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Supplemental guarantor information

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Supplemental guarantor information

25. Supplemental guarantor information (as adjusted - see Note 3)

SiriusPoint fully and unconditionally guarantees the $115.0 million of Notes issued by TPRUSA, a wholly owned subsidiary.

The following information sets forth the consolidating balance sheets as of December 31, 2020 and 2019 and the consolidating statements of income (loss) and cash flows for the years ended December 31, 2020, 2019 and 2018 for SiriusPoint, TPRUSA and the non-guarantor subsidiaries of SiriusPoint. Investments in subsidiaries are accounted for on the equity method; accordingly, entries necessary to consolidate the parent guarantor, TPRUSA and all other subsidiaries are reflected in the eliminations column.

CONSOLIDATING BALANCE SHEET
As of December 31, 2020
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Assets
Total investments in securities			$	4,000					$	—					$	1,156,929					$	—					$	1,160,929
Cash and cash equivalents			212						164						525,615						—						525,991
Restricted cash and cash equivalents			—						—						1,187,948						—						1,187,948
Investment in subsidiaries			1,459,895						297,415						192,148						(1,949,458)						—
Due from brokers			—						—						94,902						—						94,902
Interest and dividends receivable			—						—						909						—						909
Reinsurance balances receivable, net			—						—						441,935						—						441,935
Deferred acquisition costs, net			—						—						68,550						—						68,550
Unearned premiums ceded			—						—						20,464						—						20,464
Loss and loss adjustment expenses recoverable, net			—						—						14,375						—						14,375
Amounts due from (to) affiliates			96,607						52						(96,659)						—						—
Other assets			4,933						8,515						5,737						—						19,185
Total assets			$	1,565,647					$	306,146					$	3,612,853					$	(1,949,458)					$	3,535,188
Liabilities
Accounts payable and accrued expenses			$	1,722					$	—					$	12,866					$	—					$	14,588
Reinsurance balances payable			—						—						78,115						—						78,115
Deposit liabilities			—						—						152,961						—						152,961
Unearned premium reserves			—						—						284,835						—						284,835
Loss and loss adjustment expense reserves			—						—						1,310,068						—						1,310,068
Securities sold, not yet purchased, at fair value			—						—						11,990						—						11,990
Interest and dividends payable			—						3,057						21						—						3,078
Senior notes payable, net of deferred costs			—						114,267						—						—						114,267
Total liabilities			1,722						117,324						1,850,856						—						1,969,902
Shareholders' equity
Common shares			9,558						—						1,239						(1,239)						9,558
Additional paid-in capital			933,903						192,494						1,598,969						(1,791,463)						933,903
Retained earnings (deficit)			620,464						(3,672)						160,428						(156,756)						620,464
Shareholders’ equity attributable to SiriusPoint common shareholders			1,563,925						188,822						1,760,636						(1,949,458)						1,563,925
Noncontrolling interests			—						—						1,361						—						1,361
Total shareholders’ equity			1,563,925						188,822						1,761,997						(1,949,458)						1,565,286
Total liabilities, noncontrolling interests and shareholders’ equity			$	1,565,647					$	306,146					$	3,612,853					$	(1,949,458)					$	3,535,188

CONSOLIDATING BALANCE SHEET
As of December 31, 2019
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Assets
Total investments in securities			$	4,000					$	—					$	985,701					$	—					$	989,701
Cash and cash equivalents			10						176						639,229						—						639,415
Restricted cash and cash equivalents			—						—						1,014,543						—						1,014,543
Investment in subsidiaries			1,419,197						271,624						191,077						(1,881,898)						—
Interest and dividends receivable			—						—						2,178						—						2,178
Reinsurance balances receivable, net			—						—						478,452						—						478,452
Deferred acquisition costs, net			—						—						92,164						—						92,164
Unearned premiums ceded			—						—						3,123						—						3,123
Loss and loss adjustment expenses recoverable, net			—						—						5,520						—						5,520
Amounts due from (to) affiliates			(5,722)						(3,898)						9,620						—						—
Other assets			764						6,784						13,007						—						20,555
Total assets			$	1,418,249					$	274,686					$	3,434,614					$	(1,881,898)					$	3,245,651
Liabilities
Accounts payable and accrued expenses			$	4,175					$	—					$	13,641					$	—					$	17,816
Reinsurance balances payable			—						—						76,516						—						76,516
Deposit liabilities			—						—						172,259						—						172,259
Unearned premium reserves			—						—						336,150						—						336,150
Loss and loss adjustment expense reserves			—						—						1,111,692						—						1,111,692
Interest and dividends payable			—						3,055						—						—						3,055
Senior notes payable, net of deferred costs			—						114,089						—						—						114,089
Total liabilities			4,175						117,144						1,710,258						—						1,831,577
Shareholders’ equity
Common shares			9,423						—						1,239						(1,239)						9,423
Additional paid-in capital			927,704						191,361						1,591,796						(1,783,157)						927,704
Retained earnings (deficit)			476,947						(33,819)						131,321						(97,502)						476,947
Shareholders’ equity attributable to SiriusPoint common shareholders			1,414,074						157,542						1,724,356						(1,881,898)						1,414,074
Total liabilities and shareholders’ equity			$	1,418,249					$	274,686					$	3,434,614					$	(1,881,898)					$	3,245,651

CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2020
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues
Gross premiums written			$	—					$	—					$	588,540					$	—					$	588,540
Gross premiums ceded			—						—						(46,344)						—						(46,344)
Net premiums written			—						—						542,196						—						542,196
Change in net unearned premium reserves			—						—						68,656						—						68,656
Net premiums earned			—						—						610,852						—						610,852
Net investment income			—						—						278,938						—						278,938
Equity in earnings (losses) of subsidiaries			169,926						36,658						(61)						(206,523)						—
Total revenues			169,926						36,658						889,729						(206,523)						889,790
Expenses
Loss and loss adjustment expenses incurred, net			—						—						465,298						—						465,298
Acquisition costs, net			—						—						187,062						—						187,062
Other underwriting expenses			—						—						30,800						—						30,800
Net corporate and other expenses			26,407						12						14,796						—						41,215
Interest expense			—						8,230						—						—						8,230
Foreign exchange losses			2						—						5,217						—						5,219
Total expenses			26,409						8,242						703,173						—						737,824
Income before income tax (expense) benefit			143,517						28,416						186,556						(206,523)						151,966
Income tax (expense) benefit			—						1,731						(9,839)						—						(8,108)
Net income			143,517						30,147						176,717						(206,523)						143,858
Net income attributable to noncontrolling interests			—						—						(341)						—						(341)
Net income available to SiriusPoint common shareholders			$	143,517					$	30,147					$	176,376					$	(206,523)					$	143,517

CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2019
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues
Gross premiums written			$	—					$	—					$	668,414					$	—					$	668,414
Gross premiums ceded			—						—						(11,376)						—						(11,376)
Net premiums written			—						—						657,038						—						657,038
Change in net unearned premium reserves			—						—						43,104						—						43,104
Net premiums earned			—						—						700,142						—						700,142
Net investment income			—						—						282,560						—						282,560
Equity in earnings (losses) of subsidiaries			216,877						9,017						(40)						(225,854)						—
Total revenues			216,877						9,017						982,662						(225,854)						982,702
Expenses
Loss and loss adjustment expenses incurred, net			—						—						403,499						—						403,499
Acquisition costs, net			—						—						295,626						—						295,626
Other underwriting expenses			—						—						34,097						—						34,097
Net corporate and other expenses			16,258						(59)						20,086						—						36,285
Interest expense			—						8,228						—						—						8,228
Foreign exchange losses			—						—						3,635						—						3,635
Total expenses			16,258						8,169						756,943						—						781,370
Income before income tax (expense) benefit			200,619						848						225,719						(225,854)						201,332
Income tax (expense) benefit			—						1,716						(2,429)						—						(713)
Net income			200,619						2,564						223,290						(225,854)						200,619
Net income attributable to noncontrolling interests			—						—						—						—						—
Net income available to SiriusPoint common shareholders			$	200,619					$	2,564					$	223,290					$	(225,854)					$	200,619

CONSOLIDATING STATEMENT OF LOSS
Year Ended December 31, 2018
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Revenues
Gross premiums written			$	—					$	—					$	650,187					$	—					$	650,187
Gross premiums ceded			—						—						(4,169)						—						(4,169)
Net premiums written			—						—						646,018						—						646,018
Change in net unearned premium reserves			—						—						(24,576)						—						(24,576)
Net premiums earned			—						—						621,442						—						621,442
Net investment loss			—						—						(251,433)						—						(251,433)
Equity in losses of subsidiaries			(310,552)						(29,492)						(57)						340,101						—
Total revenues			(310,552)						(29,492)						369,952						340,101						370,009
Expenses
Loss and loss adjustment expenses incurred, net			—						—						438,414						—						438,414
Acquisition costs, net			—						—						206,498						—						206,498
Other underwriting expenses			—						—						29,667						—						29,667
Net corporate and other expenses			7,140						47						8,997						—						16,184
Interest expense			—						8,228						—						—						8,228
Foreign exchange gains			—						—						(7,503)						—						(7,503)
Total expenses			7,140						8,275						676,073						—						691,488
Loss before income tax (expense) benefit			(317,692)						(37,767)						(306,121)						340,101						(321,479)
Income tax (expense) benefit			—						(419)						4,429						—						4,010
Net loss			(317,692)						(38,186)						(301,692)						340,101						(317,469)
Net income attributable to noncontrolling interests			—						—						(223)						—						(223)
Net loss attributable to SiriusPoint common shareholders			$	(317,692)					$	(38,186)					$	(301,915)					$	340,101					$	(317,692)

CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2020
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Operating activities
Net income			$	143,517					$	30,147					$	176,717					$	(206,523)					$	143,858
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in (earnings) losses of subsidiaries			(169,926)						(36,658)						61						206,523						—
Share compensation expense			650						—						5,986						—						6,636
Net interest expense on deposit liabilities			—						—						852						—						852
Net realized and unrealized gain on investments and derivatives			—						—						(62,498)						—						(62,498)
Net realized and unrealized gain on investment in related party investment fund			—						—						(194,988)						—						(194,988)
Net foreign exchange losses			2						—						5,217						—						5,219
Amortization of premium and accretion of discount, net			—						178						(4,009)						—						(3,831)
Changes in assets and liabilities:
Reinsurance balances receivable			—						—						38,610						—						38,610
Deferred acquisition costs, net			—						—						23,614						—						23,614
Unearned premiums ceded			—						—						(17,341)						—						(17,341)
Loss and loss adjustment expenses recoverable			—						—						(8,855)						—						(8,855)
Other assets			(4,169)						(1,731)						9,167						—						3,267
Interest and dividends receivable, net			—						2						1,290						—						1,292
Unearned premium reserves			—						—						(51,315)						—						(51,315)
Loss and loss adjustment expense reserves			—						—						190,325						—						190,325
Accounts payable and accrued expenses			(2,453)						—						(816)						—						(3,269)
Reinsurance balances payable			—						—						1,780						—						1,780
Amounts due from (to) affiliates			(102,329)						(3,950)						106,279						—						—
Net cash provided by (used in) operating activities			(134,708)						(12,012)						220,076						—						73,356
Investing activities
Purchases of investments			—						—						(444,111)						—						(444,111)
Proceeds from sales and maturities of investments			—						—						532,247						—						532,247
Purchases of investments to cover short sales			—						—						(2,846)						—						(2,846)
Proceeds from short sales of investments			—						—						15,721						—						15,721
Change in due to/from brokers, net			—						—						(94,902)						—						(94,902)
Net cash provided by investing activities			—						—						6,109						—						6,109
Financing activities
Taxes paid on withholding shares			(302)						—						—						—						(302)
Net payments on deposit liability contracts			—						—						(20,202)						—						(20,202)
Change in total noncontrolling interests, net			—						—						1,020						—						1,020
Dividend received by (paid to) parent			135,212						12,000						(147,212)						—						—
Net cash provided by (used in) financing activities			134,910						12,000						(166,394)						—						(19,484)
Net increase (decrease) in cash, cash equivalents and restricted cash			202						(12)						59,791						—						59,981
Cash, cash equivalents and restricted cash at beginning of year			10						176						1,653,772						—						1,653,958
Cash, cash equivalents and restricted cash at end of year			$	212					$	164					$	1,713,563					$	—					$	1,713,939

CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2019
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Operating activities
Net income			$	200,619					$	2,564					$	223,290					$	(225,854)					$	200,619
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in (earnings) losses of subsidiaries			(216,877)						(9,017)						40						225,854						—
Share compensation expense			2,653						—						4,408						—						7,061
Net interest expense on deposit liabilities			—						—						5,879						—						5,879
Net realized and unrealized gain on investments and derivatives			—						—						(2,522)						—						(2,522)
Net realized and unrealized gain on investment in related party investment fund			—						—						(249,626)						—						(249,626)
Net foreign exchange losses			—						—						3,635						—						3,635
Amortization of premium and accretion of discount, net			—						178						(1,560)						—						(1,382)
Changes in assets and liabilities:
Reinsurance balances receivable			—						—						20,355						—						20,355
Deferred acquisition costs, net			—						—						24,782						—						24,782
Unearned premiums ceded			—						—						(1,504)						—						(1,504)
Loss and loss adjustment expenses recoverable			—						—						(3,489)						—						(3,489)
Other assets			909						(1,715)						634						—						(172)
Interest and dividends receivable, net			—						—						(862)						—						(862)
Unearned premium reserves			—						—						(41,600)						—						(41,600)
Loss and loss adjustment expense reserves			—						—						157,849						—						157,849
Accounts payable and accrued expenses			3,437						(71)						7,189						—						10,555
Reinsurance balances payable			—						—						11,534						—						11,534
Amounts due from (to) affiliates			2,200						3,950						(6,150)						—						—
Net cash provided by (used in) operating activities			(7,059)						(4,111)						152,282						—						141,112
Investing activities
Proceeds from redemptions from related party investment fund			—						—						760,000						—						760,000
Contributions to related party investment fund			—						—						(87,000)						—						(87,000)
Change in participation agreement with related party investment fund			—						—						(2,297)						—						(2,297)
Purchases of investments			(4,000)						—						(327,463)						—						(331,463)
Proceeds from sales and maturities of investments			—						—						446,206						—						446,206
Change in due to/from brokers, net			—						—						1,411						—						1,411
Contributed capital to subsidiaries			(15,000)						15,000						—						—						—
Contributed capital from parent and/or subsidiaries			—						(15,000)						15,000						—						—
Net cash provided by (used in) investing activities			(19,000)						—						805,857						—						786,857
Financing activities
Proceeds from issuance of SiriusPoint common shares, net of costs			1,888						—						—						—						1,888
Taxes paid on withholding shares			(68)						—						—						—						(68)
Net proceeds from deposit liability contracts			—						—						10,832						—						10,832
Dividend received by (paid to) parent			24,249						4,100						(28,349)						—						—
Net cash provided by (used in) financing activities			26,069						4,100						(17,517)						—						12,652
Net increase (decrease) in cash, cash equivalents and restricted cash			10						(11)						940,622						—						940,621
Cash, cash equivalents and restricted cash at beginning of year			—						187						713,150						—						713,337
Cash, cash equivalents and restricted cash at end of year			$	10					$	176					$	1,653,772					$	—					$	1,653,958

CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2018
			SiriusPoint						TPRUSA						Non-Guarantor Subsidiaries						Eliminations						Consolidated
Operating activities
Net loss			$	(317,692)					$	(38,186)					$	(301,692)					$	340,101					$	(317,469)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in losses of subsidiaries			310,552						29,492						57						(340,101)						—
Share compensation expense			610						—						4,346						—						4,956
Net interest income on deposit liabilities			—						—						(1,273)						—						(1,273)
Net realized and unrealized gain on investments and derivatives			—						—						(34,145)						—						(34,145)
Net realized and unrealized loss on investment in related party investment fund			—						—						280,847						—						280,847
Net foreign exchange gains			—						—						(7,503)						—						(7,503)
Amortization of premium and accretion of discount, net			—						178						3,956						—						4,134
Changes in assets and liabilities:
Reinsurance balances receivable			—						—						(157,214)						—						(157,214)
Deferred acquisition costs, net			—						—						8,746						—						8,746
Unearned premiums ceded			—						—						(777)						—						(777)
Loss and loss adjustment expenses recoverable			—						—						(918)						—						(918)
Other assets			(1,009)						(5,069)						(7,408)						—						(13,486)
Interest and dividends receivable, net			—						—						(2,716)						—						(2,716)
Unearned premium reserves			—						—						25,353						—						25,353
Loss and loss adjustment expense reserves			—						—						225,670						—						225,670
Accounts payable and accrued expenses			(25)						5,513						(30,172)						—						(24,684)
Reinsurance balances payable			—						—						23,866						—						23,866
Amounts due from (to) affiliates			2,234						360						(2,594)						—						—
Net cash provided by (used in) operating activities			(5,330)						(7,712)						26,429						—						13,387
Investing activities
Proceeds from redemptions from related party investment fund			—						—						142,968						—						142,968
Contributions to related party investment fund			—						—						(136,626)						—						(136,626)
Change in participation agreement with related party investment fund			—						—						(20,852)						—						(20,852)
Purchases of investments			—						—						(3,483,319)						—						(3,483,319)
Proceeds from sales and maturities of investments			—						—						3,475,515						—						3,475,515
Purchases of investments to cover short sales			—						—						(853,798)						—						(853,798)
Proceeds from short sales of investments			—						—						800,508						—						800,508
Change in due to/from brokers, net			—						—						482,778						—						482,778
Decrease in securities sold under an agreement to repurchase			—						—						(29,618)						—						(29,618)
Contributed capital to subsidiaries			(10,000)						10,000						—						—						—
Contributed capital from parent and/or subsidiaries			—						(10,000)						10,000						—						—
Net cash provided by (used in) investing activities			(10,000)						—						387,556						—						377,556
Financing activities
Taxes paid on withholding shares			(74)						—						—						—						(74)
Purchases of SiriusPoint common shares under share repurchase program			(138,705)						—						—						—						(138,705)
Net proceeds from deposit liability contracts			—						—						9,790						—						9,790
Change in total noncontrolling interests, net			—						—						(97,950)						—						(97,950)
Dividend received by (paid to) parent			154,100						7,700						(161,800)						—						—
Net cash provided by (used in) financing activities			15,321						7,700						(249,960)						—						(226,939)
Net increase (decrease) in cash, cash equivalents and restricted cash			(9)						(12)						164,025						—						164,004
Cash, cash equivalents and restricted cash at beginning of year			9						199						549,125						—						549,333
Cash, cash equivalents and restricted cash at end of year			$	—					$	187					$	713,150					$	—					$	713,337

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Period Type:	duration

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

+ Details

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Namespace Prefix:	us-gaap_
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Balance Type:	na
Period Type:	duration