Variable interest entities (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation of noncontrolling interests

The following table is a reconciliation of the beginning and ending carrying amount of noncontrolling interests for the years ended December 31, 2021 and 2020:


	2021		2020

Balance, beginning of period	$	1.4	$	—
Sirius Group acquisition (1)	0.3		—
Net income (loss) attributable to noncontrolling interests	(2.3)		0.3
Contributions	0.2		1.1

Balance, end of period	$	(0.4)	$	1.4

(1)See Note 3 for additional information related to the acquisition of Sirius Group.

Schedule of information related to unconsolidated variable interest entities

The following table presents total assets of unconsolidated VIEs in which the Company holds a variable interest, as well as the maximum exposure to loss associated with these VIEs as of December 31, 2021:


	December 31, 2021
			Maximum Exposure to Loss
	Total VIE Assets		On-Balance Sheet		Off-Balance Sheet		Total
Other long-term investments (1)	$	326.2	$	177.5	$	2.1	$	179.6
	$	326.2	$	177.5	$	2.1	$	179.6

(1)The above table excludes the Company’s investments in TP Enhanced Fund and TP Venture Fund which are also VIEs and are discussed separately below.

This summarized income statement of TP Enhanced Fund reflects the main components of total investment income and expenses of TP Enhanced Fund. This summarized income statement is not a breakdown of the Company’s proportional investment income in TP Enhanced Fund as presented in the Company’s consolidated statements of income.



TP Enhanced Fund summarized income statement	2021		2020		2019
Investment income
Net realized gain (loss) from securities, derivative contracts and foreign currency translations	$	616.5	$	6.1	$	(35.6)
Net change in unrealized gain (loss) on securities, derivative contracts and foreign currency translations	(188.4)		289.4		333.5
Net loss from currencies	—		(0.6)		(2.1)
Dividend and interest income	33.4		35.4		46.4
Other income	—		0.9		7.5
Total investment income	461.5		331.2		349.7
Expenses
Management fees	16.7		14.5		17.1
Interest	5.8		7.5		16.3
Dividends on securities sold, not yet purchased	10.6		4.7		8.7
Administrative and professional fees	4.3		4.1		4.3
Other expenses	4.0		1.1		2.4
Total expenses	41.4		31.9		48.8
Net income	$	420.1	$	299.3	$	300.9

The following table is a summarized balance sheet of TP Enhanced Fund as of December 31, 2021 and December 31, 2020 and reflects the underlying assets and liabilities of TP Enhanced Fund. This summarized balance sheet is not a breakdown of the Company’s proportional interests in the underlying assets and liabilities of TP Enhanced Fund.


TP Enhanced Fund summarized balance sheet	2021		2020
Assets
Total investments in securities and affiliated funds	$	1,623.5	$	2,200.9
Cash and cash equivalents	0.1		40.1

Due from brokers	524.0		124.6

Derivative assets, at fair value	46.5		37.0
Interest and dividends receivable	3.1		3.2

Other assets	1.5		3.9
Total assets	$	2,198.7	$	2,409.7
Liabilities
Accounts payable and accrued expenses	$	1.1	$	1.0
Securities sold, not yet purchased, at fair value	290.4		183.0
Securities sold under agreement to repurchase	33.6		5.5
Due to brokers	493.6		894.0
Derivative liabilities, at fair value	8.4		23.7
Withdrawals payable to General Partner	139.5		75.0
Redemptions payable to SiriusPoint	250.0		—
Interest and dividends payable	0.7		0.7

Management fee payable	0.2		0.2
Total liabilities	1,217.5		1,183.1
Total partners' capital	$	981.2	$	1,226.6

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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