XML 38 R27.htm IDEA: XBRL DOCUMENT v3.22.2

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

LOCATION AND AMOUNTS OF DERIVATIVE FAIR VALUES ON THE CONSOLIDATED BALANCE SHEET

The following table provides the balance sheet classifications of derivatives recorded at fair value:

						June 30, 2022																		December 31, 2021
						Derivative notional amount						Derivative asset fair value(1)						Derivative liability fair value(1)						Derivative notional amount						Derivative asset fair value(1)						Derivative liability fair value(1)
			Relating to investment portfolio:
			Foreign exchange forward contracts			$	181,250					$	2,074					$	7					$	184,187					$	13					$	1,463
			Relating to underwriting portfolio:
			Foreign exchange forward contracts			1,137,892						1,144						19,658						1,258,836						3,103						13,524
			Other underwriting-related contracts			50,000						—						4,708						50,000						—						5,630
			Total derivatives									$	3,218					$	24,373											$	3,116					$	20,617

(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.

RECONCILIATION OF GROSS DERIVATIVE ASSETS TO NET AMOUNTS PRESENTED IN BALANCE SHEETS

The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:

						June 30, 2022												December 31, 2021
						Gross amounts			Gross amounts offset			Net amounts(1)						Gross amounts			Gross amounts offset			Net amounts(1)
			Derivative assets			$	7,363		$	(4,145)		$	3,218					$	9,047		$	(5,931)		$	3,116
			Derivative liabilities			$	28,518		$	(4,145)		$	24,373					$	26,548		$	(5,931)		$	20,617

(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.

RECONCILIATION OF GROSS DERIVATIVE LIABILITIES TO NET AMOUNTS PRESENTED IN BALANCE SHEETS

The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:

						June 30, 2022												December 31, 2021
						Gross amounts			Gross amounts offset			Net amounts(1)						Gross amounts			Gross amounts offset			Net amounts(1)
			Derivative assets			$	7,363		$	(4,145)		$	3,218					$	9,047		$	(5,931)		$	3,116
			Derivative liabilities			$	28,518		$	(4,145)		$	24,373					$	26,548		$	(5,931)		$	20,617

(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.

TOTAL UNREALIZED AND REALIZED GAINS (LOSSES) ON DERIVATIVES NOT DESIGNATED AS HEDGES RECORDED IN EARNINGS

The following table provides the total unrealized and realized gains (losses) recognized in net income for derivatives not designated as hedges:

									Consolidated statement of operations line item that includes gain (loss) recognized in net income			Three months ended June 30,															Six months ended June 30,
												2022						2021									2022						2021
						Relating to investment portfolio:
						Foreign exchange forward contracts			Net investment gains (losses)			$	4,822					$	(537)								$	7,063					$	1,212
						Relating to underwriting portfolio:
						Foreign exchange forward contracts			Foreign exchange gains (losses)			(31,146)						(604)									(59,122)						(26,660)
						Other underwriting-related contracts			Other insurance related income (loss)			367						344									922						1,005
						Total						$	(25,957)					$	(797)								$	(51,137)					$	(24,443)

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312

+ Details

Name:	us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration