Redeemable Noncontrolling Interests - MT. Logan RE

9 Months Ended

Sep. 30, 2015

Redeemable Noncontrolling Interests - MT. Logan RE [Abstract]

Redeemable Noncontrolling Interests - MT. Logan RE

6.   REDEEMABLE NONCONTROLLING INTERESTS – MT. LOGAN RE

Mt. Logan Re is a Class 3 insurer registered in Bermuda effective February 27, 2013 under The Segregated Accounts Companies Act 2000 and 100% of the voting common shares are owned by Group.  Separate segregated accounts have been established effective July 1, 2013 and non-voting, redeemable preferred shares have been issued to capitalize the segregated accounts.  Each segregated account will invest in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.  The financial statements for Mt. Logan Re are consolidated with the Company with adjustments reflected for the third party noncontrolling interests reflected as separate captions in the Company's financial statements.

The following table presents the activity for redeemable noncontrolling interests in the consolidated balance sheets for the periods indicated:

	Nine Months Ended			Twelve Months Ended
	September 30,			December 31,
(Dollars in thousands)	2015			2014
Redeemable noncontrolling interests - Mt. Logan Re, beginning of period	$	421,552		$	93,378
Unaffiliated third party investments during period, net		336,848			279,200
Net income (loss) attributable to noncontrolling interests		61,526			59,307
Dividends paid on third party investment in redeemable noncontrolling interest		(67,233	)		(10,334	)
Redeemable noncontrolling interests - Mt. Logan Re, end of period	$	752,692		$	421,552
(Some amounts may not reconcile due to rounding.)

In addition, the Company has invested $50,000 thousand in the segregated accounts from inception to date.

The Company expects its participation level in the segregated funds to fluctuate over time.