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Share-based compensation and employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of restricted share award activity
Restricted share award activity for the year ended December 31, 2021 was as follows:
Number of non-
vested restricted
shares
Weighted
average grant
date fair value
Balance as of January 1, 20211,171,058 $8.80 
Granted2,123,811 10.32 
Forfeited(88,553)10.31 
Vested(616,122)9.84 
Balance as of December 31, 20212,590,194 $10.13 
Schedule of RSU activity
RSU activity for the year ended December 31, 2021 was as follows:
Number of non-
vested restricted
shares
Weighted
average grant
date fair value
Balance as of January 1, 2021— $— 
Granted6,246,111 10.18 
Forfeited(458,841)10.24 
Vested(2,358,382)10.21 
Balance as of December 31, 20213,428,888 $10.14 
Schedule of performance share units
PSU activity for the year ended December 31, 2021 was as follows:
Number of non-
vested PSUs
Number of non-
vested PSUs probable of vesting
Weighted average grant date fair value of PSUs probable of vesting
Balance as of January 1, 2021— — $— 
Granted1,169,604 1,169,604 10.31 
Forfeited(79,657)(79,657)10.36 
Vested(4,653)(4,653)10.36 
Balance as of December 31, 20211,085,294 1,085,294 $10.30 
Schedule of options activity
The options activity for the years ended December 31, 2021 were as follows:
Number of
options
Weighted
average exercise
price
Balance as of January 1, 20218,255,810 $13.45 
Granted2,772,215 10.69 
Forfeited(3,720,930)13.20 
Exercised(220,000)10.00 
Balance as of December 31, 20217,087,095 $12.61 
Schedule of valuation assumptions for options The Black-Scholes option-pricing model used the following assumptions for options granted during the year ended December 31, 2021 (there were no options granted for the years ended December 31, 2020 and 2019):
2021
Dividend yield— %
Risk free interest rate1.55 %
Expected volatility(1)
34.17 %
Expected life (in years)6.5
Weighted average grant date fair value$3.28
(1) The volatility assumption used was based on the average estimated volatility of a reinsurance peer group.
Schedule of information about management and director options outstanding and exercisable
The following table summarizes information about the Company’s management and director share options outstanding as of December 31, 2021:
Options outstandingOptions exercisable
Range of exercise pricesNumber of
options
Weighted
average
exercise price
Remaining
contractual
life
Number of
options
Weighted
average
exercise price
$9.83 - $10.894,663,843 $10.02 2.1 years4,075,481 $9.97 
$15.00 - $16.891,446,510 $15.63 2.9 years1,046,510 $15.87 
$20.00 - $25.05976,742 $20.50 0.4 years976,742 $20.50 
7,087,095 $12.61 2.0 years6,098,733 $12.67 
Schedule of plan asset allocation To achieve the goals the portfolio is diversified with the asset allocation shown below.
The breakdown of the investment of plan assets for the year ended December 31, 2021 are as follows:
2021
International equities15.0 %
Swedish equities12.7 %
Swedish nominal bonds33.9 %
Real estate8.9 %
Private equity14.6 %
Other14.9 %
Schedule of assumptions used for benefit obligations The assumptions used to determine Swedish benefit obligations for the year ended December 31, 2021 are as follows:
2021
Discount rate0.9 %
Increase in compensation levels rate3.0 %
Turnover rate3.0 %
The assumptions used to determine German benefit obligations for the year ended December 31, 2021 are as follows:
2021
Discount rate0.4 %
Increase in compensation levels rate2.0 %
Reconciliation funded status and the net amounts recognized for the defined benefit plans
The following tables present a reconciliation of the beginning and ending funded status and the net amounts recognized for the defined benefit plans for the year ended December 31, 2021:
2021
Change in benefit obligation
Projected benefit obligation, beginning of year$22.8 
Service cost1.0 
Interest cost0.2 
Actuarial losses(0.8)
Benefit payments(0.5)
Tax payments(0.1)
Currency revaluation effect(2.2)
Projected benefit obligation, end of year20.4 
Change in plan assets
Fair value of plan assets, beginning of year21.5 
Employer contributions0.5 
Benefit payments(0.3)
Interest income3.3 
Currency revaluation effect(2.3)
Fair value of plan assets, end of year22.7 
Funded status at end of year(1)
$2.3 
(1)At December 31, 2021, the Swedish plan had a funding status of $6.0 million and the German plan had a funding status of $(3.7) million.
Schedule of net periodic pension expense
The components of net periodic pension expense for the year ended December 31, 2021 are as follows:
2021
Service cost$(1.0)
Interest cost— 
Actuarial (loss)4.0 
Net periodic pension expense$3.0 
Schedule of projected benefit payments As of December 31, 2021, the projected benefit payments required for the defined pension benefits plans are as follows:
December 31, 2021
2022$0.4 
20230.3 
20240.4 
20250.5 
20260.5 
2027-20313.1 
Total benefit payments required$5.2