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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Investments:    
Fixed income maturities, available for sale (amortized cost — $5,201.2 and $5,620.1) $ 5,231,000 $ 5,664,600
Fixed income maturities, trading at fair value (amortized cost — $1,634.9 and $1,264.8) 1,649,300 1,265,700
Equity securities, trading at fair value (cost — $414.8 and $554.3) 491,000 584,700
Short-term investments, available for sale (amortized cost — $90.0 and $145.3) 89,900 145,300
Short-term investments, trading (amortized cost — $73.0 and $185.4) 73,000 185,400
Catastrophe bonds, trading at fair value ( cost — $33.5 and $42.5) 32,400 42,500
Other investments, equity method 66,400 12,100
Total investments 7,633,000 7,900,300
Cash and cash equivalents (including cash within consolidated variable interest entities of — $166.6 and $291.3) 1,054,800 1,273,800
Reinsurance recoverables:    
Unpaid losses 1,515,200 560,700
Ceded unearned premiums 515,500 255,200
Receivables:    
Underwriting premiums 1,496,500 1,399,400
Other 151,100 95,500
Funds withheld 99,800 73,100
Deferred policy acquisition costs 294,300 358,400
Derivatives at fair value 6,400 7,200
Receivables for securities sold 5,300 1,600
Office properties and equipment 75,500 83,800
Tax recoverable 2,300 500
Deferred tax assets 28,300 0
Other assets 500 1,000
Intangible assets and goodwill 27,900 79,600
Total assets 12,906,400 12,090,100
Insurance reserves    
Losses and loss adjustment expenses 6,749,500 5,319,900
Unearned premiums 1,820,800 1,618,600
Total insurance reserves 8,570,300 6,938,500
Payables    
Reinsurance premiums 357,500 345,300
Deferred taxation 0 6,100
Accrued expenses and other payables 455,400 469,200
Liabilities under derivative contracts 1,000 18,400
Total payables 813,900 839,000
Loan notes issued by variable interest entities, at fair value 44,200 115,000
Long-term debt 549,500 549,300
Total liabilities 9,977,900 8,441,800
Commitments and contingent liabilities (see Note 19) 0 0
Ordinary shares:    
59,474,085 shares of par value 0.15144558¢ each (December 31, 2016 — 59,774,464) 90 91
Preference shares:    
Non-controlling interest 2,700 1,400
Additional paid-in capital 954,700 1,259,600
Retained earnings 2,026,900 2,392,300
Accumulated other comprehensive income, net of taxes (55,900) (5,100)
Total shareholders’ equity 2,928,500 3,648,300
Total liabilities and shareholders’ equity 12,906,400 12,090,100
5.950% Preference Shares    
Preference shares:    
Preference shares, value 0 0
7.401% Preference Shares    
Preference shares:    
Preference shares, value 0 0
7.250% Preference Shares    
Preference shares:    
Preference shares, value 0 0
5.625% Preference Shares    
Preference shares:    
Preference shares, value $ 0 $ 0