Noncontrolling interests

12 Months Ended

Dec. 31, 2016

Noncontrolling Interest [Abstract]

Noncontrolling interest

Noncontrolling interests

Investors in certain of the AlphaCat ILS funds have rights that enable shareholders, subject to certain limitations, to redeem their shares. The third party equity is therefore recorded on the Company’s Consolidated Balance Sheets as redeemable noncontrolling interests. When and if a redemption notice is received, the fair value of the redemption is reclassified to a liability.

The AlphaCat sidecars and one of the AlphaCat ILS funds have no shareholder redemption rights. Therefore, the third party equity is recorded on the Company’s Consolidated Balance Sheets as noncontrolling interests.

The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interests and noncontrolling interests for the years ended December 31, 2016 and 2015:

	Redeemable Noncontrolling Interests						Noncontrolling Interests						Total
	Years Ended December 31,						Years Ended December 31,						Years Ended December 31,
	2016			2015			2016			2015			2016			2015
Balance, beginning of year	$	1,111,714		$	617,791		$	154,662		$	292,274		$	1,266,376		$	910,065
Issuance of shares	393,450			499,200			171,674			9,600			565,124			508,800
Income attributable to noncontrolling interests	100,852			71,418			22,511			21,546			123,363			92,964
Redemption of shares / Distributions	(78,015		)	(76,695		)	(182,870		)	(168,758		)	(260,885		)	(245,453		)
Balance, end of year	$	1,528,001		$	1,111,714		$	165,977		$	154,662		$	1,693,978		$	1,266,376

As at December 31, 2016, redemptions of $71,530 and distributions of $16,144 (December 31, 2015: $10,800 and $nil) were payable to redeemable noncontrolling interests and noncontrolling interests, respectively. These amounts are classified within accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets.