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Change in accounting policy (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Schedule of the retrospective impact from the change in accounting policy

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

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

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