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Subsequent Event | 12 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Subsequent event | Coface On February 10, 2021, the Company announced that it had completed the share purchase agreement with Natixis to purchase a 29.5% stake in Coface, a France-based leader in the global trade credit insurance market. The consideration paid was €9.95 per share, or an aggregate €453 million including related fees. In connection with our minority stake in Coface, the Company has four representatives on the Coface Board of Directors. Share Repurchases From January 1 to February 24, 2021, the Company repurchased approximately 4.6 million common shares for an aggregate purchase price of $154.9 million. At February 24, 2021 approximately $761.6 million of repurchases were available under the share repurchase program. Reinsurance to Close As part of the Company’s acquisition of Barbican, on February 18, 2021, the Company entered into an agreement with Premia Managing Agency Limited for the Reinsurance to Close (“RITC”) of Syndicate 1955’s 2018 underwriting year of account into Premia Syndicate 1884’s 2021 underwriting year of account. The RITC covers legacy business underwritten by Syndicate 1955 on the underwriting 2018 and prior years of account and under the agreement, approximately $380 million of net liabilities transferred to Syndicate 1884, with an effective date of January 1, 2021. Texas Winter Storm In February 2021, a winter storm struck Texas and other parts of the southern U.S., resulting in significant insured losses. It is too early to reasonably estimate losses for this recent event given the significant unknowns, the early stage of the damage assessment process and the unusual nature of the event.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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