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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Investments:    
Fixed income maturities, available for sale (amortized cost — $5,282.3 and $5,201.2) $ 5,230,700 $ 5,231,000
Fixed income maturities, trading at fair value (amortized cost — $1,205.0 and $1,634.9) 1,187,800 1,649,300
Equity securities, trading at fair value (cost — $0 and $414.8) 0 491,000
Short-term investments, available for sale (amortized cost — $105.6 and $90.0) 105,600 89,900
Short-term investments, trading at fair value (amortized cost — $9.5 and $73.0) 9,500 73,000
Catastrophe bonds, trading at fair value ( cost — $37.9 and $33.5) 36,200 32,400
Investments, equity method 67,100 66,400
Other investments 102,500 0
Total investments 6,739,400 7,633,000
Cash and cash equivalents (including cash within consolidated variable interest entities of — $26.9 and $166.6) 1,083,700 1,054,800
Reinsurance recoverables:    
Unpaid losses 2,077,600 1,515,200
Ceded unearned premiums 558,800 515,500
Receivables:    
Underwriting premiums 1,459,300 1,496,500
Other 121,200 151,100
Funds withheld 91,800 99,800
Deferred policy acquisition costs 248,500 294,300
Derivatives at fair value 14,600 6,400
Receivables for securities sold 3,200 5,300
Office properties and equipment 73,100 75,500
Tax recoverable 0 2,300
Deferred tax assets 35,400 28,300
Other assets 0 500
Intangible assets and goodwill 26,300 27,900
Total assets 12,532,900 12,906,400
Insurance reserves    
Losses and loss adjustment expenses 7,074,200 6,749,500
Unearned premiums 1,709,100 1,820,800
Total insurance reserves 8,783,300 8,570,300
Payables    
Reinsurance premiums 405,600 357,500
Income taxes payable 100 0
Accrued expenses and other payables 248,100 455,400
Liabilities under derivative contracts 15,100 1,000
Total payables 668,900 813,900
Loan notes issued by variable interest entities, at fair value 0 44,200
Long-term debt 424,700 549,500
Total liabilities 9,876,900 9,977,900
Commitments and contingent liabilities (see Note 19) 0 0
Ordinary shares:    
59,743,156 shares of par value 0.15144558¢ each (December 31, 2017 — 59,474,085) 90 90
Preference shares:    
Non-controlling interest 3,700 2,700
Additional paid-in capital 967,500 954,700
Retained earnings 1,806,600 2,026,900
Accumulated other comprehensive (loss), net of taxes (121,900) (55,900)
Total shareholders’ equity 2,656,000 2,928,500
Total liabilities and shareholders’ equity 12,532,900 12,906,400
5.950% Preference Shares    
Preference shares:    
Preference shares, value 0 0
5.625% Preference Shares    
Preference shares:    
Preference shares, value $ 0 $ 0