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Pay vs Performance Disclosure - USD ($) | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance Table and Supporting Narrative for 2023 The following section contains information regarding “compensation actually paid” to our Named Executive Officers (NEOs) and the relationship between those amounts and certain company performance metrics. Pay Versus Performance Table
Year |  | Summary Compensation Table Total for PEO ($) (1) |  |  | Compensation Actually Paid to PEO ($) (1) (5) |  |  | Average Summary Compensation Table Total for Non-PEO Named Executive Officers ($) (2) |  |  | Average Compensation Actually Paid to Non-PEO Named Executive Officers ($) (2) (5) |  |  | Value of Initial Fixed $100 Investment Based On: |  |  | Net Income ($m) |  |  | Adjusted Book Value Per Share ($) (4) |
| Total Shareholder Return ($) |  |  | Peer Group Total Shareholder Return ($) (3) |
2023 |  |  | 17,140,688 |  |  |  | 4,970,732 |  |  |  | 7,093,600 |  |  |  | 2,206,884 |  |  |  | 144.72 |  |  |  | 132.83 |  |  |  | (491 | ) |  |  | 25.70 |
2022 |  |  | 4,005,800 |  |  |  | (3,035,560 | ) |  |  | 1,595,180 |  |  |  | (1,184,433 | ) |  |  | 138.17 |  |  |  | 118.49 |  |  |  | (195 | ) |  |  | 28.73 |
2021 |  |  | 4,020,800 |  |  |  | 23,148,168 |  |  |  | 1,609,800 |  |  |  | 9,009,475 |  |  |  | 169.78 |  |  |  | 132.50 |  |  |  | (445 | ) |  |  | 31.77 |
2020 |  |  | 4,080,200 |  |  |  | (769,780 | ) |  |  | 1,730,136 |  |  |  | (204,230 | ) |  |  | 70.75 |  |  |  | 98.24 |  |  |  | (578 | ) |  |  | 35.95 |
(1) | The Principal Executive Officer (“PEO”) for all four years is Mr. Fallon.
(2) | For 2020, 2021 and 2022 the non-PEO NEOs includes Messrs. McKiernan, Bergonzi, Avitabile, Young and Harris. For 2023 the non-PEO NEOs includes Messrs. McKiernan, Bergonzi, Avitabile and Young.
(3) | Peer Group used for TSR comparisons reflects the S&P Financials Index as used in Item 5 of our annual Form 10-K (total shareholder return comparison graph).
(4) | Our company-selected measure is Adjusted Book Value, a non-GAAP measurement calculated by management for certain internal purposes, removing and adding certain components of GAAP Book Value, as described further in the Results of Operations section of Item 7 of our annual Form 10-K.
(5) | To calculate “compensation actually paid” for our CEO and other NEOs, the “total pay” referenced in the Summary Compensation Table was adjusted only in the value of equity awards, since the Company does not have any actuarially valued pension arrangements and the value of the special dividend is included in the Summary Compensation Table pay. “Compensation actually paid” values for fiscal years 2020, 2021, and 2022 differ from those published in our March 23, 2023 Proxy Statement. These differences are a result of changes in our understanding of the assumptions and methodologies required under the SEC rule.
|  |  |  |  | PEO |  |  |  |  |  | Other NEO Average |
Adjustments |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Summary Compensation Table Total |  |  | 17,140,688 |  |  |  | 4,005,800 |  |  |  | 4,020,800 |  |  |  | 4,080,200 |  |  |  | 7,093,600 |  |  |  | 1,595,180 |  |  |  | 1,609,800 |  |  |  | 1,730,136 |
Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 618,750 |  |  |  | 585,000 |  |  |  | 585,000 |  |  |  | 585,000 |
Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding |  |  | 763,525 |  |  |  | 1,430,836 |  |  |  | 4,374,719 |  |  |  | 1,175,459 |  |  |  | 299,956 |  |  |  | 531,457 |  |  |  | 1,624,890 |  |  |  | 436,601 |
|  |  |  |  | PEO |  |  |  |  |  | Other NEO Average |
Adjustments |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding |  |  | (11,294,845 | ) |  |  | (6,739,169 | ) |  |  | 16,277,426 |  |  |  | (3,534,311 | ) |  |  | (4,543,146 | ) |  |  | (2,663,227 | ) |  |  | 6,339,552 |  |  |  | (1,400,285 | )
Addition of change in fair value at vesting date versus prior FY end for awards granted in prior FY that vested during the FY |  |  | (63,636 | ) |  |  | (158,027 | ) |  |  | 50,223 |  |  |  | (57,374 | ) |  |  | (24,776 | ) |  |  | (62,844 | ) |  |  | 20,234 |  |  |  | (24,118 | )
Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 858,754 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 361,564 |
Compensation Actually Paid |  |  | 4,970,732 |  |  |  | (3,035,560 | ) |  |  | 23,148,168 |  |  |  | (769,780 | ) |  |  | 2,206,884 |  |  |  | (1,184,433 | ) |  |  | 9,009,475 |  |  |  | (204,230 | )
No adjustments were required in respect of elements not shown in the table above. The equity awards included above comprise time-based and performance-based restricted stock. The fair values were calculated on each of the required measurement dates using assumptions derived based on criteria consistent with those used for grant date fair value calculations. The fair values of time-based restricted stock were determined based on the closing price of the Company’s common stock on the vesting dates. The measurement date fair values of performance-based stock awards, prior to the end of the performance period, were determined using a Monte Carlo fair value simulation. On the final measurement date at the end of the performance period, the fair value was determined based on the approved payout factor multiplied by the closing price of the Company stock on that date. On the vesting date (following the conclusion of the performance period for performance-based restricted stock awards), the fair value is determined based on the approved payout factor multiplied by the closing price of the Company stock on that date. The final payout factors for performance-based stock awards granted in years 2018, 2019, 2020 and 2021 are as follows: 0% of target, 176% of target, 92% of target and 118% of target, respectively. |  |  |
Company Selected Measure Name | Adjusted Book Value |  |  |
Named Executive Officers, Footnote | For 2020, 2021 and 2022 the non-PEO NEOs includes Messrs. McKiernan, Bergonzi, Avitabile, Young and Harris. For 2023 the non-PEO NEOs includes Messrs. McKiernan, Bergonzi, Avitabile and Young. |  |  |
Peer Group Issuers, Footnote | Peer Group used for TSR comparisons reflects the S&P Financials Index as used in Item 5 of our annual Form 10-K (total shareholder return comparison graph). |  |  |
PEO Total Compensation Amount | $ 17,140,688 | $ 4,005,800 | $ 4,020,800 | $ 4,080,200
PEO Actually Paid Compensation Amount | $ 4,970,732 | (3,035,560) | 23,148,168 | (769,780)
Adjustment To PEO Compensation, Footnote |
|  |  |  |  | PEO |  |  |  |  |  | Other NEO Average |
Adjustments |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Summary Compensation Table Total |  |  | 17,140,688 |  |  |  | 4,005,800 |  |  |  | 4,020,800 |  |  |  | 4,080,200 |  |  |  | 7,093,600 |  |  |  | 1,595,180 |  |  |  | 1,609,800 |  |  |  | 1,730,136 |
Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 618,750 |  |  |  | 585,000 |  |  |  | 585,000 |  |  |  | 585,000 |
Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding |  |  | 763,525 |  |  |  | 1,430,836 |  |  |  | 4,374,719 |  |  |  | 1,175,459 |  |  |  | 299,956 |  |  |  | 531,457 |  |  |  | 1,624,890 |  |  |  | 436,601 |
|  |  |  |  | PEO |  |  |  |  |  | Other NEO Average |
Adjustments |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding |  |  | (11,294,845 | ) |  |  | (6,739,169 | ) |  |  | 16,277,426 |  |  |  | (3,534,311 | ) |  |  | (4,543,146 | ) |  |  | (2,663,227 | ) |  |  | 6,339,552 |  |  |  | (1,400,285 | )
Addition of change in fair value at vesting date versus prior FY end for awards granted in prior FY that vested during the FY |  |  | (63,636 | ) |  |  | (158,027 | ) |  |  | 50,223 |  |  |  | (57,374 | ) |  |  | (24,776 | ) |  |  | (62,844 | ) |  |  | 20,234 |  |  |  | (24,118 | )
Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 858,754 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 361,564 |
Compensation Actually Paid |  |  | 4,970,732 |  |  |  | (3,035,560 | ) |  |  | 23,148,168 |  |  |  | (769,780 | ) |  |  | 2,206,884 |  |  |  | (1,184,433 | ) |  |  | 9,009,475 |  |  |  | (204,230 | )
Non-PEO NEO Average Total Compensation Amount | $ 7,093,600 | 1,595,180 | 1,609,800 | 1,730,136
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,206,884 | (1,184,433) | 9,009,475 | (204,230)
Adjustment to Non-PEO NEO Compensation Footnote |
|  |  |  |  | PEO |  |  |  |  |  | Other NEO Average |
Adjustments |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Summary Compensation Table Total |  |  | 17,140,688 |  |  |  | 4,005,800 |  |  |  | 4,020,800 |  |  |  | 4,080,200 |  |  |  | 7,093,600 |  |  |  | 1,595,180 |  |  |  | 1,609,800 |  |  |  | 1,730,136 |
Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 1,575,000 |  |  |  | 618,750 |  |  |  | 585,000 |  |  |  | 585,000 |  |  |  | 585,000 |
Addition of fair value at fiscal year (FY) end, of equity awards granted during the FY that remained outstanding |  |  | 763,525 |  |  |  | 1,430,836 |  |  |  | 4,374,719 |  |  |  | 1,175,459 |  |  |  | 299,956 |  |  |  | 531,457 |  |  |  | 1,624,890 |  |  |  | 436,601 |
|  |  |  |  | PEO |  |  |  |  |  | Other NEO Average |
Adjustments |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding |  |  | (11,294,845 | ) |  |  | (6,739,169 | ) |  |  | 16,277,426 |  |  |  | (3,534,311 | ) |  |  | (4,543,146 | ) |  |  | (2,663,227 | ) |  |  | 6,339,552 |  |  |  | (1,400,285 | )
Addition of change in fair value at vesting date versus prior FY end for awards granted in prior FY that vested during the FY |  |  | (63,636 | ) |  |  | (158,027 | ) |  |  | 50,223 |  |  |  | (57,374 | ) |  |  | (24,776 | ) |  |  | (62,844 | ) |  |  | 20,234 |  |  |  | (24,118 | )
Deduction of the fair value at the prior FY end for awards granted in prior FY that failed to meet their vesting conditions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 858,754 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 361,564 |
Compensation Actually Paid |  |  | 4,970,732 |  |  |  | (3,035,560 | ) |  |  | 23,148,168 |  |  |  | (769,780 | ) |  |  | 2,206,884 |  |  |  | (1,184,433 | ) |  |  | 9,009,475 |  |  |  | (204,230 | )
Compensation Actually Paid vs. Total Shareholder Return |  |  |  |
Compensation Actually Paid vs. Net Income |  |  |  |
Compensation Actually Paid vs. Company Selected Measure |  |  |  |
Total Shareholder Return Vs Peer Group |  |  |  |
Tabular List, Table | Tabular List of Most Important Measures The following table lists the measures we believe are most important in linking compensation actually paid to company performance during 2023.
(1) | Total Shareholder Return
(2) | Adjusted Book Value
Only these two measures are identified because, per the relevant definition set forth by the SEC, it is just these two which are qualifying measures currently used in the Company’s executive compensation program. Further details on these measures and how they feature in our compensation program can be found in our Compensation Discussion & Analysis. |  |  |
Total Shareholder Return Amount | $ 144.72 | 138.17 | 169.78 | 70.75
Peer Group Total Shareholder Return Amount | 132.83 | 118.49 | 132.5 | 98.24
Net Income (Loss) | $ (491,000,000) | $ (195,000,000) | $ (445,000,000) | $ (578,000,000)
Company Selected Measure Amount | 25.7 | 28.73 | 31.77 | 35.95
PEO Name | Mr. Fallon. |  |  |
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Total Shareholder Return |  |  |
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Adjusted Book Value |  |  |
Non-GAAP Measure Description | Our company-selected measure is Adjusted Book Value, a non-GAAP measurement calculated by management for certain internal purposes, removing and adding certain components of GAAP Book Value, as described further in the Results of Operations section of Item 7 of our annual Form 10-K. |  |  |
PEO | Deduction for amount reported in "stock awards" column of the summary compensation |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ 1,575,000 | $ 1,575,000 | $ 1,575,000 | $ 1,575,000
PEO | Addition of fair value at fiscal year (fy) end, of equity awards granted during the fy that remained outstanding |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 763,525 | 1,430,836 | 4,374,719 | 1,175,459
PEO | Addition of change in fair value at fy end versus prior fy end for awards granted in prior fy that remained outstanding |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (11,294,845) | (6,739,169) | 16,277,426 | (3,534,311)
PEO | Addition of change in fair value at vesting date versus prior fy end for awards granted in prior fy that vested during the fy |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (63,636) | (158,027) | 50,223 | (57,374)
PEO | Deduction of the fair value at the prior fy end for awards granted in prior fy that failed to meet their vesting conditions |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount |  |  |  | 858,754
Non-PEO NEO | Deduction for amount reported in "stock awards" column of the summary compensation |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 618,750 | 585,000 | 585,000 | 585,000
Non-PEO NEO | Addition of fair value at fiscal year (fy) end, of equity awards granted during the fy that remained outstanding |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 299,956 | 531,457 | 1,624,890 | 436,601
Non-PEO NEO | Addition of change in fair value at fy end versus prior fy end for awards granted in prior fy that remained outstanding |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (4,543,146) | (2,663,227) | 6,339,552 | (1,400,285)
Non-PEO NEO | Addition of change in fair value at vesting date versus prior fy end for awards granted in prior fy that vested during the fy |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (24,776) | $ (62,844) | $ 20,234 | (24,118)
Non-PEO NEO | Deduction of the fair value at the prior fy end for awards granted in prior fy that failed to meet their vesting conditions |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount |  |  |  | $ 361,564

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