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Related Party Transactions and Major Customers | 12 Months Ended
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Dec. 31, 2017
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 5. Investments”. The Company has entered into reinsurance arrangements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance arrangements with respect to business produced by the Tower Hill Companies. For 2017, the Company recorded $39.1 million (2016 - $32.8 million, 2015 - $32.2 million) of gross premium written assumed from Tower Hill and its subsidiaries and affiliates. Gross premiums earned totaled $35.7 million (2016 - $32.3 million, 2015 - $35.8 million) and expenses incurred were $5.1 million (2016 - $3.8 million, 2015 - $4.1 million) for 2017. The Company had a net related outstanding receivable balance of $14.1 million as of December 31, 2017 (2016 - $14.2 million). During 2017, the Company assumed net claims and claim expenses of $94.4 million (2016 - assumed net claims and claim expenses of $1.5 million, 2015 - recovered net claims and claim expenses of $1.6 million) and, as of December 31, 2017, had a net reserve for claims and claim expenses of $65.3 million (2016 - $36.8 million). In addition, the Company received distributions of $8.3 million from the Tower Hill Companies during 2017 (2016 - $9.0 million, 2015 - $13.1 million). During 2017, the Company received distributions from Top Layer Re of $20.0 million (2016 - $Nil, 2015 - $Nil), and recorded a management fee of $2.7 million (2016 - $2.6 million, 2015 - $2.6 million). The management fee reimburses the Company for services it provides to Top Layer Re. During 2017, the Company received 76.4% of its gross premiums written (2016 - 80.8%, 2015 - 81.5%) from three brokers. Subsidiaries and affiliates of AON, Marsh, and Willis Towers Watson accounted for 42.8%, 23.8% and 9.8%, respectively, of gross premiums written in 2017 (2016 - 46.4%, 23.6% and 10.8%, respectively, 2015 - 48.1%, 21.7% and 11.7%, respectively).

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