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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant
Schedule II - Condensed Financial Information of Registrant
Condensed Balance Sheets - Parent company only
(expressed in thousands of U.S. dollars)
 
 
December 31, 2013
 
December 31, 2012
Assets
 
 
 
 
Cash and cash equivalents
 
$
294

 
$
169

Investments in subsidiaries
 
1,394,644

 
870,116

Prepaid expenses
 
720

 
35

Amounts due from affiliates
 
417

 
770

Total assets
 
$
1,396,075

 
$
871,090

Liabilities and shareholders' equity
 
 
 
 
Liabilities
 
 
 
 
Accounts payable and accrued expenses
 
$
242

 
$
394

Amounts due to affiliates
 
4,172

 
2,152

Total liabilities
 
4,414

 
2,546

Commitments and contingent liabilities
 
—

 
—

Shareholders' equity
 
 
 
 
Preference shares (par value $0.10; authorized, 30,000,000; none issued)
 
—

 
—

Common shares (par value $0.10; authorized, 300,000,000; issued and outstanding, 103,888,916 (2012: 78,432,132))
 
10,389

 
7,843

Additional paid-in capital
 
1,055,690

 
762,430

Retained earnings
 
325,582

 
98,271

Total shareholders' equity
 
1,391,661

 
868,544

Total liabilities and shareholders' equity
 
$
1,396,075

 
$
871,090

Schedule II - Condensed Financial Information of Registrant
Condensed Statements of Income (Loss) - Parent company only
For the years ended December 31, 2013 and 2012 and period from October 6, 2011 (date of incorporation)
to December 31, 2011
(expressed in thousands of U.S. dollars)

 
 
2013
 
2012
 
2011
Revenues
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
 
$
228,646

 
$
101,346

 
$
(1,092
)
Total revenues
 
228,646

 
101,346

 
(1,092
)
Expenses
 
 
 
 
 
 
General and administrative expenses
 
1,335

 
1,945

 
38

Total expenses
 
1,335

 
1,945

 
38

Net income (loss)
 
$
227,311

 
$
99,401

 
$
(1,130
)
Schedule II - Condensed Financial Information of Registrant
Condensed Statements of Cashflows - Parent company only
For the years ended December 31, 2013 and 2012 and period from October 6, 2011 (date of incorporation)
to December 31, 2011
(expressed in thousands of U.S. dollars)

 
 
2013
 
2012
 
2011
Operating activities
 
 
 
 
 
 
Net income (loss)
 
$
227,311

 
$
99,401

 
$
(1,130
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
 
 
 
 
 
 
Equity in earnings of subsidiaries
 
(228,646
)
 
(101,346
)
 
1,092

Changes in assets and liabilities:
 
 
 
 
 
 
Prepaid expenses
 
(686
)
 
(33
)
 
(2
)
Accounts payable and accrued expenses
 
(66
)
 
682

 
(413
)
Amounts due from affiliates
 
353

 
(770
)
 
—

Amounts due to affiliates
 
2,020

 
2,152

 
—

Net cash provided by (used in) operating activities
 
286

 
86

 
(453
)
Investing activities
 
 
 
 
 
 
Contributed capital to subsidiaries
 
(286,257
)
 
(170,110
)
 
(593,343
)
Net cash used in investing activities
 
(286,257
)
 
(170,110
)
 
(593,343
)
Financing activities
 
 
 
 
 
 
Proceeds from issuance of common shares, net
 
286,096

 
158,593

 
605,396

Net cash provided by financing activities
 
286,096

 
158,593

 
605,396

Net increase (decrease) in cash and cash equivalents
 
125

 
(11,431
)
 
11,600

Cash and cash equivalents at beginning of period
 
169

 
11,600

 
—

Cash and cash equivalents at end of period
 
$
294

 
$
169

 
$
11,600

 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
Dividends received from subsidiaries
 
$
—

 
$
—

 
$
—