0001363829-23-000190 | 10-Q | XBRL Viewer

Significant New Business

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

2. SIGNIFICANT NEW BUSINESS

We define new business as material transactions, which generally take the form of reinsurance or direct business transfers, or business acquisitions.

Completed transactions

The table below sets forth a summary of new business that we have completed between January 1, 2023 and September 30, 2023:


Transaction	Consideration Received		Net Loss Reserves Assumed		DCA (1)		Type of Transaction	Remaining Limit upon Acquisition		Line of Business	Jurisdiction
	(in millions of U.S. dollars)
QBE (2)	$	1,857	$	2,036	$	179	LPT	$	838	Diversified mix of financial lines, casualty, multiline and discontinued business	North America and International
RACQ (3)	179		179		—		LPT	195		Motor vehicle Compulsory Third Party (“CTP”) liabilities	Australia





Total 2023	$	2,036	$	2,215	$	179

(1) Where the estimated ultimate losses payable exceed the consideration received at the inception of the agreement, a deferred charge asset (“DCA”) is recorded. Refer to Note 6 for additional information.

(2) Total consideration received is comprised of $1,539 million of funds held - directly managed and $344 million of restricted cash, net of consideration payable of $25 million.

(3) Total consideration received is comprised of $58 million of restricted cash, $113 million of investments and $8 million of funds held by reinsured companies.

Investments - Funds Held by Reinsured Companies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fund held by reinsurance companies, at amortized cost	$ 2,828		$ 3,538
Fair value of embedded derivative	298	$ 300	294	$ 327	$ 328	$ 347
Funds held by reinsured companies	2,871		3,582
Embedded derivatives
Debt Securities, Available-for-sale [Line Items]
Fair value of embedded derivative	$ 43	$ 42	$ 44	$ 27	$ 27	$ 27

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME
Total income (loss)	$ 161	$ (466)	$ 947	$ (1,242)
(Losses) earnings from equity method investments	(3)	(20)	22	12
Corporate and other:
Net incurred losses and loss adjustment expenses (“LAE”)	10	128	17	437
Amortization of net deferred charge assets	(34)	(21)	(75)	(60)
General and administrative expenses (1)	(91)	(66)	(265)	(234)
Interest expense	(22)	(23)	(67)	(71)
Net foreign exchange gains	23	17	24	27
Income tax benefit (expense)	7	(8)	12	(4)
Net (earnings) loss attributable to noncontrolling interests	(4)	43	(99)	74
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	38	(432)	483	(1,133)
Operating Segments
INCOME
Total income (loss)	165	(459)	954	(1,252)
Corporate and other:
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	132	(485)	861	(1,220)
Operating Segments \| Run-off
INCOME
Total income (loss)	15	3	40	46
Corporate and other:
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	(3)	15	(42)	102
Operating Segments \| Run-off \| Revision of Prior Period, Adjustment
Corporate and other:
General and administrative expenses (1)		(4)		(14)
Operating Segments \| Assumed Life
INCOME
Total income (loss)	1	2	276	17
Corporate and other:
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	1	(7)	276	15
Operating Segments \| Investments
INCOME
Total income (loss)	149	(464)	638	(1,323)
Corporate and other:
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	134	(493)	627	(1,337)
Operating Segments \| Investments \| Revision of Prior Period, Adjustment
Corporate and other:
General and administrative expenses (1)		0		2
Operating Segments \| Legacy Underwriting
INCOME
Total income (loss)	0	0	0	8
Corporate and other:
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	0	0	0	0
Corporate and other
INCOME
Total income (loss)	(4)	(7)	(7)	10
Corporate and other:
Other (expense) income	(4)	(7)	(7)	10
Net incurred losses and loss adjustment expenses (“LAE”)	(16)	78	(37)	217
Amortization of net deferred charge assets	(34)	(21)	(75)	(60)
General and administrative expenses (1)	(35)	(17)	(102)	(79)
Interest expense	(22)	(23)	(67)	(71)
Net foreign exchange gains	23	17	24	27
Income tax benefit (expense)	7	(8)	12	(4)
Net (earnings) loss attributable to noncontrolling interests	(4)	43	(99)	74
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ (94)	53	$ (378)	87
Corporate and other \| Revision of Prior Period, Adjustment
Corporate and other:
General and administrative expenses (1)		$ 4		$ 12

Defendant Asbestos and Environmental Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims

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


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	741	$	786
Defendant environmental liabilities	10		10
Estimated future expenses	33		35
Fair value adjustments	(212)		(224)
Defendant A&E liabilities	572		607

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2023 and 2022 - $5)	218		224
Fair value adjustments	(45)		(47)
Insurance balances recoverable	173		177

Net liabilities relating to defendant A&E exposures	$	399	$	430

Reconciliation of Asbestos and Environmental Liabilities

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Balance as of beginning of period	$	587	$	620	$	607	$	638

Insurance balances recoverable	(175)		(191)		(177)		(213)


Net balance as of beginning of period	412		429		430		425
Total net (paid claims) recoveries	(17)		(3)		(38)		1
Amounts recorded in other expense (income):
Reduction in estimates of ultimate net liabilities	—		—		(2)		(4)
Reduction in estimated future expenses	(1)		—		(2)		(1)
Amortization of fair value adjustments	5		1		11		6
Total other expense	4		1		7		1

Net balance as of September 30	399		427		399		427
Insurance balances recoverable	173		190		173		190
Balance as of September 30	$	572	$	617	$	572	$	617

Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

4. INVESTMENTS Short-term and Fixed Maturity Investments

Asset Types

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


	September 30, 2023
	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	$	—	$	28	$	47	$	245	$	153	$	473
U.K. government	—		—		19		41		46		106
Other government	—		3		131		263		36		433
Corporate	4		28		1,322		2,780		1,248		5,382
Municipal	—		—		46		81		47		174
Residential mortgage-backed	—		—		56		352		188		596
Commercial mortgage-backed	—		—		139		710		229		1,078
Asset-backed	—		—		144		795		269		1,208


Total fixed maturity and short-term investments	$	4	$	59	$	1,904	$	5,267	$	2,216	$	9,450


	December 31, 2022
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	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 $223 million, which includes embedded derivatives of $34 million.

Included within residential mortgage-backed securities as of September 30, 2023 were securities issued by U.S. governmental agencies with a fair value of $357 million (December 31, 2022: $360 million).

Included within commercial mortgage-backed securities as of September 30, 2023 were securities issued by U.S. governmental agencies with a fair value of $71 million (December 31, 2022: $69 million).

Contractual Maturities

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


As of September 30, 2023	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	630	$	619	6.6	%


More than one year through five years	3,145		2,922		30.9	%
More than five years through ten years	2,048		1,757		18.6	%
More than ten years	1,773		1,270		13.4	%
Residential mortgage-backed	670		596		6.3	%
Commercial mortgage-backed	1,180		1,078		11.4	%
Asset-backed	1,226		1,208		12.8	%


	$	10,672	$	9,450	100.0	%

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

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


			Gross Unrealized Gains		Gross Unrealized Losses
As of September 30, 2023	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	301	$	—	$	(28)	$	—	$	273
U.K. government	44		1		(4)		—		41
Other government	287		1		(22)		—		266
Corporate	3,239		1		(410)		(22)		2,808
Municipal	102		—		(21)		—		81
Residential mortgage-backed	407		—		(55)		—		352
Commercial mortgage-backed	776		1		(66)		(1)		710
Asset-backed	804		5		(14)		—		795


	$	5,960	$	9	$	(620)	$	(23)	$	5,326


			Gross Unrealized Gains		Gross Unrealized Losses
As of December 31, 2022	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	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 on AFS Short-term and Fixed Maturity Investments

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


	12 Months or Greater				Less Than 12 Months				Total
As of September 30, 2023	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	$	180	$	(25)	$	84	$	(3)	$	264	$	(28)
U.K. government	9		(2)		18		(2)		27		(4)
Other government	90		(15)		167		(7)		257		(22)
Corporate	1,847		(375)		904		(35)		2,751		(410)
Municipal	74		(20)		8		(1)		82		(21)
Residential mortgage-backed	251		(51)		90		(4)		341		(55)
Commercial mortgage-backed	418		(57)		237		(9)		655		(66)
Asset-backed	345		(11)		211		(3)		556		(14)


Total short-term and fixed maturity investments	$	3,214	$	(556)	$	1,719	$	(64)	$	4,933	$	(620)


	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)

As of September 30, 2023 and December 31, 2022, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 3,170 and 2,935, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 1,880 and 1,155, 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 maturities 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:


	Three Months Ended September 30,
	2023						2022
	Other government		Corporate		Commercial mortgage backed		Total		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	—	$	(22)	$	(2)	$	(24)	$	(42)	$	(42)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		—		(1)		(1)		(2)		(2)

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

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


Allowance for credit losses, end of period	$	—	$	(22)	$	(1)	$	(23)	$	(35)	$	(35)


	Nine Months Ended September 30,
	2023						2022
	Other government		Corporate		Commercial mortgage backed		Total		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(1)	$	(32)	$	—	$	(33)	$	(10)	$	(10)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(3)		(3)		(6)		(30)		(30)

Reductions for securities sold during the period	—		5		—		5		4		4

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	1		8		2		11		1		1


Allowance for credit losses, end of period	$	—	$	(22)	$	(1)	$	(23)	$	(35)	$	(35)

During the three and nine months ended September 30, 2023 and 2022, we did not have any write-offs charged against the allowance for credit losses or any recoveries of amounts previously written off.

Equity Investments

The following table summarizes our equity investments:


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Equity Investments
Publicly traded equity investments in common and preferred stocks	$	239	$	385
Exchange-traded funds	276		507
Privately held equity investments in common and preferred stocks	366		358
	$	881	$	1,250

Other Investments

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




	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Other Investments
Hedge funds	$	515	$	549
Fixed income funds	504		547
Private equity funds	1,559		1,282
Private credit funds	548		362
Equity funds	4		3
CLO equity funds	208		203
CLO equities	59		148
Real estate funds	240		202

	$	3,637	$	3,296

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.

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 September 30, 2023 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	$	—	$	—	$	—	$	—	$	43	$	43	N/A

Other investments
Hedge funds	$	515	$	—	$	—	$	—	$	—	$	515	monthly to bi-annually
Fixed income funds	377		—		—		—		58		435		monthly to quarterly
Private equity funds	—		61		—		—		1,498		1,559		quarterly for unrestricted amount
Private credit funds	—		—		—		—		426		426		N/A

CLO equity funds	175		31		—		—		2		208		quarterly to bi-annually

Real estate funds	—		—		—		—		240		240		N/A


	$	1,067	$	92	$	—	$	—	$	2,267	$	3,426

As of September 30, 2023, $39 million of our investments were subject to gates or side-pockets.

Funds Held

Funds Held - Directly Managed

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


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,216	$	1,986
Equities	68		—
Other investments	97		—

Short-term and fixed maturity investments, equities and other investments within funds held - directly managed, at fair value	2,381		1,986
Cash and cash equivalents	276		41
Other assets	21		13
Funds held - directly managed	$	2,678	$	2,040

The following table summarizes the short-term and fixed maturities and other investments, including equities components of our funds held - directly managed:


	September 30, 2023		December 31, 2022

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost, and equities and other investments, at cost	$	2,605	$	2,765
Net unrealized losses:

Accumulated change in fair value - embedded derivative	(224)		(572)
Accumulated change in fair value (1)	—		(207)
Short-term and fixed maturity investments, equities and other investments within funds held - directly managed, at fair value	$	2,381	$	1,986

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

The $638 million increase in funds held - directly managed from December 31, 2022 to September 30, 2023 was primarily driven by an LPT transaction with QBE completed during the second quarter of 2023, partially offset by the derecognition of the assets supporting the Enhanzed Re reinsurance of a closed block of life annuity policies that were novated during the first quarter of 2023.

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

Funds Held by Reinsured Companies

As of September 30, 2023 and December 31, 2022, we had funds held by reinsured companies of $2.9 billion and $3.6 billion, respectively.

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

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

The following table summarizes the components of our funds held by reinsured companies:


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Fund held by reinsurance companies, at amortized cost	$	2,828	$	3,538



Fair value of embedded derivative	43		44
Funds held by reinsured companies	$	2,871	$	3,582

Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Fixed maturity investments	$	85	$	60	$	245	$	167
Short-term investments and cash and cash equivalents	11		2		28		4
Funds held by reinsured companies	9		17		88		49
Funds held - directly managed	29		19		62		38
Investment income from fixed maturities and cash and cash equivalents	134		98		423		258
Equity investments	7		11		31		30
Other investments	8		11		31		33

Investment income from equities and other investments	15		22		62		63
Gross investment income	149		120		485		321
Investment expenses	(6)		(4)		(14)		(19)

Net investment income	$	143	$	116	$	471	$	302

Net Realized and Unrealized Gains (Losses)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Net realized losses on sales:
Gross realized gains on fixed maturity securities, AFS	$	2	$	3	$	4	$	5
Gross realized losses on fixed maturity securities, AFS	(15)		(29)		(64)		(63)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	1		3		5		(30)
	(12)		(23)		(55)		(88)

Net realized losses on funds held - directly managed	—		—		(7)		—
Net (losses) gains recognized on equity securities sold during the period	—		(11)		23		(21)

Net realized investment (losses) gains on investment derivatives	(2)		(2)		6		(2)

Total net realized losses on sales	$	(14)	$	(36)	$	(33)	$	(111)
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(22)	$	(157)	$	(24)	$	(556)
Fixed maturity securities, equities and other investments in funds held - directly managed	(46)		(238)		(42)		(517)
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	17		(82)		86		(284)
Other investments	68		(65)		180		(141)
Investment derivatives	3		(4)		—		(20)

Total net unrealized gains (losses)	$	20	$	(546)	$	200	$	(1,518)
Net realized and unrealized gains (losses)	$	6	$	(582)	$	167	$	(1,629)

The gross realized gains and losses on AFS investments for the three months ended September 30, 2023 and 2022 included in the table above resulted from sales of $316 million and $409 million, respectively. The gross realized gains and losses on AFS investments for the nine months ended September 30, 2023 and 2022 included in the table above resulted from sales of $1.3 billion and $1.4 billion, respectively.

Restricted Assets

The carrying value of our restricted assets, including restricted cash of $387 million and $508 million, as of September 30, 2023 and December 31, 2022, respectively, was as follows:


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,349	$	5,343
Assets on deposit with regulatory authorities	73		159
Collateral for secured letter of credit facilities	68		82
Funds at Lloyd's ("FAL") (1)	359		365
	$	5,849	$	5,949

(1) We managed and provided capacity for one Lloyd's syndicate as of September 30, 2023 (December 31, 2022: we managed and/or provided capacity for three Lloyd’s syndicates). Lloyd's determines the required capital principally through the use of an internal model that calculates a solvency capital requirement for each syndicate. This capital is referred to as FAL and will be drawn upon in the event that a syndicate has a loss that cannot be funded from other sources. We also utilize unsecured letters of credit for a significant portion of our FAL.

Investments - Funds Held Directly Managed Components (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Debt and Equity Securities, FV-NI [Line Items]
Cash and cash equivalents	$ 497	$ 822	$ 923
Other assets	478	576
Funds held - directly managed	2,678	2,040
Funds held - directly managed, period increase	638
Funds held - directly managed
Debt and Equity Securities, FV-NI [Line Items]
Fixed maturities, trading, at fair value	2,216	1,986
Equities	68	0
Other investments	97	0
Short-term and fixed maturity investments, equities and other investments within funds held - directly managed, at fair value	2,381	1,986
Cash and cash equivalents	276	41
Other assets	21	13
Funds held - directly managed	$ 2,678	$ 2,040

Basis of Presentation

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

Enstar Group Limited ("Enstar") is a leading global (re)insurance group that offers capital release solutions through its network of group companies. Our core focus is acquiring and managing (re)insurance companies and portfolios of (re)insurance business in run-off.

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

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

The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022.

New Accounting Standards Adopted in 2023

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

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

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

•Use upper-medium grade fixed-income instrument 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 deferred acquisition costs (“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.

We adopted ASU 2018-12 on 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. Prior to the acquisition of Enhanzed Re, we did not hold any long-duration insurance liabilities.

We recognized an increase to AOCI of $363 million to account for the impact of remeasuring our future policyholder benefits from September 1, 2021 to December 31, 2022. This measurement adjustment had the effect of reducing our long-duration insurance liabilities and was primarily driven by a change in the discount rates during 2022.

The adoption of this standard did not have a material impact on our shareholders’ equity as of the September 1, 2021 transition date, and the period between the transition date through to December 31, 2021.

Refer to Note 8 for the expanded future policyholder benefit disclosures required upon adoption of ASU 2018-12.

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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


	September 30, 2023						December 31, 2022
	Fair Value		Unfunded Commitments		Maximum Exposure to Loss		Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	54	$	—	$	54	$	52	$	—	$	52
Privately Held Equity	25		—		25		25		—		25
Total	$	79	$	—	$	79	$	77	$	—	$	77
Other investments
Hedge funds	$	515	$	—	$	515	$	549	$	—	$	549
Fixed income funds	151		36		187		277		33		310
Private equity funds	1,231		635		1,866		1,210		911		2,121
CLO equity funds	208		—		208		203		—		203
Private credit funds	271		265		536		79		149		228
Real estate funds	105		154		259		203		529		732

Total	$	2,481	$	1,090	$	3,571	$	2,521	$	1,622	$	4,143
Total investments in nonconsolidated VIEs	$	2,560	$	1,090	$	3,650	$	2,598	$	1,622	$	4,220

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Investments, available-for-sale, at fair value	$ 5,326		$ 5,261
Equities, at fair value	881		1,250
Other investments, at fair value	3,637		3,296
Equity method investments	409		397
Total investments	14,839		14,628
Cash and cash equivalents	497		822	$ 923
Restricted cash and cash equivalents	387		508	434
Reinsurance balances recoverable on paid and unpaid losses	214		275
Funds held by reinsured companies	2,871		3,582
Other assets	478		576
LIABILITIES
Losses and LAE	12,944	$ 13,834	13,007	12,835	$ 13,641	$ 13,258
Insurance and reinsurance balances payable	230		100
Other liabilities	384		462
Redeemable noncontrolling interests	183	$ 178	168	$ 166	$ 174	$ 179
Short-term Investments
ASSETS
Fixed maturities, trading, at fair value	4		14
Investments, available-for-sale, at fair value	59		38
Fixed maturity securities
ASSETS
Fixed maturities, trading, at fair value	1,904		2,370
Investments, available-for-sale, at fair value	$ 5,267		5,223
Investor \| Stone Point \| Enstar
LIABILITIES
Number of shares owned (in shares)	1,546,196
Ownership percentage	9.60%
Investor \| Stone Point
ASSETS
Equities, at fair value	$ 127		148
Other investments, at fair value	467		467
Total investments	1,002		1,148
Cash and cash equivalents	13		37
LIABILITIES
Net assets (liabilities)	1,015		1,185
Redeemable noncontrolling interests	175		161
Investor \| Stone Point \| Short-term Investments
ASSETS
Investments, available-for-sale, at fair value			1
Investor \| Stone Point \| Fixed maturity securities
ASSETS
Fixed maturities, trading, at fair value	66		85
Investments, available-for-sale, at fair value	342		447
Investor \| Stone Point \| Other investments
LIABILITIES
Unfunded investment commitments	153
Investor \| Stone Point \| Equity investments in common and preferred stocks \| Privately held
LIABILITIES
Unfunded investment commitments	12
Investee \| Northshore
ASSETS
Equities, at fair value	44		37
Other investments, at fair value			14
Total investments	44		210
Cash and cash equivalents			20
Restricted cash and cash equivalents			2
Reinsurance balances recoverable on paid and unpaid losses			36
Funds held by reinsured companies	9		31
Other assets			21
LIABILITIES
Losses and LAE	9		183
Insurance and reinsurance balances payable			22
Other liabilities			76
Net assets (liabilities)	44		39
Investee \| Northshore \| Short-term Investments
ASSETS
Investments, available-for-sale, at fair value			11
Investee \| Northshore \| Fixed maturity securities
ASSETS
Fixed maturities, trading, at fair value			148
Investee \| Monument
ASSETS
Equity method investments	102		110
Total investments	102		110
LIABILITIES
Net assets (liabilities)	102		110
Investee \| AmTrust
ASSETS
Equities, at fair value	185		190
Total investments	185		190
LIABILITIES
Net assets (liabilities)	185		190
Investee \| Citco
ASSETS
Equity method investments	63		60
Total investments	63		60
LIABILITIES
Net assets (liabilities)	63		60
Investee \| Core Specialty
ASSETS
Equity method investments	229		211
Total investments	229		211
Reinsurance balances recoverable on paid and unpaid losses			2
Funds held by reinsured companies	18		25
Other assets	5		5
LIABILITIES
Losses and LAE	222		334
Insurance and reinsurance balances payable	(14)		11
Net assets (liabilities)	44		(102)
Investee \| Other
ASSETS
Other investments, at fair value	1,646		1,918
Equity method investments	15		16
Total investments	1,661		1,934
LIABILITIES
Net assets (liabilities)	$ 1,661		$ 1,934

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Millions

Total

Ordinary Shares

Voting Ordinary Shares

Ordinary Shares

Non-Voting Convertible Ordinary Series C Shares

Ordinary Shares

Non-Voting Convertible Ordinary Series E Shares

Preferred Shares

Series C Preferred Shares

Preferred Shares

Series D Preferred Shares

Preferred Shares

Series E Preferred Shares

Treasury Shares (Series C Preferred Shares)

Series C Preferred Shares

Joint Share Ownership Plan — Voting Ordinary Shares, Held in Trust

Additional Paid-in Capital

Voting Ordinary Shares

Accumulated Other Comprehensive (Loss) Income

Cumulative currency translation adjustment

Defined benefit pension liability

Unrealized (losses) gains on available-for-sale investments

Remeasurement of future policyholder benefits - change in discount rate

Insurance contracts - net liability for losses and LAE at fair value - Instrument-specific credit risk

Retained Earnings

Noncontrolling Interests (excludes Redeemable Noncontrolling Interests)

Balance, beginning of period at Dec. 31, 2021

$ 17

$ 1

$ 0

$ 400

$ 110

$ (422)

$ (1)

$ 922

$ (16)

$ 9

$ 2

$ (27)

$ 0

^[1]

$ 0

$ 5,312

$ 230

^[1]

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

Shares repurchased

(1)

(162)

$ (4)

Amortization of share-based compensation

Acquisition of noncontrolling shareholders’ interest in subsidiary

(55)

Change in other comprehensive income (loss)

$ (353)

(2)

(651)

236

Change in net liability for losses and LAE at fair value - Instrument-specific credit risk

Net earnings (loss)

(1,133)

(1,180)

Net (earnings) loss attributable to noncontrolling interests

(69)

Dividends on preferred shares

(27)

Consolidation of noncontrolling interests

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

(8)

Balance, beginning and end of period at Sep. 30, 2022

4,785

400

110

(422)

(1)

757

(431)

(678)

236

4,179

176

Balance, beginning of period at Jun. 30, 2022

400

110

(422)

(1)

769

(355)

(503)

135

^[1]

4,611

238

^[1]

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

Shares repurchased

(1)

Amortization of share-based compensation

(11)

Acquisition of noncontrolling shareholders’ interest in subsidiary

(55)

Change in other comprehensive income (loss)

(48)

(2)

(175)

101

Change in net liability for losses and LAE at fair value - Instrument-specific credit risk

Net earnings (loss)

(432)

(466)

Net (earnings) loss attributable to noncontrolling interests

(38)

Dividends on preferred shares

(9)

Consolidation of noncontrolling interests

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

(2)

Balance, beginning and end of period at Sep. 30, 2022

4,785

400

110

(422)

(1)

757

(431)

(678)

236

4,179

176

Balance, beginning of period at Dec. 31, 2022

5,160

400

110

(422)

(1)

766

(302)

(584)

273

^[1]

4,406

186

^[1]

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

Shares repurchased

(1)

(339)

(3)

Amortization of share-based compensation

Acquisition of noncontrolling shareholders’ interest in subsidiary

(9)

(175)

Change in other comprehensive income (loss)

(356)

(9)

(273)

(90)

Change in net liability for losses and LAE at fair value - Instrument-specific credit risk

Net earnings (loss)

483

609

Net (earnings) loss attributable to noncontrolling interests

(99)

Dividends on preferred shares

(27)

Consolidation of noncontrolling interests

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

Balance, beginning and end of period at Sep. 30, 2023

4,887

400

110

(422)

(1)

455

(570)

(602)

4,889

Balance, beginning of period at Jun. 30, 2023

400

110

(422)

(1)

447

(488)

(520)

^[1]

4,851

^[1]

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

Shares repurchased

$ 0

Amortization of share-based compensation

Acquisition of noncontrolling shareholders’ interest in subsidiary

Change in other comprehensive income (loss)

(82)

Change in net liability for losses and LAE at fair value - Instrument-specific credit risk

Net earnings (loss)

Net (earnings) loss attributable to noncontrolling interests

(4)

Dividends on preferred shares

(9)

Consolidation of noncontrolling interests

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

(1)

Balance, beginning and end of period at Sep. 30, 2023

$ 4,887

$ 16

$ 0

$ 400

$ 110

$ (422)

$ (1)

$ 455

$ (570)

$ 11

$ 0

$ (602)

$ 0

$ 21

$ 4,889

$ 10

[1]

(1) Accumulated other comprehensive (loss) earnings attributable to both Enstar and our noncontrolling interests as of January 1, 2023 has been retrospectively adjusted for all applicable prior periods for the impact of adopting ASU 2018-12 on January 1, 2023. Refer to Note 8 for additional information.

Deferred Charge Assets and Deferred Gain Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
DCA
Balance at beginning of period	$ 797	$ 606	$ 658	$ 599
Recorded during the period	0	1	180	48
Amortization	(34)	(21)	(75)	(61)
Balance at end of period	763	586	763	586
DGL
Balance at beginning of period		0		1
Recorded during the period		0		0
Amortization		0		(1)
Balance at end of period		0		0
Net
Balance at beginning of period	797	606	658	598
Recorded during the period	0	1	180	48
Amortization	(34)	(21)	(75)	(60)
Balance at end of period	$ 763	$ 586	$ 763	$ 586

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

3. SEGMENT INFORMATION

Our segment structure is aligned with how our chief operating decision maker ("CODM"), who was determined to be our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Our business is organized into four reportable segments: (i) Run-off; (ii) Assumed Life; (iii) Investments; and (iv) Legacy Underwriting. In addition, our Corporate and other activities, which do not qualify as an operating segment, include income and expense items that are not directly attributable to our reportable segments.

The Assumed Life segment previously included Enhanzed Re’s life and property aggregate excess of loss (catastrophe) business. 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 which a series of commutation and novation agreements were completed which ceased any continuing reinsurance obligations for this segment. We recognized the impact of transactions that closed in the fourth quarter of 2022 in the first quarter of 2023 due to the quarter lag in reporting.

The Legacy Underwriting 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”). There is no net retention for Enstar on Atrium's 2020 and prior underwriting years. The contractual arrangements between SGL No. 1, Arden and Atrium relating to the reinsurance agreements and the Capacity Lease Agreement were settled in the second quarter of 2023. Other than the settlement of these amounts, we do not expect to record any transactions in the Legacy Underwriting segment in 2023.

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

The following table sets forth select unaudited condensed consolidated statement of earnings results by segment and our Corporate and other activities:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Income
Run-off	$	15	$	3	$	40	$	46
Assumed Life	1		2		276		17
Investments	149		(464)		638		(1,323)
Legacy Underwriting	—		—		—		8
Subtotal	165		(459)		954		(1,252)
Corporate and other	(4)		(7)		(7)		10
Total income (loss)	$	161	$	(466)	$	947	$	(1,242)

(Losses) earnings from equity method investments
Investments	$	(3)	$	(20)	$	22	$	12

Segment net earnings (loss)
Run-off (1)	$	(3)	$	15	$	(42)	$	102
Assumed Life	1		(7)		276		15
Investments (1)	134		(493)		627		(1,337)
Legacy Underwriting	—		—		—		—
Total segment net earnings (loss)	132		(485)		861		(1,220)
Corporate and other:


Other (expense) income (2)	(4)		(7)		(7)		10

Net incurred losses and loss adjustment expenses (“LAE”) (3)	(16)		78		(37)		217

Amortization of net deferred charge assets	(34)		(21)		(75)		(60)
General and administrative expenses (1)	(35)		(17)		(102)		(79)
Interest expense	(22)		(23)		(67)		(71)
Net foreign exchange gains	23		17		24		27
Income tax benefit (expense)	7		(8)		12		(4)

Net (earnings) loss attributable to noncontrolling interests	(4)		43		(99)		74
Dividends on preferred shares	(9)		(9)		(27)		(27)
Total - Corporate and other (loss) income	(94)		53		(378)		87
Net earnings (loss) attributable to Enstar Ordinary Shareholders	$	38	$	(432)	$	483	$	(1,133)

(1) Third quarter 2022 presentation of segment results include an adjustment made to correct immaterial errors related to the allocation of expenses. For the three and nine months ended September 30, 2022, Run-off segment general and administrative expenses increased by $4 million and $14 million, respectively, Investment segment general and administrative expenses decreased by $0 and $2 million, respectively, and Corporate and other activities general and administrative expenses decreased by $4 million and $12 million, respectively.

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

(3) Net incurred losses and LAE for corporate and other activities includes 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Derivatives and Hedging Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING INSTRUMENTS

5. 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.

In February 2023, we entered into a two-month forward starting receive fixed, pay floating interest rate swap with a notional value of $800 million to partially mitigate the risk that interest rates could decrease prior to our receipt of the cash consideration for the QBE LPT transaction. Following the expiration of the forward period in April 2023, we took delivery of a three-year receive fixed, pay floating interest rate swap. The notional value of the swap was subsequently partially unwound as the consideration received was invested. The swap was fully unwound in July 2023. For the three and nine months ended September 30, 2023, we recorded net realized and unrealized losses of $1 million and net realized and unrealized gains of $7 million, respectively.

From time to time, consolidated funds in which we invest may utilize credit default swaps to both hedge and replicate credit exposure and government bond futures contracts for interest rate management.

The following table presents the gross notional amounts and estimated fair values of our derivatives recorded within other assets and other liabilities on the consolidated balance sheets as of September 30, 2023 and December 31, 2022:


	September 30, 2023						December 31, 2022
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	392	$	10	$	—	$	442	$	1	$	11

Derivatives not designated as hedging instruments
Foreign currency forward contracts	301		3		4		244		5		1

Others	9		—		—		7		—		—
Total	$	702	$	13	$	4	$	693	$	6	$	12

The following table presents the net gains and losses deferred in the cumulative translation adjustment account, which is a component of AOCI in shareholders' equity, relating to our qualifying hedges and the net gains and losses included in earnings relating to our non-qualifying hedges for the three and nine months ended September 30, 2023 and 2022:


	Amount of Net Gains (Losses)
	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	15	$	39	$	3	$	91

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(4)		(5)		1		(15)
Interest rate swap	(1)		—		7		—

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net earnings (loss) attributable to Enstar ordinary shareholders:	$ 38	$ (432)	$ 483	$ (1,133)
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	15,464,824	17,013,348	15,962,910	17,269,870
Effect of dilutive securities:
Share-based compensation plans (in shares)	141,281	113,532	108,015	112,708
Weighted-average ordinary shares outstanding — diluted (in shares)	15,606,105	17,126,880	16,070,925	17,382,578
Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic (in dollars per share)	$ 2.46	$ (25.39)	$ 30.26	$ (65.61)
Diluted (in dollars per share)	$ 2.43	$ (25.39)	$ 30.05	$ (65.61)

Losses and Loss Adjustment Expenses - Change in Fair Value Option Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in provisions for ULAE	$ (19)	$ (15)	$ (37)	$ (50)
Changes in fair value - fair value option	$ 12	$ (82)	24	$ (228)
Argo
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in provisions for ULAE			$ 21

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Investments, available-for-sale, at fair value, amortized cost	$ 5,960	$ 5,908
Investments, allowance for credit losses	23	33
Equities, at cost	831	1,357
Other investments, at fair value	3,637	3,296
Allowance for estimated uncollectible reinsurance	134	131
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5
SHAREHOLDERS’ EQUITY
Common shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares issued (in shares)	16,031,203	17,588,050
Ordinary shares outstanding (in shares)	16,031,203	17,588,050
Treasury shares, voting ordinary shares, held in trust (in shares)	565,630	565,630
Primary Beneficiary
ASSETS
Other investments, at fair value	$ 63	$ 3
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	16,031,203	15,990,338
Ordinary shares outstanding (in shares)	16,031,203	15,990,338
Non-Voting Convertible Ordinary Series C Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	0	1,192,941
Ordinary shares outstanding (in shares)	0	1,192,941
Non-Voting Convertible Ordinary Series E Shares
SHAREHOLDERS’ EQUITY
Ordinary shares issued (in shares)	0	404,771
Ordinary shares outstanding (in shares)	0	404,771
Series C Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	388,571	388,571
Preferred shares held in treasury (in shares)	388,571	388,571
Series D Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	16,000	16,000
Preferred shares outstanding (in shares)	16,000	16,000
Liquidation preference	$ 400	$ 400
Series E Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	4,400	4,400
Preferred shares outstanding (in shares)	4,400	4,400
Liquidation preference	$ 110	$ 110
Short-term Investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	59	37
Fixed maturity investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	5,901	5,871
Investments, allowance for credit losses	$ 23	$ 33

Significant New Business (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Significant New Business

The table below sets forth a summary of new business that we have completed between January 1, 2023 and September 30, 2023:


Transaction	Consideration Received		Net Loss Reserves Assumed		DCA (1)		Type of Transaction	Remaining Limit upon Acquisition		Line of Business	Jurisdiction
	(in millions of U.S. dollars)
QBE (2)	$	1,857	$	2,036	$	179	LPT	$	838	Diversified mix of financial lines, casualty, multiline and discontinued business	North America and International
RACQ (3)	179		179		—		LPT	195		Motor vehicle Compulsory Third Party (“CTP”) liabilities	Australia





Total 2023	$	2,036	$	2,215	$	179

(2) Total consideration received is comprised of $1,539 million of funds held - directly managed and $344 million of restricted cash, net of consideration payable of $25 million.

(3) Total consideration received is comprised of $58 million of restricted cash, $113 million of investments and $8 million of funds held by reinsured companies.

Derivatives and Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	September 30, 2023						December 31, 2022
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	392	$	10	$	—	$	442	$	1	$	11

Derivatives not designated as hedging instruments
Foreign currency forward contracts	301		3		4		244		5		1

Others	9		—		—		7		—		—
Total	$	702	$	13	$	4	$	693	$	6	$	12


	Amount of Net Gains (Losses)
	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	15	$	39	$	3	$	91

Derivatives not designated as hedging instruments
Foreign currency forward contracts	(4)		(5)		1		(15)
Interest rate swap	(1)		—		7		—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Future Policyholder Benefits - Liability for Future Policy Benefit, Activity (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance at beginning of period	$ 0	$ 821	$ 1,183	$ 821	$ 1,502	$ 1,502
Interest accretion and other policyholder benefit expenses	0		7	0	25
Benefits paid	0		(12)	(6)	(42)
Recapture of assumed liabilities by ceding company	0		0	0	(34)
Terminations (surrenders)	0		(3)	0	(13)
Effect of exchange rate movement	0		(70)	13	(137)
Derecognition	0		0	(828)	0
Effect of changes in discount rate	0		(134)	0	(314)
Other	0		0	0	(16)
Balance at end of period	0		971	0	971
Liability for Future Policy Benefit, Activity [Line Items]
Reclassification of remeasurement of future policyholder benefits from AOCI and NCI	$ 0	363	$ 0	$ 363	$ 0	363
Reclassification benefit related to NCI		$ 90
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefit, expected future policy benefit, cumulative increase (decrease) from cash flow change						$ 363	$ 0

Shareholders' Equity - Shares Repurchased (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Feb. 28, 2023	May 31, 2022	Nov. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)		1,597,712
Share Repurchase Programs
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)			697,580
Average price per ordinary share (in dollars per share)			$ 233.92
Aggregate purchase price of shares repurchased			$ 163,000,000
2021 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)			227,383
Average price per ordinary share (in dollars per share)			$ 257.03
Aggregate purchase price of shares repurchased			$ 58,000,000
Repurchase authorized amount							$ 100,000,000
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Ordinary shares repurchased (in shares)	0		470,197
Average price per ordinary share (in dollars per share)			$ 222.74
Aggregate purchase price of shares repurchased			$ 105,000,000	$ 95,000,000
Repurchase authorized amount					$ 105,000,000	$ 200,000,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

OPERATING ACTIVITIES:

Net earnings (loss)

$ 609

$ (1,180)

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

Realized losses on investments

111

Unrealized (gains) losses on investments

(200)

1,518

Amortization of net deferred charge assets

Depreciation and other amortization

(1)

Net gain on Enhanzed Re novation

(275)

Cash consideration for the Enhanzed Re novation

Earnings from equity method investments

(22)

(12)

Sales and maturities of trading securities

1,447

3,124

Purchases of trading securities and funds held - directly managed

(2,228)

(1,551)

Other adjustments

(11)

Changes in:

Reinsurance balances recoverable on paid and unpaid losses

145

329

Funds held by reinsured companies

689

(1,387)

Losses and loss adjustment expenses

(10)

(284)

Defendant asbestos and environmental liabilities

(35)

(21)

Insurance and reinsurance balances payable

164

(98)

Other operating assets and liabilities

(171)

(336)

Net cash flows provided by operating activities

303

340

INVESTING ACTIVITIES:

Sales and maturities of available-for-sale securities

1,571

1,704

Purchase of available-for-sale securities

(1,589)

(1,714)

Purchase of other investments

(610)

(1,379)

Proceeds from other investments

424

319

Other investing activities

Net cash flows used in investing activities

(193)

(1,064)

FINANCING ACTIVITIES:

Dividends on preferred shares

(27)

Dividends paid to redeemable noncontrolling interest

(55)

Acquisition of noncontrolling shareholders’ interest in subsidiary

(175)

Repurchase of shares

(340)

(163)

Issuance of debt, net of issuance costs

^[1]

494

Repayment of debt

^[1]

(280)

Net cash flows used in financing activities

(542)

(31)

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

(14)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(446)

(735)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

1,330

2,092

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

884

1,357

Supplemental Cash Flow Information:

Income taxes paid, net of refunds

Interest paid

Reconciliation to Consolidated Balance Sheets:

Cash and cash equivalents

497

923

Restricted cash and cash equivalents

387

434

Cash, cash equivalents and restricted cash

884

1,357

Non-cash operating activities:

Novation of future policy holder benefits

828

Funds held directly managed transferred in exchange on novation of future policy holder benefits

(949)

Other assets / liabilities transferred on novation of future policy holder benefits

(62)

Losses and loss adjustment expenses transferred in connection with settlement of participation in Atrium's Syndicate 609

173

Investments transferred in connection with settlement of participation in Atrium's Syndicate 609

(173)

Non-cash investing activities:

Unsettled purchases of available-for-sale securities and other investments

Unsettled sales of available-for-sale securities and other investments

(11)

(3)

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

$ 113

$ 0

[1]	(1) We borrowed and fully repaid $150 million of loans under our revolving credit facility during the first quarter of 2023.

Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Before Tax Amount
Other comprehensive loss	$ (85)	$ (52)	$ (359)	$ (362)
Tax (Expense) Benefit
Other comprehensive loss	3	4	3	9
Net of Tax Amount
Total other comprehensive loss	(82)	(48)	(356)	(353)
Unrealized losses on fixed maturities, AFS arising during the period
Before Tax Amount
Before reclassifications	(97)	(208)	(74)	(763)
Tax (Expense) Benefit
Before reclassifications	3	4	3	9
Net of Tax Amount
Before reclassifications	(94)	(204)	(71)	(754)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings
Before Tax Amount
Reclassification from AOCI	(1)	(3)	(5)	29
Net of Tax Amount
Reclassification from AOCI	(1)	(3)	(5)	29
Reclassification adjustment for net realized losses included in net earnings
Before Tax Amount
Reclassification from AOCI	13	27	60	58
Net of Tax Amount
Reclassification from AOCI	$ 13	27	60	58
Change in currency translation adjustment
Before Tax Amount
Before reclassifications			2	2
Net of Tax Amount
Before reclassifications			2	2
Decrease in defined benefit pension liability
Before Tax Amount
Before reclassifications		(2)		(2)
Net of Tax Amount
Before reclassifications		(2)		(2)
Reclassification adjustment of future policyholder benefits
Before Tax Amount
Before reclassifications		134		314
Reclassification from AOCI			(363)
Net of Tax Amount
Before reclassifications		$ 134		$ 314
Reclassification from AOCI			(363)
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk
Before Tax Amount
Before reclassifications			21
Net of Tax Amount
Before reclassifications			$ 21

Fair Value Measurements - Senior and Subordinated Notes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 1,831	$ 1,829
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	991
Fair Value	837
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	840
Fair Value	$ 707
4.95% Senior Notes due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.95%
Carrying Value	$ 496
Fair Value	$ 461
3.10% Senior Notes due 2031 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	3.10%
Carrying Value	$ 495
Fair Value	$ 376
5.75% Junior Subordinated Notes due 2040 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.75%
Carrying Value	$ 346
Fair Value	$ 307
5.50% Junior Subordinated Notes due 2042 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%
Carrying Value	$ 494
Fair Value	$ 400

Future Policyholder Benefits

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

FUTURE POLICYHOLDER BENEFITS

8. 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.

We adopted 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. The effects of the adoption as of the transition date and through December 31, 2021 were not material, primarily due to the overall consistency of the interest rate assumption that was previously established based on investment yields (net of related investment expenses) expected as of September 1, 2021 compared to the upper-medium grade fixed-income instrument yield, as applied under ASU 2018-12, as of the same dates.

The assumed liabilities for future policyholder benefits are comprised primarily of in-payment annuity contract liabilities, which are classified as limited-payment contracts. The balances of and changes in liability for future policyholder benefits is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Beginning Balance (1)	$	—	$	1,183	$	821	$	1,502



Interest accretion and other policyholder benefit expenses	—		7		—		25
Benefits paid	—		(12)		(6)		(42)
Recapture of assumed liabilities by ceding company	—		—		—		(34)
Terminations (surrenders)	—		(3)		—		(13)
Effect of exchange rate movement	—		(70)		13		(137)
Derecognition (2)	—		—		(828)		—
Effect of changes in discount rate	—		(134)		—		(314)
Other	—		—		—		(16)
Balance as of September 30	—		971		—		971

(1) The liability for future policyholder benefits as of January 1, 2023 and January 1, 2022 has been adjusted by $363 million and $0, respectively, for the impact of adopting ASU 2018-12 due to the effect of remeasuring the liabilities using an upper medium grade fixed-income instrument yield. The January 1, 2023 adjustment was reflected through an increase in other comprehensive income of $363 million due to changes in the discount rate during 2022, of which $90 million was attributable to NCI. There was no adjustment to the January 1, 2022 amount given the proximity of the acquisition of a controlling interest in Enhanzed Re on September 1, 2021, in which we recorded the liabilities at fair value in accordance with purchase accounting requirements. The corresponding balance as of September 30, 2021 would be the amount recorded as of December 31, 2021 given our one quarter reporting lag for Enhanzed Re. Furthermore, interest rate movements in this one month period were inconsequential.

(2) In November 2022, we completed a novation of the reinsurance of a closed block of life annuity policies, which was recorded in our first quarter 2023 results due to a one quarter reporting lag. See below for additional information.

For the three and nine months ended September 30, 2022, we recognized $2 million and $17 million of gross premiums, respectively. There were no gross premiums recognized for the three and nine months ended September 30, 2023.

As required by the adoption of ASU 2018-12, discount rate assumptions associated with liability remeasurement are updated at each reporting period to reflect the current upper-medium grade fixed-income instrument yield, with changes in the interest rate from inception to current period reported through accumulated other comprehensive loss.

We have designed a discount rate methodology to incorporate the currency and duration characteristics of the liabilities. For interest accretion, interest rates are fixed at inception. Significant assumptions to the calculation of future policyholder benefits also include mortality, mortality improvement, and timing of cash flow payments. The assumptions are reviewed at least annually. During 2022, we undertook a review of all significant assumptions and

did not make any changes to the mortality, mortality improvement, or timing of cash flow payments as actual experience was materially consistent with established assumptions for the same date. Accordingly, there was no effect of changes in the liability relating to changes in cash flow assumptions. In addition, the effects of actual variances from expected policyholder behavior experience were not material for the three and nine month periods ended September 30, 2023 and 2022.

The undiscounted expected future net benefit payments as of September 30, 2022 were $1.4 billion. The weighted-average duration of the liability, interest accretion rate and interest rate for discounting the liability for future policyholder benefits as of September 30, 2022 was 10.5 years, 0.7% and 3.2%, respectively.

Novation of Future Policyholder Benefits

In November 2022, Enhanzed Re completed a novation of the reinsurance of a closed block of life annuity policies to Monument Re Limited, a subsidiary of Monument Insurance Group Limited (“Monument Re”). We settled the life liabilities and the related assets at carrying value in return for cash consideration of $94 million as of the closing date and recorded other income of $275 million. This amount consists of a reclassification adjustment of the component of AOCI related to the unlocking of the discount rate assumption from the adoption of ASU 2018-12 into earnings. Our net earnings attributable to Enstar were reduced by the amount attributable to Allianz’s 24.9% noncontrolling interest in Enhanzed Re at the time of the transaction and our other income recorded was subject to deferral as profits emerge from the underlying novated business, which is generally over the expected settlement period of the life annuity policies, to account for our preexisting 20% ownership interest in Monument Re.

The following table illustrates the calculation of the gain as of the closing date of the novation:




	(in millions of U.S. dollars)
Calculation of carrying value as of transaction closing:
Funds held - directly managed and other assumed reinsurance recoverables	$	973
Future policyholder benefits	(828)
Other assumed reinsurance liabilities	(12)
Carrying value of net assets	$	133

Calculation of gain on novation (recorded in first quarter 2023):
Cash consideration received	$	94
Less: carrying value of net assets	(133)
Add: reclassification of remeasurement of future policyholder benefits from AOCI and NCI (1)	363
Amount deferred relating to 20% ownership interest in Monument Re (2)	(49)
Gain on novation (3)	275
Net earnings attributable to noncontrolling interest	(81)
Gain on novation attributable to Enstar (4)	$	194

(1) Comprised of $273 million from AOCI and $90 million from NCI.

(2) Calculated as 20% of the net Enstar transaction gain of $243 million (representing $324 million, consisting of the $39 million loss when comparing cash consideration to carrying value plus the $363 million reclassification benefit, less Allianz’s 24.9% share equal to $81 million).

(3) Recognized in other income in our condensed consolidated statements of earnings.

(4) Recognized in net earnings in our condensed consolidated statements of earnings.

During the three and nine months ended September 30, 2023, we amortized $1 million into other income relating to the portion of the gain that was deferred to account for our preexisting ownership interest in Monument Re. For the nine months ended the total gain on novation attributable to Enstar was $195 million. The deferred gain will be amortized over the expected settlement period of the transferred life annuity policies, which is projected to be 50 years, with the majority of benefit payments occurring in the earlier years.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Operations by Segment

The following table sets forth select unaudited condensed consolidated statement of earnings results by segment and our Corporate and other activities:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Income
Run-off	$	15	$	3	$	40	$	46
Assumed Life	1		2		276		17
Investments	149		(464)		638		(1,323)
Legacy Underwriting	—		—		—		8
Subtotal	165		(459)		954		(1,252)
Corporate and other	(4)		(7)		(7)		10
Total income (loss)	$	161	$	(466)	$	947	$	(1,242)

(Losses) earnings from equity method investments
Investments	$	(3)	$	(20)	$	22	$	12

Segment net earnings (loss)
Run-off (1)	$	(3)	$	15	$	(42)	$	102
Assumed Life	1		(7)		276		15
Investments (1)	134		(493)		627		(1,337)
Legacy Underwriting	—		—		—		—
Total segment net earnings (loss)	132		(485)		861		(1,220)
Corporate and other:


Other (expense) income (2)	(4)		(7)		(7)		10

Net incurred losses and loss adjustment expenses (“LAE”) (3)	(16)		78		(37)		217

Amortization of net deferred charge assets	(34)		(21)		(75)		(60)
General and administrative expenses (1)	(35)		(17)		(102)		(79)
Interest expense	(22)		(23)		(67)		(71)
Net foreign exchange gains	23		17		24		27
Income tax benefit (expense)	7		(8)		12		(4)

Net (earnings) loss attributable to noncontrolling interests	(4)		43		(99)		74
Dividends on preferred shares	(9)		(9)		(27)		(27)
Total - Corporate and other (loss) income	(94)		53		(378)		87
Net earnings (loss) attributable to Enstar Ordinary Shareholders	$	38	$	(432)	$	483	$	(1,133)

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

Future Policyholder Benefits - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 30, 2022	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 28, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income		$ 0		$ 2,000,000	$ 0	$ 17,000,000
Expected future policy benefit, undiscounted				$ 1,400,000,000		$ 1,400,000,000
Weighted-average duration				10 years 6 months		10 years 6 months
Weighted average interest accretion rate				0.70%		0.70%
Weighted-average discount rate				3.20%		3.20%
Cash consideration received	$ 94,000,000		$ 94,000,000		94,000,000	$ 0
Gain on novation	$ 275,000,000		$ 275,000,000		$ 275,000,000	$ 0
Deferred gain, amortization settlement period					50 years
Monument
Liability for Future Policy Benefit, Activity [Line Items]
Ownership percentage		20.00%	20.00%		20.00%
Amortization of deferred gain		$ 1,000,000			$ 1,000,000
Enhanzed Re \| Allianz
Liability for Future Policy Benefit, Activity [Line Items]
Interest owned by an entity	24.90%		24.90%				24.90%

Deferred Charge Assets and Deferred Gain Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of Deferred Charge Assets

The following table presents a summary of the DCA and DGL balances and related activity for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,
	2023		2022
	DCA		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	797	$	797	$	606	$	—	$	606
Recorded during the period	—		—		1		—		1

Amortization	(34)		(34)		(21)		—		(21)

Ending carrying value	$	763	$	763	$	586	$	—	$	586

	Nine Months Ended September 30,
	2023		2022
	DCA		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	658	$	658	$	599	$	1	$	598
Recorded during the period	180		180		48		—		48

Amortization	(75)		(75)		(61)		(1)		(60)

Ending carrying value	$	763	$	763	$	586	$	—	$	586

Schedule of Deferred Gain Liabilities

The following table presents a summary of the DCA and DGL balances and related activity for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,
	2023		2022
	DCA		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	797	$	797	$	606	$	—	$	606
Recorded during the period	—		—		1		—		1

Amortization	(34)		(34)		(21)		—		(21)

Ending carrying value	$	763	$	763	$	586	$	—	$	586

	Nine Months Ended September 30,
	2023		2022
	DCA		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	658	$	658	$	599	$	1	$	598
Recorded during the period	180		180		48		—		48

Amortization	(75)		(75)		(61)		(1)		(60)

Ending carrying value	$	763	$	763	$	586	$	—	$	586

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-33289
Entity Registrant Name	Enstar Group LTD
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Windsor Place
Entity Address, Address Line Two	3rd Floor
Entity Address, Address Line Three	22 Queen Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM JX
Entity Address, Country	BM
City Area Code	441
Local Phone Number	292-3645
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,039,324
Entity Central Index Key	0001363829
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $1.00 per share
Trading Symbol	ESGR
Security Exchange Name	NASDAQ
Depositary Shares, Series D Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRP
Security Exchange Name	NASDAQ
Depositary Shares, Series E Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRO
Security Exchange Name	NASDAQ

Shareholders' Equity - Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized losses	$ (14)	$ (36)	$ (33)	$ (111)
Other (expense) income	(2)	(4)	280	33
Total before tax	47	(438)	575	(1,188)
Income tax benefit (expense)	7	(8)	12	(4)
Net earnings (loss)	51	(466)	609	(1,180)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net earnings (loss)	(12)	(24)	308	(87)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized losses on fixed maturities, AFS arising during the period
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized losses	$ (12)	$ (24)	(55)	(87)
Reclassification out of Accumulated Other Comprehensive Income \| Remeasurement of future policyholder benefits - change in interest rate
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other (expense) income			$ 363	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

15. EARNINGS PER SHARE

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net earnings (loss) attributable to Enstar ordinary shareholders:	$	38	$	(432)	$	483	$	(1,133)

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	15,464,824		17,013,348		15,962,910		17,269,870
Effect of dilutive securities:
Share-based compensation plans (2)	141,281		113,532		108,015		112,708


Weighted-average ordinary shares outstanding — diluted (3)	15,606,105		17,126,880		16,070,925		17,382,578

Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic	$	2.46	$	(25.39)	$	30.26	$	(65.61)



Diluted (3)	$	2.43	$	(25.39)	$	30.05	$	(65.61)

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

(2) Share-based dilutive securities include restricted shares, restricted share units, and performance share units. Certain share-based compensation awards were excluded from the calculation for the three and nine months ended September 30, 2023 and 2022 because they were anti-dilutive. The ordinary shares held in the EB Trust in respect of JSOP awards were also excluded because they are treated as held in treasury.

(3) 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.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels

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


	September 30, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	473	$	—	$	—	$	473
U.K. government	—		106		—		—		106
Other government	—		433		—		—		433
Corporate	—		5,382		—		—		5,382
Municipal	—		174		—		—		174
Residential mortgage-backed	—		596		—		—		596
Commercial mortgage-backed	—		1,078		—		—		1,078
Asset-backed	—		1,208		—		—		1,208


	$	—	$	9,450	$	—	$	—	$	9,450

Other assets included within funds held - directly managed	$	57	$	308	$	—	$	97	$	462
Equities:
Publicly traded equity investments	$	206	$	33	$	—	$	—	$	239
Exchange-traded funds	276		—		—		—		276
Privately held equity investments	—		—		323		43		366
	$	482	$	33	$	323	$	43	$	881
Other investments:

Hedge funds	$	—	$	—	$	—	$	515	$	515
Fixed income funds	—		69		—		435		504
Equity funds	—		4		—		—		4
Private equity funds	—		—		—		1,559		1,559
CLO equities	—		59		—		—		59
CLO equity funds	—		—		—		208		208
Private credit funds	—		122		—		426		548
Real estate debt fund	—		—		—		240		240


	$	—	$	254	$	—	$	3,383	$	3,637
Total Investments	$	539	$	10,045	$	323	$	3,523	$	14,430


Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	214	$	—	$	214

Funds held by reinsured companies:	$	—	$	—	$	43	$	—	$	43

Other Assets:
Derivatives qualifying as hedging	$	—	$	10	$	—	$	—	$	10
Derivatives not qualifying as hedging	$	—	$	3	$	—	$	—	$	3
Derivative instruments	$	—	$	13	$	—	$	—	$	13

Losses and LAE:	$	—	$	—	$	1,108	$	—	$	1,108

Other Liabilities:

Derivatives not qualifying as hedging	—		4		—		—		4
Derivative instruments	$	—	$	4	$	—	$	—	$	4


	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	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 debt 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 hedging	—		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 hedging	—		1		—		—		1
Derivative instruments	$	—	$	12	$	—	$	—	$	12

Reconciliation for Assets Measured at Fair Value on a Recurring Basis

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


	Three Months Ended		Nine Months Ended
	September 30, 2023			September 30, 2022		September 30, 2023		September 30, 2022


	(in millions of U.S. dollars)
Beginning fair value	$	300		$	328	$	294	$	347

Sales and paydowns	—			—		—		(15)
Total unrealized (losses) gains (1)	(2)			(1)		4		(5)


Ending fair value	$	298		$	327	$	298	$	327

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Beginning fair value / Initial Recognition	$	42	$	27	$	44	$	27

Total net unrealized gains (losses)	1		—		(1)		—
Ending fair value	$	43	$	27	$	43	$	27

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


	Three Months Ended September 30,
	2023						2022
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,170	$	247	$	923	$	1,499	$	327	$	1,172

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1		(27)		28		2		(5)		7
Reduction in provisions for ULAE	(3)		—		(3)		(4)		—		(4)
Changes in fair value due to changes in:
Average payout	10		6		4		10		3		7
Corporate bond yield	6		(2)		8		(107)		(18)		(89)
Credit spread for non-performance risk	(4)		(4)		—		—		—		—
Total change in fair value	12		—		12		(97)		(15)		(82)
Total incurred losses and LAE	10		(27)		37		(99)		(20)		(79)
Paid losses	(44)		(5)		(39)		(38)		(9)		(29)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	—		—		—		—		—		—
Effect of exchange rate movements	(28)		(1)		(27)		(76)		(11)		(65)
Ending fair value	$	1,108	$	214	$	894	$	1,286	$	287	$	999


	Nine Months Ended September 30,
	2023						2022
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,286	$	275	$	1,011	$	1,989	$	432	$	1,557

Incurred losses and LAE:
Reduction in estimates of ultimate losses	7		(26)		33		(25)		(19)		(6)
Reduction in unallocated LAE	(9)		—		(9)		(14)		—		(14)
Change in fair value due to changes in :
Average payout	37		11		26		31		6		25
Corporate bond yield	(29)		(6)		(23)		(311)		(58)		(253)
Credit spread for non-performance risk	23		2		21		—		—		—
Total change in fair value	31		7		24		(280)		(52)		(228)
Total incurred losses and LAE	29		(19)		48		(319)		(71)		(248)
Paid losses	(187)		(39)		(148)		(201)		(49)		(152)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)		(6)		(21)		—		—		—
Effect of exchange rate movements	7		3		4		(183)		(25)		(158)
Ending fair value	$	1,108	$	214	$	894	$	1,286	$	287	$	999

Valuation Inputs and Techniques

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 September 30, 2023

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Recurring basis:

Guideline company methodology;
Option pricing model

185

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

1.5x-1.7x

1.4x-1.5x

14.6x-14.9x

1-3 years

Dividend discount model;
Guideline companies method

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

15.0% - 17.0%

1.4x - 1.8x

6.5x - 10.9x

5.5x - 6.0x

Guideline companies method;
Earnings

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

12.5x - 14.0x

2.5x - 3.0x

5.0x

298

Non-recurring basis:

Cost as approximation of fair value

323

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

The table below presents the quantitative information related to the fair value measurements for the embedded derivative on our funds held by reinsured companies measured at fair value on a recurring basis using Level 3 inputs:

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2023

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected Loss Payments

6.38%

$803 million

Reconciliation for Liabilities Measured at Fair Value on a Recurring Basis

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


	Three Months Ended September 30,
	2023						2022
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,170	$	247	$	923	$	1,499	$	327	$	1,172

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1		(27)		28		2		(5)		7
Reduction in provisions for ULAE	(3)		—		(3)		(4)		—		(4)
Changes in fair value due to changes in:
Average payout	10		6		4		10		3		7
Corporate bond yield	6		(2)		8		(107)		(18)		(89)
Credit spread for non-performance risk	(4)		(4)		—		—		—		—
Total change in fair value	12		—		12		(97)		(15)		(82)
Total incurred losses and LAE	10		(27)		37		(99)		(20)		(79)
Paid losses	(44)		(5)		(39)		(38)		(9)		(29)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	—		—		—		—		—		—
Effect of exchange rate movements	(28)		(1)		(27)		(76)		(11)		(65)
Ending fair value	$	1,108	$	214	$	894	$	1,286	$	287	$	999


	Nine Months Ended September 30,
	2023						2022
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,286	$	275	$	1,011	$	1,989	$	432	$	1,557

Incurred losses and LAE:
Reduction in estimates of ultimate losses	7		(26)		33		(25)		(19)		(6)
Reduction in unallocated LAE	(9)		—		(9)		(14)		—		(14)
Change in fair value due to changes in :
Average payout	37		11		26		31		6		25
Corporate bond yield	(29)		(6)		(23)		(311)		(58)		(253)
Credit spread for non-performance risk	23		2		21		—		—		—
Total change in fair value	31		7		24		(280)		(52)		(228)
Total incurred losses and LAE	29		(19)		48		(319)		(71)		(248)
Paid losses	(187)		(39)		(148)		(201)		(49)		(152)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)		(6)		(21)		—		—		—
Effect of exchange rate movements	7		3		4		(183)		(25)		(158)
Ending fair value	$	1,108	$	214	$	894	$	1,286	$	287	$	999

Quantitative Information

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

Valuation Technique

September 30, 2023

December 31, 2022

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A Rated

Internal model

Credit spread for Instrument-specific credit risk (U)

0.65%

Internal model

Risk cost of capital (U)

5.10%

Internal model

Weighted average cost of capital (U)

8.25%

Internal model

Average payout - liability (U)

8.06 years

7.89 years

Internal model

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

8.23 years

7.71 years

Schedule of Senior and Subordinated Notes

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


	September 30, 2023
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	461
3.10% Senior Notes due 2031	495		376
Total Senior Notes	$	991	$	837
5.75% Junior Subordinated Notes due 2040	$	346	$	307
5.50% Junior Subordinated Notes due 2042	494		400

Total Subordinated Notes	$	840	$	707

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 30
-Section 45
-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	$ 13,834	$ 13,641	$ 13,007	$ 13,258
Reinsurance reserves recoverable	(895)	(1,117)	(996)	(1,332)
Net balance as of beginning of period	12,939	12,524	12,011	11,926
Current period:
Increase in estimates of net ultimate losses	5	12	18	37
Increase in provisions for ULAE	0	1	0	2
Total current period	5	13	18	39
Prior periods:
Reduction in estimates of net ultimate losses	(12)	(48)	(35)	(209)
Reduction in provisions for ULAE	(19)	(15)	(37)	(50)
Amortization of fair value adjustments	4	4	13	11
Changes in fair value - fair value option	12	(82)	24	(228)
Net incurred losses and LAE, prior period	(15)	(141)	(35)	(476)
Total net incurred losses and loss adjustment expenses	(10)	(128)	(17)	(437)
Net paid losses:
Current period	(1)	(2)	(3)	(3)
Prior periods	(664)	(450)	(1,851)	(1,277)
Total net paid losses	(665)	(452)	(1,854)	(1,280)
Other changes:
Effect of exchange rate movement	(109)	(196)	(40)	(371)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	0	0	(21)	0
Ceded business	0	0	(139)	0
Assumed business	0	71	2,215	1,981
Total other changes	(109)	(125)	2,015	1,610
Net balance as of September 30	12,155	11,819	12,155	11,819
Reinsurance reserves recoverable	789	1,016	789	1,016
Balance as of September 30	12,944	12,835	12,944	12,835
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses	11,836		11,836		$ 11,721
Losses and loss adjustment expenses, at fair value	1,108		1,108		1,286
Total losses and loss adjustment expenses	12,944	12,835	12,944	12,835	13,007
Reinsurance balances recoverable on paid and unpaid losses	735		735		856
Reinsurance balances recoverable on paid and unpaid losses - fair value option	214		214		275
Total reinsurance balances recoverable on paid and unpaid losses	949		949		1,131
Paid losses recoverable	(160)		(160)		(135)
Reinsurance reserves recoverable	$ 789	$ 1,016	789	$ 1,016	$ 996
Ceded business, loss and expense			173
Ceded business, reinsurance recoverable			$ 34

Debt Obligations (Details) - Line of Credit	1 Months Ended
Debt Obligations (Details) - Line of Credit	Jul. 31, 2023 USD ($) extension	Sep. 30, 2023 USD ($)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Commitment			$ 800,000,000	$ 600,000,000
Increase in borrowing capacity			$ 200,000,000
Gearing ratio, maximum			0.35
Net worth, minimum			$ 4,300,000,000
Net income available for distribution, percentage			0.50
Proceeds from issuance of shares, percentage			0.50
Amount outstanding		$ 0
Line of credit facility, remaining borrowing capacity		800,000,000
Letters of Credit
Line of Credit Facility [Line Items]
Commitment	$ 800,000,000
Amount outstanding		$ 653,000,000
Debt term	1 year
Number of term extension options \| extension	4
Additional extension terms	1 year
Maximum term of extensions	5 years

Defendant Asbestos and Environmental Liabilities

9 Months Ended

Sep. 30, 2023

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

9. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	741	$	786
Defendant environmental liabilities	10		10
Estimated future expenses	33		35
Fair value adjustments	(212)		(224)
Defendant A&E liabilities	572		607

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2023 and 2022 - $5)	218		224
Fair value adjustments	(45)		(47)
Insurance balances recoverable	173		177

Net liabilities relating to defendant A&E exposures	$	399	$	430

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Balance as of beginning of period	$	587	$	620	$	607	$	638

Insurance balances recoverable	(175)		(191)		(177)		(213)


Net balance as of beginning of period	412		429		430		425
Total net (paid claims) recoveries	(17)		(3)		(38)		1
Amounts recorded in other expense (income):
Reduction in estimates of ultimate net liabilities	—		—		(2)		(4)
Reduction in estimated future expenses	(1)		—		(2)		(1)
Amortization of fair value adjustments	5		1		11		6
Total other expense	4		1		7		1

Net balance as of September 30	399		427		399		427
Insurance balances recoverable	173		190		173		190
Balance as of September 30	$	572	$	617	$	572	$	617

Investments - Restricted Assets (Details) $ in Millions	9 Months Ended	12 Months Ended
Investments - Restricted Assets (Details) $ in Millions	Sep. 30, 2023 USD ($) syndicate	Dec. 31, 2022 USD ($) syndicate	Sep. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 387	$ 508	$ 434
Collateral in trust for third party agreements	5,349	5,343
Assets on deposit with regulatory authorities	73	159
Funds at Lloyd's ("FAL")	359	365
Total restricted assets	$ 5,849	$ 5,949
Number of syndicates \| syndicate	1	3
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 68	$ 82

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Junior Subordinated Debt
Guarantor Obligations [Line Items]
Parental guarantees	$ 850
Performance Guarantee
Guarantor Obligations [Line Items]
Parental guarantees	2,300
Other investments \| Unfunded Investment Commitments
Guarantor Obligations [Line Items]
Unfunded investment commitments	1,700
Fixed maturity securities \| Unfunded Investment Commitments
Guarantor Obligations [Line Items]
Unfunded investment commitments	120
Equity investments in common and preferred stocks \| Privately held \| Unfunded Investment Commitments
Guarantor Obligations [Line Items]
Unfunded investment commitments	17
U.S. government and agency
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	901	$ 945
Reinsurer Concentration Risk
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	$ 5,100	$ 5,000

Future Policyholder Benefits - Schedule of Gain on Novation (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 30, 2022	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 28, 2022
Calculation of carrying value as of transaction closing:
Funds held - directly managed and other assumed reinsurance recoverables			$ 973
Future policyholder benefits			(828)		$ (828)	$ 0
Other assumed reinsurance liabilities			(12)
Carrying value of net assets			133
Calculation of gain on novation (recorded in first quarter 2023):
Cash consideration received	$ 94		94		94	0
Less: carrying value of net assets			(133)
Add: reclassification of remeasurement of future policyholder benefits from AOCI and NCI		$ 0	363	$ 0	363	0	$ 363
Amount deferred relating to 20% ownership interest in Monument Re			(49)
Gain on novation	$ 275		275		275	$ 0
Net earnings attributable to noncontrolling interest			(81)
Gain on novation attributable to Enstar			194		$ 195
Reclassification benefit attributable to AOCI			273
Reclassification benefit related to NCI			90
Liability for future policy benefit, gain (loss), after reclassification adjustment and tax			243
Transaction gain, gross			324
Transaction loss on cash consideration, gross			$ 39
Enhanzed Re \| Allianz
Calculation of gain on novation (recorded in first quarter 2023):
Interest owned by an entity	24.90%		24.90%					24.90%
Monument
Calculation of gain on novation (recorded in first quarter 2023):
Ownership percentage		20.00%	20.00%		20.00%

Variable Interest Entities

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

11. 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 September 30, 2023, $61 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 September 30, 2023. Net investment income, changes in the fair value of assets and liabilities of the GCM Fund and management fees are presented within existing captions in the consolidated statements of earnings.

We recognized net unrealized gains on other investments of $3 million and $5 million for the three and nine months ended September 30, 2023, respectively.

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.

Nonconsolidated VIEs

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


	September 30, 2023						December 31, 2022
	Fair Value		Unfunded Commitments		Maximum Exposure to Loss		Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	54	$	—	$	54	$	52	$	—	$	52
Privately Held Equity	25		—		25		25		—		25
Total	$	79	$	—	$	79	$	77	$	—	$	77
Other investments
Hedge funds	$	515	$	—	$	515	$	549	$	—	$	549
Fixed income funds	151		36		187		277		33		310
Private equity funds	1,231		635		1,866		1,210		911		2,121
CLO equity funds	208		—		208		203		—		203
Private credit funds	271		265		536		79		149		228
Real estate funds	105		154		259		203		529		732

Total	$	2,481	$	1,090	$	3,571	$	2,521	$	1,622	$	4,143
Total investments in nonconsolidated VIEs	$	2,560	$	1,090	$	3,650	$	2,598	$	1,622	$	4,220

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Asset Types

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


	September 30, 2023
	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	$	—	$	28	$	47	$	245	$	153	$	473
U.K. government	—		—		19		41		46		106
Other government	—		3		131		263		36		433
Corporate	4		28		1,322		2,780		1,248		5,382
Municipal	—		—		46		81		47		174
Residential mortgage-backed	—		—		56		352		188		596
Commercial mortgage-backed	—		—		139		710		229		1,078
Asset-backed	—		—		144		795		269		1,208


Total fixed maturity and short-term investments	$	4	$	59	$	1,904	$	5,267	$	2,216	$	9,450


	December 31, 2022
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Fixed maturities, funds held - directly managed		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	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 $223 million, which includes embedded derivatives of $34 million.

Contractual Maturities


As of September 30, 2023	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	630	$	619	6.6	%


More than one year through five years	3,145		2,922		30.9	%
More than five years through ten years	2,048		1,757		18.6	%
More than ten years	1,773		1,270		13.4	%
Residential mortgage-backed	670		596		6.3	%
Commercial mortgage-backed	1,180		1,078		11.4	%
Asset-backed	1,226		1,208		12.8	%


	$	10,672	$	9,450	100.0	%

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

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


			Gross Unrealized Gains		Gross Unrealized Losses
As of September 30, 2023	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	301	$	—	$	(28)	$	—	$	273
U.K. government	44		1		(4)		—		41
Other government	287		1		(22)		—		266
Corporate	3,239		1		(410)		(22)		2,808
Municipal	102		—		(21)		—		81
Residential mortgage-backed	407		—		(55)		—		352
Commercial mortgage-backed	776		1		(66)		(1)		710
Asset-backed	804		5		(14)		—		795


	$	5,960	$	9	$	(620)	$	(23)	$	5,326


			Gross Unrealized Gains		Gross Unrealized Losses
As of December 31, 2022	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	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 on AFS Short-term and Fixed Maturity Investments


	12 Months or Greater				Less Than 12 Months				Total
As of September 30, 2023	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	$	180	$	(25)	$	84	$	(3)	$	264	$	(28)
U.K. government	9		(2)		18		(2)		27		(4)
Other government	90		(15)		167		(7)		257		(22)
Corporate	1,847		(375)		904		(35)		2,751		(410)
Municipal	74		(20)		8		(1)		82		(21)
Residential mortgage-backed	251		(51)		90		(4)		341		(55)
Commercial mortgage-backed	418		(57)		237		(9)		655		(66)
Asset-backed	345		(11)		211		(3)		556		(14)


Total short-term and fixed maturity investments	$	3,214	$	(556)	$	1,719	$	(64)	$	4,933	$	(620)


	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)

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:


	Three Months Ended September 30,
	2023						2022
	Other government		Corporate		Commercial mortgage backed		Total		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	—	$	(22)	$	(2)	$	(24)	$	(42)	$	(42)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		—		(1)		(1)		(2)		(2)

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

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


Allowance for credit losses, end of period	$	—	$	(22)	$	(1)	$	(23)	$	(35)	$	(35)


	Nine Months Ended September 30,
	2023						2022
	Other government		Corporate		Commercial mortgage backed		Total		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(1)	$	(32)	$	—	$	(33)	$	(10)	$	(10)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(3)		(3)		(6)		(30)		(30)

Reductions for securities sold during the period	—		5		—		5		4		4

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	1		8		2		11		1		1


Allowance for credit losses, end of period	$	—	$	(22)	$	(1)	$	(23)	$	(35)	$	(35)

Summary of Equity Investments

The following table summarizes our equity investments:


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Equity Investments
Publicly traded equity investments in common and preferred stocks	$	239	$	385
Exchange-traded funds	276		507
Privately held equity investments in common and preferred stocks	366		358
	$	881	$	1,250

Summary of Other Investments

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




	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Other Investments
Hedge funds	$	515	$	549
Fixed income funds	504		547
Private equity funds	1,559		1,282
Private credit funds	548		362
Equity funds	4		3
CLO equity funds	208		203
CLO equities	59		148
Real estate funds	240		202

	$	3,637	$	3,296


	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	$	—	$	—	$	—	$	—	$	43	$	43	N/A

Other investments
Hedge funds	$	515	$	—	$	—	$	—	$	—	$	515	monthly to bi-annually
Fixed income funds	377		—		—		—		58		435		monthly to quarterly
Private equity funds	—		61		—		—		1,498		1,559		quarterly for unrestricted amount
Private credit funds	—		—		—		—		426		426		N/A

CLO equity funds	175		31		—		—		2		208		quarterly to bi-annually

Real estate funds	—		—		—		—		240		240		N/A


	$	1,067	$	92	$	—	$	—	$	2,267	$	3,426

Funds Held, Directly Managed, Carrying Values of Assets

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


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Short-term and fixed maturity investments, trading	$	2,216	$	1,986
Equities	68		—
Other investments	97		—

Short-term and fixed maturity investments, equities and other investments within funds held - directly managed, at fair value	2,381		1,986
Cash and cash equivalents	276		41
Other assets	21		13
Funds held - directly managed	$	2,678	$	2,040

Funds Held, Directly Managed, Fair Value to Amortized Cost

The following table summarizes the short-term and fixed maturities and other investments, including equities components of our funds held - directly managed:


	September 30, 2023		December 31, 2022

	(in millions of U.S. dollars)
Short-term and fixed maturity investments, at amortized cost, and equities and other investments, at cost	$	2,605	$	2,765
Net unrealized losses:

Accumulated change in fair value - embedded derivative	(224)		(572)
Accumulated change in fair value (1)	—		(207)
Short-term and fixed maturity investments, equities and other investments within funds held - directly managed, at fair value	$	2,381	$	1,986

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

Funds Held by Reinsurance Companies

The following table summarizes the components of our funds held by reinsured companies:


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Fund held by reinsurance companies, at amortized cost	$	2,828	$	3,538



Fair value of embedded derivative	43		44
Funds held by reinsured companies	$	2,871	$	3,582

Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Fixed maturity investments	$	85	$	60	$	245	$	167
Short-term investments and cash and cash equivalents	11		2		28		4
Funds held by reinsured companies	9		17		88		49
Funds held - directly managed	29		19		62		38
Investment income from fixed maturities and cash and cash equivalents	134		98		423		258
Equity investments	7		11		31		30
Other investments	8		11		31		33

Investment income from equities and other investments	15		22		62		63
Gross investment income	149		120		485		321
Investment expenses	(6)		(4)		(14)		(19)

Net investment income	$	143	$	116	$	471	$	302

Summary of Net Realized and Unrealized Gains (Losses)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Net realized losses on sales:
Gross realized gains on fixed maturity securities, AFS	$	2	$	3	$	4	$	5
Gross realized losses on fixed maturity securities, AFS	(15)		(29)		(64)		(63)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	1		3		5		(30)
	(12)		(23)		(55)		(88)

Net realized losses on funds held - directly managed	—		—		(7)		—
Net (losses) gains recognized on equity securities sold during the period	—		(11)		23		(21)

Net realized investment (losses) gains on investment derivatives	(2)		(2)		6		(2)

Total net realized losses on sales	$	(14)	$	(36)	$	(33)	$	(111)
Net unrealized gains (losses):
Fixed maturity securities, trading	$	(22)	$	(157)	$	(24)	$	(556)
Fixed maturity securities, equities and other investments in funds held - directly managed	(46)		(238)		(42)		(517)
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	17		(82)		86		(284)
Other investments	68		(65)		180		(141)
Investment derivatives	3		(4)		—		(20)

Total net unrealized gains (losses)	$	20	$	(546)	$	200	$	(1,518)
Net realized and unrealized gains (losses)	$	6	$	(582)	$	167	$	(1,629)

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $387 million and $508 million, as of September 30, 2023 and December 31, 2022, respectively, was as follows:


	September 30, 2023		December 31, 2022
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,349	$	5,343
Assets on deposit with regulatory authorities	73		159
Collateral for secured letter of credit facilities	68		82
Funds at Lloyd's ("FAL") (1)	359		365
	$	5,849	$	5,949

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We are subject to credit risk principally in relation to our: i.investments, including equity method investments; ii.cash and cash equivalents and restricted cash and cash equivalents; iii.assets pledged to ceding companies under reinsurance contracts; iv.(re)insurance balances recoverable on paid and unpaid losses; and v.funds held by reinsured companies and funds held - directly managed (together funds held). As of September 30, 2023, we had funds held concentrations to reinsured companies exceeding 10% of shareholders’ equity of $5.1 billion (December 31, 2022: $5.0 billion) in aggregate. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government instruments and the counterparties noted above, exceeded 10% of shareholders’ equity as of September 30, 2023. Our credit exposure to the U.S. government was $901 million as of September 30, 2023 (December 31, 2022: $945 million). Legal Proceedings We are, from time to time, involved in various legal proceedings in the ordinary course of business, including litigation and arbitration regarding claims. Estimated losses relating to claims arising in the ordinary course of business, including the anticipated outcome of any pending arbitration or litigation, are included in the liability for losses and LAE in our condensed consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims. Unfunded Investment Commitments As of September 30, 2023, we had unfunded commitments of $1.7 billion to other investments, $120 million to fixed maturities, and $17 million to privately held equity. GuaranteesAs of September 30, 2023, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.3 billion. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have an aggregate principal amount of $850 million as of September 30, 2023 Redeemable Noncontrolling Interests Since March 31, 2023, pursuant to contractual terms, we have the right to purchase the RNCI interests from the RNCI holders (each such right, a "call right") and since December 31, 2022, the RNCI holders have the right to sell their RNCI interests to us (each such right, a "put right"). Following the closing of the Exchange Transaction described in Note 3, we have maintained a call right over the portion of StarStone Specialty Holdings Limited owned by the Trident V Funds and Dowling Capital Partners I, L.P. and Capital City Partners LLC, and they will maintain put rights to transfer those interests to us.

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

18. SUBSEQUENT EVENTS

Transactions

On September 5, 2023, one of our wholly-owned subsidiaries entered into an agreement with American International Group, Inc. (“AIG”). Pursuant to the agreement, we will provide protection to AIG on its retained exposure to adverse development on Validus Re carried loss reserves (“subject reserves”). Enstar will cover adverse development in excess of the subject reserves up to a limit of $400 million. The agreement became effective as of November 1, 2023, corresponding to the closing of AIG’s sale of Validus Re to RenaissanceRe.

Capital Transactions

On November 1, 2023, our Board of Directors approved two separate share repurchase transactions. Pursuant to that approval, on November 6, 2023, we agreed to repurchase 791,735 of our voting ordinary shares held by Canada Pension Plan Investment Board (“CPP Investments”) and its affiliate, and 50,000 of our voting ordinary shares held by the Trident V funds managed by Stone Point Capital LLC (“the Trident V Funds”), for a total of $191 million in aggregate.

In addition, on November 6, 2023, our Chief Executive Officer, Dominic Silvester, agreed to acquire 45,000 of our voting ordinary shares held by the Trident V Funds, for a total of $10 million.

The above transactions were executed at a price per share of $227.18, representing a 5% discount to the trailing 10-day volume weighted average price of our voting ordinary shares as of the close of business on November 3, 2023. The transactions are scheduled to close on November 14, 2023.

Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

LOSSES AND LOSS ADJUSTMENT EXPENSES

7. LOSSES AND LOSS ADJUSTMENT EXPENSES

The liability for losses and LAE, also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses (Outstanding Loss Reserves, or "OLR") and includes losses that have been incurred but not yet reported ("IBNR") using a variety of actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated LAE ("ALAE") and unallocated LAE ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR includes amounts for unreported claims, development on known claims and reopened claims.

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Balance as of beginning of period	$	13,834	$	13,641	$	13,007	$	13,258



Reinsurance reserves recoverable (1)	(895)		(1,117)		(996)		(1,332)





Net balance as of beginning of period	12,939		12,524		12,011		11,926
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	5		12		18		37
Increase in provisions for ULAE	—		1		—		2
Total current period	5		13		18		39
Prior periods:
Reduction in estimates of net ultimate losses	(12)		(48)		(35)		(209)
Reduction in provisions for ULAE	(19)		(15)		(37)		(50)

Amortization of fair value adjustments	4		4		13		11
Changes in fair value - fair value option (2)	12		(82)		24		(228)
Total prior periods	(15)		(141)		(35)		(476)
Total net incurred losses and LAE	(10)		(128)		(17)		(437)
Net paid losses:
Current period	(1)		(2)		(3)		(3)
Prior periods	(664)		(450)		(1,851)		(1,277)
Total net paid losses	(665)		(452)		(1,854)		(1,280)
Other changes:
Effect of exchange rate movement	(109)		(196)		(40)		(371)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	—		—		(21)		—
Ceded business (3)	—		—		(139)		—

Assumed business	—		71		2,215		1,981


Total other changes	(109)		(125)		2,015		1,610
Net balance as of September 30	12,155		11,819		12,155		11,819
Reinsurance reserves recoverable (1)	789		1,016		789		1,016

Balance as of September 30	$	12,944	$	12,835	$	12,944	$	12,835

					As of
					September 30, 2023		December 31, 2022
					(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses					$	11,836	$	11,721
Losses and loss adjustment expenses, at fair value					1,108		1,286
Total losses and loss adjustment expenses					$	12,944	$	13,007

Reinsurance balances recoverable on paid and unpaid losses					$	735	$	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option					214		275
Total reinsurance balances recoverable on paid and unpaid losses					949		1,131
Paid losses recoverable					(160)		(135)

Reinsurance reserves recoverable (1)					$	789	$	996

(1) Excludes paid losses recoverable.

(2) Comprises discount rate and risk margin components.

(3) Represents the settlement of our participation in Atrium’s Syndicate 609 relating to the 2020 and prior underwriting years, comprised of losses and LAE expenses of $173 million, net of reinsurance reserves recoverable of $34 million.

Prior Period Development

Reduction in Estimates of Net Ultimate Losses

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(1)	$	(8)	$	—	$	(7)
Environmental	2		3		2		1
General casualty	41		21		37		31
Workers' compensation	(24)		(54)		(44)		(104)
Marine, aviation and transit	(13)		(28)		(13)		(38)
Construction defect	(3)		(3)		(4)		(10)
Professional indemnity/Directors and Officers	(9)		(4)		(10)		(85)
Motor	(5)		19		(5)		20
Property	(17)		—		(16)		5
All Other	17		8		18		4
Total Run-off segment	(12)		(46)		(35)		(183)
Total Assumed Life segment	—		—		—		(29)
Total Legacy Underwriting segment	—		(2)		—		3
Total	$	(12)	$	(48)	$	(35)	$	(209)

Three Months Ended September 30, 2023:

The prior period reduction in estimates of net ultimate losses of $12 million was driven by favorable development across multiple Run-off segment lines of business. We recognized favorable development on our workers’ compensation and property lines of business of $24 million and $17 million, respectively, as a result of favorable claims experience.

The results were partially offset by adverse development on our general casualty line of business of $41 million, primarily due to a small number of large losses across several portfolios, particularly on excess business, and adverse development on our all other line of business of $17 million, driven by identified deterioration on abuse claims.

Three Months Ended September 30, 2022:

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

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

Nine Months Ended September 30, 2023:

The prior period reduction in estimates of net ultimate losses of $35 million was driven by net favorable development across multiple Run-off segment lines of business. We recognized $44 million of favorable development on our workers’ compensation line of business as a result of continued favorable claims experience, and $16 million of favorable development on our property line of business as a result of favorable claims experience.

The results were partially offset by $37 million of adverse development on our general casualty line of business, primarily due to a small number of large losses across several portfolios, particularly on excess business, and $18 million of adverse development on our all other line of business, driven by identified deterioration on abuse claims.

Nine Months Ended September 30, 2022:

The reduction in estimates of net ultimate losses of $209 million related to prior periods was driven by the Run-off segment, primarily due to $104 million of favorable development on our workers’ compensation line of business as a result of favorable claim settlements. We also had favorable development of $85 million on our professional indemnity/directors and officers line of business and favorable development of $38 million on our marine, aviation and transit lines of business as a result of lower claims activity. We also experienced favorable development on our construction defect line of business as a result of better than expected claims experience; however, this was partially offset by third quarter 2022 adverse development as a result of inflationary increases impacting our construction exposures.

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

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

Reduction in Provisions for ULAE

Three Months Ended September 30, 2023 and 2022:

The favorable reduction in provisions for ULAE for the three months ended September 30, 2023 and 2022 was driven by ULAE provision adjustments from our run-off operations, due to the corresponding reductions in loss reserves and the associated cost of managing such liabilities.

Nine Months Ended September 30, 2023 and 2022:

The favorable reduction in provisions for ULAE for the nine months ended September 30, 2023 and 2022 was driven by ULAE provision adjustments from our run-off operations, due to the corresponding reductions in loss reserves and the associated cost of managing such liabilities. The reduction in provisions for ULAE for the nine months ended September 30, 2023 was partially offset by an increase of $21 million as a result of assuming active claims control on a 2022 LPT agreement with Argo.

Changes in Fair Value - Fair Value Option

Three Months Ended September 30, 2023 and 2022:

PPD for the three months ended September 30, 2023 was adversely impacted by changes in the fair value of liabilities for which we have elected the fair value option of $12 million, which was primarily driven by a decrease in U.K. corporate bond yields during the third quarter of 2023. The corporate bond yields, which form a component of the discount rate used to calculate the fair value of the liabilities, are matched to the original currencies of the underlying loss portfolios, of which GBP is the predominant currency for those portfolios that we have elected to measure at fair value using the fair value option.

PPD for the three months ended September 30, 2022 was favorably impacted by changes in the fair value of liabilities for which we have elected the fair value option of $82 million due to an increase in global corporate bond yields.

Nine Months Ended September 30, 2023 and 2022:

PPD was adversely impacted by changes in the fair value of liabilities for which we have elected the fair value option of $24 million for the nine months ended September 30, 2023, predominantly driven by a second quarter 2023 out-of-period adjustment to correct the portion of the change in fair value related to the Instrument-specific credit risk from net incurred losses and LAE to AOCI which had previously been recorded as a benefit to net incurred losses in 2022. For the comparative period, PPD was favorably impacted by changes in the fair value of liabilities for which we have elected the fair value option of $228 million due to an increase in global corporate bond yields.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Statement of Cash Flows [Abstract]
Repayments of lines of credit	$ 150
Proceeds from lines of credit	$ 150

Investments - AFS - Gross Unrealized Losses (Details) $ in Millions	Sep. 30, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Fair Value
12 Months or Greater	$ 3,214	$ 2,181
Less Than 12 Months	1,719	2,571
Total	4,933	4,752
Gross Unrealized Losses
12 Months or Greater	(556)	(371)
Less Than 12 Months	(64)	(257)
Total	$ (620)	$ (628)
Number of securities classified as available-for-sale in an unrealized loss position \| Security	3,170	2,935
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| Security	1,880	1,155
U.S. government and agency
Fair Value
12 Months or Greater	$ 180	$ 188
Less Than 12 Months	84	112
Total	264	300
Gross Unrealized Losses
12 Months or Greater	(25)	(19)
Less Than 12 Months	(3)	(9)
Total	(28)	(28)
U.K. government
Fair Value
12 Months or Greater	9	1
Less Than 12 Months	18	10
Total	27	11
Gross Unrealized Losses
12 Months or Greater	(2)	0
Less Than 12 Months	(2)	(2)
Total	(4)	(2)
Other government
Fair Value
12 Months or Greater	90	25
Less Than 12 Months	167	89
Total	257	114
Gross Unrealized Losses
12 Months or Greater	(15)	(4)
Less Than 12 Months	(7)	(11)
Total	(22)	(15)
Corporate
Fair Value
12 Months or Greater	1,847	1,261
Less Than 12 Months	904	1,542
Total	2,751	2,803
Gross Unrealized Losses
12 Months or Greater	(375)	(246)
Less Than 12 Months	(35)	(182)
Total	(410)	(428)
Municipal
Fair Value
12 Months or Greater	74	58
Less Than 12 Months	8	32
Total	82	90
Gross Unrealized Losses
12 Months or Greater	(20)	(14)
Less Than 12 Months	(1)	(8)
Total	(21)	(22)
Residential mortgage-backed
Fair Value
12 Months or Greater	251	185
Less Than 12 Months	90	154
Total	341	339
Gross Unrealized Losses
12 Months or Greater	(51)	(35)
Less Than 12 Months	(4)	(10)
Total	(55)	(45)
Commercial mortgage-backed
Fair Value
12 Months or Greater	418	277
Less Than 12 Months	237	275
Total	655	552
Gross Unrealized Losses
12 Months or Greater	(57)	(43)
Less Than 12 Months	(9)	(20)
Total	(66)	(63)
Asset-backed
Fair Value
12 Months or Greater	345	186
Less Than 12 Months	211	357
Total	556	543
Gross Unrealized Losses
12 Months or Greater	(11)	(10)
Less Than 12 Months	(3)	(15)
Total	$ (14)	$ (25)

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2023

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 disclosed in Note 23 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022.


As of September 30, 2023	Stone Point (1) (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other (3)
	(in millions of U.S. dollars)
Assets

Fixed maturities, trading, at fair value	$	66	$	—	$	—	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	342		—		—		—		—		—		—
Equities, at fair value	127		44		—		185		—		—		—
Other investments, at fair value	467		—		—		—		—		—		1,646
Equity method investments	—		—		102		—		63		229		15
Total investments	1,002		44		102		185		63		229		1,661
Cash and cash equivalents	13		—		—		—		—		—		—



Funds held by reinsured company	—		9		—		—		—		18		—
Other assets	—		—		—		—		—		5		—
Liabilities
Losses and LAE	—		9		—		—		—		222		—

Insurance and reinsurance balances payable	—		—		—		—		—		(14)		—

Net assets (liabilities)	$	1,015	$	44	$	102	$	185	$	63	$	44	$	1,661
Redeemable noncontrolling interests	$	175	$	—	$	—	$	—	$	—	$	—	$	—

(1) As of September 30, 2023, investment funds managed by Stone Point Capital LLC ("Stone Point") own 1,546,196 of our Voting Ordinary Shares, which constitutes 9.6% of our outstanding Voting Ordinary Shares.

(2) As of September 30, 2023, we had unfunded commitments of $153 million to other investments, and $12 million to privately held equity managed by Stone Point and its affiliated entities.

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


As of December 31, 2022	Stone Point		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 interests	$	161	$	—	$	—	$	—	$	—	$	—	$	—


	Three Months Ended
	September 30, 2023
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	—	$	—	$	—	$	(2)	$	—

Net investment income	3		—		—		2		—		—		—

Net unrealized gains (losses)	26		—		—		(2)		—		—		11

Total income (loss)	29		—		—		—		—		(2)		11

EXPENSES
Net incurred losses and LAE	—		—		—		—		—		(9)		—




Total expenses	—		—		—		—		—		(9)		—

(Loss) earnings from equity method investments	—		—		(4)		—		1		—		—
Total net (loss) earnings	$	29	$	—	$	(4)	$	—	$	1	$	7	$	11


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

Net investment income	4		2		—		2		—		—		—

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

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



Total expenses	—		1		—		—		—		(1)		—

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


	Nine Months Ended
	September 30, 2023
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	—	$	—	$	—	$	(4)	$	—

Net investment income	9		—		—		5		—		—		5
Net realized gains	1		—		—		—		—		—		—
Net unrealized gains (losses)	28		(6)		—		(5)		—		—		86

Total income (loss)	38		(6)		—		—		—		(4)		91

EXPENSES
Net incurred losses and LAE	—		—		—		—		—		(20)		—



Total expenses	—		—		—		—		—		(20)		—

Earnings from equity method investments	—		—		—		—		4		18		—
Total net earnings (loss)	$	38	$	(6)	$	—	$	—	$	4	$	34	$	91


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

Net investment income	11		8		—		5		—		—		—

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

EXPENSES
Net incurred losses and LAE	—		8		—		—		—		(9)		—




Total expenses	—		8		—		—		—		(9)		—

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

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Carrying Amount of Equity Attributable to Noncontrolling Interest

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Balance at beginning of period	$	178	$	174	$	168	$	179


Net earnings (loss) attributable to RNCI	4		(5)		13		(5)
Change in unrealized (losses) gains on AFS investments attributable to RNCI	1		(3)		2		(8)




Balance as of September 30	$	183	$	166	$	183	$	166

Variable Interest Entities - Nonconsolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Fair Value	$ 2,560	$ 2,598
Unfunded Commitments	1,090	1,622
Maximum Exposure to Loss	3,650	4,220
Equity investments
Variable Interest Entity [Line Items]
Fair Value	79	77
Unfunded Commitments	0	0
Maximum Exposure to Loss	79	77
Other investments
Variable Interest Entity [Line Items]
Fair Value	2,481	2,521
Unfunded Commitments	1,090	1,622
Maximum Exposure to Loss	3,571	4,143
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	515	549
Unfunded Commitments	0	0
Maximum Exposure to Loss	515	549
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	151	277
Unfunded Commitments	36	33
Maximum Exposure to Loss	187	310
Private equity funds
Variable Interest Entity [Line Items]
Fair Value	1,231	1,210
Unfunded Commitments	635	911
Maximum Exposure to Loss	1,866	2,121
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	208	203
Unfunded Commitments	0	0
Maximum Exposure to Loss	208	203
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	271	79
Unfunded Commitments	265	149
Maximum Exposure to Loss	536	228
Real estate funds
Variable Interest Entity [Line Items]
Fair Value	105	203
Unfunded Commitments	154	529
Maximum Exposure to Loss	259	732
Publicly traded \| Equity investments
Variable Interest Entity [Line Items]
Fair Value	54	52
Unfunded Commitments	0	0
Maximum Exposure to Loss	54	52
Privately held \| Equity investments
Variable Interest Entity [Line Items]
Fair Value	25	25
Unfunded Commitments	0	0
Maximum Exposure to Loss	$ 25	$ 25

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
One year or less	$ 630
More than one year through five years	3,145
More than five years through ten years	2,048
More than ten years	1,773
Fixed maturity investments, at amortized cost	10,672
Fair Value
One year or less	619
More than one year through five years	2,922
More than five years through ten years	1,757
More than ten years	1,270
Fair Value	$ 9,450	$ 9,631
% of Total Fair Value
One year or less	6.60%
More than one year through five years	30.90%
More than five years through ten years	18.60%
More than ten years	13.40%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 670
Fair Value
Securities without single maturity date	596
Fair Value	$ 596	552
% of Total Fair Value
Securities without single maturity date	6.30%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 1,180
Fair Value
Securities without single maturity date	1,078
Fair Value	$ 1,078	1,022
% of Total Fair Value
Securities without single maturity date	11.40%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 1,226
Fair Value
Securities without single maturity date	1,208
Fair Value	$ 1,208	$ 914
% of Total Fair Value
Securities without single maturity date	12.80%

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Investments, available-for-sale, at fair value	$ 5,326	$ 5,261
Funds held - directly managed	2,678	2,040
Equities, at fair value (cost: 2023 — $831; 2022 — $1,357)	881	1,250
Other investments, at fair value (includes consolidated variable interest entity: 2023 - $63; 2022 - $3)	3,637	3,296
Equity method investments	409	397
Total investments	14,839	14,628
Cash and cash equivalents	497	822
Restricted cash and cash equivalents	387	508
Accrued interest receivable	74	72
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2023 — $134; 2022 — $131)	735	856
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 10)	214	275
Insurance balances recoverable (net of allowance: 2023 and 2022 — $5) (Note 9)	173	177
Funds held by reinsured companies	2,871	3,582
Net deferred charge assets (Note 6)	763	658
Other assets	478	576
TOTAL ASSETS	21,031	22,154
LIABILITIES
Losses and loss adjustment expenses (Note 7)	11,836	11,721
Losses and loss adjustment expenses, at fair value (Note 7 and Note 10)	1,108	1,286
Future policyholder benefits (Note 8)	0	821
Defendant asbestos and environmental liabilities (Note 9)	572	607
Insurance and reinsurance balances payable	230	100
Debt obligations (Note 12)	1,831	1,829
Other liabilities	384	462
TOTAL LIABILITIES	15,961	16,826
COMMITMENTS AND CONTINGENCIES (Note 17)
REDEEMABLE NONCONTROLLING INTERESTS (Note 13)	183	168
SHAREHOLDERS’ EQUITY (Note 14)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2023 and 2022: 565,630)	(1)	(1)
Additional paid-in capital	455	766
Accumulated other comprehensive loss	(570)	(302)
Retained earnings	4,889	4,406
Total Enstar Shareholders’ Equity	4,877	4,974
Noncontrolling interests (Note 13)	10	186
TOTAL SHAREHOLDERS’ EQUITY	4,887	5,160
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	21,031	22,154
Voting Ordinary shares (issued and outstanding 2023: 16,031,203; 2022: 15,990,338)
SHAREHOLDERS’ EQUITY (Note 14)
Ordinary shares	16	16
Non-voting convertible ordinary Series C Shares (issued and outstanding 2023: 0; 2022: 1,192,941)
SHAREHOLDERS’ EQUITY (Note 14)
Ordinary shares	0	1
Non-voting convertible ordinary Series E Shares (issued and outstanding 2023: 0; 2022: 404,771)
SHAREHOLDERS’ EQUITY (Note 14)
Ordinary shares	0	0
Series C Preferred Shares (issued and held in treasury 2023 and 2022: 388,571)
SHAREHOLDERS’ EQUITY (Note 14)
Preferred Shares	0	0
Treasury shares, at cost (Series C Preferred shares 2023 and 2022: 388,571)	(422)	(422)
Series D Preferred Shares (issued and outstanding 2023 and 2022: 16,000; liquidation preference $400)
SHAREHOLDERS’ EQUITY (Note 14)
Preferred Shares	400	400
Series E Preferred Shares (issued and outstanding 2023 and 2022: 4,400; liquidation preference $110)
SHAREHOLDERS’ EQUITY (Note 14)
Preferred Shares	110	110
Short-term Investments
ASSETS
Investments, trading, at fair value	4	14
Investments, available-for-sale, at fair value	59	38
Fixed maturity investments
ASSETS
Investments, trading, at fair value	1,904	2,370
Investments, available-for-sale, at fair value	$ 5,267	$ 5,223

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2023 USD ($) day $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 28, 2022	Nov. 30, 2022
Class of Stock [Line Items]
Ordinary shares repurchased (in shares) \| shares				1,597,712
Repurchase of shares				$ 340	$ 163
Total dividends paid				27	27
Enhanzed Re \| Allianz
Class of Stock [Line Items]
Interest owned by an entity	24.90%					24.90%	24.90%
Series D Preferred Shares
Class of Stock [Line Items]
Total dividends paid		$ 7	$ 7	21	21
Series E Preferred Shares (issued and outstanding 2023 and 2022: 4,400; liquidation preference $110)
Class of Stock [Line Items]
Total dividends paid		$ 2	$ 2	$ 6	$ 6
Voting Ordinary Shares
Class of Stock [Line Items]
Ordinary shares repurchased (in shares) \| shares		0		0
Shares Held by Canada Pension
Class of Stock [Line Items]
Ordinary shares repurchased (in shares) \| shares	1,597,712
Repurchase of shares	$ 341
Average price per ordinary share (in dollars per share) \| $ / shares	$ 213.13
Discount, percentage	5.00%
Discount, threshold trading days \| day	10

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Comparison of Basic and Diluted Earnings per Share

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net earnings (loss) attributable to Enstar ordinary shareholders:	$	38	$	(432)	$	483	$	(1,133)

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	15,464,824		17,013,348		15,962,910		17,269,870
Effect of dilutive securities:
Share-based compensation plans (2)	141,281		113,532		108,015		112,708


Weighted-average ordinary shares outstanding — diluted (3)	15,606,105		17,126,880		16,070,925		17,382,578

Earnings (loss) per share attributable to Enstar ordinary shareholders:
Basic	$	2.46	$	(25.39)	$	30.26	$	(65.61)



Diluted (3)	$	2.43	$	(25.39)	$	30.05	$	(65.61)

Noncontrolling Interests

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

13. NONCONTROLLING INTERESTS

Redeemable Noncontrolling Interests

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Balance at beginning of period	$	178	$	174	$	168	$	179


Net earnings (loss) attributable to RNCI	4		(5)		13		(5)
Change in unrealized (losses) gains on AFS investments attributable to RNCI	1		(3)		2		(8)




Balance as of September 30	$	183	$	166	$	183	$	166

Noncontrolling Interests

As of September 30, 2023 and December 31, 2022, we had $10 million and $186 million, respectively, of non-controlling interests (“NCI”) primarily related to external interests in two (December 31, 2022: three) of our subsidiaries.

On December 28, 2022, Enhanzed Re repurchased the entire 24.9% ownership interest Allianz held in Enhanzed Re for $175 million. We recorded the impact of reclassifying the carrying value of the NCI acquired to Enstar shareholders’ equity in our first quarter 2023 results, as we report the results of Enhanzed Re on a one quarter reporting lag.

A reconciliation of the beginning and ending carrying amount of the equity attributable to NCI is included in the condensed consolidated statements of changes in shareholder's equity.

Derivatives and Hedging Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Gross Notional Amount	$ 702	$ 693
Assets	13	6
Liabilities	4	12
Derivatives qualifying as hedging \| Foreign currency forward contracts
Derivative [Line Items]
Gross Notional Amount	392	442
Assets	10	1
Liabilities	0	11
Derivatives not qualifying as hedging \| Foreign currency forward contracts
Derivative [Line Items]
Gross Notional Amount	301	244
Assets	3	5
Liabilities	4	1
Derivatives not qualifying as hedging \| Others
Derivative [Line Items]
Gross Notional Amount	9	7
Assets	0	0
Liabilities	$ 0	$ 0

Shareholders' Equity - Summary of Changes in Ownership Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Net earnings (loss) attributable to Enstar Ordinary Shareholders	$ 38	$ (432)	$ 483	$ (1,133)
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest			9	0
Change from net earnings (loss) attributable to Enstar ordinary shareholders and net transfers from Noncontrolling interests			$ 492	$ (1,133)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 51	$ (466)	$ 609	$ (1,180)
Other comprehensive income (loss), net of income taxes:
Unrealized losses on fixed maturities, available-for-sale arising during the period	(94)	(204)	(71)	(754)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(1)	(3)	(5)	29
Reclassification adjustment for net realized losses included in net earnings	13	27	60	58
Unrealized losses arising during the period, net of reclassification adjustments	(82)	(180)	(16)	(667)
Remeasurement of future policyholder benefits - change in discount rate	0	134	0	314
Reclassification adjustment for remeasurement of future policyholder benefits included in net earnings	0	0	(363)	0
Change in currency translation adjustment	0	0	2	2
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	0	0	21	0
Other	0	(2)	0	(2)
Total other comprehensive loss	(82)	(48)	(356)	(353)
Comprehensive (loss) income	(31)	(514)	253	(1,533)
Comprehensive (income) loss attributable to noncontrolling interests	(4)	15	(11)	12
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR	$ (35)	$ (499)	$ 242	$ (1,521)

Shareholders' Equity - Schedule of Ordinary Shares (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Change In Common Stock [Roll Forward]
Beginning balance (in shares)		17,588,050
Shares issued (in shares)		40,865
Shares repurchased (in shares)		(1,597,712)
Ending balance (in shares)	16,031,203	16,031,203
Voting Ordinary Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)		15,990,338
Shares issued (in shares)		40,865
Shares repurchased (in shares)	0	0
Ending balance (in shares)	16,031,203	16,031,203
Non-Voting Convertible Ordinary Series C Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)		1,192,941
Shares issued (in shares)		0
Shares repurchased (in shares)		(1,192,941)
Ending balance (in shares)	0	0
Non-Voting Convertible Ordinary Series E Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)		404,771
Shares issued (in shares)		0
Shares repurchased (in shares)		(404,771)
Ending balance (in shares)	0	0

Debt Obligations

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

12. DEBT OBLIGATIONS

Revolving Credit Facility

In May 2023, we and certain of our subsidiaries, as borrowers and guarantors, amended and restated our existing revolving credit agreement. The amendment increased the total commitments under the revolving credit facility from $600 million to $800 million and extended the expiry date to May 30, 2028. We may request additional commitments under the facility by up to an aggregate amount of $200 million, which the existing lenders, in their discretion, or new lenders, may provide. Under the amended facility, we may borrow revolving loans or request the issuance of syndicated or fronted letters of credit, in each case on a senior, unsecured basis.

Pricing under the facility will continue to be based on a per annum rate comprising a reference rate determined based on the type and currency of loan we borrow plus a margin that varies based on changes to our long term senior unsecured debt ratings assigned by S&P or Fitch (the “Debt Ratings”). The applicable reference rate is an adjusted forward-looking term rate based on the Secured Overnight Financing Rate (“Adjusted Term SOFR”) for loans denominated in U.S. dollars, a rate based on the Sterling Overnight Index Average for loans denominated in British pounds sterling, an adjusted rate based on the Euro Interbank Offered Rate for loans denominated in euros and a rate equal to the highest of the Prime Rate, an adjusted rate based on the Federal Funds Effective Rate and Adjusted Term SOFR (for a one-month period) for swingline loans. We pay letter of credit fees based on the average daily aggregate stated amount of outstanding letters of credit and the Debt Ratings. In addition, we pay commitment fees based on the average daily unused amount of the commitments and the Debt Ratings. If an event of default occurs, the interest rate will increase and the agent may, and at the request of the required lenders shall, terminate lender commitments and demand early repayment of any outstanding amounts borrowed (or cash collateralization of a percentage excess of the amount of outstanding letters of credit issued) under the facility.

Financial and business covenants imposed on us in relation to the amended facility include certain limitations on indebtedness and guarantees, liens, mergers, consolidations and other fundamental changes, and dispositions. Generally, the financial covenants require us to maintain a gearing ratio of consolidated financial indebtedness to total capitalization of not greater than 0.35 to 1.0 and to maintain a consolidated net worth of not less than the aggregate of (i) $4.3 billion, plus (ii) 50% of net income available for distribution to ordinary shareholders at any time after June 30, 2022 (excluding net unrealized gains or losses on investments), plus (iii) 50% of the proceeds of any issuance of ordinary shares made after June 30, 2022. In addition, we must maintain eligible capital in excess of the enhanced capital requirement imposed by the Bermuda Monetary Authority pursuant to the Insurance (Group Supervision) Rules 2011 of Bermuda. As of September 30, 2023, we are in compliance with the covenants of the EGL Revolving Credit Facility.

As of September 30, 2023, we had no borrowings outstanding and therefore had $800 million of available unutilized capacity under our unsecured revolving credit agreement.

Letters of Credit

In July 2023, we amended and restated our existing $800 million syndicated letter of credit facility agreement, pursuant to which we request the issuance of syndicated letters of credit that we use to collateralize certain reinsurance obligations. The initial commitment period under the agreement is one year, subject to our right to request up to four one-year extensions of the commitment period, for a maximum of five years. As of September 30, 2023, the aggregate amount issued under the facility was $653 million.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivatives and Hedging Instruments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2023	Feb. 28, 2023	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount of derivative			$ 702	$ 693
Interest rate swap
Derivative [Line Items]
Derivative, term of contract	3 years	2 months
Interest rate swap \| Derivatives not qualifying as hedging
Derivative [Line Items]
Notional amount of derivative		$ 800

Investments - AFS - Unrealized Gains and Losses (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,960		$ 5,908
Gross Unrealized Gains	9		14
Non-Credit Related Losses	(620)		(628)
Allowance for Credit Losses	(23)	$ (24)	(33)	$ (35)	$ (42)	$ (10)
Fair Value	5,326		5,261
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	301		338
Gross Unrealized Gains	0		0
Non-Credit Related Losses	(28)		(28)
Allowance for Credit Losses	0		0
Fair Value	273		310
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44		36
Gross Unrealized Gains	1		2
Non-Credit Related Losses	(4)		(2)
Allowance for Credit Losses	0		0
Fair Value	41		36
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	287		146
Gross Unrealized Gains	1		1
Non-Credit Related Losses	(22)		(15)
Allowance for Credit Losses	0	0	(1)
Fair Value	266		131
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,239		3,466
Gross Unrealized Gains	1		7
Non-Credit Related Losses	(410)		(428)
Allowance for Credit Losses	(22)	(22)	(32)	$ (35)	$ (42)	$ (10)
Fair Value	2,808		3,013
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	102		120
Gross Unrealized Gains	0		1
Non-Credit Related Losses	(21)		(22)
Allowance for Credit Losses	0		0
Fair Value	81		99
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	407		407
Gross Unrealized Gains	0		0
Non-Credit Related Losses	(55)		(45)
Allowance for Credit Losses	0		0
Fair Value	352		362
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	776		689
Gross Unrealized Gains	1		2
Non-Credit Related Losses	(66)		(63)
Allowance for Credit Losses	(1)	$ (2)	0
Fair Value	710		628
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	804		706
Gross Unrealized Gains	5		1
Non-Credit Related Losses	(14)		(25)
Allowance for Credit Losses	0		0
Fair Value	$ 795		$ 682

Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

SHAREHOLDERS' EQUITY

14. SHAREHOLDERS' EQUITY

Ordinary Shares

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


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




Balance as of December 31, 2022	15,990,338	1,192,941	404,771	17,588,050
Shares issued (1)	40,865	—	—	40,865
Shares repurchased (2)	—	(1,192,941)	(404,771)	(1,597,712)
Balance as of September 30, 2023	16,031,203	—	—	16,031,203

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

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

Voting Ordinary Shares

Share Repurchases

There were no voting ordinary shares repurchased during the three and nine months ended September 30, 2023.

The following table presents our ordinary shares repurchased under our share repurchase programs for the nine months ended September 30, 2022 (there were no shares repurchased for the three months ended September 30, 2022):


	Nine Months Ended September 30, 2022
		Ordinary shares repurchased	Average price per ordinary share		Aggregate price
		(in millions of U.S. dollars, except for share and per share data)
2021 Repurchase Program (1)		227,383	$	257.03	$	58
2022 Repurchase Program (2)		470,197	$	222.74	$	105
Total share repurchases under repurchase programs		697,580	$	233.92	$	163

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

(2) In May 2022, our Board authorized the repurchase of up to $200 million of our ordinary shares (the “2022 Repurchase Program”), originally effective through May 5, 2023, of which $95 million had been utilized as of December 31, 2022. In February 2023, our Board authorized the repurchase of an additional $105 million of our ordinary shares under the 2022 Repurchase Program and extended the effective date through February 23, 2024. In March 23, 2023, the 2022 Repurchase Program was terminated following the repurchase of our non-voting convertible ordinary shares as described below.

Non-voting Ordinary Shares

Strategic Share Repurchases

In March 2023, we repurchased 1,597,712 of our non-voting convertible ordinary shares held by Canada Pension Plan Investment Board (“CPP Investments”) for an aggregate $341 million, representing a price per share of $213.13 and a 5% discount to the trailing 10-day volume weighted average price of our voting ordinary shares as at the agreed March 2023 measurement date. The shares comprise all of our outstanding Series C and Series E non-voting ordinary shares.

Dividends on Preferred Shares

During the three months ended September 30, 2023 and 2022, we declared and paid dividends on Series D Preferred Shares of $7 million and on Series E Preferred Shares of $2 million for both periods.

During the nine months ended September 30, 2023 and 2022, we declared and paid dividends on Series D Preferred Shares of $21 million and on Series E Preferred Shares of $6 million for both periods.

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended
	September 30,
	2023						2022
	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 on fixed maturities, AFS arising during the period	$	(97)	$	3	$	(94)	$	(208)	$	4	$	(204)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(1)		—		(1)		(3)		—		(3)
Reclassification adjustment for net realized losses included in net earnings	13		—		13		27		—		27



Decrease in defined benefit pension liability	—		—		—		(2)		—		(2)
Remeasurement of future policyholder benefits - change in interest rate	—		—		—		134		—		134


Other comprehensive loss	$	(85)	$	3	$	(82)	$	(52)	$	4	$	(48)


	Nine Months Ended
	September 30,
	2023						2022
	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 on fixed maturities, AFS arising during the year	$	(74)	$	3	$	(71)	$	(763)	$	9	$	(754)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(5)		—		(5)		29		—		29
Reclassification adjustment for net realized losses included in net earnings	60		—		60		58		—		58

Change in currency translation adjustment	2		—		2		2		—		2

Decrease in defined benefit pension liability	—		—		—		(2)		—		(2)
Remeasurement of future policyholder benefits - change in interest rate	—		—		—		314		—		314
Reclassification adjustment for remeasurement of future policyholder benefits included in net earnings	(363)		—		(363)		—		—		—
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	21		—		21		—		—		—
Other comprehensive loss	$	(359)	$	3	$	(356)	$	(362)	$	9	$	(353)

The following tables present details of amounts reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended
Details about AOCI components	September 30, 2023		September 30, 2022		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed maturities, AFS	$	(12)	$	(24)	Net realized losses





Total reclassifications for the period, net of tax	$	(12)	$	(24)

	Nine Months Ended
Details about AOCI components	September 30, 2023		September 30, 2022		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed maturities, AFS	$	(55)	$	(87)	Net realized losses




Remeasurement of future policyholder benefits	363		—		Other income
Total reclassifications for the period, net of tax	$	308	$	(87)

Changes in Ownership of Consolidated Subsidiaries

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented:


	Nine months ended
	September 30, 2023		September 30, 2022
	(in millions of U.S. dollars)
Net earnings (loss) attributable to Enstar ordinary shareholders	$	483	$	(1,133)
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest (1)	9		—
Change from net earnings (loss) attributable to Enstar ordinary shareholders and net transfers from Noncontrolling interests	$	492	$	(1,133)

(1) The transfer from the noncontrolling interests for the nine months ended September 30, 2023 relates to the repurchase of the entire 24.9% ownership interest Allianz held in Enhanzed Re recorded in the first quarter 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Preparation	These unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the financial information and note disclosures required by U.S. GAAP for complete consolidated financial statements.
Basis of Consolidation	In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for a fair statement of the financial results for the interim periods. All intercompany accounts and transactions have been eliminated and certain comparative information has been reclassified to conform to the current presentation.
New Accounting Standards Adopted in 2023	New Accounting Standards Adopted in 2023 ASU 2018-12 - Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued ASU 2018-12 and subsequently issued ASUs 2019-09 and 2020-11 serving to defer the effective date of implementation. These updates: •Require at least annual review of assumptions used to determine the provision for future policyholder benefits with the recognition of any resulting re-measurement gains or losses, excluding those related to discount rate changes, in the consolidated statement of earnings; •Use upper-medium grade fixed-income instrument 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 deferred acquisition costs (“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. We adopted ASU 2018-12 on 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. Prior to the acquisition of Enhanzed Re, we did not hold any long-duration insurance liabilities. We recognized an increase to AOCI of $363 million to account for the impact of remeasuring our future policyholder benefits from September 1, 2021 to December 31, 2022. This measurement adjustment had the effect of reducing our long-duration insurance liabilities and was primarily driven by a change in the discount rates during 2022. The adoption of this standard did not have a material impact on our shareholders’ equity as of the September 1, 2021 transition date, and the period between the transition date through to December 31, 2021. Refer to Note 8 for the expanded future policyholder benefit disclosures required upon adoption of ASU 2018-12.

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Asbestos and Environmental Claims [Roll Forward]
Balance as of beginning of period	$ 587	$ 620	$ 607	$ 638
Insurance balances recoverable	(175)	(191)	(177)	(213)
Net balance as of beginning of period	412	429	430	425
Total net (paid claims) recoveries	(17)	(3)	(38)	1
Amounts recorded in other expense (income):
Reduction in estimates of ultimate net liabilities	0	0	(2)	(4)
Reduction in estimated future expenses	(1)	0	(2)	(1)
Amortization of fair value adjustments	5	1	11	6
Total other expense	4	1	7	1
Net balance as of September 30	399	427	399	427
Insurance balances recoverable	173	190	173	190
Balance as of September 30	$ 572	$ 617	$ 572	$ 617

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Gross investment income	$ 149	$ 120	$ 485	$ 321
Investment expenses	(6)	(4)	(14)	(19)
Net investment income	143	116	471	302
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	134	98	423	258
Fixed maturity investments
Net Investment Income [Line Items]
Gross investment income	85	60	245	167
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	11	2	28	4
Funds held by reinsured companies
Net Investment Income [Line Items]
Gross investment income	9	17	88	49
Funds held - directly managed
Net Investment Income [Line Items]
Gross investment income	29	19	62	38
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	15	22	62	63
Equity investments
Net Investment Income [Line Items]
Gross investment income	7	11	31	30
Other investments
Net Investment Income [Line Items]
Gross investment income	$ 8	$ 11	$ 31	$ 33

Noncontrolling Interests - Narrative (Details) $ in Millions	Dec. 28, 2022 USD ($)	Sep. 30, 2023 USD ($) subsidiary	Mar. 31, 2023	Dec. 31, 2022 USD ($) subsidiary	Nov. 30, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interest		$ 10		$ 186
Number of subsidiaries \| subsidiary		2		3
Enhanzed Re \| Allianz
Noncontrolling Interest [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 175
Enhanzed Re \| Allianz
Noncontrolling Interest [Line Items]
Interest owned by an entity	24.90%		24.90%		24.90%

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Investments - Funds Held Directly Managed - Fixed Maturity Components (Details) - Funds held - directly managed - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Schedule of Funds Held, Directly Managed [Line Items]
Trading securities, amortized cost	$ 2,605	$ 2,765
Net unrealized losses:
Accumulated change in fair value - embedded derivative	(224)	(572)
Accumulated change in fair value	0	(207)
Short-term and fixed maturity investments, equities and other investments within funds held - directly managed, at fair value	$ 2,381	$ 1,986

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

10. 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 as defined above.

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


	September 30, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	473	$	—	$	—	$	473
U.K. government	—		106		—		—		106
Other government	—		433		—		—		433
Corporate	—		5,382		—		—		5,382
Municipal	—		174		—		—		174
Residential mortgage-backed	—		596		—		—		596
Commercial mortgage-backed	—		1,078		—		—		1,078
Asset-backed	—		1,208		—		—		1,208


	$	—	$	9,450	$	—	$	—	$	9,450

Other assets included within funds held - directly managed	$	57	$	308	$	—	$	97	$	462
Equities:
Publicly traded equity investments	$	206	$	33	$	—	$	—	$	239
Exchange-traded funds	276		—		—		—		276
Privately held equity investments	—		—		323		43		366
	$	482	$	33	$	323	$	43	$	881
Other investments:

Hedge funds	$	—	$	—	$	—	$	515	$	515
Fixed income funds	—		69		—		435		504
Equity funds	—		4		—		—		4
Private equity funds	—		—		—		1,559		1,559
CLO equities	—		59		—		—		59
CLO equity funds	—		—		—		208		208
Private credit funds	—		122		—		426		548
Real estate debt fund	—		—		—		240		240


	$	—	$	254	$	—	$	3,383	$	3,637
Total Investments	$	539	$	10,045	$	323	$	3,523	$	14,430


Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	214	$	—	$	214

Funds held by reinsured companies:	$	—	$	—	$	43	$	—	$	43

Other Assets:
Derivatives qualifying as hedging	$	—	$	10	$	—	$	—	$	10
Derivatives not qualifying as hedging	$	—	$	3	$	—	$	—	$	3
Derivative instruments	$	—	$	13	$	—	$	—	$	13

Losses and LAE:	$	—	$	—	$	1,108	$	—	$	1,108

Other Liabilities:

Derivatives not qualifying as hedging	—		4		—		—		4
Derivative instruments	$	—	$	4	$	—	$	—	$	4


	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	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 debt 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 hedging	—		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 hedging	—		1		—		—		1
Derivative instruments	$	—	$	12	$	—	$	—	$	12

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 presents a reconciliation of the beginning and ending balances for all privately-held equities measured at fair value on a recurring basis using Level 3 inputs:


	Three Months Ended		Nine Months Ended
	September 30, 2023			September 30, 2022		September 30, 2023		September 30, 2022


	(in millions of U.S. dollars)
Beginning fair value	$	300		$	328	$	294	$	347

Sales and paydowns	—			—		—		(15)
Total unrealized (losses) gains (1)	(2)			(1)		4		(5)


Ending fair value	$	298		$	327	$	298	$	327

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

There were no transfers to and from Level 2 and Level 3 investments for the three and nine months ended September 30, 2023 and 2022.

Valuation Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2023

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Recurring basis:

Guideline company methodology;
Option pricing model

185

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

1.5x-1.7x

1.4x-1.5x

14.6x-14.9x

1-3 years

Dividend discount model;
Guideline companies method

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

15.0% - 17.0%

1.4x - 1.8x

6.5x - 10.9x

5.5x - 6.0x

Guideline companies method;
Earnings

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

12.5x - 14.0x

2.5x - 3.0x

5.0x

298

Non-recurring basis:

Cost as approximation of fair value

323

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

Funds Held by Reinsured Companies - Embedded Derivative

As described in Note 4, we have 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 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Beginning fair value / Initial Recognition	$	42	$	27	$	44	$	27

Total net unrealized gains (losses)	1		—		(1)		—
Ending fair value	$	43	$	27	$	43	$	27

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

Valuations Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2023

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected Loss Payments

6.38%

$803 million

Insurance Contracts - Fair Value Option

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


	Three Months Ended September 30,
	2023						2022
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,170	$	247	$	923	$	1,499	$	327	$	1,172

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1		(27)		28		2		(5)		7
Reduction in provisions for ULAE	(3)		—		(3)		(4)		—		(4)
Changes in fair value due to changes in:
Average payout	10		6		4		10		3		7
Corporate bond yield	6		(2)		8		(107)		(18)		(89)
Credit spread for non-performance risk	(4)		(4)		—		—		—		—
Total change in fair value	12		—		12		(97)		(15)		(82)
Total incurred losses and LAE	10		(27)		37		(99)		(20)		(79)
Paid losses	(44)		(5)		(39)		(38)		(9)		(29)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	—		—		—		—		—		—
Effect of exchange rate movements	(28)		(1)		(27)		(76)		(11)		(65)
Ending fair value	$	1,108	$	214	$	894	$	1,286	$	287	$	999


	Nine Months Ended September 30,
	2023						2022
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,286	$	275	$	1,011	$	1,989	$	432	$	1,557

Incurred losses and LAE:
Reduction in estimates of ultimate losses	7		(26)		33		(25)		(19)		(6)
Reduction in unallocated LAE	(9)		—		(9)		(14)		—		(14)
Change in fair value due to changes in :
Average payout	37		11		26		31		6		25
Corporate bond yield	(29)		(6)		(23)		(311)		(58)		(253)
Credit spread for non-performance risk	23		2		21		—		—		—
Total change in fair value	31		7		24		(280)		(52)		(228)
Total incurred losses and LAE	29		(19)		48		(319)		(71)		(248)
Paid losses	(187)		(39)		(148)		(201)		(49)		(152)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)		(6)		(21)		—		—		—
Effect of exchange rate movements	7		3		4		(183)		(25)		(158)
Ending fair value	$	1,108	$	214	$	894	$	1,286	$	287	$	999

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

Valuation Technique

September 30, 2023

December 31, 2022

Unobservable (U) and Observable (O) Inputs

Weighted Average

Internal model

Corporate bond yield (O)

A Rated

Internal model

Credit spread for Instrument-specific credit risk (U)

0.65%

Internal model

Risk cost of capital (U)

5.10%

Internal model

Weighted average cost of capital (U)

8.25%

Internal model

Average payout - liability (U)

8.06 years

7.89 years

Internal model

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

8.23 years

7.71 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.

Changes in the fair value due to changes in average payout and corporate bond yields are included in net incurred losses and loss adjustment expenses in our condensed consolidated statements of earnings. Changes in the fair value due to changes in credit spread for Instrument-specific credit risk are classified to other comprehensive income.

Disclosure of Fair Values for Financial Instruments Carried at Cost

Senior and Subordinated Notes

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


	September 30, 2023
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	461
3.10% Senior Notes due 2031	495		376
Total Senior Notes	$	991	$	837
5.75% Junior Subordinated Notes due 2040	$	346	$	307
5.50% Junior Subordinated Notes due 2042	494		400

Total Subordinated Notes	$	840	$	707

The fair value of our Senior Notes and our Subordinated Notes was based on observable market pricing from a third party pricing service.

Both the Senior and 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 September 30, 2023 and December 31, 2022.

- Definition

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

+ References + Details

Subsequent Events (Details)		9 Months Ended
Subsequent Events (Details)	Nov. 06, 2023 USD ($) d $ / shares shares	Sep. 30, 2023 shares	Nov. 01, 2023 USD ($) transaction
Subsequent Event [Line Items]
Ordinary shares repurchased (in shares)		1,597,712
Subsequent Event
Subsequent Event [Line Items]
Liability for unpaid claims and claims adjustment expense, adverse development, maximum \| $			$ 400,000,000
Number of approved share repurchase transactions \| transaction			2
Aggregate purchase price of shares repurchased \| $	$ 191,000,000
Average price per ordinary share (in dollars per share) \| $ / shares	$ 227.18
Discount, percentage	5.00%
Discount, threshold trading days \| d	10
Subsequent Event \| CPP Investments
Subsequent Event [Line Items]
Ordinary shares repurchased (in shares)	791,735
Subsequent Event \| Trident V Funds
Subsequent Event [Line Items]
Ordinary shares repurchased (in shares)	50,000
Subsequent Event \| Enstar, Chief Executive Officer \| Trident V Funds
Subsequent Event [Line Items]
Related party transaction, number of shares sold in transaction (in shares)	45,000
Related party transaction, amounts of transaction \| $	$ 10,000,000
Share transaction agreement, related party, price per share (in dollars per share) \| $ / shares	$ 227.18
Discount, percentage	5.00%
Discount, threshold trading days \| d	10

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Liability for Asbestos and Environmental Claims [Abstract]
Defendant asbestos liabilities	$ 741		$ 786
Defendant environmental liabilities	10		10
Estimated future expenses	33		35
Fair value adjustments	(212)		(224)
Defendant A&E liabilities	572	$ 587	607	$ 617	$ 620	$ 638
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2023 and 2022 - $5)	218		224
Fair value adjustments	(45)		(47)
Insurance balances recoverable	173	175	177	190	191	213
Net liabilities relating to defendant A&E exposures	399	$ 412	430	$ 427	$ 429	$ 425
Insurance balance recoverable, allowance for credit loss	$ 5		$ 5

Fair Value Measurements - Funds Held By Reinsured Companies - Embedded Derivative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	$ 300	$ 328	$ 294	$ 347
Total unrealized (losses) gains	(2)	(1)	4	(5)
Ending fair value	298	327	298	327
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative	$ 43		$ 43
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	0.0638		0.0638
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	803		803
Embedded derivatives
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	$ 42	27	$ 44	27
Total unrealized (losses) gains	1	0	(1)	0
Ending fair value	$ 43	$ 27	$ 43	$ 27

Fair Value Measurements - Level 3 Reconciliation - Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments
Beginning fair value	$ 300	$ 328	$ 294	$ 347
Sales and paydowns	0	0	0	(15)
Total unrealized (losses) gains	(2)	(1)	4	(5)
Ending fair value	$ 298	$ 327	$ 298	$ 327

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 47	$ (423)	$ 510	$ (1,106)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Subparagraph (b)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant New Business (Details) $ in Millions	9 Months Ended
Significant New Business (Details) $ in Millions	Sep. 30, 2023 USD ($)
Asset Acquisition [Line Items]
Consideration Received	$ 2,036
Net Loss Reserves Assumed	2,215
DCA	179
QBE
Asset Acquisition [Line Items]
Consideration Received	1,857
Net Loss Reserves Assumed	2,036
DCA	179
Remaining Limit upon Acquisition	838
Consideration payable	25
QBE \| Funds held - directly managed
Asset Acquisition [Line Items]
Consideration Received	1,539
QBE \| Restricted cash
Asset Acquisition [Line Items]
Consideration Received	344
RACQ
Asset Acquisition [Line Items]
Consideration Received	179
Net Loss Reserves Assumed	179
DCA	0
Remaining Limit upon Acquisition	195
RACQ \| Restricted cash
Asset Acquisition [Line Items]
Consideration Received	58
RACQ \| Investments
Asset Acquisition [Line Items]
Consideration Received	113
RACQ \| Funds held by reinsured companies
Asset Acquisition [Line Items]
Consideration Received	$ 8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Equity Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 881	$ 1,250
Equity investments in common and preferred stocks \| Publicly traded
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	239	385
Equity investments in common and preferred stocks \| Privately held
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	366	358
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 276	$ 507

Future Policyholder Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Liability for Future Policy Benefit, Activity

The balances of and changes in liability for future policyholder benefits is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Beginning Balance (1)	$	—	$	1,183	$	821	$	1,502



Interest accretion and other policyholder benefit expenses	—		7		—		25
Benefits paid	—		(12)		(6)		(42)
Recapture of assumed liabilities by ceding company	—		—		—		(34)
Terminations (surrenders)	—		(3)		—		(13)
Effect of exchange rate movement	—		(70)		13		(137)
Derecognition (2)	—		—		(828)		—
Effect of changes in discount rate	—		(134)		—		(314)
Other	—		—		—		(16)
Balance as of September 30	—		971		—		971

Schedule of Gain on Novation

The following table illustrates the calculation of the gain as of the closing date of the novation:




	(in millions of U.S. dollars)
Calculation of carrying value as of transaction closing:
Funds held - directly managed and other assumed reinsurance recoverables	$	973
Future policyholder benefits	(828)
Other assumed reinsurance liabilities	(12)
Carrying value of net assets	$	133

Calculation of gain on novation (recorded in first quarter 2023):
Cash consideration received	$	94
Less: carrying value of net assets	(133)
Add: reclassification of remeasurement of future policyholder benefits from AOCI and NCI (1)	363
Amount deferred relating to 20% ownership interest in Monument Re (2)	(49)
Gain on novation (3)	275
Net earnings attributable to noncontrolling interest	(81)
Gain on novation attributable to Enstar (4)	$	194

(1) Comprised of $273 million from AOCI and $90 million from NCI.

(3) Recognized in other income in our condensed consolidated statements of earnings.

(4) Recognized in net earnings in our condensed consolidated statements of earnings.

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net realized losses on sales:
Gross realized gains on fixed maturity securities, AFS	$ 2	$ 3	$ 4	$ 5
Gross realized losses on fixed maturity securities, AFS	(15)	(29)	(64)	(63)
Decrease (increase) in allowance for expected credit losses on fixed maturity securities, AFS	1	3	5	(30)
Fixed maturity securities, AFS	(12)	(23)	(55)	(88)
Net (losses) gains recognized on equity securities sold during the period	0	(11)	23	(21)
Net realized investment (losses) gains on investment derivatives	(2)	(2)	6	(2)
Total net realized losses on sales	(14)	(36)	(33)	(111)
Net unrealized gains (losses):
Net unrealized gains (losses) recognized on equity securities still held at the reporting date	17	(82)	86	(284)
Investment derivatives	3	(4)	0	(20)
Total net unrealized gains (losses)	20	(546)	200	(1,518)
Net realized and unrealized gains (losses)	6	(582)	167	(1,629)
Sales of available-for-sale securities	316	409	1,300	1,400
Fixed maturity securities
Net unrealized gains (losses):
Fixed maturity securities	(22)	(157)	(24)	(556)
Funds held - directly managed
Net realized losses on sales:
Net realized losses on funds held - directly managed	0	0	(7)	0
Net unrealized gains (losses):
Fixed maturity securities	(46)	(238)	(42)	(517)
Other investments
Net unrealized gains (losses):
Other investments	$ 68	$ (65)	$ 180	$ (141)

Investments - Other Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Investments [Line Items]
Other investments, at fair value	$ 3,637	$ 3,296
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	515	549
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	504	547
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	1,559	1,282
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	548	362
Equity funds
Other Investments [Line Items]
Other investments, at fair value	4	3
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	208	203
CLO equities
Other Investments [Line Items]
Other investments, at fair value	59	148
Real estate funds
Other Investments [Line Items]
Other investments, at fair value	$ 240	$ 202

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments:
Short-term and fixed maturity investments	$ 9,450	$ 9,631
Equity investments	881	1,250
Other investments, at fair value	3,637	3,296
Reinsurance balances recoverable on paid and unpaid losses	214	275
Funds held by reinsured companies	2,871	3,582
Derivative assets	13	6
Losses and loss adjustment expenses, at fair value	1,108	1,286
Derivative liabilities	4	12
U.S. government and agency
Investments:
Short-term and fixed maturity investments	473	516
U.K. government
Investments:
Short-term and fixed maturity investments	106	82
Corporate
Investments:
Short-term and fixed maturity investments	5,382	5,286
Municipal
Investments:
Short-term and fixed maturity investments	174	211
Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	596	552
Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	1,078	1,022
Asset-backed
Investments:
Short-term and fixed maturity investments	1,208	914
Structured products
Investments:
Short-term and fixed maturity investments		586
Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	239	385
Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	366	358
Exchange-traded funds
Investments:
Equity investments	276	507
Measured Using NAV as Practical Expedient
Investments:
Total Investments	3,426
Measured Using NAV as Practical Expedient \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	43
Recurring
Investments:
Short-term and fixed maturity investments	9,450	9,631
Other assets included within funds held - directly managed	462	54
Equity investments	881	1,250
Other investments, at fair value	3,637	3,296
Total Investments	14,430	14,231
Reinsurance balances recoverable on paid and unpaid losses	214	275
Derivative assets	13	6
Losses and loss adjustment expenses, at fair value	1,108	1,286
Derivative liabilities	4	12
Recurring \| Derivatives qualifying as hedging
Investments:
Derivative assets	10	1
Derivative liabilities		11
Recurring \| Derivatives not qualifying as hedging
Investments:
Derivative assets	3	5
Derivative liabilities	4	1
Recurring \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	43	44
Recurring \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	473	516
Recurring \| U.K. government
Investments:
Short-term and fixed maturity investments	106	82
Recurring \| Other government
Investments:
Short-term and fixed maturity investments	433	462
Recurring \| Corporate
Investments:
Short-term and fixed maturity investments	5,382	5,286
Recurring \| Municipal
Investments:
Short-term and fixed maturity investments	174	211
Recurring \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	596	552
Recurring \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	1,078	1,022
Recurring \| Asset-backed
Investments:
Short-term and fixed maturity investments	1,208	914
Recurring \| Structured products
Investments:
Short-term and fixed maturity investments		586
Recurring \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	239	385
Recurring \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	366	358
Recurring \| Exchange-traded funds
Investments:
Equity investments	276	507
Recurring \| Hedge funds
Investments:
Other investments, at fair value	515	549
Recurring \| Fixed income funds
Investments:
Other investments, at fair value	504	547
Recurring \| Equity funds
Investments:
Other investments, at fair value	4	3
Recurring \| Private equity funds
Investments:
Other investments, at fair value	1,559	1,282
Recurring \| CLO equities
Investments:
Other investments, at fair value	59	148
Recurring \| CLO equity funds
Investments:
Other investments, at fair value	208	203
Recurring \| Private credit funds
Investments:
Other investments, at fair value	548	362
Recurring \| Real estate funds
Investments:
Other investments, at fair value	240	202
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Short-term and fixed maturity investments	0	0
Other assets included within funds held - directly managed	57	0
Equity investments	482	858
Other investments, at fair value	0	0
Total Investments	539	858
Reinsurance balances recoverable on paid and unpaid losses	0	0
Derivative assets	0	0
Losses and loss adjustment expenses, at fair value	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities		0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.K. government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Structured products
Investments:
Short-term and fixed maturity investments		0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	206	351
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange-traded funds
Investments:
Equity investments	276	507
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Hedge funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equities
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private credit funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Real estate funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Investments:
Short-term and fixed maturity investments	9,450	9,631
Other assets included within funds held - directly managed	308	54
Equity investments	33	34
Other investments, at fair value	254	241
Total Investments	10,045	9,960
Reinsurance balances recoverable on paid and unpaid losses	0	0
Derivative assets	13	6
Losses and loss adjustment expenses, at fair value	0	0
Derivative liabilities	4	12
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives qualifying as hedging
Investments:
Derivative assets	10	1
Derivative liabilities		11
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	3	5
Derivative liabilities	4	1
Recurring \| Significant Other Observable Inputs (Level 2) \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	473	516
Recurring \| Significant Other Observable Inputs (Level 2) \| U.K. government
Investments:
Short-term and fixed maturity investments	106	82
Recurring \| Significant Other Observable Inputs (Level 2) \| Other government
Investments:
Short-term and fixed maturity investments	433	462
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate
Investments:
Short-term and fixed maturity investments	5,382	5,286
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal
Investments:
Short-term and fixed maturity investments	174	211
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	596	552
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	1,078	1,022
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed
Investments:
Short-term and fixed maturity investments	1,208	914
Recurring \| Significant Other Observable Inputs (Level 2) \| Structured products
Investments:
Short-term and fixed maturity investments		586
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	33	34
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Exchange-traded funds
Investments:
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Hedge funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed income funds
Investments:
Other investments, at fair value	69	90
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity funds
Investments:
Other investments, at fair value	4	3
Recurring \| Significant Other Observable Inputs (Level 2) \| Private equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equities
Investments:
Other investments, at fair value	59	148
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Private credit funds
Investments:
Other investments, at fair value	122	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Real estate funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3)
Investments:
Short-term and fixed maturity investments	0	0
Other assets included within funds held - directly managed	0	0
Equity investments	323	319
Other investments, at fair value	0	0
Total Investments	323	319
Reinsurance balances recoverable on paid and unpaid losses	214	275
Derivative assets	0	0
Losses and loss adjustment expenses, at fair value	1,108	1,286
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities		0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Funds held by reinsured companies
Investments:
Funds held by reinsured companies	43	44
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.K. government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Structured products
Investments:
Short-term and fixed maturity investments		0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Publicly traded
Investments:
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	323	319
Recurring \| Significant Unobservable Inputs (Level 3) \| Exchange-traded funds
Investments:
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Hedge funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed income funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equities
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private credit funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Real estate funds
Investments:
Other investments, at fair value	0	0
Recurring \| Measured Using NAV as Practical Expedient
Investments:
Other assets included within funds held - directly managed	97
Equity investments	43	39
Other investments, at fair value	3,383	3,055
Total Investments	3,523	3,094
Recurring \| Measured Using NAV as Practical Expedient \| Equity investments in common and preferred stocks \| Privately held
Investments:
Equity investments	43	39
Recurring \| Measured Using NAV as Practical Expedient \| Hedge funds
Investments:
Other investments, at fair value	515	549
Recurring \| Measured Using NAV as Practical Expedient \| Fixed income funds
Investments:
Other investments, at fair value	435	457
Recurring \| Measured Using NAV as Practical Expedient \| Equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Measured Using NAV as Practical Expedient \| Private equity funds
Investments:
Other investments, at fair value	1,559	1,282
Recurring \| Measured Using NAV as Practical Expedient \| CLO equities
Investments:
Other investments, at fair value	0	0
Recurring \| Measured Using NAV as Practical Expedient \| CLO equity funds
Investments:
Other investments, at fair value	208	203
Recurring \| Measured Using NAV as Practical Expedient \| Private credit funds
Investments:
Other investments, at fair value	426	362
Recurring \| Measured Using NAV as Practical Expedient \| Real estate funds
Investments:
Other investments, at fair value	$ 240	$ 202

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reinsurance balances recoverable
Beginning fair value	$ 300	$ 328	$ 294	$ 347
Incurred losses and LAE:
Total change in fair value	(2)	(1)	4	(5)
Ending fair value	298	327	298	327
Net
Beginning fair value	923	1,172	1,011	1,557
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	28	7	33	(6)
Reduction in provisions for ULAE	(3)	(4)	(9)	(14)
Total change in fair value	12	(82)	24	(228)
Total incurred losses and LAE	37	(79)	48	(248)
Paid losses	(39)	(29)	(148)	(152)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	0	0	(21)	0
Effect of exchange rate movements	(27)	(65)	4	(158)
Ending fair value	894	999	894	999
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	247	327	275	432
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(27)	(5)	(26)	(19)
Reduction in provisions for ULAE	0	0	0	0
Total change in fair value	0	(15)	7	(52)
Total incurred losses and LAE	(27)	(20)	(19)	(71)
Paid losses	(5)	(9)	(39)	(49)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	0	0	(6)	0
Effect of exchange rate movements	(1)	(11)	3	(25)
Ending fair value	214	287	214	287
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	1,170	1,499	1,286	1,989
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1	2	7	(25)
Reduction in provisions for ULAE	(3)	(4)	(9)	(14)
Total change in fair value	12	(97)	31	(280)
Total incurred losses and LAE	10	(99)	29	(319)
Paid losses	(44)	(38)	(187)	(201)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	0	0	(27)	0
Effect of exchange rate movements	(28)	(76)	7	(183)
Ending fair value	1,108	1,286	1,108	1,286
Average payout
Incurred losses and LAE:
Total change in fair value	4	7	26	25
Average payout \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	6	3	11	6
Average payout \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	10	10	37	31
Corporate bond yield
Incurred losses and LAE:
Total change in fair value	8	(89)	(23)	(253)
Corporate bond yield \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	(2)	(18)	(6)	(58)
Corporate bond yield \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	6	(107)	(29)	(311)
Credit risk
Incurred losses and LAE:
Total change in fair value	0	0	21	0
Credit risk \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	(4)	0	2	0
Credit risk \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	$ (4)	$ 0	$ 23	$ 0

Basis of Presentation (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 4,887			$ 5,160	$ 4,785
Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (570)	$ (488)		$ (302)	$ (431)	$ (355)	$ (16)
Accounting Standards Update 2018-12 \| Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity			$ 363

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2023

RELATED PARTY TRANSACTIONS

16. RELATED PARTY TRANSACTIONS


As of September 30, 2023	Stone Point (1) (2)		Northshore		Monument		AmTrust		Citco		Core Specialty		Other (3)
	(in millions of U.S. dollars)
Assets

Fixed maturities, trading, at fair value	$	66	$	—	$	—	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	342		—		—		—		—		—		—
Equities, at fair value	127		44		—		185		—		—		—
Other investments, at fair value	467		—		—		—		—		—		1,646
Equity method investments	—		—		102		—		63		229		15
Total investments	1,002		44		102		185		63		229		1,661
Cash and cash equivalents	13		—		—		—		—		—		—



Funds held by reinsured company	—		9		—		—		—		18		—
Other assets	—		—		—		—		—		5		—
Liabilities
Losses and LAE	—		9		—		—		—		222		—

Insurance and reinsurance balances payable	—		—		—		—		—		(14)		—

Net assets (liabilities)	$	1,015	$	44	$	102	$	185	$	63	$	44	$	1,661
Redeemable noncontrolling interests	$	175	$	—	$	—	$	—	$	—	$	—	$	—

(2) As of September 30, 2023, we had unfunded commitments of $153 million to other investments, and $12 million to privately held equity managed by Stone Point and its affiliated entities.


As of December 31, 2022	Stone Point		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 interests	$	161	$	—	$	—	$	—	$	—	$	—	$	—


	Three Months Ended
	September 30, 2023
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	—	$	—	$	—	$	(2)	$	—

Net investment income	3		—		—		2		—		—		—

Net unrealized gains (losses)	26		—		—		(2)		—		—		11

Total income (loss)	29		—		—		—		—		(2)		11

EXPENSES
Net incurred losses and LAE	—		—		—		—		—		(9)		—




Total expenses	—		—		—		—		—		(9)		—

(Loss) earnings from equity method investments	—		—		(4)		—		1		—		—
Total net (loss) earnings	$	29	$	—	$	(4)	$	—	$	1	$	7	$	11


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

Net investment income	4		2		—		2		—		—		—

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

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



Total expenses	—		1		—		—		—		(1)		—

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


	Nine Months Ended
	September 30, 2023
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
INCOME
Net premiums earned	$	—	$	—	$	—	$	—	$	—	$	(4)	$	—

Net investment income	9		—		—		5		—		—		5
Net realized gains	1		—		—		—		—		—		—
Net unrealized gains (losses)	28		(6)		—		(5)		—		—		86

Total income (loss)	38		(6)		—		—		—		(4)		91

EXPENSES
Net incurred losses and LAE	—		—		—		—		—		(20)		—



Total expenses	—		—		—		—		—		(20)		—

Earnings from equity method investments	—		—		—		—		4		18		—
Total net earnings (loss)	$	38	$	(6)	$	—	$	—	$	4	$	34	$	91


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

Net investment income	11		8		—		5		—		—		—

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

EXPENSES
Net incurred losses and LAE	—		8		—		—		—		(9)		—




Total expenses	—		8		—		—		—		(9)		—

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

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-Subparagraph (e)
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-Subparagraph (d)
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	4
Syndicate underwriting capacity percentage	25.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME
Net premiums earned	$ 14	$ 4	$ 29	$ 52
Net investment income	143	116	471	302
Net realized losses	(14)	(36)	(33)	(111)
Net unrealized gains (losses)	20	(546)	200	(1,518)
Other (expense) income	(2)	(4)	280	33
Total income (loss)	161	(466)	947	(1,242)
Net incurred losses and loss adjustment expenses
Current period	5	13	18	39
Prior periods	(15)	(141)	(35)	(476)
Total net incurred losses and loss adjustment expenses	(10)	(128)	(17)	(437)
Policyholder benefit expenses	0	7	0	25
Amortization of net deferred charge assets	34	21	75	60
Acquisition costs	0	0	6	20
General and administrative expenses	91	66	265	234
Interest expense	22	23	67	71
Net foreign exchange gains	(23)	(17)	(24)	(27)
Total expenses	114	(28)	372	(54)
EARNINGS (LOSS) BEFORE INCOME TAXES	47	(438)	575	(1,188)
Income tax benefit (expense)	7	(8)	12	(4)
(Losses) earnings from equity method investments	(3)	(20)	22	12
NET EARNINGS (LOSS)	51	(466)	609	(1,180)
Net (earnings) loss attributable to noncontrolling interests	(4)	43	(99)	74
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR	47	(423)	510	(1,106)
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET EARNINGS (LOSS) ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 38	$ (432)	$ 483	$ (1,133)
Earnings (loss) per ordinary share attributable to Enstar Ordinary Shareholders:
Basic (in dollars per share)	$ 2.46	$ (25.39)	$ 30.26	$ (65.61)
Diluted (in dollars per share)	$ 2.43	$ (25.39)	$ 30.05	$ (65.61)
Weighted average ordinary shares outstanding:
Basic (in shares)	15,464,824	17,013,348	15,962,910	17,269,870
Diluted (in shares)	15,606,105	17,126,880	16,070,925	17,382,578

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stock by Class

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


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




Balance as of December 31, 2022	15,990,338	1,192,941	404,771	17,588,050
Shares issued (1)	40,865	—	—	40,865
Shares repurchased (2)	—	(1,192,941)	(404,771)	(1,597,712)
Balance as of September 30, 2023	16,031,203	—	—	16,031,203

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

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

Schedule of Shares Repurchased


	Nine Months Ended September 30, 2022
		Ordinary shares repurchased	Average price per ordinary share		Aggregate price
		(in millions of U.S. dollars, except for share and per share data)
2021 Repurchase Program (1)		227,383	$	257.03	$	58
2022 Repurchase Program (2)		470,197	$	222.74	$	105
Total share repurchases under repurchase programs		697,580	$	233.92	$	163

Schedule of Accumulated Other Comprehensive Loss

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


	Three Months Ended
	September 30,
	2023						2022
	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 on fixed maturities, AFS arising during the period	$	(97)	$	3	$	(94)	$	(208)	$	4	$	(204)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(1)		—		(1)		(3)		—		(3)
Reclassification adjustment for net realized losses included in net earnings	13		—		13		27		—		27



Decrease in defined benefit pension liability	—		—		—		(2)		—		(2)
Remeasurement of future policyholder benefits - change in interest rate	—		—		—		134		—		134


Other comprehensive loss	$	(85)	$	3	$	(82)	$	(52)	$	4	$	(48)


	Nine Months Ended
	September 30,
	2023						2022
	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 on fixed maturities, AFS arising during the year	$	(74)	$	3	$	(71)	$	(763)	$	9	$	(754)
Reclassification adjustment for change in allowance for credit losses recognized in net earnings	(5)		—		(5)		29		—		29
Reclassification adjustment for net realized losses included in net earnings	60		—		60		58		—		58

Change in currency translation adjustment	2		—		2		2		—		2

Decrease in defined benefit pension liability	—		—		—		(2)		—		(2)
Remeasurement of future policyholder benefits - change in interest rate	—		—		—		314		—		314
Reclassification adjustment for remeasurement of future policyholder benefits included in net earnings	(363)		—		(363)		—		—		—
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	21		—		21		—		—		—
Other comprehensive loss	$	(359)	$	3	$	(356)	$	(362)	$	9	$	(353)

Schedule of Amount Reclassified to Accumulated Other Comprehensive Loss

The following tables present details of amounts reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended
Details about AOCI components	September 30, 2023		September 30, 2022		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed maturities, AFS	$	(12)	$	(24)	Net realized losses





Total reclassifications for the period, net of tax	$	(12)	$	(24)

	Nine Months Ended
Details about AOCI components	September 30, 2023		September 30, 2022		Affected Line Item in Statement where Net Earnings are presented
	(in millions of U.S. dollars)
Unrealized losses on fixed maturities, AFS	$	(55)	$	(87)	Net realized losses




Remeasurement of future policyholder benefits	363		—		Other income
Total reclassifications for the period, net of tax	$	308	$	(87)

Summary of Changes in Ownership Interest

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented:


	Nine months ended
	September 30, 2023		September 30, 2022
	(in millions of U.S. dollars)
Net earnings (loss) attributable to Enstar ordinary shareholders	$	483	$	(1,133)
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest (1)	9		—
Change from net earnings (loss) attributable to Enstar ordinary shareholders and net transfers from Noncontrolling interests	$	492	$	(1,133)

- Definition

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

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-Subparagraph (SX 210.5-02(27))
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+ Details

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.10%
Weighted average cost of capital	8.25%	8.25%
Duration	8 years 21 days	7 years 10 months 20 days
Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	5.10%	5.10%
Weighted average cost of capital	8.25%	8.25%
Duration	8 years 2 months 23 days	7 years 8 months 15 days
Measurement Input, Entity Credit Risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performance risk	0.65%	0.65%
Measurement Input, Entity Credit Risk \| Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performance risk	0.65%	0.65%

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME
Net premiums earned	$ 14	$ 4	$ 29	$ 52
Net investment income	143	116	471	302
Net realized gains	(14)	(36)	(33)	(111)
Net unrealized gains (losses)	20	(546)	200	(1,518)
Other (expense) income	(2)	(4)	280	33
Total income (loss)	161	(466)	947	(1,242)
EXPENSES
Net incurred losses and LAE	(10)	(128)	(17)	(437)
Acquisition costs	0	0	6	20
(Losses) earnings from equity method investments	(3)	(20)	22	12
NET EARNINGS (LOSS)	51	(466)	609	(1,180)
Investor \| Stone Point
INCOME
Net investment income	3	4	9	11
Net realized gains			1
Net unrealized gains (losses)	26	(17)	28	(73)
Total income (loss)	29	(13)	38	(62)
EXPENSES
Costs and Expenses	0	0	0	0
NET EARNINGS (LOSS)	29	(13)	38	(62)
Investee \| Northshore
INCOME
Net premiums earned		1		8
Net investment income		2		8
Net unrealized gains (losses)		(4)	(6)	(12)
Other (expense) income		2		4
Total income (loss)	0	1	(6)	8
EXPENSES
Net incurred losses and LAE		3		8
Acquisition costs		(2)
Costs and Expenses	0	1	0	8
NET EARNINGS (LOSS)	0	0	(6)	0
Investee \| Monument
INCOME
Total income (loss)	0	0	0	0
EXPENSES
Costs and Expenses	0	0	0	0
(Losses) earnings from equity method investments	(4)	(16)		15
NET EARNINGS (LOSS)	(4)	(16)	0	15
Investee \| AmTrust
INCOME
Net investment income	2	2	5	5
Net unrealized gains (losses)	(2)	(2)	(5)	(5)
Total income (loss)	0	0	0	0
EXPENSES
Costs and Expenses	0	0	0	0
NET EARNINGS (LOSS)	0	0	0	0
Investee \| Citco
INCOME
Total income (loss)	0	0	0	0
EXPENSES
Costs and Expenses	0	0	0	0
(Losses) earnings from equity method investments	1		4	2
NET EARNINGS (LOSS)	1	0	4	2
Investee \| Core Specialty
INCOME
Net premiums earned	(2)		(4)
Other (expense) income		2		7
Total income (loss)	(2)	2	(4)	7
EXPENSES
Net incurred losses and LAE	(9)	(1)	(20)	(9)
Costs and Expenses	(9)	(1)	(20)	(9)
(Losses) earnings from equity method investments		(4)	18	(5)
NET EARNINGS (LOSS)	7	(1)	34	11
Investee \| Other
INCOME
Net investment income			5
Net unrealized gains (losses)	11	(33)	86	(72)
Total income (loss)	11	(33)	91	(72)
EXPENSES
Costs and Expenses	0	0	0	0
NET EARNINGS (LOSS)	$ 11	$ (33)	$ 91	$ (72)

Deferred Charge Assets and Deferred Gain Liabilities

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

6. 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 consideration received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the consideration received is in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded.

We amortize the net DCA balances over the estimated claim payment period of the related contracts with the amortization prospectively adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments.

Effective December 31, 2022, we voluntarily changed our accounting policy for calculating the amortization of our DCAs1. 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. The policy modification eliminated adjustments of the DCA for these events.

We have retrospectively applied this change in accounting policy to all applicable prior period information presented herein as required.

The following table presents a summary of the DCA and DGL balances and related activity for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,
	2023		2022
	DCA		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	797	$	797	$	606	$	—	$	606
Recorded during the period	—		—		1		—		1

Amortization	(34)		(34)		(21)		—		(21)

Ending carrying value	$	763	$	763	$	586	$	—	$	586

	Nine Months Ended September 30,
	2023		2022
	DCA		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	658	$	658	$	599	$	1	$	598
Recorded during the period	180		180		48		—		48

Amortization	(75)		(75)		(61)		(1)		(60)

Ending carrying value	$	763	$	763	$	586	$	—	$	586

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jul. 31, 2022
Variable Interest Entity [Line Items]
Net unrealized gains (losses)	$ 20	$ (546)	$ 200	$ (1,518)
Primary Beneficiary \| GCM Fund
Variable Interest Entity [Line Items]
Committed capital					$ 150
Ownership percentage			99.50%
Amount of commitment called to date	61		$ 61
Net unrealized gains (losses)	$ 3		$ 5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Total Losses and Loss Adjustment Expense Liabilities, and Reconciliation of Beginning and Ending Balances

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions of U.S. dollars)
Balance as of beginning of period	$	13,834	$	13,641	$	13,007	$	13,258



Reinsurance reserves recoverable (1)	(895)		(1,117)		(996)		(1,332)





Net balance as of beginning of period	12,939		12,524		12,011		11,926
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	5		12		18		37
Increase in provisions for ULAE	—		1		—		2
Total current period	5		13		18		39
Prior periods:
Reduction in estimates of net ultimate losses	(12)		(48)		(35)		(209)
Reduction in provisions for ULAE	(19)		(15)		(37)		(50)

Amortization of fair value adjustments	4		4		13		11
Changes in fair value - fair value option (2)	12		(82)		24		(228)
Total prior periods	(15)		(141)		(35)		(476)
Total net incurred losses and LAE	(10)		(128)		(17)		(437)
Net paid losses:
Current period	(1)		(2)		(3)		(3)
Prior periods	(664)		(450)		(1,851)		(1,277)
Total net paid losses	(665)		(452)		(1,854)		(1,280)
Other changes:
Effect of exchange rate movement	(109)		(196)		(40)		(371)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	—		—		(21)		—
Ceded business (3)	—		—		(139)		—

Assumed business	—		71		2,215		1,981


Total other changes	(109)		(125)		2,015		1,610
Net balance as of September 30	12,155		11,819		12,155		11,819
Reinsurance reserves recoverable (1)	789		1,016		789		1,016

Balance as of September 30	$	12,944	$	12,835	$	12,944	$	12,835

					As of
					September 30, 2023		December 31, 2022
					(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses					$	11,836	$	11,721
Losses and loss adjustment expenses, at fair value					1,108		1,286
Total losses and loss adjustment expenses					$	12,944	$	13,007

Reinsurance balances recoverable on paid and unpaid losses					$	735	$	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option					214		275
Total reinsurance balances recoverable on paid and unpaid losses					949		1,131
Paid losses recoverable					(160)		(135)

Reinsurance reserves recoverable (1)					$	789	$	996

(1) Excludes paid losses recoverable.

(2) Comprises discount rate and risk margin components.

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

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	(1)	$	(8)	$	—	$	(7)
Environmental	2		3		2		1
General casualty	41		21		37		31
Workers' compensation	(24)		(54)		(44)		(104)
Marine, aviation and transit	(13)		(28)		(13)		(38)
Construction defect	(3)		(3)		(4)		(10)
Professional indemnity/Directors and Officers	(9)		(4)		(10)		(85)
Motor	(5)		19		(5)		20
Property	(17)		—		(16)		5
All Other	17		8		18		4
Total Run-off segment	(12)		(46)		(35)		(183)
Total Assumed Life segment	—		—		—		(29)
Total Legacy Underwriting segment	—		(2)		—		3
Total	$	(12)	$	(48)	$	(35)	$	(209)

Derivatives and Hedging Instruments - Net Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives qualifying as hedging \| Foreign currency forward contracts
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 15	$ 39	$ 3	$ 91
Derivatives not qualifying as hedging \| Foreign currency forward contracts
Derivative [Line Items]
Derivatives not designated as hedging instruments	(4)	(5)	1	(15)
Derivatives not qualifying as hedging \| Interest rate swap
Derivative [Line Items]
Derivatives not designated as hedging instruments	$ (1)	$ 0	$ 7	$ 0

Losses and Loss Adjustment Expenses - Prior Period Development (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (12)	$ (48)	$ (35)	$ (209)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(12)	(46)	(35)	(183)
Run-off \| Asbestos
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(1)	(8)	0	(7)
Run-off \| Environmental
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	2	3	2	1
Run-off \| General casualty
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	41	21	37	31
Run-off \| Workers' compensation
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(24)	(54)	(44)	(104)
Run-off \| Marine, aviation and transit
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(13)	(28)	(13)	(38)
Run-off \| Construction defect
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(3)	(3)	(4)	(10)
Run-off \| Professional indemnity/Directors and Officers
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(9)	(4)	(10)	(85)
Run-off \| Motor
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(5)	19	(5)	20
Run-off \| Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(17)	0	(16)	5
Run-off \| All Other
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	17	8	18	4
Assumed Life
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	0	0	(29)
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ 0	$ (2)	$ 0	$ 3

Investments - AFS - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (24)	$ (42)	$ (33)	$ (10)
Allowances for credit losses on securities for which credit losses were not previously recorded	(1)	(2)	(6)	(30)
Reductions for securities sold during the period	0	4	5	4
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	2	5	11	1
Allowance for credit losses, end of period	(23)	(35)	(23)	(35)
Other government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0		(1)
Allowances for credit losses on securities for which credit losses were not previously recorded	0		0
Reductions for securities sold during the period	0		0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	0		1
Allowance for credit losses, end of period	0		0
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(22)	(42)	(32)	(10)
Allowances for credit losses on securities for which credit losses were not previously recorded	0	(2)	(3)	(30)
Reductions for securities sold during the period	0	4	5	4
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	0	5	8	1
Allowance for credit losses, end of period	(22)	$ (35)	(22)	$ (35)
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(2)		0
Allowances for credit losses on securities for which credit losses were not previously recorded	(1)		(3)
Reductions for securities sold during the period	0		0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	2		2
Allowance for credit losses, end of period	$ (1)		$ (1)

Noncontrolling Interests - Carrying Amount of Equity Attributable to Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 178	$ 174	$ 168	$ 179
Net earnings (loss) attributable to RNCI	4	(5)	13	(5)
Change in unrealized (losses) gains on AFS investments attributable to RNCI	1	(3)	2	(8)
Balance as of September 30	$ 183	$ 166	$ 183	$ 166

Fair Value Measurements - Valuation Techniques (Details) $ in Millions	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	$ 881	$ 1,250
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	881	1,250
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	$ 323
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Minimum \| P/BV Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.5
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Minimum \| P/BV Multiple Excluding AOCI
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.4
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Minimum \| Price/LTM Earnings Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	14.6
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Minimum \| Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Maximum \| P/BV Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.7
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Maximum \| P/BV Multiple Excluding AOCI
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.5
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Maximum \| Price/LTM Earnings Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	14.9
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model \| Maximum \| Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	3
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Minimum \| P/BV Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.4
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	0.150
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Minimum \| Price/2023 Earnings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	6.5
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Minimum \| Price/2024 Earnings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	5.5
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Maximum \| P/BV Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.8
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	0.170
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Maximum \| Price/2023 Earnings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	10.9
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method \| Maximum \| Price/2024 Earnings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	6.0
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline companies method; Earnings \| Minimum \| LTM Enterprise Value/EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	12.5
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline companies method; Earnings \| Minimum \| LTM EV/Revenue Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	2.5
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline companies method; Earnings \| Maximum \| LTM Enterprise Value/EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	14.0
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline companies method; Earnings \| Maximum \| LTM EV/Revenue Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	3.0
Significant Unobservable Inputs (Level 3) \| Equity investments in common and preferred stocks \| Privately held \| Guideline companies method; Earnings \| Average \| Multiple on Earnings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	5.0
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	$ 323	$ 319
Significant Unobservable Inputs (Level 3) \| Recurring \| Equity investments in common and preferred stocks \| Privately held
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	298
Significant Unobservable Inputs (Level 3) \| Recurring \| Equity investments in common and preferred stocks \| Privately held \| Guideline company methodology; Option pricing model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	185
Significant Unobservable Inputs (Level 3) \| Recurring \| Equity investments in common and preferred stocks \| Privately held \| Dividend discount model; Guideline companies method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	89
Significant Unobservable Inputs (Level 3) \| Recurring \| Equity investments in common and preferred stocks \| Privately held \| Guideline companies method; Earnings
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	24
Significant Unobservable Inputs (Level 3) \| Fair Value, Nonrecurring \| Equity investments in common and preferred stocks \| Privately held \| Cost as approximation of fair value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	$ 25