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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
During 2024, the Company invested an additional $12 million in Monarch Point Re (refer to Note 4 'Investments'), a collateralized reinsurer which is jointly sponsored by the Company and Stone Point.

Loan to Monarch Point Re
During 2024, the Company advanced $215 million (2023: $297 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At September 30, 2024, an amount of $169 million (2023: $72 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by November 15, 2025. The loan balance receivable at September 30, 2024 of $272 million (2023: $225 million) is included in loan advances made in the consolidated balance sheets. At September 30, 2024, the Company had committed to advance a further $38 million (2023: $16 million) to Monarch Point Re.

Interest on this loan is payable for this period at an interest rate of 5.3% (2023: interest rates between 5.7% and 5.9%) Interest related to this loan of $9 million (2023: $9 million) was received in advance and is included in other liabilities in the consolidated balance sheets.
Harrington Re
During 2018, the Company entered into a quota share retrocessional agreement with Harrington Re which was deemed to have met the established criteria for retroactive reinsurance accounting. During 2024, the Company entered into a reinsurer novation and replacement agreement with Harrington Re and a third party reinsurer with respect to this quota share retrocession contract.