage-backed	—		—		77		362		113		552
Commercial mortgage-backed	—		—		191		628		203		1,022
Asset-backed	—		—		155		682		77		914
Structured products	—		—		—		—		586		586

Total fixed maturity and short-term investments	$	14	$	38	$	2,370	$	5,223	$	1,986	$	9,631

(1) Includes convertible bonds of $233 million, which includes embedded derivatives of $34 million.


	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 December 31, 2022 were securities issued by U.S. governmental agencies with a fair value of $429 million (as of December 31, 2021: $460 million).

The fair value of fixed maturities, trading and fixed maturities, AFS, which have been non-income producing for the twelve months preceding December 31, 2022 was $8 million and $25 million, respectively.

Contractual Maturities

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


As of December 31, 2022	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	343	$	334	3.5	%


More than one year through five years	3,103		2,826		29.3	%
More than five years through ten years	2,351		1,952		20.3	%
More than ten years	2,981		2,031		21.1	%
Residential mortgage-backed	613		552		5.7	%
Commercial mortgage-backed	1,115		1,022		10.6	%
Asset-backed	952		914		9.5	%


	$	11,458	$	9,631	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 as of December 31, 2022 and 2021 were as follows:


					Gross Unrealized Losses
As of December 31, 2022	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	338	$	—	$	(28)	$	—	$	310
U.K. government	36		2		(2)		—		36
Other government	146		1		(15)		(1)		131
Corporate	3,466		7		(428)		(32)		3,013
Municipal	120		1		(22)		—		99
Residential mortgage-backed	407		—		(45)		—		362
Commercial mortgage-backed	689		2		(63)		—		628
Asset-backed	706		1		(25)		—		682


	$	5,908	$	14	$	(628)	$	(33)	$	5,261


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


	$	5,723	$	38	$	(65)	$	(10)	$	5,686

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

The following table summarizes our short-term and fixed maturity investments classified as AFS that were in a gross unrealized loss position, for which an allowance for credit losses has not been recorded, as of December 31, 2022 and 2021:


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 2022	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions of U.S. dollars)
U.S. government and agency	$	188	$	(19)	$	112	$	(9)	$	300	$	(28)
U.K. government	1		—		10		(2)		11		(2)
Other government	25		(4)		89		(11)		114		(15)
Corporate	1,261		(246)		1,542		(182)		2,803		(428)
Municipal	58		(14)		32		(8)		90		(22)
Residential mortgage-backed	185		(35)		154		(10)		339		(45)
Commercial mortgage-backed	277		(43)		275		(20)		552		(63)
Asset-backed	186		(10)		357		(15)		543		(25)


Total short-term and fixed maturity investments	$	2,181	$	(371)	$	2,571	$	(257)	$	4,752	$	(628)


	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 December 31, 2022 and 2021, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 2,935 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 1,155 and 93, respectively.

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

Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	December 31, 2022				December 31, 2021
	Other government		Corporate			Total		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	—	$	(10)		$	(10)	$	—	$	—

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(31)			(31)		(16)		(16)

Reductions for securities sold during the year	—		5			5		—		—

(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	(1)		4			3		6		6


Allowance for credit losses, end of year	$	(1)	$	(32)		$	(33)	$	(10)	$	(10)

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

Equity Investments

The following table summarizes our equity investments as of December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	385	$	281
Exchange-traded funds	507		1,342
Privately held equity investments in common and preferred stocks	358		372
	$	1,250	$	1,995

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

Other Investments, at fair value

The following table summarizes our other investments carried at fair value as of December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Hedge funds	$	549	$	291
Fixed income funds	547		573
Private equity funds	1,282		752
Private credit funds	362		275
Equity funds	3		5
CLO equity funds	203		207
CLO equities	148		161
Real estate funds	202		69

	$	3,296	$	2,333

The following is a description of the nature of each of these investment categories:

•Hedge funds invest in fixed income, equity and other investments.

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

•Private equity funds include primary, secondaries diversified by asset classes, regional vintage and sectors and direct co-investment opportunities.

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

•Equity funds invest primarily in public equities.

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

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

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

Other investments, including equities measured at fair value using NAV as a practical expedient

We use NAV as a practical expedient to fair value certain of our other investments, including equities. Due to a lag in the valuations of certain funds reported by the managers, we may record changes in valuation with up to a three-month lag35. We regularly review and discuss fund performance with the fund managers to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments.

Certain of our other investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which limits our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes or side pockets, restrictions on the frequency of redemption and notice periods. A gate is the ability to deny or delay a redemption request, whereas a side-pocket is a designated account for which the investor loses its redemption rights.

Certain of our other investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if these investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those other investments.

The table below details the estimated period by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of December 31, 2022 for our investments measured at fair value using NAV as a practical expedient:


	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)
Equities
Privately held equity investments	$	—	$	—	$	—	$	—	$	39	$	39	N/A

Other investments
Hedge funds	$	549	$	—	$	—	$	—	$	—	$	549	Monthly to Bi-annually
Fixed income funds	395		—		—		—		62		457		Daily to Quarterly
Private equity funds	—		57		—		—		1,225		1,282		Quarterly for unrestricted amount
Private credit funds	—		—		—		—		362		362		N/A

CLO equity funds	174		28				—		1		203		Quarterly to Bi-annually

Real estate funds	—		—		—		—		202		202		N/A

	$	1,118	$	85	$	—	$	—	$	1,891	$	3,094

As of December 31, 2022, $60 million of our investments were subject to gates or side-pockets.

Equity Method Investments

The table below shows our equity method investments as of December 31, 2022 and 2021:


	2022				2021
	Ownership %		Carrying Value		Ownership %		Carrying Value
	(in millions of U.S. dollars)

Citco (1)	31.9	%	60		31.9	%	56
Monument Re (2)	20.0	%	110		20.0	%	194

Core Specialty	19.9	%	211		24.7	%	225
Other	27.0	%	16		27.0%		18

			$	397			$	493

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

(2) We own 20.0% of the common shares in Monument Re as well as different classes of preferred shares which have fixed dividend yields and whose balances are included in the Investment amount (2022 losses include an other-than-temporary impairment charge).

Summarized Financial Information

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


	2022		2021
	(in millions of U.S. dollars)
Balance Sheet
Total assets	$	51,278	$	45,741
Total liabilities	39,496		33,858

	2022		2021		2020
	(in millions of U.S. dollars)
Operating Results(1)
Total income	$	6,524	$	9,190	$	6,093
Total expenses	6,885		8,098		5,234
Net (loss) income	$	(361)	$	1,092	$	859

(1) Refer to Note 14 for the summarized operating results of our equity method investment in the InRe Fund for the three months ended March 31, 2021 and the year ended December 31, 2020, prior to our consolidation of the InRe Fund on April 1, 2021

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


	2022				2021
	Equity Method Investments		Fair Value Option		Equity Method Investments		Fair Value Option
	(in millions of U.S. dollars)
Ownership percentage
100%	$	—	$	—	$	—	$	—
20%-99%	186		1,096		493		828
3%-19%	211		809		—		749
Total	$	397	$	1,905	$	493	$	1,577

Funds Held

Funds Held - Directly Managed

The following table summarizes the components of the funds held - directly managed as of December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	1,986	$	2,806
Cash and cash equivalents	41		188
Other assets	13		13
	$	2,040	$	3,007

The following table summarizes the short-term and fixed maturity investment components of funds held - directly managed as of December 31, 2022 and 2021:


	2022		2021

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	2,765	$	2,815
Net unrealized gains (losses):

Change in fair value - embedded derivative accounting	(572)		14
Change in fair value (1)	(207)		(23)
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	1,986	$	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 December 31, 2022 and 2021, we had funds held by reinsured companies of $3.6 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 based on the performance of Aspen’s investments (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 December 31, 2022 was $44 million.


	2022
	(in millions of U.S. dollars)
Fund held by reinsurance companies, at amortized cost	$	3,538
Initial recognition of embedded derivative	27
Net unrealized gains:
Change in fair value - embedded derivative	17
Funds held by reinsured companies, at fair value	$	3,582

Net Investment Income

Major categories of net investment income for the years ended December 31, 2022, 2021 and 2020 are summarized as follows:


	2022		2021		2020
	(in millions of U.S. dollars)
Fixed maturity investments	$	237	$	191	$	199
Short-term investments and cash and cash equivalents	10		—		5
Funds held by reinsured companies	100		57		34
Funds held – directly managed	51		28		34
Investment income from fixed maturities and cash and cash equivalents	398		276		272
Equity investments	39		32		20
Other investments(1)	43		41		27

Investment income from equities and other investments	82		73		47
Gross investment income	480		349		319
Investment expenses	(25)		(37)		(16)

Net investment income	$	455	$	312	$	303

(1) Effective April 1, 2021, the InRe Fund was consolidated by us and subsequently liquidated by December 31, 2021. Refer to Note 14 for additional information. Prior to April 1, 2021, all income or loss from the InRe Fund was determined by the change in net asset value (NAV) of our holdings in the fund, which was included within net realized and unrealized gains (losses) from other investments.

Net Realized and Unrealized Gains (Losses)

Components of net realized and unrealized gains (losses) for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022		2021		2020
	(in millions of U.S. dollars)
Net realized gains on sale:
Gross realized gains on fixed maturity securities, AFS	$	6	$	19	$	26
Gross realized losses on fixed maturity securities, AFS	(89)		(13)		(8)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(28)		(10)		—


Net (losses) gains recognized on equity securities sold during the period	(21)		9		1
Other investments (1)	—		66		—
Net realized investment gains on investment derivatives	(3)		(132)		—

Total net realized (losses) gains on sale	$	(135)	$	(61)	$	19
Net unrealized (losses) gains:
Fixed maturity securities, trading	(503)		(144)		228
Fixed maturity securities in funds held - directly managed	(567)		(62)		60
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	(269)		146		(2)
Other investments (1)	(125)		259		1,336
Investment derivatives	(15)		(21)		1

Total net unrealized (losses) gains	$	(1,479)	$	178	$	1,623

The gross realized gains and losses on AFS investments included in the table above resulted from sales of $2.1 billion, $2.5 billion and $2.0 billion for the years ended December 31, 2022, 2021 and 2020, respectively.

Reconciliation to the Consolidated Statements of Comprehensive Income

The following table provides a reconciliation of the gross realized gains and losses and credit recoveries (losses) on our AFS fixed maturity debt securities that arose during the years ended December 31, 2022, 2021 and 2020 within our continuing and discontinued operations and the offsetting reclassification adjustments included within our consolidated statements of comprehensive income:


	2022		2021		2020
	(in millions of U.S. dollars)






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	6	$	19	$	26
Gross realized losses on fixed maturity securities, AFS	(89)		(13)		(8)
Tax effect	2		—		(1)
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		—		1


Total reclassification adjustment for net realized gains (losses) included in net earnings	$	(81)	$	6	$	18
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	(28)	$	(10)	$	—

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

Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$	(28)	$	(10)	$	1

Restricted Assets

We utilize trust accounts to collateralize business with our (re)insurance counterparties. We are also required to maintain investments and cash and cash equivalents on deposit with regulatory authorities and Lloyd's to support our (re)insurance operations. The investments and cash and cash equivalents on deposit are available to settle (re)insurance liabilities. Collateral generally takes the form of assets held in trust, letters of credit or funds held. The assets used as collateral are primarily highly rated fixed maturity securities. The carrying value of our restricted assets, including restricted cash of $508 million and $446 million, as of December 31, 2022 and 2021, respectively, was as follows:


	2022		2021
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,343	$	6,100
Assets on deposit with regulatory authorities	159		196
Collateral for secured letter of credit facilities	82		94
FAL (1)	365		431
	$	5,949	$	6,821

(1) Our businesses included two Lloyd's syndicates as at December 31, 2022 and 2021. Lloyd's determines the required capital principally through the annual business plan of each syndicate. This capital is referred to as FAL and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources. We also utilize unsecured letters of credit for FAL, as described in Note 17

Derivatives and Hedging Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

7. DERIVATIVES AND HEDGING INSTRUMENTS

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

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

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

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

The following table presents the gross notional amounts and estimated fair values of our derivatives recorded within other assets and other liabilities on the consolidated balance sheets as of December 31, 2022 and 2021:


	2022						2021
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	442	$	1	$	11	$	618	$	—	$	7

Derivatives not designated as hedging instruments
Foreign currency forward contracts	244		5		1		498		2		—
Others	7		—		—		17		—		10
Total	$	693	$	6	$	12	$	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 years ended December 31, 2022, 2021 and 2020:


	Amount of Gains (Losses)
	2022		2021		2020
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	50	$	24	$	(30)

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(10)		(4)		(2)

Reinsurance Balances Recoverable on Paid and Unpaid Losses

12 Months Ended

Dec. 31, 2022

Reinsurance Balances Recoverable on Paid and Unpaid Losses

8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

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


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,075	$	1,367
ULAE	6		7
Fair value adjustments - acquired companies	(6)		(8)
Fair value adjustments - fair value option	(79)		(34)
Total reinsurance reserves recoverable	996		1,332
Paid losses recoverable	135		185
Total	$	1,131	$	1,517

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	856	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	275		432
Total	$	1,131	$	1,517

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

The fair value adjustments, determined on acquisition of (re)insurance subsidiaries, are based on the estimated timing of loss and LAE recoveries and an assumed interest rate equivalent to a risk free rate for securities with similar duration to the acquired reinsurance balances recoverable on paid and unpaid losses plus a spread for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements36.

As of December 31, 2022 and 2021, we had reinsurance balances recoverable on paid and unpaid losses of $1.1 billion and $1.5 billion, respectively. The decrease of $386 million was primarily due to cash collections, adverse ceded development and foreign exchange movement.

Top Ten Reinsurers


	December 31, 2022				December 31, 2021
	Total		%		Total		%
	(in millions of U.S. dollars)
Top 10 reinsurers	$	792	70.0	%	$	1,002	66.1	%
Other reinsurers > $1 million	319		28.2	%	491		32.4	%
Other reinsurers < $1 million	20		1.8	%	24		1.5	%
Total	$	1,131	100.0	%	$	1,517	100.0	%


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		8
Number of top 10 non-rated reinsurers (1)	2		2

Reinsurers rated A- or better in top 10	$	578	$	747
Non-rated reinsurers in top 10 (1)	214		255
Total top 10 reinsurance recoverables	$	792	$	1,002

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2022 and 2021:


Lloyd's Syndicates (2)	$	193	$	256
Michigan Catastrophic Claims Association(3)	$	171	$	210

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

•$171 million and $210 million as of December 31, 2022 and December 31, 2021 respectively, due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state;

•$43 million and $45 million as of December 31, 2022 and December 31, 2021 due from a U.S. Workers' Compensation Reinsurance Pool that is secured through an allocation to insurers actively writing workers' compensation in the covered state;

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

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

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	136	$	137

Effect of exchange rate movement	1		—
Current period change in the allowance	(6)		1

Recoveries collected	—		(2)
Allowance for estimated uncollectible reinsurance, end of year	$	131	$	136

15. PREMIUMS WRITTEN AND EARNED

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2022, 2021 and 2020:


	2022				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	25	$	97	$	106	$	373	$	552	$	730
Total ceded	(13)		(31)		(44)		(128)		(119)		(158)
Total net	$	12	$	66	$	62	$	245	$	433	$	572

Gross premiums written for the years ended December 31, 2022 and 2021 decreased by $81 million and $446 million, respectively, primarily due to our strategic exit from our active underwriting platforms beginning in 2020.

Deferred Charge Assets and Deferred Gain Liabilities

12 Months Ended

Dec. 31, 2022

Deferred Charge Assets and Deferred Gain Liabilities

9. DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

Change in net DCA Amortization

Effective December 31, 2022, we voluntarily changed our accounting policy for calculating the amortization of our DCAs. Previously, any change in ultimate losses on the contracts with a recognized DCA would result in the recognition of an adjustment to the DCA, as if the adjusted reserves had existed upon inception of the contract. We will no longer adjust the DCA for these events.

We continue to amortize the originating DCA balances over the estimated claim payment period of the related contracts with the amortization adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments. Previously, the amortization of our DCAs and DGLs was included in net incurred losses and LAE. We now present the amortization of our DCAs and DGLs as a separate line item in our consolidated statements of earnings.

We will continue to assess the DCA for impairment and record any adjustments in the period evaluated.

We made the change in accounting policy because the primary basis for accepting premium consideration that is lower than the estimate of losses and LAE liabilities assumed is due to the time value of money, inclusive of our expectation of generating investment income, rather than expectations of changes in ultimate losses on the contracts.

We believe that the change in policy improves the usefulness of our financial statements as the changes in amortization of the DCA will no longer offset the loss developments, which allows the insurance loss developments to be recognized consistently through our consolidated statement of earnings regardless of whether the contract resulted in a DCA at inception.

We have retrospectively applied this change in accounting policy to all applicable prior period information presented herein as required. As of January 1, 2020, the cumulative effect of this change resulted in a $158 million increase to retained earnings, which is reflected as a cumulative change in accounting principle in the consolidated statements of changes in shareholders’ equity.

The following tables provide a summary of the effect of the change in accounting policy on our 2022 and previously reported consolidated financial statements:

Consolidated Balance Sheets


	As of December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
Deferred charge assets	$	268	$	390	$	658


Retained earnings	4,016		390		4,406


	As of December 31, 2021
	As Previously Reported		Adjustment		As Adjusted
	(in millions of U.S. dollars)
Deferred charge assets	$	371	$	227	$	598


Retained earnings	5,085		227		5,312

Consolidated Statements of Earnings


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars, except per share data)
Net incurred losses and LAE:
Prior Period	$	(513)	$	(243)	$	(756)
Total net incurred losses and loss adjustment expenses	(465)		(243)		(708)
Amortization of net deferred charge assets	—		80		80
Total expenses	(12)		(163)		(175)
NET LOSS FROM CONTINUING OPERATIONS	(1,108)		163		(945)
NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	(1,069)	$	163	$	(906)

Loss per ordinary share attributable to Enstar:
Basic	$	(62.13)	$	9.48	$	(52.65)

Diluted	$	(62.13)	$	9.48	$	(52.65)


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars, except per share data)
Net incurred losses and LAE:
Prior period	$	(283)	$	(120)	$	(403)	$	11	$	(43)	$	(32)
Total net incurred losses and loss adjustment expenses	(111)		(120)		(231)		416		(43)		373
Amortization of net deferred charge assets	—		55		55		—		39		39
Total expenses	367		(65)		302		1,164		(4)		1,160

NET EARNINGS FROM CONTINUING OPERATIONS	488		65		553		1,711		4		1,715


NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	437	$	65	$	502	$	1,719	$	4	$	1,723

Earnings per ordinary share attributable to Enstar:
Basic:
Net earnings from continuing operations	$	22.05	$	3.28	$	25.33	$	79.43	$	0.17	$	79.60
Net earnings from discontinued operations	—		—		—		0.35		—		0.35
Net earnings per ordinary share	$	22.05	$	3.28	$	25.33	$	79.78	$	0.17	$	79.95
Diluted:
Net earnings from continuing operations	$	21.71	$	3.23	$	24.94	$	78.45	$	0.17	$	78.62
Net earnings from discontinued operations	—		—		—		0.35		—		0.35
Net earnings per ordinary share	$	21.71	$	3.23	$	24.94	$	78.80	$	0.17	$	78.97

Consolidated Statements of Comprehensive Income


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
NET LOSS	$	(1,108)	$	163	$	(945)


COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSTAR	$	(1,592)	$	163	$	(1,429)


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
NET EARNINGS	$	488	$	65	$	553	$	1,727	$	4	$	1,731


COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSTAR	$	375	$	65	$	440	$	1,828	$	4	$	1,832

Consolidated Statements of Changes in Shareholders’ Equity


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
Retained Earnings
Balance, beginning of year	$	5,085	$	227	$	5,312
Net earnings	(1,108)		163		(945)

Balance, end of year	$	4,016	$	390	$	4,406


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Retained Earnings
Balance, beginning of year	$	4,647	$	162	$	4,809	$	2,888	$	—	$	2,888
Net earnings	488		65		553		1,727		4		1,731
Cumulative effect of change in accounting principle	—		—		—		(6)		158		152
Balance, end of year	$	5,085	$	227	$	5,312	$	4,647	$	162	$	4,809

Consolidated Statements of Cash Flows


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
Net loss	$	(1,108)	$	163	$	(945)
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Amortization of net deferred charge assets	$	—	$	80	$	80
Other operating assets and liabilities	$	(174)	$	(243)	$	(417)


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Net earnings	$	488	$	65	$	553	$	1,727	$	4	$	1,731
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Amortization of net deferred charge assets	$	—	$	55	$	55	$	—	$	39	$	39
Other operating assets and liabilities(1)	$	838	$	(120)	$	718	$	412	$	(43)	$	369

(1) As previously reported changes in other operating assets and liabilities for the years ended December 31, 2021 and 2020 includes changes in premiums receivable of $324 million and $23 million, respectively.

The following tables provide a summary of the effect of the change in accounting policy on our 2022 and previously reported consolidated reconciliation of beginning and ending liability for losses and LAE:


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
DCAs on retroactive reinsurance	$	(371)	$	371	$	—
Net balance as of January 1	11,555		371		11,926
Net incurred losses and LAE:
Prior periods:
Amortization of DCAs	243		(243)		—
Total prior periods	(513)		(243)		(756)
Total net incurred losses and LAE	(465)		(243)		(708)
Other changes:

Assumed business(1)	2,520		140		2,660

Total other changes	2,333		140		2,473
Net balance as of December 31	11,743		268		12,011
DCAs on retroactive reinsurance	$	268	$	(268)	$	—


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
DCAs on retroactive reinsurance	$	(219)	$	219	$	—	$	(260)	$	260	$	—
Net balance as of January 1	8,709		219		8,928		7,679		260		7,939
Net incurred losses and LAE:
Prior periods:
Amortization of DCAs	120		(120)		—		43		(43)		—
Total prior periods	(283)		(120)		(403)		11		(43)		(32)
Total net incurred losses and LAE	(111)		(120)		(231)		416		(43)		373
Other changes:
Effect of exchange rate movement	—		—		—		120		(1)		119
Acquired business(2)	1,098		29		1,127		—		—		—
Assumed business(1)	3,445		254		3,699		2,186		12		2,198
Ceded business(3)	(92)		(11)		(103)		(155)		(9)		(164)
Total other changes	4,388		272		4,660		1,934		2		1,936
Net balance as of December 31	11,555		371		11,926		8,544		219		8,763
DCAs on retroactive reinsurance	$	371	$	(371)	$	—	$	219	$	(219)	$	—

(1) 2022, 2021 and 2020 assumed business is net of DCAs of $140 million, $254 million and $12 million, respectively.

(2) 2021 acquired business included $257 million of loss reserves which are deemed to effectively settle balances relating to pre-existing relationships, the latter comprising of $286 million of reinsurance recoverables, partially offset by a DGL of $29 million, carried by two of our reinsurance subsidiaries. The impact of the DGL has been adjusted in the above table.

(3) 2021 and 2020 ceded business is net of DGLs of $11 million and $9 million, respectively.

Additionally, all relevant notes to the financial statements have been updated for impacts of the change in accounting policy.

Deferred Charge Assets and Deferred Gain Liabilities

The following table presents a reconciliation of the deferred charge assets and deferred gain liabilities for the years ended December 31, 2022, 2021 and 2020:


	2022						2021						2020
	DCA		DGL		Net		DCA		DGL		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	599	$	1	$	598	$	401	$	20	$	381	$	430	$	13	$	417
Recorded during the year	140		—		140		254		11		243		12		9		3
Realized on acquisition	—		—		—		—		(29)		29		—		—		—
Amortization	(81)		(1)		(80)		(56)		(1)		(55)		(41)		(2)		(39)

Ending carrying value	$	658	$	—	$	658	$	599	$	1	$	598	$	401	$	20	$	381

For the years ended December 31, 2022 and 2021, we completed our assessment for impairment of deferred charge assets and concluded that there had been no impairment of our carried deferred charge asset balances.

Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2022

Losses and Loss Adjustment Expenses

10. 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 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.


	2022		2021		2020
	(in millions of U.S. dollars)
Balance as of January 1	$	13,258	$	10,593	$	9,868
Losses and LAE relating to SGL No.1 (1)	—		255		—
Reinsurance reserves recoverable (2)	(1,332)		(1,830)		(1,928)
Reinsurance reserves recoverable relating to SGL No. 1 (1)	—		(90)		—

Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances	—		—		(1)
Net balance as of January 1	11,926		8,928		7,939
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	46		168		388
Increase in provisions for ULAE	2		4		17
Total current period	48		172		405
Prior periods:
Reduction in estimates of net ultimate losses	(403)		(281)		(130)
Reduction in provisions for ULAE	(135)		(63)		(49)

Amortization of fair value adjustments (3)	(18)		16		28
Changes in fair value - fair value option (4)	(200)		(75)		119
Total prior periods	(756)		(403)		(32)
Total net incurred losses and LAE	(708)		(231)		373
Net paid losses:
Current period	(3)		(29)		(72)
Prior periods	(1,677)		(1,402)		(1,413)
Total net paid losses	(1,680)		(1,431)		(1,485)
Other changes:
Effect of exchange rate movement	(187)		(63)		119
Acquired business (5)	—		1,127		—
Assumed business	2,660		3,699		2,198
Ceded business	—		(103)		(164)
Reclassification to assets and liabilities held-for-sale	—		—		(217)
Total other changes	2,473		4,660		1,936
Net balance as of December 31	12,011		11,926		8,763
Reinsurance reserves recoverable (2)	996		1,332		1,830

Balance as of December 31	$	13,007	$	13,258	$	10,593

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,721	$	11,269
Loss and loss adjustment expenses, at fair value	1,286		1,989
Total	$	13,007	$	13,258

(1) This balance represents our participation in Atrium's Syndicate 609 relating to the 2020 and prior underwriting years which is no longer eliminated on our consolidated financial statements following the completion of the Exchange Transaction on January 1, 2021.

(2) Excludes paid losses recoverable.

(3) 2022 amortization of fair value adjustments includes accelerated amortization of $33 million representing the remaining risk margin fair value adjustment liability originally recorded upon acquisition of the Enhanzed Re catastrophe reinsurance business. The liability was released following the commutation of the catastrophe business back to Allianz.

(4) Comprises discount rate and risk margin components.

(5) 2021 acquired business of $1.1 billion includes $842 million of third party loss reserves and $257 million of loss reserves which are deemed to effectively settle balances relating to pre-existing relationships, the latter comprising of $286 million of reinsurance recoverables carried by two of our reinsurance subsidiaries. These pre-existing relationships were fair valued at $271 million in accordance with the acquisition method of accounting.

Prior Period Development (“PPD”)

Reduction in Estimates of Net Ultimate Losses

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


	2022		2021		2020
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(14)	$	(16)	$	(19)
Environmental	(6)		7		(13)
General casualty	57		116		(26)
Workers' compensation	(318)		(234)		(183)
Marine, aviation and transit	(56)		(47)		(31)
Construction defect	(25)		(33)		8
Professional indemnity/Directors and Officers	(10)		(31)		(12)
Motor	74		43		148
Property	(35)		(45)		(17)
All Other	(22)		(37)		18
Total Run-off segment	(355)		(277)		(127)
Total Assumed Life segment	(52)		—		—
Total Legacy Underwriting segment	4		(4)		(3)
Total	$	(403)	$	(281)	$	(130)

2022: The reduction in estimates of net ultimate losses of $403 million related to prior periods was primarily driven by net favorable development in the following Run-off segment lines of business:

Workers’ Compensation - The workers' compensation line of business experienced $318 million of favorable development, most notably in our 2017 and 2019 to 2021 acquisition years, as a result of:

•lower severity trends on certain existing claims;

•reduced levels of expected frequency of claims for excess workers’ compensation;

•favorable claim settlements, including accelerated and favorable claim settlement patterns on certain portfolios; and

•an ADC contract where the cedants have experienced continued favorable ground-up performance.

During 2022, we also completed 15 commutations that resulted in a net reduction of ultimate losses of $11 million in our workers' compensation line of business.

Motor - The experience in our motor line was adverse by $74 million due to higher than expected claims severity primarily on older liabilities and slower than expected claim settlement rates related to our 2020 acquisition year.

General Casualty - The experience in the general casualty reserves was adverse by $57 million, including adverse development on an LPT portfolio from our 2020 acquisition year, partially offset by favorable development on certain of our 2019 and 2021 ADC contracts. Notably,

•Our 2020 acquisition year general casualty liabilities experienced additional claim reporting latency and unexpected increased severity on a small number of large New York Labor Law claims which resulted in increased overall ultimate loss estimates.

•Our 2019 and 2021 acquisition year ADC general casualty liabilities show a continued pattern of ground up favorable development which has resulted in lower estimates of our reserves for these exposures.

Marine, Aviation and Transit - The marine, aviation and transit line of business experienced $56 million of favorable development as a result of favorable experience across a variety of claim types, related to the 2014, 2018 and 2019 acquisition years.

Our Assumed Life segment also experienced favorable claim activity on our 2021 acquisition year catastrophe business. During 2022, we commuted back to Allianz the catastrophe reinsurance business originally ceded to Enhanzed Re by Allianz and recognized a favorable commutation gain of $59 million, of which $26 million contributed to a favorable reduction in estimates of net ultimate losses. The remaining $33 million represented the accelerated amortization of the remaining fair value adjustment liability and is included within amortization of fair value adjustments.

2021:

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

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

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

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

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

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

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

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

2020: The reduction in estimates of net ultimate losses of $130 million related to prior periods was primarily driven by net favorable development in the following Run-off segment lines of business:

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

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

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

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

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

Changes in Fair Value - Fair Value Option

During 2022, 2021 and 2020, changes in the fair value of liabilities related to assumed retroactive reinsurance agreements for which we have elected the fair value option of $(200) million, $(75) million and $119 million, respectively, were primarily driven by an increase in corporate bond yields in 2022 and 2021 and narrowing credit spreads in corporate bond yields in 2020.

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

The table below presents the reconciliation of the loss development tables disclosed further below to the liability for losses and LAE in the consolidated balance sheet. Loss development tables that we presented are those that are most significant to our financial statements.

Loss Development Information

Methodology for Establishing Reserves (Excluding Asbestos and Environmental Claims)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Asbestos and Environmental Reserving Methodologies

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

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

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

Trends in calendar year payment activity are considered when selecting an expected future annual average payment amount (which is derived from an expected paid survival ratio) and accepted industry benchmarks are used in determining an expected number of future payment years.

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

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

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

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

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

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

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

The net liability for unpaid losses and LAE as of December 31, 2022 and 2021 included $2.0 billion and $2.3 billion, respectively, which represented an estimate of the net ultimate liability for A&E claims. The gross liability for such claims as of December 31, 2022 and 2021 was $2.0 billion and $2.4 billion, respectively.

The decrease of $291 million and $313 million on a net and gross basis, respectively, in 2022 was primarily due to net paid losses during the year.

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

The loss development tables set forth our historic incurred and paid loss development through December 31, 2022, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information for our segment lines of business with material net losses and LAE balances as of December 31, 2022.

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

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

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

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

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

•Cessions to Enhanzed Re: As a result of the Step Acquisition of Enhanzed Re, the Run-off segment business previously ceded to Enhanzed Re became subject to elimination upon consolidation. As such, the loss development disclosures presented for the Run-off segment have been restated to exclude the historical incurred and paid loss development related to these cessions.

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

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

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

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

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

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

•PPD: PPD included in the loss development tables is calculated as follows: i) for acquisition years 2021 and prior, subtract the 2021 calendar year net cumulative incurred losses and ALAE from the 2022 calendar year for all accident years excluding 2022; and ii) add the result of subtracting the 2022 acquisition year net reserves acquired from the 2022 net cumulative incurred losses and ALE for all accident year excluding 2022.

•Foreign Exchange: The loss development tables exclude the impact of foreign exchange rates. Historical amounts are disclosed on a constant-currency basis, which is achieved by using constant foreign exchange rates between years in the loss development tables, and translating prior year amounts denominated in currencies other than the U.S. dollar, which is our reporting currency, using the closing exchange rates as of December 31, 2022.

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

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

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

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

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

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

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

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

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

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

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

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

•Supplemental Information: The information related to net incurred and paid loss development for all calendar years preceding the year ended December 31, 2022, as well as 2012 and prior accident year and all acquisition year information (including net acquired reserves), and the related historical average claims payout percentage disclosure is unaudited and is presented as supplementary information.


Run-off Segment
Asbestos
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Acquired Reserves		2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	$	14	$	14	$	14	$	14	$	14	$	14	$	10	$	9	$	10	$	9	$	10	$	1	$	6	214



































2016	2012 and Prior	507								506		565		563		582		632		635		635		—		168		2,118











2017	2012 and Prior	842										774		724		760		769		751		739		(12)		442		5,996











2018	2012 and Prior	54												49		46		3		1		—		(1)		3		31











2019	2012 and Prior	366														367		354		356		355		(1)		115		1,519























2021	2012 and Prior	386																		386		385		(1)		166		2,059























	Grand Total	$	2,169																			$	2,124	$	(14)	$	900	11,937

Net cumulative paid losses and ALAE (from table below)																		(681)

2013 to 2022 acquisition years - net liabilities for losses and ALAE																		1,443
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years																		165				—
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years																		$	1,608			$	(14)


Run-off Segment
Asbestos
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
					(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2013	2012 and Prior		$	—	$	—	$	—	$	1	$	2	$	2	$	2	$	3	$	3	$	4



































2016	2012 and Prior								20		71		124		183		228		268		299











2017	2012 and Prior										16		48		80		118		157		193











2018	2012 and Prior												(1)		(3)		(2)		(2)		(2)











2019	2012 and Prior														4		45		89		135























2021	2012 and Prior																		1		52























	Grand Total																				$	681


Run-off Segment
General Casualty
					Net cumulative incurred losses and allocated loss adjustment expenses										Year Ended December 31, 2022	As of December 31, 2022
					For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	Transfers during the year	Reclassed Net Reserves Acquired	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	78	—	78	78	77	99	98	99	101	102	107	106	106	—	3	715
2013	2013	—	—	—	2	1	1	1	1	—	—	—	—	—	—	1	—
2013	2014	—	—	—		1	—	—	—	—	—	—	—	—	—	—	—








	Total	78	—	78	80	79	100	99	100	101	102	107	106	106	—	4	715
2014	2012 and Prior	46	—	46		70	70	75	71	69	68	76	67	66	(1)	1	880
2014	2013	11	—	11		8	11	9	9	10	13	11	10	9	(1)	1	74
2014	2014	—	—	—		1	1	—	1	2	2	2	1	1	—	—	3
2014	2015	—	—	—			—	—	—	—	—	—	—	—	—	—	2
2014	2016	—	—	—				—	—	—	—	—	—	—	—	—	1
2014	2017	—	—	—					—	—	—	—	—	—	—	—	1





	Total	57	—	57		79	82	84	81	81	83	89	78	76	(2)	2	961
2015	2012 and Prior	76	—	76			62	61	63	60	57	59	59	59	—	1	4,838
2015	2013	53	—	53			29	34	36	36	35	35	36	37	1	2	781
2015	2014	33	—	33			20	23	27	29	45	38	38	39	1	3	1,166
2015	2015	4	—	4			10	9	9	11	16	21	18	19	1	2	1,345
2015	2016	—	—	—				2	2	2	2	3	5	5	—	1	250
2015	2017	—	—	—					—	—	—	—	—	—	—	—	37
2015	2018	—	—	—						2	1	1	1	1	—	1	12
2015	2019	—	—	—							2	2	2	2	—	2	1
2015	2020	—	—	—								2	2	2	—	2	—
2015	2021	—	—	—									1	1	—	1	—

	Total	166	—	166			121	129	137	140	158	161	162	165	3	15	8,430
2016	2012 and Prior	—	—	—				4	9	8	8	6	5	4	(1)	1	1,787










	Total	—	—	—				4	9	8	8	6	5	4	(1)	1	1,787
2017	2012 and Prior	197	—	197					175	158	143	139	137	135	(2)	4	353
2017	2013	1	—	1					1	—	—	—	—	—	—	—	6









	Total	198	—	198					176	158	143	139	137	135	(2)	4	359
2018	2012 and Prior	122	—	122						99	93	91	90	92	2	10	50,408
2018	2013	53	—	53						51	47	43	45	44	(1)	2	1,681
2018	2014	49	—	49						48	46	42	45	46	1	4	1,695
2018	2015	90	—	90						90	95	91	92	99	7	6	2,537
2018	2016	62	—	62						62	80	82	82	89	7	7	2,719
2018	2017	38	—	38						39	44	49	52	50	(2)	7	436
2018	2018	40	—	40						40	41	39	36	34	(2)	2	187
2018	2019	—	—	—							7	6	7	7	—	1	36


2018	2022	—	—	—										—		—	1
	Total	454	—	454						429	453	443	449	461	12	39	59,700
2019	2012 and Prior	17	—	17							15	16	16	16	—	4	2,365
2019	2013	16	—	16							14	14	21	15	(6)	8	821
2019	2014	24	—	24							20	17	29	18	(11)	15	768
2019	2015	70	—	70							63	59	67	55	(12)	27	1,305


Run-off Segment
General Casualty
								Net cumulative incurred losses and allocated loss adjustment expenses											Year Ended December 31, 2022		As of December 31, 2022
								For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		Transfers during the year		Reclassed Net Reserves Acquired		2013	2014	2015	2016	2017	2018	2019	2020	2021	2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2019	2016	34		—		34								33	31	37	40		3		28		2,634
2019	2017	40		—		40								48	48	59	74		15		42		1,910
2019	2018	49		—		49								49	50	54	52		(2)		44		402
2019	2019	—		—		—								1	2	2	2		—		—		241
2019	2020	—		—		—									—	—	—		—		—		138
2019	2021	—		—		—										—	—		—		—		71
2019	2022	—		—		—											—		—		—		55
	Total	250		—		250								243	237	285	272		(13)		168		10,710
2020(1)	2012 and Prior	124		(102)		22									23	22	26		4		4		182
2020(1)	2013	61		(35)		26									21	20	22		2		5		191
2020(1)	2014	88		(55)		33									36	34	51		17		12		238
2020(1)	2015	142		(80)		62									62	53	67		14		17		347
2020(1)	2016	144		(75)		69									71	70	94		24		23		458
2020(1)	2017	143		(91)		52									47	55	72		17		26		521
2020(1)	2018	143		(84)		59									56	47	62		15		27		350
2020(1)	2019	203		(94)		109									108	99	88		(11)		49		456
2020(1)	2020	84		—		84									83	94	83		(11)		61		490


	Total	1,132		(616)		516									507	494	565		71		224		3,233
2021	2012 and Prior	156		—		156										160	152		(8)		148		1,048
2021	2013	50		—		50										51	47		(4)		42		510
2021	2014	65		—		65										64	61		(3)		50		787
2021	2015	137		—		137										140	130		(10)		108		2,480
2021	2016	192		—		192										202	197		(5)		157		3,149
2021	2017	296		—		296										305	324		19		245		2,939
2021	2018	376		—		376										371	414		43		339		3,541
2021	2019	423		—		423										427	479		52		432		2,849
2021	2020	60		—		60										74	42		(32)		11		260
2021	2021	—		—		—										1	1		—		—		146
2021	2022	—		—		—											—		—		—		73
	Total	1,755		—		1,755										1,795	1,847		52		1,532		17,782
2022(1)	2012 and Prior	278		102		380									102	90	386		6		126		16,947
2022(1)	2013	62		35		97									35	25	96		(1)		38		6,003
2022(1)	2014	75		55		130									55	43	133		3		42		6,269
2022(1)	2015	94		80		174									80	65	170		(4)		47		5,972
2022(1)	2016	155		75		230									75	102	238		8		112		6,093
2022(1)	2017	163		91		254									91	98	233		(21)		53		7,894
2022(1)	2018	214		84		298									84	97	301		3		145		8,160
2022(1)	2019	246		94		340									94	136	337		(3)		196		7,776



	Total	1,287		616		1,903									616	656	1,894		(9)		759		65,114
	Grand Total	$	5,377	$	—	$	5,377										$	5,525	$	111	$	2,748	168,791


Net cumulative paid losses and ALAE (from table below)														(1,366)
2013 to 2022 acquisition years - net liabilities for losses and ALAE														4,159


Run-off Segment
General Casualty
					Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022	As of December 31, 2022
					For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	Transfers during the year	Reclassed Net Reserves Acquired	2013	2014	2015	2016	2017	2018	2019		2020	2021		2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											88			(54)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	4,247		$	57

(1) During the year ended December 31, 2022, we entered into a LPT agreement with Aspen, which absorbed the Aspen ADC agreement we entered into in 2020. As such, we have reclassified the net reserves acquired in acquisition year 2020 and the net cumulative incurred losses and allocated loss adjustment expenses recorded through December 31, 2022 to acquisition year 2022.


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	5	22	44	57	75	84	89	90	97	97










	Total	5	22	44	57	75	84	89	90	97	97
2014	2012 and Prior		33	36	43	45	47	48	49	52	58
2014	2013		1	1	1	1	4	7	7	7	7
2014	2014		—	—	—	—	1	1	1	1	1








	Total		34	37	44	46	52	56	57	60	66
2015	2012 and Prior			14	25	32	39	43	50	52	55
2015	2013			7	13	18	25	30	30	31	32
2015	2014			3	7	15	20	29	33	33	35
2015	2015			1	1	2	5	11	13	13	17
2015	2016				—	—	—	1	1	2	4






	Total			25	46	67	89	114	127	131	143
2016	2012 and Prior				1	2	2	3	4	3	4










	Total				1	2	2	3	4	3	4
2017	2012 and Prior					33	66	86	99	105	111










	Total					33	66	86	99	105	111
2018	2012 and Prior						8	24	35	43	52
2018	2013						9	18	30	35	37
2018	2014						4	15	22	28	32
2018	2015						17	32	44	59	68
2018	2016						11	33	47	56	66
2018	2017						—	12	24	32	37
2018	2018						—	9	17	26	30
2018	2019							2	3	6	6



	Total						49	145	222	285	328
2019	2012 and Prior							4	5	6	7


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2019	2013							3	5	5	6
2019	2014							4	2	3	1
2019	2015							3	12	15	24
2019	2016							(2)	(1)	(1)	3
2019	2017							7	10	14	16
2019	2018							1	3	4	5
2019	2019							—	1	1	1



	Total							20	37	47	63
2020	2012 and Prior								1	6	16
2020	2013								3	5	14
2020	2014								6	14	35
2020	2015								11	20	37
2020	2016								10	34	52
2020	2017								4	24	39
2020	2018								—	17	33
2020	2019								—	19	33
2020	2020								2	9	20


	Total								37	148	279
2021	2012 and Prior									2	3
2021	2013									1	4
2021	2014									1	11
2021	2015									8	18
2021	2016									15	23
2021	2017									24	51
2021	2018									5	44
2021	2019									3	26
2021	2020									9	17


	Total									68	197
2022	2012 and Prior										13
2022	2013										2
2022	2014										5
2022	2015										20
2022	2016										11
2022	2017										16
2022	2018										9
2022	2019										2



	Total										78
	Grand Total										$	1,366


Run-off Segment
General Casualty
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2013	4.72	%	16.04	%	20.75	%	12.26	%	16.98	%	8.49	%	4.72	%	0.94	%	6.60	%	—	%
2014	44.74	%	3.95	%	9.21	%	2.63	%	7.89	%	5.26	%	1.32	%	3.95	%	7.24	%
2015	15.15	%	12.73	%	12.73	%	13.33	%	15.15	%	7.88	%	2.42	%	7.27	%
2016	25.00	%	25.00	%	—	%	25.00	%	25.00	%	(25.00)	%	12.50	%
2017	24.44	%	24.44	%	14.81	%	9.63	%	4.44	%	4.44	%
2018	10.63	%	20.82	%	16.70	%	13.67	%	9.33	%
2019	7.35	%	6.25	%	3.68	%	5.88	%
2020	6.55	%	19.65	%	23.19	%
2021	3.68	%	6.98	%
2022	4.12	%


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	$	418	$	427	$	426	$	414	$	402	$	387	$	371	$	358	$	347	$	346	$	344	$	(2)	$	5	71,115
2013	2013	(9)		90		91		89		85		82		79		80		79		78		78		—		1		5,634
2013	2014	—				4		3		3		3		2		2		2		2		2		—		—		172








	Total	409		517		521		506		490		472		452		440		428		426		424		(2)		6		76,921












2015	2012 and Prior	1,150						1,054		748		694		658		616		601		585		585		—		34		11,722
2015	2013	148						126		124		123		114		114		115		115		112		(3)		3		2,457
2015	2014	84						89		84		84		81		80		82		83		82		(1)		1		3,955
2015	2015	7						22		16		15		15		14		15		14		14		—		—		5,280
2015	2016	—								1		1		1		1		1		1		—		(1)		—		10,722
2015	2017	—										—		—		—		—		—		—		—		—		2,251
2015	2018	—												—		—		—		—		—		—		—		10




	Total	1,389						1,291		973		917		869		825		814		798		793		(5)		38		36,397
2016	2012 and Prior	466								466		434		471		457		399		392		389		(3)		14		10,533










	Total	466								466		434		471		457		399		392		389		(3)		14		10,533
2017	2012 and Prior	145										104		112		117		110		104		84		(20)		16		17










	Total	145										104		112		117		110		104		84		(20)		16		17
2018	2012 and Prior	196												185		187		186		191		177		(14)		48		2,816
2018	2013	47												47		38		33		33		32		(1)		9		851
2018	2014	62												63		57		53		51		52		1		13		1,311
2018	2015	37												37		33		32		30		29		(1)		9		1,295
2018	2016	44												45		40		39		40		37		(3)		12		1,211
2018	2017	53												54		50		47		47		46		(1)		16		1,084
2018	2018	65												65		60		60		55		56		1		14		887
2018	2019	—														21		21		21		21		—		3		383
2018	2020	—																—		—		—		—		—		1


	Total	504												496		486		471		468		450		(18)		124		9,839
2019	2012 and Prior	14														12		12		27		25		(2)		22		11,512
2019	2013	16														15		15		14		14		—		13		2,392
2019	2014	35														37		37		31		31		—		24		3,238
2019	2015	55														54		54		44		42		(2)		35		4,236
2019	2016	82														82		83		61		57		(4)		42		5,003
2019	2017	87														88		90		66		62		(4)		51		2,418
2019	2018	119														119		119		82		71		(11)		67		369
2019	2019	—														—		—		—		—		—		—		13
2019	2020	—																—		—		—		—		—		3
2019	2021	—																		—		—		—		—		1

	Total	408														407		410		325		302		(23)		254		29,185
2020	2012 and Prior	208																121		105		90		(15)		26		8

2020	2014	—																—		1		1		—		—		15
2020	2015	2																2		2		1		(1)		1		56
2020	2016	3																3		3		3		—		1		129
2020	2017	2																2		2		1		(1)		—		127


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013	2014	2015	2016	2017	2018	2019	2020		2021	2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2020	2018	10									10		8	8		—		2		333
2020	2019	32									32		26	26		—		6		668
2020	2020	32									33		26	28		2		5		1,225


	Total	289									203		173	158		(15)		41		2,561
2021	2012 and Prior	993											929	756		(173)		213		12,211
2021	2013	39											38	28		(10)		18		56
2021	2014	14											15	15		—		9		66
2021	2015	43											36	30		(6)		15		201
2021	2016	56											55	49		(6)		23		324
2021	2017	46											46	42		(4)		19		2,824
2021	2018	66											64	56		(8)		27		1,362
2021	2019	47											47	43		(4)		16		2,273
2021	2020	45											55	54		(1)		8		4,685
2021	2021	—											23	18		(5)		5		4,210
2021	2022	—												3		—		3		73
	Total	1,349											1,308	1,094		(217)		356		28,285
2022	2012 and Prior	1												1		—		—		3,443
2022	2013	2												2		—		—		876
2022	2014	2												4		2		(1)		646
2022	2015	3												2		(1)		—		297
2022	2016	2												2		—		1		235
2022	2017	5												5		—		3		231
2022	2018	11												9		(2)		8		350
2022	2019	18												14		(4)		9		510



	Total	44												39		(5)		20		6,588
	Grand Total	$	5,003											$	3,733	$	(308)	$	869	200,326


Net cumulative paid losses and ALAE (from table below)											(1,690)
2013 to 2022 acquisition years - net liabilities for losses and ALAE											2,043
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											131			(10)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	2,174		$	(318)


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014		2015		2016		2017		2018		2019		2020		2021		2022
				(in millions of U.S. dollars, except cumulative number of claims)
				Unaudited
2013	2012 and Prior		111	$	190	$	242	$	280	$	291	$	301	$	306	$	304	$	310	$	319
2013	2013		17	37		53		63		68		71		75		74		75		76
2013	2014			1		1		2		2		2		2		2		2		2








	Total		128	228		296		345		361		374		383		380		387		397












2015	2012 and Prior					61		149		214		262		299		327		356		371
2015	2013					28		56		76		93		102		105		107		106
2015	2014					18		38		54		67		75		78		79		79
2015	2015					3		8		10		11		12		12		12		13







	Total					110		251		354		433		488		522		554		569
2016	2012 and Prior							41		76		104		143		175		198		216










	Total							41		76		104		143		175		198		216
2017	2012 and Prior									26		33		46		57		61		53










	Total									26		33		46		57		61		53
2018	2012 and Prior											3		22		40		46		57
2018	2013											2		7		12		15		17
2018	2014											3		14		21		28		32
2018	2015											1		3		8		11		14
2018	2016											—		5		8		13		16
2018	2017											—		7		10		12		16
2018	2018											—		29		34		36		37
2018	2019													13		16		16		16



	Total											9		100		149		177		205
2019	2012 and Prior													1		1		1		1

2019	2014													2		3		4		4
2019	2015													3		4		4		4
2019	2016													5		9		10		11
2019	2017													2		4		5		7
2019	2018													1		1		1		1




	Total													14		22		25		28
2020	2012 and Prior															2		10		14



2020	2016															—		1		1
2020	2017															—		1		1
2020	2018															—		1		4
2020	2019															1		10		15
2020	2020															1		10		18


	Total															4		33		53
2021	2012 and Prior																	15		50
2021	2013																	1		5
2021	2014																	3		4
2021	2015																	4		8
2021	2016																	5		13


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
				(in millions of U.S. dollars, except cumulative number of claims)
				Unaudited
2021	2017										7	13
2021	2018										6	12
2021	2019										9	17
2021	2020										22	37
2021	2021										4	10

	Total										76	169












	Grand Total											$	1,690


Run-off Segment
Workers' Compensation
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2013	30.19	%	23.58	%	16.04	%	11.56	%	3.77	%	3.07	%	2.12	%	(0.71)	%	1.65	%	2.36	%

2015	13.87	%	17.78	%	12.99	%	9.96	%	6.94	%	4.29	%	4.04	%	1.89	%
2016	10.54	%	9.00	%	7.20	%	10.03	%	8.23	%	5.91	%	4.63	%
2017	30.95	%	8.33	%	15.48	%	13.10	%	4.76	%	(9.52)	%
2018	2.00	%	20.22	%	10.89	%	6.22	%	6.22	%
2019	4.64	%	2.65	%	0.99	%	0.99	%
2020	2.53	%	18.35	%	12.66	%
2021	6.95	%	8.50	%
2022	—	%


Run-off Segment
Professional Indemnity / Directors and Officers
					Net cumulative incurred losses and allocated loss adjustment expenses									Year Ended December 31, 2022	As of December 31, 2022
					For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	Transfers during the year	Reclassed Net Reserves Acquired	2014	2015	2016	2017	2018	2019	2020	2021	2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited












2014	2012 and Prior	72	—	72	60	76	69	67	67	66	64	64	65	1	4	3,921
2014	2013	32	—	32	42	59	52	56	51	45	43	44	44	—	2	1,628
2014	2014	—	—	—	7	5	4	4	5	5	4	8	9	1	1	548
2014	2015	—	—	—		—	6	8	7	5	5	2	2	—	—	76
2014	2016	—	—	—			—	—	—	—	—	—	—	—	—	18
2014	2017	—	—	—				—	—	—	—	—	—	—	—	24
2014	2018	—	—	—					—	—	—	—	—	—	—	13
2014	2019	—	—	—						—	—	—	—	—	—	5
2014	2020	—	—	—							—	—	—	—	—	5
2014	2021	—	—	—								—	—	—	—	3

	Total	104	—	104	109	140	131	135	130	121	116	118	120	2	7	6,241












2016	2012 and Prior	115	—	115			112	114	113	101	99	95	92	(3)	(4)	2,980
2016	2013	—	—	—			—	—	—	—	—	—	—	—	—	2









	Total	115	—	115			112	114	113	101	99	95	92	(3)	(4)	2,982












2018	2012 and Prior	293	—	293					288	251	234	231	211	(20)	13	62,498
2018	2013	50	—	50					56	49	62	59	59	—	4	3,388
2018	2014	67	—	67					61	64	63	62	67	5	—	3,674
2018	2015	47	—	47					61	68	68	55	59	4	7	3,800
2018	2016	16	—	16					35	39	54	70	75	5	3	2,171
2018	2017	1	—	1					3	7	8	11	12	1	—	195
2018	2018	—	—	—					—	1	1	1	1	—	—	14
2018	2019	—	—	—						—	—	—	—	—	—	8
2018	2020	—	—	—							—	—	1	1	—	23
2018	2021	—	—	—								—	—	—	—	3

	Total	474	—	474					504	479	490	489	485	(4)	27	75,774
2019	2012 and Prior	51	—	51						42	31	26	23	(3)	1	11,166
2019	2013	32	—	32						25	25	28	27	(1)	2	3,570
2019	2014	42	—	42						26	25	23	25	2	2	3,972
2019	2015	62	—	62						58	35	34	33	(1)	4	4,727
2019	2016	15	—	15						35	45	54	47	(7)	4	5,430
2019	2017	6	—	6						18	34	37	40	3	2	3,088
2019	2018	—	—	—						4	4	4	4	—	—	362
2019	2019	—	—	—						2	1	2	2	—	—	64
2019	2020	—	—	—							—	—	—	—	—	41
2019	2021	—	—	—								—	—	—	—	7
2019	2022	—	—	—									—		—	10
	Total	208	—	208						210	200	208	201	(7)	15	32,437
2020 (1)	2012 and Prior	6	(6)	—							—	—	—	—	—	6
2020 (1)	2013	8	(7)	1							1	1	1	—	—	5
2020 (1)	2014	12	(12)	—							—	—	—	—	—	3
2020 (1)	2015	17	(16)	1							1	1	—	(1)	—	3
2020 (1)	2016	16	(16)	—							—	—	—	—	—	8


Run-off Segment
Professional Indemnity / Directors and Officers
								Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022		As of December 31, 2022
								For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		Transfers during the year		Reclassed Net Reserves Acquired		2014	2015	2016	2017	2018	2019		2020	2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2020 (1)	2017	17		(16)		1									1	1		(1)		(2)		—		42
2020 (1)	2018	26		(13)		13									13	14		12		(2)		2		114
2020 (1)	2019	100		(68)		32									32	21		31		10		4		150
2020 (1)	2020	35		—		35									35	37		32		(5)		10		150


	Total	237		(154)		83									83	75		75		—		16		481
2021	2012 and Prior	56		—		56										58		44		(14)		40		4,121
2021	2013	27		—		27										34		26		(8)		19		1,037
2021	2014	20		—		20										21		19		(2)		16		1,454
2021	2015	44		—		44										47		35		(12)		24		1,702
2021	2016	46		—		46										46		38		(8)		20		2,022
2021	2017	73		—		73										66		67		1		32		3,405
2021	2018	143		—		143										133		120		(13)		61		2,993
2021	2019	176		—		176										163		186		23		104		3,171
2021	2020	47		—		47										38		26		(12)		22		150
2021	2021	—		—		—										9		9		—		6		289
2021	2022	—		—		—												1		—		1		217
	Total	632		—		632										615		571		(45)		345		20,561
2022 (1)	2012 and Prior	—		6		6									6	22		—		(6)		(5)		1,427
2022 (1)	2013	11		7		18									7	6		16		(2)		(1)		638
2022 (1)	2014	7		12		19									12	11		20		1		6		904
2022 (1)	2015	13		16		29									16	16		42		13		10		1,436
2022 (1)	2016	13		16		29									16	26		49		20		16		2,773
2022 (1)	2017	58		16		74									16	25		91		17		29		3,523
2022 (1)	2018	59		13		72									13	24		84		12		20		3,958
2022 (1)	2019	43		68		111									68	35		140		29		61		5,072



	Total	204		154		358									154	165		442		84		136		19,731
	Grand Total	$	1,974	$	—	$	1,974											$	1,986	$	27	$	542	158,207


Net cumulative paid losses and ALAE (from table below)													(758)
2013 to 2022 acquisition years - net liabilities for losses and ALAE													1,228
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years													21			(37)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years													$	1,249		$	(10)


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2014	2012 and Prior		24	38	47	50	53	53	54	55	54
2014	2013		15	26	30	38	38	38	38	39	41
2014	2014		—	1	1	1	2	3	3	3	4
2014	2015			—	—	2	2	2	2	2	2







	Total		39	65	78	91	95	96	97	99	101












2016	2012 and Prior				9	19	30	28	32	40	43










	Total				9	19	30	28	32	40	43












2018	2012 and Prior						46	78	62	67	92
2018	2013						9	14	19	33	38
2018	2014						12	25	39	48	55
2018	2015						17	20	27	22	22
2018	2016						8	24	38	46	60
2018	2017						—	2	5	9	10
2018	2018						—	1	1	1	1




	Total						92	164	191	226	278
2019	2012 and Prior							5	7	10	6
2019	2013							3	4	9	14
2019	2014							3	5	12	14
2019	2015							10	7	9	11
2019	2016							9	21	26	36
2019	2017							3	14	16	26
2019	2018							1	1	3	4
2019	2019							—	—	1	2



	Total							34	59	86	113

2020	2013								1	1	1



2020	2017								—	(1)	—
2020	2018								—	4	9
2020	2019								—	9	21
2020	2020								1	8	17


	Total								2	21	48
2021	2012 and Prior									3	3
2021	2013									1	1
2021	2014									—	2
2021	2015									4	6
2021	2016									2	7
2021	2017									3	16
2021	2018									8	37
2021	2019									4	44
2021	2020									1	2
2021	2021									1	2

	Total									27	120
2022	2012 and Prior										—
2022	2013										1


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2022	2014										4

2022	2016										8
2022	2017										22
2022	2018										1
2022	2019										19



	Total										55
	Grand Total										$	758


Run-off Segment
Professional Indemnity/Directors & Officers
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Year of Acquisition	Unaudited

2014	32.50	%	21.67	%	10.83	%	10.83	%	3.33	%	0.83	%	0.83	%	1.67	%	1.67	%

2016	9.78	%	10.87	%	11.96	%	(2.17)	%	4.35	%	8.70	%	3.26	%

2018	18.97	%	14.85	%	5.57	%	7.22	%	10.72	%
2019	16.92	%	12.44	%	13.43	%	13.43	%
2020	2.67	%	25.33	%	36.00	%
2021	4.73	%	16.29	%
2022	12.44	%


Run-off Segment
Motor
			Net cumulative incurred losses and allocated loss adjustment expenses									Year Ended December 31, 2022	As of December 31, 2022
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2014	2015	2016	2017	2018	2019	2020	2021	2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited












2014	2012 and Prior	24	33	35	37	36	36	38	37	36	33	(3)	(3)	1,683
2014	2013	9	6	7	6	6	6	6	6	6	9	3	3	443
2014	2014	—	—	—	—	1	1	1	1	1	1	—	—	5
2014	2015	—		—	—	—	—	—	—	—	—	—	—	1
2014	2016	—			—	—	—	—	—	—	—	—	—	1
2014	2017	—				—	—	—	—	—	—	—	—	1





	Total	33	39	42	43	43	43	45	44	43	43	—	—	2,134
2015	2012 and Prior	36		44	46	47	47	46	45	45	46	1	—	315
2015	2013	15		17	18	18	17	17	17	17	17	—	—	817
2015	2014	8		12	13	12	13	12	12	12	11	(1)	—	668
2015	2015	3		6	6	8	8	8	8	8	8	—	—	1,385
2015	2016	—			1	—	—	—	—	—	1	1	—	229
2015	2017	—				—	—	—	—	—	—	—	—	14
2015	2018	—					—	—	—	—	—	—	—	5




	Total	62		79	84	85	85	83	82	82	83	1	—	3,433












2017	2012 and Prior	19				24	20	19	22	24	25	1	1	114
2017	2013	—				—	—	1	1	1	1	—	—	5
2017	2014	2				2	2	2	2	2	2	—	—	26
2017	2015	1				1	2	1	1	1	1	—	—	15
2017	2016	—				—	—	—	—	—	2	2	—	4






	Total	22				27	24	23	26	28	31	3	1	164
2018	2012 and Prior	115					96	106	103	103	99	(4)	3	3,557
2018	2013	72					61	63	59	60	59	(1)	3	1,179
2018	2014	114					99	87	83	77	83	6	3	1,140
2018	2015	121					110	117	112	110	115	5	7	1,336
2018	2016	104					101	107	101	100	100	—	4	1,185
2018	2017	101					101	99	102	102	103	1	6	2,843
2018	2018	181					181	158	160	161	167	6	10	3,731
2018	2019	—						39	39	40	44	4	2	1,200



	Total	808					749	776	759	753	770	17	38	16,171
2019	2012 and Prior	19						21	19	19	17	(2)	—	3,594
2019	2013	—						—	—	—	—	—	—	6









	Total	19						21	19	19	17	(2)	—	3,600



2020	2015	2							3	3	3	—	—	19
2020	2016	49							42	49	51	2	2	221
2020	2017	154							186	215	231	16	18	1,165
2020	2018	250							397	415	469	54	60	2,391




	Total	455							628	682	754	72	80	3,796
2021	2012 and Prior	6								6	4	(2)	4	1,330
2021	2013	6								5	2	(3)	2	713
2021	2014	6								6	3	(3)	3	848
2021	2015	7								4	(1)	(5)	(1)	799


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018	2019		2020	2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2021	2016	6										5		2		(3)		2		787
2021	2017	5										4		2		(2)		1		591
2021	2018	6										7		5		(2)		5		1
2021	2019	8										10		8		(2)		8		1
2021	2020	5										6		4		(2)		4		1


	Total	55										53		29		(24)		28		5,071
2022	2012 and Prior	—												—		—		—		16,157
2022	2013	—												—		—		—		7,452
2022	2014	1												1		—		—		6,141
2022	2015	2												2		—		—		6,317
2022	2016	3												3		—		—		5,046
2022	2017	2												2		—		2		5,361
2022	2018	8												8		—		1		5,652
2022	2019	—												—		—		4		5,723



	Total	16												16		—		7		57,849
	Grand Total	$	1,470											$	1,743	$	67	$	154	92,218


Net cumulative paid losses and ALAE (from table below)									(1,386)
2013 to 2022 acquisition years - net liabilities for losses and ALAE									357
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									18			7
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									$	375		$	74


Run-off Segment
Motor
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2015	2016	2017	2018	2019	2020	2021	2022
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2014	2012 and Prior		29	33	34	36	36	36	36	36
2014	2013		5	5	6	6	6	6	6	6
2014	2014		—	—	1	1	1	1	1	1








	Total		34	38	41	43	43	43	43	43
2015	2012 and Prior		18	24	28	31	33	35	36	37
2015	2013		7	12	15	16	17	17	17	17
2015	2014		4	8	9	11	11	11	12	12
2015	2015		3	4	6	7	7	8	8	8







	Total		32	48	58	65	68	71	73	74












2017	2012 and Prior				12	15	18	20	21	23
2017	2013				—	—	—	—	—	—
2017	2014				—	—	1	1	2	2
2017	2015				—	—	1	1	1	1
2017	2016				—	—	1	1	1	1






	Total				12	15	21	23	25	27
2018	2012 and Prior					22	43	53	63	66
2018	2013					10	27	34	42	47
2018	2014					22	48	57	61	69
2018	2015					19	57	78	86	95
2018	2016					6	42	65	76	84
2018	2017					—	48	73	83	92
2018	2018					—	87	120	136	149
2018	2019						22	30	36	40



	Total					79	374	510	583	642
2019	2012 and Prior						—	1	4	5










	Total						—	1	4	5



2020	2015							2	3	3
2020	2016							25	40	45
2020	2017							69	148	196
2020	2018							110	247	353




	Total							206	438	597



2021	2015								—	(2)







	Total								—	(2)












	Grand Total									$	1,386


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

2014	44.19	%	34.88	%	9.30	%	6.98	%	4.65	%	—	%	—	%	—	%	—	%
2015	38.55	%	19.28	%	12.05	%	8.43	%	3.61	%	3.61	%	2.41	%	1.20	%

2017	38.71	%	9.68	%	19.35	%	6.45	%	6.45	%	6.45	%
2018	10.26	%	38.31	%	17.66	%	9.48	%	7.66	%
2019	—	%	5.88	%	17.65	%	5.88	%
2020	27.32	%	30.77	%	21.09	%
2021	—	%	(6.90)	%
2022	—	%

StarStone International

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


StarStone International
General Casualty
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			For The Year Ended December 31, 2022		As of December 31, 2022
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2012 and Prior	$	31	$	31	$	29	$	27	$	34	$	34	$	35	$	35	$	35	$	—	$	1	5,980
2013	31		28		36		35		36		39		40		41		41		—		3		3,371
2014	42		42		41		42		40		46		44		43		44		1		3		3,976
2015			52		53		55		62		70		67		68		72		4		9		3,523
2016					54		53		79		103		98		106		104		(2)		13		3,626
2017							59		95		132		141		150		159		9		24		3,646
2018									41		48		50		45		56		11		22		2,627
2019											10		11		16		16		—		7		1,684
2020													31		47		34		(13)		3		818
2021															1		1		—		—		127
2022																	—		—		—		77
															Total		$	562	$	10	$	85	29,455
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)
2012 and Prior	$	8	$	20	$	23	$	24	$	34	$	34	$	34	$	34	$	35
2013	10		13		24		26		30		35		36		37		38
2014	3		9		17		23		28		30		32		33		41
2015			3		10		20		31		45		48		54		62
2016					1		15		32		52		65		78		82
2017							3		24		61		97		118		129
2018									2		6		17		20		29
2019											1		4		5		7
2020													1		9		17


															Total		$	440
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																	$	122

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2022 is set forth below:


	2022
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	122
Reinsurance recoverable on unpaid losses	31
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	153

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
General Casualty	3.80	%	14.21	%	18.08	%	15.51	%	11.47	%	11.08	%	5.78	%	3.96	%	6.87	%	2.65	%


StarStone International
Workers' Compensation
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			For The Year Ended December 31, 2022		As of December 31, 2022
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2012 and Prior	$	100	$	99	$	99	$	99	$	100	$	99	$	99	$	99	$	100	$	1	$	1	3,500
2013	3		3		3		3		2		3		4		4		3		(1)		—		403
2014	15		17		17		16		16		15		15		15		15		—		1		1,478
2015			41		43		39		38		37		36		36		35		(1)		1		2,889
2016					55		52		53		55		53		53		52		(1)		2		2,921
2017							41		42		37		41		40		39		(1)		1		2,601
2018									37		37		38		38		38		—		2		3,388
2019											17		23		25		26		1		—		3,841
2020													30		40		35		(5)		5		2,813
2021															8		3		(5)		3		103
2022																	3		—		3		13
																	$	349	$	(12)	$	19	23,950
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)
2012 and Prior	$	98	$	99	$	99	$	99	$	99	$	99	$	99	$	99	$	99
2013	2		2		2		2		2		2		2		2		3
2014	2		7		10		12		13		13		13		14		14
2015			5		17		25		29		32		32		33		33
2016					7		25		36		42		45		47		48
2017							6		17		27		32		34		35
2018									13		22		27		30		31
2019											3		17		20		22
2020													6		20		28
2021															—		1

																	$	314
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																	$	35

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2022 is set forth below:


	2022
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	35
Reinsurance recoverable on unpaid losses	7
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	42

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers Compensation	17.05	%	35.42	%	15.36	%	8.09	%	4.11	%	1.07	%	0.96	%	1.67	%	—	%	16.67	%


StarStone International
Professional Indemnity / Directors and Officers
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			For The Year Ended December 31, 2022		As of December 31, 2022
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2012 and Prior	$	18	$	14	$	14	$	14	$	19	$	22	$	24	$	22	$	22	$	—	$	3	1,652
2013	20		16		16		14		16		20		21		27		24		(3)		4		1,346
2014	21		21		21		22		19		23		21		22		22		—		6		929
2015			20		25		26		28		29		31		33		31		(2)		4		1,175
2016					26		26		26		26		23		24		24		—		1		835
2017							30		43		38		31		28		27		(1)		2		970
2018									30		33		35		36		39		3		9		1,153
2019											20		26		28		30		2		15		1,230
2020													33		27		27		—		22		838
2021															9		9		—		6		231
2022																	1		—		1		61
																	$	256	$	(1)	$	73	10,420
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)
2012 and Prior	$	10	$	10	$	11	$	12	$	18	$	18	$	18	$	18	$	18
2013	4		7		9		10		10		12		14		14		14
2014	—		3		6		9		13		14		14		14		16
2015			2		7		11		14		17		20		22		23
2016					1		7		13		15		17		17		18
2017							2		10		17		20		21		21
2018									3		9		13		19		26
2019											—		3		6		11
2020													1		2		3
2021															1		2

																	$	152
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																	$	104

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2022 is set forth below:


	2022
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	104
Reinsurance recoverable on unpaid losses	10
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	114

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Professional Indemnity / Directors and Officers	6.76	%	16.83	%	12.66	%	10.96	%	9.51	%	6.92	%	3.79	%	2.89	%	3.03	%	—	%

Future Policyholder Benefits

12 Months Ended

Dec. 31, 2022

Future Policyholder Benefits

11. FUTURE POLICYHOLDER BENEFITS

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

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

The carrying value of the provision for future policyholder benefits as of December 31, 2022 and 2021 was as follows:


	2022		2021
	(in millions of U.S. dollars)
Deferred life contingent annuities	$	196	$	294
Whole of life reversion annuities	127		165
In-payment annuities	861		1,043
Total	$	1,184	$	1,502

As of December 31, 2022 and 2021, we had future policyholder benefit liabilities of $1.2 billion and $1.5 billion, respectively. The decrease of $318 million was primarily due to foreign currency translation following the strengthening of the U.S. dollar against the Euro.

We believe that the assumptions used represent a realistic and appropriate basis for estimating the provision for future policyholder benefits as of December 31, 2022. However, these assumptions are subject to change and we regularly review and adjust our estimates and provisioning methodologies taking into account all currently known information and updated assumptions relating to unknown information.

In November 2022, we completed a novation of all of our life contingent liabilities and other policy benefits pursuant to the Master Agreement we entered into with Allianz. The impact of the novation will be reflected in our first quarter 2023 results as we report the results of Enhanzed Re on a one quarter reporting lag37.

24. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2022. Bermuda law permits the payment of dividends if:

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

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

We have not historically declared a dividend on our ordinary shares. The issuance of our Series D and E Preferred Shares have resulted in the declaration of dividends. Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year of 7.0% per annum52.

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

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

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

Subsidiary Statutory Financial Information and Dividend Restrictions

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

The statutory capital and surplus amounts as of December 31, 2022 and 2021 and statutory net income (loss) amounts for the years ended December 31, 2022, 2021 and 2020 for our (re)insurance subsidiaries based in Bermuda, the United Kingdom, the United States, Australia and Continental Europe are summarized in the table below which includes information relating to acquisitions from the year of acquisition:


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2022		2021		2022		2021		2022		2021		2020
	(in millions of U.S. dollars)
Bermuda	$	3,031	$	3,338	$	5,833	$	5,819	$	(710)	$	524	$	1,851
U.K.	619		804		848		1,247		(11)		163		43
U.S.	161		151		434		534		(58)		23		(67)
Australia	10		15		35		57		(1)		2		(2)
Europe	53		99		188		182		(30)		(2)		(1)

As of December 31, 2022, the total amount of net assets of our consolidated subsidiaries that were restricted was $3.9 billion.

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

Bermuda

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

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

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

As of December 31, 2022 and 2021, each of our Bermuda-based (re)insurance subsidiaries exceeded their respective minimum solvency and liquidity requirements. The Bermuda (re)insurance subsidiaries in aggregate exceeded minimum solvency requirements by $2.8 billion as of December 31, 2022 (2021: $2.5 billion) and were in compliance with their liquidity requirements.

United Kingdom

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

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

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

The calculation of the minimum capital resources requirements in any particular case depends on, among other things, the type and amount of insurance business written and claims paid by the insurance company. As of December 31, 2022 and 2021, all of our U.K. insurance subsidiaries maintained capital in excess of the minimum capital resources requirements and complied with the relevant U.K. Regulator requirements. Our U.K.-based insurance subsidiaries, including our Lloyd's Syndicates described below, in aggregate, maintained capital in excess of the minimum capital resources requirements by $229 million and $443 million as of December 31, 2022 and 2021, respectively.

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

Lloyd’s

As of December 31, 2022, we participated in the Lloyd’s market through our interests in: (i) Syndicate 2008, a syndicate that has permission to underwrite RITC business and other run-off or discontinued business type transactions with other Lloyd’s syndicates; (ii) Syndicate 1301 (2020 and prior underwriting years, which is managed by Enstar Managing Agency Limited ("EMAL") (EMAL also serves as managing agent for Syndicate 2008); and (iii) Atrium’s Syndicate 609 (2020 and prior underwriting years), which is managed by Atrium Underwriters Limited, a Lloyd's managing agent.

We participated on each of the three syndicates through a single, wholly owned Lloyd’s corporate member. On January 1, 2021, we sold the Atrium business and on March 15, 2021, we sold the right to operate Syndicate 130153.

The underwriting capacity of a member of Lloyd’s is supported by providing FAL54. Business plans, including maximum underwriting capacity, for Lloyd’s syndicates require annual approval by the Lloyd’s Franchise Board, which may require changes to any business plan or additional capital to support underwriting plans.

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

United States

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

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

As of December 31, 2022, all of our U.S. non-life (re)insurance subsidiaries exceeded their required levels of RBC. On an aggregate basis, our U.S. non-life (re)insurance subsidiaries exceeded their minimum levels of RBC as of December 31, 2022 by $273 million (2021: $383 million).

Australia

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

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

Europe

Our Liechtenstein insurance subsidiary (StarStone Insurance SE) is regulated by the Liechtenstein Financial Market Authority ("FMA") pursuant to the Liechtenstein Insurance Supervisory Act. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2022, this subsidiary exceeded the Solvency II requirements by $111 million (2021: $57 million). The amount of dividends that this subsidiary is permitted to distribute is restricted to freely distributable reserves, which consist of retained earnings, the current year profit and legal reserves. Any dividend exceeding the current year profit requires the FMA’s approval. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution.

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

Defendant Asbestos and Environmental Liabilities

12 Months Ended

Dec. 31, 2022

Liability for Asbestos and Environmental Claims [Abstract]

Defendant Asbestos and Environmental Liabilities

12. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

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

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

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

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

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

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

The carrying value of the defendant A&E liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC as of December 31, 2022 and 2021 was as follows:


	2022		2021
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	786	$	826
Defendant environmental liabilities	10		11
Estimated future expenses	35		37
Fair value adjustments	(224)		(236)
Defendant A&E liabilities	607		638

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2022 - $5; 2021 - $5)	224		264
Fair value adjustments	(47)		(51)
Insurance balances recoverable	177		213

Net liabilities relating to defendant A&E exposures	$	430	$	425

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Balance as of January 1	$	638	$	706	$	848
Insurance balances recoverable	(213)		(250)		(449)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	—		—		3
Net balance as of January 1	425		456		402
Amounts recorded in other expense (income):
Reduction in estimate of net ultimate liabilities	(2)		(38)		(103)
Reduction in estimated future expenses	(1)		(5)		(9)
Amortization of fair value adjustments	7		16		12
Total other expense (income)	4		(27)		(100)
Total net recoveries (paid claims)	1		(4)		154

Net balance as of December 31	430		425		456
Insurance balances recoverable	177		213		250
Balance as of December 31	$	607	$	638	$	706

Total other expense from our defendant A&E liabilities was $4 million for the year ended December 31, 2022, primarily due to the amortization of fair value adjustments and partially offset by favorable changes in the estimate of liabilities and future expenses

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

Total other income was $100 million for the year ended December 31, 2020 and was driven by a reduction in the actuarially estimated ultimate net liabilities as a result of a lower than expected number of asbestos claims filed against us, lower than expected paid indemnity and defense costs, and the net collection of disputed insurance recoveries.

Methodologies for determining liabilities

Defendant Asbestos Liabilities

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

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

In developing the estimate of liability for potential future claims, the actuarial methods project the potential number of future claims based on our historical claim filings and health studies. The actuarial methods also utilize assumptions based on our historical proportion of claims resolved without payment, historical claim resolution costs for those claims that result in a payment, and historical defense costs. The liabilities are estimated by using pending and projected future claim filings, projected payments rates, average claim resolution amounts and an estimate for defense costs, which is derived based on assumptions relating to defense costs to indemnity cost ratios. We utilize judgment when determining the assumptions related to projected future claims filings, projected payment rates and estimated defense costs.

We determine, based on the factors described above, including the actuarial analysis, that their best estimate of the aggregate liability both for asbestos-related claims asserted but not yet resolved and potential asbestos-related

claims not yet asserted, including estimated defense costs, was $786 million and $826 million as of December 31, 2022 and 2021, respectively.

Defendant Environmental Liabilities

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

The PRPs may currently be liable for the cost of clean-up and other remedial activities at 27 such sites. Responsibility for clean-up and other remedial activities at a Superfund site is typically shared among PRPs based on an allocation formula.

We have a liability for defendant environmental liabilities of $10 million and $11 million as of December 31, 2022 and 2021, respectively. The estimate for defendant environmental liabilities is based on information available to us, including an estimate of the allocation of liability among PRPs, the probability that other PRPs will pay the cost apportioned to them, currently available information from PRPs and/or federal or state environmental agencies concerning the scope of contamination and estimated remediation and consulting costs, and remediation alternatives.

Allowance for Estimated Uncollectible Insurance Balances Recoverable on Defendant Asbestos Liabilities

We maintained a beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities of $5 million for the years ended December 31, 2022 and 2021.

During the years ended December 31, 2022 and 2021, we did not have any new provisions, write-offs charged against the allowance for estimated uncollectible insurance or any recoveries of amounts previously written off.

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

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants. We use a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The hierarchy is broken down into three levels as follows:

•Level 1 - Valuations based on unadjusted quoted prices in active markets that we have the ability to access for identical assets or liabilities. Valuation adjustments and block discounts are not applied to Level 1 instruments.

•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or significant inputs that are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

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

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

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


	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	516	$	—	$	—	$	516
U.K. government	—		82		—		—		82
Other government	—		462		—		—		462
Corporate	—		5,286		—		—		5,286
Municipal	—		211		—		—		211
Residential mortgage-backed	—		552		—		—		552
Commercial mortgage-backed	—		1,022		—		—		1,022
Asset-backed	—		914		—		—		914
Structured products	—		586		—		—		586
	—		9,631		—		—		9,631

Other assets included within funds held - directly managed	—		54		—		—		54

Equities:
Publicly traded equity investments	351		34		—		—		385
Exchange-traded funds	507		—		—		—		507
Privately held equity investments	—		—		319		39		358
	858		34		319		39		1,250

Other investments:

Hedge funds	—		—		—		549		549
Fixed income funds	—		90		—		457		547
Equity funds	—		3		—		—		3
Private equity funds	—		—		—		1,282		1,282

CLO equities	—		148		—		—		148
CLO equity funds	—		—		—		203		203
Private credit funds	—		—		—		362		362
Real estate fund	—		—		—		202		202


	—		241		—		3,055		3,296
Total Investments	$	858	$	9,960	$	319	$	3,094	$	14,231



Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	275	$	—	$	275

Funds held by reinsured companies:	$	—	$	—	$	44	$	—	$	44

Other Assets:
Derivatives qualifying as hedging	$	—	$	1	$	—	$	—	$	1
Derivatives not qualifying as hedges	—		5		—		—		5
Derivative instruments	$	—	$	6	$	—	$	—	$	6

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

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	11	$	—	$	—	$	11
Derivatives not qualifying as hedges	—		1		—		—		1
Derivative instruments	$	—	$	12	$	—	$	—	$	12


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	747	$	—	$	—	$	747
U.K government	—		83		—		—		83
Other government	—		663		—		—		663
Corporate	—		6,814		—		—		6,814
Municipal	—		286		—		—		286
Residential mortgage-backed	—		610		—		—		610
Commercial mortgage-backed	—		1,074		—		—		1,074
Asset-backed	—		944		—		—		944
Structured products	—		1,033		—		—		1,033
	—		12,254		—		—		12,254

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

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

Other investments:
Hedge funds	—		—		—		291		291
Fixed income funds	—		231		—		342		573
Equity funds	—		5		—		—		5
Private equity funds	—		—		—		752		752
CLO equities	—		161		—		—		161
CLO equity funds	—		—		—		207		207
Private credit funds	—		—		—		275		275
Real estate fund	—		—		—		69		69

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



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

Other Assets:

Derivatives not qualifying as hedges	—		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 hedges	—		10		—		—		10
Derivative instruments	$	—	$	17	$	—	$	—	$	17

Valuation Methodologies of Financial Instruments Measured at Fair Value

Short-term and Fixed Maturity Investments

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

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

i.comparison of prices against alternative pricing sources;

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

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

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

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

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

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

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

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

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

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

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

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

Equities

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

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

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

Other investments, at fair value

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

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

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

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

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

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

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

Insurance Contracts - Fair Value Option

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

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

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

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

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

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

i.projected capital requirements;

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

iii.discounted using the weighted average cost of capital.

Derivative Instruments

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

Funds Held by Reinsured Companies

The fair value of the embedded derivative representing the contractually agreed variable return on the funds held by reinsured companies associated with the Aspen LPT transaction 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 portfolio 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 table present a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2022 and 2021:


			2022			2021
	Privately-held Equities	Total	Privately-held Equities		Other Investments	Total

			(in millions of U.S. dollars)
Beginning fair value			$	347		$	347	$	275	$	9	$	284
Purchases			5			5		65		—		65
Sales			(15)			(15)		—		(9)		(9)
Total net unrealized gains (losses)			(43)			(43)		7		—		7


Ending fair value			$	294		$	294	$	347	$	—	$	347

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

There were no transfers to and from Level 2 and Level 3 investments for the years ended December 31, 2022 and 2021.

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 and nonrecurring basis using Level 3 inputs:

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2022

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Recurring basis:

Guideline company methodology;
Option pricing model

190

P/BV multiple
P/BV (excluding AOCI) multiple
Price/LTM earnings multiple
Expected term

1.70-2.3x

1.6-1.7x

13.3-15.4x

1-3 years

Dividend discount model;
Guideline companies method

Discount rate
P/BV multiple
Price/2023 earnings
Price/2024 earnings

15.0% - 16.0%

1.4x - 2.0x

7.5x - 10.4x

6.3x - 6.5x

Guideline companies method;
Earnings

LTM Enterprise Value/ EBITDA multiples
LTM EV/Revenue multiples
Multiple on earnings

11.5x - 12.5x

2.5x - 3x

294

Non-recurring basis:

Cost as approximation of fair value

319

(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

During the second quarter of 2022, we recognized an embedded derivative 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.

The following table presents a reconciliation of the beginning and ending balances for the embedded derivative measured at fair value on a recurring basis using Level 3 inputs during the year ended December 31, 2022:


	2022
	(in millions of U.S. dollars)
Beginning fair value	$	—
Initial recognition	27
Total net unrealized gains	17
Ending fair value	$	44

Net unrealized gains in the table above are included in net unrealized gains (losses) in our consolidated statements of earnings.

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 December 31, 2022

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected loss payments

4.86%

$1.3 billion

Insurance Contracts - Fair Value Option

The following table presents a reconciliation of the beginning and ending balances for all insurance contracts measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2022 and 2021:


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

Incurred losses and LAE:
Reduction in estimates of ultimate losses	(79)		(29)		(50)		(59)		(6)		(53)
Reduction in unallocated LAE	(18)		—		(18)		(18)		—		(18)
Change in fair value	(247)		(47)		(200)		(88)		(13)		(75)
Total incurred losses and LAE	(344)		(76)		(268)		(165)		(19)		(146)
Paid losses	(245)		(65)		(180)		(274)		(65)		(209)
Effect of exchange rate movements	(114)		(16)		(98)		(25)		(5)		(20)
Ending fair value	$	1,286	$	275	$	1,011	$	1,989	$	432	$	1,557

Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings.

The following table presents the components of the net change in fair value for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	40	$	22	$	21
Corporate bond yield	(219)		(97)		96
Credit spread for non-performance	(21)		—		—
Weighted cost of capital	—		—		(5)
Risk cost of capital	—		—		7
Change in fair value	$	(200)	$	(75)	$	119

Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis as of December 31, 2022 and 2021:

2022

2021

Valuation Technique

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A Rated

A rated

Internal model

Credit spread for non-performance risk (U)

0.65%

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)

7.89 years

7.95 years

Internal model

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

7.71 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:


	December 31, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	457
3.10% Senior Notes due 2031	495		365
Total Senior Notes	$	991	$	822
5.75% Junior Subordinated Notes due 2040	$	345	$	312
5.50% Junior Subordinated Notes due 2042	493		401

Total Subordinated Notes	$	838	$	713

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.

The Subordinated Notes are classified as Level 2.

Insurance Contracts

Disclosure of fair value of amounts relating to insurance contracts is not required, except those for which we elected the fair value option, as described above.

Remaining Financial Assets and Liabilities

Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature approximates fair value as of December 31, 2022 and 2021.

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.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Variable Interest Entities

14. 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.

GCM Fund

In July 2022, we entered into an agreement to become a limited partner of GCM Blue Sails Infrastructure Offshore Opportunities Fund, L.P. (“GCM Fund”), with an initial commitment of $150 million. At that time, we performed an assessment and concluded that as a result of being a limited partner and having no substantive kick-out or participating rights, the GCM Fund is a VIE. We also concluded that we are the primary beneficiary, as our 99.5% economic interest in the GCM Fund is disproportionately greater than our lack of stated power to direct the activities of the GCM Fund that will most significantly impact the GCM Fund’s economic performance. As a result, we have consolidated the results of the GCM Fund. There was no gain or loss recognized on consolidation.

We have elected to recognize the results of the GCM Fund on a one quarter lag due to anticipated delays in obtaining timely financial information. As of December 31, 2022, $14 million of the initial commitment has been called. The carrying amounts of the assets and liabilities of the GCM Fund are presented within existing captions on our consolidated balance sheet as of December 31, 2022. Net investment income, changes in the fair value of assets and liabilities of the GCM Fund and management fees will be presented within existing captions in the consolidated statements of earnings. Such amounts are immaterial for the year ended December 31, 2022.

Our exposure to risk of loss is limited to the amount of our investment, in accordance with the limited partnership agreement. We have not committed to provide any financial support to the general partner of the GCM Fund. In addition, we have not committed to provide any additional financial support to the GCM Fund in excess of previously funded capital commitments and all undistributed profits and income.

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

InRe Fund

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

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

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

During the year ended December 31, 2021 we recognized net investment expenses for the InRe Fund of $13 million and net realized losses of $58 million (as all investments were redeemed and liquidated during the year subsequent to consolidation).

During the year ended December 31, 2020, we recognized net unrealized gains of $1.2 billion as we accounted for this investment at NAV, with all changes in NAV (which would have included all income and expenses of the InRe Fund) within net unrealized gains.

During the year ended December 31, 2021, our consolidated statements of cash flows included net operating cash flows of $2.1 billion attributed to the InRe Fund 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.

Summarized Financial Information

Prior to consolidating the InRe Fund, total income, expenses and net income (including Enstar’s and Hillhouse’s combined interests) for the three months ended March 31, 2021 was $311 million, $19 million and $292 million, respectively. Total income, expenses and net income for the InRe Fund for the year ended December 31, 2020 was $1.7 billion, $31 million and $1.7 billion, respectively. Enstar recognized $77 million and $1.2 billion of net unrealized

gains from its allocated share of total net income for the three months ended March 31, 2021 and year ended December 31, 2020.

Nonconsolidated VIEs

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


As of December 31, 2022	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	52	$	—	$	52
Privately held equity	25		—		25
Total	77		—		77

Other investments
Hedge funds	$	549	$	—	$	549
Fixed income funds	277		33		310
Private equity funds	1,210		911		2,121
CLO equity funds	203		—		203
Private credit funds	79		149		228
Real estate funds	203		529		732

Total	$	2,521	$	1,622	$	4,143

Total investments in nonconsolidated VIEs	$	2,598	$	1,622	$	4,220


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

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

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

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

Premiums Written and Earned

12 Months Ended

Dec. 31, 2022

Premiums Written and Earned

8. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

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


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,075	$	1,367
ULAE	6		7
Fair value adjustments - acquired companies	(6)		(8)
Fair value adjustments - fair value option	(79)		(34)
Total reinsurance reserves recoverable	996		1,332
Paid losses recoverable	135		185
Total	$	1,131	$	1,517

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	856	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	275		432
Total	$	1,131	$	1,517

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

Top Ten Reinsurers


	December 31, 2022				December 31, 2021
	Total		%		Total		%
	(in millions of U.S. dollars)
Top 10 reinsurers	$	792	70.0	%	$	1,002	66.1	%
Other reinsurers > $1 million	319		28.2	%	491		32.4	%
Other reinsurers < $1 million	20		1.8	%	24		1.5	%
Total	$	1,131	100.0	%	$	1,517	100.0	%


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		8
Number of top 10 non-rated reinsurers (1)	2		2

Reinsurers rated A- or better in top 10	$	578	$	747
Non-rated reinsurers in top 10 (1)	214		255
Total top 10 reinsurance recoverables	$	792	$	1,002

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2022 and 2021:


Lloyd's Syndicates (2)	$	193	$	256
Michigan Catastrophic Claims Association(3)	$	171	$	210

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

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

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

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	136	$	137

Effect of exchange rate movement	1		—
Current period change in the allowance	(6)		1

Recoveries collected	—		(2)
Allowance for estimated uncollectible reinsurance, end of year	$	131	$	136

15. PREMIUMS WRITTEN AND EARNED

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2022, 2021 and 2020:


	2022				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	25	$	97	$	106	$	373	$	552	$	730
Total ceded	(13)		(31)		(44)		(128)		(119)		(158)
Total net	$	12	$	66	$	62	$	245	$	433	$	572

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	16. GOODWILL AND INTANGIBLE ASSETS We have goodwill of $63 million as of December 31, 2022 and 2021 that was included within other assets in the consolidated balance sheets. There were no changes in this balance for each of the three years ended December 31, 2022. We have no other intangible assets in any of the periods presented within these financial statements. As part of our annual assessment of goodwill, we have considered the net loss attributable to Enstar ordinary shareholders for the year ended December 31, 2022, which was driven by net unrealized losses, primarily related to fixed income securities, as a result of rising interest rates and widening credit spreads. While we expect global financial markets to remain volatile into 2023, we expect that unrealized losses on our fixed maturity assets will be recouped as these assets get closer to their maturity and the prices pull to par. Therefore, we have concluded that the net loss attributable to Enstar ordinary shareholders for the year ended December 31, 2022 is not an indicator of goodwill impairment.

Debt Obligations and Credit Facilities

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt Obligations and Credit Facilities

17. DEBT OBLIGATIONS AND CREDIT FACILITIES

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

Our debt obligations were as follows:


					December 31, 2022				December 31, 2021
Facility	Origination	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
			(in millions of U.S. dollars)
4.50% Senior Notes due 2022	March 2017	5 years	$	—	$	—	$	—	$	—	$	280
4.95% Senior Notes due 2029	May 2019	10 years	500		(4)		496		(5)		495
3.10% Senior Notes due 2031	August 2021	10 years	500		(5)		495		(5)		495
Total Senior Notes							991				1,270
5.75% Junior Subordinated Notes due 2040	August 2020	20 years	350		(5)		345		(5)		345
5.50% Junior Subordinated Notes due 2042	January 2022	20 years	500		(7)		493		—		—
5.50% Enhanzed Re's Subordinated Notes due 2031	December 2018	12.1 years	—		—		—		6		76
Total Subordinated Notes							838				421
EGL Revolving Credit Facility	August 2018	5 years					—				—
Total debt obligations							$	1,829			$	1,691

The table below provides a summary of the total interest expense for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Interest expense on debt obligations	$	93	$	68	$	58
Amortization of debt issuance costs	2		1		1
Gain on extinguishment	(6)		—		—



Total interest expense	$	89	$	69	$	59

Senior Notes

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

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

Subordinated Notes

The 2040 Junior Subordinated Notes are unsecured junior subordinated obligations of Enstar Finance LLC (“Enstar Finance”). The 2040 Junior Subordinated Notes are fully and unconditionally guaranteed by us on an unsecured and junior subordinated basis. These debt securities of Enstar Finance are effectively subordinated to the obligations of our other subsidiaries.

The 2040 Junior Subordinated Notes bear interest (i) during the initial five-year period ending August 30, 2025, at a fixed rate per annum of 5.75% and (ii) during each five-year reset period thereafter beginning September 1, 2025, at

a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 5.468%.

Subject to certain threshold regulatory requirements and during certain time periods, Enstar Finance may repurchase the 2040 Junior Subordinated Notes, in whole or in part, at any time, at a repurchase price equal to at least 100% of the principal amount, plus accrued and unpaid interest.

Debt Issuance

In January 2022, our wholly-owned subsidiary, Enstar Finance, completed the issuance and sale of a series of junior subordinated notes due 2042 (the "2042 Junior Subordinated Notes") 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 us 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 us, 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.

Debt Repayment

In September 2022, we repaid Enhanzed Re's $70 million of Subordinated Notes due 2031 that had been issued to an affiliate of Allianz. We also recognized a gain on extinguishment of $6 million as a result of accelerating the amortization of the remaining fair value adjustment, which was included within interest expense in our consolidated statements of earnings.

Maturities

As of December 31, 2022, there are no outstanding debt obligations that will become due in each of the next five years. Our debt of $1.9 billion upon maturity becomes due in periods beyond five years from December 31, 2022.

EGL Revolving Credit Facility

As of December 31, 2022, we were permitted to borrow up to an aggregate amount of $600 million under our unsecured revolving credit agreement. We may request additional commitments under the facility up to an additional $400 million, which the existing lenders in their discretion or new lenders may provide, in each case subject to the terms of the agreement. To date, we have not requested any additional commitments under the facility.

As of December 31, 2022, there was $600 million of available unutilized capacity under the facility. In the fourth quarter of 2022, we borrowed and fully repaid $55 million of loans under our revolving credit facility.

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

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

Credit and Deposit Facilities

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

Our credit and deposit facilities were as follows:


					Aggregate Amount Issued / Requested as Deposits / Face Amount
	Commitment		Additional Commitments Available (1)		December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
$275 million FAL LOC Facility (2)	$	275	$	75	$	135	$	210
$90 million FAL Deposit Facility (2)	90		10		90		90
$365 million LOC Facility	365		—		365		250
$100 million LOC Facility	100		—		100		100
$120 million LOC Facility	120		60		97		111
$800 million Syndicated LOC Facility	800		—		625		568
$65 million LOC Facility (3)	—		—		—		61
$100 million Bermuda LOC Facility (3)(4)	—		—		—		100
$1 million LOC Facility	1		—		—		1
$100 million Bermuda LOC Facility (4)	100		—		100		—
$100 million Bermuda LOC Facility (4)	100		—		100		—
$100 million Bermuda LOC Facility (4)	100		—		100		—
£32.0 million United Kingdom LOC Facility (5)	£	32	£	—	$	39	$	43

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

(2) The FAL LOC facility will expire on September 30, 2024, with an option to extend the termination date to September 30, 2025. The FAL Deposit Facility will expire May 6, 2023. Under the FAL Deposit facility, a third-party lender deposits a requested market valuation amount of eligible securities into Lloyd’s on behalf of our Lloyd’s corporate member. As of December 31, 2022 and December 31, 2021, our combined FAL comprised cash and investments of $455 million (including $90 million provided under the FAL Deposit Facility) and $520 million (including $89 million provided under the FAL Deposit Facility), respectively, and unsecured LOCs of $135 million and $210 million, respectively.

(3) The LOC was terminated during the year ended December 31, 2022.

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

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

We also utilize secured operating LOCs. As of December 31, 2022 and 2021, the total balance of such secured operating LOCs issued and outstanding was $83 million and $85 million, respectively.

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

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Noncontrolling Interests

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interests

18. NONCONTROLLING INTERESTS

We have both redeemable noncontrolling interests ("RNCI") and noncontrolling interests ("NCI") on our consolidated balance sheets. RNCI with redemption features that are not solely within our control is classified within temporary equity in the consolidated balance sheets and carried at fair value. The change in fair value is recognized through retained earnings. NCI, which is carried at book value, does not have redemption features and is classified within equity in the consolidated balance sheets.

Redeemable Noncontrolling Interests

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Balance as of January 1	$	179	$	365

Distributions paid	—		(202)
Net (losses) earnings attributable to RNCI	(5)		16
Change in unrealized losses on AFS investments attributable to RNCI	(6)		(1)
Change in currency translation adjustments attributable to RNCI	—		2

Change in redemption value of RNCI	—		(1)

Balance as of December 31	$	168	$	179

The RNCI as of December 31, 2022 and 2021 relates to StarStone International

Noncontrolling Interests

As of December 31, 2022 and 2021, we had $96 million and $230 million, respectively, of 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 consolidated statements of changes in shareholder's equity.

On December 28, 2022, Enhanzed Re repurchased the entire 24.9% ownership interest Allianz held in Enhanzed Re for $174 million38. We will reflect the impact of reclassifying the carrying value of the NCI obtained to Enstar shareholders’ equity in our first quarter 2023 results, as we report the results of Enhanzed Re on a one quarter reporting lag.

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

19. SHAREHOLDERS' EQUITY

As of December 31, 2022 and 2021, our authorized share capital was 111,000,000 ordinary shares ("Voting Ordinary Shares") and non-voting convertible ordinary shares ("Non-Voting Ordinary Shares"), each of par value $1.00 per share, and 45,000,000 preferred shares of par value $1.00 per share.

Ordinary Shares

The following is a reconciliation of our beginning and ending ordinary shares for the years ended December 31, 2022, 2021 and 2020:


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



Balance as of January 1, 2020	18,001,823	2,599,672	910,010	21,511,505
Shares issued	752,007	—	—	752,007
Shares repurchased	(178,280)	—	—	(178,280)
Balance as of December 31, 2020	18,575,550	2,599,672	910,010	22,085,232
Shares issued	59,447	—	—	59,447
Shares repurchased	(2,009,135)	(1,496,321)	(505,239)	(4,010,695)
Warrant exercise (1)	—	89,590	—	89,590
Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574
Shares issued	62,056	—	—	62,056
Shares repurchased	(697,580)	—	—	(697,580)
Balance as of December 31, 2022	15,990,338	1,192,941	404,771	17,588,050

(1) Warrants to acquire 175,901 Series C Non-Voting Ordinary Shares for an exercise price of $115.00 per share were exercised on a non-cash basis during the year ended December 31, 2021, which resulted in a total of 89,590 Series C Non-Voting Ordinary Shares being issued in the year.

Voting Ordinary Shares

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

Share Repurchase Programs

The following table presents our ordinary shares repurchased under our share repurchase programs for the years ended December 31, 2022 and 2021:


	2022					2021
	Ordinary shares repurchased	Average price per ordinary share		Aggregate price		Ordinary shares repurchased	Average price per ordinary share		Aggregate price
	(in millions of U.S. dollars, except for share data)
2020 Repurchase Program (1)	—	$	—	$	—	93,678	$	236.42	$	22
2021 Repurchase Program (2)	227,383	$	257.02	58		167,617	$	241.13	40
2022 Repurchase Program (3)	470,197	$	222.74	105		—	$	—	—
Total share repurchases under repurchase programs	697,580	$	233.92	$	163	261,295	$	239.44	63

(1) Our Board of Directors (our “Board”) approved an ordinary share repurchase program in March 2020 (the “2020 Repurchase Program”), not to exceed $150 million in aggregate. During the year ended December 31, 2020, we repurchased 178,280 ordinary shares at an average price per ordinary share of $145.87, for an aggregate price of $26 million. The 2020 Repurchase Program was terminated in July 2021.

(2) Our Board approved an ordinary share repurchase program in November 2021 (the “2021 Repurchase Program”), not to exceed $100 million in aggregate. The 2021 Repurchase Program was fully utilized as of April 2022.

(3) In May 2022, our Board 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 December 31, 2022, the remaining capacity under the 2022 Repurchase Program was $95 million.

In May 2022, we entered into two share repurchase agreements in relation to our 2022 Repurchase Program. The first was with Trident Public Equity LP, an affiliate of Stone Point, to repurchase 89,790 of our ordinary shares for an aggregate price of $20 million. The second was with an unaffiliated institutional shareholder, to repurchase 380,407 shares for an aggregate price of $85 million. Both transactions were priced at $222.74 per share, representing a 5% discount to the closing price of our ordinary shares on the NASDAQ stock market on May 9, 2022.

Strategic Share Repurchases

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 (the “Hillhouse Funds”), a related party, for a price of $234.52 per share, totaling $879 million in aggregate. The shares represented the Hillhouse Funds' entire interest in Enstar, which constituted 16.9% of our total ordinary shares and 9.4% of our voting ordinary shares.

Joint Share Ownership Plan

In January 2020, 565,630 voting ordinary shares were issued to the trustee of the Enstar Group Limited Employee Benefit Trust (the "EB Trust"). Voting rights in respect of shares held in the EB Trust have been contractually waived. We have consolidated the EB Trust, and shares held in the EB Trust are classified like treasury shares as contra-equity in our consolidated balance sheet. The EB Trust supports awards made under our Joint Share Ownership Plan39

Non-Voting Ordinary Shares

Our non-voting ordinary shares comprised several different series as of December 31, 2022:

The Series C shares:

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

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

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

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

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

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

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

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

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

Preferred Shares

Series C Preferred Shares

As of December 31, 2022, there were 388,571 Series C participating non-voting perpetual preferred shares ("Series C Preferred Shares") issued and held by one of our wholly-owned subsidiaries.

The Series C Preferred Shares:

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

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

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

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

Series D Preferred Shares

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

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

Series E Preferred Shares

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

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

Dividends on Preferred Shares

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

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

During the years ended December 31, 2022, 2021 and 2020, we declared and paid dividends on Series D Preferred Shares of $28 million and on Series E Preferred Shares of $8 million for all three years.

Any payment of dividends must be approved by our Board. Our ability to pay dividends is subject to certain restrictions40.

Accumulated Other Comprehensive Income

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


	2022						2021						2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS arising during the year	$	(689)	$	8	$	(681)	$	(112)	$	6	$	(106)	$	116	$	(11)	$	105
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	28		—		28		10		—		10		(1)		—		(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	83		(2)		81		(7)		1		(6)		(20)		2		(18)
Reclassification to earnings on disposal of subsidiary	—		—		—		—		—		—		(15)		3		(12)
Change in currency translation adjustment	—		—		—		2		—		2		(2)		—		(2)

Other	(2)		—		(2)		2		—		2		1		—		1
Other comprehensive (loss) income	$	(580)	$	6	$	(574)	$	(105)	$	7	$	(98)	$	79	$	(6)	$	73

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2022		2021		2020		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS	$	(111)	$	(6)	$	19	Net unrealized (losses) gains
	—		—		17		Net earnings from discontinued operations
	(111)		(6)		36		Total before tax
	2		(1)		(5)		Income tax expense
	(109)		(7)		31		Net of tax
Other	2		—		—		General and administrative expenses
Total reclassifications for the period, net of tax	$	(107)	$	(7)	$	31	Net of tax

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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Share-Based Payment Arrangement [Abstract]

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

20. EARNINGS PER SHARE

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


	2022		2021		2020
Numerator:	(in millions of U.S. dollars, except share data)
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Net (loss) earnings from continuing operations (1)	$	(906)	$	502	$	1,716
Net earnings from discontinued operations (2)	—		—		7
Net (loss) earnings attributable to Enstar ordinary shareholders	$	(906)	$	502	$	1,723
Denominator:
Weighted-average ordinary shares outstanding — basic (3)	17,207,229		19,821,259		21,551,408
Effect of dilutive securities:
Share-based compensation plans (4)	115,901		225,213		208,293
Warrants (5)	—		80,659		58,593

Weighted-average ordinary shares outstanding — diluted (6)	17,323,130		20,127,131		21,818,294
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic:
Net (loss) earnings from continuing operations	$	(52.65)	$	25.33	$	79.60
Net earnings from discontinued operations	—		—		0.35
Net (loss) earnings per ordinary share	$	(52.65)	$	25.33	$	79.95
Diluted (6):
Net (loss) earnings from continuing operations	$	(52.65)	$	24.94	$	78.62
Net earnings from discontinued operations	—		—		0.35
Net (loss) earnings per ordinary share	$	(52.65)	$	24.94	$	78.97

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

(2) Net earnings from discontinued operations attributable to Enstar ordinary shareholders equals net earnings from discontinued operations, net of income taxes, plus net (earnings) from discontinued operations attributable to noncontrolling interest41.

(3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the EB Trust in respect of JSOP awards.

(4) Share-based dilutive securities include restricted shares, restricted share units, and performance share units. Certain share-based compensation awards were excluded from the calculation for the years ended December 31, 2022 and 2021 because they were anti-dilutive. The ordinary shares held in the EB Trust in respect of the JSOP awards were also excluded because they are treated as held in treasury.

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

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

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Compensation

21. SHARE-BASED COMPENSATION

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

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Share-based compensation plans:
Restricted shares and restricted share units	$	10	$	7	$	8
Performance share units	(8)		13		13

Joint share ownership plan expense	8		5		4
Other share-based compensation plans	—		3		3




Total share-based compensation	$	10	$	28	$	28

We recognized negative compensation costs on our performance share units for the year ended December 31, 2022 as a result of reducing the estimated performance multiplier on certain of our previously granted awards.

The associated tax benefit recorded to income tax benefit (expense) in the consolidated statements of earnings was less than $1 million for the year ended December 31, 2022 and $3 million for each of the years ended December 31, 2021 and 2020.

Shares authorized for issuance as of December 31, 2022 were as follows:


						Authorized
2016 Equity Incentive Plan						1,739,654
Employee Share Repurchase Plan						200,000

Restricted Shares and Restricted Share Units

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

The following table summarizes the activity related to restricted shares and restricted share awards during 2022:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	92,658	$200.44
Granted	63,460	245.63
Vested	(40,764)	191.18
Forfeited	(1,220)	212.50
Nonvested — December 31	114,134	228.75

The unrecognized compensation cost related to our unvested restricted share and restricted share unit awards as of December 31, 2022 was $18 million. This cost is recognizable over the next 1.6 years, which is the weighted average contractual life.

Performance Share Units ("PSUs")

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

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

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

Performance Share Units based on FDBVPS

The following table summarizes the awards granted, the vested and unvested PSU awards at December 31, 2022, and the performance criteria and associated performance multipliers at various levels of achievement.


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)								Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2022	Threshold		Target		Target +		Maximum		Threshold		Target		Target +		Maximum

2019	18,308	(3,543)	6,639	(21,404)	—	20.0	%	30.0	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	22,591	(8,607)	(12,656)	(1,328)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	52,948	—	(52,948)	—	—	33.1	%	36.8	%	44.3	%	52.1	%	50.0	%	100.0	%	150.0	%	200.0	%
2021	14,429	(2,277)	(11,507)	(645)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2022	15,120	(267)	—	(11)	14,842	16.6	%	22.6	%	N/A		28.6	%	60.0	%	100.0	%	N/A		150.0	%

	123,396	(14,694)	(70,472)	(23,388)	14,842

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

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

The following table summarizes the awards granted, the vested and unvested units at December 31, 2022, and the performance criteria and associated performance multipliers at various levels of achievement.


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2022	Threshold		Target		Maximum		Threshold		Target		Maximum
2019	18,308	(3,538)	6,616	(21,386)	—	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2020	22,560	(8,511)	6,356	(1,461)	18,944	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2021	14,401	(2,275)	—	(645)	11,481	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2022	15,080	(250)	—	(27)	14,803	8.0	%	10.5	%	13.0	%	60.0	%	100.0	%	150.0	%
	70,349	(14,574)	12,972	(23,519)	45,228

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

Performance Multipliers

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


Award Description	2022	2021		2020

2019 FDBVPS	150.0%	150.0%	(1)	150.0%
2019 Average Operating ROE	150.0%	150.0%	(1)	150.0%
2020 FDBVPS Type I (32.5% Target Change)	0.0%	150.0%		100.0%
2020 Average Operating ROE	150.0%	150.0%		100.0%
2020 FDBVPS Type II (36.8% Target Change)	0.0%	150.0%		100.0%
2021 FDBVPS	0.0%	100.0%		N/A
2021 Average Operating ROE	100.0%	100.0%		N/A
2022 FDBVPS	100.0%	N/A		N/A
2022 Average Operating ROE	100.0%	N/A		N/A

(1) Multipliers for the 2019 awards are the final achieved terms.

The unrecognized compensation cost related to our unvested PSU share awards as of December 31, 2022 was $7 million. This cost is recognizable over the next 0.8 years, which is the weighted average contractual life.

Roll-forward of Performance Share Units

The following table summarizes the activity related to PSUs during 2022:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	183,092	$185.97
Granted	30,200	259.35
Change in performance multiplier	(110,452)	196.26
Vested	(40,942)	166.46
Forfeited	(1,828)	213.79
Nonvested — December 31	60,070	216.15

Joint Share Ownership Plan

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

In January 2020, a JSOP award comprising 565,630 underlying voting ordinary shares was made to our Chief Executive Officer (“CEO”) which cliff-vests upon the vesting date. The value of the award at vesting, if any, is determined based on the price of our voting ordinary shares appreciating above a certain threshold between the date of grant and the vesting date.

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

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


	2020
Weighted-average volatility	18.7	%
Weighted-average risk-free interest rate	1.6	%
Dividend yield	0.0	%

On July 1, 2022, the terms of the JSOP award made to our CEO 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 price from $266.00 to $315.53. A corresponding extension was made to the term of the performance condition based on growth in FDBVPS from December 31, 2022 to December 31, 2024. All other terms of the award remained the same.

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. To determine the incremental fair value of the amended award, we utilized a Monte-Carlo valuation model with the following assumptions:


	2022

Weighted-average volatility	35.2	%
Weighted-average risk-free interest rate	2.8	%
Dividend yield	0.0	%

The total unrecognized compensation cost related to our unvested JSOP share awards as of December 31, 2022 was $13 million. This cost is recognizable over the next 2.1 years, which is the weighted average contractual life.

Other share-based compensation plans

Deferred Compensation and Ordinary Share Plan for Non-Employee Directors

The number of units credited to the accounts of non-employee directors for the years ended December 31, 2022, 2021 and 2020 under the Enstar Group Limited Deferred Compensation and Ordinary Share Plan for Non-Employee Directors (the "Deferred Compensation Plan") were 6,438, 5,092 and 7,204, respectively.

Employee Share Purchase Plan

We provide an Employee Share Purchase Plan ("ESPP") whereby eligible employees may purchase Enstar shares at a 15.0% discount to market price, in an amount of share value limited to the lower of $21,250 or 15.0% of the employee's base salary. The 15.0% discount is expensed as compensation cost. The number of shares issued to employees under the ESPP for the years ended December 31, 2022, 2021 and 2020 were 9,025, 9,432 and 16,914, respectively.

Income Taxation

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxation

22. INCOME TAXATION

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

We have foreign operating subsidiaries and branch operations principally located in the United States, United Kingdom, Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. The undistributed earnings from our foreign subsidiaries will be indefinitely reinvested in those jurisdictions where the undistributed earnings were earned.

Deferred tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. Generally, when earnings are distributed as dividends, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to unremitted earnings because, solely for U.S. Federal income tax purposes, there are no accumulated positive earnings and profits that could be subject to U.S. dividend withholding tax. For our United Kingdom subsidiaries, there are no withholding taxes imposed as a matter of U.K. domestic tax law. For our other foreign subsidiaries, an insignificant amount of earnings is indefinitely reinvested; however, it would not be practicable to compute the related amounts of withholding taxes due to a variety of factors, including the amount, timing and manner of any repatriation. Because we operate in many jurisdictions, our net earnings are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate.

Income Tax Expense

The following table presents (losses) earnings before income taxes by jurisdiction attributable to continuing operations, including earnings from equity method investments, for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Domestic (Bermuda)	$	(710)	$	430	$	1,505
Foreign	(247)		150		234
Total (losses) earnings before income taxes and earnings from equity method investments attributable to continuing operations	$	(957)	$	580	$	1,739

The following table presents our current and deferred income tax (benefit) expense attributable to continuing operations by jurisdiction for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Current:
Domestic (Bermuda)	$	—	$	—	$	—
Foreign	—		6		15
	—		6		15
Deferred:
Domestic (Bermuda)	—		—		—
Foreign	(12)		21		9
	(12)		21		9
Total income tax (benefit) expense attributable to continuing operations	$	(12)	$	27	$	24

The actual effective income tax rate differs from the statutory rate of 0 percent under Bermuda law applied to earnings attributable to continuing operations before income taxes, including earnings from equity method investments for the years ended December 31, 2022, 2021 and 2020 as shown in the following reconciliation:


	2022			2021			2020
	(in millions of U.S. dollars)
(Losses) earnings before income taxes	$	(957)		$	580		$	1,739
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	4.6		%	5.4		%	1.3		%



Change in valuation allowance	(3.9)		%	1.6		%	0.1		%
Effect of change in foreign income tax rate	0.1		%	(1.2)		%	0.0		%




Other	0.5		%	(1.1)		%	0.0		%
Effective income tax rate	1.3		%	4.7		%	1.4		%

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

Deferred Tax Assets and Liabilities

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

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021 were as follows:


	2022		2021
	(in millions of U.S. dollars)
Deferred tax assets:
Net operating loss carryforwards	$	214	$	166
Capital loss carryforwards	3		—
Insurance reserves	14		17


Provisions for bad debt	3		3

Defendant A&E liabilities	94		98
Unrealized losses on investments	40		—
Lloyd’s underwriting result in future periods	5		—
Other deferred tax assets	18		27
Deferred tax assets	391		311
Valuation allowance	(181)		(129)
Deferred tax assets, net of valuation allowance	210		182

Deferred tax liabilities:
Unrealized gains on investments	—		(17)
Lloyd's underwriting result in future periods	—		(19)

Other deferred tax liabilities:
Fair value and other basis differences	(62)		(17)
Other deferred tax liabilities	(7)		(6)
Total other deferred tax liabilities	(69)		(23)
Deferred tax liabilities	(69)		(59)

Net deferred tax asset	$	141	$	123

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction


	Net Deferred Tax Asset
	2022		2021
	(in millions of U.S. dollars)
Australia	$	4	$	1
United States	164		151
United Kingdom	(27)		(29)

Total	141		123

Net Operating and Capital Loss Carryforwards

As of December 31, 2022, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:


Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
	(in millions of U.S. dollars)
Net Operating Loss Carryforwards:
United States - Net operating loss	$	493	$	104	2023-2042
United States - Net operating loss	68		14		Indefinitely
United Kingdom	290		72		Indefinitely
Luxembourg	33		8		2035-2036
Other	68		16		Indefinitely

Capital Loss Carryforwards:
United States - Capital Loss	14		3		2027

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

Assessment of Valuation Allowance on Deferred Tax Assets

As of December 31, 2022 and 2021, we had deferred tax asset valuation allowances of $181 million and $129 million, respectively, related to foreign subsidiaries. We recorded a net increase of $52 million in our deferred tax valuation allowance for the year ended December 31, 2022, primarily driven by an increase in deferred tax assets related to significant pre-tax unrealized investment losses reported in U.S. and U.K. jurisdictions, which management does not believe meet the “more likely than not” realization threshold.

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

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

i.net earnings or losses in recent years;

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

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

iv.tax planning strategies.

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

Unrecognized Tax Benefits

During the years ended December 31, 2022, 2021 and 2020, there were no unrecognized tax benefits. There were no accruals for the payment of interest and penalties related to income taxes as of each of December 31, 2022, 2021 and 2020.

Open Tax Years

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

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2022:

Major Tax Jurisdiction

Open Tax Years

United States

2019 to 2022

United Kingdom

2021

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

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Related Party Transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2022

23. RELATED PARTY TRANSACTIONS

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


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

Short-term investments, AFS, at fair value	$	1	$	11	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	85		148		—		—		—		—		—
Fixed maturities, AFS, at fair value	447		—		—		—		—		—		—
Equities, at fair value	148		37		—		190		—		—		—
Other investments, at fair value	467		14		—		—		—		—		1,918
Equity method investments	—		—		110		—		60		211		16
Total investments	1,148		210		110		190		60		211		1,934
Cash and cash equivalents	37		20		—		—		—		—		—
Restricted cash and cash equivalents	—		2		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		36		—		—		—		2		—
Funds held by reinsured company	—		31		—		—		—		25		—

Other assets	—		21		—		—		—		5		—
Liabilities
Losses and LAE	—		183		—		—		—		334		—

Insurance and reinsurance balances payable	—		22		—		—		—		11		—
Other liabilities	—		76		—		—		—		—		—
Net assets (liabilities)	$	1,185	$	39	$	110	$	190	$	60	$	(102)	$	1,934
Redeemable noncontrolling interest	$	161	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of December 31, 2022, we had unfunded commitments of $145 million to other investments and $13 million to privately held equity investments managed by Stone Point and its affiliated entities.


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


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

Reinsurance balances recoverable on paid and unpaid losses	—		—		63		—		—		—		2		—
Funds held by reinsured company	—		—		35		—		—		—		41		—
Other assets	—		—		28		—		—		—		13		—
Liabilities
Losses and LAE	—		—		226		—		—		—		504		—
Insurance and reinsurance balances payable	—		—		63		—		—		—		5		—
Other liabilities	—		—		63		—		—		—		—		—
Net assets (liabilities)	$	1,184	$	9	$	37	$	194	$	224	$	56	$	(228)	$	1,278
Redeemable noncontrolling interest	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	9	$	—	$	—	$	—	$	2	$	—

Net investment income	16		10		—		6		—		—		4
Net realized gains	—		—		—		—		—		—		—
Net unrealized losses	(80)		(10)		—		(34)		—		—		(64)
Other income	—		1		—		—		—		9		—
	(64)		10		—		(28)		—		11		(60)
Net incurred losses and LAE	—		10		—		—		—		(16)		—




	—		10		—		—		—		(16)		—
Earnings (losses) from equity method investments	—		—		(65)		—		5		(14)		—
Total net (loss) earnings	$	(64)	$	—	$	(65)	$	(28)	$	5	$	13	$	(60)


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

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


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

(1) Includes earnings from our direct investment in the InRe Fund, which was managed by AnglePoint Cayman through March 31, 2021, and the impact of a $100 million deduction from amounts due to affiliates of Hillhouse Group from the InRe Fund, which had the effect of increasing our NAV in the InRe Fund on February 21, 2021. Hillhouse Group ceased to be a related party on July 22, 2021.

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

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


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


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

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




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

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

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

Stone Point

In May 2022, we entered into a share purchase agreement with an affiliate of Stone Point42.

As of December 31, 2022, investment funds managed by Stone Point own 1,546,196 of our voting ordinary shares, which constitutes 9.7% of our outstanding voting ordinary shares. James D. Carey, a managing director of Stone Point, is a member of our Board.

As of December 31, 2022, investment funds managed by Stone Point have a 39.3% interest in our subsidiary SSHL and a 77.3% interest in Northshore43. Additional information relating to our remaining interest in Northshore is set forth under the heading "Northshore" below. As of December 31, 2022 and December 31, 2021, the RNCI on our balance sheet relating to these co-investment transactions was $161 million and $172 million, respectively.

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

We also have certain co-investments alongside Stone Point and its affiliates, including our investments in AmTrust and Northshore, which are described below, and Mitchell TopCo Holdings, the parent company of Mitchell International ("Mitchell"), and Genex Services in which we have invested $25 million and account for as a privately held equity investment. Mitchell provides third-party outsourcing managed care services to one of our subsidiaries in the ordinary course of its business.

Hillhouse Group

In July 2021, we repurchased the Hillhouse Funds’ (as defined below) entire equity interest in Enstar, and as a result the Hillhouse Group (as defined below) ceased to be a related party44.

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

In February 2021, we entered into a Termination and Release Agreement (the "TRA") with the InRe Fund, Hillhouse Group, AnglePoint Cayman, AnglePoint Asset Management Limited (“AnglePoint HK”), and InRe Fund GP, Ltd. pursuant to which we agreed to terminate certain relationships with Hillhouse and its affiliates, primarily with respect to the InRe Fund.

AnglePoint Cayman previously received sub-advisory services with respect to the InRe Fund from its affiliate, AnglePoint HK, an investment advisory company licensed by the Securities and Futures Commission in Hong Kong. Pursuant to the TRA, we acquired an option to buy AnglePoint HK, which we also had the right to assign to a third-party. In April 2021, we entered into a Designation Agreement with Jie Liu (the "Designation Agreement"), pursuant to which we designated Mr. Liu, an AnglePoint HK partner, as the purchaser of AnglePoint HK, and he acquired the company from an affiliate of Hillhouse Group on the same day. AnglePoint Cayman simultaneously assigned its investment management agreement with the InRe Fund to AnglePoint HK, at which point AnglePoint HK became a related party.

As a result of the terms of the Designation Agreement, the InRe Fund qualified as a VIE and was consolidated effective April 1, 2021. During the fourth quarter of 2021, we completed the liquidation of our investment in the InRe Fund45.

On September 1, 2021, we completed the purchase of the Hillhouse Group’s entire 27.7% interest in Enhanzed Re for a purchase price of $217 million46.

AnglePoint HK

In October 2021, we terminated our investment management agreement with AnglePoint HK, the InRe Fund and the general partner of the InRe Fund, and placed the InRe Fund into an orderly liquidation. As of December 31, 2021, AnglePoint HK ceased to be a related party.

Northshore

Following the completion of the Exchange Transaction47 on January 1, 2021, our equity interest in Northshore, the holding company that owns Atrium and Arden, was reduced to 13.8% from 54.1%. We have accounted for our residual equity interest in Northshore as an investment in a privately held equity security at fair value.

Concurrent with the closing of the Exchange Transaction:

•Arden entered into an LPT retrocession agreement with one of our majority owned subsidiaries, through which Arden fully reinsured its run-off portfolio with total liabilities of $19 million to our majority owned subsidiary, in exchange for a retrocession premium consideration of an equal amount.

Arden retained the premium under a funds held arrangement, to secure the payment obligations of our majority owned subsidiary.

•One of our wholly-owned subsidiaries entered in a TSA to provide certain transitional services to Northshore. The TSA was terminated in November 2022.

•SGL No.1 ceased its provision of underwriting capacity on Syndicate 609. We have continued to report SGL No. 1's 25% gross share of the 2020 and prior underwriting years of Syndicate 609 through the year ended December 31, 2022. In 2023, the 2020 underwriting year will complete an RITC into a successor year, at which point the existing contractual arrangements will settle.

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

Monument Re

As of December 31, 2022, we own 20.0% of the common shares of Monument Re and 24.4% of its preferred shares, which is reduced to 13.7% on a committed capital basis. As of December 31, 2022, a fund managed by Stone Point owns 6.7% of Monument Re’s preferred shares, which increases to 11.2% on a committed capital basis.

In November 2022, we closed a transaction with Monument Re to novate our reinsurance closed block of life annuity policies written by Enhanzed Re48. A portion of the net gain on novation will be subject to deferral to account for our existing ownership interest in Monument Re. The final impact of the novation will be reflected in our first quarter 2023 results, as we report the results of Enhanzed Re on a one quarter reporting lag.

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

Our losses from Monument Re include an other-than-temporary impairment charge for the year ended December 31, 2022.

AmTrust

As of December 31, 2022 and 2021, we own 8.7% of the equity interest in Evergreen Parent L.P. ("Evergreen") and Trident Pine Acquisition LP ("Trident Pine") owns 22.6%. Evergreen owns all of the equity interest in AmTrust Financial Services, Inc. (“AmTrust"). Trident Pine is an entity owned by private equity funds managed by Stone Point.

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

Citco

As of December 31, 2022 and 2021, we owned 31.9% of the common shares in HH CTCO Holdings Limited, which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco III Limited ("Citco"). As of December 31, 2022 and 2021, Trident owned 3.4% interest in Citco.

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

Enhanzed Re

In September 2021 we repurchased the Hillhouse Group’s entire 27.7% interest in Enhanzed Re for a purchase price of $217 million, assumed its remaining outstanding capital commitment to Enhanzed Re of $40 million, and increased our equity interests in Enhanzed Re from 47.4% to 75.1%49. Upon closing, we consolidated Enhanzed Re (previously accounted for as an equity method investment) and as a result, it ceased to be a related party.

Core Specialty

We account for our investment in the common shares of Core Specialty as an equity method investment on a one quarter lag.

We also have a LPT and ADC reinsurance agreement and an ASA between certain of our subsidiaries and StarStone U.S. and Core Specialty50. The TSA was terminated in November 2022.

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

OtherWe also have certain other investments, including investments in limited partnerships and partnership-like limited liability companies, that had we not elected the fair value option would otherwise be accounted for as equity method investments51. We have disclosed our investments in these entities on an aggregated basis as they are individually immaterial.

Dividend Restrictions and Statutory Financial Information

12 Months Ended

Dec. 31, 2022

Dividend Restrictions and Statutory Financial Information

11. FUTURE POLICYHOLDER BENEFITS

The carrying value of the provision for future policyholder benefits as of December 31, 2022 and 2021 was as follows:


	2022		2021
	(in millions of U.S. dollars)
Deferred life contingent annuities	$	196	$	294
Whole of life reversion annuities	127		165
In-payment annuities	861		1,043
Total	$	1,184	$	1,502

24. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2022. Bermuda law permits the payment of dividends if:

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

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

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

Subsidiary Statutory Financial Information and Dividend Restrictions


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2022		2021		2022		2021		2022		2021		2020
	(in millions of U.S. dollars)
Bermuda	$	3,031	$	3,338	$	5,833	$	5,819	$	(710)	$	524	$	1,851
U.K.	619		804		848		1,247		(11)		163		43
U.S.	161		151		434		534		(58)		23		(67)
Australia	10		15		35		57		(1)		2		(2)
Europe	53		99		188		182		(30)		(2)		(1)

As of December 31, 2022, the total amount of net assets of our consolidated subsidiaries that were restricted was $3.9 billion.

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

Bermuda

United Kingdom

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

Lloyd’s

United States

Australia

Europe

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	25. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We believe that there are no significant concentrations of credit risk associated with our cash and cash equivalents, fixed maturity investments, or other investments. Our cash and investments are managed pursuant to guidelines that follow prudent standards of diversification and liquidity, and limit the allowable holdings of a single issue and issuers. We are also subject to custodial credit risk on our investments, which we manage by diversifying our holdings amongst large financial institutions that are highly regulated. We have exposure to credit risk on certain of our assets pledged to ceding companies under insurance contracts. In addition, we are potentially exposed should any insurance intermediaries be unable to fulfill their contractual obligations with respect to payments of balances owed to and by us. Credit risk exists in relation to (re)insurance balances recoverable on paid and unpaid losses. We remain liable to the extent that counterparties do not meet their contractual obligations and, therefore, we evaluate and monitor concentration of credit risk among our (re)insurers. We are also subject to credit risk in relation to funds held by reinsured companies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. The funds are not typically placed into trust or subject to other security arrangements. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. As of December 31, 2022, we had funds held concentrations to reinsured companies exceeding 10% of shareholders’ equity of $5.0 billion (December 31, 2021: $4.4 billion) in aggregate. We limit the amount of credit exposure to any one counterparty and none of our counterparty credit exposures, excluding U.S. government instruments and the reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of December 31, 2022. As of December 31, 2022 our credit exposure to the U.S. government was $945 million (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 consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims. Unfunded Investment Commitments As of December 31, 2022, we had unfunded commitments of $1.8 billion to other investments and $18 million to privately held equity. Guarantees As of December 31, 2022 and 2021, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.4 billion and $2.7 billion respectively. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have an aggregate principal amount of $850 million55 as of December 31, 2022 (December 31, 2021: $350 million). Redeemable Noncontrolling Interest We have the right to purchase the RNCI interests from the RNCI holders after March 31, 2023 (each such right, a "call right") and the RNCI holders have the right to sell their RNCI interests to us after December 31, 2022 (each such right, a "put right"). Following the closing of the Exchange Transaction, we have maintained a call right over the portion of SSHL owned by the Trident V Funds and the Dowling Funds, and they will maintain put rights to transfer those interests to us.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

26. SUBSEQUENT EVENTS

Transactions

Enhanzed Re

In November 2022, Enhanzed Re completed a novation of the reinsurance closed block of life annuity policies to Monument Re Limited (“Monument Re”). We settled the life liabilities and the related assets at carrying value in return for cash consideration as of the closing date. In addition, effective January 1, 2023, we will adopt the LDTI standard, which will result in changes to the liability for future policyholder benefits as a result of the unlocking of discount rate assumptions. We have determined that the impact of adopting this standard will be a reduction in future policy holder benefits and an increase to a separate component of AOCI as of January 1, 2023 of between $340 and $380 million.

As at September 30, 2022, the carrying value of the life liabilities and related assets was $1.2 billion and $1.0 billion, respectively, which we would record as other income of $328 million, if measured as of this date. This amount consists of both the gain or loss on the novation transaction and the reclassification of the component of AOCI to earnings.

•Our net earnings attributable to Enstar will be reduced by the amount attributable to Allianz’s 24.9% noncontrolling interest in Enhanzed Re at the time of the transaction and a portion of our other income recorded will be subject to deferral over the expected settlement period for the life annuity policies to account for our pre-existing 20% ownership interest in Monument Re, resulting in an expected overall increase in our first quarter 2023 net earnings of $197 million from the novation.

•Activity for the period from October 1, 2022 to November 7, 2022 will impact the amount of other income and net earnings recorded.

On December 28, 2022, Enhanzed Re repurchased the entire 24.9% ownership interest Allianz held in Enhanzed Re for $174 million. The purchase price will be subject to a post-closing adjustment based on the final net book value of Enhanzed Re as of December 31, 2022. Following the completion of this transaction, Enhanzed Re became a wholly-owned subsidiary of Enstar.

The final impact of the novation and the share repurchase will be reflected in our first quarter 2023 results, as we report the results of Enhanzed Re on a one quarter reporting lag.

QBE LPT

On February 16, 2023, certain of our wholly-owned subsidiaries entered into an LPT agreement with certain subsidiaries of QBE Insurance Group Limited (“QBE”) relating to a diversified portfolio of business, covering International and North America financial lines, European and North American reinsurance portfolios and several US discontinued programs. The transaction is effective as of January 1, 2023.

The LPT agreement covers ground up net loss reserves of $1.9 billion and provides an additional $900 million of cover on business underwritten between 2010 and 2018. Upon completion, a portion of the portfolio currently underwritten via QBE’s Lloyd’s Syndicates 386 and 2999 will be transferred to Enstar’s Syndicate 2008. The closing of the transaction is subject to regulatory approval and other closing conditions.

RACQ

On February 21, 2023, one of our wholly-owned subsidiaries entered into an agreement with RACQ Insurance Limited (“RACQ”) to reinsure 80% of RACQ’s motor vehicle Compulsory Third Party (“CTP”) insurance liabilities, covering accident years 2021 and prior.

The reinsurance agreement is effect as of July 1, 2022. RACQ will cede net reserves of AUD $360 million (USD $245 million), and our subsidiary will provide AUD $200 million (USD $136 million) of additional cover in excess of the ceded reserves. The closing of the transaction is subject to regulatory approval and other closing conditions.

Shareholders’ EquityOn February 23, 2023, our Board authorized the repurchase of up to an additional $105 million of our ordinary shares under the 2022 Repurchase Program and extended the authorization effective date of the 2022 Repurchase Program through February 23, 2024. Following this increase, the total remaining capacity under the 2022 Repurchase Program is now $200 million.

Unaudited Condensed Quarterly Financial Data

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Unaudited Condensed Quarterly Financial Data

27. UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA

The information presented below has been adjusted to reflect the impact of changing our accounting policy for the treatment of DCA amortization. Refer to Note 9 for additional information.


	December 31,				September 30,				June 30,				March 31,
	2022		2021		2022		2021		2022		2021		2022		2021
INCOME
Net premiums earned	$	14	$	41	$	4	$	52	$	14	$	59	$	34	$	93

Net investment income	153		81		116		93		106		76		80		62
Net realized gains (losses)	(24)		(62)		(36)		6		(38)		6		(37)		(11)
Net unrealized gains (losses)	39		68		(546)		(280)		(591)		400		(381)		(10)
Other (losses) income	2		15		(4)		11		23		6		14		10
Net gain on sale of subsidiaries	—		11		—		47		—		—		—		15
Total income	184		154		(466)		(71)		(486)		547		(290)		159

EXPENSES
Net incurred losses and loss adjustment expenses
Current period	9		26		13		42		13		50		13		54
Prior period	(280)		(159)		(141)		(93)		(159)		(33)		(176)		(118)
Total net incurred losses and loss adjustment expenses	(271)		(133)		(128)		(51)		(146)		17		(163)		(64)
Life and annuity policy benefits	—		(3)		7		—		6		—		12		—
Amortization of net deferred charge assets	20		17		21		17		21		15		18		6
Acquisition costs	3		7		—		11		12		5		8		34
General and administrative expenses	97		98		66		93		83		93		85		83
Interest expense	18		18		23		18		23		17		25		16
Net foreign exchange losses (gains)	12		(3)		(17)		(2)		(13)		(10)		3		3

Total expenses	(121)		1		(28)		86		(14)		137		(12)		78
EARNINGS (LOSS) BEFORE INCOME TAXES	305		153		(438)		(157)		(472)		410		(278)		81
Income tax benefit (expense)	16		(14)		(8)		(10)		4		(9)		—		6
Earnings (losses) from equity method investments	(86)		(8)		(20)		(14)		1		(3)		31		118


NET EARNINGS (LOSS)	235		131		(466)		(181)		(467)		398		(247)		205
Net (earnings) loss attributable to noncontrolling interest	1		(2)		43		1		42		(3)		(11)		(11)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR	236		129		(423)		(180)		(425)		395		(258)		194
Dividends on preferred shares	(9)		(9)		(9)		(9)		(9)		(9)		(9)		(9)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	227	$	120	$	(432)	$	(189)	$	(434)	$	386	$	(267)	$	185

Earnings (loss) per ordinary share attributable to Enstar ordinary shareholders:



Basic	$	13.34	$	6.74	$	(25.45)	$	(10.30)	$	(25.14)	$	17.84	$	(15.25)	$	8.58



Diluted(1)	$	13.26	$	6.66	$	(25.45)	$	(10.30)	$	(25.14)	$	17.68	$	(15.25)	$	8.47

(1) 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.

Schedule I - Summary of Investments Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I - Summary of Investments Other Than Investments in Related Parties

SCHEDULE I

ENSTAR GROUP LIMITED

SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES56

As of December 31, 2022

(Expressed in millions of U.S. Dollars)


Type of investment	Cost (1)		Fair Value		Amount at which shown in the balance sheet
Short-term and fixed maturity investments — Trading and short-term and fixed maturity investments within funds held - directly managed:(2)
U.S. government and agency	$	246	$	206	$	206
U.K. government	60		46		46
Other government	449		331		331
Corporate	2,770		2,273		2,273
Municipal	130		112		112
Residential mortgage-backed	206		190		190
Commercial mortgage-backed	426		394		394
Asset-backed	235		221		221
Structured Products	1,017		586		586
Total	5,539		4,359		4,359
Short-term and fixed maturity investments — AFS:(2)
U.S. government and agency	338		310		310
U.K. government	36		36		36
Other government	146		131		131
Corporate	3,466		3,013		3,013
Municipal	120		99		99
Residential mortgage-backed	407		362		362
Commercial mortgage-backed	689		628		628
Asset-backed	684		660		660
Total	5,886		5,239		5,239
Equities(3)	930		875		875
Other investments, at fair value (4)	2,841		2,841		2,841

Total	$	15,196	$	13,314	$	13,314

(1)Original cost of fixed maturity securities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts.

(2)The difference in the amount of fixed maturities shown at fair value and the fixed maturities shown in our consolidated balance sheet relates to the fair value of $33 million as of December 31, 2022 for our investment in fixed maturities issued by affiliates of Stone Point.

(3)The difference in the amount of equities shown at fair value and the equities shown in our consolidated balance sheet relates to the fair value of $74 million as of December 31, 2022 for our investment in a registered investment company affiliated with entities owned by Trident, $64 million as a co-investor alongside Stone Point, a $37 million investment in Northshore and a $190 million investment in AmTrust.

(4)The difference in the amount of other investments shown at fair value and the other investments shown in our consolidated balance sheet relates to the fair value of $0.5 billion as of December 31, 2022 for our other investments in funds or companies owned by or affiliated with certain related parties.

Schedule II - Condensed Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Statements

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Balance Sheets - Parent Company Only

As of December 31, 2022 and 2021


	2022		2021
	(in millions of U.S. dollars, except share data)
ASSETS
Equities, at fair value (cost: 2022 - $273; 2021 - $2)	$	286	$	2
Cash and cash equivalents	15		72
Balances due from subsidiaries	193		29
Investments in subsidiaries	6,003		7,904
Other assets	8		5
TOTAL ASSETS	$	6,505	$	8,012
LIABILITIES
Debt obligations	$	991	$	1,270
Balances due to subsidiaries	788		381
Other liabilities	25		38
TOTAL LIABILITIES	1,804		1,689
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY










Ordinary shares (par value $1 each, issued and outstanding 2022: 17,588,050; 2021: 18,223,574):
Voting Ordinary Shares (issued and outstanding 2022: 15,990,338; 2021: 16,625,862)	16		17

Non-voting convertible ordinary Series C Shares (issued and outstanding 2022: 1,192,941 and 2021: 1,192,941)	1		1
Non-voting convertible ordinary Series E Shares (issued and outstanding 2022: 404,771 and 2021: 404,771)	—		—
Preferred Shares:
Series C Preferred Shares (issued and held in treasury 2022 and 2021: 388,571)	—		—
Series D Preferred Shares (issued and outstanding 2022 and 2021: 16,000; liquidation preference $400)	400		400
Series E Preferred Shares (issued and outstanding 2022 and 2021: 4,400; liquidation preference $110)	110		110
Treasury shares, at cost (Series C Preferred Shares 2022 and 2021: 388,571)	(422)		(422)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2022 and 2021: 565,630)	(1)		(1)
Additional paid-in capital	766		922
Accumulated other comprehensive income	(575)		(16)
Retained earnings	4,406		5,312
Total Enstar Group Limited Shareholders’ Equity	4,701		6,323
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,505	$	8,012

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Earnings - Parent Company Only

For the Years Ended December 31, 2022, 2021 and 2020


	2022		2021		2020
	(in millions of U.S. dollars)
INCOME
Net investment income	$	2	$	—	$	2
Net unrealized gains	13		—		—


	15		—		2
EXPENSES
General and administrative expenses	24		41		46
Interest expense	70		54		52
Net foreign exchange losses (gains)	3		3		(3)
	97		98		95
NET LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES	(82)		(98)		(93)
Equity in undistributed (losses) earnings of subsidiaries - continuing operations	(788)		636		1,836
Equity in undistributed earnings of subsidiaries - discontinued operations	—		—		16
NET (LOSS) EARNINGS	(870)		538		1,759
Dividends on preferred shares	(36)		(36)		(36)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	(906)	$	502	$	1,723

See accompanying notes to the Condensed Financial Information of Registrant

Statements of Comprehensive Income - Parent Company Only

For the Years Ended December 31, 2022, 2021 and 2020


	2022		2021		2020
	(in millions of U.S. dollars)
NET (LOSS) EARNINGS	$	(870)	$	538	$	1,759
Other comprehensive (loss) income relating to subsidiaries, net of tax	(559)		(98)		73
COMPREHENSIVE (LOSS) INCOME	$	(1,429)	$	440	$	1,832

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Cash Flows - Parent Company Only

For the Years Ended December 31, 2022, 2021 and 2020


	2022		2021		2020
	(in millions of U.S. dollars)
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	87	$	(72)	$	117
INVESTING ACTIVITIES:
Dividends and return of capital from subsidiaries	14		675		44
Contributions to subsidiaries	(102)		—		(26)
Net cash flows (used in) provided by investing activities	(88)		675		18
FINANCING ACTIVITIES:

Dividends on preferred shares	(36)		(36)		(36)
Repurchase of shares	(163)		(942)		(26)
Repayment of loans	(302)		(429)		(449)
Receipt of loans	445		868		379
Net cash flows used in financing activities	(56)		(539)		(132)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(57)		64		3
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	72		8		5
CASH AND CASH EQUIVALENTS, END OF YEAR	$	15	$	72	$	8

See accompanying notes to the Condensed Financial Information of Registrant

Notes to the Condensed Financial Information of Registrant

The Condensed Financial Information of Registrant should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in Part II - Item 8 of this Annual Report on Form 10-K. Our wholly-owned and majority owned subsidiaries are recorded based upon our proportionate share of our subsidiaries' net assets (similar to presenting them on the equity method).

Net investment income relates to interest on loans to subsidiaries. For the years ended December 31, 2022, 2021, and 2020, interest paid was $47 million, $41 million, and $47 million, respectively.

Investing activities in the Condensed Statements of Cash Flows primarily represents the flow of funds to and from subsidiaries to provide cash on hand to fund business acquisitions and significant new business.

Non-Cash investing activities during the years ended December 31, 2022, 2021, and 2020, included:

i.$600 million, $0 and $130 million, respectively, for dividends and return of capital from subsidiaries. In 2022, these transactions represent an intercompany transfer of equities at book value and an increase in balances due from subsidiaries resulting in a decrease in investments in subsidiaries. In 2020, these transactions were to settle intercompany balances, resulting in a net reduction in balances due to subsidiaries and a decrease in investments in subsidiaries.

As of December 31, 2022 and 2021, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.4 billion and $2.7 billion. In addition, as of December 31, 2022 and 2021, there were $135 million and $210 million, respectively, of unsecured letters of credit for FAL which have a parental guarantee. Furthermore, as of December 31, 2022, we also guarantee the Junior Subordinated Notes issued in 2020 and 2022 for an aggregate principal amount of $850 million (December 31, 2021 $350 million).

As of December 31, 2022 and 2021, retained earnings were $4.4 billion and $5.3 billion, respectively, a decrease of $906 million. This decrease was primarily attributable to the net loss of $906 million.

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Schedule III - Supplementary Insurance Information

SCHEDULE III

ENSTAR GROUP LIMITED

SUPPLEMENTARY INSURANCE INFORMATION

(Expressed in millions of U.S. Dollars)


	As of December 31,								Year ended December 31,
	Deferred Acquisition Costs		Reserves for Losses and Loss Adjustment Expenses		Unearned Premiums		Policy Benefits for Life and Annuity Contracts		Net Premiums Earned		Net Investment Income		Losses and Loss Expenses and Policy Benefits		Amortization of Deferred Acquisition Costs		Other Operating Expenses		Net Premiums Written
2022
Run-off	$	7	$	13,337	$	114	$	—	$	40	$	—	$	(442)	$	22	$	143	$	(4)
Assumed Life	—		—		—		1,184		17		—		(30)		—		7		12
Investments	—		—		—		—		—		445		—		—		37		—
Legacy Underwriting	—		173		—		—		9		10		7		1		2		4
Corporate & Other	—		(503)		—		—		—		—		(218)		—		142		—
Total	$	7	$	13,007	$	114	$	1,184	$	66	$	455	$	(683)	$	23	$	331	$	12
2021
Run-off (1)	$	14	$	13,117	$	171	$	—	$	182	$	—	$	(194)	$	44	$	188	$	35
Assumed Life	—		181		5		1,502		5		—		(2)		—		1		3
Investments	—		—		—		—		—		309		—		—		37		—
Legacy Underwriting (1)	2		215		12		—		58		3		20		13		10		24
Corporate & Other	—		(255)		—		—		—		—		(58)		—		131		—
Total	$	16	$	13,258	$	188	$	1,502	$	245	$	312	$	(234)	$	57	$	367	$	62
2020
Run-off	$	23	$	9,433	$	72	$	—	$	59	$	—	$	(145)	$	20	$	173	$	3
Investments	—		—		—		—		—		270		—		—		35		—
Legacy Underwriting	21		1,358		203		—		513		33		371		151		158		430
Corporate & Other	—		(198)		—		—		—		—		147		—		136		—
Total	$	44	$	10,593	$	275	$	—	$	572	$	303	$	373	$	171	$	502	$	433

(1) As of December 31, 2020, the assets and liabilities of Northshore, the holding company which owns Atrium and Arden (a Run-off subsidiary), were classified as held-for-sale. Deferred acquisition costs, reserves for losses and LAE and unearned premiums for Northshore were $24 million, $254 million and $91 million, respectively57.

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

SCHEDULE IV

ENSTAR GROUP LIMITED

REINSURANCE

For the Years Ended December 31, 2022, 2021 and 2020

(Expressed in millions of U.S. Dollars)


	Gross		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net

2022

Premiums earned:
Property and casualty	$	62	$	(31)	$	18	$	49	36.7	%
Future policyholder benefits	—		—		17		17		100.0	%
Total premiums earned	$	62	$	(31)	$	35	$	66

2021

Premiums earned:
Property and casualty	295		(128)		75		242		31.0	%
Future policyholder benefits	—		—		3		3		100.0	%
Total premiums earned	$	295	$	(128)	$	78	$	245

2020

Premiums earned:
Property and casualty	542		(158)		188		572		32.9	%

Total premiums earned	$	542	$	(158)	$	188	$	572

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V - Valuation and Qualifying Accounts

SCHEDULE V

ENSTAR GROUP LIMITED

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2022, 2021 and 2020

(Expressed in millions of U.S. Dollars)


	Balance at Beginning of Year		Charged to costs and expenses		Charged to other accounts (1)		Deductions (2)		Balance at End of Year
December 31, 2022
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	136	$	—	$	(5)	$	—	$	131
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	5		—		—		—		5
Valuation allowance for deferred tax assets	129		52		—		—		181

December 31, 2021
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	137	$	—	$	1	$	(2)	$	136
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	5		—		—		—		5
Valuation allowance for deferred tax assets	118		12		—		(1)		129

December 31, 2020
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	148	$	—	$	—	$	(11)	$	137
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	4		—		1		—		5
Valuation allowance for deferred tax assets	117		4		—		(3)		118

(1)The 2020 amount includes $3 million for the cumulative effect of change in accounting principle.

(2)Credited to the related asset account.

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

SCHEDULE VI

ENSTAR GROUP LIMITED

SUPPLEMENTARY INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS

As of and for the years ended December 31, 2022, 2021 and 2020

(Expressed in millions of U.S. Dollars)


	As of December 31,2022						Year ended December 31, 2021
Affiliation with Registrant	Deferred Acquisition Costs		Reserves for Unpaid Losses and Loss Adjustment Expenses		Unearned Premiums		Net Premiums Earned		Net Investment Income		Net Losses and Loss Expenses Incurred				Net Paid Losses and Loss Expenses		Amortization of Deferred Acquisition Costs		Net Premiums Written
											Current Period		Prior Periods
Consolidated Subsidiaries
2022	$	7	$	13,007	$	114	$	49	$	455	$	48	$	(756)	$	(1,680)	$	23	$	—
2021	16		13,258		188		242		312		172		(403)		(1,431)		57		59
2020	44		10,593		275		572		303		405		(32)		(1,485)		171		433

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Preparation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated. Certain comparative information has been reclassified to conform to the current presentation.
Use of Estimates, Risks and Uncertainties	The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The estimation of unpaid claim liabilities at any given point in time is subject to a high degree of uncertainty for a number of reasons. A significant amount of time can lapse between the assumption of risk, the occurrence of a loss event, the reporting of the event to an (re)insurance company and the ultimate payment of the claim on the loss event. Certain estimates for unpaid claim liabilities involve considerable uncertainty due to significant coverage litigation and it can be unclear whether past claim experience will be representative of future claim experience. We are subject to economic factors such as interest rates, inflation, foreign exchange rates, adverse reserve developments, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results.
Retroactive Reinsurance Contracts, Reinsurance Balances Recoverable on Paid and Unpaid Losses, and Funds Held	Retroactive reinsurance contracts provide indemnification for losses and loss adjustment expenses ("LAE") with respect to past loss events. We do not record any income or expense on recognition of the contracts assets and liabilities. Any subsequent remeasurement of the value of liabilities is recorded to net incurred losses and LAE within the consolidated statements of earnings. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and LAE. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the probability of default ("PD") and loss given default ("LGD") methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and LAE in our consolidated statements of earnings. On an ongoing basis, we also evaluate and monitor the credit risk of our reinsurers, including those under voluntary schemes of arrangement, to minimize our exposure to significant losses from potential insolvencies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to us. The funds balance is credited with investment income and losses paid are deducted. Funds held are shown under two categories on the consolidated balance sheets, funds held where we receive the underlying portfolio economics are shown as "Funds held - directly managed", and funds held where we receive a fixed crediting rate or other contractually agreed return are shown as "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. Funds held - directly managed, are carried at fair value because it represents the aggregate of funds held at cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio and the performance risk of the individual assets supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract. The investment returns on both categories of funds held are recognized in net investment income and net realized and unrealized gains (losses), respectively. The change in the fair value of the embedded derivative is included in net unrealized gains (losses).
Deferred Charge Assets and Deferred Gain Liabilities and Change in net DCA Amortization	If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the premiums received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded. In addition, for retrocessions of losses and LAE reserves that we have assumed through retroactive reinsurance contracts where the retroceded liabilities exceed the retrocession premiums paid, we record a DGL. The premium consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than our estimate of losses and LAE liabilities as these liabilities may not be settled for many years. Our contractual counterparties (cedants) settle the premium consideration upon inception of the contract and we invest the premium received over an extended period of time, thereby generating investment income. As a result, we expect to generate profits from these retroactive reinsurance contracts when taking into account the premium received and expected investment income, less contractual obligations and expenses. Effective December 31, 2022, we voluntarily changed our accounting policy for calculating the amortization of our DCAs and DGLs. Previously, any change in ultimate losses on the contracts with a recognized DCA or DGL would result in the recognition of an adjustment to the DCA or DGL, as if the adjusted reserves had existed upon inception of the contract. We will no longer adjust the DCAs or DGLs for these events. We continue to amortize the originating DCA balances over the estimated claim payment period of the related contracts with the amortization adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining loss and LAE payments. Previously, the amortization of our DCAs and DGLs was included in net incurred losses and LAE. We now present the amortization of our DCAs and DGLs as a separate line item in our consolidated statements of earnings. Refer to Note 9 for additional information. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the DCAs. DCAs are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. For each reinsurance contact where a DCA has been recorded we assess for impairment at each reporting period by determining the rate of return that we are required to earn on the invested assets to ensure that all cashflows arising from the assumed liabilities are met in full over the projected remaining payout period. This required rate of return is compared against the modeled rate of return, the weighted average portfolio yield and the actual annualized rate of return in order to identify indicators that would lead us to record an impairment of the DCA. Effective December 31, 2022, we voluntarily changed our accounting policy for calculating the amortization of our DCAs. Previously, any change in ultimate losses on the contracts with a recognized DCA would result in the recognition of an adjustment to the DCA, as if the adjusted reserves had existed upon inception of the contract. We will no longer adjust the DCA for these events. We continue to amortize the originating DCA balances over the estimated claim payment period of the related contracts with the amortization adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments. Previously, the amortization of our DCAs and DGLs was included in net incurred losses and LAE. We now present the amortization of our DCAs and DGLs as a separate line item in our consolidated statements of earnings. We will continue to assess the DCA for impairment and record any adjustments in the period evaluated. We made the change in accounting policy because the primary basis for accepting premium consideration that is lower than the estimate of losses and LAE liabilities assumed is due to the time value of money, inclusive of our expectation of generating investment income, rather than expectations of changes in ultimate losses on the contracts. We believe that the change in policy improves the usefulness of our financial statements as the changes in amortization of the DCA will no longer offset the loss developments, which allows the insurance loss developments to be recognized consistently through our consolidated statement of earnings regardless of whether the contract resulted in a DCA at inception. We have retrospectively applied this change in accounting policy to all applicable prior period information presented herein as required.
Short-duration Insurance Contracts	Premiums written Premiums written related to prospective risk policies are earned on a pro-rata basis over the period of the related coverage. Reinsurance premiums on prospective risks are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined. Certain contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. These adjustments to the premium are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves, included within other liabilities on the consolidated balance sheets, represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premiums receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. The credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium.
Acquisition Costs	Acquisition costs, consisting principally of incremental costs including, commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and which are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs (“DAC”), recorded within other assets on the consolidated balance sheets, are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income. A premium deficiency occurs if the sum of anticipated losses and LAE exceed unearned premiums, DAC and anticipated investment income. A premium deficiency is initially recognized by charging any DAC to expense to the extent required in order to eliminate the deficiency. If the premium deficiency exceeds the DAC, then a liability is accrued for the excess deficiency.
Losses and LAE	The liability for losses and LAE includes reserves for unpaid reported losses and losses incurred but not reported ("IBNR"). We establish reserves for unpaid reported losses and LAE based on reports from brokers, ceding companies and insureds and these represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserves for IBNR losses are established by us based on actuarially determined estimates of ultimate losses and LAE. Inherent in the estimate of ultimate losses and LAE are expected trends in claim severity and frequency, historical loss experience, industry statistics and other factors which may vary significantly as claims are settled. These estimates are reviewed regularly and are subject to the impact of future changes in the factors noted above as well as economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Any subsequent remeasurement of our reserves will be recorded in earnings in the period in which they become known and reflected as part of the net increase or reduction in the estimates of ultimate losses included within net incurred losses and LAE in the consolidated statements of earnings. Prior period development ("PPD") arises from changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses which can be beneficial to us as they legally extinguish liabilities in full, reducing the potential for future adverse loss development and future claims handling costs. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations are only executed directly with (re)insureds and any changes in ultimate losses are recognized upon the execution of a commutation or policy buyback with the (re)insured. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of any associated fair value adjustments in that period. Our (re)insurance subsidiaries also establish provisions for unallocated loss adjustment expenses ("ULAE") for LAE relating to run-off costs for the estimated duration of the run-off, such as internal claim management or associated operational support costs, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of earnings. Fair Value Option We have elected to apply the fair value option for certain reinsurance contracts including, loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE. We use an internal model to calculate the fair value of the liability for losses and LAE and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE are inputs in our internal model. These liabilities are included in losses and LAE, at fair value on the consolidated balance sheets, and the changes in the liability are included in net incurred losses and LAE on the consolidated statements of earnings.
Future Policyholder Benefits	Our life reinsurance contracts include traditional single payment premium immediate annuities, life contingent deferred annuities, and whole life reversion annuity policies all possessing significant mortality risk in the form of longevity risk. Future policyholder benefit provisions are established based on the present value of anticipated future cash flows, which includes judgments over estimates of mortality rates, investment yields, policy expenses, and other assumptions by reference to cedants' historical data, regional mortality tables, industry standards, and other available information sources as may be reasonably available. These estimates include provisions for adverse deviation. These assumptions are locked in at contract inception or assumption and are only unlocked and modified if it is deemed that the provision for future policyholder benefits are insufficient. The actual versus anticipated experience of the assumptions are reviewed periodically. The effects of changes in assumptions are recorded to the consolidated statements of earnings as adjustments in the period in which the assumptions are unlocked and changes are made. The consideration received for life reinsurance contracts is calculated as the fair value of the assets received net of commissions, brokerage, or fronting fees.
Defendant Asbestos and Environmental Liabilities	Defendant asbestos and environmental liabilities ("defendant A&E liabilities") on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos-related exposures. Defendant A&E liabilities also include amounts for environmental liabilities, associated with the acquired companies' properties, relating to estimated clean-up costs associated with the acquired companies' former operations based on engineering reports. Changes to our estimate of these liabilities are recorded to other income (expense) within the consolidated statements of earnings in the period that our estimate is adjusted.
Insurance Balances Recoverable	Amounts billed to and due from insurers providing coverage for our defendant A&E liabilities are calculated in accordance with the terms of the individual insurance contracts. On an ongoing basis, we evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant A&E liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible insurance, we use the inputs and methodologies as described in (h) Reinsurance Balances Recoverable on Paid and Unpaid Losses above. Amounts deemed to be uncollectible, including amounts due from known insolvent insurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of other income (expense) in our consolidated statements of earnings.
Cash and cash equivalents	Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less.
Investments	Short-term investments and fixed maturity investments Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturity investments classified as trading are carried at fair value, with realized and unrealized gains and losses included in net earnings and reported as net unrealized gains and losses. Short-term and fixed maturity investments classified as available-for-sale ("AFS") are carried at fair value, with unrealized gains and losses excluded from net earnings and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of earnings. The costs of short-term and fixed maturity investments are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. We report the investment income accrued on our fixed income securities, AFS within other assets and therefore separately from the underlying fixed income securities, AFS. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible fixed income securities are written off when we determine that no additional payments of principal or interest will be received. Equity Securities We hold investments in publicly traded equities, exchange-traded funds and privately held equities. Unless we have elected the measurement alternative, our equity investments are carried at fair value with realized and unrealized gains and losses included in net earnings and recorded as net realized and unrealized gains and losses, respectively. We may elect to measure a privately held equity without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value at its cost less impairment, if any. Other investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equity funds") and hedge funds, fixed income funds, equity funds, private credit funds, real estate funds, collateralized loan obligation ("CLO") equities and CLO equity funds that carry their investments at fair value and CLO equities. We have elected the fair value option for certain of our other investments that would otherwise be accounted for as an equity method investment. The primary reason for electing the fair value option is because we believe this measurement basis is consistent with the applicable accounting guidance used by the investment funds themselves. Our other investments are stated at fair value, which ordinarily will be the most recently reported net asset value ("NAV") as advised by the fund manager or administrator. The NAV is based on the fund manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents. Many of our fund investments publish NAVs on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. Unrealized gains and losses on other investments are included in net earnings and reported as net unrealized gains and losses. Equity method investments Investments that we do not consolidate but in which we have significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting unless we have elected the fair value option. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on the Company's proportionate share of net income or loss of the investee, net of any distributions received from the investee. We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees. Changes in the carrying value of such investments are recorded in our consolidated statements of earnings as earnings (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of earnings in the period in which it is determined.
Allowance for Credit Losses	Each reporting period we identify any credit losses on our investment portfolios not measured at fair value through net earnings. Credit losses on our fixed income securities, AFS are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the fixed income securities, AFS, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the fixed income securities, AFS, effectively creating a “fair value floor”. For our fixed income securities, AFS that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and record the credit loss component in net realized gains (losses) in our consolidated statements of earnings. The unrealized losses related to non-credit factors is recorded in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in our consolidated statements of earnings. For our fixed income securities, AFS where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our fixed income securities, AFS where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our fixed income securities, AFS that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. To determine the credit losses on our fixed income securities, AFS, we use the PD and LGD methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security. The methodology and inputs used to determine the credit loss by security type are as follows: •Corporate and government securities: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs. •Municipal securities: Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities. For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable. •Asset-backed, commercial and residential mortgaged-backed securities: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio.
Variable Interest Entities	We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported NAV. Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment.
Foreign Exchange	Our reporting currency is the U.S. dollar. Assets and liabilities of certain of our subsidiaries and equity method investees whose functional currency is not the U.S. dollar are translated at period end exchange rates. Revenues and expenses of such foreign entities are translated at average exchange rates during the year. The effect of the currency translation adjustments for these foreign entities is included in AOCI. Other foreign currency assets and liabilities that are considered monetary items are translated at exchange rates in effect at the balance sheet date. Foreign currency revenues and expenses are translated either at transaction date exchange rates or using an appropriately weighted average exchange rate for the reporting period. These exchange gains and losses are recognized in net foreign exchange gains (losses) in our consolidated statements of earnings.
Share-based Compensation	We use three types of share-based compensation arrangements: (i) restricted shares, restricted share units (“RSUs”) and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), and (iii) shares issued under our employee share purchase plans. Our share-based compensation awards qualify for equity classification. We issue new shares once the awards have vested. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of earnings. Expenses for the PSU awards are adjusted for changes in the performance multiplier on the award. We recognize forfeitures as they occur.
Derivative Instruments	We use derivative instruments in our risk management strategies and investment operations. Derivatives, with the exception of embedded derivatives, are recorded on a trade-date basis and carried at fair value within other assets or other liabilities in the consolidated balance sheets. Embedded derivatives are generally presented with the host contract in the consolidated balance sheets. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. Our convertible bond portfolio, recorded within fixed maturity securities, trading and AFS on the consolidated balance sheets, and certain of our funds held arrangements (as described above) contain embedded derivatives. Changes in the fair value as well as realized gains or losses on derivative instruments are recognized in net earnings if they are not designated as qualifying hedging instruments or if the criteria for establishing a perfectly effective designated hedging relationship for our net investment hedges has not been met. However, if a designated net investment hedge is deemed to be perfectly effective, then we recognize the changes in the fair value of the underlying hedging instrument in AOCI until the application of hedge accounting is discontinued. Any cumulative gains or losses arising on designated net investment hedges are deferred in AOCI until the cumulative translation adjustment from the underlying hedged net investment is recognized in net earnings due to a disposal, deconsolidation or substantial liquidation.
Income Taxes	Certain of our subsidiaries and branches operate in jurisdictions where they are subject to taxation. Current and deferred tax expense or benefit is allocated to net earnings (loss), or, in certain cases, to discontinued operations or other comprehensive income (loss). Current tax is recognized and measured using enacted tax laws and rates applicable in the relevant jurisdiction in the period in which the income tax is accrued or realized. Deferred taxes are provided for temporary differences between the carrying amount of assets and liabilities used in the financial statements and the tax basis used in the various jurisdictional tax returns. When our assessment indicates that all or some portion of deferred tax assets will not be realized, a valuation allowance is recorded against the deferred tax assets to reduce the assets to an amount more likely than not to be realized. We recognize the benefit relating to tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. A recognized tax benefit is measured as the largest amount that is greater than 50 percent likely of being realized upon settlement. A liability or other adjustment is recognized for any tax benefit (along with any interest and penalty, if applicable) claimed in a tax return in excess of the amount allowed to be recognized in the financial statements under U.S. GAAP. Any changes in amounts recognized are recorded in the period in which they are determined in our consolidated statements of earnings.
Earnings Per Share	Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share.
Acquisitions	We record business acquisition assets and liabilities at their estimated fair value. The fair values of each of the acquired (re)insurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and our run-off strategy. Our run-off strategy is expected to be different from the seller's, who generally do not specialize in running off (re)insurance liabilities. The key assumptions used by us in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin.
Acquisitions, Fair Value Adjustment	The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. We carry unamortized FVA balances on the following consolidated balance sheet captions: losses and loss adjustment expenses, defendant asbestos and environmental liabilities and reinsurance balances recoverable on paid and unpaid losses. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes.
Goodwill	The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of earnings. Goodwill is established initially upon acquisition and assessed at least annually for impairment. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made.
Redeemable Noncontrolling Interests	We have contracted with certain parties holding noncontrolling interests in certain of our subsidiaries. These contracts provide certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. Redeemable noncontrolling interests with redemption features that are not solely within our control are classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through retained earnings as if the balance sheet date was also the redemption date.
Held-for-sale Business and Discontinued Operations	We report a business as held-for-sale when certain criteria are met, which include (i) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (ii) the business is available for immediate sale in its present condition, (iii) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (iv) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the business classified as held-for-sale are separately reported in our consolidated balance sheets beginning in the period in which the business is classified as held-for-sale. Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the discontinued operations are restated for all periods presented and reflected within continuing operations in our consolidated financial statements.
New Accounting Standards Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	New Accounting Standards Adopted in 2022 ASU 2021-04 - Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity - Classified Written Call Options In May 2021, the FASB issued ASU 2021-04 which requires issuers to account for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange based on the economic substance of the modification or exchange. Under the ASU, an issuer considers the facts and circumstances of a modification or exchange and accounts for the resulting change in fair value of the written call option based on whether the transaction was done to issue equity, to issue or modify debt, or for other reasons. The guidance clarifies that to the extent applicable, issuers should first reference other GAAP to account for the effect of a modification. If other GAAP is not applicable, the guidance clarifies whether to account for the modification or exchange as either (i) an adjustment to equity, or (ii) an expense. The adoption of ASU 2021-04 did not have an impact on our consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2018-12 - Targeted Improvement to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates: •Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the consolidated statement of earnings; •Use upper-medium grade fixed-income instrument discount rates to discount future cash flows with the impact of these changes recognized in other comprehensive income; and •Introduce new disclosure requirements around the provisions for future policyholder benefits, policyholder account balances, market risk benefits, separate account liabilities, and DAC, which includes information about significant inputs, judgments, assumptions and methods used in measurement. These amendments are effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted and certain provisions of the update are required to be adopted on a fully retrospective basis, while others may be adopted on a modified retrospective basis. We will adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition approach, with a transition date of September 1, 2021. This is the date that we acquired Enhanzed Re through a step acquisition and consolidated Enhanzed Re’s existing assets and liabilities, including all of our future policyholder benefit contracts. We do not anticipate that the adoption of this standard will have a material impact on our shareholders’ equity as of the transition date. We have estimated the impact of remeasuring the discount rate assumptions applied to our future policyholder benefits using an upper-medium grade fixed-income instrument yield for each reporting period from transition to December 31, 2022. We anticipate that the adoption of ASU 2018-12 as of January 1, 2023 will result in an increase to AOCI of between $340 million and $380 million. The impact of remeasuring our future policyholder benefits from September 1, 2021 to December 31, 2022 is primarily driven by a change in the discount rate assumption, which reflected increases in interest rates during 2022. This impact to AOCI will be reclassified to earnings upon the novation of the Enhanzed Re life business that will be included in the first quarter 2023 financial statements. Adopting ASU 2018-12 will also require us to expand our future policyholder benefit disclosures.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Summary of Operations by Segment

The following tables set forth select consolidated statement of earnings results by segment for the years ended December 31, 2022, 2021, and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Income
Run-off	$	62	$	255	$	191
Assumed Life	17		5		—
Investments	(1,159)		429		1,898
Legacy Underwriting	10		43		587
Subtotal	(1,070)		732		2,676
Corporate and other	12		57		(16)
Total income	$	(1,058)	$	789	$	2,660

(Losses) earnings from equity method investments
Investments	$	(74)	$	93	$	239

Segment net (loss) earnings
Run-off	$	339	$	217	$	143
Assumed Life	40		6		—
Investments	(1,270)		485		2,102
Legacy Underwriting	—		—		(93)
Total segment net (loss) earnings	(891)		708		2,152
Corporate and other:



Other income (expense) (1)	12		(16)		(19)
Net gain on purchase and sale of subsidiaries	—		73		3
Net incurred losses and LAE (2)	218		59		(147)
Policyholder benefit expenses	—		(1)		—
Amortization of net deferred charge assets	(80)		(55)		(39)

General and administrative expenses	(142)		(131)		(136)
Interest expense	(89)		(69)		(59)
Net foreign exchange gains (losses)	15		12		(16)
Income tax benefit (expense)	12		(27)		(24)
Net earnings from discontinued operations, net of income tax	—		—		16
Net loss (earnings) attributable to noncontrolling interest	75		(15)		28
Dividends on preferred shares	(36)		(36)		(36)
Total - Corporate and other	(15)		(206)		(429)
Net (loss) earnings attributable to Enstar Ordinary Shareholders	$	(906)	$	502	$	1,723

Schedule of Revenue from External Customers


	2022
	Run-off				Assumed Life				Legacy Underwriting				Total
	Total		%		Total		%		Total		%			Total		%
	(In millions of U.S. dollars, except percentages)
United States	$	3	60.0	%	$	—	—	%	$	8	100.0	%		$	11	44.0	%
United Kingdom(1)	(7)		(140.0)	%	—		—	%	—		—	%		(7)		(28.0)	%
Europe	1		20.0	%	12		100.0	%	—		—	%		13		52.0	%
Asia	8		160.0	%	—		—	%	—		0.0	%		8		32.0	%
Rest of World	—		—	%	—		—	%	—		0.0	%		—		—	%
Total	$	5	100.0	%	$	12	100.0	%	$	8	100.0	%		$	25	100.0	%


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


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

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Fair Value of Net Assets Acquired Inclusive of Settlement of Preexisting Relationship

The following table represents the fair value of net assets acquired, inclusive of the net effect of settlement of pre-existing relationships, as of September 1, 2021:


	Fair Value of Net Assets Acquired, Before Settlement of Pre-existing Relationships		Net Effect of Settlement of Pre-existing Relationships		Net Effect of Step Acquisition
	(in millions of U.S. dollars)
ASSETS

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


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

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

Summary of Operations from Date of Acquisition

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


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

(1)Excludes earnings from our previously held equity method investment in Enhanzed Re33.

Pro Forma Condensed Combined Statement of Earnings


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

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

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Financial Information of Held-For-Sale Business


	2021		2020
	(in millions of U.S. dollars)
Atrium	$	(8)	$	—
SUL	23		—

Other	11		3
Net gain on sales of subsidiaries	$	26	$	3

The following table summarizes the components of net earnings (loss) from discontinued operations, net of income taxes, related to StarStone U.S., on the consolidated statements of earnings for the year ended December 31, 2020:


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

Net investment income	13
Net realized gains	4
Net unrealized gains	2

	310
EXPENSES
Net incurred losses and LAE	192
Acquisition costs	58
General and administrative expenses	60
Interest expense	2

	312
LOSS BEFORE INCOME TAXES	(2)
Income tax benefit	2

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

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

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

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


	2022		2021		2020
	(in millions of U.S. dollars)
Total income (1)	$	—	$	(1)	$	12
Total expenses (1)	18		20		(16)
Net (loss) earnings	$	(18)	$	(21)	$	28

Summary of Distribution of Syndicate Results

Balances due from (due to) under these contractual arrangements as of December 31, 2022 and 2021 were as follows:


	2022		2021
	(in millions of U.S. dollars)
Distribution of SGL No.1 share of Syndicate 609 results	$	21	$	34
Due to Arden under reinsurance agreement	(10)		(22)
Due to Atrium 5 Limited under Capacity Lease Agreement	(11)		(12)
Net balances with Northshore Group	$	—	$	—

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

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Investments, Debt and Equity Securities [Abstract]

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Estimated Fair Values of Investments in Fixed Maturity Investments, Short-Term Investments and Equities, Trading Securities


	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	$	10	$	64	$	300	$	128	$	516
U.K. government	—		3		42		33		4		82
Other government	—		—		188		131		143		462
Corporate (1)	—		25		1,594		2,988		679		5,286
Municipal	—		—		59		99		53		211
Residential mortgage-backed	—		—		77		362		113		552
Commercial mortgage-backed	—		—		191		628		203		1,022
Asset-backed	—		—		155		682		77		914
Structured products	—		—		—		—		586		586

Total fixed maturity and short-term investments	$	14	$	38	$	2,370	$	5,223	$	1,986	$	9,631

(1) Includes convertible bonds of $233 million, which includes embedded derivatives of $34 million.


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

Total fixed maturity and short-term investments	$	6	$	34	$	3,756	$	5,652	$	2,806	$	12,254

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

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturity and Short-term Investments by Contractual Maturity


As of December 31, 2022	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	343	$	334	3.5	%


More than one year through five years	3,103		2,826		29.3	%
More than five years through ten years	2,351		1,952		20.3	%
More than ten years	2,981		2,031		21.1	%
Residential mortgage-backed	613		552		5.7	%
Commercial mortgage-backed	1,115		1,022		10.6	%
Asset-backed	952		914		9.5	%


	$	11,458	$	9,631	100.0	%

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


					Gross Unrealized Losses
As of December 31, 2022	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	338	$	—	$	(28)	$	—	$	310
U.K. government	36		2		(2)		—		36
Other government	146		1		(15)		(1)		131
Corporate	3,466		7		(428)		(32)		3,013
Municipal	120		1		(22)		—		99
Residential mortgage-backed	407		—		(45)		—		362
Commercial mortgage-backed	689		2		(63)		—		628
Asset-backed	706		1		(25)		—		682


	$	5,908	$	14	$	(628)	$	(33)	$	5,261


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


	$	5,723	$	38	$	(65)	$	(10)	$	5,686

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


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 2022	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions of U.S. dollars)
U.S. government and agency	$	188	$	(19)	$	112	$	(9)	$	300	$	(28)
U.K. government	1		—		10		(2)		11		(2)
Other government	25		(4)		89		(11)		114		(15)
Corporate	1,261		(246)		1,542		(182)		2,803		(428)
Municipal	58		(14)		32		(8)		90		(22)
Residential mortgage-backed	185		(35)		154		(10)		339		(45)
Commercial mortgage-backed	277		(43)		275		(20)		552		(63)
Asset-backed	186		(10)		357		(15)		543		(25)


Total short-term and fixed maturity investments	$	2,181	$	(371)	$	2,571	$	(257)	$	4,752	$	(628)


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


Total short-term and fixed maturity investments	$	60	$	(2)	$	3,296	$	(37)	$	3,356	$	(39)

Summary of Allowance for Credit Losses

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


	December 31, 2022				December 31, 2021
	Other government		Corporate			Total		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	—	$	(10)		$	(10)	$	—	$	—

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(31)			(31)		(16)		(16)

Reductions for securities sold during the year	—		5			5		—		—

(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	(1)		4			3		6		6


Allowance for credit losses, end of year	$	(1)	$	(32)		$	(33)	$	(10)	$	(10)

Schedule of Equity Securities

The following table summarizes our equity investments as of December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	385	$	281
Exchange-traded funds	507		1,342
Privately held equity investments in common and preferred stocks	358		372
	$	1,250	$	1,995

Other Investments

The following table summarizes our other investments carried at fair value as of December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Hedge funds	$	549	$	291
Fixed income funds	547		573
Private equity funds	1,282		752
Private credit funds	362		275
Equity funds	3		5
CLO equity funds	203		207
CLO equities	148		161
Real estate funds	202		69

	$	3,296	$	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)
Equities
Privately held equity investments	$	—	$	—	$	—	$	—	$	39	$	39	N/A

Other investments
Hedge funds	$	549	$	—	$	—	$	—	$	—	$	549	Monthly to Bi-annually
Fixed income funds	395		—		—		—		62		457		Daily to Quarterly
Private equity funds	—		57		—		—		1,225		1,282		Quarterly for unrestricted amount
Private credit funds	—		—		—		—		362		362		N/A

CLO equity funds	174		28				—		1		203		Quarterly to Bi-annually

Real estate funds	—		—		—		—		202		202		N/A

	$	1,118	$	85	$	—	$	—	$	1,891	$	3,094

Equity Method Investments

The table below shows our equity method investments as of December 31, 2022 and 2021:


	2022				2021
	Ownership %		Carrying Value		Ownership %		Carrying Value
	(in millions of U.S. dollars)

Citco (1)	31.9	%	60		31.9	%	56
Monument Re (2)	20.0	%	110		20.0	%	194

Core Specialty	19.9	%	211		24.7	%	225
Other	27.0	%	16		27.0%		18

			$	397			$	493


	2022		2021
	(in millions of U.S. dollars)
Balance Sheet
Total assets	$	51,278	$	45,741
Total liabilities	39,496		33,858

	2022		2021		2020
	(in millions of U.S. dollars)
Operating Results(1)
Total income	$	6,524	$	9,190	$	6,093
Total expenses	6,885		8,098		5,234
Net (loss) income	$	(361)	$	1,092	$	859

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


	2022				2021
	Equity Method Investments		Fair Value Option		Equity Method Investments		Fair Value Option
	(in millions of U.S. dollars)
Ownership percentage
100%	$	—	$	—	$	—	$	—
20%-99%	186		1,096		493		828
3%-19%	211		809		—		749
Total	$	397	$	1,905	$	493	$	1,577

Funds Held, Directly Managed, Carrying Values of Assets

The following table summarizes the components of the funds held - directly managed as of December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	1,986	$	2,806
Cash and cash equivalents	41		188
Other assets	13		13
	$	2,040	$	3,007

Funds Held, Directly Managed, Fair Value To Amortized Cost

The following table summarizes the short-term and fixed maturity investment components of funds held - directly managed as of December 31, 2022 and 2021:


	2022		2021

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost	$	2,765	$	2,815
Net unrealized gains (losses):

Change in fair value - embedded derivative accounting	(572)		14
Change in fair value (1)	(207)		(23)
Short-term and fixed maturity investments within funds held - directly managed, at fair value	$	1,986	$	2,806

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

Funds Held by Reinsurance Companies


	2022
	(in millions of U.S. dollars)
Fund held by reinsurance companies, at amortized cost	$	3,538
Initial recognition of embedded derivative	27
Net unrealized gains:
Change in fair value - embedded derivative	17
Funds held by reinsured companies, at fair value	$	3,582

Net Investment Income

Major categories of net investment income for the years ended December 31, 2022, 2021 and 2020 are summarized as follows:


	2022		2021		2020
	(in millions of U.S. dollars)
Fixed maturity investments	$	237	$	191	$	199
Short-term investments and cash and cash equivalents	10		—		5
Funds held by reinsured companies	100		57		34
Funds held – directly managed	51		28		34
Investment income from fixed maturities and cash and cash equivalents	398		276		272
Equity investments	39		32		20
Other investments(1)	43		41		27

Investment income from equities and other investments	82		73		47
Gross investment income	480		349		319
Investment expenses	(25)		(37)		(16)

Net investment income	$	455	$	312	$	303

Net Realized and Unrealized Gains (Losses)

Components of net realized and unrealized gains (losses) for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022		2021		2020
	(in millions of U.S. dollars)
Net realized gains on sale:
Gross realized gains on fixed maturity securities, AFS	$	6	$	19	$	26
Gross realized losses on fixed maturity securities, AFS	(89)		(13)		(8)
Increase in allowance for expected credit losses on fixed maturity securities, AFS	(28)		(10)		—


Net (losses) gains recognized on equity securities sold during the period	(21)		9		1
Other investments (1)	—		66		—
Net realized investment gains on investment derivatives	(3)		(132)		—

Total net realized (losses) gains on sale	$	(135)	$	(61)	$	19
Net unrealized (losses) gains:
Fixed maturity securities, trading	(503)		(144)		228
Fixed maturity securities in funds held - directly managed	(567)		(62)		60
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	(269)		146		(2)
Other investments (1)	(125)		259		1,336
Investment derivatives	(15)		(21)		1

Total net unrealized (losses) gains	$	(1,479)	$	178	$	1,623

Reconciliation to Comprehensive Income


	2022		2021		2020
	(in millions of U.S. dollars)






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	6	$	19	$	26
Gross realized losses on fixed maturity securities, AFS	(89)		(13)		(8)
Tax effect	2		—		(1)
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		—		1


Total reclassification adjustment for net realized gains (losses) included in net earnings	$	(81)	$	6	$	18
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	(28)	$	(10)	$	—

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

Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$	(28)	$	(10)	$	1

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2022		2021		2020		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS	$	(111)	$	(6)	$	19	Net unrealized (losses) gains
	—		—		17		Net earnings from discontinued operations
	(111)		(6)		36		Total before tax
	2		(1)		(5)		Income tax expense
	(109)		(7)		31		Net of tax
Other	2		—		—		General and administrative expenses
Total reclassifications for the period, net of tax	$	(107)	$	(7)	$	31	Net of tax

Restricted Assets

The carrying value of our restricted assets, including restricted cash of $508 million and $446 million, as of December 31, 2022 and 2021, respectively, was as follows:


	2022		2021
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,343	$	6,100
Assets on deposit with regulatory authorities	159		196
Collateral for secured letter of credit facilities	82		94
FAL (1)	365		431
	$	5,949	$	6,821

Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	2022						2021
			Fair Value						Fair Value
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	442	$	1	$	11	$	618	$	—	$	7

Derivatives not designated as hedging instruments
Foreign currency forward contracts	244		5		1		498		2		—
Others	7		—		—		17		—		10
Total	$	693	$	6	$	12	$	1,133	$	2	$	17


	Amount of Gains (Losses)
	2022		2021		2020
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	50	$	24	$	(30)

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(10)		(4)		(2)

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

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Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Reinsurance Reserves Recoverable

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


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,075	$	1,367
ULAE	6		7
Fair value adjustments - acquired companies	(6)		(8)
Fair value adjustments - fair value option	(79)		(34)
Total reinsurance reserves recoverable	996		1,332
Paid losses recoverable	135		185
Total	$	1,131	$	1,517

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	856	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	275		432
Total	$	1,131	$	1,517

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2022, 2021 and 2020:


	2022				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	25	$	97	$	106	$	373	$	552	$	730
Total ceded	(13)		(31)		(44)		(128)		(119)		(158)
Total net	$	12	$	66	$	62	$	245	$	433	$	572

Reinsurance Balances Recoverable by Reinsurer


	December 31, 2022				December 31, 2021
	Total		%		Total		%
	(in millions of U.S. dollars)
Top 10 reinsurers	$	792	70.0	%	$	1,002	66.1	%
Other reinsurers > $1 million	319		28.2	%	491		32.4	%
Other reinsurers < $1 million	20		1.8	%	24		1.5	%
Total	$	1,131	100.0	%	$	1,517	100.0	%


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
Information regarding top ten reinsurers:
Number of top 10 reinsurers rated A- or better	8		8
Number of top 10 non-rated reinsurers (1)	2		2

Reinsurers rated A- or better in top 10	$	578	$	747
Non-rated reinsurers in top 10 (1)	214		255
Total top 10 reinsurance recoverables	$	792	$	1,002

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2022 and 2021:


Lloyd's Syndicates (2)	$	193	$	256
Michigan Catastrophic Claims Association(3)	$	171	$	210

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

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

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

Summary of Reinsurance Recoverable, Allowance for Credit Loss

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	136	$	137

Effect of exchange rate movement	1		—
Current period change in the allowance	(6)		1

Recoveries collected	—		(2)
Allowance for estimated uncollectible reinsurance, end of year	$	131	$	136

Deferred Charge Assets and Deferred Gain Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Summary of the Effect of the Change in Accounting Principle

The following tables provide a summary of the effect of the change in accounting policy on our 2022 and previously reported consolidated financial statements:

Consolidated Balance Sheets


	As of December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
Deferred charge assets	$	268	$	390	$	658


Retained earnings	4,016		390		4,406


	As of December 31, 2021
	As Previously Reported		Adjustment		As Adjusted
	(in millions of U.S. dollars)
Deferred charge assets	$	371	$	227	$	598


Retained earnings	5,085		227		5,312

Consolidated Statements of Earnings


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars, except per share data)
Net incurred losses and LAE:
Prior Period	$	(513)	$	(243)	$	(756)
Total net incurred losses and loss adjustment expenses	(465)		(243)		(708)
Amortization of net deferred charge assets	—		80		80
Total expenses	(12)		(163)		(175)
NET LOSS FROM CONTINUING OPERATIONS	(1,108)		163		(945)
NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	(1,069)	$	163	$	(906)

Loss per ordinary share attributable to Enstar:
Basic	$	(62.13)	$	9.48	$	(52.65)

Diluted	$	(62.13)	$	9.48	$	(52.65)


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars, except per share data)
Net incurred losses and LAE:
Prior period	$	(283)	$	(120)	$	(403)	$	11	$	(43)	$	(32)
Total net incurred losses and loss adjustment expenses	(111)		(120)		(231)		416		(43)		373
Amortization of net deferred charge assets	—		55		55		—		39		39
Total expenses	367		(65)		302		1,164		(4)		1,160

NET EARNINGS FROM CONTINUING OPERATIONS	488		65		553		1,711		4		1,715


NET EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	437	$	65	$	502	$	1,719	$	4	$	1,723

Earnings per ordinary share attributable to Enstar:
Basic:
Net earnings from continuing operations	$	22.05	$	3.28	$	25.33	$	79.43	$	0.17	$	79.60
Net earnings from discontinued operations	—		—		—		0.35		—		0.35
Net earnings per ordinary share	$	22.05	$	3.28	$	25.33	$	79.78	$	0.17	$	79.95
Diluted:
Net earnings from continuing operations	$	21.71	$	3.23	$	24.94	$	78.45	$	0.17	$	78.62
Net earnings from discontinued operations	—		—		—		0.35		—		0.35
Net earnings per ordinary share	$	21.71	$	3.23	$	24.94	$	78.80	$	0.17	$	78.97

Consolidated Statements of Comprehensive Income


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
NET LOSS	$	(1,108)	$	163	$	(945)


COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSTAR	$	(1,592)	$	163	$	(1,429)


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
NET EARNINGS	$	488	$	65	$	553	$	1,727	$	4	$	1,731


COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSTAR	$	375	$	65	$	440	$	1,828	$	4	$	1,832

Consolidated Statements of Changes in Shareholders’ Equity


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
Retained Earnings
Balance, beginning of year	$	5,085	$	227	$	5,312
Net earnings	(1,108)		163		(945)

Balance, end of year	$	4,016	$	390	$	4,406


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Retained Earnings
Balance, beginning of year	$	4,647	$	162	$	4,809	$	2,888	$	—	$	2,888
Net earnings	488		65		553		1,727		4		1,731
Cumulative effect of change in accounting principle	—		—		—		(6)		158		152
Balance, end of year	$	5,085	$	227	$	5,312	$	4,647	$	162	$	4,809

Consolidated Statements of Cash Flows


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
Net loss	$	(1,108)	$	163	$	(945)
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Amortization of net deferred charge assets	$	—	$	80	$	80
Other operating assets and liabilities	$	(174)	$	(243)	$	(417)


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Net earnings	$	488	$	65	$	553	$	1,727	$	4	$	1,731
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Amortization of net deferred charge assets	$	—	$	55	$	55	$	—	$	39	$	39
Other operating assets and liabilities(1)	$	838	$	(120)	$	718	$	412	$	(43)	$	369


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars)
DCAs on retroactive reinsurance	$	(371)	$	371	$	—
Net balance as of January 1	11,555		371		11,926
Net incurred losses and LAE:
Prior periods:
Amortization of DCAs	243		(243)		—
Total prior periods	(513)		(243)		(756)
Total net incurred losses and LAE	(465)		(243)		(708)
Other changes:

Assumed business(1)	2,520		140		2,660

Total other changes	2,333		140		2,473
Net balance as of December 31	11,743		268		12,011
DCAs on retroactive reinsurance	$	268	$	(268)	$	—


	Year Ended December 31, 2021						Year Ended December 31, 2020
	As previously reported		Adjustment		As adjusted		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
DCAs on retroactive reinsurance	$	(219)	$	219	$	—	$	(260)	$	260	$	—
Net balance as of January 1	8,709		219		8,928		7,679		260		7,939
Net incurred losses and LAE:
Prior periods:
Amortization of DCAs	120		(120)		—		43		(43)		—
Total prior periods	(283)		(120)		(403)		11		(43)		(32)
Total net incurred losses and LAE	(111)		(120)		(231)		416		(43)		373
Other changes:
Effect of exchange rate movement	—		—		—		120		(1)		119
Acquired business(2)	1,098		29		1,127		—		—		—
Assumed business(1)	3,445		254		3,699		2,186		12		2,198
Ceded business(3)	(92)		(11)		(103)		(155)		(9)		(164)
Total other changes	4,388		272		4,660		1,934		2		1,936
Net balance as of December 31	11,555		371		11,926		8,544		219		8,763
DCAs on retroactive reinsurance	$	371	$	(371)	$	—	$	219	$	(219)	$	—

(1) 2022, 2021 and 2020 assumed business is net of DCAs of $140 million, $254 million and $12 million, respectively.

(3) 2021 and 2020 ceded business is net of DGLs of $11 million and $9 million, respectively.

Deferred Charge Assets

The following table presents a reconciliation of the deferred charge assets and deferred gain liabilities for the years ended December 31, 2022, 2021 and 2020:


	2022						2021						2020
	DCA		DGL		Net		DCA		DGL		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	599	$	1	$	598	$	401	$	20	$	381	$	430	$	13	$	417
Recorded during the year	140		—		140		254		11		243		12		9		3
Realized on acquisition	—		—		—		—		(29)		29		—		—		—
Amortization	(81)		(1)		(80)		(56)		(1)		(55)		(41)		(2)		(39)

Ending carrying value	$	658	$	—	$	658	$	599	$	1	$	598	$	401	$	20	$	381

Deferred Gain Liabilities

The following table presents a reconciliation of the deferred charge assets and deferred gain liabilities for the years ended December 31, 2022, 2021 and 2020:


	2022						2021						2020
	DCA		DGL		Net		DCA		DGL		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	599	$	1	$	598	$	401	$	20	$	381	$	430	$	13	$	417
Recorded during the year	140		—		140		254		11		243		12		9		3
Realized on acquisition	—		—		—		—		(29)		29		—		—		—
Amortization	(81)		(1)		(80)		(56)		(1)		(55)		(41)		(2)		(39)

Ending carrying value	$	658	$	—	$	658	$	599	$	1	$	598	$	401	$	20	$	381

Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2022

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.


	2022		2021		2020
	(in millions of U.S. dollars)
Balance as of January 1	$	13,258	$	10,593	$	9,868
Losses and LAE relating to SGL No.1 (1)	—		255		—
Reinsurance reserves recoverable (2)	(1,332)		(1,830)		(1,928)
Reinsurance reserves recoverable relating to SGL No. 1 (1)	—		(90)		—

Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible reinsurance balances	—		—		(1)
Net balance as of January 1	11,926		8,928		7,939
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	46		168		388
Increase in provisions for ULAE	2		4		17
Total current period	48		172		405
Prior periods:
Reduction in estimates of net ultimate losses	(403)		(281)		(130)
Reduction in provisions for ULAE	(135)		(63)		(49)

Amortization of fair value adjustments (3)	(18)		16		28
Changes in fair value - fair value option (4)	(200)		(75)		119
Total prior periods	(756)		(403)		(32)
Total net incurred losses and LAE	(708)		(231)		373
Net paid losses:
Current period	(3)		(29)		(72)
Prior periods	(1,677)		(1,402)		(1,413)
Total net paid losses	(1,680)		(1,431)		(1,485)
Other changes:
Effect of exchange rate movement	(187)		(63)		119
Acquired business (5)	—		1,127		—
Assumed business	2,660		3,699		2,198
Ceded business	—		(103)		(164)
Reclassification to assets and liabilities held-for-sale	—		—		(217)
Total other changes	2,473		4,660		1,936
Net balance as of December 31	12,011		11,926		8,763
Reinsurance reserves recoverable (2)	996		1,332		1,830

Balance as of December 31	$	13,007	$	13,258	$	10,593

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,721	$	11,269
Loss and loss adjustment expenses, at fair value	1,286		1,989
Total	$	13,007	$	13,258

(2) Excludes paid losses recoverable.

(4) Comprises discount rate and risk margin components.

Summary of Reduction in Estimates of Net Ultimate Losses

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


	2022		2021		2020
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(14)	$	(16)	$	(19)
Environmental	(6)		7		(13)
General casualty	57		116		(26)
Workers' compensation	(318)		(234)		(183)
Marine, aviation and transit	(56)		(47)		(31)
Construction defect	(25)		(33)		8
Professional indemnity/Directors and Officers	(10)		(31)		(12)
Motor	74		43		148
Property	(35)		(45)		(17)
All Other	(22)		(37)		18
Total Run-off segment	(355)		(277)		(127)
Total Assumed Life segment	(52)		—		—
Total Legacy Underwriting segment	4		(4)		(3)
Total	$	(403)	$	(281)	$	(130)

Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE


	December 31, 2022
	Net Liability for Losses and LAE, Prior to Provision for Bad Debt		Provision for Bad Debt		Net Liability for Losses and LAE		Reinsurance Recoverable on Liabilities for Losses and LAE		Gross Liabilities for Losses and LAE
	(in millions of U.S. dollars)
Presented in the loss development tables:
Run-off segment:
Asbestos	$	1,608	$	20	$	1,628	$	65	$	1,693
General casualty	4,247		7		4,254		120		4,374
Workers' compensation	2,174		1		2,175		226		2,401
Professional indemnity/Directors and Officers	1,249		1		1,250		156		1,406
Motor	375		2		377		191		568
Excluded from the loss development tables:
Run-off segment:
Environmental	336		3		339		13		352
Marine, aviation and transit	409		2		411		94		505
Construction defect	401		—		401		1		402
Property	429		2		431		115		546
Other	604		3		607		61		668
Total Run-off segment OLR and IBNR	11,832		41		11,873		1,042		12,915

Legacy Underwriting segment OLR and IBNR	138		—		138		33		171
ULAE	418		—		418		6		424
Fair value adjustments - acquired companies	(124)		—		(124)		(6)		(130)
Fair value adjustments - fair value option	(294)		—		(294)		(79)		(373)

Total	$	11,970	$	41	$	12,011	$	996	$	13,007

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2022 is set forth below:


	2022
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	122
Reinsurance recoverable on unpaid losses	31
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	153

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2022 is set forth below:


	2022
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	35
Reinsurance recoverable on unpaid losses	7
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	42

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2022 is set forth below:


	2022
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	104
Reinsurance recoverable on unpaid losses	10
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	114

Incurred and Paid Loss Development Information, and IBNR Liabilities and Cumulative Loss Frequency


Run-off Segment
Asbestos
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Acquired Reserves		2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	$	14	$	14	$	14	$	14	$	14	$	14	$	10	$	9	$	10	$	9	$	10	$	1	$	6	214



































2016	2012 and Prior	507								506		565		563		582		632		635		635		—		168		2,118











2017	2012 and Prior	842										774		724		760		769		751		739		(12)		442		5,996











2018	2012 and Prior	54												49		46		3		1		—		(1)		3		31











2019	2012 and Prior	366														367		354		356		355		(1)		115		1,519























2021	2012 and Prior	386																		386		385		(1)		166		2,059























	Grand Total	$	2,169																			$	2,124	$	(14)	$	900	11,937

Net cumulative paid losses and ALAE (from table below)																		(681)

2013 to 2022 acquisition years - net liabilities for losses and ALAE																		1,443
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years																		165				—
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years																		$	1,608			$	(14)


Run-off Segment
Asbestos
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
					(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2013	2012 and Prior		$	—	$	—	$	—	$	1	$	2	$	2	$	2	$	3	$	3	$	4



































2016	2012 and Prior								20		71		124		183		228		268		299











2017	2012 and Prior										16		48		80		118		157		193











2018	2012 and Prior												(1)		(3)		(2)		(2)		(2)











2019	2012 and Prior														4		45		89		135























2021	2012 and Prior																		1		52























	Grand Total																				$	681


Run-off Segment
General Casualty
					Net cumulative incurred losses and allocated loss adjustment expenses										Year Ended December 31, 2022	As of December 31, 2022
					For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	Transfers during the year	Reclassed Net Reserves Acquired	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	78	—	78	78	77	99	98	99	101	102	107	106	106	—	3	715
2013	2013	—	—	—	2	1	1	1	1	—	—	—	—	—	—	1	—
2013	2014	—	—	—		1	—	—	—	—	—	—	—	—	—	—	—








	Total	78	—	78	80	79	100	99	100	101	102	107	106	106	—	4	715
2014	2012 and Prior	46	—	46		70	70	75	71	69	68	76	67	66	(1)	1	880
2014	2013	11	—	11		8	11	9	9	10	13	11	10	9	(1)	1	74
2014	2014	—	—	—		1	1	—	1	2	2	2	1	1	—	—	3
2014	2015	—	—	—			—	—	—	—	—	—	—	—	—	—	2
2014	2016	—	—	—				—	—	—	—	—	—	—	—	—	1
2014	2017	—	—	—					—	—	—	—	—	—	—	—	1





	Total	57	—	57		79	82	84	81	81	83	89	78	76	(2)	2	961
2015	2012 and Prior	76	—	76			62	61	63	60	57	59	59	59	—	1	4,838
2015	2013	53	—	53			29	34	36	36	35	35	36	37	1	2	781
2015	2014	33	—	33			20	23	27	29	45	38	38	39	1	3	1,166
2015	2015	4	—	4			10	9	9	11	16	21	18	19	1	2	1,345
2015	2016	—	—	—				2	2	2	2	3	5	5	—	1	250
2015	2017	—	—	—					—	—	—	—	—	—	—	—	37
2015	2018	—	—	—						2	1	1	1	1	—	1	12
2015	2019	—	—	—							2	2	2	2	—	2	1
2015	2020	—	—	—								2	2	2	—	2	—
2015	2021	—	—	—									1	1	—	1	—

	Total	166	—	166			121	129	137	140	158	161	162	165	3	15	8,430
2016	2012 and Prior	—	—	—				4	9	8	8	6	5	4	(1)	1	1,787










	Total	—	—	—				4	9	8	8	6	5	4	(1)	1	1,787
2017	2012 and Prior	197	—	197					175	158	143	139	137	135	(2)	4	353
2017	2013	1	—	1					1	—	—	—	—	—	—	—	6









	Total	198	—	198					176	158	143	139	137	135	(2)	4	359
2018	2012 and Prior	122	—	122						99	93	91	90	92	2	10	50,408
2018	2013	53	—	53						51	47	43	45	44	(1)	2	1,681
2018	2014	49	—	49						48	46	42	45	46	1	4	1,695
2018	2015	90	—	90						90	95	91	92	99	7	6	2,537
2018	2016	62	—	62						62	80	82	82	89	7	7	2,719
2018	2017	38	—	38						39	44	49	52	50	(2)	7	436
2018	2018	40	—	40						40	41	39	36	34	(2)	2	187
2018	2019	—	—	—							7	6	7	7	—	1	36


2018	2022	—	—	—										—		—	1
	Total	454	—	454						429	453	443	449	461	12	39	59,700
2019	2012 and Prior	17	—	17							15	16	16	16	—	4	2,365
2019	2013	16	—	16							14	14	21	15	(6)	8	821
2019	2014	24	—	24							20	17	29	18	(11)	15	768
2019	2015	70	—	70							63	59	67	55	(12)	27	1,305


Run-off Segment
General Casualty
								Net cumulative incurred losses and allocated loss adjustment expenses											Year Ended December 31, 2022		As of December 31, 2022
								For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		Transfers during the year		Reclassed Net Reserves Acquired		2013	2014	2015	2016	2017	2018	2019	2020	2021	2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2019	2016	34		—		34								33	31	37	40		3		28		2,634
2019	2017	40		—		40								48	48	59	74		15		42		1,910
2019	2018	49		—		49								49	50	54	52		(2)		44		402
2019	2019	—		—		—								1	2	2	2		—		—		241
2019	2020	—		—		—									—	—	—		—		—		138
2019	2021	—		—		—										—	—		—		—		71
2019	2022	—		—		—											—		—		—		55
	Total	250		—		250								243	237	285	272		(13)		168		10,710
2020(1)	2012 and Prior	124		(102)		22									23	22	26		4		4		182
2020(1)	2013	61		(35)		26									21	20	22		2		5		191
2020(1)	2014	88		(55)		33									36	34	51		17		12		238
2020(1)	2015	142		(80)		62									62	53	67		14		17		347
2020(1)	2016	144		(75)		69									71	70	94		24		23		458
2020(1)	2017	143		(91)		52									47	55	72		17		26		521
2020(1)	2018	143		(84)		59									56	47	62		15		27		350
2020(1)	2019	203		(94)		109									108	99	88		(11)		49		456
2020(1)	2020	84		—		84									83	94	83		(11)		61		490


	Total	1,132		(616)		516									507	494	565		71		224		3,233
2021	2012 and Prior	156		—		156										160	152		(8)		148		1,048
2021	2013	50		—		50										51	47		(4)		42		510
2021	2014	65		—		65										64	61		(3)		50		787
2021	2015	137		—		137										140	130		(10)		108		2,480
2021	2016	192		—		192										202	197		(5)		157		3,149
2021	2017	296		—		296										305	324		19		245		2,939
2021	2018	376		—		376										371	414		43		339		3,541
2021	2019	423		—		423										427	479		52		432		2,849
2021	2020	60		—		60										74	42		(32)		11		260
2021	2021	—		—		—										1	1		—		—		146
2021	2022	—		—		—											—		—		—		73
	Total	1,755		—		1,755										1,795	1,847		52		1,532		17,782
2022(1)	2012 and Prior	278		102		380									102	90	386		6		126		16,947
2022(1)	2013	62		35		97									35	25	96		(1)		38		6,003
2022(1)	2014	75		55		130									55	43	133		3		42		6,269
2022(1)	2015	94		80		174									80	65	170		(4)		47		5,972
2022(1)	2016	155		75		230									75	102	238		8		112		6,093
2022(1)	2017	163		91		254									91	98	233		(21)		53		7,894
2022(1)	2018	214		84		298									84	97	301		3		145		8,160
2022(1)	2019	246		94		340									94	136	337		(3)		196		7,776



	Total	1,287		616		1,903									616	656	1,894		(9)		759		65,114
	Grand Total	$	5,377	$	—	$	5,377										$	5,525	$	111	$	2,748	168,791


Net cumulative paid losses and ALAE (from table below)														(1,366)
2013 to 2022 acquisition years - net liabilities for losses and ALAE														4,159


Run-off Segment
General Casualty
					Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022	As of December 31, 2022
					For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	Transfers during the year	Reclassed Net Reserves Acquired	2013	2014	2015	2016	2017	2018	2019		2020	2021		2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											88			(54)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	4,247		$	57


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	5	22	44	57	75	84	89	90	97	97










	Total	5	22	44	57	75	84	89	90	97	97
2014	2012 and Prior		33	36	43	45	47	48	49	52	58
2014	2013		1	1	1	1	4	7	7	7	7
2014	2014		—	—	—	—	1	1	1	1	1








	Total		34	37	44	46	52	56	57	60	66
2015	2012 and Prior			14	25	32	39	43	50	52	55
2015	2013			7	13	18	25	30	30	31	32
2015	2014			3	7	15	20	29	33	33	35
2015	2015			1	1	2	5	11	13	13	17
2015	2016				—	—	—	1	1	2	4






	Total			25	46	67	89	114	127	131	143
2016	2012 and Prior				1	2	2	3	4	3	4










	Total				1	2	2	3	4	3	4
2017	2012 and Prior					33	66	86	99	105	111










	Total					33	66	86	99	105	111
2018	2012 and Prior						8	24	35	43	52
2018	2013						9	18	30	35	37
2018	2014						4	15	22	28	32
2018	2015						17	32	44	59	68
2018	2016						11	33	47	56	66
2018	2017						—	12	24	32	37
2018	2018						—	9	17	26	30
2018	2019							2	3	6	6



	Total						49	145	222	285	328
2019	2012 and Prior							4	5	6	7


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2019	2013							3	5	5	6
2019	2014							4	2	3	1
2019	2015							3	12	15	24
2019	2016							(2)	(1)	(1)	3
2019	2017							7	10	14	16
2019	2018							1	3	4	5
2019	2019							—	1	1	1



	Total							20	37	47	63
2020	2012 and Prior								1	6	16
2020	2013								3	5	14
2020	2014								6	14	35
2020	2015								11	20	37
2020	2016								10	34	52
2020	2017								4	24	39
2020	2018								—	17	33
2020	2019								—	19	33
2020	2020								2	9	20


	Total								37	148	279
2021	2012 and Prior									2	3
2021	2013									1	4
2021	2014									1	11
2021	2015									8	18
2021	2016									15	23
2021	2017									24	51
2021	2018									5	44
2021	2019									3	26
2021	2020									9	17


	Total									68	197
2022	2012 and Prior										13
2022	2013										2
2022	2014										5
2022	2015										20
2022	2016										11
2022	2017										16
2022	2018										9
2022	2019										2



	Total										78
	Grand Total										$	1,366


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013	2012 and Prior	$	418	$	427	$	426	$	414	$	402	$	387	$	371	$	358	$	347	$	346	$	344	$	(2)	$	5	71,115
2013	2013	(9)		90		91		89		85		82		79		80		79		78		78		—		1		5,634
2013	2014	—				4		3		3		3		2		2		2		2		2		—		—		172








	Total	409		517		521		506		490		472		452		440		428		426		424		(2)		6		76,921












2015	2012 and Prior	1,150						1,054		748		694		658		616		601		585		585		—		34		11,722
2015	2013	148						126		124		123		114		114		115		115		112		(3)		3		2,457
2015	2014	84						89		84		84		81		80		82		83		82		(1)		1		3,955
2015	2015	7						22		16		15		15		14		15		14		14		—		—		5,280
2015	2016	—								1		1		1		1		1		1		—		(1)		—		10,722
2015	2017	—										—		—		—		—		—		—		—		—		2,251
2015	2018	—												—		—		—		—		—		—		—		10




	Total	1,389						1,291		973		917		869		825		814		798		793		(5)		38		36,397
2016	2012 and Prior	466								466		434		471		457		399		392		389		(3)		14		10,533










	Total	466								466		434		471		457		399		392		389		(3)		14		10,533
2017	2012 and Prior	145										104		112		117		110		104		84		(20)		16		17










	Total	145										104		112		117		110		104		84		(20)		16		17
2018	2012 and Prior	196												185		187		186		191		177		(14)		48		2,816
2018	2013	47												47		38		33		33		32		(1)		9		851
2018	2014	62												63		57		53		51		52		1		13		1,311
2018	2015	37												37		33		32		30		29		(1)		9		1,295
2018	2016	44												45		40		39		40		37		(3)		12		1,211
2018	2017	53												54		50		47		47		46		(1)		16		1,084
2018	2018	65												65		60		60		55		56		1		14		887
2018	2019	—														21		21		21		21		—		3		383
2018	2020	—																—		—		—		—		—		1


	Total	504												496		486		471		468		450		(18)		124		9,839
2019	2012 and Prior	14														12		12		27		25		(2)		22		11,512
2019	2013	16														15		15		14		14		—		13		2,392
2019	2014	35														37		37		31		31		—		24		3,238
2019	2015	55														54		54		44		42		(2)		35		4,236
2019	2016	82														82		83		61		57		(4)		42		5,003
2019	2017	87														88		90		66		62		(4)		51		2,418
2019	2018	119														119		119		82		71		(11)		67		369
2019	2019	—														—		—		—		—		—		—		13
2019	2020	—																—		—		—		—		—		3
2019	2021	—																		—		—		—		—		1

	Total	408														407		410		325		302		(23)		254		29,185
2020	2012 and Prior	208																121		105		90		(15)		26		8

2020	2014	—																—		1		1		—		—		15
2020	2015	2																2		2		1		(1)		1		56
2020	2016	3																3		3		3		—		1		129
2020	2017	2																2		2		1		(1)		—		127


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2013	2014	2015	2016	2017	2018	2019	2020		2021	2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2020	2018	10									10		8	8		—		2		333
2020	2019	32									32		26	26		—		6		668
2020	2020	32									33		26	28		2		5		1,225


	Total	289									203		173	158		(15)		41		2,561
2021	2012 and Prior	993											929	756		(173)		213		12,211
2021	2013	39											38	28		(10)		18		56
2021	2014	14											15	15		—		9		66
2021	2015	43											36	30		(6)		15		201
2021	2016	56											55	49		(6)		23		324
2021	2017	46											46	42		(4)		19		2,824
2021	2018	66											64	56		(8)		27		1,362
2021	2019	47											47	43		(4)		16		2,273
2021	2020	45											55	54		(1)		8		4,685
2021	2021	—											23	18		(5)		5		4,210
2021	2022	—												3		—		3		73
	Total	1,349											1,308	1,094		(217)		356		28,285
2022	2012 and Prior	1												1		—		—		3,443
2022	2013	2												2		—		—		876
2022	2014	2												4		2		(1)		646
2022	2015	3												2		(1)		—		297
2022	2016	2												2		—		1		235
2022	2017	5												5		—		3		231
2022	2018	11												9		(2)		8		350
2022	2019	18												14		(4)		9		510



	Total	44												39		(5)		20		6,588
	Grand Total	$	5,003											$	3,733	$	(308)	$	869	200,326


Net cumulative paid losses and ALAE (from table below)											(1,690)
2013 to 2022 acquisition years - net liabilities for losses and ALAE											2,043
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											131			(10)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	2,174		$	(318)


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014		2015		2016		2017		2018		2019		2020		2021		2022
				(in millions of U.S. dollars, except cumulative number of claims)
				Unaudited
2013	2012 and Prior		111	$	190	$	242	$	280	$	291	$	301	$	306	$	304	$	310	$	319
2013	2013		17	37		53		63		68		71		75		74		75		76
2013	2014			1		1		2		2		2		2		2		2		2








	Total		128	228		296		345		361		374		383		380		387		397












2015	2012 and Prior					61		149		214		262		299		327		356		371
2015	2013					28		56		76		93		102		105		107		106
2015	2014					18		38		54		67		75		78		79		79
2015	2015					3		8		10		11		12		12		12		13







	Total					110		251		354		433		488		522		554		569
2016	2012 and Prior							41		76		104		143		175		198		216










	Total							41		76		104		143		175		198		216
2017	2012 and Prior									26		33		46		57		61		53










	Total									26		33		46		57		61		53
2018	2012 and Prior											3		22		40		46		57
2018	2013											2		7		12		15		17
2018	2014											3		14		21		28		32
2018	2015											1		3		8		11		14
2018	2016											—		5		8		13		16
2018	2017											—		7		10		12		16
2018	2018											—		29		34		36		37
2018	2019													13		16		16		16



	Total											9		100		149		177		205
2019	2012 and Prior													1		1		1		1

2019	2014													2		3		4		4
2019	2015													3		4		4		4
2019	2016													5		9		10		11
2019	2017													2		4		5		7
2019	2018													1		1		1		1




	Total													14		22		25		28
2020	2012 and Prior															2		10		14



2020	2016															—		1		1
2020	2017															—		1		1
2020	2018															—		1		4
2020	2019															1		10		15
2020	2020															1		10		18


	Total															4		33		53
2021	2012 and Prior																	15		50
2021	2013																	1		5
2021	2014																	3		4
2021	2015																	4		8
2021	2016																	5		13


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
				(in millions of U.S. dollars, except cumulative number of claims)
				Unaudited
2021	2017										7	13
2021	2018										6	12
2021	2019										9	17
2021	2020										22	37
2021	2021										4	10

	Total										76	169












	Grand Total											$	1,690


Run-off Segment
Professional Indemnity / Directors and Officers
					Net cumulative incurred losses and allocated loss adjustment expenses									Year Ended December 31, 2022	As of December 31, 2022
					For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	Transfers during the year	Reclassed Net Reserves Acquired	2014	2015	2016	2017	2018	2019	2020	2021	2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited












2014	2012 and Prior	72	—	72	60	76	69	67	67	66	64	64	65	1	4	3,921
2014	2013	32	—	32	42	59	52	56	51	45	43	44	44	—	2	1,628
2014	2014	—	—	—	7	5	4	4	5	5	4	8	9	1	1	548
2014	2015	—	—	—		—	6	8	7	5	5	2	2	—	—	76
2014	2016	—	—	—			—	—	—	—	—	—	—	—	—	18
2014	2017	—	—	—				—	—	—	—	—	—	—	—	24
2014	2018	—	—	—					—	—	—	—	—	—	—	13
2014	2019	—	—	—						—	—	—	—	—	—	5
2014	2020	—	—	—							—	—	—	—	—	5
2014	2021	—	—	—								—	—	—	—	3

	Total	104	—	104	109	140	131	135	130	121	116	118	120	2	7	6,241












2016	2012 and Prior	115	—	115			112	114	113	101	99	95	92	(3)	(4)	2,980
2016	2013	—	—	—			—	—	—	—	—	—	—	—	—	2









	Total	115	—	115			112	114	113	101	99	95	92	(3)	(4)	2,982












2018	2012 and Prior	293	—	293					288	251	234	231	211	(20)	13	62,498
2018	2013	50	—	50					56	49	62	59	59	—	4	3,388
2018	2014	67	—	67					61	64	63	62	67	5	—	3,674
2018	2015	47	—	47					61	68	68	55	59	4	7	3,800
2018	2016	16	—	16					35	39	54	70	75	5	3	2,171
2018	2017	1	—	1					3	7	8	11	12	1	—	195
2018	2018	—	—	—					—	1	1	1	1	—	—	14
2018	2019	—	—	—						—	—	—	—	—	—	8
2018	2020	—	—	—							—	—	1	1	—	23
2018	2021	—	—	—								—	—	—	—	3

	Total	474	—	474					504	479	490	489	485	(4)	27	75,774
2019	2012 and Prior	51	—	51						42	31	26	23	(3)	1	11,166
2019	2013	32	—	32						25	25	28	27	(1)	2	3,570
2019	2014	42	—	42						26	25	23	25	2	2	3,972
2019	2015	62	—	62						58	35	34	33	(1)	4	4,727
2019	2016	15	—	15						35	45	54	47	(7)	4	5,430
2019	2017	6	—	6						18	34	37	40	3	2	3,088
2019	2018	—	—	—						4	4	4	4	—	—	362
2019	2019	—	—	—						2	1	2	2	—	—	64
2019	2020	—	—	—							—	—	—	—	—	41
2019	2021	—	—	—								—	—	—	—	7
2019	2022	—	—	—									—		—	10
	Total	208	—	208						210	200	208	201	(7)	15	32,437
2020 (1)	2012 and Prior	6	(6)	—							—	—	—	—	—	6
2020 (1)	2013	8	(7)	1							1	1	1	—	—	5
2020 (1)	2014	12	(12)	—							—	—	—	—	—	3
2020 (1)	2015	17	(16)	1							1	1	—	(1)	—	3
2020 (1)	2016	16	(16)	—							—	—	—	—	—	8


Run-off Segment
Professional Indemnity / Directors and Officers
								Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022		As of December 31, 2022
								For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		Transfers during the year		Reclassed Net Reserves Acquired		2014	2015	2016	2017	2018	2019		2020	2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2020 (1)	2017	17		(16)		1									1	1		(1)		(2)		—		42
2020 (1)	2018	26		(13)		13									13	14		12		(2)		2		114
2020 (1)	2019	100		(68)		32									32	21		31		10		4		150
2020 (1)	2020	35		—		35									35	37		32		(5)		10		150


	Total	237		(154)		83									83	75		75		—		16		481
2021	2012 and Prior	56		—		56										58		44		(14)		40		4,121
2021	2013	27		—		27										34		26		(8)		19		1,037
2021	2014	20		—		20										21		19		(2)		16		1,454
2021	2015	44		—		44										47		35		(12)		24		1,702
2021	2016	46		—		46										46		38		(8)		20		2,022
2021	2017	73		—		73										66		67		1		32		3,405
2021	2018	143		—		143										133		120		(13)		61		2,993
2021	2019	176		—		176										163		186		23		104		3,171
2021	2020	47		—		47										38		26		(12)		22		150
2021	2021	—		—		—										9		9		—		6		289
2021	2022	—		—		—												1		—		1		217
	Total	632		—		632										615		571		(45)		345		20,561
2022 (1)	2012 and Prior	—		6		6									6	22		—		(6)		(5)		1,427
2022 (1)	2013	11		7		18									7	6		16		(2)		(1)		638
2022 (1)	2014	7		12		19									12	11		20		1		6		904
2022 (1)	2015	13		16		29									16	16		42		13		10		1,436
2022 (1)	2016	13		16		29									16	26		49		20		16		2,773
2022 (1)	2017	58		16		74									16	25		91		17		29		3,523
2022 (1)	2018	59		13		72									13	24		84		12		20		3,958
2022 (1)	2019	43		68		111									68	35		140		29		61		5,072



	Total	204		154		358									154	165		442		84		136		19,731
	Grand Total	$	1,974	$	—	$	1,974											$	1,986	$	27	$	542	158,207


Net cumulative paid losses and ALAE (from table below)													(758)
2013 to 2022 acquisition years - net liabilities for losses and ALAE													1,228
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years													21			(37)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years													$	1,249		$	(10)


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2014	2012 and Prior		24	38	47	50	53	53	54	55	54
2014	2013		15	26	30	38	38	38	38	39	41
2014	2014		—	1	1	1	2	3	3	3	4
2014	2015			—	—	2	2	2	2	2	2







	Total		39	65	78	91	95	96	97	99	101












2016	2012 and Prior				9	19	30	28	32	40	43










	Total				9	19	30	28	32	40	43












2018	2012 and Prior						46	78	62	67	92
2018	2013						9	14	19	33	38
2018	2014						12	25	39	48	55
2018	2015						17	20	27	22	22
2018	2016						8	24	38	46	60
2018	2017						—	2	5	9	10
2018	2018						—	1	1	1	1




	Total						92	164	191	226	278
2019	2012 and Prior							5	7	10	6
2019	2013							3	4	9	14
2019	2014							3	5	12	14
2019	2015							10	7	9	11
2019	2016							9	21	26	36
2019	2017							3	14	16	26
2019	2018							1	1	3	4
2019	2019							—	—	1	2



	Total							34	59	86	113

2020	2013								1	1	1



2020	2017								—	(1)	—
2020	2018								—	4	9
2020	2019								—	9	21
2020	2020								1	8	17


	Total								2	21	48
2021	2012 and Prior									3	3
2021	2013									1	1
2021	2014									—	2
2021	2015									4	6
2021	2016									2	7
2021	2017									3	16
2021	2018									8	37
2021	2019									4	44
2021	2020									1	2
2021	2021									1	2

	Total									27	120
2022	2012 and Prior										—
2022	2013										1


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2022	2014										4

2022	2016										8
2022	2017										22
2022	2018										1
2022	2019										19



	Total										55
	Grand Total										$	758


Run-off Segment
Motor
			Net cumulative incurred losses and allocated loss adjustment expenses									Year Ended December 31, 2022	As of December 31, 2022
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2014	2015	2016	2017	2018	2019	2020	2021	2022	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited












2014	2012 and Prior	24	33	35	37	36	36	38	37	36	33	(3)	(3)	1,683
2014	2013	9	6	7	6	6	6	6	6	6	9	3	3	443
2014	2014	—	—	—	—	1	1	1	1	1	1	—	—	5
2014	2015	—		—	—	—	—	—	—	—	—	—	—	1
2014	2016	—			—	—	—	—	—	—	—	—	—	1
2014	2017	—				—	—	—	—	—	—	—	—	1





	Total	33	39	42	43	43	43	45	44	43	43	—	—	2,134
2015	2012 and Prior	36		44	46	47	47	46	45	45	46	1	—	315
2015	2013	15		17	18	18	17	17	17	17	17	—	—	817
2015	2014	8		12	13	12	13	12	12	12	11	(1)	—	668
2015	2015	3		6	6	8	8	8	8	8	8	—	—	1,385
2015	2016	—			1	—	—	—	—	—	1	1	—	229
2015	2017	—				—	—	—	—	—	—	—	—	14
2015	2018	—					—	—	—	—	—	—	—	5




	Total	62		79	84	85	85	83	82	82	83	1	—	3,433












2017	2012 and Prior	19				24	20	19	22	24	25	1	1	114
2017	2013	—				—	—	1	1	1	1	—	—	5
2017	2014	2				2	2	2	2	2	2	—	—	26
2017	2015	1				1	2	1	1	1	1	—	—	15
2017	2016	—				—	—	—	—	—	2	2	—	4






	Total	22				27	24	23	26	28	31	3	1	164
2018	2012 and Prior	115					96	106	103	103	99	(4)	3	3,557
2018	2013	72					61	63	59	60	59	(1)	3	1,179
2018	2014	114					99	87	83	77	83	6	3	1,140
2018	2015	121					110	117	112	110	115	5	7	1,336
2018	2016	104					101	107	101	100	100	—	4	1,185
2018	2017	101					101	99	102	102	103	1	6	2,843
2018	2018	181					181	158	160	161	167	6	10	3,731
2018	2019	—						39	39	40	44	4	2	1,200



	Total	808					749	776	759	753	770	17	38	16,171
2019	2012 and Prior	19						21	19	19	17	(2)	—	3,594
2019	2013	—						—	—	—	—	—	—	6









	Total	19						21	19	19	17	(2)	—	3,600



2020	2015	2							3	3	3	—	—	19
2020	2016	49							42	49	51	2	2	221
2020	2017	154							186	215	231	16	18	1,165
2020	2018	250							397	415	469	54	60	2,391




	Total	455							628	682	754	72	80	3,796
2021	2012 and Prior	6								6	4	(2)	4	1,330
2021	2013	6								5	2	(3)	2	713
2021	2014	6								6	3	(3)	3	848
2021	2015	7								4	(1)	(5)	(1)	799


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2022		As of December 31, 2022
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018	2019		2020	2021		2022		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2021	2016	6										5		2		(3)		2		787
2021	2017	5										4		2		(2)		1		591
2021	2018	6										7		5		(2)		5		1
2021	2019	8										10		8		(2)		8		1
2021	2020	5										6		4		(2)		4		1


	Total	55										53		29		(24)		28		5,071
2022	2012 and Prior	—												—		—		—		16,157
2022	2013	—												—		—		—		7,452
2022	2014	1												1		—		—		6,141
2022	2015	2												2		—		—		6,317
2022	2016	3												3		—		—		5,046
2022	2017	2												2		—		2		5,361
2022	2018	8												8		—		1		5,652
2022	2019	—												—		—		4		5,723



	Total	16												16		—		7		57,849
	Grand Total	$	1,470											$	1,743	$	67	$	154	92,218


Net cumulative paid losses and ALAE (from table below)									(1,386)
2013 to 2022 acquisition years - net liabilities for losses and ALAE									357
2012 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									18			7
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									$	375		$	74


Run-off Segment
Motor
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2015	2016	2017	2018	2019	2020	2021	2022
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2014	2012 and Prior		29	33	34	36	36	36	36	36
2014	2013		5	5	6	6	6	6	6	6
2014	2014		—	—	1	1	1	1	1	1








	Total		34	38	41	43	43	43	43	43
2015	2012 and Prior		18	24	28	31	33	35	36	37
2015	2013		7	12	15	16	17	17	17	17
2015	2014		4	8	9	11	11	11	12	12
2015	2015		3	4	6	7	7	8	8	8







	Total		32	48	58	65	68	71	73	74












2017	2012 and Prior				12	15	18	20	21	23
2017	2013				—	—	—	—	—	—
2017	2014				—	—	1	1	2	2
2017	2015				—	—	1	1	1	1
2017	2016				—	—	1	1	1	1






	Total				12	15	21	23	25	27
2018	2012 and Prior					22	43	53	63	66
2018	2013					10	27	34	42	47
2018	2014					22	48	57	61	69
2018	2015					19	57	78	86	95
2018	2016					6	42	65	76	84
2018	2017					—	48	73	83	92
2018	2018					—	87	120	136	149
2018	2019						22	30	36	40



	Total					79	374	510	583	642
2019	2012 and Prior						—	1	4	5










	Total						—	1	4	5



2020	2015							2	3	3
2020	2016							25	40	45
2020	2017							69	148	196
2020	2018							110	247	353




	Total							206	438	597



2021	2015								—	(2)







	Total								—	(2)












	Grand Total									$	1,386


StarStone International
General Casualty
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			For The Year Ended December 31, 2022		As of December 31, 2022
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2012 and Prior	$	31	$	31	$	29	$	27	$	34	$	34	$	35	$	35	$	35	$	—	$	1	5,980
2013	31		28		36		35		36		39		40		41		41		—		3		3,371
2014	42		42		41		42		40		46		44		43		44		1		3		3,976
2015			52		53		55		62		70		67		68		72		4		9		3,523
2016					54		53		79		103		98		106		104		(2)		13		3,626
2017							59		95		132		141		150		159		9		24		3,646
2018									41		48		50		45		56		11		22		2,627
2019											10		11		16		16		—		7		1,684
2020													31		47		34		(13)		3		818
2021															1		1		—		—		127
2022																	—		—		—		77
															Total		$	562	$	10	$	85	29,455
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)
2012 and Prior	$	8	$	20	$	23	$	24	$	34	$	34	$	34	$	34	$	35
2013	10		13		24		26		30		35		36		37		38
2014	3		9		17		23		28		30		32		33		41
2015			3		10		20		31		45		48		54		62
2016					1		15		32		52		65		78		82
2017							3		24		61		97		118		129
2018									2		6		17		20		29
2019											1		4		5		7
2020													1		9		17


															Total		$	440
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																	$	122


StarStone International
Workers' Compensation
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			For The Year Ended December 31, 2022		As of December 31, 2022
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2012 and Prior	$	100	$	99	$	99	$	99	$	100	$	99	$	99	$	99	$	100	$	1	$	1	3,500
2013	3		3		3		3		2		3		4		4		3		(1)		—		403
2014	15		17		17		16		16		15		15		15		15		—		1		1,478
2015			41		43		39		38		37		36		36		35		(1)		1		2,889
2016					55		52		53		55		53		53		52		(1)		2		2,921
2017							41		42		37		41		40		39		(1)		1		2,601
2018									37		37		38		38		38		—		2		3,388
2019											17		23		25		26		1		—		3,841
2020													30		40		35		(5)		5		2,813
2021															8		3		(5)		3		103
2022																	3		—		3		13
																	$	349	$	(12)	$	19	23,950
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)
2012 and Prior	$	98	$	99	$	99	$	99	$	99	$	99	$	99	$	99	$	99
2013	2		2		2		2		2		2		2		2		3
2014	2		7		10		12		13		13		13		14		14
2015			5		17		25		29		32		32		33		33
2016					7		25		36		42		45		47		48
2017							6		17		27		32		34		35
2018									13		22		27		30		31
2019											3		17		20		22
2020													6		20		28
2021															—		1

																	$	314
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																	$	35


StarStone International
Professional Indemnity / Directors and Officers
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																			For The Year Ended December 31, 2022		As of December 31, 2022
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2012 and Prior	$	18	$	14	$	14	$	14	$	19	$	22	$	24	$	22	$	22	$	—	$	3	1,652
2013	20		16		16		14		16		20		21		27		24		(3)		4		1,346
2014	21		21		21		22		19		23		21		22		22		—		6		929
2015			20		25		26		28		29		31		33		31		(2)		4		1,175
2016					26		26		26		26		23		24		24		—		1		835
2017							30		43		38		31		28		27		(1)		2		970
2018									30		33		35		36		39		3		9		1,153
2019											20		26		28		30		2		15		1,230
2020													33		27		27		—		22		838
2021															9		9		—		6		231
2022																	1		—		1		61
																	$	256	$	(1)	$	73	10,420
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022
	(unaudited)
2012 and Prior	$	10	$	10	$	11	$	12	$	18	$	18	$	18	$	18	$	18
2013	4		7		9		10		10		12		14		14		14
2014	—		3		6		9		13		14		14		14		16
2015			2		7		11		14		17		20		22		23
2016					1		7		13		15		17		17		18
2017							2		10		17		20		21		21
2018									3		9		13		19		26
2019											—		3		6		11
2020													1		2		3
2021															1		2

																	$	152
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																	$	104

Average Annual Duration of Claims


Run-off Segment
Asbestos
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Acquisition Year	Unaudited
2013	—	%	—	%	—	%	10.00	%	10.00	%	—	%	—	%	10.00	%	—	%	10.00	%


2016	3.15	%	8.03	%	8.35	%	9.29	%	7.09	%	6.30	%	4.88	%
2017	2.17	%	4.33	%	4.33	%	5.14	%	5.28	%	4.87	%
2018	—	%	—	%	—	%	—	%	—	%
2019	1.13	%	11.55	%	12.39	%	12.96	%

2021	0.26	%	13.25	%


Run-off Segment
General Casualty
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2013	4.72	%	16.04	%	20.75	%	12.26	%	16.98	%	8.49	%	4.72	%	0.94	%	6.60	%	—	%
2014	44.74	%	3.95	%	9.21	%	2.63	%	7.89	%	5.26	%	1.32	%	3.95	%	7.24	%
2015	15.15	%	12.73	%	12.73	%	13.33	%	15.15	%	7.88	%	2.42	%	7.27	%
2016	25.00	%	25.00	%	—	%	25.00	%	25.00	%	(25.00)	%	12.50	%
2017	24.44	%	24.44	%	14.81	%	9.63	%	4.44	%	4.44	%
2018	10.63	%	20.82	%	16.70	%	13.67	%	9.33	%
2019	7.35	%	6.25	%	3.68	%	5.88	%
2020	6.55	%	19.65	%	23.19	%
2021	3.68	%	6.98	%
2022	4.12	%


Run-off Segment
Workers' Compensation
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2013	30.19	%	23.58	%	16.04	%	11.56	%	3.77	%	3.07	%	2.12	%	(0.71)	%	1.65	%	2.36	%

2015	13.87	%	17.78	%	12.99	%	9.96	%	6.94	%	4.29	%	4.04	%	1.89	%
2016	10.54	%	9.00	%	7.20	%	10.03	%	8.23	%	5.91	%	4.63	%
2017	30.95	%	8.33	%	15.48	%	13.10	%	4.76	%	(9.52)	%
2018	2.00	%	20.22	%	10.89	%	6.22	%	6.22	%
2019	4.64	%	2.65	%	0.99	%	0.99	%
2020	2.53	%	18.35	%	12.66	%
2021	6.95	%	8.50	%
2022	—	%


Run-off Segment
Professional Indemnity/Directors & Officers
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9
Year of Acquisition	Unaudited

2014	32.50	%	21.67	%	10.83	%	10.83	%	3.33	%	0.83	%	0.83	%	1.67	%	1.67	%

2016	9.78	%	10.87	%	11.96	%	(2.17)	%	4.35	%	8.70	%	3.26	%

2018	18.97	%	14.85	%	5.57	%	7.22	%	10.72	%
2019	16.92	%	12.44	%	13.43	%	13.43	%
2020	2.67	%	25.33	%	36.00	%
2021	4.73	%	16.29	%
2022	12.44	%


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

2014	44.19	%	34.88	%	9.30	%	6.98	%	4.65	%	—	%	—	%	—	%	—	%
2015	38.55	%	19.28	%	12.05	%	8.43	%	3.61	%	3.61	%	2.41	%	1.20	%

2017	38.71	%	9.68	%	19.35	%	6.45	%	6.45	%	6.45	%
2018	10.26	%	38.31	%	17.66	%	9.48	%	7.66	%
2019	—	%	5.88	%	17.65	%	5.88	%
2020	27.32	%	30.77	%	21.09	%
2021	—	%	(6.90)	%
2022	—	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
General Casualty	3.80	%	14.21	%	18.08	%	15.51	%	11.47	%	11.08	%	5.78	%	3.96	%	6.87	%	2.65	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers Compensation	17.05	%	35.42	%	15.36	%	8.09	%	4.11	%	1.07	%	0.96	%	1.67	%	—	%	16.67	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Professional Indemnity / Directors and Officers	6.76	%	16.83	%	12.66	%	10.96	%	9.51	%	6.92	%	3.79	%	2.89	%	3.03	%	—	%

Future Policyholder Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Carrying value of the provision for future policyholder benefits

The carrying value of the provision for future policyholder benefits as of December 31, 2022 and 2021 was as follows:


	2022		2021
	(in millions of U.S. dollars)
Deferred life contingent annuities	$	196	$	294
Whole of life reversion annuities	127		165
In-payment annuities	861		1,043
Total	$	1,184	$	1,502

Defendant Asbestos and Environmental Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims


	2022		2021
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	786	$	826
Defendant environmental liabilities	10		11
Estimated future expenses	35		37
Fair value adjustments	(224)		(236)
Defendant A&E liabilities	607		638

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2022 - $5; 2021 - $5)	224		264
Fair value adjustments	(47)		(51)
Insurance balances recoverable	177		213

Net liabilities relating to defendant A&E exposures	$	430	$	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 for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Balance as of January 1	$	638	$	706	$	848
Insurance balances recoverable	(213)		(250)		(449)
Cumulative effect of change in accounting principle on the determination of the allowance for estimated uncollectible insurance balances	—		—		3
Net balance as of January 1	425		456		402
Amounts recorded in other expense (income):
Reduction in estimate of net ultimate liabilities	(2)		(38)		(103)
Reduction in estimated future expenses	(1)		(5)		(9)
Amortization of fair value adjustments	7		16		12
Total other expense (income)	4		(27)		(100)
Total net recoveries (paid claims)	1		(4)		154

Net balance as of December 31	430		425		456
Insurance balances recoverable	177		213		250
Balance as of December 31	$	607	$	638	$	706

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels


	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	516	$	—	$	—	$	516
U.K. government	—		82		—		—		82
Other government	—		462		—		—		462
Corporate	—		5,286		—		—		5,286
Municipal	—		211		—		—		211
Residential mortgage-backed	—		552		—		—		552
Commercial mortgage-backed	—		1,022		—		—		1,022
Asset-backed	—		914		—		—		914
Structured products	—		586		—		—		586
	—		9,631		—		—		9,631

Other assets included within funds held - directly managed	—		54		—		—		54

Equities:
Publicly traded equity investments	351		34		—		—		385
Exchange-traded funds	507		—		—		—		507
Privately held equity investments	—		—		319		39		358
	858		34		319		39		1,250

Other investments:

Hedge funds	—		—		—		549		549
Fixed income funds	—		90		—		457		547
Equity funds	—		3		—		—		3
Private equity funds	—		—		—		1,282		1,282

CLO equities	—		148		—		—		148
CLO equity funds	—		—		—		203		203
Private credit funds	—		—		—		362		362
Real estate fund	—		—		—		202		202


	—		241		—		3,055		3,296
Total Investments	$	858	$	9,960	$	319	$	3,094	$	14,231



Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	275	$	—	$	275

Funds held by reinsured companies:	$	—	$	—	$	44	$	—	$	44

Other Assets:
Derivatives qualifying as hedging	$	—	$	1	$	—	$	—	$	1
Derivatives not qualifying as hedges	—		5		—		—		5
Derivative instruments	$	—	$	6	$	—	$	—	$	6

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

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	11	$	—	$	—	$	11
Derivatives not qualifying as hedges	—		1		—		—		1
Derivative instruments	$	—	$	12	$	—	$	—	$	12


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturity investments:
U.S. government and agency	$	—	$	747	$	—	$	—	$	747
U.K government	—		83		—		—		83
Other government	—		663		—		—		663
Corporate	—		6,814		—		—		6,814
Municipal	—		286		—		—		286
Residential mortgage-backed	—		610		—		—		610
Commercial mortgage-backed	—		1,074		—		—		1,074
Asset-backed	—		944		—		—		944
Structured products	—		1,033		—		—		1,033
	—		12,254		—		—		12,254

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

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

Other investments:
Hedge funds	—		—		—		291		291
Fixed income funds	—		231		—		342		573
Equity funds	—		5		—		—		5
Private equity funds	—		—		—		752		752
CLO equities	—		161		—		—		161
CLO equity funds	—		—		—		207		207
Private credit funds	—		—		—		275		275
Real estate fund	—		—		—		69		69

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



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

Other Assets:

Derivatives not qualifying as hedges	—		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 hedges	—		10		—		—		10
Derivative instruments	$	—	$	17	$	—	$	—	$	17

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis


			2022			2021
	Privately-held Equities	Total	Privately-held Equities		Other Investments	Total

			(in millions of U.S. dollars)
Beginning fair value			$	347		$	347	$	275	$	9	$	284
Purchases			5			5		65		—		65
Sales			(15)			(15)		—		(9)		(9)
Total net unrealized gains (losses)			(43)			(43)		7		—		7


Ending fair value			$	294		$	294	$	347	$	—	$	347


	2022
	(in millions of U.S. dollars)
Beginning fair value	$	—
Initial recognition	27
Total net unrealized gains	17
Ending fair value	$	44


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

Incurred losses and LAE:
Reduction in estimates of ultimate losses	(79)		(29)		(50)		(59)		(6)		(53)
Reduction in unallocated LAE	(18)		—		(18)		(18)		—		(18)
Change in fair value	(247)		(47)		(200)		(88)		(13)		(75)
Total incurred losses and LAE	(344)		(76)		(268)		(165)		(19)		(146)
Paid losses	(245)		(65)		(180)		(274)		(65)		(209)
Effect of exchange rate movements	(114)		(16)		(98)		(25)		(5)		(20)
Ending fair value	$	1,286	$	275	$	1,011	$	1,989	$	432	$	1,557

Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings.

The following table presents the components of the net change in fair value for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	40	$	22	$	21
Corporate bond yield	(219)		(97)		96
Credit spread for non-performance	(21)		—		—
Weighted cost of capital	—		—		(5)
Risk cost of capital	—		—		7
Change in fair value	$	(200)	$	(75)	$	119

Valuation Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2022

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Recurring basis:

Guideline company methodology;
Option pricing model

190

P/BV multiple
P/BV (excluding AOCI) multiple
Price/LTM earnings multiple
Expected term

1.70-2.3x

1.6-1.7x

13.3-15.4x

1-3 years

Dividend discount model;
Guideline companies method

Discount rate
P/BV multiple
Price/2023 earnings
Price/2024 earnings

15.0% - 16.0%

1.4x - 2.0x

7.5x - 10.4x

6.3x - 6.5x

Guideline companies method;
Earnings

LTM Enterprise Value/ EBITDA multiples
LTM EV/Revenue multiples
Multiple on earnings

11.5x - 12.5x

2.5x - 3x

294

Non-recurring basis:

Cost as approximation of fair value

319

(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 December 31, 2022

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected loss payments

4.86%

$1.3 billion

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis


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

Incurred losses and LAE:
Reduction in estimates of ultimate losses	(79)		(29)		(50)		(59)		(6)		(53)
Reduction in unallocated LAE	(18)		—		(18)		(18)		—		(18)
Change in fair value	(247)		(47)		(200)		(88)		(13)		(75)
Total incurred losses and LAE	(344)		(76)		(268)		(165)		(19)		(146)
Paid losses	(245)		(65)		(180)		(274)		(65)		(209)
Effect of exchange rate movements	(114)		(16)		(98)		(25)		(5)		(20)
Ending fair value	$	1,286	$	275	$	1,011	$	1,989	$	432	$	1,557

Changes in fair value in the table above are included in net incurred losses and LAE in our consolidated statements of earnings.

The following table presents the components of the net change in fair value for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	40	$	22	$	21
Corporate bond yield	(219)		(97)		96
Credit spread for non-performance	(21)		—		—
Weighted cost of capital	—		—		(5)
Risk cost of capital	—		—		7
Change in fair value	$	(200)	$	(75)	$	119

Quantitative Information

2022

2021

Valuation Technique

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A Rated

A rated

Internal model

Credit spread for non-performance risk (U)

0.65%

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)

7.89 years

7.95 years

Internal model

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

7.71 years

7.63 years

Fair Values of Senior and Subordinated Notes

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


	December 31, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	457
3.10% Senior Notes due 2031	495		365
Total Senior Notes	$	991	$	822
5.75% Junior Subordinated Notes due 2040	$	345	$	312
5.50% Junior Subordinated Notes due 2042	493		401

Total Subordinated Notes	$	838	$	713

Our debt obligations were as follows:


					December 31, 2022				December 31, 2021
Facility	Origination	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
			(in millions of U.S. dollars)
4.50% Senior Notes due 2022	March 2017	5 years	$	—	$	—	$	—	$	—	$	280
4.95% Senior Notes due 2029	May 2019	10 years	500		(4)		496		(5)		495
3.10% Senior Notes due 2031	August 2021	10 years	500		(5)		495		(5)		495
Total Senior Notes							991				1,270
5.75% Junior Subordinated Notes due 2040	August 2020	20 years	350		(5)		345		(5)		345
5.50% Junior Subordinated Notes due 2042	January 2022	20 years	500		(7)		493		—		—
5.50% Enhanzed Re's Subordinated Notes due 2031	December 2018	12.1 years	—		—		—		6		76
Total Subordinated Notes							838				421
EGL Revolving Credit Facility	August 2018	5 years					—				—
Total debt obligations							$	1,829			$	1,691

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

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Variable Interest Entities

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


As of December 31, 2022	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	52	$	—	$	52
Privately held equity	25		—		25
Total	77		—		77

Other investments
Hedge funds	$	549	$	—	$	549
Fixed income funds	277		33		310
Private equity funds	1,210		911		2,121
CLO equity funds	203		—		203
Private credit funds	79		149		228
Real estate funds	203		529		732

Total	$	2,521	$	1,622	$	4,143

Total investments in nonconsolidated VIEs	$	2,598	$	1,622	$	4,220


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

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

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

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

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.

Premiums Written and Earned (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Net Premiums Written and Earned

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


	December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	1,075	$	1,367
ULAE	6		7
Fair value adjustments - acquired companies	(6)		(8)
Fair value adjustments - fair value option	(79)		(34)
Total reinsurance reserves recoverable	996		1,332
Paid losses recoverable	135		185
Total	$	1,131	$	1,517

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	856	$	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	275		432
Total	$	1,131	$	1,517

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2022, 2021 and 2020:


	2022				2021				2020
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)
















Total
Total gross	$	25	$	97	$	106	$	373	$	552	$	730
Total ceded	(13)		(31)		(44)		(128)		(119)		(158)
Total net	$	12	$	66	$	62	$	245	$	433	$	572

Debt Obligations and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Debt Obligations and Credit Facilities

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


	December 31, 2022
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	457
3.10% Senior Notes due 2031	495		365
Total Senior Notes	$	991	$	822
5.75% Junior Subordinated Notes due 2040	$	345	$	312
5.50% Junior Subordinated Notes due 2042	493		401

Total Subordinated Notes	$	838	$	713

Our debt obligations were as follows:


					December 31, 2022				December 31, 2021
Facility	Origination	Term	Principal		(Unamortized Cost) / Fair Value Adjustments		Carrying Value		(Unamortized Cost) / Fair Value Adjustments		Carrying Value
			(in millions of U.S. dollars)
4.50% Senior Notes due 2022	March 2017	5 years	$	—	$	—	$	—	$	—	$	280
4.95% Senior Notes due 2029	May 2019	10 years	500		(4)		496		(5)		495
3.10% Senior Notes due 2031	August 2021	10 years	500		(5)		495		(5)		495
Total Senior Notes							991				1,270
5.75% Junior Subordinated Notes due 2040	August 2020	20 years	350		(5)		345		(5)		345
5.50% Junior Subordinated Notes due 2042	January 2022	20 years	500		(7)		493		—		—
5.50% Enhanzed Re's Subordinated Notes due 2031	December 2018	12.1 years	—		—		—		6		76
Total Subordinated Notes							838				421
EGL Revolving Credit Facility	August 2018	5 years					—				—
Total debt obligations							$	1,829			$	1,691

Summary of Total Interest Expense

The table below provides a summary of the total interest expense for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Interest expense on debt obligations	$	93	$	68	$	58
Amortization of debt issuance costs	2		1		1
Gain on extinguishment	(6)		—		—



Total interest expense	$	89	$	69	$	59

Summary of Credit and Deposit Facilities

Our credit and deposit facilities were as follows:


					Aggregate Amount Issued / Requested as Deposits / Face Amount
	Commitment		Additional Commitments Available (1)		December 31, 2022		December 31, 2021
	(in millions of U.S. dollars)
$275 million FAL LOC Facility (2)	$	275	$	75	$	135	$	210
$90 million FAL Deposit Facility (2)	90		10		90		90
$365 million LOC Facility	365		—		365		250
$100 million LOC Facility	100		—		100		100
$120 million LOC Facility	120		60		97		111
$800 million Syndicated LOC Facility	800		—		625		568
$65 million LOC Facility (3)	—		—		—		61
$100 million Bermuda LOC Facility (3)(4)	—		—		—		100
$1 million LOC Facility	1		—		—		1
$100 million Bermuda LOC Facility (4)	100		—		100		—
$100 million Bermuda LOC Facility (4)	100		—		100		—
$100 million Bermuda LOC Facility (4)	100		—		100		—
£32.0 million United Kingdom LOC Facility (5)	£	32	£	—	$	39	$	43

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

(3) The LOC was terminated during the year ended December 31, 2022.

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

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

Carrying Amount of Equity Attributable to Noncontrolling Interest

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2022 and 2021:


	2022		2021
	(in millions of U.S. dollars)
Balance as of January 1	$	179	$	365

Distributions paid	—		(202)
Net (losses) earnings attributable to RNCI	(5)		16
Change in unrealized losses on AFS investments attributable to RNCI	(6)		(1)
Change in currency translation adjustments attributable to RNCI	—		2

Change in redemption value of RNCI	—		(1)

Balance as of December 31	$	168	$	179

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Stock by Class

The following is a reconciliation of our beginning and ending ordinary shares for the years ended December 31, 2022, 2021 and 2020:


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



Balance as of January 1, 2020	18,001,823	2,599,672	910,010	21,511,505
Shares issued	752,007	—	—	752,007
Shares repurchased	(178,280)	—	—	(178,280)
Balance as of December 31, 2020	18,575,550	2,599,672	910,010	22,085,232
Shares issued	59,447	—	—	59,447
Shares repurchased	(2,009,135)	(1,496,321)	(505,239)	(4,010,695)
Warrant exercise (1)	—	89,590	—	89,590
Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574
Shares issued	62,056	—	—	62,056
Shares repurchased	(697,580)	—	—	(697,580)
Balance as of December 31, 2022	15,990,338	1,192,941	404,771	17,588,050

Schedule of Shares Repurchased

The following table presents our ordinary shares repurchased under our share repurchase programs for the years ended December 31, 2022 and 2021:


	2022					2021
	Ordinary shares repurchased	Average price per ordinary share		Aggregate price		Ordinary shares repurchased	Average price per ordinary share		Aggregate price
	(in millions of U.S. dollars, except for share data)
2020 Repurchase Program (1)	—	$	—	$	—	93,678	$	236.42	$	22
2021 Repurchase Program (2)	227,383	$	257.02	58		167,617	$	241.13	40
2022 Repurchase Program (3)	470,197	$	222.74	105		—	$	—	—
Total share repurchases under repurchase programs	697,580	$	233.92	$	163	261,295	$	239.44	63

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	2022						2021						2020
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS arising during the year	$	(689)	$	8	$	(681)	$	(112)	$	6	$	(106)	$	116	$	(11)	$	105
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	28		—		28		10		—		10		(1)		—		(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	83		(2)		81		(7)		1		(6)		(20)		2		(18)
Reclassification to earnings on disposal of subsidiary	—		—		—		—		—		—		(15)		3		(12)
Change in currency translation adjustment	—		—		—		2		—		2		(2)		—		(2)

Other	(2)		—		(2)		2		—		2		1		—		1
Other comprehensive (loss) income	$	(580)	$	6	$	(574)	$	(105)	$	7	$	(98)	$	79	$	(6)	$	73

Schedule of Reclassification from Accumulated Other Comprehensive Income


	2022		2021		2020
	(in millions of U.S. dollars)






Included within continuing operations:
Gross realized gains on fixed maturity securities, AFS	$	6	$	19	$	26
Gross realized losses on fixed maturity securities, AFS	(89)		(13)		(8)
Tax effect	2		—		(1)
Included within discontinued operations:
Gross realized gains on fixed maturity securities, AFS	—		—		1


Total reclassification adjustment for net realized gains (losses) included in net earnings	$	(81)	$	6	$	18
Included within continuing operations:
Credit losses on fixed maturity securities, AFS	$	(28)	$	(10)	$	—

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

Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$	(28)	$	(10)	$	1

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2022		2021		2020		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS	$	(111)	$	(6)	$	19	Net unrealized (losses) gains
	—		—		17		Net earnings from discontinued operations
	(111)		(6)		36		Total before tax
	2		(1)		(5)		Income tax expense
	(109)		(7)		31		Net of tax
Other	2		—		—		General and administrative expenses
Total reclassifications for the period, net of tax	$	(107)	$	(7)	$	31	Net of tax

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

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Comparison of Basic and Diluted Earnings per Share

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

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


	2022		2021		2020
Numerator:	(in millions of U.S. dollars, except share data)
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Net (loss) earnings from continuing operations (1)	$	(906)	$	502	$	1,716
Net earnings from discontinued operations (2)	—		—		7
Net (loss) earnings attributable to Enstar ordinary shareholders	$	(906)	$	502	$	1,723
Denominator:
Weighted-average ordinary shares outstanding — basic (3)	17,207,229		19,821,259		21,551,408
Effect of dilutive securities:
Share-based compensation plans (4)	115,901		225,213		208,293
Warrants (5)	—		80,659		58,593

Weighted-average ordinary shares outstanding — diluted (6)	17,323,130		20,127,131		21,818,294
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic:
Net (loss) earnings from continuing operations	$	(52.65)	$	25.33	$	79.60
Net earnings from discontinued operations	—		—		0.35
Net (loss) earnings per ordinary share	$	(52.65)	$	25.33	$	79.95
Diluted (6):
Net (loss) earnings from continuing operations	$	(52.65)	$	24.94	$	78.62
Net earnings from discontinued operations	—		—		0.35
Net (loss) earnings per ordinary share	$	(52.65)	$	24.94	$	78.97

(3) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting) but excludes ordinary shares held in the EB Trust in respect of JSOP awards.

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Compensation Plans

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Share-based compensation plans:
Restricted shares and restricted share units	$	10	$	7	$	8
Performance share units	(8)		13		13

Joint share ownership plan expense	8		5		4
Other share-based compensation plans	—		3		3




Total share-based compensation	$	10	$	28	$	28

Schedule of Share-Based Compensation Shares Authorized, Available for Issuance and Outstanding

Shares authorized for issuance as of December 31, 2022 were as follows:


						Authorized
2016 Equity Incentive Plan						1,739,654
Employee Share Repurchase Plan						200,000

Restricted Shares, Restricted Share Units and Performance Share Units

The following table summarizes the activity related to restricted shares and restricted share awards during 2022:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	92,658	$200.44
Granted	63,460	245.63
Vested	(40,764)	191.18
Forfeited	(1,220)	212.50
Nonvested — December 31	114,134	228.75


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)								Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2022	Threshold		Target		Target +		Maximum		Threshold		Target		Target +		Maximum

2019	18,308	(3,543)	6,639	(21,404)	—	20.0	%	30.0	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	22,591	(8,607)	(12,656)	(1,328)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	52,948	—	(52,948)	—	—	33.1	%	36.8	%	44.3	%	52.1	%	50.0	%	100.0	%	150.0	%	200.0	%
2021	14,429	(2,277)	(11,507)	(645)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2022	15,120	(267)	—	(11)	14,842	16.6	%	22.6	%	N/A		28.6	%	60.0	%	100.0	%	N/A		150.0	%

	123,396	(14,694)	(70,472)	(23,388)	14,842

The following table summarizes the activity related to PSUs during 2022:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	183,092	$185.97
Granted	30,200	259.35
Change in performance multiplier	(110,452)	196.26
Vested	(40,942)	166.46
Forfeited	(1,828)	213.79
Nonvested — December 31	60,070	216.15

Summary of Performance Share Units and Performance Criteria and Multiplier


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2022	Threshold		Target		Maximum		Threshold		Target		Maximum
2019	18,308	(3,538)	6,616	(21,386)	—	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2020	22,560	(8,511)	6,356	(1,461)	18,944	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2021	14,401	(2,275)	—	(645)	11,481	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2022	15,080	(250)	—	(27)	14,803	8.0	%	10.5	%	13.0	%	60.0	%	100.0	%	150.0	%
	70,349	(14,574)	12,972	(23,519)	45,228

Summary of Performance Multipliers

At the end of each reporting period, we estimate the expected performance multiplier, as shown in the table below:


Award Description	2022	2021		2020

2019 FDBVPS	150.0%	150.0%	(1)	150.0%
2019 Average Operating ROE	150.0%	150.0%	(1)	150.0%
2020 FDBVPS Type I (32.5% Target Change)	0.0%	150.0%		100.0%
2020 Average Operating ROE	150.0%	150.0%		100.0%
2020 FDBVPS Type II (36.8% Target Change)	0.0%	150.0%		100.0%
2021 FDBVPS	0.0%	100.0%		N/A
2021 Average Operating ROE	100.0%	100.0%		N/A
2022 FDBVPS	100.0%	N/A		N/A
2022 Average Operating ROE	100.0%	N/A		N/A

(1) Multipliers for the 2019 awards are the final achieved terms.

Schedule of Valuation Assumptions

To determine the grant date fair value of $24.13 per share, we utilized a Monte-Carlo valuation model with the following assumptions:


	2020
Weighted-average volatility	18.7	%
Weighted-average risk-free interest rate	1.6	%
Dividend yield	0.0	%

To determine the incremental fair value of the amended award, we utilized a Monte-Carlo valuation model with the following assumptions:


	2022

Weighted-average volatility	35.2	%
Weighted-average risk-free interest rate	2.8	%
Dividend yield	0.0	%

Income Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Earnings before Income Taxes


	2022		2021		2020
	(in millions of U.S. dollars)
Domestic (Bermuda)	$	(710)	$	430	$	1,505
Foreign	(247)		150		234
Total (losses) earnings before income taxes and earnings from equity method investments attributable to continuing operations	$	(957)	$	580	$	1,739

Tax Expense for Income Taxes

The following table presents our current and deferred income tax (benefit) expense attributable to continuing operations by jurisdiction for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
	(in millions of U.S. dollars)
Current:
Domestic (Bermuda)	$	—	$	—	$	—
Foreign	—		6		15
	—		6		15
Deferred:
Domestic (Bermuda)	—		—		—
Foreign	(12)		21		9
	(12)		21		9
Total income tax (benefit) expense attributable to continuing operations	$	(12)	$	27	$	24

Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate


	2022			2021			2020
	(in millions of U.S. dollars)
(Losses) earnings before income taxes	$	(957)		$	580		$	1,739
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	4.6		%	5.4		%	1.3		%



Change in valuation allowance	(3.9)		%	1.6		%	0.1		%
Effect of change in foreign income tax rate	0.1		%	(1.2)		%	0.0		%




Other	0.5		%	(1.1)		%	0.0		%
Effective income tax rate	1.3		%	4.7		%	1.4		%

Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2022 and 2021 were as follows:


	2022		2021
	(in millions of U.S. dollars)
Deferred tax assets:
Net operating loss carryforwards	$	214	$	166
Capital loss carryforwards	3		—
Insurance reserves	14		17


Provisions for bad debt	3		3

Defendant A&E liabilities	94		98
Unrealized losses on investments	40		—
Lloyd’s underwriting result in future periods	5		—
Other deferred tax assets	18		27
Deferred tax assets	391		311
Valuation allowance	(181)		(129)
Deferred tax assets, net of valuation allowance	210		182

Deferred tax liabilities:
Unrealized gains on investments	—		(17)
Lloyd's underwriting result in future periods	—		(19)

Other deferred tax liabilities:
Fair value and other basis differences	(62)		(17)
Other deferred tax liabilities	(7)		(6)
Total other deferred tax liabilities	(69)		(23)
Deferred tax liabilities	(69)		(59)

Net deferred tax asset	$	141	$	123

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction


	Net Deferred Tax Asset
	2022		2021
	(in millions of U.S. dollars)
Australia	$	4	$	1
United States	164		151
United Kingdom	(27)		(29)

Total	141		123

Summary of Operating Loss Carryforwards

As of December 31, 2022, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:


Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
	(in millions of U.S. dollars)
Net Operating Loss Carryforwards:
United States - Net operating loss	$	493	$	104	2023-2042
United States - Net operating loss	68		14		Indefinitely
United Kingdom	290		72		Indefinitely
Luxembourg	33		8		2035-2036
Other	68		16		Indefinitely

Capital Loss Carryforwards:
United States - Capital Loss	14		3		2027

Summary of Income Tax Examinations

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2022:

Major Tax Jurisdiction

Open Tax Years

United States

2019 to 2022

United Kingdom

2021

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Related Party Transactions

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


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

Short-term investments, AFS, at fair value	$	1	$	11	$	—	$	—	$	—	$	—	$	—
Fixed maturities, trading, at fair value	85		148		—		—		—		—		—
Fixed maturities, AFS, at fair value	447		—		—		—		—		—		—
Equities, at fair value	148		37		—		190		—		—		—
Other investments, at fair value	467		14		—		—		—		—		1,918
Equity method investments	—		—		110		—		60		211		16
Total investments	1,148		210		110		190		60		211		1,934
Cash and cash equivalents	37		20		—		—		—		—		—
Restricted cash and cash equivalents	—		2		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		36		—		—		—		2		—
Funds held by reinsured company	—		31		—		—		—		25		—

Other assets	—		21		—		—		—		5		—
Liabilities
Losses and LAE	—		183		—		—		—		334		—

Insurance and reinsurance balances payable	—		22		—		—		—		11		—
Other liabilities	—		76		—		—		—		—		—
Net assets (liabilities)	$	1,185	$	39	$	110	$	190	$	60	$	(102)	$	1,934
Redeemable noncontrolling interest	$	161	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of December 31, 2022, we had unfunded commitments of $145 million to other investments and $13 million to privately held equity investments managed by Stone Point and its affiliated entities.


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


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

Reinsurance balances recoverable on paid and unpaid losses	—		—		63		—		—		—		2		—
Funds held by reinsured company	—		—		35		—		—		—		41		—
Other assets	—		—		28		—		—		—		13		—
Liabilities
Losses and LAE	—		—		226		—		—		—		504		—
Insurance and reinsurance balances payable	—		—		63		—		—		—		5		—
Other liabilities	—		—		63		—		—		—		—		—
Net assets (liabilities)	$	1,184	$	9	$	37	$	194	$	224	$	56	$	(228)	$	1,278
Redeemable noncontrolling interest	$	172	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	9	$	—	$	—	$	—	$	2	$	—

Net investment income	16		10		—		6		—		—		4
Net realized gains	—		—		—		—		—		—		—
Net unrealized losses	(80)		(10)		—		(34)		—		—		(64)
Other income	—		1		—		—		—		9		—
	(64)		10		—		(28)		—		11		(60)
Net incurred losses and LAE	—		10		—		—		—		(16)		—




	—		10		—		—		—		(16)		—
Earnings (losses) from equity method investments	—		—		(65)		—		5		(14)		—
Total net (loss) earnings	$	(64)	$	—	$	(65)	$	(28)	$	5	$	13	$	(60)


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

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


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

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


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


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

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




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

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

Dividend Restrictions and Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Statutory Capital and Surplus


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2022		2021		2022		2021		2022		2021		2020
	(in millions of U.S. dollars)
Bermuda	$	3,031	$	3,338	$	5,833	$	5,819	$	(710)	$	524	$	1,851
U.K.	619		804		848		1,247		(11)		163		43
U.S.	161		151		434		534		(58)		23		(67)
Australia	10		15		35		57		(1)		2		(2)
Europe	53		99		188		182		(30)		(2)		(1)

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Quarterly Financial Information Disclosure [Abstract]

Unaudited Condensed Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2022

Unaudited Condensed Quarterly Financial Data

The information presented below has been adjusted to reflect the impact of changing our accounting policy for the treatment of DCA amortization. Refer to Note 9 for additional information.


	December 31,				September 30,				June 30,				March 31,
	2022		2021		2022		2021		2022		2021		2022		2021
INCOME
Net premiums earned	$	14	$	41	$	4	$	52	$	14	$	59	$	34	$	93

Net investment income	153		81		116		93		106		76		80		62
Net realized gains (losses)	(24)		(62)		(36)		6		(38)		6		(37)		(11)
Net unrealized gains (losses)	39		68		(546)		(280)		(591)		400		(381)		(10)
Other (losses) income	2		15		(4)		11		23		6		14		10
Net gain on sale of subsidiaries	—		11		—		47		—		—		—		15
Total income	184		154		(466)		(71)		(486)		547		(290)		159

EXPENSES
Net incurred losses and loss adjustment expenses
Current period	9		26		13		42		13		50		13		54
Prior period	(280)		(159)		(141)		(93)		(159)		(33)		(176)		(118)
Total net incurred losses and loss adjustment expenses	(271)		(133)		(128)		(51)		(146)		17		(163)		(64)
Life and annuity policy benefits	—		(3)		7		—		6		—		12		—
Amortization of net deferred charge assets	20		17		21		17		21		15		18		6
Acquisition costs	3		7		—		11		12		5		8		34
General and administrative expenses	97		98		66		93		83		93		85		83
Interest expense	18		18		23		18		23		17		25		16
Net foreign exchange losses (gains)	12		(3)		(17)		(2)		(13)		(10)		3		3

Total expenses	(121)		1		(28)		86		(14)		137		(12)		78
EARNINGS (LOSS) BEFORE INCOME TAXES	305		153		(438)		(157)		(472)		410		(278)		81
Income tax benefit (expense)	16		(14)		(8)		(10)		4		(9)		—		6
Earnings (losses) from equity method investments	(86)		(8)		(20)		(14)		1		(3)		31		118


NET EARNINGS (LOSS)	235		131		(466)		(181)		(467)		398		(247)		205
Net (earnings) loss attributable to noncontrolling interest	1		(2)		43		1		42		(3)		(11)		(11)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR	236		129		(423)		(180)		(425)		395		(258)		194
Dividends on preferred shares	(9)		(9)		(9)		(9)		(9)		(9)		(9)		(9)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	227	$	120	$	(432)	$	(189)	$	(434)	$	386	$	(267)	$	185

Earnings (loss) per ordinary share attributable to Enstar ordinary shareholders:



Basic	$	13.34	$	6.74	$	(25.45)	$	(10.30)	$	(25.14)	$	17.84	$	(15.25)	$	8.58



Diluted(1)	$	13.26	$	6.66	$	(25.45)	$	(10.30)	$	(25.14)	$	17.68	$	(15.25)	$	8.47

Basis of Presentation (Details) - USD ($) $ in Millions	1 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Sep. 30, 2022	Aug. 31, 2022
EnhanzedRe
Segment Reporting Information [Line Items]
Repayments of subordinated debt	$ 70	$ 70

Significant Accounting Policies (Details) $ in Millions	12 Months Ended
Significant Accounting Policies (Details) $ in Millions	Dec. 31, 2022 USD ($) share-based_compensation_plan	Jan. 01, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of share-based compensation arrangements \| share-based_compensation_plan	3
Accumulated other comprehensive income	$ 4,797		$ 6,553	$ 6,850
Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated other comprehensive income	$ (575)		$ (16)	$ 81	$ 7
Accumulated Other Comprehensive (Loss) Income \| Minimum \| Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated other comprehensive income		$ 340
Accumulated Other Comprehensive (Loss) Income \| Maximum \| Forecast
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated other comprehensive income		$ 380

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Segment Information - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of segments	4
Syndicate underwriting capacity percentage		25.00%
Atrium
Segment Reporting Information [Line Items]
Syndicate underwriting capacity percentage		25.00%

Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 184	$ (466)	$ (486)	$ (290)	$ 154	$ (71)	$ 547	$ 159	$ (1,058)	$ 789	$ 2,660
(Losses) earnings from equity method investments	(86)	(20)	1	31	(8)	(14)	(3)	118	(74)	93	239
Gain (loss) on sale of business										26	3
Net incurred losses and LAE	271	128	146	163	133	51	(17)	64	708	231	(373)
Amortization of net deferred charge assets	(20)	(21)	(21)	(18)	(17)	(17)	(15)	(6)	(80)	(55)	(39)
General and administrative expenses	(97)	(66)	(83)	(85)	(98)	(93)	(93)	(83)	(331)	(367)	(502)
Interest expense	(18)	(23)	(23)	(25)	(18)	(18)	(17)	(16)	(89)	(69)	(59)
Net foreign exchange gains (losses)	(12)	17	13	(3)	3	2	10	(3)	15	12	(16)
Income tax benefit (expense)	16	(8)	4	0	(14)	(10)	(9)	6	12	(27)	(24)
Net earnings from discontinued operations, net of income taxes									0	0	16
Net loss (earnings) attributable to noncontrolling interest	1	43	42	(11)	(2)	1	(3)	(11)	75	(15)	28
Dividends on preferred shares	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(36)	(36)	(36)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 227	$ (432)	$ (434)	$ (267)	$ 120	$ (189)	$ 386	$ 185	(906)	502	1,723
Operating Segments
Segment Reporting Information [Line Items]
Revenues									(1,070)	732	2,676
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									(891)	708	2,152
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Revenues									62	255	191
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									339	217	143
Operating Segments \| Assumed Life
Segment Reporting Information [Line Items]
Revenues									17	5	0
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									40	6	0
Operating Segments \| Investments
Segment Reporting Information [Line Items]
Revenues									(1,159)	429	1,898
(Losses) earnings from equity method investments									(74)	93	239
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									(1,270)	485	2,102
Operating Segments \| Legacy Underwriting
Segment Reporting Information [Line Items]
Revenues									10	43	587
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									0	0	(93)
Corporate and other
Segment Reporting Information [Line Items]
Revenues									12	57	(16)
Other income (expense)									12	(16)	(19)
Gain (loss) on sale of business									0	73	3
Net incurred losses and LAE									218	59	(147)
Policyholder benefit expenses									0	(1)	0
Amortization of net deferred charge assets									(80)	(55)	(39)
General and administrative expenses									(142)	(131)	(136)
Interest expense									(89)	(69)	(59)
Net foreign exchange gains (losses)									15	12	(16)
Income tax benefit (expense)									12	(27)	(24)
Net earnings from discontinued operations, net of income taxes									0	0	16
Net loss (earnings) attributable to noncontrolling interest									75	(15)	28
Dividends on preferred shares									(36)	(36)	(36)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									$ (15)	$ (206)	$ (429)

Business Acquisitions - Additional Information (Details) $ in Millions			3 Months Ended	12 Months Ended
	Dec. 28, 2022 USD ($)	Sep. 01, 2021 USD ($) Quarter	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021
EnhanzedRe \| Allianz
Business Acquisition [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 174
EnhanzedRe
Business Acquisition [Line Items]
Ownership percentage acquired		27.70%	27.70%
Payments to acquire interest in subsidiaries and affiliates		$ 217
Capital commitment assumed		$ 40	$ 40
Equity interest percentage before acquisition		47.40%	47.40%
Total equity interest, as a percentage			75.10%
Step acquisition gain			$ 47
Bargain purchase gain		$ 27		$ 27
Cash consideration based on total shareholders' equity, percentage					90.00%
Reporting lag period \| Quarter		1
EnhanzedRe \| EnhanzedRe \| Allianz
Business Acquisition [Line Items]
Ownership percentage acquired	24.90%

Business Acquisitions - Fair Value of Assets Acquired Inclusive of Settlement of Preexisting Relationship (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Sep. 01, 2021	Sep. 30, 2021	Dec. 31, 2021
LIABILITIES
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]			Net gain on purchase and sales of subsidiaries
EnhanzedRe
ASSETS
Fixed maturities, trading, at fair value	$ 49	$ 49
Funds held - directly managed	2,576	2,272
Equities, at fair value	855	855
Other investments, at fair value	14	14
Total investments	3,494	3,190
Cash and cash equivalents	11	11
Funds held by reinsured companies	214	214
Other assets	8	8
TOTAL ASSETS	3,727	3,423
LIABILITIES
Losses and LAE	1,113	842
Future policyholder benefits	1,539	1,539
Debt obligations	76	76
Insurance and reinsurance balances payable	102	96
Other liabilities	16	9
TOTAL LIABILITIES	2,846	2,562
ASSETS
Funds held - directly managed		(304)
Total investments		(304)
TOTAL ASSETS		(304)
LIABILITIES
Losses and LAE		(271)	$ (271)
Insurance and reinsurance balances payable		(6)
Other liabilities		(7)
TOTAL LIABILITIES		(284)
NET ASSETS ACQUIRED AT FAIR VALUE	(20)	(20)
NET ASSETS ACQUIRED AT FAIR VALUE	881	$ 861
Cash consideration paid to Hillhouse Group affiliate	217
Fair value of previously held equity method investment	418
Fair value of noncontrolling interest	219
Total purchase price	834
Bargain purchase gain	$ 27		$ 27

Business Acquisitions - Summary of Operations (Details) - EnhanzedRe $ in Millions	4 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Total income	$ (17)
Net loss	(19)
Net loss attributable to Enstar ordinary shareholders	$ (15)

Business Acquisitions - Summary of Pro Forma Information (Details) - EnhanzedRe - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total income	$ 1,071	$ 3,070
Net earnings	494	1,942
Net earnings attributable to Enstar	445	1,892
Net earnings attributable to Enstar ordinary shareholders	$ 409	$ 1,856

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Net Gain On Sale of Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		$ 26	$ 3
Not discontinued operations, disposed of by sale \| Atrium
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		(8)	0
Not discontinued operations, disposed of by sale \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries	$ 23	23	0
Not discontinued operations, disposed of by sale \| Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		$ 11	$ 3

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 15, 2021	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Syndicate underwriting capacity percentage											25.00%
Gross loss reserves	$ 13,007				$ 13,258				$ 13,007	$ 13,258	$ 10,593		$ 9,868
Net loss reserves	12,011				11,926				12,011	11,926	8,763		$ 7,939
Cash inflows (outflows)									(129)	(102)	99
Equity method investments	397				493				397	493
(Losses) earnings from equity method investments	$ (86)	$ (20)	$ 1	$ 31	$ (8)	$ (14)	$ (3)	$ 118	$ (74)	93	239
Net gain on sales of subsidiaries										26	3
Not discontinued operations, disposed of by sale \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries								$ 23		$ 23	$ 0
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership %	19.90%				24.70%				19.90%	24.70%
Equity method investments	$ 211				$ 225				$ 211	$ 225
(Losses) earnings from equity method investments									$ (14)	(6)
Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership %	13.80%								13.80%
Inigo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Unfunded commitments	$ 5								$ 5			$ 27
Carrying value	40				43				40	43
Payments to acquire investments									22
Atrium Syndicate 609
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross loss reserves	173				215				173	215
Reinsurance recoverable	35				62				35	62
Net loss reserves	$ 138				$ 152				$ 138	$ 152

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Syndicate Results (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution of SGL No.1 share of Syndicate 609 results	$ 21	$ 34
Net balances with Northshore Group	0	0
Arden
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Due to Arden under reinsurance agreement	(10)	(22)
Atrium 5
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Due to Atrium 5 Limited under Capacity Lease Agreement	$ (11)	$ (12)

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
DISPOSAL
NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES	$ 0	$ 0	$ 16
Discontinued operations, disposed of by sale \| StarStone US
INCOME
Net premiums earned			291
Net investment income			13
Net realized gains			4
Net unrealized gains			2
Total income			310
EXPENSES
Net incurred losses and LAE			192
Acquisition costs			58
General and administrative expenses			60
Interest expense			2
Total expenses			312
LOSS BEFORE INCOME TAXES			(2)
Income tax benefit			2
NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES, BEFORE GAIN ON SALE			0
DISPOSAL
Consideration received			282	$ 282
Less: Carrying value of subsidiary			278
Reclassification to earnings on disposal of subsidiary			12
Gain on sale of subsidiary			16
NET EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES			16
Net (earnings) from discontinued operations attributable to noncontrolling interest			(9)
NET EARNINGS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS			7
Discontinued Operation, Continuing Involvement [Abstract]
Total income	0	(1)	12
Total expenses	18	20	(16)
Net (loss) earnings	$ (18)	$ (21)	$ 28

Investments - Asset Types (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	$ 5,261	$ 5,686
Total	9,631	12,254
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	310	459
Total	516	747
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Total	82	83
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	131	128
Total	462	663
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	3,013	3,358
Total	5,286	6,814
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	99	128
Total	211	286
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	362	391
Total	552	610
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	628	562
Total	1,022	1,074
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	682	650
Total	914	944
Structured products
Debt and Equity Securities, FV-NI [Line Items]
Total	586	1,033
Convertible bonds
Debt and Equity Securities, FV-NI [Line Items]
Total	233	223
Embedded derivative
Debt and Equity Securities, FV-NI [Line Items]
Total	34	43
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Total	429	460
Investmernt, Non-income Producing
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	8
Debt securities, available-for-sale	25
Short-term Investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	14	6
Debt securities, available-for-sale	38	34
Short-term Investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	14	3
Debt securities, available-for-sale	10	25
Short-term Investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	3	0
Short-term Investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	3
Debt securities, available-for-sale	0	0
Short-term Investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	25	8
Short-term Investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	1
Short-term Investments \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Fixed maturities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2,370	3,756
Debt securities, available-for-sale	5,223	5,652
Fixed maturities \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	64	102
Debt securities, available-for-sale	300	434
Fixed maturities \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	42	73
Debt securities, available-for-sale	33	10
Fixed maturities \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	188	285
Debt securities, available-for-sale	131	128
Fixed maturities \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,594	2,660
Debt securities, available-for-sale	2,988	3,350
Fixed maturities \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	59	85
Debt securities, available-for-sale	99	128
Fixed maturities \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	77	104
Debt securities, available-for-sale	362	391
Fixed maturities \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	191	250
Debt securities, available-for-sale	628	562
Fixed maturities \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	155	197
Debt securities, available-for-sale	682	649
Fixed maturities \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Funds Held - Directly Managed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,986	2,806
Funds Held - Directly Managed \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	128	183
Funds Held - Directly Managed \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	4	0
Funds Held - Directly Managed \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	143	247
Funds Held - Directly Managed \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	679	796
Funds Held - Directly Managed \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	53	73
Funds Held - Directly Managed \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	113	115
Funds Held - Directly Managed \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	203	262
Funds Held - Directly Managed \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	77	97
Funds Held - Directly Managed \| Structured products
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	$ 586	$ 1,033

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost
One year or less	$ 343
More than one year through five years	3,103
More than five years through ten years	2,351
More than ten years	2,981
Fixed maturity investments, at amortized cost	11,458
Fair Value
One year or less	334
More than one year through five years	2,826
More than five years through ten years	1,952
More than ten years	2,031
Total	$ 9,631	$ 12,254
% of Total Fair Value
One year or less	3.50%
More than one year through five years	29.30%
More than five years through ten years	20.30%
More than ten years	21.10%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 613
Fair Value
Securities without single maturity date	552
Total	$ 552	610
% of Total Fair Value
Securities without single maturity date	5.70%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 1,115
Fair Value
Securities without single maturity date	1,022
Total	$ 1,022	1,074
% of Total Fair Value
Securities without single maturity date	10.60%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 952
Fair Value
Securities without single maturity date	914
Total	$ 914	$ 944
% of Total Fair Value
Securities without single maturity date	9.50%

Investments - Available-for-sale Portfolio (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,908	$ 5,723
Gross Unrealized Gains	14	38
Non-Credit Related Losses	(628)	(65)
Allowance for Credit Losses	(33)	(10)	$ 0
Fair Value	5,261	5,686
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	338	463
Gross Unrealized Gains	0	1
Non-Credit Related Losses	(28)	(5)
Allowance for Credit Losses	0	0
Fair Value	310	459
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36	10
Gross Unrealized Gains	2	0
Non-Credit Related Losses	(2)	0
Allowance for Credit Losses	0	0
Fair Value	36	10
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	146	127
Gross Unrealized Gains	1	2
Non-Credit Related Losses	(15)	(1)
Allowance for Credit Losses	(1)	0
Fair Value	131	128
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,466	3,384
Gross Unrealized Gains	7	29
Non-Credit Related Losses	(428)	(45)
Allowance for Credit Losses	(32)	(10)	$ 0
Fair Value	3,013	3,358
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	120	129
Gross Unrealized Gains	1	1
Non-Credit Related Losses	(22)	(2)
Allowance for Credit Losses	0	0
Fair Value	99	128
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	407	394
Gross Unrealized Gains	0	1
Non-Credit Related Losses	(45)	(4)
Allowance for Credit Losses	0	0
Fair Value	362	391
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	689	566
Gross Unrealized Gains	2	3
Non-Credit Related Losses	(63)	(7)
Allowance for Credit Losses	0	0
Fair Value	628	562
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	706	650
Gross Unrealized Gains	1	1
Non-Credit Related Losses	(25)	(1)
Allowance for Credit Losses	0	0
Fair Value	$ 682	$ 650

Investments - Gross Unrealized Losses (Details) $ in Millions	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Fair Value
12 Months or Greater	$ 2,181	$ 60
Less Than 12 Months	2,571	3,296
Total	4,752	3,356
Gross Unrealized Losses
12 Months or Greater	(371)	(2)
Less Than 12 Months	(257)	(37)
Total	$ (628)	$ (39)
Number of securities in unrealized loss position \| Security	2,935	2,930
Number of securities in unrealized loss position, twelve months or longer \| Security	1,155	93
U.S. government and agency
Fair Value
12 Months or Greater	$ 188	$ 22
Less Than 12 Months	112	373
Total	300	395
Gross Unrealized Losses
12 Months or Greater	(19)	(1)
Less Than 12 Months	(9)	(4)
Total	(28)	(5)
U.K. government
Fair Value
12 Months or Greater	1	0
Less Than 12 Months	10	5
Total	11	5
Gross Unrealized Losses
12 Months or Greater	0	0
Less Than 12 Months	(2)	0
Total	(2)	0
Other government
Fair Value
12 Months or Greater	25	0
Less Than 12 Months	89	46
Total	114	46
Gross Unrealized Losses
12 Months or Greater	(4)	0
Less Than 12 Months	(11)	(1)
Total	(15)	(1)
Corporate
Fair Value
12 Months or Greater	1,261	11
Less Than 12 Months	1,542	1,545
Total	2,803	1,556
Gross Unrealized Losses
12 Months or Greater	(246)	0
Less Than 12 Months	(182)	(19)
Total	(428)	(19)
Municipal
Fair Value
12 Months or Greater	58	0
Less Than 12 Months	32	77
Total	90	77
Gross Unrealized Losses
12 Months or Greater	(14)	0
Less Than 12 Months	(8)	(2)
Total	(22)	(2)
Residential mortgage-backed
Fair Value
12 Months or Greater	185	6
Less Than 12 Months	154	315
Total	339	321
Gross Unrealized Losses
12 Months or Greater	(35)	0
Less Than 12 Months	(10)	(4)
Total	(45)	(4)
Commercial mortgage-backed
Fair Value
12 Months or Greater	277	21
Less Than 12 Months	275	419
Total	552	440
Gross Unrealized Losses
12 Months or Greater	(43)	(1)
Less Than 12 Months	(20)	(6)
Total	(63)	(7)
Asset-backed
Fair Value
12 Months or Greater	186	0
Less Than 12 Months	357	516
Total	543	516
Gross Unrealized Losses
12 Months or Greater	(10)	0
Less Than 12 Months	(15)	(1)
Total	$ (25)	$ (1)

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	$ (10)	$ 0
Allowances for credit losses on securities for which credit losses were not previously recorded	(31)	(16)
Reductions for securities sold during the year	5	0
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	3	6
Allowance for credit losses, end of year	(33)	(10)
Other government
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	0
Allowances for credit losses on securities for which credit losses were not previously recorded	0
Reductions for securities sold during the year	0
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	(1)
Allowance for credit losses, end of year	(1)	0
Corporate
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	(10)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(31)	(16)
Reductions for securities sold during the year	5	0
(Increase) decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	4	6
Allowance for credit losses, end of year	$ (32)	$ (10)

Investments - Equity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 1,250	$ 1,995
Equity investments \| Exchange traded
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	385	281
Equity investments \| Over-the-counter
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	358	372
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 507	$ 1,342

Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other Investments [Line Items]
Other investments, at fair value	$ 3,296	$ 2,333
Valuation lag period	3 months
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	$ 549	291
Hedge funds \| Fair Value Based on NAV as Practical Expedient
Other Investments [Line Items]
Other investments, at fair value	549
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	547	573
Fixed income funds \| Fair Value Based on NAV as Practical Expedient
Other Investments [Line Items]
Other investments, at fair value	457
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	1,282	752
Private equity funds \| Fair Value Based on NAV as Practical Expedient
Other Investments [Line Items]
Other investments, at fair value	1,282
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	362	275
Private credit funds \| Fair Value Based on NAV as Practical Expedient
Other Investments [Line Items]
Other investments, at fair value	362
Equity funds
Other Investments [Line Items]
Other investments, at fair value	3	5
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	203	207
CLO equity funds \| Fair Value Based on NAV as Practical Expedient
Other Investments [Line Items]
Other investments, at fair value	203
CLO equities
Other Investments [Line Items]
Other investments, at fair value	148	161
Real estate funds
Other Investments [Line Items]
Other investments, at fair value	202	$ 69
Real estate funds \| Fair Value Based on NAV as Practical Expedient
Other Investments [Line Items]
Other investments, at fair value	$ 202

Investments - Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 397	$ 493
Citco III Limited \| HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest held by noncontrolling owners	6.20%	6.20%
Convertible Preferred Stock \| Citco III Limited \| HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest held by noncontrolling owners	15.40%	15.40%
HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 60	$ 56
HH CTCO Holdings Limited \| Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Ownership %	31.90%	31.90%
Monument
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 110	$ 194
Monument \| Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Ownership %	20.00%	20.00%
Core Specialty
Schedule of Equity Method Investments [Line Items]
Ownership %	19.90%	24.70%
Equity method investments	$ 211	$ 225
Other
Schedule of Equity Method Investments [Line Items]
Ownership %	27.00%	27.00%
Equity method investments	$ 16	$ 18

Investments - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet
Total assets	$ 22,154				$ 24,656				$ 22,154	$ 24,656
Total liabilities	17,189				17,924				17,189	17,924
Operating Results
Total income	184	$ (466)	$ (486)	$ (290)	154	$ (71)	$ 547	$ 159	(1,058)	789	$ 2,660
Total expenses	(121)	(28)	(14)	(12)	1	86	137	78	(175)	302	1,160
Net (loss) income	(86)	$ (20)	$ 1	$ 31	(8)	$ (14)	$ (3)	$ 118	(74)	93	239
Equity method investments	397				493				397	493
100%
Operating Results
Equity method investments	0				0				0	0
20%-99%
Operating Results
Equity method investments	186				493				186	493
3%-19%
Operating Results
Equity method investments	211				0				211	0
Equity Method Investments
Balance Sheet
Total assets	51,278				45,741				51,278	45,741
Total liabilities	39,496				33,858				39,496	33,858
Operating Results
Total income									6,524	9,190	6,093
Total expenses									6,885	8,098	5,234
Net (loss) income									(361)	1,092	$ 859
Fair Value Option
Operating Results
Equity method investments	1,905				1,577				1,905	1,577
Fair Value Option \| 100%
Operating Results
Equity method investments	0				0				0	0
Fair Value Option \| 20%-99%
Operating Results
Equity method investments	1,096				828				1,096	828
Fair Value Option \| 3%-19%
Operating Results
Equity method investments	$ 809				$ 749				$ 809	$ 749

Investments - Funds Held (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Funds Held (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Funds Held, Directly Managed [Abstract]
Cash and cash equivalents	$ 822	$ 1,646	$ 901
Other assets	648	620
Funds held - directly managed	2,040	3,007
Funds Held By Reinsurance Companies [Abstract]
Funds held by reinsured companies	3,582	2,340
Fund held by reinsurance companies, at amortized cost	3,538
Total net unrealized gains (losses)	(43)	7
Embedded derivative
Funds Held By Reinsurance Companies [Abstract]
Initial recognition	27
Total net unrealized gains (losses)	17
Funds Held - Directly Managed
Funds Held, Directly Managed [Abstract]
Short-term and fixed maturity investments, trading	1,986	2,806
Cash and cash equivalents	41	188
Other assets	13	13
Funds held - directly managed	2,040	3,007
Funds Held, Directly Managed, Fixed-Maturity Investment Components [Abstract]
Fixed maturity investments, at amortized cost	2,765	2,815
Net unrealized gains (losses):
Change in fair value - embedded derivative accounting	(572)	14
Change in fair value	(207)	(23)
Short-term and fixed maturity investments, trading	$ 1,986	$ 2,806

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Gross investment income									$ 480	$ 349	$ 319
Investment expenses									(25)	(37)	(16)
Net investment income	$ 153	$ 116	$ 106	$ 80	$ 81	$ 93	$ 76	$ 62	455	312	303
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income									398	276	272
Fixed maturities
Net Investment Income [Line Items]
Gross investment income									237	191	199
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income									10	0	5
Funds held by reinsured companies
Net Investment Income [Line Items]
Gross investment income									100	57	34
Funds held – directly managed
Net Investment Income [Line Items]
Gross investment income									51	28	34
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income									82	73	47
Equity investments
Net Investment Income [Line Items]
Gross investment income									39	32	20
Other investments
Net Investment Income [Line Items]
Gross investment income									$ 43	$ 41	$ 27

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net realized gains on sale:
Gross realized gains on fixed maturity securities, AFS									$ 6	$ 19	$ 26
Gross realized losses on fixed maturity securities, AFS									(89)	(13)	(8)
Increase in allowance for expected credit losses on fixed maturity securities, AFS									(28)	(10)	0
Net (losses) gains recognized on equity securities sold during the period									(21)	9	1
Other investments (1)									0	66	0
Net realized investment gains on investment derivatives									(3)	(132)	0
Net realized (losses) gains	$ (24)	$ (36)	$ (38)	$ (37)	$ (62)	$ 6	$ 6	$ (11)	(135)	(61)	19
Net unrealized (losses) gains:
Net unrealized (losses) gains recognized on equity securities still held at the reporting date									(269)	146	(2)
Investment derivatives									(15)	(21)	1
Total net unrealized (losses) gains	$ 39	$ (546)	$ (591)	$ (381)	$ 68	$ (280)	$ 400	$ (10)	(1,479)	178	1,623
Proceeds from sale of available from sale securities									2,100	2,500	2,000
Fixed maturities
Net unrealized (losses) gains:
Fixed maturity securities									(503)	(144)	228
Funds Held - Directly Managed
Net unrealized (losses) gains:
Fixed maturity securities									(567)	(62)	60
Other investments
Net unrealized (losses) gains:
Other investments									$ (125)	$ 259	$ 1,336

Investments - Reconciliation to Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	$ 6	$ 19	$ 26
Gross realized losses on fixed maturity securities, AFS	(89)	(13)	(8)
Total reclassification adjustment for net realized gains (losses) included in net earnings	(81)	6	18
Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	(28)	(10)	1
Continuing Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	6	19	26
Gross realized losses on fixed maturity securities, AFS	(89)	(13)	(8)
Tax effect	2	0	(1)
Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	(28)	(10)	0
Discontinued Operations
Debt Securities, Available-for-sale [Line Items]
Gross realized gains on fixed maturity securities, AFS	0	0	1
Total reclassification adjustment for change in allowance for credit losses recognized in net earnings	$ 0	$ 0	$ 1

Investments - Restricted Assets (Details) $ in Millions	Dec. 31, 2022 USD ($) syndicate	Dec. 31, 2021 USD ($) syndicate	Dec. 31, 2020 USD ($)
Investments, Debt and Equity Securities [Abstract]
Restricted cash and cash equivalents	$ 508	$ 446	$ 472
Line of Credit Facility [Line Items]
Collateral in trust for third party agreements	5,343	6,100
Assets on deposit with regulatory authorities	159	196
FAL	365	431
Restricted assets, total	$ 5,949	$ 6,821
Number of syndicates \| syndicate	2	2
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 82	$ 94

Derivatives and Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	$ 693	$ 1,133
Assets	6	2
Liabilities	12	17
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	442	618
Assets	1	0
Liabilities	11	7
Effect of Net Investment Hedge
Gain (loss) on derivatives designated as hedging instruments	50	24	$ (30)
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	244	498
Assets	5	2
Liabilities	1	0
Effect of Net Investment Hedge
Gain (loss) on derivatives not designated as hedging instruments	(10)	(4)	$ (2)
Derivatives not designated as hedging instruments \| Others
Gross Notional Amounts and Estimated Fair Values
Gross Notional Amount	7	17
Assets	0	0
Liabilities	$ 0	$ 10

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Reinsurance Reserves Recoverable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Outstanding losses and IBNR	$ 1,075	$ 1,367
ULAE	6	7
Fair value adjustments - acquired companies	(6)	(8)
Fair value adjustments - fair value option	(79)	(34)
Total reinsurance reserves recoverable	996	1,332	$ 1,830	$ 1,928
Paid losses recoverable	135	185
Total	1,131	1,517
Reinsurance balances recoverable on paid and unpaid losses	856	1,085
Reinsurance balances recoverable on paid and unpaid losses - fair value option	$ 275	$ 432

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,131	$ 1,517
Decrease in reinsurance recoverables	$ 386

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) reinsurer	Dec. 31, 2021 USD ($) reinsurer
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,131	$ 1,517
Reinsurer concentration risk \| Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	792	1,002
Reinsurer concentration risk \| Lloyd's Syndicate
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	193	256
Reinsurer concentration risk \| Michigan Catastrophic Claims Associations
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	171	210
Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 1,131	$ 1,517
Percent of total investments	100.00%	100.00%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 792	$ 1,002
Percent of total investments	70.00%	66.10%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Rated A Minus Or Higher
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 578	$ 747
Number of external reinsurers \| reinsurer	8	8
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 214	$ 255
Number of external reinsurers \| reinsurer	2	2
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 319	$ 491
Percent of total investments	28.20%	32.40%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 20	$ 24
Percent of total investments	1.80%	1.50%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Michigan Catastrophic Claims Associations
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 171	$ 210
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers, U.S. Workers' Compensation Reinsurance Pool
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 43	$ 45

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Allowance For Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible reinsurance, beginning of year	$ 136	$ 137
Effect of exchange rate movement	1	0
Current period change in the allowance	(6)	1
Recoveries collected	0	(2)
Allowance for estimated uncollectible reinsurance, end of year	$ 131	$ 136

Deferred Charge Assets and Deferred Gain Liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 4,406	$ 5,312
Cumulative effect of change in accounting principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			$ 158

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets	$ 658	$ 598	$ 381	$ 417
Retained earnings	4,406	5,312
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets	268	371
Retained earnings	4,016	5,085
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets	390	227
Retained earnings	$ 390	$ 227

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Earnings) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior Period	$ (280)	$ (141)	$ (159)	$ (176)	$ (159)	$ (93)	$ (33)	$ (118)	$ (756)	$ (403)	$ (32)
Total net incurred losses and loss adjustment expenses	(271)	(128)	(146)	(163)	(133)	(51)	17	(64)	(708)	(231)	373
Amortization of net deferred charge assets	20	21	21	18	17	17	15	6	80	55	39
Total expenses	(121)	(28)	(14)	(12)	1	86	137	78	(175)	302	1,160
NET LOSS FROM CONTINUING OPERATIONS									(945)	553	1,715
Net (loss) earnings	$ 227	$ (432)	$ (434)	$ (267)	$ 120	$ (189)	$ 386	$ 185	$ (906)	$ 502	$ 1,723
Net (loss) earnings from continuing operations (in dollars per share)									$ (52.65)	$ 25.33	$ 79.60
Net earnings (loss) from discontinued operations (in dollars per share)									0	0	0.35
Basic (dollars per share)	$ 13.34	$ (25.45)	$ (25.14)	$ (15.25)	$ 6.74	$ (10.30)	$ 17.84	$ 8.58	(52.65)	25.33	79.95
Net (loss) earnings from continuing operations (in dollars per share)									(52.65)	24.94	78.62
Net earnings from discontinued operations (in dollars per share)									0	0	0.35
Diluted (dollars per share)	$ 13.26	$ (25.45)	$ (25.14)	$ (15.25)	$ 6.66	$ (10.30)	$ 17.68	$ 8.47	$ (52.65)	$ 24.94	$ 78.97
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior Period									$ (513)	$ (283)	$ 11
Total net incurred losses and loss adjustment expenses									(465)	(111)	416
Amortization of net deferred charge assets									0	0	0
Total expenses									(12)	367	1,164
NET LOSS FROM CONTINUING OPERATIONS									(1,108)	488	1,711
Net (loss) earnings									$ (1,069)	$ 437	$ 1,719
Net (loss) earnings from continuing operations (in dollars per share)										$ 22.05	$ 79.43
Net earnings (loss) from discontinued operations (in dollars per share)										0	0.35
Basic (dollars per share)									$ (62.13)	22.05	79.78
Net (loss) earnings from continuing operations (in dollars per share)										21.71	78.45
Net earnings from discontinued operations (in dollars per share)										0	0.35
Diluted (dollars per share)									$ (62.13)	$ 21.71	$ 78.80
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior Period									$ (243)	$ (120)	$ (43)
Total net incurred losses and loss adjustment expenses									(243)	(120)	(43)
Amortization of net deferred charge assets									80	55	39
Total expenses									(163)	(65)	(4)
NET LOSS FROM CONTINUING OPERATIONS									163	65	4
Net (loss) earnings									$ 163	$ 65	$ 4
Net (loss) earnings from continuing operations (in dollars per share)										$ 3.28	$ 0.17
Net earnings (loss) from discontinued operations (in dollars per share)										0	0
Basic (dollars per share)									$ 9.48	3.28	0.17
Net (loss) earnings from continuing operations (in dollars per share)										3.23	0.17
Net earnings from discontinued operations (in dollars per share)										0	0
Diluted (dollars per share)									$ 9.48	$ 3.23	$ 0.17

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET (LOSS) EARNINGS	$ 235	$ (466)	$ (467)	$ (247)	$ 131	$ (181)	$ 398	$ 205	$ (945)	$ 553	$ 1,731
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSTAR									(1,429)	440	1,832
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET (LOSS) EARNINGS									(1,108)	488	1,727
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSTAR									(1,592)	375	1,828
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET (LOSS) EARNINGS									163	65	4
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSTAR									$ 163	$ 65	$ 4

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

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-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Changes in Shareholders' Equity) (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 6,553

$ 6,850

$ 6,553

$ 6,850

$ 227

$ (432)

$ (434)

(267)

$ 120

$ (189)

$ 386

185

(906)

502

$ 1,723

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

4,797

6,553

4,797

6,553

6,850

Retained Earnings

5,312

4,809

5,312

4,809

2,888

(945)

553

1,731

Retained Earnings | Cumulative effect of change in accounting principle

4,406

5,312

4,406

5,312

4,809

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

^[1]

(6)

Retained Earnings | Cumulative effect of change in accounting principle | Change in Accounting Principle and Accounting Standards Update

^[1]

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

152

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

As Previously Reported

As Previously Reported | Retained Earnings

(1,069)

437

1,719

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

5,085

4,647

5,085

4,647

2,888

(1,108)

488

1,727

As Previously Reported | Retained Earnings | Cumulative effect of change in accounting principle | Change in Accounting Principle and Accounting Standards Update

4,016

5,085

4,016

5,085

4,647

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

(6)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Adjustment

Adjustment | Retained Earnings

163

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 227

162

227

162

163

Adjustment | Retained Earnings | Cumulative effect of change in accounting principle | Change in Accounting Principle and Accounting Standards Update

$ 390

$ 227

$ 390

227

162

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

$ 0

158

$ 0

[1]	(1) Represents the impact of adopting ASU 2016-13 - Financial Instruments - Credit Losses.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (loss) earnings	$ 235	$ (466)	$ (467)	$ (247)	$ 131	$ (181)	$ 398	$ 205	$ (945)	$ 553	$ 1,731
Amortization of net deferred charge assets	$ 20	$ 21	$ 21	$ 18	$ 17	$ 17	$ 15	$ 6	80	55	39
Other operating assets and liabilities									(417)	718	369
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (loss) earnings									(1,108)	488	1,727
Amortization of net deferred charge assets									0	0	0
Other operating assets and liabilities									(174)	838	412
Other operating assets and liabilities, premiums receivable										324	23
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net (loss) earnings									163	65	4
Amortization of net deferred charge assets									80	55	39
Other operating assets and liabilities									$ (243)	$ (120)	$ (43)

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

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Liability for Losses and LAE) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DCAs on retroactive reinsurance				$ 0				$ 0	$ 0	$ 0	$ 0
Net balance as of January 1				11,926				8,763	11,926	8,763	7,939
Amortization of DCAs									0	0	0
Prior Period	$ (280)	$ (141)	$ (159)	(176)	$ (159)	$ (93)	$ (33)	(118)	(756)	(403)	(32)
Total net incurred losses and loss adjustment expenses	(271)	$ (128)	$ (146)	(163)	(133)	$ (51)	$ 17	(64)	(708)	(231)	373
Effect of exchange rate movement									(187)	(63)	119
Acquired business									0	1,127	0
Net loss reserves assumed									2,660	3,699	2,198
Ceded business									0	(103)	(164)
Total other changes									2,473	4,660	1,936
Net balance as of December 31	12,011				11,926				12,011	11,926	8,763
DCAs on retroactive reinsurance	0				0				0	0	0
DCAs on assumed business									140	254	12
Loss reserves deemed to settle balances related to pre-existing relationships										257
Reinsurance recoverables										286
Reinsurance recoverable, deferred gain liability										29
Ceded business, deferred gain liability										11	9
Cumulative effect of change in accounting principle, adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net balance as of January 1				11,926				8,928	11,926	8,928	7,939
Net balance as of December 31					11,926					11,926	8,928
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DCAs on retroactive reinsurance				371				219	371	219	(260)
Net balance as of January 1				11,555				8,544	11,555	8,544	7,679
Amortization of DCAs									243	120	43
Prior Period									(513)	(283)	11
Total net incurred losses and loss adjustment expenses									(465)	(111)	416
Effect of exchange rate movement											120
Acquired business										1,098	0
Net loss reserves assumed									2,520	3,445	2,186
Ceded business										(92)	(155)
Total other changes									2,333	4,388	1,934
Net balance as of December 31	11,743				11,555				11,743	11,555	8,544
DCAs on retroactive reinsurance	268				371				268	371	219
As Previously Reported \| Cumulative effect of change in accounting principle, adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net balance as of January 1								8,709		8,709
Net balance as of December 31											8,709
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DCAs on retroactive reinsurance				(371)				(219)	(371)	(219)	260
Net balance as of January 1				$ 371				219	371	219	260
Amortization of DCAs									(243)	(120)	(43)
Prior Period									(243)	(120)	(43)
Total net incurred losses and loss adjustment expenses									(243)	(120)	(43)
Effect of exchange rate movement											(1)
Acquired business										29	0
Net loss reserves assumed									140	254	12
Ceded business										(11)	(9)
Total other changes									140	272	2
Net balance as of December 31	268				371				268	371	219
DCAs on retroactive reinsurance	$ (268)				$ (371)				$ (268)	(371)	(219)
Adjustment \| Cumulative effect of change in accounting principle, adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net balance as of January 1								$ 219		$ 219
Net balance as of December 31											$ 219

Deferred Charge Assets and Deferred Gain Liabilities - Schedule of Deferred Charge Assets and Deferred Gain Liabilities (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
DCA
DCAs on retroactive reinsurance				$ 599,000,000				$ 401,000,000	$ 599,000,000	$ 401,000,000	$ 430,000,000
Recorded during the year									140,000,000	254,000,000	12,000,000
Amortization									(81,000,000)	(56,000,000)	(41,000,000)
DCAs on retroactive reinsurance	$ 658,000,000				$ 599,000,000				658,000,000	599,000,000	401,000,000
DGL
Beginning carrying value				1,000,000				20,000,000	1,000,000	20,000,000	13,000,000
Recorded during the year									0	11,000,000	9,000,000
Realized on acquisition									0	(29,000,000)	0
Amortization									(1,000,000)	(1,000,000)	(2,000,000)
Ending carrying value	0				1,000,000				0	1,000,000	20,000,000
Net
Beginning carrying value				598,000,000				381,000,000	598,000,000	381,000,000	417,000,000
Recorded during the year									140,000,000	243,000,000	3,000,000
Realized on acquisition									0	29,000,000	0
Amortization	(20,000,000)	$ (21,000,000)	$ (21,000,000)	$ (18,000,000)	(17,000,000)	$ (17,000,000)	$ (15,000,000)	$ (6,000,000)	(80,000,000)	(55,000,000)	(39,000,000)
Ending carrying value	$ 658,000,000				$ 598,000,000				658,000,000	598,000,000	$ 381,000,000
Deferred Charge Assets Impairment Loss									$ 0	$ 0

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended								12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of January 1					$ 13,258				$ 10,593	$ 13,258	$ 10,593	$ 9,868
Losses and LAE relating to SGL No.1					0				255	0	255	0
Reinsurance reserves recoverable					(1,332)				(1,830)	(1,332)	(1,830)	(1,928)
Reinsurance reserves recoverable relating to SGL No. 1					0				(90)	0	(90)	0
Net balance as of January 1					11,926				8,763	11,926	8,763	7,939
Current period:
Increase in estimates of net ultimate losses										46	168	388
Increase in provisions for ULAE										2	4	17
Total current period		$ 9	$ 13	$ 13	13	$ 26	$ 42	$ 50	54	48	172	405
Prior periods:
Reduction in estimates of net ultimate losses										(403)	(281)	(130)
Reduction in provisions for ULAE										(135)	(63)	(49)
Amortization of fair value adjustments										(18)	16	28
Changes in fair value - fair value option										(200)	(75)	119
Total prior periods		(280)	(141)	(159)	(176)	(159)	(93)	(33)	(118)	(756)	(403)	(32)
Total net incurred losses and loss adjustment expenses		(271)	$ (128)	$ (146)	(163)	(133)	$ (51)	$ 17	(64)	(708)	(231)	373
Net paid losses:
Current period										(3)	(29)	(72)
Prior periods										(1,677)	(1,402)	(1,413)
Total net paid losses										(1,680)	(1,431)	(1,485)
Other changes:
Effect of exchange rate movement										(187)	(63)	119
Acquired business										0	1,127	0
Assumed business										2,660	3,699	2,198
Ceded business										0	(103)	(164)
Reclassification to assets and liabilities held-for-sale										0	0	(217)
Total other changes										2,473	4,660	1,936
Net balance as of December 31		12,011				11,926				12,011	11,926	8,763
Reinsurance reserves recoverable		996				1,332				996	1,332	1,830
Balance as of December 31		13,007				13,258				13,007	13,258	10,593
Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses		11,721				11,269				11,721	11,269
Loss and loss adjustment expenses, at fair value		1,286				1,989				1,286	1,989
Total		$ 13,007				13,258				13,007	13,258	10,593
Third party loss reserves											842
Loss reserves deemed to settle balances related to pre-existing relationships											257
Reinsurance recoverables											286
Assumed Life
Prior periods:
Reduction in estimates of net ultimate losses										33
Amortization of fair value adjustments										33
EnhanzedRe
Reconciliation to Consolidated Balance Sheet:
Losses and LAE	$ (271)										(271)
Cumulative effect of change in accounting principle
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net balance as of January 1					0				0	0	0	(1)
Other changes:
Net balance as of December 31						0					0	0
Cumulative effect of change in accounting principle, adjusted balance
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net balance as of January 1					$ 11,926				$ 8,928	$ 11,926	8,928	7,939
Other changes:
Net balance as of December 31						$ 11,926					$ 11,926	$ 8,928

Losses and Loss Adjustment Expenses - Net Incurred Losses by Line of Business (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (403)	$ (281)	$ (130)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(355)	(277)	(127)
Assumed Life
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(52)	0	0
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	4	(4)	(3)
Asbestos \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(14)	(16)	(19)
Environmental \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(6)	7	(13)
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	57	116	(26)
Workers' compensation \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(318)	(234)	(183)
Marine, aviation and transit \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(56)	(47)	(31)
Construction defect \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(25)	(33)	8
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(10)	(31)	(12)
Motor \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	74	43	148
Property \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(35)	(45)	(17)
All Other \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (22)	$ (37)	$ 18

Losses and Loss Adjustment Expenses - Additional Information (Details) $ in Millions		12 Months Ended
	Jan. 01, 2021 USD ($)	Dec. 31, 2022 USD ($) commutation	Dec. 31, 2021 USD ($) commutation	Dec. 31, 2020 USD ($) commutation
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ (403)	$ (281)	$ (130)
Amortization of fair value adjustments		(18)	16	28
Net losses paid, prior period		1,677	1,402	1,413
Changes in fair value - fair value option		(200)	(75)	119
Net ultimate liability for asbestos and environmental claims		2,000	2,300
Gross ultimate liability for asbestos and environmental claims		2,000	2,400
Increase (decrease) in asbestos and environmental reserves, net		(291)
Increase (decrease) in asbestos and environmental reserves, gross		(313)
Run-off
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		(355)	(277)	(127)
Reserves transferred	$ 955
Run-off \| Workers' Compensation
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		(318)	(234)	(183)
Net losses paid, prior period				143
Net change in case and LAE reserves, prior period				(177)
Increase (decrease) in reported losses				(34)
Downward incurred loss development				(149)
Run-off \| Workers' compensation, 15 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ (11)	$ (10)
Number of commutations \| commutation		15	15
Run-off \| Workers' compensation, 10 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses				$ (11)
Number of commutations \| commutation				10
Run-off \| General casualty
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ 57	$ 116	$ (26)
Run-off \| General casualty, 18 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses			$ 2
Number of commutations \| commutation			18
Run-off \| Marine, aviation and transit
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		(56)	$ (47)	(31)
Run-off \| Marine, aviation and transit, 4 commutations
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses			$ 1
Number of commutations \| commutation			4
Run-off \| Motor
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		74	$ 43	148
Legacy Underwriting
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		4	(4)	(3)
Reserves transferred	$ (955)
Assumed Life
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		(52)	$ 0	$ 0
Amortization of fair value adjustments		33
Assumed Life \| Allianz
Effects of Reinsurance [Line Items]
Decrease from favorable commutation gain		59
Assumed Life \| Catastrophe Reinsurance \| Allianz
Effects of Reinsurance [Line Items]
Reduction in estimates of net ultimate losses		$ 26

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
ULAE	$ 418
Fair value adjustments - acquired companies	(124)
Fair value adjustments - fair value option	(294)
Total	11,970
Provision for Bad Debt
ULAE	0
Fair value adjustments - acquired companies	0
Fair value adjustments - fair value option	0
Total	41
Net Liability for Losses and LAE
ULAE	418
Fair value adjustments - acquired companies	(124)
Fair value adjustments - fair value option	(294)
Total	12,011	$ 11,926	$ 8,763	$ 7,939
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	1,075	1,367
ULAE	6
Fair value adjustments - acquired companies	(6)
Fair value adjustments - fair value option	(79)
Total reinsurance reserves recoverable	996	1,332	1,830	1,928
Gross Liabilities for Losses and LAE
ULAE	424
Fair value adjustments - acquired companies	(130)
Fair value adjustments - fair value option	(373)
Total	13,007	$ 13,258	$ 10,593	$ 9,868
Run-off
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
OLR and IBNR	11,832
Provision for Bad Debt
OLR and IBNR	41
Net Liability for Losses and LAE
OLR and IBNR	11,873
Reinsurance Recoverable on Liabilities for Losses and LAE
OLR and IBNR	1,042
Gross Liabilities for Losses and LAE
OLR and IBNR	12,915
Run-off \| Asbestos
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	1,608
Provision for Bad Debt
Presented in the loss development tables	20
Net Liability for Losses and LAE
Presented in the loss development tables	1,628
Total	1,443
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	65
Gross Liabilities for Losses and LAE
Presented in the loss development tables	1,693
Run-off \| General casualty
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	4,247
Provision for Bad Debt
Presented in the loss development tables	7
Net Liability for Losses and LAE
Presented in the loss development tables	4,254
Total	4,159
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	120
Gross Liabilities for Losses and LAE
Presented in the loss development tables	4,374
Run-off \| Workers' Compensation
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	2,174
Provision for Bad Debt
Presented in the loss development tables	1
Net Liability for Losses and LAE
Presented in the loss development tables	2,175
Total	2,043
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	226
Gross Liabilities for Losses and LAE
Presented in the loss development tables	2,401
Run-off \| Professional indemnity/Directors and Officers
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	1,249
Provision for Bad Debt
Presented in the loss development tables	1
Net Liability for Losses and LAE
Presented in the loss development tables	1,250
Total	1,228
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	156
Gross Liabilities for Losses and LAE
Presented in the loss development tables	1,406
Run-off \| Motor
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	375
Provision for Bad Debt
Presented in the loss development tables	2
Net Liability for Losses and LAE
Presented in the loss development tables	377
Total	357
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	191
Gross Liabilities for Losses and LAE
Presented in the loss development tables	568
Run-off \| Environmental
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	336
Provision for Bad Debt
Excluded from the loss development tables	3
Net Liability for Losses and LAE
Excluded form the loss development tables	339
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	13
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	352
Run-off \| Marine, Aviation and Transit
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	409
Provision for Bad Debt
Excluded from the loss development tables	2
Net Liability for Losses and LAE
Excluded form the loss development tables	411
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	94
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	505
Run-off \| Construction Defect
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	401
Provision for Bad Debt
Excluded from the loss development tables	0
Net Liability for Losses and LAE
Excluded form the loss development tables	401
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	1
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	402
Run-off \| Property
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	429
Provision for Bad Debt
Excluded from the loss development tables	2
Net Liability for Losses and LAE
Excluded form the loss development tables	431
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	115
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	546
Run-off \| All Other
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	604
Provision for Bad Debt
Excluded from the loss development tables	3
Net Liability for Losses and LAE
Excluded form the loss development tables	607
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	61
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	668
Legacy Underwriting
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
OLR and IBNR	138
Provision for Bad Debt
OLR and IBNR	0
Net Liability for Losses and LAE
OLR and IBNR	138
Reinsurance Recoverable on Liabilities for Losses and LAE
OLR and IBNR	33
Gross Liabilities for Losses and LAE
OLR and IBNR	$ 171

Losses and Loss Adjustment Expenses - Average Annual Duration of Claims (Details) - Run-off	Dec. 31, 2022
Asbestos \| 2013
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	0.00%
Year 3	0.00%
Year 4	10.00%
Year 5	10.00%
Year 6	0.00%
Year 7	0.00%
Year 8	10.00%
Year 9	0.00%
Year 10	10.00%
Asbestos \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.15%
Year 2	8.03%
Year 3	8.35%
Year 4	9.29%
Year 5	7.09%
Year 6	6.30%
Year 7	4.88%
Asbestos \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.17%
Year 2	4.33%
Year 3	4.33%
Year 4	5.14%
Year 5	5.28%
Year 6	4.87%
Asbestos \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	0.00%
Year 3	0.00%
Year 4	0.00%
Year 5	0.00%
Asbestos \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	1.13%
Year 2	11.55%
Year 3	12.39%
Year 4	12.96%
Asbestos \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.26%
Year 2	13.25%
General casualty \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.80%
Year 2	14.21%
Year 3	18.08%
Year 4	15.51%
Year 5	11.47%
Year 6	11.08%
Year 7	5.78%
Year 8	3.96%
Year 9	6.87%
Year 10	2.65%
General casualty \| 2013
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.72%
Year 2	16.04%
Year 3	20.75%
Year 4	12.26%
Year 5	16.98%
Year 6	8.49%
Year 7	4.72%
Year 8	0.94%
Year 9	6.60%
Year 10	0.00%
General casualty \| 2014
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	44.74%
Year 2	3.95%
Year 3	9.21%
Year 4	2.63%
Year 5	7.89%
Year 6	5.26%
Year 7	1.32%
Year 8	3.95%
Year 9	7.24%
General casualty \| 2015
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	15.15%
Year 2	12.73%
Year 3	12.73%
Year 4	13.33%
Year 5	15.15%
Year 6	7.88%
Year 7	2.42%
Year 8	7.27%
General casualty \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.00%
Year 2	25.00%
Year 3	0.00%
Year 4	25.00%
Year 5	25.00%
Year 6	(25.00%)
Year 7	12.50%
General casualty \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	24.44%
Year 2	24.44%
Year 3	14.81%
Year 4	9.63%
Year 5	4.44%
Year 6	4.44%
General casualty \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.63%
Year 2	20.82%
Year 3	16.70%
Year 4	13.67%
Year 5	9.33%
General casualty \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	7.35%
Year 2	6.25%
Year 3	3.68%
Year 4	5.88%
General casualty \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.55%
Year 2	19.65%
Year 3	23.19%
General casualty \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.68%
Year 2	6.98%
General casualty \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.12%
Workers' Compensation \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.05%
Year 2	35.42%
Year 3	15.36%
Year 4	8.09%
Year 5	4.11%
Year 6	1.07%
Year 7	0.96%
Year 8	1.67%
Year 9	0.00%
Year 10	16.67%
Workers' Compensation \| 2013
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	30.19%
Year 2	23.58%
Year 3	16.04%
Year 4	11.56%
Year 5	3.77%
Year 6	3.07%
Year 7	2.12%
Year 8	(0.71%)
Year 9	1.65%
Year 10	2.36%
Workers' Compensation \| 2015
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.87%
Year 2	17.78%
Year 3	12.99%
Year 4	9.96%
Year 5	6.94%
Year 6	4.29%
Year 7	4.04%
Year 8	1.89%
Workers' Compensation \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.54%
Year 2	9.00%
Year 3	7.20%
Year 4	10.03%
Year 5	8.23%
Year 6	5.91%
Year 7	4.63%
Workers' Compensation \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	30.95%
Year 2	8.33%
Year 3	15.48%
Year 4	13.10%
Year 5	4.76%
Year 6	(9.52%)
Workers' Compensation \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.00%
Year 2	20.22%
Year 3	10.89%
Year 4	6.22%
Year 5	6.22%
Workers' Compensation \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.64%
Year 2	2.65%
Year 3	0.99%
Year 4	0.99%
Workers' Compensation \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.53%
Year 2	18.35%
Year 3	12.66%
Workers' Compensation \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.95%
Year 2	8.50%
Workers' Compensation \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Professional indemnity/Directors and Officers \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.76%
Year 2	16.83%
Year 3	12.66%
Year 4	10.96%
Year 5	9.51%
Year 6	6.92%
Year 7	3.79%
Year 8	2.89%
Year 9	3.03%
Year 10	0.00%
Professional indemnity/Directors and Officers \| 2014
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	32.50%
Year 2	21.67%
Year 3	10.83%
Year 4	10.83%
Year 5	3.33%
Year 6	0.83%
Year 7	0.83%
Year 8	1.67%
Year 9	1.67%
Professional indemnity/Directors and Officers \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	9.78%
Year 2	10.87%
Year 3	11.96%
Year 4	(2.17%)
Year 5	4.35%
Year 6	8.70%
Year 7	3.26%
Professional indemnity/Directors and Officers \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.97%
Year 2	14.85%
Year 3	5.57%
Year 4	7.22%
Year 5	10.72%
Professional indemnity/Directors and Officers \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	16.92%
Year 2	12.44%
Year 3	13.43%
Year 4	13.43%
Professional indemnity/Directors and Officers \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.67%
Year 2	25.33%
Year 3	36.00%
Professional indemnity/Directors and Officers \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.73%
Year 2	16.29%
Professional indemnity/Directors and Officers \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	12.44%
Motor \| 2014
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	44.19%
Year 2	34.88%
Year 3	9.30%
Year 4	6.98%
Year 5	4.65%
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%
Motor \| 2015
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	38.55%
Year 2	19.28%
Year 3	12.05%
Year 4	8.43%
Year 5	3.61%
Year 6	3.61%
Year 7	2.41%
Year 8	1.20%
Motor \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	38.71%
Year 2	9.68%
Year 3	19.35%
Year 4	6.45%
Year 5	6.45%
Year 6	6.45%
Motor \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.26%
Year 2	38.31%
Year 3	17.66%
Year 4	9.48%
Year 5	7.66%
Motor \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	5.88%
Year 3	17.65%
Year 4	5.88%
Motor \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	27.32%
Year 2	30.77%
Year 3	21.09%
Motor \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	(6.90%)
Motor \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses and IBNR	$ 996	$ 1,332	$ 1,830	$ 1,928
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	4,247
Presented in the loss development tables	4,374
General casualty \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	122
Outstanding losses and IBNR	31
Presented in the loss development tables	153
Workers' compensation \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	2,174
Presented in the loss development tables	2,401
Workers' compensation \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	35
Outstanding losses and IBNR	7
Presented in the loss development tables	42
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	1,249
Presented in the loss development tables	1,406
Professional indemnity/Directors and Officers \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	104
Outstanding losses and IBNR	10
Presented in the loss development tables	$ 114

Future Policyholder Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, by Product Segment [Line Items]
Future policyholder benefits	$ 1,184	$ 1,502
Decrease in future policyholder benefits	(318)
Deferred life contingent annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Future policyholder benefits	196	294
Whole of life reversion annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Future policyholder benefits	127	165
In-payment annuities
Liability for Future Policy Benefit, by Product Segment [Line Items]
Future policyholder benefits	$ 861	$ 1,043

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Asbestos and Environmental Claims [Abstract]
Defendant asbestos liabilities	$ 786	$ 826
Defendant environmental liabilities	10	11
Estimated future expenses	35	37
Fair value adjustments	(224)	(236)
Defendant A&E liabilities	607	638	$ 706	$ 848
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2022 - $5; 2021 - $5)	224	264
Fair value adjustments	(47)	(51)
Insurance balances recoverable	177	213	250	$ 449
Net liabilities relating to defendant A&E exposures	430	425	$ 456
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Balance as of January 1	$ 638	$ 706	$ 848
Insurance balances recoverable	(213)	(250)	(449)
Net balance as of January 1	425	456
Amounts recorded in other expense (income):
Reduction in estimate of net ultimate liabilities	(2)	(38)	(103)
Reduction in estimated future expenses	(1)	(5)	(9)
Amortization of fair value adjustments	7	16	12
Total other expense (income)	4	(27)	(100)
Total net recoveries (paid claims)	1	(4)	154
Net balance as of December 31	430	425	456
Plus: insurance balances recoverable	177	213	250
Balance as of December 31	607	638	706
Cumulative effect of change in accounting principle
Liability for Claims and Claims Adjustment Expense [Line Items]
Net balance as of January 1	0	0	3
Amounts recorded in other expense (income):
Net balance as of December 31		0	0
Cumulative effect of change in accounting principle, adjusted balance
Liability for Claims and Claims Adjustment Expense [Line Items]
Net balance as of January 1	$ 425	456	402
Amounts recorded in other expense (income):
Net balance as of December 31		$ 425	$ 456

Defendant Asbestos and Environmental Liabilities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) site	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Liability for Asbestos and Environmental Claims [Abstract]
Other expense (income)	$ 4,000,000	$ (27,000,000)	$ (100,000,000)
Defendant asbestos liabilities	$ 786,000,000	826,000,000
Number of hazardous waste disposal sites \| site	27
Defendant environmental liabilities	$ 10,000,000	11,000,000
Insurance balance recoverable, allowance for credit loss	5,000,000	5,000,000
Write-offs	0	0
Recoveries	$ 0	$ 0

Fair Value Measurements - Reconciliation for Investments Measured at Fair Value on Recurring Basis Level 3 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 347	$ 284
Purchases	5	65
Sales	(15)	(9)
Total net unrealized gains (losses)	(43)	7
Ending fair value	$ 294	$ 347
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net unrealized (losses) gains	Net unrealized (losses) gains
Privately-held Equities \| Over-the-counter
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 347	$ 275
Purchases	5	65
Sales	(15)	0
Total net unrealized gains (losses)	(43)	7
Ending fair value	294	347
Other Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 0	9
Purchases		0
Sales		(9)
Total net unrealized gains (losses)		0
Ending fair value		$ 0

Fair Value Measurements - Funds Held By Reinsured Companies - Embedded Derivative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	$ 347	$ 284
Total net unrealized gains (losses)	(43)	7
Ending fair value	294	347
Embedded derivative
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	0
Initial recognition	27
Total net unrealized gains (losses)	17
Ending fair value	44	$ 0
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis \| Funds held by reinsured companies
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative	$ 44
Average \| Significant Unobservable Inputs (Level 3) \| Volatility rate \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative, measurement input	0.0486
Average \| Significant Unobservable Inputs (Level 3) \| Expected loss payments \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative, measurement input	1,300

Fair Value Measurements - Insurance Contracts - Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	$ 347	$ 284
Incurred losses and LAE:
Change in fair value	(43)	7
Ending fair value	294	347	$ 284
Net
Beginning fair value	1,557	1,932
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(50)	(53)
Reduction in unallocated LAE	(18)	(18)
Change in fair value	(200)	(75)	119
Total incurred losses and LAE	(268)	(146)
Paid losses	(180)	(209)
Effect of exchange rate movements	(98)	(20)
Ending fair value	$ 1,011	$ 1,557	$ 1,932
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total net incurred losses and loss adjustment expenses	Total net incurred losses and loss adjustment expenses	Total net incurred losses and loss adjustment expenses
Reinsurance balances recoverable on paid and unpaid losses
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	$ 432	$ 521
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(29)	(6)
Reduction in unallocated LAE	0	0
Change in fair value	(47)	(13)
Total incurred losses and LAE	(76)	(19)
Paid losses	(65)	(65)
Effect of exchange rate movements	(16)	(5)
Ending fair value	275	432	$ 521
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	1,989	2,453
Incurred losses and LAE:
Reduction in estimates of ultimate losses	(79)	(59)
Reduction in unallocated LAE	(18)	(18)
Change in fair value	(247)	(88)
Total incurred losses and LAE	(344)	(165)
Paid losses	(245)	(274)
Effect of exchange rate movements	(114)	(25)
Ending fair value	1,286	1,989	2,453
Average payout
Incurred losses and LAE:
Change in fair value	40	22	21
Corporate bond yield
Incurred losses and LAE:
Change in fair value	(219)	(97)	96
Credit spread for non-performance
Incurred losses and LAE:
Change in fair value	(21)	0	0
Weighted cost of capital
Incurred losses and LAE:
Change in fair value	0	0	(5)
Risk cost of capital
Incurred losses and LAE:
Change in fair value	$ 0	$ 0	$ 7

Fair Value Measurements - Quantitative Information (Details) - Internal Model - Recurring	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital	8.25%	8.25%
Fair value inputs, average payout	7 years 10 months 20 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%
Fair value inputs, average payout	7 years 8 months 15 days	7 years 7 months 17 days
Credit spread for non-performing risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performing risk	0.65%	0.20%

Fair Value Measurements - Fair Values for Financial Instruments Carried at Cost (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jan. 14, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 1,829		$ 1,691
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	991		1,270
Fair Value	$ 822
Senior Notes \| Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.95%
Debt obligations	$ 496		495
Fair Value	$ 457
Senior Notes \| Senior Notes, Due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	3.10%
Debt obligations	$ 495		495
Fair Value	$ 365
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2040
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.75%
Debt obligations	$ 345		345
Fair Value	$ 312
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.50%	5.50%
Debt obligations	$ 493		0
Fair Value	401
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	838		$ 421
Fair Value	$ 713

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized (losses) gains	$ (24)	$ (36)	$ (38)	$ (37)	$ (62)	$ 6	$ 6	$ (11)	$ (135)	$ (61)	$ 19
Investment expenses									25	37	16
Net investment income	153	$ 116	$ 106	$ 80	$ 81	$ 93	$ 76	62	$ 455	312	303
Variable Interest Entity, Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized gains											1,200
Variable Interest Entity, Primary Beneficiary \| GCM Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable interest entity, committed capital												$ 150
Ownership percentage									99.50%
Variable interest entity, amount called	$ 14								$ 14
Variable Interest Entity, Primary Beneficiary \| InRe Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount redeemed										2,700
Net investment expenses of the InRe Fund										(13)
Net realized (losses) gains										(58)
Net unrealized gains								77			1,200
Net cash flows provided by (used in) operating activities										2,100
Net investing cash flows										$ 574
Total income								311			1,700
Investment expenses								19			31
Net investment income								$ 292			$ 1,700

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Fair Value	$ 2,598	$ 1,513
Unfunded Commitments	1,622	1,626
Maximum Exposure to Loss	4,220	3,139
Equity investments
Variable Interest Entity [Line Items]
Fair Value	77
Unfunded Commitments	0
Maximum Exposure to Loss	77
Equity investments \| Exchange traded
Variable Interest Entity [Line Items]
Fair Value	52	64
Unfunded Commitments	0	0
Maximum Exposure to Loss	52	64
Equity investments \| Over-the-counter
Variable Interest Entity [Line Items]
Fair Value	25
Unfunded Commitments	0
Maximum Exposure to Loss	25
Other investments
Variable Interest Entity [Line Items]
Fair Value	2,521	1,449
Unfunded Commitments	1,622	1,626
Maximum Exposure to Loss	4,143	3,075
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	549	291
Unfunded Commitments	0	45
Maximum Exposure to Loss	549	336
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	277	171
Unfunded Commitments	33	36
Maximum Exposure to Loss	310	207
Private equity funds
Variable Interest Entity [Line Items]
Fair Value	1,210	697
Unfunded Commitments	911	930
Maximum Exposure to Loss	2,121	1,627
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	203	207
Unfunded Commitments	0	31
Maximum Exposure to Loss	203	238
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	79	14
Unfunded Commitments	149	166
Maximum Exposure to Loss	228	180
Real estate funds
Variable Interest Entity [Line Items]
Fair Value	203	69
Unfunded Commitments	529	418
Maximum Exposure to Loss	$ 732	$ 487

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Gross, premiums written									$ 25	$ 106	$ 552
Ceded, premiums written									(13)	(44)	(119)
Net, premiums written									12	62	433
Gross, premiums earned									97	373	730
Ceded, premiums earned									(31)	(128)	(158)
Net, premiums earned	$ 14	$ 4	$ 14	$ 34	$ 41	$ 52	$ 59	$ 93	$ 66	$ 245	$ 572

Premiums Written and Earned - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Decrease in premiums written, gross	$ 81	$ 446

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Run-off
Goodwill [Line Items]
Goodwill	$ 63	$ 63

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Debt Obligations and Credit Facilities - Amounts of Outstanding Debt and Accrued Interest (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 14, 2022
Line of Credit Facility [Line Items]
Debt obligations	$ 1,829				$ 1,691				$ 1,829	$ 1,691
Interest expense on debt obligations									93	68	$ 58
Amortization of debt issuance costs									2	1	1
Gain on extinguishment									(6)	0	0
Total interest expense	18	$ 23	$ 23	$ 25	18	$ 18	$ 17	$ 16	89	69	$ 59
Senior Notes
Line of Credit Facility [Line Items]
Debt obligations	$ 991				1,270				$ 991	1,270
Senior Notes \| Senior Notes Due 2022
Line of Credit Facility [Line Items]
Interest rate	4.50%								4.50%
Term									5 years
Principal	$ 0								$ 0
Unamortized cost	0				0				0	0
Debt obligations	$ 0				280				$ 0	280
Senior Notes \| Senior Notes Due 2029
Line of Credit Facility [Line Items]
Interest rate	4.95%								4.95%
Term									10 years
Principal	$ 500								$ 500
Unamortized cost	(4)				(5)				(4)	(5)
Debt obligations	$ 496				495				$ 496	495
Senior Notes \| Senior Notes, Due 2031
Line of Credit Facility [Line Items]
Interest rate	3.10%								3.10%
Term									10 years
Principal	$ 500								$ 500
Unamortized cost	(5)				(5)				(5)	(5)
Debt obligations	495				495				495	495
Junior Subordinated Notes
Line of Credit Facility [Line Items]
Principal	$ 850				350				$ 850	350
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2040
Line of Credit Facility [Line Items]
Interest rate	5.75%								5.75%
Term									20 years
Principal	$ 350								$ 350
Unamortized cost	(5)				(5)				(5)	(5)
Debt obligations	$ 345				345				$ 345	345
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042
Line of Credit Facility [Line Items]
Interest rate	5.50%								5.50%			5.50%
Term									20 years
Principal	$ 500								$ 500			$ 500
Unamortized cost	(7)				0				(7)	0
Debt obligations	493				0				493	0
Subordinated Debt
Line of Credit Facility [Line Items]
Debt obligations	$ 838				421				$ 838	421
Subordinated Debt \| Enhanzed Re's Subordinated Notes, Due 2031
Line of Credit Facility [Line Items]
Interest rate	5.50%								5.50%
Term									12 years 1 month 6 days
Principal	$ 0								$ 0
Unamortized cost	0				6				0	6
Debt obligations	0				76				$ 0	76
Loan facilities \| EGL Revolving Credit Facility
Line of Credit Facility [Line Items]
Term									5 years
Debt obligations	$ 0				$ 0				$ 0	$ 0

Debt Obligations and Credit Facilities - Senior Notes (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2022
Senior Notes Due 2029
Debt Instrument [Line Items]
Number of months prior to maturity that debt can be repurchased	3 months
Redemption price, percentage of principal amount	100.00%
Senior Notes, Due 2031
Debt Instrument [Line Items]
Number of months prior to maturity that debt can be repurchased	6 months
Redemption price, percentage of principal amount	100.00%

Debt Obligations and Credit Facilities - Subordinated Notes (Details) $ in Millions					1 Months Ended		12 Months Ended
	Jan. 15, 2027	Sep. 01, 2025	Jan. 14, 2022 USD ($)	Aug. 30, 2020	Sep. 30, 2022 USD ($)	Aug. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) day	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Gain on extinguishment of debt							$ 6	$ 0	$ 0
EnhanzedRe
Debt Instrument [Line Items]
Repayments of subordinated debt					$ 70	$ 70
Gain on extinguishment of debt					$ 6
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal							$ 850	$ 350
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2040
Debt Instrument [Line Items]
Interest rate, initial period				5 years
Interest rate							5.75%
Interest rate, reset period				5 years
Number of days before five-year period \| day							2
Redemption price, percentage of principal amount							100.00%
Principal							$ 350
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042
Debt Instrument [Line Items]
Interest rate, initial period			5 years
Interest rate			5.50%				5.50%
Number of days before five-year period \| day							2
Redemption price, percentage of principal amount							100.00%
Principal			$ 500				$ 500
Minimum percentage of principal amount held to be able to declare payable due immediately							25.00%
Unamortized costs			7
Senior Notes \| Senior Notes Due 2022
Debt Instrument [Line Items]
Interest rate							4.50%
Principal							$ 0
Extinguishment of debt			$ 280
Forecast \| Junior Subordinated Notes \| Junior Subordinated Notes, Due 2040 \| Treasury rate
Debt Instrument [Line Items]
Basis spread on interest rate		5.468%
Forecast \| Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042
Debt Instrument [Line Items]
Interest rate, reset period	5 years
Forecast \| Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042 \| Treasury rate
Debt Instrument [Line Items]
Basis spread on interest rate	4.006%

Debt Obligations and Credit Facilities - Maturities (Details)	Dec. 31, 2022 USD ($)
Receivables [Abstract]
2023	$ 0
2024	0
2025	0
2026	0
2027	0
After 2027	$ 1,900,000,000

Debt Obligations and Credit Facilities - EGL Revolving Credit Facility (Details) - Loan facilities - EGL Revolving Credit Facility	3 Months Ended
	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Commitment	$ 600,000,000
Additional commitments available	400,000,000
Available unutilized capacity	600,000,000
Additional borrowings	55,000,000
Repayment of revolving credit facility	$ 55,000,000

Debt Obligations and Credit Facilities - Letters of Credit (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
FAL	$ 365,000,000		$ 431,000,000
Cash and investments	455,000,000		520,000,000
Secured operating LOC
Debt Instrument [Line Items]
Aggregate Amount Issued / Requested as Deposits / Face Amount	83,000,000		85,000,000
Deposit Facility \| $90.0 million Funds at Lloyd's Deposit Facility
Debt Instrument [Line Items]
Cash and investments	90,000,000		89,000,000
Loan facilities \| $275.0 million Funds at Lloyd's LOC Facility
Debt Instrument [Line Items]
Commitment	275,000,000
Additional commitments available	75,000,000
Aggregate Amount Issued / Requested as Deposits / Face Amount	135,000,000		210,000,000
Loan facilities \| $90.0 million Funds at Lloyd's Deposit Facility
Debt Instrument [Line Items]
Commitment	90,000,000
Additional commitments available	10,000,000
Aggregate Amount Issued / Requested as Deposits / Face Amount	90,000,000		90,000,000
Loan facilities \| $365 million LOC Facility
Debt Instrument [Line Items]
Commitment	365,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	365,000,000		250,000,000
Loan facilities \| $100 million LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		100,000,000
Loan facilities \| $120 million LOC Facility
Debt Instrument [Line Items]
Commitment	120,000,000
Additional commitments available	60,000,000
Aggregate Amount Issued / Requested as Deposits / Face Amount	97,000,000		111,000,000
Loan facilities \| $800.0 million Syndicated LOC Facility
Debt Instrument [Line Items]
Commitment	800,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	625,000,000		568,000,000
Loan facilities \| $65 million LOC Facility (3)
Debt Instrument [Line Items]
Commitment	0		65,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	0		61,000,000
Loan facilities \| $100.0 million Bermuda LOC Facility
Debt Instrument [Line Items]
Commitment	0		100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	0		100,000,000
Loan facilities \| $1 million LOC Facility
Debt Instrument [Line Items]
Commitment	1,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	0		1,000,000
Loan facilities \| $100 million Bermuda LOC Facility (4)
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		0
Loan facilities \| $100 million Bermuda LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		0
Loan facilities \| $100 million Bermuda LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		0
Loan facilities \| £32.0 million United Kingdom LOC Facility
Debt Instrument [Line Items]
Commitment \| £		£ 32,000,000.0
Additional commitments available \| £		£ 0
Aggregate Amount Issued / Requested as Deposits / Face Amount	$ 39,000,000		$ 43,000,000

Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance as of January 1	$ 179	$ 365
Dividends paid	0	(202)
Net (losses) earnings attributable to RNCI	(5)	16
Change in unrealized losses on AFS investments attributable to RNCI	(6)	(1)
Change in currency translation adjustments attributable to RNCI	0	2
Change in redemption value of RNCI	0	(1)
Balance as of December 31	$ 168	$ 179

Noncontrolling Interests - Narrative (Details) - USD ($) $ in Millions	Dec. 28, 2022	Dec. 31, 2022	Nov. 30, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Noncontrolling interest		$ 96		$ 230
Allianz \| EnhanzedRe
Noncontrolling Interest [Line Items]
Ownership interest held by noncontrolling owners	24.90%		24.90%
Allianz \| EnhanzedRe
Noncontrolling Interest [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 174

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).

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
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-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
-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 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

Shareholders' Equity - Additional Information (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Authorized share capital (in shares)	111,000,000	111,000,000
Ordinary shares, par value (in dollars per share)	$ 1	$ 1
Preference shares (in shares)	45,000,000	45,000,000
Preferred shares, par value (in dollars per share)	$ 1.00	$ 1.00
Non-voting ordinary shares
Class of Stock [Line Items]
Ordinary shares, par value (in dollars per share)	1.00	1.00
Voting Ordinary Shares
Class of Stock [Line Items]
Ordinary shares, par value (in dollars per share)	$ 1.00	$ 1.00

Shareholders' Equity - Schedule of Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	18,223,574	22,085,232	21,511,505
Shares issued (in shares)	62,056	59,447	752,007
Shares repurchased (in shares)	(697,580)	(4,010,695)	(178,280)
Warrant exercise (in shares)		89,590
Ending balance (in shares)	17,588,050	18,223,574	22,085,232
Voting Ordinary Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	16,625,862	18,575,550	18,001,823
Shares issued (in shares)	62,056	59,447	752,007
Shares repurchased (in shares)	(697,580)	(2,009,135)	(178,280)
Warrant exercise (in shares)		0
Ending balance (in shares)	15,990,338	16,625,862	18,575,550
Non-Voting Convertible Ordinary Series C Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	1,192,941	2,599,672	2,599,672
Shares issued (in shares)	0	0	0
Shares repurchased (in shares)	0	(1,496,321)	0
Warrant exercise (in shares)		89,590
Ending balance (in shares)	1,192,941	1,192,941	2,599,672
Warrants outstanding (in shares)		175,901
Warrants, exercise price (in dollars per share)		$ 115.00
Non-Voting Convertible Ordinary Series E Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	404,771	910,010	910,010
Shares issued (in shares)	0	0	0
Shares repurchased (in shares)	0	(505,239)	0
Warrant exercise (in shares)		0
Ending balance (in shares)	404,771	404,771	910,010

Shareholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2022	Nov. 30, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Average price	$ 163,000,000	$ 942,000,000	$ 26,000,000
Share Repurchase Programs
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	697,580	261,295
Average price per ordinary share (in dollars per share)	$ 233.92	$ 239.44
Average price	$ 163,000,000	$ 63,000,000
2020 Repurchase Program
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	0	93,678	178,280
Average price per ordinary share (in dollars per share)	$ 0	$ 236.42	$ 145.87
Average price	$ 0	$ 22,000,000	$ 26,000,000
Authorized repurchase amount						$ 150,000,000
2021 Repurchase Program
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	227,383	167,617
Average price per ordinary share (in dollars per share)	$ 257.02	$ 241.13
Average price	$ 58,000,000	$ 40,000,000
Authorized repurchase amount					$ 100,000,000
2022 Repurchase Program
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	470,197	0
Average price per ordinary share (in dollars per share)	$ 222.74	$ 0
Average price	$ 105,000,000	$ 0
Authorized repurchase amount				$ 200,000,000
Remaining repurchase amount	$ 95,000,000

Shareholders' Equity - Voting Ordinary Shares, Strategic Share Repurchases and Joint Share Ownership Plan (Details) $ / shares in Units, $ in Millions				12 Months Ended
	May 09, 2022 USD ($) $ / shares shares	Jul. 22, 2021 USD ($) $ / shares shares	Jan. 21, 2020 shares	Dec. 31, 2022 USD ($) vote shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	May 31, 2022 agreement
Class of Stock [Line Items]
Number of share repurchase agreements \| agreement							2
Closing price per share, ordinary shares (dollars per share) \| $ / shares	$ 222.74
Ordinary shares repurchased, discount percentage	5.00%
Treasury shares repurchased (in shares)				697,580	4,010,695	178,280
Price of repurchased stock \| $				$ 163	$ 942	$ 26
Unaffiliated Institutional Shareholder
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	380,407
Aggregate purchase price of shares repurchased \| $	$ 85
Chief Executive Officer \| Joint Share Ownership Plan
Class of Stock [Line Items]
Shares subscribed (in shares)			565,630
Affiliated entity \| Trident Public Entity LP
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	89,790
Aggregate purchase price of shares repurchased \| $	$ 20
Affiliated entity \| Hillhouse Affiliates
Class of Stock [Line Items]
Economic ownership percentage		16.90%
Voting ordinary shares acquired, percent		9.40%
Affiliated entity \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		3,749,400
Treasury shares repurchased, average price (in dollars per share) \| $ / shares		$ 234.52
Price of repurchased stock \| $		$ 879
Voting Ordinary Shares
Class of Stock [Line Items]
Number of votes \| vote				1
Treasury shares repurchased (in shares)				697,580	2,009,135	178,280
Voting Ordinary Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		1,747,840
Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Treasury shares repurchased (in shares)				0	1,496,321	0
Non-Voting Convertible Ordinary Series C Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		1,496,321
Non-Voting Convertible Ordinary Series E Shares
Class of Stock [Line Items]
Treasury shares repurchased (in shares)				0	505,239	0
Non-Voting Convertible Ordinary Series E Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		505,239

Shareholders' Equity - Non-Voting Shares (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Ordinary shares, issued (in shares)	17,588,050	18,223,574
Ordinary shares, outstanding (in shares)	17,588,050	18,223,574	22,085,232	21,511,505
Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Conversion ratio, issued upon conversion (in shares)					1
Ordinary shares, issued (in shares)	1,192,941	1,192,941
Ordinary shares, outstanding (in shares)	1,192,941	1,192,941	2,599,672	2,599,672
Common Class D
Class of Stock [Line Items]
Ordinary shares, issued (in shares)	0
Ordinary shares, outstanding (in shares)	0

Shareholders' Equity - Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Jun. 30, 2018	Dec. 31, 2022	Sep. 01, 2028	Mar. 01, 2024	Dec. 31, 2021
Class of Stock [Line Items]
Preferred shares, par value (in dollars per share)			$ 1.00			$ 1.00
Series C non-voting preferred shares
Class of Stock [Line Items]
Preferred shares, issued (in shares)			388,571			388,571
Preferred shares, gross proceeds			$ 0			$ 0
Preferred shares, liquidation preference (in dollars per share)			$ 0.001
Series D Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (in shares)			16,000			16,000
Preferred shares, gross proceeds			$ 400			$ 400
Dividend rate			7.00%
Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (in shares)			4,400			4,400
Preferred shares, gross proceeds			$ 110			$ 110
Dividend rate			7.00%
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (in shares)		16,000
Preferred shares, gross proceeds		$ 400
Dividend rate		7.00%
Preferred shares, par value (in dollars per share)		$ 1.00
Preferred shares, liquidation preference (in dollars per share)		$ 25,000
Public Stock Offering \| Series D Preferred Shares \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)				$ 25,000
Public Stock Offering \| Series D Preferred Stock Depositary Share
Class of Stock [Line Items]
Preferred shares, issued (in shares)		16,000,000
Depositary shares, proportionate interest per share		0.001
Preferred shares, liquidation preference (in dollars per share)		$ 25.00
Public Stock Offering \| Series D Preferred Stock Depositary Share \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)				$ 25.00
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, issued (in shares)	4,400
Preferred shares, gross proceeds	$ 110
Dividend rate	7.00%
Preferred shares, par value (in dollars per share)	$ 1.00
Preferred shares, liquidation preference (in dollars per share)	$ 25,000
Public Stock Offering \| Series E Preferred Shares \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)					$ 25,000
Public Stock Offering \| Series E Preferred Stock Depositary Share
Class of Stock [Line Items]
Preferred shares, issued (in shares)	4,400,000
Depositary shares, proportionate interest per share	0.001
Preferred shares, liquidation preference (in dollars per share)	$ 25.00
Public Stock Offering \| Series E Preferred Stock Depositary Share \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)					$ 25.00

Shareholders' Equity - Dividends on Preferred Shares (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Jun. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 01, 2028
Class of Stock [Line Items]
Total dividends paid			$ 36	$ 36	$ 36
Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate			7.00%
Total dividends paid			$ 28	28	28
Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate			7.00%
Total dividends paid			$ 8	$ 8	$ 8
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate		7.00%
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate	7.00%
LIBOR \| Public Stock Offering \| Series D Preferred Shares \| Forecast
Class of Stock [Line Items]
Basis spread on variable rate						4.015%

Shareholders' Equity - Tax Effect (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before Tax Amount	$ (580)	$ (105)	$ 79
Tax (Expense) Benefit	6	7	(6)
Total other comprehensive (loss) income	(574)	(98)	73
Unrealized (losses) gains on fixed income securities, AFS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	(689)	(112)	116
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	28	10	(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	83	(7)	(20)
Reclassification to earnings on disposal of subsidiary	0	0	(15)
Before reclassifications, tax	8	6	(11)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	0	0	0
Reclassification adjustment for net realized (gains) losses included in net earnings	(2)	1	2
Reclassification to earnings on disposal of subsidiary	0	0	3
Before reclassifications, net of tax amount	(681)	(106)	105
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	28	10	(1)
Reclassification adjustment for net realized (gains) losses included in net earnings	81	(6)	(18)
Reclassification to earnings on disposal of subsidiary	0	0	(12)
Currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	0	2	(2)
Before reclassifications, tax	0	0	0
Before reclassifications, net of tax amount	0	2	(2)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Before reclassifications and tax	(2)	2	1
Before reclassifications, tax	0	0	0
Before reclassifications, net of tax amount	$ (2)	$ 2	$ 1

Shareholders' Equity - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net earnings from discontinued operations, net of income taxes									$ 0	$ 0	$ 16
Income tax expense	$ 16	$ (8)	$ 4	$ 0	$ (14)	$ (10)	$ (9)	$ 6	12	(27)	(24)
Net (loss) earnings	235	(466)	(467)	(247)	131	(181)	398	205	(945)	553	1,731
General and administrative expenses	$ 97	$ 66	$ 83	$ 85	$ 98	$ 93	$ 93	$ 83	331	367	502
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net (loss) earnings									(107)	(7)	31
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized (losses) gains on fixed income securities, AFS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized losses									(111)	(6)	19
Net earnings from discontinued operations, net of income taxes									0	0	17
Total before tax									(111)	(6)	36
Income tax expense									2	(1)	(5)
Net (loss) earnings									(109)	(7)	31
Reclassification out of Accumulated Other Comprehensive Income \| Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
General and administrative expenses									$ 2	$ 0	$ 0

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net (loss) earnings from continuing operations									$ (906)	$ 502	$ 1,716
Net earnings from discontinued operations									0	0	7
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 227	$ (432)	$ (434)	$ (267)	$ 120	$ (189)	$ 386	$ 185	$ (906)	$ 502	$ 1,723
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)									17,207,229	19,821,259	21,551,408
Effect of dilutive securities:
Share-based compensation plans (in shares)									115,901	225,213	208,293
Warrants (in shares)									0	80,659	58,593
Weighted-average ordinary shares outstanding - diluted (in shares)									17,323,130	20,127,131	21,818,294
Basic:
Net (loss) earnings from continuing operations (in dollars per share)									$ (52.65)	$ 25.33	$ 79.60
Net earnings from discontinued operations (in dollars per share)									0	0	0.35
Net (loss) earnings per ordinary share (in dollars per share)	$ 13.34	$ (25.45)	$ (25.14)	$ (15.25)	$ 6.74	$ (10.30)	$ 17.84	$ 8.58	(52.65)	25.33	79.95
Diluted:
Net (loss) earnings from continuing operations (in dollars per share)									(52.65)	24.94	78.62
Net earnings from discontinued operations (in dollars per share)									0	0	0.35
Net (loss) earnings per ordinary share (in dollars per share)	$ 13.26	$ (25.45)	$ (25.14)	$ (15.25)	$ 6.66	$ (10.30)	$ 17.68	$ 8.47	$ (52.65)	$ 24.94	$ 78.97
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant exercise (in shares)										89,590
Non-Voting Convertible Ordinary Series C Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants outstanding (in shares)					175,901					175,901
Warrants, exercise price (in dollars per share)					$ 115.00					$ 115.00
Warrant exercise (in shares)										89,590

Share-Based Compensation - Compensation Costs for Share-based Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 10	$ 28	$ 28
Tax benefit	1	3	3
Restricted shares and restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	10	7	8
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	(8)	13	13
Joint share ownership plan expense \| Employee share purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	8	5	4
Other share-based compensation plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 0	$ 3	$ 3
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)	1,739,654
Employee Share Repurchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)	200,000

Share-Based Compensation - Restricted Shares and Restricted Share Units (Details) - Restricted shares and restricted share units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of Shares
Nonvested — January 1 (in shares)	92,658
Granted (in shares)	63,460
Vested (in shares)	(40,764)
Forfeited (in shares)	(1,220)
Nonvested — December 31 (in shares)	114,134
Weighted-Average Share Price
Nonvested - January 1 (in dollars per share)	$ 200.44
Granted (in dollars per share)	245.63
Vested (in dollars per share)	191.18
Forfeited (in dollars per share)	212.50
Nonvested - December 31 (in dollars per share)	$ 228.75
Unrecognized compensation cost	$ 18
Unrecognized compensation cost, period of recognition	1 year 7 months 6 days

Share-Based Compensation - Performance Share Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			24 Months Ended	36 Months Ended	48 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2022
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Criteria: Average Annual Operating ROE
Unrecognized compensation cost	$ 7			$ 7	$ 7	$ 7
Unrecognized compensation cost, period of recognition	9 months 18 days
Number of Shares
Nonvested — January 1 (in shares)	183,092
Granted (in shares)	30,200
Increase for above target vest (in shares)	(110,452)
Vested (in shares)	(40,942)
Forfeited (in shares)	(1,828)
Nonvested — December 31 (in shares)	60,070	183,092		60,070	60,070	60,070
Weighted-Average Share Price
Nonvested - January 1 (in dollars per share)	$ 185.97
Granted (in dollars per share)	259.35
Increase for above target vest (in dollars per share)	196.26
Vested (in dollars per share)	166.46
Forfeited (in dollars per share)	213.79
Nonvested - December 31 (in dollars per share)	$ 216.15	$ 185.97		$ 216.15	$ 216.15	$ 216.15
Performance share units, FDBVPS
Number of Shares
Granted (in shares)						123,396
Increase for above target vest (in shares)						(70,472)
Vested (in shares)						(23,388)
Forfeited (in shares)						(14,694)
Nonvested — December 31 (in shares)	14,842			14,842	14,842	14,842
Performance share units, Average Operating ROE
Number of Shares
Granted (in shares)						70,349
Increase for above target vest (in shares)						12,972
Vested (in shares)						(23,519)
Forfeited (in shares)						(14,574)
Nonvested — December 31 (in shares)	45,228			45,228	45,228	45,228
Performance Target One \| Performance share units \| Minimum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	100.00%
Performance Target One \| Performance share units \| Maximum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	150.00%
Performance Target Two \| Performance share units \| Minimum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	60.00%
Performance Target Two \| Performance share units \| Maximum
Performance Criteria: Average Annual Operating ROE
Share settlement percentage	100.00%
2019 Awards \| Performance share units, FDBVPS
Performance Criteria: Change in FDBVPS (3 year)
Threshold	20.00%
Target	30.00%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (in shares)						18,308
Increase for above target vest (in shares)						6,639
Vested (in shares)						(21,404)
Forfeited (in shares)						(3,543)
Nonvested — December 31 (in shares)	0			0	0	0
2019 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	150.00%
2019 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (in shares)						18,308
Increase for above target vest (in shares)						6,616
Vested (in shares)						(21,386)
Forfeited (in shares)						(3,538)
Nonvested — December 31 (in shares)	0			0	0	0
2019 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	150.00%
2020 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Performance multiplier, target change	32.50%
Performance multiplier	0.00%	150.00%	100.00%
Number of Shares
Granted (in shares)					22,591
Increase for above target vest (in shares)					(12,656)
Vested (in shares)					(1,328)
Forfeited (in shares)					(8,607)
Nonvested — December 31 (in shares)	0			0	0	0
2020 Awards \| Performance share units, FDBVPS \| Tranche Two
Performance Criteria: Change in FDBVPS (3 year)
Threshold	33.10%
Target	36.80%
Target +	44.30%
Maximum	52.10%
Performance Multiplier Levels Per Award Agreements
Threshold	50.00%
Target	100.00%
Target +	150.00%
Maximum	200.00%
Number of Shares
Granted (in shares)					52,948
Increase for above target vest (in shares)					(52,948)
Vested (in shares)					0
Forfeited (in shares)					0
Nonvested — December 31 (in shares)	0			0	0	0
2020 Awards \| Performance share units, FDBVPS \| Tranche Three
Performance Criteria: Average Annual Operating ROE
Performance multiplier, target change	36.80%
Performance multiplier	0.00%	150.00%	100.00%
2020 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (in shares)					22,560
Increase for above target vest (in shares)					6,356
Vested (in shares)					(1,461)
Forfeited (in shares)					(8,511)
Nonvested — December 31 (in shares)	18,944			18,944	18,944	18,944
2020 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	100.00%
2021 Awards \| Performance share units, FDBVPS
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (in shares)				14,429
Increase for above target vest (in shares)				(11,507)
Vested (in shares)				(645)
Forfeited (in shares)				(2,277)
Nonvested — December 31 (in shares)	0			0	0	0
2021 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	0.00%	100.00%
2021 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (in shares)				14,401
Increase for above target vest (in shares)				0
Vested (in shares)				(645)
Forfeited (in shares)				(2,275)
Nonvested — December 31 (in shares)	11,481			11,481	11,481	11,481
2021 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	100.00%	100.00%
2022 Awards \| Performance share units, FDBVPS
Performance Criteria: Change in FDBVPS (3 year)
Threshold	16.60%
Target	22.60%
Maximum	28.60%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (in shares)	15,120
Increase for above target vest (in shares)	0
Vested (in shares)	(11)
Forfeited (in shares)	(267)
Nonvested — December 31 (in shares)	14,842			14,842	14,842	14,842
2022 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	100.00%
2022 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	8.00%
Target	10.50%
Maximum	13.00%
Number of Shares
Granted (in shares)	15,080
Increase for above target vest (in shares)	0
Vested (in shares)	(27)
Forfeited (in shares)	(250)
Nonvested — December 31 (in shares)	14,803			14,803	14,803	14,803
2022 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	100.00%

Share-Based Compensation - Joint Share Ownership Plan (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Jan. 20, 2025	Jul. 01, 2022	Jan. 21, 2020	Jan. 01, 2020	Dec. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Performance Condition Period				5 years
Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			565,630
Shares issued, price per share (in dollars per share)			$ 205.89
Percentage of award subject to performance condition					20.00%
Grant date fair value (in dollars per share)		$ 27.25	24.13
Hurdle price per share (in dollars per share)		$ 315.53	$ 266.00
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average volatility					35.20%	18.70%
Weighted-average risk-free interest rate					2.80%	1.60%
Dividend yield					0.00%	0.00%
Unrecognized compensation cost					$ 13
Unrecognized compensation cost, period of recognition					2 years 1 month 6 days
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			565,630
Chief Executive Officer \| Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value		$ 15	$ 14
Forecast \| Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volume weighted average price per share, days	10 days
Consecutive trading days	10 days

Share-Based Compensation - Other Share-Based Compensation Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Maximum share value	$ 21,250
Deferred compensation and ordinary share plan for non-employee directors \| Director \| Share-based compensation plans
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted share units credited to the accounts of non-employee directors (in shares)	6,438	5,092	7,204
Joint share ownership plan expense \| Employee share purchase plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Discount rate from market price	15.00%
Maximum subscription rate	15.00%
Stock issued to employees (in shares)	9,025	9,432	16,914

Income Taxation - Earnings before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic (Bermuda)	$ (710)	$ 430	$ 1,505
Foreign	(247)	150	234
Total (losses) earnings before income taxes and earnings from equity method investments attributable to continuing operations	$ (957)	$ 580	$ 1,739

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 940
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Income Taxation - Tax Expense for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Domestic (Bermuda)									$ 0	$ 0	$ 0
Foreign									0	6	15
Total current tax expense									0	6	15
Deferred:
Domestic (Bermuda)									0	0	0
Foreign									(12)	21	9
Total deferred tax expense									(12)	21	9
Total income tax (benefit) expense attributable to continuing operations	$ (16)	$ 8	$ (4)	$ 0	$ 14	$ 10	$ 9	$ (6)	$ (12)	$ 27	$ 24

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

Income Taxation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Bermuda income taxes, statutory rate	0.00%	0.00%	0.00%
Valuation allowance	$ 181,000,000	$ 129,000,000
Increase (decrease) in valuation allowance	52,000,000
Unrecognized tax benefits	0	0	$ 0
Accrued interest and penalties related to unrecognized tax benefits	$ 0	$ 0	$ 0

Income Taxation - Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
(Losses) earnings before income taxes	$ (957)	$ 580	$ 1,739
Bermuda income taxes at statutory rate	0.00%	0.00%	0.00%
Foreign income tax rate differential	4.60%	5.40%	1.30%
Change in valuation allowance	(3.90%)	1.60%	0.10%
Effect of change in foreign income tax rate	0.10%	(1.20%)	0.00%
Other	0.50%	(1.10%)	0.00%
Effective income tax rate	1.30%	4.70%	1.40%

Income Taxation - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 214	$ 166
Capital loss carryforwards	3	0
Insurance reserves	14	17
Provisions for bad debt	3	3
Defendant A&E liabilities	94	98
Unrealized losses on investments	40	0
Lloyd’s underwriting result in future periods	5	0
Other deferred tax assets	18	27
Deferred tax assets	391	311
Valuation allowance	(181)	(129)
Deferred tax assets, net of valuation allowance	210	182
Deferred tax liabilities:
Unrealized gains on investments	0	(17)
Lloyd's underwriting result in future periods	0	(19)
Total other deferred tax liabilities	(69)	(23)
Deferred tax liabilities	(69)	(59)
Net deferred tax asset	141	123
Fair value and other basis differences
Deferred tax liabilities:
Total other deferred tax liabilities	(62)	(17)
Other deferred tax liabilities
Deferred tax liabilities:
Total other deferred tax liabilities	$ (7)	$ (6)

Income Taxation - Deferred Tax Ending Balance (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net deferred tax asset	$ 141	$ 123
Australia
Segment Reporting Information [Line Items]
Net deferred tax asset	4	1
United States
Segment Reporting Information [Line Items]
Net deferred tax asset	164	151
United Kingdom
Segment Reporting Information [Line Items]
Net deferred tax liability	$ (27)	$ (29)

Income Taxation - Net Operating and Capital Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Net Operating Loss Carryforwards:
Tax effect	$ 214	$ 166
Foreign Tax Authority \| United States
Net Operating Loss Carryforwards:
Loss Carryforwards, subject to expiration	493
Loss Carryforwards, not subject to expiration	68
Tax effect, subject to expiration	104
Tax effect, not subject to expiration	14
Capital Loss Carryforwards:
Loss Carryforwards, subject to expiration	14
Tax effect, subject to expiration	3
Foreign Tax Authority \| United Kingdom
Net Operating Loss Carryforwards:
Loss Carryforwards	290
Tax effect	72
Foreign Tax Authority \| Luxembourg
Net Operating Loss Carryforwards:
Loss Carryforwards	33
Tax effect	8
Foreign Tax Authority \| Other
Net Operating Loss Carryforwards:
Loss Carryforwards	68
Tax effect	$ 16

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Short-term and fixed maturity investments, available for sale	$ 5,261	$ 5,686
Equity investments	1,250	1,995
Other investments, at fair value	3,296	2,333
Equity method investments	397	493
Total investments	14,628	17,276
Cash and cash equivalents	822	1,646	$ 901
Restricted cash and cash equivalents	508	446	472
Reinsurance balances recoverable on paid and unpaid losses	275	432
Funds held by reinsured companies	3,582	2,340
Other assets	648	620
LIABILITIES
Losses and LAE	13,007	13,258	10,593	$ 9,868
Insurance and reinsurance balances payable	100	254
Other liabilities	462	581
Redeemable noncontrolling interest	168	179	$ 365
Fixed maturities
ASSETS
Short-term and fixed maturity investments, available for sale	5,223	5,652
Fixed maturities, trading, at fair value	2,370	3,756
Other investments
LIABILITIES
Unfunded commitments	1,800
Private equity funds
ASSETS
Other investments, at fair value	1,282	752
Short-term Investments
ASSETS
Short-term and fixed maturity investments, available for sale	38	34
Fixed maturities, trading, at fair value	14	6
Stone Point \| Other investments
LIABILITIES
Unfunded commitments	145
Stone Point \| Private equity funds
LIABILITIES
Unfunded commitments	13
Affiliated entity \| Stone Point
ASSETS
Equity investments	148	153
Other investments, at fair value	467	563
Total investments	1,148	1,170
Cash and cash equivalents	37	14
LIABILITIES
Net assets (liabilities)	1,185	1,184
Redeemable noncontrolling interest	161	172
Affiliated entity \| Stone Point \| Fixed maturities
ASSETS
Short-term and fixed maturity investments, available for sale	447	332
Fixed maturities, trading, at fair value	85	122
Affiliated entity \| Stone Point \| Short-term Investments
ASSETS
Short-term and fixed maturity investments, available for sale	1
Affiliated entity \| AnglePoint HK
ASSETS
Other investments, at fair value		9
Total investments		9
LIABILITIES
Net assets (liabilities)		9
Affiliated entity \| Northshore
ASSETS
Equity investments	37	37
Other investments, at fair value	14	14
Total investments	210	232
Cash and cash equivalents	20	27
Restricted cash and cash equivalents	2	4
Reinsurance balances recoverable on paid and unpaid losses	36	63
Funds held by reinsured companies	31	35
Other assets	21	28
LIABILITIES
Losses and LAE	183	226
Insurance and reinsurance balances payable	22	63
Other liabilities	76	63
Net assets (liabilities)	39	37
Affiliated entity \| Northshore \| Fixed maturities
ASSETS
Short-term and fixed maturity investments, available for sale		1
Fixed maturities, trading, at fair value	148	180
Affiliated entity \| Northshore \| Short-term Investments
ASSETS
Short-term and fixed maturity investments, available for sale	11
Affiliated entity \| Monument
ASSETS
Equity method investments	110	194
Total investments	110	194
LIABILITIES
Net assets (liabilities)	110	194
Affiliated entity \| AmTrust
ASSETS
Equity investments	190	224
Total investments	190	224
LIABILITIES
Net assets (liabilities)	190	224
Affiliated entity \| Citco
ASSETS
Equity method investments	60	56
Total investments	60	56
LIABILITIES
Net assets (liabilities)	60	56
Affiliated entity \| Core Specialty
ASSETS
Equity method investments	211	225
Total investments	211	225
Reinsurance balances recoverable on paid and unpaid losses	2	2
Funds held by reinsured companies	25	41
Other assets	5	13
LIABILITIES
Losses and LAE	334	504
Insurance and reinsurance balances payable	11	5
Net assets (liabilities)	(102)	(228)
Affiliated entity \| Other
ASSETS
Other investments, at fair value	1,918	1,278
Equity method investments	16
Total investments	1,934	1,278
LIABILITIES
Net assets (liabilities)	$ 1,934	$ 1,278

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 21, 2021
Related Party Transaction [Line Items]
Net premiums earned	$ 14	$ 4	$ 14	$ 34	$ 41	$ 52	$ 59	$ 93	$ 66	$ 245	$ 572
Net investment income	153	116	106	80	81	93	76	62	455	312	303
Net realized (losses) gains	(24)	(36)	(38)	(37)	(62)	6	6	(11)	(135)	(61)	19
Net unrealized (losses) gains	39	(546)	(591)	(381)	68	(280)	400	(10)	(1,479)	178	1,623
Net incurred losses and LAE	(271)	(128)	(146)	(163)	(133)	(51)	17	(64)	(708)	(231)	373
Acquisition costs	3	0	12	8	7	11	5	34	23	57	171
General and administrative expenses	97	66	83	85	98	93	93	83	331	367	502
(Losses) earnings from equity method investments	(86)	(20)	1	31	(8)	(14)	(3)	118	(74)	93	239
NET (LOSS) EARNINGS	$ 235	$ (466)	$ (467)	$ (247)	$ 131	$ (181)	$ 398	$ 205	(945)	553	1,731
AnglePoint HK \| InRe Fund
Related Party Transaction [Line Items]
Management and performance fees										16
Minimum performance fee										10
Operating expense reimbursement										6
Affiliated entity \| Stone Point
Related Party Transaction [Line Items]
Net investment income									16	21	16
Net unrealized (losses) gains									(80)	83	24
Income									(64)	104	40
Expenses									0	0	0
NET (LOSS) EARNINGS									(64)	104	40
Affiliated entity \| Hillhouse
Related Party Transaction [Line Items]
Net realized (losses) gains										77
Net unrealized (losses) gains										20	1,288
Income										97	1,288
Expenses										0	0
NET (LOSS) EARNINGS										97	1,288
Performance fee waived												$ 100
Management and performance fees											489
Affiliated entity \| AnglePoint HK
Related Party Transaction [Line Items]
Net investment income										(13)
Net unrealized (losses) gains										(69)
Income										(82)
Expenses										0
NET (LOSS) EARNINGS										(82)
Affiliated entity \| Northshore
Related Party Transaction [Line Items]
Net premiums earned									9	58
Net investment income									10	3
Net unrealized (losses) gains									(10)
Other income									1	(15)
Income									10	46
Net incurred losses and LAE									10	18
Acquisition costs										13
General and administrative expenses										10
Expenses									10	41
NET (LOSS) EARNINGS									0	5
Affiliated entity \| Monument
Related Party Transaction [Line Items]
Income									0	0	0
Expenses									0	0	0
(Losses) earnings from equity method investments									(65)	14	88
NET (LOSS) EARNINGS									(65)	14	88
Affiliated entity \| AmTrust
Related Party Transaction [Line Items]
Net investment income									6	6	7
Net unrealized (losses) gains									(34)	(6)	(11)
Income									(28)	0	(4)
Expenses									0	0	0
NET (LOSS) EARNINGS									(28)	0	(4)
Affiliated entity \| Citco
Related Party Transaction [Line Items]
Income									0	0	0
Expenses									0	0	0
(Losses) earnings from equity method investments									5	4	2
NET (LOSS) EARNINGS									5	4	2
Affiliated entity \| EnhanzedRe
Related Party Transaction [Line Items]
Net premiums earned										(2)
Net investment income										(4)	(4)
Net unrealized (losses) gains											(1)
Other income										2	3
Income										(4)	(2)
Net incurred losses and LAE											6
Acquisition costs										(1)
Expenses										(1)	6
(Losses) earnings from equity method investments										82	147
NET (LOSS) EARNINGS										79	139
Change in unrealized losses on AFS investments											(3)
Affiliated entity \| Core Specialty
Related Party Transaction [Line Items]
Net premiums earned									2	8
Other income									9	15
Income									11	23
Net incurred losses and LAE									(16)	(32)
Acquisition costs										(6)
Expenses									(16)	(38)
(Losses) earnings from equity method investments									(14)	(6)
NET (LOSS) EARNINGS									13	55
Affiliated entity \| Other
Related Party Transaction [Line Items]
Net investment income									4	3
Net unrealized (losses) gains									(64)	136	76
Income									(60)	139	76
Expenses									0	0	0
NET (LOSS) EARNINGS									$ (60)	$ 139	$ 76

Related Party Transactions - Stone Point (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Redeemable noncontrolling interest	$ 168.0	$ 179.0	$ 365.0
Affiliated entity
Related Party Transaction [Line Items]
Investments in funds	500.0
Stone Point \| Affiliated entity
Related Party Transaction [Line Items]
Redeemable noncontrolling interest	$ 161.0	$ 172.0
Stone Point \| Affiliated entity
Related Party Transaction [Line Items]
Voting ordinary shares acquired (in shares)	1,546,196
Voting ordinary shares acquired, percent	9.70%
Trident \| Northshore
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	77.30%
Trident \| SSHL
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	39.30%
Mitchell International \| Affiliated entity
Related Party Transaction [Line Items]
Investments in funds	$ 25.0

Related Party Transactions - Hillhouse (Details) - EnhanzedRe - USD ($) $ in Millions	Sep. 01, 2021	Sep. 30, 2021
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%	27.70%
Payments to acquire interest in subsidiaries and affiliates	$ 217
Hillhouse \| Affiliated entity
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%
Payments to acquire interest in subsidiaries and affiliates	$ 217

Related Party Transactions - Northshore (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2021
Related Party Transaction [Line Items]
Syndicate underwriting capacity percentage	25.00%
Northshore
Related Party Transaction [Line Items]
Ownership interest held by parent	54.10%	13.80%
Affiliated entity
Related Party Transaction [Line Items]
Reinsured portfolio, liability		$ 19

Related Party Transactions - Monument (Details) - Monument - Affiliated entity	12 Months Ended
	Dec. 31, 2022	Dec. 28, 2022
Related Party Transaction [Line Items]
Ownership percentage	20.00%	20.00%
Percentage of preferred shares owned	24.40%
Percentage of preferred shares owned on committed capital basis	13.70%
Stone Point Capital
Related Party Transaction [Line Items]
Percentage of preferred shares owned	6.70%
Percentage of preferred shares owned on committed capital basis	11.20%

Related Party Transactions - AmTrust (Details) - Affiliated entity	Dec. 31, 2022
Evergreen Parent L.P.
Related Party Transaction [Line Items]
Ownership of equity interest	8.70%
Evergreen Parent L.P. \| Trident Pine
Related Party Transaction [Line Items]
Ownership of equity interest	22.60%

Related Party Transactions - Citco (Details)	Dec. 31, 2022	Dec. 31, 2021
Citco \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	6.20%	6.20%
Citco \| Convertible Preferred Stock \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	15.40%	15.40%
Trident \| Affiliated entity \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners	3.40%	3.40%
Citco \| Ordinary Shares
Related Party Transaction [Line Items]
Ownership %	31.90%	31.90%

Related Party Transactions - EnhanzedRe (Details) - EnhanzedRe - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2021	Sep. 01, 2021
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%	27.70%
Payments to acquire investments	$ 217
Capital commitment assumed	$ 40	$ 40
Equity interest percentage before acquisition	47.40%	47.40%
Total equity interest, as a percentage	75.10%

Dividend Restrictions and Statutory Financial Information - Parent Company Dividends (Details)	12 Months Ended
	Dec. 31, 2022
Series D Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Series E Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Bermuda
Statutory Accounting Practices [Line Items]
Target statutory capital and surplus percent	120.00%

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Bermuda
Statutory Accounting Practices [Line Items]
Required	$ 3,031	$ 3,338
Actual	5,833	5,819
Statutory Income (Loss)	(710)	524	$ 1,851
U.K.
Statutory Accounting Practices [Line Items]
Required	619	804
Actual	848	1,247
Statutory Income (Loss)	(11)	163	43
U.S.
Statutory Accounting Practices [Line Items]
Required	161	151
Actual	434	534
Statutory Income (Loss)	(58)	23	(67)
Australia
Statutory Accounting Practices [Line Items]
Required	10	15
Actual	35	57
Statutory Income (Loss)	(1)	2	(2)
Europe
Statutory Accounting Practices [Line Items]
Required	53	99
Actual	188	182
Statutory Income (Loss)	$ (30)	$ (2)	$ (1)

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory Accounting Practices [Line Items]
Restricted net assets of consolidated subsidiaries	$ 3,900
Bermuda
Statutory Accounting Practices [Line Items]
Minimum liquidity ratio percent (not less than)	75.00%
Minimum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	15.00%
Maximum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	25.00%
Minimum solvency requirement	$ 2,800	$ 2,500
United Kingdom
Statutory Accounting Practices [Line Items]
Minimum capital requirements	229	443
United States
Statutory Accounting Practices [Line Items]
Minimum levels of risk-based capital	273	383
Liechtenstein
Statutory Accounting Practices [Line Items]
Minimum solvency requirement	$ 111	$ 57

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Funds held by reinsured companies	$ 3,582	$ 2,340
Limited Parental Guarantee
Concentration Risk [Line Items]
Total parental guarantees	2,400	2,700
Payment Guarantee
Concentration Risk [Line Items]
Total parental guarantees	850	350
Reinsurer concentration risk \| Reinsurance balances recoverable
Concentration Risk [Line Items]
Funds held by reinsured companies	5,000	4,400
United States
Concentration Risk [Line Items]
Exposure to government	945	$ 1,200
Other investments
Concentration Risk [Line Items]
Commitments, unfunded	1,800
Privately-held Equities
Concentration Risk [Line Items]
Commitments, unfunded	$ 18

Subsequent Events (Details) $ in Millions					3 Months Ended									12 Months Ended
Subsequent Events (Details) $ in Millions	Feb. 21, 2023 USD ($)	Feb. 21, 2023 AUD ($)	Dec. 28, 2022 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 23, 2023 USD ($)	Feb. 21, 2023 AUD ($)	Feb. 16, 2023 USD ($)	Jan. 01, 2023 USD ($)	Nov. 30, 2022	Dec. 31, 2019 USD ($)
Subsequent Event [Line Items]
Accumulated other comprehensive income						$ 4,797,000,000				$ 6,553,000,000				$ 4,797,000,000	$ 6,553,000,000	$ 6,850,000,000
Future policyholder benefits						1,184,000,000				1,502,000,000				1,184,000,000	1,502,000,000
Investments						14,628,000,000				17,276,000,000				14,628,000,000	17,276,000,000
Net income attributable to noncontrolling interest						(1,000,000)	$ (43,000,000)	$ (42,000,000)	$ 11,000,000	2,000,000	$ (1,000,000)	$ 3,000,000	$ 11,000,000	(75,000,000)	15,000,000	(28,000,000)
Acquired business														0	1,127,000,000	0
2022 Repurchase Program
Subsequent Event [Line Items]
Remaining repurchase amount						95,000,000								95,000,000
Accumulated Other Comprehensive (Loss) Income
Subsequent Event [Line Items]
Accumulated other comprehensive income						$ (575,000,000)				$ (16,000,000)				$ (575,000,000)	$ (16,000,000)	$ 81,000,000						$ 7,000,000
Monument \| Affiliated entity
Subsequent Event [Line Items]
Ownership %			20.00%			20.00%								20.00%
EnhanzedRe \| Allianz
Subsequent Event [Line Items]
Payments to acquire interest in subsidiaries and affiliates			$ 174,000,000
Allianz \| EnhanzedRe
Subsequent Event [Line Items]
Ownership interest held by noncontrolling owners			24.90%																		24.90%
Future policyholder benefits \| EnhanzedRe
Subsequent Event [Line Items]
Future policyholder benefits				$ 1,200,000,000			1,200,000,000
Investments				1,000,000,000			$ 1,000,000,000
Other nonrecurring income				$ 328,000,000
Forecast \| Minimum \| Accumulated Other Comprehensive (Loss) Income
Subsequent Event [Line Items]
Accumulated other comprehensive income																				$ 340,000,000
Forecast \| Maximum \| Accumulated Other Comprehensive (Loss) Income
Subsequent Event [Line Items]
Accumulated other comprehensive income																				$ 380,000,000
Forecast \| Monument
Subsequent Event [Line Items]
Net income attributable to noncontrolling interest					$ 197,000,000
Subsequent Event
Subsequent Event [Line Items]
Reinsurance coverage, percentage	80.00%																	80.00%
Additional coverage, amount	$ 136,000,000																	$ 200
Subsequent Event \| 2022 Repurchase Program
Subsequent Event [Line Items]
Increase to authorized amount																	$ 105,000,000
Remaining repurchase amount																	$ 200,000,000
Subsequent Event \| QBE
Subsequent Event [Line Items]
Loss portfolio transfer, loss reserves, net																			$ 1,900,000,000
Loss portfolio transfer, additional loss reserves, net																			$ 900,000,000
Subsequent Event \| RACQ
Subsequent Event [Line Items]
Acquired business	$ 245,000,000	$ 360

Unaudited Condensed Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME
Net premiums earned	$ 14	$ 4	$ 14	$ 34	$ 41	$ 52	$ 59	$ 93	$ 66	$ 245	$ 572
Net investment income	153	116	106	80	81	93	76	62	455	312	303
Net realized (losses) gains	(24)	(36)	(38)	(37)	(62)	6	6	(11)	(135)	(61)	19
Net unrealized losses	39	(546)	(591)	(381)	68	(280)	400	(10)	(1,479)	178	1,623
Other (losses) income	2	(4)	23	14	15	11	6	10	35	42	140
Net gain on purchase and sales of subsidiaries	0	0	0	0	11	47	0	15	0	73	3
Total income	184	(466)	(486)	(290)	154	(71)	547	159	(1,058)	789	2,660
Net incurred losses and loss adjustment expenses
Current Period	9	13	13	13	26	42	50	54	48	172	405
Prior Period	(280)	(141)	(159)	(176)	(159)	(93)	(33)	(118)	(756)	(403)	(32)
Total net incurred losses and loss adjustment expenses	(271)	(128)	(146)	(163)	(133)	(51)	17	(64)	(708)	(231)	373
Life and annuity policy benefits	0	7	6	12	(3)	0	0	0	25	(3)	0
Amortization of net deferred charge assets	20	21	21	18	17	17	15	6	80	55	39
Acquisition costs	3	0	12	8	7	11	5	34	23	57	171
General and administrative expenses	97	66	83	85	98	93	93	83	331	367	502
Interest expense	18	23	23	25	18	18	17	16	89	69	59
Net foreign exchange (gains) losses	12	(17)	(13)	3	(3)	(2)	(10)	3	(15)	(12)	16
Total expenses	(121)	(28)	(14)	(12)	1	86	137	78	(175)	302	1,160
(LOSS) EARNINGS BEFORE INCOME TAXES	305	(438)	(472)	(278)	153	(157)	410	81	(883)	487	1,500
Income tax benefit (expense)	16	(8)	4	0	(14)	(10)	(9)	6	12	(27)	(24)
Earnings (losses) from equity method investments	(86)	(20)	1	31	(8)	(14)	(3)	118	(74)	93	239
NET (LOSS) EARNINGS	235	(466)	(467)	(247)	131	(181)	398	205	(945)	553	1,731
Net (earnings) loss attributable to noncontrolling interest	1	43	42	(11)	(2)	1	(3)	(11)	75	(15)	28
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR	236	(423)	(425)	(258)	129	(180)	395	194	(870)	538	1,759
Dividends on preferred shares	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(36)	(36)	(36)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 227	$ (432)	$ (434)	$ (267)	$ 120	$ (189)	$ 386	$ 185	$ (906)	$ 502	$ 1,723
Earnings (loss) per ordinary share attributable to Enstar ordinary shareholders:
Basic (dollars per share)	$ 13.34	$ (25.45)	$ (25.14)	$ (15.25)	$ 6.74	$ (10.30)	$ 17.84	$ 8.58	$ (52.65)	$ 25.33	$ 79.95
Diluted (dollars per share)	$ 13.26	$ (25.45)	$ (25.14)	$ (15.25)	$ 6.66	$ (10.30)	$ 17.68	$ 8.47	$ (52.65)	$ 24.94	$ 78.97

Schedule I - Summary of Investments Other Than Investments in Related Parties (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 15,196
Fair Value	13,314
Amount at which shown in the balance sheet	13,314
Debt securities	9,631	$ 12,254
Equity investments	1,250	1,995
Stone Point
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Debt securities	33
Affiliated entity
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Fair value of other investments in funds or companies owned by or affiliated with related parties	500
Affiliated entity \| Trident
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	74
Affiliated entity \| Stone Point
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	64
Affiliated entity \| Northshore
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	37	$ 37
AmTrust
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	190
Equities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	930
Fair Value	875
Amount at which shown in the balance sheet	875
Other investments, at fair value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,841
Fair Value	2,841
Amount at which shown in the balance sheet	2,841
Debt Securities, Trading And Funds Held-Directly Managed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,539
Fair Value	4,359
Amount at which shown in the balance sheet	4,359
Debt Securities, Trading And Funds Held-Directly Managed \| U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	246
Fair Value	206
Amount at which shown in the balance sheet	206
Debt Securities, Trading And Funds Held-Directly Managed \| U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	60
Fair Value	46
Amount at which shown in the balance sheet	46
Debt Securities, Trading And Funds Held-Directly Managed \| Other government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	449
Fair Value	331
Amount at which shown in the balance sheet	331
Debt Securities, Trading And Funds Held-Directly Managed \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,770
Fair Value	2,273
Amount at which shown in the balance sheet	2,273
Debt Securities, Trading And Funds Held-Directly Managed \| Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	130
Fair Value	112
Amount at which shown in the balance sheet	112
Debt Securities, Trading And Funds Held-Directly Managed \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	206
Fair Value	190
Amount at which shown in the balance sheet	190
Debt Securities, Trading And Funds Held-Directly Managed \| Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	426
Fair Value	394
Amount at which shown in the balance sheet	394
Debt Securities, Trading And Funds Held-Directly Managed \| Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	235
Fair Value	221
Amount at which shown in the balance sheet	221
Debt Securities, Trading And Funds Held-Directly Managed \| Structured products
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,017
Fair Value	586
Amount at which shown in the balance sheet	586
Debt Securities, Available-for-Sale
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,886
Fair Value	5,239
Amount at which shown in the balance sheet	5,239
Debt Securities, Available-for-Sale \| U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	338
Fair Value	310
Amount at which shown in the balance sheet	310
Debt Securities, Available-for-Sale \| U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	36
Fair Value	36
Amount at which shown in the balance sheet	36
Debt Securities, Available-for-Sale \| Other government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	146
Fair Value	131
Amount at which shown in the balance sheet	131
Debt Securities, Available-for-Sale \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,466
Fair Value	3,013
Amount at which shown in the balance sheet	3,013
Debt Securities, Available-for-Sale \| Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	120
Fair Value	99
Amount at which shown in the balance sheet	99
Debt Securities, Available-for-Sale \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	407
Fair Value	362
Amount at which shown in the balance sheet	362
Debt Securities, Available-for-Sale \| Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	689
Fair Value	628
Amount at which shown in the balance sheet	628
Debt Securities, Available-for-Sale \| Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	684
Fair Value	660
Amount at which shown in the balance sheet	$ 660

Schedule II - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2018	Jun. 30, 2018
ASSETS
Equity investments	$ 1,250	$ 1,995
Cash and cash equivalents	822	1,646	$ 901
Other assets	648	620
TOTAL ASSETS	22,154	24,656
LIABILITIES
Debt obligations	1,829	1,691
Other liabilities	462	581
TOTAL LIABILITIES	17,189	17,924
SHAREHOLDERS’ EQUITY
Joint Share Ownership Plan (voting ordinary shares, held in trust 2022 and 2021: 565,630)	(1)	(1)
Additional paid-in capital	766	922
Accumulated other comprehensive income	(575)	(16)
Retained earnings	4,406	5,312
Total Enstar Shareholders’ Equity	4,701	6,323
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	22,154	24,656
Parenthetical Disclosures [Abstract]
Equities, cost	$ 1,357	$ 1,831
Common shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares, shares issued (in shares)	17,588,050	18,223,574
Ordinary shares, outstanding (in shares)	17,588,050	18,223,574	22,085,232	21,511,505
Treasury stock, ordinary shares (in shares)	565,630	565,630
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares	$ 16	$ 17
Parenthetical Disclosures [Abstract]
Common shares, par value (in dollars per share)	$ 1.00	$ 1.00
Ordinary shares, shares issued (in shares)	15,990,338	16,625,862
Ordinary shares, outstanding (in shares)	15,990,338	16,625,862	18,575,550	18,001,823
Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY
Ordinary shares	$ 1	$ 1
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (in shares)	1,192,941	1,192,941
Ordinary shares, outstanding (in shares)	1,192,941	1,192,941	2,599,672	2,599,672
Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY
Ordinary shares	$ 0
Parenthetical Disclosures [Abstract]
Ordinary shares, shares issued (in shares)	404,771	404,771
Ordinary shares, outstanding (in shares)	404,771	404,771	910,010	910,010
Series C non-voting preferred shares
SHAREHOLDERS’ EQUITY
Preferred shares	$ 0	$ 0
Treasury shares, at cost (Series C Preferred Shares 2022 and 2021: 388,571)	$ (422)	$ (422)
Parenthetical Disclosures [Abstract]
Preferred shares, issued (in shares)	388,571	388,571
Treasury stock, preferred shares (in shares)	388,571	388,571
Series D Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares	$ 400	$ 400
Parenthetical Disclosures [Abstract]
Preferred shares, issued (in shares)	16,000	16,000
Preferred shares, outstanding (in shares)	16,000	16,000
Series D Preferred Shares \| Public Stock Offering
SHAREHOLDERS’ EQUITY
Preferred shares						$ 400
Parenthetical Disclosures [Abstract]
Preferred shares, issued (in shares)						16,000
Series E Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares	$ 110	$ 110
Parenthetical Disclosures [Abstract]
Preferred shares, issued (in shares)	4,400	4,400
Preferred shares, outstanding (in shares)	4,400	4,400
Series E Preferred Shares \| Public Stock Offering
SHAREHOLDERS’ EQUITY
Preferred shares					$ 110
Parenthetical Disclosures [Abstract]
Preferred shares, issued (in shares)					4,400
Enstar Group Limited
ASSETS
Equity investments	$ 286	$ 2
Cash and cash equivalents	15	72
Balances due from subsidiaries	193	29
Investments in subsidiaries	6,003	7,904
Other assets	8	5
TOTAL ASSETS	6,505	8,012
LIABILITIES
Debt obligations	991	1,270
Balances due to subsidiaries	788	381
Other liabilities	25	38
TOTAL LIABILITIES	1,804	1,689
SHAREHOLDERS’ EQUITY
Joint Share Ownership Plan (voting ordinary shares, held in trust 2022 and 2021: 565,630)	(1)	(1)
Additional paid-in capital	766	922
Accumulated other comprehensive income	(575)	(16)
Retained earnings	4,406	5,312
Total Enstar Shareholders’ Equity	4,701	6,323
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	6,505	8,012
Parenthetical Disclosures [Abstract]
Equities, cost	273	2
Enstar Group Limited \| Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares	16	17
Enstar Group Limited \| Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY
Ordinary shares	1	1
Enstar Group Limited \| Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY
Ordinary shares	0	0
Enstar Group Limited \| Series C non-voting preferred shares
SHAREHOLDERS’ EQUITY
Preferred shares	0	0
Treasury shares, at cost (Series C Preferred Shares 2022 and 2021: 388,571)	(422)	(422)
Enstar Group Limited \| Series D Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares	400	400
Enstar Group Limited \| Series E Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares	$ 110	$ 110

Schedule II - Condensed Statements of Earnings (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME
Net investment income	$ 153	$ 116	$ 106	$ 80	$ 81	$ 93	$ 76	$ 62	$ 455	$ 312	$ 303
Net unrealized (losses) gains	39	(546)	(591)	(381)	68	(280)	400	(10)	(1,479)	178	1,623
Total income	184	(466)	(486)	(290)	154	(71)	547	159	(1,058)	789	2,660
EXPENSES
General and administrative expenses	97	66	83	85	98	93	93	83	331	367	502
Interest expense	18	23	23	25	18	18	17	16	89	69	59
Net foreign exchange losses (gains)	12	(17)	(13)	3	(3)	(2)	(10)	3	(15)	(12)	16
Total expenses	(121)	(28)	(14)	(12)	1	86	137	78	(175)	302	1,160
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR	236	(423)	(425)	(258)	129	(180)	395	194	(870)	538	1,759
Dividends on preferred shares	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(36)	(36)	(36)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 227	$ (432)	$ (434)	$ (267)	$ 120	$ (189)	$ 386	$ 185	(906)	502	1,723
Enstar Group Limited
INCOME
Net investment income									2	0	2
Net unrealized (losses) gains									13	0	0
Total income									15	0	2
EXPENSES
General and administrative expenses									24	41	46
Interest expense									70	54	52
Net foreign exchange losses (gains)									3	3	(3)
Total expenses									97	98	95
NET LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES									(82)	(98)	(93)
Equity in undistributed (losses) earnings of subsidiaries - continuing operations									(788)	636	1,836
Equity in undistributed earnings of subsidiaries - discontinued operations									0	0	16
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR									(870)	538	1,759
Dividends on preferred shares									(36)	(36)	(36)
NET (LOSS) EARNINGS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS									$ (906)	$ 502	$ 1,723

Schedule II - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Statement of Income Captions [Line Items]
NET (LOSS) EARNINGS	$ 236	$ (423)	$ (425)	$ (258)	$ 129	$ (180)	$ 395	$ 194	$ (870)	$ 538	$ 1,759
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR									(1,429)	440	1,832
Enstar Group Limited
Condensed Statement of Income Captions [Line Items]
NET (LOSS) EARNINGS									(870)	538	1,759
Other comprehensive (loss) income relating to subsidiaries, net of tax									(559)	(98)	73
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR									$ (1,429)	$ 440	$ 1,832

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

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