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v3.21.1

Change in accounting policy | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
Change in accounting policy | 3. Change in accounting policy Premium revenue recognition Effective January 1, 2021, the Company changed its accounting policy for assumed written premium recognition. Previously, the Company estimated ultimate premium written for the entire contract period and recorded this estimate at inception of the contract. For contracts where the full premium written was not estimable at inception, the Company recorded premium written for the portion of the contract period for which the amount was estimable. The Company changed its accounting policy to recognize premiums written ratably over the term of the related policy or reinsurance treaty consistent with the timing of when the ceding company has recognized the written premiums. Premiums written include amounts reported by brokers and ceding companies, supplemented by the Company's own estimates of premiums where reports have not been received. The determination of premium estimates requires a review of the Company's experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, an analysis and understanding of the characteristics of each class of business and management's judgment of the impact of various factors, including premium or loss trends, on the volume of business written and ceded to the Company. On an ongoing basis, the Company's underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account the Company's historical experience with the brokers or ceding companies. The change in policy has been made because it is management’s opinion that the revised policy reflects the timing of when premiums are written by the cedent and reduces uncertainty regarding the assets and liabilities recorded. The following tables provide a summary of the retrospective impact from the change in accounting policy on the Company’s consolidated financial statements: Consolidated balance sheet
|  | December 31, 2020
|  | As previously reported |  | Adjustment |  | As adjusted
Insurance and reinsurance balances receivable, net |  | $ | 559,388 |  |  | $ | (117,453) |  |  | $ | 441,935 |
Deferred acquisition costs, net |  | 134,308 |  |  | (65,758) |  |  | 68,550 |
Unearned premiums ceded |  | 27,659 |  |  | (7,195) |  |  | 20,464 |
Total assets |  | 3,725,594 |  |  | (190,406) |  |  | 3,535,188 |
Reinsurance balances payable |  | 80,408 |  |  | (2,293) |  |  | 78,115 |
Unearned premium reserves |  | 472,948 |  |  | (188,113) |  |  | 284,835 |
Total liabilities |  | 2,160,308 |  |  | (190,406) |  |  | 1,969,902 |
Shareholders’ equity attributable to SiriusPoint common shareholders |  | $ | 1,563,925 |  |  | $ | — |  |  | $ | 1,563,925 |
|  | December 31, 2019
|  | As previously reported |  | Adjustment |  | As adjusted
Insurance and reinsurance balances receivable, net |  | $ | 596,120 |  |  | $ | (117,668) |  |  | $ | 478,452 |
Deferred acquisition costs, net |  | 154,717 |  |  | (62,553) |  |  | 92,164 |
Unearned premiums ceded |  | 16,945 |  |  | (13,822) |  |  | 3,123 |
Total assets |  | 3,439,694 |  |  | (194,043) |  |  | 3,245,651 |
Reinsurance balances payable |  | 81,941 |  |  | (5,425) |  |  | 76,516 |
Unearned premium reserves |  | 524,768 |  |  | (188,618) |  |  | 336,150 |
Total liabilities |  | 2,025,620 |  |  | (194,043) |  |  | 1,831,577 |
Shareholders’ equity attributable to SiriusPoint common shareholders |  | $ | 1,414,074 |  |  | $ | — |  |  | $ | 1,414,074 |
Consolidated statement of income (loss)
|  |  |  | Year ended December 31, 2020
|  |  |  |  |  |  |  | As previously reported |  | Adjustment |  | As adjusted
Gross premiums written |  |  |  |  |  |  |  | $ | 588,035 |  |  | $ | 505 |  |  | $ | 588,540 |
Gross premiums ceded |  |  |  |  |  |  |  | (39,717) |  |  | (6,627) |  |  | (46,344) |
Net premiums written |  |  |  |  |  |  |  | 548,318 |  |  | (6,122) |  |  | 542,196 |
Change in net unearned premium reserves |  |  |  |  |  |  |  | 62,534 |  |  | 6,122 |  |  | 68,656 |
Net premiums earned |  |  |  |  |  |  |  | $ | 610,852 |  |  | $ | — |  |  | $ | 610,852 |
Net income available to SiriusPoint common shareholders |  |  |  |  |  |  |  | $ | 143,517 |  |  | $ | — |  |  | $ | 143,517 |
|  |  |  | Year ended December 31, 2019
|  |  |  |  |  |  |  | As previously reported |  | Adjustment |  | As adjusted
Gross premiums written |  |  |  |  |  |  |  | $ | 631,846 |  |  | $ | 36,568 |  |  | $ | 668,414 |
Gross premiums ceded |  |  |  |  |  |  |  | (9,265) |  |  | (2,111) |  |  | (11,376) |
Net premiums written |  |  |  |  |  |  |  | 622,581 |  |  | 34,457 |  |  | 657,038 |
Change in net unearned premium reserves |  |  |  |  |  |  |  | 77,561 |  |  | (34,457) |  |  | 43,104 |
Net premiums earned |  |  |  |  |  |  |  | $ | 700,142 |  |  | $ | — |  |  | $ | 700,142 |
Net income available to SiriusPoint common shareholders |  |  |  |  |  |  |  | $ | 200,619 |  |  | $ | — |  |  | $ | 200,619 |
|  |  |  | Year ended December 31, 2018
|  |  |  |  |  |  |  | As previously reported |  | Adjustment |  | As adjusted
Gross premiums written |  |  |  |  |  |  |  | $ | 578,252 |  |  | $ | 71,935 |  |  | $ | 650,187 |
Gross premiums ceded |  |  |  |  |  |  |  | (19,895) |  |  | 15,726 |  |  | (4,169) |
Net premiums written |  |  |  |  |  |  |  | 558,357 |  |  | 87,661 |  |  | 646,018 |
Change in net unearned premium reserves |  |  |  |  |  |  |  | 63,085 |  |  | (87,661) |  |  | (24,576) |
Net premiums earned |  |  |  |  |  |  |  | $ | 621,442 |  |  | $ | — |  |  | $ | 621,442 |
Net loss attributable to SiriusPoint common shareholders |  |  |  |  |  |  |  | $ | (317,692) |  |  | $ | — |  |  | $ | (317,692) |
Consolidated statement of cash flows
|  |  |  | Year ended December 31, 2020
|  |  |  |  |  |  |  | As previously reported |  | Adjustment |  | As adjusted
Insurance and reinsurance balances receivable |  |  |  |  |  |  |  | $ | 38,825 |  |  | $ | (215) |  |  | $ | 38,610 |
Deferred acquisition costs, net |  |  |  |  |  |  |  | 20,409 |  |  | 3,205 |  |  | 23,614 |
Unearned premiums ceded |  |  |  |  |  |  |  | (10,714) |  |  | (6,627) |  |  | (17,341) |
Unearned premium reserves |  |  |  |  |  |  |  | (51,820) |  |  | 505 |  |  | (51,315) |
Reinsurance balances payable |  |  |  |  |  |  |  | (1,352) |  |  | 3,132 |  |  | 1,780 |
Net cash provided by operating activities |  |  |  |  |  |  |  | $ | 73,356 |  |  | $ | — |  |  | $ | 73,356 |
|  |  |  | Year ended December 31, 2019
|  |  |  |  |  |  |  | As previously reported |  | Adjustment |  | As adjusted
Insurance and reinsurance balances receivable |  |  |  |  |  |  |  | $ | 30,039 |  |  | $ | (9,684) |  |  | 20,355 |
Deferred acquisition costs, net |  |  |  |  |  |  |  | 49,125 |  |  | (24,343) |  |  | 24,782 |
Unearned premiums ceded |  |  |  |  |  |  |  | 607 |  |  | (2,111) |  |  | (1,504) |
Unearned premium reserves |  |  |  |  |  |  |  | (78,168) |  |  | 36,568 |  |  | (41,600) |
Reinsurance balances payable |  |  |  |  |  |  |  | 11,964 |  |  | (430) |  |  | 11,534 |
Net cash provided by operating activities |  |  |  |  |  |  |  | $ | 141,112 |  |  | $ | — |  |  | $ | 141,112 |
|  |  |  | Year ended December 31, 2018
|  |  |  |  |  |  |  | As previously reported |  | Adjustment |  | As adjusted
Insurance and reinsurance balances receivable |  |  |  |  |  |  |  | $ | (120,620) |  |  | $ | (36,594) |  |  | $ | (157,214) |
Deferred acquisition costs, net |  |  |  |  |  |  |  | 54,951 |  |  | (46,205) |  |  | 8,746 |
Unearned premiums ceded |  |  |  |  |  |  |  | (16,503) |  |  | 15,726 |  |  | (777) |
Unearned premium reserves |  |  |  |  |  |  |  | (46,582) |  |  | 71,935 |  |  | 25,353 |
Reinsurance balances payable |  |  |  |  |  |  |  | 28,728 |  |  | (4,862) |  |  | 23,866 |
Net cash provided by operating activities |  |  |  |  |  |  |  | $ | 13,387 |  |  | $ | — |  |  | $ | 13,387 |
The change in accounting policy had no impact on the previously reported net income (loss) or shareholders’ equity attributable to SiriusPoint common shareholders.

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- Definition The entire disclosure for change in accounting principle. 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