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Related Party Transactions and Major Customers | 12 Months Ended
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Dec. 31, 2015
Related Party Transactions [Abstract] |
Related Party Transactions and Major Customers | RELATED PARTY TRANSACTIONS AND MAJOR CUSTOMERS The Company has equity interests in the Tower Hill Companies as described in “Note 6. Investments”. The Company has entered into reinsurance agreements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance agreements with respect to business produced by the Tower Hill Companies. For 2015, the Company recorded $32.2 million (2014 - $40.0 million, 2013 - $46.7 million) of gross premium written assumed from Tower Hill and its subsidiaries and affiliates. Gross premiums earned totaled $35.8 million (2014 - $41.9 million, 2013 - $44.9 million) and expenses incurred were $4.1 million (2014 - $4.7 million, 2013 - $5.3 million) for 2015. The Company had a net related outstanding receivable balance of $14.3 million as of December 31, 2015 (2014 - $18.3 million). During 2015, the Company assumed net claims and claim expenses of $1.6 million (2014 - $3.6 million, 2013 - $4.1 million) and, as of December 31, 2015, had a net reserve for claims and claim expenses of $38.2 million (2014 - $40.3 million). In addition, the Company received distributions of $13.1 million from THIG during 2015 (2014 - $10.0 million). The Company has a 40.4% equity interest in Angus, which is accounted for under the equity method of accounting. Angus primarily provides commodity related risk management products to third party customers. For 2015, the Company generated other income of $Nil (2014 - $Nil, 2013 - $5.0 million) associated with Angus related transactions. During 2015, the Company received distributions from Top Layer Re of $Nil (2014 - $Nil, 2013 - $Nil), and recorded a management fee of $2.6 million (2014 - $2.8 million, 2013 - $3.8 million). The management fee reimburses the Company for services it provides to Top Layer Re. During 2015, the Company received 81.5% of its gross premiums written (2014 - 87.2%, 2013 - 85.3%) from three brokers. Subsidiaries and affiliates of AON, Marsh, and Willis Towers Watson accounted for approximately 48.1%, 21.7% and 11.7%, respectively, of gross premiums written in 2015 (2014 - 51.5%, 21.5% and 14.2%, respectively, 2013 - 45.3%, 22.9% and 17.1%, respectively).

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