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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Investments:    
Debt Securities, Available-for-sale $ 4,881,600 $ 4,348,100
Short-term investments, available for sale 10,100  
Short-term investments, trading at fair value 2,000  
Catastrophe bonds, trading at fair value ( cost — 2021: $5.3 and $18.8) 3,400 18,800
Privately-held Investments 307,100 299,300
Investments, equity method 3,900 900
Other investments, at fair value 151,300 109,400
Investments, Excluding Derivative Assets 6,516,900 5,755,300
Cash and cash equivalents (including cash within consolidated variable interest entities of — $75.2 and $69.9) [1] 1,314,100 1,747,300
Reinsurance recoverables:    
Unpaid losses (net of allowance for expected credit losses of 2021: $3.3 — 2020: $3.8) 3,298,100 3,195,200
Ceded unearned premiums 596,100 453,700
Receivables:    
Underwriting premiums receivables (net of allowance for expected credit losses of 2021:$30.2 — 2020: $34.0) (1) 1,304,600 1,185,000 [2]
Other receivables 153,000 135,200
Funds withheld 103,700 98,000
Deferred policy acquisition costs 290,800 306,600
Derivatives at fair value 12,900 26,800
Receivables for securities sold 19,400 1,400
Office properties and equipment 114,500 77,400
Right-of-use operating lease assets 83,400 74,100
Income taxes refundable 6,400 3,400
Other assets 8,300 8,400
Intangible assets and goodwill 21,900 22,800
Total assets 13,844,100 13,090,600
Insurance reserves    
Losses and loss adjustment expenses 7,611,800 7,165,300
Unearned premiums 2,112,300 1,817,400
Total insurance reserves 9,724,100 8,982,700
Reinsurance Payable 575,700 572,800 [2]
Payables    
Income taxes payable 4,400 8,800 [2]
Deferred tax liabilities 2,800 5,200 [2]
Accrued expenses and other payables 289,300 214,400
Payables for securities purchased 44,600 0
Operating lease liabilities 115,200 106,000
Liabilities under derivative contracts 13,300 13,600
Long-term debt 299,900 299,900
Total liabilities 11,069,300 10,203,400
Commitments and contingent liabilities (see Note 20) 0 0
Ordinary shares:    
60,395,839 ordinary shares of par value $0.01 each (December 31, 2020 — 60,395,839 shares) 604 604
Additional paid-in capital 1,514,700 1,469,700
Retained earnings 1,382,500 1,397,200 [2]
Accumulated other comprehensive (loss)/income (123,000) 19,700 [2],[3]
Total shareholders' equity 2,774,800 2,887,200 [2]
Total liabilities and shareholders’ equity 13,844,100 13,090,600
Fixed Income Investments    
Investments:    
Debt Securities, Available-for-sale 4,881,600 4,348,100
Debt Securities, Trading $ 1,157,500 855,600
Short-term investments    
Investments:    
Short-term investments, available for sale   87,800
Short-term investments, trading at fair value   $ 35,400
[1] includes restricted cash of $364.9 million (2020 — $296.0 million)
[2]     As at December 31, 2020, underwriting premiums receivables, retained earnings and accumulated other comprehensive income have been corrected to account for the correction of foreign exchange movements on underwriting premium receivable which should have been matched with an underwriting premium receivable payment. Income taxes payable and deferred tax liabilities have been corrected for historic current and deferred income taxes on Aspen U.K’s branches due to the deficiency in the completeness and accuracy of branch data and associated application thereof in respect of local tax rules in various jurisdictions. Underwriting premium receivables and reinsurance premiums payable have been corrected for immaterial adjustments. Refer to Note 26 in these consolidated financial statements, “Correction of Immaterial Errors” for further details.
[3] The opening balances for retained earnings, cumulative foreign currency translation, and the net loss and change for the year on foreign cumulative translation adjustments have been corrected to account for the corrections mentioned on the pages of the consolidated balance sheet and the consolidated statement of operations and other comprehensive income. Refer to Note 26 in these consolidated financial statements, “Correction of Immaterial Errors” for further details.