0001363829-24-000020 | 10-K | XBRL Viewer

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Segment Information - Narrative (Details) - segment	12 Months Ended
Segment Information - Narrative (Details) - segment	Dec. 31, 2023	Dec. 31, 2021
Segment Reporting [Abstract]
Number of segments	4
Syndicate underwriting capacity percentage	25.00%	25.00%

Investments - Restricted Assets (Details) $ in Millions	12 Months Ended
Investments - Restricted Assets (Details) $ in Millions	Dec. 31, 2023 USD ($) syndicate	Dec. 31, 2022 USD ($) syndicate	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Restricted cash and cash equivalents	$ 266	$ 508	$ 446
Line of Credit Facility [Line Items]
Collateral in trust for third party agreements	5,301	5,343
Assets on deposit with regulatory authorities	80	159
Funds at Lloyd's ("FAL")	389	365
Restricted assets, total	$ 5,848	$ 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	$ 78	$ 82

Share-Based Compensation - Other Share-Based Compensation Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Maximum share value	$ 21,250
Deferred compensation and ordinary share plan for non-employee directors \| Director \| Share-based compensation plans
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted share units credited to the accounts of non-employee directors (in shares)	6,936	6,438	5,092
Joint share ownership plan expense \| Employee share purchase plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Discount rate from market price	15.00%
Maximum subscription rate	15.00%
Stock issued to employees (in shares)	8,276	9,025	9,432

Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	2023						2022
			Fair Value (1)						Fair Value (1)
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	424	$	1	$	6	$	442	$	1	$	11

Derivatives not designated as hedging instruments
Foreign currency forward contracts	313		3		3		244		5		1
Others	14		—		—		7		—		—
Total	$	751	$	4	$	9	$	693	$	6	$	12

(1) Refer to Note 14 for additional information regarding the fair value of our derivatives.

The following table presents the net gains and losses relating to our derivative instruments for the years ended December 31, 2023, 2022 and 2021:


		Amount of Net Gains (Losses)
	Location of gain (loss) recognized on derivatives	2023		2022		2021
		(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	Accumulated other comprehensive income (loss)	$	(15)	$	50	$	24

Derivatives not designated as hedging instruments
Foreign currency forward contracts	Net foreign exchange gains (losses)	9		(10)		(4)
Interest rate swap	Net unrealized gains (losses)	7		—		—
Others	Net unrealized gains (losses)	(2)		—		—

- Definition

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

+ References + Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

The following table identifies our significant accounting policies presented in other notes to our consolidated financial statements:


Significant Accounting Policies						Note Reference(s)
•Acquisitions						Note 5 - Business Acquisitions
•Held-for-sale business and discontinued operations						Note 6 - Divestitures, Held-for-Sale Business and Discontinued Operations
•Short-term investments and fixed maturities •Allowance for credit losses •Equity securities •Other investments, at fair value •Equity method investments •Funds held						Note 7 - Investments
•Derivative instruments						Note 8 - Derivatives and Hedging Instruments
•Reinsurance Balances Recoverable on Paid and Unpaid Losses						Note 9 - Reinsurance Balances Recoverable on Paid and Unpaid Losses
•Deferred Charge Assets and Deferred Gain Liabilities						Note 10 - Deferred Charge Assets and Deferred Gain Liabilities
•Losses and LAE						Note 11 - Losses and Loss Adjustment Expenses

•Defendant Asbestos and Environmental Liabilities •Insurance Balances Recoverable						Note 13 - Defendant Asbestos and Environmental Liabilities

•Variable Interest Entities						Note 15 - Variable Interest Entities
•Premiums Written						Note 16 - Premiums Written and Earned
•Goodwill						Note 17 - Goodwill

•Redeemable Noncontrolling Interests						Note 19 - Noncontrolling Interests

•Earnings Per Share						Note 21 - Earnings Per Share
•Share-Based Compensation						Note 22 - Share-Based Compensation
•Income Taxes						Note 23 - Income Taxation

Other Significant Accounting Policies

Retroactive Reinsurance Contracts

For each of our reinsurance agreements, we determine whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. We review all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.

Cessions under reinsurance agreements do not discharge our obligations under the assumed reinsurance contracts.

If we determine that a reinsurance agreement does not expose us or the reinsurer to a reasonable possibility of a significant loss from insurance risk, we record the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within other assets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, we evaluate the adequacy of the expected payments or recoveries and adjust the deposit asset or liability through other revenues or other expenses, as appropriate.

Retroactive reinsurance contracts provide indemnification for losses and loss adjustment expenses ("LAE") with respect to past loss events. We do not record any income or expense on recognition of the contracts assets and liabilities. Any subsequent remeasurement of the value of liabilities is recorded to net incurred losses and LAE within the consolidated statements of operations.

Prospective reinsurance and insurance contracts

For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts received (paid) are recorded as assumed (ceded) premiums and assumed (ceded) unearned premiums. Assumed (ceded) unearned premiums are reflected as premiums within the consolidated statement of operations and, losses and loss adjustment expenses (reinsurance balances recoverable on paid and unpaid losses) within the consolidated balance sheet. Such amounts are amortized through net earned premiums over the remaining contract period in proportion to the amount of insurance protection provided.

Premiums on property and casualty insurance contracts are recognized as revenue on a pro rata basis over the applicable contract term.

Unearned Premium Reserves and Premiums Receivable

Unearned premium reserves, included within other liabilities on the consolidated balance sheets, represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate.

Premiums receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. The credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium.

Acquisition Costs

Acquisition costs, consisting principally of incremental costs including, commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and which are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned.

Deferred acquisition costs (“DAC”), recorded within other assets on the consolidated balance sheets, are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income.

Cash and cash equivalents

Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less. Securities included within cash equivalents are stated at estimated fair value, while other investments included within cash equivalents are stated at amortized cost which approximates estimated fair value.

Foreign Exchange

Assets, liabilities and operations of foreign affiliates and subsidiaries, as well as investments accounted for under the equity method, are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. For most of our foreign operations, the local currency is the functional currency.

Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to our reporting currency U.S. dollars, at the exchange rates in effect at each year-end and revenues and expenses are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported separately in the consolidated statement of operations in the period in which they occur.

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 operations;

•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 were 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 the 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, 2021.29

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2023-07 - Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, which includes the following amendments to Topic 280 Segment Reporting:

•Disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss;

•Disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition;

•Disclose, on an interim basis, all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280;

•Clarify that an entity is not precluded from reporting one or more additional measure(s) of segment profit or loss if the CODM uses more than one measure in assessing segment performance and deciding how to allocate resources;

•Disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and

•Require an entity with a single reportable segment to provide all disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280.

These amendments are effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, and must be applied retrospectively to all prior periods presented. Early adoption is permitted.

Adopting ASU 2023-07 will require us to expand our segment disclosures. We are currently determining the period in which the new guidance will be adopted.

ASU 2023-09 - Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, which includes the following amendments to Topic 740 Income Taxes:

•Disclose, on an annual basis, specific categories in the rate reconciliation;

•Disclose, on an annual basis, additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate);

•Disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes;

•Disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received);

•Disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign;

•Disclose income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign;

•Eliminates the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made; and

•Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures.

These amendments are effective for annual reporting periods beginning after December 15, 2024, and should be applied prospectively, however retrospective application is permitted. Early adoption is permitted.

Adopting ASU 2023-09 will require us to expand our income tax disclosures. We are currently determining the period in which the new guidance will be adopted.

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	$ 4	$ 7	$ 16
Reserves for Losses and Loss Adjustment Expenses	12,359	13,007	13,258
Unearned Premiums	171	114	188
Policy Benefits for Life and Annuity Contracts	0	821	1,502
Net Premiums Earned	43	66	245
Net Investment Income	647	455	312
Losses and Loss Expenses and Policy Benefits	(101)	(683)	(234)
Acquisition Costs	10	23	57
Other Operating Expenses	369	331	367
Net Premiums Written	96	12	62
Cumulative effect of change in accounting principle \| Accounting Standards Update 2018-12
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Policy Benefits for Life and Annuity Contracts		363
Operating Segments \| Run-off
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	4	7	14
Reserves for Losses and Loss Adjustment Expenses	12,779	13,337	13,117
Unearned Premiums	171	114	171
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	43	40	182
Net Investment Income	0	0	0
Losses and Loss Expenses and Policy Benefits	(196)	(442)	(194)
Acquisition Costs	10	22	44
Other Operating Expenses	177	143	188
Net Premiums Written	96	(4)	35
Operating Segments \| Assumed Life
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	0
Reserves for Losses and Loss Adjustment Expenses	0	0	181
Unearned Premiums	0	0	5
Policy Benefits for Life and Annuity Contracts	0	821	1,502
Net Premiums Earned	0	17	5
Net Investment Income	0	0	0
Losses and Loss Expenses and Policy Benefits	0	(30)	(2)
Acquisition Costs	0	0	0
Other Operating Expenses	0	7	1
Net Premiums Written	0	12	3
Operating Segments \| Investments
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	0
Reserves for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	0	0	0
Net Investment Income	647	445	309
Losses and Loss Expenses and Policy Benefits	0	0	0
Acquisition Costs	0	0	0
Other Operating Expenses	43	37	37
Net Premiums Written	0	0	0
Operating Segments \| Legacy Underwriting
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	2
Reserves for Losses and Loss Adjustment Expenses	0	173	215
Unearned Premiums	0	0	12
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	0	9	58
Net Investment Income	0	10	3
Losses and Loss Expenses and Policy Benefits	0	7	20
Acquisition Costs	0	1	13
Other Operating Expenses	0	2	10
Net Premiums Written	0	4	24
Corporate and other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Acquisition Costs	0	0	0
Reserves for Losses and Loss Adjustment Expenses	(420)	(503)	(255)
Unearned Premiums	0	0	0
Policy Benefits for Life and Annuity Contracts	0	0	0
Net Premiums Earned	0	0	0
Net Investment Income	0	0	0
Losses and Loss Expenses and Policy Benefits	95	(218)	(58)
Acquisition Costs	0	0	0
Other Operating Expenses	149	142	131
Net Premiums Written	$ 0	$ 0	$ 0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Operations by Segment

The following table sets forth select consolidated statements of operations results by segment for the years ended December 31, 2023, 2022, and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Revenues
Run-off	$	53	$	62	$	255
Assumed Life	277		17		5
Investments	1,110		(1,159)		429
Legacy Underwriting	—		10		43
Subtotal	1,440		(1,070)		732
Corporate and other	(11)		12		57
Total revenues	$	1,429	$	(1,058)	$	789

Income (losses) from equity method investments
Investments	$	13	$	(74)	$	93

Segment net income (loss)
Run-off	$	62	$	339	$	217
Assumed Life	277		40		6
Investments	1,080		(1,270)		485
Legacy Underwriting	—		—		—
Total segment net income (loss)	1,419		(891)		708
Corporate and other net (loss) income:



Other (expense) income (1)	(11)		12		(16)
Net gain on purchase and sale of subsidiaries	—		—		73
Net incurred losses and LAE (2)	(95)		218		59
Policyholder benefit expenses	—		—		(1)
Amortization of net deferred charge assets	(106)		(80)		(55)

General and administrative expenses	(149)		(142)		(131)
Interest expense	(90)		(89)		(69)
Net foreign exchange gains (losses)	—		15		12
Income tax benefit (expense)	250		12		(27)

Less: Net (income) loss attributable to noncontrolling interest	(100)		75		(15)
Less: Dividends on preferred shares	(36)		(36)		(36)
Total - Corporate and other net (loss) income	(337)		(15)		(206)
Net income (loss) attributable to Enstar Ordinary Shareholders	$	1,082	$	(906)	$	502

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

(2) Net incurred losses and LAE for corporate and other activities includes the fair value adjustments associated with the acquisition of companies and the changes in the discount rate and risk margin components of the fair value of assets and liabilities related to our assumed retroactive reinsurance contracts for which we have elected the fair value option.

Schedule of Revenue from External Customers

The following tables summarize our gross premiums written by geographical region, which is based upon the location of the subsidiaries underwriting the policies, for the years ended December 31, 2023, 2022 and 2021 (2023 only consisted of the Run-off Segment):


	2023

	Total/Run-off		%
	(In millions of U.S. dollars, except percentages)
United States	$	98	97	%
United Kingdom	6		6	%
Europe	(3)		(3)	%


Total	$	101	100	%


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

Total	$	5	100.0	%	$	12	100.0	%	$	8	100.0	%		$	25	100.0	%

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


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

Derivatives and Hedging Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 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 (includes consolidated variable interest entity: 2023 — $1; 2022 — $0)	Other liabilities (includes consolidated variable interest entity: 2023 — $1; 2022 — $0)
Gross Notional Amount	$ 751	$ 693
Assets	4	6
Liabilities	9	12
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Derivative [Line Items]
Gross Notional Amount	424	442
Assets	1	1
Liabilities	6	11
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Derivative [Line Items]
Gross Notional Amount	313	244
Assets	3	5
Liabilities	3	1
Derivatives not designated as hedging instruments \| Others
Derivative [Line Items]
Gross Notional Amount	14	7
Assets	0	0
Liabilities	$ 0	$ 0

Investments - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 334		$ 397
Citco III Limited \| HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest held by noncontrolling owners			6.20%
Convertible Preferred Stock \| Citco III Limited \| HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Ownership interest held by noncontrolling owners			15.40%
HH CTCO Holdings Limited
Schedule of Equity Method Investments [Line Items]
Gain on sale of equity method investment	5
Equity method investments	$ 0		$ 60
HH CTCO Holdings Limited \| Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Ownership %	0.00%		31.90%
Monument
Schedule of Equity Method Investments [Line Items]
Ownership %	20.00%	20.00%
Equity method investments	$ 95		$ 110
Monument \| Ordinary Shares
Schedule of Equity Method Investments [Line Items]
Ownership %	20.00%		20.00%
Core Specialty
Schedule of Equity Method Investments [Line Items]
Ownership %	19.90%		19.90%
Equity method investments	$ 225		$ 211
Other
Schedule of Equity Method Investments [Line Items]
Ownership %	27.00%		27.00%
Equity method investments	$ 14		$ 16

Divestitures, Held-For-Sale Businesses and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Financial Information of Held-For-Sale Business

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


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

Other	11
Net gain on sales of subsidiaries	$	26

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
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+ Details

Defendant Asbestos and Environmental Liabilities - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) site	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Liability for Asbestos and Environmental Claims [Abstract]
Other expense (income)	$ 12,000,000	$ 4,000,000	$ (27,000,000)
Defendant asbestos liabilities	$ 734,000,000	786,000,000
Number of hazardous waste disposal sites \| site	26
Defendant environmental liabilities	$ 10,000,000	10,000,000
Insurance balance recoverable, allowance for credit loss	5,000,000	5,000,000
Write-offs	0	0
Recoveries	$ 0	$ 0

Investments - Gross Unrealized Losses (Details) $ in Millions	Dec. 31, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Fair Value
12 Months or Greater	$ 3,062	$ 2,181
Less Than 12 Months	668	2,571
Total	3,730	4,752
Gross Unrealized Losses
12 Months or Greater	(397)	(371)
Less Than 12 Months	(15)	(257)
Total	$ (412)	$ (628)
Number of securities in unrealized loss position \| Security	2,156	2,935
Number of securities in unrealized loss position, twelve months or longer \| Security	1,736	1,155
U.S. government and agency
Fair Value
12 Months or Greater	$ 135	$ 188
Less Than 12 Months	43	112
Total	178	300
Gross Unrealized Losses
12 Months or Greater	(18)	(19)
Less Than 12 Months	(1)	(9)
Total	(19)	(28)
U.K. government
Fair Value
12 Months or Greater	9	1
Less Than 12 Months	4	10
Total	13	11
Gross Unrealized Losses
12 Months or Greater	(1)	0
Less Than 12 Months	0	(2)
Total	(1)	(2)
Other government
Fair Value
12 Months or Greater	70	25
Less Than 12 Months	10	89
Total	80	114
Gross Unrealized Losses
12 Months or Greater	(8)	(4)
Less Than 12 Months	0	(11)
Total	(8)	(15)
Corporate
Fair Value
12 Months or Greater	1,854	1,261
Less Than 12 Months	243	1,542
Total	2,097	2,803
Gross Unrealized Losses
12 Months or Greater	(265)	(246)
Less Than 12 Months	(3)	(182)
Total	(268)	(428)
Municipal
Fair Value
12 Months or Greater	78	58
Less Than 12 Months	2	32
Total	80	90
Gross Unrealized Losses
12 Months or Greater	(15)	(14)
Less Than 12 Months	0	(8)
Total	(15)	(22)
Residential mortgage-backed
Fair Value
12 Months or Greater	267	185
Less Than 12 Months	41	154
Total	308	339
Gross Unrealized Losses
12 Months or Greater	(36)	(35)
Less Than 12 Months	(1)	(10)
Total	(37)	(45)
Commercial mortgage-backed
Fair Value
12 Months or Greater	410	277
Less Than 12 Months	225	275
Total	635	552
Gross Unrealized Losses
12 Months or Greater	(48)	(43)
Less Than 12 Months	(9)	(20)
Total	(57)	(63)
Asset-backed
Fair Value
12 Months or Greater	239	186
Less Than 12 Months	100	357
Total	339	543
Gross Unrealized Losses
12 Months or Greater	(6)	(10)
Less Than 12 Months	(1)	(15)
Total	$ (7)	$ (25)

Debt Obligations and Credit Facilities - Amounts of Outstanding Debt and Accrued Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Carrying Value	$ 1,831	$ 1,829
Interest expense on debt obligations	88	93	$ 68
Amortization of debt issuance costs	2	2	1
Gain on extinguishment	0	(6)	0
Total interest expense	90	89	$ 69
Senior Notes
Line of Credit Facility [Line Items]
Carrying Value	$ 992	991
Senior Notes \| Senior Notes Due 2029
Line of Credit Facility [Line Items]
Interest rate	4.95%
Term	10 years
Principal	$ 500
(Unamortized Cost) / Fair Value Adjustments	(4)	(4)
Carrying Value	$ 496	496
Senior Notes \| Senior Notes, Due 2031
Line of Credit Facility [Line Items]
Interest rate	3.10%
Term	10 years
Principal	$ 500
(Unamortized Cost) / Fair Value Adjustments	(4)	(5)
Carrying Value	496	495
Junior Subordinated Notes
Line of Credit Facility [Line Items]
Principal	850	850
Carrying Value	$ 839	838
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2040
Line of Credit Facility [Line Items]
Interest rate	5.75%
Term	20 years
Principal	$ 350
(Unamortized Cost) / Fair Value Adjustments	(5)	(5)
Carrying Value	$ 345	345
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042
Line of Credit Facility [Line Items]
Interest rate	5.50%
Term	20 years
Principal	$ 500
(Unamortized Cost) / Fair Value Adjustments	(6)	(7)
Carrying Value	$ 494	493
Loan facilities \| EGL Revolving Credit Facility
Line of Credit Facility [Line Items]
Term	5 years
Carrying Value	$ 0	$ 0

Investments - Funds Held by Reinsured Companies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fund held by reinsured companies, at amortized cost	$ 2,709	$ 3,538
Fair value of embedded derivative	323	294	$ 347
Funds held by reinsured companies	2,749	3,582
Funds held by reinsurance company, period decrease	833
Embedded derivative
Debt Securities, Available-for-sale [Line Items]
Fair value of embedded derivative	$ 40	$ 44	$ 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

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

Basis of Presentation (Details) $ in Millions	3 Months Ended
Basis of Presentation (Details) $ in Millions	Dec. 31, 2022 USD ($)
EnhanzedRe \| Subordinated Debt
Segment Reporting Information [Line Items]
Repayments of subordinated debt	$ 70

Premiums Written and Earned - Schedule of Net Premiums Written and Earned (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums Written
Total gross	$ 101	$ 25	$ 106
Total ceded	(5)	(13)	(44)
Total net	96	12	62
Premiums Earned
Total gross	49	97	373
Total ceded	(6)	(31)	(128)
Total net	$ 43	$ 66	$ 245

Related Party Transactions - AmTrust (Details) - Investee	Dec. 31, 2023
Evergreen Parent L.P.
Related Party Transaction [Line Items]
Ownership of equity interest	8.70%
Evergreen Parent L.P. \| Trident Pine
Related Party Transaction [Line Items]
Ownership of equity interest	22.60%

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

15. VARIABLE INTEREST ENTITIES

We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported NAV. 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.

Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.

Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment.

GCM Fund

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

We have elected to recognize the results of the GCM Fund on a one quarter lag due to anticipated delays in obtaining timely financial information. As of December 31, 2023, $72 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 sheets as of December 31, 2023 and 2022. Net investment income, changes in the fair value of assets and liabilities of the GCM Fund and management fees will be presented within existing captions in the consolidated statements of operations.

We recognized net unrealized gains on other investments of $6 million and $0 million for the years ended December 31, 2023 and 2022, 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.

InRe Fund

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

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

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

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

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

Summarized Financial Information

Prior to consolidating the InRe Fund, total income, expenses and net income (including Enstar’s and Hillhouse’s combined interests) for the three months ended March 31, 2021 was $311 million, $19 million and $292 million, respectively. Enstar recognized $77 million of net unrealized gains from its allocated share of total net income for the three months ended March 31, 2021.

Nonconsolidated VIEs

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


As of December 31, 2023	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	55	$	—	$	55
Privately held equity	34		—		34
Total	89		—		89

Other investments
Hedge funds	$	491	$	—	$	491
Fixed income funds	147		35		182
Private equity funds	1,262		667		1,929
CLO equity funds	182		—		182
Private credit funds	349		242		591
Real estate funds	121		139		260

Total	$	2,552	$	1,083	$	3,635

Total investments in nonconsolidated VIEs	$	2,641	$	1,083	$	3,724


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

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

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

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

Income Taxation - Deferred Tax Ending Balance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net deferred tax asset	$ 392	$ 141
Australia
Segment Reporting Information [Line Items]
Net deferred tax asset	4	4
Bermuda
Segment Reporting Information [Line Items]
Net deferred tax asset	205	0
United States
Segment Reporting Information [Line Items]
Net deferred tax asset	191	164
United Kingdom
Segment Reporting Information [Line Items]
Net deferred tax liability	$ (8)	$ (27)

Fair Value Measurements - Funds Held By Reinsured Companies - Embedded Derivative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	$ 294	$ 347
Net unrealized gains	26	(43)
Ending fair value	323	294
Embedded derivative
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	44	0
Initial recognition	0	27
Net unrealized gains	13	17
Partial settlement	(17)	0
Ending fair value	40	$ 44
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative	$ 40
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis \| Average \| Volatility rate
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative, measurement input	0.0698
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis \| Average \| Expected loss payments
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative, measurement input	651

Premiums Written and Earned (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Net Premiums Written and Earned

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


	December 31, 2023		December 31, 2022
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	836	$	1,075
ULAE	5		6
Fair value adjustments - acquired companies	(5)		(6)
Fair value adjustments - fair value option	(62)		(79)
Total reinsurance reserves recoverable	774		996
Paid losses recoverable	183		135
Total	$	957	$	1,131

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	740	$	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217		275
Total	$	957	$	1,131

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2023, 2022 and 2021:


	2023				2022				2021
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)

















Total gross	$	101	$	49	$	25	$	97	$	106	$	373
Total ceded	(5)		(6)		(13)		(31)		(44)		(128)
Total net	$	96	$	43	$	12	$	66	$	62	$	245

Dividend Restrictions and Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Summary of Statutory Capital and Surplus

The statutory capital and surplus amounts as of December 31, 2023 and 2022 and statutory net income (loss) amounts for the years ended December 31, 2023, 2022 and 2021 for our (re)insurance subsidiaries based in Bermuda, the United Kingdom, the United States, Australia and Continental Europe are summarized in the table below which includes information relating to acquisitions from the year of acquisition:


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2023		2022		2023		2022		2023		2022		2021
	(in millions of U.S. dollars)
Bermuda	$	3,265	$	3,031	$	7,003	$	5,833	$	1,395	$	(710)	$	524
U.K.	575		619		971		848		42		(11)		163
U.S.	162		161		426		434		19		(58)		23
Australia	9		10		39		35		3		(1)		2
Europe	49		53		193		188		(6)		(30)		(2)

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Investments - Funds Held Directly Managed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity investments, at amortized cost	$ 2,608	$ 2,819
Accumulated change in fair value - embedded derivative accounting	(106)	(572)
Accumulated change in fair value	0	$ (207)
Funds held - directly managed, period increase	$ 462

Deferred Charge Assets and Deferred Gain Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Deferred Charge Assets

The following table presents a reconciliation of the deferred charge assets and deferred gain liabilities for the years ended December 31, 2023, 2022 and 2021:


	2023						2022						2021
	DCA		DGL		Net		DCA		DGL		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	658	$	—	$	658	$	599	$	1	$	598	$	401	$	20	$	381
New business	179		—		179		140		—		140		254		11		243
Realized on acquisition	—		—		—		—		—		—		—		(29)		29
Amortization	(106)		—		(106)		(81)		(1)		(80)		(56)		(1)		(55)

Ending carrying value	$	731	$	—	$	731	$	658	$	—	$	658	$	599	$	1	$	598

Deferred Gain Liabilities

The following table presents a reconciliation of the deferred charge assets and deferred gain liabilities for the years ended December 31, 2023, 2022 and 2021:


	2023						2022						2021
	DCA		DGL		Net		DCA		DGL		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	658	$	—	$	658	$	599	$	1	$	598	$	401	$	20	$	381
New business	179		—		179		140		—		140		254		11		243
Realized on acquisition	—		—		—		—		—		—		—		(29)		29
Amortization	(106)		—		(106)		(81)		(1)		(80)		(56)		(1)		(55)

Ending carrying value	$	731	$	—	$	731	$	658	$	—	$	658	$	599	$	1	$	598

Summary of the Effect of the Change in Accounting Principle

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

Consolidated Balance Sheets


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


Retained earnings	4,016		390		4,406

Consolidated Statements of Operations


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars, except per share data)
Net incurred losses and LAE:
Prior Period	$	(513)	$	(243)	$	(756)
Total net incurred losses and loss adjustment expenses	(465)		(243)		(708)
Amortization of net deferred charge assets	—		80		80
Total expenses	(12)		(163)		(175)
NET LOSS FROM CONTINUING OPERATIONS	(1,108)		163		(945)
NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	(1,069)	163		(906)
	$	—
Loss per ordinary share attributable to Enstar:
Basic	$	(62.13)	$	9.48	$	(52.65)

Diluted	$	(62.13)	$	9.48	$	(52.65)


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

NET INCOME FROM CONTINUING OPERATIONS	488		65		553


NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	437	$	65	$	502

Earnings per ordinary share attributable to Enstar:



Basic	$	22.05	$	3.28	$	25.33



Diluted	$	21.71	$	3.23	$	24.94

Consolidated Statements of Comprehensive Income


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
NET (LOSS) INCOME	$	(1,108)	$	163	$	(945)	$	488	$	65	$	553


COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR	$	(1,319)	$	163	$	(1,156)	$	375	$	65	$	440

Consolidated Statements of Changes in Shareholders’ Equity


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Retained Earnings
Balance, beginning of year	$	5,085	$	227	$	5,312	$	4,647	$	162	$	4,809
Net (loss) income	(1,108)		163		(945)		488		65		553

Balance, end of year	$	4,016	$	390	$	4,406	$	5,085	$	227	$	5,312

Consolidated Statements of Cash Flows


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Net (loss) income	$	(1,108)	$	163	$	(945)	$	488	$	65	$	553
Adjustments to reconcile net (loss) income to cash flows provided by operating activities:
Amortization of net deferred charge assets	$	—	$	80	$	80	$	—	$	55	$	55
Other operating assets and liabilities(1)	$	(174)	$	(243)	$	(417)	$	838	$	(120)	$	718

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

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


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
DCAs on retroactive reinsurance	$	(371)	$	371	$	—	$	(219)	$	219	$	—
Net balance as of January 1	11,555		371		11,926		8,709		219		8,928
Net incurred losses and LAE:
Prior periods:
Amortization of DCAs	243		(243)		—		120		(120)		—
Total prior periods	(513)		(243)		(756)		(283)		(120)		(403)
Total net incurred losses and LAE	(465)		(243)		(708)		(111)		(120)		(231)
Other changes:

Acquired business(2)	—		—		—		1,098		29		1,127
Assumed business(1)	2,520		140		2,660		3,445		254		3,699
Ceded business(3)	—		—		—		(92)		(11)		(103)
Total other changes	2,333		140		2,473		4,388		272		4,660
Net balance as of December 31	11,743		268		12,011		11,555		371		11,926
DCAs on retroactive reinsurance	$	268	$	(268)	$	—	$	371	$	(371)	$	—

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

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

(3) 2021 ceded business is net of DGLs of $11 million.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	238	238	1297
Auditor Name	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG Audit Limited
Auditor Location	New York, New York	New York, New York	Hamilton, Bermuda

Losses and Loss Adjustment Expenses - Narrative (Details) $ in Millions		12 Months Ended
	Jan. 01, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) commutation	Dec. 31, 2021 USD ($) commutation
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		$ (157)	$ (403)	$ (281)
Amortization of fair value adjustments		17	(18)	16
Reduction in provisions for ULAE		(69)	(135)	(63)
Changes in fair value - fair value option		78	(200)	(75)
Net ultimate liability for asbestos and environmental claims		1,800	2,000
Gross ultimate liability for asbestos and environmental claims		1,900	2,000
Argo Group International Holdings, Ltd.
Effects of Reinsurance [Line Items]
Reduction in provisions for ULAE		21
Run-off
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		(157)	(355)	(277)
Reserves transferred	$ 955
Run-off \| Workers' Compensation
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		(200)	(318)	(234)
Run-off \| Workers' compensation, 15 commutations
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses			$ (11)	$ (10)
Number of commutations \| commutation			15	15
Run-off \| Property
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		(68)	$ (35)	$ (45)
Run-off \| General casualty
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		127	57	116
Run-off \| General casualty, 18 commutations
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses				$ (2)
Number of commutations \| commutation				18
Run-off \| Marine, aviation and transit
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		(2)	(56)	$ (47)
Run-off \| Marine, aviation and transit, 4 commutations
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses				$ 1
Number of commutations \| commutation				4
Run-off \| Motor
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		(28)	74	$ 43
Assumed Life
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		0	(52)	0
Amortization of fair value adjustments			(33)
Assumed Life \| Allianz
Effects of Reinsurance [Line Items]
Decrease from favorable commutation gain			59
Assumed Life \| Catastrophe Reinsurance \| Allianz
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses			(26)
Legacy Underwriting
Effects of Reinsurance [Line Items]
Increase (decrease) in estimates of net ultimate losses		$ 0	$ 4	$ (4)
Reserves transferred	$ (955)

Debt Obligations and Credit Facilities - Credit and Deposit Facilities (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Funds at Lloyd's ("FAL")	$ 389,000,000		$ 365,000,000
Cash and investments	483,000,000		455,000,000
Loan facilities \| $275.0 million Funds at Lloyd's LOC Facility
Debt Instrument [Line Items]
Commitment	275,000,000
Additional commitments available	75,000,000
Aggregate Amount Issued / Requested as Deposits / Face Amount	150,000,000		135,000,000
Loan facilities \| $90.0 million Funds at Lloyd's Deposit Facility
Debt Instrument [Line Items]
Commitment	90,000,000
Additional commitments available	10,000,000
Aggregate Amount Issued / Requested as Deposits / Face Amount	90,000,000		90,000,000
Loan facilities \| $346 million LOC Facility
Debt Instrument [Line Items]
Commitment	346,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	346,000,000		365,000,000
Loan facilities \| $100 million LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		100,000,000
Loan facilities \| $120 million LOC Facility
Debt Instrument [Line Items]
Commitment	120,000,000
Additional commitments available	60,000,000
Aggregate Amount Issued / Requested as Deposits / Face Amount	74,000,000		97,000,000
Loan facilities \| $22.5 million LOC Facility
Debt Instrument [Line Items]
Commitment	23,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	23,000,000		0
Loan facilities \| $800.0 million Syndicated LOC Facility
Debt Instrument [Line Items]
Commitment	800,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	655,000,000		625,000,000
Loan facilities \| $1 million LOC Facility
Debt Instrument [Line Items]
Commitment	1,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	1,000,000		0
Loan facilities \| $100 million Bermuda LOC Facility (4)
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		100,000,000
Loan facilities \| $100 million Bermuda LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		100,000,000
Loan facilities \| $100 million Bermuda LOC Facility
Debt Instrument [Line Items]
Commitment	100,000,000
Additional commitments available	0
Aggregate Amount Issued / Requested as Deposits / Face Amount	100,000,000		100,000,000
Loan facilities \| £32.0 million United Kingdom LOC Facility
Debt Instrument [Line Items]
Commitment \| £		£ 32,000,000
Additional commitments available \| £		£ 0
Aggregate Amount Issued / Requested as Deposits / Face Amount	41,000,000		39,000,000
Deposit Facility \| $90.0 million Funds at Lloyd's Deposit Facility
Debt Instrument [Line Items]
Cash and investments	94,000,000		90,000,000
Secured operating LOC
Debt Instrument [Line Items]
Aggregate Amount Issued / Requested as Deposits / Face Amount	$ 67,000,000		$ 83,000,000

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Summary of Changes in Ownership Interest

We paid total consideration of $182 million in exchange for acquiring the 41.0% interest in SSHL, comprised as follows:


	2023
	(in millions of U.S. dollars)
Cash	$	119
Remaining ownership interest in Northshore (13.5%)	48
Settlement of existing loan receivable	15
Total consideration paid	182
Less: carrying value of RNCI	(185)
Gain on redemption of RNCI	$	3

The following table summarizes changes in the ownership interest in consolidated subsidiaries for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Net income (loss) attributable to Enstar ordinary shareholders	$	1,082	$	(906)	$	502
Transfers from noncontrolling and redeemable noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest and redeemable noncontrolling interests (1)	18		—		—
Change from net income (loss) attributable to Enstar ordinary shareholders and net transfers from noncontrolling and redeemable noncontrolling interests	$	1,100	$	(906)	$	502

(1) The transfer from the noncontrolling interests and redeemable noncontrolling interests for the year ended December 31, 2023 relates to the repurchase of the entire 24.9% ownership interest Allianz held in Enhanzed Re recorded in the first quarter of 2023 and the repurchase of the remaining 41.0% ownership interest the RNCI Holders held in SSHL recorded in the fourth quarter of 2023, respectively.

Carrying Amount of Equity Attributable to Noncontrolling Interest

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Balance as of January 1	$	168	$	179


Net income (losses) attributable to RNCI	15		(5)
Change in unrealized gains (losses) on AFS investments attributable to RNCI	2		(6)


Change in redemption value of RNCI	(3)		—
Redemption of RNCI	(182)		—
Balance as of December 31	$	—	$	168

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V - Valuation and Qualifying Accounts

SCHEDULE V

ENSTAR GROUP LIMITED

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2023, 2022 and 2021

(Expressed in millions of U.S. Dollars)


	Balance at Beginning of Year		Charged to costs and expenses		Charged to other accounts		Deductions (1)		Balance at End of Year
December 31, 2023
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	131	$	—	$	3	$	(3)	$	131
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	5		—		—		—		5
Valuation allowance for deferred tax assets	181		16		—		(41)		156

December 31, 2022
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	136	$	—	$	(5)	$	—	$	131
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	5		—		—		—		5
Valuation allowance for deferred tax assets	129		52		—		—		181

December 31, 2021
Reinsurance balances recoverable on paid and unpaid losses:
Allowance for estimated uncollectible reinsurance	$	137	$	—	$	1	$	(2)	$	136
Insurance balances recoverable:
Allowance for estimated uncollectible insurance	5		—		—		—		5
Valuation allowance for deferred tax assets	118		12		—		(1)		129

(1)Credited to the related asset account.

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
One year or less	$ 355
More than one year through five years	2,315
More than five years through ten years	1,561
More than ten years	1,339
Fixed maturity investments, at amortized cost	7,889
Fair Value
One year or less	353
More than one year through five years	2,215
More than five years through ten years	1,430
More than ten years	1,064
Total	$ 7,274	$ 7,645
% of Total Fair Value
One year or less	4.90%
More than one year through five years	30.40%
More than five years through ten years	19.60%
More than ten years	14.60%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 525
Fair Value
Securities without single maturity date	487
Total	$ 487	439
% of Total Fair Value
Securities without single maturity date	6.70%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 909
Fair Value
Securities without single maturity date	841
Total	$ 841	819
% of Total Fair Value
Securities without single maturity date	11.60%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 885
Fair Value
Securities without single maturity date	884
Total	$ 884	$ 837
% of Total Fair Value
Securities without single maturity date	12.20%

Future Policyholder Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Liability for Future Policy Benefit, Activity

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


	December 31,
	2023		2022
	(in millions of U.S. dollars)
Beginning Balance (1)	$	821	$	1,502



Interest accretion and other policyholder benefit expenses	—		25
Benefits paid	(6)		(56)
Recapture of assumed liabilities by ceding company	—		(34)
Terminations (surrenders)	—		(15)
Effect of exchange rate movement	13		(223)
Derecognition (2)	(828)		—
Effect of changes in discount rate	—		(363)
Other	—		(15)
Balance as of December 31	$	—	$	821

(1) The liability for future policyholder benefits as of January 1, 2022 has not been adjusted for the impact of adopting ASU 2018-12 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, the effect of remeasuring the liabilities using an upper medium grade fixed-income instrument yield 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.

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 income 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 consolidated statements of operations.

(4) Recognized in net income in our consolidated statements of operations.

Schedule I - Summary of Investments Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I - Summary of Investments Other Than Investments in Related Parties

SCHEDULE I

ENSTAR GROUP LIMITED

SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES54

As of December 31, 2023

(Expressed in millions of U.S. Dollars)


Type of investment	Cost (1)		Fair Value		Amount at which shown in the balance sheet
Short-term and fixed maturities — Trading:
U.S. government and agency	$	75	$	76	$	76
U.K. government	28		21		21
Other government	165		144		144
Corporate	1,525		1,343		1,343
Municipal	54		49		49
Residential mortgage-backed	59		55		55
Commercial mortgage-backed	128		119		119
Asset-backed	76		75		75

Total	2,110		1,882		1,882
Short-term and fixed maturities — AFS:
U.S. government and agency	268		250		250
U.K. government	49		51		51
Other government	250		247		247
Corporate	2,914		2,654		2,654
Municipal	107		93		93
Residential mortgage-backed	466		432		432
Commercial mortgage-backed	702		652		652
Asset-backed	520		516		516
Total	5,276		4,895		4,895
Funds held	5,298		5,232		5,232
Equities	246		384		384
Other investments, at fair value	1,805		1,805		1,805

Total	$	14,735	$	14,198	$	14,198

(1)Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts.


Reconciliation to balance sheet	Short-term and fixed maturities - Trading		Short-term and fixed maturities - AFS		Funds held		Equities		Other Investments
	(in millions of U.S. dollars)
Fair value of investments, other than investments in related parties	$	1,882	$	4,895	5,232		$	384	$	1,805
Investments in related parties:
Affiliates of Stone Point	69		428				63		446
Co-investor with Stone Point							73
AmTrust							181
Core Specialty					19
Other (1)									1,602
Total per balance sheet	$	1,951	$	5,323	$	5,251	$	701	$	3,853

(1)Comprised of investments in limited partnerships and partnership-like limited liability companies, that had we not elected the fair value option would otherwise be accounted for as equity method investments.

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Operations from Date of Acquisition

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


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

(1)Excludes income from our previously held equity method investment in Enhanzed Re30.

Pro Forma Condensed Combined Statement of Earnings

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


	2021
	(in millions of U.S. dollars)
Total revenues	$	1,071
Net income	494
Net income attributable to Enstar	445
Net income attributable to Enstar ordinary shareholders	409

Share-Based Compensation - Joint Share Ownership Plan (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Jan. 20, 2025	Jul. 01, 2022	Jan. 21, 2020	Jan. 01, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Performance Condition Period				5 years
Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			565,630
Shares issued, price per share (in dollars per share)			$ 205.89
Percentage of award subject to performance condition					20.00%
Grant date fair value (in dollars per share)		$ 27.25	24.13
Hurdle price per share (in dollars per share)		$ 315.53	$ 266.00
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average volatility						35.20%	18.70%
Weighted-average risk-free interest rate						2.80%	1.60%
Dividend yield						0.00%	0.00%
Unrecognized compensation cost					$ 6
Unrecognized compensation cost, period of recognition					1 year 1 month 6 days
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)			565,630
Chief Executive Officer \| Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value		$ 15	$ 14
Forecast \| Joint Share Ownership Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volume weighted average price per share, days	10 days
Consecutive trading days	10 days

Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions

Total

Ordinary Shares

Voting Ordinary Shares

Ordinary Shares

Non-Voting Convertible Ordinary Series C Shares

Ordinary Shares

Non-Voting Convertible Ordinary Series E Shares

Preferred Stock

Series C non-voting preferred shares

Preferred Stock

Series D Preferred Shares

Preferred Stock

Series E Preferred Shares

Treasury Shares (Series C Preferred Shares)

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

Additional Paid-in Capital

Voting Ordinary Shares

Additional Paid-in Capital

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 year at Dec. 31, 2020

$ 19

$ 3

$ 1

$ 0

$ 400

$ 110

$ (422)

$ (1)

$ 1,836

$ 81

$ 8

$ 0

$ 73

$ 0

^[1]

$ 0

$ 4,809

$ 14

^[1]

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

Repurchase of voting ordinary shares

$ (3)

Shares repurchased

(2)

(1)

$ (937)

Amortization of share-based compensation

Acquisition of noncontrolling and redeemable noncontrolling shareholders’ interests in subsidiaries

(1)

Other comprehensive income (loss)

$ (98)

(100)

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

Net income (loss)

502

553

Less: Net (income) loss attributable to noncontrolling interest

(15)

(1)

Dividends on preferred shares

(36)

Change in redemption value of redeemable noncontrolling interests

Consolidation of noncontrolling interests

219

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

(1)

Balance, end of year at Dec. 31, 2021

6,553

400

110

(422)

(1)

922

(16)

(27)

^[1]

5,312

230

^[1]

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

Repurchase of voting ordinary shares

(4)

Shares repurchased

(1)

(162)

Amortization of share-based compensation

Acquisition of noncontrolling and redeemable noncontrolling shareholders’ interests in subsidiaries

(55)

Other comprehensive income (loss)

(211)

(2)

(557)

273

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

Net income (loss)

(906)

(945)

Less: Net (income) loss attributable to noncontrolling interest

(70)

Dividends on preferred shares

(36)

Change in redemption value of redeemable noncontrolling interests

Consolidation of noncontrolling interests

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

(9)

Balance, end of year 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]

Repurchase of voting ordinary shares

$ (3)

Shares repurchased

(1)

$ (230)

(298)

Amortization of share-based compensation

Acquisition of noncontrolling and redeemable noncontrolling shareholders’ interests in subsidiaries

(14)

(175)

Other comprehensive income (loss)

(122)

230

(273)

(90)

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

Net income (loss)

1,082

1,218

Less: Net (income) loss attributable to noncontrolling interest

(100)

Dividends on preferred shares

(36)

Change in redemption value of redeemable noncontrolling interests

Consolidation of noncontrolling interests

107

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

Balance, end of year at Dec. 31, 2023

$ 5,648

$ 15

$ 0

$ 400

$ 110

$ (422)

$ (1)

$ 579

$ (336)

$ 12

$ 0

$ (368)

$ 0

$ 20

$ 5,190

$ 113

[1]

Accumulated other comprehensive (loss) income 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 2 and Note 12 for additional information.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

The following table identifies our significant accounting policies presented in other notes to our consolidated financial statements:


Significant Accounting Policies						Note Reference(s)
•Acquisitions						Note 5 - Business Acquisitions
•Held-for-sale business and discontinued operations						Note 6 - Divestitures, Held-for-Sale Business and Discontinued Operations
•Short-term investments and fixed maturities •Allowance for credit losses •Equity securities •Other investments, at fair value •Equity method investments •Funds held						Note 7 - Investments
•Derivative instruments						Note 8 - Derivatives and Hedging Instruments
•Reinsurance Balances Recoverable on Paid and Unpaid Losses						Note 9 - Reinsurance Balances Recoverable on Paid and Unpaid Losses
•Deferred Charge Assets and Deferred Gain Liabilities						Note 10 - Deferred Charge Assets and Deferred Gain Liabilities
•Losses and LAE						Note 11 - Losses and Loss Adjustment Expenses

•Defendant Asbestos and Environmental Liabilities •Insurance Balances Recoverable						Note 13 - Defendant Asbestos and Environmental Liabilities

•Variable Interest Entities						Note 15 - Variable Interest Entities
•Premiums Written						Note 16 - Premiums Written and Earned
•Goodwill						Note 17 - Goodwill

•Redeemable Noncontrolling Interests						Note 19 - Noncontrolling Interests

•Earnings Per Share						Note 21 - Earnings Per Share
•Share-Based Compensation						Note 22 - Share-Based Compensation
•Income Taxes						Note 23 - Income Taxation

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	17. GOODWILL Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of the cost of the acquired entity over the estimated fair value of such assets acquired and liabilities assumed. Goodwill is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. We perform our annual goodwill impairment testing during the fourth quarter based upon data as of December 31. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made. We have goodwill of $63 million as of December 31, 2023 and 2022 that was included within other assets in the consolidated balance sheets. There were no changes in this balance for each of the three years ended December 31, 2023, 2022 and 2021. We have no other intangible assets in any of the periods presented within these financial statements. We test goodwill for impairment by performing a qualitative assessment test. The qualitative impairment assessment is an assessment of historical information and relevant current events and circumstances, including economic, industry and market considerations, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. As a result of performing these procedures we determined that goodwill was not impaired as of December 31, 2023.

Variable Interest Entities - Nonconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Fair Value	$ 2,641	$ 2,598
Unfunded Commitments	1,083	1,622
Maximum Exposure to Loss	3,724	4,220
Equity investments
Variable Interest Entity [Line Items]
Fair Value	89	77
Unfunded Commitments	0	0
Maximum Exposure to Loss	89	77
Equity investments \| Exchange traded
Variable Interest Entity [Line Items]
Fair Value	55	52
Unfunded Commitments	0	0
Maximum Exposure to Loss	55	52
Equity investments \| Over-the-counter
Variable Interest Entity [Line Items]
Fair Value	34	25
Unfunded Commitments	0	0
Maximum Exposure to Loss	34	25
Other investments
Variable Interest Entity [Line Items]
Fair Value	2,552	2,521
Unfunded Commitments	1,083	1,622
Maximum Exposure to Loss	3,635	4,143
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	491	549
Unfunded Commitments	0	0
Maximum Exposure to Loss	491	549
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	147	277
Unfunded Commitments	35	33
Maximum Exposure to Loss	182	310
Private equity funds
Variable Interest Entity [Line Items]
Fair Value	1,262	1,210
Unfunded Commitments	667	911
Maximum Exposure to Loss	1,929	2,121
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	182	203
Unfunded Commitments	0	0
Maximum Exposure to Loss	182	203
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	349	79
Unfunded Commitments	242	149
Maximum Exposure to Loss	591	228
Real estate funds
Variable Interest Entity [Line Items]
Fair Value	121	203
Unfunded Commitments	139	529
Maximum Exposure to Loss	$ 260	$ 732

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$ 1,218

$ (945)

$ 553

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

Realized losses on investments

(307)

111

Unrealized (gains) losses on investments

(114)

941

(178)

Amortization of net deferred charge assets

106

Depreciation and other amortization

Net gain on Enhanzed Re novation

(275)

Cash consideration for the Enhanzed Re novation

(Income) losses from equity method investments

(13)

(93)

Sales and maturities of trading securities

1,530

2,376

6,175

Purchases of trading securities

(492)

(1,450)

(3,064)

Payments to cover securities sold short

(1,156)

Proceeds from securities sold short

534

Net payments for derivative contracts

(94)

Net gain on purchase and sales of subsidiaries

(73)

Other adjustments

Changes in:

Reinsurance balances recoverable on paid and unpaid losses

142

375

248

Funds held

(338)

(612)

(1,491)

Losses and loss adjustment expenses

(624)

(151)

1,870

Defendant asbestos and environmental liabilities

(40)

(31)

(68)

Insurance and reinsurance balances payable

(23)

(154)

(300)

Other operating assets and liabilities

(353)

(417)

718

Net cash flows provided by operating activities

523

257

3,801

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition, net of cash acquired

(206)

Sales of subsidiaries, net of cash previously held

(214)

Sales and maturities of available-for-sale securities

2,132

2,502

3,085

Purchase of available-for-sale securities

(1,959)

(2,295)

(5,233)

Purchase of other investments

(911)

(1,552)

(910)

Proceeds from other investments

530

420

330

Sale of equity method investment

Other investing activities

Consolidation of the InRe Fund opening cash and restricted cash balances (Note 15)

574

Net cash flows used in investing activities

(148)

(919)

(2,573)

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends on preferred shares

(36)

Dividends paid to noncontrolling interests

(55)

(1)

Acquisition of noncontrolling and redeemable noncontrolling shareholders’ interests in subsidiaries

(294)

Repurchase of shares

(531)

(163)

(942)

Issuance of debt, net of issuance costs

^[1]

494

816

Repayment of debt

^[1]

(356)

(574)

Net cash flows (used in) provided by financing activities

(861)

(116)

(737)

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

(14)

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

(500)

(762)

495

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR

1,330

2,092

1,373

NET CHANGE IN CASH OF BUSINESSES HELD-FOR-SALE

224

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR

830

1,330

2,092

Supplemental Cash Flow Information:

Income taxes paid, net of refunds

Interest paid

Reconciliation to Consolidated Balance Sheets:

Cash and cash equivalents

564

822

1,646

Restricted cash and cash equivalents

266

508

446

Cash, cash equivalents and restricted cash

830

1,330

2,092

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

(5)

(1)

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

Receipt of available-for-sale securities as consideration in exchange for assumption of reinsurance contract liabilities

113

Receipt of available-for-sale debt securities as consideration in exchange for assumption of liabilities

508

Removal of equity method investment relating to acquisition of a subsidiary

(412)

Receipt of other investments as consideration

Contribution to other investments

^[2]

(481)

Redemption of other investments

^[2]

381

Reduction in investment fees

^[2]

100

Non-cash financing activities

Settlement of loan receivable as partial consideration for RNCI redemption

Transfer of equity interest in Northshore as partial consideration for RNCI redemption

Distributions to redeemable noncontrolling interests

^[3]

(202)

Increase in noncontrolling interests due to the acquisition of a subsidiary

^[3]

(219)

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

^[3]

$ 0

$ (61)

[1]	We borrowed and fully repaid $150 million of loans under our revolving credit facility during the first quarter of 2023.
[2]	The contributions to other investments was fully funded through the redemption of other investments and the reduction in investment fees.
[3]	Our non-cash financing activities for the year ended December 31, 2021 included the issuance of 89,590 shares following the exercise of 175,901 warrants on a non-cash basis.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments, available-for-sale, at fair value, amortized cost	$ 5,704	$ 5,908
Investments, allowance for credit losses	16	33
Equities, cost	615	1,357
Other investments, at fair value	3,853	3,296
Cash and cash equivalents	564	822
Allowance for estimated uncollectible reinsurance	131	131
Insurance balance recoverable, allowance for credit loss	5	5
Other liabilities	$ 465	$ 462
Ordinary shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares, issued (in shares)	15,196,685	17,588,050
Ordinary shares, outstanding (in shares)	15,196,685	17,588,050
Treasury stock, ordinary shares (in shares)	565,630	565,630
Primary Beneficiary
Other investments, at fair value	$ 59	$ 3
Cash and cash equivalents	8	0
Other liabilities	$ 1	$ 0
Voting Ordinary Shares
Ordinary shares, issued (in shares)	15,196,685	15,990,338
Ordinary shares, outstanding (in shares)	15,196,685	15,990,338
Non-Voting Convertible Ordinary Series C Shares
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
Ordinary shares, issued (in shares)	0	404,771
Ordinary shares, outstanding (in shares)	0	404,771
Series C non-voting preferred shares
Preferred shares, issued (in shares)	388,571	388,571
Treasury stock, preferred shares (in shares)	388,571	388,571
Series D Preferred Shares
Preferred shares, issued (in shares)	16,000	16,000
Preferred shares, outstanding (in shares)	16,000	16,000
Preferred shares, liquidation preference	$ 400	$ 400
Series E Preferred Shares
Preferred shares, issued (in shares)	4,400	4,400
Preferred shares, outstanding (in shares)	4,400	4,400
Preferred shares, liquidation preference	$ 110	$ 110
Short-term Investments
Investments, available-for-sale, at fair value, amortized cost	62	37
Fixed maturities
Investments, available-for-sale, at fair value, amortized cost	5,642	5,871
Investments, allowance for credit losses	$ 16	$ 33

Investments - Asset Types (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	$ 5,323	$ 5,261
Total	7,274	7,645
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	250	310
Total	326	388
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Total	72	78
Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	247	131
Total	391	319
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	2,780	3,013
Total	4,131	4,607
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	93	99
Total	142	158
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	432	362
Total	487	439
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	703	628
Total	841	819
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, available-for-sale	767	682
Total	884	837
Convertible bonds
Debt and Equity Securities, FV-NI [Line Items]
Total		233
Embedded derivative
Debt and Equity Securities, FV-NI [Line Items]
Total		34
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Debt and Equity Securities, FV-NI [Line Items]
Total	306	312
Commercial Mortgage-Backed Securities, Issued by US Government Agencies
Debt and Equity Securities, FV-NI [Line Items]
Total	73	69
Short-term Investments
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2	14
Debt securities, available-for-sale	62	38
Short-term Investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	14
Debt securities, available-for-sale	38	10
Short-term Investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	3
Short-term Investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	2	0
Short-term Investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	2	0
Debt securities, available-for-sale	22	25
Short-term Investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Short-term Investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Fixed maturities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,949	2,370
Debt securities, available-for-sale	5,261	5,223
Fixed maturities \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	76	64
Debt securities, available-for-sale	212	300
Fixed maturities \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	21	42
Debt securities, available-for-sale	51	33
Fixed maturities \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	144	188
Debt securities, available-for-sale	245	131
Fixed maturities \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	1,349	1,594
Debt securities, available-for-sale	2,758	2,988
Fixed maturities \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	49	59
Debt securities, available-for-sale	93	99
Fixed maturities \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	55	77
Debt securities, available-for-sale	432	362
Fixed maturities \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	138	191
Debt securities, available-for-sale	703	628
Fixed maturities \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, trading	117	155
Debt securities, available-for-sale	$ 767	$ 682

Debt Obligations and Credit Facilities - Senior Notes (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2023
Senior Notes Due 2029
Debt Instrument [Line Items]
Number of months prior to maturity that debt can be repurchased	3 months
Redemption price, percentage of principal amount	100.00%
Senior Notes, Due 2031
Debt Instrument [Line Items]
Number of months prior to maturity that debt can be repurchased	6 months
Redemption price, percentage of principal amount	100.00%

- 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 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: 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 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: 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 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Schedule II - Condensed Balance Sheets (Details) - USD ($)
$ / shares in Units, $ in Millions

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Nov. 30, 2018

Jun. 30, 2018

ASSETS

Equity investments

$ 701

$ 1,250

Cash and cash equivalents

564

822

$ 1,646

Other assets

739

576

TOTAL ASSETS

20,913

22,154

LIABILITIES

Carrying Value

1,831

1,829

Other liabilities

465

462

TOTAL LIABILITIES

15,265

16,826

SHAREHOLDERS’ EQUITY

Joint Share Ownership Plan (voting ordinary shares, held in trust 2023 and 2022: 565,630)

(1)

Additional paid-in capital

579

766

Accumulated other comprehensive loss

^[1]

(336)

(302)

Retained earnings

5,190

4,406

Total Enstar Shareholders’ Equity

5,535

4,974

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

20,913

22,154

Parenthetical Disclosures [Abstract]

Equities, cost

$ 615

$ 1,357

Common shares, par value (in dollars per share)

$ 1

Ordinary shares, shares issued (in shares)

15,196,685

17,588,050

Ordinary shares, outstanding (in shares)

15,196,685

17,588,050

18,223,574

22,085,232

Treasury stock, ordinary shares (in shares)

565,630

Voting Ordinary Shares

SHAREHOLDERS’ EQUITY

Ordinary shares

$ 15

$ 16

Parenthetical Disclosures [Abstract]

Ordinary shares, shares issued (in shares)

15,196,685

15,990,338

Ordinary shares, outstanding (in shares)

15,196,685

15,990,338

16,625,862

18,575,550

Non-Voting Convertible Ordinary Series C Shares

SHAREHOLDERS’ EQUITY

Ordinary shares

$ 0

$ 1

Parenthetical Disclosures [Abstract]

Ordinary shares, shares issued (in shares)

1,192,941

Ordinary shares, outstanding (in shares)

1,192,941

2,599,672

Non-Voting Convertible Ordinary Series E Shares

SHAREHOLDERS’ EQUITY

Ordinary shares

$ 0

Parenthetical Disclosures [Abstract]

Ordinary shares, shares issued (in shares)

404,771

Ordinary shares, outstanding (in shares)

404,771

910,010

Series C non-voting preferred shares

SHAREHOLDERS’ EQUITY

Preferred shares

$ 0

Treasury shares, at cost (Series C Preferred Shares 2023 and 2022: 388,571)

$ (422)

Parenthetical Disclosures [Abstract]

Preferred shares, issued (in shares)

388,571

Treasury stock, preferred shares (in shares)

388,571

Series D Preferred Shares

SHAREHOLDERS’ EQUITY

Preferred shares

$ 400

Parenthetical Disclosures [Abstract]

Preferred shares, issued (in shares)

16,000

Preferred shares, outstanding (in shares)

16,000

Preferred shares, liquidation preference

$ 400

Series D Preferred Shares | Public Stock Offering

Parenthetical Disclosures [Abstract]

Preferred shares, issued (in shares)

16,000

Preferred shares, liquidation preference

$ 400

Series E Preferred Shares

SHAREHOLDERS’ EQUITY

Preferred shares

$ 110

Parenthetical Disclosures [Abstract]

Preferred shares, issued (in shares)

4,400

Preferred shares, outstanding (in shares)

4,400

Preferred shares, liquidation preference

$ 110

Series E Preferred Shares | Public Stock Offering

Parenthetical Disclosures [Abstract]

Preferred shares, issued (in shares)

4,400

Preferred shares, liquidation preference

$ 110

Enstar Group Limited

ASSETS

Equity investments

286

Cash and cash equivalents

Balances due from subsidiaries

193

Investments in subsidiaries

7,454

6,003

Other assets

TOTAL ASSETS

7,514

6,505

LIABILITIES

Carrying Value

992

991

Balances due to subsidiaries

966

515

Other liabilities

TOTAL LIABILITIES

1,979

1,531

SHAREHOLDERS’ EQUITY

Joint Share Ownership Plan (voting ordinary shares, held in trust 2023 and 2022: 565,630)

(1)

Additional paid-in capital

579

766

Accumulated other comprehensive loss

(336)

(302)

Retained earnings

5,190

4,406

Total Enstar Shareholders’ Equity

5,535

4,974

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

7,514

6,505

Parenthetical Disclosures [Abstract]

Equities, cost

273

Enstar Group Limited | Voting Ordinary Shares

SHAREHOLDERS’ EQUITY

Ordinary shares

Enstar Group Limited | Non-Voting Convertible Ordinary Series C Shares

SHAREHOLDERS’ EQUITY

Ordinary shares

Enstar Group Limited | Non-Voting Convertible Ordinary Series E Shares

SHAREHOLDERS’ EQUITY

Ordinary shares

Enstar Group Limited | Series C non-voting preferred shares

SHAREHOLDERS’ EQUITY

Preferred shares

Treasury shares, at cost (Series C Preferred Shares 2023 and 2022: 388,571)

(422)

Enstar Group Limited | Series D Preferred Shares

SHAREHOLDERS’ EQUITY

Preferred shares

400

Enstar Group Limited | Series E Preferred Shares

SHAREHOLDERS’ EQUITY

Preferred shares

$ 110

[1]	Amounts have been retrospectively adjusted for all applicable prior periods for the impact of adopting ASU 2018-12 on January 1, 2023. Refer to Notes 2 and 12 for additional information.

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Liability for Losses and LAE) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DCAs on retroactive reinsurance	$ 0	$ 0	$ 0
Net balance as of January 1	12,011	11,926	8,928
Amortization of DCAs		0	0
Prior period	(131)	(756)	(403)
Total net incurred losses and loss adjustment expenses	(101)	(708)	(231)
Acquired business	0	0	1,127
Net loss reserves assumed	2,215	2,660	3,699
Ceded business	(139)	0	(103)
Total other changes	2,142	2,473	4,660
Net balance as of December 31	11,585	12,011	11,926
DCAs on retroactive reinsurance		0	0
DCAs on assumed business		140	254
Loss reserves deemed to settle balances related to pre-existing relationships			257
Reinsurance recoverables			286
Reinsurance recoverable, deferred gain liability			29
Ceded business, deferred gain liability			11
Cumulative effect of change in accounting principle, adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net balance as of January 1			8,928
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DCAs on retroactive reinsurance	268	371	219
Net balance as of January 1	11,743	11,555
Amortization of DCAs		243	120
Prior period		(513)	(283)
Total net incurred losses and loss adjustment expenses		(465)	(111)
Acquired business		0	1,098
Net loss reserves assumed		2,520	3,445
Ceded business		0	(92)
Total other changes		2,333	4,388
Net balance as of December 31		11,743	11,555
DCAs on retroactive reinsurance		268	371
As Previously Reported \| Cumulative effect of change in accounting principle, adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net balance as of January 1			8,709
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DCAs on retroactive reinsurance	(268)	(371)	(219)
Net balance as of January 1	$ 268	371
Amortization of DCAs		(243)	(120)
Prior period		(243)	(120)
Total net incurred losses and loss adjustment expenses		(243)	(120)
Acquired business		0	29
Net loss reserves assumed		140	254
Ceded business		0	(11)
Total other changes		140	272
Net balance as of December 31		268	371
DCAs on retroactive reinsurance		$ (268)	(371)
Adjustment \| Cumulative effect of change in accounting principle, adjusted balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net balance as of January 1			$ 219

Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

19. NONCONTROLLING INTERESTS

We have both redeemable noncontrolling interests ("RNCI") and noncontrolling interests ("NCI") on our consolidated balance sheets.

We have contracted with certain parties holding noncontrolling interests in certain of our subsidiaries. These contracts provided certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option.

RNCI with redemption features that are not solely within our control is classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through additional paid in capital as if the balance sheet date was also the redemption date.

NCI, which is carried at book value, does not have redemption features and is classified within equity in the consolidated balance sheets.

Redeemable Noncontrolling Interests

In December 2023, we entered into a Purchase Agreement with Trident V Funds and Dowling Capital Partners (together, the “RNCI Holders”) to purchase their remaining equity interest in StarStone Specialty Holdings Limited (“SSHL”). We paid total consideration of $182 million in exchange for acquiring the 41.0% interest in SSHL, comprised as follows:


	2023
	(in millions of U.S. dollars)
Cash	$	119
Remaining ownership interest in Northshore (13.5%)	48
Settlement of existing loan receivable	15
Total consideration paid	182
Less: carrying value of RNCI	(185)
Gain on redemption of RNCI	$	3

The transaction was completed on December 22, 2023. Following the completion of the transaction, SSHL became a wholly-owned subsidiary and we no longer have a direct or indirect ownership interest in Atrium. We have recognized the gain on redemption of RNCI within APIC.

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI for the years ended December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Balance as of January 1	$	168	$	179


Net income (losses) attributable to RNCI	15		(5)
Change in unrealized gains (losses) on AFS investments attributable to RNCI	2		(6)


Change in redemption value of RNCI	(3)		—
Redemption of RNCI	(182)		—
Balance as of December 31	$	—	$	168

Noncontrolling Interests

As of December 31, 2023 and 2022, we had $113 million and $186 million, respectively, of noncontrolling interests primarily related to external interests in three (December 31, 2022: three) of our subsidiaries.

In December 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 consolidated statements of changes in shareholder's equity.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Repayment of revolving credit facility	$ 150
Additional borrowings	$ 150
Shares issued from warrant exercise (in shares)		89,590
Warrants exercised (in shares)		175,901

Shareholders' Equity - Dividends on Preferred Shares (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Jun. 30, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 01, 2028
Class of Stock [Line Items]
Total dividends paid			$ 36	$ 36	$ 36
Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate			7.00%
Total dividends paid			$ 28	28	28
Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate			7.00%
Total dividends paid			$ 8	$ 8	$ 8
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Dividend rate		7.00%
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Dividend rate	7.00%
LIBOR \| Public Stock Offering \| Series D Preferred Shares \| Forecast
Class of Stock [Line Items]
Basis spread on variable rate						4.015%

- 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/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Stock by Class

As of December 31, 2023 and 2022, our authorized share capital was as follows:


	Par Value Per Share		Number of Shares
Authorized share capital			2023	2022
Ordinary shares (“Voting Ordinary Shares”) and Non-voting convertible ordinary shares (“Non-Voting Ordinary Shares”)	$	1.00	111,000,000	111,000,000
Preferred shares	$	1.00	45,000,000	45,000,000

The following is a reconciliation of our beginning and ending ordinary shares for the years ended December 31, 2023, 2022 and 2021:


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



Balance as of January 1, 2021	18,575,550	2,599,672	910,010	22,085,232
Shares issued (1)	59,447	—	—	59,447
Shares repurchased (2)	(2,009,135)	(1,496,321)	(505,239)	(4,010,695)
Warrant exercise (3)	—	89,590	—	89,590
Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574
Shares issued (1)	62,056	—	—	62,056

Shares repurchased (2)	(697,580)	—	—	(697,580)
Balance as of December 31, 2022	15,990,338	1,192,941	404,771	17,588,050
Shares issued (1)	48,082	—	—	48,082
Shares repurchased (2)	(841,735)	(1,192,941)	(404,771)	(2,439,447)
Balance as of December 31, 2023	15,196,685	—	—	15,196,685

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

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

Schedule of Shares Repurchased

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


	2022
			Ordinary shares repurchased	Average price per ordinary share		Aggregate price
		(in millions of U.S. dollars, except for share data)

2021 Repurchase Program (1)			227,383	$	257.02	$	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. During the year ended December 31, 2021, we repurchased 167,617 ordinary shares at an average price per share of $241.13, for an aggregate price of $40 million. 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.

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	2023						2022						2021
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS arising during the year	$	150	$	4	$	154	$	(689)	$	8	$	(681)	$	(112)	$	6	$	(106)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(11)		—		(11)		28		—		28		10		—		10
Reclassification adjustment for net realized (gains) losses included in net income	76		(1)		75		83		(2)		81		(7)		1		(6)

Change in currency translation adjustment	3		—		3		—		—		—		2		—		2


Remeasurement of future policyholder benefits - change in interest rate	—		—		—		363		—		363		—		—		—
Reclassification adjustment for remeasurement of future policyholder benefits included in net income	(363)		—		(363)		—		—		—		—		—		—
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	20		—		20		—		—		—		—		—		—
Other	—		—		—		(2)		—		(2)		2		—		2
Other comprehensive (loss) income	$	(125)	$	3	$	(122)	$	(217)	$	6	$	(211)	$	(105)	$	7	$	(98)

Schedule of Reclassification from Accumulated Other Comprehensive Income

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2023		2022		2021		Affected Line Item in Statement where Net Income are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed maturities, AFS	$	(65)	$	(111)	$	(6)	Net unrealized (losses) gains

	(65)		(111)		(6)		Total before tax
	1		2		(1)		Income tax expense
	(64)		(109)		(7)		Net of tax
Other	—		2		—		General and administrative expenses
Remeasurement of future policyholder benefits	363		—		—		Other income
Total reclassifications for the period, net of tax	$	299	$	(107)	$	(7)	Net of tax

Summary of Changes in Ownership Interest

We paid total consideration of $182 million in exchange for acquiring the 41.0% interest in SSHL, comprised as follows:


	2023
	(in millions of U.S. dollars)
Cash	$	119
Remaining ownership interest in Northshore (13.5%)	48
Settlement of existing loan receivable	15
Total consideration paid	182
Less: carrying value of RNCI	(185)
Gain on redemption of RNCI	$	3

The following table summarizes changes in the ownership interest in consolidated subsidiaries for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Net income (loss) attributable to Enstar ordinary shareholders	$	1,082	$	(906)	$	502
Transfers from noncontrolling and redeemable noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest and redeemable noncontrolling interests (1)	18		—		—
Change from net income (loss) attributable to Enstar ordinary shareholders and net transfers from noncontrolling and redeemable noncontrolling interests	$	1,100	$	(906)	$	502

- Definition

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

+ References

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+ Details

Shareholders' Equity - Schedule of Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	17,588,050	18,223,574	22,085,232
Shares issued (in shares)	48,082	62,056	59,447
Shares repurchased (in shares)	(2,439,447)	(697,580)	(4,010,695)
Warrant exercise (in shares)		89,590	89,590
Ending balance (in shares)	15,196,685	17,588,050	18,223,574
Voting Ordinary Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	15,990,338	16,625,862	18,575,550
Shares issued (in shares)	48,082	62,056	59,447
Shares repurchased (in shares)	(841,735)	(697,580)	(2,009,135)
Warrant exercise (in shares)			0
Ending balance (in shares)	15,196,685	15,990,338	16,625,862
Non-Voting Convertible Ordinary Series C Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	1,192,941	1,192,941	2,599,672
Shares issued (in shares)	0	0	0
Shares repurchased (in shares)	(1,192,941)	0	(1,496,321)
Warrant exercise (in shares)			89,590
Ending balance (in shares)	0	1,192,941	1,192,941
Warrants outstanding (in shares)			175,901
Warrants, exercise price (in dollars per share)			$ 115.00
Non-Voting Convertible Ordinary Series E Shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	404,771	404,771	910,010
Shares issued (in shares)	0	0	0
Shares repurchased (in shares)	(404,771)	0	(505,239)
Warrant exercise (in shares)			0
Ending balance (in shares)	0	404,771	404,771

Premiums Written and Earned - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Increase (decrease) in premiums written, gross	$ 76	$ (81)

Divestitures, Held-For-Sale Businesses and Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES, HELD-FOR-SALE BUSINESSES AND DISCONTINUED OPERATIONS

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

We report a business as held-for-sale when certain criteria are met, which include (i) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (ii) the business is available for immediate sale in its present condition, (iii) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (iv) the sale is anticipated to occur within the next 12 months, among other specified criteria.

A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the business classified as held-for-sale are separately reported in our consolidated balance sheets beginning in the period in which the business is classified as held-for-sale.

Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the discontinued operations are restated for all periods presented and reflected within continuing operations in our consolidated financial statements.


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

Other	11
Net gain on sales of subsidiaries	$	26

Atrium Exchange Transaction

In January 2021, we acquired an interest in Core Specialty (an insurance entity formed in 2021) in exchange for a portion of our indirect interest in Northshore Holdings Limited (“Northshore”) (the holding company of Atrium and Arden), and subsequently deconsolidated Northshore. In December 2023, our remaining 13.5% interest in Northshore formed a component of the consideration we paid to acquire the remaining 41.0% equity interest in StarStone Specialty Holdings Limited (“SSHL”) from Trident V Funds and Dowling Funds31. As of December 31, 2023, we hold a 19.9% interest in Core Specialty.

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

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

During the second quarter of 2023, as a result of these contractual arrangements, the net loss reserve liabilities, cash, investments and other assets that supported those liabilities were settled by: i) the distribution of SGL No.1’s share of the Syndicate 609 result; ii) the settlement of the net payable or receivable position on the reinsurance agreement with Arden; and iii) the required settlement of the capacity lease agreement payable.

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

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

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

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

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

As of December 31, 2023, our investment in Inigo, which is accounted for as a privately held equity investment and carried at fair value, was $54 million (2022: $40 million)

Investments - Net Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net realized (losses) gains on sale:
Gross realized gains on fixed maturities, AFS	$ 5	$ 6	$ 19
Gross realized losses on fixed maturities, AFS	(81)	(89)	(13)
Decrease (increase) in allowance for expected credit losses on fixed maturities, AFS	11	(28)	(10)
Total net realized losses on sale	(65)	(111)	(4)
Net (losses) gains recognized on equity securities sold during the period	0	0	9
Other investments	0	0	66
Net realized investment (losses) gains on investment derivatives		0	(132)
Total net realized (losses) gains on sale	(65)	(111)	(61)
Net unrealized gains (losses):
Equity securities	167	(290)	146
Investment derivatives	5	(18)	(21)
Total net unrealized gains (losses)	528	(1,503)	178
Proceeds from sale of available from sale securities	1,800	2,100	2,500
Net unrealized gains (losses) on equity securities still held as of the balance sheet date	109	(269)	146
Fixed maturities
Net unrealized gains (losses):
Fixed maturity securities	84	(503)	(144)
Funds Held - Directly Managed
Net unrealized gains (losses):
Fixed maturity securities	47	(567)	(62)
Other investments
Net unrealized gains (losses):
Other investments	$ 225	$ (125)	$ 259

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

SHAREHOLDERS' EQUITY

20. SHAREHOLDERS' EQUITY

As of December 31, 2023 and 2022, our authorized share capital was as follows:


	Par Value Per Share		Number of Shares
Authorized share capital			2023	2022
Ordinary shares (“Voting Ordinary Shares”) and Non-voting convertible ordinary shares (“Non-Voting Ordinary Shares”)	$	1.00	111,000,000	111,000,000
Preferred shares	$	1.00	45,000,000	45,000,000

Ordinary Shares

The following is a reconciliation of our beginning and ending ordinary shares for the years ended December 31, 2023, 2022 and 2021:


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



Balance as of January 1, 2021	18,575,550	2,599,672	910,010	22,085,232
Shares issued (1)	59,447	—	—	59,447
Shares repurchased (2)	(2,009,135)	(1,496,321)	(505,239)	(4,010,695)
Warrant exercise (3)	—	89,590	—	89,590
Balance as of December 31, 2021	16,625,862	1,192,941	404,771	18,223,574
Shares issued (1)	62,056	—	—	62,056

Shares repurchased (2)	(697,580)	—	—	(697,580)
Balance as of December 31, 2022	15,990,338	1,192,941	404,771	17,588,050
Shares issued (1)	48,082	—	—	48,082
Shares repurchased (2)	(841,735)	(1,192,941)	(404,771)	(2,439,447)
Balance as of December 31, 2023	15,196,685	—	—	15,196,685

(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

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

Share Repurchase Programs

There were no voting ordinary shares repurchased under a share repurchase program for the year ended December 31, 2023.

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


	2022
			Ordinary shares repurchased	Average price per ordinary share		Aggregate price
		(in millions of U.S. dollars, except for share data)

2021 Repurchase Program (1)			227,383	$	257.02	$	58
2022 Repurchase Program (2)			470,197	$	222.74	105
Total share repurchases under repurchase programs			697,580	$	233.92	$	163

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

Strategic Share Repurchases

In November 2023, we repurchased 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. The 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.

In March 2023, we repurchased 1,597,712 of our non-voting convertible ordinary shares held by 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 comprised all of our outstanding Series C and Series E non-voting ordinary shares.

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

Joint Share Ownership Plan

In January 2020, 565,630 voting ordinary shares were issued to the trustee of the Enstar Group Limited Employee Benefit Trust (the "EB Trust"). Voting rights in respect of shares held in the EB Trust have been contractually waived. We have consolidated the EB Trust, and shares held in the EB Trust are classified like treasury shares as contra-equity in our consolidated balance sheet. The EB Trust supports awards made under our Joint Share Ownership Plan36

Preferred Shares

Series C Preferred Shares

As of December 31, 2023, there were 388,571 Series C participating non-voting perpetual preferred shares ("Series C Preferred Shares") issued and held by one of our wholly-owned subsidiaries.

The Series C Preferred Shares:

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

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

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

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

Series D Preferred Shares

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

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

Series E Preferred Shares

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

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

Dividends on Preferred Shares

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

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

For the years ended December 31, 2023, 2022 and 2021, we declared and paid dividends on Series D Preferred Shares of $28 million and on Series E Preferred Shares of $8 million.

Any payment of dividends must be approved by our Board. Our ability to pay dividends is subject to certain restrictions37.

Accumulated Other Comprehensive Income

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


	2023						2022						2021
	Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount		Before Tax Amount		Tax (Expense) Benefit		Net of Tax Amount
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed income securities, AFS arising during the year	$	150	$	4	$	154	$	(689)	$	8	$	(681)	$	(112)	$	6	$	(106)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(11)		—		(11)		28		—		28		10		—		10
Reclassification adjustment for net realized (gains) losses included in net income	76		(1)		75		83		(2)		81		(7)		1		(6)

Change in currency translation adjustment	3		—		3		—		—		—		2		—		2


Remeasurement of future policyholder benefits - change in interest rate	—		—		—		363		—		363		—		—		—
Reclassification adjustment for remeasurement of future policyholder benefits included in net income	(363)		—		(363)		—		—		—		—		—		—
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	20		—		20		—		—		—		—		—		—
Other	—		—		—		(2)		—		(2)		2		—		2
Other comprehensive (loss) income	$	(125)	$	3	$	(122)	$	(217)	$	6	$	(211)	$	(105)	$	7	$	(98)

The following table presents details amounts reclassified from AOCI:


Details about AOCI components	2023		2022		2021		Affected Line Item in Statement where Net Income are presented
	(in millions of U.S. dollars)
Unrealized (losses) gains on fixed maturities, AFS	$	(65)	$	(111)	$	(6)	Net unrealized (losses) gains

	(65)		(111)		(6)		Total before tax
	1		2		(1)		Income tax expense
	(64)		(109)		(7)		Net of tax
Other	—		2		—		General and administrative expenses
Remeasurement of future policyholder benefits	363		—		—		Other income
Total reclassifications for the period, net of tax	$	299	$	(107)	$	(7)	Net of tax

Changes in Ownership of Consolidated Subsidiaries

The following table summarizes changes in the ownership interest in consolidated subsidiaries for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Net income (loss) attributable to Enstar ordinary shareholders	$	1,082	$	(906)	$	502
Transfers from noncontrolling and redeemable noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest and redeemable noncontrolling interests (1)	18		—		—
Change from net income (loss) attributable to Enstar ordinary shareholders and net transfers from noncontrolling and redeemable noncontrolling interests	$	1,100	$	(906)	$	502

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

Business Acquisitions - Narrative (Details) $ in Millions			3 Months Ended
Business Acquisitions - Narrative (Details) $ in Millions	Dec. 28, 2022 USD ($)	Sep. 01, 2021 USD ($) qtr	Sep. 30, 2021 USD ($)
EnhanzedRe \| Allianz
Business Acquisition [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 175
EnhanzedRe
Business Acquisition [Line Items]
Ownership percentage acquired		27.70%	27.70%
Payments to acquire interest in subsidiaries and affiliates		$ 217
Capital commitment assumed		$ 40	$ 40
Equity interest percentage before acquisition		47.40%	47.40%
Total equity interest, as a percentage			75.10%
Step acquisition gain			$ 47
Reporting lag period \| qtr		1
EnhanzedRe \| EnhanzedRe \| Allianz
Business Acquisition [Line Items]
Ownership percentage acquired	24.90%

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	26. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We believe that there are no significant concentrations of credit risk associated with our cash and cash equivalents, fixed maturities, or other investments. Our cash and investments are managed pursuant to guidelines that follow prudent standards of diversification and liquidity, and limit the allowable holdings of a single issue and issuers. We are also subject to custodial credit risk on our investments, which we manage by diversifying our holdings amongst large financial institutions that are highly regulated. We have exposure to credit risk on certain of our assets pledged to ceding companies under insurance contracts. In addition, we are potentially exposed should any insurance intermediaries be unable to fulfill their contractual obligations with respect to payments of balances owed to and by us. Credit risk exists in relation to (re)insurance balances recoverable on paid and unpaid losses. We remain liable to the extent that counterparties do not meet their contractual obligations and, therefore, we evaluate and monitor concentration of credit risk among our (re)insurers. We are also subject to credit risk in relation to funds held by reinsured companies. Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to our reinsurance subsidiaries. The funds are not typically placed into trust or subject to other security arrangements. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. As of December 31, 2023, concentrations of funds held balances with reinsurance counterparties that individually exceeded 10% of shareholders’ equity totaled $4.8 billion (December 31, 2022: $5.0 billion) in aggregate. We limit the amount of credit exposure to any one counterparty and none of our counterparty credit exposures, excluding U.S. government instruments and the reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of December 31, 2023. As of December 31, 2023 our credit exposure to the U.S. government and agency instruments was $932 million (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 consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims. Unfunded Investment Commitments As of December 31, 2023, we had unfunded commitments of $1.7 billion to other investments, $48 million to fixed maturities and $12 million to privately held equity. Guarantees As of December 31, 2023 and 2022, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.3 billion and $2.4 billion respectively. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have an aggregate principal amount of $850 million53 as of December 31, 2023 and 2022.

Schedule II - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Schedule II - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Dividends and return of capital from subsidiaries, non-cash		$ 600
Retained earnings	$ 5,190	4,406
Net income (loss) attributable to Enstar Ordinary Shareholders	1,082	(906)	$ 502
Junior Subordinated Notes
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	850	850
Principal	850	850
Limited Parental Guarantee
Condensed Financial Statements, Captions [Line Items]
Total parental guarantees	2,300	2,400
Enstar Group Limited
Condensed Financial Statements, Captions [Line Items]
Interest paid	40	47	41
Retained earnings	5,190	4,406
Increase in retained earnings	784
Net income (loss) attributable to Enstar Ordinary Shareholders	$ 1,082	$ (906)	$ 502

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Net Gain On Sale of Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		$ 26
Not discontinued operations, disposed of by sale \| Atrium
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		(8)
Not discontinued operations, disposed of by sale \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries	$ 23	23
Not discontinued operations, disposed of by sale \| Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		$ 11

Related Party Transactions - Northshore (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Syndicate underwriting capacity percentage	25.00%	25.00%
Northshore
Related Party Transaction [Line Items]
Ownership interest held by parent			13.80%	54.10%
Investee
Related Party Transaction [Line Items]
Reinsured portfolio, liability			$ 19

Fair Value Measurements - Categorized Investments and Assets Carried at Cost or Amortized Cost and Fair Value Among Levels (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	$ 7,274	$ 7,645
Equity investments	701	1,250
Other investments, at fair value	3,853	3,296
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217	275
Other Assets:
Derivative instruments	4	6
Losses and LAE	1,163	1,286
Other Liabilities:
Derivative instruments	9	12
Fund held by reinsured companies, at amortized cost	2,709	3,538
U.S. government and agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	326	388
U.K. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	72	78
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	4,131	4,607
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	142	158
Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	487	439
Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	841	819
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	884	837
Equity investments \| Exchange traded
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	275	385
Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	344	358
Exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	82	507
Fair Value Based on NAV as Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	3,599
Fair Value Based on NAV as Practical Expedient \| Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	45
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	7,274	7,645
Funds held	2,542	2,084
Equity investments	701	1,250
Other investments, at fair value	3,853	3,296
Total investments	14,370	14,275
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217	275
Other Assets:
Derivative instruments	4	6
Losses and LAE	1,163	1,286
Other Liabilities:
Derivative instruments	9	12
Recurring \| Derivatives designated as hedging instruments
Other Assets:
Derivative instruments	1	1
Other Liabilities:
Derivative instruments	6	11
Recurring \| Derivatives not designated as hedging instruments
Other Assets:
Derivative instruments	3	5
Other Liabilities:
Derivative instruments	3	1
Recurring \| U.S. government and agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	326	388
Recurring \| U.K. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	72	78
Recurring \| Other government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	391	319
Recurring \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	4,131	4,607
Recurring \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	142	158
Recurring \| Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	487	439
Recurring \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	841	819
Recurring \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	884	837
Recurring \| Equity investments \| Exchange traded
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	275	385
Recurring \| Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	344	358
Recurring \| Exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	82	507
Recurring \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	491	549
Recurring \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	605	547
Recurring \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	4	3
Recurring \| Private equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	1,617	1,282
Recurring \| CLO equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	60	148
Recurring \| CLO equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	182	203
Recurring \| Private credit funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	625	362
Recurring \| Real estate funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	269	202
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Funds held	58	0
Equity investments	325	858
Other investments, at fair value	0	0
Total investments	383	858
Reinsurance balances recoverable on paid and unpaid losses - fair value option	0	0
Other Assets:
Derivative instruments	0	0
Losses and LAE	0	0
Other Liabilities:
Derivative instruments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives designated as hedging instruments
Other Assets:
Derivative instruments	0	0
Other Liabilities:
Derivative instruments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives not designated as hedging instruments
Other Assets:
Derivative instruments	0	0
Other Liabilities:
Derivative instruments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.K. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments \| Exchange traded
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	243	351
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	82	507
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private credit funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Real estate funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	7,251	7,645
Funds held	2,342	2,040
Equity investments	31	34
Other investments, at fair value	300	241
Total investments	9,924	9,960
Reinsurance balances recoverable on paid and unpaid losses - fair value option	0	0
Other Assets:
Derivative instruments	4	6
Losses and LAE	0	0
Other Liabilities:
Derivative instruments	9	12
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives designated as hedging instruments
Other Assets:
Derivative instruments	1	1
Other Liabilities:
Derivative instruments	6	11
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives not designated as hedging instruments
Other Assets:
Derivative instruments	3	5
Other Liabilities:
Derivative instruments	3	1
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	326	388
Recurring \| Significant Other Observable Inputs (Level 2) \| U.K. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	72	78
Recurring \| Significant Other Observable Inputs (Level 2) \| Other government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	391	319
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	4,119	4,607
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	142	158
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	487	439
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	841	819
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	873	837
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments \| Exchange traded
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	31	34
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	53	90
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	4	3
Recurring \| Significant Other Observable Inputs (Level 2) \| Private equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	60	148
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Private credit funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	183	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Real estate funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	23	0
Funds held	40	44
Equity investments	300	319
Other investments, at fair value	0	0
Total investments	363	363
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217	275
Other Assets:
Derivative instruments	0	0
Losses and LAE	1,163	1,286
Other Liabilities:
Derivative instruments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	299
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives designated as hedging instruments
Other Assets:
Derivative instruments	0	0
Other Liabilities:
Derivative instruments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives not designated as hedging instruments
Other Assets:
Derivative instruments	0	0
Other Liabilities:
Derivative instruments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. government and agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.K. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	12	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Residential mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term and fixed maturity investments	11	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments \| Exchange traded
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	1	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	299	319
Recurring \| Significant Unobservable Inputs (Level 3) \| Exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private credit funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Real estate funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Fair Value Based on NAV as Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Funds held	102
Equity investments	45	39
Other investments, at fair value	3,553	3,055
Total investments	3,700	3,094
Recurring \| Fair Value Based on NAV as Practical Expedient \| Equity investments \| Over-the-counter
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investments	45	39
Recurring \| Fair Value Based on NAV as Practical Expedient \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	491	549
Recurring \| Fair Value Based on NAV as Practical Expedient \| Fixed income funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	552	457
Recurring \| Fair Value Based on NAV as Practical Expedient \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Fair Value Based on NAV as Practical Expedient \| Private equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	1,617	1,282
Recurring \| Fair Value Based on NAV as Practical Expedient \| CLO equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Recurring \| Fair Value Based on NAV as Practical Expedient \| CLO equity funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	182	203
Recurring \| Fair Value Based on NAV as Practical Expedient \| Private credit funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	442	362
Recurring \| Fair Value Based on NAV as Practical Expedient \| Real estate funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	$ 269	$ 202

Deferred Charge Assets and Deferred Gain Liabilities - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets, impairment loss	$ 0	$ 0	$ 0
Retained earnings	$ 5,190,000,000	$ 4,406,000,000
Cumulative effect of change in accounting principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				$ 158,000,000

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Related Party Transactions - Stone Point (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Redeemable noncontrolling interest		$ 0	$ 168	$ 179
Stone Point \| Investor
Related Party Transaction [Line Items]
Redeemable noncontrolling interest		$ 0	$ 161
Stone Point \| Investor
Related Party Transaction [Line Items]
Voting ordinary shares acquired (in shares)		1,451,196
Voting ordinary shares acquired, percent		9.50%
Trident \| SSHL
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners		39.30%
Trident V Funds \| Enstar, Chief Executive Officer
Related Party Transaction [Line Items]
Number of shares sold in transaction (in shares)	45,000
Total income impact	$ 10
Mitchell International \| Investor
Related Party Transaction [Line Items]
Investments in funds		$ 25

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions				1 Months Ended		12 Months Ended
	May 09, 2022 USD ($) $ / shares shares	Jul. 22, 2021 USD ($) $ / shares shares	Jan. 21, 2020 shares	Nov. 30, 2023 USD ($) day $ / shares shares	Mar. 31, 2023 USD ($) day $ / shares shares	Dec. 31, 2023 USD ($) vote shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	May 31, 2022 agreement
Class of Stock [Line Items]
Number of share repurchase agreements \| agreement									2
Closing price per share, ordinary shares (in dollars per share) \| $ / shares	$ 222.74
Ordinary shares repurchased, discount percentage	5.00%
Price of repurchased stock \| $				$ 191		$ 531	$ 163	$ 942
Treasury shares repurchased, average price (in dollars per share) \| $ / shares				$ 227.18
Share repurchase, discount				5.00%
Share repurchase, discount, threshold trading days \| day				10
Treasury shares repurchased (in shares)						2,439,447	697,580	4,010,695
Joint Share Ownership Plan \| Chief Executive Officer
Class of Stock [Line Items]
Shares subscribed (in shares)			565,630
Shares Held By Canada Pension
Class of Stock [Line Items]
Price of repurchased stock \| $					$ 341
Treasury shares repurchased, average price (in dollars per share) \| $ / shares					$ 213.13
Share repurchase, discount					5.00%
Share repurchase, discount, threshold trading days \| day					10
Related Party \| Hillhouse Affiliates
Class of Stock [Line Items]
Economic ownership percentage		16.90%
Voting ordinary shares acquired, percent		9.40%
Related Party \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Price of repurchased stock \| $		$ 879
Treasury shares repurchased, average price (in dollars per share) \| $ / shares		$ 234.52
Treasury shares repurchased (in shares)		3,749,400
Trident Public Entity LP \| Related Party
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	89,790
Aggregate purchase price of shares repurchased \| $	$ 20
Unaffiliated Institutional Shareholder
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)	380,407
Aggregate purchase price of shares repurchased \| $	$ 85
Voting Ordinary Shares
Class of Stock [Line Items]
Number of votes \| vote						1
Ordinary shares repurchased (in shares)						0
Treasury shares repurchased (in shares)						841,735	697,580	2,009,135
Voting Ordinary Shares \| Shares Held By Canada Pension
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)				791,735
Voting Ordinary Shares \| Shares Held By Trident V Funds
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)				50,000
Voting Ordinary Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		1,747,840
Non-voting ordinary shares \| Shares Held By Canada Pension
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)					1,597,712
Non-Voting Convertible Ordinary Series C Shares
Class of Stock [Line Items]
Treasury shares repurchased (in shares)						1,192,941	0	1,496,321
Non-Voting Convertible Ordinary Series C Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		1,496,321
Non-Voting Convertible Ordinary Series E Shares
Class of Stock [Line Items]
Treasury shares repurchased (in shares)						404,771	0	505,239
Non-Voting Convertible Ordinary Series E Shares \| Funds Managed by Hillhouse Group
Class of Stock [Line Items]
Treasury shares repurchased (in shares)		505,239

Related Party Transactions - Hillhouse (Details) - EnhanzedRe - USD ($) $ in Millions	Sep. 01, 2021	Sep. 30, 2021
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%	27.70%
Payments to acquire interest in subsidiaries and affiliates	$ 217
Hillhouse \| Investee
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%
Payments to acquire interest in subsidiaries and affiliates	$ 217

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Net Losses and Loss Expenses Incurred - Current Year	$ 30	$ 48	$ 172
Net Loses and Loss Expenses Incurred - Prior Year	(131)	(756)	(403)
Net Paid Losses and Loss Expenses	(2,467)	(1,680)	(1,431)
Consolidated Subsidiaries
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items]
Deferred Acquisition Costs	4	7	16
Reserves for Unpaid Losses and Loss Adjustment Expenses	12,359	13,007	13,258
Unearned Premiums	171	114	188
Net Premiums Earned	43	49	242
Net Investment Income	647	455	312
Net Losses and Loss Expenses Incurred - Current Year	30	48	172
Net Loses and Loss Expenses Incurred - Prior Year	(131)	(756)	(403)
Net Paid Losses and Loss Expenses	(2,467)	(1,680)	(1,431)
Amortization of Deferred Acquisition Costs	10	23	57
Net Premiums Written	$ 96	$ 0	$ 59

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET INCOME (LOSS)	$ 1,218	$ (945)	$ 553
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR	$ 1,084	(1,156)	440
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET INCOME (LOSS)		(1,108)	488
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR		(1,319)	375
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
NET INCOME (LOSS)		163	65
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR		$ 163	$ 65

- 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

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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+ Details

Reinsurance Balances Recoverable on Paid and Unpaid Losses

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

9. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and LAE. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts.

Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts.

To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer.

Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance.

Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and LAE in our consolidated statements of operations.

On an ongoing basis, we also evaluate and monitor the credit risk of our reinsurers, including those under voluntary schemes of arrangement, to minimize our exposure to significant losses from potential insolvencies.

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


	December 31, 2023		December 31, 2022
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	836	$	1,075
ULAE	5		6
Fair value adjustments - acquired companies	(5)		(6)
Fair value adjustments - fair value option	(62)		(79)
Total reinsurance reserves recoverable	774		996
Paid losses recoverable	183		135
Total	$	957	$	1,131

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	740	$	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217		275
Total	$	957	$	1,131

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

The fair value adjustments, determined on acquisition of (re)insurance subsidiaries, are based on the estimated timing of loss and LAE recoveries and an assumed interest rate equivalent to a risk free rate for securities with similar duration to the acquired reinsurance balances recoverable on paid and unpaid losses plus a spread for credit risk, and are amortized over the estimated recovery period, as adjusted for accelerations in timing of payments as a result of commutation settlements35.

The decrease in reinsurance balances on paid and unpaid losses from December 31, 2022 to December 31, 2023 was primarily due to cash collections, adverse ceded development and foreign exchange movement.

Top Ten Reinsurers


	December 31, 2023					December 31, 2022
	Number	Total ($)		%		Number	Total ($)		%
	(in millions of U.S. dollars, except for number of top 10 reinsurers)
Information regarding top ten reinsurers:
Top 10 reinsurers rated A- or better	8	$	436			8	$	578
Top 10 non-rated reinsurers:
Due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state		149					171
Due from a U.S. Workers' Compensation Reinsurance Pool that is secured through an allocation to insurers actively writing workers' compensation in the covered state		42					43
Total top 10 non-rated reinsurers	2	191				2	214
Total top 10 reinsurers		627		65.5	%		792		70.0	%
Other reinsurers > $1 million		316		33.0	%		319		28.2	%
Other reinsurers < $1 million		14		1.5	%		20		1.8	%
Total		$	957	100.0	%		$	1,131	100.0	%

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2023 and 2022:


Lloyd's Syndicates (1)		$	135				$	193
Michigan Catastrophic Claims Association(2)		$	149				$	171

(1) Lloyd's Syndicates are rated AA- by Standard & Poor's and A by A.M. Best.

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

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	131	$	136

Effect of exchange rate movement	1		1
Current period change in the allowance	2		(6)

Recoveries collected	(3)		—
Allowance for estimated uncollectible reinsurance, end of year	$	131	$	131

16. PREMIUMS WRITTEN AND EARNED

Premiums written related to prospective risk policies are earned on a pro-rata basis over the period of the related coverage. Reinsurance premiums on prospective risks are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers.

Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined.

Certain contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. These adjustments to the premium are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed.

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2023, 2022 and 2021:


	2023				2022				2021
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)

















Total gross	$	101	$	49	$	25	$	97	$	106	$	373
Total ceded	(5)		(6)		(13)		(31)		(44)		(128)
Total net	$	96	$	43	$	12	$	66	$	62	$	245

Gross premiums written for the year ended December 31, 2023 increased by $76 million from 2022, primarily due to the fourth quarter 2023 transaction with AIG. Gross premiums written for the year ended December 31, 2022 decreased by $81 million from 2021, primary due to our strategic exit from our active underwriting platforms beginning in 2020.

Debt Obligations and Credit Facilities

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT OBLIGATIONS AND CREDIT FACILITIES

18. DEBT OBLIGATIONS AND CREDIT FACILITIES

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

Our debt obligations were as follows:


				December 31, 2023			December 31, 2022
Facility	Origination (1)	Term	Principal	(Unamortized Cost) / Fair Value Adjustments	Carrying Value		(Unamortized Cost) / Fair Value Adjustments	Carrying Value
			(in millions of U.S. dollars)

4.95% Senior Notes due 2029	May 2019	10 years	500	(4)	496		(4)	496
3.10% Senior Notes due 2031	August 2021	10 years	500	(4)	496		(5)	495
Total Senior Notes					992			991
5.75% Junior Subordinated Notes due 2040	August 2020	20 years	350	(5)	345		(5)	345
5.50% Junior Subordinated Notes due 2042	January 2022	20 years	500	(6)	494		(7)	493

Total Junior Subordinated Notes					839			838
EGL Revolving Credit Facility	May 2023	5 years			—			—
Total debt obligations					$	1,831		$	1,829

(1) Origination date on EGL Revolving Credit Facility represents the date of the most recent amendment and restatement.

The table below provides a summary of the total interest expense for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Interest expense on debt obligations	$	88	$	93	$	68
Amortization of debt issuance costs	2		2		1
Gain on extinguishment	—		(6)		—



Total interest expense	$	90	$	89	$	69

Senior Notes

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

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

Subordinated Notes

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

The 2040 Junior Subordinated Notes bear interest (i) during the initial five-year period ending August 30, 2025, at a fixed rate per annum of 5.75% and (ii) during each five-year reset period thereafter beginning September 1, 2025, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the

beginning of such five-year period plus 5.468%.

The 2042 Junior Subordinated Notes bear interest (i) during the initial five-year period ending January 14, 2027, at a fixed rate per annum of 5.50% and (ii) during each five-year reset period thereafter beginning January 15, 2027, at a fixed rate per annum equal to the five-year U.S. treasury rate calculated as of two business days prior to the beginning of such five-year period plus 4.006%.

The Junior Subordinated Notes are exclusively the obligations of Enstar Finance and us, to the extent of the guarantee, and are not guaranteed by any of our other subsidiaries, which are separate and distinct legal entities and, except for Enstar Finance, have no obligation, contingent or otherwise, to pay holders any amounts due on the Junior Subordinated Notes or to make any funds available for payment on the Junior Subordinated Notes, whether by dividends, loans or other payments.

Generally, if an event of default occurs, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding Junior Subordinated Notes may declare the principal and accrued and unpaid interest on all of the then outstanding Junior Subordinated Notes to be due and payable immediately.

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

Maturities

As of December 31, 2023, there are no outstanding debt obligations that will become due in each of the next five years. Our debt of $1.9 billion upon maturity becomes due in periods beyond five years from December 31, 2023.

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 December 31, 2023, we are in compliance with the covenants of the EGL Revolving Credit Facility.

As of December 31, 2023, we had no borrowings outstanding and therefore had $800 million of available unutilized capacity under our unsecured revolving credit agreement.

Credit and Deposit Facilities

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

Our credit and deposit facilities were as follows:


					Aggregate Amount Issued / Requested as Deposits / Face Amount
	Commitment		Additional Commitments Available (1)		December 31, 2023		December 31, 2022
	(in millions of U.S. dollars)
$275 million FAL LOC Facility (2)	$	275	$	75	$	150	$	135
$90 million FAL Deposit Facility (2)	90		10		90		90
$346 million LOC Facility	346		—		346		365
$100 million LOC Facility	100		—		100		100
$120 million LOC Facility	120		60		74		97
$23 million LOC Facility (3)	23		—		23		—
$800 million Syndicated LOC Facility	800		—		655		625


$1 million LOC Facility	1		—		1		—
$100 million Bermuda LOC Facility (4)	100		—		100		100
$100 million Bermuda LOC Facility (4)	100		—		100		100
$100 million Bermuda LOC Facility (4)	100		—		100		100
£32 million United Kingdom LOC Facility (3)	£	32	£	—	$	41	$	39

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

(2) The FAL LOC facility will expire on September 30, 2024, with an option to extend the termination date to September 30, 2025. The FAL Deposit Facility will expire on July 21, 2025. Under the FAL Deposit facility, a third-party lender deposits a requested market valuation amount of eligible securities into Lloyd’s on behalf of our Lloyd’s corporate member. As of December 31, 2023 and December 31, 2022, our combined FAL comprised cash and investments of $483 million (including $94 million provided under the FAL Deposit Facility) and $455 million (including $90 million provided under the FAL Deposit Facility), respectively, and unsecured LOCs of $150 million and $135 million, respectively.

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

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

We also utilize secured operating LOCs. As of December 31, 2023 and 2022, the total balance of such secured operating LOCs issued and outstanding was $67 million and $83 million, respectively.

- Definition

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

+ References

Reference 1: http://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
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 1,218	$ (945)	$ 553
Amortization of net deferred charge assets	106	80	55
Other operating assets and liabilities	$ (353)	(417)	718
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		(1,108)	488
Amortization of net deferred charge assets		0	0
Other operating assets and liabilities		(174)	838
Other operating assets and liabilities, premiums receivable			324
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		163	65
Amortization of net deferred charge assets		80	55
Other operating assets and liabilities		$ (243)	$ (120)

- 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

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

+ References

+ Details

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	$ (33)	$ (10)
Allowances for credit losses on securities for which credit losses were not previously recorded	(7)	(31)
Reductions for securities sold during the year	6	5
Decrease (increase) to the allowance for credit losses on securities that had an allowance recorded in the previous period	18	3
Allowance for credit losses, end of year	(16)	(33)
Other government
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	(1)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	0	0
Reductions for securities sold during the year	0	0
Decrease (increase) to the allowance for credit losses on securities that had an allowance recorded in the previous period	1	(1)
Allowance for credit losses, end of year	0	(1)
Corporate
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	(32)	(10)
Allowances for credit losses on securities for which credit losses were not previously recorded	(3)	(31)
Reductions for securities sold during the year	6	5
Decrease (increase) to the allowance for credit losses on securities that had an allowance recorded in the previous period	14	4
Allowance for credit losses, end of year	(15)	(32)
Commercial mortgage-backed
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	0
Allowances for credit losses on securities for which credit losses were not previously recorded	(4)
Reductions for securities sold during the year	0
Decrease (increase) to the allowance for credit losses on securities that had an allowance recorded in the previous period	3
Allowance for credit losses, end of year	$ (1)	$ 0

Losses and Loss Adjustment Expenses - Average Annual Duration of Claims (Details) - Run-off	Dec. 31, 2023
Asbestos \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.15%
Year 2	8.03%
Year 3	8.35%
Year 4	9.29%
Year 5	7.09%
Year 6	6.30%
Year 7	4.88%
Year 8	5.20%
Asbestos \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.26%
Year 2	4.02%
Year 3	4.39%
Year 4	4.89%
Year 5	5.14%
Year 6	4.77%
Year 7	5.77%
Asbestos \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	100.00%
Year 2	200.00%
Year 3	(100.00%)
Year 4	0.00%
Year 5	0.00%
Year 6	0.00%
Asbestos \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	1.12%
Year 2	11.52%
Year 3	12.36%
Year 4	12.92%
Year 5	9.83%
Asbestos \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	(0.26%)
Year 2	13.77%
Year 3	8.57%
General casualty \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.03%
Year 2	13.92%
Year 3	16.67%
Year 4	12.90%
Year 5	16.22%
Year 6	8.35%
Year 7	5.57%
Year 8	4.46%
Year 9	9.30%
Year 10	2.27%
General casualty \| 2014
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	45.33%
Year 2	4.00%
Year 3	10.67%
Year 4	2.67%
Year 5	6.67%
Year 6	5.33%
Year 7	1.33%
Year 8	4.00%
Year 9	8.00%
Year 10	1.33%
General casualty \| 2015
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.18%
Year 2	9.09%
Year 3	13.33%
Year 4	13.94%
Year 5	15.15%
Year 6	7.27%
Year 7	3.03%
Year 8	6.67%
Year 9	5.45%
General casualty \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.00%
Year 2	25.00%
Year 3	0.00%
Year 4	25.00%
Year 5	25.00%
Year 6	(25.00%)
Year 7	25.00%
Year 8	(25.00%)
General casualty \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	25.56%
Year 2	24.81%
Year 3	15.04%
Year 4	9.77%
Year 5	4.51%
Year 6	4.51%
Year 7	3.76%
General casualty \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.06%
Year 2	19.92%
Year 3	16.02%
Year 4	13.35%
Year 5	8.62%
Year 6	12.53%
General casualty \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.83%
Year 2	4.96%
Year 3	2.92%
Year 4	4.66%
Year 5	3.21%
General casualty \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	6.12%
Year 2	19.01%
Year 3	21.16%
Year 4	20.00%
General casualty \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.81%
Year 2	6.76%
Year 3	5.48%
General casualty \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.11%
Year 2	24.28%
General casualty \| 2023
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	14.44%
Workers' Compensation \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	27.63%
Year 2	31.27%
Year 3	17.72%
Year 4	8.02%
Year 5	5.52%
Year 6	2.53%
Year 7	0.97%
Year 8	1.20%
Year 9	0.00%
Year 10	0.00%
Workers' Compensation \| 2015
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	14.07%
Year 2	18.16%
Year 3	13.04%
Year 4	10.10%
Year 5	7.03%
Year 6	4.35%
Year 7	4.09%
Year 8	1.92%
Year 9	3.45%
Workers' Compensation \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.57%
Year 2	9.02%
Year 3	7.22%
Year 4	10.05%
Year 5	8.25%
Year 6	5.93%
Year 7	4.64%
Year 8	5.41%
Workers' Compensation \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	32.91%
Year 2	8.86%
Year 3	16.46%
Year 4	13.92%
Year 5	5.06%
Year 6	(10.13%)
Year 7	3.80%
Workers' Compensation \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.14%
Year 2	21.67%
Year 3	11.67%
Year 4	6.67%
Year 5	6.67%
Year 6	10.71%
Workers' Compensation \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	5.05%
Year 2	2.89%
Year 3	1.08%
Year 4	1.08%
Year 5	0.72%
Workers' Compensation \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.53%
Year 2	18.35%
Year 3	12.66%
Year 4	11.39%
Workers' Compensation \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	7.57%
Year 2	9.61%
Year 3	8.69%
Workers' Compensation \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	30.77%
Professional indemnity/Directors and Officers \| StarStone
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.04%
Year 2	19.30%
Year 3	14.89%
Year 4	12.12%
Year 5	11.90%
Year 6	4.57%
Year 7	1.84%
Year 8	0.23%
Year 9	4.22%
Year 10	1.11%
Professional indemnity/Directors and Officers \| 2014
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	31.97%
Year 2	20.49%
Year 3	13.11%
Year 4	10.66%
Year 5	3.28%
Year 6	0.00%
Year 7	1.64%
Year 8	0.82%
Year 9	1.64%
Year 10	5.74%
Professional indemnity/Directors and Officers \| 2016
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.59%
Year 2	12.94%
Year 3	14.12%
Year 4	(3.53%)
Year 5	4.71%
Year 6	9.41%
Year 7	3.53%
Year 8	10.59%
Professional indemnity/Directors and Officers \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.76%
Year 2	14.97%
Year 3	5.59%
Year 4	7.78%
Year 5	10.58%
Year 6	8.58%
Professional indemnity/Directors and Officers \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.56%
Year 2	11.71%
Year 3	14.63%
Year 4	14.15%
Year 5	10.73%
Professional indemnity/Directors and Officers \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	2.63%
Year 2	25.00%
Year 3	35.53%
Year 4	23.68%
Professional indemnity/Directors and Officers \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	4.35%
Year 2	18.58%
Year 3	14.03%
Professional indemnity/Directors and Officers \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.21%
Year 2	25.79%
Professional indemnity/Directors and Officers \| 2023
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.16%
Motor \| 2014
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	44.19%
Year 2	34.88%
Year 3	9.30%
Year 4	6.98%
Year 5	4.65%
Year 6	0.00%
Year 7	0.00%
Year 8	0.00%
Year 9	2.33%
Year 10	(2.33%)
Motor \| 2015
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	38.55%
Year 2	19.28%
Year 3	12.05%
Year 4	8.43%
Year 5	3.61%
Year 6	3.61%
Year 7	2.41%
Year 8	1.20%
Year 9	1.20%
Motor \| 2017
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	35.29%
Year 2	8.82%
Year 3	17.65%
Year 4	5.88%
Year 5	5.88%
Year 6	8.82%
Year 7	5.88%
Motor \| 2018
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	10.12%
Year 2	38.03%
Year 3	17.41%
Year 4	9.22%
Year 5	7.68%
Year 6	4.87%
Motor \| 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	5.26%
Year 3	15.79%
Year 4	5.26%
Year 5	0.00%
Motor \| 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	27.84%
Year 2	31.35%
Year 3	21.49%
Year 4	10.54%
Motor \| 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	(5.00%)
Year 3	(2.50%)
Motor \| 2022
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	0.00%
Year 2	25.00%
Motor \| 2023
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	7.48%

Income Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Financial Statement Impact from Tax Law Changes

The incremental financial statement impact related to the Act was as follows:


	2023
	(in millions of U.S. dollars)
Provision for income tax (benefit) expense
Economic Transition Adjustment	$	(221)
Effect of change in income tax rate on the net change in unrealized gains (losses) on AFS securities recorded in OCI since the Basis Valuation Date	16
Total provision for income tax (benefit) expense	$	(205)

Earnings before Income Taxes

The following table presents income (loss) before income taxes by jurisdiction, including income (losses) from equity method investments, for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Domestic (Bermuda)	$	1,046	$	(710)	$	430
Foreign	(78)		(247)		150
Income (loss) before income taxes, including income (losses) from equity method investments	$	968	$	(957)	$	580

Tax Expense for Income Taxes

The following table presents our current and deferred income tax (benefit) expense attributable to continuing operations by jurisdiction for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Current:
Domestic (Bermuda)	$	—	$	—	$	—
Foreign	6		—		6
	6		—		6
Deferred:
Domestic (Bermuda)	(205)		—		—
Foreign	(51)		(12)		21
	(256)		(12)		21
Total income tax (benefit) expense attributable to continuing operations	$	(250)	$	(12)	$	27

Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate

The actual effective income tax rate differs from the statutory rate of 0 percent under Bermuda law applied to income (loss) before income taxes, including income (losses) from equity method investments for the years ended December 31, 2023, 2022 and 2021 as shown in the following reconciliation:


	2023			2022			2021
	(in millions of U.S. dollars)
Income (loss) before income taxes	$	968		$	(957)		$	580
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	(2.0)		%	4.6		%	5.4		%
Economic Transition Adjustment (1)	(22.8)		%	0.0		%	0.0		%


Change in valuation allowance	(1.6)		%	(3.9)		%	1.6		%
Effect of change in income tax rate	1.4		%	0.1		%	(1.2)		%




Other	(0.8)		%	0.5		%	(1.1)		%
Effective income tax rate	(25.8)		%	1.3		%	4.7		%

(1) For the year ended December 31, 2023, we recorded a deferred tax benefit of $221 million associated with certain Bermuda Constituent Entities anticipated to remain within the ETA.

Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
	(in millions of U.S. dollars)
Deferred tax assets:
Net operating loss carryforwards	$	204	$	214
Capital loss carryforwards	7		3
Insurance reserves	192		14
Unearned premiums	8		—

Provisions for bad debt	3		3

Defendant A&E liabilities	86		94
Fair value of investments	2		40
Lloyd’s underwriting result in future periods	21		5
Fair value of financial instruments	35		—
Other deferred tax assets	29		18
Deferred tax assets	587		391
Valuation allowance	(156)		(181)
Deferred tax assets, net of valuation allowance	431		210

Deferred tax liabilities:




Fair value and other basis differences	(32)		(62)
Other deferred tax liabilities	(7)		(7)

Deferred tax liabilities	(39)		(69)

Net deferred tax asset	$	392	$	141

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction


	Net Deferred Tax Asset
	2023		2022
	(in millions of U.S. dollars)
Australia	$	4	$	4
Bermuda	205		—
United States	191		164
United Kingdom	(8)		(27)

Total	$	392	$	141

Summary of Operating Loss Carryforwards

As of December 31, 2023, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:


Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
	(in millions of U.S. dollars)
Net Operating Loss Carryforwards:
United States - Net operating loss	$	470	$	98	2028-2042
United States - Net operating loss	74		16		Indefinitely
United Kingdom	271		68		Indefinitely
Luxembourg	34		9		2035-2036
Other	66		13		Indefinitely

Capital Loss Carryforwards:
United States - Capital Loss	32		7		2027-2028

Summary of Tax Credit Carryforwards

As of December 31, 2023, we had foreign tax credit carryforwards available for tax purposes, as follows:


Tax Jurisdiction	Tax effect		Expiration
	(in millions of U.S. dollars)
United Kingdom	$	8	Indefinitely

Summary of Income Tax Examinations

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2023:

Major Tax Jurisdiction

Open Tax Years

United States

2020-2023

United Kingdom

2021-2023

Income Taxation - Earnings before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic (Bermuda)	$ 1,046	$ (710)	$ 430
Foreign	(78)	(247)	150
Income (loss) before income taxes, including income (losses) from equity method investments	$ 968	$ (957)	$ 580

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Share-Based Compensation - Compensation Costs for Share-based Compensation Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) share-based_compensation_plan shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation arrangements \| share-based_compensation_plan	3
Total share-based compensation costs	$ 30	$ 10	$ 28
Tax benefit	3	1	3
Restricted shares and restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	12	10	7
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	8	(8)	13
Joint share ownership plan expense \| Employee share purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	6	8	5
Other share-based compensation plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation costs	$ 4	$ 0	$ 3
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares	1,739,654
Employee Share Repurchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares	200,000

Schedule II - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions

1 Months Ended

12 Months Ended

Nov. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Net cash flows provided by (used in) operating activities

$ 523

$ 257

$ 3,801

CASH FLOWS FROM INVESTING ACTIVITIES:

Net cash flows used in investing activities

(148)

(919)

(2,573)

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends on preferred shares

(36)

Repurchase of shares

$ (191)

(531)

(163)

(942)

Repayment of debt

^[1]

(356)

(574)

Issuance of debt, net of issuance costs

^[1]

494

816

Net cash flows used in financing activities

(861)

(116)

(737)

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

(500)

(762)

495

Enstar Group Limited

CASH FLOWS FROM OPERATING ACTIVITIES:

Net cash flows provided by (used in) operating activities

496

(72)

CASH FLOWS FROM INVESTING ACTIVITIES:

Dividends and return of capital from subsidiaries

675

Contributions to subsidiaries

(102)

Net cash flows used in investing activities

(88)

675

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends on preferred shares

(36)

Repurchase of shares

(531)

(163)

(942)

Repayment of debt

(302)

(429)

Issuance of debt, net of issuance costs

445

868

Net cash flows used in financing activities

(505)

(56)

(539)

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

(9)

(57)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR

$ 6

$ 15

$ 72

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

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

14. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

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

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

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

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

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

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


	December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturities:
U.S. government and agency	$	—	$	326	$	—	$	—	$	326
U.K. government	—		72		—		—		72
Other government	—		391		—		—		391
Corporate	—		4,119		12		—		4,131
Municipal	—		142		—		—		142
Residential mortgage-backed	—		487		—		—		487
Commercial mortgage-backed	—		841		—		—		841
Asset-backed	—		873		11		—		884

	—		7,251		23		—		7,274

Funds held (1)	58		2,342		40		102		2,542

Equities:
Publicly traded equity investments	243		31		1		—		275
Exchange-traded funds	82		—		—		—		82
Privately held equity investments	—		—		299		45		344
	325		31		300		45		701

Other investments:

Hedge funds	—		—		—		491		491
Fixed income funds	—		53		—		552		605
Equity funds	—		4		—		—		4
Private equity funds	—		—		—		1,617		1,617

CLO equities	—		60		—		—		60
CLO equity funds	—		—		—		182		182
Private credit funds	—		183		—		442		625
Real estate fund	—		—		—		269		269


	—		300		—		3,553		3,853
Total Investments	$	383	$	9,924	$	363	$	3,700	$	14,370



Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	217	$	—	$	217



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

Losses and LAE:	$	—	$	—	$	1,163	$	—	$	1,163

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	6	$	—	$	—	$	6
Derivatives not qualifying as hedges	—		3		—		—		3
Derivative instruments	$	—	$	9	$	—	$	—	$	9

(1) The difference in the amount of funds held shown at fair value and the funds held shown in our consolidated balance sheet relates to the $2.7 billion of funds held by reinsured companies carried at amortized cost.


	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturities:
U.S. government and agency	$	—	$	388	$	—	$	—	$	388
U.K government	—		78		—		—		78
Other government	—		319		—		—		319
Corporate	—		4,607		—		—		4,607
Municipal	—		158		—		—		158
Residential mortgage-backed	—		439		—		—		439
Commercial mortgage-backed	—		819		—		—		819
Asset-backed	—		837		—		—		837

	—		7,645		—		—		7,645

Funds held (1)	—		2,040		44		—		2,084

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

Other investments:
Hedge funds	—		—		—		549		549
Fixed income funds	—		90		—		457		547
Equity funds	—		3		—		—		3
Private equity funds	—		—		—		1,282		1,282
CLO equities	—		148		—		—		148
CLO equity funds	—		—		—		203		203
Private credit funds	—		—		—		362		362
Real estate fund	—		—		—		202		202

	—		241		—		3,055		3,296
Total Investments	$	858	$	9,960	$	363	$	3,094	$	14,275



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

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

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

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

(1) The difference in the amount of funds held shown at fair value and the funds held shown in our consolidated balance sheet relates to the $3.5 billion of funds held by reinsured companies carried at amortized cost.

Valuation Methodologies of Financial Instruments Measured at Fair Value

Short-term and Fixed Maturities

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

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

i.comparison of prices against alternative pricing sources;

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

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

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

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

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

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

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

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

•Corporate securities consist primarily of investment-grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are determined using the spread above the risk-free yield curve, reported trades, broker-dealer quotes, benchmark yields, and industry and market indicators. These are considered observable market inputs and, therefore, the fair values of these securities are classified as Level 2. Certain private placement investments classified within Corporate are valued using prices obtained from external managers using independent valuation agents and the valuation inputs used are considered unobservable with no active market at the measurement date. As a result, these private placement investments are classified as Level 3.

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

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

inputs and therefore the fair value of these securities are classified as Level 2. Certain private placement investments classified within Asset-backed are valued using prices obtained from external managers using independent valuation agents and the valuation inputs used are considered unobservable with no active market at the measurement date. As a result, these private placement investments are classified as Level 3.

Equities

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

Our publicly traded equities are widely diversified and there is no significant concentration in any specific industry. We use an internationally recognized pricing service to estimate the fair value of our publicly traded equities and exchange-traded funds. We have categorized the majority of our publicly traded equity investments, other than preferred stock, and our exchange-traded funds as Level 1 investments because the fair values of these investments are based on unadjusted quoted prices in active markets for identical assets. Two equity securities trade in an inactive market and, as a result have been classified as Level 2. The fair value estimates of our investments in publicly traded preferred stock are based on observable market data and, as a result, have been categorized as Level 2. Certain private placement investments classified within Equities are valued using prices obtained from external managers using independent valuation agents and the valuation inputs used are considered unobservable with no active market at the measurement date. As a result, these private placement investments are classified as Level 3.

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

Other investments, at fair value

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

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

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

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

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

•Our investments in fixed income funds and equity funds are valued based on a combination of prices from independent pricing services, external fund managers or third-party administrators. For the publicly available

prices we have classified the investments as Level 2. For the non-publicly available prices we are using NAV as a practical expedient and therefore these have not been categorized within the fair value hierarchy.

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

Insurance Contracts - Fair Value Option

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

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

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

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

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

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

i.projected capital requirements;

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

iii.discounted using the weighted average cost of capital.

Derivative Instruments

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

Funds Held by Reinsured Companies

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

The fair value is calculated as the difference between:

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

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

The Monte Carlo simulation model uses:

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

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

The discounted cash flow model uses:

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

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

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

Level 3 Measurements and Changes in Leveling

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

Investments

The following table present a reconciliation of the beginning and ending balances for all our equity investments and fixed maturity investments measured at fair value on a recurring basis using Level 3 inputs during the years ended December 31, 2023 and 2022:


	2023							2022
	Fixed Maturities		Equity Investments					Total			Privately-held Equities			Total
	Corporate			Asset-backed		Privately-held Equities				Publicly traded equity investments
						(in millions of U.S. dollars)
Beginning fair value	$	—		$	—	$	294	$	—			$	294	$	347	$	347
Purchases	—			—		2		—				2		5		5
Sales	—			—		(48)		—				(48)		(15)		(15)
Total net unrealized gains (losses) (1)	—			—		26		—				26		(43)		(43)
Transfer into Level 3 from Level 2	12			11		—		1				24		—		—

Reclassification from non-recurring to recurring	—			—		25		—				25		—		—
Ending fair value	$	12		$	11	$	299	$	1			$	323	$	294	$	294

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

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

Valuations Techniques and Inputs

The table below presents the quantitative information related to the fair value measurements for our fixed maturity and equity investments measured at fair value on a recurring basis using Level 3 inputs:

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2023

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Fixed maturities

Corporate

YTM
Illiquidity premium
Credit risk premium
WAL
Trade date spread differential

5.53% - 9.43%

0.88% - 3.13%

2.82% - 4.48%

1.70 - 4.74

(0.03)% - 0.33%

Discounted cash flow

Asset-backed

Discounted cash flow

Total fixed maturities

Privately held equity investments

Guideline company methodology;
Option pricing model

181

P/BV multiple
P/BV (excluding AOCI) multiple
Expected term

1.50x - 1.9x

1.4x -1.5x

1-3 years

Guideline companies method

P/BV multiple
Price/2024 earnings

1.5x - 1.7x

7.7x - 8.9x

Guideline companies method;
Earnings

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

12x - 13x

2.5x - 3x

Dividend discount model

Discount rate

8.5%

299

Publicly traded equity investments

Discounted cash flow

Implied total yield

8.62%

Total equity investments

300

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

As of December 31, 2023, we elected to change the measurement of a privately held equity investment to recurring fair value measurements that was previously accounted for under the measurement alternative. We used a dividend discount model as the valuation technique to fair value the $34 million privately held equity investment, which is an industry standard approach. The unobservable input to the dividend discount model has been identified and disclosed in the table above.

Funds Held by Reinsured Companies - Embedded Derivative

As described in Note 7, 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 during the year ended December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Beginning fair value	$	44	$	—
Initial recognition	—		27
Net unrealized gains	13		17
Partial settlement	(17)		—
Ending fair value	$	40	$	44

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

of operations.

Valuations Techniques and Inputs

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

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2023

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected Loss Payments

6.98%

$651 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 during the years ended December 31, 2023 and 2022:


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

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	21		(20)		41		(79)		(29)		(50)
Reduction in provisions for ULAE	(11)		—		(11)		(18)		—		(18)
Change in fair value	100		22		78		(247)		(47)		(200)
Total incurred losses and LAE	110		2		108		(344)		(76)		(268)
Paid losses	(247)		(59)		(188)		(245)		(65)		(180)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)		(6)		(21)		—		—		—
Effect of exchange rate movements	41		5		36		(114)		(16)		(98)
Ending fair value	$	1,163	$	217	$	946	$	1,286	$	275	$	1,011

The following table presents the components of the net change in fair value for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	32	$	40	$	22
Corporate bond yield	18		(219)		(97)
Credit spread for non-performance	21		(21)		—
Weighted cost of capital	7		—		—

Change in fair value	$	78	$	(200)	$	(75)

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 consolidated statements of operations. Changes in the fair value due to changes in credit spread for instrument-specific credit risk are classified to other comprehensive income.

Valuations Techniques and Inputs

Below is a summary of the quantitative information regarding the significant observable and unobservable inputs used in the internal model to determine fair value on a recurring basis as of December 31, 2023 and 2022:

2023

2022

Valuation Technique

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)

5.60%

5.10%

Internal model

Weighted average cost of capital (U)

8.75%

8.25%

Internal model

Average payout - liability (U)

8.12 years

7.89 years

Internal model

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

8.35 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.

Disclosure of Fair Values for Financial Instruments Carried at Cost

Senior and Subordinated Notes

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


	December 31, 2023
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	488
3.10% Senior Notes due 2031	496		408
Total Senior Notes	$	992	$	896
5.75% Junior Subordinated Notes due 2040	$	345	$	331
5.50% Junior Subordinated Notes due 2042	494		425

Total Junior Subordinated Notes	$	839	$	756

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 December 31, 2023 and 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

Debt Obligations and Credit Facilities - Maturities (Details)	Dec. 31, 2023 USD ($)
Receivables [Abstract]
2023	$ 0
2024	0
2025	0
2026	0
2027	0
After 2027	$ 1,900,000,000

Future Policyholder Benefits - Schedule of Gain on Novation (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2022	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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	$ 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	0
Less: carrying value of net assets		(133)
Add: reclassification of remeasurement of future policyholder benefits from AOCI and NCI		363	363	0	0
Amount deferred relating to 20% ownership interest in Monument Re		(49)
Gain on novation	$ 275	275	275	$ 0	$ 0
Net income attributable to noncontrolling interest		(81)
Gain on novation attributable to Enstar		194	$ 196
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
EnhanzedRe \| Allianz
Calculation of gain on novation (recorded in first quarter 2023):
Ownership interest held by noncontrolling owners	24.90%	24.90%				24.90%
Monument
Calculation of gain on novation (recorded in first quarter 2023):
Ownership percentage		20.00%	20.00%

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

7. INVESTMENTS

We hold:

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

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

iii.other investments carried at fair value;

iv.equity method investments; and

v.funds held.

Short-term and Fixed Maturities

Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase.

Short-term and fixed maturities classified as trading are carried at fair value, with realized and unrealized gains and losses included in net income and reported as net unrealized gains and losses.

Short-term and fixed maturities classified as available-for-sale ("AFS") are carried at fair value, with unrealized gains and losses excluded from net income and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of operations.

The costs of short-term and fixed maturities are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis.

Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments.

Asset Types

The fair values of the underlying asset categories comprising our short-term and fixed maturities classified as trading and AFS as of December 31, 2023 and 2022:


	2023
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	—	$	38	$	76	$	212	$	326
U.K. government	—		—		21		51		72
Other government	—		2		144		245		391
Corporate	2		22		1,349		2,758		4,131
Municipal	—		—		49		93		142
Residential mortgage-backed	—		—		55		432		487
Commercial mortgage-backed	—		—		138		703		841
Asset-backed	—		—		117		767		884


Total fixed maturity and short-term investments	$	2	$	62	$	1,949	$	5,261	$	7,274


	2022
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	14	$	10	$	64	$	300	$	388
U.K. government	—		3		42		33		78
Other government	—		—		188		131		319
Corporate (1)	—		25		1,594		2,988		4,607
Municipal	—		—		59		99		158
Residential mortgage-backed	—		—		77		362		439
Commercial mortgage-backed	—		—		191		628		819
Asset-backed	—		—		155		682		837


Total fixed maturity and short-term investments	$	14	$	38	$	2,370	$	5,223	$	7,645

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

Included within residential mortgage-backed securities as of December 31, 2023 were securities issued by U.S. governmental agencies with a fair value of $306 million (December 31, 2022: $312 million).

Included within commercial mortgage-backed securities as of December 31, 2023 were securities issued by U.S. governmental agencies with a fair value of $73 million (December 31, 2022: $69 million)

Contractual Maturities

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


As of December 31, 2023	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	355	$	353	4.9	%


More than one year through five years	2,315		2,215		30.4	%
More than five years through ten years	1,561		1,430		19.6	%
More than ten years	1,339		1,064		14.6	%
Residential mortgage-backed	525		487		6.7	%
Commercial mortgage-backed	909		841		11.6	%
Asset-backed	885		884		12.2	%


	$	7,889	$	7,274	100.0	%

Unrealized Gains and Losses on AFS Short-Term and Fixed Maturities

The amortized cost, unrealized gains and losses, allowance for credit losses and fair values of our short-term and fixed maturities classified as AFS as of December 31, 2023 and 2022 were as follows:


					Gross Unrealized Losses
As of December 31, 2023	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	268	$	1	$	(19)	$	—	$	250
U.K. government	49		3		(1)		—		51
Other government	250		5		(8)		—		247
Corporate	3,040		23		(268)		(15)		2,780
Municipal	107		1		(15)		—		93
Residential mortgage-backed	466		3		(37)		—		432
Commercial mortgage-backed	760		1		(57)		(1)		703
Asset-backed	764		10		(7)		—		767


	$	5,704	$	47	$	(412)	$	(16)	$	5,323


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


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

Gross Unrealized Losses on AFS Short-term and Fixed Maturities

The following table summarizes our short-term and fixed maturities classified as AFS that were in a gross unrealized loss position, for which an allowance for credit losses has not been recorded, as of December 31, 2023 and 2022:


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 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	$	135	$	(18)	$	43	$	(1)	$	178	$	(19)
U.K. government	9		(1)		4		—		13		(1)
Other government	70		(8)		10		—		80		(8)
Corporate	1,854		(265)		243		(3)		2,097		(268)
Municipal	78		(15)		2		—		80		(15)
Residential mortgage-backed	267		(36)		41		(1)		308		(37)
Commercial mortgage-backed	410		(48)		225		(9)		635		(57)
Asset-backed	239		(6)		100		(1)		339		(7)


Total short-term and fixed maturity investments	$	3,062	$	(397)	$	668	$	(15)	$	3,730	$	(412)


	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 maturities	$	2,181	$	(371)	$	2,571	$	(257)	$	4,752	$	(628)

As of December 31, 2023 and 2022, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 2,156 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 1,736 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 income securities to settle them at a price less than their amortized cost basis and therefore it is expected that we will recover the entire amortized cost basis of each security. Furthermore, we do not intend to sell the securities that are currently in an unrealized loss position, and it is also not more likely than not that we will be required to sell the securities before the recovery of their amortized cost bases.

Allowance for Credit Losses on AFS Fixed Maturities

Each reporting period we identify any credit losses on our investment portfolios not measured at fair value through net income. Credit losses on our fixed income securities, AFS are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected.

To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the fixed income securities, AFS, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the fixed income securities, AFS, effectively creating a “fair value floor”.

For our fixed income securities, AFS that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and record the credit loss component in net realized gains (losses) in our consolidated statements of operations. The unrealized losses related to non-credit factors is recorded in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in our consolidated statements of operations.

For our fixed income securities, AFS where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our fixed income securities, AFS where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par.

For our fixed income securities, AFS that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value.

Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts.

To determine the credit losses on our fixed income securities, AFS, we use the probability of default (“PD”) and loss given default (“LGD”) methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security.

The methodology and inputs used to determine the credit loss by security type are as follows:

•Corporate and government securities: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs.

•Municipal securities: Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities.

For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable.

•Asset-backed, commercial and residential mortgaged-backed securities: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio.

We report the investment income accrued on our fixed income securities, AFS within accrued investment income and therefore separately from the underlying fixed income securities, AFS. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments.

Uncollectible fixed income securities are written off when we determine that no additional payments of principal or interest will be received.

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


	December 31, 2023						December 31, 2022
	Other government		Corporate		Commercial mortgage backed			Total		Other government		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	(1)	$	(32)	$	—		$	(33)	$	—	$	(10)	$	(10)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(3)		(4)			(7)		—		(31)		(31)

Reductions for securities sold during the year	—		6		—			6		—		5		5

Decrease (increase) to the allowance for credit losses on securities that had an allowance recorded in the previous period	1		14		3			18		(1)		4		3


Allowance for credit losses, end of year	$	—	$	(15)	$	(1)		$	(16)	$	(1)	$	(32)	$	(33)

During the years ended December 31, 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

We hold investments in publicly traded equities, exchange-traded funds and privately held equities. Our equity investments are carried at fair value with realized and unrealized gains and losses included in our consolidated statements of operations and recorded as net unrealized gains and losses.

We may elect to measure a privately held equity without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value at its cost less impairment, if any.

The following table summarizes our equity investments as of December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	275	$	385
Exchange-traded funds	82		507
Privately held equity investments in common and preferred stocks	344		358
	$	701	$	1,250

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

Other Investments, at fair value

Other investments include investments in limited partnerships and limited liability companies (collectively "private equity funds") and hedge funds, fixed income funds, equity funds, private credit funds, real estate funds, collateralized loan obligation ("CLO") equities and CLO equity funds that carry their investments at fair value and CLO equities.

We have elected the fair value option for certain of our other investments that would otherwise be accounted for as an equity method investment. The primary reason for electing the fair value option is because we believe this measurement basis is consistent with the applicable accounting guidance used by the investment funds themselves.

Our other investments are stated at fair value, which ordinarily will be the most recently reported net asset value ("NAV") as advised by the fund manager or administrator. The NAV is based on the fund manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents. Many of our fund investments publish NAVs on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. Unrealized gains and losses on other investments are included in net income and reported as net unrealized gains and losses.

The following table summarizes our other investments carried at fair value as of December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Hedge funds	$	491	$	549
Fixed income funds	605		547
Private equity funds	1,617		1,282
Private credit funds	625		362
Equity funds	4		3
CLO equity funds	182		203
CLO equities	60		148
Real estate funds	269		202

	$	3,853	$	3,296

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

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

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

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

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

•Equity funds invest primarily in public equities.

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

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

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

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

We use NAV as a practical expedient to fair value certain of our other investments, including equities. Due to a lag in the valuations of certain funds reported by the managers, we may record changes in valuation with up to a three-month lag33. We regularly review and discuss fund performance with the fund managers to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments.

Certain of our other investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which limits our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes or side pockets, restrictions on the frequency of redemption and notice periods.

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

The table below details the estimated period by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of December 31, 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 (1)
	(in millions of U.S. dollars)
Equities
Privately held equity investments	$	—	$	—	$	—	$	—	$	45	$	45	N/A

Other investments
Hedge funds	$	491	$	—	$	—	$	—	$	—	$	491	monthly to bi-annually
Fixed income funds	500		—		—		—		52		552		monthly to quarterly
Private equity funds	—		62		—		—		1,556		1,618		quarterly
Private credit funds	—		—		—		—		442		442		N/A

CLO equity funds	180		—		—		—		2		182		quarterly to bi-annually

Real estate funds	—		—		—		—		269		269		N/A

	$	1,171	$	62	$	—	$	—	$	2,366	$	3,599

Equity Method Investments

Investments that we do not consolidate but in which we have significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting unless we have elected the fair value option.

In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on our proportionate share of net income or loss of the investee, net of any distributions received from the investee.

We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees.

Changes in the carrying value of such investments are recorded in our consolidated statements of operations as income (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of operations in the period in which it is determined.

During the fourth quarter of 2023, we divested of our entire equity interest in Citco and recognized a gain of $5 million, which is included in income from equity method investments in our consolidated statements of operations.

The table below shows our equity method investments as of December 31, 2023 and 2022:


	2023				2022
	Ownership %		Carrying Value		Ownership %		Carrying Value
	(in millions of U.S. dollars)

Citco (1)	—	%	—		31.9	%	60
Monument Re (2)	20.0	%	95		20.0	%	110

Core Specialty	19.9	%	225		19.9	%	211
Other	27.0	%	14		27.0%		16

			$	334			$	397

(1) Prior to our divestiture of our entire equity interest in Citco during the fourth quarter of 2023, we owned 31.9% of the common shares in HH CTCO Holdings Limited which in turn owned 15.4% of the convertible preferred shares of Citco III Limited (“Citco”), or a 6.2% interest in the total equity of Citco.

(2) We own 20.0% of the common shares in Monument Re as well as different classes of preferred shares which have fixed dividend yields and whose balances are included in the Investment amount. The carrying value of Monument Re is net of an impairment recorded in 2022.

Summarized Financial Information

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


	2023		2022
	(in millions of U.S. dollars)
Balance Sheet
Total assets	$	59,859	$	51,278
Total liabilities	45,430		39,496

	2023		2022		2021
	(in millions of U.S. dollars)
Operating Results(1)
Total income	$	14,610	$	6,524	$	9,190
Total expenses	12,989		6,885		8,098
Net (loss) income	$	1,621	$	(361)	$	1,092

(1) Refer to Note 15 for the summarized operating results of our equity method investment in the InRe Fund for the three months ended March 31, 2021, prior to our consolidation of the InRe Fund on April 1, 2021

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


	2023				2022
	Equity Method Investments		Fair Value Option		Equity Method Investments		Fair Value Option
	(in millions of U.S. dollars)
Ownership percentage

20%-99%	109		1,208		186		1,096
3%-19%	225		825		211		809
Total	$	334	$	2,033	$	397	$	1,905

Funds Held

Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to us. The funds held balance is credited with investment income and losses paid are deducted.

We present funds held as a single category within the consolidated balance sheets. The following table summarizes the components of funds held as of December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Funds held - directly managed	$	2,502	$	2,040
Funds held by reinsured companies	2,749		3,582
Total funds held	$	5,251	$	5,622

Funds held arrangements where we receive the underlying portfolio economics and the contractual right to direct the asset allocation strategies are known as "Funds held - directly managed". Funds held arrangements where we receive a fixed crediting rate or other contractually agreed return are known as "Funds held by reinsured companies". Where we receive a contractually agreed return, we evaluate whether we are required to recognize an embedded derivative.

Funds held by reinsured companies are carried at cost and any embedded derivative is carried at fair value.

Funds held - directly managed are carried at fair value because it represents the aggregate of funds held at cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio and the performance risk of the individual assets supporting the reinsurance contract.

We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract34.

The investment returns on both categories of funds held are recognized in net investment income and net unrealized gains (losses), respectively. The change in the fair value of the embedded derivative is included in net unrealized gains (losses).

Funds Held - Directly Managed

The following table summarizes the components of funds held - directly managed as of December 31, 2023 and 2022:


	2023		2022

	(in millions of U.S. dollars)
Funds held - directly managed, at cost	$	2,608	$	2,819
Net unrealized gains (losses):

Accumulated change in fair value - embedded derivative accounting	(106)		(572)
Accumulated change in fair value (1)	—		(207)
Funds held - directly managed, at fair value	$	2,502	$	2,040

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

The majority of our funds held - directly managed is comprised of short-term and fixed maturities. The $462 million increase in funds held - directly managed from December 31, 2022 to December 31, 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.

Funds Held by Reinsured Companies

Pursuant to the terms of the Aspen Insurance Holdings transaction entered into in 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:


	2023		2022
	(in millions of U.S. dollars)
Fund held by reinsured companies, at amortized cost	$	2,709	$	3,538
Fair value of embedded derivative	40		44


Funds held by reinsured companies	$	2,749	$	3,582

The $833 million decrease in funds held by reinsured companies from December 31, 2022 to December 31, 2023 was primarily driven by net paid losses specific to the Aspen LPT.

Net Investment Income

Major categories of net investment income for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:


	2023		2022		2021

Fixed maturities	$	326	$	237	$	191
Short-term investments and cash and cash equivalents	38		10		—
Funds held	211		151		85

Investment income from fixed maturities, cash and cash equivalents and funds held	575		398		276
Equity investments	41		39		32
Other investments(1)	51		43		41

Investment income from equities and other investments	92		82		73
Gross investment income	667		480		349
Investment expenses	(20)		(25)		(37)

Net investment income	$	647	$	455	$	312

(1) Effective April 1, 2021, the InRe Fund was consolidated by us and subsequently liquidated by December 31, 2021. Refer to Note 15 for additional information. Prior to April 1, 2021, all income or loss from the InRe Fund was determined by the change in net asset value (NAV) of our holdings in the fund, which was included within net unrealized gains (losses) from other investments.

Net Realized and Unrealized Gains (Losses)

Components of net realized and unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
	(in millions of U.S. dollars)
Net realized (losses) gains on sale:
Gross realized gains on fixed maturities, AFS	$	5	$	6	$	19
Gross realized losses on fixed maturities, AFS	(81)		(89)		(13)
Decrease (increase) in allowance for expected credit losses on fixed maturities, AFS	11		(28)		(10)
Total net realized losses on sale	$	(65)	$	(111)	$	(4)


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

Total net realized (losses) gains on sale	$	(65)	$	(111)	$	(61)

Net unrealized gains (losses):
Fixed maturities, trading	$	84	$	(503)	$	(144)
Funds held - directly managed	47		(567)		(62)
Equity securities	167		(290)		146
Other investments (1)	225		(125)		259
Investment derivatives	5		(18)		(21)

Total net unrealized gains (losses)	$	528	$	(1,503)	$	178

The gross realized gains and losses on AFS investments included in the table above resulted from sales of $1.8 billion, $2.1 billion and $2.5 billion for the years ended December 31, 2023, 2022 and 2021, respectively.

For the years ended December 31, 2023, 2022 and 2021, net unrealized gains (losses) recorded within the statement of operations relating to equity securities still held of the balance sheet date were $109 million, $(269) million and $146 million, respectively.

Restricted Assets

We utilize trust accounts to collateralize business with our (re)insurance counterparties. We are also required to maintain investments and cash and cash equivalents on deposit with regulatory authorities and Lloyd's to support our (re)insurance operations. The investments and cash and cash equivalents on deposit are available to settle (re)insurance liabilities. Collateral generally takes the form of assets held in trust, letters of credit or funds held. The assets used as collateral are primarily highly rated fixed maturities. The carrying value of our restricted assets, including restricted cash of $266 million and $508 million, as of December 31, 2023 and 2022, respectively, was as follows:


	2023		2022
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,301	$	5,343
Assets on deposit with regulatory authorities	80		159
Collateral for secured letter of credit facilities	78		82
Funds at Lloyd’s (“FAL”) (1)	389		365
	$	5,848	$	5,949

(1) We managed and provided capacity for one Lloyd’s syndicate as of December 31, 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, as described in Note 18.

Investments - Summarized Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet
Total assets	$ 20,913	$ 22,154
Total liabilities	15,265	16,826
Operating Results
Total income	1,429	(1,058)	$ 789
Total expenses	474	(175)	302
NET INCOME (LOSS)	1,218	(945)	553
Equity method investments	334	397
20%-99%
Operating Results
Equity method investments	109	186
3%-19%
Operating Results
Equity method investments	225	211
Equity Method Investments
Balance Sheet
Total assets	59,859	51,278
Total liabilities	45,430	39,496
Operating Results
Total income	14,610	6,524	9,190
Total expenses	12,989	6,885	8,098
NET INCOME (LOSS)	1,621	(361)	$ 1,092
Fair Value Option
Operating Results
Equity method investments	2,033	1,905
Fair Value Option \| 20%-99%
Operating Results
Equity method investments	1,208	1,096
Fair Value Option \| 3%-19%
Operating Results
Equity method investments	$ 825	$ 809

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Schedule VI - Supplementary Information Concerning Property/Casualty Insurance Operations

SCHEDULE VI

ENSTAR GROUP LIMITED

SUPPLEMENTARY INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS

As of and for the years ended December 31, 2023, 2022 and 2021

(Expressed in millions of U.S. Dollars)


	As of December 31,						Year ended December 31,
Affiliation with Registrant	Deferred Acquisition Costs		Reserves for Unpaid Losses and Loss Adjustment Expenses		Unearned Premiums		Net Premiums Earned		Net Investment Income		Net Losses and Loss Expenses Incurred				Net Paid Losses and Loss Expenses		Amortization of Deferred Acquisition Costs		Net Premiums Written
											Current Period		Prior Periods
Consolidated Subsidiaries
2023	$	4	$	12,359	$	171	$	43	$	647	$	30	$	(131)	$	(2,467)	$	10	$	96
2022	7		13,007		114		49		455		48		(756)		(1,680)		23		—
2021	16		13,258		188		242		312		172		(403)		(1,431)		57		59

Schedule I - Summary of Investments Other Than Investments in Related Parties (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 14,735
Fair Value	14,198
Amount at which shown in the balance sheet	14,198
Short-term and fixed maturity investments, available for sale	5,323	$ 5,261
Funds held by reinsured companies	2,749	3,582
Funds held	5,251	5,622
Equity investments	701	1,250
Other investments	3,853	3,296
Stone Point \| Investor
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	136	148
Other investments	446	467
Affiliates of Stone Point, excluding co-investor \| Investor
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	63
Co-investor with Stone Point \| Investor
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	73
AmTrust \| Investee
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Equity investments	181	190
Core Specialty \| Investee
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Funds held by reinsured companies	19	25
Other \| Investee
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Other investments	1,602	1,918
Short-term and fixed maturities within funds held - directly managed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,298
Fair Value	5,232
Amount at which shown in the balance sheet	5,232
Funds held	5,251
Equities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	246
Fair Value	384
Amount at which shown in the balance sheet	384
Equity investments	701
Other investments, at fair value
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,805
Fair Value	1,805
Amount at which shown in the balance sheet	1,805
Other investments	3,853
Fixed maturities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Short-term and fixed maturity investments, trading	1,949	2,370
Short-term and fixed maturity investments, available for sale	5,261	5,223
Fixed maturities \| Stone Point \| Investor
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Short-term and fixed maturity investments, trading	69	85
Short-term and fixed maturity investments, available for sale	428	$ 447
Short-term and fixed maturities — Trading
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,110
Fair Value	1,882
Amount at which shown in the balance sheet	1,882
Short-term and fixed maturity investments, trading	1,951
Short-term and fixed maturities — Trading \| U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	75
Fair Value	76
Amount at which shown in the balance sheet	76
Short-term and fixed maturities — Trading \| U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	28
Fair Value	21
Amount at which shown in the balance sheet	21
Short-term and fixed maturities — Trading \| Other government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	165
Fair Value	144
Amount at which shown in the balance sheet	144
Short-term and fixed maturities — Trading \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,525
Fair Value	1,343
Amount at which shown in the balance sheet	1,343
Short-term and fixed maturities — Trading \| Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	54
Fair Value	49
Amount at which shown in the balance sheet	49
Short-term and fixed maturities — Trading \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	59
Fair Value	55
Amount at which shown in the balance sheet	55
Short-term and fixed maturities — Trading \| Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	128
Fair Value	119
Amount at which shown in the balance sheet	119
Short-term and fixed maturities — Trading \| Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	76
Fair Value	75
Amount at which shown in the balance sheet	75
Short-term and fixed maturities — AFS
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,276
Fair Value	4,895
Amount at which shown in the balance sheet	4,895
Short-term and fixed maturity investments, available for sale	5,323
Short-term and fixed maturities — AFS \| U.S. government and agency
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	268
Fair Value	250
Amount at which shown in the balance sheet	250
Short-term and fixed maturities — AFS \| U.K. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	49
Fair Value	51
Amount at which shown in the balance sheet	51
Short-term and fixed maturities — AFS \| Other government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	250
Fair Value	247
Amount at which shown in the balance sheet	247
Short-term and fixed maturities — AFS \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,914
Fair Value	2,654
Amount at which shown in the balance sheet	2,654
Short-term and fixed maturities — AFS \| Municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	107
Fair Value	93
Amount at which shown in the balance sheet	93
Short-term and fixed maturities — AFS \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	466
Fair Value	432
Amount at which shown in the balance sheet	432
Short-term and fixed maturities — AFS \| Commercial mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	702
Fair Value	652
Amount at which shown in the balance sheet	652
Short-term and fixed maturities — AFS \| Asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	520
Fair Value	516
Amount at which shown in the balance sheet	$ 516

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 1,218	$ (945)	$ 553
Other comprehensive income (loss), net of income taxes:
Unrealized gains (losses) on fixed maturity available-for-sale investments arising during the year	154	(681)	(106)
Reclassification adjustment for change in allowance for credit losses recognized in net income (loss)	(11)	28	10
Reclassification adjustment for net realized losses (gains) recognized in net income (loss)	75	81	(6)
Unrealized gains (losses) arising during the year, net of reclassification adjustments	218	(572)	(102)
Remeasurement of future policyholder benefits - change in discount rate	0	363	0
Reclassification adjustment for remeasurement of future policyholder benefits included in net income	(363)	0	0
Change in currency translation adjustment	3	0	2
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	20	0	0
Other	0	(2)	2
Total other comprehensive loss	(122)	(211)	(98)
Comprehensive income (loss)	1,096	(1,156)	455
Less: Comprehensive income attributable to noncontrolling interest	(12)	0	(15)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	$ 1,084	$ (1,156)	$ 440

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Net premiums earned	$ 43	$ 66	$ 245
Net investment income	647	455	312
Net realized losses	(65)	(111)	(61)
Net unrealized gains (losses)	528	(1,503)	178
Other income	276	35	42
Net gain on purchase and sales of subsidiaries	0	0	73
Total revenues	1,429	(1,058)	789
Net incurred losses and loss adjustment expenses
Current period	30	48	172
Prior period	(131)	(756)	(403)
Total net incurred losses and loss adjustment expenses	(101)	(708)	(231)
Policyholder benefit expenses	0	25	(3)
Amortization of net deferred charge assets	106	80	55
Acquisition costs	10	23	57
General and administrative expenses	369	331	367
Interest expense	90	89	69
Net foreign exchange losses (gains)	0	(15)	(12)
Total expenses	474	(175)	302
INCOME (LOSS) BEFORE INCOME TAXES	955	(883)	487
Income tax benefit (expense)	250	12	(27)
Income (losses) from equity method investments	13	(74)	93
NET INCOME (LOSS)	1,218	(945)	553
Net (income) loss attributable to noncontrolling interest	(100)	75	(15)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	1,118	(870)	538
Dividends on preferred shares	(36)	(36)	(36)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 1,082	$ (906)	$ 502
Earnings (loss) per ordinary share attributable to Enstar Group Limited:
Basic (dollars per share)	$ 69.22	$ (52.65)	$ 25.33
Diluted (dollars per share)	$ 68.47	$ (52.65)	$ 24.94
Weighted average ordinary shares outstanding:
Basic (in shares)	15,631,770	17,207,229	19,821,259
Diluted (in shares)	15,802,618	17,323,130	20,127,131

Fair Value Measurements - Quantitative Information (Details) - Internal Model - Recurring	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average cost of capital	8.75%	8.25%
Fair value inputs, average payout	8 years 1 month 13 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	5.60%	5.10%
Fair value inputs, average payout	8 years 4 months 6 days	7 years 8 months 15 days
Credit spread for non-performing risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for non-performing risk	0.65%	0.65%

Schedule II - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
NET INCOME (LOSS)	$ 1,118	$ (870)	$ 538
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	1,084	(1,156)	440
Enstar Group Limited
Condensed Statement of Income Captions [Line Items]
NET INCOME (LOSS)	1,118	(870)	538
Other comprehensive (loss) income relating to subsidiaries, net of tax	(34)	(286)	(98)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	$ 1,084	$ (1,156)	$ 440

- Definition

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

+ References

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Reinsurance Balances Recoverable on Paid and Unpaid Losses (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Summary of Reinsurance Reserves Recoverable

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


	December 31, 2023		December 31, 2022
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	836	$	1,075
ULAE	5		6
Fair value adjustments - acquired companies	(5)		(6)
Fair value adjustments - fair value option	(62)		(79)
Total reinsurance reserves recoverable	774		996
Paid losses recoverable	183		135
Total	$	957	$	1,131

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	740	$	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217		275
Total	$	957	$	1,131

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2023, 2022 and 2021:


	2023				2022				2021
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)

















Total gross	$	101	$	49	$	25	$	97	$	106	$	373
Total ceded	(5)		(6)		(13)		(31)		(44)		(128)
Total net	$	96	$	43	$	12	$	66	$	62	$	245

Reinsurance Balances Recoverable by Reinsurer


	December 31, 2023					December 31, 2022
	Number	Total ($)		%		Number	Total ($)		%
	(in millions of U.S. dollars, except for number of top 10 reinsurers)
Information regarding top ten reinsurers:
Top 10 reinsurers rated A- or better	8	$	436			8	$	578
Top 10 non-rated reinsurers:
Due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state		149					171
Due from a U.S. Workers' Compensation Reinsurance Pool that is secured through an allocation to insurers actively writing workers' compensation in the covered state		42					43
Total top 10 non-rated reinsurers	2	191				2	214
Total top 10 reinsurers		627		65.5	%		792		70.0	%
Other reinsurers > $1 million		316		33.0	%		319		28.2	%
Other reinsurers < $1 million		14		1.5	%		20		1.8	%
Total		$	957	100.0	%		$	1,131	100.0	%

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2023 and 2022:


Lloyd's Syndicates (1)		$	135				$	193
Michigan Catastrophic Claims Association(2)		$	149				$	171

(1) Lloyd's Syndicates are rated AA- by Standard & Poor's and A by A.M. Best.

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

Summary of Reinsurance Recoverable, Allowance for Credit Loss

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	131	$	136

Effect of exchange rate movement	1		1
Current period change in the allowance	2		(6)

Recoveries collected	(3)		—
Allowance for estimated uncollectible reinsurance, end of year	$	131	$	131

Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Run-off
Goodwill [Line Items]
Goodwill	$ 63	$ 63

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- 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 350
-SubTopic 20
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

ASSETS

Short-term and fixed maturity investments, available for sale

$ 5,323

$ 5,261

Funds held

5,251

5,622

Equity securities, at fair value (cost: 2023 — $615; 2022 — $1,357)

701

1,250

Other investments, at fair value (includes consolidated variable interest entity: 2023 — $59; 2022 — $3 )

3,853

3,296

Equity method investments

334

397

Total investments

17,413

18,210

Cash and cash equivalents (includes consolidated variable interest entity: 2023 — $8; 2022 — $0)

564

822

Restricted cash and cash equivalents

266

508

Accrued interest receivable

Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2023 — $131; 2022 — $131) (Note 9)

740

856

Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 9) and (Note 14)

217

275

Insurance balances recoverable (net of allowance: 2023 and 2022 — $5) (Note 13)

172

177

Net deferred charge assets (Note 10)

731

658

Other assets

739

576

TOTAL ASSETS

20,913

22,154

LIABILITIES

Losses and loss adjustment expenses (Note 11)

11,196

11,721

Losses and loss adjustment expenses, at fair value (Note 11) and (Note 14)

1,163

1,286

Future policyholder benefits (Note 12) (1)

^[1]

821

Defendant asbestos and environmental liabilities (Note 13)

567

607

Insurance and reinsurance balances payable

100

Debt obligations (Note 18)

1,831

1,829

Other liabilities (includes consolidated variable interest entity: 2023 — $1; 2022 — $0)

465

462

TOTAL LIABILITIES

15,265

16,826

COMMITMENTS AND CONTINGENCIES (Note 26)

REDEEMABLE NONCONTROLLING INTERESTS (Note 19)

168

Preferred Shares:

Joint Share Ownership Plan (voting ordinary shares, held in trust 2023 and 2022: 565,630)

(1)

Additional paid-in capital

579

766

Accumulated other comprehensive loss

^[1]

(336)

(302)

Retained earnings

5,190

4,406

Total Enstar Shareholders’ Equity

5,535

4,974

Noncontrolling interests (Note 19)

^[1]

113

186

TOTAL SHAREHOLDERS’ EQUITY

5,648

5,160

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

20,913

22,154

Voting Ordinary Shares

Ordinary Shares (par value $1 each, issued and outstanding 2023: 15,196,685; 2022: 17,588,050):

Ordinary shares

Non-Voting Convertible Ordinary Series C Shares

Ordinary Shares (par value $1 each, issued and outstanding 2023: 15,196,685; 2022: 17,588,050):

Ordinary shares

Non-Voting Convertible Ordinary Series E Shares

Ordinary Shares (par value $1 each, issued and outstanding 2023: 15,196,685; 2022: 17,588,050):

Ordinary shares

Series C non-voting preferred shares

Preferred Shares:

Preferred shares

Treasury shares, at cost (Series C Preferred Shares 2023 and 2022: 388,571)

(422)

Series D Preferred Shares

Preferred Shares:

Preferred shares

400

Series E Preferred Shares

Preferred Shares:

Preferred shares

110

Short-term Investments

ASSETS

Short-term and fixed maturity investments, trading

Short-term and fixed maturity investments, available for sale

Fixed maturities

ASSETS

Short-term and fixed maturity investments, trading

1,949

2,370

Short-term and fixed maturity investments, available for sale

$ 5,261

$ 5,223

[1]	Amounts have been retrospectively adjusted for all applicable prior periods for the impact of adopting ASU 2018-12 on January 1, 2023. Refer to Notes 2 and 12 for additional information.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

4. SEGMENT INFORMATION

We have four segments that align with how our chief operating decision maker ("CODM"), our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. In addition, we report certain results of operations in Corporate & Other.

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

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

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

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

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

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

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

•Legacy Underwriting: 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 did not record any transactions in the Legacy Underwriting segment in 2023.

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

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

a.holding company income and expenses,

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

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

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

e.corporate expenses not allocated to our reportable segments,

f.debt servicing costs,

g.net foreign exchange gains (losses),

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

i.income tax benefit (expense),

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

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

l.preferred share dividends.

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

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

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

The following table sets forth select consolidated statements of operations results by segment for the years ended December 31, 2023, 2022, and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Revenues
Run-off	$	53	$	62	$	255
Assumed Life	277		17		5
Investments	1,110		(1,159)		429
Legacy Underwriting	—		10		43
Subtotal	1,440		(1,070)		732
Corporate and other	(11)		12		57
Total revenues	$	1,429	$	(1,058)	$	789

Income (losses) from equity method investments
Investments	$	13	$	(74)	$	93

Segment net income (loss)
Run-off	$	62	$	339	$	217
Assumed Life	277		40		6
Investments	1,080		(1,270)		485
Legacy Underwriting	—		—		—
Total segment net income (loss)	1,419		(891)		708
Corporate and other net (loss) income:



Other (expense) income (1)	(11)		12		(16)
Net gain on purchase and sale of subsidiaries	—		—		73
Net incurred losses and LAE (2)	(95)		218		59
Policyholder benefit expenses	—		—		(1)
Amortization of net deferred charge assets	(106)		(80)		(55)

General and administrative expenses	(149)		(142)		(131)
Interest expense	(90)		(89)		(69)
Net foreign exchange gains (losses)	—		15		12
Income tax benefit (expense)	250		12		(27)

Less: Net (income) loss attributable to noncontrolling interest	(100)		75		(15)
Less: Dividends on preferred shares	(36)		(36)		(36)
Total - Corporate and other net (loss) income	(337)		(15)		(206)
Net income (loss) attributable to Enstar Ordinary Shareholders	$	1,082	$	(906)	$	502

Gross Premiums Written by Geographical Area


	2023

	Total/Run-off		%
	(In millions of U.S. dollars, except percentages)
United States	$	98	97	%
United Kingdom	6		6	%
Europe	(3)		(3)	%


Total	$	101	100	%


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

Total	$	5	100.0	%	$	12	100.0	%	$	8	100.0	%		$	25	100.0	%


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

- 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
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

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-Topic 280
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-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
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-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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-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

Future Policyholder Benefits

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

FUTURE POLICYHOLDER BENEFITS

12. 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.

As of December 31, 2023 and 2022, we had future policyholder benefit liabilities of $0 and $821 million, respectively. The decrease of $821 million was due to the novation of the reinsurance of a closed block of life annuity policies, which is described further below.

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 the 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:


	December 31,
	2023		2022
	(in millions of U.S. dollars)
Beginning Balance (1)	$	821	$	1,502



Interest accretion and other policyholder benefit expenses	—		25
Benefits paid	(6)		(56)
Recapture of assumed liabilities by ceding company	—		(34)
Terminations (surrenders)	—		(15)
Effect of exchange rate movement	13		(223)
Derecognition (2)	(828)		—
Effect of changes in discount rate	—		(363)
Other	—		(15)
Balance as of December 31	$	—	$	821

For the year ended December 31, 2022, we recognized $17 million of gross premiums. There were no gross premiums recognized for the year ended December 31, 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 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 years ended December 31, 2023 and 2022.

The undiscounted expected future net benefit payments as of December 31, 2022 were $1.3 billion. The weighted-average duration of the liability, interest accretion rate and interest rate for discounting the liability for future policyholder benefits as of December 31, 2022 was 9.8 years, 0.7% and 4.1%, 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 net income. Our net income attributable to Enstar was 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 income 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 consolidated statements of operations.

(4) Recognized in net income in our consolidated statements of operations.

During the year ended December 31, 2023, we amortized $2 million into other income relating to the portion of the gain that was deferred to account for our preexisting ownership interest in Monument Re and the total gain on novation attributable to Enstar was $196 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.

25. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2023. Bermuda law permits the payment of dividends if:

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

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

We have not historically declared a dividend on our ordinary shares. The issuance of our Series D and E Preferred Shares have resulted in the declaration of dividends. Holders of Series D and Series E Preferred Shares are entitled to receive, only when, as and if declared, non-cumulative cash dividends, paid quarterly in arrears on the 1st day of March, June, September and December of each year of 7.0% per annum51.

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

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

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

Subsidiary Statutory Financial Information and Dividend Restrictions

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


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2023		2022		2023		2022		2023		2022		2021
	(in millions of U.S. dollars)
Bermuda	$	3,265	$	3,031	$	7,003	$	5,833	$	1,395	$	(710)	$	524
U.K.	575		619		971		848		42		(11)		163
U.S.	162		161		426		434		19		(58)		23
Australia	9		10		39		35		3		(1)		2
Europe	49		53		193		188		(6)		(30)		(2)

As of December 31, 2023, the total amount of net assets of our consolidated subsidiaries that were restricted was $4.1 billion.

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

Bermuda

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

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

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

As of December 31, 2023 and 2022, our Bermuda-based (re)insurance subsidiaries exceeded applicable minimum solvency and liquidity requirements. The Bermuda (re)insurance subsidiaries in aggregate exceeded minimum solvency requirements by $3.7 billion as of December 31, 2023 (2022: $2.8 billion) and were in compliance with their liquidity requirements.

United Kingdom

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

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

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

The calculation of the minimum capital resources requirements in any particular case depends on, among other things, the type and amount of insurance business written and claims paid by the insurance company. As of December 31, 2023 and 2022, all of our U.K. insurance subsidiaries maintained capital in excess of the minimum capital resources requirements and complied with the relevant U.K. Regulator requirements. Our U.K.-based insurance subsidiaries, including our Lloyd's Syndicates described below, in aggregate, maintained capital in excess of the minimum capital resources requirements by $396 million and $229 million as of December 31, 2023 and 2022, respectively.

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

Lloyd’s

As of December 31, 2023, we participated in the Lloyd’s market through our interests in Syndicate 2008, a syndicate that has permission to underwrite RITC business and other run-off or discontinued business type transactions with other Lloyd’s syndicates.

We participated on the syndicate through a single, wholly owned Lloyd’s managing agent, Enstar Managing Agency Limited.

The underwriting capacity of a corporate member of Lloyd’s must be supported by providing FAL in the form of cash, securities, letters of credit or other approved capital instrument in satisfaction of its capital requirement52. The amount of the FAL is assessed quarterly and is determined by Lloyd’s in accordance with applicable capital adequacy rules. To release their capital, Lloyd’s members are usually required to have transferred their liabilities through an approved RITC, such as those offered by Syndicate 2008.

Business plans, including maximum underwriting capacity, for Lloyd’s syndicates require annual approval by the Lloyd’s Franchise Board, which may require changes to any business plan or additional capital to support underwriting plans.

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

Lloyd’s approval is required before any person can acquire control of a Lloyd’s managing agent or Lloyd’s corporate member.

United States

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

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

As of December 31, 2023, all of our U.S. non-life (re)insurance subsidiaries exceeded their required levels of RBC. On an aggregate basis, our U.S. non-life (re)insurance subsidiaries exceeded their minimum levels of RBC as of December 31, 2023 by $264 million (2022: $273 million).

Australia

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

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

Europe

Our Liechtenstein insurance subsidiary (StarStone Insurance SE) is regulated by the Liechtenstein Financial Market Authority ("FMA") pursuant to the Liechtenstein Insurance Supervisory Act. This subsidiary is obligated to maintain a minimum solvency margin based on the Solvency II regulations. As of December 31, 2023, this subsidiary exceeded the Solvency II requirements by $118 million (2022: $111 million). The amount of dividends that this subsidiary is permitted to distribute is restricted to freely distributable reserves, which consist of retained earnings, the current year profit and legal reserves. Any dividend exceeding the current year profit requires the FMA’s approval. Solvency and capital requirements for this subsidiary are based on the Solvency II framework and must continue to be met following any distribution.

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

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Compensation Plans

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Share-based compensation plans:
Restricted shares and restricted share units	$	12	$	10	$	7
Performance share units	8		(8)		13
Joint share ownership plan expense	6		8		5
Other share-based compensation plans	4		—		3





Total share-based compensation	$	30	$	10	$	28

Schedule of Share-Based Compensation Shares Authorized, Available for Issuance and Outstanding

Shares authorized for issuance as of December 31, 2023 were as follows:


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

Restricted Shares, Restricted Share Units and Performance Share Units

The following table summarizes the activity related to restricted shares and restricted share awards during 2023:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	114,134	$228.75
Granted	61,967	224.54
Vested	(39,094)	198.72
Forfeited	(6,194)	239.01
Nonvested — December 31	130,813	235.25

The following table summarizes the awards granted, the vested and unvested PSU awards at December 31, 2023, and the performance criteria and associated performance multipliers at various levels of achievement.


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)								Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2023	Threshold		Target		Target +		Maximum		Threshold		Target		Target +		Maximum


2020	22,591	(8,607)	(12,656)	(1,328)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	52,948	—	(52,948)	—	—	33.1	%	36.8	%	44.3	%	52.1	%	50.0	%	100.0	%	150.0	%	200.0	%
2021	14,429	(3,144)	(10,640)	(645)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2022	15,120	(1,685)	(13,244)	(191)	—	16.6	%	22.6	%	N/A		28.6	%	60.0	%	100.0	%	N/A		150.0	%
2023	37,797	(136)	34,835	(29)	72,467	21.4	%	42.7	%	N/A		64.1	%	50.0	%	100.0	%	N/A		200.0	%
	142,885	(13,572)	(54,653)	(2,193)	72,467

The following table summarizes the activity related to PSUs during 2023:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	60,070	$216.15
Granted	75,525	222.80
Change in performance multiplier	13,353	171.14
Vested	(19,708)	132.50
Forfeited	(4,506)	245.15
Nonvested — December 31	124,734	227.45

Summary of Performance Share Units and Performance Criteria and Multiplier

The following table summarizes the awards granted, the vested and unvested units at December 31, 2023, and the performance criteria and associated performance multipliers at various levels of achievement.


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2023	Threshold		Target		Maximum		Threshold		Target		Maximum
2020	22,560	(8,511)	6,373	(20,422)	—	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2021	14,401	(2,846)	(3,637)	(939)	6,979	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2022	15,080	(1,629)	(2,888)	(242)	10,321	8.0	%	10.5	%	13.0	%	60.0	%	100.0	%	150.0	%
2023	37,728	(135)	(2,597)	(29)	34,967	7.3	%	14.6	%	21.9	%	50.0	%	100.0	%	200.0	%
	89,769	(13,121)	(2,749)	(21,632)	52,267

Summary of Performance Multipliers

At the end of each reporting period, we estimate the expected performance multiplier, as shown in the table below:


Award Description	2023	2022	2021



2020 FDBVPS Type I (32.5% Target Change)	0.0%	0.0%	150.0%
2020 Average Operating ROE	150.0%	150.0%	150.0%
2020 FDBVPS Type II (36.8% Target Change)	0.0%	0.0%	150.0%
2021 FDBVPS	0.0%	0.0%	100.0%
2021 Average Operating ROE	65.7%	100.0%	100.0%
2022 FDBVPS	0.0%	100.0%	N/A
2022 Average Operating ROE	78.1%	100.0%	N/A
2023 FDBVPS	192.6%	N/A	N/A
2023 Average Operating ROE	93.1%	N/A	N/A

Schedule of Valuation Assumptions

To determine the grant date fair value of $24.13 per share, we utilized a Monte-Carlo valuation model with the following assumptions:


	2020
Weighted-average volatility	18.7	%
Weighted-average risk-free interest rate	1.6	%
Dividend yield	0.0	%

To determine the incremental fair value of the amended award, we utilized a Monte-Carlo valuation model with the following assumptions:


	2022

Weighted-average volatility	35.2	%
Weighted-average risk-free interest rate	2.8	%
Dividend yield	0.0	%

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior period	$ (131)	$ (756)	$ (403)
Total net incurred losses and loss adjustment expenses	(101)	(708)	(231)
Amortization of net deferred charge assets	106	80	55
Total expenses	474	(175)	302
NET LOSS FROM CONTINUING OPERATIONS		(945)	553
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 1,082	$ (906)	$ 502
Basic (dollars per share)	$ 69.22	$ (52.65)	$ 25.33
Diluted (dollars per share)	$ 68.47	$ (52.65)	$ 24.94
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior period		$ (513)	$ (283)
Total net incurred losses and loss adjustment expenses		(465)	(111)
Amortization of net deferred charge assets		0	0
Total expenses		(12)	367
NET LOSS FROM CONTINUING OPERATIONS		(1,108)	488
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS		$ (1,069)	$ 437
Basic (dollars per share)		$ (62.13)	$ 22.05
Diluted (dollars per share)		$ (62.13)	$ 21.71
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prior period		$ (243)	$ (120)
Total net incurred losses and loss adjustment expenses		(243)	(120)
Amortization of net deferred charge assets		80	55
Total expenses		(163)	(65)
NET LOSS FROM CONTINUING OPERATIONS		163	65
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS		$ 163	$ 65
Basic (dollars per share)		$ 9.48	$ 3.28
Diluted (dollars per share)		$ 9.48	$ 3.23

Income Taxation - Net Operating and Capital Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Net Operating Loss Carryforwards:
Tax effect	$ 204	$ 214
Foreign Tax Authority \| United States
Net Operating Loss Carryforwards:
Loss Carryforwards, subject to expiration	470
Loss Carryforwards, not subject to expiration	74
Tax effect, subject to expiration	98
Tax effect, not subject to expiration	16
Capital Loss Carryforwards:
Loss Carryforwards, subject to expiration	32
Tax effect, subject to expiration	7
Foreign Tax Authority \| United Kingdom
Net Operating Loss Carryforwards:
Loss Carryforwards	271
Tax effect	68
Foreign Tax Authority \| Luxembourg
Net Operating Loss Carryforwards:
Loss Carryforwards	34
Tax effect	9
Foreign Tax Authority \| Other
Net Operating Loss Carryforwards:
Loss Carryforwards	66
Tax effect	$ 13

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-33289
Entity Registrant Name	Enstar Group LTD
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	A.S. Cooper Building
Entity Address, Address Line Two	4th Floor
Entity Address, Address Line Three	26 Reid Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	292-3645
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.8
Entity Common Stock, Shares Outstanding		15,199,808
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to its 2024 annual general meeting of shareholders are incorporated by reference in Part III of this Form 10-K
Entity Central Index Key	0001363829
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $1.00 per share
Trading Symbol	ESGR
Security Exchange Name	NASDAQ
Depositary Shares, Series D Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRP
Security Exchange Name	NASDAQ
Depositary Shares, Series E Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRO
Security Exchange Name	NASDAQ

Shareholders' Equity - Reclassifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense	$ 250	$ 12	$ (27)
General and administrative expenses	(369)	(331)	(367)
Other income	276	35	42
Net income (loss)	1,218	(945)	553
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income (loss)	299	(107)	(7)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized (losses) gains on fixed maturities, AFS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized losses	(65)	(111)	(6)
Total before tax	(65)	(111)	(6)
Income tax expense	1	2	(1)
Net income (loss)	(64)	(109)	(7)
Reclassification out of Accumulated Other Comprehensive Income \| Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
General and administrative expenses	0	2	0
Reclassification out of Accumulated Other Comprehensive Income \| Reclassification adjustment of future policyholder benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income	$ 363	$ 0	$ 0

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to Enstar Ordinary Shareholders	$ 1,082	$ (906)	$ 502
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	15,631,770	17,207,229	19,821,259
Effect of dilutive securities:
Share-based compensation plans (in shares)	170,848	115,901	225,213
Warrants (in shares)	0	0	80,659
Weighted-average ordinary shares outstanding - diluted (in shares)	15,802,618	17,323,130	20,127,131
Basic (dollars per share)	$ 69.22	$ (52.65)	$ 25.33
Diluted (dollars per share)	$ 68.47	$ (52.65)	$ 24.94
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant exercise (in shares)		89,590	89,590
Non-Voting Convertible Ordinary Series C Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants outstanding (in shares)			175,901
Warrants, exercise price (in dollars per share)			$ 115.00
Warrant exercise (in shares)			89,590

Derivatives and Hedging Instruments - Net Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Derivative [Line Items]
Derivatives designated as hedging instruments	$ (15)	$ 50	$ 24
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Derivative [Line Items]
Derivatives not designated as hedging instruments	9	(10)	(4)
Derivatives not designated as hedging instruments \| Interest Rate Swap
Derivative [Line Items]
Derivatives not designated as hedging instruments	7	0	0
Derivatives not designated as hedging instruments \| Others
Derivative [Line Items]
Derivatives not designated as hedging instruments	$ (2)	$ 0	$ 0

Related Party Transactions - Citco (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Citco \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners		6.20%
Citco \| Convertible Preferred Stock \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners		15.40%
Trident \| Investee \| Citco III Limited
Related Party Transaction [Line Items]
Ownership interest held by noncontrolling owners		3.40%
Citco
Related Party Transaction [Line Items]
Gain on sale of equity method investment	$ 5
Citco \| Ordinary Shares
Related Party Transaction [Line Items]
Ownership %	0.00%	31.90%

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized gains (losses)		$ 528	$ (1,503)	$ 178
Net realized losses		(65)	(111)	(61)
Net cash flows provided by (used in) operating activities		523	257	3,801
Net investing cash flows		(148)	(919)	(2,573)
Investment expenses		20	25	37
Net investment income		$ 647	455	312
Primary Beneficiary \| GCM Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable interest entity, committed capital					$ 150
Ownership percentage		99.50%
Variable interest entity, amount called		$ 72
Net unrealized gains (losses)		$ 6	$ 0
Primary Beneficiary \| InRe Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount redeemed				2,700
Net investment expenses of the InRe Fund				(13)
Net realized losses				(58)
Net cash flows provided by (used in) operating activities				2,100
Net investing cash flows				$ 574
Total income	$ 311
Investment expenses	19
Net investment income	292
Net unrealized gains	$ 77

Schedule II - Condensed Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Net investment income	$ 647	$ 455	$ 312
Net unrealized gains (losses)	528	(1,503)	178
Total revenues	1,429	(1,058)	789
EXPENSES
General and administrative expenses	369	331	367
Interest expense	90	89	69
Net foreign exchange losses (gains)	0	(15)	(12)
Total expenses	474	(175)	302
Income tax benefit (expense)	250	12	(27)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	1,118	(870)	538
Dividends on preferred shares	(36)	(36)	(36)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	1,082	(906)	502
Enstar Group Limited
REVENUES
Net investment income	12	2	0
Net unrealized gains (losses)	16	13	0
Total revenues	28	15	0
EXPENSES
General and administrative expenses	34	24	41
Interest expense	80	70	54
Net foreign exchange losses (gains)	5	3	3
Total expenses	119	97	98
NET LOSS BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	(91)	(82)	(98)
Income tax benefit (expense)	31	0	0
Equity in undistributed income (losses) of subsidiaries	1,178	(788)	636
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED	1,118	(870)	538
Dividends on preferred shares	(36)	(36)	(36)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ 1,082	$ (906)	$ 502

Income Taxation - Narrative (Details) - USD ($)	12 Months Ended
Income Taxation - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Bermuda income taxes, statutory rate	0.00%	0.00%	0.00%
Valuation allowance	$ 156,000,000	$ 181,000,000
Increase (decrease) in valuation allowance	(25,000,000)
Unrecognized tax benefits	0	0	$ 0
Accrued interest and penalties related to unrecognized tax benefits	0	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance, Release
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance	27,000,000
Deferred Tax Assets, Valuation Allowance, Foreign
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance	5,000,000
Deferred Tax Assets, Valuation Allowance, Losses Not Recognized
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance	16,000,000
Deferred Tax Assets, Valuation Allowance, Unrealized Loss On Investment Securities
Valuation Allowance [Line Items]
Increase (decrease) in valuation allowance	$ (9,000,000)

Debt Obligations and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Debt Obligations and Credit Facilities

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


	December 31, 2023
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	488
3.10% Senior Notes due 2031	496		408
Total Senior Notes	$	992	$	896
5.75% Junior Subordinated Notes due 2040	$	345	$	331
5.50% Junior Subordinated Notes due 2042	494		425

Total Junior Subordinated Notes	$	839	$	756

Our debt obligations were as follows:


				December 31, 2023			December 31, 2022
Facility	Origination (1)	Term	Principal	(Unamortized Cost) / Fair Value Adjustments	Carrying Value		(Unamortized Cost) / Fair Value Adjustments	Carrying Value
			(in millions of U.S. dollars)

4.95% Senior Notes due 2029	May 2019	10 years	500	(4)	496		(4)	496
3.10% Senior Notes due 2031	August 2021	10 years	500	(4)	496		(5)	495
Total Senior Notes					992			991
5.75% Junior Subordinated Notes due 2040	August 2020	20 years	350	(5)	345		(5)	345
5.50% Junior Subordinated Notes due 2042	January 2022	20 years	500	(6)	494		(7)	493

Total Junior Subordinated Notes					839			838
EGL Revolving Credit Facility	May 2023	5 years			—			—
Total debt obligations					$	1,831		$	1,829

(1) Origination date on EGL Revolving Credit Facility represents the date of the most recent amendment and restatement.

Summary of Total Interest Expense

The table below provides a summary of the total interest expense for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Interest expense on debt obligations	$	88	$	93	$	68
Amortization of debt issuance costs	2		2		1
Gain on extinguishment	—		(6)		—



Total interest expense	$	90	$	89	$	69

Summary of Credit and Deposit Facilities

Our credit and deposit facilities were as follows:


					Aggregate Amount Issued / Requested as Deposits / Face Amount
	Commitment		Additional Commitments Available (1)		December 31, 2023		December 31, 2022
	(in millions of U.S. dollars)
$275 million FAL LOC Facility (2)	$	275	$	75	$	150	$	135
$90 million FAL Deposit Facility (2)	90		10		90		90
$346 million LOC Facility	346		—		346		365
$100 million LOC Facility	100		—		100		100
$120 million LOC Facility	120		60		74		97
$23 million LOC Facility (3)	23		—		23		—
$800 million Syndicated LOC Facility	800		—		655		625


$1 million LOC Facility	1		—		1		—
$100 million Bermuda LOC Facility (4)	100		—		100		100
$100 million Bermuda LOC Facility (4)	100		—		100		100
$100 million Bermuda LOC Facility (4)	100		—		100		100
£32 million United Kingdom LOC Facility (3)	£	32	£	—	$	41	$	39

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

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

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

- Definition

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

+ References

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+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 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 included further below.


As of December 31, 2023	Stone Point (1)		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Assets


Fixed maturities, trading, at fair value	$	69	$	—	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	428		—		—		—		—		—
Equities, at fair value	136		—		181		—		—		—
Funds held	—		—		—		—		19		—
Other investments, at fair value	446		—		—		—		—		1,602
Equity method investments	—		95		—		—		225		14
Total investments	1,079		95		181		—		244		1,616
Cash and cash equivalents	19		—		—		—		—		—




Other assets	—		—		—		20		9		—
Liabilities
Losses and LAE	—		—		—		—		192		—



Net assets	$	1,098	$	95	$	181	$	20	$	61	$	1,616

(1) As of December 31, 2023, we had unfunded commitments of $156 million to other investments and $12 million to privately held equity investments 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		—		—		—
Funds held	—		31		—		—		—		25		—
Other investments, at fair value	467		14		—		—		—		—		1,918
Equity method investments	—		—		110		—		60		211		16
Total investments	1,148		241		110		190		60		236		1,934
Cash and cash equivalents	37		20		—		—		—		—		—
Restricted cash and cash equivalents	—		2		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		36		—		—		—		2		—
Other assets	—		21		—		—		—		5		—
Liabilities
Losses and LAE	—		183		—		—		—		334		—
Insurance and reinsurance balances payable	—		22		—		—		—		11		—
Other liabilities	—		76		—		—		—		—		—
Net assets (liabilities)	$	1,185	$	39	$	110	$	190	$	60	$	(102)	$	1,934
Redeemable noncontrolling interest	$	161	$	—	$	—	$	—	$	—	$	—	$	—


	2023
	Stone Point		Northshore (1)		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	—	$	—	$	—	$	—	$	(5)	$	—

Net investment income	13		—		—		6		—		1		6

Net unrealized losses	46		(11)		—		(9)		—		—		113
Other income	—		—		—		—		—		—		—
	59		(11)		—		(3)		—		(4)		119
Net incurred losses and LAE	—		(2)		—		—		—		(21)		—




	—		(2)		—		—		—		(21)		—
(Losses) income from equity method investments	—		—		(10)		—		9		14		—
Total net income (loss)	$	59	$	(9)	$	(10)	$	(3)	$	9	$	31	$	119

(1) Northshore ceased to be a related party in December 2023, following the completion of the RNCI redemption.


	2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	9	$	—	$	—	$	—	$	2	$	—

Net investment income (expense)	16		10		—		6		—		—		4

Net unrealized gains (losses)	(80)		(10)		—		(34)		—		—		(64)
Other (expense) income	—		1		—		—		—		9		—
	(64)		10		—		(28)		—		11		(60)
Net incurred losses and LAE	—		10		—		—		—		(16)		—




	—		10		—		—		—		(16)		—
(Losses) income from equity method investments	—		—		(65)		—		5		(14)		—
Total net (loss) income	$	(64)	$	—	$	(65)	$	(28)	$	5	$	13	$	(60)


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

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


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

(1) Includes earnings from our direct investment in the InRe Fund, which was managed by AnglePoint Cayman through March 31, 2021, and the impact of a $100 million deduction from amounts due to affiliates of Hillhouse Group from the InRe Fund, which had the effect of increasing our NAV in the InRe Fund in February 2021. Hillhouse Group ceased to be a related party in July 2021.

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

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Business Acquisitions - Summary of Pro Forma Information (Details) - EnhanzedRe $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Total revenues	$ 1,071
Net income	494
Net income attributable to Enstar	445
Net income attributable to Enstar ordinary shareholders	$ 409

Investments - Other Investments, at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Investments [Line Items]
Other investments, at fair value	$ 3,853	$ 3,296
Valuation lag period	3 months
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	$ 491	549
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	605	547
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	1,617	1,282
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	625	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	182	203
CLO equities
Other Investments [Line Items]
Other investments, at fair value	60	148
Real estate funds
Other Investments [Line Items]
Other investments, at fair value	$ 269	$ 202

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

21. EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities.

Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share.

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


	2023		2022		2021
Numerator:	(in millions of U.S. dollars, except share data)
Earnings (loss) per share attributable to Enstar ordinary shareholders:


Net income (loss) attributable to Enstar ordinary shareholders	$	1,082	$	(906)	$	502
Denominator:
Weighted-average ordinary shares outstanding — basic (1)	15,631,770		17,207,229		19,821,259
Effect of dilutive securities:
Share-based compensation plans (2)	170,848		115,901		225,213
Warrants (3)	—		—		80,659

Weighted-average ordinary shares outstanding — diluted (4)	15,802,618		17,323,130		20,127,131
Earnings (loss) per share attributable to Enstar ordinary shareholders:



Basic	$	69.22	$	(52.65)	$	25.33



Diluted (4)	$	68.47	$	(52.65)	$	24.94

(1) Weighted-average ordinary shares for basic earnings per share includes ordinary shares (voting and non-voting), but excludes ordinary shares held in the Enstar Group Limited Employee Benefit Trust (the "EB Trust") in respect of Joint Share Ownership Plan ("JSOP") awards, which, as a result of us consolidating the EB trust, are classified as treasury shares.

(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 years ended December 31, 2023, 2022 and 2021 because they were anti-dilutive.

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

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

Future Policyholder Benefits - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2022	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 28, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Liability for future policy benefit			$ 0	$ 821,000,000
Decrease in future policyholder benefits			(821,000,000)
Gross premium income			0	17,000,000
Expected future policy benefit, undiscounted				$ 1,300,000,000
Weighted-average duration				9 years 9 months 18 days
Weighted average interest accretion rate				0.70%
Weighted-average discount rate				4.10%
Cash consideration received	$ 94,000,000	$ 94,000,000	94,000,000	$ 0	$ 0
Gain on novation	$ 275,000,000	275,000,000	275,000,000	$ 0	$ 0
Gain on novation attributable to Enstar		$ 194,000,000	$ 196,000,000
Deferred gain, amortization settlement period			50 years
Monument
Liability for Future Policy Benefit, Activity [Line Items]
Ownership percentage		20.00%	20.00%
Amortization of deferred gain			$ 2,000,000
EnhanzedRe \| Allianz
Liability for Future Policy Benefit, Activity [Line Items]
Ownership interest held by noncontrolling owners	24.90%	24.90%				24.90%

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets	$ 731	$ 658	$ 598	$ 381
Retained earnings	$ 5,190	4,406
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets		268
Retained earnings		4,016
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charge assets		390
Retained earnings		$ 390

- 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 accumulated undistributed earnings (deficit).

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Funds held by reinsured companies	$ 2,749	$ 3,582
Limited Parental Guarantee
Concentration Risk [Line Items]
Total parental guarantees	2,300	2,400
Payment Guarantee
Concentration Risk [Line Items]
Total parental guarantees	850	850
Reinsurer concentration risk \| Reinsurance balances recoverable
Concentration Risk [Line Items]
Funds held by reinsured companies	4,800	5,000
United States
Concentration Risk [Line Items]
Exposure to government	932	$ 945
Other investments
Concentration Risk [Line Items]
Commitments, unfunded	1,700
Fixed maturities
Concentration Risk [Line Items]
Commitments, unfunded	48
Equity Investments
Concentration Risk [Line Items]
Commitments, unfunded	$ 12

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

SCHEDULE IV

ENSTAR GROUP LIMITED

REINSURANCE

For the Years Ended December 31, 2023, 2022 and 2021

(Expressed in millions of U.S. Dollars)


	Gross		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net

2023

Premiums earned:
Property and casualty	$	47	$	(6)	$	2	$	43	4.7	%

Total premiums earned	$	47	$	(6)	$	2	$	43

2022

Premiums earned:
Property and casualty	62		(31)		18		49		36.7	%
Future policyholder benefits	—		—		17		17		100.0	%
Total premiums earned	$	62	$	(31)	$	35	$	66

2021

Premiums earned:
Property and casualty	295		(128)		75		242		31.0	%
Future policyholder benefits	—		—		3		3		100.0	%
Total premiums earned	$	295	$	(128)	$	78	$	245

Dividend Restrictions and Statutory Financial Information - Parent Company Dividends (Details)	12 Months Ended
	Dec. 31, 2023
Series D Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Series E Preferred Shares
Statutory Accounting Practices [Line Items]
Dividend rate	7.00%
Bermuda
Statutory Accounting Practices [Line Items]
Target statutory capital and surplus percent	120.00%

Investments, Debt and Equity Securities (Policies)	12 Months Ended
Investments, Debt and Equity Securities (Policies)	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses on AFS Fixed Maturities Each reporting period we identify any credit losses on our investment portfolios not measured at fair value through net income. Credit losses on our fixed income securities, AFS are recognized through an allowance account which is deducted from the amortized cost basis of the security, with the net carrying value of the security presented on the consolidated balance sheet at the amount expected to be collected. To calculate the amount of the credit loss, we compare the present value of the expected future cash flows with the amortized cost basis of the fixed income securities, AFS, with the amount of the credit loss recognized being limited to the excess of the amortized cost basis over the fair value of the fixed income securities, AFS, effectively creating a “fair value floor”. For our fixed income securities, AFS that we do not intend to sell or for which it is more likely than not that we will not be required to sell before an anticipated recovery in value, we separate the credit loss component of any unrealized losses from the amount related to all other factors and record the credit loss component in net realized gains (losses) in our consolidated statements of operations. The unrealized losses related to non-credit factors is recorded in other comprehensive income. The allowance for credit losses account is adjusted for any additional credit losses, write-offs and subsequent recoveries and is reflected in our consolidated statements of operations. For our fixed income securities, AFS where we record a credit loss, a determination is made as to the cause of the credit loss and whether we expect a recovery in the fair value of the security. For our fixed income securities, AFS where we expect a recovery in fair value, the constant effective yield method is utilized, and the investment is amortized to par. For our fixed income securities, AFS that we intend to sell or for which it is more likely than not that we will be required to sell before an anticipated recovery in fair value, the full amount of the unrealized loss is included in net realized gains (losses). The new cost basis of the investment is the previous amortized cost basis less the credit loss recognized in net realized gains (losses). The new cost basis is not adjusted for any subsequent recoveries in fair value. Our allowance for credit losses is derived based on various data sources, multiple key inputs and forecast scenarios. These include default rates specific to the individual security, vintage of the security, geography of the issuer of the security, industry analyst reports, credit ratings and consensus economic forecasts. To determine the credit losses on our fixed income securities, AFS, we use the probability of default (“PD”) and loss given default (“LGD”) methodology through a third-party proprietary tool which calculates the expected credit losses based on a discounted cash flow method. The tool uses effective interest rates to discount the expected cash flows associated with each AFS security to determine its fair value, which is then compared with its amortized cost basis to derive the credit loss on the security. The methodology and inputs used to determine the credit loss by security type are as follows: •Corporate and government securities: Expected cashflows are derived that are specific to each security. The PD is based on a quantitative model that converts agency ratings to term structures that vary by country, industry and the state of the credit cycle. This is used along with macroeconomic forecasts to produce scenario conditioned PDs. The LGD is based on default studies provided by a third party which we use along with macroeconomic forecasts to produce scenario conditioned LGDs. •Municipal securities: Expected cash flows are derived that are specific to each security. The PD model produces scenario conditioned PD output over the lifetime of the municipal security. These PDs are based on key macroeconomic and instrument specific risk factors. The LGD is derived based on a model which uses assumptions specific to the municipal securities. For corporate, government and municipal securities, we use an explicit reversion and a three year forecast period, which we consider to be a reasonable duration during which an economic forecast could continue to be reliable. •Asset-backed, commercial and residential mortgaged-backed securities: Expected cash flows are derived that are specific to each security. The PD and LGD for each security is based on a quantitative model that generates scenario conditioned PD and LGD term structures based on the underlying collateral type, waterfall and other trustee information. This model also considers prepayments. For these security types, there is no explicit reversion and the forecasts are deemed reasonable and supportable over the life of the portfolio. We report the investment income accrued on our fixed income securities, AFS within accrued investment income and therefore separately from the underlying fixed income securities, AFS. Due to the short-term period during which accrued investment income remains unpaid, which is typically six months or less since the coupon on our debt securities is paid semi-annually or more frequently, we elected not to establish an allowance for credit losses on our accrued investment income balances. Accrued investment income is written off through net realized gains (losses) at the time the issuer of the debt security defaults or is expected to default on payments. Uncollectible fixed income securities are written off when we determine that no additional payments of principal or interest will be received.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479391/326-20-30-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 35
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479366/326-20-35-8A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 30
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479175/326-30-30-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 13A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479148/326-30-35-13A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479391/326-20-30-4A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 35
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479148/326-30-35-7A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-7

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-17

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.M.Q4)
-SubTopic 20
-Topic 326
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483530/326-20-S99-1

+ Details

Shareholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2023	May 31, 2022	Nov. 30, 2021
Class of Stock [Line Items]
Average price per ordinary share (in dollars per share)	$ 227.18
Aggregate price	$ 191,000,000	$ 531,000,000	$ 163,000,000	$ 942,000,000
Share Repurchase Programs
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)			697,580
Average price per ordinary share (in dollars per share)			$ 233.92
Aggregate price			$ 163,000,000
2021 Repurchase Program
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)			227,383	167,617
Average price per ordinary share (in dollars per share)			$ 257.02	$ 241.13
Aggregate price			$ 58,000,000	$ 40,000,000
Authorized repurchase amount							$ 100,000,000
2022 Repurchase Program
Class of Stock [Line Items]
Ordinary shares repurchased (in shares)			470,197
Average price per ordinary share (in dollars per share)			$ 222.74
Aggregate price			$ 105,000,000
Authorized repurchase amount					$ 105,000,000	$ 200,000,000
Aggregate purchase price of shares repurchased			$ 95,000,000

- 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

Debt Obligations and Credit Facilities - EGL Revolving Credit Facility (Details) - Revolving Credit Facility - Loan facilities	Dec. 31, 2023 USD ($)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)
Debt Instrument [Line Items]
Commitment		$ 800,000,000	$ 600,000,000
Additional commitments available		$ 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
Available unutilized capacity	$ 800,000,000

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Top Ten Reinsurers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reinsurer	Dec. 31, 2022 USD ($) reinsurer
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 957	$ 1,131
Reinsurer concentration risk \| Lloyd's Syndicate
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	135	193
Reinsurer concentration risk \| Michigan Catastrophic Claims Associations
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	149	171
Reinsurance balances recoverable \| Reinsurer concentration risk
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 957	$ 1,131
Percent of total investments	100.00%	100.00%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Total top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 627	$ 792
Percent of total investments	65.50%	70.00%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Rated A Minus Or Higher
Ceded Credit Risk [Line Items]
Number of external reinsurers \| reinsurer	8	8
Reinsurance balances recoverable on paid and unpaid losses	$ 436	$ 578
Reinsurance balances recoverable \| Reinsurer concentration risk \| Top Ten Reinsurers, Non-Rated Reinsurers
Ceded Credit Risk [Line Items]
Number of external reinsurers \| reinsurer	2	2
Reinsurance balances recoverable on paid and unpaid losses	$ 191	$ 214
Reinsurance balances recoverable \| Reinsurer concentration risk \| State Backed
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	149	171
Reinsurance balances recoverable \| Reinsurer concentration risk \| Workers Compensation Reinsurance Pool
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	42	43
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Greater Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 316	$ 319
Percent of total investments	33.00%	28.20%
Reinsurance balances recoverable \| Reinsurer concentration risk \| Other Reinsurers' Balances Less Than $1 Million
Ceded Credit Risk [Line Items]
Reinsurance balances recoverable on paid and unpaid losses	$ 14	$ 20
Percent of total investments	1.50%	1.80%

Income Taxation - Enacted Changes In Tax Laws (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Economic Transition Adjustment	$ (221)
Effect of change in income tax rate on the net change in unrealized gains (losses) on AFS securities recorded in OCI since the Basis Valuation Date	16
Total provision for income tax (benefit) expense	$ (205)

Dividend Restrictions and Statutory Financial Information

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

12. FUTURE POLICYHOLDER BENEFITS


	December 31,
	2023		2022
	(in millions of U.S. dollars)
Beginning Balance (1)	$	821	$	1,502



Interest accretion and other policyholder benefit expenses	—		25
Benefits paid	(6)		(56)
Recapture of assumed liabilities by ceding company	—		(34)
Terminations (surrenders)	—		(15)
Effect of exchange rate movement	13		(223)
Derecognition (2)	(828)		—
Effect of changes in discount rate	—		(363)
Other	—		(15)
Balance as of December 31	$	—	$	821

For the year ended December 31, 2022, we recognized $17 million of gross premiums. There were no gross premiums recognized for the year ended December 31, 2023.

Novation of Future Policyholder Benefits

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 income 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 consolidated statements of operations.

(4) Recognized in net income in our consolidated statements of operations.

25. DIVIDEND RESTRICTIONS AND STATUTORY FINANCIAL INFORMATION

Parent Company Dividend Restrictions

There were no significant restrictions on the Parent Company's ability to pay dividends from retained earnings as of December 31, 2023. Bermuda law permits the payment of dividends if:

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

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

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

Subsidiary Statutory Financial Information and Dividend Restrictions


	Statutory Capital and Surplus
	Required				Actual				Statutory Income (Loss)
	2023		2022		2023		2022		2023		2022		2021
	(in millions of U.S. dollars)
Bermuda	$	3,265	$	3,031	$	7,003	$	5,833	$	1,395	$	(710)	$	524
U.K.	575		619		971		848		42		(11)		163
U.S.	162		161		426		434		19		(58)		23
Australia	9		10		39		35		3		(1)		2
Europe	49		53		193		188		(6)		(30)		(2)

As of December 31, 2023, the total amount of net assets of our consolidated subsidiaries that were restricted was $4.1 billion.

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

Bermuda

United Kingdom

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

Lloyd’s

We participated on the syndicate through a single, wholly owned Lloyd’s managing agent, Enstar Managing Agency Limited.

Lloyd’s approval is required before any person can acquire control of a Lloyd’s managing agent or Lloyd’s corporate member.

United States

Australia

Europe

Significant New Business (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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
AIG (4)	100		—		—		Prospective insurance (5)	400		Diversified mix of global casualty and professional lines	North America and International




Total 2023	$	2,136	$	2,215	$	179

(1) Where the estimated ultimate losses payable exceed the consideration received at the inception of an LPT agreement, a deferred charge asset (“DCA”) is recorded. Refer to Note 10 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 $26 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.

(4) Total consideration received is comprised of $100 million of cash.

(5) Enstar entered into agreement with AIG, concurrent with AIG’s sale of Validus Re to RenaissanceRe. Pursuant to the agreement, there is insurance protection to AIG’s indemnification of the adequacy of the carried loss reserves on assumed reinsurance contracts underwritten by Validus Re as of December 31, 2022 (“subject reserves”). Enstar’s insurance of this indemnification covers 95% of adverse development in excess of the subject reserves of $3.0 billion up to a limit of $400 million.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Categorized Investments Recorded at Fair Value among Levels


	December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturities:
U.S. government and agency	$	—	$	326	$	—	$	—	$	326
U.K. government	—		72		—		—		72
Other government	—		391		—		—		391
Corporate	—		4,119		12		—		4,131
Municipal	—		142		—		—		142
Residential mortgage-backed	—		487		—		—		487
Commercial mortgage-backed	—		841		—		—		841
Asset-backed	—		873		11		—		884

	—		7,251		23		—		7,274

Funds held (1)	58		2,342		40		102		2,542

Equities:
Publicly traded equity investments	243		31		1		—		275
Exchange-traded funds	82		—		—		—		82
Privately held equity investments	—		—		299		45		344
	325		31		300		45		701

Other investments:

Hedge funds	—		—		—		491		491
Fixed income funds	—		53		—		552		605
Equity funds	—		4		—		—		4
Private equity funds	—		—		—		1,617		1,617

CLO equities	—		60		—		—		60
CLO equity funds	—		—		—		182		182
Private credit funds	—		183		—		442		625
Real estate fund	—		—		—		269		269


	—		300		—		3,553		3,853
Total Investments	$	383	$	9,924	$	363	$	3,700	$	14,370



Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	217	$	—	$	217



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

Losses and LAE:	$	—	$	—	$	1,163	$	—	$	1,163

Other Liabilities:
Derivatives qualifying as hedging	$	—	$	6	$	—	$	—	$	6
Derivatives not qualifying as hedges	—		3		—		—		3
Derivative instruments	$	—	$	9	$	—	$	—	$	9


	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and Fixed maturities:
U.S. government and agency	$	—	$	388	$	—	$	—	$	388
U.K government	—		78		—		—		78
Other government	—		319		—		—		319
Corporate	—		4,607		—		—		4,607
Municipal	—		158		—		—		158
Residential mortgage-backed	—		439		—		—		439
Commercial mortgage-backed	—		819		—		—		819
Asset-backed	—		837		—		—		837

	—		7,645		—		—		7,645

Funds held (1)	—		2,040		44		—		2,084

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

Other investments:
Hedge funds	—		—		—		549		549
Fixed income funds	—		90		—		457		547
Equity funds	—		3		—		—		3
Private equity funds	—		—		—		1,282		1,282
CLO equities	—		148		—		—		148
CLO equity funds	—		—		—		203		203
Private credit funds	—		—		—		362		362
Real estate fund	—		—		—		202		202

	—		241		—		3,055		3,296
Total Investments	$	858	$	9,960	$	363	$	3,094	$	14,275



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

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

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

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

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis


	2023							2022
	Fixed Maturities		Equity Investments					Total			Privately-held Equities			Total
	Corporate			Asset-backed		Privately-held Equities				Publicly traded equity investments
						(in millions of U.S. dollars)
Beginning fair value	$	—		$	—	$	294	$	—			$	294	$	347	$	347
Purchases	—			—		2		—				2		5		5
Sales	—			—		(48)		—				(48)		(15)		(15)
Total net unrealized gains (losses) (1)	—			—		26		—				26		(43)		(43)
Transfer into Level 3 from Level 2	12			11		—		1				24		—		—

Reclassification from non-recurring to recurring	—			—		25		—				25		—		—
Ending fair value	$	12		$	11	$	299	$	1			$	323	$	294	$	294

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


	2023		2022
	(in millions of U.S. dollars)
Beginning fair value	$	44	$	—
Initial recognition	—		27
Net unrealized gains	13		17
Partial settlement	(17)		—
Ending fair value	$	40	$	44


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

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	21		(20)		41		(79)		(29)		(50)
Reduction in provisions for ULAE	(11)		—		(11)		(18)		—		(18)
Change in fair value	100		22		78		(247)		(47)		(200)
Total incurred losses and LAE	110		2		108		(344)		(76)		(268)
Paid losses	(247)		(59)		(188)		(245)		(65)		(180)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)		(6)		(21)		—		—		—
Effect of exchange rate movements	41		5		36		(114)		(16)		(98)
Ending fair value	$	1,163	$	217	$	946	$	1,286	$	275	$	1,011

The following table presents the components of the net change in fair value for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	32	$	40	$	22
Corporate bond yield	18		(219)		(97)
Credit spread for non-performance	21		(21)		—
Weighted cost of capital	7		—		—

Change in fair value	$	78	$	(200)	$	(75)

Valuation Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2023

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Fixed maturities

Corporate

YTM
Illiquidity premium
Credit risk premium
WAL
Trade date spread differential

5.53% - 9.43%

0.88% - 3.13%

2.82% - 4.48%

1.70 - 4.74

(0.03)% - 0.33%

Discounted cash flow

Asset-backed

Discounted cash flow

Total fixed maturities

Privately held equity investments

Guideline company methodology;
Option pricing model

181

P/BV multiple
P/BV (excluding AOCI) multiple
Expected term

1.50x - 1.9x

1.4x -1.5x

1-3 years

Guideline companies method

P/BV multiple
Price/2024 earnings

1.5x - 1.7x

7.7x - 8.9x

Guideline companies method;
Earnings

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

12x - 13x

2.5x - 3x

Dividend discount model

Discount rate

8.5%

299

Publicly traded equity investments

Discounted cash flow

Implied total yield

8.62%

Total equity investments

300

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

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of December 31, 2023

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected Loss Payments

6.98%

$651 million

Reconciliation of Beginning and Ending Balances for All Investments Measured at Fair Value on Recurring Basis


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

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	21		(20)		41		(79)		(29)		(50)
Reduction in provisions for ULAE	(11)		—		(11)		(18)		—		(18)
Change in fair value	100		22		78		(247)		(47)		(200)
Total incurred losses and LAE	110		2		108		(344)		(76)		(268)
Paid losses	(247)		(59)		(188)		(245)		(65)		(180)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)		(6)		(21)		—		—		—
Effect of exchange rate movements	41		5		36		(114)		(16)		(98)
Ending fair value	$	1,163	$	217	$	946	$	1,286	$	275	$	1,011

The following table presents the components of the net change in fair value for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Changes in fair value due to changes in:
Average payout	$	32	$	40	$	22
Corporate bond yield	18		(219)		(97)
Credit spread for non-performance	21		(21)		—
Weighted cost of capital	7		—		—

Change in fair value	$	78	$	(200)	$	(75)

Quantitative Information

2023

2022

Valuation Technique

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)

5.60%

5.10%

Internal model

Weighted average cost of capital (U)

8.75%

8.25%

Internal model

Average payout - liability (U)

8.12 years

7.89 years

Internal model

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

8.35 years

7.71 years

Fair Values of Senior and Subordinated Notes

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


	December 31, 2023
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	496	$	488
3.10% Senior Notes due 2031	496		408
Total Senior Notes	$	992	$	896
5.75% Junior Subordinated Notes due 2040	$	345	$	331
5.50% Junior Subordinated Notes due 2042	494		425

Total Junior Subordinated Notes	$	839	$	756

Our debt obligations were as follows:


				December 31, 2023			December 31, 2022
Facility	Origination (1)	Term	Principal	(Unamortized Cost) / Fair Value Adjustments	Carrying Value		(Unamortized Cost) / Fair Value Adjustments	Carrying Value
			(in millions of U.S. dollars)

4.95% Senior Notes due 2029	May 2019	10 years	500	(4)	496		(4)	496
3.10% Senior Notes due 2031	August 2021	10 years	500	(4)	496		(5)	495
Total Senior Notes					992			991
5.75% Junior Subordinated Notes due 2040	August 2020	20 years	350	(5)	345		(5)	345
5.50% Junior Subordinated Notes due 2042	January 2022	20 years	500	(6)	494		(7)	493

Total Junior Subordinated Notes					839			838
EGL Revolving Credit Facility	May 2023	5 years			—			—
Total debt obligations					$	1,831		$	1,829

(1) Origination date on EGL Revolving Credit Facility represents the date of the most recent amendment and restatement.

- Definition

+ References

+ Details

Derivatives and Hedging Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING INSTRUMENTS

8. DERIVATIVES AND HEDGING INSTRUMENTS

Accounting for Derivatives

Freestanding Derivatives

Freestanding derivatives are recorded on trade-dates and carried on the consolidated balance sheet either as assets within other assets or as liabilities within other liabilities at estimated fair value. We do not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net unrealized gains (losses) included in our consolidated statements of operations.

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, we formally document the risk management objective and strategy for undertaking the hedging transaction, as well as the designation of the hedge.

We have qualifying net investment in foreign operation (“NIFO”) hedges. We recognize changes in the estimated fair value of the hedging derivatives within OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation.

Our documentation sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and also sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

When hedge accounting is discontinued pursuant to a NIFO hedge (due to a revaluation, payment of a dividend or the disposal of our investment in a foreign operation), the derivative continues to be carried on the balance sheet at its estimated fair value. Deferred gains and losses recorded in OCI pursuant to a discontinued NIFO hedge are recognized immediately in net foreign exchange losses (gains) in our consolidated statements of operations.

Embedded Derivatives

We are party to certain reinsurance agreements that have embedded derivatives. We also have embedded derivatives on our convertible bond portfolio, recorded within fixed maturities, trading on the consolidated balance sheets. We assess each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

•the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in net income;

•the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

•a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried on the consolidated balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported within net unrealized gains (losses).

Derivative Strategies

We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity price risks. We use a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. The types of derivatives we use include swaps and forwards.

Foreign currency derivatives

We use foreign currency exchange rate derivatives, including foreign currency forwards, to reduce the risk from fluctuations in foreign currency exchange rates associated with our assets and liabilities denominated in foreign currencies. We also use foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of our net investments in foreign operations.

In a foreign currency forward transaction, we agree with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We utilize foreign currency forwards in fair value, NIFO hedges and nonqualifying hedging relationships.

Interest rate derivatives

We use interest rate derivatives, specifically interest rate swaps, to reduce our exposure to changes in interest rates.

Interest rate swaps are used by us primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. We utilize interest rate swaps in nonqualifying hedging relationships.

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. As of December 31, 2023 and 2022, we had no interest rate swaps.


	2023						2022
			Fair Value (1)						Fair Value (1)
	Gross Notional Amount		Assets		Liabilities		Gross Notional Amount		Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	424	$	1	$	6	$	442	$	1	$	11

Derivatives not designated as hedging instruments
Foreign currency forward contracts	313		3		3		244		5		1
Others	14		—		—		7		—		—
Total	$	751	$	4	$	9	$	693	$	6	$	12

(1) Refer to Note 14 for additional information regarding the fair value of our derivatives.

The following table presents the net gains and losses relating to our derivative instruments for the years ended December 31, 2023, 2022 and 2021:


		Amount of Net Gains (Losses)
	Location of gain (loss) recognized on derivatives	2023		2022		2021
		(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	Accumulated other comprehensive income (loss)	$	(15)	$	50	$	24

Derivatives not designated as hedging instruments
Foreign currency forward contracts	Net foreign exchange gains (losses)	9		(10)		(4)
Interest rate swap	Net unrealized gains (losses)	7		—		—
Others	Net unrealized gains (losses)	(2)		—		—

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

22. SHARE-BASED COMPENSATION

We use three types of share-based compensation arrangements: (i) restricted shares, restricted share units (“RSUs”) and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), and (iii) shares issued under our employee share purchase plans. Our share-based compensation awards qualify for equity classification. We issue new shares once the awards have vested.

For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of operations. Expenses for the PSU awards are adjusted for changes in the performance multiplier on the award. We recognize forfeitures as they occur.

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

The table below provides a summary of the compensation costs for all of our share-based compensation plans for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Share-based compensation plans:
Restricted shares and restricted share units	$	12	$	10	$	7
Performance share units	8		(8)		13
Joint share ownership plan expense	6		8		5
Other share-based compensation plans	4		—		3





Total share-based compensation	$	30	$	10	$	28

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

The associated tax benefit recorded to income tax benefit (expense) in the consolidated statements of operations was $3 million for the year ended December 31, 2023, less than $1 million for the year ended December 31, 2022 and $3 million for the year ended December 31, 2021.

Shares authorized for issuance as of December 31, 2023 were as follows:


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

Restricted Shares and Restricted Share Units

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

The following table summarizes the activity related to restricted shares and restricted share awards during 2023:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	114,134	$228.75
Granted	61,967	224.54
Vested	(39,094)	198.72
Forfeited	(6,194)	239.01
Nonvested — December 31	130,813	235.25

The unrecognized compensation cost related to our unvested restricted share and restricted share unit awards as of December 31, 2023 was $17 million. This cost is recognizable over the next 1.6 years, which is the weighted average contractual life.

Performance Share Units ("PSUs")

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

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

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

Performance Share Units based on FDBVPS


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Change in FDBVPS (3 year)								Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2023	Threshold		Target		Target +		Maximum		Threshold		Target		Target +		Maximum


2020	22,591	(8,607)	(12,656)	(1,328)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2020	52,948	—	(52,948)	—	—	33.1	%	36.8	%	44.3	%	52.1	%	50.0	%	100.0	%	150.0	%	200.0	%
2021	14,429	(3,144)	(10,640)	(645)	—	25.0	%	32.5	%	N/A		40.0	%	60.0	%	100.0	%	N/A		150.0	%
2022	15,120	(1,685)	(13,244)	(191)	—	16.6	%	22.6	%	N/A		28.6	%	60.0	%	100.0	%	N/A		150.0	%
2023	37,797	(136)	34,835	(29)	72,467	21.4	%	42.7	%	N/A		64.1	%	50.0	%	100.0	%	N/A		200.0	%
	142,885	(13,572)	(54,653)	(2,193)	72,467

For each type of PSU based on FDBVPS, a change in the FDBVPS Performance Criteria at each of Threshold, Target and Maximum will result in the application of the respective Threshold, Target and Maximum Performance Multiplier and a settlement of awards at that level. In addition, for the 2020 FDBVPS Type II award, a change in the FDBVPS Performance Criteria at "Target +" will result in the application of the "Target +" Performance Multiplier. For the 2021, 2022, and 2023 awards, the impact of the Bermuda deferred tax benefit of $205 million has been excluded from the calculation.Straight-line interpolation applies within these ranges, and no settlement occurs if the increase in FDBVPS is less than the Threshold.

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


Grant Year	Inception-to-date Activity Roll-forward					Performance Criteria: Average Annual Operating ROE						Performance Multiplier Levels Per Award Agreements
	PSUs Granted at Target	Forfeited	Estimated Change in Multiplier	Vested	Unvested at December 31, 2023	Threshold		Target		Maximum		Threshold		Target		Maximum
2020	22,560	(8,511)	6,373	(20,422)	—	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2021	14,401	(2,846)	(3,637)	(939)	6,979	9.6	%	12.0	%	14.4	%	60.0	%	100.0	%	150.0	%
2022	15,080	(1,629)	(2,888)	(242)	10,321	8.0	%	10.5	%	13.0	%	60.0	%	100.0	%	150.0	%
2023	37,728	(135)	(2,597)	(29)	34,967	7.3	%	14.6	%	21.9	%	50.0	%	100.0	%	200.0	%
	89,769	(13,121)	(2,749)	(21,632)	52,267

For the 2020 and 2021 awards Annual Operating ROE is calculated based on the non-GAAP adjusted operating income return on opening shareholder's equity after adjusting opening shareholder’s equity for share repurchases on a weighted average basis. Starstone is excluded from the calculation for the 2020 grant year only. Average Annual Operating ROE is the sum of the three individual year annual operating ROE %'s divided by three.

For the 2022 and 2023 awards, Annual Operating ROE is calculated based on the non-GAAP adjusted operating income (loss) attributable to Enstar ordinary shareholders divided by adjusted opening Enstar ordinary

shareholders’ equity adjusted for the impact of share repurchases on a weighted average basis. Average Annual Operating ROE is the sum of the three individual year annual operating ROE %'s divided by three. For the 2021, 2022, and 2023 awards, the impact of the Bermuda deferred tax benefit of $205 million has been excluded from the calculation.

Straight-line interpolation applies within these ranges and no settlement occurs if the Average Annual Operating ROE is less than the Threshold.

Performance Multipliers

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


Award Description	2023	2022	2021



2020 FDBVPS Type I (32.5% Target Change)	0.0%	0.0%	150.0%
2020 Average Operating ROE	150.0%	150.0%	150.0%
2020 FDBVPS Type II (36.8% Target Change)	0.0%	0.0%	150.0%
2021 FDBVPS	0.0%	0.0%	100.0%
2021 Average Operating ROE	65.7%	100.0%	100.0%
2022 FDBVPS	0.0%	100.0%	N/A
2022 Average Operating ROE	78.1%	100.0%	N/A
2023 FDBVPS	192.6%	N/A	N/A
2023 Average Operating ROE	93.1%	N/A	N/A

The unrecognized compensation cost related to our unvested PSU share awards as of December 31, 2023 was $17 million. This cost is recognizable over the next 2.0 years, which is the weighted average contractual life.

Roll-forward of Performance Share Units

The following table summarizes the activity related to PSUs during 2023:


	Number of Shares	Weighted-Average Share Price
Nonvested — January 1	60,070	$216.15
Granted	75,525	222.80
Change in performance multiplier	13,353	171.14
Vested	(19,708)	132.50
Forfeited	(4,506)	245.15
Nonvested — December 31	124,734	227.45

Joint Share Ownership Plan

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

In January 2020, a JSOP award comprising 565,630 underlying voting ordinary shares was made to our Chief Executive Officer (“CEO”) which cliff-vests upon the vesting date. The value of the award at vesting, if any, is determined based on the price of our voting ordinary shares appreciating above a certain threshold between the date of grant and the vesting date.

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

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


	2020
Weighted-average volatility	18.7	%
Weighted-average risk-free interest rate	1.6	%
Dividend yield	0.0	%

On July 1, 2022, the terms of the JSOP award made to our CEO were amended to extend the vesting date of the award from January 20, 2023 to January 20, 2025. The amendment preserved the compound annual growth used to determine the hurdle price that must be achieved in order for the JSOP award to vest, which resulted in an increase to the hurdle price from $266.00 to $315.53. A corresponding extension was made to the term of the performance condition based on growth in FDBVPS from December 31, 2022 to December 31, 2024. All other terms of the award remained the same.

The incremental fair value of the amended award on July 1, 2022 was $15 million, or $27.25 per share, which will be expensed over the remaining life of the award commencing from July 1, 2022. To determine the incremental fair value of the amended award, we utilized a Monte-Carlo valuation model with the following assumptions:


	2022

Weighted-average volatility	35.2	%
Weighted-average risk-free interest rate	2.8	%
Dividend yield	0.0	%

The total unrecognized compensation cost related to our unvested JSOP share awards as of December 31, 2023 was $6 million. This cost is recognizable over the next 1.1 years, which is the weighted average contractual life.

Other share-based compensation plans

Deferred Compensation and Ordinary Share Plan for Non-Employee Directors

The number of units credited to the accounts of non-employee directors for the years ended December 31, 2023, 2022 and 2021 under the Enstar Group Limited Deferred Compensation and Ordinary Share Plan for Non-Employee Directors (the "Deferred Compensation Plan") were 6,936, 6,438 and 5,092, respectively.

Employee Share Purchase Plan

We provide an Employee Share Purchase Plan ("ESPP") whereby eligible employees may purchase Enstar shares at a 15.0% discount to market price, in an amount of share value limited to the lower of $21,250 or 15.0% of the employee's base salary. The 15.0% discount is expensed as compensation cost. The number of shares issued to employees under the ESPP for the years ended December 31, 2023, 2022 and 2021 were 8,276, 9,025 and 9,432, respectively.

Share-Based Compensation - Restricted Shares and Restricted Share Units (Details) - Restricted shares and restricted share units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Number of Shares
Nonvested — January 1 (in shares)	114,134
Granted (in shares)	61,967
Vested (in shares)	(39,094)
Forfeited (in shares)	(6,194)
Nonvested — December 31 (in shares)	130,813
Weighted-Average Share Price
Nonvested - January 1 (in dollars per share)	$ 228.75
Granted (in dollars per share)	224.54
Vested (in dollars per share)	198.72
Forfeited (in dollars per share)	239.01
Nonvested - December 31 (in dollars per share)	$ 235.25
Unrecognized compensation cost	$ 17
Unrecognized compensation cost, period of recognition	1 year 7 months 6 days

Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 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.


	2023		2022		2021
	(in millions of U.S. dollars)
Balance as of January 1	$	13,007	$	13,258	$	10,593
Losses and LAE relating to SGL No.1 (1)	—		—		255
Reinsurance reserves recoverable (2)	(996)		(1,332)		(1,830)
Reinsurance reserves recoverable relating to SGL No. 1 (1)	—		—		(90)


Net balance as of January 1	12,011		11,926		8,928
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	28		46		168
Increase in provisions for ULAE	2		2		4
Total current period	30		48		172
Prior periods:
Reduction in estimates of net ultimate losses	(157)		(403)		(281)
Reduction in provisions for ULAE	(69)		(135)		(63)

Amortization of fair value adjustments (3)	17		(18)		16
Changes in fair value - fair value option (4)	78		(200)		(75)
Total prior periods	(131)		(756)		(403)
Total net incurred losses and LAE	(101)		(708)		(231)
Net paid losses:
Current period	—		(3)		(29)
Prior periods	(2,467)		(1,677)		(1,402)
Total net paid losses	(2,467)		(1,680)		(1,431)
Other changes:
Effect of exchange rate movement	87		(187)		(63)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(21)		—		—

Acquired business (5)	—		—		1,127
Assumed business	2,215		2,660		3,699
Ceded business (6)	(139)		—		(103)

Total other changes	2,142		2,473		4,660
Net balance as of December 31	11,585		12,011		11,926
Reinsurance reserves recoverable (2)	774		996		1,332

Balance as of December 31	$	12,359	$	13,007	$	13,258

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,196	$	11,721
Loss and loss adjustment expenses, at fair value	1,163		1,286
Total	$	12,359	$	13,007

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

(2) Excludes paid losses recoverable.

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

(4) Comprises discount rate and risk margin components.

(5) 2021 acquired business of $1.1 billion includes $842 million of third party loss reserves and $257 million of loss reserves which are deemed to effectively settle balances relating to pre-existing relationships, the latter comprising of $286 million of reinsurance recoverables carried by two

of our reinsurance subsidiaries. These pre-existing relationships were fair valued at $271 million in accordance with the acquisition method of accounting.

(6) 2023 ceded business 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.

Summary of Reduction in Estimates of Net Ultimate Losses

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


	2023		2022		2021
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	23	$	(14)	$	(16)
Environmental	(1)		(6)		7
General casualty	127		57		116
Workers' compensation	(200)		(318)		(234)
Marine, aviation and transit	(2)		(56)		(47)
Construction defect	17		(25)		(33)
Professional indemnity/Directors and Officers	(11)		(10)		(31)
Motor	(28)		74		43
Property	(68)		(35)		(45)
All Other	(14)		(22)		(37)
Total Run-off segment	(157)		(355)		(277)
Total Assumed Life segment	—		(52)		—
Total Legacy Underwriting segment	—		4		(4)
Total	$	(157)	$	(403)	$	(281)

Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE

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


	December 31, 2023
	Net Liability for Losses and LAE, Prior to Provision for Bad Debt		Provision for Bad Debt		Net Liability for Losses and LAE		Reinsurance Recoverable on Liabilities for Losses and LAE		Gross Liabilities for Losses and LAE
	(in millions of U.S. dollars)
Presented in the loss development tables:
Run-off segment:
Asbestos	$	1,499	$	18	$	1,517	$	59	$	1,576
General casualty	4,061		7		4,068		102		4,170
Workers' compensation	1,740		1		1,741		201		1,942
Professional indemnity/Directors and Officers	1,984		1		1,985		124		2,109
Motor	653		2		655		173		828
Excluded from the loss development tables:
Run-off segment:
Environmental	299		3		302		10		312
Marine, aviation and transit	315		2		317		43		360
Construction defect	317		—		317		—		317
Property	244		1		245		93		338
Other	407		3		410		31		441
Total Run-off segment OLR and IBNR	11,519		38		11,557		836		12,393


ULAE	381		—		381		5		386
Fair value adjustments - acquired companies	(107)		—		(107)		(5)		(112)
Fair value adjustments - fair value option	(246)		—		(246)		(62)		(308)

Total	$	11,547	$	38	$	11,585	$	774	$	12,359

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2023 is set forth below:


	2023
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	103
Reinsurance recoverable on unpaid losses	12
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	115

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2023 is set forth below:


	2023
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	26
Reinsurance recoverable on unpaid losses	—
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	26

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2023 is set forth below:


	2023
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	83
Reinsurance recoverable on unpaid losses	7
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	90

Incurred and Paid Loss Development Information, and IBNR Liabilities and Cumulative Loss Frequency


Run-off Segment
Asbestos
				Net cumulative incurred losses and allocated loss adjustment expenses																Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Acquired Reserves		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
























2016	2013 and Prior	$	507	$	506	$	565	$	563	$	582	$	632	$	635	$	635	$	635	$	—	$	154	2,118











2017	2013 and Prior	886				816		761		799		810		791		777		797		20		438		6,458











2018	2013 and Prior	54						49		46		3		1		—		(1)		(1)		2		31











2019	2013 and Prior	366								367		354		356		355		356		1		92		1,291























2021	2013 and Prior	386												386		385		385		—		152		2,059



































	Grand Total	$	2,199															$	2,172	$	20	$	838	11,957

Net cumulative paid losses and ALAE (from table below)										(834)

2014 to 2023 acquisition years - net liabilities for losses and ALAE										1,338
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years										161				3
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years										$	1,499			$	23


Run-off Segment
Asbestos
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
























2016	2013 and Prior		20	71	124	183	228	268	299	332











2017	2013 and Prior			18	50	85	124	165	203	249











2018	2013 and Prior				(1)	(3)	(2)	(2)	(2)	(2)











2019	2013 and Prior					4	45	89	135	170























2021	2013 and Prior							(1)	52	85



































	Grand Total									$	834


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	57	$	76	$	81	$	83	$	81	$	79	$	80	$	87	$	77	$	76	$	74	$	(2)	$	2	957
2014	2014	—		1		1		—		—		1		1		2		1		1		1		—		—		3
2014	2015	—				—		—		—		—		—		—		—		—		—		—		—		2
2014	2016	—						—		—		—		—		—		—		—		—		—		—		1
2014	2017	—								—		—		—		—		—		—		—		—		—		1






	Total	57		77		82		83		81		80		81		89		78		77		75		(2)		2		964
2015	2013 and Prior	130				91		96		99		96		92		94		95		96		94		(2)		—		5,617
2015	2014	33				20		23		27		29		45		38		38		40		42		2		1		1,167
2015	2015	4				10		9		9		11		16		21		18		19		18		(1)		2		1,345
2015	2016	—						2		2		2		2		3		5		5		5		—		1		250
2015	2017	—								—		—		—		—		—		—		—		—		—		37
2015	2018	—										2		1		1		1		1		1		—		1		12
2015	2019	—												2		2		2		2		2		—		2		1
2015	2020	—														2		2		2		2		—		2		—
2015	2021	—																1		1		1		—		1		—


	Total	167				121		130		137		140		158		161		162		166		165		(1)		10		8,429
2016	2013 and Prior	(1)						4		9		8		8		6		5		4		4		—		—		1,787










	Total	(1)						4		9		8		8		6		5		4		4		—		—		1,787
2017	2013 and Prior	200								177		161		145		141		139		136		133		(3)		1		405










	Total	200								177		161		145		141		139		136		133		(3)		1		405
2018	2013 and Prior	178										152		142		135		136		138		138		—		10		51,769
2018	2014	50										49		47		43		46		47		49		2		4		2,147
2018	2015	91										91		96		92		93		100		113		13		—		3,152
2018	2016	63										63		81		83		83		90		91		1		4		3,366
2018	2017	38										41		42		49		52		50		47		(3)		5		1,037
2018	2018	40										40		41		39		36		34		42		8		1		641
2018	2019	—												7		6		7		7		7		—		—		8
2018	2020	—														—		—		—		—		—		—		1
2018	2021	—																—		—		—		—		—		1
2018	2022	—																		—		—		—		—		1

	Total	460										436		456		447		453		466		487		21		24		62,123
2019	2013 and Prior	34												30		31		38		31		34		3		12		3,196
2019	2014	24												20		17		29		18		23		5		15		771
2019	2015	71												64		60		68		56		76		20		28		1,329
2019	2016	34												33		31		37		40		51		11		32		2,688
2019	2017	40												48		48		59		74		88		14		40		1,933
2019	2018	49												49		50		54		52		68		16		44		405
2019	2019	—												1		2		2		2		2		—		—		249
2019	2020	—														—		—		—		—		—		—		148
2019	2021	—																—		—		1		1		—		82
2019	2022	—																		—		—		—		—		56
2019	2023	—																				—				—		7


Run-off Segment
General Casualty
			Net cumulative incurred losses and allocated loss adjustment expenses										Year Ended December 31, 2023	As of December 31, 2023
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
	Total	252						245	239	287	273	343	70	171	10,864
2020(1)	2013 and Prior	49							45	41	48	47	(1)	4	404
2020(1)	2014	33							36	34	51	56	5	7	248
2020(1)	2015	62							63	53	67	75	8	17	362
2020(1)	2016	69							71	70	94	111	17	24	484
2020(1)	2017	52							47	55	71	83	12	28	542
2020(1)	2018	59							56	47	62	71	9	14	366
2020(1)	2019	109							108	99	88	104	16	41	511
2020(1)	2020	84							83	94	83	58	(25)	33	551



	Total	517							509	493	564	605	41	168	3,468
2021	2013 and Prior	206								211	199	271	72	253	10,858
2021	2014	66								64	61	78	17	63	5,145
2021	2015	137								140	131	129	(2)	90	7,295
2021	2016	193								203	197	198	1	145	7,915
2021	2017	296								305	325	337	12	207	6,729
2021	2018	376								371	414	353	(61)	263	5,791
2021	2019	423								427	479	449	(30)	323	4,727
2021	2020	60								75	42	47	5	6	898
2021	2021	—								1	—	1	1	—	183
2021	2022	—									—	—	—	—	137
2021	2023	—										—		—	25
	Total	1,757								1,797	1,848	1,863	15	1,350	49,703
2022(1)	2013 and Prior	625							137	115	442	351	(91)	50	23,029
2022(1)	2014	188							55	43	140	142	2	12	6,330
2022(1)	2015	258							80	65	172	154	(18)	39	6,020
2022(1)	2016	310							75	102	70	219	149	90	6,012
2022(1)	2017	351							91	98	218	234	16	71	8,101
2022(1)	2018	388							84	97	403	285	(118)	102	8,810
2022(1)	2019	440							94	136	460	498	38	127	8,984
2022(1)	2020	—							—	—	—	(10)	(10)	2	86
2022(1)	2021	—								—	—	—	—	—	19
2022(1)	2022	—									—	—	—	—	13
2022(1)	2023	—										1		2	13
	Total	2,560							616	656	1,905	1,874	(32)	495	67,417
2023	2013 and Prior	84										86	2	2	105,148
2023	2014	10										14	4	5	43,842
2023	2015	15										15	—	4	38,404
2023	2016	21										23	2	7	36,346
2023	2017	41										39	(2)	12	34,482
2023	2018	55										56	1	15	31,525
2023	2019	94										111	17	41	14,566
2023	2020	122										125	3	79	3,742
2023	2021	71										66	(5)	56	4


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018		2019	2020		2021	2022	2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2023	2022	16													12		(4)		13		1

	Total	529													547		18		234		308,060
	Grand Total	$	6,498												$	6,096	$	127	$	2,455	513,220


Net cumulative paid losses and ALAE (from table below)								(2,116)
2014 to 2023 acquisition years - net liabilities for losses and ALAE								3,980
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								81			—
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								$	4,061		$	127

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


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	34	$	37	$	45	$	47	$	51	$	55	$	56	$	59	$	65	$	66
2014	2014	—		—		—		—		1		1		1		1		1		1









	Total	34		37		45		47		52		56		57		60		66		67
2015	2013 and Prior			26		37		50		64		74		80		84		87		92
2015	2014			3		7		15		20		28		32		32		34		37
2015	2015			1		1		2		6		12		14		14		18		18
2015	2016					—		—		—		1		1		2		4		5







	Total			30		45		67		90		115		127		132		143		152
2016	2013 and Prior					1		2		2		3		4		3		4		3










	Total					1		2		2		3		4		3		4		3
2017	2013 and Prior							34		67		87		100		106		112		117










	Total							34		67		87		100		106		112		117
2018	2013 and Prior									17		43		66		79		89		96
2018	2014									4		15		22		29		33		36
2018	2015									17		32		45		60		69		92
2018	2016									11		33		47		57		67		79
2018	2017									—		12		24		32		37		44
2018	2018									—		9		17		26		30		38
2018	2019											2		3		6		6		7




	Total									49		146		224		289		331		392
2019	2013 and Prior											7		10		11		13		13


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2019	2014						4	2	3	1	2
2019	2015						3	12	15	24	32
2019	2016						(2)	(1)	(1)	3	5
2019	2017						7	10	14	16	17
2019	2018						1	3	4	5	4
2019	2019						—	1	1	1	1




	Total						20	37	47	63	74
2020	2013 and Prior							4	12	30	37
2020	2014							6	15	35	49
2020	2015							11	21	37	51
2020	2016							10	35	53	74
2020	2017							4	24	39	50
2020	2018							—	17	33	56
2020	2019							—	19	33	61
2020	2020							2	9	20	23



	Total							37	152	280	401
2021	2013 and Prior								2	6	13
2021	2014								2	11	15
2021	2015								9	18	30
2021	2016								16	24	37
2021	2017								24	51	77
2021	2018								6	44	65
2021	2019								3	26	41
2021	2020								9	17	21



	Total								71	197	299
2022	2013 and Prior									20	68
2022	2014									7	38
2022	2015									8	35
2022	2016									9	43
2022	2017									11	51
2022	2018									10	47
2022	2019									12	243
2022	2020									—	5


2022	2023										2
	Total									77	532
2023	2013 and Prior										6
2023	2014										3
2023	2015										3
2023	2016										7
2023	2017										4
2023	2018										17
2023	2019										24
2023	2020										13
2023	2021										2


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
	Total										79
	Grand Total										$	2,116


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses																		Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited












2015	2013 and Prior	$	1,298	$	1,180	$	871	$	817	$	771	$	729	$	715	$	699	$	696	$	685	$	(11)	$	35	14,183
2015	2014	84		89		84		84		81		80		82		83		82		83		1		—		3,956
2015	2015	7		22		16		15		15		14		15		14		14		14		—		1		5,280
2015	2016	—				1		1		1		1		1		1		—		—		—		—		10,722
2015	2017	—						—		—		—		—		—		—		—		—		—		2,251
2015	2018	—								—		—		—		—		—		—		—		—		10





	Total	1,389		1,291		972		917		868		824		813		797		792		782		(10)		36		36,402
2016	2013 and Prior	466				466		434		471		457		399		392		389		388		(1)		13		10,533










	Total	466				466		434		471		457		399		392		389		388		(1)		13		10,533
2017	2013 and Prior	145						104		112		117		110		104		84		79		(5)		10		21










	Total	145						104		112		117		110		104		84		79		(5)		10		21
2018	2013 and Prior	244								233		226		220		224		209		199		(10)		48		6,896
2018	2014	62								63		57		53		51		52		49		(3)		8		1,517
2018	2015	37								37		33		32		30		29		26		(3)		5		1,438
2018	2016	44								45		40		39		40		37		35		(2)		8		1,281
2018	2017	53								55		49		47		47		46		43		(3)		9		1,132
2018	2018	65								65		60		60		55		56		48		(8)		7		975
2018	2019	—										21		21		21		21		20		(1)		—		124
2018	2020	—												—		—		—		—		—		—		2
2018	2021	—														—		—		—		—		—		1


	Total	505								498		486		472		468		450		420		(30)		85		13,366
2019	2013 and Prior	30										27		27		41		39		36		(3)		19		13,904
2019	2014	35										37		37		31		31		29		(2)		14		3,240
2019	2015	55										54		54		44		42		39		(3)		20		4,260
2019	2016	82										82		83		61		57		53		(4)		22		5,040
2019	2017	87										88		90		66		62		57		(5)		28		2,432
2019	2018	119										119		119		82		71		63		(8)		37		372
2019	2019	—										—		—		—		—		—		—		—		14
2019	2020	—												—		—		—		—		—		—		3
2019	2021	—														—		—		—		—		—		1


	Total	408										407		410		325		302		277		(25)		140		29,266
2020	2013 and Prior	208												121		105		90		92		2		23		8
2020	2014	—												—		1		1		—		(1)		—		16
2020	2015	2												2		2		1		1		—		—		56
2020	2016	3												3		3		3		2		(1)		—		131
2020	2017	2												2		2		1		1		—		—		129
2020	2018	10												10		8		8		7		(1)		1		335
2020	2019	32												32		26		26		26		—		3		677
2020	2020	32												33		26		28		29		1		3		1,225



	Total	289												203		173		158		158		—		30		2,577
2021	2013 and Prior	1,031														966		783		676		(107)		148		20,978
2021	2014	13														14		15		14		(1)		6		2,148


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2015	2016	2017	2018	2019	2020		2021	2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2021	2015	43									35	30		34		4		13		3,553
2021	2016	55									54	49		45		(4)		17		3,919
2021	2017	46									46	42		36		(6)		14		5,941
2021	2018	66									64	55		54		(1)		25		5,287
2021	2019	46									47	42		41		(1)		11		5,126
2021	2020	46									56	55		54		(1)		4		6,451
2021	2021	—									23	19		21		2		5		4,121
2021	2022	—										3		3		—		—		26
2021	2023	—												—		—		—		1
	Total	1,346									1,305	1,093		978		(115)		243		57,551
2022	2013 and Prior	3										4		1		(3)		—		4,328
2022	2014	2										3		1		(2)		—		650
2022	2015	3										5		3		(2)		—		304
2022	2016	2										1		3		2		—		239
2022	2017	5										5		3		(2)		(1)		240
2022	2018	11										9		9		—		5		356
2022	2019	18										11		6		(5)		—		518




	Total	44										38		26		(12)		4		6,635












	Grand Total	$	4,592											$	3,108	$	(198)	$	561	$	156,351


Net cumulative paid losses and ALAE (from table below)									(1,501)
2014 to 2023 acquisition years - net liabilities for losses and ALAE									1,607
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									133			(2)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									$	1,740		$	(200)


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2015	2013 and Prior		89	206	290	355	401	432	463	477	502
2015	2014		18	38	54	67	75	78	79	79	81
2015	2015		3	8	10	11	12	12	12	13	13








	Total		110	252	354	433	488	522	554	569	596
2016	2013 and Prior			41	76	104	143	175	198	216	237










	Total			41	76	104	143	175	198	216	237
2017	2013 and Prior				26	33	46	57	61	53	56










	Total				26	33	46	57	61	53	56
2018	2013 and Prior					5	29	52	61	74	92
2018	2014					3	14	21	28	32	37
2018	2015					1	3	8	11	14	18
2018	2016					—	5	8	13	16	21
2018	2017					—	7	10	12	16	24
2018	2018					—	29	34	36	37	39
2018	2019						13	16	16	16	19




	Total					9	100	149	177	205	250
2019	2013 and Prior						1	1	1	1	1
2019	2014						2	3	4	4	4
2019	2015						3	4	4	4	4
2019	2016						5	9	10	11	12
2019	2017						2	4	5	7	8
2019	2018						1	1	1	1	1





	Total						14	22	25	28	30
2020	2013 and Prior							2	10	14	22


2020	2016							—	1	1	2
2020	2017							—	1	1	1
2020	2018							—	1	4	4
2020	2019							1	10	15	19
2020	2020							1	10	18	23



	Total							4	33	53	71
2021	2013 and Prior								16	54	105
2021	2014								2	3	5
2021	2015								3	8	12
2021	2016								5	14	18
2021	2017								7	13	17
2021	2018								6	13	19
2021	2019								8	16	21
2021	2020								23	37	43
2021	2021								4	10	13


	Total								74	168	253
2022	2013 and Prior									—	1


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2022	2015									—	1
2022	2016									—	1
2022	2017									—	2
2022	2018									—	3





	Total									—	8












	Grand Total										$	1,501


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	103	$	102	$	136	$	123	$	125	$	120	$	113	$	110	$	111	$	111	$	110	$	(1)	$	4	5,553
2014	2014	—		7		5		5		4		6		5		5		9		10		10		—		1		549
2014	2015	—				—		6		9		8		6		6		2		2		2		—		—		76
2014	2016	—						—		—		—		—		—		—		—		—		—		—		18
2014	2017	—								—		—		—		—		—		—		—		—		—		24
2014	2018	—										—		—		—		—		—		—		—		—		13
2014	2019	—												—		—		—		—		—		—		—		5
2014	2020	—														—		—		—		—		—		—		5
2014	2021	—																—		—		—		—		—		3


	Total	103		109		141		134		138		134		124		121		122		123		122		(1)		5		6,246












2016	2013 and Prior	119						115		118		117		104		102		98		95		85		(10)		(7)		3,010










	Total	119						115		118		117		104		102		98		95		85		(10)		(7)		3,010












2018	2013 and Prior	354										355		309		306		299		281		264		(17)		14		65,999
2018	2014	69										63		66		65		64		69		73		4		3		3,688
2018	2015	49										63		70		70		57		61		47		(14)		(7)		3,831
2018	2016	16										36		40		55		71		76		87		11		9		2,186
2018	2017	1										3		7		8		11		12		28		16		4		200
2018	2018	—										—		1		1		1		1		1		—		—		14
2018	2019	—												—		—		—		—		—		—		—		8
2018	2020	—														—		—		1		1		—		—		24
2018	2021	—																—		—		—		—		—		3
2018	2022	—																		—		—		—		—		1

	Total	489										520		493		505		503		501		501		—		23		75,954
2019	2013 and Prior	86												69		57		56		52		70		18		6		14,338
2019	2014	44												28		26		23		25		24		(1)		1		3,923
2019	2015	64												61		36		35		34		28		(6)		(2)		4,652
2019	2016	15												37		47		56		49		42		(7)		3		5,425
2019	2017	6												19		35		38		42		43		1		5		3,150
2019	2018	—												4		4		4		4		(4)		(8)		1		385
2019	2019	—												2		1		2		2		2		—		—		64
2019	2020	—														—		—		—		—		—		—		41
2019	2021	—																—		—		—		—		—		7
2019	2022	—																		—		—		—		—		11
2019	2023	—																				—				—		8
	Total	215												220		206		214		208		205		(3)		14		32,004
2020 (1)	2013 and Prior	1														1		1		1		1		—		—		11
2020 (1)	2014	—														—		—		—		—		—		—		3
2020 (1)	2015	1														1		1		—		—		—		—		3
2020 (1)	2016	—														—		—		—		—		—		—		8
2020 (1)	2017	1														1		1		(1)		(1)		—		—		42
2020 (1)	2018	13														13		14		12		12		—		1		123
2020 (1)	2019	32														32		21		31		32		1		4		157


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses											Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2020 (1)	2020	35								35	37	32	32		—		2		163



	Total	83								83	75	75	76		1		7		510
2021	2013 and Prior	82									92	71	31		(40)		8		7,451
2021	2014	21									22	20	18		(2)		9		1,927
2021	2015	43									46	34	26		(8)		12		2,553
2021	2016	45									45	38	34		(4)		19		2,362
2021	2017	74									67	67	64		(3)		24		3,084
2021	2018	142									133	120	112		(8)		44		3,368
2021	2019	176									162	186	176		(10)		79		3,507
2021	2020	48									40	27	19		(8)		10		872
2021	2021	—									10	10	16		6		10		243
2021	2022	—										2	10		8		8		62
2021	2023	—											—				—		3
	Total	631									617	575	506		(69)		223		25,432
2022 (1)	2013 and Prior	38								13	28	92	48		(44)		6		2,066
2022 (1)	2014	31								12	11	25	20		(5)		2		904
2022 (1)	2015	47								16	16	33	56		23		1		1,436
2022 (1)	2016	45								16	26	20	46		26		21		2,700
2022 (1)	2017	91								16	25	55	56		1		12		3,482
2022 (1)	2018	85								13	24	108	108		—		48		4,165
2022 (1)	2019	181								68	35	110	139		29		48		5,348
2022 (1)	2020	—								—	—	—	—		—		—		44
2022 (1)	2021	—									—	—	—		—		—		15
2022 (1)	2022	—										—	—		—		—		17
2022 (1)	2023	—											—		—		—		19
	Total	518								154	165	443	473		30		138		20,196
2023	2013 and Prior	135											189		54		30		62,529
2023	2014	34											39		5		2		2,056
2023	2015	43											64		21		20		2,629
2023	2016	128											128		—		50		4,451
2023	2017	260											287		27		101		5,528
2023	2018	218											164		(54)		20		5,142
2023	2019	169											172		3		87		3,887
2023	2020	229											217		(12)		133		2,087
2023	2021	27											25		(2)		27		199
2023	2022	3											3		—		3		31
2023	2023	—											—				—		7
	Total	1,246											1,288		42		473		88,546
	Grand Total	$	3,404										$	3,256	$	(10)	$	876	251,898


Net cumulative paid losses and ALAE (from table below)									(1,284)
2014 to 2023 acquisition years - net liabilities for losses and ALAE									1,972


Run-off Segment
Professional Indemnity / Directors and Officers
			Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2023	As of December 31, 2023
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2014	2015	2016	2017	2018	2019		2020	2021		2022	2023	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								12			(1)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								$	1,984		$	(11)


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2014	2013 and Prior		39	64	78	90	92	92	94	95	96	98
2014	2014		—	—	2	2	3	3	3	3	4	9
2014	2015			—	—	1	2	2	2	2	2	2








	Total		39	64	80	93	97	97	99	100	102	109












2016	2013 and Prior				9	20	32	29	33	41	44	53










	Total				9	20	32	29	33	41	44	53












2018	2013 and Prior						57	95	84	105	136	156
2018	2014						12	26	40	50	57	60
2018	2015						17	21	28	24	24	19
2018	2016						8	24	39	47	61	71
2018	2017						—	2	5	9	10	25
2018	2018						—	1	1	1	1	1





	Total						94	169	197	236	289	332
2019	2013 and Prior							8	11	20	22	38
2019	2014							5	5	12	14	17
2019	2015							10	8	10	12	14
2019	2016							9	21	28	38	33
2019	2017							3	14	16	27	40
2019	2018							1	1	3	4	(3)
2019	2019							—	—	1	2	2




	Total							36	60	90	119	141
2020	2013 and Prior								1	1	1	1



2020	2017								—	(1)	—	(1)
2020	2018								—	4	9	10
2020	2019								—	9	21	27
2020	2020								1	8	17	29



	Total								2	21	48	66
2021	2013 and Prior									3	3	17
2021	2014									—	2	6
2021	2015									2	4	11
2021	2016									2	6	13
2021	2017									2	15	27
2021	2018									7	38	50
2021	2019									3	43	54
2021	2020									2	3	4
2021	2021									1	2	5


	Total									22	116	187
2022	2013 and Prior										43	19
2022	2014										1	13
2022	2015										2	17
2022	2016										1	13
2022	2017										2	16


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2022	2018										1	41
2022	2019										3	56




	Total										53	175
2023	2013 and Prior											40
2023	2014											10
2023	2015											2
2023	2016											16
2023	2017											56
2023	2018											48
2023	2019											13
2023	2020											40
2023	2021											(4)


	Total											221
	Grand Total											$	1,284


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	33	$	39	$	42	$	42	$	42	$	43	$	44	$	44	$	42	$	42	$	42	$	—	$	—	2,126
2014	2014	—		—		—		—		1		1		1		1		1		1		1		—		—		5
2014	2015	—				—		—		—		—		—		—		—		—		—		—		—		1
2014	2016	—						—		—		—		—		—		—		—		—		—		—		1
2014	2017	—								—		—		—		—		—		—		—		—		—		1






	Total	33		39		42		42		43		44		45		45		43		43		43		—		—		2,134
2015	2013 and Prior	51				61		63		65		63		63		63		63		63		63		—		1		1,132
2015	2014	8				12		13		12		13		12		12		12		11		11		—		—		668
2015	2015	4				7		6		8		8		8		8		8		8		8		—		—		1,385
2015	2016	—						1		—		—		—		—		—		—		1		1		—		229
2015	2017	—								—		—		—		—		—		—		—		—		—		14
2015	2018	—										—		—		—		—		—		—		—		—		5





	Total	63				80		83		85		84		83		83		83		82		83		1		1		3,433












2017	2013 and Prior	19								27		20		19		23		29		26		30		4		—		124
2017	2014	2								2		2		2		2		2		2		2		—		—		26
2017	2015	1								1		2		1		1		1		1		1		—		—		15
2017	2016	—								—		—		1		1		1		1		1		—		—		4







	Total	22								30		24		23		27		33		30		34		4		—		169
2018	2013 and Prior	190										158		172		166		165		161		164		3		6		4,956
2018	2014	115										100		88		84		77		84		88		4		5		802
2018	2015	122										112		118		113		109		116		114		(2)		6		1,041
2018	2016	105										103		108		102		100		101		103		2		2		637
2018	2017	101										102		98		102		102		103		103		—		2		104
2018	2018	181										181		158		160		161		167		166		(1)		5		29
2018	2019	—												39		39		40		44		43		(1)		—		42




	Total	814										756		781		766		754		776		781		5		26		7,611
2019	2013 and Prior	20												22		20		20		18		19		1		1		3,605










	Total	20												22		20		20		18		19		1		1		3,605


2020	2015	2														3		3		3		3		—		—		19
2020	2016	49														42		49		51		51		—		1		221
2020	2017	154														186		215		231		232		1		8		1,167
2020	2018	250														397		415		469		454		(15)		23		2,395





	Total	455														628		682		754		740		(14)		32		3,802
2021	2013 and Prior	12																11		6		2		(4)		2		2,160
2021	2014	6																6		3		3		—		1		911
2021	2015	7																4		(1)		(1)		—		1		821
2021	2016	6																5		2		3		1		1		795
2021	2017	5																4		2		2		—		1		591
2021	2018	6																7		5		6		1		3		1
2021	2019	8																10		8		19		11		4		1
2021	2020	5																6		4		6		2		2		1



	Total	55																53		29		40		11		15		5,281


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018	2019	2020	2021		2022	2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2022	2013 and Prior	—											—	—		—		—		23,610
2022	2014	1											1	—		(1)		—		6,143
2022	2015	2											2	—		(2)		—		6,321
2022	2016	3											3	1		(2)		—		5,052
2022	2017	2											2	1		(1)		—		5,371
2022	2018	8											8	1		(7)		—		5,672
2022	2019	—											—	5		5		1		5,775




	Total	16											16	8		(8)		1		57,944
2023	2013 and Prior	267												267		—		58		148
2023	2014	2												2		—		—		76
2023	2015	4												4		—		—		81
2023	2016	8												11		3		—		151
2023	2017	18												10		(8)		1		270
2023	2018	21												17		(4)		2		492
2023	2019	30												28		(2)		2		690
2023	2020	52												40		(12)		5		1,125
2023	2021	51												49		(2)		5		2,050


	Total	453												428		(25)		73		5,083
	Grand Total	$	1,931											$	2,176	$	(25)	$	149	89,062


Net cumulative paid losses and ALAE (from table below)											(1,541)
2014 to 2023 acquisition years - net liabilities for losses and ALAE											635
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											18			(3)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	653		$	(28)


Run-off Segment
Motor
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2014	2013 and Prior		$	19	$	34	$	38	$	40	$	42	$	42	$	42	$	42	$	43	$	42
2014	2014		—		—		—		1		1		1		1		1		1		1









	Total		19		34		38		41		43		43		43		43		44		43
2015	2013 and Prior				25		36		43		47		50		52		53		54		55
2015	2014				4		8		9		11		11		11		12		12		12
2015	2015				3		4		6		7		7		8		8		8		8








	Total				32		48		58		65		68		71		73		74		75












2017	2013 and Prior								12		15		18		20		21		24		27
2017	2014								—		—		1		1		2		2		1
2017	2015								—		—		1		1		1		1		1
2017	2016								—		—		1		1		1		1		1







	Total								12		15		21		23		25		28		30
2018	2013 and Prior										32		71		88		106		114		118
2018	2014										22		48		57		61		69		71
2018	2015										19		57		79		86		95		104
2018	2016										6		43		65		76		85		90
2018	2017										—		48		73		83		92		98
2018	2018										—		87		120		136		149		159
2018	2019												22		30		36		40		42




	Total										79		376		512		584		644		682
2019	2013 and Prior												—		1		4		5		5










	Total												—		1		4		5		5


2020	2015														2		3		3		3
2020	2016														25		40		45		48
2020	2017														69		148		196		215
2020	2018														110		247		353		409





	Total														206		438		597		675


2021	2015																—		(2)		(3)








	Total																—		(2)		(3)






2022	2019																		—		2




	Total																		—		2
	2013 and Prior																				2


2023	2016																				3
2023	2017																				2
2023	2018																				3
2023	2019																				7
2023	2020																				7
2023	2021																				8


	Total																				32
	Grand Total																				$	1,541

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


StarStone International
General Casualty
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																					For The Year Ended December 31, 2023		As of December 31, 2023
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2013 and Prior	$	69	$	63	$	69	$	65	$	73	$	76	$	76	$	77	$	77	$	79	$	2	$	5	9,496
2014	41		42		41		41		41		47		45		43		44		44		—		1		4,365
2015			52		53		55		62		70		67		68		73		74		1		2		4,037
2016					55		54		80		103		98		106		103		104		1		9		4,225
2017							60		94		132		141		150		160		174		14		20		4,194
2018									41		47		50		45		56		52		(4)		24		3,005
2019											10		11		16		16		18		2		1		1,925
2020													31		48		34		40		6		4		897
2021															1		—		1		1		—		183
2022																	—		—				—		137
2023																			—		—		—		25
																	Total		$	586	$	23	$	66	32,489
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(unaudited)
2013 and Prior	$	18	$	33	$	47	$	51	$	64	$	69	$	71	$	71	$	73	$	73
2014	3		9		16		23		28		30		32		34		41		43
2015			3		10		21		31		45		48		55		62		69
2016					1		15		32		52		64		78		82		86
2017							3		23		61		97		118		129		142
2018									2		6		17		21		29		37
2019											1		4		5		7		12
2020													1		9		17		21



																	Total		$	483
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	103


StarStone International
Workers' Compensation
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																					For The Year Ended December 31, 2023		As of December 31, 2023
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2013 and Prior	$	102	$	102	$	102	$	102	$	102	$	102	$	103	$	103	$	103	$	103	$	—	$	—	7,951
2014	14		17		17		15		16		16		15		15		16		15		(1)		—		1,994
2015			42		44		40		39		38		37		36		36		35		(1)		—		3,327
2016					55		53		53		56		52		52		52		51		(1)		—		3,499
2017							41		42		38		41		40		39		35		(4)		2		3,175
2018									37		37		38		38		37		36		(1)		2		4,005
2019											17		23		26		26		29		3		2		4,302
2020													30		40		35		35		—		2		3,234
2021															8		4		5		1		2		191
2022																	3		3		—		—		26
2023																			—				—		1
																			$	347	$	(4)	$	10	31,705
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(unaudited)
2013 and Prior	$	100	$	101	$	101	$	101	$	102	$	102	$	102	$	102	$	102	$	102
2014	2		7		10		11		13		13		14		14		14		14
2015			5		17		26		30		32		33		33		34		34
2016					8		25		36		43		45		47		49		50
2017							6		17		28		32		34		35		33
2018									14		22		27		30		32		34
2019											3		18		20		22		23
2020													5		20		27		29
2021															—		1		2


																			$	321
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	26


StarStone International
Professional Indemnity / Directors and Officers
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																					For The Year Ended December 31, 2023		As of December 31, 2023
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2013 and Prior	$	38	$	32	$	31	$	29	$	36	$	43	$	45	$	50	$	48	$	45	$	(3)	$	5	3,019
2014	21		21		20		22		19		23		22		23		23		21		(2)		3		937
2015			20		26		26		29		29		32		34		32		32		—		3		1,184
2016					27		26		27		26		23		24		25		22		(3)		3		842
2017							31		42		37		32		29		27		21		(6)		2		997
2018									31		33		35		37		40		35		(5)		1		1,173
2019											21		27		28		31		24		(7)		8		1,256
2020													33		28		27		19		(8)		10		872
2021															10		10		16		6		10		243
2022																	2		10		8		8		62
2023																			—				—		3
																			$	245	$	(20)	$	53	10,588
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(unaudited)
2013 and Prior	$	14	$	17	$	22	$	22	$	29	$	31	$	33	$	32	$	32	$	33
2014	—		3		5		9		13		14		14		14		16		16
2015			2		7		12		15		18		22		22		23		24
2016					1		7		13		15		18		18		18		18
2017							2		11		16		20		20		20		21
2018									3		9		14		19		28		30
2019											—		4		6		11		11
2020													—		2		3		4
2021															1		2		5
2022																	—		—

																			$	162
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	83

Average Annual Duration of Claims


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


2016	3.15	%	8.03	%	8.35	%	9.29	%	7.09	%	6.30	%	4.88	%	5.20	%
2017	2.26	%	4.02	%	4.39	%	4.89	%	5.14	%	4.77	%	5.77	%
2018	100.00	%	200.00	%	(100.00)	%	—	%	—	%	—	%
2019	1.12	%	11.52	%	12.36	%	12.92	%	9.83	%

2021	(0.26)	%	13.77	%	8.57	%


Run-off Segment
General Casualty
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2014	45.33	%	4.00	%	10.67	%	2.67	%	6.67	%	5.33	%	1.33	%	4.00	%	8.00	%	1.33	%
2015	18.18	%	9.09	%	13.33	%	13.94	%	15.15	%	7.27	%	3.03	%	6.67	%	5.45	%
2016	25.00	%	25.00	%	—	%	25.00	%	25.00	%	(25.00)	%	25.00	%	(25.00)	%
2017	25.56	%	24.81	%	15.04	%	9.77	%	4.51	%	4.51	%	3.76	%
2018	10.06	%	19.92	%	16.02	%	13.35	%	8.62	%	12.53	%
2019	5.83	%	4.96	%	2.92	%	4.66	%	3.21	%
2020	6.12	%	19.01	%	21.16	%	20.00	%
2021	3.81	%	6.76	%	5.48	%
2022	4.11	%	24.28	%
2023	14.44	%


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

2015	14.07	%	18.16	%	13.04	%	10.10	%	7.03	%	4.35	%	4.09	%	1.92	%	3.45	%
2016	10.57	%	9.02	%	7.22	%	10.05	%	8.25	%	5.93	%	4.64	%	5.41	%
2017	32.91	%	8.86	%	16.46	%	13.92	%	5.06	%	(10.13)	%	3.80	%
2018	2.14	%	21.67	%	11.67	%	6.67	%	6.67	%	10.71	%
2019	5.05	%	2.89	%	1.08	%	1.08	%	0.72	%
2020	2.53	%	18.35	%	12.66	%	11.39	%
2021	7.57	%	9.61	%	8.69	%
2022	—	%	30.77	%


Run-off Segment
Professional Indemnity/Directors & Officers
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2014	31.97	%	20.49	%	13.11	%	10.66	%	3.28	%	—	%	1.64	%	0.82	%	1.64	%	5.74	%

2016	10.59	%	12.94	%	14.12	%	(3.53)	%	4.71	%	9.41	%	3.53	%	10.59	%

2018	18.76	%	14.97	%	5.59	%	7.78	%	10.58	%	8.58	%
2019	17.56	%	11.71	%	14.63	%	14.15	%	10.73	%
2020	2.63	%	25.00	%	35.53	%	23.68	%
2021	4.35	%	18.58	%	14.03	%
2022	11.21	%	25.79	%
2023	17.16	%


Run-off Segment
Motor
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2014	44.19	%	34.88	%	9.30	%	6.98	%	4.65	%	—	%	—	%	—	%	2.33	%	(2.33)	%
2015	38.55	%	19.28	%	12.05	%	8.43	%	3.61	%	3.61	%	2.41	%	1.20	%	1.20	%

2017	35.29	%	8.82	%	17.65	%	5.88	%	5.88	%	8.82	%	5.88	%
2018	10.12	%	38.03	%	17.41	%	9.22	%	7.68	%	4.87	%
2019	—	%	5.26	%	15.79	%	5.26	%	—	%
2020	27.84	%	31.35	%	21.49	%	10.54	%
2021	—	%	(5.00)	%	(2.50)	%
2022	—	%	25.00	%
2023	7.48	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
General Casualty	6.03	%	13.92	%	16.67	%	12.90	%	16.22	%	8.35	%	5.57	%	4.46	%	9.30	%	2.27	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers Compensation	27.63	%	31.27	%	17.72	%	8.02	%	5.52	%	2.53	%	0.97	%	1.20	%	—	%	—	%

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Professional Indemnity / Directors and Officers	11.04	%	19.30	%	14.89	%	12.12	%	11.90	%	4.57	%	1.84	%	0.23	%	4.22	%	1.11	%

Divestitures, Held-For-Sale Businesses and Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Syndicate underwriting capacity percentage			25.00%	25.00%
Losses and LAE	$ 12,359		$ 12,359	$ 13,258	$ 13,007	$ 10,593
Net loss reserves	11,585		11,585	11,926	12,011	$ 8,928
Net gain on sales of subsidiaries				26
Equity investments	701		701		1,250
Recurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments	701		701		1,250
Significant Unobservable Inputs (Level 3) \| Recurring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments	300		300		319
Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments	299		299
Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter \| Guideline companies method
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments	$ 54		$ 54		40
Not discontinued operations, disposed of by sale \| SUL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of subsidiaries		$ 23		$ 23
Atrium Syndicate 609
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Losses and LAE					173
Reinsurance recoverable					35
Net loss reserves					$ 138
Northshore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership %	13.50%		13.50%
SSHL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Redeemable noncontrolling interest, percentage of equity interests acquired	41.00%
Core Specialty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership %	19.90%		19.90%		19.90%

Future Policyholder Benefits - Liability for Future Policy Benefit, Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance at beginning of period	$ 821	$ 1,502
Interest accretion and other policyholder benefit expenses	0	25
Benefits paid	(6)	(56)
Recapture of assumed liabilities by ceding company	0	(34)
Terminations (surrenders)	0	(15)
Effect of exchange rate movement	13	(223)
Derecognition	(828)	0
Effect of changes in discount rate	0	(363)
Other	0	(15)
Balance at end of period	$ 0	$ 821

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Asbestos and Environmental Claims, Net [Roll Forward]
Balance as of January 1	$ 607	$ 638	$ 706
Insurance balances recoverable	(177)	(213)	(250)
Net balance as of January 1	430	425	456
Amounts recorded in other expense (income):
Increase (reduction) in estimate of net ultimate liabilities	1	(2)	(38)
Reduction in estimated future expenses	(2)	(1)	(5)
Amortization of fair value adjustments	13	7	16
Total other expense (income)	12	4	(27)
Total net (paid claims) recoveries	(47)	1	(4)
Net balance as of December 31	395	430	425
Plus: insurance balances recoverable	172	177	213
Balance as of December 31	$ 567	$ 607	$ 638

Business Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS ACQUISITIONS

5. BUSINESS ACQUISITIONS

We record business acquisition assets and liabilities at their estimated fair value. The fair values of each of the acquired (re)insurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and our run-off strategy.

Our run-off strategy is expected to be different from the seller's, who generally do not specialize in running off (re)insurance liabilities.

The key assumptions used by us in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin.

The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. We carry unamortized FVA balances on the following consolidated balance sheet captions: losses and loss adjustment expenses, defendant asbestos and environmental liabilities and reinsurance balances recoverable on paid and unpaid losses.

To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes.

The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of operations.

Enhanzed Re

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

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

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

On December 28, 2022, Enhanzed Re acquired Allianz SE’s ("Allianz") remaining 24.9% interest for $175 million, which was based on the final net book value of Enhanzed Re as of December 31, 2022. Following the repurchase, Enhanzed Re became a wholly-owned subsidiary of Enstar.

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


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

(1)Excludes income from our previously held equity method investment in Enhanzed Re30.

Supplemental Pro Forma Financial Information (Unaudited)


	2021
	(in millions of U.S. dollars)
Total revenues	$	1,071
Net income	494
Net income attributable to Enstar	445
Net income attributable to Enstar ordinary shareholders	409

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

Significant New Business (Details) $ in Millions	12 Months Ended
Significant New Business (Details) $ in Millions	Dec. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Consideration Received	$ 2,136
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	26
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
AIG
Asset Acquisition [Line Items]
Consideration Received	100
Net Loss Reserves Assumed	0
DCA	0
Remaining Limit upon Acquisition	$ 400
Adverse development, percentage	95.00%
Adverse development, subject reserves	$ 3,000
Adverse development, expense, maximum	400
AIG \| Cash
Asset Acquisition [Line Items]
Consideration Received	$ 100

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Bermuda
Statutory Accounting Practices [Line Items]
Required	$ 3,265	$ 3,031
Actual	7,003	5,833
Statutory Income (Loss)	1,395	(710)	$ 524
U.K.
Statutory Accounting Practices [Line Items]
Required	575	619
Actual	971	848
Statutory Income (Loss)	42	(11)	163
U.S.
Statutory Accounting Practices [Line Items]
Required	162	161
Actual	426	434
Statutory Income (Loss)	19	(58)	23
Australia
Statutory Accounting Practices [Line Items]
Required	9	10
Actual	39	35
Statutory Income (Loss)	3	(1)	2
Europe
Statutory Accounting Practices [Line Items]
Required	49	53
Actual	193	188
Statutory Income (Loss)	$ (6)	$ (30)	$ (2)

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for estimated uncollectible reinsurance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 131	$ 136	$ 137
Charged to costs and expenses	0	0	0
Charged to other accounts	3	(5)	1
Deductions	(3)	0	(2)
Balance at End of Year	131	131	136
Allowance for estimated uncollectible insurance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	5	5	5
Charged to costs and expenses	0	0	0
Charged to other accounts	0	0	0
Deductions	0	0	0
Balance at End of Year	5	5	5
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	181	129	118
Charged to costs and expenses	16	52	12
Charged to other accounts	0	0	0
Deductions	(41)	0	(1)
Balance at End of Year	$ 156	$ 181	$ 129

Premiums Written and Earned

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

PREMIUMS WRITTEN AND EARNED

9. REINSURANCE BALANCES RECOVERABLE ON PAID AND UNPAID LOSSES

Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance.

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


	December 31, 2023		December 31, 2022
	(in millions of U.S. dollars)

Recoverable from reinsurers on unpaid:


Outstanding losses and IBNR	$	836	$	1,075
ULAE	5		6
Fair value adjustments - acquired companies	(5)		(6)
Fair value adjustments - fair value option	(62)		(79)
Total reinsurance reserves recoverable	774		996
Paid losses recoverable	183		135
Total	$	957	$	1,131

Reconciliation to Consolidated Balance Sheet:
Reinsurance balances recoverable on paid and unpaid losses	$	740	$	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option	217		275
Total	$	957	$	1,131

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

Top Ten Reinsurers


	December 31, 2023					December 31, 2022
	Number	Total ($)		%		Number	Total ($)		%
	(in millions of U.S. dollars, except for number of top 10 reinsurers)
Information regarding top ten reinsurers:
Top 10 reinsurers rated A- or better	8	$	436			8	$	578
Top 10 non-rated reinsurers:
Due from a U.S. state backed reinsurer that is supported by assessments on active auto writers operating within the state		149					171
Due from a U.S. Workers' Compensation Reinsurance Pool that is secured through an allocation to insurers actively writing workers' compensation in the covered state		42					43
Total top 10 non-rated reinsurers	2	191				2	214
Total top 10 reinsurers		627		65.5	%		792		70.0	%
Other reinsurers > $1 million		316		33.0	%		319		28.2	%
Other reinsurers < $1 million		14		1.5	%		20		1.8	%
Total		$	957	100.0	%		$	1,131	100.0	%

Single reinsurers that represent 10% or more of total reinsurance balance recoverables as of December 31, 2023 and 2022:


Lloyd's Syndicates (1)		$	135				$	193
Michigan Catastrophic Claims Association(2)		$	149				$	171

(1) Lloyd's Syndicates are rated AA- by Standard & Poor's and A by A.M. Best.

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

The table below provides a reconciliation of the beginning and ending allowance for estimated uncollectible reinsurance balances for the years ended December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Allowance for estimated uncollectible reinsurance, beginning of year	$	131	$	136

Effect of exchange rate movement	1		1
Current period change in the allowance	2		(6)

Recoveries collected	(3)		—
Allowance for estimated uncollectible reinsurance, end of year	$	131	$	131

16. PREMIUMS WRITTEN AND EARNED

Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined.

The following tables provide a summary of net premiums written and earned for the years ended December 31, 2023, 2022 and 2021:


	2023				2022				2021
	Premiums Written		Premiums Earned		Premiums Written		Premiums Earned		Premiums Written		Premiums Earned
	(in millions of U.S. dollars)

















Total gross	$	101	$	49	$	25	$	97	$	106	$	373
Total ceded	(5)		(6)		(13)		(31)		(44)		(128)
Total net	$	96	$	43	$	12	$	66	$	62	$	245

Defendant Asbestos and Environmental Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims

The carrying value of the defendant A&E liabilities, insurance recoveries, future estimated expenses and the fair value adjustments related to DCo and Morse TEC as of December 31, 2023 and 2022 was as follows:


	2023		2022
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	734	$	786
Defendant environmental liabilities	10		10
Estimated future expenses	33		35
Fair value adjustments	(210)		(224)
Defendant A&E liabilities	567		607

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2023 - $5; 2022 - $5)	217		224
Fair value adjustments	(45)		(47)
Insurance balances recoverable	172		177

Net liabilities relating to defendant A&E exposures	$	395	$	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 for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Balance as of January 1	$	607	$	638	$	706
Insurance balances recoverable	(177)		(213)		(250)

Net balance as of January 1	430		425		456
Amounts recorded in other expense (income):
Increase (reduction) in estimate of net ultimate liabilities	1		(2)		(38)
Reduction in estimated future expenses	(2)		(1)		(5)
Amortization of fair value adjustments	13		7		16
Total other expense (income)	12		4		(27)
Total net (paid claims) recoveries	(47)		1		(4)

Net balance as of December 31	395		430		425
Insurance balances recoverable	172		177		213
Balance as of December 31	$	567	$	607	$	638

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Net premiums earned	$ 43	$ 66	$ 245
Net investment income	647	455	312
Net realized gains	(65)	(111)	(61)
Net unrealized gains (losses)	528	(1,503)	178
Total revenues	1,429	(1,058)	789
Net incurred losses and LAE	(101)	(708)	(231)
Acquisition costs	10	23	57
General and administrative expenses	369	331	367
Income (losses) from equity method investments	13	(74)	93
NET INCOME (LOSS)	1,218	(945)	553
Hillhouse \| InRe Fund
Related Party Transaction [Line Items]
NET INCOME (LOSS)			100
AnglePoint HK \| InRe Fund
Related Party Transaction [Line Items]
NET INCOME (LOSS)			16
AnglePoint HK \| Minimum Performance Fee \| InRe Fund
Related Party Transaction [Line Items]
NET INCOME (LOSS)			10
AnglePoint HK \| Operating Expense Reimbursement \| InRe Fund
Related Party Transaction [Line Items]
NET INCOME (LOSS)			6
Investor \| Stone Point
Related Party Transaction [Line Items]
Net investment income	13	16	21
Net unrealized gains (losses)	46	(80)	83
Total revenues	59	(64)	104
Expenses	0	0	0
NET INCOME (LOSS)	59	(64)	104
Investee \| Hillhouse
Related Party Transaction [Line Items]
Net realized gains			77
Net unrealized gains (losses)			20
Total revenues			97
Expenses			0
NET INCOME (LOSS)			97
Investee \| AnglePoint HK
Related Party Transaction [Line Items]
Net investment income			(13)
Net unrealized gains (losses)			(69)
Total revenues			(82)
Expenses			0
NET INCOME (LOSS)			(82)
Investee \| Northshore
Related Party Transaction [Line Items]
Net premiums earned		9	58
Net investment income		10	3
Net unrealized gains (losses)	(11)	(10)
Other (expense) income		1	(15)
Total revenues	(11)	10	46
Net incurred losses and LAE	(2)	10	18
Acquisition costs			13
General and administrative expenses			10
Expenses	(2)	10	41
NET INCOME (LOSS)	(9)	0	5
Investee \| Monument
Related Party Transaction [Line Items]
Total revenues	0	0	0
Expenses	0	0	0
Income (losses) from equity method investments	(10)	(65)	14
NET INCOME (LOSS)	(10)	(65)	14
Investee \| AmTrust
Related Party Transaction [Line Items]
Net investment income	6	6	6
Net unrealized gains (losses)	(9)	(34)	(6)
Total revenues	(3)	(28)	0
Expenses	0	0	0
NET INCOME (LOSS)	(3)	(28)	0
Investee \| Citco
Related Party Transaction [Line Items]
Total revenues	0	0	0
Expenses	0	0	0
Income (losses) from equity method investments	9	5	4
NET INCOME (LOSS)	9	5	4
Investee \| EnhanzedRe
Related Party Transaction [Line Items]
Net premiums earned			(2)
Net investment income			(4)
Net unrealized gains (losses)			0
Other (expense) income			2
Total revenues			(4)
Net incurred losses and LAE			0
Acquisition costs			(1)
Expenses			(1)
Income (losses) from equity method investments			82
NET INCOME (LOSS)			79
Investee \| Core Specialty
Related Party Transaction [Line Items]
Net premiums earned	(5)	2	8
Net investment income	1
Other (expense) income		9	15
Total revenues	(4)	11	23
Net incurred losses and LAE	(21)	(16)	(32)
Acquisition costs			(6)
Expenses	(21)	(16)	(38)
Income (losses) from equity method investments	14	(14)	(6)
NET INCOME (LOSS)	31	13	55
Investee \| Other
Related Party Transaction [Line Items]
Net investment income	6	4	3
Net unrealized gains (losses)	113	(64)	136
Total revenues	119	(60)	139
Expenses	0	0	0
NET INCOME (LOSS)	$ 119	$ (60)	$ 139

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Allowance For Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for estimated uncollectible reinsurance, beginning of year	$ 131	$ 136
Effect of exchange rate movement	1	1
Current period change in the allowance	2	(6)
Recoveries collected	(3)	0
Allowance for estimated uncollectible reinsurance, end of year	$ 131	$ 131

Schedule II - Condensed Financial Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Statements

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Balance Sheets - Parent Company Only

As of December 31, 2023 and 2022


	2023		2022
	(in millions of U.S. dollars, except share data)
ASSETS
Equities, at fair value (cost: 2023 - $0; 2022 - $273)	$	—	$	286
Cash and cash equivalents	6		15
Balances due from subsidiaries	12		193
Investments in subsidiaries	7,454		6,003
Other assets	42		8
TOTAL ASSETS	$	7,514	$	6,505
LIABILITIES
Debt obligations	$	992	$	991
Balances due to subsidiaries	966		515
Other liabilities	21		25
TOTAL LIABILITIES	1,979		1,531
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY










Ordinary shares (par value $1 each, issued and outstanding 2023: 15,196,685; 2022: 17,588,050):
Voting Ordinary Shares (issued and outstanding 2023: 15,196,685; 2021: 15,990,338)	15		16

Non-voting convertible ordinary Series C Shares (issued and outstanding 2023: 0 and 2022: 1,192,941)	—		1
Non-voting convertible ordinary Series E Shares (issued and outstanding 2023: 0 and 2022: 404,771)	—		—
Preferred Shares:
Series C Preferred Shares (issued and held in treasury 2023 and 2022: 388,571)	—		—
Series D Preferred Shares (issued and outstanding 2023 and 2022: 16,000; liquidation preference $400)	400		400
Series E Preferred Shares (issued and outstanding 2023 and 2022: 4,400; liquidation preference $110)	110		110
Treasury shares, at cost (Series C Preferred Shares 2023 and 2022: 388,571)	(422)		(422)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2023 and 2022: 565,630)	(1)		(1)
Additional paid-in capital	579		766
Accumulated other comprehensive loss	(336)		(302)
Retained earnings	5,190		4,406
Total Enstar Group Limited Shareholders’ Equity	5,535		4,974
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,514	$	6,505

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Operations - Parent Company Only

For the Years Ended December 31, 2023, 2022 and 2021


	2023		2022		2021
	(in millions of U.S. dollars)
REVENUES
Net investment income	$	12	$	2	$	—
Net unrealized gains	16		13		—


Total revenues	28		15		—
EXPENSES
General and administrative expenses	34		24		41
Interest expense	80		70		54
Net foreign exchange losses	5		3		3
Total expenses	119		97		98
NET LOSS BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	(91)		(82)		(98)
Income tax benefit	31		—		—
Equity in undistributed income (losses) of subsidiaries	1,178		(788)		636

NET INCOME (LOSS)	1,118		(870)		538
Dividends on preferred shares	(36)		(36)		(36)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$	1,082	$	(906)	$	502

See accompanying notes to the Condensed Financial Information of Registrant

Statements of Comprehensive Income - Parent Company Only

For the Years Ended December 31, 2023, 2022 and 2021


	2023		2022		2021
	(in millions of U.S. dollars)
NET INCOME (LOSS)	$	1,118	$	(870)	$	538
Other comprehensive (loss) income relating to subsidiaries, net of tax	(34)		(286)		(98)
COMPREHENSIVE INCOME (LOSS)	$	1,084	$	(1,156)	$	440

See accompanying notes to the Condensed Financial Information of Registrant

SCHEDULE II

ENSTAR GROUP LIMITED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT - CONTINUED

Statements of Cash Flows - Parent Company Only

For the Years Ended December 31, 2023, 2022 and 2021


	2023		2022		2021
	(in millions of U.S. dollars)
OPERATING ACTIVITIES:
Net cash flows provided by (used in) operating activities	$	496	$	87	$	(72)
INVESTING ACTIVITIES:
Dividends and return of capital from subsidiaries	—		14		675
Contributions to subsidiaries	—		(102)		—
Net cash flows (used in) provided by investing activities	—		(88)		675
FINANCING ACTIVITIES:

Dividends on preferred shares	(36)		(36)		(36)
Repurchase of shares	(531)		(163)		(942)
Repayment of loans	—		(302)		(429)
Receipt of loans	62		445		868
Net cash flows used in financing activities	(505)		(56)		(539)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(9)		(57)		64
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	15		72		8
CASH AND CASH EQUIVALENTS, END OF YEAR	$	6	$	15	$	72

See accompanying notes to the Condensed Financial Information of Registrant

Notes to the Condensed Financial Information of Registrant

The Condensed Financial Information of Registrant should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in Part II - Item 8 of this Annual Report on Form 10-K. Our wholly-owned and majority owned subsidiaries are recorded based upon our proportionate share of our subsidiaries' net assets (similar to presenting them on the equity method).

Net investment income relates to interest on loans to subsidiaries. For the years ended December 31, 2023, 2022, and 2021, interest paid was $40 million, $47 million, and $41 million, respectively.

Investing activities in the Condensed Statements of Cash Flows primarily represents the flow of funds to and from subsidiaries to provide cash on hand to fund business acquisitions and significant new business.

There were no non-cash activities during the years ended December 31, 2023 and 2021. Non-Cash investing activities during the year ended December 31, 2022 consisted of $600 million for dividends and return of capital from subsidiaries, representing an intercompany transfer of equity securities at book value and an increase in balances due from subsidiaries (resulting in a decrease in investments in subsidiaries).

As of December 31, 2023 and 2022, parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.3 billion and $2.4 billion. In addition, as of December 31, 2023, we also guarantee the Junior Subordinated Notes issued in 2020 and 2022 for an aggregate principal amount of $850 million (December 31, 2022: $850 million).

As of December 31, 2023 and 2022, retained earnings were $5.2 billion and $4.4 billion, respectively, an increase of $784 million. This increase was attributable to the net income of $1.1 billion, partially offset by retirement of certain acquired common shares.

Fair Value Measurements - Fair Values for Financial Instruments Carried at Cost (Details) - USD ($) $ in Millions	Dec. 31, 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	992	991
Fair Value	$ 896
Senior Notes \| Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.95%
Carrying Value	$ 496	496
Fair Value	$ 488
Senior Notes \| Senior Notes, Due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	3.10%
Carrying Value	$ 496	495
Fair Value	408
Junior Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	839	838
Fair Value	$ 756
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2040
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.75%
Carrying Value	$ 345	345
Fair Value	$ 331
Junior Subordinated Notes \| Junior Subordinated Notes, Due 2042
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.50%
Carrying Value	$ 494	$ 493
Fair Value	$ 425

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Gross investment income	$ 667	$ 480	$ 349
Investment expenses	(20)	(25)	(37)
Net investment income	647	455	312
Investment income from fixed maturities, cash and cash equivalents and funds held
Net Investment Income [Line Items]
Gross investment income	575	398	276
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	326	237	191
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	38	10	0
Funds held
Net Investment Income [Line Items]
Gross investment income	211	151	85
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	92	82	73
Equity investments
Net Investment Income [Line Items]
Gross investment income	41	39	32
Other investments
Net Investment Income [Line Items]
Gross investment income	$ 51	$ 43	$ 41

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of January 1	$ 13,007	$ 13,258	$ 10,593
Losses and LAE relating to SGL No.1	0	0	255
Reinsurance reserves recoverable	(996)	(1,332)	(1,830)
Reinsurance reserves recoverable relating to SGL No. 1	0	0	(90)
Net balance as of January 1	12,011	11,926	8,928
Current period:
Increase in estimates of net ultimate losses	28	46	168
Increase in provisions for ULAE	2	2	4
Total current period	30	48	172
Prior periods:
Reduction in estimates of net ultimate losses	(157)	(403)	(281)
Reduction in provisions for ULAE	(69)	(135)	(63)
Amortization of fair value adjustments	17	(18)	16
Changes in fair value - fair value option	78	(200)	(75)
Total prior periods	(131)	(756)	(403)
Total net incurred losses and loss adjustment expenses	(101)	(708)	(231)
Net paid losses:
Current period	0	(3)	(29)
Prior periods	(2,467)	(1,677)	(1,402)
Total net paid losses	(2,467)	(1,680)	(1,431)
Other changes:
Effect of exchange rate movement	87	(187)	(63)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(21)	0	0
Acquired business	0	0	1,127
Assumed business	2,215	2,660	3,699
Ceded business	(139)	0	(103)
Total other changes	2,142	2,473	4,660
Net balance as of December 31	11,585	12,011	11,926
Reinsurance reserves recoverable	774	996	1,332
Balance as of December 31	12,359	13,007	13,258
Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	11,196	11,721
Loss and loss adjustment expenses, at fair value	1,163	1,286
Total	12,359	13,007	13,258
Third party loss reserves			842
Loss reserves deemed to settle balances related to pre-existing relationships			257
Reinsurance recoverables			286
Ceded business, loss and expense	173
Ceded business, reinsurance recoverable	34
Assumed Life
Prior periods:
Reduction in estimates of net ultimate losses	$ 0	(52)	0
Amortization of fair value adjustments		$ (33)
EnhanzedRe
Reconciliation to Consolidated Balance Sheet:
Losses and LAE			$ (271)

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Preparation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated. Certain comparative information has been reclassified to conform to the current presentation.
Use of Estimates, Risks and Uncertainties	The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The estimation of unpaid claim liabilities at any given point in time is subject to a high degree of uncertainty for a number of reasons. A significant amount of time can lapse between the assumption of risk, the occurrence of a loss event, the reporting of the event to an (re)insurance company and the ultimate payment of the claim on the loss event. Certain estimates for unpaid claim liabilities involve considerable uncertainty due to significant coverage litigation and it can be unclear whether past claim experience will be representative of future claim experience. We are subject to economic factors such as interest rates, inflation, foreign exchange rates, adverse reserve developments, regulation, tax policy changes, political risks and other market risks that can impact our strategy, operations, and results.
Reinsurance Balances Recoverable	For each of our reinsurance agreements, we determine whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. We review all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. Cessions under reinsurance agreements do not discharge our obligations under the assumed reinsurance contracts. If we determine that a reinsurance agreement does not expose us or the reinsurer to a reasonable possibility of a significant loss from insurance risk, we record the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within other assets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, we evaluate the adequacy of the expected payments or recoveries and adjust the deposit asset or liability through other revenues or other expenses, as appropriate. Retroactive reinsurance contracts provide indemnification for losses and loss adjustment expenses ("LAE") with respect to past loss events. We do not record any income or expense on recognition of the contracts assets and liabilities. Any subsequent remeasurement of the value of liabilities is recorded to net incurred losses and LAE within the consolidated statements of operations. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liability for losses and LAE. We report our reinsurance balances recoverable on paid and unpaid losses net of an allowance for estimated uncollectible amounts. Our allowance for estimated uncollectible reinsurance is derived based on various data sources, multiple key inputs and forecast scenarios. These include the duration of the collection period, credit quality, changes in reinsurer credit standing, default rates specific to the individual reinsurer, the geographical location of the reinsurer, contractual disputes with reinsurers over individual contentious claims, contract language or coverage issues, industry analyst reports and consensus economic forecasts. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of the net incurred losses and LAE in our consolidated statements of operations. On an ongoing basis, we also evaluate and monitor the credit risk of our reinsurers, including those under voluntary schemes of arrangement, to minimize our exposure to significant losses from potential insolvencies.
Prospective reinsurance and insurance contracts and Unearned Premium Reserves and Premium Receivable	Prospective reinsurance and insurance contracts For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts received (paid) are recorded as assumed (ceded) premiums and assumed (ceded) unearned premiums. Assumed (ceded) unearned premiums are reflected as premiums within the consolidated statement of operations and, losses and loss adjustment expenses (reinsurance balances recoverable on paid and unpaid losses) within the consolidated balance sheet. Such amounts are amortized through net earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. Premiums on property and casualty insurance contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned Premium Reserves and Premiums Receivable Unearned premium reserves, included within other liabilities on the consolidated balance sheets, represent the unexpired portion of policy premiums. For retrospectively rated contracts as well as those contracts whose written premium amounts are recorded based on premium estimates at inception, changes to accrued premiums arising from changes to these estimates are reflected as changes in premium balances receivable where appropriate. Premiums receivable are reported net of an allowance for expected credit losses as appropriate. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. The credit risk on our premiums receivable balances is substantially reduced where we have the ability to cancel the underlying policy if the policyholder does not pay the related premium. Premiums written related to prospective risk policies are earned on a pro-rata basis over the period of the related coverage. Reinsurance premiums on prospective risks are recorded at the inception of the policy, are based upon contractual terms and, for certain business, are estimated based on underlying contracts or from information provided by insureds and/or brokers. Changes in reinsurance premium estimates for prospective risks are recorded as premiums written in the period in which they are determined. Certain contracts are retrospectively rated and provide for a final adjustment to the premium based on the final settlement of all losses. Premiums on such contracts are adjusted based upon contractual terms, and management judgment is involved with respect to the estimate of the amount of losses that we expect to incur. These adjustments to the premium are recognized at the time loss thresholds specified in the contract are exceeded and are earned over the coverage period, or are earned immediately if the period of risk coverage has passed.
Acquisition Costs	Acquisition costs, consisting principally of incremental costs including, commissions and brokerage expenses and certain premium taxes and fees incurred at the time a contract or policy is issued and which are directly related to the successful efforts of acquiring new insurance contracts or renewing existing insurance contracts, are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs (“DAC”), recorded within other assets on the consolidated balance sheets, are limited to their estimated realizable value by line of business based on the related unearned premiums, anticipated claims and claim expenses and anticipated investment income.
Cash and cash equivalents	Cash equivalents includes money market funds, fixed interest deposits and all highly liquid debt instruments purchased with an original maturity of three months or less. Securities included within cash equivalents are stated at estimated fair value, while other investments included within cash equivalents are stated at amortized cost which approximates estimated fair value.
Foreign Exchange	Assets, liabilities and operations of foreign affiliates and subsidiaries, as well as investments accounted for under the equity method, are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. For most of our foreign operations, the local currency is the functional currency. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to our reporting currency U.S. dollars, at the exchange rates in effect at each year-end and revenues and expenses are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported separately in the consolidated statement of operations in the period in which they occur.
New Accounting Standards Adopted in 2023 and Recently Issued Accounting Pronouncements Not Yet Adopted	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 operations; •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 were 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 the 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, 2021.29 Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2023-07 - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, which includes the following amendments to Topic 280 Segment Reporting: •Disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss; •Disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition; •Disclose, on an interim basis, all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280; •Clarify that an entity is not precluded from reporting one or more additional measure(s) of segment profit or loss if the CODM uses more than one measure in assessing segment performance and deciding how to allocate resources; •Disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources; and •Require an entity with a single reportable segment to provide all disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. These amendments are effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024, and must be applied retrospectively to all prior periods presented. Early adoption is permitted. Adopting ASU 2023-07 will require us to expand our segment disclosures. We are currently determining the period in which the new guidance will be adopted. ASU 2023-09 - Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, which includes the following amendments to Topic 740 Income Taxes: •Disclose, on an annual basis, specific categories in the rate reconciliation; •Disclose, on an annual basis, additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate); •Disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; •Disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received); •Disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; •Disclose income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign; •Eliminates the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made; and •Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. These amendments are effective for annual reporting periods beginning after December 15, 2024, and should be applied prospectively, however retrospective application is permitted. Early adoption is permitted. Adopting ASU 2023-09 will require us to expand our income tax disclosures. We are currently determining the period in which the new guidance will be adopted.
Acquisitions	We record business acquisition assets and liabilities at their estimated fair value. The fair values of each of the acquired (re)insurance assets and liabilities are derived from probability-weighted ranges of the associated projected cash flows, based on actuarially prepared information and our run-off strategy. Our run-off strategy is expected to be different from the seller's, who generally do not specialize in running off (re)insurance liabilities. The key assumptions used by us in the valuation of acquired companies are (i) the projected payout, timing and amount of claims liabilities; (ii) the related projected timing and amount of reinsurance collections; (iii) an appropriate discount rate, which is applied to determine the present value of the future cash flows; (iv) the estimated unallocated LAE to be incurred over the life of the run-off; (v) the impact of any accelerated run-off strategy; and (vi) an appropriate risk margin. The difference between the nominal carrying values of the acquired reinsurance liabilities and assets as of the acquisition date and their fair value is recorded as a fair value adjustment ("FVA") on the consolidated balance sheet. The FVA is amortized over the estimated payout period of the acquired outstanding losses and LAE and reinsurance balances recoverable. We carry unamortized FVA balances on the following consolidated balance sheet captions: losses and loss adjustment expenses, defendant asbestos and environmental liabilities and reinsurance balances recoverable on paid and unpaid losses. To the extent the actual payout experience after the acquisition is materially faster or slower than anticipated at the time of the acquisition as a result of, (i) our active claims management strategies, which include commutations and policy buybacks, (ii) an adjustment to the estimated ultimate loss reserves, (iii) changes in bad debt provisions, or (iv) changes in estimates of future run-off costs following accelerated payouts, then the amortization of the FVA is adjusted to reflect such changes. The difference between the fair value of net assets acquired and the purchase price is recorded as goodwill and included as an asset on the consolidated balance sheet or as a gain from bargain purchase in the consolidated statements of operations.
Held-for-sale Business and Discontinued Operations	We report a business as held-for-sale when certain criteria are met, which include (i) management has either approved the sale or is in the process of obtaining approval to sell the business and is committed to a formal plan to sell the business, (ii) the business is available for immediate sale in its present condition, (iii) the business is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (iv) the sale is anticipated to occur within the next 12 months, among other specified criteria. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to the business classified as held-for-sale are separately reported in our consolidated balance sheets beginning in the period in which the business is classified as held-for-sale. Disposals that represent strategic shifts that have or will have a major effect on our operations and financial results are reported as discontinued operations which requires the restatement of the comparatives reflected on our consolidated financial statements. In addition, transactions with discontinued operations are not eliminated on consolidation and any transactions that were previously eliminated on consolidation but which will continue with the discontinued operations are restated for all periods presented and reflected within continuing operations in our consolidated financial statements.
Investments	Short-term and Fixed Maturities Short-term investments comprise investments with a maturity greater than three months up to one year from the date of purchase. Fixed maturities comprise investments with a maturity of greater than one year from the date of purchase. Short-term and fixed maturities classified as trading are carried at fair value, with realized and unrealized gains and losses included in net income and reported as net unrealized gains and losses. Short-term and fixed maturities classified as available-for-sale ("AFS") are carried at fair value, with unrealized gains and losses excluded from net income and reported as a separate component of accumulated other comprehensive income (loss) ("AOCI"). Realized gains and losses on sales of investments classified as AFS are recognized in the consolidated statements of operations. The costs of short-term and fixed maturities are adjusted for amortization of premiums and accretion of discounts, recognized using the effective yield method and included in net investment income. For mortgage-backed and asset-backed investments, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and reviewed on a regular basis. Investment purchases and sales are recorded on a trade-date basis. Realized gains and losses on the sale of investments are based upon specific identification of the cost of investments. Equity Investments We hold investments in publicly traded equities, exchange-traded funds and privately held equities. Our equity investments are carried at fair value with realized and unrealized gains and losses included in our consolidated statements of operations and recorded as net unrealized gains and losses. We may elect to measure a privately held equity without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value at its cost less impairment, if any. Our publicly traded equity investments in common and preferred stocks predominantly trade on major exchanges and are managed by our external advisors. Our investments in exchange-traded funds also trade on major exchanges. Our privately held equity investments in common and preferred stocks are direct investments in companies that we believe offer attractive risk adjusted returns and/or offer other strategic advantages. Each investment may have its own unique terms and conditions and there may be restrictions on disposals. There is no active market for these investments32. Other Investments, at fair value Other investments include investments in limited partnerships and limited liability companies (collectively "private equity funds") and hedge funds, fixed income funds, equity funds, private credit funds, real estate funds, collateralized loan obligation ("CLO") equities and CLO equity funds that carry their investments at fair value and CLO equities. We have elected the fair value option for certain of our other investments that would otherwise be accounted for as an equity method investment. The primary reason for electing the fair value option is because we believe this measurement basis is consistent with the applicable accounting guidance used by the investment funds themselves. Our other investments are stated at fair value, which ordinarily will be the most recently reported net asset value ("NAV") as advised by the fund manager or administrator. The NAV is based on the fund manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents. Many of our fund investments publish NAVs on a daily basis and provide daily liquidity while others report on a monthly or quarterly basis. Unrealized gains and losses on other investments are included in net income and reported as net unrealized gains and losses. Other investments, including equities measured at fair value using NAV as a practical expedient We use NAV as a practical expedient to fair value certain of our other investments, including equities. Due to a lag in the valuations of certain funds reported by the managers, we may record changes in valuation with up to a three-month lag33. We regularly review and discuss fund performance with the fund managers to corroborate the reasonableness of the reported net asset values and to assess whether any events have occurred within the lag period that would affect the valuation of the investments. Certain of our other investments are subject to restrictions on redemptions and sales that are determined by the governing documents, which limits our ability to liquidate those investments. These restrictions may include lock-ups, redemption gates, restricted share classes or side pockets, restrictions on the frequency of redemption and notice periods. Certain of our other investments may not have any restrictions governing their sale, but there is no active market and no guarantee that we will be able to execute a sale in a timely manner. In addition, even if these investments are not eligible for redemption or sales are restricted, we may still receive income distributions from those other investments. Equity Method Investments Investments that we do not consolidate but in which we have significant influence over the operating and financial policies of the investee are classified as equity method investments and are accounted for using the equity method of accounting unless we have elected the fair value option. In applying the equity method of accounting, investments are initially recorded at cost and are subsequently adjusted based on our proportionate share of net income or loss of the investee, net of any distributions received from the investee. We typically record our proportionate share of an investee's net income or loss on a quarter lag in line with the timing of when they report their financial information to us. Any adjustments made to the carrying value of our equity method investees are based on the most recently available financial information from the investees. Changes in the carrying value of such investments are recorded in our consolidated statements of operations as income (losses) from equity method investments. Any decline in the value of our equity method investments considered by management to be other-than-temporary is reflected in our consolidated statements of operations in the period in which it is determined. Funds Held Under funds held arrangements, the reinsured company has retained funds that would otherwise have been remitted to us. The funds held balance is credited with investment income and losses paid are deducted. We present funds held as a single category within the consolidated balance sheets. Funds held arrangements where we receive the underlying portfolio economics and the contractual right to direct the asset allocation strategies are known as "Funds held - directly managed". Funds held arrangements where we receive a fixed crediting rate or other contractually agreed return are known as "Funds held by reinsured companies". Where we receive a contractually agreed return, we evaluate whether we are required to recognize an embedded derivative. Funds held by reinsured companies are carried at cost and any embedded derivative is carried at fair value. Funds held - directly managed are carried at fair value because it represents the aggregate of funds held at cost and the value of an embedded derivative. The embedded derivative relates to our contractual right to receive the return on the underlying investment portfolio and the performance risk of the individual assets supporting the reinsurance contract. We include the estimated fair value of these embedded derivatives in the consolidated balance sheets with the host contract in order to reflect the expected settlement of these features with the host contract34. The investment returns on both categories of funds held are recognized in net investment income and net unrealized gains (losses), respectively. The change in the fair value of the embedded derivative is included in net unrealized gains (losses).
Derivative Instruments	Freestanding Derivatives Freestanding derivatives are recorded on trade-dates and carried on the consolidated balance sheet either as assets within other assets or as liabilities within other liabilities at estimated fair value. We do not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net unrealized gains (losses) included in our consolidated statements of operations. Hedge Accounting To qualify for hedge accounting, at the inception of the hedging relationship, we formally document the risk management objective and strategy for undertaking the hedging transaction, as well as the designation of the hedge. We have qualifying net investment in foreign operation (“NIFO”) hedges. We recognize changes in the estimated fair value of the hedging derivatives within OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation. Our documentation sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and also sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income. When hedge accounting is discontinued pursuant to a NIFO hedge (due to a revaluation, payment of a dividend or the disposal of our investment in a foreign operation), the derivative continues to be carried on the balance sheet at its estimated fair value. Deferred gains and losses recorded in OCI pursuant to a discontinued NIFO hedge are recognized immediately in net foreign exchange losses (gains) in our consolidated statements of operations. Embedded Derivatives We are party to certain reinsurance agreements that have embedded derivatives. We also have embedded derivatives on our convertible bond portfolio, recorded within fixed maturities, trading on the consolidated balance sheets. We assess each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if: •the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in net income; •the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and •a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument. Such embedded derivatives are carried on the consolidated balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported within net unrealized gains (losses). Derivative Strategies We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity price risks. We use a variety of strategies to manage these risks, including the use of derivatives. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. The types of derivatives we use include swaps and forwards. Foreign currency derivatives We use foreign currency exchange rate derivatives, including foreign currency forwards, to reduce the risk from fluctuations in foreign currency exchange rates associated with our assets and liabilities denominated in foreign currencies. We also use foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of our net investments in foreign operations. In a foreign currency forward transaction, we agree with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. We utilize foreign currency forwards in fair value, NIFO hedges and nonqualifying hedging relationships. Interest rate derivatives We use interest rate derivatives, specifically interest rate swaps, to reduce our exposure to changes in interest rates. Interest rate swaps are used by us primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. We utilize interest rate swaps in nonqualifying hedging relationships.
Deferred Charges	If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the premiums received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded. The consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than our estimate of losses and LAE liabilities as these liabilities may not be settled for many years. Our contractual counterparties (cedants) settle the consideration upon inception of the contract and we invest the consideration received over an extended period of time, thereby generating investment income. As a result, we expect to generate profits from these retroactive reinsurance contracts when taking into account the consideration received and expected investment income, less contractual obligations and expenses. We amortize the originating DCA balances over the estimated claim payment period of the related contracts with the amortization adjusted prospectively at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments. We present the amortization of our DCAs and DGLs as a separate line item in our consolidated statements of operations. When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the DCAs. DCAs are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. For each reinsurance contact where a DCA has been recorded we assess for impairment at each reporting period by determining the rate of return that we are required to earn on the invested assets to ensure that all cashflows arising from the assumed liabilities are met in full over the projected remaining payout period. This required rate of return is compared against the modeled rate of return, the weighted average portfolio yield and the actual annualized rate of return in order to identify indicators that would lead us to record an impairment of the DCA. Change in net DCA Amortization Effective December 31, 2022, we voluntarily changed our accounting policy for calculating the amortization of our DCAs. Previously, any change in ultimate losses on the contracts with a recognized DCA would result in the recognition of an adjustment to the DCA, as if the adjusted reserves had existed upon inception of the contract. We will no longer adjust the DCA for these events. We continue to amortize the originating DCA balances over the estimated claim payment period of the related contracts with the amortization adjusted prospectively at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments. Previously, the amortization of our DCAs and DGLs was included in net incurred losses and LAE. We now present the amortization of our DCAs and DGLs as a separate line item in our consolidated statements of operations. We made the change in accounting policy because the primary basis for accepting consideration that is lower than the estimate of losses and LAE liabilities assumed is due to the time value of money, inclusive of our expectation of generating investment income, rather than expectations of changes in ultimate losses on the contracts. We believe that the change in policy improves the usefulness of our financial statements as the changes in amortization of the DCA will no longer offset the loss developments, which allows the insurance loss developments to be recognized consistently through our consolidated statement of operations regardless of whether the contract resulted in a DCA at inception. We have retrospectively applied this change in accounting policy to all applicable prior period information presented herein as required.
Losses and LAE	The liability for losses and LAE, also referred to as loss reserves, represents our gross estimates before reinsurance for unpaid reported losses (Outstanding Loss Reserves, or "OLR") and includes losses that have been incurred but not yet reported ("IBNR") using actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated LAE ("ALAE") and unallocated LAE ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR includes amounts for unreported claims, development on known claims and reopened claims. Our loss reserves cover multiple lines of business, including asbestos, environmental, general casualty, workers' compensation, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business. The liability for losses and LAE includes reserves for unpaid reported losses and losses incurred but not reported ("IBNR"). We establish reserves for unpaid reported losses and LAE based on reports from brokers, ceding companies and insureds and these represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us. The reserves for IBNR losses are established by us based on actuarially determined estimates of ultimate losses and LAE. Inherent in the estimate of ultimate losses and LAE are expected trends in claim severity and frequency, historical loss experience, industry statistics and other factors which may vary significantly as claims are settled. These estimates are reviewed regularly and are subject to the impact of future changes in the factors noted above as well as economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends. Any subsequent remeasurement of our reserves will be recorded in net income in the period in which they become known and reflected as part of the net increase or reduction in the estimates of ultimate losses included within net incurred losses and LAE in the consolidated statements of operations. Prior period development ("PPD") arises from changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years. Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future. Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses which can be beneficial to us as they legally extinguish liabilities in full, reducing the potential for future adverse loss development and future claims handling costs. Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition. Commutations are only executed directly with (re)insureds and any changes in ultimate losses are recognized upon the execution of a commutation or policy buyback with the (re)insured. Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of any associated fair value adjustments in that period. Our (re)insurance subsidiaries also establish provisions for unallocated loss adjustment expenses ("ULAE") for LAE relating to run-off costs for the estimated duration of the run-off, such as internal claim management or associated operational support costs, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of operations. Fair Value Option We have elected to apply the fair value option for certain reinsurance contracts including, loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE. The primary reason for electing the fair value option was to reduce the earnings volatility created by carrying the liabilities for losses and LAE at cost and the assets supporting those liabilities at fair value. During 2017 and 2018, we elected the fair value option on select new business and classified the supporting portfolio investments as trading securities, whereby all changes in fair value were recorded in the statements of operations. Commencing in 2019, we discontinued electing the fair value option on new business in order to better align with our evolving investment objectives. We use an internal model to calculate the fair value of the liability for losses and LAE and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE are inputs in our internal model. These liabilities are included in losses and LAE, at fair value on the consolidated balance sheets, and the changes in the liability are included in net incurred losses and LAE on the consolidated statements of operations.
Defendant Asbestos and Environmental Liabilities	Defendant asbestos and environmental liabilities ("defendant A&E liabilities") on our consolidated balance sheets include amounts for indemnity and defense costs for pending and future asbestos-related claims, determined using standard actuarial techniques for asbestos-related exposures. We acquired DCo and Morse TEC in 2016 and 2019, respectively. These companies hold liabilities associated with personal injury asbestos claims and environmental claims arising from their legacy manufacturing operations. DCo and Morse TEC continue to process asbestos personal injury claims. Defendant A&E liabilities also include amounts for environmental liabilities, associated with the acquired companies' properties, relating to estimated clean-up costs associated with the DCo’s and Morse TEC’s former operations based on engineering reports. Changes to our estimate of these liabilities are recorded to other income (expense) within the consolidated statements of operations in the period that our estimate is adjusted. Amounts billed to and due from insurers providing coverage for our defendant A&E liabilities are calculated in accordance with the terms of the individual insurance contracts. Insurance balances recoverable on our consolidated balance sheets include estimated insurance recoveries relating to our defendant asbestos liabilities. The recorded asset represents our assessment of the capacity of the insurance agreements to indemnify our subsidiaries for the anticipated defense and loss payments for pending claims and projected future claims. The recognition of these recoveries is based on an assessment of the right to recover under the respective contracts and on the financial strength of the insurers. The recorded asset does not represent the limits of our insurance coverage, but rather the amount we would expect to recover if the accrued and projected loss and defense costs were paid in full. On an ongoing basis, we evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant A&E liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer. Amounts deemed to be uncollectible, including amounts due from known insolvent insurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of other income (expense) in our consolidated statements of operations. Included within insurance balances recoverable and defendant A&E liabilities are the fair value adjustments that were initially recognized upon acquisition. These fair value adjustments are amortized in proportion to the actual payout of claims and recoveries.
Variable Interest Entities	We have investments in certain limited partnership funds which are deemed to be variable interest entities (“VIEs”) and which are included in other investments at the reported NAV. 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. Determining whether to consolidate a VIE may require judgment in assessing (i) whether an entity is a VIE, and (ii) if we are the entity’s primary beneficiary and thus required to consolidate the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of the activities that most significantly impact the VIE’s economic performance and an assessment of our ability to direct those activities based on governance provisions, contractual arrangements to provide or receive certain services, funding commitments and other applicable agreements and circumstances. Our assessment of whether we are the primary beneficiary of our VIEs requires significant assumptions and judgment.
Goodwill	Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of the cost of the acquired entity over the estimated fair value of such assets acquired and liabilities assumed. Goodwill is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. We perform our annual goodwill impairment testing during the fourth quarter based upon data as of December 31. If the goodwill asset is determined to be impaired it is written down in the period in which the determination is made.
Redeemable Noncontrolling Interests	We have both redeemable noncontrolling interests ("RNCI") and noncontrolling interests ("NCI") on our consolidated balance sheets. We have contracted with certain parties holding noncontrolling interests in certain of our subsidiaries. These contracts provided certain redemption rights to the holders, which may be settled in our own shares or cash or a combination of cash and shares, at our option. RNCI with redemption features that are not solely within our control is classified within temporary equity in the consolidated balance sheets and carried at their redemption value, which is fair value. Any change in the fair value is recognized through additional paid in capital as if the balance sheet date was also the redemption date. NCI, which is carried at book value, does not have redemption features and is classified within equity in the consolidated balance sheets.
Earnings Per Share	Basic earnings per share is based on the weighted average number of ordinary shares outstanding and excludes potentially dilutive securities such as restricted shares, restricted share units, warrants, options and convertible securities. Diluted earnings per share is based on the weighted average number of ordinary and ordinary share equivalents outstanding calculated using the treasury stock method for all potentially dilutive securities. When the effect of dilutive securities would be anti-dilutive, these securities are excluded from the calculation of diluted earnings per share.
Share-based Compensation	We use three types of share-based compensation arrangements: (i) restricted shares, restricted share units (“RSUs”) and performance share units ("PSUs"), (ii) joint share ownership program ("JSOP"), and (iii) shares issued under our employee share purchase plans. Our share-based compensation awards qualify for equity classification. We issue new shares once the awards have vested. For equity-classified awards, the fair value of the compensation cost is measured at the grant date and is expensed over the service period of the award within general and administrative expenses in the consolidated statements of operations. Expenses for the PSU awards are adjusted for changes in the performance multiplier on the award. We recognize forfeitures as they occur.
Income Taxes	Enstar is incorporated under the laws of Bermuda and is not required to pay taxes in Bermuda based upon income or capital gains under the Exempted Undertakings Tax Protection Act of 1996. However in December 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (the “Act”), which amended the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Act introduces a 15% corporate income tax on Bermuda businesses that are part of an In Scope Multinational Enterprise Group (“MNE Group”), effective for tax years beginning on or after January 1, 2025. An MNE Group is an In Scope MNE Group if, with respect to any fiscal year beginning on or after January 1, 2025, the MNE Group had annual revenue of €750 million or more in the consolidated financial statements for at least two of the four fiscal years immediately preceding such fiscal year. Based on annual revenue in our consolidated financial statements, we will be an In Scope MNE Group commencing with the tax year beginning on January 1, 2025. The ETA allows Bermuda subject entities to establish tax basis in the assets and liabilities of such Bermuda entities (as of September 30, 2023 (the “Basis Valuation Date”)) using fair values which results in deductible and taxable temporary differences which are reflected as deferred income tax assets and liabilities in the financial statements. For each asset and liability subject to the adjustment, the amount of the adjustment would generally be the difference, as of the Basis Adjustment Valuation Date, between each asset/liability’s fair market value and the carrying value of the item in the entity’s consolidated financial statements. We have foreign operating subsidiaries and branch operations principally located in the U.S., U.K., Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. The undistributed earnings from our foreign subsidiaries will be indefinitely reinvested in those jurisdictions where the undistributed earnings were earned. Deferred tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. Generally, when earnings are distributed as dividends, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to unremitted earnings because, solely for U.S. Federal income tax purposes, there are no accumulated positive earnings and profits that could be subject to U.S. dividend withholding tax. For our U.K. subsidiaries, there are no withholding taxes imposed as a matter of U.K. domestic tax law. For our other foreign subsidiaries, an insignificant amount of earnings is indefinitely reinvested; however, it would not be practicable to compute the related amounts of withholding taxes due to a variety of factors, including the amount, timing and manner of any repatriation. Because we operate in many jurisdictions, our net income are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate.

Income Taxation - Foreign Tax Credit Carryforward (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
United Kingdom	$ 8

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Schedule III - Supplementary Insurance Information

SCHEDULE III

ENSTAR GROUP LIMITED

SUPPLEMENTARY INSURANCE INFORMATION

(Expressed in millions of U.S. Dollars)


	As of December 31,								Year ended December 31,
	Deferred Acquisition Costs		Reserves for Losses and Loss Adjustment Expenses		Unearned Premiums		Policy Benefits for Life and Annuity Contracts (1)		Net Premiums Earned		Net Investment Income		Losses and Loss Expenses and Policy Benefits		Acquisition Costs		Other Operating Expenses		Net Premiums Written
2023
Run-off	$	4	$	12,779	$	171	$	—	$	43	$	—	$	(196)	$	10	$	177	$	96
Assumed Life	—		—		—		—		—		—		—		—		—		—
Investments	—		—		—		—		—		647		—		—		43		—
Legacy Underwriting	—		—		—		—		—		—		—		—		—		—
Corporate & Other	—		(420)		—		—		—		—		95		—		149		—
Total	$	4	$	12,359	$	171	$	—	$	43	$	647	$	(101)	$	10	$	369	$	96
2022
Run-off	$	7	$	13,337	$	114	$	—	$	40	$	—	$	(442)	$	22	$	143	$	(4)
Assumed Life	—		—		—		821		17		—		(30)		—		7		12
Investments	—		—		—		—		—		445		—		—		37		—
Legacy Underwriting	—		173		—		—		9		10		7		1		2		4
Corporate & Other	—		(503)		—		—		—		—		(218)		—		142		—
Total	$	7	$	13,007	$	114	$	821	$	66	$	455	$	(683)	$	23	$	331	$	12
2021
Run-off	$	14	$	13,117	$	171	$	—	$	182	$	—	$	(194)	$	44	$	188	$	35
Assumed Life	—		181		5		1,502		5		—		(2)		—		1		3
Investments	—		—		—		—		—		309		—		—		37		—
Legacy Underwriting	2		215		12		—		58		3		20		13		10		24
Corporate & Other	—		(255)		—		—		—		—		(58)		—		131		—
Total	$	16	$	13,258	$	188	$	1,502	$	245	$	312	$	(234)	$	57	$	367	$	62

(1) The liability for future policyholder benefits as of January 1, 2023 has been adjusted by $363 million 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.

Deferred Charge Assets and Deferred Gain Liabilities - Summary of the Effect of the Change in Accounting Principle (Consolidated Statements of Changes in Shareholders' Equity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, beginning of year	$ 5,160	$ 6,553
Net income (loss)	1,082	(906)	$ 502
Balance, end of year	5,648	5,160	6,553
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, beginning of year	4,406	5,312	4,809
Net income (loss)	1,218	(945)	553
Balance, end of year	5,190	4,406	5,312
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		(1,069)	437
As Previously Reported \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, beginning of year	4,016	5,085	4,647
Net income (loss)		(1,108)	488
Balance, end of year		4,016	5,085
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		163	65
Adjustment \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, beginning of year	$ 390	227	162
Net income (loss)		163	65
Balance, end of year		$ 390	$ 227

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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+ Details

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

+ References

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+ Details

Debt Obligations and Credit Facilities - Subordinated Notes (Details) - Junior Subordinated Notes - day					12 Months Ended
	Jan. 15, 2027	Sep. 01, 2025	Jan. 14, 2022	Aug. 30, 2020	Dec. 31, 2023
Junior Subordinated Notes, Due 2040
Debt Instrument [Line Items]
Interest rate, initial period				5 years
Interest rate					5.75%
Interest rate, reset period				5 years
Number of days before five-year period					2
Redemption price, percentage of principal amount					100.00%
Junior Subordinated Notes, Due 2040 \| Forecast \| Treasury rate
Debt Instrument [Line Items]
Basis spread on interest rate		5.468%
Junior Subordinated Notes, Due 2042
Debt Instrument [Line Items]
Interest rate, initial period			5 years
Interest rate					5.50%
Interest rate, reset period			5 years
Number of days before five-year period					2
Minimum percentage of principal amount held to be able to declare payable due immediately					25.00%
Junior Subordinated Notes, Due 2042 \| Forecast \| Treasury rate
Debt Instrument [Line Items]
Basis spread on interest rate	4.006%

Shareholders' Equity - Summary of Changes in Ownership Interest (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Dec. 28, 2022	Nov. 30, 2022
Equity [Abstract]
Net income (loss)		$ 1,082	$ (906)	$ 502
Transfers from noncontrolling and redeemable noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest and redeemable noncontrolling interests		18	0	0
Change from net income (loss) attributable to Enstar ordinary shareholders and net transfers from noncontrolling and redeemable noncontrolling interests		$ 1,100	$ (906)	$ 502
SSHL
Accumulated Other Comprehensive Income (Loss) [Line Items]
Redeemable noncontrolling interest, percentage of equity interests acquired	41.00%
EnhanzedRe \| Allianz
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ownership interest held by noncontrolling owners					24.90%	24.90%	24.90%

Segment Information - Summary of Operations by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 1,429	$ (1,058)	$ 789
Income (losses) from equity method investments	13	(74)	93
Net gain on purchase and sale of subsidiaries			26
Net incurred losses and LAE	101	708	231
Amortization of net deferred charge assets	(106)	(80)	(55)
General and administrative expenses	(369)	(331)	(367)
Interest expense	(90)	(89)	(69)
Net foreign exchange gains (losses)	0	15	12
Income tax benefit (expense)	250	12	(27)
Less: Net (income) loss attributable to noncontrolling interest	(100)	75	(15)
Less: Dividends on preferred shares	(36)	(36)	(36)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	1,082	(906)	502
Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,440	(1,070)	732
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	1,419	(891)	708
Operating Segments \| Run-off
Segment Reporting Information [Line Items]
Revenues	53	62	255
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	62	339	217
Operating Segments \| Assumed Life
Segment Reporting Information [Line Items]
Revenues	277	17	5
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	277	40	6
Operating Segments \| Investments
Segment Reporting Information [Line Items]
Revenues	1,110	(1,159)	429
Income (losses) from equity method investments	13	(74)	93
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	1,080	(1,270)	485
Operating Segments \| Legacy Underwriting
Segment Reporting Information [Line Items]
Revenues	0	10	43
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Revenues	(11)	12	57
Other income (expense)	(11)	12	(16)
Net gain on purchase and sale of subsidiaries	0	0	73
Net incurred losses and LAE	(95)	218	59
Policyholder benefit expenses	0	0	(1)
Amortization of net deferred charge assets	(106)	(80)	(55)
General and administrative expenses	(149)	(142)	(131)
Interest expense	(90)	(89)	(69)
Net foreign exchange gains (losses)	0	15	12
Income tax benefit (expense)	250	12	(27)
Less: Net (income) loss attributable to noncontrolling interest	(100)	75	(15)
Less: Dividends on preferred shares	(36)	(36)	(36)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS	$ (337)	$ (15)	$ (206)

Income Taxation - Tax Expense for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Domestic (Bermuda)	$ 0	$ 0	$ 0
Foreign	6	0	6
Total current tax expense	6	0	6
Deferred:
Domestic (Bermuda)	(205)	0	0
Foreign	(51)	(12)	21
Total deferred tax expense	(256)	(12)	21
Total income tax (benefit) expense attributable to continuing operations	$ (250)	$ (12)	$ 27

- Definition

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

+ References + Details

Investments - Available-for-sale Portfolio (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,704	$ 5,908
Gross Unrealized Gains	47	14
Non-Credit Related Losses	(412)	(628)
Allowance for Credit Losses	(16)	(33)	$ (10)
Fair Value	5,323	5,261
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	268	338
Gross Unrealized Gains	1	0
Non-Credit Related Losses	(19)	(28)
Allowance for Credit Losses	0	0
Fair Value	250	310
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	49	36
Gross Unrealized Gains	3	2
Non-Credit Related Losses	(1)	(2)
Allowance for Credit Losses	0	0
Fair Value	51	36
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	250	146
Gross Unrealized Gains	5	1
Non-Credit Related Losses	(8)	(15)
Allowance for Credit Losses	0	(1)	0
Fair Value	247	131
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,040	3,466
Gross Unrealized Gains	23	7
Non-Credit Related Losses	(268)	(428)
Allowance for Credit Losses	(15)	(32)	$ (10)
Fair Value	2,780	3,013
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	107	120
Gross Unrealized Gains	1	1
Non-Credit Related Losses	(15)	(22)
Allowance for Credit Losses	0	0
Fair Value	93	99
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	466	407
Gross Unrealized Gains	3	0
Non-Credit Related Losses	(37)	(45)
Allowance for Credit Losses	0	0
Fair Value	432	362
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	760	689
Gross Unrealized Gains	1	2
Non-Credit Related Losses	(57)	(63)
Allowance for Credit Losses	(1)	0
Fair Value	703	628
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	764	706
Gross Unrealized Gains	10	1
Non-Credit Related Losses	(7)	(25)
Allowance for Credit Losses	0	0
Fair Value	$ 767	$ 682

Related Party Transactions - EnhanzedRe (Details) - EnhanzedRe - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2021	Sep. 01, 2021
Related Party Transaction [Line Items]
Ownership percentage acquired	27.70%	27.70%
Payments to acquire investments	$ 217
Capital commitment assumed	$ 40	$ 40
Equity interest percentage before acquisition	47.40%	47.40%
Total equity interest, as a percentage	75.10%

Fair Value Measurements - Reconciliation for Investments Measured at Fair Value on Recurring Basis Level 3 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	$ 294	$ 347
Purchases	2	5
Sales	(48)	(15)
Net unrealized gains	$ 26	$ (43)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net unrealized gains (losses)	Net unrealized gains (losses)
Transfer into Level 3 from Level 2	$ 24	$ 0
Reclassification from non-recurring to recurring	25	0
Ending fair value	323	294
Fixed maturities \| Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	0
Purchases	0
Sales	0
Net unrealized gains	0
Transfer into Level 3 from Level 2	12
Reclassification from non-recurring to recurring	0
Ending fair value	12	0
Fixed maturities \| Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	0
Purchases	0
Sales	0
Net unrealized gains	0
Transfer into Level 3 from Level 2	11
Reclassification from non-recurring to recurring	0
Ending fair value	11	0
Equity Investments \| Over-the-counter
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	294	347
Purchases	2	5
Sales	(48)	(15)
Net unrealized gains	26	(43)
Transfer into Level 3 from Level 2	0	0
Reclassification from non-recurring to recurring	25	0
Ending fair value	299	294
Equity Investments \| Exchange traded
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value	0
Purchases	0
Sales	0
Net unrealized gains	0
Transfer into Level 3 from Level 2	1
Reclassification from non-recurring to recurring	0
Ending fair value	$ 1	$ 0

Noncontrolling Interests - Narrative (Details)
$ in Millions

Dec. 28, 2022

USD ($)

Dec. 31, 2023

USD ($)

subsidiary

Mar. 31, 2023

Dec. 31, 2022

USD ($)

subsidiary

Nov. 30, 2022

Noncontrolling Interest [Line Items]

Noncontrolling interest

^[1]

$ 113

$ 186

Noncontrolling Interest, Number Of Subsidiaries | subsidiary

EnhanzedRe | Allianz

Noncontrolling Interest [Line Items]

Payments to acquire interest in subsidiaries and affiliates

$ 175

EnhanzedRe | Allianz

Noncontrolling Interest [Line Items]

Ownership interest held by noncontrolling owners

24.90%

[1]	Amounts have been retrospectively adjusted for all applicable prior periods for the impact of adopting ASU 2018-12 on January 1, 2023. Refer to Notes 2 and 12 for additional information.

- Definition

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

+ References

+ Details

Related Party Transactions - Monument (Details) - Monument	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Related Party Transaction [Line Items]
Ownership percentage	20.00%	20.00%
Investee
Related Party Transaction [Line Items]
Ownership percentage	20.00%
Percentage of preferred shares owned on committed capital basis	13.70%
Investee \| Stone Point Capital
Related Party Transaction [Line Items]
Percentage of preferred shares owned on committed capital basis	11.20%

Shareholders' Equity - Authorized Share Capital (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Ordinary shares, par value (in dollars per share)	$ 1	$ 1
Authorized ordinary shares (in shares)	111,000,000	111,000,000
Preferred shares, par value (in dollars per share)	$ 1.00
Authorized preferred shares (in shares)	45,000,000	45,000,000

Deferred Charge Assets and Deferred Gain Liabilities - Schedule of Deferred Charge Assets and Deferred Gain Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DCA
DCAs on retroactive reinsurance	$ 658	$ 599	$ 401
Recorded during the year	179	140	254
Amortization	(106)	(81)	(56)
DCAs on retroactive reinsurance	731	658	599
DGL
Beginning carrying value	0	1	20
Recorded during the year	0	0	11
Realized on acquisition	0	0	(29)
Amortization	0	(1)	(1)
Ending carrying value	0	0	1
Net
Beginning carrying value	658	598	381
New business	179	140	243
Realized on acquisition	0	0	29
Amortization	(106)	(80)	(55)
Ending carrying value	$ 731	$ 658	$ 598

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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 income per ordinary share:


	2023		2022		2021
Numerator:	(in millions of U.S. dollars, except share data)
Earnings (loss) per share attributable to Enstar ordinary shareholders:


Net income (loss) attributable to Enstar ordinary shareholders	$	1,082	$	(906)	$	502
Denominator:
Weighted-average ordinary shares outstanding — basic (1)	15,631,770		17,207,229		19,821,259
Effect of dilutive securities:
Share-based compensation plans (2)	170,848		115,901		225,213
Warrants (3)	—		—		80,659

Weighted-average ordinary shares outstanding — diluted (4)	15,802,618		17,323,130		20,127,131
Earnings (loss) per share attributable to Enstar ordinary shareholders:



Basic	$	69.22	$	(52.65)	$	25.33



Diluted (4)	$	68.47	$	(52.65)	$	24.94

Significant New Business

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

SIGNIFICANT NEW BUSINESS

3. 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 December 31, 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
AIG (4)	100		—		—		Prospective insurance (5)	400		Diversified mix of global casualty and professional lines	North America and International




Total 2023	$	2,136	$	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 $26 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.

(4) Total consideration received is comprised of $100 million of cash.

Derivatives and Hedging Instruments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2023	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount			$ 751	$ 693
Interest Rate Swap
Derivative [Line Items]
Derivative, term of contract	3 years	2 months
Interest Rate Swap \| Derivatives not designated as hedging instruments
Derivative [Line Items]
Notional amount		$ 800

Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

LOSSES AND LOSS ADJUSTMENT EXPENSES

11. LOSSES AND LOSS ADJUSTMENT EXPENSES

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

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

The liability for losses and LAE includes reserves for unpaid reported losses and losses incurred but not reported ("IBNR").

We establish reserves for unpaid reported losses and LAE based on reports from brokers, ceding companies and insureds and these represent the estimated ultimate cost of events or conditions that have been reported to or specifically identified by us.

The reserves for IBNR losses are established by us based on actuarially determined estimates of ultimate losses and LAE. Inherent in the estimate of ultimate losses and LAE are expected trends in claim severity and frequency, historical loss experience, industry statistics and other factors which may vary significantly as claims are settled.

These estimates are reviewed regularly and are subject to the impact of future changes in the factors noted above as well as economic conditions including the impact of inflation, legal and judicial developments, and medical cost trends.

Any subsequent remeasurement of our reserves will be recorded in net income in the period in which they become known and reflected as part of the net increase or reduction in the estimates of ultimate losses included within net incurred losses and LAE in the consolidated statements of operations.

Prior period development ("PPD") arises from changes to loss estimates recognized in the current calendar year that relate to loss reserves established in previous calendar years.

Our estimates, at inception and on an ongoing basis, do not include an estimate for potential future commutations and policy buybacks. Commutations and policy buybacks are often unique and circumstance-based, and each commutation or policy buyback is separately negotiated. Therefore, the successful execution of one commutation or policy buyback does not necessarily impact the likelihood of other commutations or policy buybacks occurring in the future.

Commutations and policy buybacks provide an opportunity for us to exit exposures to certain policies and insureds generally at a discount to our estimate of the ultimate liability and provide us with the ability to eliminate exposure to further losses which can be beneficial to us as they legally extinguish liabilities in full, reducing the potential for future adverse loss development and future claims handling costs.

Commutations of acquired companies’ exposures have the effect of accelerating the payout of claims compared to the probability-weighted ranges of actuarially projected cash flows that we applied when estimating the fair values of assets and liabilities at the time of acquisition.

Commutations are only executed directly with (re)insureds and any changes in ultimate losses are recognized upon the execution of a commutation or policy buyback with the (re)insured.

Any material acceleration of payout together with the impact of any material loss reserve savings in any period will also accelerate the amortization of any associated fair value adjustments in that period.

Our (re)insurance subsidiaries also establish provisions for unallocated loss adjustment expenses ("ULAE") for LAE relating to run-off costs for the estimated duration of the run-off, such as internal claim management or associated operational support costs, which are included in the liability for losses and LAE. These provisions are assessed at each reporting date, and provisions relating to future periods are adjusted to reflect any changes in estimates of the periodic run-off costs or the duration of the run-off, including the impact of any acceleration of the run-off period that

may be caused by commutations. Provisions relating to the current period together with any adjustment to future run-off provisions are included in net incurred losses and LAE in the consolidated statements of operations.

Fair Value Option

We have elected to apply the fair value option for certain reinsurance contracts including, loss portfolio transfers ("LPTs") and reinsurance to close ("RITC") transactions. This is an irrevocable election that applies to all balances under the reinsurance contract, including reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE. The primary reason for electing the fair value option was to reduce the earnings volatility created by carrying the liabilities for losses and LAE at cost and the assets supporting those liabilities at fair value. During 2017 and 2018, we elected the fair value option on select new business and classified the supporting portfolio investments as trading securities, whereby all changes in fair value were recorded in the statements of operations. Commencing in 2019, we discontinued electing the fair value option on new business in order to better align with our evolving investment objectives.

We use an internal model to calculate the fair value of the liability for losses and LAE and the reinsurance balances recoverable on paid and unpaid losses. The nominal amounts related to reinsurance balances recoverable on paid and unpaid losses and the liability for losses and LAE are inputs in our internal model. These liabilities are included in losses and LAE, at fair value on the consolidated balance sheets, and the changes in the liability are included in net incurred losses and LAE on the consolidated statements of operations.

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


	2023		2022		2021
	(in millions of U.S. dollars)
Balance as of January 1	$	13,007	$	13,258	$	10,593
Losses and LAE relating to SGL No.1 (1)	—		—		255
Reinsurance reserves recoverable (2)	(996)		(1,332)		(1,830)
Reinsurance reserves recoverable relating to SGL No. 1 (1)	—		—		(90)


Net balance as of January 1	12,011		11,926		8,928
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	28		46		168
Increase in provisions for ULAE	2		2		4
Total current period	30		48		172
Prior periods:
Reduction in estimates of net ultimate losses	(157)		(403)		(281)
Reduction in provisions for ULAE	(69)		(135)		(63)

Amortization of fair value adjustments (3)	17		(18)		16
Changes in fair value - fair value option (4)	78		(200)		(75)
Total prior periods	(131)		(756)		(403)
Total net incurred losses and LAE	(101)		(708)		(231)
Net paid losses:
Current period	—		(3)		(29)
Prior periods	(2,467)		(1,677)		(1,402)
Total net paid losses	(2,467)		(1,680)		(1,431)
Other changes:
Effect of exchange rate movement	87		(187)		(63)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(21)		—		—

Acquired business (5)	—		—		1,127
Assumed business	2,215		2,660		3,699
Ceded business (6)	(139)		—		(103)

Total other changes	2,142		2,473		4,660
Net balance as of December 31	11,585		12,011		11,926
Reinsurance reserves recoverable (2)	774		996		1,332

Balance as of December 31	$	12,359	$	13,007	$	13,258

Reconciliation to Consolidated Balance Sheet:
Loss and loss adjustment expenses	$	11,196	$	11,721
Loss and loss adjustment expenses, at fair value	1,163		1,286
Total	$	12,359	$	13,007

(2) Excludes paid losses recoverable.

(4) Comprises discount rate and risk margin components.

of our reinsurance subsidiaries. These pre-existing relationships were fair valued at $271 million in accordance with the acquisition method of accounting.

Prior Period Development (“PPD”)

Reduction in Estimates of Net Ultimate Losses

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


	2023		2022		2021
	(in millions of U.S. dollars)
Run-off segment:
Asbestos	$	23	$	(14)	$	(16)
Environmental	(1)		(6)		7
General casualty	127		57		116
Workers' compensation	(200)		(318)		(234)
Marine, aviation and transit	(2)		(56)		(47)
Construction defect	17		(25)		(33)
Professional indemnity/Directors and Officers	(11)		(10)		(31)
Motor	(28)		74		43
Property	(68)		(35)		(45)
All Other	(14)		(22)		(37)
Total Run-off segment	(157)		(355)		(277)
Total Assumed Life segment	—		(52)		—
Total Legacy Underwriting segment	—		4		(4)
Total	$	(157)	$	(403)	$	(281)

2023: The reduction in estimates of net ultimate losses of $157 million related to prior periods was driven by development in the following Run-off segment lines of business:

•Workers’ Compensation - The workers' compensation line of business experienced $200 million of favorable development, most notably in our 2018, 2019 and 2021 acquisition years, as a result of continued favorable incurred development driven by:

◦lower severity trends on certain existing claims;

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

◦favorable claim settlements, including accelerated and favorable claim settlement patterns on certain portfolios.

•Property - The property line of business experienced $68 million of favorable development, most notably in the 2022 acquisition year, as a result of continued favorable claims experience.

•General Casualty - The experience in the general casualty reserves was adverse by $127 million. This was driven by higher average incurred severities as compared to assumptions, most notably in our 2019 and 2020 acquisition years.

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

◦Our 2019 acquisition year ADC general casualty liabilities showed ground up adverse development which has resulted in higher loss estimates.

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

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

◦lower severity trends on certain existing claims;

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

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

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

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

•Motor - The experience in the motor line was adverse by $74 million due to higher-than-expected claims severity relating to our 2020 acquisition year.

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

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

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

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

2021: The reduction in estimates of net ultimate losses of $281 million related to prior periods was primarily driven by development in the following Run-off segment lines of business:

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

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

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

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

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

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

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

Reduction in Provisions for ULAE

During 2023, 2022 and 2021, the favorable reduction in provisions for ULAE 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, which favorably impacted PPD. The reduction in provisions for ULAE in 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

During 2023, PPD was adversely impacted by changes in the fair value of liabilities for which we previously elected the fair value option of $78 million, which was primarily driven by an increase in the average payout period of the underlying liabilities and a decrease in global corporate bond yields.

During 2022 and 2021, decreases in the fair value of liabilities for which we have elected the fair value option of $200 million and $75 million, respectively, were primarily driven by an increase in corporate bond yields, which favorably impacted PPD.

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

Loss Development Information

Methodology for Establishing Reserves (Excluding Asbestos and Environmental Claims)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Asbestos and Environmental Reserving Methodologies

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

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

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

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

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

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

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

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

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

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

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

The net liability for unpaid losses and LAE as of December 31, 2023 and 2022 included $1.8 billion and $2.0 billion, respectively, which represented an estimate of the net ultimate liability for A&E claims. The gross liability for such claims as of December 31, 2023 and 2022 was $1.9 billion and $2.0 billion, respectively.

The decreases on a net and gross basis, respectively, in 2023 were primarily due to net paid losses during the year.

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

The loss development tables set forth our historic incurred and paid loss development through December 31, 2023, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information for our segment lines of business with material net losses and LAE balances as of December 31, 2023.

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

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

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

•StarStone International: Effective January 1, 2021, StarStone International (an active underwriting business we had discontinued) reserves totaling $955 million were transferred from the Legacy Underwriting segment to the Run-off segment.

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

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

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

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

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

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

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

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

•PPD: PPD included in the loss development tables is calculated as follows: i) for acquisition years 2022 and prior, subtract the 2022 calendar year net cumulative incurred losses and ALAE from the 2023 calendar year for all accident years excluding 2023; and ii) add the result of subtracting the 2023 acquisition year net reserves acquired from the 2023 net cumulative incurred losses and ALE for all accident year excluding 2023.

•Foreign Exchange: The loss development tables exclude the impact of foreign exchange rates. Historical amounts are disclosed on a constant-currency basis, which is achieved by using constant foreign exchange rates between years in the loss development tables, and translating prior year amounts denominated in currencies other than the U.S. dollar, which is our reporting currency, using the closing exchange rates as of December 31, 2023.

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

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

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

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

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

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

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

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

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

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

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

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

•Supplemental Information: The information related to net incurred and paid loss development for all calendar years preceding the year ended December 31, 2023, as well as 2013 and prior accident year and all acquisition

year information (including net acquired reserves), and the related historical average claims payout percentage disclosure is unaudited and is presented as supplementary information.


Run-off Segment
Asbestos
				Net cumulative incurred losses and allocated loss adjustment expenses																Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Acquired Reserves		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
























2016	2013 and Prior	$	507	$	506	$	565	$	563	$	582	$	632	$	635	$	635	$	635	$	—	$	154	2,118











2017	2013 and Prior	886				816		761		799		810		791		777		797		20		438		6,458











2018	2013 and Prior	54						49		46		3		1		—		(1)		(1)		2		31











2019	2013 and Prior	366								367		354		356		355		356		1		92		1,291























2021	2013 and Prior	386												386		385		385		—		152		2,059



































	Grand Total	$	2,199															$	2,172	$	20	$	838	11,957

Net cumulative paid losses and ALAE (from table below)										(834)

2014 to 2023 acquisition years - net liabilities for losses and ALAE										1,338
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years										161				3
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years										$	1,499			$	23


Run-off Segment
Asbestos
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
























2016	2013 and Prior		20	71	124	183	228	268	299	332











2017	2013 and Prior			18	50	85	124	165	203	249











2018	2013 and Prior				(1)	(3)	(2)	(2)	(2)	(2)











2019	2013 and Prior					4	45	89	135	170























2021	2013 and Prior							(1)	52	85



































	Grand Total									$	834


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	57	$	76	$	81	$	83	$	81	$	79	$	80	$	87	$	77	$	76	$	74	$	(2)	$	2	957
2014	2014	—		1		1		—		—		1		1		2		1		1		1		—		—		3
2014	2015	—				—		—		—		—		—		—		—		—		—		—		—		2
2014	2016	—						—		—		—		—		—		—		—		—		—		—		1
2014	2017	—								—		—		—		—		—		—		—		—		—		1






	Total	57		77		82		83		81		80		81		89		78		77		75		(2)		2		964
2015	2013 and Prior	130				91		96		99		96		92		94		95		96		94		(2)		—		5,617
2015	2014	33				20		23		27		29		45		38		38		40		42		2		1		1,167
2015	2015	4				10		9		9		11		16		21		18		19		18		(1)		2		1,345
2015	2016	—						2		2		2		2		3		5		5		5		—		1		250
2015	2017	—								—		—		—		—		—		—		—		—		—		37
2015	2018	—										2		1		1		1		1		1		—		1		12
2015	2019	—												2		2		2		2		2		—		2		1
2015	2020	—														2		2		2		2		—		2		—
2015	2021	—																1		1		1		—		1		—


	Total	167				121		130		137		140		158		161		162		166		165		(1)		10		8,429
2016	2013 and Prior	(1)						4		9		8		8		6		5		4		4		—		—		1,787










	Total	(1)						4		9		8		8		6		5		4		4		—		—		1,787
2017	2013 and Prior	200								177		161		145		141		139		136		133		(3)		1		405










	Total	200								177		161		145		141		139		136		133		(3)		1		405
2018	2013 and Prior	178										152		142		135		136		138		138		—		10		51,769
2018	2014	50										49		47		43		46		47		49		2		4		2,147
2018	2015	91										91		96		92		93		100		113		13		—		3,152
2018	2016	63										63		81		83		83		90		91		1		4		3,366
2018	2017	38										41		42		49		52		50		47		(3)		5		1,037
2018	2018	40										40		41		39		36		34		42		8		1		641
2018	2019	—												7		6		7		7		7		—		—		8
2018	2020	—														—		—		—		—		—		—		1
2018	2021	—																—		—		—		—		—		1
2018	2022	—																		—		—		—		—		1

	Total	460										436		456		447		453		466		487		21		24		62,123
2019	2013 and Prior	34												30		31		38		31		34		3		12		3,196
2019	2014	24												20		17		29		18		23		5		15		771
2019	2015	71												64		60		68		56		76		20		28		1,329
2019	2016	34												33		31		37		40		51		11		32		2,688
2019	2017	40												48		48		59		74		88		14		40		1,933
2019	2018	49												49		50		54		52		68		16		44		405
2019	2019	—												1		2		2		2		2		—		—		249
2019	2020	—														—		—		—		—		—		—		148
2019	2021	—																—		—		1		1		—		82
2019	2022	—																		—		—		—		—		56
2019	2023	—																				—				—		7


Run-off Segment
General Casualty
			Net cumulative incurred losses and allocated loss adjustment expenses										Year Ended December 31, 2023	As of December 31, 2023
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
	Total	252						245	239	287	273	343	70	171	10,864
2020(1)	2013 and Prior	49							45	41	48	47	(1)	4	404
2020(1)	2014	33							36	34	51	56	5	7	248
2020(1)	2015	62							63	53	67	75	8	17	362
2020(1)	2016	69							71	70	94	111	17	24	484
2020(1)	2017	52							47	55	71	83	12	28	542
2020(1)	2018	59							56	47	62	71	9	14	366
2020(1)	2019	109							108	99	88	104	16	41	511
2020(1)	2020	84							83	94	83	58	(25)	33	551



	Total	517							509	493	564	605	41	168	3,468
2021	2013 and Prior	206								211	199	271	72	253	10,858
2021	2014	66								64	61	78	17	63	5,145
2021	2015	137								140	131	129	(2)	90	7,295
2021	2016	193								203	197	198	1	145	7,915
2021	2017	296								305	325	337	12	207	6,729
2021	2018	376								371	414	353	(61)	263	5,791
2021	2019	423								427	479	449	(30)	323	4,727
2021	2020	60								75	42	47	5	6	898
2021	2021	—								1	—	1	1	—	183
2021	2022	—									—	—	—	—	137
2021	2023	—										—		—	25
	Total	1,757								1,797	1,848	1,863	15	1,350	49,703
2022(1)	2013 and Prior	625							137	115	442	351	(91)	50	23,029
2022(1)	2014	188							55	43	140	142	2	12	6,330
2022(1)	2015	258							80	65	172	154	(18)	39	6,020
2022(1)	2016	310							75	102	70	219	149	90	6,012
2022(1)	2017	351							91	98	218	234	16	71	8,101
2022(1)	2018	388							84	97	403	285	(118)	102	8,810
2022(1)	2019	440							94	136	460	498	38	127	8,984
2022(1)	2020	—							—	—	—	(10)	(10)	2	86
2022(1)	2021	—								—	—	—	—	—	19
2022(1)	2022	—									—	—	—	—	13
2022(1)	2023	—										1		2	13
	Total	2,560							616	656	1,905	1,874	(32)	495	67,417
2023	2013 and Prior	84										86	2	2	105,148
2023	2014	10										14	4	5	43,842
2023	2015	15										15	—	4	38,404
2023	2016	21										23	2	7	36,346
2023	2017	41										39	(2)	12	34,482
2023	2018	55										56	1	15	31,525
2023	2019	94										111	17	41	14,566
2023	2020	122										125	3	79	3,742
2023	2021	71										66	(5)	56	4


Run-off Segment
General Casualty
				Net cumulative incurred losses and allocated loss adjustment expenses													Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018		2019	2020		2021	2022	2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2023	2022	16													12		(4)		13		1

	Total	529													547		18		234		308,060
	Grand Total	$	6,498												$	6,096	$	127	$	2,455	513,220


Net cumulative paid losses and ALAE (from table below)								(2,116)
2014 to 2023 acquisition years - net liabilities for losses and ALAE								3,980
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								81			—
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								$	4,061		$	127


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	34	$	37	$	45	$	47	$	51	$	55	$	56	$	59	$	65	$	66
2014	2014	—		—		—		—		1		1		1		1		1		1









	Total	34		37		45		47		52		56		57		60		66		67
2015	2013 and Prior			26		37		50		64		74		80		84		87		92
2015	2014			3		7		15		20		28		32		32		34		37
2015	2015			1		1		2		6		12		14		14		18		18
2015	2016					—		—		—		1		1		2		4		5







	Total			30		45		67		90		115		127		132		143		152
2016	2013 and Prior					1		2		2		3		4		3		4		3










	Total					1		2		2		3		4		3		4		3
2017	2013 and Prior							34		67		87		100		106		112		117










	Total							34		67		87		100		106		112		117
2018	2013 and Prior									17		43		66		79		89		96
2018	2014									4		15		22		29		33		36
2018	2015									17		32		45		60		69		92
2018	2016									11		33		47		57		67		79
2018	2017									—		12		24		32		37		44
2018	2018									—		9		17		26		30		38
2018	2019											2		3		6		6		7




	Total									49		146		224		289		331		392
2019	2013 and Prior											7		10		11		13		13


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2019	2014						4	2	3	1	2
2019	2015						3	12	15	24	32
2019	2016						(2)	(1)	(1)	3	5
2019	2017						7	10	14	16	17
2019	2018						1	3	4	5	4
2019	2019						—	1	1	1	1




	Total						20	37	47	63	74
2020	2013 and Prior							4	12	30	37
2020	2014							6	15	35	49
2020	2015							11	21	37	51
2020	2016							10	35	53	74
2020	2017							4	24	39	50
2020	2018							—	17	33	56
2020	2019							—	19	33	61
2020	2020							2	9	20	23



	Total							37	152	280	401
2021	2013 and Prior								2	6	13
2021	2014								2	11	15
2021	2015								9	18	30
2021	2016								16	24	37
2021	2017								24	51	77
2021	2018								6	44	65
2021	2019								3	26	41
2021	2020								9	17	21



	Total								71	197	299
2022	2013 and Prior									20	68
2022	2014									7	38
2022	2015									8	35
2022	2016									9	43
2022	2017									11	51
2022	2018									10	47
2022	2019									12	243
2022	2020									—	5


2022	2023										2
	Total									77	532
2023	2013 and Prior										6
2023	2014										3
2023	2015										3
2023	2016										7
2023	2017										4
2023	2018										17
2023	2019										24
2023	2020										13
2023	2021										2


Run-off Segment
General Casualty
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
	Total										79
	Grand Total										$	2,116


Run-off Segment
General Casualty
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2014	45.33	%	4.00	%	10.67	%	2.67	%	6.67	%	5.33	%	1.33	%	4.00	%	8.00	%	1.33	%
2015	18.18	%	9.09	%	13.33	%	13.94	%	15.15	%	7.27	%	3.03	%	6.67	%	5.45	%
2016	25.00	%	25.00	%	—	%	25.00	%	25.00	%	(25.00)	%	25.00	%	(25.00)	%
2017	25.56	%	24.81	%	15.04	%	9.77	%	4.51	%	4.51	%	3.76	%
2018	10.06	%	19.92	%	16.02	%	13.35	%	8.62	%	12.53	%
2019	5.83	%	4.96	%	2.92	%	4.66	%	3.21	%
2020	6.12	%	19.01	%	21.16	%	20.00	%
2021	3.81	%	6.76	%	5.48	%
2022	4.11	%	24.28	%
2023	14.44	%


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses																		Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited












2015	2013 and Prior	$	1,298	$	1,180	$	871	$	817	$	771	$	729	$	715	$	699	$	696	$	685	$	(11)	$	35	14,183
2015	2014	84		89		84		84		81		80		82		83		82		83		1		—		3,956
2015	2015	7		22		16		15		15		14		15		14		14		14		—		1		5,280
2015	2016	—				1		1		1		1		1		1		—		—		—		—		10,722
2015	2017	—						—		—		—		—		—		—		—		—		—		2,251
2015	2018	—								—		—		—		—		—		—		—		—		10





	Total	1,389		1,291		972		917		868		824		813		797		792		782		(10)		36		36,402
2016	2013 and Prior	466				466		434		471		457		399		392		389		388		(1)		13		10,533










	Total	466				466		434		471		457		399		392		389		388		(1)		13		10,533
2017	2013 and Prior	145						104		112		117		110		104		84		79		(5)		10		21










	Total	145						104		112		117		110		104		84		79		(5)		10		21
2018	2013 and Prior	244								233		226		220		224		209		199		(10)		48		6,896
2018	2014	62								63		57		53		51		52		49		(3)		8		1,517
2018	2015	37								37		33		32		30		29		26		(3)		5		1,438
2018	2016	44								45		40		39		40		37		35		(2)		8		1,281
2018	2017	53								55		49		47		47		46		43		(3)		9		1,132
2018	2018	65								65		60		60		55		56		48		(8)		7		975
2018	2019	—										21		21		21		21		20		(1)		—		124
2018	2020	—												—		—		—		—		—		—		2
2018	2021	—														—		—		—		—		—		1


	Total	505								498		486		472		468		450		420		(30)		85		13,366
2019	2013 and Prior	30										27		27		41		39		36		(3)		19		13,904
2019	2014	35										37		37		31		31		29		(2)		14		3,240
2019	2015	55										54		54		44		42		39		(3)		20		4,260
2019	2016	82										82		83		61		57		53		(4)		22		5,040
2019	2017	87										88		90		66		62		57		(5)		28		2,432
2019	2018	119										119		119		82		71		63		(8)		37		372
2019	2019	—										—		—		—		—		—		—		—		14
2019	2020	—												—		—		—		—		—		—		3
2019	2021	—														—		—		—		—		—		1


	Total	408										407		410		325		302		277		(25)		140		29,266
2020	2013 and Prior	208												121		105		90		92		2		23		8
2020	2014	—												—		1		1		—		(1)		—		16
2020	2015	2												2		2		1		1		—		—		56
2020	2016	3												3		3		3		2		(1)		—		131
2020	2017	2												2		2		1		1		—		—		129
2020	2018	10												10		8		8		7		(1)		1		335
2020	2019	32												32		26		26		26		—		3		677
2020	2020	32												33		26		28		29		1		3		1,225



	Total	289												203		173		158		158		—		30		2,577
2021	2013 and Prior	1,031														966		783		676		(107)		148		20,978
2021	2014	13														14		15		14		(1)		6		2,148


Run-off Segment
Workers' Compensation
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2015	2016	2017	2018	2019	2020		2021	2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2021	2015	43									35	30		34		4		13		3,553
2021	2016	55									54	49		45		(4)		17		3,919
2021	2017	46									46	42		36		(6)		14		5,941
2021	2018	66									64	55		54		(1)		25		5,287
2021	2019	46									47	42		41		(1)		11		5,126
2021	2020	46									56	55		54		(1)		4		6,451
2021	2021	—									23	19		21		2		5		4,121
2021	2022	—										3		3		—		—		26
2021	2023	—												—		—		—		1
	Total	1,346									1,305	1,093		978		(115)		243		57,551
2022	2013 and Prior	3										4		1		(3)		—		4,328
2022	2014	2										3		1		(2)		—		650
2022	2015	3										5		3		(2)		—		304
2022	2016	2										1		3		2		—		239
2022	2017	5										5		3		(2)		(1)		240
2022	2018	11										9		9		—		5		356
2022	2019	18										11		6		(5)		—		518




	Total	44										38		26		(12)		4		6,635












	Grand Total	$	4,592											$	3,108	$	(198)	$	561	$	156,351


Net cumulative paid losses and ALAE (from table below)									(1,501)
2014 to 2023 acquisition years - net liabilities for losses and ALAE									1,607
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									133			(2)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years									$	1,740		$	(200)


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited












2015	2013 and Prior		89	206	290	355	401	432	463	477	502
2015	2014		18	38	54	67	75	78	79	79	81
2015	2015		3	8	10	11	12	12	12	13	13








	Total		110	252	354	433	488	522	554	569	596
2016	2013 and Prior			41	76	104	143	175	198	216	237










	Total			41	76	104	143	175	198	216	237
2017	2013 and Prior				26	33	46	57	61	53	56










	Total				26	33	46	57	61	53	56
2018	2013 and Prior					5	29	52	61	74	92
2018	2014					3	14	21	28	32	37
2018	2015					1	3	8	11	14	18
2018	2016					—	5	8	13	16	21
2018	2017					—	7	10	12	16	24
2018	2018					—	29	34	36	37	39
2018	2019						13	16	16	16	19




	Total					9	100	149	177	205	250
2019	2013 and Prior						1	1	1	1	1
2019	2014						2	3	4	4	4
2019	2015						3	4	4	4	4
2019	2016						5	9	10	11	12
2019	2017						2	4	5	7	8
2019	2018						1	1	1	1	1





	Total						14	22	25	28	30
2020	2013 and Prior							2	10	14	22


2020	2016							—	1	1	2
2020	2017							—	1	1	1
2020	2018							—	1	4	4
2020	2019							1	10	15	19
2020	2020							1	10	18	23



	Total							4	33	53	71
2021	2013 and Prior								16	54	105
2021	2014								2	3	5
2021	2015								3	8	12
2021	2016								5	14	18
2021	2017								7	13	17
2021	2018								6	13	19
2021	2019								8	16	21
2021	2020								23	37	43
2021	2021								4	10	13


	Total								74	168	253
2022	2013 and Prior									—	1


Run-off Segment
Workers' Compensation
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2022	2015									—	1
2022	2016									—	1
2022	2017									—	2
2022	2018									—	3





	Total									—	8












	Grand Total										$	1,501


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

2015	14.07	%	18.16	%	13.04	%	10.10	%	7.03	%	4.35	%	4.09	%	1.92	%	3.45	%
2016	10.57	%	9.02	%	7.22	%	10.05	%	8.25	%	5.93	%	4.64	%	5.41	%
2017	32.91	%	8.86	%	16.46	%	13.92	%	5.06	%	(10.13)	%	3.80	%
2018	2.14	%	21.67	%	11.67	%	6.67	%	6.67	%	10.71	%
2019	5.05	%	2.89	%	1.08	%	1.08	%	0.72	%
2020	2.53	%	18.35	%	12.66	%	11.39	%
2021	7.57	%	9.61	%	8.69	%
2022	—	%	30.77	%


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	103	$	102	$	136	$	123	$	125	$	120	$	113	$	110	$	111	$	111	$	110	$	(1)	$	4	5,553
2014	2014	—		7		5		5		4		6		5		5		9		10		10		—		1		549
2014	2015	—				—		6		9		8		6		6		2		2		2		—		—		76
2014	2016	—						—		—		—		—		—		—		—		—		—		—		18
2014	2017	—								—		—		—		—		—		—		—		—		—		24
2014	2018	—										—		—		—		—		—		—		—		—		13
2014	2019	—												—		—		—		—		—		—		—		5
2014	2020	—														—		—		—		—		—		—		5
2014	2021	—																—		—		—		—		—		3


	Total	103		109		141		134		138		134		124		121		122		123		122		(1)		5		6,246












2016	2013 and Prior	119						115		118		117		104		102		98		95		85		(10)		(7)		3,010










	Total	119						115		118		117		104		102		98		95		85		(10)		(7)		3,010












2018	2013 and Prior	354										355		309		306		299		281		264		(17)		14		65,999
2018	2014	69										63		66		65		64		69		73		4		3		3,688
2018	2015	49										63		70		70		57		61		47		(14)		(7)		3,831
2018	2016	16										36		40		55		71		76		87		11		9		2,186
2018	2017	1										3		7		8		11		12		28		16		4		200
2018	2018	—										—		1		1		1		1		1		—		—		14
2018	2019	—												—		—		—		—		—		—		—		8
2018	2020	—														—		—		1		1		—		—		24
2018	2021	—																—		—		—		—		—		3
2018	2022	—																		—		—		—		—		1

	Total	489										520		493		505		503		501		501		—		23		75,954
2019	2013 and Prior	86												69		57		56		52		70		18		6		14,338
2019	2014	44												28		26		23		25		24		(1)		1		3,923
2019	2015	64												61		36		35		34		28		(6)		(2)		4,652
2019	2016	15												37		47		56		49		42		(7)		3		5,425
2019	2017	6												19		35		38		42		43		1		5		3,150
2019	2018	—												4		4		4		4		(4)		(8)		1		385
2019	2019	—												2		1		2		2		2		—		—		64
2019	2020	—														—		—		—		—		—		—		41
2019	2021	—																—		—		—		—		—		7
2019	2022	—																		—		—		—		—		11
2019	2023	—																				—				—		8
	Total	215												220		206		214		208		205		(3)		14		32,004
2020 (1)	2013 and Prior	1														1		1		1		1		—		—		11
2020 (1)	2014	—														—		—		—		—		—		—		3
2020 (1)	2015	1														1		1		—		—		—		—		3
2020 (1)	2016	—														—		—		—		—		—		—		8
2020 (1)	2017	1														1		1		(1)		(1)		—		—		42
2020 (1)	2018	13														13		14		12		12		—		1		123
2020 (1)	2019	32														32		21		31		32		1		4		157


Run-off Segment
Professional Indemnity / Directors and Officers
				Net cumulative incurred losses and allocated loss adjustment expenses											Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2020 (1)	2020	35								35	37	32	32		—		2		163



	Total	83								83	75	75	76		1		7		510
2021	2013 and Prior	82									92	71	31		(40)		8		7,451
2021	2014	21									22	20	18		(2)		9		1,927
2021	2015	43									46	34	26		(8)		12		2,553
2021	2016	45									45	38	34		(4)		19		2,362
2021	2017	74									67	67	64		(3)		24		3,084
2021	2018	142									133	120	112		(8)		44		3,368
2021	2019	176									162	186	176		(10)		79		3,507
2021	2020	48									40	27	19		(8)		10		872
2021	2021	—									10	10	16		6		10		243
2021	2022	—										2	10		8		8		62
2021	2023	—											—				—		3
	Total	631									617	575	506		(69)		223		25,432
2022 (1)	2013 and Prior	38								13	28	92	48		(44)		6		2,066
2022 (1)	2014	31								12	11	25	20		(5)		2		904
2022 (1)	2015	47								16	16	33	56		23		1		1,436
2022 (1)	2016	45								16	26	20	46		26		21		2,700
2022 (1)	2017	91								16	25	55	56		1		12		3,482
2022 (1)	2018	85								13	24	108	108		—		48		4,165
2022 (1)	2019	181								68	35	110	139		29		48		5,348
2022 (1)	2020	—								—	—	—	—		—		—		44
2022 (1)	2021	—									—	—	—		—		—		15
2022 (1)	2022	—										—	—		—		—		17
2022 (1)	2023	—											—		—		—		19
	Total	518								154	165	443	473		30		138		20,196
2023	2013 and Prior	135											189		54		30		62,529
2023	2014	34											39		5		2		2,056
2023	2015	43											64		21		20		2,629
2023	2016	128											128		—		50		4,451
2023	2017	260											287		27		101		5,528
2023	2018	218											164		(54)		20		5,142
2023	2019	169											172		3		87		3,887
2023	2020	229											217		(12)		133		2,087
2023	2021	27											25		(2)		27		199
2023	2022	3											3		—		3		31
2023	2023	—											—				—		7
	Total	1,246											1,288		42		473		88,546
	Grand Total	$	3,404										$	3,256	$	(10)	$	876	251,898


Net cumulative paid losses and ALAE (from table below)									(1,284)
2014 to 2023 acquisition years - net liabilities for losses and ALAE									1,972


Run-off Segment
Professional Indemnity / Directors and Officers
			Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2023	As of December 31, 2023
			For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired	2014	2015	2016	2017	2018	2019		2020	2021		2022	2023	PPD	IBNR	Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								12			(1)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years								$	1,984		$	(11)


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2014	2013 and Prior		39	64	78	90	92	92	94	95	96	98
2014	2014		—	—	2	2	3	3	3	3	4	9
2014	2015			—	—	1	2	2	2	2	2	2








	Total		39	64	80	93	97	97	99	100	102	109












2016	2013 and Prior				9	20	32	29	33	41	44	53










	Total				9	20	32	29	33	41	44	53












2018	2013 and Prior						57	95	84	105	136	156
2018	2014						12	26	40	50	57	60
2018	2015						17	21	28	24	24	19
2018	2016						8	24	39	47	61	71
2018	2017						—	2	5	9	10	25
2018	2018						—	1	1	1	1	1





	Total						94	169	197	236	289	332
2019	2013 and Prior							8	11	20	22	38
2019	2014							5	5	12	14	17
2019	2015							10	8	10	12	14
2019	2016							9	21	28	38	33
2019	2017							3	14	16	27	40
2019	2018							1	1	3	4	(3)
2019	2019							—	—	1	2	2




	Total							36	60	90	119	141
2020	2013 and Prior								1	1	1	1



2020	2017								—	(1)	—	(1)
2020	2018								—	4	9	10
2020	2019								—	9	21	27
2020	2020								1	8	17	29



	Total								2	21	48	66
2021	2013 and Prior									3	3	17
2021	2014									—	2	6
2021	2015									2	4	11
2021	2016									2	6	13
2021	2017									2	15	27
2021	2018									7	38	50
2021	2019									3	43	54
2021	2020									2	3	4
2021	2021									1	2	5


	Total									22	116	187
2022	2013 and Prior										43	19
2022	2014										1	13
2022	2015										2	17
2022	2016										1	13
2022	2017										2	16


Run-off Segment
Professional Indemnity / Directors and Officers
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2022	2018										1	41
2022	2019										3	56




	Total										53	175
2023	2013 and Prior											40
2023	2014											10
2023	2015											2
2023	2016											16
2023	2017											56
2023	2018											48
2023	2019											13
2023	2020											40
2023	2021											(4)


	Total											221
	Grand Total											$	1,284


Run-off Segment
Professional Indemnity/Directors & Officers
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2014	31.97	%	20.49	%	13.11	%	10.66	%	3.28	%	—	%	1.64	%	0.82	%	1.64	%	5.74	%

2016	10.59	%	12.94	%	14.12	%	(3.53)	%	4.71	%	9.41	%	3.53	%	10.59	%

2018	18.76	%	14.97	%	5.59	%	7.78	%	10.58	%	8.58	%
2019	17.56	%	11.71	%	14.63	%	14.15	%	10.73	%
2020	2.63	%	25.00	%	35.53	%	23.68	%
2021	4.35	%	18.58	%	14.03	%
2022	11.21	%	25.79	%
2023	17.16	%


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses																				Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2014	2013 and Prior	$	33	$	39	$	42	$	42	$	42	$	43	$	44	$	44	$	42	$	42	$	42	$	—	$	—	2,126
2014	2014	—		—		—		—		1		1		1		1		1		1		1		—		—		5
2014	2015	—				—		—		—		—		—		—		—		—		—		—		—		1
2014	2016	—						—		—		—		—		—		—		—		—		—		—		1
2014	2017	—								—		—		—		—		—		—		—		—		—		1






	Total	33		39		42		42		43		44		45		45		43		43		43		—		—		2,134
2015	2013 and Prior	51				61		63		65		63		63		63		63		63		63		—		1		1,132
2015	2014	8				12		13		12		13		12		12		12		11		11		—		—		668
2015	2015	4				7		6		8		8		8		8		8		8		8		—		—		1,385
2015	2016	—						1		—		—		—		—		—		—		1		1		—		229
2015	2017	—								—		—		—		—		—		—		—		—		—		14
2015	2018	—										—		—		—		—		—		—		—		—		5





	Total	63				80		83		85		84		83		83		83		82		83		1		1		3,433












2017	2013 and Prior	19								27		20		19		23		29		26		30		4		—		124
2017	2014	2								2		2		2		2		2		2		2		—		—		26
2017	2015	1								1		2		1		1		1		1		1		—		—		15
2017	2016	—								—		—		1		1		1		1		1		—		—		4







	Total	22								30		24		23		27		33		30		34		4		—		169
2018	2013 and Prior	190										158		172		166		165		161		164		3		6		4,956
2018	2014	115										100		88		84		77		84		88		4		5		802
2018	2015	122										112		118		113		109		116		114		(2)		6		1,041
2018	2016	105										103		108		102		100		101		103		2		2		637
2018	2017	101										102		98		102		102		103		103		—		2		104
2018	2018	181										181		158		160		161		167		166		(1)		5		29
2018	2019	—												39		39		40		44		43		(1)		—		42




	Total	814										756		781		766		754		776		781		5		26		7,611
2019	2013 and Prior	20												22		20		20		18		19		1		1		3,605










	Total	20												22		20		20		18		19		1		1		3,605


2020	2015	2														3		3		3		3		—		—		19
2020	2016	49														42		49		51		51		—		1		221
2020	2017	154														186		215		231		232		1		8		1,167
2020	2018	250														397		415		469		454		(15)		23		2,395





	Total	455														628		682		754		740		(14)		32		3,802
2021	2013 and Prior	12																11		6		2		(4)		2		2,160
2021	2014	6																6		3		3		—		1		911
2021	2015	7																4		(1)		(1)		—		1		821
2021	2016	6																5		2		3		1		1		795
2021	2017	5																4		2		2		—		1		591
2021	2018	6																7		5		6		1		3		1
2021	2019	8																10		8		19		11		4		1
2021	2020	5																6		4		6		2		2		1



	Total	55																53		29		40		11		15		5,281


Run-off Segment
Motor
				Net cumulative incurred losses and allocated loss adjustment expenses												Year Ended December 31, 2023		As of December 31, 2023
				For the years ended December 31
Acquisition Year	Accident Year	Net Reserves Acquired		2014	2015	2016	2017	2018	2019	2020	2021		2022	2023		PPD		IBNR		Cumulative number of claims
		(in millions of U.S. dollars, except cumulative number of claims)
		Unaudited
2022	2013 and Prior	—											—	—		—		—		23,610
2022	2014	1											1	—		(1)		—		6,143
2022	2015	2											2	—		(2)		—		6,321
2022	2016	3											3	1		(2)		—		5,052
2022	2017	2											2	1		(1)		—		5,371
2022	2018	8											8	1		(7)		—		5,672
2022	2019	—											—	5		5		1		5,775




	Total	16											16	8		(8)		1		57,944
2023	2013 and Prior	267												267		—		58		148
2023	2014	2												2		—		—		76
2023	2015	4												4		—		—		81
2023	2016	8												11		3		—		151
2023	2017	18												10		(8)		1		270
2023	2018	21												17		(4)		2		492
2023	2019	30												28		(2)		2		690
2023	2020	52												40		(12)		5		1,125
2023	2021	51												49		(2)		5		2,050


	Total	453												428		(25)		73		5,083
	Grand Total	$	1,931											$	2,176	$	(25)	$	149	89,062


Net cumulative paid losses and ALAE (from table below)											(1,541)
2014 to 2023 acquisition years - net liabilities for losses and ALAE											635
2013 and prior acquisition years - net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											18			(3)
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years											$	653		$	(28)


Run-off Segment
Motor
		Net cumulative paid losses and allocated loss adjustment expenses
		For the years ended December 31
Acquisition Year	Accident Year		2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
			(in millions of U.S. dollars, except cumulative number of claims)
			Unaudited
2014	2013 and Prior		$	19	$	34	$	38	$	40	$	42	$	42	$	42	$	42	$	43	$	42
2014	2014		—		—		—		1		1		1		1		1		1		1









	Total		19		34		38		41		43		43		43		43		44		43
2015	2013 and Prior				25		36		43		47		50		52		53		54		55
2015	2014				4		8		9		11		11		11		12		12		12
2015	2015				3		4		6		7		7		8		8		8		8








	Total				32		48		58		65		68		71		73		74		75












2017	2013 and Prior								12		15		18		20		21		24		27
2017	2014								—		—		1		1		2		2		1
2017	2015								—		—		1		1		1		1		1
2017	2016								—		—		1		1		1		1		1







	Total								12		15		21		23		25		28		30
2018	2013 and Prior										32		71		88		106		114		118
2018	2014										22		48		57		61		69		71
2018	2015										19		57		79		86		95		104
2018	2016										6		43		65		76		85		90
2018	2017										—		48		73		83		92		98
2018	2018										—		87		120		136		149		159
2018	2019												22		30		36		40		42




	Total										79		376		512		584		644		682
2019	2013 and Prior												—		1		4		5		5










	Total												—		1		4		5		5


2020	2015														2		3		3		3
2020	2016														25		40		45		48
2020	2017														69		148		196		215
2020	2018														110		247		353		409





	Total														206		438		597		675


2021	2015																—		(2)		(3)








	Total																—		(2)		(3)






2022	2019																		—		2




	Total																		—		2
	2013 and Prior																				2


2023	2016																				3
2023	2017																				2
2023	2018																				3
2023	2019																				7
2023	2020																				7
2023	2021																				8


	Total																				32
	Grand Total																				$	1,541


Run-off Segment
Motor
	Annual Percentage Payout of Incurred Losses since Year of Acquisition, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Year of Acquisition	Unaudited
2014	44.19	%	34.88	%	9.30	%	6.98	%	4.65	%	—	%	—	%	—	%	2.33	%	(2.33)	%
2015	38.55	%	19.28	%	12.05	%	8.43	%	3.61	%	3.61	%	2.41	%	1.20	%	1.20	%

2017	35.29	%	8.82	%	17.65	%	5.88	%	5.88	%	8.82	%	5.88	%
2018	10.12	%	38.03	%	17.41	%	9.22	%	7.68	%	4.87	%
2019	—	%	5.26	%	15.79	%	5.26	%	—	%
2020	27.84	%	31.35	%	21.49	%	10.54	%
2021	—	%	(5.00)	%	(2.50)	%
2022	—	%	25.00	%
2023	7.48	%

StarStone International


StarStone International
General Casualty
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																					For The Year Ended December 31, 2023		As of December 31, 2023
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2013 and Prior	$	69	$	63	$	69	$	65	$	73	$	76	$	76	$	77	$	77	$	79	$	2	$	5	9,496
2014	41		42		41		41		41		47		45		43		44		44		—		1		4,365
2015			52		53		55		62		70		67		68		73		74		1		2		4,037
2016					55		54		80		103		98		106		103		104		1		9		4,225
2017							60		94		132		141		150		160		174		14		20		4,194
2018									41		47		50		45		56		52		(4)		24		3,005
2019											10		11		16		16		18		2		1		1,925
2020													31		48		34		40		6		4		897
2021															1		—		1		1		—		183
2022																	—		—				—		137
2023																			—		—		—		25
																	Total		$	586	$	23	$	66	32,489
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(unaudited)
2013 and Prior	$	18	$	33	$	47	$	51	$	64	$	69	$	71	$	71	$	73	$	73
2014	3		9		16		23		28		30		32		34		41		43
2015			3		10		21		31		45		48		55		62		69
2016					1		15		32		52		64		78		82		86
2017							3		23		61		97		118		129		142
2018									2		6		17		21		29		37
2019											1		4		5		7		12
2020													1		9		17		21



																	Total		$	483
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	103

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2023 is set forth below:


	2023
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	103
Reinsurance recoverable on unpaid losses	12
Gross liability for unpaid losses and LAE before unallocated loss adjustment expenses and fair value adjustments	$	115

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
General Casualty	6.03	%	13.92	%	16.67	%	12.90	%	16.22	%	8.35	%	5.57	%	4.46	%	9.30	%	2.27	%


StarStone International
Workers' Compensation
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																					For The Year Ended December 31, 2023		As of December 31, 2023
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2013 and Prior	$	102	$	102	$	102	$	102	$	102	$	102	$	103	$	103	$	103	$	103	$	—	$	—	7,951
2014	14		17		17		15		16		16		15		15		16		15		(1)		—		1,994
2015			42		44		40		39		38		37		36		36		35		(1)		—		3,327
2016					55		53		53		56		52		52		52		51		(1)		—		3,499
2017							41		42		38		41		40		39		35		(4)		2		3,175
2018									37		37		38		38		37		36		(1)		2		4,005
2019											17		23		26		26		29		3		2		4,302
2020													30		40		35		35		—		2		3,234
2021															8		4		5		1		2		191
2022																	3		3		—		—		26
2023																			—				—		1
																			$	347	$	(4)	$	10	31,705
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(unaudited)
2013 and Prior	$	100	$	101	$	101	$	101	$	102	$	102	$	102	$	102	$	102	$	102
2014	2		7		10		11		13		13		14		14		14		14
2015			5		17		26		30		32		33		33		34		34
2016					8		25		36		43		45		47		49		50
2017							6		17		28		32		34		35		33
2018									14		22		27		30		32		34
2019											3		18		20		22		23
2020													5		20		27		29
2021															—		1		2


																			$	321
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	26

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2023 is set forth below:


	2023
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	26
Reinsurance recoverable on unpaid losses	—
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	26

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Workers Compensation	27.63	%	31.27	%	17.72	%	8.02	%	5.52	%	2.53	%	0.97	%	1.20	%	—	%	—	%


StarStone International
Professional Indemnity / Directors and Officers
Net Cumulative Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance																					For The Year Ended December 31, 2023		As of December 31, 2023
	For The Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		PPD		IBNR(1)		Cumulative Number of Claims
	(in millions of U.S. dollars, except cumulative number of claims)
	(unaudited)
2013 and Prior	$	38	$	32	$	31	$	29	$	36	$	43	$	45	$	50	$	48	$	45	$	(3)	$	5	3,019
2014	21		21		20		22		19		23		22		23		23		21		(2)		3		937
2015			20		26		26		29		29		32		34		32		32		—		3		1,184
2016					27		26		27		26		23		24		25		22		(3)		3		842
2017							31		42		37		32		29		27		21		(6)		2		997
2018									31		33		35		37		40		35		(5)		1		1,173
2019											21		27		28		31		24		(7)		8		1,256
2020													33		28		27		19		(8)		10		872
2021															10		10		16		6		10		243
2022																	2		10		8		8		62
2023																			—				—		3
																			$	245	$	(20)	$	53	10,588
(1) Total of IBNR plus expected development on reported losses.
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For The Years Ended December 31,
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(unaudited)
2013 and Prior	$	14	$	17	$	22	$	22	$	29	$	31	$	33	$	32	$	32	$	33
2014	—		3		5		9		13		14		14		14		16		16
2015			2		7		12		15		18		22		22		23		24
2016					1		7		13		15		18		18		18		18
2017							2		11		16		20		20		20		21
2018									3		9		14		19		28		30
2019											—		4		6		11		11
2020													—		2		3		4
2021															1		2		5
2022																	—		—

																			$	162
Total outstanding liabilities for unpaid losses and ALAE, net of reinsurance																			$	83

The reconciliation of incurred and paid loss development to the liability for unpaid losses and LAE as presented in the tables above for the year ended December 31, 2023 is set forth below:


	2023
	(in millions of U.S. dollars)
Liabilities for unpaid losses and allocated LAE, net of reinsurance	$	83
Reinsurance recoverable on unpaid losses	7
Gross liability for unpaid losses and LAE before ULAE and fair value adjustments	$	90

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


	Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Professional Indemnity / Directors and Officers	11.04	%	19.30	%	14.89	%	12.12	%	11.90	%	4.57	%	1.84	%	0.23	%	4.22	%	1.11	%

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development to Liability for Unpaid Losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Outstanding losses and IBNR	$ 774	$ 996	$ 1,332	$ 1,830
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	4,061
Presented in the loss development tables	4,170
General casualty \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	103
Outstanding losses and IBNR	12
Presented in the loss development tables	115
Workers' compensation \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	1,740
Presented in the loss development tables	1,942
Workers' compensation \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	26
Outstanding losses and IBNR	0
Presented in the loss development tables	26
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	1,984
Presented in the loss development tables	2,109
Professional indemnity/Directors and Officers \| StarStone \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Total net liabilities for losses and ALAE / net increase (reduction) in estimates of net ultimate losses related to prior years	83
Outstanding losses and IBNR	7
Presented in the loss development tables	$ 90

Fair Value Measurements - Insurance Contracts - Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	$ 294	$ 347
Incurred losses and LAE:
Change in fair value	26	(43)
Ending fair value	323	294	$ 347
Net
Beginning fair value	1,011	1,557
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	41	(50)
Reduction in provisions for ULAE	(11)	(18)
Change in fair value	$ 78	$ (200)	$ (75)
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total net incurred losses and loss adjustment expenses	Total net incurred losses and loss adjustment expenses	Total net incurred losses and loss adjustment expenses
Total incurred losses and LAE	$ 108	$ (268)
Paid losses	(188)	(180)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(21)	0	$ 0
Effect of exchange rate movements	36	(98)
Ending fair value	946	1,011	1,557
Reinsurance balances recoverable on paid and unpaid losses
Reinsurance balances recoverable on paid and unpaid losses
Beginning fair value	275	432
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(20)	(29)
Reduction in provisions for ULAE	0	0
Change in fair value	22	(47)
Total incurred losses and LAE	2	(76)
Paid losses	(59)	(65)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(6)	0
Effect of exchange rate movements	5	(16)
Ending fair value	217	275	432
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	1,286	1,989
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	21	(79)
Reduction in provisions for ULAE	(11)	(18)
Change in fair value	100	(247)
Total incurred losses and LAE	110	(344)
Paid losses	(247)	(245)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(27)	0
Effect of exchange rate movements	41	(114)
Ending fair value	1,163	1,286	1,989
Average payout
Incurred losses and LAE:
Change in fair value	32	40	22
Corporate bond yield
Incurred losses and LAE:
Change in fair value	18	(219)	(97)
Credit spread for non-performance
Incurred losses and LAE:
Change in fair value	21	(21)	0
Weighted cost of capital
Incurred losses and LAE:
Change in fair value	$ 7	$ 0	$ 0

Reinsurance Balances Recoverable on Paid and Unpaid Losses - Summary of Reinsurance Reserves Recoverable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance [Abstract]
Outstanding losses and IBNR	$ 836	$ 1,075
ULAE	5	6
Fair value adjustments - acquired companies	(5)	(6)
Fair value adjustments - fair value option	(62)	(79)
Total reinsurance reserves recoverable	774	996	$ 1,332	$ 1,830
Paid losses recoverable	183	135
Total	957	1,131
Reinsurance balances recoverable on paid and unpaid losses	740	856
Reinsurance balances recoverable on paid and unpaid losses - fair value option	$ 217	$ 275

Defendant Asbestos and Environmental Liabilities

12 Months Ended

Dec. 31, 2023

Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

13. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

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

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

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

Changes to our estimate of these liabilities are recorded to other income (expense) within the consolidated statements of operations in the period that our estimate is adjusted.

Amounts billed to and due from insurers providing coverage for our defendant A&E liabilities are calculated in accordance with the terms of the individual insurance contracts.

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

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

On an ongoing basis, we evaluate and monitor the credit risk related to our insurers and an allowance for estimated uncollectible insurance balances recoverable on our defendant A&E liabilities ("allowance for estimated uncollectible insurance") is established for amounts considered potentially uncollectible. To determine the allowance for estimated uncollectible reinsurance, we use the PD and LGD methodology whereby each reinsurer is allocated an appropriate PD percentage based on the expected payout duration by portfolio. This PD percentage is then multiplied by an appropriate LGD percentage to arrive at an overall credit allowance percentage which is then applied to the reinsurance balance recoverable for each reinsurer, net of any specific bad debt provisions, collateral or other contract related offsets, to arrive at the overall allowance for estimated uncollectible reinsurance by reinsurer.

Amounts deemed to be uncollectible, including amounts due from known insolvent insurers, are written off against the allowance.

Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of other income (expense) in our consolidated statements of operations.

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


	2023		2022
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	734	$	786
Defendant environmental liabilities	10		10
Estimated future expenses	33		35
Fair value adjustments	(210)		(224)
Defendant A&E liabilities	567		607

Insurance balances recoverable:
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2023 - $5; 2022 - $5)	217		224
Fair value adjustments	(45)		(47)
Insurance balances recoverable	172		177

Net liabilities relating to defendant A&E exposures	$	395	$	430

Methodologies for determining liabilities

Defendant Asbestos Liabilities

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

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

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

We determine, based on the factors described above, including the actuarial analysis, that their best estimate of the aggregate liability both for asbestos-related claims asserted but not yet resolved and potential asbestos-related claims not yet asserted, including estimated defense costs, was $734 million and $786 million as of December 31, 2023 and 2022, respectively.

The table below provides a consolidated reconciliation of the beginning and ending liability for defendant A&E liabilities for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Balance as of January 1	$	607	$	638	$	706
Insurance balances recoverable	(177)		(213)		(250)

Net balance as of January 1	430		425		456
Amounts recorded in other expense (income):
Increase (reduction) in estimate of net ultimate liabilities	1		(2)		(38)
Reduction in estimated future expenses	(2)		(1)		(5)
Amortization of fair value adjustments	13		7		16
Total other expense (income)	12		4		(27)
Total net (paid claims) recoveries	(47)		1		(4)

Net balance as of December 31	395		430		425
Insurance balances recoverable	172		177		213
Balance as of December 31	$	567	$	607	$	638

Total other expense from our defendant A&E liabilities was $12 million for the year ended December 31, 2023, primarily due to the amortization of fair value adjustments.

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

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

Defendant Environmental Liabilities

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

The PRPs may currently be liable for the cost of clean-up and other remedial activities at 26 such sites. Responsibility for clean-up and other remedial activities at a Superfund site is typically shared among PRPs based on an allocation formula.

We have a liability for defendant environmental liabilities of $10 million and $10 million as of December 31, 2023 and 2022, respectively. The estimate for defendant environmental liabilities is based on information available to us, including an estimate of the allocation of liability among PRPs, the probability that other PRPs will pay the cost apportioned to them, currently available information from PRPs and/or federal or state environmental agencies concerning the scope of contamination and estimated remediation and consulting costs, and remediation alternatives.

Allowance for Estimated Uncollectible Insurance Balances Recoverable on Defendant Asbestos Liabilities

We maintained a beginning and ending allowance for estimated uncollectible insurance balances related to our defendant asbestos liabilities of $5 million for the years ended December 31, 2023 and 2022.

During the years ended December 31, 2023 and 2022, we did not have any new provisions, write-offs charged against the allowance for estimated uncollectible insurance or any recoveries of amounts previously written off.

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

Investments - Funds Held (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Funds held - directly managed	$ 2,502	$ 2,040
Funds held by reinsured companies	2,749	3,582
Total funds held	$ 5,251	$ 5,622

Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated other comprehensive income	$ 5,648		$ 5,160	$ 6,553
Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated other comprehensive income	$ (336)		$ (302)	$ (16)	$ 81
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accounting Standards Update 2018-12 \| Accumulated Other Comprehensive (Loss) Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated other comprehensive income		$ 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

+ Details

- Definition

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

+ References

+ Details

Business Acquisitions - Summary of Operations (Details) - EnhanzedRe $ in Millions	4 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Total revenues	$ (17)
Net loss	(19)
Net loss attributable to Enstar ordinary shareholders	$ (15)

Share-Based Compensation - Performance Share Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			24 Months Ended	36 Months Ended	48 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023
Performance Criteria: Average Annual Operating ROE
Income tax benefit	$ 205
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Criteria: Average Annual Operating ROE
Unrecognized compensation cost	$ 17			$ 17	$ 17	$ 17
Unrecognized compensation cost, period of recognition	2 years
Number of Shares
Nonvested — January 1 (in shares)	60,070
Granted (in shares)	75,525
Increase for above target vest (in shares)	13,353
Vested (in shares)	(19,708)
Forfeited (in shares)	(4,506)
Nonvested — December 31 (in shares)	124,734	60,070		124,734	124,734	124,734
Weighted-Average Share Price
Nonvested - January 1 (in dollars per share)	$ 216.15
Granted (in dollars per share)	222.80
Increase for above target vest (in dollars per share)	171.14
Vested (in dollars per share)	132.50
Forfeited (in dollars per share)	245.15
Nonvested - December 31 (in dollars per share)	$ 227.45	$ 216.15		$ 227.45	$ 227.45	$ 227.45
Performance share units, FDBVPS
Number of Shares
Granted (in shares)						142,885
Increase for above target vest (in shares)						(54,653)
Vested (in shares)						(2,193)
Forfeited (in shares)						(13,572)
Nonvested — December 31 (in shares)	72,467			72,467	72,467	72,467
Performance share units, Average Operating ROE
Number of Shares
Granted (in shares)						89,769
Increase for above target vest (in shares)						(2,749)
Vested (in shares)						(21,632)
Forfeited (in shares)						(13,121)
Nonvested — December 31 (in shares)	52,267			52,267	52,267	52,267
2020 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Performance multiplier, target change	32.50%
Performance multiplier	0.00%	0.00%	150.00%
Number of Shares
Granted (in shares)						22,591
Increase for above target vest (in shares)						(12,656)
Vested (in shares)						(1,328)
Forfeited (in shares)						(8,607)
Nonvested — December 31 (in shares)	0			0	0	0
2020 Awards \| Performance share units, FDBVPS \| Tranche Two
Performance Criteria: Change in FDBVPS (3 year)
Threshold	33.10%
Target	36.80%
Target +	44.30%
Maximum	52.10%
Performance Multiplier Levels Per Award Agreements
Threshold	50.00%
Target	100.00%
Target +	150.00%
Maximum	200.00%
Number of Shares
Granted (in shares)						52,948
Increase for above target vest (in shares)						(52,948)
Vested (in shares)						0
Forfeited (in shares)						0
Nonvested — December 31 (in shares)	0			0	0	0
2020 Awards \| Performance share units, FDBVPS \| Tranche Three
Performance Criteria: Average Annual Operating ROE
Performance multiplier, target change	36.80%
Performance multiplier	0.00%	0.00%	150.00%
2020 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (in shares)						22,560
Increase for above target vest (in shares)						6,373
Vested (in shares)						(20,422)
Forfeited (in shares)						(8,511)
Nonvested — December 31 (in shares)	0			0	0	0
2020 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	150.00%	150.00%	150.00%
2021 Awards \| Performance share units, FDBVPS
Performance Criteria: Change in FDBVPS (3 year)
Threshold	25.00%
Target	32.50%
Maximum	40.00%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (in shares)					14,429
Increase for above target vest (in shares)					(10,640)
Vested (in shares)					(645)
Forfeited (in shares)					(3,144)
Nonvested — December 31 (in shares)	0			0	0	0
2021 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	0.00%	0.00%	100.00%
2021 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	9.60%
Target	12.00%
Maximum	14.40%
Number of Shares
Granted (in shares)					14,401
Increase for above target vest (in shares)					(3,637)
Vested (in shares)					(939)
Forfeited (in shares)					(2,846)
Nonvested — December 31 (in shares)	6,979			6,979	6,979	6,979
2021 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	65.70%	100.00%	100.00%
2022 Awards \| Performance share units, FDBVPS
Performance Criteria: Change in FDBVPS (3 year)
Threshold	16.60%
Target	22.60%
Maximum	28.60%
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Number of Shares
Granted (in shares)				15,120
Increase for above target vest (in shares)				(13,244)
Vested (in shares)				(191)
Forfeited (in shares)				(1,685)
Nonvested — December 31 (in shares)	0			0	0	0
2022 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	0.00%	100.00%
2022 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	60.00%
Target	100.00%
Maximum	150.00%
Performance Criteria: Average Annual Operating ROE
Threshold	8.00%
Target	10.50%
Maximum	13.00%
Number of Shares
Granted (in shares)				15,080
Increase for above target vest (in shares)				(2,888)
Vested (in shares)				(242)
Forfeited (in shares)				(1,629)
Nonvested — December 31 (in shares)	10,321			10,321	10,321	10,321
2022 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	78.10%	100.00%
2023 Awards \| Performance share units, FDBVPS
Performance Criteria: Change in FDBVPS (3 year)
Threshold	21.40%
Target	42.70%
Maximum	64.10%
Performance Multiplier Levels Per Award Agreements
Threshold	50.00%
Target	100.00%
Maximum	200.00%
Number of Shares
Granted (in shares)	37,797
Increase for above target vest (in shares)	34,835
Vested (in shares)	(29)
Forfeited (in shares)	(136)
Nonvested — December 31 (in shares)	72,467			72,467	72,467	72,467
2023 Awards \| Performance share units, FDBVPS \| Tranche One
Performance Criteria: Average Annual Operating ROE
Performance multiplier	192.60%
2023 Awards \| Performance share units, Average Operating ROE
Performance Multiplier Levels Per Award Agreements
Threshold	50.00%
Target	100.00%
Maximum	200.00%
Performance Criteria: Average Annual Operating ROE
Threshold	7.30%
Target	14.60%
Maximum	21.90%
Number of Shares
Granted (in shares)	37,728
Increase for above target vest (in shares)	(2,597)
Vested (in shares)	(29)
Forfeited (in shares)	(135)
Nonvested — December 31 (in shares)	34,967			34,967	34,967	34,967
2023 Awards \| Performance share units, Average Operating ROE \| Tranche Two
Performance Criteria: Average Annual Operating ROE
Performance multiplier	93.10%

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 1,118	$ (870)	$ 538

- 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
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+ Details

Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

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

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

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

Enhanzed Re

Our subsidiary, Enhanzed Reinsurance Ltd. ("Enhanzed Re"), is included in the consolidated financial statements reported on a one quarter lag. The effect on our consolidated financial condition and results of operations of all material events occurring at Enhanzed Re through December 31, 2023 has been considered for adjustment and/or disclosure.

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

Use of Estimates, Risks and Uncertainties

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

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

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

Related Party Transactions - CPP Investments (Details)	Dec. 31, 2023 transaction
Related Party Transactions [Abstract]
Stock repurchase program, number of completed transactions	2

Income Taxation - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 204	$ 214
Capital loss carryforwards	7	3
Insurance reserves	192	14
Unearned premiums	8	0
Provisions for bad debt	3	3
Defendant A&E liabilities	86	94
Fair value of investments	2	40
Lloyd’s underwriting result in future periods	21	5
Fair value of financial instruments	35	0
Other deferred tax assets	29	18
Deferred tax assets	587	391
Valuation allowance	(156)	(181)
Deferred tax assets, net of valuation allowance	431	210
Deferred tax liabilities:
Deferred tax liabilities	(39)	(69)
Net deferred tax asset	392	141
Fair value and other basis differences
Deferred tax liabilities:
Other deferred tax liabilities	(32)	(62)
Other deferred tax liabilities
Deferred tax liabilities:
Other deferred tax liabilities	$ (7)	$ (7)

Noncontrolling Interests - StarStone Specialty Holdings Limited (Details) $ in Millions	1 Months Ended
	Dec. 31, 2023 USD ($)
SSHL
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest, percentage of equity interests acquired	41.00%
Cash	$ 119
Remaining ownership interest in Northshore (13.5%)	48
Settlement of existing loan receivable	15
Total consideration paid	182
Less: carrying value of RNCI	(185)
Gain on redemption of RNCI	$ 3
Northshore
Noncontrolling Interest [Line Items]
Ownership %	13.50%

Income Taxation - Reconciliation of Earnings before Income Taxes Computed by Applying Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 968	$ (957)	$ 580
Bermuda income taxes at statutory rate	0.00%	0.00%	0.00%
Foreign income tax rate differential	(2.00%)	4.60%	5.40%
Economic Transition Adjustment	(22.80%)	0.00%	0.00%
Change in valuation allowance	(1.60%)	(3.90%)	1.60%
Effect of change in income tax rate	1.40%	0.10%	(1.20%)
Other	(0.80%)	0.50%	(1.10%)
Effective income tax rate	(25.80%)	1.30%	4.70%
Income tax expense (benefit), economic transition adjustment	$ 221

Dividend Restrictions and Statutory Financial Information - Subsidiary Statutory Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statutory Accounting Practices [Line Items]
Restricted net assets of consolidated subsidiaries	$ 4,100
Bermuda
Statutory Accounting Practices [Line Items]
Minimum liquidity ratio percent (not less than)	75.00%
Minimum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	15.00%
Maximum percentage reduction in total statutory capital without prior approval of Bermuda regulator (percent) (or more)	25.00%
Minimum solvency requirement	$ 3,700	$ 2,800
United Kingdom
Statutory Accounting Practices [Line Items]
Minimum capital requirements	396	229
United States
Statutory Accounting Practices [Line Items]
Minimum levels of risk-based capital	264	273
Liechtenstein
Statutory Accounting Practices [Line Items]
Minimum solvency requirement	$ 118	$ 111

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Estimated Fair Values of Investments in Fixed Maturity Investments, Short-Term Investments and Equities, Trading Securities

The fair values of the underlying asset categories comprising our short-term and fixed maturities classified as trading and AFS as of December 31, 2023 and 2022:


	2023
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	—	$	38	$	76	$	212	$	326
U.K. government	—		—		21		51		72
Other government	—		2		144		245		391
Corporate	2		22		1,349		2,758		4,131
Municipal	—		—		49		93		142
Residential mortgage-backed	—		—		55		432		487
Commercial mortgage-backed	—		—		138		703		841
Asset-backed	—		—		117		767		884


Total fixed maturity and short-term investments	$	2	$	62	$	1,949	$	5,261	$	7,274


	2022
	Short-term investments, trading		Short-term investments, AFS		Fixed maturities, trading		Fixed maturities, AFS		Total
	(in millions of U.S. dollars)
U.S. government and agency	$	14	$	10	$	64	$	300	$	388
U.K. government	—		3		42		33		78
Other government	—		—		188		131		319
Corporate (1)	—		25		1,594		2,988		4,607
Municipal	—		—		59		99		158
Residential mortgage-backed	—		—		77		362		439
Commercial mortgage-backed	—		—		191		628		819
Asset-backed	—		—		155		682		837


Total fixed maturity and short-term investments	$	14	$	38	$	2,370	$	5,223	$	7,645

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

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturity and Short-term Investments by Contractual Maturity


As of December 31, 2023	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	355	$	353	4.9	%


More than one year through five years	2,315		2,215		30.4	%
More than five years through ten years	1,561		1,430		19.6	%
More than ten years	1,339		1,064		14.6	%
Residential mortgage-backed	525		487		6.7	%
Commercial mortgage-backed	909		841		11.6	%
Asset-backed	885		884		12.2	%


	$	7,889	$	7,274	100.0	%

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

The amortized cost, unrealized gains and losses, allowance for credit losses and fair values of our short-term and fixed maturities classified as AFS as of December 31, 2023 and 2022 were as follows:


					Gross Unrealized Losses
As of December 31, 2023	Amortized Cost		Gross Unrealized Gains		Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	268	$	1	$	(19)	$	—	$	250
U.K. government	49		3		(1)		—		51
Other government	250		5		(8)		—		247
Corporate	3,040		23		(268)		(15)		2,780
Municipal	107		1		(15)		—		93
Residential mortgage-backed	466		3		(37)		—		432
Commercial mortgage-backed	760		1		(57)		(1)		703
Asset-backed	764		10		(7)		—		767


	$	5,704	$	47	$	(412)	$	(16)	$	5,323


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


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

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


	12 Months or Greater				Less Than 12 Months				Total
As of December 31, 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	$	135	$	(18)	$	43	$	(1)	$	178	$	(19)
U.K. government	9		(1)		4		—		13		(1)
Other government	70		(8)		10		—		80		(8)
Corporate	1,854		(265)		243		(3)		2,097		(268)
Municipal	78		(15)		2		—		80		(15)
Residential mortgage-backed	267		(36)		41		(1)		308		(37)
Commercial mortgage-backed	410		(48)		225		(9)		635		(57)
Asset-backed	239		(6)		100		(1)		339		(7)


Total short-term and fixed maturity investments	$	3,062	$	(397)	$	668	$	(15)	$	3,730	$	(412)


	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 maturities	$	2,181	$	(371)	$	2,571	$	(257)	$	4,752	$	(628)

Summary of Allowance for Credit Losses

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


	December 31, 2023						December 31, 2022
	Other government		Corporate		Commercial mortgage backed			Total		Other government		Corporate		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of year	$	(1)	$	(32)	$	—		$	(33)	$	—	$	(10)	$	(10)

Allowances for credit losses on securities for which credit losses were not previously recorded	—		(3)		(4)			(7)		—		(31)		(31)

Reductions for securities sold during the year	—		6		—			6		—		5		5

Decrease (increase) to the allowance for credit losses on securities that had an allowance recorded in the previous period	1		14		3			18		(1)		4		3


Allowance for credit losses, end of year	$	—	$	(15)	$	(1)		$	(16)	$	(1)	$	(32)	$	(33)

Schedule of Equity Securities

The following table summarizes our equity investments as of December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Publicly traded equity investments in common and preferred stocks	$	275	$	385
Exchange-traded funds	82		507
Privately held equity investments in common and preferred stocks	344		358
	$	701	$	1,250

Other Investments

The following table summarizes our other investments carried at fair value as of December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Hedge funds	$	491	$	549
Fixed income funds	605		547
Private equity funds	1,617		1,282
Private credit funds	625		362
Equity funds	4		3
CLO equity funds	182		203
CLO equities	60		148
Real estate funds	269		202

	$	3,853	$	3,296


	Less than 1 Year		1-2 years		2-3 years		More than 3 years		Not Eligible/ Restricted		Total		Redemption Frequency (1)
	(in millions of U.S. dollars)
Equities
Privately held equity investments	$	—	$	—	$	—	$	—	$	45	$	45	N/A

Other investments
Hedge funds	$	491	$	—	$	—	$	—	$	—	$	491	monthly to bi-annually
Fixed income funds	500		—		—		—		52		552		monthly to quarterly
Private equity funds	—		62		—		—		1,556		1,618		quarterly
Private credit funds	—		—		—		—		442		442		N/A

CLO equity funds	180		—		—		—		2		182		quarterly to bi-annually

Real estate funds	—		—		—		—		269		269		N/A

	$	1,171	$	62	$	—	$	—	$	2,366	$	3,599

(1) Redemption frequency relates to unrestricted amounts.

Schedule of Equity Method Investments

The table below shows our equity method investments as of December 31, 2023 and 2022:


	2023				2022
	Ownership %		Carrying Value		Ownership %		Carrying Value
	(in millions of U.S. dollars)

Citco (1)	—	%	—		31.9	%	60
Monument Re (2)	20.0	%	95		20.0	%	110

Core Specialty	19.9	%	225		19.9	%	211
Other	27.0	%	14		27.0%		16

			$	334			$	397


	2023		2022
	(in millions of U.S. dollars)
Balance Sheet
Total assets	$	59,859	$	51,278
Total liabilities	45,430		39,496

	2023		2022		2021
	(in millions of U.S. dollars)
Operating Results(1)
Total income	$	14,610	$	6,524	$	9,190
Total expenses	12,989		6,885		8,098
Net (loss) income	$	1,621	$	(361)	$	1,092

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


	2023				2022
	Equity Method Investments		Fair Value Option		Equity Method Investments		Fair Value Option
	(in millions of U.S. dollars)
Ownership percentage

20%-99%	109		1,208		186		1,096
3%-19%	225		825		211		809
Total	$	334	$	2,033	$	397	$	1,905

Schedule of Funds Held

The following table summarizes the components of funds held as of December 31, 2023 and 2022:


	2023		2022
	(in millions of U.S. dollars)
Funds held - directly managed	$	2,502	$	2,040
Funds held by reinsured companies	2,749		3,582
Total funds held	$	5,251	$	5,622

Funds Held, Directly Managed, Fair Value To Amortized Cost

The following table summarizes the components of funds held - directly managed as of December 31, 2023 and 2022:


	2023		2022

	(in millions of U.S. dollars)
Funds held - directly managed, at cost	$	2,608	$	2,819
Net unrealized gains (losses):

Accumulated change in fair value - embedded derivative accounting	(106)		(572)
Accumulated change in fair value (1)	—		(207)
Funds held - directly managed, at fair value	$	2,502	$	2,040

(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:


	2023		2022
	(in millions of U.S. dollars)
Fund held by reinsured companies, at amortized cost	$	2,709	$	3,538
Fair value of embedded derivative	40		44


Funds held by reinsured companies	$	2,749	$	3,582

Net Investment Income

Major categories of net investment income for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:


	2023		2022		2021

Fixed maturities	$	326	$	237	$	191
Short-term investments and cash and cash equivalents	38		10		—
Funds held	211		151		85

Investment income from fixed maturities, cash and cash equivalents and funds held	575		398		276
Equity investments	41		39		32
Other investments(1)	51		43		41

Investment income from equities and other investments	92		82		73
Gross investment income	667		480		349
Investment expenses	(20)		(25)		(37)

Net investment income	$	647	$	455	$	312

Net Realized and Unrealized Gains (Losses)

Components of net realized and unrealized gains (losses) for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
	(in millions of U.S. dollars)
Net realized (losses) gains on sale:
Gross realized gains on fixed maturities, AFS	$	5	$	6	$	19
Gross realized losses on fixed maturities, AFS	(81)		(89)		(13)
Decrease (increase) in allowance for expected credit losses on fixed maturities, AFS	11		(28)		(10)
Total net realized losses on sale	$	(65)	$	(111)	$	(4)


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

Total net realized (losses) gains on sale	$	(65)	$	(111)	$	(61)

Net unrealized gains (losses):
Fixed maturities, trading	$	84	$	(503)	$	(144)
Funds held - directly managed	47		(567)		(62)
Equity securities	167		(290)		146
Other investments (1)	225		(125)		259
Investment derivatives	5		(18)		(21)

Total net unrealized gains (losses)	$	528	$	(1,503)	$	178

Restricted Assets

The carrying value of our restricted assets, including restricted cash of $266 million and $508 million, as of December 31, 2023 and 2022, respectively, was as follows:


	2023		2022
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,301	$	5,343
Assets on deposit with regulatory authorities	80		159
Collateral for secured letter of credit facilities	78		82
Funds at Lloyd’s (“FAL”) (1)	389		365
	$	5,848	$	5,949

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross	$ 47	$ 62	$ 295
Premiums earned, ceded	(6)	(31)	(128)
Premiums earned, assumed	2	35	78
Total net	43	66	245
Property and casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross	47	62	295
Premiums earned, ceded	(6)	(31)	(128)
Premiums earned, assumed	2	18	75
Total net	$ 43	$ 49	$ 242
Premiums earned, percentage of amount assumed to net	4.70%	36.70%	31.00%
Future policyholder benefits
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Premiums earned, gross		$ 0	$ 0
Premiums earned, ceded		0	0
Premiums earned, assumed		17	3
Total net		$ 17	$ 3
Premiums earned, percentage of amount assumed to net		100.00%	100.00%

- 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

Related Party Transactions

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

24. RELATED PARTY TRANSACTIONS

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


As of December 31, 2023	Stone Point (1)		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Assets


Fixed maturities, trading, at fair value	$	69	$	—	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	428		—		—		—		—		—
Equities, at fair value	136		—		181		—		—		—
Funds held	—		—		—		—		19		—
Other investments, at fair value	446		—		—		—		—		1,602
Equity method investments	—		95		—		—		225		14
Total investments	1,079		95		181		—		244		1,616
Cash and cash equivalents	19		—		—		—		—		—




Other assets	—		—		—		20		9		—
Liabilities
Losses and LAE	—		—		—		—		192		—



Net assets	$	1,098	$	95	$	181	$	20	$	61	$	1,616

(1) As of December 31, 2023, we had unfunded commitments of $156 million to other investments and $12 million to privately held equity investments 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		—		—		—
Funds held	—		31		—		—		—		25		—
Other investments, at fair value	467		14		—		—		—		—		1,918
Equity method investments	—		—		110		—		60		211		16
Total investments	1,148		241		110		190		60		236		1,934
Cash and cash equivalents	37		20		—		—		—		—		—
Restricted cash and cash equivalents	—		2		—		—		—		—		—

Reinsurance balances recoverable on paid and unpaid losses	—		36		—		—		—		2		—
Other assets	—		21		—		—		—		5		—
Liabilities
Losses and LAE	—		183		—		—		—		334		—
Insurance and reinsurance balances payable	—		22		—		—		—		11		—
Other liabilities	—		76		—		—		—		—		—
Net assets (liabilities)	$	1,185	$	39	$	110	$	190	$	60	$	(102)	$	1,934
Redeemable noncontrolling interest	$	161	$	—	$	—	$	—	$	—	$	—	$	—


	2023
	Stone Point		Northshore (1)		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	—	$	—	$	—	$	—	$	(5)	$	—

Net investment income	13		—		—		6		—		1		6

Net unrealized losses	46		(11)		—		(9)		—		—		113
Other income	—		—		—		—		—		—		—
	59		(11)		—		(3)		—		(4)		119
Net incurred losses and LAE	—		(2)		—		—		—		(21)		—




	—		(2)		—		—		—		(21)		—
(Losses) income from equity method investments	—		—		(10)		—		9		14		—
Total net income (loss)	$	59	$	(9)	$	(10)	$	(3)	$	9	$	31	$	119

(1) Northshore ceased to be a related party in December 2023, following the completion of the RNCI redemption.


	2022
	Stone Point		Northshore		Monument		AmTrust		Citco		Core Specialty		Other
	(in millions of U.S. dollars)
Net premiums earned	$	—	$	9	$	—	$	—	$	—	$	2	$	—

Net investment income (expense)	16		10		—		6		—		—		4

Net unrealized gains (losses)	(80)		(10)		—		(34)		—		—		(64)
Other (expense) income	—		1		—		—		—		9		—
	(64)		10		—		(28)		—		11		(60)
Net incurred losses and LAE	—		10		—		—		—		(16)		—




	—		10		—		—		—		(16)		—
(Losses) income from equity method investments	—		—		(65)		—		5		(14)		—
Total net (loss) income	$	(64)	$	—	$	(65)	$	(28)	$	5	$	13	$	(60)


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

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


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

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

Stone Point

In November 2023, we repurchased voting ordinary shares held by Trident V Funds managed by Stone Point Capital LLC38. In November 2023, our Chief Executive Officer, Dominic Silvester, agreed to acquire 45,000 of our voting ordinary shares held by the Trident Public Equity LP for a price of $10 million.

In May 2022, we entered into a share purchase agreement with an affiliate of Stone Point39.

As of December 31, 2023, investment funds managed by Stone Point own 1,451,196 of our voting ordinary shares, which constitutes 9.5% of our outstanding voting ordinary shares. James D. Carey, president of Stone Point, is a member of our Board.

In December 2023, we agreed to purchase from investment funds managed by Stone Point their remaining 39.3% interest in our subsidiary SSHL, in exchange for cash consideration, settlement of an existing loan receivable and our remaining interest in Northshore40,41. As of December 31, 2023 and December 31, 2022, the RNCI on our balance sheet relating to these co-investment transactions was $0 million and $161 million, respectively.

We have made various investments in funds and separate accounts managed by Stone Point or affiliates of Stone Point, and we have also made direct investments in entities affiliated with Stone Point. Where we have made an

investment in a fund, the manager of such fund generally charges certain fees to the fund, which are deducted from the net asset value.

We also have certain co-investments alongside Stone Point and its affiliates, including our investment in AmTrust, described below, Mitchell TopCo Holdings, the parent company of Mitchell International ("Mitchell"), and Genex Services in which we have invested $25 million and account for as a privately held equity investment. Mitchell provides third-party outsourcing managed care services to one of our subsidiaries in the ordinary course of its business.

CPP Investments

We completed two share repurchase transactions with CPP Investments in 2023. In March 2023, we repurchased all of our outstanding Series C and Series E non-voting convertible ordinary shares held by CPP Investments, and in November 2023, we repurchased voting ordinary shares held by CPP Investments and its affiliate42.

Hillhouse Group

In July 2021, we repurchased the Hillhouse Funds’ (as defined below) entire equity interest in Enstar, and as a result the Hillhouse Group (as defined below) ceased to be a related party43.

We have historically made significant direct investments in funds (the "Hillhouse Funds") managed by Hillhouse Capital Management, Ltd. and Hillhouse Capital Advisors, Ltd. (together, "Hillhouse Group") and AnglePoint Asset Management Ltd., an affiliate of Hillhouse Group ("AnglePoint Cayman"). From February 2017 to February 2021, Jie Liu, a partner of AnglePoint HK (as defined below), served on our Board.

In February 2021, we entered into a Termination and Release Agreement (the "TRA") with the InRe Fund, Hillhouse Group, AnglePoint Cayman, AnglePoint Asset Management Limited (“AnglePoint HK”), and InRe Fund GP, Ltd. pursuant to which we agreed to terminate certain relationships with Hillhouse and its affiliates, primarily with respect to the InRe Fund.

AnglePoint Cayman previously received sub-advisory services with respect to the InRe Fund from its affiliate, AnglePoint HK, an investment advisory company licensed by the Securities and Futures Commission in Hong Kong. Pursuant to the TRA, we acquired an option to buy AnglePoint HK, which we also had the right to assign to a third-party. In April 2021, we entered into a Designation Agreement with Jie Liu (the "Designation Agreement"), pursuant to which we designated Mr. Liu, an AnglePoint HK partner, as the purchaser of AnglePoint HK, and he acquired the company from an affiliate of Hillhouse Group on the same day. AnglePoint Cayman simultaneously assigned its investment management agreement with the InRe Fund to AnglePoint HK, at which point AnglePoint HK became a related party.

As a result of the terms of the Designation Agreement, the InRe Fund qualified as a VIE and was consolidated effective April 1, 2021. During the fourth quarter of 2021, we completed the liquidation of our investment in the InRe Fund44.

On September 1, 2021, we completed the purchase of the Hillhouse Group’s entire 27.7% interest in Enhanzed Re for a purchase price of $217 million45.

AnglePoint HK

In October 2021, we terminated our investment management agreement with AnglePoint HK, the InRe Fund and the general partner of the InRe Fund, and placed the InRe Fund into an orderly liquidation. As of December 31, 2021, AnglePoint HK ceased to be a related party.

Northshore

In December 2023, our remaining equity interest in Northshore comprised a portion of the consideration we paid to our RNCI holders in exchange for acquiring the remaining equity interest in SSHL46. As of December 22, 2023, Northshore ceased to be a related party.

Following the completion of the Exchange Transaction47 on January 1, 2021, our equity interest in Northshore, the holding company that owns Atrium and Arden, was reduced to 13.8% from 54.1%. We have accounted for our residual equity interest in Northshore as an investment in a privately held equity security at fair value.

Concurrent with the closing of the Exchange Transaction:

•Arden entered into an LPT retrocession agreement with one of our majority owned subsidiaries, through which Arden fully reinsured its run-off portfolio with total liabilities of $19 million to our majority owned subsidiary, in exchange for a retrocession consideration of an equal amount.

Arden retained the premium under a funds held arrangement, to secure the payment obligations of our majority owned subsidiary.

•One of our wholly-owned subsidiaries entered in a TSA to provide certain transitional services to Northshore. The TSA was terminated in November 2022.

•SGL No.1 ceased its provision of underwriting capacity on Syndicate 609. We continued to report SGL No. 1's 25% gross share of the 2020 and prior underwriting years of Syndicate 609 through the year ended December 31, 2022. In 2023, the 2020 underwriting year completed an RITC into a successor year, at which point the existing contractual arrangements were settled.

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

Monument Re

As of December 31, 2023, we own 20.0% of the common shares of Monument Re and 13.7% of its preferred shares. As of December 31, 2023, a fund managed by Stone Point owns 11.2% of Monument Re’s preferred shares.

In November 2022, we closed a transaction with Monument Re to novate our reinsurance closed block of life annuity policies written by Enhanzed Re48. A portion of the net gain on novation will be subject to deferral to account for our existing ownership interest in Monument Re. The final impact of the novation was reflected in our first quarter 2023 results, as we report the results of Enhanzed Re on a one quarter reporting lag.

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

AmTrust

As of December 31, 2023 and 2022, we own 8.7% of the equity interest in Evergreen Parent L.P. ("Evergreen") and Trident Pine Acquisition LP ("Trident Pine") owns 22.6%. Evergreen owns all of the equity interest in AmTrust Financial Services, Inc. (“AmTrust"). Trident Pine is an entity owned by private equity funds managed by Stone Point.

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

Citco

During the fourth quarter of 2023, we divested our equity ownership in the common shares of HH CTCO Holdings Limited and recorded a $5 million gain in our consolidated statements of operations.

As of December 31, 2022, we owned 31.9% of the common shares in HH CTCO Holdings Limited, which in turn owns 15.4% of the convertible preferred shares, amounting to a 6.2% interest in the total equity of Citco III Limited ("Citco"). As of December 31, 2022, Trident owned 3.4% interest in Citco.

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

Enhanzed Re

In September 2021 we repurchased the Hillhouse Group’s entire 27.7% interest in Enhanzed Re for a purchase price of $217 million, assumed its remaining outstanding capital commitment to Enhanzed Re of $40 million, and increased our equity interests in Enhanzed Re from 47.4% to 75.1%49. Upon closing, we consolidated Enhanzed Re (previously accounted for as an equity method investment) and as a result, it ceased to be a related party.

Core Specialty

We account for our investment in the common shares of Core Specialty as an equity method investment on a one quarter lag.

We also have a LPT and ADC reinsurance agreement and an ASA between certain of our subsidiaries and StarStone U.S. and Core Specialty. The TSA was terminated in November 2022.

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

Other

We also have certain other investments, including investments in limited partnerships and partnership-like limited liability companies, that had we not elected the fair value option would otherwise be accounted for as equity method investments50. We have disclosed our investments in these entities on an aggregated basis as they are individually immaterial.

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Short-term and fixed maturity investments, available for sale	$ 5,323	$ 5,261
Equity investments	701	1,250
Funds held by reinsured companies	2,749	3,582
Other investments, at fair value	3,853	3,296
Equity method investments	334	397
Total investments	17,413	18,210
Cash and cash equivalents	564	822	$ 1,646
Restricted cash and cash equivalents	266	508	446
Reinsurance balances recoverable on paid and unpaid losses	217	275
Other assets	739	576
LIABILITIES
Losses and LAE	12,359	13,007	13,258	$ 10,593
Insurance and reinsurance balances payable	43	100
Other liabilities	465	462
Redeemable noncontrolling interest	0	168	$ 179
Short-term Investments
ASSETS
Short-term and fixed maturity investments, available for sale	62	38
Fixed maturities, trading, at fair value	2	14
Fixed maturities
ASSETS
Short-term and fixed maturity investments, available for sale	5,261	5,223
Fixed maturities, trading, at fair value	1,949	2,370
LIABILITIES
Unfunded commitments	48
Other investments
LIABILITIES
Unfunded commitments	1,700
Private equity funds
ASSETS
Other investments, at fair value	1,617	1,282
Stone Point \| Other investments
LIABILITIES
Unfunded commitments	156
Stone Point \| Private equity funds
LIABILITIES
Unfunded commitments	12
Investor \| Stone Point
ASSETS
Equity investments	136	148
Other investments, at fair value	446	467
Total investments	1,079	1,148
Cash and cash equivalents	19	37
LIABILITIES
Net assets	1,098	1,185
Redeemable noncontrolling interest	0	161
Investor \| Stone Point \| Short-term Investments
ASSETS
Short-term and fixed maturity investments, available for sale		1
Investor \| Stone Point \| Fixed maturities
ASSETS
Short-term and fixed maturity investments, available for sale	428	447
Fixed maturities, trading, at fair value	69	85
Investee \| Northshore
ASSETS
Equity investments		37
Funds held by reinsured companies		31
Other investments, at fair value		14
Total investments		241
Cash and cash equivalents		20
Restricted cash and cash equivalents		2
Reinsurance balances recoverable on paid and unpaid losses		36
Other assets		21
LIABILITIES
Losses and LAE		183
Insurance and reinsurance balances payable		22
Other liabilities		76
Net assets		39
Investee \| Northshore \| Short-term Investments
ASSETS
Short-term and fixed maturity investments, available for sale		11
Investee \| Northshore \| Fixed maturities
ASSETS
Fixed maturities, trading, at fair value		148
Investee \| Monument
ASSETS
Equity method investments	95	110
Total investments	95	110
LIABILITIES
Net assets	95	110
Investee \| AmTrust
ASSETS
Equity investments	181	190
Total investments	181	190
LIABILITIES
Net assets	181	190
Investee \| Citco
ASSETS
Equity method investments		60
Total investments	0	60
Other assets	20
LIABILITIES
Net assets	20	60
Investee \| Core Specialty
ASSETS
Funds held by reinsured companies	19	25
Equity method investments	225	211
Total investments	244	236
Reinsurance balances recoverable on paid and unpaid losses		2
Other assets	9	5
LIABILITIES
Losses and LAE	192	334
Insurance and reinsurance balances payable		11
Net assets	61	(102)
Investee \| Other
ASSETS
Other investments, at fair value	1,602	1,918
Equity method investments	14	16
Total investments	1,616	1,934
LIABILITIES
Net assets	$ 1,616	$ 1,934

Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance as of January 1	$ 168	$ 179
Net income (losses) attributable to RNCI	15	(5)
Change in unrealized gains (losses) on AFS investments attributable to RNCI	2	(6)
Change in redemption value of RNCI	(3)	0
Redemption of RNCI	(182)	0
Balance as of December 31	$ 0	$ 168

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 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:


As of December 31, 2023	Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	55	$	—	$	55
Privately held equity	34		—		34
Total	89		—		89

Other investments
Hedge funds	$	491	$	—	$	491
Fixed income funds	147		35		182
Private equity funds	1,262		667		1,929
CLO equity funds	182		—		182
Private credit funds	349		242		591
Real estate funds	121		139		260

Total	$	2,552	$	1,083	$	3,635

Total investments in nonconsolidated VIEs	$	2,641	$	1,083	$	3,724


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

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

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

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

- 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

Losses and Loss Adjustment Expenses - Reconciliation of Incurred and Paid Loss Development (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
ULAE	$ 381
Fair value adjustments - acquired companies	(107)
Fair value adjustments - fair value option	(246)
Total	11,547
Provision for Bad Debt
ULAE	0
Fair value adjustments - acquired companies	0
Fair value adjustments - fair value option	0
Total	38
Net Liability for Losses and LAE
ULAE	381
Fair value adjustments - acquired companies	(107)
Fair value adjustments - fair value option	(246)
Total	11,585	$ 12,011	$ 11,926	$ 8,928
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	836	1,075
ULAE	5
Fair value adjustments - acquired companies	(5)
Fair value adjustments - fair value option	(62)
Total reinsurance reserves recoverable	774	996	1,332	1,830
Gross Liabilities for Losses and LAE
ULAE	386
Fair value adjustments - acquired companies	(112)
Fair value adjustments - fair value option	(308)
Total	12,359	$ 13,007	$ 13,258	$ 10,593
Run-off
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
OLR and IBNR	11,519
Provision for Bad Debt
OLR and IBNR	38
Net Liability for Losses and LAE
OLR and IBNR	11,557
Reinsurance Recoverable on Liabilities for Losses and LAE
OLR and IBNR	836
Gross Liabilities for Losses and LAE
OLR and IBNR	12,393
Run-off \| Asbestos
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	1,499
Provision for Bad Debt
Presented in the loss development tables	18
Net Liability for Losses and LAE
Presented in the loss development tables	1,517
Total	1,338
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	59
Gross Liabilities for Losses and LAE
Presented in the loss development tables	1,576
Run-off \| General casualty
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	4,061
Provision for Bad Debt
Presented in the loss development tables	7
Net Liability for Losses and LAE
Presented in the loss development tables	4,068
Total	3,980
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	102
Gross Liabilities for Losses and LAE
Presented in the loss development tables	4,170
Run-off \| Workers' Compensation
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	1,740
Provision for Bad Debt
Presented in the loss development tables	1
Net Liability for Losses and LAE
Presented in the loss development tables	1,741
Total	1,607
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	201
Gross Liabilities for Losses and LAE
Presented in the loss development tables	1,942
Run-off \| Professional indemnity/Directors and Officers
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	1,984
Provision for Bad Debt
Presented in the loss development tables	1
Net Liability for Losses and LAE
Presented in the loss development tables	1,985
Total	1,972
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	124
Gross Liabilities for Losses and LAE
Presented in the loss development tables	2,109
Run-off \| Motor
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Presented in the loss development tables	653
Provision for Bad Debt
Presented in the loss development tables	2
Net Liability for Losses and LAE
Presented in the loss development tables	655
Total	635
Reinsurance Recoverable on Liabilities for Losses and LAE
Presented in the loss development tables	173
Gross Liabilities for Losses and LAE
Presented in the loss development tables	828
Run-off \| Environmental
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	299
Provision for Bad Debt
Excluded from the loss development tables	3
Net Liability for Losses and LAE
Excluded form the loss development tables	302
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	10
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	312
Run-off \| Marine, Aviation and Transit
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	315
Provision for Bad Debt
Excluded from the loss development tables	2
Net Liability for Losses and LAE
Excluded form the loss development tables	317
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	43
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	360
Run-off \| Construction Defect
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	317
Provision for Bad Debt
Excluded from the loss development tables	0
Net Liability for Losses and LAE
Excluded form the loss development tables	317
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	0
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	317
Run-off \| Property
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	244
Provision for Bad Debt
Excluded from the loss development tables	1
Net Liability for Losses and LAE
Excluded form the loss development tables	245
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	93
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	338
Run-off \| All Other
Net Liability for Losses and LAE, Prior to Provision for Bad Debt
Excluded form the loss development tables	407
Provision for Bad Debt
Excluded from the loss development tables	3
Net Liability for Losses and LAE
Excluded form the loss development tables	410
Reinsurance Recoverable on Liabilities for Losses and LAE
Excluded from the loss development tables	31
Gross Liabilities for Losses and LAE
Excluded from the loss development tables	$ 441

Investments - Equity Securities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 701	$ 1,250
Equity investments \| Exchange traded
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	275	385
Equity investments \| Over-the-counter
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	344	358
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 82	$ 507

Shareholders' Equity - Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2018	Jun. 30, 2018	Dec. 31, 2023	Sep. 01, 2028	Mar. 01, 2024	Dec. 31, 2022
Class of Stock [Line Items]
Preferred shares, par value (in dollars per share)			$ 1.00
Series C non-voting preferred shares
Class of Stock [Line Items]
Preferred shares, issued (in shares)			388,571			388,571
Preferred shares, liquidation preference (in dollars per share)			$ 0.001
Series D Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference			$ 400			$ 400
Preferred shares, issued (in shares)			16,000			16,000
Dividend rate			7.00%
Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference			$ 110			$ 110
Preferred shares, issued (in shares)			4,400			4,400
Dividend rate			7.00%
Public Stock Offering \| Series D Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference		$ 400
Preferred shares, issued (in shares)		16,000
Dividend rate		7.00%
Preferred shares, par value (in dollars per share)		$ 1.00
Preferred shares, liquidation preference (in dollars per share)		$ 25,000
Public Stock Offering \| Series D Preferred Shares \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)				$ 25,000
Public Stock Offering \| Depositary Shares, Series D Preferred
Class of Stock [Line Items]
Preferred shares, issued (in shares)		16,000,000
Depositary shares, proportionate interest per share		0.001
Preferred shares, liquidation preference (in dollars per share)		$ 25.00
Public Stock Offering \| Depositary Shares, Series D Preferred \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)				$ 25.00
Public Stock Offering \| Series E Preferred Shares
Class of Stock [Line Items]
Preferred shares, liquidation preference	$ 110
Preferred shares, issued (in shares)	4,400
Dividend rate	7.00%
Preferred shares, par value (in dollars per share)	$ 1.00
Preferred shares, liquidation preference (in dollars per share)	$ 25,000
Public Stock Offering \| Series E Preferred Shares \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)					$ 25,000
Public Stock Offering \| Depositary Shares, Series E Preferred
Class of Stock [Line Items]
Preferred shares, issued (in shares)	4,400,000
Depositary shares, proportionate interest per share	0.001
Preferred shares, liquidation preference (in dollars per share)	$ 25.00
Public Stock Offering \| Depositary Shares, Series E Preferred \| Forecast
Class of Stock [Line Items]
Preferred shares, redemption price per share (in dollars per share)					$ 25.00

Deferred Charge Assets and Deferred Gain Liabilities

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

10. DEFERRED CHARGE ASSETS AND DEFERRED GAIN LIABILITIES

If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the premiums received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the premiums received are in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded.

The consideration that we charge the ceding companies under retroactive reinsurance contracts may be lower than our estimate of losses and LAE liabilities as these liabilities may not be settled for many years. Our contractual counterparties (cedants) settle the consideration upon inception of the contract and we invest the consideration received over an extended period of time, thereby generating investment income. As a result, we expect to generate profits from these retroactive reinsurance contracts when taking into account the consideration received and expected investment income, less contractual obligations and expenses.

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

When liabilities for losses and LAE are extinguished through commutations and policy buybacks, they are removed from our estimates for the remaining loss and LAE payments, and this will generally result in an acceleration of the amortization of the DCAs.

DCAs are assessed at each reporting period for impairment and if the asset is determined to be impaired, then it is written down in the period in which the determination is made with that write down reflected in earnings as a component of net incurred losses and LAE. For the years ended December 31, 2023, 2022 and 2021 we completed our assessment for impairment of deferred charge assets and concluded that there had been no impairment of our carried deferred charge asset balances.

For each reinsurance contact where a DCA has been recorded we assess for impairment at each reporting period by determining the rate of return that we are required to earn on the invested assets to ensure that all cashflows arising from the assumed liabilities are met in full over the projected remaining payout period. This required rate of return is compared against the modeled rate of return, the weighted average portfolio yield and the actual annualized rate of return in order to identify indicators that would lead us to record an impairment of the DCA.

Change in net DCA Amortization

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

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

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

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

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

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

Consolidated Balance Sheets


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


Retained earnings	4,016		390		4,406

Consolidated Statements of Operations


	Year Ended December 31, 2022
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method
	(in millions of U.S. dollars, except per share data)
Net incurred losses and LAE:
Prior Period	$	(513)	$	(243)	$	(756)
Total net incurred losses and loss adjustment expenses	(465)		(243)		(708)
Amortization of net deferred charge assets	—		80		80
Total expenses	(12)		(163)		(175)
NET LOSS FROM CONTINUING OPERATIONS	(1,108)		163		(945)
NET LOSS ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	(1,069)	163		(906)
	$	—
Loss per ordinary share attributable to Enstar:
Basic	$	(62.13)	$	9.48	$	(52.65)

Diluted	$	(62.13)	$	9.48	$	(52.65)


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

NET INCOME FROM CONTINUING OPERATIONS	488		65		553


NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$	437	$	65	$	502

Earnings per ordinary share attributable to Enstar:



Basic	$	22.05	$	3.28	$	25.33



Diluted	$	21.71	$	3.23	$	24.94

Consolidated Statements of Comprehensive Income


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
NET (LOSS) INCOME	$	(1,108)	$	163	$	(945)	$	488	$	65	$	553


COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSTAR	$	(1,319)	$	163	$	(1,156)	$	375	$	65	$	440

Consolidated Statements of Changes in Shareholders’ Equity


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Retained Earnings
Balance, beginning of year	$	5,085	$	227	$	5,312	$	4,647	$	162	$	4,809
Net (loss) income	(1,108)		163		(945)		488		65		553

Balance, end of year	$	4,016	$	390	$	4,406	$	5,085	$	227	$	5,312

Consolidated Statements of Cash Flows


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
Net (loss) income	$	(1,108)	$	163	$	(945)	$	488	$	65	$	553
Adjustments to reconcile net (loss) income to cash flows provided by operating activities:
Amortization of net deferred charge assets	$	—	$	80	$	80	$	—	$	55	$	55
Other operating assets and liabilities(1)	$	(174)	$	(243)	$	(417)	$	838	$	(120)	$	718

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


	Year Ended December 31, 2022						Year Ended December 31, 2021
	As Computed Under Previous Method		Effect of Accounting Change		As Reported Under New Method		As previously reported		Adjustment		As adjusted
	(in millions of U.S. dollars)
DCAs on retroactive reinsurance	$	(371)	$	371	$	—	$	(219)	$	219	$	—
Net balance as of January 1	11,555		371		11,926		8,709		219		8,928
Net incurred losses and LAE:
Prior periods:
Amortization of DCAs	243		(243)		—		120		(120)		—
Total prior periods	(513)		(243)		(756)		(283)		(120)		(403)
Total net incurred losses and LAE	(465)		(243)		(708)		(111)		(120)		(231)
Other changes:

Acquired business(2)	—		—		—		1,098		29		1,127
Assumed business(1)	2,520		140		2,660		3,445		254		3,699
Ceded business(3)	—		—		—		(92)		(11)		(103)
Total other changes	2,333		140		2,473		4,388		272		4,660
Net balance as of December 31	11,743		268		12,011		11,555		371		11,926
DCAs on retroactive reinsurance	$	268	$	(268)	$	—	$	371	$	(371)	$	—

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

(3) 2021 ceded business is net of DGLs of $11 million.

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

Deferred Charge Assets and Deferred Gain Liabilities

The following table presents a reconciliation of the deferred charge assets and deferred gain liabilities for the years ended December 31, 2023, 2022 and 2021:


	2023						2022						2021
	DCA		DGL		Net		DCA		DGL		Net		DCA		DGL		Net
	(in millions of U.S. dollars)
Beginning carrying value	$	658	$	—	$	658	$	599	$	1	$	598	$	401	$	20	$	381
New business	179		—		179		140		—		140		254		11		243
Realized on acquisition	—		—		—		—		—		—		—		(29)		29
Amortization	(106)		—		(106)		(81)		(1)		(80)		(56)		(1)		(55)

Ending carrying value	$	731	$	—	$	731	$	658	$	—	$	658	$	599	$	1	$	598

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Asbestos and Environmental Claims [Abstract]
Defendant asbestos liabilities	$ 734	$ 786
Defendant environmental liabilities	10	10
Estimated future expenses	33	35
Fair value adjustments	(210)	(224)
Defendant A&E liabilities	567	607	$ 638	$ 706
Insurance recoveries related to defendant asbestos liabilities (net of allowance: 2023 - $5; 2022 - $5)	217	224
Fair value adjustments	(45)	(47)
Insurance balances recoverable	172	177	213	250
Net liabilities relating to defendant A&E exposures	395	430	$ 425	$ 456
Insurance balance recoverable, allowance for credit loss	$ 5	$ 5

Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Before Tax Amount
Other comprehensive loss	$ (125)	$ (217)	$ (105)
Tax (Expense) Benefit
Other comprehensive loss	3	6	7
Net of Tax Amount
Total other comprehensive loss	(122)	(211)	(98)
Unrealized (losses) gains on fixed maturities, AFS
Before Tax Amount
Before reclassifications	150	(689)	(112)
Tax (Expense) Benefit
Before reclassifications	4	8	6
Net of Tax Amount
Before reclassifications	154	(681)	(106)
Reclassification adjustment for change in allowance for credit losses recognized in net income
Before Tax Amount
Reclassification from AOCI	(11)	28	10
Net of Tax Amount
Reclassification from AOCI	(11)	28	10
Reclassification adjustment for net realized (gains) losses included in net income
Before Tax Amount
Reclassification from AOCI	76	83	(7)
Tax (Expense) Benefit
Reclassification from AOCI	(1)	(2)	1
Net of Tax Amount
Reclassification from AOCI	75	81	(6)
Change in currency translation adjustment
Before Tax Amount
Before reclassifications	3		2
Net of Tax Amount
Before reclassifications	3		2
Reclassification adjustment of future policyholder benefits
Before Tax Amount
Before reclassifications		363
Reclassification from AOCI	(363)
Net of Tax Amount
Before reclassifications		363
Reclassification from AOCI	(363)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk
Before Tax Amount
Before reclassifications	20
Net of Tax Amount
Before reclassifications	$ 20
Other
Before Tax Amount
Before reclassifications		(2)	2
Net of Tax Amount
Before reclassifications		$ (2)	$ 2

Losses and Loss Adjustment Expenses - Net Incurred Losses by Line of Business (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (157)	$ (403)	$ (281)
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(157)	(355)	(277)
Assumed Life
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	(52)	0
Legacy Underwriting
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	4	(4)
Asbestos \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	23	(14)	(16)
Environmental \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(1)	(6)	7
General casualty \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	127	57	116
Workers' compensation \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(200)	(318)	(234)
Marine, aviation and transit \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(2)	(56)	(47)
Construction defect \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	17	(25)	(33)
Professional indemnity/Directors and Officers \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(11)	(10)	(31)
Motor \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(28)	74	43
Property \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(68)	(35)	(45)
All Other \| Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (14)	$ (22)	$ (37)

Income Taxation

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXATION

23. INCOME TAXATION

Enstar is incorporated under the laws of Bermuda and is not required to pay taxes in Bermuda based upon income or capital gains under the Exempted Undertakings Tax Protection Act of 1996. However in December 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (the “Act”), which amended the Bermuda Exempted Undertakings Tax Protection Act of 1966. The Act introduces a 15% corporate income tax on Bermuda businesses that are part of an In Scope Multinational Enterprise Group (“MNE Group”), effective for tax years beginning on or after January 1, 2025. An MNE Group is an In Scope MNE Group if, with respect to any fiscal year beginning on or after January 1, 2025, the MNE Group had annual revenue of €750 million or more in the consolidated financial statements for at least two of the four fiscal years immediately preceding such fiscal year. Based on annual revenue in our consolidated financial statements, we will be an In Scope MNE Group commencing with the tax year beginning on January 1, 2025.

The ETA allows Bermuda subject entities to establish tax basis in the assets and liabilities of such Bermuda entities (as of September 30, 2023 (the “Basis Valuation Date”)) using fair values which results in deductible and taxable temporary differences which are reflected as deferred income tax assets and liabilities in the financial statements. For each asset and liability subject to the adjustment, the amount of the adjustment would generally be the difference, as of the Basis Adjustment Valuation Date, between each asset/liability’s fair market value and the carrying value of the item in the entity’s consolidated financial statements.

In accordance with ASC 740, effects of changes in tax laws are required to be recognized in the period in which the law is enacted, regardless of the effective date. The application of the ETA resulted in our recognition of net deferred tax assets of $205 million in 2023. We have not recorded a valuation allowance against these deferred tax assets as of December 31, 2023. In addition, because of the Act’s enactment, we have recognized a deferred tax charge related to the remeasurement of deferred taxes on unrealized gains on AFS securities recorded in OCI, due to the change in income tax rate.

The incremental financial statement impact related to the Act was as follows:


	2023
	(in millions of U.S. dollars)
Provision for income tax (benefit) expense
Economic Transition Adjustment	$	(221)
Effect of change in income tax rate on the net change in unrealized gains (losses) on AFS securities recorded in OCI since the Basis Valuation Date	16
Total provision for income tax (benefit) expense	$	(205)

We have foreign operating subsidiaries and branch operations principally located in the U.S., U.K., Continental Europe and Australia that are subject to federal, foreign, state and local taxes in those jurisdictions. The undistributed earnings from our foreign subsidiaries will be indefinitely reinvested in those jurisdictions where the undistributed earnings were earned.

Deferred tax liabilities have not been accrued with respect to the undistributed earnings of our foreign subsidiaries. Generally, when earnings are distributed as dividends, withholding taxes may be imposed by the jurisdiction of the paying subsidiary. For our U.S. subsidiaries, we have not currently accrued any withholding taxes with respect to unremitted earnings because, solely for U.S. Federal income tax purposes, there are no accumulated positive earnings and profits that could be subject to U.S. dividend withholding tax. For our U.K. subsidiaries, there are no withholding taxes imposed as a matter of U.K. domestic tax law. For our other foreign subsidiaries, an insignificant amount of earnings is indefinitely reinvested; however, it would not be practicable to compute the related amounts of withholding taxes due to a variety of factors, including the amount, timing and manner of any repatriation. Because we operate in many jurisdictions, our net income are subject to risk due to changing tax laws and tax rates around the world. The current, rapidly changing economic environment may increase the likelihood of substantial changes to tax laws in the jurisdictions in which we operate.

Income Tax Expense

The following table presents income (loss) before income taxes by jurisdiction, including income (losses) from equity method investments, for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Domestic (Bermuda)	$	1,046	$	(710)	$	430
Foreign	(78)		(247)		150
Income (loss) before income taxes, including income (losses) from equity method investments	$	968	$	(957)	$	580

The following table presents our current and deferred income tax (benefit) expense attributable to continuing operations by jurisdiction for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
	(in millions of U.S. dollars)
Current:
Domestic (Bermuda)	$	—	$	—	$	—
Foreign	6		—		6
	6		—		6
Deferred:
Domestic (Bermuda)	(205)		—		—
Foreign	(51)		(12)		21
	(256)		(12)		21
Total income tax (benefit) expense attributable to continuing operations	$	(250)	$	(12)	$	27


	2023			2022			2021
	(in millions of U.S. dollars)
Income (loss) before income taxes	$	968		$	(957)		$	580
Bermuda income taxes at statutory rate	0.0		%	0.0		%	0.0		%
Foreign income tax rate differential	(2.0)		%	4.6		%	5.4		%
Economic Transition Adjustment (1)	(22.8)		%	0.0		%	0.0		%


Change in valuation allowance	(1.6)		%	(3.9)		%	1.6		%
Effect of change in income tax rate	1.4		%	0.1		%	(1.2)		%




Other	(0.8)		%	0.5		%	(1.1)		%
Effective income tax rate	(25.8)		%	1.3		%	4.7		%

(1) For the year ended December 31, 2023, we recorded a deferred tax benefit of $221 million associated with certain Bermuda Constituent Entities anticipated to remain within the ETA.

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

Deferred Tax Assets and Liabilities

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

Significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 were as follows:


	2023		2022
	(in millions of U.S. dollars)
Deferred tax assets:
Net operating loss carryforwards	$	204	$	214
Capital loss carryforwards	7		3
Insurance reserves	192		14
Unearned premiums	8		—

Provisions for bad debt	3		3

Defendant A&E liabilities	86		94
Fair value of investments	2		40
Lloyd’s underwriting result in future periods	21		5
Fair value of financial instruments	35		—
Other deferred tax assets	29		18
Deferred tax assets	587		391
Valuation allowance	(156)		(181)
Deferred tax assets, net of valuation allowance	431		210

Deferred tax liabilities:




Fair value and other basis differences	(32)		(62)
Other deferred tax liabilities	(7)		(7)

Deferred tax liabilities	(39)		(69)

Net deferred tax asset	$	392	$	141

Net Deferred Tax Asset (Liability) Balance by Major Jurisdiction


	Net Deferred Tax Asset
	2023		2022
	(in millions of U.S. dollars)
Australia	$	4	$	4
Bermuda	205		—
United States	191		164
United Kingdom	(8)		(27)

Total	$	392	$	141

Net Operating, Capital Loss and Foreign Tax Credit Carryforwards

As of December 31, 2023, we had net operating loss carryforwards that could be available to offset future taxable income, as follows:


Tax Jurisdiction	Loss Carryforwards		Tax effect		Expiration
	(in millions of U.S. dollars)
Net Operating Loss Carryforwards:
United States - Net operating loss	$	470	$	98	2028-2042
United States - Net operating loss	74		16		Indefinitely
United Kingdom	271		68		Indefinitely
Luxembourg	34		9		2035-2036
Other	66		13		Indefinitely

Capital Loss Carryforwards:
United States - Capital Loss	32		7		2027-2028

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

Foreign Tax Credit Carryforwards:

As of December 31, 2023, we had foreign tax credit carryforwards available for tax purposes, as follows:


Tax Jurisdiction	Tax effect		Expiration
	(in millions of U.S. dollars)
United Kingdom	$	8	Indefinitely

Assessment of Valuation Allowance on Deferred Tax Assets

As of December 31, 2023 and 2022, we had deferred tax asset valuation allowances of $156 million and $181 million, respectively, related to foreign subsidiaries. We recorded a net decrease of $25 million in our deferred tax valuation allowance for the year ended December 31, 2023. This is primarily due to a $27 million partial valuation allowance release and utilization of $5 million of deferred tax assets in the U.S. jurisdiction. In the U.K. and EU jurisdictions, a $16 million increase was recorded primarily due to the losses for which a tax benefit was not recognized for the period. The remaining $9 million of valuation allowance release relates to a reduction in deferred tax assets associated with decreases in unrealized losses on investment securities reported in AOCI in the U.S. and U.K. jurisdictions.

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

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

i.net income or losses in recent years;

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

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

iv.tax planning strategies.

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

Unrecognized Tax Benefits

During the years ended December 31, 2023, 2022 and 2021, there were no unrecognized tax benefits. There were no accruals for the payment of interest and penalties related to income taxes as of each of December 31, 2023, 2022 and 2021.

Open Tax Years

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

Listed below are the tax years that remain subject to examination by a major tax jurisdiction as of December 31, 2023:

Major Tax Jurisdiction

Open Tax Years

United States

2020-2023

United Kingdom

2021-2023

- Definition

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

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Valuation Techniques and Inputs (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	$ 5,323	$ 5,261
Equity investments	701	1,250
Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	2,780	3,013
Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	767	682
Fixed maturities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	5,261	5,223
Fixed maturities \| Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	2,758	2,988
Fixed maturities \| Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	767	682
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	701	1,250
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	300	319
Significant Unobservable Inputs (Level 3) \| Recurring \| Fixed maturities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	23
Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	299
Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Recurring \| Fixed maturities \| Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	12
Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Recurring \| Fixed maturities \| Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale	11
Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Recurring \| Exchange traded \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	1
Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	181
Guideline companies method \| Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	54	$ 40
Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	30
Dividend discount model \| Significant Unobservable Inputs (Level 3) \| Recurring \| Over-the-counter \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	$ 34
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| YTM
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0553
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Illiquidity premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0088
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Credit Risk Premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0282
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| WAL
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	1.70
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Trade Date Spread Differential
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	(0.0003)
Minimum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.50
Minimum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV (excluding AOCI) multiple \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.4
Minimum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| Expected term \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1
Minimum \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.5
Minimum \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| Price/2024 earnings \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	7.7
Minimum \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| LTM Enterprise Value/EBITDA multiples \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	12
Minimum \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| LTM EV/Revenue multiples \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	2.5
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| YTM
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0943
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Illiquidity premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0313
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Credit Risk Premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0448
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| WAL
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	4.74
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Trade Date Spread Differential
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0033
Maximum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.9
Maximum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV (excluding AOCI) multiple \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.5
Maximum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| Expected term \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	3
Maximum \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.7
Maximum \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| Price/2024 earnings \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	8.9
Maximum \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| LTM Enterprise Value/EBITDA multiples \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	13
Maximum \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| LTM EV/Revenue multiples \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	3
Average \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Implied total yield \| Exchange traded
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	0.0862
Average \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| Multiple on earnings \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	5
Average \| Dividend discount model \| Significant Unobservable Inputs (Level 3) \| Discount rate \| Over-the-counter
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	0.085