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Related Party Transactions and Major Customers | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transactions and Major Customers | RELATED PARTY TRANSACTIONS AND MAJOR CUSTOMERS Tower Hill 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. During 2020, the Company recorded $55.5 million (2019 - $39.8 million, 2018 - $45.5 million) of gross premiums written assumed from the Tower Hill Companies and its subsidiaries and affiliates. Gross premiums earned totaled $51.4 million (2019 - $40.7 million, 2018 - $43.8 million) and expenses incurred were $7.9 million (2019 - $6.1 million, 2018 - $7.1 million) for 2020. The Company had a net related outstanding receivable balance of $18.3 million as of December 31, 2020 (2019 - receivable of $14.8 million). During 2020, the Company assumed net claims and claim expenses of $13.2 million (2019 - assumed net claims and claim expenses of $37.7 million, 2018 - assumed net claims and claim expenses of $111.2 million) and, as of December 31, 2020, had a net reserve for claims and claim expenses of $69.5 million (2019 - $71.8 million). In addition, the Company received distributions of $9.5 million from the Tower Hill Companies during 2020 (2019 - $13.4 million, 2018 - $12.1 million). Top Layer Re During 2020, the Company received distributions from Top Layer Re of $18.0 million (2019 - $20.0 million, 2018 - $12.5 million), and recorded a management fee of $2.4 million (2019 - $2.3 million, 2018 - $2.7 million). The management fee reimburses the Company for services it provides to Top Layer Re. Broker Concentration During 2020, the Company received 79.6% of its gross premiums written (2019 - 79.6%, 2018 - 75.2%) from three brokers. Subsidiaries and affiliates of Aon plc, Marsh Inc. and Willis Towers Watson Public Limited Company accounted for 42.8%, 24.5% and 12.3%, respectively, of gross premiums written in 2020 (2019 - 41.7%, 27.1% and 10.8%, respectively, 2018 - 40.7%, 24.6% and 9.9%, respectively).

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