0001363829-24-000147 | 10-Q | XBRL Viewer

Deferred Charge Assets

9 Months Ended

Sep. 30, 2024

7. DEFERRED CHARGE ASSETS

If, at the inception of a retroactive reinsurance contract, the estimated liabilities for losses and LAE exceed the consideration received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the consideration received is in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded. There are no DGL balances in the current or comparative periods.

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

The following table presents a summary of the DCA balances and related activity for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2024				2023			2024		2023

	(in millions of U.S. dollars)
Beginning carrying value		$	687			$	797	$	731	$	658
Recorded during the period		2				—		17		180

Amortization		(27)				(34)		(86)		(75)

Ending carrying value		$	662			$	763	$	662	$	763

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

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

16. EARNINGS PER SHARE

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net income attributable to Enstar ordinary shareholders:	$	148	$	38	$	393	$	483

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	14,666,153		15,464,824		14,657,391		15,962,910
Effect of dilutive securities:
Share-based compensation plans (2)(3)	182,205		141,281		177,512		108,015
JSOP(4)	195,408		—		189,928		—


Weighted-average ordinary shares outstanding — diluted	15,043,766		15,606,105		15,024,831		16,070,925

Earnings per share attributable to Enstar ordinary shareholders:
Basic	$	10.09	$	2.46	$	26.81	$	30.26



Diluted	$	9.84	$	2.43	$	26.16	$	30.05

(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 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, directors’ restricted share units and performance share units. Certain share-based compensation awards were excluded from the calculation for the three and nine months ended September 30, 2024 and 2023 because they were anti-dilutive. The number of potential ordinary shares excluded from diluted shares outstanding was 0 and 59 shares for the three months ended September 30, 2024 and 2023, respectively, and 274 and 26,068 shares for the nine months ended September 30, 2024 and 2023, respectively, because the effect of including those potential ordinary shares in the calculation would have been anti-dilutive. Securities may be anti-dilutive based on timing of forfeitures of share-based compensation awards or if the share price at grant date was greater than the average market price of our ordinary shares. Refer to Note 22 to the Consolidated Financial Statements included within our 2023 Form 10-K for additional information on the share-based compensation awards.

(3) Certain restricted share units and performance share units were converted from an equity award to a liability award during the three and nine months ended September 30, 2024. As a result, the applicable units no longer have a dilutive impact.

(4) The JSOP award made to our CEO includes a condition that specifies a hurdle price ($315.53 as of January 20, 2025) compared to our market observable ordinary share price in order for the award to vest. As of September 30, 2024, the closing share price of our ordinary shares was $321.59. As a result, the JSOP award became dilutive for the three and nine months ended September 30, 2024. Additionally, 20% of the award is dependent on a 10% compounded annual growth rate in Fully Diluted Book Value Per Share from January 1, 2020, which was also met for the three and nine months ended September 30, 2024. Refer to Note 22 to the Consolidated Financial Statements of our 2023 Form 10-K for additional information on the JSOP.

Investments - Equity Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 787	$ 701
Equity investments \| Privately held
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	392	344
Equity investments \| Publicly traded
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	305	275
Exchange-traded funds
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	74	82
Warrants and other
Debt and Equity Securities, FV-NI [Line Items]
Equity investments	$ 16	$ 0

Subsequent Events (Details) - Subsequent Event	Nov. 11, 2024 USD ($) entity	Nov. 06, 2024 USD ($)	Oct. 31, 2024 USD ($) subsidiary
Subsequent Event [Line Items]
Line of credit facility, increase, number of subsidiaries affected \| subsidiary			1
Letters of credit			$ 135,000,000
Performance Guarantee
Subsequent Event [Line Items]
Guarantor obligations, increase (decrease)			135,000,000
Captive Reinsurer Investment Commitment
Subsequent Event [Line Items]
Unfunded investment commitments		$ 25,000,000
James River
Subsequent Event [Line Items]
Reinsurance agreement, number of subsidiaries \| entity	1
Excess of loss reinsurance, amount	$ 75,000,000
Excess of loss reinsurance, existing coverage provided by third party, amount	$ 160,000,000
Letters of Credit \| Line of Credit
Subsequent Event [Line Items]
Commitment			$ 135,000,000

Investments - Funds Held by Reinsured Companies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Funds held by reinsurance companies, at amortized cost	$ 2,335		$ 2,709
Funds held by reinsured companies	2,368		2,749
Funds held by reinsurance company, period decrease	(381)
Embedded derivatives
Debt Securities, Available-for-sale [Line Items]
Fair value of embedded derivative	$ 33	$ 22	$ 40	$ 43	$ 42	$ 44

- 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

Fair Value Measurements - Funds Held By Reinsured Companies - Embedded Derivative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative	$ 33		$ 33
Average \| Significant Unobservable Inputs (Level 3) \| Volatility rate \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative, measurement input	0.0488		0.0488
Average \| Significant Unobservable Inputs (Level 3) \| Expected loss payments \| Monte Carlo simulation model; Discounted cash flow analysis
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Embedded derivative, measurement input	422		422
Embedded derivatives
Funds Held Under Reinsurance Agreements, Asset [Roll Forward]
Beginning fair value	$ 22	$ 42	$ 40	$ 44
Total fair value changes	11	1	(7)	(1)
Ending fair value	$ 33	$ 43	$ 33	$ 43

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

Total

Total Enstar Shareholders' Equity

Common Stock

Voting Ordinary Shares

Common Stock

Non-Voting Convertible Ordinary Series C Shares

^[1]

Preferred Shares

Series D Preferred Shares

Preferred Shares

Series E Preferred Shares

Treasury Shares (Series C Preferred Shares)

Series C Preferred Shares

Treasury Shares (Joint Share Ownership Plan)

APIC

AOCI

Retained Earnings

NCI

Balance, beginning of period at Dec. 31, 2022

$ 5,160

$ 4,974

$ 16

^[1]

$ 1

$ 400

^[1]

$ 110

^[1]

$ (422)

$ (1)

$ 766

$ (302)

$ 4,406

$ 186

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

Net income attributable to Enstar or noncontrolling interests

609

Net income attributable to Enstar or noncontrolling interests (excludes redeemable noncontrolling interests)

596

510

Dividends on preferred shares

(27)

Ordinary shares repurchased

(340)

(1)

(339)

Amortization of share-based compensation

Acquisition of noncontrolling shareholders' interest in subsidiary

(166)

(175)

Other comprehensive income, net of tax

(356)

Other comprehensive loss, net of tax

(358)

(268)

(90)

Other

(3)

Balance, end of period at Sep. 30, 2023

4,887

4,877

^[1]

400

^[1]

110

^[1]

(422)

(1)

455

(570)

4,889

Balance, beginning of period at Jun. 30, 2023

4,924

4,913

400

110

(422)

(1)

447

(488)

4,851

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

Net income attributable to Enstar or noncontrolling interests

Net income attributable to Enstar or noncontrolling interests (excludes redeemable noncontrolling interests)

Dividends on preferred shares

(9)

Amortization of share-based compensation

Other comprehensive income, net of tax

(82)

Other comprehensive loss, net of tax

(83)

(82)

(1)

Balance, end of period at Sep. 30, 2023

4,887

4,877

^[1]

400

^[1]

110

^[1]

(422)

(1)

455

(570)

4,889

Balance, beginning of period at Dec. 31, 2023

5,648

5,535

^[1]

400

^[1]

110

^[1]

(422)

(1)

579

(336)

5,190

113

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

Net income attributable to Enstar or noncontrolling interests

425

420

Dividends on preferred shares

(27)

Amortization of share-based compensation

Acquisition of noncontrolling shareholders' interest in subsidiary

(6)

Other comprehensive income, net of tax

115

Redemptions of noncontrolling interests

(70)

Other

(10)

Balance, end of period at Sep. 30, 2024

6,099

6,057

^[1]

400

^[1]

110

^[1]

(422)

(1)

593

(221)

5,583

Balance, beginning of period at Jun. 30, 2024

5,880

5,771

400

110

(422)

(1)

591

(357)

5,435

109

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

Net income attributable to Enstar or noncontrolling interests

161

157

Dividends on preferred shares

(9)

Amortization of share-based compensation

Other comprehensive income, net of tax

136

Redemptions of noncontrolling interests

(70)

Other

(7)

(6)

(1)

Balance, end of period at Sep. 30, 2024

$ 6,099

$ 6,057

$ 15

^[1]

$ 0

$ 400

^[1]

$ 110

^[1]

$ (422)

$ (1)

$ 593

$ (221)

$ 5,583

$ 42

[1]	Series C and E non-voting convertible shares repurchased and retired in March 2023 were excluded from these tables as all par value amounts were less than $1 million.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

13. GOODWILL AND INTANGIBLE ASSETS

As of December 31, 2023, goodwill, included within other assets in our condensed consolidated balance sheets, had a carrying value of $63 million, all related to the Run-off segment.

Although we perform our annual goodwill impairment testing during the fourth quarter, we evaluate events or circumstances each period that could justify an interim test as well. The Merger Agreement executed this quarter indicated that the consideration for all ordinary shareholders interests as described in Note 1, which represents our fair value, is less than our book value. Hence, a full impairment charge related to goodwill of $63 million was recognized this quarter in the condensed consolidated statement of operations.

We also performed impairment tests for all other tangible and intangible assets during the third quarter of 2024 using applicable impairment models, noting no further impairment as of the date we entered into the Merger Agreement in July 2024 through September 30, 2024.

Investments - Other Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Investments [Line Items]
Other investments, at fair value	$ 4,145	$ 3,853
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	1,840	1,617
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	819	625
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	476	491
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	410	605
Real estate fund
Other Investments [Line Items]
Other investments, at fair value	383	269
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	162	182
CLO equities
Other Investments [Line Items]
Other investments, at fair value	50	60
Equity funds
Other Investments [Line Items]
Other investments, at fair value	$ 5	$ 4

Derivatives and Hedging Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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 September 30, 2024 and December 31, 2023:


	September 30, 2024						December 31, 2023
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	267	$	—	$	3	$	424	$	1	$	6

Derivatives not designated as hedging instruments
Foreign currency forward contracts	426		4		1		313		3		3
Interest rate swaps	433		5		—		—		—		—
Others	1		—		—		14		—		—
Total	$	1,127	$	9	$	4	$	751	$	4	$	9

The following table presents the net gains and losses relating to our derivative instruments for the three and nine months ended September 30, 2024 and 2023:


		Amount of Net Gains (Losses)
	Location of gain (loss) recognized on derivatives	Three Months Ended				Nine Months Ended
		September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
		(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	Accumulated other comprehensive loss	$	(14)	$	15	$	(6)	$	3

Derivatives not designated as hedging instruments
Foreign currency forward contracts	Net foreign exchange (loss) gains	(4)		(4)		2		1
Interest rate swaps	Fair value changes in trading securities, funds held and other investments	10		(1)		10		7

- Definition

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

+ References + Details

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance as of beginning of period	$ 11,204	$ 13,834	$ 12,359	$ 13,007
Reinsurance reserves recoverable on unpaid losses	(686)	(895)	(774)	(996)
Net balance as of beginning of period	10,518	12,939	11,585	12,011
Current period:
Increase in estimates of net ultimate losses	5	5	14	18
Increase in provisions for ULAE	1	0	1	0
Total current period	6	5	15	18
Prior periods:
Reduction in estimates of net ultimate losses	(15)	(12)	(63)	(35)
Reduction in provisions for ULAE	(21)	(19)	(60)	(37)
Amortization of fair value adjustments	2	4	11	13
Changes in fair value - fair value option	25	12	17	24
Total prior periods	(9)	(15)	(95)	(35)
Total net incurred losses and loss adjustment expenses	(3)	(10)	(80)	(17)
Net paid losses:
Current period	0	(1)	0	(3)
Prior periods	(569)	(664)	(1,785)	(1,851)
Total net paid losses	(569)	(665)	(1,785)	(1,854)
Other changes:
Effect of exchange rate movement	120	(109)	49	(40)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	6	0	6	(21)
Ceded business	0	0	0	(139)
Assumed business	538	0	835	2,215
Total other changes	664	(109)	890	2,015
Net balance as of September 30	10,610	12,155	10,610	12,155
Reinsurance reserves recoverable on unpaid losses	662	789	662	789
Balance as of September 30	11,272	12,944	11,272	12,944
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses	10,164		10,164		$ 11,196
Losses and loss adjustment expenses, at fair value	1,108		1,108		1,163
Total losses and loss adjustment expenses	11,272	12,944	11,272	12,944	12,359
Reinsurance balances recoverable on paid and unpaid losses	535		535		740
Reinsurance balances recoverable on paid and unpaid losses - fair value option	200		200		217
Total reinsurance balances recoverable on paid and unpaid losses	735		735		957
Less: Paid losses recoverable	(73)		(73)		(183)
Reinsurance reserves recoverable on unpaid losses	$ 662	$ 789	$ 662	789	$ 774
Ceded business, loss and expense				173
Ceded business, reinsurance recoverable				$ 34

Derivatives and Hedging Instruments - Narrative (Details) $ in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2024 USD ($) swap	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2024 USD ($)	Jun. 30, 2024 AUD ($) swap	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Notional amount of derivative		$ 1,127		$ 1,127				$ 751
Derivatives designated as hedging instruments		11	$ 1	10	$ 6
One-Month Forward Interest Rate Swap \| Not Designated as Hedging Instrument \| LPT Transaction
Derivative [Line Items]
Derivative, number of instruments held \| swap	4						4
Notional amount of derivative	$ 125					$ 308
Derivatives designated as hedging instruments		2		2
One-Month Forward Interest Rate Swap \| Not Designated as Hedging Instrument \| LPT Transaction \| Minimum
Derivative [Line Items]
Derivative, term of contract	2 years
One-Month Forward Interest Rate Swap \| Not Designated as Hedging Instrument \| LPT Transaction \| Maximum
Derivative [Line Items]
Derivative, term of contract	5 years
One-Month Forward Interest Rate Swap \| Not Designated as Hedging Instrument \| ADC Transaction
Derivative [Line Items]
Derivative, number of instruments held \| swap	2						2
Notional amount of derivative	$ 130						$ 195
Derivatives designated as hedging instruments		5		5
Interest rate swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of derivative		433		433				$ 0
Derivatives designated as hedging instruments		$ 10	$ (1)	$ 10	$ 7

Defendant Asbestos and Environmental Liabilities

9 Months Ended

Sep. 30, 2024

Movement in Liability for Asbestos and Environmental Claims [Abstract]

DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

10. DEFENDANT ASBESTOS AND ENVIRONMENTAL LIABILITIES

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


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	678	$	734
Defendant environmental liabilities	9		10
Estimated future expenses	30		33
Fair value adjustments	(194)		(210)
Defendant A&E liabilities	523		567

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2024 - $4; 2023 - $5)	208		217
Fair value adjustments	(42)		(45)
Insurance balances recoverable	166		172

Net liabilities relating to defendant A&E exposures	$	357	$	395

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Balance as of beginning of period	$	540	$	587	$	567	$	607

Insurance balances recoverable	(169)		(175)		(172)		(177)


Net balance as of beginning of period	371		412		395		430
Total paid claims	(19)		(17)		(49)		(38)
Amounts recorded in other (income) loss:
Reduction in estimates of ultimate net liabilities	—		—		—		(2)
Reduction in estimated future expenses	(1)		(1)		(3)		(2)
Amortization of fair value adjustments	6		5		14		11
Total other (income) loss	5		4		11		7

Net balance as of September 30	357		399		357		399
Insurance balances recoverable	166		173		166		173
Balance as of September 30	$	523	$	572	$	523	$	572

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Schedule of 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 in the prior year period (as of December 2023 we no longer held any RNCI):


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


Net income attributable to RNCI	4		13
Change in unrealized gains on AFS investments attributable to RNCI	1		2




Balance as of September 30	$	183	$	183

Derivatives and Hedging Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
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: 2024 and 2023 — $1)	Other liabilities (includes consolidated variable interest entity: 2024 and 2023 — $1)
Derivative, Notional Amount	$ 1,127	$ 751
Derivative Asset	9	4
Derivative Liability	4	9
Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative [Line Items]
Derivative, Notional Amount	267	424
Derivative Asset	0	1
Derivative Liability	3	6
Not Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative [Line Items]
Derivative, Notional Amount	426	313
Derivative Asset	4	3
Derivative Liability	1	3
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	433	0
Derivative Asset	5	0
Derivative Liability	0	0
Not Designated as Hedging Instrument \| Others
Derivative [Line Items]
Derivative, Notional Amount	1	14
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Derivatives and Hedging Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING INSTRUMENTS

6. 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 fair value changes in trading securities, funds held and other investments 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 fair value changes in trading securities, funds held and other investments.

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 June 2024, we entered into four one-month forward interest rate swaps each with a different underlying swap term of 2 to 5 years, receiving a fixed rate and paying a floating rate with a notional value of $125 million to (1) partially mitigate the risk that interest rates could decrease prior to our receipt of the premium consideration and (2) reduce asset and liability mismatch risk driven by investment restrictions for the LPT transaction related to property catastrophe and COVID-19 exposures signed on June 4, 2024, which closed in the third quarter of 2024 as disclosed in Note 3.

Additionally, in June 2024, we entered into two one-month forward interest rate swaps, receiving a fixed rate and paying a floating rate with a notional value of AUD $195 million (USD $130 million) to partially mitigate the risk that interest rates could decrease prior to our receipt of the consideration for the ADC transaction related to product & public liability, compulsory third-party motor, professional risks, and workers’ compensation business signed on June

26, 2024 and which closed the third quarter of 2024 as disclosed in Note 3. The swap was terminated in September 2024. For the three and nine months ended September 30, 2024, we recognized a gain from fair value changes of $5 million and $5 million, respectively.

In August 2024, we entered into a one-month forward interest rate swap, receiving a fixed rate and paying a floating rate with a notional value of $308 million to partially mitigate the risk that interest rates could decrease prior to our receipt of the consideration for the LPT transaction related to general aviation and workers’ compensation signed on August 8, 2024, which closed in the fourth quarter of 2024 as disclosed in Note 3. For the three and nine months ended September 30, 2024, we recognized a gain from fair value changes of $2 million and $2 million, respectively.


	September 30, 2024						December 31, 2023
	Gross Notional Amount		Fair Value				Gross Notional Amount		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	$	267	$	—	$	3	$	424	$	1	$	6

Derivatives not designated as hedging instruments
Foreign currency forward contracts	426		4		1		313		3		3
Interest rate swaps	433		5		—		—		—		—
Others	1		—		—		14		—		—
Total	$	1,127	$	9	$	4	$	751	$	4	$	9

The following table presents the net gains and losses relating to our derivative instruments for the three and nine months ended September 30, 2024 and 2023:


		Amount of Net Gains (Losses)
	Location of gain (loss) recognized on derivatives	Three Months Ended				Nine Months Ended
		September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
		(in millions of U.S. dollars)
Derivatives designated as hedging instruments
Foreign currency forward contracts	Accumulated other comprehensive loss	$	(14)	$	15	$	(6)	$	3

Derivatives not designated as hedging instruments
Foreign currency forward contracts	Net foreign exchange (loss) gains	(4)		(4)		2		1
Interest rate swaps	Fair value changes in trading securities, funds held and other investments	10		(1)		10		7

Investments - AFS - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ (14)	$ (24)	$ (16)	$ (33)
Allowances for credit losses on securities for which credit losses were not previously recorded	0	(1)	(1)	(6)
Reductions for securities sold during the period			1	5
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14	2	16	11
Allowance for credit losses, end of period	0	(23)	0	(23)
Other government
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period			0	(1)
Allowances for credit losses on securities for which credit losses were not previously recorded				0
Reductions for securities sold during the period				0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period				1
Allowance for credit losses, end of period	0	0	0	0
Corporate
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	(14)	(22)	(15)	(32)
Allowances for credit losses on securities for which credit losses were not previously recorded	0	0	(1)	(3)
Reductions for securities sold during the period			1	5
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14	0	15	8
Allowance for credit losses, end of period	0	(22)	0	(22)
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	0	(2)	(1)	0
Allowances for credit losses on securities for which credit losses were not previously recorded	0	(1)	0	(3)
Reductions for securities sold during the period			0	0
Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	0	2	1	2
Allowance for credit losses, end of period	$ 0	$ (1)	$ 0	$ (1)

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Preparation	These unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Rules and Regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the financial information and note disclosures required by U.S. GAAP for complete consolidated financial statements.
Basis of Consolidation	In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, that are normal and recurring in nature, necessary for a fair statement of the financial results for the interim periods. All intercompany accounts and transactions have been eliminated and certain comparative information has been reclassified to conform to the current presentation.
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 will retrospectively adopt this ASU within our annual financial statements for the year ended December 31, 2024 and interim periods beginning in 2025. 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 will prospectively adopt this ASU within our annual financial statements for the year ended December 31, 2025. ASU 2024-03 - Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, which resulted in the addition of Subtopic 220-40 Reporting Comprehensive Income - Expense Disaggregation Disclosures and includes the following amendments: •Disclose the amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs and expenses included in each relevant expense caption and include certain amounts that are already required to be disclosed under existing generally accepted accounting principles in the same disclosure; •Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and •Disclose the total amount of selling expenses and, on an annual basis, an entity’s definition of selling expenses. These amendments are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and must be applied prospectively with an option for retrospective application. Early adoption is permitted. Adopting ASU 2024-03 will require us to expand our disclosures related to costs and expenses. We are currently determining the period in which the new guidance will be adopted.
Investments	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.
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 fair value changes in trading securities, funds held and other investments 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 fair value changes in trading securities, funds held and other investments. 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 consideration received, a deferred charge asset (“DCA”) is recorded for this difference. In contrast, if the consideration received is in excess of the estimated undiscounted ultimate losses payable, a deferred gain liability (“DGL”) is recorded. There are no DGL balances in the current or comparative periods. We amortize the DCA balances over the estimated claim payment period of the related contracts with the amortization prospectively adjusted at each reporting period to reflect new estimates of the pattern and timing of remaining losses and LAE payments.
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 a variety of actuarial methods. We recognize an asset for the portion of the liability that we expect to recover from reinsurers. LAE reserves include allocated LAE ("ALAE") and unallocated LAE ("ULAE"). ALAE are linked to the settlement of an individual claim or loss, whereas ULAE are based on our estimates of future costs to administer the claims. IBNR includes amounts for unreported claims, development on known claims and reopened claims. Our loss reserves cover multiple lines of business, including asbestos, environmental, general casualty, workers' compensation, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business. We complete most of our annual loss reserve studies in the fourth quarter of each year and, as a result, tend to record the largest movements, both favorable and adverse, to net incurred losses and LAE in this period. 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.
Variable Interest Entities	We have investments in certain limited partnership funds which are deemed to be variable interest entities ("VIEs"). The activities of these VIEs are generally limited to holding investments and our involvement in these entities is passive in nature. We consolidate all VIEs in which we are considered to be the primary beneficiary.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

Debt Obligations

In October 2024, an existing Letter of Credit (“LOC”) facility for one of our subsidiaries increased in size and an LOC was issued for $135 million with a corresponding increase in the parental guarantee.

Transactions

Captive Reinsurer Investment Commitment

On November 6, 2024, we entered into a commitment to invest $25 million into a Missouri-domiciled captive reinsurer that will write U.S. asset-intensive life reinsurance business.

James River

On November 11, 2024, one of our wholly owned subsidiaries has entered into an adverse development cover reinsurance agreement with subsidiaries of James River Group Holdings Ltd. (“James River”) to reinsure certain U.S. casualty exposures within James River’s Excess and Surplus (“E&S”) segment for accident years 2010 to 2023. Our subsidiary will provide $75 million of cover in excess of carried reserves and an existing ADC of $160 million of ADC reinsurance coverage provided to the subsidiaries of James River by State National Insurance Company. The closing of this transaction is subject to regulatory approval and other closing conditions.

Merger Agreement

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

MERGER AGREEMENT

1. MERGER AGREEMENT

On July 29, 2024, Enstar Group Limited (the “Company,” “we,” “us,” or “our”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Elk Bidco Limited (the “Parent”), an exempted company limited by shares existing under the laws of Bermuda. The Parent is backed by equity commitments from investment vehicles managed or advised by affiliates of Sixth Street Partners, LLC (“Sixth Street”). Pursuant to the Merger Agreement, there will be a series of mergers (collectively, the "Merger") resulting in the Company surviving the Merger as a wholly-owned subsidiary of the Parent.

Under the terms of the Merger Agreement, all of the Company’s issued and outstanding ordinary shares, par value $1.00 per share, will be converted into the right to receive $338 in cash per ordinary share, except for shares held  by Sixth Street and certain shareholders who will reinvest in the merged entity. The total consideration to be paid to our shareholders is approximately $5.1 billion. Completion of the Merger remains subject to certain conditions, including certain regulatory approvals. The Merger is currently expected to close in mid-2025.

In connection with the Merger Agreement, any Company restricted stock awards, restricted stock unit awards, deferred stock awards, and performance shares that are outstanding immediately prior to completion of the Merger will generally become vested and are included in the consideration. As part of the consideration, Enstar has agreed to a return of capital of approximately $500 million to the Company’s shareholders, which is included as part of the total $338 per ordinary share in cash to be received. Upon completion of the transaction, the Company's ordinary shares will no longer be publicly listed, and the Company will become a privately-held company.

The Merger Agreement contains termination rights for the Company and Sixth Street upon the occurrence of certain events, including, among others:

1.if the consummation of the Merger does not occur on or before July 29, 2025 (the “Closing Date”); except that if the effective time of the Merger has not occurred by July 29, 2025 due to the fact that all required applicable regulatory approvals have not been obtained on acceptable terms but all other conditions to closing have been satisfied (other than those conditions that by their terms are to be satisfied at the closing, each of which is capable of being satisfied) or (to the extent permitted by law) waived, the Closing Date would be automatically extended by another six months;

2.if the Company wishes to terminate the Merger Agreement to enter into a definitive agreement with respect to a Superior Proposal (as defined in the Merger Agreement); and

3.if Sixth Street wishes to terminate the Merger Agreement upon the occurrence of a Specified Debt Event of Default (as defined in the Merger Agreement).

Upon termination of the Merger Agreement under specified circumstances, including, among others, the termination by the Company in the event of a change of recommendation by the Company’s Board of Directors or in order to enter into a definitive agreement with respect to a Superior Proposal, the Company would be required to pay Sixth Street a termination fee of $145 million. In addition, upon termination of the Merger Agreement by Sixth Street, under certain circumstances, Sixth Street would be required to pay the Company a termination fee of $265 million, or if Sixth Street terminates the Merger Agreement upon a Specified Debt Event of Default, a termination fee of $97 million.

Fees and other expenses that are contingent on the closing of the Merger are estimated to range from $90 million to $105 million for consulting and advisory, legal services and employee related bonuses. These contingent fees and expenses will not be accrued and will be recognized in our financial statements in the period when the Merger closes and will be paid using our financial resources and not from any of the merger consideration (which is being paid entirely to ordinary shareholders).

Non-contingent Merger related costs, such as those related to legal services, filing fees, administrative fees and employee expenses have been expensed as incurred within general and administrative expenses within these financial statements.

At a shareholders’ meeting held on November 6, 2024, the Company's shareholders approved a proposal to approve the Merger Agreement. The Company and Sixth Street are working to complete the Merger and anticipate receiving all requisite regulatory approvals by mid-2025.

Fair Value Measurements - Observable and Unobservable Inputs (Details) - Internal Model - Recurring	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	6.15%	5.60%
Weighted average cost of capital	9.25%	8.75%
Duration	8 years 1 month 24 days	8 years 1 month 13 days
Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Risk cost of capital	6.15%	5.60%
Weighted average cost of capital	9.25%	8.75%
Duration	8 years 6 months 21 days	8 years 4 months 6 days
Measurement Input, Entity Credit Risk \| Liability for losses and LAE
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for Instrument-specific credit risk	0.50%	0.65%
Measurement Input, Entity Credit Risk \| Reinsurance balances recoverable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit spread for Instrument-specific credit risk	0.50%	0.65%

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

The following tables summarize our related party balances and transactions. Additional details about the nature of our relationships and transactions are disclosed in Note 24 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023.


As of September 30, 2024	Stone Point (1) (2)		Monument		AmTrust		Core Specialty		Other (3)
	(in millions of U.S. dollars)
Assets

Fixed maturities, trading, at fair value	$	46	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	362		—		—		—		—
Equities, at fair value	154		—		200		—		—
Funds held	—		—		—		9		—
Other investments, at fair value	424		—		—		—		1,736
Equity method investments	—		22		—		269		12
Total investments	986		22		200		278		1,748
Cash and cash equivalents	10		—		—		—		—



Other assets	—		—		—		17		—
Liabilities
Losses and LAE	—		—		—		130		—



Net assets	$	996	$	22	$	200	$	165	$	1,748

(1) As of September 30, 2024, investment funds managed by Stone Point Capital LLC ("Stone Point") own 1,451,196 of our Voting Ordinary Shares, which constitutes 9.5% of our outstanding Voting Ordinary Shares.

(2) As of September 30, 2024, we had unfunded commitments of $102 million to other investments, and $22 million to privately held equity managed by Stone Point and its affiliated entities.

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


As of December 31, 2023	Stone Point		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


	Three Months Ended
	September 30, 2024
	Stone Point		Monument		AmTrust		Core Specialty		Other
	(in millions of U.S. dollars)
REVENUES
Net premiums earned	$	—	$	—	$	—	$	—	$	—

Net investment income	4		—		1		—		3

Fair value changes in trading securities, funds held and other investments	12		—		(2)		—		35

Total revenues	16		—		(1)		—		38

EXPENSES
Net incurred losses and LAE	—		—		—		(2)		—




Total expenses	—		—		—		(2)		—

(Loss) income from equity method investments	—		(26)		—		10		—
Total net income (loss)	$	16	$	(26)	$	(1)	$	12	$	38


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

Net investment income	3		—		—		2		—		—		—

Fair value changes in trading securities, funds held and other investments	26		—		—		(2)		—		—		11

Total revenues	29		—		—		—		—		(2)		11

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




Total expenses	—		—		—		—		—		(9)		—

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


	Nine Months Ended
	September 30, 2024
	Stone Point		Monument		AmTrust		Core Specialty		Other
	(in millions of U.S. dollars)
REVENUES
Net premiums earned	$	—	$	—	$	—	$	2	$	—

Net investment income	9		—		5		—		8

Fair value changes in trading securities, funds held and other investments	52		—		19		—		71

Total revenues	61		—		24		2		79

EXPENSES
Net incurred losses and LAE	—		—		—		20		—



Total expenses	—		—		—		20		—

(Loss) income from equity method investments	—		(72)		—		44		(1)
Total net income (loss)	$	61	$	(72)	$	24	$	26	$	78


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

Net investment income	9		—		—		5		—		—		5
Net realized gains	1		—		—		—		—		—		—
Fair value changes in trading securities, funds held and other investments	28		(6)		—		(5)		—		—		86

Total revenues	38		(6)		—		—		—		(4)		91

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




Total expenses	—		—		—		—		—		(20)		—

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

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Gross investment income	$ 174	$ 149	$ 507	$ 485
Investment expenses	(11)	(6)	(29)	(14)
Net investment income	163	143	478	471
Investment income from fixed maturities and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	145	134	439	423
Fixed maturity investments
Net Investment Income [Line Items]
Gross investment income	83	85	250	245
Short-term investments and cash and cash equivalents
Net Investment Income [Line Items]
Gross investment income	9	11	24	28
Funds held
Net Investment Income [Line Items]
Gross investment income	53	38	165	150
Investment income from equities and other investments
Net Investment Income [Line Items]
Gross investment income	29	15	68	62
Equity investments
Net Investment Income [Line Items]
Gross investment income	15	7	31	31
Other investments
Net Investment Income [Line Items]
Gross investment income	$ 14	$ 8	$ 37	$ 31

Deferred Charge Assets (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule of Deferred Charge Assets

The following table presents a summary of the DCA balances and related activity for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2024				2023			2024		2023

	(in millions of U.S. dollars)
Beginning carrying value		$	687			$	797	$	731	$	658
Recorded during the period		2				—		17		180

Amortization		(27)				(34)		(86)		(75)

Ending carrying value		$	662			$	763	$	662	$	763

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock by Class

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


																					Total Voting Ordinary Shares




Balance as of December 31, 2023																					15,196,685


Shares issued (1) (2)																					35,120
Balance as of September 30, 2024																					15,231,805

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

(2) Includes 2,035 shares of restricted stock.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables present a roll forward of accumulated other comprehensive income (loss):


	Three Months Ended
	September 30,
	2024
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance June 30, 2024, net of tax	$	(390)	$	13	$	20	$	(357)
Unrealized gains on fixed maturities, AFS arising during the period	161		—		—		161
Reclassification adjustment for change in allowance for credit losses recognized in net income	(14)		—		—		(14)
Reclassification adjustment for net realized gains included in net income	(2)		—		—		(2)

Change in currency translation adjustment	—		(3)		—		(3)




Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	—		—		(6)		(6)
Other comprehensive income (loss)	145		(3)		(6)		136

Balance September 30, 2024, net of tax	$	(245)	$	10	$	14	$	(221)


	Three Months Ended
	September 30,
	2023
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance June 30, 2023, net of tax	$	(520)	$	11	$	21	$	(488)
Unrealized losses on fixed maturities, AFS arising during the period	(94)		—		—		(94)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(1)		—		—		(1)
Reclassification adjustment for net realized losses included in net income	13		—		—		13







Other comprehensive (loss)	(82)		—		—		(82)

Balance September 30, 2023, net of tax	$	(602)	$	11	$	21	$	(570)


	Nine Months Ended
	September 30,
	2024
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance December 31, 2023, net of tax	$	(368)	$	12	$	20	$	(336)
Unrealized gains on fixed maturities, AFS arising during the period	125		—		—		125
Reclassification adjustment for change in allowance for credit losses recognized in net income	(15)		—		—		(15)
Reclassification adjustment for net realized losses included in net income	13		—		—		13

Change in currency translation adjustment	—		(2)		—		(2)




Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	—		—		(6)		(6)
Other comprehensive income (loss)	123		(2)		(6)		115

Balance September 30, 2024, net of tax	$	(245)	$	10	$	14	$	(221)


	Nine Months Ended
	September 30,
	2023
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		Remeasurement of future policyholder benefits - change in discount rate		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance December 31, 2022, net of tax	$	(584)	$	9	$	273	$	—	$	(302)
Unrealized losses on fixed maturities, AFS arising during the period	(71)		—		—		—		(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(5)		—		—		—		(5)
Reclassification adjustment for net realized losses included in net income	60		—		—		—		60

Change in currency translation adjustment	—		2		—		—		2


Reclassification adjustment for remeasurement of future policyholder benefits included in net income	—		—		(363)		—		(363)

Change in net liability for gains and LAE at fair value - Enstar-specific credit risk	—		—		—		21		21
Other comprehensive (loss) income	(16)		2		(363)		21		(356)
Less: Other comprehensive income attributable to NCI and RNCI	(2)		—		90		—		88
Balance September 30, 2023, net of tax	$	(602)	$	11	$	—	$	21	$	(570)

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


	Three Months Ended
	September 30,
	2024						2023
	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 gains (losses) on fixed maturities, AFS arising during the period	$	176	$	(15)	$	161	$	(97)	$	3	$	(94)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(14)		—		(14)		(1)		—		(1)
Reclassification adjustment for net realized (gains) losses included in net income	(2)		—		(2)		13		—		13

Change in currency translation adjustment	(3)		—		(3)		—		—		—




Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	(6)		—		(6)		—		—		—
Other comprehensive income (loss)	$	151	$	(15)	$	136	$	(85)	$	3	$	(82)


	Nine Months Ended
	September 30,
	2024						2023
	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 gains (losses) on fixed maturities, AFS arising during the period	$	128	$	(3)	$	125	$	(74)	$	3	$	(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(15)		—		(15)		(5)		—		(5)
Reclassification adjustment for net realized losses included in net income	13		—		13		60		—		60

Change in currency translation adjustment	(2)		—		(2)		2		—		2



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 - Enstar-specific credit risk	(6)		—		(6)		21		—		21
Other comprehensive income (loss)	$	118	$	(3)	$	115	$	(359)	$	3	$	(356)

Schedule of Amount Reclassified to Accumulated Other Comprehensive Loss

The following tables present details of amounts reclassified from accumulated other comprehensive loss:


	Three Months Ended				Nine Months Ended
Details about AOCI components	September 30,				September 30,				Affected Line Item in Statement where Net Income are presented
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Unrealized income (losses) on fixed maturities, AFS	$	16	$	(12)	$	2	$	(55)	Net realized gains (losses)




Remeasurement of future policyholder benefits	—		—		—		363		Other income
Total reclassifications for the period, net of tax	$	16	$	(12)	$	2	$	308

Schedule of Changes in Ownership Interest

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


	Nine months ended
	September 30,
	2024		2023
	(in millions of U.S. dollars)
Net income attributable to Enstar ordinary shareholders	$	393	$	483
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest (1)	—		9
Change from net income attributable to Enstar ordinary shareholders and net transfers from noncontrolling interests	$	393	$	492

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

- Definition

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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 157	$ 47	$ 420	$ 510

- Definition

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

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+ Details

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

4. SEGMENT INFORMATION

Our segment structure is aligned with how our CODM, our Chief Executive Officer, views our business, assesses performance and allocates resources to our business components. Effective January 1, 2024, our business is organized into two reportable segments: (i) Run-off and (ii) Investments. In addition, our Corporate and other activities, which do not qualify as an operating segment, include income and expense items that are not directly attributable to our reportable segments and activities from the former Assumed Life and Legacy Underwriting reportable segments.

Effective January 1, 2024, each of our Assumed Life and Legacy Underwriting reportable segments were determined to no longer meet the definition of reportable segments as they no longer engage in any active business activities following the series of commutation and novation transactions in Enhanzed Re and the settlement of the arrangements between SGL No. 1, Arden, and Atrium. Given the cessation of business activities and that all remaining activities are not expected to be material, all residual income or expense of the former Assumed Life and Legacy Underwriting reportable segments will be prospectively included within our Corporate and other activities.

The Assumed Life segment previously included Enhanzed Re’s life and property aggregate excess of loss (catastrophe) business. In August 2022, Enhanzed Re entered into a Master Agreement with Cavello Bay Reinsurance Limited (“Cavello”), a wholly-owned subsidiary of Enstar, and Allianz, 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 one quarter lag in reporting.

The Legacy Underwriting segment previously included participation in direct underwriting activities, including a 25% participation within 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. All remaining contractual arrangements were settled in the second quarter of 2023. Other than the settlement of these amounts, no other transactions were recorded in the Legacy Underwriting segment in 2023.

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Revenues
Run-off	$	16	$	15	$	38	$	40
Investments	409		149		880		638
Assumed Life (1)	—		1		—		276

Subtotal	425		165		918		954
Corporate and other (1)	(2)		(4)		(9)		(7)
Total revenues	$	423	$	161	$	909	$	947

(Loss) income from equity method investments
Investments	$	(16)	$	(3)	$	(29)	$	22

Segment net (loss) income
Run-off	$	(70)	$	(3)	$	(62)	$	(42)
Investments	384		134		822		627
Assumed Life (1)	—		1		—		276

Total segment net income	314		132		760		861
Corporate and other (1):


Other expense (2)	(2)		(4)		(9)		(7)

Net incurred losses and loss adjustment expenses (“LAE”) (3)	(27)		(16)		(28)		(37)

Amortization of net deferred charge assets	(27)		(34)		(86)		(75)
General and administrative expenses	(52)		(35)		(127)		(102)
Interest expense	(22)		(22)		(67)		(67)
Net foreign exchange (losses) gains	(23)		23		(15)		24
Income tax benefit (expense)	—		7		(3)		12

Less: Net income attributable to noncontrolling interests	(4)		(4)		(5)		(99)
Dividends on preferred shares	(9)		(9)		(27)		(27)
Total - Corporate and other loss	(166)		(94)		(367)		(378)
Net income attributable to Enstar Ordinary Shareholders	$	148	$	38	$	393	$	483

(1) Effective January 1, 2024, Assumed Life and Legacy Underwriting were determined to no longer meet the definition of reportable segments and their residual income and loss activities were prospectively included in Corporate and other activities. Activities prior to January 1, 2024 are recorded in their respective segments. In addition, Legacy Underwriting had no revenue or income activity for the three and nine months ended September 30, 2024 and 2023 and therefore is excluded from the table above.

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

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

- Definition

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

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+ Details

Significant New Business and Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Significant New Reinsurance Business

The table below sets forth a summary of new reinsurance business that we closed between January 1, 2024 and September 30, 2024:


Line of Business	Consideration Received		Net Loss Reserves Assumed		DCA (1)		Type of Transaction	Remaining Limit upon Acquisition		Jurisdiction
	(in millions of U.S. dollars)
Diversified mix including asbestos, general casualty, and workers’ compensation	$	282	$	297	$	15	LPT and ADC	$	111	U.S., U.K. and Europe
Property catastrophe and COVID-19 exposures	$	294	$	294	$	—	LPT	Varies(2)		Global
Product & public liability, compulsory third-party motor, professional risks, and workers’ compensation	$	200	$	202	$	2	ADC	$	240	Australia

(1) Where the estimated ultimate losses payable exceed the consideration received at the inception of the agreement, a deferred charge asset (“DCA”) is recorded. Refer to Note 7 for additional information.

(2) The limits vary dependent on each individual covered contract under the agreement.

The table below sets forth a summary of new reinsurance business that we have signed during the nine months ended September 30, 2024 with SiriusPoint and QBE, that had yet to close as at September 30, 2024.

Line of Business

Agreement Date

Type of Transaction

Estimated Reserves (1)

(in millions of U.S. dollars)

Workers’ compensation (2)

April 30, 2024

LPT

400

US commercial liability, general aviation, and workers’ compensation (3)

August 8, 2024

LPT

371

Total

771

(1) Estimated reserves are subject to changes following the closing of the transactions.

(2) Transaction closed on October 1, 2024.

(3) Transaction closed on October 31, 2024.

Segment Information - Schedule of Operations by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Total revenues	$ 423	$ 161	$ 909	$ 947
Investments	(16)	(3)	(29)	22
Corporate and other:
Net incurred losses and loss adjustment expenses (“LAE”)	3	10	80	17
Amortization of net deferred charge assets	(27)	(34)	(86)	(75)
General and administrative expenses	(110)	(91)	(295)	(265)
Interest expense	(22)	(22)	(67)	(67)
Net foreign exchange (losses) gains	(23)	23	(15)	24
Income tax benefit (expense)	0	7	(3)	12
Less: Net income attributable to noncontrolling interests	(4)	(4)	(5)	(99)
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	148	38	393	483
Operating Segments
REVENUES
Total revenues	425	165	918	954
Corporate and other:
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	314	132	760	861
Operating Segments \| Run-off
REVENUES
Total revenues	16	15	38	40
Corporate and other:
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	(70)	(3)	(62)	(42)
Operating Segments \| Investments
REVENUES
Total revenues	409	149	880	638
Corporate and other:
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	384	134	822	627
Operating Segments \| Assumed Life
REVENUES
Total revenues	0	1	0	276
Corporate and other:
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	0	1	0	276
Corporate and other
REVENUES
Total revenues	(2)	(4)	(9)	(7)
Corporate and other:
Other expense	(2)	(4)	(9)	(7)
Net incurred losses and loss adjustment expenses (“LAE”)	(27)	(16)	(28)	(37)
Amortization of net deferred charge assets	(27)	(34)	(86)	(75)
General and administrative expenses	(52)	(35)	(127)	(102)
Interest expense	(22)	(22)	(67)	(67)
Net foreign exchange (losses) gains	(23)	23	(15)	24
Income tax benefit (expense)	0	7	(3)	12
Less: Net income attributable to noncontrolling interests	(4)	(4)	(5)	(99)
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ (166)	$ (94)	$ (367)	$ (378)

Investments - Funds Held Directly Managed (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Funds held - directly managed, at cost	$ 2,307	$ 2,608
Accumulated change in fair value - embedded derivative accounting	(49)	(106)
Funds held - directly managed, at fair value	2,258	$ 2,502
Funds held - directly managed, period increase (decrease)	$ (244)

Noncontrolling Interests

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

14. NONCONTROLLING INTERESTS

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”). Following the completion of the transaction in December 2023, SSHL became a wholly-owned subsidiary and all redeemable non-controlling interests (“RNCI”) within our unaudited condensed consolidated balance sheets were redeemed.

The following is a reconciliation of the beginning and ending carrying amount of the equity attributable to the RNCI in the prior year period (as of December 2023 we no longer held any RNCI):


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


Net income attributable to RNCI	4		13
Change in unrealized gains on AFS investments attributable to RNCI	1		2




Balance as of September 30	$	183	$	183

Noncontrolling Interests

As of September 30, 2024 and December 31, 2023, we had $42 million and $113 million, respectively, of non-controlling interests (“NCI”) primarily related to external interests in 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 unaudited condensed consolidated statements of changes in shareholder's equity.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments, available-for-sale, at fair value, amortized cost	$ 5,622	$ 5,704
Investments, allowance for credit losses	0	16
Equities, at cost	592	615
Other investments, at fair value	4,145	3,853
Cash and cash equivalents	572	564
Allowance for estimated uncollectible reinsurance	121	131
Insurance balance recoverable, allowance for credit loss	4	5
LIABILITIES
Other liabilities	$ 481	$ 465
SHAREHOLDERS’ EQUITY
Ordinary shares outstanding (in shares)	15,231,805	15,196,685
Treasury shares, voting ordinary shares, held in trust (in shares)	565,630	565,630
Primary Beneficiary
ASSETS
Other investments, at fair value	$ 104	$ 59
Cash and cash equivalents		8
LIABILITIES
Other liabilities	$ 1	$ 1
Voting Ordinary Shares
SHAREHOLDERS’ EQUITY
Common shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares issued (in shares)	15,231,805	15,196,685
Ordinary shares outstanding (in shares)	15,231,805	15,196,685
Series C Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	388,571	388,571
Preferred shares held in treasury (in shares)	388,571	388,571
Series D Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	16,000	16,000
Preferred shares outstanding (in shares)	16,000	16,000
Liquidation preference	$ 400	$ 400
Series E Preferred Shares
SHAREHOLDERS’ EQUITY
Preferred shares issued (in shares)	4,400	4,400
Preferred shares outstanding (in shares)	4,400	4,400
Liquidation preference	$ 110	$ 110
Short-term Investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	206	62
Fixed maturity investments
ASSETS
Investments, available-for-sale, at fair value, amortized cost	$ 5,416	5,642
Investments, allowance for credit losses		$ 16

Investments - AFS - Unrealized Gains and Losses (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,622		$ 5,704
Gross Unrealized Gains	80		47
Non-Credit Related Losses	(318)		(412)
Allowance for Credit Losses	0	$ (14)	(16)	$ (23)	$ (24)	$ (33)
Fair Value	5,384		5,323
U.S. government and agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	433		268
Gross Unrealized Gains	4		1
Non-Credit Related Losses	(15)		(19)
Allowance for Credit Losses	0		0
Fair Value	422		250
U.K. government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35		49
Gross Unrealized Gains	1		3
Non-Credit Related Losses	(1)		(1)
Allowance for Credit Losses	0		0
Fair Value	35		51
Other government
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	298		250
Gross Unrealized Gains	8		5
Non-Credit Related Losses	(6)		(8)
Allowance for Credit Losses	0		0	0		(1)
Fair Value	300		247
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,802		3,040
Gross Unrealized Gains	40		23
Non-Credit Related Losses	(218)		(268)
Allowance for Credit Losses	0	(14)	(15)	(22)	(22)	(32)
Fair Value	2,624		2,780
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	97		107
Gross Unrealized Gains	0		1
Non-Credit Related Losses	(12)		(15)
Allowance for Credit Losses	0		0
Fair Value	85		93
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	417		466
Gross Unrealized Gains	5		3
Non-Credit Related Losses	(28)		(37)
Allowance for Credit Losses	0		0
Fair Value	394		432
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	772		760
Gross Unrealized Gains	4		1
Non-Credit Related Losses	(36)		(57)
Allowance for Credit Losses	0	$ 0	(1)	$ (1)	$ (2)	$ 0
Fair Value	740		703
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	768		764
Gross Unrealized Gains	18		10
Non-Credit Related Losses	(2)		(7)
Allowance for Credit Losses	0		0
Fair Value	$ 784		$ 767

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Net premiums earned	$ 11	$ 14	$ 27	$ 29
Net investment income	163	143	478	471
Net realized gains (losses)	17	(12)	2	(55)
Fair value changes in trading securities, funds held and other investments	229	18	400	222
Other income (loss)	3	(2)	2	280
Total revenues	423	161	909	947
Net incurred losses and loss adjustment expenses
Current period	6	5	15	18
Prior periods	(9)	(15)	(95)	(35)
Total net incurred losses and loss adjustment expenses	(3)	(10)	(80)	(17)
Amortization of net deferred charge assets	27	34	86	75
Acquisition costs	4	0	6	6
General and administrative expenses	110	91	295	265
Goodwill impairment	63	0	63	0
Interest expense	22	22	67	67
Net foreign exchange losses (gains)	23	(23)	15	(24)
Total expenses	246	114	452	372
INCOME BEFORE INCOME TAXES	177	47	457	575
Income tax benefit (expense)	0	7	(3)	12
(Loss) income from equity method investments	(16)	(3)	(29)	22
NET INCOME	161	51	425	609
Less: Net income attributable to noncontrolling interests	(4)	(4)	(5)	(99)
NET INCOME ATTRIBUTABLE TO ENSTAR	157	47	420	510
Dividends on preferred shares	(9)	(9)	(27)	(27)
NET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS	$ 148	$ 38	$ 393	$ 483
Earnings per ordinary share attributable to Enstar Ordinary Shareholders:
Basic (in dollars per share)	$ 10.09	$ 2.46	$ 26.81	$ 30.26
Diluted (in dollars per share)	$ 9.84	$ 2.43	$ 26.16	$ 30.05
Weighted average ordinary shares outstanding:
Basic (in shares)	14,666,153	15,464,824	14,657,391	15,962,910
Diluted (in shares)	15,043,766	15,606,105	15,024,831	16,070,925

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Syndicate underwriting capacity percentage	25.00%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Operations by Segment

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Revenues
Run-off	$	16	$	15	$	38	$	40
Investments	409		149		880		638
Assumed Life (1)	—		1		—		276

Subtotal	425		165		918		954
Corporate and other (1)	(2)		(4)		(9)		(7)
Total revenues	$	423	$	161	$	909	$	947

(Loss) income from equity method investments
Investments	$	(16)	$	(3)	$	(29)	$	22

Segment net (loss) income
Run-off	$	(70)	$	(3)	$	(62)	$	(42)
Investments	384		134		822		627
Assumed Life (1)	—		1		—		276

Total segment net income	314		132		760		861
Corporate and other (1):


Other expense (2)	(2)		(4)		(9)		(7)

Net incurred losses and loss adjustment expenses (“LAE”) (3)	(27)		(16)		(28)		(37)

Amortization of net deferred charge assets	(27)		(34)		(86)		(75)
General and administrative expenses	(52)		(35)		(127)		(102)
Interest expense	(22)		(22)		(67)		(67)
Net foreign exchange (losses) gains	(23)		23		(15)		24
Income tax benefit (expense)	—		7		(3)		12

Less: Net income attributable to noncontrolling interests	(4)		(4)		(5)		(99)
Dividends on preferred shares	(9)		(9)		(27)		(27)
Total - Corporate and other loss	(166)		(94)		(367)		(378)
Net income attributable to Enstar Ordinary Shareholders	$	148	$	38	$	393	$	483

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

Investments - Restricted Assets (Details) $ in Millions	9 Months Ended	12 Months Ended
Investments - Restricted Assets (Details) $ in Millions	Sep. 30, 2024 USD ($) syndicate	Dec. 31, 2023 USD ($) syndicate	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Restricted cash and cash equivalents	$ 464	$ 266	$ 387
Collateral in trust for third party agreements	5,090	5,301
Assets on deposit with regulatory authorities	64	80
Funds at Lloyd's	179	389
Total restricted assets	$ 5,408	$ 5,848
Number of syndicates \| syndicate	1	1
Asset Pledged as Collateral
Line of Credit Facility [Line Items]
Collateral for secured letter of credit facilities	$ 75	$ 78

Future Policyholder Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Schedule of Liability for Future Policy Benefit, Activity

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


	Nine Months Ended September 30, 2023

		(in millions of U.S. dollars)
Balance as of January 1, 2023		$	821




Benefits paid		(6)


Effect of exchange rate movement		13
Derecognition (1)		(828)


Balance as of September 30, 2023		$	—

(1) 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 (corresponds to derecognition referenced above)	(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 unaudited condensed consolidated statements of operations.

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

Shareholders' Equity - Reclassifications from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains (losses)			$ 2	$ (55)
Other income	$ 3	$ (2)	2	280
Net income	161	51	425	609
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income	16	(12)	2	308
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized income (losses) on fixed maturities, AFS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains (losses)	16	(12)	2	(55)
Reclassification out of Accumulated Other Comprehensive Income \| Remeasurement of future policyholder benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income	$ 0	$ 0	$ 0	$ 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

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

Losses and Loss Adjustment Expenses - Change in Fair Value Option Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Insurance [Abstract]
Changes in fair value - fair value option	$ 25	$ 12	$ 17	$ 24

Defendant Asbestos and Environmental Liabilities - Liability for Asbestos and Liability Claims (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Movement in Liability for Asbestos and Environmental Claims [Abstract]
Defendant asbestos liabilities	$ 678		$ 734
Defendant environmental liabilities	9		10
Estimated future expenses	30		33
Fair value adjustments	(194)		(210)
Defendant A&E liabilities	523	$ 540	567	$ 572	$ 587	$ 607
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2024 - $4; 2023 - $5)	208		217
Fair value adjustments	(42)		(45)
Insurance balances recoverable	166	169	172	173	175	177
Net liabilities relating to defendant A&E exposures	357	$ 371	395	$ 399	$ 412	$ 430
Insurance balance recoverable, allowance for credit loss	$ 4		$ 5

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
One year or less	$ 543
More than one year through five years	1,936
More than five years through ten years	1,325
More than ten years	1,378
Fixed maturity investments, at amortized cost	7,388
Fair Value
One year or less	544
More than one year through five years	1,890
More than five years through ten years	1,251
More than ten years	1,119
Fair Value	$ 6,960	$ 7,274
% of Total Fair Value
One year or less	7.80%
More than one year through five years	27.20%
More than five years through ten years	18.00%
More than ten years	16.10%
Trading securities, percentage of fair value	100.00%
Residential mortgage-backed
Amortized Cost
Securities without single maturity date	$ 471
Fair Value
Securities without single maturity date	446
Fair Value	$ 446	487
% of Total Fair Value
Securities without single maturity date	6.40%
Commercial mortgage-backed
Amortized Cost
Securities without single maturity date	$ 898
Fair Value
Securities without single maturity date	859
Fair Value	$ 859	841
% of Total Fair Value
Securities without single maturity date	12.30%
Asset-backed
Amortized Cost
Securities without single maturity date	$ 837
Fair Value
Securities without single maturity date	851
Fair Value	$ 851	$ 884
% of Total Fair Value
Securities without single maturity date	12.20%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-33289
Entity Registrant Name	Enstar Group LTD
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,232,010
Entity Central Index Key	0001363829
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $1.00 per share
Trading Symbol	ESGR
Security Exchange Name	NASDAQ
Depositary Shares, Series D Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRP
Security Exchange Name	NASDAQ
Depositary Shares, Series E Preferred
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, Each Representing a 1/1,000th Interest in a 7.00%
Trading Symbol	ESGRO
Security Exchange Name	NASDAQ

Shareholders' Equity - Schedule of Changes in Ownership Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Nov. 30, 2022
Equity [Abstract]
Net income attributable to Enstar Ordinary Shareholders	$ 148	$ 38	$ 393	$ 483
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest			0	9
Change from net income attributable to Enstar ordinary shareholders and net transfers from noncontrolling interests			$ 393	$ 492
Enhanzed Re \| Allianz
Noncontrolling Interest [Line Items]
Percentage ownership interest		24.90%		24.90%	24.90%	24.90%	24.90%

- 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 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

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

+ Details

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

12. VARIABLE INTEREST ENTITIES

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

GCM Fund

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

We recognize the results of the GCM Fund on a one quarter lag. As of September 30, 2024, $95 million of the initial commitment has been called. The carrying amounts of the assets and liabilities of the GCM Fund are presented within existing captions on our consolidated balance sheet as of September 30, 2024. Net investment income, changes in the fair value of assets and liabilities of the GCM Fund and management fees are presented within existing captions in the consolidated statements of operations.

We recognized fair value changes in trading securities, funds held and other investments of $3 million and $5 million for the three and nine months ended September 30, 2024, respectively. Such amounts were $3 million and $5 million for each of the three and nine months ended September 30, 2023, respectively.

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

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

Nonconsolidated VIEs

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


	September 30, 2024						December 31, 2023
	Fair Value		Unfunded Commitments		Maximum Exposure to Loss		Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	61	$	—	$	61	$	55	$	—	$	55
Privately Held Equity	27		—		27		34		—		34
Total	$	88	$	—	$	88	$	89	$	—	$	89
Other investments
Hedge funds	$	476	$	—	$	476	$	491	$	—	$	491
Fixed income funds	132		35		167		147		35		182
Private equity funds	1,391		540		1,931		1,262		667		1,929
CLO equity funds	162		—		162		182		—		182
Private credit funds	577		238		815		349		242		591
Real estate funds	161		143		304		121		139		260

Total	$	2,899	$	956	$	3,855	$	2,552	$	1,083	$	3,635
Total investments in nonconsolidated VIEs	$	2,987	$	956	$	3,943	$	2,641	$	1,083	$	3,724

Future Policyholder Benefits - Liability for Future Policy Benefit, Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance at beginning of period	$ 821
Benefits paid	(6)
Effect of exchange rate movement	13
Derecognition	(828)
Balance at end of period	$ 0

Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

LOSSES AND LOSS ADJUSTMENT EXPENSES

8. LOSSES AND LOSS ADJUSTMENT EXPENSES

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

Our loss reserves cover multiple lines of business, including asbestos, environmental, general casualty, workers' compensation, marine, aviation and transit, construction defect, professional indemnity/directors and officers, motor, property and other non-life lines of business. We complete most of our annual loss reserve studies in the fourth quarter of each year and, as a result, tend to record the largest movements, both favorable and adverse, to net incurred losses and LAE in this period.

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.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Balance as of beginning of period	$	11,204	$	13,834	$	12,359	$	13,007



Reinsurance reserves recoverable on unpaid losses	(686)		(895)		(774)		(996)





Net balance as of beginning of period	10,518		12,939		11,585		12,011
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	5		5		14		18
Increase in provisions for ULAE	1		—		1		—
Total current period	6		5		15		18
Prior periods:
Reduction in estimates of net ultimate losses	(15)		(12)		(63)		(35)
Reduction in provisions for ULAE	(21)		(19)		(60)		(37)

Amortization of fair value adjustments	2		4		11		13
Changes in fair value - fair value option (1)	25		12		17		24
Total prior periods	(9)		(15)		(95)		(35)
Total net incurred losses and LAE	(3)		(10)		(80)		(17)
Net paid losses:
Current period	—		(1)		—		(3)
Prior periods	(569)		(664)		(1,785)		(1,851)
Total net paid losses	(569)		(665)		(1,785)		(1,854)
Other changes:
Effect of exchange rate movement	120		(109)		49		(40)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	6		—		6		(21)
Ceded business (2)	—		—		—		(139)

Assumed business (3)	538		—		835		2,215


Total other changes	664		(109)		890		2,015
Net balance as of September 30	10,610		12,155		10,610		12,155
Reinsurance reserves recoverable on unpaid losses	662		789		662		789

Balance as of September 30	$	11,272	$	12,944	$	11,272	$	12,944

					As of
					September 30, 2024		December 31, 2023
					(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses					$	10,164	$	11,196
Losses and loss adjustment expenses, at fair value					1,108		1,163
Total losses and loss adjustment expenses					$	11,272	$	12,359

Reinsurance balances recoverable on paid and unpaid losses					$	535	$	740
Reinsurance balances recoverable on paid and unpaid losses - fair value option					200		217
Total reinsurance balances recoverable on paid and unpaid losses					735		957
Less: Paid losses recoverable					(73)		(183)

Reinsurance reserves recoverable on unpaid losses					$	662	$	774

(1) Comprises discount rate and risk margin components.

(2) 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.

(3) Amounts from 2024 correspond to the net loss reserves assumed from signed and closed reinsurance agreements described in Note 3, as well as other individually insignificant closed transactions.

Prior Period Development

Reduction in Estimates of Net Ultimate Losses

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(in millions of U.S. dollars)

Asbestos	$	6	$	(1)	$	(19)	$	—
Environmental	—		2		25		2
General casualty	7		41		24		37
Workers' compensation	(22)		(24)		(26)		(44)
Marine, aviation and transit	5		(13)		2		(13)
Construction defect	1		(3)		(21)		(4)
Professional indemnity/ Directors and officers	(19)		(9)		(60)		(10)
Motor	—		(5)		4		(5)
Property	5		(17)		5		(16)
All other	2		17		3		18
Total	(15)		(12)		$	(63)	$	(35)

Three Months Ended September 30, 2024:

The reduction in estimates of net ultimate losses of $15 million was driven by favorable development on our workers’ compensation and professional indemnity/directors and officers lines of business of $22 million and $19 million, respectively. This is a result of favorable claims experience, most notably in the 2021 acquisition year.

The results were partially offset by adverse development on our general casualty and asbestos lines of business of $7 million and $6 million, respectively, as a result of adverse claims experience.

Three Months Ended September 30, 2023:

The comparative quarter’s reduction in estimates of net ultimate losses of $12 million was driven by was driven by favorable development across multiple lines of business. We recognized favorable development on our workers’ compensation, property, and marine, aviation and transit lines of business of $24 million, $17 million and $13 million, respectively, as a result of favorable claims experience.

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

Nine Months Ended September 30, 2024:

The reduction in estimates of net ultimate losses of $63 million was driven by net favorable development across multiple lines of business. We recognized $60 million, $26 million and $21 million of favorable development on our professional indemnity/ directors and officers, workers’ compensation, and construction defect lines of business, respectively, as a result of favorable claims experience, as well as $19 million of favorable development on our asbestos line of business resulting from favorable resolution of asbestos liabilities through claim actions.

The results were partially offset by adverse development of $25 million on our environmental line of business, primarily due to actuarial reviews and $24 million on our general casualty line of business, due to adverse claims experience.

Nine Months Ended September 30, 2023:

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

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

Reduction in Provisions for ULAE

Three Months Ended September 30, 2024 and September 30, 2024:

The favorable reductions in provisions for ULAE for the three months ended September 30, 2024 and 2023 were driven by corresponding reductions in loss reserves and the associated estimated cost of managing such liabilities.

Nine Months Ended September 30, 2024 and September 30, 2023:

The favorable reductions in provisions for ULAE for the nine months ended September 30, 2024 and 2023 were driven by corresponding reductions in loss reserves and the associated estimated cost of managing such liabilities. The reduction in provisions for ULAE for the nine months ended September 30, 2023 was partially offset by an increase of $21 million as a result of assuming active claims control on a 2022 LPT agreement with Argo.

Changes in Fair Value - Fair Value Option

Three Months Ended September 30, 2024 and 2023:

PPD for the three months ended September 30, 2024 and 2023 was adversely impacted by changes in the fair value of liabilities for which we have elected the fair value option of $25 million and $12 million, respectively, which was primarily driven by a decrease in U.K. corporate bonds yield during the third quarter of 2024 and 2023. The corporate bond yields, which form a component of the discount rate used to calculate the fair value of the liabilities, are matched to the original currencies of the underlying loss portfolios, of which GBP is the predominant currency for those portfolios that we have elected to measure at fair value using the fair value option.

Nine Months Ended September 30, 2024 and 2023:

PPD for the nine months ended September 30, 2024 and 2023 was adversely impacted by changes in the fair value of liabilities for which we have elected the fair value option of $17 million and $24 million, respectively. For the nine months ended September 30, 2024, the impact was driven by normal payout of fair value liabilities and an update to the weighted average cost of capital assumption. For the nine months ended September 30, 2023 the impact was driven by a previously disclosed out-of-period adjustment related to the change in fair value for instrument specific credit risk from net incurred losses and LAE to AOCI.

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

SHAREHOLDERS' EQUITY

15. SHAREHOLDERS' EQUITY

Ordinary Shares

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


																					Total Voting Ordinary Shares




Balance as of December 31, 2023																					15,196,685


Shares issued (1) (2)																					35,120
Balance as of September 30, 2024																					15,231,805

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

(2) Includes 2,035 shares of restricted stock.

Non-voting Ordinary Shares

Strategic Share Repurchases

In March 2023, we repurchased 1,597,712 of our non-voting convertible ordinary shares held by Canada Pension Plan Investment Board 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.

Dividends on Preferred Shares

During the three months ended September 30, 2024 and 2023, we declared and paid dividends on Series D Preferred Shares of $7 million and on Series E Preferred Shares of $2 million for both periods.

During the nine months ended September 30, 2024 and 2023, we declared and paid dividends on Series D Preferred Shares of $21 million and on Series E Preferred Shares of $6 million for both periods.

Accumulated Other Comprehensive Income (Loss)

The following tables present a roll forward of accumulated other comprehensive income (loss):


	Three Months Ended
	September 30,
	2024
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance June 30, 2024, net of tax	$	(390)	$	13	$	20	$	(357)
Unrealized gains on fixed maturities, AFS arising during the period	161		—		—		161
Reclassification adjustment for change in allowance for credit losses recognized in net income	(14)		—		—		(14)
Reclassification adjustment for net realized gains included in net income	(2)		—		—		(2)

Change in currency translation adjustment	—		(3)		—		(3)




Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	—		—		(6)		(6)
Other comprehensive income (loss)	145		(3)		(6)		136

Balance September 30, 2024, net of tax	$	(245)	$	10	$	14	$	(221)


	Three Months Ended
	September 30,
	2023
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance June 30, 2023, net of tax	$	(520)	$	11	$	21	$	(488)
Unrealized losses on fixed maturities, AFS arising during the period	(94)		—		—		(94)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(1)		—		—		(1)
Reclassification adjustment for net realized losses included in net income	13		—		—		13







Other comprehensive (loss)	(82)		—		—		(82)

Balance September 30, 2023, net of tax	$	(602)	$	11	$	21	$	(570)


	Nine Months Ended
	September 30,
	2024
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance December 31, 2023, net of tax	$	(368)	$	12	$	20	$	(336)
Unrealized gains on fixed maturities, AFS arising during the period	125		—		—		125
Reclassification adjustment for change in allowance for credit losses recognized in net income	(15)		—		—		(15)
Reclassification adjustment for net realized losses included in net income	13		—		—		13

Change in currency translation adjustment	—		(2)		—		(2)




Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	—		—		(6)		(6)
Other comprehensive income (loss)	123		(2)		(6)		115

Balance September 30, 2024, net of tax	$	(245)	$	10	$	14	$	(221)


	Nine Months Ended
	September 30,
	2023
	Unrealized (losses) gains on available-for-sale investments		Cumulative currency translation adjustment		Remeasurement of future policyholder benefits - change in discount rate		FVO - Own credit Adjustment		Total
	(in millions of U.S. dollars)
Balance December 31, 2022, net of tax	$	(584)	$	9	$	273	$	—	$	(302)
Unrealized losses on fixed maturities, AFS arising during the period	(71)		—		—		—		(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(5)		—		—		—		(5)
Reclassification adjustment for net realized losses included in net income	60		—		—		—		60

Change in currency translation adjustment	—		2		—		—		2


Reclassification adjustment for remeasurement of future policyholder benefits included in net income	—		—		(363)		—		(363)

Change in net liability for gains and LAE at fair value - Enstar-specific credit risk	—		—		—		21		21
Other comprehensive (loss) income	(16)		2		(363)		21		(356)
Less: Other comprehensive income attributable to NCI and RNCI	(2)		—		90		—		88
Balance September 30, 2023, net of tax	$	(602)	$	11	$	—	$	21	$	(570)

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


	Three Months Ended
	September 30,
	2024						2023
	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 gains (losses) on fixed maturities, AFS arising during the period	$	176	$	(15)	$	161	$	(97)	$	3	$	(94)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(14)		—		(14)		(1)		—		(1)
Reclassification adjustment for net realized (gains) losses included in net income	(2)		—		(2)		13		—		13

Change in currency translation adjustment	(3)		—		(3)		—		—		—




Change in net liability for losses and LAE at fair value - Enstar-specific credit risk	(6)		—		(6)		—		—		—
Other comprehensive income (loss)	$	151	$	(15)	$	136	$	(85)	$	3	$	(82)


	Nine Months Ended
	September 30,
	2024						2023
	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 gains (losses) on fixed maturities, AFS arising during the period	$	128	$	(3)	$	125	$	(74)	$	3	$	(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(15)		—		(15)		(5)		—		(5)
Reclassification adjustment for net realized losses included in net income	13		—		13		60		—		60

Change in currency translation adjustment	(2)		—		(2)		2		—		2



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 - Enstar-specific credit risk	(6)		—		(6)		21		—		21
Other comprehensive income (loss)	$	118	$	(3)	$	115	$	(359)	$	3	$	(356)

The following tables present details of amounts reclassified from accumulated other comprehensive loss:


	Three Months Ended				Nine Months Ended
Details about AOCI components	September 30,				September 30,				Affected Line Item in Statement where Net Income are presented
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Unrealized income (losses) on fixed maturities, AFS	$	16	$	(12)	$	2	$	(55)	Net realized gains (losses)




Remeasurement of future policyholder benefits	—		—		—		363		Other income
Total reclassifications for the period, net of tax	$	16	$	(12)	$	2	$	308

Changes in Ownership of Consolidated Subsidiaries

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


	Nine months ended
	September 30,
	2024		2023
	(in millions of U.S. dollars)
Net income attributable to Enstar ordinary shareholders	$	393	$	483
Transfers from noncontrolling interests:
Increase in Enstar’s additional paid-in capital for purchase of noncontrolling interest (1)	—		9
Change from net income attributable to Enstar ordinary shareholders and net transfers from noncontrolling interests	$	393	$	492

- Definition

The entire disclosure for equity.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements - Valuation Techniques and Inputs (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	$ 5,384	$ 5,323
Equity investments	787	701
Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	2,624	2,780
Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	784	767
Fixed maturity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	5,177	5,261
Fixed maturity securities \| Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	2,605	2,758
Fixed maturity securities \| Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	784	767
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	787	701
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	342	$ 300
Significant Unobservable Inputs (Level 3) \| Recurring \| Fixed maturity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	48
Significant Unobservable Inputs (Level 3) \| Recurring \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	325
Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Recurring \| Fixed maturity securities \| Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	17
Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Recurring \| Fixed maturity securities \| Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturities, AFS, at fair value	31
Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Recurring \| Publicly 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 \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	200
Guideline companies method \| Significant Unobservable Inputs (Level 3) \| Recurring \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	62
Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| Recurring \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	36
Dividend discount model \| Significant Unobservable Inputs (Level 3) \| Recurring \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	27
Black-Scholes model \| Significant Unobservable Inputs (Level 3) \| Recurring \| Warrants and other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments	$ 16
Black-Scholes model \| Significant Unobservable Inputs (Level 3) \| Expected term \| Warrants and other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	10
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| YTM \| Fixed maturity securities \| Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0547
Minimum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| YTM \| Fixed maturity securities \| Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0634
Minimum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.5
Minimum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| Expected term \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.5
Minimum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV (excluding AOCI) multiple \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.4
Minimum \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| Price/2024 earnings \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	8.9
Minimum \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| LTM Enterprise Value/EBITDA multiples \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	13
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| YTM \| Fixed maturity securities \| Corporate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0985
Maximum \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| YTM \| Fixed maturity securities \| Asset-backed
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, available-for-sale, measurement input	0.0987
Maximum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.8
Maximum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| Expected term \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	3.5
Maximum \| Guideline company methodology; Option pricing model \| Significant Unobservable Inputs (Level 3) \| P/BV (excluding AOCI) multiple \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.6
Maximum \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| Price/2024 earnings \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	10.4
Maximum \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| LTM Enterprise Value/EBITDA multiples \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	14
Average \| Discounted cash flow \| Significant Unobservable Inputs (Level 3) \| Implied total yield \| Publicly traded \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	0.0850
Average \| Guideline companies method \| Significant Unobservable Inputs (Level 3) \| P/BV multiple \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	1.6
Average \| Guideline companies method; Earnings \| Significant Unobservable Inputs (Level 3) \| Multiple on earnings \| Privately held \| Equity investments
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 \| Privately held \| Equity investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity investments, measurement input	0.069

Investments - Other Investments by Notice Period (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Investments [Line Items]
Equity investments	$ 787	$ 701
Other investments, at fair value	4,145	3,853
Equity investments \| Privately held
Other Investments [Line Items]
Equity investments	392	344
Private equity funds
Other Investments [Line Items]
Other investments, at fair value	1,840	1,617
Private credit funds
Other Investments [Line Items]
Other investments, at fair value	819	625
Hedge funds
Other Investments [Line Items]
Other investments, at fair value	476	491
Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	410	605
Real estate fund
Other Investments [Line Items]
Other investments, at fair value	383	269
CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	162	$ 182
Measured Using NAV as Practical Expedient
Other Investments [Line Items]
Total Investments, excluding funds held by reinsured companies and equity method investments	3,809
Measured Using NAV as Practical Expedient \| Less than 1 Year
Other Investments [Line Items]
Total Investments, excluding funds held by reinsured companies and equity method investments	1,069
Measured Using NAV as Practical Expedient \| 1-2 years
Other Investments [Line Items]
Total Investments, excluding funds held by reinsured companies and equity method investments	0
Measured Using NAV as Practical Expedient \| 2-3 years
Other Investments [Line Items]
Total Investments, excluding funds held by reinsured companies and equity method investments	0
Measured Using NAV as Practical Expedient \| More than 3 years
Other Investments [Line Items]
Total Investments, excluding funds held by reinsured companies and equity method investments	0
Measured Using NAV as Practical Expedient \| Not Eligible/ Restricted
Other Investments [Line Items]
Total Investments, excluding funds held by reinsured companies and equity method investments	2,740
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held
Other Investments [Line Items]
Equity investments	67
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held \| Less than 1 Year
Other Investments [Line Items]
Equity investments	0
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held \| 1-2 years
Other Investments [Line Items]
Equity investments	0
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held \| 2-3 years
Other Investments [Line Items]
Equity investments	0
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held \| More than 3 years
Other Investments [Line Items]
Equity investments	0
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held \| Not Eligible/ Restricted
Other Investments [Line Items]
Equity investments	67
Measured Using NAV as Practical Expedient \| Private equity funds
Other Investments [Line Items]
Other investments, at fair value	1,840
Measured Using NAV as Practical Expedient \| Private equity funds \| Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	66
Measured Using NAV as Practical Expedient \| Private equity funds \| 1-2 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private equity funds \| 2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private equity funds \| More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private equity funds \| Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	1,774
Measured Using NAV as Practical Expedient \| Private credit funds
Other Investments [Line Items]
Other investments, at fair value	477
Measured Using NAV as Practical Expedient \| Private credit funds \| Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private credit funds \| 1-2 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private credit funds \| 2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private credit funds \| More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Private credit funds \| Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	477
Measured Using NAV as Practical Expedient \| Hedge funds
Other Investments [Line Items]
Other investments, at fair value	476
Measured Using NAV as Practical Expedient \| Hedge funds \| Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	476
Measured Using NAV as Practical Expedient \| Hedge funds \| 1-2 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Hedge funds \| 2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Hedge funds \| More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Hedge funds \| Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Fixed income funds
Other Investments [Line Items]
Other investments, at fair value	404
Measured Using NAV as Practical Expedient \| Fixed income funds \| Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	367
Measured Using NAV as Practical Expedient \| Fixed income funds \| 1-2 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Fixed income funds \| 2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Fixed income funds \| More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Fixed income funds \| Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	37
Measured Using NAV as Practical Expedient \| Real estate fund
Other Investments [Line Items]
Other investments, at fair value	383
Measured Using NAV as Practical Expedient \| Real estate fund \| Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Real estate fund \| 1-2 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Real estate fund \| 2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Real estate fund \| More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| Real estate fund \| Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	383
Measured Using NAV as Practical Expedient \| CLO equity funds
Other Investments [Line Items]
Other investments, at fair value	162
Measured Using NAV as Practical Expedient \| CLO equity funds \| Less than 1 Year
Other Investments [Line Items]
Other investments, at fair value	160
Measured Using NAV as Practical Expedient \| CLO equity funds \| 1-2 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| CLO equity funds \| 2-3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| CLO equity funds \| More than 3 years
Other Investments [Line Items]
Other investments, at fair value	0
Measured Using NAV as Practical Expedient \| CLO equity funds \| Not Eligible/ Restricted
Other Investments [Line Items]
Other investments, at fair value	$ 2

Derivatives and Hedging Instruments - Net Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 11	$ 1	$ 10	$ 6
Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative [Line Items]
Derivatives designated as hedging instruments	(14)	15	(6)	3
Not Designated as Hedging Instrument \| Foreign currency forward contracts
Derivative [Line Items]
Derivatives designated as hedging instruments	(4)	(4)	2	1
Not Designated as Hedging Instrument \| Interest rate swaps
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 10	$ (1)	$ 10	$ 7

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

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Stockholders' equity

$ 6,099

$ 5,648

$ 4,887

$ 5,160

Non-Voting Convertible Ordinary Series C Shares | Common Stock

Stockholders' equity

^[1]

Non-Voting Convertible Ordinary Series E Shares | Common Stock | Maximum

Stockholders' equity

$ 1

[1]	Series C and E non-voting convertible shares repurchased and retired in March 2023 were excluded from these tables as all par value amounts were less than $1 million.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 24
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-Topic 946
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

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-Topic 946
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-Name Accounting Standards Codification
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
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-Section 65
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments:
Short-term and fixed maturity investments	$ 6,960	$ 7,274
Equity investments	787	701
Other investments, at fair value	4,145	3,853
Reinsurance balances recoverable on paid and unpaid losses	200	217
Derivative assets	9	4
Losses and loss adjustment expenses, at fair value	1,108	1,163
Derivative liabilities	4	9
Funds held by reinsurance companies, at amortized cost	2,335	2,709
U.S. government and agency
Investments:
Short-term and fixed maturity investments	444	326
U.K. government
Investments:
Short-term and fixed maturity investments	52	72
Other government
Investments:
Short-term and fixed maturity investments	408	391
Corporate
Investments:
Short-term and fixed maturity investments	3,781	4,131
Municipal
Investments:
Short-term and fixed maturity investments	119	142
Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	446	487
Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	859	841
Asset-backed
Investments:
Short-term and fixed maturity investments	851	884
Equity investments \| Privately held
Investments:
Equity investments	392	344
Equity investments \| Publicly traded
Investments:
Equity investments	305	275
Exchange-traded funds
Investments:
Equity investments	74	82
Warrants and other
Investments:
Equity investments	16	0
Measured Using NAV as Practical Expedient
Investments:
Total Investments, excluding funds held by reinsured companies and equity method investments	3,809
Measured Using NAV as Practical Expedient \| Equity investments \| Privately held
Investments:
Equity investments	67
Recurring
Investments:
Short-term and fixed maturity investments	6,960	7,274
Funds held	2,291	2,542
Equity investments	787	701
Other investments, at fair value	4,145	3,853
Total Investments, excluding funds held by reinsured companies and equity method investments	14,183	14,370
Reinsurance balances recoverable on paid and unpaid losses	200	217
Derivative assets		4
Losses and loss adjustment expenses, at fair value	1,108	1,163
Derivative liabilities	4	9
Recurring \| Derivatives qualifying as hedging
Investments:
Derivative assets		1
Derivative liabilities	3	6
Recurring \| Derivatives not qualifying as hedging
Investments:
Derivative assets	9	3
Derivative liabilities	1	3
Recurring \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	444	326
Recurring \| U.K. government
Investments:
Short-term and fixed maturity investments	52	72
Recurring \| Other government
Investments:
Short-term and fixed maturity investments	408	391
Recurring \| Corporate
Investments:
Short-term and fixed maturity investments	3,781	4,131
Recurring \| Municipal
Investments:
Short-term and fixed maturity investments	119	142
Recurring \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	446	487
Recurring \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	859	841
Recurring \| Asset-backed
Investments:
Short-term and fixed maturity investments	851	884
Recurring \| Equity investments \| Privately held
Investments:
Equity investments	392	344
Recurring \| Equity investments \| Publicly traded
Investments:
Equity investments	305	275
Recurring \| Exchange-traded funds
Investments:
Equity investments	74	82
Recurring \| Warrants and other
Investments:
Equity investments	16
Recurring \| Private equity funds
Investments:
Other investments, at fair value	1,840	1,617
Recurring \| Private credit funds
Investments:
Other investments, at fair value	819	625
Recurring \| Hedge funds
Investments:
Other investments, at fair value	476	491
Recurring \| Fixed income funds
Investments:
Other investments, at fair value	410	605
Recurring \| Real estate fund
Investments:
Other investments, at fair value	383	269
Recurring \| CLO equity funds
Investments:
Other investments, at fair value	162	182
Recurring \| CLO equities
Investments:
Other investments, at fair value	50	60
Recurring \| Equity funds
Investments:
Other investments, at fair value	5	4
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments:
Short-term and fixed maturity investments	0	0
Funds held	51	58
Equity investments	369	325
Other investments, at fair value	0	0
Total Investments, excluding funds held by reinsured companies and equity method investments	420	383
Reinsurance balances recoverable on paid and unpaid losses	0	0
Derivative assets		0
Losses and loss adjustment expenses, at fair value	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives qualifying as hedging
Investments:
Derivative assets		0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.K. government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments \| Privately held
Investments:
Equity investments	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investments \| Publicly traded
Investments:
Equity investments	295	243
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange-traded funds
Investments:
Equity investments	74	82
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Warrants and other
Investments:
Equity investments	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private credit funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Hedge funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed income funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Real estate fund
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| CLO equities
Investments:
Other investments, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Investments:
Short-term and fixed maturity investments	6,912	7,251
Funds held	2,097	2,342
Equity investments	9	31
Other investments, at fair value	403	300
Total Investments, excluding funds held by reinsured companies and equity method investments	9,421	9,924
Reinsurance balances recoverable on paid and unpaid losses	0	0
Derivative assets		4
Losses and loss adjustment expenses, at fair value	0	0
Derivative liabilities	4	9
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives qualifying as hedging
Investments:
Derivative assets		1
Derivative liabilities	3	6
Recurring \| Significant Other Observable Inputs (Level 2) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	9	3
Derivative liabilities	1	3
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	444	326
Recurring \| Significant Other Observable Inputs (Level 2) \| U.K. government
Investments:
Short-term and fixed maturity investments	52	72
Recurring \| Significant Other Observable Inputs (Level 2) \| Other government
Investments:
Short-term and fixed maturity investments	408	391
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate
Investments:
Short-term and fixed maturity investments	3,764	4,119
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal
Investments:
Short-term and fixed maturity investments	119	142
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	446	487
Recurring \| Significant Other Observable Inputs (Level 2) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	859	841
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed
Investments:
Short-term and fixed maturity investments	820	873
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments \| Privately held
Investments:
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity investments \| Publicly traded
Investments:
Equity investments	9	31
Recurring \| Significant Other Observable Inputs (Level 2) \| Exchange-traded funds
Investments:
Equity investments	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Warrants and other
Investments:
Equity investments	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Private equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Private credit funds
Investments:
Other investments, at fair value	342	183
Recurring \| Significant Other Observable Inputs (Level 2) \| Hedge funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Fixed income funds
Investments:
Other investments, at fair value	6	53
Recurring \| Significant Other Observable Inputs (Level 2) \| Real estate fund
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| CLO equities
Investments:
Other investments, at fair value	50	60
Recurring \| Significant Other Observable Inputs (Level 2) \| Equity funds
Investments:
Other investments, at fair value	5	4
Recurring \| Significant Unobservable Inputs (Level 3)
Investments:
Short-term and fixed maturity investments	48	23
Funds held	33	40
Equity investments	342	300
Other investments, at fair value	0	0
Total Investments, excluding funds held by reinsured companies and equity method investments	423	363
Reinsurance balances recoverable on paid and unpaid losses	200	217
Derivative assets		0
Losses and loss adjustment expenses, at fair value	1,108	1,163
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives qualifying as hedging
Investments:
Derivative assets		0
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Derivatives not qualifying as hedging
Investments:
Derivative assets	0	0
Derivative liabilities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. government and agency
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.K. government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other government
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate
Investments:
Short-term and fixed maturity investments	17	12
Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Residential mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Commercial mortgage-backed
Investments:
Short-term and fixed maturity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed
Investments:
Short-term and fixed maturity investments	31	11
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments \| Privately held
Investments:
Equity investments	325	299
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity investments \| Publicly traded
Investments:
Equity investments	1	1
Recurring \| Significant Unobservable Inputs (Level 3) \| Exchange-traded funds
Investments:
Equity investments	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants and other
Investments:
Equity investments	16
Recurring \| Significant Unobservable Inputs (Level 3) \| Private equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private credit funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Hedge funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Fixed income funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Real estate fund
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| CLO equities
Investments:
Other investments, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Equity funds
Investments:
Other investments, at fair value	0	0
Recurring \| Measured Using NAV as Practical Expedient
Investments:
Funds held	110	102
Equity investments	67	45
Other investments, at fair value	3,742	3,553
Total Investments, excluding funds held by reinsured companies and equity method investments	3,919	3,700
Recurring \| Measured Using NAV as Practical Expedient \| Equity investments \| Privately held
Investments:
Equity investments	67	45
Recurring \| Measured Using NAV as Practical Expedient \| Warrants and other
Investments:
Equity investments	0
Recurring \| Measured Using NAV as Practical Expedient \| Private equity funds
Investments:
Other investments, at fair value	1,840	1,617
Recurring \| Measured Using NAV as Practical Expedient \| Private credit funds
Investments:
Other investments, at fair value	477	442
Recurring \| Measured Using NAV as Practical Expedient \| Hedge funds
Investments:
Other investments, at fair value	476	491
Recurring \| Measured Using NAV as Practical Expedient \| Fixed income funds
Investments:
Other investments, at fair value	404	552
Recurring \| Measured Using NAV as Practical Expedient \| Real estate fund
Investments:
Other investments, at fair value	383	269
Recurring \| Measured Using NAV as Practical Expedient \| CLO equity funds
Investments:
Other investments, at fair value	162	182
Recurring \| Measured Using NAV as Practical Expedient \| CLO equities
Investments:
Other investments, at fair value	0	0
Recurring \| Measured Using NAV as Practical Expedient \| Equity funds
Investments:
Other investments, at fair value	$ 0	$ 0

Investments - Asset Types - Fixed Maturity Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	$ 5,384	$ 5,323
Short-term and fixed maturity investments	6,960	7,274
U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	422	250
Short-term and fixed maturity investments	444	326
U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	35	51
Short-term and fixed maturity investments	52	72
Other government
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	300	247
Short-term and fixed maturity investments	408	391
Corporate
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	2,624	2,780
Short-term and fixed maturity investments	3,781	4,131
Municipal
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	85	93
Short-term and fixed maturity investments	119	142
Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	394	432
Short-term and fixed maturity investments	446	487
Residential Mortgage-backed Securities, Issued by US Government Agencies
Debt and Equity Securities, FV-NI [Line Items]
Short-term and fixed maturity investments	254	306
Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	740	703
Short-term and fixed maturity investments	859	841
Commercial Mortgage-Backed Securities, Issued by US Government Agencies
Debt and Equity Securities, FV-NI [Line Items]
Short-term and fixed maturity investments	62	73
Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, available-for-sale, at fair value	784	767
Short-term and fixed maturity investments	851	884
Short-term investments
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	4	2
Investments, available-for-sale, at fair value	207	62
Short-term investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	0	0
Investments, available-for-sale, at fair value	186	38
Short-term investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	0	0
Investments, available-for-sale, at fair value	1	0
Short-term investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	2	0
Investments, available-for-sale, at fair value	1	2
Short-term investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	2	2
Investments, available-for-sale, at fair value	19	22
Short-term investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	0	0
Investments, available-for-sale, at fair value	0	0
Short-term investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	0	0
Investments, available-for-sale, at fair value	0	0
Short-term investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	0	0
Investments, available-for-sale, at fair value	0	0
Short-term investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	0	0
Investments, available-for-sale, at fair value	0	0
Fixed maturity investments
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	1,572	1,949
Investments, available-for-sale, at fair value	5,177	5,261
Fixed maturity investments \| U.S. government and agency
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	22	76
Investments, available-for-sale, at fair value	236	212
Fixed maturity investments \| U.K. government
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	17	21
Investments, available-for-sale, at fair value	34	51
Fixed maturity investments \| Other government
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	106	144
Investments, available-for-sale, at fair value	299	245
Fixed maturity investments \| Corporate
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	1,155	1,349
Investments, available-for-sale, at fair value	2,605	2,758
Fixed maturity investments \| Municipal
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	34	49
Investments, available-for-sale, at fair value	85	93
Fixed maturity investments \| Residential mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	52	55
Investments, available-for-sale, at fair value	394	432
Fixed maturity investments \| Commercial mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	119	138
Investments, available-for-sale, at fair value	740	703
Fixed maturity investments \| Asset-backed
Debt and Equity Securities, FV-NI [Line Items]
Investments, trading, at fair value	67	117
Investments, available-for-sale, at fair value	$ 784	$ 767

Investments - Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Mar. 31, 2023	Nov. 30, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 303	$ 334
Core Specialty
Schedule of Equity Method Investments [Line Items]
Ownership %	19.50%	19.90%
Carrying Value	$ 269	$ 225
Monument Re
Schedule of Equity Method Investments [Line Items]
Ownership %			20.00%	20.00%
Carrying Value	$ 22	$ 95
Monument Re \| Common Stock
Schedule of Equity Method Investments [Line Items]
Ownership %	24.60%	20.00%	20.00%
Positive Physicians Holdings, Inc
Schedule of Equity Method Investments [Line Items]
Ownership %	27.00%	27.00%
Carrying Value	$ 12	$ 14

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Merger Agreement (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 29, 2025	Sep. 30, 2024	Dec. 31, 2023
Forecast
Business Acquisition [Line Items]
Payments of capital distribution	$ 500
Enstar Group Limited \| Sixth Street Partners, LLC \| Forecast
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share)	$ 338
Business combination, consideration transferred	$ 5,100
Business acquisition, extension period	6 months
Business acquisition, termination costs	$ 265
Business acquisition, termination costs, specified debt event of default	97
Enstar Group Limited \| Sixth Street Partners, LLC \| Forecast \| Minimum
Business Acquisition [Line Items]
Business acquisition, transaction costs	90
Enstar Group Limited \| Sixth Street Partners, LLC \| Forecast \| Maximum
Business Acquisition [Line Items]
Business acquisition, transaction costs	105
Enstar Group Limited \| Enstar Group Limited \| Forecast
Business Acquisition [Line Items]
Business acquisition, termination costs	$ 145
Voting Ordinary Shares
Business Acquisition [Line Items]
Common shares, par value (in dollars per share)		$ 1	$ 1
Voting Ordinary Shares \| Forecast
Business Acquisition [Line Items]
Common shares, par value (in dollars per share)	$ 1.00

Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

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

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Balance as of beginning of period	$	11,204	$	13,834	$	12,359	$	13,007



Reinsurance reserves recoverable on unpaid losses	(686)		(895)		(774)		(996)





Net balance as of beginning of period	10,518		12,939		11,585		12,011
Net incurred losses and LAE:
Current period:
Increase in estimates of net ultimate losses	5		5		14		18
Increase in provisions for ULAE	1		—		1		—
Total current period	6		5		15		18
Prior periods:
Reduction in estimates of net ultimate losses	(15)		(12)		(63)		(35)
Reduction in provisions for ULAE	(21)		(19)		(60)		(37)

Amortization of fair value adjustments	2		4		11		13
Changes in fair value - fair value option (1)	25		12		17		24
Total prior periods	(9)		(15)		(95)		(35)
Total net incurred losses and LAE	(3)		(10)		(80)		(17)
Net paid losses:
Current period	—		(1)		—		(3)
Prior periods	(569)		(664)		(1,785)		(1,851)
Total net paid losses	(569)		(665)		(1,785)		(1,854)
Other changes:
Effect of exchange rate movement	120		(109)		49		(40)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	6		—		6		(21)
Ceded business (2)	—		—		—		(139)

Assumed business (3)	538		—		835		2,215


Total other changes	664		(109)		890		2,015
Net balance as of September 30	10,610		12,155		10,610		12,155
Reinsurance reserves recoverable on unpaid losses	662		789		662		789

Balance as of September 30	$	11,272	$	12,944	$	11,272	$	12,944

					As of
					September 30, 2024		December 31, 2023
					(in millions of U.S. dollars)
Reconciliation to Consolidated Balance Sheets:
Losses and loss adjustment expenses					$	10,164	$	11,196
Losses and loss adjustment expenses, at fair value					1,108		1,163
Total losses and loss adjustment expenses					$	11,272	$	12,359

Reinsurance balances recoverable on paid and unpaid losses					$	535	$	740
Reinsurance balances recoverable on paid and unpaid losses - fair value option					200		217
Total reinsurance balances recoverable on paid and unpaid losses					735		957
Less: Paid losses recoverable					(73)		(183)

Reinsurance reserves recoverable on unpaid losses					$	662	$	774

(1) Comprises discount rate and risk margin components.

(3) Amounts from 2024 correspond to the net loss reserves assumed from signed and closed reinsurance agreements described in Note 3, as well as other individually insignificant closed transactions.

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

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(in millions of U.S. dollars)

Asbestos	$	6	$	(1)	$	(19)	$	—
Environmental	—		2		25		2
General casualty	7		41		24		37
Workers' compensation	(22)		(24)		(26)		(44)
Marine, aviation and transit	5		(13)		2		(13)
Construction defect	1		(3)		(21)		(4)
Professional indemnity/ Directors and officers	(19)		(9)		(60)		(10)
Motor	—		(5)		4		(5)
Property	5		(17)		5		(16)
All other	2		17		3		18
Total	(15)		(12)		$	(63)	$	(35)

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Asset Types

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


	September 30, 2024
	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	$	—	$	186	$	22	$	236	$	444
U.K. government	—		1		17		34		52
Other government	2		1		106		299		408
Corporate	2		19		1,155		2,605		3,781
Municipal	—		—		34		85		119
Residential mortgage-backed	—		—		52		394		446
Commercial mortgage-backed	—		—		119		740		859
Asset-backed	—		—		67		784		851


Total fixed maturity and short-term investments	$	4	$	207	$	1,572	$	5,177	$	6,960


	December 31, 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

Schedule of Contractual Maturities

The contractual maturities of our short-term and fixed maturity investments, 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 September 30, 2024	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	543	$	544	7.8	%


More than one year through five years	1,936		1,890		27.2	%
More than five years through ten years	1,325		1,251		18.0	%
More than ten years	1,378		1,119		16.1	%
Residential mortgage-backed	471		446		6.4	%
Commercial mortgage-backed	898		859		12.3	%
Asset-backed	837		851		12.2	%


	$	7,388	$	6,960	100.0	%

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

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


			Gross Unrealized Gains		Gross Unrealized Losses
As of September 30, 2024	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	433	$	4	$	(15)	$	—	$	422
U.K. government	35		1		(1)		—		35
Other government	298		8		(6)		—		300
Corporate	2,802		40		(218)		—		2,624
Municipal	97		—		(12)		—		85
Residential mortgage-backed	417		5		(28)		—		394
Commercial mortgage-backed	772		4		(36)		—		740
Asset-backed	768		18		(2)		—		784


	$	5,622	$	80	$	(318)	$	—	$	5,384


			Gross Unrealized Gains		Gross Unrealized Losses
As of December 31, 2023	Amortized Cost				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

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

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


	12 Months or Greater				Less Than 12 Months				Total
As of September 30, 2024	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	$	96	$	(13)	$	27	$	(2)	$	123	$	(15)
U.K. government	9		(1)		8		—		17		(1)
Other government	53		(6)		11		—		64		(6)
Corporate	1,558		(213)		94		(5)		1,652		(218)
Municipal	75		(12)		3		—		78		(12)
Residential mortgage-backed	215		(28)		14		—		229		(28)
Commercial mortgage-backed	412		(31)		171		(5)		583		(36)
Asset-backed	30		(1)		151		(1)		181		(2)


Total short-term and fixed maturity investments	$	2,448	$	(305)	$	479	$	(13)	$	2,927	$	(318)


	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)

Schedule of Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	Three Months Ended September 30,
	2024				2023
	Corporate		Commercial mortgage backed		Total		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(14)	$	—	$	(14)	$	(22)	$	(2)	$	(24)

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



Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14		—		14		—		2		2


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


	Nine Months Ended September 30,
	2024				2023
	Corporate		Commercial mortgage backed			Total		Other government		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(15)	$	(1)		$	(16)	$	(1)	$	(32)	$	—	$	(33)

Allowances for credit losses on securities for which credit losses were not previously recorded	(1)		—			(1)		—		(3)		(3)		(6)

Reductions for securities sold during the period	1		—			1		—		5		—		5

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	15		1			16		1		8		2		11


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

Schedule of Equity Investments

The following table summarizes our equity investments:


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Equity Investments
Privately held equity investments in common and preferred stocks	$	392	$	344
Publicly traded equity investments in common and preferred stocks	305		275
Exchange-traded funds	74		82
Warrants and other	16		—
	$	787	$	701

Schedule of Other Investments

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



	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Other Investments
Private equity funds	$	1,840	$	1,617
Private credit funds	819		625
Hedge funds	476		491
Fixed income funds	410		605
Real estate fund	383		269
CLO equity funds	162		182
CLO equities	50		60
Equity funds	5		4

	$	4,145	$	3,853

The table below details the estimated period by which proceeds would be received if we had provided notice of our intent to redeem or initiated a sales process as of September 30, 2024 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	$	—	$	—	$	—	$	—	$	67	$	67	not eligible/ restricted

Other investments
Private equity funds	$	66	$	—	$	—	$	—	$	1,774	$	1,840	quarterly
Private credit funds	—		—		—		—		477		477		not eligible / restricted
Hedge funds	476		—		—		—		—		476		monthly to bi-annually
Fixed income funds	367		—		—		—		37		404		monthly to quarterly
Real estate fund	—		—		—		—		383		383		not eligible/ restricted
CLO equity funds	160		—		—		—		2		162		quarterly to bi-annually




	$	1,069	$	—	$	—	$	—	$	2,740	$	3,809

(1) Redemption frequency relates to unrestricted amounts.

Schedule of Equity Method Investments

The table below shows our equity method investments:


	September 30, 2024				December 31, 2023
	Ownership %		Carrying Value		Ownership %		Carrying Value

	(in millions of U.S. dollars)

Core Specialty	19.5	%	269		19.9	%	225
Monument Re (1)	24.6	%	22		20.0	%	95

Positive Physicians Holdings, Inc	27.0	%	12		27.0%		14

			$	303			$	334

(1) As of September 30, 2024, we own 24.6% of the common shares in Monument Re. We converted all of our preferred shares in Monument Midco to common shares in Monument Re on January 2, 2024. As of December 31, 2023, we owned 20.0% of the common shares in Monument Re as well as preferred shares in Monument Midco which had fixed dividend yields (where declared).

Schedule of Funds Held

The following table summarizes the components of funds held:


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Funds held - directly managed	$	2,258	$	2,502
Funds held by reinsured companies	2,368		2,749
Total funds held	$	4,626	$	5,251

Schedule of Funds Held, Directly Managed, Carrying Values of Assets

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


	September 30, 2024		December 31, 2023

	(in millions of U.S. dollars)
Funds held - directly managed, at cost	$	2,307	$	2,608
Fair value changes in:

Accumulated change in fair value - embedded derivative accounting	(49)		(106)

Funds held - directly managed, at fair value	$	2,258	$	2,502

Schedule of Funds Held by Reinsurance Companies

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


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Funds held by reinsurance companies, at amortized cost	$	2,335	$	2,709
Fair value of embedded derivative (1)	33		40
Funds held by reinsured companies	$	2,368	$	2,749

(1) Pursuant to the terms of the Aspen Insurance Holdings transaction entered in 2022, in addition to earning a fixed crediting rate (“base crediting rate”) on the funds withheld through September 30, 2025, we receive a variable return (together, the “full crediting rate”). The embedded derivative 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.

Schedule of Major Categories of Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Fixed maturity investments	$	83	$	85	$	250	$	245
Short-term investments and cash and cash equivalents	9		11		24		28
Funds held	53		38		165		150

Investment income from fixed maturities and cash and cash equivalents	145		134		439		423
Equity investments	15		7		31		31
Other investments	14		8		37		31

Investment income from equities and other investments	29		15		68		62
Gross investment income	174		149		507		485
Investment expenses	(11)		(6)		(29)		(14)

Net investment income	$	163	$	143	$	478	$	471

Schedule of Net Realized and Unrealized Gains (Losses)

Components of net realized gains (losses) and fair value changes recorded within our unaudited condensed consolidated statements of operations were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	3	$	2	$	9	$	4
Gross realized losses on fixed maturity securities, AFS	(1)		(15)		(22)		(64)
Decrease in allowance for expected credit losses on fixed maturity securities, AFS	15		1		15		5







Total net realized gains (losses) on sales	$	17	$	(12)	$	2	$	(55)
Fair value changes in trading securities, funds held and other investments:
Fixed maturity securities, trading	$	38	$	(22)	$	8	$	(24)
Funds held - directly managed	61		(46)		46		(49)
Equity securities	26		17		98		109
Other investments	93		68		238		180
Investment derivatives	11		1		10		6

Total fair value changes in trading securities, funds held and other investments	$	229	$	18	$	400	$	222
Net realized gains and fair value changes in trading securities, funds held and other investments	$	246	$	6	$	402	$	167

Schedule of Restricted Assets

The carrying value of our restricted assets, including restricted cash of $464 million and $266 million as of September 30, 2024 and December 31, 2023, respectively, was as follows:


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,090	$	5,301
Assets on deposit with regulatory authorities	64		80
Collateral for secured letter of credit facilities	75		78
Funds at Lloyd's (1)	179		389
	$	5,408	$	5,848

(1) We managed and provided capacity for one Lloyd's syndicate as of both September 30, 2024 and December 31, 2023. 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.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments, available-for-sale, at fair value	$ 5,384	$ 5,323
Funds held	4,626	5,251
Equities, at fair value (cost: 2024 — $592; 2023 — $615)	787	701
Other investments, at fair value (includes consolidated variable interest entity: 2024 - $104; 2023 - $59)	4,145	3,853
Equity method investments	303	334
Total investments (Note 5 and Note 11)	16,821	17,413
Cash and cash equivalents (includes consolidated variable interest entity: 2023 — $8)	572	564
Restricted cash and cash equivalents	464	266
Accrued interest receivable	63	71
Reinsurance balances recoverable on paid and unpaid losses (net of allowance: 2024 — $121; 2023 — $131)	535	740
Reinsurance balances recoverable on paid and unpaid losses, at fair value (Note 11)	200	217
Insurance balances recoverable (net of allowance: 2024 — $4; 2023 — $5) (Note 10)	166	172
Net deferred charge assets (Note 7)	662	731
Other assets	773	739
TOTAL ASSETS	20,256	20,913
LIABILITIES
Losses and loss adjustment expenses (Note 8)	10,164	11,196
Losses and loss adjustment expenses, at fair value (Note 8 and Note 11)	1,108	1,163
Defendant asbestos and environmental liabilities (Note 10)	523	567
Insurance and reinsurance balances payable	48	43
Debt obligations	1,833	1,831
Other liabilities (includes consolidated variable interest entity: 2024 and 2023 — $1)	481	465
TOTAL LIABILITIES	14,157	15,265
COMMITMENTS AND CONTINGENCIES (Note 18)
SHAREHOLDERS’ EQUITY (Note 15)
Joint Share Ownership Plan (voting ordinary shares, held in trust 2024 and 2023: 565,630)	(1)	(1)
Additional paid-in capital	593	579
Accumulated other comprehensive loss	(221)	(336)
Retained earnings	5,583	5,190
Total Enstar Shareholders’ Equity	6,057	5,535
Noncontrolling interests (Note 14)	42	113
TOTAL SHAREHOLDERS’ EQUITY	6,099	5,648
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	20,256	20,913
Voting ordinary shares (par value $1 each, issued and outstanding 2024: 15,231,805; 2023: 15,196,685)
SHAREHOLDERS’ EQUITY (Note 15)
Voting ordinary shares (par value $1 each, issued and outstanding 2024: 15,231,805; 2023: 15,196,685)	15	15
Series D Preferred Shares (issued and outstanding 2024 and 2023: 16,000; liquidation preference $400)
SHAREHOLDERS’ EQUITY (Note 15)
Preferred Shares	400	400
Series E Preferred Shares (issued and outstanding 2024 and 2023: 4,400; liquidation preference $110)
SHAREHOLDERS’ EQUITY (Note 15)
Preferred Shares	110	110
Series C Preferred shares (all issued shares held in treasury in 2024 and 2023: 388,571)
SHAREHOLDERS’ EQUITY (Note 15)
Series C Preferred shares (all issued shares held in treasury in 2024 and 2023: 388,571)	(422)	(422)
Short-term Investments
ASSETS
Investments, trading, at fair value	4	2
Investments, available-for-sale, at fair value	207	62
Fixed maturity investments
ASSETS
Investments, trading, at fair value	1,572	1,949
Investments, available-for-sale, at fair value	$ 5,177	$ 5,261

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Comparison of Basic and Diluted Earnings per Share

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net income attributable to Enstar ordinary shareholders:	$	148	$	38	$	393	$	483

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	14,666,153		15,464,824		14,657,391		15,962,910
Effect of dilutive securities:
Share-based compensation plans (2)(3)	182,205		141,281		177,512		108,015
JSOP(4)	195,408		—		189,928		—


Weighted-average ordinary shares outstanding — diluted	15,043,766		15,606,105		15,024,831		16,070,925

Earnings per share attributable to Enstar ordinary shareholders:
Basic	$	10.09	$	2.46	$	26.81	$	30.26



Diluted	$	9.84	$	2.43	$	26.16	$	30.05

Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 5,880	$ 4,924	$ 5,648	$ 5,160
Other comprehensive (loss) income	136	(82)	115	(356)
Less: Other comprehensive income attributable to NCI and RNCI				88
Balance, end of period	6,099	4,887	6,099	4,887
AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(357)	(488)	(336)	(302)
Other comprehensive (loss) income	136		115
Balance, end of period	(221)	(570)	(221)	(570)
Unrealized (losses) gains on available-for-sale investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(390)	(520)	(368)	(584)
Balance, end of period	(245)	(602)	(245)	(602)
Unrealized (losses) gains on available-for-sale investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Before reclassifications	161	(94)	125	(71)
Other comprehensive (loss) income	145	(82)	123	(16)
Reclassification adjustment for change in allowance for credit losses recognized in net income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassification from AOCI	(14)	(1)	(15)	(5)
Reclassification adjustment for net realized (gains) losses included in net income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassification from AOCI	(2)	13	13	60
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income attributable to NCI and RNCI				(2)
Cumulative currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	13	11	12	9
Balance, end of period	10	11	10	11
Cumulative currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Before reclassifications	(3)		(2)	2
Other comprehensive (loss) income	(3)	0	(2)	2
Remeasurement of future policyholder benefits - change in discount rate
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period				273
Balance, end of period		0		0
Remeasurement of future policyholder benefits - change in discount rate
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassification from AOCI				(363)
Other comprehensive (loss) income				(363)
Remeasurement of future policyholder benefits - change in discount rate
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income attributable to NCI and RNCI				90
FVO - Own credit Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	20	21	20	0
Balance, end of period	14	21	14	21
FVO - Own credit Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Before reclassifications	(6)		(6)	21
Other comprehensive (loss) income	$ (6)	$ 0	$ (6)	$ 21

Defendant Asbestos and Environmental Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Movement in Liability for Asbestos and Environmental Claims [Abstract]

Schedule of Liability for Asbestos and Liability Claims


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Defendant A&E liabilities:
Defendant asbestos liabilities	$	678	$	734
Defendant environmental liabilities	9		10
Estimated future expenses	30		33
Fair value adjustments	(194)		(210)
Defendant A&E liabilities	523		567

Insurance balances recoverable:
Insurance recoverables related to defendant asbestos liabilities (net of allowance: 2024 - $4; 2023 - $5)	208		217
Fair value adjustments	(42)		(45)
Insurance balances recoverable	166		172

Net liabilities relating to defendant A&E exposures	$	357	$	395

Schedule of Reconciliation of Asbestos and Environmental Liabilities

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Balance as of beginning of period	$	540	$	587	$	567	$	607

Insurance balances recoverable	(169)		(175)		(172)		(177)


Net balance as of beginning of period	371		412		395		430
Total paid claims	(19)		(17)		(49)		(38)
Amounts recorded in other (income) loss:
Reduction in estimates of ultimate net liabilities	—		—		—		(2)
Reduction in estimated future expenses	(1)		(1)		(3)		(2)
Amortization of fair value adjustments	6		5		14		11
Total other (income) loss	5		4		11		7

Net balance as of September 30	357		399		357		399
Insurance balances recoverable	166		173		166		173
Balance as of September 30	$	523	$	572	$	523	$	572

Fair Value Measurements - Insurance Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net
Beginning fair value	$ 857	$ 923	$ 946	$ 1,011
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	(1)	28	5	33
Reduction in provisions for ULAE	(1)	(3)	(5)	(9)
Total change in fair value	25	12	17	24
Total incurred losses and LAE	23	37	17	48
Paid losses	(26)	(39)	(89)	(148)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	6	0	6	(21)
Effect of exchange rate movements	48	(27)	28	4
Ending fair value	908	894	908	894
Reinsurance balances recoverable
Reinsurance balances recoverable
Beginning fair value	199	247	217	275
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	2	(27)	(11)	(26)
Reduction in provisions for ULAE	0	0	0	0
Total change in fair value	6	0	5	7
Total incurred losses and LAE	8	(27)	(6)	(19)
Paid losses	(5)	(5)	(16)	(39)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	2	0	2	(6)
Effect of exchange rate movements	(4)	(1)	3	3
Ending fair value	200	214	200	214
Liability for losses and LAE
Liability for losses and LAE
Beginning fair value	1,056	1,170	1,163	1,286
Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1	1	(6)	7
Reduction in provisions for ULAE	(1)	(3)	(5)	(9)
Total change in fair value	31	12	22	31
Total incurred losses and LAE	31	10	11	29
Paid losses	(31)	(44)	(105)	(187)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8	0	8	(27)
Effect of exchange rate movements	44	(28)	31	7
Ending fair value	1,108	1,108	1,108	1,108
Average payout
Incurred losses and LAE:
Total change in fair value	5	4	20	26
Average payout \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	0	6	4	11
Average payout \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	5	10	24	37
Corporate bond yield
Incurred losses and LAE:
Total change in fair value	14	8	(10)	(23)
Corporate bond yield \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	5	(2)	0	(6)
Corporate bond yield \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	19	6	(10)	(29)
Risk cost of capital
Incurred losses and LAE:
Total change in fair value			1	0
Risk cost of capital \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value			0	0
Risk cost of capital \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value			1	0
Credit spread for non-performance risk
Incurred losses and LAE:
Total change in fair value	0	0	0	21
Credit spread for non-performance risk \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	0	(4)	0	2
Credit spread for non-performance risk \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	0	(4)	0	23
Weighted average cost of capital
Incurred losses and LAE:
Total change in fair value	6	0	6	0
Weighted average cost of capital \| Reinsurance balances recoverable
Incurred losses and LAE:
Total change in fair value	1	0	1	0
Weighted average cost of capital \| Liability for losses and LAE
Incurred losses and LAE:
Total change in fair value	$ 7	$ 0	$ 7	$ 0

Deferred Charge Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
Deferred Charge Assets (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Insurance [Abstract]
Deferred gain liability	$ 0		$ 0		$ 0
DCA
Beginning carrying value	687,000,000	$ 797,000,000	731,000,000	$ 658,000,000
Recorded during the period	2,000,000	0	17,000,000	180,000,000
Amortization	(27,000,000)	(34,000,000)	(86,000,000)	(75,000,000)
Ending carrying value	$ 662,000,000	$ 763,000,000	$ 662,000,000	$ 763,000,000

Shareholders' Equity - Schedule of Ordinary Shares (Details)	9 Months Ended
	Sep. 30, 2024 shares
Change In Common Stock [Roll Forward]
Beginning balance (in shares)	15,196,685
Shares issued (in shares)	35,120
Ending balance (in shares)	15,231,805
Restricted stock issued (in shares)	2,035

Significant New Business and Business Acquisitions (Details) - USD ($) $ in Millions				9 Months Ended
	Sep. 06, 2024	Aug. 08, 2024	Apr. 30, 2024	Sep. 30, 2024
Asset Acquisition [Line Items]
Estimated Reserves				$ 771
Newport Re Ltd
Asset Acquisition [Line Items]
Percentage of stock to be acquired	100.00%
Business combination, consideration transferred	$ 46
LPT and ADC \| Diversified mix including asbestos, general casualty, and workers’ compensation
Asset Acquisition [Line Items]
Consideration Received				282
Net Loss Reserves Assumed				297
DCA				15
Remaining Limit upon Acquisition				111
LPT \| Property catastrophe and COVID-19 exposures
Asset Acquisition [Line Items]
Consideration Received				294
Net Loss Reserves Assumed				294
DCA				0
LPT \| Workers' compensation
Asset Acquisition [Line Items]
Estimated Reserves			$ 400
LPT \| US commercial liability, general aviation, and workers’ compensation
Asset Acquisition [Line Items]
Estimated Reserves		$ 371
ADC \| Product & public liability, compulsory third-party motor, professional risks, and workers’ compensation
Asset Acquisition [Line Items]
Consideration Received				200
Net Loss Reserves Assumed				202
DCA				2
Remaining Limit upon Acquisition				$ 240

Related Party Transactions - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Net premiums earned	$ 11	$ 14	$ 27	$ 29
Net investment income	163	143	478	471
Net realized gains			2	(55)
Fair value changes in trading securities, funds held and other investments	229	18	400	222
Total revenues	423	161	909	947
EXPENSES
Net incurred losses and LAE	(3)	(10)	(80)	(17)
(Loss) income from equity method investments	(16)	(3)	(29)	22
NET INCOME	161	51	425	609
Investor \| Stone Point
REVENUES
Net investment income	4	3	9	9
Net realized gains				1
Fair value changes in trading securities, funds held and other investments	12	26	52	28
Total revenues	16	29	61	38
EXPENSES
Costs and Expenses	0	0	0	0
NET INCOME	16	29	61	38
Investee \| Northshore
REVENUES
Fair value changes in trading securities, funds held and other investments				(6)
Total revenues		0		(6)
EXPENSES
Costs and Expenses		0		0
NET INCOME		0		(6)
Investee \| Monument Re
REVENUES
Total revenues	0	0	0	0
EXPENSES
Costs and Expenses	0	0	0	0
(Loss) income from equity method investments	(26)	(4)	(72)
NET INCOME	(26)	(4)	(72)	0
Investee \| AmTrust
REVENUES
Net investment income	1	2	5	5
Fair value changes in trading securities, funds held and other investments	(2)	(2)	19	(5)
Total revenues	(1)	0	24	0
EXPENSES
Costs and Expenses	0	0	0	0
NET INCOME	(1)	0	24	0
Investee \| Citco
REVENUES
Total revenues		0		0
EXPENSES
Costs and Expenses		0		0
(Loss) income from equity method investments		1		4
NET INCOME		1		4
Investee \| Core Specialty
REVENUES
Net premiums earned		(2)	2	(4)
Total revenues	0	(2)	2	(4)
EXPENSES
Net incurred losses and LAE	(2)	(9)	20	(20)
Costs and Expenses	(2)	(9)	20	(20)
(Loss) income from equity method investments	10		44	18
NET INCOME	12	7	26	34
Investee \| Other
REVENUES
Net investment income	3		8	5
Fair value changes in trading securities, funds held and other investments	35	11	71	86
Total revenues	38	11	79	91
EXPENSES
Costs and Expenses	0	0	0	0
(Loss) income from equity method investments			(1)
NET INCOME	$ 38	$ 11	$ 78	$ 91

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

5. INVESTMENTS

Short-term and Fixed Maturity Investments

Asset Types

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


	September 30, 2024
	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	$	—	$	186	$	22	$	236	$	444
U.K. government	—		1		17		34		52
Other government	2		1		106		299		408
Corporate	2		19		1,155		2,605		3,781
Municipal	—		—		34		85		119
Residential mortgage-backed	—		—		52		394		446
Commercial mortgage-backed	—		—		119		740		859
Asset-backed	—		—		67		784		851


Total fixed maturity and short-term investments	$	4	$	207	$	1,572	$	5,177	$	6,960


	December 31, 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

Included within residential mortgage-backed securities as of September 30, 2024 were securities issued by U.S. governmental agencies with a fair value of $254 million (December 31, 2023: $306 million).

Included within commercial mortgage-backed securities as of September 30, 2024 were securities issued by U.S. governmental agencies with a fair value of $62 million (December 31, 2023: $73 million).

Contractual Maturities


As of September 30, 2024	Amortized Cost		Fair Value		% of Total Fair Value
	(in millions of U.S. dollars)
One year or less	$	543	$	544	7.8	%


More than one year through five years	1,936		1,890		27.2	%
More than five years through ten years	1,325		1,251		18.0	%
More than ten years	1,378		1,119		16.1	%
Residential mortgage-backed	471		446		6.4	%
Commercial mortgage-backed	898		859		12.3	%
Asset-backed	837		851		12.2	%


	$	7,388	$	6,960	100.0	%

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

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


			Gross Unrealized Gains		Gross Unrealized Losses
As of September 30, 2024	Amortized Cost				Non-Credit Related Losses		Allowance for Credit Losses		Fair Value
	(in millions of U.S. dollars)
U.S. government and agency	$	433	$	4	$	(15)	$	—	$	422
U.K. government	35		1		(1)		—		35
Other government	298		8		(6)		—		300
Corporate	2,802		40		(218)		—		2,624
Municipal	97		—		(12)		—		85
Residential mortgage-backed	417		5		(28)		—		394
Commercial mortgage-backed	772		4		(36)		—		740
Asset-backed	768		18		(2)		—		784


	$	5,622	$	80	$	(318)	$	—	$	5,384


			Gross Unrealized Gains		Gross Unrealized Losses
As of December 31, 2023	Amortized Cost				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 on AFS Short-term and Fixed Maturity Investments


	12 Months or Greater				Less Than 12 Months				Total
As of September 30, 2024	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	$	96	$	(13)	$	27	$	(2)	$	123	$	(15)
U.K. government	9		(1)		8		—		17		(1)
Other government	53		(6)		11		—		64		(6)
Corporate	1,558		(213)		94		(5)		1,652		(218)
Municipal	75		(12)		3		—		78		(12)
Residential mortgage-backed	215		(28)		14		—		229		(28)
Commercial mortgage-backed	412		(31)		171		(5)		583		(36)
Asset-backed	30		(1)		151		(1)		181		(2)


Total short-term and fixed maturity investments	$	2,448	$	(305)	$	479	$	(13)	$	2,927	$	(318)


	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)

As of September 30, 2024 and December 31, 2023, the number of securities classified as AFS in an unrealized loss position for which an allowance for credit loss is not recorded was 2,861 and 2,156, respectively. Of these securities, the number of securities that had been in an unrealized loss position for twelve months or longer was 2,484 and 1,736, respectively.

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

Allowance for Credit Losses on AFS Fixed Maturity Investments

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


	Three Months Ended September 30,
	2024				2023
	Corporate		Commercial mortgage backed		Total		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(14)	$	—	$	(14)	$	(22)	$	(2)	$	(24)

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



Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	14		—		14		—		2		2


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


	Nine Months Ended September 30,
	2024				2023
	Corporate		Commercial mortgage backed			Total		Other government		Corporate		Commercial mortgage backed		Total
	(in millions of U.S. dollars)
Allowance for credit losses, beginning of period	$	(15)	$	(1)		$	(16)	$	(1)	$	(32)	$	—	$	(33)

Allowances for credit losses on securities for which credit losses were not previously recorded	(1)		—			(1)		—		(3)		(3)		(6)

Reductions for securities sold during the period	1		—			1		—		5		—		5

Decrease to the allowance for credit losses on securities that had an allowance recorded in the previous period	15		1			16		1		8		2		11


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

During the three and nine months ended September 30, 2024 and 2023, we did not have any write-offs charged against the allowance for credit losses or any recoveries of amounts previously written off.

Equity Investments

The following table summarizes our equity investments:


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Equity Investments
Privately held equity investments in common and preferred stocks	$	392	$	344
Publicly traded equity investments in common and preferred stocks	305		275
Exchange-traded funds	74		82
Warrants and other	16		—
	$	787	$	701

Other Investments

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



	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Other Investments
Private equity funds	$	1,840	$	1,617
Private credit funds	819		625
Hedge funds	476		491
Fixed income funds	410		605
Real estate fund	383		269
CLO equity funds	162		182
CLO equities	50		60
Equity funds	5		4

	$	4,145	$	3,853

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.


	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	$	—	$	—	$	—	$	—	$	67	$	67	not eligible/ restricted

Other investments
Private equity funds	$	66	$	—	$	—	$	—	$	1,774	$	1,840	quarterly
Private credit funds	—		—		—		—		477		477		not eligible / restricted
Hedge funds	476		—		—		—		—		476		monthly to bi-annually
Fixed income funds	367		—		—		—		37		404		monthly to quarterly
Real estate fund	—		—		—		—		383		383		not eligible/ restricted
CLO equity funds	160		—		—		—		2		162		quarterly to bi-annually




	$	1,069	$	—	$	—	$	—	$	2,740	$	3,809

(1) Redemption frequency relates to unrestricted amounts.

Equity Method Investments

The table below shows our equity method investments:


	September 30, 2024				December 31, 2023
	Ownership %		Carrying Value		Ownership %		Carrying Value

	(in millions of U.S. dollars)

Core Specialty	19.5	%	269		19.9	%	225
Monument Re (1)	24.6	%	22		20.0	%	95

Positive Physicians Holdings, Inc	27.0	%	12		27.0%		14

			$	303			$	334

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:


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Funds held - directly managed	$	2,258	$	2,502
Funds held by reinsured companies	2,368		2,749
Total funds held	$	4,626	$	5,251

Funds Held - Directly Managed

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


	September 30, 2024		December 31, 2023

	(in millions of U.S. dollars)
Funds held - directly managed, at cost	$	2,307	$	2,608
Fair value changes in:

Accumulated change in fair value - embedded derivative accounting	(49)		(106)

Funds held - directly managed, at fair value	$	2,258	$	2,502

The majority of our funds held - directly managed is comprised of short-term and fixed maturities. The $244 million decrease in funds held - directly managed from December 31, 2023 to September 30, 2024 was primarily driven by net paid losses.

Funds Held by Reinsured Companies

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


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Funds held by reinsurance companies, at amortized cost	$	2,335	$	2,709
Fair value of embedded derivative (1)	33		40
Funds held by reinsured companies	$	2,368	$	2,749

The $381 million decrease in funds held by reinsured companies from December 31, 2023 to September 30, 2024 was primarily driven by net paid losses primarily related to the Aspen LPT.

Net Investment Income

Major categories of net investment income are summarized as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Fixed maturity investments	$	83	$	85	$	250	$	245
Short-term investments and cash and cash equivalents	9		11		24		28
Funds held	53		38		165		150

Investment income from fixed maturities and cash and cash equivalents	145		134		439		423
Equity investments	15		7		31		31
Other investments	14		8		37		31

Investment income from equities and other investments	29		15		68		62
Gross investment income	174		149		507		485
Investment expenses	(11)		(6)		(29)		(14)

Net investment income	$	163	$	143	$	478	$	471

Net Realized Gains (Losses) and Fair Value Changes

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. Components of net realized gains (losses) and fair value changes recorded within our unaudited condensed consolidated statements of operations were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$	3	$	2	$	9	$	4
Gross realized losses on fixed maturity securities, AFS	(1)		(15)		(22)		(64)
Decrease in allowance for expected credit losses on fixed maturity securities, AFS	15		1		15		5







Total net realized gains (losses) on sales	$	17	$	(12)	$	2	$	(55)
Fair value changes in trading securities, funds held and other investments:
Fixed maturity securities, trading	$	38	$	(22)	$	8	$	(24)
Funds held - directly managed	61		(46)		46		(49)
Equity securities	26		17		98		109
Other investments	93		68		238		180
Investment derivatives	11		1		10		6

Total fair value changes in trading securities, funds held and other investments	$	229	$	18	$	400	$	222
Net realized gains and fair value changes in trading securities, funds held and other investments	$	246	$	6	$	402	$	167

The gross realized gains and losses on AFS investments for the three months ended September 30, 2024 and 2023 included in the table above resulted from sales of AFS investments of $362 million and $316 million, respectively. The gross realized gains and losses on AFS investments for the nine months ended September 30, 2024 and 2023 included in the table above resulted from sales of $998 million and $1.3 billion, respectively.

For the three months ended September 30, 2024 and 2023, fair value changes in trading securities, funds held and other investments recorded within the statement of operations relating to equity securities still held on the balance sheet date were $26 million and $1 million, respectively.

For the nine months ended September 30, 2024 and 2023, fair value changes in trading securities, funds held and other investments recorded within the statement of operations relating to equity securities still held on the balance sheet date were $96 million and $70 million, respectively.

Restricted Assets

The carrying value of our restricted assets, including restricted cash of $464 million and $266 million as of September 30, 2024 and December 31, 2023, respectively, was as follows:


	September 30, 2024		December 31, 2023
	(in millions of U.S. dollars)
Collateral in trust for third party agreements	$	5,090	$	5,301
Assets on deposit with regulatory authorities	64		80
Collateral for secured letter of credit facilities	75		78
Funds at Lloyd's (1)	179		389
	$	5,408	$	5,848

Variable Interest Entities - Nonconsolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Fair Value	$ 2,987	$ 2,641
Unfunded Commitments	956	1,083
Maximum Exposure to Loss	3,943	3,724
Equity investments
Variable Interest Entity [Line Items]
Fair Value	88	89
Unfunded Commitments	0	0
Maximum Exposure to Loss	88	89
Other investments
Variable Interest Entity [Line Items]
Fair Value	2,899	2,552
Unfunded Commitments	956	1,083
Maximum Exposure to Loss	3,855	3,635
Hedge funds
Variable Interest Entity [Line Items]
Fair Value	476	491
Unfunded Commitments	0	0
Maximum Exposure to Loss	476	491
Fixed income funds
Variable Interest Entity [Line Items]
Fair Value	132	147
Unfunded Commitments	35	35
Maximum Exposure to Loss	167	182
Private equity funds
Variable Interest Entity [Line Items]
Fair Value	1,391	1,262
Unfunded Commitments	540	667
Maximum Exposure to Loss	1,931	1,929
CLO equity funds
Variable Interest Entity [Line Items]
Fair Value	162	182
Unfunded Commitments	0	0
Maximum Exposure to Loss	162	182
Private credit funds
Variable Interest Entity [Line Items]
Fair Value	577	349
Unfunded Commitments	238	242
Maximum Exposure to Loss	815	591
Real estate fund
Variable Interest Entity [Line Items]
Fair Value	161	121
Unfunded Commitments	143	139
Maximum Exposure to Loss	304	260
Publicly traded \| Equity investments
Variable Interest Entity [Line Items]
Fair Value	61	55
Unfunded Commitments	0	0
Maximum Exposure to Loss	61	55
Privately held \| Equity investments
Variable Interest Entity [Line Items]
Fair Value	27	34
Unfunded Commitments	0	0
Maximum Exposure to Loss	$ 27	$ 34

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2022
Variable Interest Entity [Line Items]
Fair value changes in trading securities, funds held and other investments	$ 229	$ 18	$ 400	$ 222
Primary Beneficiary \| GCM Fund
Variable Interest Entity [Line Items]
Committed capital					$ 150
Ownership percentage			99.50%
Amount of commitment called to date	95		$ 95
Fair value changes in trading securities, funds held and other investments	$ 3	$ 3	$ 5	$ 5

- Definition

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

+ References + Details

Investments - AFS - Gross Unrealized Losses (Details) $ in Millions	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair Value
12 Months or Greater	$ 2,448	$ 3,062
Less Than 12 Months	479	668
Total	2,927	3,730
Gross Unrealized Losses
12 Months or Greater	(305)	(397)
Less Than 12 Months	(13)	(15)
Total	$ (318)	$ (412)
Number of securities classified as available-for-sale in an unrealized loss position \| security	2,861	2,156
Number of securities classified as available-for-sale in an unrealized loss position for twelve months or longer \| security	2,484	1,736
U.S. government and agency
Fair Value
12 Months or Greater	$ 96	$ 135
Less Than 12 Months	27	43
Total	123	178
Gross Unrealized Losses
12 Months or Greater	(13)	(18)
Less Than 12 Months	(2)	(1)
Total	(15)	(19)
U.K. government
Fair Value
12 Months or Greater	9	9
Less Than 12 Months	8	4
Total	17	13
Gross Unrealized Losses
12 Months or Greater	(1)	(1)
Less Than 12 Months	0	0
Total	(1)	(1)
Other government
Fair Value
12 Months or Greater	53	70
Less Than 12 Months	11	10
Total	64	80
Gross Unrealized Losses
12 Months or Greater	(6)	(8)
Less Than 12 Months	0	0
Total	(6)	(8)
Corporate
Fair Value
12 Months or Greater	1,558	1,854
Less Than 12 Months	94	243
Total	1,652	2,097
Gross Unrealized Losses
12 Months or Greater	(213)	(265)
Less Than 12 Months	(5)	(3)
Total	(218)	(268)
Municipal
Fair Value
12 Months or Greater	75	78
Less Than 12 Months	3	2
Total	78	80
Gross Unrealized Losses
12 Months or Greater	(12)	(15)
Less Than 12 Months	0	0
Total	(12)	(15)
Residential mortgage-backed
Fair Value
12 Months or Greater	215	267
Less Than 12 Months	14	41
Total	229	308
Gross Unrealized Losses
12 Months or Greater	(28)	(36)
Less Than 12 Months	0	(1)
Total	(28)	(37)
Commercial mortgage-backed
Fair Value
12 Months or Greater	412	410
Less Than 12 Months	171	225
Total	583	635
Gross Unrealized Losses
12 Months or Greater	(31)	(48)
Less Than 12 Months	(5)	(9)
Total	(36)	(57)
Asset-backed
Fair Value
12 Months or Greater	30	239
Less Than 12 Months	151	100
Total	181	339
Gross Unrealized Losses
12 Months or Greater	(1)	(6)
Less Than 12 Months	(1)	(1)
Total	$ (2)	$ (7)

Investments - Funds Held (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Funds held - directly managed	$ 2,258	$ 2,502
Funds held by reinsured companies	2,368	2,749
Total funds held	$ 4,626	$ 5,251

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Fixed maturities, AFS, at fair value	$ 5,384		$ 5,323
Equities, at fair value	787		701
Funds held	2,368		2,749
Other investments, at fair value	4,145		3,853
Equity method investments	303		334
Total investments	16,821		17,413
Cash and cash equivalents	572		564	$ 497
Other assets	773		739
LIABILITIES
Losses and LAE	$ 11,272	$ 11,204	12,359	$ 12,944	$ 13,834	$ 13,007
Investor \| Enstar \| Stone Point
LIABILITIES
Number of shares owned (in shares)	1,451,196
Ownership percentage	9.50%
Fixed maturity securities
ASSETS
Fixed maturities, trading, at fair value	$ 1,572		1,949
Fixed maturities, AFS, at fair value	5,177		5,261
Stone Point \| Investor
ASSETS
Equities, at fair value	154		136
Other investments, at fair value	424		446
Total investments	986		1,079
Cash and cash equivalents	10		19
LIABILITIES
Net assets	996		1,098
Stone Point \| Fixed maturity securities \| Investor
ASSETS
Fixed maturities, trading, at fair value	46		69
Fixed maturities, AFS, at fair value	362		428
Stone Point \| Other investments \| Investor
LIABILITIES
Unfunded investment commitments	102
Stone Point \| Equity investments \| Investor \| Privately held
LIABILITIES
Unfunded investment commitments	22
Monument Re \| Investee
ASSETS
Equity method investments	22		95
Total investments	22		95
LIABILITIES
Net assets	22		95
AmTrust \| Investee
ASSETS
Equities, at fair value	200		181
Total investments	200		181
LIABILITIES
Net assets	200		181
Citco \| Investee
ASSETS
Total investments			0
Other assets			20
LIABILITIES
Net assets			20
Core Specialty \| Investee
ASSETS
Funds held	9		19
Equity method investments	269		225
Total investments	278		244
Other assets	17		9
LIABILITIES
Losses and LAE	130		192
Net assets	165		61
Other \| Investee
ASSETS
Other investments, at fair value	1,736		1,602
Equity method investments	12		14
Total investments	1,748		1,616
LIABILITIES
Net assets	$ 1,748		$ 1,616

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Concentration of Credit Risk We are subject to credit risk principally in relation to our: i.investments, including equity method investments; ii.cash and cash equivalents and restricted cash and cash equivalents; iii.assets pledged to ceding companies under reinsurance contracts; iv.(re)insurance balances recoverable on paid and unpaid losses; and v.funds held by reinsured companies and funds held - directly managed (together funds held). As of September 30, 2024, we had funds held concentrations to reinsurance counterparties exceeding 10% of shareholders’ equity of $4.2 billion (December 31, 2023: $4.8 billion) in aggregate. However, we generally have the contractual ability to offset any shortfall in the payment of the funds held balances with amounts owed by us. We limit the amount of credit exposure to any one counterparty, and none of our counterparty credit exposures, excluding U.S. government and agency instruments and the reinsurance counterparties noted above, exceeded 10% of shareholders’ equity as of September 30, 2024. As of September 30, 2024, our credit exposure to the U.S. government and agency instruments was $973 million (December 31, 2023: $932 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 unaudited condensed consolidated balance sheets. In addition to claims litigation, we may be subject to other lawsuits and regulatory actions in the normal course of business, which may involve, among other things, allegations of underwriting errors or omissions, employment claims or regulatory activity. We do not believe that the resolution of any currently pending legal proceedings, either individually or taken as a whole, will have a material effect on our business, results of operations or financial condition. We anticipate that, similar to the rest of the (re)insurance industry, we will continue to be subject to litigation and arbitration proceedings in the ordinary course of business, including litigation generally related to the scope of coverage with respect to A&E and other claims. Unfunded Investment Commitments As of September 30, 2024, we had unfunded commitments of $1.4 billion to other investments, and $22 million to privately held equity. Included in the privately held equity amount, is a commitment we entered into during the nine months ended September 30, 2024 to invest $10 million in an insurance-linked securities (“ILS”) arrangement through a Bermuda-based collateralized reinsurer, determined to be a related party, that will provide reinsurance capacity across a diversified portfolio of casualty programs. Guarantees As of September 30, 2024, and December 31, 2023 parental guarantees supporting reinsurance obligations, defendant A&E liabilities, subsidiary capital support arrangements and credit facilities were $2.3 billion, for both periods. We also guarantee the 2040 and 2042 Junior Subordinated Notes, which have an aggregate principal amount of $850 million as of September 30, 2024 and December 31, 2023.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Categorized Investments Recorded at Fair Value among Levels

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


	September 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	444	$	—	$	—	$	444
U.K. government	—		52		—		—		52
Other government	—		408		—		—		408
Corporate	—		3,764		17		—		3,781
Municipal	—		119		—		—		119
Residential mortgage-backed	—		446		—		—		446
Commercial mortgage-backed	—		859		—		—		859
Asset-backed	—		820		31		—		851


	$	—	$	6,912	$	48	$	—	$	6,960

Funds held (1)	$	51	$	2,097	$	33	$	110	$	2,291
Equities:
Privately held equity investments	$	—	$	—	$	325	$	67	$	392
Publicly traded equity investments	295		9		1		—		305
Exchange-traded funds	74		—		—		—		74
Warrant and others	—		—		16		—		16
	$	369	$	9	$	342	$	67	$	787
Other investments:

Private equity funds	$	—	$	—	$	—	$	1,840	$	1,840
Private credit funds	—		342		—		477		819
Hedge funds	—		—		—		476		476
Fixed income funds	—		6		—		404		410
Real estate fund	—		—		—		383		383
CLO equity funds	—		—		—		162		162
CLO equities	—		50		—		—		50
Equity funds	—		5		—		—		5

	$	—	$	403	$	—	$	3,742	$	4,145
Total Investments, excluding funds held by reinsured companies and equity method investments	$	420	$	9,421	$	423	$	3,919	$	14,183


Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	200	$	—	$	200



Other Assets:

Derivatives not qualifying as hedging	$	—	$	9	$	—	$	—	$	9


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

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

(1) The difference in the amount of funds held shown at fair value and the funds held shown in our unaudited condensed consolidated balance sheet relates to the $2.3 billion of funds held by reinsured companies carried at amortized cost as of September 30, 2024.


	December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	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:
Private equity funds	$	—	$	—	$	—	$	1,617	$	1,617
Private credit funds	—		183		—		442		625
Fixed income funds	—		53		—		552		605
Hedge funds	—		—		—		491		491
Real estate debt fund	—		—		—		269		269
CLO equity funds	—		—		—		182		182
CLO equities	—		60		—		—		60
Equity funds	—		4		—		—		4

	$	—	$	300	$	—	$	3,553	$	3,853
Total Investments, excluding funds held by reinsured companies and equity method 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 hedging	—		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 hedging	—		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 as of December 31, 2023.

Schedule of Reconciliation for Assets Measured at Fair Value on a Recurring Basis

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


	Three Months Ended
	September 30, 2024										September 30, 2023
	Fixed maturity investments		Equities					Total			Equities					Total
	Corporate			Asset-backed		Privately-held Equities				Public Equities			Warrants and Other					Privately-held Equities
	(in millions of U.S. dollars)
Beginning fair value	$	16		$	30	$	333	$	1		$	16		$	396	$	300		$	300


Total fair value changes in trading securities, funds held and other investments (1)	1			1		(8)		—			—			(6)		(2)			(2)


Ending fair value	$	17		$	31	$	325	$	1		$	16		$	390	$	298		$	298


	Nine Months Ended
	September 30, 2024										September 30, 2023
	Fixed maturity investments		Equities					Total			Equities					Total
	Corporate			Asset-backed		Privately-held Equities				Public Equities			Warrants and Other					Privately-held Equities
	(in millions of U.S. dollars)
Beginning fair value	12			$	11	$	299	$	1		$	—		$	323	$	294		$	294
Purchases	—			—		—		—			16			16		—			—
Sales and paydowns	—			(1)		—		—			—			(1)		—			—
Total fair value changes in trading securities, funds held and other investments (1)	—			1		26		—			—			27		4			4
Transfer into Level 3 from Level 2	5			20		—		—			—			25		—			—

Ending fair value	$	17		$	31	$	325	$	1		$	16		$	390	$	298		$	298

(1) Fair value changes in trading securities, funds held and other investments included in our unaudited condensed consolidated statements of operations is equal to the change in fair value changes in trading securities, funds held and other investments relating to assets held at the end of the reporting period.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Beginning fair value	$	22	$	42	$	40	$	44

Total fair value changes	11		1		(7)		(1)

Ending fair value	$	33	$	43	$	33	$	43

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


	Three Months Ended September 30,
	2024						2023
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,056	$	199	$	857	$	1,170	$	247	$	923

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1		2		(1)		1		(27)		28
Reduction in provisions for ULAE	(1)		—		(1)		(3)		—		(3)
Changes in fair value due to changes in:
Average payout	5		—		5		10		6		4
Corporate bond yield	19		5		14		6		(2)		8

Credit spread for non-performance risk	—		—		—		(4)		(4)		—
Weighted average cost of capital	7		1		6		—		—		—
Total change in fair value	31		6		25		12		—		12
Total incurred losses and LAE	31		8		23		10		(27)		37
Paid losses	(31)		(5)		(26)		(44)		(5)		(39)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8		2		6		—		—		—
Effect of exchange rate movements	44		(4)		48		(28)		(1)		(27)
Ending fair value	$	1,108	$	200	$	908	$	1,108	$	214	$	894


	Nine Months Ended September 30,
	2024						2023
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,163	$	217	$	946	$	1,286	$	275	$	1,011

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)		(11)		5		7		(26)		33
Reduction in unallocated LAE	(5)		—		(5)		(9)		—		(9)
Change in fair value due to changes in :
Average payout	24		4		20		37		11		26
Corporate bond yield	(10)		—		(10)		(29)		(6)		(23)
Risk cost of capital	1		—		1		—		—		—
Credit spread for non-performance risk	—		—		—		23		2		21
Weighted average cost of capital	7		1		6		—		—		—
Total change in fair value	22		5		17		31		7		24
Total incurred losses and LAE	11		(6)		17		29		(19)		48
Paid losses	(105)		(16)		(89)		(187)		(39)		(148)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8		2		6		(27)		(6)		(21)
Effect of exchange rate movements	31		3		28		7		3		4
Ending fair value	$	1,108	$	200	$	908	$	1,108	$	214	$	894

Schedule of Valuation Inputs and Techniques

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 September 30, 2024

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Fixed maturities

Corporate

Discounted cash flow

YTM; Implied total yield

5.47% - 9.85%

Asset-backed

Discounted cash flow

YTM; IRR

6.34% - 9.87%

Total fixed maturities

Privately held equity investments

Guideline company methodology;
Option pricing model

200

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

1.5x - 1.8x

1.4x -1.6x

1.5-3.5 years

Guideline companies method

P/BV multiple
Price/2024 earnings

1.6x

8.9x - 10.4x

Guideline companies method;
Earnings

LTM Enterprise Value/ EBITDA multiples
Multiple on earnings

13x - 14x

Dividend discount model

Discount rate

6.9%

325

Publicly traded equity investments

Discounted cash flow

Implied total yield

8.50%

Warrants and Other

Black-Scholes model

Expected term in years

10 years

Total equity investments

342

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

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

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2024

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected Loss Payments

4.88%

$422 million

Schedule of Reconciliation for Liabilities Measured at Fair Value on a Recurring Basis

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


	Three Months Ended September 30,
	2024						2023
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,056	$	199	$	857	$	1,170	$	247	$	923

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1		2		(1)		1		(27)		28
Reduction in provisions for ULAE	(1)		—		(1)		(3)		—		(3)
Changes in fair value due to changes in:
Average payout	5		—		5		10		6		4
Corporate bond yield	19		5		14		6		(2)		8

Credit spread for non-performance risk	—		—		—		(4)		(4)		—
Weighted average cost of capital	7		1		6		—		—		—
Total change in fair value	31		6		25		12		—		12
Total incurred losses and LAE	31		8		23		10		(27)		37
Paid losses	(31)		(5)		(26)		(44)		(5)		(39)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8		2		6		—		—		—
Effect of exchange rate movements	44		(4)		48		(28)		(1)		(27)
Ending fair value	$	1,108	$	200	$	908	$	1,108	$	214	$	894


	Nine Months Ended September 30,
	2024						2023
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,163	$	217	$	946	$	1,286	$	275	$	1,011

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)		(11)		5		7		(26)		33
Reduction in unallocated LAE	(5)		—		(5)		(9)		—		(9)
Change in fair value due to changes in :
Average payout	24		4		20		37		11		26
Corporate bond yield	(10)		—		(10)		(29)		(6)		(23)
Risk cost of capital	1		—		1		—		—		—
Credit spread for non-performance risk	—		—		—		23		2		21
Weighted average cost of capital	7		1		6		—		—		—
Total change in fair value	22		5		17		31		7		24
Total incurred losses and LAE	11		(6)		17		29		(19)		48
Paid losses	(105)		(16)		(89)		(187)		(39)		(148)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8		2		6		(27)		(6)		(21)
Effect of exchange rate movements	31		3		28		7		3		4
Ending fair value	$	1,108	$	200	$	908	$	1,108	$	214	$	894

Schedule of Quantitative Information

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

Valuation Technique

September 30, 2024

December 31, 2023

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)

0.50%

0.65%

Internal model

Risk cost of capital (U)

6.15%

5.60%

Internal model

Weighted average cost of capital (U)

9.25%

8.75%

Internal model

Average payout - liability (U)

8.15 years

8.12 years

Internal model

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

8.56 years

8.35 years

Schedule of Senior and Subordinated Notes

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


	September 30, 2024
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	497	$	503
3.10% Senior Notes due 2031	496		432
Total Senior Notes	$	993	$	935
5.75% Junior Subordinated Notes due 2040	$	346	$	346
5.50% Junior Subordinated Notes due 2042	494		467

Total Junior Subordinated Notes	$	840	$	813

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: 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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

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

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

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

+ Details

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2023 USD ($) day $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Class of Stock [Line Items]
Repurchase of shares				$ 0	$ 340
Annual growth rate, percentage				10.00%
Total dividends paid				$ 27	27
Series D Preferred Shares
Class of Stock [Line Items]
Total dividends paid		$ 7	$ 7	21	21
Series E Preferred Shares
Class of Stock [Line Items]
Total dividends paid		$ 2	$ 2	$ 6	$ 6
Shares Held by Canada Pension
Class of Stock [Line Items]
Ordinary shares repurchased (in shares) \| shares	1,597,712
Repurchase of shares	$ 341
Average price per ordinary share (in dollars per share) \| $ / shares	$ 213.13
Annual growth rate, percentage	5.00%
Share price, threshold trading days \| day	10

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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


	September 30, 2024						December 31, 2023
	Fair Value		Unfunded Commitments		Maximum Exposure to Loss		Fair Value		Unfunded Commitments		Maximum Exposure to Loss
	(in millions of U.S. dollars)
Equities
Publicly traded equity investment in common stock	$	61	$	—	$	61	$	55	$	—	$	55
Privately Held Equity	27		—		27		34		—		34
Total	$	88	$	—	$	88	$	89	$	—	$	89
Other investments
Hedge funds	$	476	$	—	$	476	$	491	$	—	$	491
Fixed income funds	132		35		167		147		35		182
Private equity funds	1,391		540		1,931		1,262		667		1,929
CLO equity funds	162		—		162		182		—		182
Private credit funds	577		238		815		349		242		591
Real estate funds	161		143		304		121		139		260

Total	$	2,899	$	956	$	3,855	$	2,552	$	1,083	$	3,635
Total investments in nonconsolidated VIEs	$	2,987	$	956	$	3,943	$	2,641	$	1,083	$	3,724

- 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

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Junior Subordinated Debt
Guarantor Obligations [Line Items]
Parental guarantees	$ 850	$ 850
Performance Guarantee
Guarantor Obligations [Line Items]
Parental guarantees	2,300	2,300
Other investments \| Unfunded Investment Commitments
Guarantor Obligations [Line Items]
Unfunded investment commitments	1,400
Equity investments \| Privately held \| Unfunded Investment Commitments
Guarantor Obligations [Line Items]
Unfunded investment commitments	22
Insurance-Linked Securities \| Unfunded Investment Commitments
Guarantor Obligations [Line Items]
Unfunded investment commitments	10
U.S. government and agency
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	973	932
Reinsurer Concentration Risk
Guarantor Obligations [Line Items]
Concentration of credit risk, counterparty credit exposure	$ 4,200	$ 4,800

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 425	$ 609
Adjustments to reconcile net income to cash flows provided by operating activities:
Realized (gains) losses on investments	(2)	55
Fair value changes in trading securities, funds held and other investments	(400)	(222)
Goodwill impairment	63	0
Amortization of net deferred charge assets	86	75
Depreciation, accretion and other amortization	(8)	5
Net gain on Enhanzed Re novation	0	(275)
Loss (income) from equity method investments	29	(22)
Other adjustments	4	(11)
Changes in:
Reinsurance balances recoverable on paid and unpaid losses	226	145
Losses and loss adjustment expenses	(1,152)	(10)
Defendant asbestos and environmental liabilities	(44)	(35)
Insurance and reinsurance balances payable	5	164
Other operating assets and liabilities	13	(171)
Funds held	701	(504)
Cash consideration for the Enhanzed Re novation	0	94
Sales and maturities of trading securities	592	1,065
Purchases of trading securities	(178)	(659)
Net cash flows provided by operating activities	360	303
INVESTING ACTIVITIES:
Sales and maturities of available-for-sale securities	1,487	1,571
Purchase of available-for-sale securities	(1,433)	(1,589)
Purchase of other investments	(673)	(610)
Proceeds from other investments	473	424
Proceeds from the sale of equity method investments	20	0
Other	1	11
Net cash flows used in investing activities	(125)	(193)
FINANCING ACTIVITIES:
Dividends on preferred shares	(27)	(27)
Repurchase of shares	0	(340)
Acquisition of noncontrolling interest	(6)	(175)
Net cash flows used in financing activities	(33)	(542)
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN CURRENCY CASH AND CASH EQUIVALENTS	4	(14)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	206	(446)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	830	1,330
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	1,036	884
Supplemental Cash Flow Information:
Income taxes (received) paid, net of refunds	(14)	7
Interest paid	76	66
Reconciliation to Consolidated Balance Sheets:
Cash and cash equivalents	572	497
Restricted cash and cash equivalents	464	387
Cash, cash equivalents and restricted cash	1,036	884
Non-cash operating activities:
Novation of future policy holder benefits	0	828
Funds held directly managed transferred in exchange on novation of future policy holder benefits	0	(949)
Other assets / liabilities transferred on novation of future policy holder benefits	0	(62)
Losses and loss adjustment expenses transferred in connection with settlement of participation in Atrium's Syndicate 609	0	173
Investments transferred in connection with settlement of participation in Atrium's Syndicate 609	0	(173)
Non-cash investing activities:
Unsettled purchases of available-for-sale securities and other investments	(26)	11
Unsettled sales of available-for-sale securities and other investments	108	(11)
Receipt of warrants as consideration in exchange for assumption of reinsurance contract liabilities	16	0
Receipt of AFS securities as consideration in exchange for assumption of reinsurance contract liabilities	22	113
Redemption of noncontrolling interest in investment fund	(70)	0
Non-cash financing activities:
Redemption of noncontrolling interest in investment fund	$ 70	$ 0

Future Policyholder Benefits - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income			$ 0			$ 0
Cash consideration received	$ 94,000,000			$ 94,000,000	$ 0	94,000,000
Gain on novation	$ 275,000,000			275,000,000	0	275,000,000
Gain on novation attributable to Enstar				$ 194,000,000		194,000,000
Deferred gain		$ 46,000,000			$ 46,000,000
Deferred gain, amortization settlement period					50 years
Amortization of deferred gain		$ 1,000,000	$ 1,000,000		$ 2,000,000	$ 1,000,000
Monument Re
Liability for Future Policy Benefit, Activity [Line Items]
Ownership percentage	20.00%			20.00%
Enhanzed Re \| Allianz
Liability for Future Policy Benefit, Activity [Line Items]
Percentage ownership interest	24.90%		24.90%	24.90%		24.90%	24.90%

Investments - Net Realized Gains (Losses) and Changes in Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net realized gains (losses) on sales:
Gross realized gains on fixed maturity securities, AFS	$ 3	$ 2	$ 9	$ 4
Gross realized losses on fixed maturity securities, AFS	(1)	(15)	(22)	(64)
Decrease in allowance for expected credit losses on fixed maturity securities, AFS	15	1	15	5
Total net realized gains (losses) on sales	17	(12)	2	(55)
Fair value changes in trading securities, funds held and other investments:
Fixed maturity securities, trading	38	(22)	8	(24)
Funds held - directly managed	61	(46)	46	(49)
Equity securities	26	17	98	109
Other investments	93	68	238	180
Investment derivatives	11	1	10	6
Total fair value changes in trading securities, funds held and other investments	229	18	400	222
Net realized gains and fair value changes in trading securities, funds held and other investments	246	6	402	167
Sales of available-for-sale securities	362	316	998	1,300
Equity securities	$ 26	$ 1	$ 96	$ 70

Earnings Per Share (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Numerator:
Net income attributable to Enstar ordinary shareholders: \| $	$ 148	$ 38	$ 393	$ 483
Denominator:
Weighted-average ordinary shares outstanding — basic (in shares)	14,666,153	15,464,824	14,657,391	15,962,910
Effect of dilutive securities:
Share-based compensation plans (in shares)	182,205	141,281	177,512	108,015
JSOP (in shares)	195,408	0	189,928	0
Weighted-average ordinary shares outstanding — diluted (in shares)	15,043,766	15,606,105	15,024,831	16,070,925
Earnings per share attributable to Enstar ordinary shareholders:
Basic (in dollars per share) \| $ / shares	$ 10.09	$ 2.46	$ 26.81	$ 30.26
Diluted (in dollars per share) \| $ / shares	$ 9.84	$ 2.43	$ 26.16	$ 30.05
Antidilutive securities excluded from computation of earnings per share (in shares)	0	59	274	26,068
Future hurdle price (in dollars per share) \| $ / shares	$ 315.53		$ 315.53
Average price per ordinary share (in dollars per share) \| $ / shares	$ 321.59		$ 321.59
Share price, contingent award, percentage	0.20		0.20
Annual growth rate, percentage			10.00%

Defendant Asbestos and Environmental Liabilities - Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liability for Asbestos and Environmental Claims [Roll Forward]
Balance as of beginning of period	$ 540	$ 587	$ 567	$ 607
Insurance balances recoverable	(169)	(175)	(172)	(177)
Net balance as of beginning of period	371	412	395	430
Total paid claims	(19)	(17)	(49)	(38)
Amounts recorded in other (income) loss:
Reduction in estimates of ultimate net liabilities	0	0	0	(2)
Reduction in estimated future expenses	(1)	(1)	(3)	(2)
Amortization of fair value adjustments	6	5	14	11
Total other (income) loss	5	4	11	7
Net balance as of September 30	357	399	357	399
Insurance balances recoverable	166	173	166	173
Balance as of September 30	$ 523	$ 572	$ 523	$ 572

Losses and Loss Adjustment Expenses - Prior Period Development (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ (15)	$ (12)	$ (63)	$ (35)
Reduction in provisions for ULAE	(21)	(19)	(60)	(37)
Argo
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in provisions for ULAE				21
Run-off
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(15)	(12)	(63)	(35)
Run-off \| Asbestos
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	6	(1)	(19)	0
Run-off \| Environmental
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	2	25	2
Run-off \| General casualty
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	7	41	24	37
Run-off \| Workers' compensation
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(22)	(24)	(26)	(44)
Run-off \| Marine, aviation and transit
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	5	(13)	2	(13)
Run-off \| Construction defect
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	1	(3)	(21)	(4)
Run-off \| Professional indemnity/ Directors and officers
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	(19)	(9)	(60)	(10)
Run-off \| Motor
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	0	(5)	4	(5)
Run-off \| Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	5	(17)	5	(16)
Run-off \| All other
Liability for Claims and Claims Adjustment Expense [Line Items]
Reduction in estimates of net ultimate losses	$ 2	$ 17	$ 3	$ 18

Noncontrolling Interests - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Nov. 30, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interest		$ 42	$ 113
Enhanzed Re \| Allianz
Noncontrolling Interest [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 175
Enhanzed Re \| Allianz
Noncontrolling Interest [Line Items]
Percentage ownership interest	24.90%			24.90%	24.90%	24.90%

- Definition

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

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+ Details

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill impairment	$ 63	$ 0	$ 63	$ 0
Run-Off Segment
Goodwill [Line Items]
Goodwill					$ 63
Goodwill impairment	$ 63

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- 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.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Fair Value Measurements - Senior and Subordinated Notes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 1,833	$ 1,831
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	993
Fair Value	935
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	840
Fair Value	$ 813
Senior Notes Due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.95%
Amortized Cost	$ 497
Fair Value	$ 503
Senior Notes, Due 2031 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	3.10%
Amortized Cost	$ 496
Fair Value	$ 432
Junior Subordinated Notes Due 2040 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.75%
Amortized Cost	$ 346
Fair Value	$ 346
Junior Subordinated Notes Due 2042 \| Junior Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%
Amortized Cost	$ 494
Fair Value	$ 467

Related Party Transactions

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS

17. RELATED PARTY TRANSACTIONS


As of September 30, 2024	Stone Point (1) (2)		Monument		AmTrust		Core Specialty		Other (3)
	(in millions of U.S. dollars)
Assets

Fixed maturities, trading, at fair value	$	46	$	—	$	—	$	—	$	—
Fixed maturities, AFS, at fair value	362		—		—		—		—
Equities, at fair value	154		—		200		—		—
Funds held	—		—		—		9		—
Other investments, at fair value	424		—		—		—		1,736
Equity method investments	—		22		—		269		12
Total investments	986		22		200		278		1,748
Cash and cash equivalents	10		—		—		—		—



Other assets	—		—		—		17		—
Liabilities
Losses and LAE	—		—		—		130		—



Net assets	$	996	$	22	$	200	$	165	$	1,748

(2) As of September 30, 2024, we had unfunded commitments of $102 million to other investments, and $22 million to privately held equity managed by Stone Point and its affiliated entities.


As of December 31, 2023	Stone Point		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


	Three Months Ended
	September 30, 2024
	Stone Point		Monument		AmTrust		Core Specialty		Other
	(in millions of U.S. dollars)
REVENUES
Net premiums earned	$	—	$	—	$	—	$	—	$	—

Net investment income	4		—		1		—		3

Fair value changes in trading securities, funds held and other investments	12		—		(2)		—		35

Total revenues	16		—		(1)		—		38

EXPENSES
Net incurred losses and LAE	—		—		—		(2)		—




Total expenses	—		—		—		(2)		—

(Loss) income from equity method investments	—		(26)		—		10		—
Total net income (loss)	$	16	$	(26)	$	(1)	$	12	$	38


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

Net investment income	3		—		—		2		—		—		—

Fair value changes in trading securities, funds held and other investments	26		—		—		(2)		—		—		11

Total revenues	29		—		—		—		—		(2)		11

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




Total expenses	—		—		—		—		—		(9)		—

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


	Nine Months Ended
	September 30, 2024
	Stone Point		Monument		AmTrust		Core Specialty		Other
	(in millions of U.S. dollars)
REVENUES
Net premiums earned	$	—	$	—	$	—	$	2	$	—

Net investment income	9		—		5		—		8

Fair value changes in trading securities, funds held and other investments	52		—		19		—		71

Total revenues	61		—		24		2		79

EXPENSES
Net incurred losses and LAE	—		—		—		20		—



Total expenses	—		—		—		20		—

(Loss) income from equity method investments	—		(72)		—		44		(1)
Total net income (loss)	$	61	$	(72)	$	24	$	26	$	78


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

Net investment income	9		—		—		5		—		—		5
Net realized gains	1		—		—		—		—		—		—
Fair value changes in trading securities, funds held and other investments	28		(6)		—		(5)		—		—		86

Total revenues	38		(6)		—		—		—		(4)		91

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




Total expenses	—		—		—		—		—		(20)		—

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

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

Future Policyholder Benefits - Schedule of Gain on Novation (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Calculation of carrying value as of transaction closing:
Funds held - directly managed and other assumed reinsurance recoverables				$ 973
Future policyholder benefits (corresponds to derecognition referenced above)				(828)	$ 0	$ (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			94	0	94
Less: carrying value of net assets				(133)
Add: reclassification of remeasurement of future policyholder benefits from AOCI and NCI		$ 0	$ 0	363	0	363
Amount deferred relating to 20% ownership interest in Monument Re				(49)
Gain on novation	$ 275			275	$ 0	275
Net income attributable to noncontrolling interest				(81)
Gain on novation attributable to Enstar				194		$ 194
Reclassification benefit attributable to AOCI				273
Reclassification benefit related to NCI				90
Liability for future policy benefit, gain (loss), after reclassification adjustment and tax				243
Transaction gain, gross				324
Transaction loss on cash consideration, gross				$ 39
Enhanzed Re \| Allianz
Calculation of gain on novation (recorded in first quarter 2023):
Percentage ownership interest	24.90%		24.90%	24.90%		24.90%		24.90%
Monument Re
Calculation of gain on novation (recorded in first quarter 2023):
Ownership percentage	20.00%			20.00%
Monument Re \| Common Stock
Calculation of gain on novation (recorded in first quarter 2023):
Ownership percentage		24.60%		20.00%	24.60%		20.00%

Fair Value Measurements - Level 3 Reconciliation - Investments (Details) - Investments - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments
Beginning fair value	$ 396	$ 300	$ 323	$ 294
Purchases			16	0
Sales and paydowns			(1)	0
Total fair value changes in trading securities, funds held and other investments	(6)	(2)	27	4
Transfer into Level 3 from Level 2			25	0
Ending fair value	390	298	390	298
Equity investments \| Privately-held Equities
Investments
Beginning fair value	333	300	299	294
Purchases			0	0
Sales and paydowns			0	0
Total fair value changes in trading securities, funds held and other investments	(8)	(2)	26	4
Transfer into Level 3 from Level 2			0	0
Ending fair value	325	$ 298	325	$ 298
Equity investments \| Public Equities
Investments
Beginning fair value	1		1
Purchases			0
Sales and paydowns			0
Total fair value changes in trading securities, funds held and other investments	0		0
Transfer into Level 3 from Level 2			0
Ending fair value	1		1
Warrants and other
Investments
Beginning fair value	16		0
Purchases			16
Sales and paydowns			0
Total fair value changes in trading securities, funds held and other investments	0		0
Transfer into Level 3 from Level 2			0
Ending fair value	16		16
Corporate \| Fixed maturity securities
Investments
Beginning fair value	16		12
Purchases			0
Sales and paydowns			0
Total fair value changes in trading securities, funds held and other investments	1		0
Transfer into Level 3 from Level 2			5
Ending fair value	17		17
Asset-backed \| Fixed maturity securities
Investments
Beginning fair value	30		11
Purchases			0
Sales and paydowns			(1)
Total fair value changes in trading securities, funds held and other investments	1		1
Transfer into Level 3 from Level 2			20
Ending fair value	$ 31		$ 31

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

11. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

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

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

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

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

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

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


	September 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	444	$	—	$	—	$	444
U.K. government	—		52		—		—		52
Other government	—		408		—		—		408
Corporate	—		3,764		17		—		3,781
Municipal	—		119		—		—		119
Residential mortgage-backed	—		446		—		—		446
Commercial mortgage-backed	—		859		—		—		859
Asset-backed	—		820		31		—		851


	$	—	$	6,912	$	48	$	—	$	6,960

Funds held (1)	$	51	$	2,097	$	33	$	110	$	2,291
Equities:
Privately held equity investments	$	—	$	—	$	325	$	67	$	392
Publicly traded equity investments	295		9		1		—		305
Exchange-traded funds	74		—		—		—		74
Warrant and others	—		—		16		—		16
	$	369	$	9	$	342	$	67	$	787
Other investments:

Private equity funds	$	—	$	—	$	—	$	1,840	$	1,840
Private credit funds	—		342		—		477		819
Hedge funds	—		—		—		476		476
Fixed income funds	—		6		—		404		410
Real estate fund	—		—		—		383		383
CLO equity funds	—		—		—		162		162
CLO equities	—		50		—		—		50
Equity funds	—		5		—		—		5

	$	—	$	403	$	—	$	3,742	$	4,145
Total Investments, excluding funds held by reinsured companies and equity method investments	$	420	$	9,421	$	423	$	3,919	$	14,183


Reinsurance balances recoverable on paid and unpaid losses:	$	—	$	—	$	200	$	—	$	200



Other Assets:

Derivatives not qualifying as hedging	$	—	$	9	$	—	$	—	$	9


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

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


	December 31, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured Using NAV as Practical Expedient		Total Fair Value
	(in millions of U.S. dollars)
Investments:
Short-term and fixed maturity investments:
U.S. government and agency	$	—	$	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:
Private equity funds	$	—	$	—	$	—	$	1,617	$	1,617
Private credit funds	—		183		—		442		625
Fixed income funds	—		53		—		552		605
Hedge funds	—		—		—		491		491
Real estate debt fund	—		—		—		269		269
CLO equity funds	—		—		—		182		182
CLO equities	—		60		—		—		60
Equity funds	—		4		—		—		4

	$	—	$	300	$	—	$	3,553	$	3,853
Total Investments, excluding funds held by reinsured companies and equity method 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 hedging	—		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 hedging	—		3		—		—		3
Derivative instruments	$	—	$	9	$	—	$	—	$	9

Level 3 Measurements and Changes in Leveling

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

Investments

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


	Three Months Ended
	September 30, 2024										September 30, 2023
	Fixed maturity investments		Equities					Total			Equities					Total
	Corporate			Asset-backed		Privately-held Equities				Public Equities			Warrants and Other					Privately-held Equities
	(in millions of U.S. dollars)
Beginning fair value	$	16		$	30	$	333	$	1		$	16		$	396	$	300		$	300


Total fair value changes in trading securities, funds held and other investments (1)	1			1		(8)		—			—			(6)		(2)			(2)


Ending fair value	$	17		$	31	$	325	$	1		$	16		$	390	$	298		$	298


	Nine Months Ended
	September 30, 2024										September 30, 2023
	Fixed maturity investments		Equities					Total			Equities					Total
	Corporate			Asset-backed		Privately-held Equities				Public Equities			Warrants and Other					Privately-held Equities
	(in millions of U.S. dollars)
Beginning fair value	12			$	11	$	299	$	1		$	—		$	323	$	294		$	294
Purchases	—			—		—		—			16			16		—			—
Sales and paydowns	—			(1)		—		—			—			(1)		—			—
Total fair value changes in trading securities, funds held and other investments (1)	—			1		26		—			—			27		4			4
Transfer into Level 3 from Level 2	5			20		—		—			—			25		—			—

Ending fair value	$	17		$	31	$	325	$	1		$	16		$	390	$	298		$	298

Fair value changes in trading securities, funds held and other investments related to Level 3 assets in the tables above are included in fair value changes in trading securities, funds held and other investments in our unaudited condensed consolidated statements of operations.

Transfers into Level 3 are primarily attributable to the lack of observable market transactions and price information and the use of unobservable inputs within valuation methodologies.

Valuation Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2024

Unobservable Input

Range (Average) (1)

(in millions of U.S. dollars)

Fixed maturities

Corporate

Discounted cash flow

YTM; Implied total yield

5.47% - 9.85%

Asset-backed

Discounted cash flow

YTM; IRR

6.34% - 9.87%

Total fixed maturities

Privately held equity investments

Guideline company methodology;
Option pricing model

200

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

1.5x - 1.8x

1.4x -1.6x

1.5-3.5 years

Guideline companies method

P/BV multiple
Price/2024 earnings

1.6x

8.9x - 10.4x

Guideline companies method;
Earnings

LTM Enterprise Value/ EBITDA multiples
Multiple on earnings

13x - 14x

Dividend discount model

Discount rate

6.9%

325

Publicly traded equity investments

Discounted cash flow

Implied total yield

8.50%

Warrants and Other

Black-Scholes model

Expected term in years

10 years

Total equity investments

342

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

Funds Held by Reinsured Companies - Embedded Derivative

As described in Note 5, we have an embedded derivative in relation to the Aspen LPT transaction to account for the fair value of the full crediting rate we expect to earn on the funds withheld received as consideration.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions of U.S. dollars)
Beginning fair value	$	22	$	42	$	40	$	44

Total fair value changes	11		1		(7)		(1)

Ending fair value	$	33	$	43	$	33	$	43

Fair value changes in trading securities, funds held and other investments in the table above are included in fair value changes in trading securities, funds held and other investments in our unaudited condensed consolidated statements of operations.

Valuations Techniques and Inputs

Qualitative Information about Level 3 Fair Value Measurements

Valuation Techniques

Fair Value as of September 30, 2024

Unobservable Input

Average

(in millions of U.S. dollars)

Monte Carlo simulation model;
Discounted cash flow analysis

Volatility rate;
Expected Loss Payments

4.88%

$422 million

Insurance Contracts - Fair Value Option

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


	Three Months Ended September 30,
	2024						2023
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,056	$	199	$	857	$	1,170	$	247	$	923

Incurred losses and LAE:
Increase (reduction) in estimates of ultimate losses	1		2		(1)		1		(27)		28
Reduction in provisions for ULAE	(1)		—		(1)		(3)		—		(3)
Changes in fair value due to changes in:
Average payout	5		—		5		10		6		4
Corporate bond yield	19		5		14		6		(2)		8

Credit spread for non-performance risk	—		—		—		(4)		(4)		—
Weighted average cost of capital	7		1		6		—		—		—
Total change in fair value	31		6		25		12		—		12
Total incurred losses and LAE	31		8		23		10		(27)		37
Paid losses	(31)		(5)		(26)		(44)		(5)		(39)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8		2		6		—		—		—
Effect of exchange rate movements	44		(4)		48		(28)		(1)		(27)
Ending fair value	$	1,108	$	200	$	908	$	1,108	$	214	$	894


	Nine Months Ended September 30,
	2024						2023
	Liability for losses and LAE		Reinsurance balances recoverable		Net		Liability for losses and LAE		Reinsurance balances recoverable		Net
	(in millions of U.S. dollars)
Beginning fair value	$	1,163	$	217	$	946	$	1,286	$	275	$	1,011

Incurred losses and LAE:
(Reduction) increase in estimates of ultimate losses	(6)		(11)		5		7		(26)		33
Reduction in unallocated LAE	(5)		—		(5)		(9)		—		(9)
Change in fair value due to changes in :
Average payout	24		4		20		37		11		26
Corporate bond yield	(10)		—		(10)		(29)		(6)		(23)
Risk cost of capital	1		—		1		—		—		—
Credit spread for non-performance risk	—		—		—		23		2		21
Weighted average cost of capital	7		1		6		—		—		—
Total change in fair value	22		5		17		31		7		24
Total incurred losses and LAE	11		(6)		17		29		(19)		48
Paid losses	(105)		(16)		(89)		(187)		(39)		(148)
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	8		2		6		(27)		(6)		(21)
Effect of exchange rate movements	31		3		28		7		3		4
Ending fair value	$	1,108	$	200	$	908	$	1,108	$	214	$	894

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

Valuation Technique

September 30, 2024

December 31, 2023

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)

0.50%

0.65%

Internal model

Risk cost of capital (U)

6.15%

5.60%

Internal model

Weighted average cost of capital (U)

9.25%

8.75%

Internal model

Average payout - liability (U)

8.15 years

8.12 years

Internal model

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

8.56 years

8.35 years

The fair value of the liability for losses and LAE and reinsurance balances recoverable on paid and unpaid losses may increase or decrease due to changes in the corporate bond rate, the credit spread for non-performance risk, the risk cost of capital, the weighted average cost of capital and the estimated payment pattern.

In addition, the estimate of the capital required to support the liabilities is based upon current industry standards for capital adequacy.

Changes in the fair value due to changes in average payout and corporate bond yields are included in net incurred losses and loss adjustment expenses in our unaudited condensed 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.

Disclosure of Fair Values for Financial Instruments Carried at Cost

Senior and Junior Subordinated Notes

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


	September 30, 2024
	Amortized Cost		Fair Value
	(in millions of U.S. dollars)
4.95% Senior Notes due 2029	$	497	$	503
3.10% Senior Notes due 2031	496		432
Total Senior Notes	$	993	$	935
5.75% Junior Subordinated Notes due 2040	$	346	$	346
5.50% Junior Subordinated Notes due 2042	494		467

Total Junior Subordinated Notes	$	840	$	813

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

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

Insurance Contracts

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

Remaining Financial Assets and Liabilities

Our remaining financial assets and liabilities were generally carried at cost or amortized cost, which due to their short-term nature approximates fair value as of September 30, 2024 and December 31, 2023.

- 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

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-Topic 820
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-Section 55
-Paragraph 107
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-Topic 820
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-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (g)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 161	$ 51	$ 425	$ 609
Other comprehensive income (loss), net of income taxes:
Unrealized gains (losses) on fixed maturities, available-for-sale arising during the period	161	(94)	125	(71)
Reclassification adjustment for change in allowance for credit losses recognized in net income	(14)	(1)	(15)	(5)
Reclassification adjustment for net realized (gains) losses included in net income	(2)	13	13	60
Unrealized gains (losses) arising during the period, net of reclassification adjustments	145	(82)	123	(16)
Reclassification adjustment for remeasurement of future policyholder benefits included in net income	0	0	0	(363)
Change in currency translation adjustment	(3)	0	(2)	2
Change in net liability for losses and LAE at fair value - Instrument-specific credit risk	(6)	0	(6)	21
Total other comprehensive income (loss)	136	(82)	115	(356)
Comprehensive income (loss)	297	(31)	540	253
Less: Comprehensive income attributable to noncontrolling interests	(4)	(4)	(5)	(11)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSTAR	$ 293	$ (35)	$ 535	$ 242

Basis of Presentation

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

BASIS OF PRESENTATION

2. BASIS OF PRESENTATION

Enstar Group Limited 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.

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

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

The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023.

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 will retrospectively adopt this ASU within our annual financial statements for the year ended December 31, 2024 and interim periods beginning in 2025.

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 will prospectively adopt this ASU within our annual financial statements for the year ended December 31, 2025.

ASU 2024-03 - Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, which resulted in the addition of Subtopic 220-40 Reporting Comprehensive Income - Expense Disaggregation Disclosures and includes the following amendments:

•Disclose the amounts of employee compensation, depreciation, intangible asset amortization, and certain other costs and expenses included in each relevant expense caption and include certain amounts that are already required to be disclosed under existing generally accepted accounting principles in the same disclosure;

•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and

•Disclose the total amount of selling expenses and, on an annual basis, an entity’s definition of selling expenses.

These amendments are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and must be applied prospectively with an option for retrospective application. Early adoption is permitted.

Adopting ASU 2024-03 will require us to expand our disclosures related to costs and expenses. We are currently determining the period in which the new guidance will be adopted.

Future Policyholder Benefits

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

FUTURE POLICYHOLDER BENEFITS

9. FUTURE POLICYHOLDER BENEFITS

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

The 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:


	Nine Months Ended September 30, 2023

		(in millions of U.S. dollars)
Balance as of January 1, 2023		$	821




Benefits paid		(6)


Effect of exchange rate movement		13
Derecognition (1)		(828)


Balance as of September 30, 2023		$	—

There were no gross premiums recognized for the three and nine months ended September 30, 2023.

The effects of actual variances from expected policyholder behavior experience were not material for the nine month period ended September 30, 2023.

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 the accounting standard related to accounting for long-duration contracts into earnings. 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 20% ownership interest in Monument Re at the time of the transaction.

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 (corresponds to derecognition referenced above)	(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 unaudited condensed consolidated statements of operations.

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

For the nine months ended September 30, 2023, the total gain on novation attributable to Enstar was $194 million. The remaining deferred gain of $46 million as of September 30, 2024 will be amortized over the expected settlement period of the transferred life annuity policies, which is projected to be approximately 50 years, with the majority of benefit payments occurring in the earlier years. For the three months ended September 30, 2024 and 2023, the amortization was $1 million. For the nine months ended September 30, 2024 and 2023, the amortization was $2 million and $1 million, respectively.

Significant New Business and Business Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

SIGNIFICANT NEW BUSINESS AND BUSINESS ACQUISITIONS

3. SIGNIFICANT NEW BUSINESS AND BUSINESS ACQUISITIONS

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

Signed and closed reinsurance agreements

During the nine months ended September 30, 2024, we closed reinsurance deals with R&Q (Accredited) and Insurance Australia Group (“IAG”). Additionally, in July 2024 we closed a deal to reinsure certain 2019 and 2020 business written by a third-party capital platform which uses Insurance Linked securities (“ILS”) to fund its risks, for which Enstar received premium of $294 million for the portfolio.

The table below sets forth a summary of new reinsurance business that we closed between January 1, 2024 and September 30, 2024:


Line of Business	Consideration Received		Net Loss Reserves Assumed		DCA (1)		Type of Transaction	Remaining Limit upon Acquisition		Jurisdiction
	(in millions of U.S. dollars)
Diversified mix including asbestos, general casualty, and workers’ compensation	$	282	$	297	$	15	LPT and ADC	$	111	U.S., U.K. and Europe
Property catastrophe and COVID-19 exposures	$	294	$	294	$	—	LPT	Varies(2)		Global
Product & public liability, compulsory third-party motor, professional risks, and workers’ compensation	$	200	$	202	$	2	ADC	$	240	Australia

(2) The limits vary dependent on each individual covered contract under the agreement.

Signed reinsurance agreements not closed as of September 30, 2024

Line of Business

Agreement Date

Type of Transaction

Estimated Reserves (1)

(in millions of U.S. dollars)

Workers’ compensation (2)

April 30, 2024

LPT

400

US commercial liability, general aviation, and workers’ compensation (3)

August 8, 2024

LPT

371

Total

771

(1) Estimated reserves are subject to changes following the closing of the transactions.

(2) Transaction closed on October 1, 2024.

(3) Transaction closed on October 31, 2024.

Signed business acquisitions not closed as of September 30, 2024

On September 6, 2024, we entered into an agreement to purchase 100% of the voting and non-voting shares in a Class 3B Bermuda-based reinsurer and segregated accounts company within the property catastrophe ILS market for an estimated purchase price of $46 million. The transaction closed on November 5, 2024. Following closing, we merged the reinsurer into Cavello Bay Reinsurance Limited (“Cavello”).

SIGNIFICANT NEW BUSINESS AND BUSINESS ACQUISITIONS

3. SIGNIFICANT NEW BUSINESS AND BUSINESS ACQUISITIONS

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

Signed and closed reinsurance agreements

The table below sets forth a summary of new reinsurance business that we closed between January 1, 2024 and September 30, 2024:


Line of Business	Consideration Received		Net Loss Reserves Assumed		DCA (1)		Type of Transaction	Remaining Limit upon Acquisition		Jurisdiction
	(in millions of U.S. dollars)
Diversified mix including asbestos, general casualty, and workers’ compensation	$	282	$	297	$	15	LPT and ADC	$	111	U.S., U.K. and Europe
Property catastrophe and COVID-19 exposures	$	294	$	294	$	—	LPT	Varies(2)		Global
Product & public liability, compulsory third-party motor, professional risks, and workers’ compensation	$	200	$	202	$	2	ADC	$	240	Australia

(2) The limits vary dependent on each individual covered contract under the agreement.

Signed reinsurance agreements not closed as of September 30, 2024

Line of Business

Agreement Date

Type of Transaction

Estimated Reserves (1)

(in millions of U.S. dollars)

Workers’ compensation (2)

April 30, 2024

LPT

400

US commercial liability, general aviation, and workers’ compensation (3)

August 8, 2024

LPT

371

Total

771

(1) Estimated reserves are subject to changes following the closing of the transactions.

(2) Transaction closed on October 1, 2024.

(3) Transaction closed on October 31, 2024.

Signed business acquisitions not closed as of September 30, 2024

Shareholders' Equity - Tax Effects Allocated to Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Before Tax Amount
Other comprehensive income (loss)	$ 151	$ (85)	$ 118	$ (359)
Tax (Expense) Benefit
Other comprehensive income (loss)	(15)	3	(3)	3
Net of Tax Amount
Other comprehensive income (loss)	136	(82)	115	(356)
Unrealized gains (losses) on fixed maturities, AFS arising during the period
Before Tax Amount
Before reclassifications	176	(97)	128	(74)
Tax (Expense) Benefit
Before reclassifications	(15)	3	(3)	3
Net of Tax Amount
Before reclassifications	161	(94)	125	(71)
Other comprehensive income (loss)	145	(82)	123	(16)
Reclassification adjustment for change in allowance for credit losses recognized in net income
Before Tax Amount
Reclassification from AOCI	(14)	(1)	(15)	(5)
Net of Tax Amount
Reclassification from AOCI	(14)	(1)	(15)	(5)
Reclassification adjustment for net realized (gains) losses included in net income
Before Tax Amount
Reclassification from AOCI	(2)	13	13	60
Net of Tax Amount
Reclassification from AOCI	(2)	13	13	60
Change in currency translation adjustment
Before Tax Amount
Before reclassifications	(3)		(2)	2
Net of Tax Amount
Before reclassifications	(3)		(2)	2
Other comprehensive income (loss)	(3)	0	(2)	2
Reclassification adjustment for remeasurement of future policyholder benefits included in net income
Before Tax Amount
Reclassification from AOCI				(363)
Net of Tax Amount
Reclassification from AOCI				(363)
Other comprehensive income (loss)				(363)
Change in net liability for losses and LAE at fair value - Enstar-specific credit risk
Before Tax Amount
Before reclassifications	(6)		(6)	21
Net of Tax Amount
Before reclassifications	(6)		(6)	21
Other comprehensive income (loss)	$ (6)	$ 0	$ (6)	$ 21