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Accounting Changes and Error Corrections (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Schedule of Prior Period Adjustments | The tables below sets out the impact of these corrections to the twelve months ended December 31, 2020 and 2019 relating to these immaterial errors:
| For the Twelve Months Ended December 31, 2020 |  |  |  |
| ($ in millions) |  |  |  |
| As Previously Reported |  | Corrections |  | As Currently Reported |  |  |  |
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |
Gross written premium | $ | 3,703.6 |  |  | $ | (5.1) |  |  | $ | 3,698.5 |  |  |  |  |
Net realized and unrealized exchange gains/(losses) | (12.4) |  |  | (1.4) |  |  | (13.8) |  |  |  |  |
Income tax expense | (8.6) |  |  | (9.8) |  |  | (18.4) |  |  |  |  |
Net Loss | $ | (40.1) |  |  | $ | (16.3) |  |  | $ | (56.4) |  |  |  |  |
| As at December 31, 2020
| ($ in millions)
| As Previously Reported |  | Corrections |  | As Currently Reported
CONSOLIDATED BALANCE SHEET |  |  |  |  |
Assets |  |  |  |  |
Underwriting premium receivables | $ | 1,279.8 |  |  | $ | (94.8) |  |  | $ | 1,185.0 |
Liabilities |  |  |  |  |
Reinsurance premiums payables | $ | 567.5 |  |  | $ | 5.3 |  |  | $ | 572.8 |
Income taxes payable | $ | 3.7 |  |  | $ | 5.1 |  |  | $ | 8.8 |
Deferred tax liability | $ | — |  |  | $ | 5.2 |  |  | $ | 5.2 |
Equity |  |  |  |  |
Opening retained earnings | $ | 1,514.6 |  |  | $ | (12.2) |  |  | $ | 1,502.4 |
Net (loss) for the year | $ | (40.1) |  |  | $ | (16.3) |  |  | $ | (56.4) |
Accumulated Other Comprehensive Income |  |  |  |  |
Cumulative foreign currency translation |  |  |  |  |
Opening balance | $ | (80.2) |  |  | $ | (85.3) |  |  | $ | (165.5) |
Changes for the period | $ | (9.6) |  |  | $ | (2.3) |  |  | $ | (11.9) |
Unrealized appreciation/(depreciation) on investments, net of taxes |  |  |  |  |
Changes for the period | $ | 102.3 |  |  | $ | 5.7 |  |  | $ | 108.5 |
| As at December 31, 2020
| ($ in millions)
| As Previously Reported |  | Corrections |  | As Currently Reported
CONSOLIDATED STATEMENTS OF CASH FLOWS |  |  |  |  |
Cash flows from/(used in) operating activities: |  |  |  |  |
Net (loss) | $ | (40.1) |  |  | $ | (16.3) |  |  | $ | (56.4) |
Deferred tax (benefit) | $ | (5.7) |  |  | $ | 4.7 |  |  | $ | (1.0) |
Net realized and unrealized investment foreign exchange (gains) | $ | (23.1) |  |  | $ | (2.2) |  |  | $ | (25.3) |
Changes in: |  |  |  |  |
Premiums receivable | $ | 71.2 |  |  | $ | 8.7 |  |  | $ | 79.9 |
Income tax payable | $ | 2.5 |  |  | $ | 5.1 |  |  | $ | 7.6 |
Net cash from (used in) operating activities | $ | (672.7) |  |  | $ | — |  |  | $ | (672.7) |
| As at December 31, 2019
| ($ in millions)
| As Previously Reported |  | Corrections |  | As Currently Reported
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME |  |  |  |  |
Net realized and unrealized exchange gains/(losses) | $ | (11.8) |  |  | $ | 2.2 |  |  | $ | (9.6) |
Net (loss) | $ | (241.7) |  |  | $ | 2.2 |  |  | $ | (239.5) |
| As at December 31, 2019
| ($ in millions)
| As Previously Reported |  | Corrections |  | As Currently Reported
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY |  |  |  |  |
Equity |  |  |  |  |
Opening retained earnings | $ | 1,791.0 |  |  | $ | (14.4) |  |  | $ | 1,776.6 |
Net (loss) for the year | $ | (241.7) |  |  | $ | 2.2 |  |  | $ | (239.5) |
Accumulated Other Comprehensive Income |  |  |  |  |
Cumulative foreign currency translation |  |  |  |  |
Opening balance | $ | (55.4) |  |  | $ | (85.1) |  |  | $ | (140.5) |
Changes for the period | $ | (24.8) |  |  | $ | (0.2) |  |  | $ | (25.0) |
| As at December 31, 2019
| ($ in millions)
| As Previously Reported |  | Corrections |  | As Currently Reported
CONSOLIDATED STATEMENTS OF CASH FLOWS |  |  |  |  |
Cash flows from/(used in) operating activities: |  |  |  |  |
Net (loss) | $ | (241.7) |  |  | $ | 2.2 |  |  | $ | (239.5) |
Net realized and unrealized investment foreign exchange (gains)/losses | $ | 28.1 |  |  | $ | (0.2) |  |  | $ | 27.9 |
Changes in: |  |  |  |  |
Premiums receivable | $ | 144.8 |  |  | $ | (2.0) |  |  | $ | 142.8 |
Net cash from (used in) operating activities | $ | (337.8) |  |  | $ | — |  |  | $ | (337.8) |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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